FirstService (FSV) Investor presentation summary

Company overview and market position

• Leading provider of essential outsourced property services in the U.S. and Canada, with dual listing on TSX and NASDAQ.

• Operates through two main divisions: Residential (42% of 2025 revenue) and Brands (58%).

• Serves over 30,000 employees and manages 9,500+ residential communities.

• Holds leading or top-three market share positions in large, fragmented markets across multiple service lines.

• Geographic revenue split is 90% U.S. and 10% Canada.

Financial performance and capital structure

• 2025 revenue reached $5.5 billion, with adjusted EBITDA of $563 million.

• 2020–2025 revenue and adjusted EBITDA CAGR of 15%, with adjusted EPS CAGR of 11%.

• Annual dividend per share increased to $1.22, reflecting 205% cumulative growth since 2015.

• Maintains a conservative balance sheet with net debt/EBITDA of 1.6x and total liquidity of $972 million at year-end 2025.

• Attractive unsecured lending arrangements, including a $1.75 billion bank credit facility.

Business model and growth strategy

• Achieves 10% average annual top-line growth, balanced between organic growth and acquisitions.

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

• Focuses on expanding maintenance, repair, and restoration services, and leveraging differentiators to win new business.

• Pursues margin enhancement and disciplined acquisition strategy in complementary service lines.

• Low capex and working capital requirements drive strong free cash flow.