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Boyd Group Services (BYD) investor relations material

Boyd Group Services Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Achieved 5% year-over-year sales growth to $790.2 million in Q3 2025, with same-store sales up 2.4% and momentum continuing into Q4, aligning with the five-year plan.

  • Surpassed 1,000 locations, added 24 new sites in Q3, and announced a definitive agreement to acquire Joe Hudson's Collision Center for $1.3 billion, adding 258 locations and expanding into the Southeast U.S. and two new states.

  • Completed a $897 million U.S. IPO, began trading on the NYSE, and completed a CAD 275 million bond offering to refinance debt.

  • Industry conditions are normalizing, with improved insurance premium trends and used vehicle prices supporting growth.

Financial highlights

  • Q3 2025 sales increased 5% year-over-year to $790.2 million; same-store sales excluding FX up 2.4%.

  • Adjusted EBITDA rose 22.8% to $98.4 million, with margin up to 12.4% from 10.7%.

  • Net earnings were $10.8 million ($0.51/share), up from $2.9 million ($0.13/share) in Q3 2024; adjusted net earnings were $13.3 million ($0.62/share).

  • Gross margin improved to 46.3%, up from 45.7% year-over-year.

  • Debt net of cash before lease liabilities increased to $521 million from $505.8 million sequentially.

Outlook and guidance

  • Same-store sales growth in October exceeded Q3, trending within the 3%-5% long-term range.

  • Expect to open 13 startup locations in Q4 and maintain a target of 80-100 new locations annually, averaging 8-10 start-ups per quarter.

  • Project 360 cost savings on track for $70 million run rate by end of 2026 and $100 million by 2029.

  • Joe Hudson's acquisition expected to deliver $35-45 million in synergies, about half realized near-term.

  • Pro forma debt-to-EBITDA expected at 3.1x post-acquisition, returning to ~2.6x by end of 2026.

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Boyd Group Services Inc owns and operates collision repair centers across North America. The company provides auto body and glass repair services through locations under various trade names. It is headquartered in Winnipeg, Canada, and its shares are listed on the TSX.

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