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FirstService Corporation Investors PresentationOctober 2025
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Certain statements included herein constitute “forward‐looking statements” within the meaning of theU.S. Private Securities Litigation Reform Act of 1995. Such forward‐looking statements involve knownand unknown risks, uncertainties and other factors which may cause the actual results, performance orachievements of the Company, or industry results, to be materially different from any future results,performance or achievements expressed or implied by such forward‐looking statements. Such factorsinclude, among others, the following: general economic and business conditions, which will, amongother things, impact demand for the Company’s services, service industry conditions and capacity; theability of the Company to implement its business strategy, including the Company’s ability to acquiresuitable acquisition candidates on acceptable terms and successfully integrate newly acquiredbusinesses with its existing businesses; changes in or the failure to comply with governmentregulations (especially safety and environmental laws and regulations); and other factors which aredescribed in the Company’s filings with the Canadian securities regulators and the U.S. Securities andExchange Commission. Forward Looking Statements
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38%62%FirstService ResidentialFirstService Brands FirstService Corporation OverviewLeader in essential outsourced property services in U.S. and CanadaFirstService Residential: Largest provider of residential community and amenity management servicesFirstService Brands: One of the largest providers of essential property servicesTTM Revenue: $5.48BNTTM Adjusted EBITDA(3): $563MMGeographic Revenue Split: 89% U.S. / 11% Canada30,000 EmployeesDual-listing on TSX and NASDAQ (Ticker: FSV)US$1.10 per share annual dividend3 41%59%FirstService ResidentialFirstService BrandsRevenue by Division (TTM)(1)EBITDA by Division (TTM)(1)(2)(1) Trailing 12 months as of year ending September 30, 2025(2) Excludes unallocated corporate costs.(3) See Appendix slide for reconciliation of GAAP Earnings to Adjusted EBITDA
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10% annual average top-line growth; driven equally by organic growth and tuck-under acquisitions Strategic FocusModest yet leading market shares; significant room for further growthLeader in Very Large MarketsStrong client retention; repeat business; referralsService Excellence CultureHighly predictable and recurring cash flowHigh Proportion of Contractual RevenueStrong free cash flow and returns on capitalModest CapexLow financial leverage; well-capitalized to fund growthConservative Balance Sheet4 Proven Business Model
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'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Almost Three Decades of Consistent Growth 5$37MM $5,217MM>25 Years Revenue Compounded Annual Growth: 19%Organic Growth: >50%
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FirstService Residential – What We Do TransactionOn-Site StaffTraditionalTransfers & Disclosures; CollectionsFinancial Products (banking, insurance)EnergyManagement / ProcurementFacility Maintenance & EngineeringFront Desk / ConciergePool & Amenity ManagementFood & BeverageProperty ManagementDevelopment ConsultingClient Budget (collection & disbursements)GovernanceOversightBroad Range of ServicesCondominiums / Co-OperativesHomeownerAssociationsMaster-PlannedActive Adult / LifestyleHigh-Rise, Low-Rise,Townhouse, Single Family HomeMulti-family / RentalMixed-Use Properties (Residential / Commercial)Amenity / Aquatic FacilitiesAdvisory / Project Management Management Contracts 6
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Scale enhances competitive position$2.1BN2024 Revenues:Diversified clients & properties with specialized operating expertise9,000+ total (3,800 high-rise condos)No. of Communities:Sticky customer base; Consistent cash flow profileMid-90%+Contract Retention Rate:North American coverage100 Offices; 25 Regional MarketsGeographic Footprint:Full service capabilities20,000No. of Employees:7 FirstService Residential – Profile
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FirstService Residential – Diversified Operations (1) Includes Engineering; Front Desk; Maintenance; and Other.(2) Includes Transfers & Disclosures; Collections; and Financial Products. Breakdown by Property Type2024 Revenue By Region ($2.1BN Total)2024 Revenue By Service ($2.1BN Total)High-Rise Condo38%Master PlannedSingle Family HOA34%Low-Rise Condo21%Life-style4%Other3%South31%East31%West17%North21%AncillaryOn-SiteServices56%PropertyMgmt.Fees18%Pool/AmenityManagement16%TransactionServices10%(1)(2)8
