FirstService (FSV) Investor presentation summary

Company overview and market position

• Leading provider of essential outsourced property services in the U.S. and Canada, with $5.3B in trailing 12-month revenue and $534M in adjusted EBITDA.

• Operates through two main divisions: Residential (59% of revenue) and Brands (41% of revenue).

• Employs 30,000 people and is dual-listed on TSX and NASDAQ.

• Holds #1 or #2 market positions in several large, fragmented markets, with significant room for growth.

• Maintains a high proportion of contractual, recurring revenue and strong client retention.

Business segments and operations

• Residential division manages over 9,000 communities, generating $2.1B in 2024 revenue, with a contract retention rate above 95%.

• Brands division offers restoration, roofing, fire protection, and home services, with restoration accounting for 46% of $3.1B in 2024 revenue.

• Restoration services are split 80% commercial and 20% residential, with $1.4B in company-owned revenue.

• Roofing and fire protection segments each generated over $500M in 2024 revenue, focused mainly on commercial clients.

• Home services include leading brands in painting, closets, flooring, and home inspection, with $1.7B in system-wide sales.

Financial performance and growth

• Achieved a 17% CAGR in both revenue and adjusted EBITDA from 2019 to 2024, with 2024 revenue at $5.2B and adjusted EBITDA at $514M.

• Adjusted EPS grew at an 11% CAGR from 2019 to 2024, reaching $4.66 in 2024.

• Annual dividend increased to $1.10 per share in 2025, representing 175% cumulative growth since 2015.

• Q1 2025 revenue grew 8% year-over-year to $1.25B, with adjusted EBITDA up 24% to $103.3M.

• Maintains a conservative balance sheet with net debt/EBITDA at 2.0x and total liquidity of $861M as of March 2025.