FirstService Completes Two Tuck-Under Acquisitions

• FirstService Corporation completed two tuck-under acquisitions on April 14, 2026.
• Acquisitions target Paul Davis Restoration (Cleveland/Akron, Ohio) and California Closets (Indiana/Kentucky/Ohio).
• Existing leadership teams retain ownership interest in acquired franchises.
• Financial terms for both transactions were not disclosed.
• Strategy aligns with expanding company-owned operations within the network of approximately 375 locations across North America.

• The news is consistent with management's stated strategy from Q3 2025 earnings to advance company-owned strategies at Paul Davis and California Closets.
• No financial terms disclosed limits immediate valuation impact; market cannot assess accretion/dilution without cost basis or revenue contribution estimates.
• Given the significant stock price decline of ~34% since August 2025, incremental acquisitions are unlikely to reverse sentiment immediately but provide operational stability.
• The acquisition is expected rather than surprising, as management has signaled this direction for over a year.

• FirstService Corporation operates in property management, restoration services (Paul Davis), and master-planned communities (Cresswind).
• Flagship Project: Expansion of company-owned franchise network across North America (375+ locations) and active adult community portfolio.
• Business Model: Mix of fee-based property management and service-based restoration/construction revenue streams.