Exhibit 99.1

FIRSTSERVICE CORPORATION

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Third Quarter

September 30, 2025

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

The unaudited interim consolidated financial statements of FirstService Corporation, which include the unaudited interim consolidated balance sheet as at September 30, 2025 and the unaudited interim consolidated statements of earnings, comprehensive earnings, shareholders’ equity and cash flows for the three and nine month periods 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 unaudited 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.

October 31, 2025

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

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

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

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

FIRSTSERVICE CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 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: on-site staffing, including building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel; proprietary banking and insurance products; and 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. There are no other developments since the Company’s disclosures in its December 31, 2024 audited consolidated financial statements relating to new standards issued but not adopted.

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 September 30, 2025 and the results of operations and its cash flows for the three and nine month periods ended September 30, 2025 and 2024. All such adjustments are of a normal recurring nature. The condensed balance sheet 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 and nine month periods ended September 30, 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:

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.

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 September 30, 2025, the aggregate amount of backlog was $1,052,703 (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 September 30, 2025 are expected to be recognized into income within 12 months of the balance sheet date.

4.       ACQUISITIONS – During the nine months ended September 30, 2025, the Company completed seven acquisitions, two in the FirstService Residential segment and five in the FirstService Brands segment. In the FirstService Residential segment, the Company acquired an amenity management firm, headquartered in Ithaca, New York, as well as a property management company located in Edmonton, Alberta. Within the FirstService Brands segment, the Company acquired three independent roofing businesses located in Alberta, Canada, San Diego, California, and Lakeland, Florida, respectively. In addition, the Company acquired a Paul Davis franchisee operating in Pennsylvania, as well as an independent fire protection business headquartered in Salt Lake City, Utah. The acquisition date fair value of consideration transferred was as follows: cash of $96,385 (net of cash acquired of $7,116), and contingent consideration of $5,683.

During the nine months ended September 30, 2024, the Company completed seven acquisitions for cash consideration of $158,665 (net of cash acquired of $24,732), and contingent consideration of $42,885.

Acquisition-related items included both transaction costs and contingent acquisition consideration fair value adjustments. Acquisition-related transaction costs for the nine months totaled $8,203 (2024 - $3,296). Also included in acquisition-related items was an increase of $7,592 related to contingent acquisition consideration fair value adjustments (2024 - decrease of $12,426).

The purchase price allocations for certain transactions completed in the last nine 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 nine months ended September 30, 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 September 30, 2025 was $72,531 (see note 9). The estimated range of outcomes (undiscounted) for these contingent consideration arrangements is $66,780 to a maximum of $74,200. The contingencies will expire during the period extending to January 2028. During the nine months ended September 30, 2025, $7,825 was paid with reference to such contingent consideration (2024 - $26,620).

5.       LEASES – The Company has operating leases for corporate offices, copiers, and certain equipment. Its leases have remaining lease terms of 1 year to 14 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 nine months ended September 30, 2025 was $55,024 (2024 - $47,882).

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

6.      INVENTORIES - Inventories are comprised of the following:

7.       INCOME TAX – The provision for income tax for the nine months ended September 30, 2025 reflected an effective tax rate of 29% (2024 - 27%).

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 for the facility with NYL Investors LLC), 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 New York Life has a term ending April 3, 2027. The Company has the ability to issue incremental Note tranches under the New York Life facility until April 3, 2027, subject to acceptance by New York Life, with varying maturities as determined by the Company, and with coupon pricing determined at the time of each Note issuance. The facility with Prudential expired on September 29, 2025, such that no further private placement issuances of Notes may be made thereunder to Prudential. 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 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.

9.       FAIR VALUE MEASUREMENTS – The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2025:

The fair value of the interest rate swap liability 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:

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:

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:

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, less debt. 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 the Company’s Common Shares. The redemption amount as of September 30, 2025 was $402,941. 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 September 30, 2025, approximately 2,000,000 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 COMMON SHARE – The following table reconciles the basic and diluted common shares outstanding:

12.       STOCK-BASED COMPENSATION

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 September 30, 2025, there were 763,240 options available for future grants.

Grants under the Company’s stock option plan are equity-classified awards. There were no stock options granted during the three months ended September 30, 2025 (2024 – nil). 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 nine months ended September 30, 2025 was as follows:

The amount of compensation expense recorded in the statement of earnings for the nine months ended September 30, 2025 was $20,772 (2024 - $19,626). As of September 30, 2025, there was $38,636 of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 5 years. During the nine month period ended September 30, 2025, the fair value of options vested was $18,458 (2024 - $17,156).

