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Internal Boyd Group Services Inc. INVESTOR PRESENTATION February 2026
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Forward-Looking Statements The Business Long-Term Goal This presentation contains forward-looking statements, other than historical facts, which reflect the view of the Company’s management with respect to future events. Such forward- looking statements reflect the current views of the Company’s management and are made on the basis of information currently available. Although management believes that its expectations are reasonable, it can give no assurance that such expectations will prove to be correct. The forward-looking statements contained here in are subject to these factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Company. For more information concerning forward-looking statements and related risk factors and uncertainties, please refer to the Boyd Group’s interim and annual regulatory filings. Forward-Looking Statement 2 Company Profile Market Overview Financial Review Executive TeamJoe Hudson’s Acquisition
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92% 8% By Country 95% 5% By Payor REVENUE CONTRIBUTION 3 BYD TSX TRACK RECORD Boyd is the 2nd largest operator in the highly fragmented $48B collision repair industry with only 8% market share2 Canada Customer Pay U.S. Insurance Pay 12% 10-Year Adj. EBITDA CAGR1 15% 10-Year Revenue CAGR1 12% 10-Year Total Location CAGR1 GROWTH OPPORTUNITY LONG -TERM GROWTH AND MARGIN GOALS Adjusted EBITDA margin and Same-Store-Sales are non-GAAP financial measures and are not standardized financial measures under t he International Financial Reporting Standards and may not be comparable to similar financial measures disclosed by other issuers. For additional details, please see Non-GAAP Financial Measures and Ratios in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. 3 Forward Looking Statements Company Profile The Business Long-Term Goal Financial Review Executive TeamMarket Overview 1 As of December 31, 2024 BGSI NYSE 16,000+ Employees 1,300+ Locations 5-7% Avg Annual New Location Growth 3-5% Average Annual SSSG 14%+ Adj EBITDA Margin 2 Source: Focus Advisors 3 As of December 31, 2024 Joe Hudson’s Acquisition
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Leading Player in the North American Collision and U.S. Glass Industries 4 Forward Looking Statements Company Profile The Business Long-Term Goal Financial Review Executive TeamMarket Overview • The second largest collision repair operator in North America with locations across 37 U.S. states and 6 Canadian provinces • A top three player in the U.S. retail glass industry, with a presence in 39 U.S. states • Operates full-service repair centers providing collision repair, glass repair, replacement services and calibration services for all major insurance carriers • Maintains a strong commitment to operational excellence through the WOW Operating Way, the Technician Development Program and Project 360 Boyd Group’s Collision Location Footprint Joe Hudson’s Acquisition
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A Trusted Partner to Insurance Customers • Direct Repair Programs (“DRPs”) are established between insurance companies and collision repair shops to better manage auto repair claims and the level of customer satisfaction • Insurance carriers are using DRPs for an increasing share of collision repair claims volume and growing partnerships focused on multi-location operators • Boyd is well-positioned on these DRP trends with all major insurers and most regional insurers o MSOs can provide support to reduce insurance carrier loss adjustment expense, including single point of contact and estimate review service Vehicle Owner Has Accident Boyd Strengthens its Position with the Insurer Vehicle Owner Calls Insurer Vehicle Owner Selects Boyd and Boyd Delivers Successful Repair Satisfied Vehicle Owner Keeps Insurer Relationship Boyd Grows and Gains More Insurer Relationships Insurer Offers a List of Direct Repair Providers Inclusive of Boyd Boyd’s Relationship With Insurance Customers • Top 5 largest customers contributed 51% of revenue in 2024 • Largest customer contributed 16% of revenue in 2024 5 Company Profile The Business Long-Term Goal Financial Review Executive TeamMarket OverviewForward Looking Statements Joe Hudson’s Acquisition
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Best-in-Class Service Provider • Average cost of repair • Cycle time • Customer service • High-quality repairs • Integrity in every interaction WOW Operating Way • A standardized operating model that drives consistent, high-quality performance across all collision locations • Introduced in 2014 and fully embedded into our culture and daily operations • Expanded in 2025 to enhance customization and align with insurance carrier specifications Company-Wide Diagnostic Repair Scanning and Calibration Technology I-CAR Gold Class Facilities Industry Leader in Technician Training Through the Technician Development Program A Commitment to Operational Excellence 6 Company Profile The Business Long-Term Goal Financial Review Executive TeamMarket OverviewForward Looking Statements Joe Hudson’s Acquisition
