FirstService (NASDAQ: FSV) files Form 40-F; PwC audited 2025 results

Rhea-AI Filing Summary

FirstService Corporation files its annual report on Form 40-F and discloses 45,722,486 Common Shares outstanding as of the close of the period covered by the annual report. The filing includes audited consolidated financial statements for the years ended December 31, 2025 and December 31, 2024 (Exhibit 2) and Management’s Discussion and Analysis for the year ended December 31, 2025 (Exhibit 3). Management reports that disclosure controls and internal control over financial reporting were effective as of December 31, 2025, and notes that nine acquired entities from 2025 were excluded from the assessment, representing 1.4% of total assets and 2.8% of total revenues. PricewaterhouseCoopers LLP audited the internal control assessment and reported audit fees of $1,727,000 for 2025 and total fees of $2,016,000 for 2025 (see table).

Insights

Audit & Financial Reporting Expert

Audit confirms effective internal control and provides fee disclosure.

Management assessed internal control under the COSO criteria and concluded controls were effective as of December 31, 2025; PricewaterhouseCoopers LLP audited that assessment and provided a report included as Exhibit 2. The filing discloses audit fees of $1,727,000 and total fees of $2,016,000 for the year ended December 31, 2025.

Audit-related disclosures show 0% of off-balance sheet arrangements and that the Audit Committee pre-approves audit and permitted non-audit services. Subsequent filings or exhibits would provide the full auditor report text and scope descriptions to review audit opinion language and any explanatory paragraphs.

Corporate Governance Expert

Corporate governance and committee composition disclosed with an identified financial expert.

The Board has a separately designated Audit Committee chaired by Joan Sproul, who the Board designated as an audit committee financial expert and independent under NASDAQ standards. The filing states governance differences for a foreign private issuer are described on the company website.

The filing notes a Financial Management Code of Ethics and procedures for posting waivers. The exclusion of nine recent acquisitions from the internal-control assessment is quantified at 1.4% of assets and 2.8% of revenues; those figures are items to watch in future filings for integration impact.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 40-F

☐  Registration Statement Pursuant to Section 12 of the Securities Exchange Act of 1934 

or

☒  Annual Report Pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2025

Commission file number 001-36897

FirstService Corporation

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English (if applicable))

Ontario, Canada

(Province or other jurisdiction of incorporation or organization)

6500

(Primary Standard Industrial Classification Code Number (if applicable))

N/A

(I.R.S. Employer Identification Number (if applicable))

1255 Bay Street, Suite 600

Toronto, Ontario, Canada M5R 2A9

416-960-9566

(Address and telephone number of Registrant’s principal executive offices)

Mr. Santino Ferrante, Ferrante & Associates

126 Prospect Street, Cambridge, MA 02139

617-868-5000

(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”):

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Shares	FSV	NASDAQ Stock Market

Securities registered or to be registered pursuant to Section 12(g) of the Exchange Act:  None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Exchange Act:  None

For annual reports, indicate by check mark the information filed with this Form:

☒  Annual information form                         ☒  Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

45,722,486 Common Shares

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

☒  Yes                  ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

☒  Yes                  ☐  No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company  ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.   ☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

PRINCIPAL DOCUMENTS

The following documents have been filed as part of this Annual Report on Form 40-F:

A. Annual Information Form

For the Registrant’s Annual Information Form for the year ended December 31, 2025, see Exhibit 1 of this Annual Report on Form 40-F.

B. Audited Annual Financial Statements

For the Registrant’s audited consolidated financial statements as at and for the years ended December 31, 2025 and 2024 and the related notes and the Report of Independent Registered Public Accounting Firm, see Exhibit 2 of this Annual Report on Form 40-F.

C. Management’s Discussion and Analysis

For the Registrant’s management’s discussion and analysis for the year ended December 31, 2025, see Exhibit 3 of this Annual Report on Form 40-F.

DISCLOSURE CONTROLS AND PROCEDURES

The Registrant’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Registrant’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this annual report (the “Evaluation Date”). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the Evaluation Date, the Registrant’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Registrant in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the “SEC”) and (ii) accumulated and communicated to the Registrant’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Registrant. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of its effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management has excluded nine entities acquired by the Company in purchase business combinations during the 2025 fiscal year from its assessment of internal control over financial reporting as at December 31, 2025. The total assets and total revenues of the nine majority-owned entities represent 1.4% and 2.8%, respectively, of the related consolidated financial statement amounts as at and for the year ended December 31, 2025.

Management has assessed the effectiveness of the Registrant’s internal control over financial reporting as of December 31, 2025, based on the criteria set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has concluded that the Registrant’s internal control over financial reporting was effective as of December 31, 2025.

