6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of: May 2025

Commission file number 001-36897

FIRSTSERVICE CORPORATION

(Translation of registrant’s name into English)

1255 Bay Street, Suite 600

Toronto, Ontario, Canada

M5R 2A9

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F [ ]	Form 40-F [X]

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	FIRSTSERVICE CORPORATION
Date: May 2, 2025	/s/ Jeremy Rakusin
	Name: Jeremy Rakusin
	Title: Chief Financial Officer

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EXHIBIT INDEX

Exhibit	Description of Exhibit
99.1	Interim consolidated financial statements and management’s discussion & analysis for the three<br>month period ended March 31, 2025.

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Exhibit 99.1

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FIRSTSERVICE CORPORATION

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

First Quarter

March 31, 2025

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NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

The interim consolidated financial statements of FirstService Corporation, which include the interim consolidated balance sheet as at March 31, 2025 and the interim consolidated statements of earnings, comprehensive earnings, shareholders’ equity and cash flows for the three month period then ended are the responsibility of management. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and, where appropriate, reflect estimates based on the best judgment of management.

These interim consolidated financial statements have not been audited or reviewed on behalf of the shareholders by the independent external auditors of the Company, PricewaterhouseCoopers LLP.

/s/ Scott Patterson	/s/ Jeremy Rakusin
Scott Patterson	Jeremy Rakusin
CEO	CFO

May 2, 2025

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FIRSTSERVICE CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(in thousands of US dollars, except per share amounts) - in accordance with accounting principles generally accepted in the United States of America

	Three months
	ended March 31
	2025			2024
Revenues (note 3)	$	1,250,826		$	1,158,045
Cost of revenues		841,468			788,577
Selling, general and administrative expenses		313,691			293,003
Depreciation		25,659			21,576
Amortization of intangible assets		18,517			15,231
Acquisition-related items (note 4)		12,233			1,600
Operating earnings		39,258			38,058
Interest expense, net		19,264			19,026
Other income, net		(86	)		(1,880	)
Earnings before income tax		20,080			20,912
Income tax expense (note 7)		6,000			6,015
Net earnings		14,080			14,897
Non-controlling interest share of earnings (note 10)		1,243			1,533
Non-controlling interest redemption increment (note 10)		10,034			7,056
Net earnings attributable to Company	$	2,803		$	6,308
Net earnings per share (note 11)
Basic	$	0.06		$	0.14
Diluted		0.06			0.14

The accompanying notes are an integral part of these financial statements.

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FIRSTSERVICE CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(Unaudited)

(in thousands of US dollars) - in accordance with accounting principles generally accepted in the United States of America

	Three months
	ended March 31
	2025			2024
Net earnings	$	14,080		$	14,897
Foreign currency translation loss		(16	)		(2,140	)
Comprehensive earnings		14,064			12,757
Less: Comprehensive earnings attributable to non-controlling shareholders		11,277			8,589
Comprehensive earnings attributable to Company	$	2,787		$	4,168

The accompanying notes are an integral part of these financial statements.

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FIRSTSERVICE CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands of US dollars) - in accordance with accounting principles generally accepted in the United States of America

		December 31, 2024
Assets
Current assets
Cash and cash equivalents	217,200	$	227,598
Restricted cash	23,078		16,088
Accounts receivable, net of allowance of 23,280
(December 31, 2024 - 24,921)	946,398		947,517
Income tax recoverable	10,332		9,431
Inventories (note 6)	269,037		279,626
Prepaid expenses and other current assets	95,761		79,093
	1,561,806		1,559,353
Other receivables	4,787		3,925
Other assets	22,354		24,082
Deferred income tax	2,121		2,114
Fixed assets	260,582		253,994
Operating lease right-of-use assets (note 5)	258,015		240,518
Intangible assets	711,488		715,483
Goodwill	1,413,596		1,395,383
	2,672,943		2,635,499
	4,234,749	$	4,194,852
Liabilities and shareholders' equity
Current liabilities
Accounts payable	161,903	$	174,066
Accrued liabilities	334,758		367,443
Income tax payable	8,304		8,383
Unearned revenues	210,989		190,885
Operating lease liabilities - current (note 5)	54,643		53,115
Long-term debt - current (note 8)	11,515		41,567
Contingent acquisition consideration - current (note 9)	23,595		15,307
	805,707		850,766
Long-term debt - non-current (note 8)	1,297,132		1,257,143
Operating lease liabilities - non-current  (note 5)	232,443		214,423
Contingent acquisition consideration (note 9)	55,146		51,941
Unearned revenues	23,253		23,275
Other liabilities	74,287		75,326
Deferred income tax	88,008		84,895
	1,770,269		1,707,003
Redeemable non-controlling interests (note 10)	453,039		449,337
Shareholders' equity	1,205,734		1,187,746
	4,234,749	$	4,194,852

All values are in US Dollars.

The accompanying notes are an integral part of these financial statements.