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Joe Hudson’s Acquisition: Accelerating Boyd’s Scale, Density & Market Leadership • Solidifies Boyd’s leadership position in the highly fragmented North American collision industry • Expands Boyd’s collision footprint by ~25% through the addition of 258 highly complementary locations and establishes a leadership position in the growing U.S. Southeast market • Enhances profitability through increased scale and regional density across the combined Boyd and Joe Hudson’s networks, unlocking $35-$45 million in expected annualized synergies • Strengthens Boyd’s value proposition to insurance carriers through expanded coverage, increased capacity and stronger local market density 7 Forward Looking Statements Company Profile The Business Long-Term Goal Financial Review Executive TeamMarket Overview Joe Hudson’s Collision Center Assured Automotive Boyd Autobody & Glass Gerber Collision & Glass BUILDING DENSITY ACROSS THE US SOUTHEAST Joe Hudson’s AcquisitionJoe Hudson’s Acquisition The Business
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118 137 156 199 250 258 100 120 140 160 180 200 220 240 260 280 2020 2021 2022 2023 2024 2025 Joe Hudson’s 65% Location Growth Since 2022 = Adj EBITDA Upside Opportunities Through Maturation *Adjusted EBITDA is a non-GAAP financial measure and is not a standardized financial measure under the International Reporting Standards and may not be comparable to similar financial measure disclosed by other issuers For additional details, please see Non-GAAP Financial Measures and Ratios in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. STORE MATURATION: ~$24M IN ADJUSTED EBITDA MEANINGFUL ADJUSTED EBITDA UPSIDE POTENTIAL Joe Hudson’s 2026 Adj EBITDA Upside Potential 8 Joe Hudson’s Acquisition Company Profile The Business Long-Term Goal Executive TeamMarket OverviewForward Looking Statements SYNERGIES: ~$35 -$45M • Procurement savings • Network densification efficiencies • Internalization of scanning and calibration • Administrative & operational cost savings • Synergy realization: ~50% in 2026, ~85% by YE 2027 and balance in 2028 Synergies + Store Maturation Unlocks Meaningful Adj EBITDA Upside Potential Expected Synergies From The Combined Businesses Financial Review
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7% 5% A Highly Fragmented Industry 7% 5% TAM: ~$48B 16% 8% 5% 71% Other 9 Source: Boyd estimates, Focus Advisors (November 3, 2025), Romans LLC Caliber Collision Crash Champions Despite ongoing consolidation, the U.S. collision repair market remains highly fragmented. • The industry size is estimated to be US$48 billion annually supported by approximately 30,000 collision repair shops • ~23,200 single location operators generating $22.5 billion in annual revenue, reflecting a long-tail of sub-scale competitors • 770 independent multi-shop operators own ~2,300 shops, contributing $8.0 billion in revenue and attractive acquisition targets for consolidators Fragmentation continues to present significant consolidation and scale-drive efficiency opportunities for Boyd Company Profile The Business Long-Term Goal Executive TeamMarket OverviewForward Looking Statements Financial ReviewMarket Overview Joe Hudson’s Acquisition
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A Strong Track Record of Same-Store Sales Growth Boyd’s Annual Same-Store Sales Growth 3-Year Average: 11.3% 5-Year Average: 5.0% 10-Year Average: 4.5% 5.6% 5.3% 1.0% 4.8% 3.3% -15.6% 7.0% 19.8% 15.8% -1.8% -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 * Same-store sales growth is a non-GAAP financial measure and is not a standardized financial measure under International Financ ial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, please see “Non-GAAP Financial Measures and Ratios” in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. Financial ReviewCompany Profile The Business Long-Term Goal Executive TeamMarket OverviewForward Looking Statements In Q3 2025, Boyd returned to positive same-store sales growth of 2.4%, supported by improved industry conditions. Joe Hudson’s Acquisition
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3.3% -15.6% 7.0% 19.8% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2019 2020 2021 2022 A Look Back In History Highlights Boyd’s Resilience Boyd Group Same-Store Sales Growth *Same-store sales is a non-GAAP financial measure and is not a standardized financial measure under the International Reporting Standards and may not be comparable to similar financial measure disclosed by other issuers For additional details, please see Non-GAAP Financial Measures and Ratios in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. 5.5% -2.4% 1.4% 6.0% -3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 2008 2009 2010 2011 THE GREAT RECESSION THE PANDEMIC Boyd Group Same-Store Sales Growth 11 Financial ReviewCompany Profile The Business Long-Term Goal Executive TeamMarket OverviewForward Looking Statements Joe Hudson’s Acquisition
