Forward Looking Statements Certain statements included herein constitute "forward‐looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statem ...

Core Viewpoint - FirstService Corporation will release its financial results for Q4 2025 on February 4, 2026, at 7:30 am ET [1] Group 1: Financial Results Announcement - The financial results will be reviewed in a conference call hosted by CEO D. Scott Patterson and CFO Jeremy Rakusin at 11:00 am ET on the same day [2] - A live webcast of the conference call will be available on the company's website, and participants can register to receive dial-in information [2] Group 2: Company Overview - FirstService Corporation is a leader in the North American property services sector, operating through two main platforms: FirstService Residential and FirstService Brands [4] - The company generates approximately US$5.5 billion in annual revenues and employs over 30,000 individuals across North America [5] - FirstService's shares are traded on NASDAQ and the Toronto Stock Exchange under the symbol "FSV" and are included in the S&P/TSX 60 Index [5]

Summary of Poly Property Services Co. (6049.HK) Conference Call Company Overview - **Company**: Poly Property Services Co. (POPS) - **Ticker**: 6049.HK - **Market Cap**: HK$18.8 billion / $2.4 billion - **Enterprise Value**: HK$7.2 billion / $922.4 million - **Current Price**: HK$34.06 - **12-Month Price Target**: HK$43.00, implying a 26.2% upside Key Financial Projections - **Revenue Growth**: Expected to achieve a 7% CAGR from 2026E to 2028E, with PMS revenue growing at 9% CAGR [1][5] - **Earnings Growth**: Projected earnings to rise at an 8% CAGR during the same period [1][5] - **Free Cash Flow**: Average free cash flow expected to be Rmb2.1 billion across 2026E-2028E, supporting a 5% annual dividend yield [1][6] - **Dividend Payout Ratio**: Maintained at approximately 50% [6][8] Strategic Insights - **SOE Advantage**: POPS is leveraging its State-Owned Enterprise (SOE) background to enhance its expansion capabilities across various verticals, including commercial, residential, and public space [1][3] - **GFA Addition**: Anticipated that 2G/public space verticals will contribute approximately 65% of net managed Gross Floor Area (GFA) addition from 2026E to 2028E [3][6] - **Public Space Segment**: The 2G segment is expected to contribute around 60% of new third-party contract value, with a forecasted annual addition of 23 million sqm of GFA [3][6] - **Residential & Commercial Segments**: Combined annual managed GFA addition projected at 12 million sqm, with a 12% CAGR from 2026E to 2028E [3][6] Operational Efficiency - **Cost Control**: Focus on balancing service quality and cost control through standardized operational norms and centralized procurement [4][6] - **Technology Adoption**: Implementation of intelligent facilities management integrated with AI and collaboration with Tencent for smart inspection systems [6][8] Market Positioning - **Competitive Differentiators**: Targeted service offerings in scenic area operations and urban business park management are seen as key competitive advantages [3][4] - **Client Base Expansion**: Deepening penetration among SOE clients and new-economy clients such as Netease and JD.com [3][6] Risks and Considerations - **Market Risks**: Potential risks include weaker-than-expected contracted GFA growth and margin dilution from investments in new verticals [11][12] - **Parent Company Support**: POPS' growth is supported by its parent company, Poly A, which is expected to deliver approximately 35% of POPS' net managed GFA addition [6][11] Conclusion - **Investment Rating**: The company maintains a "Buy" rating, supported by strong growth prospects and operational efficiencies [1][11] - **Valuation Metrics**: POPS trades at a P/E of 10X/9X/9X for 2026E-2028E, with an implied total return of 37% when dividends are considered [5][6]

