FirstService (FSV) Investor presentation summary

Company overview and business model

• Leading provider of essential outsourced property services in the U.S. and Canada, with $5.3BN TTM revenue and 30,000 employees.

• Operates through two divisions: Residential (largest in community management) and Brands (property services portfolio).

• Dual-listed on TSX and NASDAQ, with a $1.10 per share annual dividend.

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

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

Financial performance and growth

• Achieved 17% CAGR in both revenue and adjusted EBITDA from 2019 to 2024, reaching $5.2BN and $514MM, respectively.

• Adjusted EPS grew at 11% CAGR from 2019 to 2024, with annual dividends rising 175% since 2015.

• Q1 2025 revenue grew 8% year-over-year to $1.25BN; adjusted EBITDA up 24% to $103.3MM.

• Net debt/EBITDA at 2.0x with $805MM–$861MM in liquidity as of Q1 2025.

• Recurring revenue model underpins strong cash flow and earnings growth.

Divisional highlights and market opportunity

• Residential division generated $2.1BN in 2024 revenue, managing 9,000+ communities with a mid-90%+ contract retention rate.

• Brands division posted $3.1BN in 2024 revenue, with $5.4BN system-wide sales across eight leading brands.

• Property restoration is a market leader with $2.6BN in system-wide sales and 480 branches.

• Roofing Corp of America acquisition added $400MM in revenue, expanding commercial roofing presence.

• Holds leading or top-three market positions in large, fragmented markets, with significant room for share gains.