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A Return To Positive Same-Store Sales in Q3 2025 Boyd Group Same-Store Sales Growth *Same-store sales is a non-GAAP financial measure and is not a standardized financial measure under the International Reporting Standards and may not be comparable to similar financial measure disclosed by other issuers For additional details, please see Non-GAAP Financial Measures and Ratios in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. THE 2024/2025 INDUSTRY DOWNTURN 12 Financial ReviewCompany Profile The Business Long-Term Goal Executive TeamMarket OverviewForward Looking Statements Significant increases in automotive insurance premiums and declining used car prices contributed to lower repairable claims in 2024 and 2025. As these industry headwinds moderated through 2025, repair volumes have begun to recover. Consistent with historical experience, Boyd demonstrated resilience during the downturn, outperforming the industry, and returning to positive same-store sales growth in Q3 2025 as industry conditions improved. Joe Hudson’s Acquisition
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Continued Improvement In Industry Drivers 13 Auto Insurance Premium Growth Has Returned To Historical Levels Used Car Prices In Positive Territory There have been positive developments in several factors that contributed to the industry headwinds over the past year Total Loss Rates Off Recent Highs Source: CCC Intelligent Solutions, Manheim By Cox Automotive, US Bureau of Labour Statistics US CPI Monthly Y/Y Change In Motor Vehicle Insurance Total Loss Share Of Claim CountManheim Used Vehicle Value Index Company Profile The Business Long-Term Goal Financial Review Executive TeamForward Looking Statements Market Overview Joe Hudson’s Acquisition
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5% 95% Calibration Revenue as % of Total CALIBRATION A High-Return Service Calibration services are growing as ADAS expands across the car parc, requiring additional repairs to meet OEM specifications. It is estimated that calibration will account for approximately 10% of the industry revenue(1) in the future. Boyd’s revenue mix today is approximately 5%. The return profile for calibration is strong, as it is primarily a labor-based operation when performed internally, which is Boyd’s highest margin category. As of Q3 2025, 28% of Boyd’s calibration revenue is outsourced as a sublet service, Boyd’s lowest margin offering. Boyd has been active in the internalization of calibration throughout Q3 2025. Anticipate achieving 80% internalization within next 1-2 years. Calibration Revenue Collision & Glass Revenue 28%72% Internal vs. External Calibration Revenue Internal Calibrations Third Parties 98 225 312 0 100 200 300 400 Staffing Levels Jan. 1, 2024 Dec. 31, 2024 14 Sept. 30, 2025 (1) Boyd estimates Company Profile The Business Long-Term Goal Financial Review Executive TeamMarket OverviewForward Looking Statements Joe Hudson’s Acquisition
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New Unit Growth Augments Organic Expansion 2013 2017 202120041990 *Current location count is as of January 9 2026, and includes JHCC locations. Location counts are based on information provided in Boyd Group’s annual and quarterly reports and are updated as of the dat e of filing of the reports. Boyd Group’s Total North American Locations* 15 Company Profile The Business Long-Term Goal Financial Review Executive TeamMarket OverviewForward Looking Statements 2026 Joe Hudson’s Acquisition
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-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000SINGLE SHOP GROWTH Varying Ramp-Up Times, Consistently Strong Returns • Target maturity by the end of the second year • Typical investment of ~ $1.5M -$2.0M including equipment upgrades, renovations and signage • Target ROIC on pre-IFRS16 basis of 20-25% • Target maturity by the end of the third year • Typical investment of ~ $1.2M -$1.4M – balance of investment in land/building is converted to rent • Target ROIC on pre-IFRS16 basis of > 25% *Adjusted EBITDA and Adjusted EBITDA margin are a non-GAAP financial measure and is not a standardized financial measure under t he International Financial Reporting Standards and may not be comparable to similar financial measures disclosed by other issuers. For additional details, please see Non- GAAP Financial Measures and Ratios in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. Adjusted EBITDA% Sales $000s Sales $000s Adjusted Store Level EBITDA % Pre-IFRS 16 Sales Adjusted Store Level EBITDA % Post-IFRS 16 Single Acquisition Maturation Case Study Start-Up Location Maturation Case Study Adjusted Store Level EBITDA % Pre-IFRS 16 Sales Adjusted Store Level EBITDA % Post-IFRS 16 Year 1 Year 2 Year 3 Target Maturity Year 1 Year 2 Year 3 Year 4 Target Maturity Adjusted EBITDA% 16 Company Profile The Business Long-Term Goal Financial Review Executive TeamMarket OverviewForward Looking Statements Joe Hudson’s Acquisition