The effectiveness of the Registrant’s internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, the Registrant’s independent registered public accounting firm (PCAOB Firm ID: 271), as stated in their report filed in Exhibit 2 of this Annual Report on Form 40-F.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

During the year ended December 31, 2025, there were no changes in the Registrant’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

NOTICES PURSUANT TO REGULATION BTR

There were no notices required by Rule 104 of Regulation BTR that the Registrant sent during the year ended December 31, 2025 concerning any equity security subject to a blackout period under Rule 101 of Regulation BTR.

AUDIT COMMITTEE FINANCIAL EXPERT

The Registrant’s board of directors (the “Board of Directors”) has determined that it has at least one audit committee financial expert (as such term is defined in item 8(a) of General Instruction B to Form 40-F) serving on its audit committee (the “Audit Committee”). Ms. Joan Sproul has been determined by the Board of Directors to be such audit committee financial expert and is independent (as such term is defined by the NASDAQ Stock Market’s corporate governance standards applicable to the Registrant).

Ms. Sproul was most recently the Executive Vice President, Finance (CFO) & Chief Administrative Officer of the Sinai Health System in Toronto, Canada. In addition to serving more than 20 years in various finance and corporate-related roles at Mount Sinai Hospital, she previously held a number of senior financial positions in the hospitality industry. Ms. Sproul was named to the list of Canada's Most Powerful Women, Women's Executive Network, 2013. Ms. Sproul holds a Chartered Professional Accountant (CPA) designation, having qualified as a Chartered Accountant in 1981 and began her career at Ernst & Whinney. Ms. Sproul holds a Bachelor of Commerce degree from the University of Toronto.

The SEC has indicated that the designation of Ms. Joan Sproul as an audit committee financial expert does not make her an “expert” for any purpose, impose on her any duties, obligations or liability that are greater than the duties, obligations or liability imposed on her as a member of the Audit Committee and the Board of Directors in absence of such designation, or affect the duties, obligations or liability of any other member of the Audit Committee or Board of Directors.

CODE OF ETHICS

The Registrant has adopted a Code of Ethics and Conduct that applies to all directors, officers and employees of the Registrant and its subsidiaries, and a Financial Management Code of Ethics, which applies to senior management and senior financial and accounting personnel of the Registrant and its subsidiaries. A copy of the Code of Ethics and Conduct and the Financial Management Code of Ethics can be obtained, free of charge, on the Registrant’s website (www.firstservice.com) or by contacting the Registrant at (416) 960-9566. All amendments to the Financial Management Code of Ethics, and all waivers of the Financial Management Code of Ethics with respect to any of the directors, officers and employees covered by it, have been and will be posted promptly on the Registrant’s website. Information contained or otherwise accessed through the Registrant’s website or any other website, other than those documents filed as exhibits hereto or otherwise specifically referred to herein, does not form part of this Annual Report on Form 40-F, and any reference to the Registrant’s website herein is as an inactive textual reference only.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table sets out the fees billed and expected to be billed to the Registrant by PricewaterhouseCoopers LLP for professional services rendered for the fiscal period ended December 31, 2025 and 2024. During this period, PricewaterhouseCoopers LLP was the Registrant’s only external auditor.

(in thousands of US$)		Year ended December 31, 2025				Year ended December 31, 2024
Audit fees (note 1)		$	1,727			$	1,750
Audit-related fees (note 2)			209				72
Tax fees (note 3)			80				292
All other fees (note 4)			0				5
		$	2,016			$	2,119

Notes:

1.	Refers to the aggregate fees billed and expected to be billed by the Registrant's external auditor for audit services relating to the audit of the Registrant and statutory audits required by subsidiaries (inclusive of disbursements).
2.	Refers to the aggregate fees billed and expected to be billed for assurance and related services by the Registrant's external auditor that are reasonably related to the performance of the audit or review of the Registrant's financial statements (inclusive of disbursements) and are not reported under (1) above, including professional services rendered by the Registrant's external auditor for supplementary assurance assessments and engagements and fees relating to financial due diligence services related to acquisitions.
3.	Refers to the aggregate fees billed for professional services rendered by the Registrant's external auditor for tax compliance, tax advice and tax planning.
4.	Refers to fees billed for licensing and subscriptions to accounting and tax research tools.

The Registrant’s Audit Committee pre-approves all audit services and permitted non-audit services provided to the Registrant by PricewaterhouseCoopers LLP. The Audit Committee has delegated to the Chair of the Audit Committee, who is independent, the authority to act on behalf of the Audit Committee with respect to the pre-approval of all audit and permitted non-audit services provided by its external auditors from time to time. Any approvals by the Chair are reported to the full Audit Committee at its next meeting. All of the services described in footnotes 2, 3 and 4 under “Principal Accountant Fees and Services” above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

OFF-BALANCE SHEET ARRANGEMENTS

The Registrant does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on the Registrant’s financial performance or financial condition.