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FIRSTSERVICE CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)

(in thousands of US dollars, except share information)

	Common shares										Accumulated
	Issued and										other			Total
	outstanding				Contributed			Retained			comprehensive			shareholders'
	shares		Amount		surplus			earnings			loss			equity
Balance, December 31, 2024		45,268,672	$	929,908	$	104,794		$	165,474		$	(12,430	)	$	1,187,746
Net earnings		-		-		-			2,803			-			2,803
Other comprehensive loss		-		-		-			-			(16	)		(16	)
Subsidiaries' equity transactions		-		-		14			-			-			14
Common Shares:
Stock option expense		-		-		7,599			-			-			7,599
Stock options exercised		175,329		25,292		(5,206	)		-			-			20,086
Dividends		-		-		-			(12,498	)		-			(12,498	)
Balance, March 31, 2025		45,444,001	$	955,200	$	107,201		$	155,779		$	(12,446	)	$	1,205,734

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FIRSTSERVICE CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)

(in thousands of US dollars, except share information)

	Common shares										Accumulated
	Issued and										other			Total
	outstanding				Contributed			Retained			comprehensive			shareholders'
	shares		Amount		surplus			earnings			loss			equity
Balance, December 31, 2023		44,682,427	$	855,817	$	95,220		$	77,480		$	(4,371	)	$	1,024,146
Net earnings		-		-		-			6,308			-			6,308
Other comprehensive loss		-		-		-			-			(2,140	)		(2,140	)
Common Shares:
Stock option expense		-		-		6,908			-			-			6,908
Stock options exercised		294,362		32,036		(7,075	)		-			-			24,961
Dividends		-		-		-			(11,218	)		-			(11,218	)
Balance, March 31, 2024		44,976,789	$	887,853	$	95,053		$	72,570		$	(6,511	)	$	1,048,965

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FIRSTSERVICE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands of US dollars) - in accordance with accounting principles generally accepted in the United States of America

	Three months ended
	March 31
	2025			2024
Cash provided by (used in)
Operating activities
Net earnings	$	14,080		$	14,897
Items not affecting cash:
Depreciation and amortization		44,176			36,807
Deferred income tax		(819	)		(2,274	)
Stock-based compensation		7,599			6,908
Contingent acquisition consideration fair value adjustments		9,093			212
Other		1,507			(788	)
Changes in non-cash working capital:
Accounts receivable		9,994			19,997
Inventories		19,431			3,196
Prepaid expenses and other current assets		(16,127	)		(17,278	)
Payables and accruals		(69,736	)		(56,284	)
Unearned revenues		17,434			6,334
Other liabilities		4,618			(1,172	)
Contingent acquisition consideration (note 4)		-			(19,355	)
Net cash provided by (used in) operating activities		41,250			(8,800	)
Investing activities
Acquisitions of businesses, net of cash acquired (note 4)		(8,636	)		(31,618	)
Purchases of fixed assets		(29,563	)		(25,021	)
Other investing activities		(7,046	)		(701	)
Net cash used in investing activities		(45,245	)		(57,340	)
Financing activities
Increase in long-term debt		50,000			221,255
Repayment of long-term debt		(36,994	)		(175,000	)
Purchases of non-controlling interests, net		(14,496	)		(11,221	)
Contingent acquisition consideration (note 4)		(900	)		(6,158	)
Proceeds received on exercise of stock options		20,086			24,961
Dividends paid to common shareholders		(11,317	)		(10,054	)
Distributions paid to non-controlling interests		(5,777	)		(653	)
Net cash provided by financing activities		602			43,130
Effect of exchange rate changes on cash		(15	)		228
Decrease in cash, cash equivalents and restricted cash		(3,408	)		(22,782	)
Cash, cash equivalents and restricted cash, beginning of period		243,686			206,877
Cash, cash equivalents and restricted cash, end of period	$	240,278		$	184,095

The accompanying notes are an integral part of these financial statements.

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FIRSTSERVICE CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

(Unaudited)

(in thousands of US dollars, except per share amounts)

1.       DESCRIPTION OF THE BUSINESS – FirstService Corporation (the “Company”) is a North American provider of residential property management and other essential property services to residential and commercial customers. The Company’s operations are conducted in two segments: FirstService Residential and FirstService Brands. The segments are grouped with reference to the nature of services provided and the types of clients that use those services.

FirstService Residential is a full-service property manager and in many markets provides a full range of ancillary services primarily in the following areas: (i) on-site staffing, including building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel; (ii) proprietary banking and insurance products; and (iii) energy conservation and management solutions.

FirstService Brands provides a range of essential property services to residential and commercial customers in North America through company-owned locations and franchise networks. The principal brands in this division include First Onsite Property Restoration, Paul Davis Restoration, Roofing Corp of America, Century Fire Protection, California Closets, CertaPro Painters, Floor Coverings International, and Pillar to Post Home Inspectors.

2.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – These condensed consolidated financial statements have been prepared by the Company in accordance with the disclosure requirements for the presentation of interim financial information pursuant to applicable Canadian securities law. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted in accordance with such disclosure requirements, although the Company believes that the disclosures are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024.

These interim financial statements follow the same accounting policies as the most recent audited consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements contain all adjustments necessary for a fair statement of the financial position of the Company as at March 31, 2025 and the results of operations and its cash flows for the three month periods ended March 31, 2025 and 2024. All such adjustments are of a normal recurring nature. The condensed balance sheet as at December 31, 2024 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The results of operations for the three-month period ended March 31, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025.

3.       REVENUE RECOGNITION – Disaggregated revenues are as follows:

	Three months
	ended March 31
	2025		2024
FirstService Residential revenue	$	525,087	$	496,124
FirstService Brands company-owned operations revenue		674,984		613,307
FirstService Brands franchisor revenue		48,818		46,746
FirstService Brands franchise fee revenue		1,937		1,868

The Company disaggregates revenue by segment. Within the FirstService Brands segment, the Company further disaggregates its company-owned operations revenue; these businesses primarily recognize revenue over time as they perform because of continuous transfer of control to the customer. As such, revenue is recognized based on the extent of progress towards completion of the performance obligation. The Company generally uses the percentage of completion method.

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We believe this disaggregation best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors.

The Company’s backlog represents remaining performance obligations and is defined as contracted work yet to be performed. As at March 31, 2025, the aggregate amount of backlog was $1,029,566 (December 31, 2024 - $924,803). The Company expects to recognize revenue on the majority of the remaining backlog over the next 12 months.

