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- **Revenue Growth**: 4% YoY driven by acquisitions, with Residential up 8% and Fire Protection up 10%. 
- **Profitability**: EBITDA +3% to $165M, EPS +8% to $1.76, supported by cost control and reduced debt interest. 
- **Segment Performance**: Strong Residential and Fire Protection offset by challenges in restoration (down 7% YoY) and roofing (organic down 8% YoY). 
- **2025 Outlook**: High single-digit EBITDA growth, with cautious optimism on macro stabilization.

**【CEO Summary Section】**
- Total revenues grew 4% YoY, driven by tuck-under acquisitions, with organic growth flat due to gains in Residential and Fire Protection offset by declines in restoration and roofing. EBITDA rose 3% to $165M, margin 11.4%, and EPS increased 8% to $1.76.
- **FirstService Residential**: Revenues up 8% (5% organic), with Q4 growth expected in mid-single digits. **FirstService Brands**: Revenues up 1%, with restoration down 7% YoY due to mild weather, and roofing organically down 8% due to delayed projects. **Century Fire Protection**: Revenues up 10% YoY, supported by repair and inspection services. **Home Service Brands**: Revenues flat YoY, with teams maintaining performance through higher close ratios.

**【CFO Financial Commentary】**
- Year-to-date (YTD) revenues $4.1B (+7% YoY), EBITDA $425M (+13% YoY), and EPS $4.39 (+20% YoY). Q3 cash flow $125M, net debt $985M, and leverage 1.7x. 2025 outlook: Mid-single-digit revenue growth and high single-digit EBITDA growth.
- **FirstService Residential**: EBITDA $66.4M (+13% YoY), margin 11% vs. 10.5% last year. **FirstService Brands**: EBITDA $102.1M (-3.5% YoY), margin 12.1% vs. 12.6% last year, impacted by restoration and roofing declines.

**【Q&A Highlights】**
- **Restoration Market Share**: Gains from national account focus and platform improvements, despite mild weather. **Roofing Challenges**: Delayed commercial projects and reduced new construction, with 2025 Q4 expected to remain weak organically. **M&A Activity**: Competitive valuations, but selective investments in white-space opportunities. **Pricing Strategy**: Focus on efficiency and service quality, with no major margin initiatives for 2026.

FirstService Corp (FSV) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FSV

FSV fundamentals

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