- FirstService Corporation's Q1 2025 revenues increased by 8% year-over-year to $1.25 billion.
- Adjusted EBITDA for the quarter grew by 24% to $103.3 million, with Adjusted EPS rising 37% to $0.92.
- FirstService Residential saw a 6% revenue rise, while FirstService Brands experienced a 10% increase despite a 2% decline in organic revenue.
FirstService Corporation (FSV, Financial) reported robust financial results for the first quarter of 2025, with consolidated revenues reaching $1.25 billion, marking an 8% increase from the previous year. This growth was complemented by a significant 24% rise in Adjusted EBITDA, which stood at $103.3 million for the quarter. Additionally, the company achieved an impressive 37% growth in Adjusted Earnings Per Share (EPS), reaching $0.92.
The company's FirstService Residential division reported revenues of $525.1 million, reflecting a 6% year-over-year increase, including 3% organic growth. The division's Adjusted EBITDA rose by 17% to $41.6 million, benefiting from operational efficiencies in property management services.
Meanwhile, FirstService Brands posted revenues of $725.7 million, a 10% increase from the prior year, though organic revenues declined by 2%, indicating that growth was primarily driven by acquisitions. Despite the organic revenue decline, the division's Adjusted EBITDA rose by 22% to $67.8 million, fueled by improved operating processes and cost structure optimizations within restoration and home services operations.
Scott Patterson, CEO of FirstService, expressed satisfaction with the results, highlighting the strong margins and earnings growth achieved despite macroeconomic uncertainties. The company remains confident about meeting its annual targets.
Furthermore, FirstService's GAAP Operating Earnings exhibited modest growth, increasing to $39.3 million from $38.1 million in the same period last year. However, GAAP EPS declined to $0.06 from $0.14, primarily due to acquisition-related items which surged from $1.6 million to $12.2 million.
FirstService Corporation continues to lead the North American market in outsourced property services, with a focus on enhancing shareholder value and maintaining robust financial performance.