The majority of current unearned revenues as at March 31, 2025 are expected to be recognized into income during 2025.

4.       ACQUISITIONS – In the quarter, the Company completed three acquisitions, one in the FirstService Residential segment and two in the FirstService Brands segment. In the FirstService Residential segment, the Company acquired an amenity management firm, headquartered in Ithaca, New York. In the FirstService Brands segment, the Company acquired an exterior restoration service business located in Alberta, Canada, as well as a Paul Davis franchisee operating in Pennsylvania. The acquisition date fair value of consideration transferred was as follows: cash of $8,636 (net of cash acquired of $6,332), and contingent consideration of $3,307.

In the prior year quarter, the Company completed two acquisitions for cash consideration of $31,618 (net of cash acquired of $6,382), and contingent consideration $6,397.

Acquisition-related items included both transaction costs and contingent acquisition consideration fair value adjustments. Acquisition-related transaction costs for the quarter totaled $3,140 (2024 - $1,388). Also included in acquisition-related items was an increase of $9,093 related to contingent acquisition consideration fair value adjustments (2024 - $212).

The purchase price allocations for certain transactions completed in the last twelve months are not yet complete, pending final determination of the fair value of assets acquired. These acquisitions were accounted for by the purchase price method of accounting for business combinations and accordingly, the consolidated statements of earnings do not include any revenues or expenses related to these acquisitions prior to their respective closing dates. There have been no material changes to the estimated purchase price allocations determined at the time of acquisition during the three months ended March 31, 2025.

Except for where arrangements represent compensation for the benefit of the Company, contingent consideration is recorded at fair value each reporting period. The fair value recorded on the consolidated balance sheet as at March 31, 2025 was $78,741 (see note 9). The estimated range of outcomes (undiscounted) for these contingent consideration arrangements is $67,715 to a maximum of $79,665. The contingencies will expire during the period extending to January 2028. During the three months ended March 31, 2025, $900 was paid with reference to such contingent consideration (2024 - $25,513).

5.       LEASES – The Company has operating leases for corporate offices, copiers, and certain equipment. Its leases have remaining lease terms of 1 year to 15 years, some of which may include options to extend the leases for up to 15 years, and some of which may include options to terminate the leases within 1 year. The Company evaluates renewal terms on a lease by lease basis to determine if the renewal is reasonably certain. The amount of operating lease expense recorded in the statement of earnings for the three months ended March 31, 2025 was $17,841 (2024 - $15,037).

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Other information related to leases was as follows (in thousands):

Supplemental Cash Flows Information, three months ended March 31	2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	15,770
Right-of-use assets obtained in exchange for operating lease obligation	$	32,948

6.       INVENTORIES - Inventories is comprised of the following:

	March 31,		December 31,
	2025		2024
Work-in-progress	$	193,990	$	213,752
Finished Goods		28,453		20,533
Supplies and other		46,594		45,341
	$	269,037	$	279,626

7.       INCOME TAX – The provision for income tax for the three months ended March 31, 2025 reflected an effective tax rate of 30% (2024 - 29%).

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8.       LONG-TERM DEBT – In February 2025, the Company entered into a third amended and restated credit agreement providing for a $1,750,000 revolving credit facility on an unsecured basis. The maturity date of the revolving credit facility is February 2030. The revolving credit facility bears interest at 0.20% to 2.50% over floating reference rates, depending on certain leverage ratios.

In September 2022 (and as amended in April 2024 as noted below), the Company entered into two revolving, uncommitted financing facilities for potential future private placement issuances of senior unsecured notes (the “Notes”) aggregating $550,000 with its existing lenders, NYL Investors LLC (“New York Life”) of up to $250,000 and PGIM Private Capital (“Prudential”), of up to $300,000, in each case, net of any existing notes held by them. The facility with Prudential has a term ending September 29, 2025, and the facility with New York Life has a term ending April 3, 2027. As part of the closing of the New York Life facility, the Company issued, on a private placement basis to New York Life, $60,000 of 4.53% Notes, which are due in full on September 29, 2032, with interest payable semi-annually. In April 2024, the facility with New York Life was amended to increase the potential financing capacity by $100,000, to the current $250,000, and to extend the term of the New York Life facility from September 29, 2025 to the current April 3, 2027. The Company has the ability to issue incremental Note tranches under the facilities, subject to acceptance by New York Life or Prudential, with varying maturities as determined by the Company, and with coupon pricing determined at the time of each Note issuance.

In January 2024, the Company issued, on a private placement basis to New York Life, $50,000 of 5.48% Notes, which are due in full on January 30, 2029, as well as $25,000 of 5.60% Notes, which are due in full on January 30, 2031, both with interest payable semi-annually. Also in January 2024, the Company issued, on a private placement basis to Prudential, $50,000 of 5.64% Notes, which are due in full on January 30, 2031, with interest payable semi-annually.

The indebtedness under the Credit Agreement and the Notes rank equally in terms of seniority. The Company is prohibited under the Credit Agreement from undertaking certain acquisitions and dispositions, and incurring certain indebtedness and encumbrances, without prior approval of the lenders under the Credit Agreement.

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9.       FAIR VALUE MEASUREMENTS – The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2025:

			Fair value measurements at March 31, 2025
		Carrying value at
		March 31, 2025		Level 1		Level 2		Level 3
Interest rate swap assets		1,111		-		1,111		-
Contingent consideration liability	$	78,741	$	-	$	-	$	78,741

The fair value of the interest rate swap asset was calculated through discounting future expected cash flows using the appropriate prevailing interest rate swap curve adjusted for credit risk. The inputs to the measurement of the fair value of contingent consideration related to acquisitions are Level 3 inputs using a discounted cash flow model; significant model inputs were expected future operating cash flows (determined with reference to each specific acquired business) and discount rates (which range from 8% to 10%). The range of discount rates is attributable to the level of risk related to economic growth factors combined with the length of the contingent payment periods; and the dispersion was driven by unique characteristics of the businesses acquired and the respective terms for these contingent payments. Within the range of discount rates, there is a data point concentration at 9%. A 2% increase in the weighted average discount rate would not have a significant impact on the fair value of the contingent consideration balance.