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Proven Success in Driving Value Through Single Shop Acquisitions +450 BPS 2013-2020 2013-2015 2016-2018 2018-2020 Year 1 2023 Single Shop Acquisition Adj. EBITDA MarginsValue Creation Levers Client Relationships One Company Strategy Internalization of Calibration Fleet Relationships Dealer Relationships Paint & Part Synergies Local Efficiencies Centralized Services *Adjusted EBITDA and Adjusted EBITDA margin are a non-GAAP financial measure and are not a standardized financial measure under the International Financial Reporting Standards and may not be comparable to similar financial measures disclosed by other issuers. For additional details, please see Non- GAAP Financial Measures and Ratios in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. 17 Company Profile The Business Long-Term Goal Financial Review Executive TeamMarket OverviewForward Looking Statements Joe Hudson’s Acquisition
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1,400+ Units OUR GOAL Sustain Our Market Leadership and Accelerate Our Profitability Culture of Accountability IT / ERP Field Support OrganizationProcurementTalent & Development Ambition Long-Term Goals Strategic Pillars Enablers “WOW” every customer as the most profitable industry consolidator, while retaining a leading position (#1 or #2) in the markets we serve Growth Right People, Right Role, Right Capabilities Market & Carrier Level Strategies Natural Adjacencies Support employees in delivering market-leading operations & customer experience Relentlessly grow car count through disciplined, market-level execution Grow business through adjacent services (i.e. glass and calibration) Utilize WOW and Project 360 to drive store economics, cost leverage and customer satisfaction Market-based operating model designed to ensure efficient execution and accountability Sales & Business Intelligence Finance & Accounting Operational Excellence & Innovation Efficient Operations (WOW + Project 360) $5B+ Revenue $700M+ Adj. EBITDA (Margins 14%+) ~10% Market Share Industry- Leading NPS *Adjusted EBITDA and Adjusted EBITDA margin are a non-GAAP financial measure and are not a standardized financial measure under the International Financial Reporting Standards and may not be comparable to similar financial measures disclosed by other issuers. For additional details, please see Non-GAAP Financial Measures and Ratios in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. Repeatable Inorganic Model Optimize and scale our established inorganic model to drive further growth People 18 Long-Term GoalCompany Profile The Business Financial Review Executive TeamMarket OverviewForward Looking Statements Joe Hudson’s Acquisition
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+3-5% +5-7% $5B $3B Base Volume Annual SSSG Annual Unit Growth Long-Term Revenue Goal • Incorporating a return to a normalized repairable claims environment, enabling Boyd to achieve 3-5% SSSG • Targeting the addition of 80-100 new locations annually through start-ups and acquisitions of single-shop and small MSOs, aiming for #1 or #2 position in markets served • The acquisition of Joe Hudson’s, completed in Q1 2026, is additive to the achievement of our long-term goal Executing Our Proven Growth Playbook to Achieve Our Revenue Goal Joe Hudson’s Acquisition is Additive to the Goal 19 *Same store sales is a non-GAAP financial measure and is not a standardized financial measure under the International Financial Reporting Standards and may not be comparable to similar financial measures disclosed by other issuers. For additional details, please see Non- GAAP Financial Measures and Ratios in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. Long-Term GoalCompany Profile The Business Financial Review Executive TeamMarket OverviewForward Looking Statements Joe Hudson’s Acquisition
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$140MM $30MM Indirect Staffing Model Q2 2025 Q3 2025 - Q4 2026 2027 - 2029 End Of 2029 Roadmap to 14%+ Adj EBITDA Margins Through Project 360 & Synergies 20 Q4 2024 Launch of Project 360 Long-Term GoalCompany Profile The Business Financial Review Executive TeamMarket OverviewForward Looking Statements $20MM $40MM Project 360, our cost transformation plan, together with synergies from the combination of Boyd and Joe Hudson’s, is expected to deliver $140M in annualized run-rate cost savings through the end of 2029 and support Adjusted EBITDA margins of 14%+ Project 360 • Implementation of the indirect staffing model • Centralization of direct and indirect procurement • Use of technology to optimize mix and efficiency JHCC/Boyd Acquisition Synergies • Direct and indirect procurement savings • Margin expansion through increased market density • Internalization of scanning and calibration • Operational and administrative cost savings *Adjusted EBITDA and Adjusted EBITDA margin are a non-GAAP financial measure and are not a standardized financial measure under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, please see “Non- GAAP Financial Measures and Ratios” in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. $20MM $30MM Project 360 Savings Joe Hudson’s Synergies Joe Hudson’s Acquisition
