Boyd Group Services (BYD) Investor presentation summary

Market overview and industry position

• Operates in a $55-60B North American collision repair market, holding a 7% share as the second largest independent operator.

• Market remains fragmented with significant consolidation opportunities compared to other service industries.

• Collision repair is non-discretionary long-term, with demand resilient to economic cycles and only short deferral periods.

• ADAS technology and rising total loss rates have not impeded overall market growth, with a 3% CAGR since 2015.

• Increasing vehicle complexity and parts/labor inflation are driving long-term growth in total cost of repair (TCOR).

Financial performance and growth strategy

• Achieved $3.1B in 2025 revenue, $376M adjusted EBITDA, and $2.78 adjusted EPS.

• Q2 2026 saw sales of $1.01B, 13.4% adjusted EBITDA margin, and $0.80 adjusted EPS, reflecting strong growth and synergy realization.

• Long-term goals include $5B+ revenue, 1,400+ units, and $700M+ adjusted EBITDA with margins above 14%.

• Targets 3-5% average annual same-store sales growth and 5-7% annual new location growth.

• Capital allocation focuses on $150-200M annual growth investments, modest dividend increases, and a new share buyback program.

Acquisition and integration of Joe Hudson's

• Acquisition of Joe Hudson's in Q1 2026 expanded footprint by 25% with 258 new locations, strengthening Southeast U.S. presence.

• Expected to unlock $40M in annualized synergies, with $35M realized in 2026, and further EBITDA upside from store maturation.

• Acquisition enhances value proposition to insurance carriers through increased scale and density.