Changes in the fair value of the contingent consideration liability are comprised of the following:

	2025
Balance, January 1	$	67,248
Amounts recognized on acquisitions		3,307
Fair value adjustments		9,093
Resolved and settled in cash		(900	)
Other		(7	)
Balance, March 31	$	78,741
Less: Current portion		23,595
Non-current portion	$	55,146

The carrying amounts for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair values due to the short maturity of these instruments, unless otherwise indicated. The inputs to the measurement of the fair value of long term debt are Level 2 inputs. The fair value measurements were made using a net present value approach; significant model inputs were expected future cash outflows and discount rates (which range from 4.5% to 5.0%). The following are estimates of the fair values for other financial instruments:

	March 31, 2025				December 31, 2024
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
Other receivables	$	4,787	$	4,787	$	3,925	$	3,925
Long-term debt		1,308,647		1,316,833		1,298,710		1,302,878

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10.       REDEEMABLE NON-CONTROLLING INTERESTS – The minority equity positions in the Company’s subsidiaries are referred to as redeemable non-controlling interests (“RNCI”). The RNCI are considered to be redeemable securities. Accordingly, the RNCI is recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. The following table provides a reconciliation of the beginning and ending RNCI amounts:

	2025
Balance, January 1	$	449,337
RNCI share of earnings		1,243
RNCI redemption increment		10,034
Distributions paid to RNCI		(5,777	)
Purchases of interests from RNCI, net		(14,496	)
RNCI recognized on business acquisitions		12,263
Other		435
Balance, March 31	$	453,039

The Company has shareholders’ agreements in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to “call” the non-controlling interest at a price determined with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before extraordinary items, income taxes, interest, depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to “put” their equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and may be paid in cash or in Common Shares. The redemption amount as of March 31, 2025 was $394,301. The redemption amount is lower than that recorded on the balance sheet as the formula prices of certain RNCI are lower than the amount initially recorded at the inception of the minority equity position. If all put or call options were settled with Common Shares as at March 31, 2025, approximately 2,300,000 such shares would be issued; this would be accretive to net earnings per share.

Increases or decreases to the formula price of the underlying shares are recognized in the statement of earnings as the NCI redemption increment.

11.       NET EARNINGS PER SHARE – The following table reconciles the basic and diluted shares outstanding:

	Three months ended
(in thousands)	March 31
	2025		2024
Basic shares		45,368		44,850
Assumed exercise of Company stock options		242		261
Diluted shares		45,610		45,111

12.       STOCK-BASED COMPENSATION

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Company stock option plan

The Company has a stock option plan for certain officers and key full-time employees of the Company and its subsidiaries. The stock option plan came into existence on June 1, 2015. Options are granted at the market price for the underlying shares on the date of grant. Each option vests over a three-to-five-year term, expires five to six years from the date granted and allows for the purchase of one Common Share. All Common Shares issued are new shares. As at March 31, 2025, there were 763,240 options available for future grants.

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Grants under the Company’s stock option plan are equity-classified awards. There were 587,000 stock options granted during the three months ended March 31, 2025 (2024 - 568,500). Of the options granted during the three months ended March 31, 2025, one-half will be time-based vesting and one-half will vest upon the Company achieving a certain threshold percentage of Adjusted Earnings per Share compounded annual growth over specified measurement periods. The Company estimates the probability of achievement of performance conditions at each reporting period and reflects the estimates in the number of options expected to vest with any changes recognized through stock-based compensation expense. Stock option activity for the three months ended March 31, 2025 was as follows:

						Weighted average
				Weighted		remaining
	Number of			average		contractual life		Aggregate
	options			exercise price		(years)		intrinsic value
Shares issuable under options -
Beginning of period		2,403,004		$	149.19
Granted		587,000			171.43
Exercised		(175,329	)		114.57
Shares issuable under options -
End of period		2,814,675		$	155.98		3.57	$	31,273
Options exercisable - End of period		1,253,839		$	150.53		1.91	$	19,497

The amount of compensation expense recorded in the statement of earnings for the three months ended March 31, 2025 was $7,599 (2024 - $6,908). As of March 31, 2025, there was $51,809 of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 5 years. During the three month period ended March 31, 2025, the fair value of options vested was $18,193 (2024 - $16,941).

13.       CONTINGENCIES – In the normal course of operations, the Company is subject to routine claims and litigation incidental to its business. Litigation currently pending or threatened against the Company includes disputes with former employees and commercial liability claims related to services provided by the Company. The Company believes resolution of such proceedings, combined with amounts set aside, will not have a material impact on the Company’s financial condition or the results of operations.

14.       SEGMENTED INFORMATION – The Company has two reportable segments as determined by the chief operating decision maker (CODM), who is the Chief Executive Officer of the Company. The segments are grouped with reference to the nature of services provided and the types of clients that use those services. The CODM assesses each segment’s performance based on operating earnings. Specifically, the CODM uses operating earnings to monitor results against expectations for each reportable segment. FirstService Residential provides property management and related property services to residential communities in North America. FirstService Brands provides Company-owned and franchised property services to customers in North America. Corporate includes the costs of operating the Company’s corporate head office.