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 operating 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.

FIRSTSERVICE CORPORATION

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the Nine Month Period Ended September 30, 2025

(in US dollars)

October 31, 2025

The following Management’s Discussion and Analysis (“MD&A”) should be read together with the unaudited interim condensed consolidated financial statements of FirstService Corporation (the “Company” or “FirstService”) for the three and nine month periods ended September 30, 2025 and the Company’s audited consolidated financial statements, and MD&A, for the year ended December 31, 2024. The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). All financial information herein is presented in United States dollars.

The Company has prepared this MD&A with reference to National Instrument 51-102 – Continuous Disclosure Obligations of the Canadian Securities Administrators (the "CSA"). Under the U.S./Canada Multijurisdictional Disclosure System, the Company is permitted to prepare this MD&A in accordance with the disclosure requirements of Canada, which requirements are different from those of the United States. This MD&A provides information for the three and nine month periods ended September 30, 2025 and up to and including October 31, 2025.

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

Results of operations - three months ended September 30, 2025

Consolidated revenues for our third quarter were $1.45 billion, 4% higher than the comparable prior year quarter.

Consolidated operating earnings for the third quarter were $115.6 million, compared to $125.9 million in the prior year quarter. The operating earnings margin was 8.0% versus 9.0% in the prior year quarter. Adjusted EBITDA (see “Reconciliation of non-GAAP measures” below) for the third quarter was $164.8 million, up from $160.0 million reported in the prior year quarter. Our Adjusted EBITDA margin was 11.4% of revenues versus 11.5% of revenues in the prior year quarter.

Depreciation and amortization expense totalled $46.6 million, relative to $41.4 million in the prior year, with the increase primarily related to recently acquired operations in both our FirstService Residential and FirstService Brands segments.

Acquisition-related items for the third quarter was a net reversal of expense of $4.1 million versus a $13.0 million net reversal of expense in the prior period. The decrease was mainly due to greater reversal of fair value adjustments to contingent upside earn-out structures in the FirstService Brands segment in the prior year compared to the current year quarter.

Net interest expense was $18.2 million, down from $22.2 million recorded in the prior year quarter, with the difference primarily attributable to a lower cost of debt, as well as the decrease in our average outstanding debt.

The consolidated income tax rate for the quarter was 28%, compared to 25% in the prior year quarter. The effective tax rate for the full year is expected to be approximately 29%.

Net earnings for the quarter were $70.9 million, versus $77.8 million in the prior year quarter, with the decrease primarily attributable to fair value adjustments to contingent upside earn-out structures in the FirstService Brands segment occurring in the prior year quarter.

The RNCI redemption increment for the third quarter was $7.0 million, versus $9.5 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 $605.4 million for the third quarter, up 8% versus the prior year, including organic growth of 5% (see “Reconciliation of non-GAAP measures” below) driven by new contract wins. Adjusted EBITDA was $66.4 million, or 11.0% of revenues, versus $58.6 million, or 10.5% of revenues, in the prior year quarter. Operating earnings were $53.3 million, or 8.8% of revenues, versus $49.1 million, or 8.8% of revenues, for the third quarter of last year. The increase in Adjusted EBITDA margin compared to the prior year reflects sustained progress with labor-driven operational efficiencies, consistent with improvements realized in recent quarters.

Third quarter revenues at our FirstService Brands segment were $842.1 million, up 1% relative to the prior year quarter. On an organic basis, division revenues declined 4%, with reduced activity levels in our restoration and roofing operations offsetting strong growth at Century Fire Protection. Adjusted EBITDA for the quarter was $102.1 million, or 12.1% of revenues, versus $105.8 million, or 12.6% of revenues, in the prior year quarter. Operating earnings for the third quarter were $73.7 million, or 8.8% of revenues, versus $87.1 million, or 10.4% of revenues, in the prior year quarter. Margins for the division were lower than prior year due to the negative operating leverage associated with the decline in organic revenue growth at our restoration and roofing service lines. The decrease in the Operating Earnings margin was further impacted by the comparison to an acquisition-related net reversal of fair value adjustments on a contingent upside earn-out structure in the prior year quarter.

Corporate costs (see definitions and reconciliations below), as presented in Adjusted EBITDA, were $3.7 million, relative to $4.4 million in the prior year quarter. GAAP corporate costs for the current quarter were $11.4 million in the quarter versus $10.2 million in the prior year quarter.

Results of operations - nine months ended September 30, 2025

Revenues for the nine months ended September 30, 2025 were $4.11 billion, 7% higher than the comparable prior year period.