Core Insights - FirstService Corporation reported a consolidated revenue of $1.45 billion for Q3 2025, marking a 4% increase compared to Q3 2024 [2] - Adjusted EBITDA for the same quarter was $164.8 million, reflecting a 3% increase year-over-year, while Adjusted EPS grew by 8% to $1.76 [2][22] - For the nine months ending September 30, 2025, consolidated revenues reached $4.11 billion, a 7% increase from the previous year, with Adjusted EBITDA up 13% to $425.2 million [3] Financial Performance - Q3 2025 revenues were $1,447.6 million compared to $1,396.0 million in Q3 2024, with a GAAP Operating Earnings of $115.6 million, down from $125.9 million [2][23] - For the nine-month period, GAAP Operating Earnings were $252.2 million, slightly up from $247.9 million in the prior year [3][23] - The company reported a GAAP diluted EPS of $1.24 for Q3 2025, down from $1.34 in Q3 2024, while the nine-month diluted EPS increased to $2.32 from $2.26 [2][3][21] Segment Performance - FirstService Residential generated revenues of $605.4 million in Q3 2025, an 8% increase year-over-year, with an Adjusted EBITDA of $66.4 million, up 13% [7] - FirstService Brands reported revenues of $842.1 million for Q3 2025, a 1% increase, but experienced a 4% decline in organic revenue due to reduced activity in restoration and roofing operations [8] - Adjusted EBITDA for FirstService Brands was $102.1 million, down from $105.8 million in the prior year [8] Management Commentary - The CEO expressed satisfaction with the resilient growth in consolidated results despite facing weather-related and broader macroeconomic challenges [4] - The company anticipates continued market challenges impacting performance in Q4 but expects solid growth and profitability for the year [4] Company Overview - FirstService Corporation is a leader in the outsourced property services sector in North America, operating through two main platforms: FirstService Residential and FirstService Brands [5] - The company generates approximately $5.5 billion in annual revenues and employs over 30,000 individuals across North America [6]

Core Viewpoint - Growth investors seek stocks with above-average financial growth, but identifying such stocks can be challenging due to inherent volatility and risks [1] Group 1: Company Overview - FirstService (FSV) is highlighted as a recommended growth stock with a favorable Growth Score and a top Zacks Rank [2] - The company has a historical EPS growth rate of 22%, with projected EPS growth of 17.4% this year, significantly outperforming the industry average of 4.2% [5] Group 2: Financial Metrics - FirstService exhibits a year-over-year cash flow growth of 17%, surpassing the industry average of -0.5% [6] - The company's annualized cash flow growth rate over the past 3-5 years is 31%, compared to the industry average of 0.9% [7] Group 3: Earnings Estimates - The current-year earnings estimates for FirstService have been revised upward, with the Zacks Consensus Estimate increasing by 1.2% over the past month [9] - FirstService has achieved a Growth Score of A and a Zacks Rank 2 due to positive earnings estimate revisions, positioning it well for potential outperformance [11]

Core Viewpoint - FirstService Corporation will release its financial results for Q3 2025 on October 23, 2025, at approximately 7:30 am ET [1] Financial Results Announcement - The conference call to review the financial results will occur at 11:00 am ET on the same day, hosted by CEO D. Scott Patterson and CFO Jeremy Rakusin [2] - The call will be available via live webcast on the company's website, with registration required for dial-in participants [2] Company Overview - FirstService Corporation is a leader in the North American property services sector, operating through two main platforms: FirstService Residential and FirstService Brands [4] - The company generates over US$5.4 billion in annual revenues and employs approximately 30,000 people across North America [5] - FirstService's shares are traded on NASDAQ and the Toronto Stock Exchange under the symbol "FSV" and are part of the S&P/TSX 60 index [5]

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying strong candidates can be challenging due to inherent volatility and risks [1] Group 1: Company Overview - FirstService (FSV) is highlighted as a recommended growth stock, possessing a favorable Growth Score and a top Zacks Rank [2] - The company has a historical EPS growth rate of 22%, with projected EPS growth of 17.4% this year, significantly outperforming the industry average of 4.2% [5] Group 2: Financial Metrics - FirstService's year-over-year cash flow growth stands at 17%, surpassing many peers and the industry average of -3.4% [6] - The company's annualized cash flow growth rate over the past 3-5 years is 31%, compared to the industry average of 0.9% [7] Group 3: Earnings Estimates - Current-year earnings estimates for FirstService have been revised upward, with the Zacks Consensus Estimate increasing by 1.2% over the past month [9] - The combination of a Growth Score of A and a Zacks Rank 1 indicates that FirstService is positioned as a potential outperformer for growth investors [11]