OPERATING SEGMENTS
	FirstService		FirstService
	Residential		Brands		Corporate			Consolidated
Three months ended March 31
2025
Revenues	$	525,087	$	725,739	$	-		$	1,250,826
Cost of revenues		397,780		443,688		-			841,468
Selling, general and administrative		85,676		214,284		13,731			313,691
Depreciation and amortization		10,636		33,517		23			44,176
Acquisition-related items		1,728		9,764		741			12,233
Operating earnings		29,267		24,486		(14,495	)		39,258
2024
Revenues	$	496,124	$	661,921	$	-		$	1,158,045
Cost of revenues		379,476		409,101		-			788,577
Selling, general and administrative		81,049		197,358		14,596			293,003
Depreciation and amortization		8,423		28,361		23			36,807
Acquisition-related items		518		302		780			1,600
Operating earnings		26,658		26,799		(15,399	)		38,058

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GEOGRAPHIC INFORMATION

	United States		Canada		Consolidated
Three months ended March 31
2025
Revenues	$	1,118,084	$	132,742	$	1,250,826
Total long-lived assets		2,218,341		425,340		2,643,681
2024
Revenues	$	1,018,691	$	139,354	$	1,158,045
Total long-lived assets		1,855,623		414,197		2,269,820

FIRSTSERVICE CORPORATION

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MANAGEMENT’SDISCUSSION AND ANALYSIS

FOR THE threeMONTH PERIOD ENDED March 31, 2025

(in US dollars)

May 2, 2025

The following Management’s Discussion and Analysis (“MD&A”)should be read together with the unaudited interim consolidated financial statements of FirstService Corporation (the “Company”or “FirstService”) for the three month period ended March 31, 2025 and the Company’s audited consolidated financialstatements, and MD&A, for the year ended December 31, 2024. The interim consolidated financial statements have been prepared in accordancewith generally accepted accounting principles in the United States (“GAAP”). All financial information herein is presentedin United States dollars.

The Company has prepared this MD&A with reference to National Instrument51-102 – Continuous Disclosure Obligations of the Canadian Securities Administrators. Under the U.S./Canada MultijurisdictionalDisclosure System, the Company is permitted to prepare this MD&A in accordance with the disclosure requirements of Canada, which requirementsare different from those of the United States. This MD&A provides information for the three month period ended March 31, 2025 andup to and including May 2, 2025.

Additional information about the Company, including the Company’sAnnual Information Form, which is included in FirstService’s Annual Report on Form 40-F, can be found on SEDAR+ at www.sedarplus.caand on the US Securities and Exchange Commission website at www.sec.gov.

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Results of operations - three months ended March 31, 2025

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Consolidated revenues for our first quarter were $1.25 billion, 8% higher than the comparable prior year.

Consolidated operating earnings for the quarter were $39.3 million, compared to $38.1 million in the prior year period. The operating earnings margin was 3.1% versus 3.3% in the prior year quarter. The Operating Earnings margin was impacted due to increased acquisition-related items, further described below. Adjusted EBITDA (see “Reconciliation of non-GAAP measures” below) for the first quarter was $103.3 million versus $83.4 million reported in the prior year quarter. Our Adjusted EBITDA margin was 8.3% of revenues, versus 7.2% in the prior year quarter. The increase in Adjusted EBITDA margin was driven by higher profitability in both segments.

Depreciation and amortization expense totalled $44.2 million, relative to $36.8 million in the prior year, with the increase primarily related to recently acquired company-owned operations in our FirstService Brands segment.

Acquisition-related items for the quarter were $12.2 million, up from $1.6 million in the prior period. The increase was primarily due to fair value adjustments to contingent upside earn-out structures in the FirstService Brands segment.

The consolidated income tax rate for the quarter was 30%, compared to 29% in the prior year quarter. The effective tax rate for the full year is expected to be approximately 30%.

The RNCI redemption increment was $10.0 million, versus $7.1 million in the prior period, and was attributable to changes in the trailing two-year average of earnings of non-wholly owned subsidiaries.

The FirstService Residential segment reported revenues of $525.1 million for the first quarter, up 6% versus the prior year quarter, including 3% organic growth (see “Reconciliation of non-GAAP measures” below). Adjusted EBITDA was $41.6 million relative to $35.6 million in the prior year quarter. Operating earnings for the first quarter were $29.3 million versus $26.7 million in the prior year period. The year-over-year segment margin improvement was due to realized operating efficiencies in our property management client service delivery model.

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Revenues from the FirstService Brands segment in the first quarter were $725.7 million, up 10% relative to the prior year period. On an organic basis, segment revenues declined 2%, with solid organic growth at Century Fire Protection, offset by flat or modestly lower year-over-year results in our other service lines. Reported revenue growth also reflected the contribution from recent tuck-under acquisitions within Roofing Corp of America. Adjusted EBITDA for the quarter was $67.8 million, compared to $55.5 million in the prior year period. Operating earnings were $24.5 million versus $26.8 million in the prior year quarter. The Adjusted EBITDA margin expansion was largely driven by continued improvements in our operating processes and cost structure at our restoration and home services brands. The Operating Earnings margin decline resulted from increased contingent upside earn-out adjustments tied to certain recently completed acquisitions.

Corporate costs (see definitions and reconciliations below), as presented in Adjusted EBITDA were $6.1 million for the quarter, relative to $7.7 million in the prior year period. Corporate costs for the current quarter were $14.5 million, compared to $15.4 million in the prior year period.

