FirstService (FSV) AGM 2025 summary

Opening remarks and agenda

• Meeting opened by the chair, held virtually with instructions for participation and voting provided.

• Quorum confirmed, allowing the meeting to proceed with formal business.

• Agenda included director elections, auditor appointment, and an advisory vote on executive compensation.

Board and executive committee updates

• Eight director nominees were presented and elected individually for terms until the next AGM.

• PricewaterhouseCoopers LLP reappointed as auditors, with remuneration set by the board.

• Advisory resolution on executive compensation approach approved by majority vote.

Financial performance review

• 2024 saw revenues of $5.22 billion, up 20% from 2023, with 4% organic growth.

• Adjusted EBITDA rose 24% to $514 million; margin increased to 9.8%.

• Adjusted EPS reached $5, a 7% increase, with higher interest rates and debt moderating growth.

• $345 million in operating cash flow generated; $175 million in free cash flow redeployed to acquisitions and dividends.

• Dividend increased by 10% for the tenth consecutive year.

• Net debt to EBITDA at year-end was 2x, with liquidity over $850 million.