FirstService announces normal course issuer bid

FirstService Corporation (TSX and NASDAQ: FSV) has announced a normal course issuer bid (NCIB) to repurchase up to 4.1 million of its common shares, representing 10% of its public float as of August 2025. The company received approval from the Toronto Stock Exchange for the expanded buyback program, which allows it to repurchase shares through the TSX, alternative Canadian trading systems, and NASDAQ until August 25, 2026. Daily repurchase limits remain in place, with a cap of 23,872 shares per day, excluding block purchases.

As of August 12, 2025, FirstService had 45,552,586 common shares outstanding, with a public float of 41,181,993 shares. The company has already repurchased 931,182 shares under its previous buyback program at an average price of $132.38 per share, totaling $123 million. All shares repurchased under the NCIB will be cancelled, reducing the total number of outstanding shares.

The decision to expand the buyback program reflects FirstService’s assessment that its stock is undervalued and that repurchasing shares represents an appropriate use of corporate funds. The company also introduced an automatic share purchase plan to facilitate repurchases during blackout periods. FirstService has more than $900 million in liquidity on its balance sheet and has historically used buybacks as a capital allocation strategy.

The expanded NCIB follows strong first-quarter 2026 results, where the company exceeded earnings expectations and achieved record margins in its residential services segment. FirstService continues to prioritize mergers and acquisitions as a primary avenue for growth, as reflected in recent acquisitions in the fire protection sector.