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FirstService Reports Second Quarter 2025 Results

Solid Top-Line Growth and Operating Margin Expansion Drive Strong Profitability

Operating highlights:

TORONTO, July 24, 2025 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV; NASDAQ: FSV) today reported results for its second quarter ended June 30, 2025. All amounts are in US dollars.

Consolidated revenues for the second quarter were $1.42听billion, a 9% increase relative to the same quarter in the prior year. Adjusted EBITDA (note 1) increased 19% to $157.1听million, and Adjusted EPS (note 2) was $1.71, reflecting 26% growth over the prior year quarter. During the second quarter, FirstService reported GAAP Operating Earnings of $97.3听million, up from $83.9听million in the prior year period. GAAP diluted earnings per share was $1.01 in the quarter, up from $0.78 for the same quarter a year ago.

For the six months ended June 30, 2025, consolidated revenues were $2.67听billion, a 9% increase relative to the comparable prior year period, Adjusted EBITDA was $260.4听million, up 21%, and Adjusted EPS was $2.63, an increase of 30% over the prior year period. FirstService鈥檚 GAAP Operating Earnings were $136.5 million in the current year period, versus $122.0 million in the prior year. GAAP diluted earnings per share for the six months year-to-date was $1.07, compared to $0.92 in the prior year period.

鈥淲e are pleased to report strong financial results which largely mirrored the year-over-year growth profile we saw in the first quarter,鈥� said Scott Patterson, Chief Executive Officer of FirstService. 鈥淒espite continued macroeconomic uncertainty, the resilient top-line performance and strong profitability across our operations during the first half of the year put us well on track to deliver on our goals for 2025,鈥� he concluded.

About FirstService Corporation
FirstService Corporation is a North American leader in the essential outsourced property services sector, serving its customers through two industry-leading service platforms: FirstService Residential - North America鈥檚 largest manager of residential communities; and FirstService Brands - one of North America鈥檚 largest providers of essential property services delivered through individually branded company-owned operations and franchise systems.

FirstService generates more than US$5.4听billion in annual revenues and has approximately 30,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders. The common shares of FirstService trade on the NASDAQ under the symbol 鈥淔SV鈥� and on the Toronto Stock Exchange under the symbol 鈥淔SV鈥�, and are included in the S&P/TSX 60 index. More information is available at .

Segmented Quarterly Results
FirstService Residential revenues were $593.0听million for the second quarter, up 6% compared to the prior year quarter, including organic growth of 3%. Adjusted EBITDA for the quarter was $65.5听million, an increase of 11% compared to the prior year period. Operating Earnings were $51.6听million, versus $49.1听million for the second quarter of last year. The Adjusted EBITDA margin improvement reflected ongoing efficiencies in our property management client service delivery model. The Operating Earnings margin was in-line with the prior year.

FirstService Brands revenues during the second quarter grew to $822.7 million, up 11% relative to the prior year period. On an organic basis, division revenues were up 1%, with double-digit growth at Century Fire Protection, offsetting lower quarter-over-quarter results in our Roofing Corp of America operations. Recent tuck-under acquisitions across the division also contributed to the top-line increase. Adjusted EBITDA for the second quarter was $95.2 million, up 23% versus the prior year period. Operating Earnings were $56.5听million, versus $46.3听million in the prior year quarter. The increase in operating margins was attributable to continued operating process improvements at our restoration and home services brands.

Corporate costs, as presented in Adjusted EBITDA (note 1), were $3.6听million in the second quarter, relative to $4.2听million in the prior year period. Corporate costs for the quarter were $10.9听million, relative to $11.5听million in the prior year period.

Conference Call
FirstService will be holding a conference call on Thursday, July 24, 2025 at 11:00 a.m. Eastern Time to discuss the quarter鈥檚 results. This call is being webcast live at the Company鈥檚 website at . Participants may register for the call here to receive the dial-in number and their unique PIN.

To join the webcast in listen only mode, use this link: . It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

Forward-looking Statements
This press release includes or may include forward-looking statements. Much of this information can be identified by words such as 鈥渆xpect to,鈥� 鈥渆xpected,鈥� 鈥渨ill,鈥� 鈥渆stimated鈥� or similar expressions suggesting future outcomes or events. FirstService believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: (i) general economic and business conditions, which will, among other things, impact demand for FirstService鈥檚 services and the cost of providing services; (ii) the ability of FirstService to implement its business strategy, including FirstService鈥檚 ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; (iii) changes in or the failure to comply with government regulations; and (iv) other factors which are described in FirstService鈥檚 annual information form for the year ended December听31, 2024 under the heading 鈥淩isk factors鈥� (a copy of which may be obtained at www.sedarplus.ca) and Annual Report on Form 40-F filed with the United States Securities and Exchange Commission (a copy of which may be obtained at www.sec.gov), and subsequent filings (which factors are adopted herein). Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements contained in this press release to reflect subsequent information, events, results or circumstances or otherwise.

Summary financial information is provided in this press release. This press release should be read in conjunction with the Company's consolidated financial statements and MD&A to be made available on SEDAR+ at .

Notes
1. Reconciliation of net earnings to adjusted EBITDA:

Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other (income) expense; (iii) interest expense; (iv) depreciation and amortization; (v) acquisition-related items; and (vi) stock-based compensation expense. The Company uses Consolidated adjusted EBITDA and segment adjusted EBITDA to evaluate its own operating performance, its ability to service debt, and as an integral part of its planning and reporting systems. Additionally, this measure is used in conjunction with discounted cash flow models to determine the Company鈥檚 overall enterprise valuation and to evaluate acquisition targets. Consolidated adjusted EBITDA and segment adjusted EBITDA are presented as a supplemental measure because the Company believes such a measure is useful to investors as a reasonable indicator of operating performance, due to the low capital intensity of the Company鈥檚 service operations. The Company believes this measure is a financial metric used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. The Company鈥檚 method of calculating adjusted EBITDA and segment adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted EBITDA appears below.

2. Reconciliation of net earnings and diluted net earnings per share to adjusted net earnings and adjusted net earnings per share:

Adjusted EPS is defined as diluted net earnings per share, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) acquisition-related items; (iii) amortization expense related to intangible assets recognized in connection with acquisitions; and (iv) stock-based compensation expense. The Company believes this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted EPS is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share, as determined in accordance with GAAP. The Company鈥檚 method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted net earnings and of diluted net earnings per share to adjusted EPS appears below.

COMPANY CONTACTS:

D. Scott Patterson
Chief Executive Officer
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Jeremy Rakusin
Chief Financial Officer

(416) 960-9566