Summary of quarterly results

(in thousands of US dollars, except per share amounts) (unaudited)

Quarter	Q1		Q2		Q3		Q4
YEAR ENDING DECEMBER 31, 2025
Revenues	$	1,250,826
Operating earnings		39,258
Net earnings per share:
Basic		0.06
Diluted		0.06
YEAR ENDED DECEMBER 31, 2024
Revenues	$	1,158,045	$	1,297,459	$	1,396,041	$	1,365,349
Operating earnings		38,058		83,937		125,902		89,615
Net earnings per share:
Basic		0.14		0.78		1.34		0.72
Diluted		0.14		0.78		1.34		0.71
YEAR ENDED DECEMBER 31, 2023
Revenues	$	1,018,445	$	1,119,734	$	1,117,109	$	1,079,260
Operating earnings		40,950		82,321		73,559		48,062
Net earnings per share:
Basic		0.36		1.02		0.73		0.14
Diluted		0.36		1.01		0.73		0.14
OTHER DATA
Adjusted EBITDA - 2025	$	103,266
Adjusted EBITDA - 2024		83,373		132,487		159,974		137,856
Adjusted EBITDA - 2023		82,096	$	118,353	$	111,936	$	103,343
Adjusted EPS - 2025		0.92
Adjusted EPS - 2024		0.67		1.36		1.63		1.34
Adjusted EPS - 2023		0.85		1.46		1.25		1.11

Seasonality and quarterly fluctuations

Certain segments of the Company’s operations are subject to seasonal variations. The seasonality of the service lines results in variations in quarterly revenues and operating margins. Variations can also be caused by acquisitions or dispositions, which alter the consolidated service mix.

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FirstService Residential generates peak revenues and earnings in the second and third quarters, as seasonal ancillary amenity management revenues are earned. FirstService Brands includes certain home improvement brands, which generate the majority of their revenues during the second and third quarters, and restoration operations which are influenced by weather patterns that typically can result in higher revenues and earnings in any given reporting quarter.

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Reconciliation of non-GAAP measures

In this MD&A, we make reference to “adjusted EBITDA”, “segment adjusted EBITDA”, “adjusted EPS”, and “organic growth” which are financial measures that are not calculated in accordance with GAAP.

Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other (income) expense; (iii) interest expense; (iv) depreciation and amortization; (v) acquisition-related items; and (vi) stock-based compensation expense. The Company uses Consolidated adjusted EBITDA and segment adjusted EBITDA to evaluate its own operating performance, its ability to service debt, and as an integral part of its planning and reporting systems. Additionally, this measure is used in conjunction with discounted cash flow models to determine the Company’s overall enterprise valuation and to evaluate acquisition targets. Consolidated adjusted EBITDA and segment adjusted EBITDA are presented as a supplemental measure because the Company believes such a measure is useful to investors as a reasonable indicator of operating performance, due to the low capital intensity of the Company’s service operations. The Company believes this measure is a financial metric used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. The Company’s method of calculating adjusted EBITDA and segment adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted EBITDA appears below.

	Three months ended
(in thousands of US dollars)	March 31
	2025			2024
Net earnings	$	14,080		$	14,897
Income tax		6,000			6,015
Other income, net		(86	)		(1,880	)
Interest expense, net		19,264			19,026
Operating earnings		39,258			38,058
Depreciation and amortization		44,176			36,807
Acquisition-related items		12,233			1,600
Stock-based compensation expense		7,599			6,908
Adjusted EBITDA	$	103,266		$	83,373

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A reconciliation of segment operating earnings to segment Adjusted EBITDA appears below.

(in thousands of US)
Three months ended, March 31, 2025	FirstService		FirstService
	Residential		Brands		Corporate ^(1)^
Segment operating earnings (loss)	29,267	$	24,486	$	(14,495	)
Depreciation and amortization	10,636		33,517		23
Acquisition-related items	1,728		9,764		741
Stock-based compensation expense	-		-		7,599
Segment Adjusted EBITDA	41,631	$	67,767	$	(6,132	)

All values are in US Dollars.

Three months ended, March 31, 2024		FirstService		FirstService
		Residential		Brands		Corporate ^(1)^
Segment operating earnings (loss)	$	26,658	$	26,799	$	(15,399	)
Depreciation and amortization		8,423		28,361		23
Acquisition-related items		518		302		780
Stock-based compensation expense		-		-		6,908
Segment Adjusted EBITDA	$	35,599	$	55,462	$	(7,688	)

Segment Adjusted EBITDA margin is defined as segment Adjusted EBITDA divided by segment revenues.

(1) Corporate is not an operating segment, but rather represent corporate overhead expenses not directly attributable to reportable segments and are therefore unallocated within segment operating earnings (loss) and segment adjusted EBITDA.

Adjusted EPS is defined as diluted net earnings per share, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) acquisition-related items; (iii) amortization expense related to intangible assets recognized in connection with acquisitions; and (iv) stock-based compensation expense. The Company believes this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted EPS is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share, as determined in accordance with GAAP. The Company’s method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted net earnings and of diluted net earnings per share to adjusted EPS appears below.

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| --- | | | Three months ended | | | | | | | --- | --- | --- | --- | --- | --- | --- | | (in thousands of US dollars) | March 31 | | | | | | | | 2025 | | | 2024 | | | | Net earnings | $ | 14,080 | | $ | 14,897 | | | Non-controlling interest share of earnings | | (1,243 | ) | | (1,533 | ) | | Acquisition-related items | | 12,233 | | | 1,600 | | | Amortization of intangible assets | | 18,517 | | | 15,231 | | | Stock-based compensation expense | | 7,599 | | | 6,908 | | | Income tax on adjustments | | (8,575 | ) | | (6,421 | ) | | Non-controlling interest on adjustments | | (542 | ) | | (264 | ) | | Adjusted net earnings | $ | 42,069 | | $ | 30,418 | | | | Three months ended | | | | | --- | --- | --- | --- | --- | | (in US dollars) | March 31 | | | | | | 2025 | | 2024 | | | Diluted net earnings per share | $ | 0.06 | $ | 0.14 | | Non-controlling interest redemption increment | | 0.22 | | 0.16 | | Acquisition-related items | | 0.21 | | 0.03 | | Amortization of intangible assets, net of tax | | 0.28 | | 0.23 | | Stock-based compensation expense, net of tax | | 0.15 | | 0.11 | | Adjusted EPS | $ | 0.92 | $ | 0.67 |

Organic growth is defined as revenue growth adjusted to exclude the revenue attributable to acquired businesses for a period of twelve months following their acquisition.

