Q2 2026 FirstService Corp Earnings Call Transcript
Key Points
- Total revenues for the second quarter were up 2% over the prior year, with half of this growth being organic.
- EBITDA for the quarter increased by 3%, reflecting a consolidated margin of 11.2%, which was better than expected.
- FirstService Residential revenues were up 5% organically, indicating strong performance in the core property management business.
- Century Fire reported strong growth with revenues up over 10% versus the prior year, including high single-digit organic growth.
- The company has a strong cash flow profile, generating $112 million in operating cash flow during the second quarter, with a year-to-date total of almost $220 million.
- Revenues for the roofing segment were down approximately 6% on a reported basis and 10% organically, which was lower than expectations.
- The restoration brands, Paul Davis and First OnSite, experienced slight revenue declines due to a weakened pipeline from mild weather in the previous year.
- The housing market and consumer sentiment remain weak, impacting the home service brands, which are closely tied to these factors.
- The market for new construction and re-roofing remains ultra-competitive, particularly in regions like Las Vegas and Southwest Florida.
- The company faces ongoing macroeconomic uncertainty, which is unlikely to improve materially in the near term, affecting the roofing market.
Good day, and welcome to the second quarter investors' conference call. Today's call is being recorded. Legal counsel requires us to advise that the discussion scheduled to take place today may contain forward-looking statements and involve known and unknown risks and uncertainties. Actual results may be materially different from any future results, performance, or achievements contemplated in the forward-looking statements.
Additional information concerning factors that could cause actual results to materially differ for those in the forward-looking statements is contained in the company's annual information to form as filed with the Canadian Securities Administrators and in the company's annual report on Form 40-F as filed with the US Securities and Exchange Commission. As a reminder, today's call is being recorded. Today is July 23, 2026.
(Operator Instructions)
I would now like to turn the call over to the Chief Executive Officer, Mr. Scott Patterson. Please go ahead, sir.
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