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FirstService Corporation Investors PresentationFebruary 2026
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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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39%61%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 services2025 Revenue: $5.5BN2025 Adjusted EBITDA(2): $563MMGeographic Revenue Split: 90% U.S. / 10% Canada30,000 EmployeesDual-listing on TSX and NASDAQ (Ticker: FSV)US$1.22 per share annual dividend3 42%58%FirstService ResidentialFirstService BrandsRevenue by Division (2025)EBITDA by Division (2025)(1)(1) Excludes unallocated corporate costs.(2) 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 '25 Three Decades of Consistent Growth 5$37MM $5,498MM30 Years Revenue Compounded Annual Growth: 18%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$2.3BN2025 Revenues:Diversified clients & properties with specialized operating expertise9,500+ 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 Type2025 Revenue By Region ($2.3BN Total)2025 Revenue By Service ($2.3BN Total)High-Rise Condo38%Master PlannedSingle Family HOA34%Low-Rise Condo21%Life-style4%Other3%South31%East32%West17%North20%AncillaryOn-SiteServices56%PropertyMgmt.Fees16%Pool/AmenityManagement18%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%Restoration42%Century Fire20%Roofing20%Home Services18% 10 FirstService Brands – What We Do2025 Revenue Breakdown ($3.2BN) 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$2.5BN System-Wide Sales$1.4BN Company-Owned2025 Revenues516 (144 Owned; 372 Franchised)No. of BranchesNorth America-Wide Geography3,750No. 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$650MM2025 Revenues27No. of BranchesSun Belt, Mid-Atlantic, Midwest, West U.S. RegionsGeography2,150No. 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$640MM2025 Revenues41No. 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$1.75BN System-Wide Sales$560MM Company-Owned2025 Revenues25 Owned1,122 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. MarketBrand7.5%#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……205% 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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31-Dec-24(3)31-Dec-25Net Debt / EBITDA (1)2.0x 1.6xTotal Liquidity ($ MM) (2)$861 $972 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)$125MM Senior Notes ~5.5% coupon area, long term maturity (2029 – 2031) (1) Expressed as Net Debt / Trailing 12 Months Adjusted EBITDA, including annualized contribution from acquisitions.(2) Reflects cash on hand plus availability under Revolving Bank Credit Facility(3) Total Liquidity reflects increased Revolving Bank Credit Facility announced on February 26, 2025 Attractive Unsecured Lending ArrangementsLeverage and Liquidity19
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FirstService – A Compelling Investment OpportunityLeader in large and highly fragmented essential, outsourced property services marketsScale advantage, proprietary products / services and national coverage are competitive differentiators which are difficult to replicateMarket Leadership PositionLong and consistent track record of strong growthDiversified portfolio of brands with highly predictable and recurring revenue streamsLow CapEx and working capital requirements drive strong free cash flowConservative balance sheetAttractive Financial ProfileSignificant organic growth opportunitiesLeveraging differentiators to drive contract winsLeading yet modest shares in huge marketsMargin enhancement potentialProven, disciplined acquisition strategyCompelling Growth Prospects20
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(in thousands of US dollars)Net earnings$ 50,349 $ 50,179 $ 190,747 $ 187,774 Income tax18,388 19,153 75,765 70,124 Other income, net84 (863) (2,136) (3,239) Interest expense, net17,093 21,146 73,702 82,853 Operating earnings 85,914 89,615 338,078 337,512 Depreciation and amortization48,766 47,828 185,209 165,269 Acquisition-related items(3,674) (5,272) 12,121 (14,402) Stock-based compensation expense6,615 5,685 27,387 25,311 Adjusted EBITDA$ 137,621 $ 137,856 $ 562,795 $ 513,690 20252024 2024Twelve months endedDecember 312025Three months endedDecember 31 21 AppendixReconciliation of GAAP Earnings to Adjusted EBITDA
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(in thousands of US dollars)Net earnings $ 50,349 $ 50,179 $ 190,747 $ 187,774 Non-controlling interest share of earnings(4,444) (3,639) (15,874) (15,624) Acquisition-related items(3,674) (5,272) 12,121 (14,402) Amortization of intangible assets20,187 22,331 77,238 72,396 Stock-based compensation expense6,615 5,685 27,387 25,311 Income tax on adjustments(6,282) (8,125) (26,938) (28,335) Non-controlling interest on adjustments(185) (206) (1,371) (693) Adjusted net earnings$ 62,566 $ 60,953 $ 263,310 $ 226,427 (in US dollars)Diluted net earnings per share$ 0.85 $ 0.71 $ 3.17 $ 2.97 Non-controlling interest redemption increment0.15 0.31 0.65 0.83 Acquisition-related items(0.07) (0.11) 0.22 (0.31) Amortization of intangible assets, net of tax0.31 0.34 1.16 1.11 Stock-based compensation expense, net of tax0.13 0.09 0.55 0.40 Adjusted EPS$ 1.37 $ 1.34 $ 5.75 $ 5.00 Three months endedDecember 312025202420252024Three months endedDecember 3120252024 Twelve months endedDecember 3120252024Twelve months endedDecember 3122 AppendixReconciliation of GAAP Earnings to Adjusted Net Earnings and Adjusted Earnings Per Share