We believe that the presentation of adjusted EBITDA, segment adjusted EBITDA, adjusted EPS, and organic growth, which are non-GAAP financial measures, provides important supplemental information to management and investors regarding financial and business trends relating to the Company’s financial condition and results of operations. We use these non-GAAP financial measures when evaluating operating performance because we believe that the inclusion or exclusion of the items described above, for which the amounts are non-cash in nature, provides a supplemental measure of our operating results that facilitates comparability of our operating performance from period to period, against our business model objectives, and against other companies in our industry. We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does and use this information in their assessment of our core business and the valuation of the Company. Adjusted EBITDA, segment adjusted EBITDA, adjusted EPS, and organic growth are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs or benefits associated with the operations of our business as determined in accordance with GAAP. As a result, investors should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP.

Liquidity and capital resources

Net cash provided by operating activities was $41.3 million during the three month period ended March 31, 2025, versus a use of $8.8 million of cash in the prior year period. The year-over-year increase was primarily attributable to increased profitability across our operations, as well as contingent acquisition consideration payments in the prior year.

For the three months ended March 31, 2025, capital expenditures were $29.6 million. Based on our current operations, total capital expenditures for the year ending December 31, 2025 are expected to be approximately $125 million.

In April 2025, we paid a quarterly dividend of $0.275 per common share in respect of the quarter ended March 31, 2025.

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Net indebtedness as at March 31, 2025 was $1.09 billion, versus $1.07 billion at December 31, 2024. Net indebtedness is calculated as the current and non-current portion of long-term debt less cash and cash equivalents. We are in compliance with the covenants within our financing agreements as at March 31, 2025 and, based on our outlook for the balance of the year, we expect to remain in compliance with these covenants. We had $587.6 million of available un-drawn credit as of March 31, 2025.

In relation to acquisitions completed during the past two years, we have outstanding contingent consideration totalling $78.7 million as at March 31, 2025 ($67.2 million as at December 31, 2024) assuming all contingencies are satisfied and payment is due in full. Such payments, if any, are due during the period extending to January 2028. The contingent consideration liability is recognized at fair value upon acquisition and is re-measured each quarter, unless it contains an element of compensation, in which case such element is treated as compensation expense over the contingency period. The contingent consideration is based on achieving specified earnings levels, and is paid or payable at the end of the contingency period. During the three months ended March 31, 2025, $0.9 million of contingent consideration was paid (2024 - $25.5 million).

The following table summarizes our contractual obligations as at March 31, 2025:

Contractual obligations	Payments due by period
(in thousands of US dollars)			Less than						After
	Total		1 year		1-3 years		4-5 years		5 years
Long-term debt	$	1,279,544	$	-	$	-	$	1,144,544	$	135,000
Interest on long-term debt		242,172		72,923		106,943		51,994		10,312
Capital lease obligations		29,103		10,580		15,355		3,129		39
Contingent acquisition consideration		78,741		23,595		55,146		-		-
Operating leases		360,622		69,707		117,208		76,131		97,576
Total contractual obligations	$	1,990,182	$	176,805	$	294,652	$	1,275,798	$	242,927

At March 31, 2025, we had commercial commitments totaling $32.4 million comprised of letters of credit outstanding due to expire within one year.

Redeemable non-controlling interests

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In most operations where managers, employees or brokers are also minority owners, the Company is party to shareholders’ agreements. These agreements allow us to “call” the minority position at a value determined with the use of a formula price, which is in most cases equal to a multiple of trailing two-year average earnings, less debt. Minority owners may also “put” their interest to the Company at the same price, with certain limitations including (i) the inability to “put” more than 50% of their holdings in any twelve-month period and (ii) the inability to “put” any holdings for at least one year after the date of our initial acquisition of the business or the date the minority shareholder acquired the stock, as the case may be. The total value of the minority shareholders’ interests (the “redemption amount”), as calculated in accordance with shareholders’ agreements, was as follows.

	March 31		December 31
(in thousands of US dollars)	2025		2024
FirstService Residential	$	70,097	$	75,039
FirstService Brands		324,204		327,083
	$	394,301	$	402,122

The amount recorded on our balance sheet under the caption “redeemable non-controlling interests” (“RNCI”) is the greater of: (i) the redemption amount (as above) or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. As at March 31, 2025, the RNCI recorded on the balance sheet was $453.0 million. The purchase prices of the RNCI may be paid in cash or in our common shares, at the option of FirstService. If all RNCI were redeemed in cash, the pro forma estimated accretion to GAAP diluted net earnings per share for the first quarter of 2025 would be $0.16 and a decrease of $0.06 to adjusted EPS.

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Critical accounting policies and estimates

The preparation of consolidated financial statements requires management to make estimates and assumptions with respect to the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. These estimates and assumptions are based upon management’s historical experience and are believed by management to be reasonable under the circumstances. Such estimates and assumptions are evaluated on an ongoing basis and form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ significantly from these estimates. Our critical accounting policies and estimates have been reviewed and discussed with our Audit Committee. There have been no material changes to our critical accounting policies and estimates from those disclosed in the Company’s MD&A for the year ended December 31, 2024.

