Boyd Group Services
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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 Q3 2025 revenue of $790.2 million, up 5% year-over-year, with adjusted EBITDA of $98.4 million and margin improvement to 12.4% from 10.7% year-over-year.

  • Returned to positive same-store sales growth of 2.4% in Q3 2025, with momentum continuing into Q4 and 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.

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

  • Five-year plan targets $5 billion in revenue, $700 million adjusted EBITDA, over 1,400 locations, and 10% market share by 2029.

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%.

  • Adjusted net earnings were $13.3 million ($0.62/share), up from $3.2 million ($0.15/share) in Q3 2024.

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

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

Outlook and guidance

  • Five-year plan aims for $5 billion revenue and $700 million adjusted EBITDA by 2029, with 3-5% annual same-store sales growth and 5-7% annual unit growth.

  • Project 360 cost savings on track for $70 million run rate by end of 2026 and $100 million by 2029, with $30 million already realized.

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

  • New location growth expected to average 8-10 start-ups per quarter, with 13 planned for Q4 2025 and a target of 80-100 new locations annually.

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

Breakdown of Joe Hudson's acquisition synergies?
Specifics of remaining Project 360 cost savings?
Drivers of same-store sales outperformance?
Quantify Joe Hudson's tax shield cash impact
MSO pipeline size post-Joe Hudson's acquisition
Premium decreases: impact on claims timeline?
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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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