Q2/26 Preview; Moving Beyond Challenges of 2025

Research evidence excerpt

Q2/26 Preview; Moving Beyond Challenges of 2025

Industrial Products

FirstService Corp.

TD SECURITIES INC. - CANADA ESTIMATE CHANGES

July 14, 2026

Price: $143.28 (07/13/2026) Q2/26 Preview; Moving Beyond Challenges of

Price Target: $207.00 (Prior $204.00) 2025

BUY (1)

Tim James, CFA^ THE TD COWEN INSIGHT

416 308 9773

We expect roofing revenue growth (+5.8% y/y), reiteration of full-year outlook, and

tim.james@tdsecurities.com

conference call discussion regarding recent share buybacks to support stock and lay

Jasroop S Bains, CFA, CPA^ groundwork for gradual move higher. Increasing attention to limited trade/tariff exposure,

416 307 9422 consumer spending resiliency and weather related upside positive for share price.

jasroop.bains@tdsecurities.com

Key Data Impact: Neutral For Bullish View

Symbol NASDAQ: FSV

We are maintaining our BUY recommendation and increasing our target to $207 from $204.

12-Month Div (Est.): $1.22

Our forecasts are relatively unchanged following share buyback updates and other minor

Beta: 0.94

modeling adjustments. Higher target due to impact of share repurchases on P/E component of

12-Month Total

45.3% target. FirstService reports July 23.Return:

52-Week Range: $208.43-$125.66

We view share repurchases as a prudent use of capital (trading at 0.3x premium/0.9x

Market Cap: $6.6B

discount to comps on fwd EPS/EBITDA vs. trailing 4-year average premium of 6.3x/2.7x).

Net Debt (MM): $1,174.9

Company began repurchasing shares in Q2/26 and has repurchased approximately 4%

Cash/Share: $4.64

of shares outstanding. We do not believe the decision reflects a lack of long-term M&A

Dil. Shares Out (MM): 45.9 opportunities, rather management's balanced approach to allocating excess liquidity and