FirstService Residential Marks 12th Consecutive Diamond Award Recognition Accessibility StatementSkip Navigation FLCAJ readers once again recognize the company's consistent leadership and performance PLANTATION, Fla., March 19, 2026 (March 19, 2026) – FirstService Residential, North America's leading residential property management company, has once again been named a Diamond Award recipient in the Florida Community Association Journal (FLCAJ) Readers' Choice Awards. The 2026 honor marks the 12th consecutiv ...

Financial Data and Key Metrics Changes - The company reported gross revenues of $19.5 billion in 2025, an 8% increase year-over-year [9][33] - Adjusted net income for Q4 2025 was BRL 1.3 billion, and BRL 5.2 billion for the full year, representing a 15% expansion year-over-year [10][38] - The return on equity (ROE) reached 23.9% in 2025, a 94 basis points increase compared to 2024 [11][40] - The BIS ratio at year-end was 20.4%, indicating a strong capital position [11][41] Business Line Data and Key Metrics Changes - Retail revenues in Q4 2025 totaled BRL 3.9 billion, up 8% year-over-year [33] - Corporate and issue services revenue reached BRL 895 million in Q4 2025, a 49% increase year-over-year [35] - The wholesale bank has become a key pillar of the company's strategy, integrating investment banking and institutional access [27] Market Data and Key Metrics Changes - The total client assets, including AUM and AUA, reached BRL 2.1 trillion, representing a 22% growth year-over-year [21] - Retail net new money was BRL 20 billion, while corporate and institutional net new money was BRL 12 billion, totaling BRL 32 billion for the period [21] Company Strategy and Development Direction - The company aims to become Brazil's leading investment platform by 2033, focusing on market share and democratizing wealth planning [51][52] - The strategy includes enhancing service models, refining client segmentation, and expanding product offerings, particularly in private banking and credit [29][54] - The company is committed to maintaining a conservative capital structure while pursuing growth opportunities in new markets [29][46] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the current operating environment but expressed confidence in the company's ability to capture future opportunities [7][10] - The company is focused on improving client engagement and long-term value creation through tailored service models and technology investments [12][20] Other Important Information - The company has launched new products in insurance and credit, aiming to enhance cross-sell offerings and improve customer experience [23][24] - The management expressed concerns about recent irregularities in the financial system and emphasized the importance of maintaining competition and access to financial products [46][48] Q&A Session Summary Question: What metrics define the ambition to become Brazil's leading investment platform by 2033? - The company aims for market share growth and has internal plans indicating that reaching this goal is feasible within seven years, focusing on democratizing wealth planning for retail clients [51][52] Question: What does the entry into the controlling group mean for the company? - The CEO stated that there would be no significant changes in management style or operations, emphasizing stronger alignment among executives [54] Question: How does the recent CVM recommendation impact the RLP business? - Management views the removal of caps on asset inclusion as a positive development for the RLP business, enhancing market-making capabilities [60][61] Question: What is the reason behind the increase in taxes this quarter? - The increase in taxes is attributed to the revenue mix, particularly from corporate and issue services, rather than changes in the tax structure [63][64] Question: How is the company performing in capturing volumes from Banco Master reimbursements? - The company is retaining over 85% of inflows from Banco Master, indicating a strong performance in capturing these volumes [68][69]

Financial Data and Key Metrics Changes - Group revenue decreased slightly to just over $3,000,000,000, down 1.5% primarily due to lower defense and social infrastructure revenue [6][14] - EBITDA increased by 2.8%, with margin expanding to 8.3%, up 0.3 percentage points due to improved mix and focus on margin enhancement [6][15] - NPATA was $119,400,000, an increase of 11.9% year on year, with cash conversion rising to 93.2%, up 2.5 percentage points [6][15] Business Line Data and Key Metrics Changes - Defense and Social Infrastructure revenue declined by 6% due to lower defense-based services project work and revised contract scopes, but EBITDA margin improved by 1.4 percentage points to 8.1% [18] - Infrastructure Services revenue increased by 9.6%, with EBITDA up by 21.4% and EBITDA margin improving to 8.8%, driven by new higher-margin contracts in Energy and Water [19] - Telecommunications sector experienced a slight dip in revenue and EBITDA due to mobilization costs from new contracts, with expectations for ramp-up in the second half [19] Market Data and Key Metrics Changes - The total addressable market is forecasted to expand from $86,800,000,000 in FY 2025 to $100,000,000,000 by FY 2029, reflecting a compound annual growth rate of 4.7% [27] - The Australian government's plan to increase defense investment above 2.3% of GDP by 2033 is expected to benefit the company, with 77% of revenue linked to government entities [28] Company Strategy and Development Direction - The company aims to redefine service excellence with a focus on customer satisfaction, innovation, and sustainability [32] - Recent contract wins and a strong pipeline support the company's growth ambitions, particularly in telecommunications and energy sectors [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a positive second half, expecting underlying NPATA growth of 10% to 12% compared to FY 2024, driven by recent contract wins and operational improvements [35] - The company anticipates a rebound in revenue growth in the second half as timing issues unwind [14] Other Important Information - The company has maintained a consistent track record of progressive financial results, with dividends growing by 43.4% since 2022 and a share buyback of $82,500,000 [4][24] - The acquisition of PowerNet enhances the company's position in the energy transition market, supporting upgrades to Australia's power network [22][23] Q&A Session Summary Question: Guidance for NPATA growth - Management expects a combination of revenue uplift and EBITDA margin improvement, particularly in the telco sector, to contribute to the guidance [39][40] Question: NBN contract pipeline and market share - The company has secured significant contracts with major telco carriers and estimates about 50% market share in the NBN space [44][46] Question: Working hand profile and revenue expectations - The company has a record work in hand and anticipates growth in this area, with a high renewal rate [48][50] Question: Telco segment mobilization costs - Management did not provide specific figures but indicated that mobilization costs are expected to reverse in the second half [53][55] Question: Defense and social infrastructure revenue variability - Revenue variability is attributed to several factors, including contract exits and timing of new contracts, but margins are expected to be sustainable [75][78] Question: Drivers of lower depreciation and amortization - The lower depreciation is primarily due to low capital expenditure in previous years, with expectations for an increase in future years [79]