CONTRACTUAL OBLIGATIONS

The information provided in the table entitled “Contractual Obligations” under the section entitled “Liquidity and Capital Resources”, and accompanying narrative disclosures, in the management’s discussion and analysis included as Exhibit 3 to this Annual Report on Form 40-F, is incorporated herein by reference.

IDENTIFICATION OF THE AUDIT COMMITTEE

The Registrant has a separately designated standing Audit Committee established in accordance with section 3(a)(58)(A) of the Exchange Act.  The members of the Audit Committee are Joan Sproul (Chair), Yousry Bissada, and Elizabeth Carducci.

CORPORATE GOVERNANCE

The Registrant is a “foreign private issuer” as defined in Rule 3b-4 under the Exchange Act and its Common Shares are listed on the Toronto Stock Exchange and the NASDAQ Global Select Market ("NASDAQ"). NASDAQ Marketplace Rule 5615(a)(3) permits a foreign private issuer to follow its home country practices in lieu of certain requirements in the NASDAQ Listing Rules. A foreign private issuer that follows home country practices in lieu of certain corporate governance provisions of the NASDAQ Listing Rules must disclose each NASDAQ corporate governance requirement that it does not follow and include a brief statement of the home country practice the issuer follows in lieu of the NASDAQ corporate governance requirement(s), either on its website or in its annual filings with the SEC. A description of the significant ways in which the Registrant’s corporate governance practices differ from those followed by domestic companies pursuant to the applicable NASDAQ Listing Rules is disclosed on the Registrant’s website at: https://www.firstservice.com/differences-in-nasdaq-and-canadian-corporate-governance/

MINE SAFETY DISCLOSURE

Not applicable.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

Not applicable.

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

A.            Undertaking

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the staff of the SEC, and to furnish promptly, when requested to do so by the SEC staff, information relating to: the securities registered pursuant to Form 40-F, the securities in relation to which the obligation to file an Annual Report on Form 40-F arises, or transactions in said securities.

B.            Consent to Service of Process

The Registrant has previously filed with the SEC an Appointment of Agent for Service of Process and Undertaking on Form F-X in connection with its Common Shares.

Any change to the name or address of the agent for service of process of the Registrant shall be communicated promptly to the SEC by an amendment to the Form F-X referencing the file number of the Registrant.

SIGNATURE

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

	FIRSTSERVICE CORPORATION
Date: February 20, 2026	By:	/s/ Jeremy Rakusin
	Name:	Jeremy Rakusin
	Title:	Chief Financial Officer

EXHIBIT INDEX

No.	Document
1.	Annual Information Form of the Registrant for the year ended December 31, 2025.
2.	Audited consolidated financial statements of the Registrant as at December 31, 2025 and 2024 and for the years ended December 31, 2025 and 2024.
3.	Management’s discussion and analysis of the Registrant for the year ended December 31, 2025.
23.	Consent of PricewaterhouseCoopers LLP.
31.	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13(a)-14(a) or 15(d)-14 of the Securities Exchange Act of 1934.
32.	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
97.	Compensation Recovery Policy of the Registrant. *
101.	Interactive Data File.
104.	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*Filed as Exhibit 97 to the Registrant’s Annual Report on Form 40-F (Amendment No. 1) filed on Form 40-F/A on March 11, 2024 and incorporated herein by reference.

FAQ

How many shares did FirstService (FSV) report outstanding in its Form 40-F?

FirstService reported 45,722,486 Common Shares outstanding as of the close of the period covered by the annual report. This figure appears in the Form 40-F’s cover disclosures and is presented as the share count tied to the annual information.

Did PricewaterhouseCoopers audit FirstService’s internal control for 2025?

Yes. PricewaterhouseCoopers LLP audited FirstService’s internal control over financial reporting as of December 31, 2025, and their report is filed as Exhibit 2. The filing also discloses audit fees of $1,727,000 for 2025.

Were any entities excluded from FirstService’s 2025 internal control assessment?

Management excluded nine entities acquired during 2025 from the internal control assessment. Those entities represent 1.4% of total assets and 2.8% of total revenues on a consolidated basis for the year ended December 31, 2025.

Does FirstService report any off-balance sheet arrangements in the Form 40-F?

No. The filing states the Registrant does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on financial performance or condition.

Where are FirstService’s audited financial statements and MD&A located in the filing?

The audited consolidated financial statements for the years ended December 31, 2025 and December 31, 2024 are included as Exhibit 2. Management’s Discussion and Analysis for the year ended December 31, 2025 is included as Exhibit 3.