FirstService (NASDAQ:FSV) shareholders approved all matters brought before the company’s annual and special meeting on Wednesday, April 1, 2026, including the election of eight directors, the appointment of PricewaterhouseCoopers LLP as auditor, amendments to the company’s stock option plan, and a non-binding advisory vote supporting the company’s approach to executive compensation.
Meeting format and governance items
Founder and Chairman Jay Hennick opened the meeting, which was held in a virtual-only format via live webcast. Hennick said participating company representatives included Scott Patterson, president and CEO and a director; Jeremy Rakusin, CFO; and Abel Escobar, corporate secretary. Hennick also appointed Rosa Garofalo of TSX Trust Company as scrutineer.
Hennick tabled the audited consolidated financial statements for the year ended Dec. 31, 2025, and, with consent of the meeting, said the auditor’s report would not be read aloud.
Director elections approved
Shareholders voted on the election of eight directors, who will serve until the close of the next annual meeting or until successors are elected or appointed. The nominees, read during the meeting, were:
- Yousry Bissada
- Elizabeth Carducci
- Steve Grimshaw
- Jay Hennick
- Scott Patterson
- Fred Prachel
- John Stroll
- Erin Wallace
Angela Bai, a shareholder, nominated the slate. Brian Bedrick, also a shareholder, moved that each nominee be elected individually “subject to and in accordance with FirstService’s bylaws and majority voting policy,” and Bai seconded the motion. Hennick later reported that a majority of votes cast supported the election of each nominee, and he declared each election carried.
Auditor appointment and stock option plan changes
Shareholders also approved the appointment of PricewaterhouseCoopers LLP as auditor, with remuneration to be fixed by the board. Bedrick moved the auditor resolution and Bai seconded it. Hennick said the resolution passed with a majority of votes cast.
In special business, shareholders approved amendments to the FirstService stock option plan. Hennick said the changes would:
- Insert an annual limit on option grants to non-employee directors
- Increase the maximum number of common shares reserved for issuance under the plan by an additional 2 million shares
Hennick noted the plan’s existing limit was 7.3135 million shares, and approval would raise that total to 9.3135 million. He said that of the current 7.3135 million shares authorized for issuance, “almost all have been previously allocated, exercised, or terminated.” He added that the Toronto Stock Exchange had approved the items “subject to obtaining shareholder approval today,” and that the amendments would also require exchange approval. Bai moved the resolution and Bedrick seconded it; Hennick later declared it carried based on a majority of votes cast.
Advisory executive compensation vote
Shareholders also passed a non-binding advisory resolution on executive compensation. Hennick said that while the vote is advisory, the board and compensation committee would take the results into account when considering future compensation policies, procedures, and decisions, including whether further shareholder engagement is needed on compensation-related matters. Bedrick moved the advisory resolution and Bai seconded it. Hennick said a majority of votes cast supported the measure.
Management highlights 2025 performance and outlook
After the formal business concluded, CEO Scott Patterson described 2025 as “an interesting year” and “a challenging year that highlighted the resilience of our business model.” Patterson said many brands faced a soft demand environment due to “trade tensions, geopolitical conflict, and a weak housing market,” while the company’s restoration and roofing brands experienced “an unusually mild year” in claim volume and weather-related damage. Despite those headwinds, Patterson said the company grew revenue by 5%, increased EBITDA by 10%, and delivered earnings per share growth of 15%.
CFO Jeremy Rakusin said FirstService delivered 2025 consolidated revenue of $5.5 billion, adjusted EBITDA of $563 million, and adjusted EPS of $5.75. Rakusin said adjusted EBITDA margin improved 40 basis points to 10.2% from 9.8% in the prior year, and that EPS growth outpaced top-line and EBITDA performance partly due to “lower interest costs driven by our strong free cash flow and balance sheet deleveraging.”
Rakusin said the company has averaged more than 6% organic revenue growth over both the past five years and more than 10 years, and he characterized 2025 as an “outlier” due to macro headwinds. He said the company believes it will resume a more typical trend of “mid-single-digit organic growth.” He also pointed to margin improvement efforts, including a 50 basis points margin enhancement in FirstService Residential property management operations “through AI and other client service-focused efficiencies.”
Rakusin said operating cash flow was $445 million, up 56% year-over-year. He described total deployment of approximately $285 million across maintenance capital expenditures of “a little more than $125 million,” tuck-under acquisitions exceeding $100 million, and capital returned to shareholders approaching $50 million, including an annual dividend hike of 10%. Rakusin added that the company paid down over $200 million in debt during the year, bringing net debt-to-EBITDA leverage to 1.6x from 2x at the prior year-end, and said liquidity “approaching $1 billion” was the highest in the company’s history.
Looking ahead, Patterson said the company believes economic uncertainty will continue to affect demand throughout 2026, but he said FirstService expects “another solid year of top and bottom line growth.” Patterson also reiterated a long-term goal to grow revenue at an average annual rate of at least 10%, with incremental growth in EBITDA and EPS. He noted that 2025 marked his 30th year with FirstService and his 10th year serving as CEO, and said the company has “over 30,000 associates.”
No questions were submitted during the Q&A portion of the meeting, and the virtual session was adjourned.
About FirstService (NASDAQ:FSV)
FirstService Corporation, founded in 1989 and headquartered in Toronto, Ontario, is a leading provider of property services in North America. The company operates through two principal segments—FirstService Residential and FirstService Brands—offering a broad range of services to residential, commercial and homeowner association clients.
FirstService Residential delivers community management, financial oversight and consulting services to thousands of residential communities across the United States and Canada.
