FirstService: A Strong Buy Amid Short-Term Challenges and Long-Term Growth PotentialWe now estimate revenue growth of 5% in 2025 (down 2%), 5% in 2026 (down 1%), and 6% in 2027 (unchanged). We forecast adjusted EBITDA of $561 million in 2025 (down $15 million; margin of 10.2%), $601 million in 2026 (down $19 million; margin of 10.4%), and $647million in 2027 (down $21 million; margin of 10.6%). We estimate adjusted EPS of $5.77 in 2025 (down $0.13 from our prior estimate; growth of 15%), $6.14 in 2026 (down $0.29; growth of 6%), and $6.88 in 2027 (down $0.32; growth of 12%). We continue to see upside to our estimates as: 1) we assume no pick-up in large storm restoration work (after depressed levels this year); 2) we see the re-roofing slowdown as temporary, and something that could resolve progressively through 2026; and 3) we have assumed no incremental deployment of capital toward accretive M&A activity.