Core Viewpoint - Evergrande's liquidators are actively seeking buyers for a majority stake in Evergrande Services, with non-binding offers already received and final bids expected by November, amidst the backdrop of the company's significant financial struggles and the ongoing real estate crisis in China [1][5]. Group 1: Liquidation and Offers - The liquidators control a 51.016% holding in Evergrande Property Services Group, which had a market value of approximately HK$9.95 billion ($1.28 billion) before the announcement [1][5]. - Non-binding indicative offers have been received from multiple parties, and confidentiality agreements have been signed with these potential bidders [1][5]. - Shares of Evergrande Services experienced a surge of up to 40% on Friday, later stabilizing at a 25% gain, following a trading suspension on Thursday due to the announcement [1][5]. Group 2: Market Context and Bidders - The company has been severely impacted by China's prolonged real estate crisis, with its shares plummeting over 95% since their peak in 2021 [1][5]. - State-owned subsidiaries, including China Overseas Holdings and China Resources Holdings, have shown interest in bidding for Evergrande Services, although China Overseas Property Holdings has stated it has not placed a bid [4][5]. - The outcome of the liquidation process may hinge on whether a single bidder aims to maintain the listing of Evergrande Services or opts for a compulsory acquisition [5]. Group 3: Future Outlook - The liquidators are also looking for buyers for Evergrande's stakes in its electric vehicle division, Evergrande New Energy Vehicle Group, which represents the company's two most valuable assets [5]. - Analysts suggest that no firm actions will take place until at least November, indicating a prolonged process ahead for potential bidders [5].

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, with FirstService identified as a strong candidate due to its favorable growth metrics and Zacks Rank [2][9]. Earnings Growth - FirstService has a historical EPS growth rate of 22%, with projected EPS growth of 16.4% for the current year, significantly outperforming the industry average of 2.8% [5]. Cash Flow Growth - The company exhibits a year-over-year cash flow growth of 17%, which is notably higher than the industry average of -1.8%. Additionally, FirstService has an annualized cash flow growth rate of 31% over the past 3-5 years, compared to the industry average of 0.5% [6][7]. Earnings Estimate Revisions - There has been a positive trend in earnings estimate revisions for FirstService, with the Zacks Consensus Estimate for the current year increasing by 4.8% over the past month [8]. Overall Positioning - FirstService has achieved a Growth Score of A and holds a Zacks Rank 2, positioning it well for potential outperformance in the growth stock category [9][10].

Core Viewpoint - The Board of Directors of Lassila & Tikanoja plc has approved a demerger plan to separate its Circular Economy business into a new independent listed company, enhancing shareholder value and operational focus [1][3][4]. Demerger Overview - The demerger will transfer all assets, debts, and liabilities related to the Circular Economy business to a new company named New Lassila & Tikanoja, while the existing company will retain its Facility Services business and be renamed Luotea [1][7]. - The demerger is subject to approval by the Extraordinary General Meeting (EGM) scheduled for 4 December 2025, with a planned completion date of 31 December 2025 [7][11]. Strategic Rationale - The separation is expected to increase shareholder value by allowing each business area to execute focused strategies and growth opportunities more effectively [3][4]. - Improved agility, independent decision-making, and stronger management focus are anticipated to enhance the performance of both New Lassila & Tikanoja and Luotea [4][5]. Market Position and Growth Potential - The New Lassila & Tikanoja is positioned in a growing circular economy market valued at approximately EUR 8.7 billion across Finland and Sweden, with an expected annual growth rate of 3% [9]. - Luotea operates in a stable property services market with a target size of approximately EUR 12.2 billion, expected to grow at about 4% annually [9]. Financial Information - For the period from 1 July 2024 to 30 June 2025, the Circular Economy business reported net sales of EUR 415.2 million and an adjusted EBITDA margin of 20.7% [15]. - The New Lassila & Tikanoja aims for an average annual net sales growth of over 6% and an adjusted EBITA margin of 11% in the mid-term [21]. Shareholder Support - Major shareholders, holding approximately 27.59% of the shares, have committed to vote in favor of the demerger at the upcoming EGM [29]. Management Structure - The intended management for the New Lassila & Tikanoja includes Jukka Leinonen as Chairman and Eero Hautaniemi as President and CEO, while Johan Mild is proposed as Chairman and Antti Niitynpää as President and CEO for Luotea [7][24][26].