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FirstService Residential – Condo/HOA Market OpportunityWe Have ~6-8% Sharein a Sizeable Market(1)395,000Total # of community associations:31MMTotal # of housing units:Conversion Opportunity35%Percent of self-managed community associations:Growing Trend Towards HOA Development34% Percent of U.S. homes in community associations:81%New homes sold in HOAs:Source: Community Associations Institute (2024).(1) Based on CAI data for U.S. market, plus an estimate for Canadian market.9
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Company-Owned93%Franchised7%Restoration46%Century Fire18%Roofing18%Home Services18% 10 FirstService Brands – What We Do2024 Revenue Breakdown ($3.1BN) Leading provider of eight branded essential property services to commercial and residential customers across four verticalsRestorationRoofingFire ProtectionHome Services
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11 Restoration Profile Operating Metrics$2.6BN System-Wide Sales$1.4BN Company-Owned2024 Revenues504 (142 Owned; 362 Franchised)No. of BranchesNorth America-Wide Geography3,700No. of Employees80% Commercial80% ResidentialSegmentationMarket Growth Drivers • Increasing frequency of recurring local weather events• Increasing size of large-scale CAT/natural disasters• Growing installed base of commercial/residential properties• Non-discretionary; not correlated with economic cycles
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12 Operating Metrics$560MM2024 Revenues27No. of BranchesSun Belt, Mid-Atlantic, Midwest, West U.S. RegionsGeography2,100No. of Employees90% Commercial; 10% Residential2/3 Re-Roof/Repair; 1/3 New RoofSegmentation Roofing Profile Market Growth Drivers • Replacement cycles and preventative repair/maintenance• Growth of built environment• Adjacent strategic fit with Restoration brands• Non-discretionary, non-deferrable essential property service
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13 Fire Protection ProfileOperating Metrics$550MM2024 Revenues36No. of BranchesSoutheast, Mid-Atlantic, Upper Mid-West U.S. RegionsGeography2,100No. of Employees50% Sprinkler/Alarm Installation50% Repair/Service/InspectionSegmentation Market Growth Drivers • Increasing fire code regulation and complexity• Commercial new development• Expansion of recurring service & inspection work and national accounts
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14 Home Services ProfileOperating Metrics$1.7BN System-Wide Sales$560MM Company-Owned2024 Revenues25 Owned1,185 FranchisesNo. of BranchesNorth America-WideGeography2,000No. of Employees Market Growth Drivers • Home improvement spending• Housing prices and home equity• Existing home sales• Consumer sentiment and interest rate environment
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FirstService – Leaders in Huge Markets 15 Market ShareOur PositionU.S. MarketBrand7%#1$30 Bn4%#2$60 Bn1.5%#3$45 Bn5%#1(Southeast U.S.)$12 Bn1%#1$50 Bn12%#1$6 Bn<1%#1(Franchised)$65 Bn3%#1$3 Bn
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Growth StrategyFocus on Customer Retention, Repeat & ReferralLeverage Differentiators to Drive New BusinessContinue to Expand our Ancillary Services 123 16 Organic GrowthAcquisition GrowthNew Geographies; In-Market Tuck-UndersProperty Management Ancillary ServicesComplementary Essential Property Service Lines Expand Maintenance, Repair and Restoration Services to Commercial Built Environment3421
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Strong Historical Performance (1) Adjusted EBITDA as presented above is a non-GAAP measure. Investors should consider non-GAAP measures in addition to, not as a substitute for, the comparable GAAP measures. Please visit www.sedarplus.ca to view our annual and interim MD&As, under Reconciliation of non-GAAP financial measures, for each of the above mentioned periods for a description of each non-GAAP measure as well as the reconciliations to GAAP measures. Revenues 17Recurring revenue model with strong organic growth underpinning top-line performance……with comparable operating cash flow and earnings growth Adjusted EBITDA(1)($ in millions)($ in millions)
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Strong Historical Performance (cont’d)Adjusted EPS(1)(US$)(US$) 18Strong earnings growth has also supported……175% cumulative dividend growthsince 2015 Annual Dividends (1) Adjusted EPS as presented above is a non-GAAP measure. Investors should consider non-GAAP measures in addition to, not as a substitute for, the comparable GAAP measures. Please visit www.sedarplus.ca to view our annual and interim MD&As, under Reconciliation of non-GAAP financial measures, for each of the above mentioned periods for a description of each non-GAAP measure as well as the reconciliations to GAAP measures.
