FirstService (FSV) Investor presentation summary

Company overview and business model

• Leading provider of essential outsourced property services in the U.S. and Canada, with $4.93BN TTM revenue and $479MM adjusted EBITDA.

• Operates through two divisions: Residential (largest in community management) and Brands (property services), with 30,000 employees.

• Revenue split: 88% U.S., 12% Canada; dual-listed on TSX and NASDAQ.

• High proportion of contractual, recurring revenue and strong client retention.

• Conservative balance sheet with low leverage and strong free cash flow.

Division profiles and market opportunities

• Residential division manages 9,000+ communities, $2.0BN revenue, 20,000 employees, and a mid-90%+ contract retention rate.

• Residential revenue diversified by property type and region; 57% from on-site property management services.

• Residential has 6-8% share in a fragmented market of 390,000 community associations and 30MM housing units.

• Brands division generated $2.3BN revenue in 2023, with 91% from company-owned operations and 9% from franchise/royalty.

• Brands includes leading platforms in restoration, roofing, fire protection, closets, painting, flooring, and home inspection.

Recent acquisitions and market positioning

• Acquired >90% of Roofing Corp of America in December 2023 for $413MM; $400MM revenue, 1,000 employees, 16 branches.

• Roofing Corp is a top 5 player in a $45BN commercial roofing market, with 90% commercial revenue and 2/3 recurring.

• Brands division holds leading or top-tier market positions in large, fragmented U.S. property service markets.