Financial instruments

We use financial instruments as part of our strategy to manage the risk associated with interest rates and currency exchange rates from time to time. We do not use financial instruments for trading or speculative purposes. As of the date of this MD&A, we have two interest swaps in place to exchange the floating interest rate on $200.0 million of debt under our Credit Agreement for a fixed rate.

Transactions with related parties

The Company has entered into office space rental arrangements and property management contracts with senior managers of certain subsidiaries. These senior managers are usually also minority shareholders of the subsidiaries. The business purpose of the transactions is to rent office space for the Company and to generate property management revenues for the Company. The recorded amount of the rent expense for the three months ended March 31, 2025 was $2.6 million (2024 - $1.7 million).

As at March 31, 2025, the Company had $4.1 million of loans receivable from minority shareholders (December 31, 2024 - $5.4 million). The business purpose of the loans receivable is to finance the sale of non-controlling interests in subsidiaries to senior managers. The loan amounts are measured based on the formula price of the underlying non-controlling interests, and interest rates are determined based on the Company’s cost of borrowing plus a spread. The loans generally have terms of 5 to 10 years, but are open for repayment without penalty at any time.

Outstanding share data

The authorized capital of the Company consists of an unlimited number of common shares. The holders of common shares are entitled to one vote in respect of each common share held at all meetings of the shareholders of the Company.

As of the date of this MD&A, the Company has outstanding 45,444,001 common shares. In addition, as at the date hereof 2,814,675 common shares are issuable upon exercise of options granted under the Company’s stock option plan.

Canadian tax treatment of dividends

For the purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation, all dividends (and deemed dividends) paid by us to Canadian residents on our common shares as “eligible dividends”. Unless stated otherwise, all dividends (and deemed dividends) paid by us hereafter are designated as “eligible dividends” for the purposes of such rules.

Changes in internal controls over financial reporting

There have been no changes in our internal controls over financial reporting during the three month period ended March 31, 2025 that have materially affected or are reasonably likely to materially affect our internal controls over financial reporting.

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Forward-looking statements

This MD&A contains forward-looking statements with respect to expected financial performance, strategy and business conditions. The words “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risk and uncertainties. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Factors which may cause such differences include, but are not limited to those set out below, and those set out in detail in the “Risk Factors” section of the Company’s Annual Information Form, which is included in the Company’s Annual Report on Form 40-F:

·	Economic conditions, especially as they relate to credit conditions, consumer spending and demand for<br>managed residential property, particularly in regions where our business may be concentrated.
·	Residential real estate property values, resale rates and general conditions of financial liquidity for<br>real estate transactions.
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·	Extreme weather conditions impacting demand for our services or our ability to perform those services.
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·	Economic deterioration impacting our ability to recover goodwill and other intangible assets.
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·	A decline in our ability to generate cash from our businesses to fund future acquisitions and meet our<br>debt obligations.
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·	The effects of changes in foreign exchange rates in relation to the U.S. dollar on our Canadian dollar<br>denominated revenues and expenses.
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·	Competition in the markets served by the Company.
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·	Labour shortages or increases in wage and benefit costs.
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·	The effects of changes in interest rates on our cost of borrowing.
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·	A decline in our performance impacting our continued compliance with the financial covenants under our<br>debt agreements, or our ability to negotiate a waiver of certain covenants with our lenders.
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·	Unexpected increases in operating costs, such as insurance, workers’ compensation, health care and<br>fuel prices.
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·	Changes in the frequency or severity of insurance incidents relative to our historical experience.
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·	A decline in our ability to make acquisitions at reasonable prices and successfully integrate acquired<br>operations.
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·	The performance of acquired businesses and potential liabilities acquired in connection with such acquisitions.
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·	Changes in laws, regulations and government policies at the federal, state/provincial or local level that<br>may adversely impact our businesses.
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·	Risks related to liability for employee acts or omissions, or installation/system failure, in our fire<br>protection businesses.
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·	A decline in our performance impacting our ability to pay dividends on our common shares.
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·	Risks arising from any regulatory review and litigation.
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·	Risks associated with intellectual property and other proprietary rights that are material to our business.
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·	Disruptions or security failures in our information technology systems.
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·	Political conditions, including any outbreak or escalation of terrorism or hostilities and the impact<br>thereof on our business.
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·	Performance in our commercial and large loss property restoration business and roofing business.
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·	Volatility of the market price of our common shares.
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·	Potential future dilution to the holders of our common shares.
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·	Risks related to our qualification as a foreign private issuer.
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·	The outbreak of epidemics or pandemics or other health crises could result in volatility and disruptions<br>in the supply and demand for our products and services, global supply chains and financial markets.
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| --- | | · | US trade policies and practices, including the implementation of tariffs on US imports, may result in<br>slightly reduced margins or increased prices that could cause decreased consumer demand in certain of our businesses. | | --- | --- | | · | US changes to immigration policies and practices could have an impact on our ability to attract and retain<br>labour in certain of our businesses. | | --- | --- |

We caution that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results, performance or achievements. The reader is cautioned against undue reliance on these forward-looking statements. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in such forward-looking statements will be realized. The inclusion of such forward-looking statements should not be regarded as a representation by the Company or any other person that the future events, plans or expectations contemplated by the Company will be achieved. We note that past performance in operations and share price are not necessarily predictive of future performance. All forward-looking statements in this MD&A are qualified by these cautionary statements. The forward-looking statements are made as of the date of this MD&A and, unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements contained in this MD&A to reflect subsequent information, events, results or circumstances or otherwise.

Additional information

Additional information regarding the Company, including our Annual Information Form for the year ended December 31, 2024, is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Further information about us can also be obtained at www.firstservice.com.