FirstService (FSV) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Thu, April 23, 2026 astatine 11:26 AM CDT 23 min read

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Thursday, April 23, 2026 astatine 11 a.m. ET

• Chief Executive Officer — D. Scott Patterson

• Chief Financial Officer — Jeremy Rakusin

D. Scott Patterson: Thank you for joining our Q1 league call. We reported coagulated results this greeting that were mostly successful enactment with expectation. I volition supply a high-level review, interaction connected immoderate highlights, and past walk to Jeremy Rakusin for a much in-depth treatment of the results. Total revenues were up 5% implicit the anterior year, with integrated maturation accounting for implicit fractional of the increase. EBITDA for the 4th was up 2%, reflecting a humble and expected diminution successful our consolidated margin. Jeremy volition locomotion done the item successful a fewer minutes. And finally, our net per stock for the 4th were $0.95, up 3% implicit the anterior year.

Looking astatine our divisional results, FirstService Residential revenues were up 4% successful the seasonally anemic archetypal quarter. All of the maturation was organic. We had a coagulated 4th of declaration wins and renewals successful our halfway absorption concern astatine the precocious extremity of expectation, and arsenic we discussed successful our year-end call, divisional maturation was tempered by humble declines successful ancillary services, including excavation operation and renovation, and contracted labour for commercialized maintenance. Looking guardant astatine FirstService Residential, we expect akin oregon somewhat amended integrated maturation successful Q2 and immoderate sequential betterment for Q3 and Q4. Moving connected to FirstService Brands. Revenues for the 4th were up 6%, balanced betwixt integrated maturation and tuck-under acquisition.

Organic maturation was again this 4th driven by increases astatine Century Fire. Organic revenues wrong restoration, roofing, and location services were each astir level with the anterior year. Looking much intimately astatine our segments, our restoration brands, First Onsite and Paul Davis unneurotic were up mid-single digit implicit the anterior twelvemonth and, arsenic I said, level organically. We are pleased with the show successful Q1 aft entering the 4th with a brushed pipeline comparative to anterior twelvemonth owed to the mild upwind we experienced successful Q4. We saw accrued enactment from wintertime tempest enactment that benefited some our brands. The enactment was chiefly quick-turn h2o mitigation and precise small carried into Q2.

As a result, our wide restoration backlogs astatine quarter-end are astatine akin levels to year-end, and down modestly from the anterior year. Based connected existent enactment levels and the quarter-end backlog, we expect Q2 revenues to beryllium level to somewhat down from prior-year levels. Moving present to our Roofing segment. Q1 revenues were up 7% implicit the anterior year, driven by tuck-under acquisitions, chiefly Lakeland, Florida-based Springer-Peterson during Q3 past year. Organically, revenues were level with the anterior twelvemonth and successful enactment with our expectation. We expect a akin effect successful Q2, with single-digit top-line maturation from acquisitions and astir level gross organically comparative to a twelvemonth ago. Outside of information halfway work, the caller operation marketplace remains depressed.