FirstService Corp

FirstService Corporation reported second-quarter revenue of $1.45 billion, a 2% increase from the prior year, as growth in residential property management and fire protection was tempered by declines in roofing and flat restoration results. Adjusted EBITDA rose 3% to $161.7 million, with a consolidated margin of 11.2%, while adjusted earnings per share increased 2% to $1.75. The FirstService Residential division delivered $617 million in revenue, up 4% on a reported basis and 5% organically, with EBITDA climbing 6% to $69 million and margins expanding 20 basis points to 11.2%. The FirstService Brands division posted $832 million in revenue, up 1%, as a 10% revenue increase at Century Fire was offset by a 6% reported decline in roofing, where organic revenue fell 10% amid market weakness and project delays. Restoration revenue was down slightly due to a weakened pipeline from mild weather, but management expects approximately 5% year-over-year growth in the second half of 2026, supported by a bolstered backlog of large loss projects. The company repurchased 1.8 million shares for approximately $250 million during the quarter at an average price of $135.91 per share, increasing net debt to EBITDA leverage to 1.8 times from 1.5 times at the end of the first quarter. Looking ahead, third-quarter consolidated revenue and EBITDA growth are expected to be in the low single-digit range, with full-year EBITDA growth anticipated in the mid-single digits over 2025.