Mister Car Wash (MCW) The 44th Annual William Blair Growth Stock Conference summary

Business overview and market opportunity

• Operates nearly 500 locations, holding about 3.5% U.S. market share in a fragmented industry.

• Generates close to $1 billion in revenue and $300 million in EBITDA, with 30% net margins and 45% four-wall margins.

• 70% of revenue comes from a subscription model, with 2 million members and a total customer base of about 10 million.

• Unlimited Wash Club transformed customer value from $50 to $330 per year, increasing frequency and loyalty.

• Focuses on converting retail customers to members, leveraging a large existing customer base for growth.

Operational excellence and customer experience

• Emphasizes speed, efficiency, and consistency through process flow optimization and technology.

• Express exterior model allows customers to get in and out in five minutes or less, appealing to time-sensitive consumers.

• Can process up to 150 cars per hour at peak, outperforming competitors.

• Differentiates through a hospitality-driven service culture and high employee engagement.

• Invests in top-of-market pay, benefits, and career progression to attract and retain talent.

Growth strategy and future vision

• Plans to triple or quadruple its footprint, targeting up to 1,500 stores by densifying existing markets and entering new ones.

• Aims to increase market share in current markets from 15% to 50%, using successful case studies as benchmarks.

• Pursues both M&A and greenfield development, with a current pace of 50 new stores per year and a focus on building internal leadership capacity.

• Recent product innovation includes the Titanium 360 premium package, achieving a 20% adoption rate and increasing revenue per member by $2.

• Sees ongoing opportunities in both organic growth and strategic acquisitions, with a disciplined approach to integration and operational improvement.