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Disciplined Capital Allocation Focused on Growing the Business Growth Investments Maintenance Capex Dividends • Target: $150-$200MM Annually • Investments to capture organic sales growth • High-return single store acquisitions, brownfield and greenfield expansion and opportunistic MSO acquisitions • High ROIC investments in glass and calibration equipment #1 GROWTH INVESTMENTS—Acquisition & Growth Capex • Maintenance capex of 1.6%-1.8% of revenue annually #2 MAINTENANCE CAPEX • Continue to grow the dividend modestly each year, providing a consistent return of capital to shareholders • Announced a 2% dividend increase on November 12, 2025, to $0.624 per share annualized #3 DIVIDEND Capital Allocation Breakdown *Maintenance capex is a non-GAAP financial measure and is not a standardized financial measure under the International Financial Reporting Standards and may not be comparable to similar financial measures disclosed by other issuers. For additional details, please see Non-GAAP Financial Measures and Ratios in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. 21 Long-Term GoalCompany Profile The Business Financial Review Executive TeamMarket OverviewForward Looking Statements Joe Hudson’s Acquisition
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September 30, 2025 Sales Gross Profit Adjusted EBITDA Margin Adjusted EBITDA 22 Adjusted Net Earnings Adjusted Net Earnings per share September 30, 2024 $790.2 QUARTER ENDED *Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Earnings and Adjusted Net Earnings per share are non- GAAP financial measures and ratios and are not standardized financial measures under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, including a reconci liation of each non-GAAP financial measure to its nearest GAAP equivalent, please see “Non-GAAP Financial Measures and Ratios” in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. A copy of Boyd’s MD&A filing (dated Nov ember 12, 2025) for the period ended September 30, 2025, can be accessed via the SEDAR+ website (www.sedarplus.ca) and EDGAR website (www.sec.gov). $365.9 $98.4 12.4% $13.3 $0.62 $752.3 $343.6 $80.1 10.7% $3.2 $0.15 IN US$ MILLIONS (except per share and % amounts)Q3 2025 : Return To Positive Same-Store Sales And Strong Margin Improvement Financial ReviewCompany Profile The Business Long-Term Goal Executive TeamMarket OverviewForward Looking Statements Joe Hudson’s Acquisition
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Q3 2025: Balance Sheet Strength Supports Growth Cash Long-term debt Lease liabilities Net debt before lease liabilities (total debt, including current portion and bank indebtedness, net of cash) Total debt, net of cash Net debt before lease liabilities/Adjusted EBITDA (Adjusted for property lease payments) September 30, 2025 December 31, 2024 *Adjusted EBITDA is a non-GAAP financial measure and is not a standardized financial measure under International Financial Repor ting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, please see “Non-GAAP Financial Measures and Ratios” in Boyd’s MD&A filing (dated November 12, 2025) for the period ended September 30, 2025. $64.3 $585.4 $521.1 $760.9 $1,281.9 2.6x $20.0 $507.3 $487.3 $744.3 $1,231.6 2.6x IN US$ MILLIONS 23 Financial ReviewCompany Profile The Business Long-Term Goal Executive TeamMarket OverviewForward Looking Statements Joe Hudson’s Acquisition
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Experienced Management Team Poised to Seize Market Opportunity BRIAN KANER President & CEO 20+ Years of Experience Previous Experience: • Pep Boys & Icahn Automotive Services • Sears Holding Corporation • Stanley Black & Decker Inc. • GE Plastics JEFF MURRAY Executive Vice President & CFO 20+ Years of Experience Previous Experience: • Ernst & Young LLP KIM MORIN Vice President & Chief Human Resources Officer 20+ Years of Experience Previous Experience: • Greencore • Sensient Technologies • Exel/DHL Supply Chain • Saskatchewan Department of Justice CREIGHTON WARREN Chief Information Officer 20+ Years of Experience Previous Experience: • TreeHouse Foods • USG Corporation • Burwood Group • Commerx • Heller Financial • Accenture STEPHEN BOYD COO Canada Collision 20+ Years of Experience Previous Experience: • B.A. Robinson Co. Ltd • Richardson Capital Ltd • James Richardson & Sons 24 Executive TeamCompany Profile The Business Long-Term Goal Financial ReviewMarket OverviewForward Looking Statements ZACH BALTHROP Chief Commercial Officer 20+ Years of Experience Previous Experience: • FYX Fleet Roadside Assistance • Pep Boys • Icahn Automotive • Auto Plus Auto Parts • Advance Auto Parts Joe Hudson’s Acquisition
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Internal