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$1,396$1,448Q3/24 Q3/25 YTD Performance – Q3/25 and 9 Mos. Vs. Prior Year (1) Adjusted EBITDA as presented above is a non-GAAP measure. Investors should consider non-GAAP measures in addition to, not as a substitute for, the comparable GAAP measures. Please visit www.sedarplus.ca to view our annual and interim MD&As, under Reconciliation of non-GAAP financial measures, for each of the above mentioned periods for a description of each non-GAAP measure as well as the reconciliations to GAAP measures. Revenue – Q3 vs. Prior YearAdjusted EBITDA(1)– Q3 vs. Prior Year($ in millions)$160.0$164.811.5%11.4%Q3/24 Q3/25($ in millions) 19$3,852$4,114Q3/24 YTD Q3/25 YTDRevenue – 9 Months YTD vs. Prior Year($ in millions)Adjusted EBITDA(1)– 9 Months YTD vs. Prior Year$375.8$425.29.8%10.3%Q3/24 YTD Q3/25 YTD($ in millions)
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31-Dec-24(3)30-Sep-25Net Debt / EBITDA (1)2.0x 1.7xTotal Liquidity ($ MM) (2)$861 $914 Capital Structure Summary$1.75BN Bank Credit Facility (+$250MM Accordion) (5-Yr Term Expiring Feb/30)$60MM Senior Notes – 4.5% coupon long-term maturity (2032)$125MM Senior Notes ~5.5% coupon area, long term maturity (2029 – 2031) (1) Expressed as Net Debt / Trailing 12 Months Adjusted EBITDA, including annualized contribution from acquisitions.(2) Reflects cash on hand plus availability under Revolving Bank Credit Facility(3) Total Liquidity reflects increased Revolving Bank Credit Facility announced on February 26, 2025 Attractive Unsecured Lending ArrangementsLeverage and Liquidity20
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FirstService – A Compelling Investment OpportunityLeader in large and highly fragmented essential, outsourced property services marketsScale advantage, proprietary products / services and national coverage are competitive differentiators which are difficult to replicateMarket Leadership PositionLong and consistent track record of strong growthDiversified portfolio of brands with highly predictable and recurring revenue streamsLow CapEx and working capital requirements drive strong free cash flowConservative balance sheetAttractive Financial ProfileSignificant organic growth opportunitiesLeveraging differentiators to drive contract winsLeading yet modest shares in huge marketsMargin enhancement potentialProven, disciplined acquisition strategyCompelling Growth Prospects21
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(in thousands of US dollars)Net earnings$ 70,887 $ 77,761 $ 140,398 $ 137,595 $ 50,179 Income tax27,700 26,372 57,377 50,971 19,153 Other income, net(1,138) (381) (2,220) (2,376) (863) Interest expense, net18,179 22,150 56,609 61,707 21,146 Operating earnings 115,628 125,902 252,164 247,897 89,615 Depreciation and amortization46,635 41,409 136,443 117,441 47,828 Acquisition-related items(4,100) (13,036) 15,795 (9,130) (5,272) Stock-based compensation expense6,617 5,699 20,772 19,626 5,685 Adjusted EBITDA$ 164,780 $ 159,974 $ 425,174 $ 375,834 $ 137,856 Three months endedDecember 312024Three months endedSeptember 3020252024 2024Nine months endedSeptember 302025 22 AppendixReconciliation of GAAP Earnings to Adjusted EBITDA
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(in thousands of US dollars)Net earnings $ 70,887 $ 77,761 $ 140,398 $ 137,595 Non-controlling interest share of earnings(6,709) (7,756) (11,430) (11,985) Acquisition-related items(4,100) (13,036) 15,795 (9,130) Amortization of intangible assets18,828 17,825 57,051 50,065 Stock-based compensation expense6,617 5,699 20,772 19,626 Income tax on adjustments(4,514) (6,821) (20,656) (20,210) Non-controlling interest on adjustments(197) 97 (1,186) (487) Adjusted net earnings$ 80,812 $ 73,769 $ 200,744 $ 165,474 (in US dollars)Diluted net earnings per share$ 1.24 $ 1.34 $ 2.32 $ 2.26 Non-controlling interest redemption increment0.15 0.21 0.50 0.52 Acquisition-related items(0.05) (0.28) 0.29 (0.20) Amortization of intangible assets, net of tax0.29 0.27 0.86 0.77 Stock-based compensation expense, net of tax0.13 0.09 0.42 0.31 Adjusted EPS$ 1.76 $ 1.63 $ 4.39 $ 3.66 Three months endedSeptember 302025202420252024Three months endedSeptember 30Nine months endedSeptember 3020252024 Nine months endedSeptember 3020252024 23 AppendixReconciliation of GAAP Earnings to Adjusted Net Earnings and Adjusted Earnings Per Share