FirstService: Strong Financial Performance and Promising Outlook Justify Buy RatingWe are slightly updating our 2025 and 2026 estimates based on management’s commentary, along with introducing our estimates for 2027. We now estimate revenue growth of 7% in 2025 (unchanged), 6% in 2026 (unchanged), and 6% in 2027. We forecast adjusted EBITDA of $576 million in 2025 (up $12 million, margin of 10.3%), $620 million in 2026 (up $13 million; margin of 10.5%), and $668 million in 2027 (margin of 10.7%). We estimate adjusted EPS of $5.90 in 2025 (up $0.17 from before, growth of18%), $6.43 in 2026 (up $0.05, growth of 9%), and $7.20 in 2027 (growth of 12%).