FirstService (FSV) fell over 7% on Q2 results, which missed top line estimates despite improving organic growth in residential…

… driven by continued weakness in roofing (down 10% organically) and restoration, which pushed FirstService Brands into negative organic growth for the quarter.

While management expects its end market challenges to persist, with restoration being a 2027 story and a less clear outlook for roofing - they see value in shares at current multiples…

… highlighting the discount to smaller private players…

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… we see the valuation of our large, diversified enterprise trading at a meaningful discount to smaller private market businesses in our respective industries.

Jeremy Rakusin (CFO) - Q2’26 call

… and deploying nearly $250M into buybacks, which should continue through the year.

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