Operating earnings for the period were $252.2 million, versus $247.9 million in the prior year. Our operating earnings margin was 6.1% of revenues versus 6.4% of revenues in the prior year period. Year-to-date Adjusted EBITDA (see “Reconciliation of non-GAAP measures” below) was $425.2 million, up from $375.8 million reported in the comparable prior year period. Our Adjusted EBITDA margin was 10.3% of revenues versus 9.8% of revenues in the prior year.

Depreciation and amortization expense totalled $136.4 million, relative to $117.4 million in the prior year, with the increase primarily related to recently acquired operations in both our FirstService Residential and FirstService Brands segments.

Acquisition-related items were $15.8 million, up from $9.1 million of net reversal of expense in the prior period. The increase was primarily due to fair value adjustments to contingent earn-out structures in the FirstService Brands segment in the current year period, versus a significant reversal of fair value adjustments in the prior year.

Our consolidated income tax rate for the nine-month period was 29%, versus 27% in the prior year-to-date period.

Net earnings for the nine-month period were $140.4 million, up from $137.6 million in the prior year period, and was primarily attributable to higher profitability in the FirstService Residential segment, as well as decreased interest expense.

Our FirstService Residential segment reported revenues of $1.72 billion for the nine-month period, up 7% over the prior year period, including 4% organic growth. Adjusted EBITDA was $173.5 million, or 10.1% of revenues, up from $153.3 million, or 9.5% of revenues, in the prior year period. Operating earnings were $134.2 million, or 7.8% of revenues, for the nine-month period, relative to $124.8 million, or 7.7% of revenues, in the prior year period. The Margin improvement was due to realized operating efficiencies in our property management client service delivery model.

Year-to-date revenues at FirstService Brands were $2.39 billion, an increase of 7% relative to the prior year period. On an organic basis, revenues were down 2% driven primarily by reduced activity-levels at our Roofing Corp of America operation, partially offset by double-digit organic growth at Century Fire Protection. Adjusted EBITDA for the period was $265.1 million, or 11.1% of revenues, up from $238.8 million, or 10.7% of revenues, in the prior year period. Operating earnings were $154.7 million, or 6.5% of revenues, versus $160.2 million, or 7.2% of revenues, in the prior year. The Adjusted EBITDA margin expansion was driven primarily by improvements in our operating processes and cost structure at our restoration brands. The Operating Earnings margin decreased due to a significant reversal of fair value adjustments to a contingent upside earn-out structure in the prior year period.

Corporate costs (see definitions and reconciliations below), as presented in Adjusted EBITDA, for the nine-month period were $13.4 million versus $16.2 million in the prior year period. GAAP corporate costs were $36.7 million, compared to $37.1 million in the prior year.

Summary of quarterly results

The following table sets forth FirstService’s quarterly consolidated results of operations data for each of the eleven most recent quarters. The information in the table below has been derived from FirstService’s interim consolidated financial statements (except for other data which is non-GAAP), that, in management’s opinion, have been prepared on a consistent basis and include all adjustments necessary for a fair presentation of information. The information below is not necessarily indicative of results for any future quarter. 

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.

FirstService Residential generates peak revenues and earnings in the third quarter, as seasonal ancillary swimming pool 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.

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.

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.

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 for the nine month period ended September 30, 2025 was $330.4 million, up from $199.0 million in the prior year period. The year-over-year increase in cash flow was driven by increased profitability in the FirstService Residential segment, as well as positive changes in non-cash working capital relative to the prior nine-month period. We believe that cash from operations and other existing resources will continue to be adequate to satisfy the ongoing working capital needs of the Company.

For the nine months ended September 30, 2025, capital expenditures were $96.6 million, up from $80.9 million in the prior year period. Current year investments include service vehicle fleet replacements and additions in the FirstService Brands segment, as well as information technology system improvements in both segments. Based on our current operations, total capital expenditures for the year ending December 31, 2025 are expected to be approximately $125 million.

In October 2025, we paid a quarterly dividend of $0.275 per share on the Common Shares in respect of the quarter ended September 30, 2025.

Net indebtedness as at September 30, 2025 was $985.3 million, 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 contained in our financing agreements as at September 30, 2025 and, based on our outlook for the balance of the year, we expect to remain in compliance with these covenants. We had $694.4 million of available undrawn credit as of September 30, 2025.

In relation to acquisitions completed during the past two years, we have outstanding contingent consideration totalling $72.5 million as at September 30, 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 updated to fair value 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.

The following table summarizes our contractual obligations as at September 30, 2025: