# EDGAR Filing Document

**Accession Number:** 0002091467
**File Stem:** 0001193125-25-256324
**Filing Date:** 2025-10
**Character Count:** 1605069
**Document Hash:** 300e03892bff73e8e014b270319787e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-256324.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001193125-25-256324

**CONFORMED SUBMISSION TYPE**: F-10

**PUBLIC DOCUMENT COUNT**: 75

**FILED AS OF DATE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Boyd Group Services Inc.
- **CENTRAL INDEX KEY:** 0002091467

**ORGANIZATION NAME:**
- **EIN:** 981522867
- **STATE OF INCORPORATION:** A2
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 254900IZ8DD5A8NHRY07

**FILING VALUES:**
- **FORM TYPE:** F-10
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291143
- **FILM NUMBER:** 251430085

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1745 ELLICE AVE., UNIT C1
- **CITY:** WINNIPEG
- **PROVINCE COUNTRY:** A2
- **ZIP:** 00000
- **BUSINESS PHONE:** (204) 895-1244

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1745 ELLICE AVE., UNIT C1
- **CITY:** WINNIPEG
- **PROVINCE COUNTRY:** A2
- **ZIP:** 00000

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on October 29, 2025** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM F-10** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## BOYD GROUP SERVICES INC.
(Exact name of registrant as specified in its charter)

**Canada** 

(Province or other jurisdiction of incorporation or organization)

**7500** 

(Primary Standard Industrial Classification Code Number, if applicable)

**98-1522867** 

(I.R.S. Employer Identification No., if applicable)

**1745 Ellice Avenue, Unit C1** 

**Winnipeg, MB R3H 1A6** 

**Tel: 204-895-1244** 

(Address and telephone number of Registrant's principal executive offices)

**Puglisi & Associates**

**850 Library Avenue, Suite 204**

**Newark, Delaware 19711**

**(302) 738-6680** 

(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

***Copies to:***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ryan J. Dzierniejko**<br> **John Zelenbaba<br>Skadden, Arps, Slate, Meagher & Flom LLP**<br> **222 Bay Street, Suite 1750**<br> **Toronto, ON, Canada M5K 1J5**<br> **Tel: 416-777-4700** | **Desmond Lee**<br> **Rosalind Hunter**<br> **Jessica Myers<br>Osler, Hoskin & Harcourt LLP<br>1 First Canadian Place, Suite 6200**<br> **100 King Street West Toronto ON M5X 1B8**<br> **Tel: (416) 362-2111** | **Jeff Murray**<br> **Boyd Group Services Inc.**<br> **1745 Ellice Avenue, Unit C1<br>Winnipeg, MB R3H 1A6<br>Tel: 204-895-1244** | **Marc D. Jaffe**<br> **Adam J. Gelardi<br>Latham & Watkins LLP<br>1271 Avenue of the Americas<br>New York, NY 10020<br>Tel: (212) 906-1200** | **Jeff Hershenfield**<br> **Shawn Blundell**<br> **Stikeman Elliott LLP**<br> **5300 Commerce Court West**<br> **199 Bay Street**<br> **Toronto, Ontario M5L 1B9**<br> **Tel: 416-869-5500** |

---

Approximate date of commencement of proposed sale to the public:

**As soon as practicable after this Registration Statement becomes effective.** 

**Province of Manitoba, Canada** 

(Principal jurisdiction regulating this offering)

It is proposed that this filing shall become effective (check appropriate box below):

A. ☒ upon filing with the Commission pursuant to Rule 467(a) (if in connection with an offering being
made contemporaneously in the United States and Canada).

B. ☐ at some future date (check the appropriate box below):

1. ☐ pursuant to Rule 467(b) on (*date*) at (*time*).

2. ☐ pursuant to Rule 467(b) on (*date*) at (*time*) because the securities regulatory authority in the review
jurisdiction has issued a receipt or notification of clearance on (*date*).

3. ☐ pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the
Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.

4. ☐ after the filing of the next amendment to this Form (if preliminary material is being filed).

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check the following box. ☒

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##### [**Table of Contents**](#toc)
**PART I** 

**INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS** 

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##### [**Table of Contents**](#toc)
**The information contained in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus supplement and the accompanying short form base shelf prospectus are not an offer to sell and are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**Subject to completion, dated October 29, 2025** 

**PRELIMINARY PROSPECTUS SUPPLEMENT** 

**To the Short Form Base Shelf Prospectus dated October 14, 2025** 

*New Issue* October , 2025

![LOGO](g77213g00g01.jpg)

## BOYD GROUP SERVICES INC.
**US$** 

**Common Shares** 

This offering is the initial public offering of our common shares in the United States (the "**U.S.**") and a new issue by us of our common shares in Canada. This prospectus supplement, together with the accompanying short form base shelf prospectus dated October 14, 2025 (the "**shelf prospectus**"), qualifies the distribution of of our common shares at a price of US$ per common share (the "**offering price**"). The shelf prospectus, as supplemented by this prospectus supplement for the purposes of this offering, is referred to as this "**prospectus**".

This offering is being made concurrently in Canada under the terms of this prospectus and in the U.S. under the terms of our registration statement on Form F-10 (the "**registration statement**") filed with the U.S. Securities and Exchange Commission (the "**SEC**").

**Price: US$ per common share** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to<br>the Public<sup>(1)</sup>** | **Underwriters'<br>Fee<sup>(2)</sup>** | **Net Proceeds<br>to Us<sup>(4)</sup>** |
|  Per Common Share | US$ | US$ | US$ |
|  Total<sup>(3)</sup> | US$ | US$ | US$ |

---

Notes:

<sup>(1)</sup> The offering price was determined by arm's length negotiation between us and the underwriters (as defined below), with reference to the then-current market price of our common shares on the TSX (as defined below).

<sup>(2)</sup> Pursuant to the terms of the underwriting agreement (as defined below), we have agreed to pay the underwriters a cash fee equal to % of the aggregate gross proceeds from this offering (the "**underwriters' fee**"), including any proceeds received pursuant to the exercise of the option to purchase additional common shares. See "Plan of Distribution". 

<sup>(3)</sup> We have agreed to grant to the underwriters an option, exercisable in whole or in part, on or prior to the date that is 30 days following the date of the underwriting agreement, to purchase up to an additional number of common shares that is equal to 15% of the number of common shares sold in the base offering under this prospectus supplement, at the offering price. The option to purchase additional common shares is exercisable by the underwriters giving notice to us prior to the deadline for exercising the option, which notice will specify the number of additional common shares to be purchased. If the option to purchase additional common shares is exercised in full, the "Price to the Public", "Underwriters' Fee" and "Net Proceeds to Us", before deducting expenses of this offering, will be US$ , US$ and US$ , respectively. This prospectus qualifies the grant of the option to purchase additional common shares and the distribution of the additional common shares issuable on the exercise thereof. A purchaser who acquires additional common shares forming part of the underwriters' over-allocation position acquires those additional common shares under this prospectus, regardless of whether the over-allocation position is ultimately filled through the exercise of the underwriters' option to purchase additional common shares or secondary market purchases. See "Plan of Distribution". 

<sup>(4)</sup> After deducting the underwriters' fee, but before deducting the expenses of this offering, estimated to be US$2.8 million, which, together with the underwriters' fee, will be payable from the proceeds of this offering. 

---

| | | | |
|:---|:---|:---|:---|
| **RBC Capital Markets** | **CIBC Capital Markets** | **National Bank Capital Markets** | **TD Securities Inc.** |

---

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##### [**Table of Contents**](#toc)
Our issued and outstanding common shares are listed on the Toronto Stock Exchange (the "**TSX**"), under the symbol "BYD". On October 28, 2025, the last trading day prior to the date on which this offering was announced, the closing price of our common shares on the TSX was C$214.11 or US$153.38 per common share (based on the daily average exchange rate for the conversion of U.S. dollars to Canadian dollars, as quoted by the Bank of Canada on October 28, 2025, of US$1.00 = C$1.3959). We have applied to list on the TSX the common shares offered in this offering and an additional common shares to be issued by us if the underwriters' option to purchase additional common shares is exercised in full. We have applied to list on the New York Stock Exchange (the "**NYSE**"), under the symbol "BGSI", our outstanding common shares, the common shares offered in this offering and such additional common shares. Any such listing will be subject to fulfilling all of the listing requirements of the TSX and the NYSE, respectively.

On October 29, 2025, we entered into a definitive equity purchase agreement and plan of merger (the "**purchase agreement**") pursuant to which we will indirectly acquire all of the issued and outstanding equity interests of JHCC Holdings Parent, LLC ("**Joe Hudson's**" or "**JHCC**") on the terms and subject to the conditions set forth in the purchase agreement (the "**acquisition**"). JHCC and its subsidiaries own and operate the business of Joe Hudson's Collision Center, a collision repair business. We will pay a purchase price of US$1.3 billion in cash, which is subject to adjustment for cash, debt (and debt-like liabilities), transaction expenses, income tax liability and net working capital in accordance with the terms and conditions of the purchase agreement. See "The Acquisition" and "Risk Factors—Risks Relating to the Acquisition".

We intend to use the net proceeds from this offering, together with the net proceeds from the financings described under the heading "The Acquisition—Financing the Acquisition", to finance the purchase price for the acquisition of JHCC, together with related financing fees and transaction expenses, as described in this prospectus supplement. See "Use of Proceeds".

The following table sets out the number of additional common shares that may be sold to the underwriters pursuant to the option to purchase additional common shares:

---

| | | | |
|:---|:---|:---|:---|
| **Underwriters' Position** | **Maximum Size** | **Exercise Period** | **Exercise Price** |
|  Option to purchase additional common shares | additional common shares | Up to 30 days after the closing date | US$ per common share |

---

**All dollar amounts in this prospectus supplement are in U.S. dollars, unless otherwise indicated. See "Currency Presentation and Exchange Rate Information".** 

Our common shares are being offered in the U.S. by RBC Capital Markets, LLC, CIBC World Markets Corp., National Bank of Canada Financial, Inc. and TD Securities (USA) LLC (collectively, the "**U.S. underwriters**") and in Canada by RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial Inc. and TD Securities Inc., as joint bookrunners (collectively, the "**Canadian underwriters**", and together with the U.S. underwriters, the "**underwriters**") pursuant to an underwriting agreement dated October , 2025 entered into among us and the underwriters (the "**underwriting agreement**"). See "Plan of Distribution".

**THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY AUTHORITY NOR HAVE THESE AUTHORITIES PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS SUPPLEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.** 

**This offering is made in the U.S. by a foreign issuer that is permitted, under a multijurisdictional disclosure system adopted in the U.S. and Canada, to prepare this prospectus supplement and the accompanying shelf prospectus in accordance with Canadian disclosure requirements. Prospective investors should be aware that such requirements are different from those of the U.S. We prepare financial statements in accordance with IFRS Accounting Standards as issued by the International** 

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##### [**Table of Contents**](#toc)
 **Accounting Standards Board ("IFRS"). Our financial statements incorporated by reference herein have been prepared in accordance with IFRS and are subject to Canadian auditing and auditor independence standards, and thus may not be comparable to financial statements of U.S. companies.** 

**The enforcement by investors of civil liabilities under the U.S. federal securities laws may be affected adversely by the fact that we are organized under and governed by the *Canada Business Corporations Act* ("CBCA"), that certain of our directors and officers reside principally outside of the U.S., that some or all of the underwriters or experts named in the registration statement may be residents of a foreign country, and that all or a substantial portion of our assets and the assets of such persons may be located outside the U.S. See "Enforcement of Civil Liabilities".** 

**Prospective investors should be aware that the acquisition, holding or disposition of our common shares described herein may have tax consequences both in the U.S. and in Canada. Such consequences for investors who are resident in, or citizens of, the U.S. and Canada may not be described fully herein. You should read the tax discussion contained in this prospectus supplement and consult your own tax advisor with respect to your own particular circumstances. See "Certain Canadian Federal Income Tax Considerations", "Certain U.S. Federal Income Tax Considerations" and "Risk Factors".** 

The underwriters, as principals, conditionally offer the common shares, subject to prior sale, if, as and when issued by us and accepted by the underwriters in accordance with the conditions contained in the underwriting agreement referred to under "Plan of Distribution".

Certain legal matters relating to Canadian law with respect to this offering will be passed upon on our behalf by Osler, Hoskin & Harcourt LLP and on behalf of the underwriters by Stikeman Elliott LLP. Certain legal matters related to U.S. law with respect to this offering will be passed upon on our behalf by Skadden, Arps, Slate, Meagher & Flom LLP and on behalf of the underwriters by Latham & Watkins LLP. See "Legal Matters".

Subscriptions for common shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. Closing of this offering is expected to take place on or about November 4, 2025, or such earlier or later date as we and the underwriters may agree, but in any event no later than November 12, 2025.

It is expected that we will arrange for the instant deposit of the common shares offered hereby under the book-based system of registration, to be registered to The Depository Trust Company ("**DTC**"), or its nominee and deposited with DTC on the closing date, or as may otherwise be agreed to among us and the underwriters. We may alternatively arrange for the electronic deposit of the common shares offered hereby under the book-based system of registration, to be registered in the name of CDS Clearing and Depository Services Inc. ("**CDS**") or its nominee and deposited with CDS on the closing date. No certificates evidencing the common shares offered hereby will be issued to purchasers of our common shares offered hereby. Purchasers of common shares offered hereby will receive only a customer confirmation from the underwriter or other registered dealer from or through whom a beneficial interest in common shares is purchased. See "Plan of Distribution".

In connection with this offering, subject to applicable laws, the underwriters may over-allocate or effect transactions which stabilize or maintain the market price of our common shares at levels other than those which might otherwise prevail on the open market. Such transactions, if commenced, may be discontinued at any time. See "Plan of Distribution".

**The underwriters may offer our common shares at a price lower than that stated above. See "Plan of Distribution".** 

**An investment in our common shares is highly speculative and involves a high degree of risk. Investors should carefully consider the risk factors described in this prospectus supplement, the accompanying shelf prospectus and in the documents incorporated by reference herein and therein before purchasing our common shares. Prospective investors are advised to consult their legal counsel and other** 

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##### [**Table of Contents**](#toc)
 **professional advisors in order to assess income tax, legal and other aspects of the investment. See "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in this prospectus supplement and "Forward-Looking Information" in the shelf prospectus.** 

Prospective purchasers should rely only on the information contained or incorporated by reference in this prospectus for the purposes of this offering. We have not and the underwriters have not authorized anyone to provide prospective purchasers with information different from or in addition to that contained or incorporated by reference in this prospectus for the purposes of this offering. The underwriters are offering to sell and seeking offers to buy our common shares only in jurisdictions where, and to persons to whom, offers and sales are lawfully permitted. Prospective purchasers should not assume that the information contained in this prospectus or any documents incorporated by reference into this prospectus, is accurate as of any date other than the date on the cover page of this prospectus supplement or as otherwise set forth in such documents as our business, operating results, financial condition and prospects may have changed since such dates. See "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in this prospectus supplement and "Forward-Looking Information" in the shelf prospectus.

An affiliate of RBC Dominion Securities Inc. acted as our financial advisor in connection with the acquisition. We have obtained commitments from the Canadian chartered bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. under a bridge credit facility. The Canadian chartered bank affiliates of TD Securities Inc. and National Bank Financial Inc. have also consented to certain amendments to our existing credit agreement, conditional on the acquisition being completed, which consents represent the consent of the majority lenders under our existing credit agreement. In addition, the Canadian chartered bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. have committed to provide certain incremental revolving commitments, conditional on the acquisition being completed. See "The Acquisition", "The Acquisition—Financing the Acquisition" and "Use of Proceeds". Furthermore, the underwriters and their respective affiliates have provided, from time to time, and may provide in the future, commercial banking, investment and financial advisory services to us and our affiliates in the ordinary course of business for which they have received and may continue to receive customary fees and commissions. **Consequently, in connection with this offering, we may be considered a "connected issuer" of these underwriters under applicable Canadian securities legislation.** See "Relationship Between Boyd and Certain of the Underwriters".

The Corporation is organized under the CBCA. Our head and registered office is located at 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba, Canada R3H 1A6.

Brian Kaner, our President and Chief Executive Officer and one of our directors, and Christine Feuell, John Hartmann and Sally Savoia, each of whom is one of our directors, reside outside of Canada and have each appointed Boyd Group Services Inc., 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba R3H 1A6 as his or her agent for service of process in Canada. Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person who resides outside of Canada, even if the party has appointed an agent for service of process. See "Enforcement of Judgments Against Foreign Persons".

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

**PROSPECTUS SUPPLEMENT** 

---

| | |
|:---|:---|
|  | **Page** |
|  [IMPORTANT NOTICE ABOUT INFORMATION IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING SHELF PROSPECTUS](#suptoc77213_1) | S-1 |
|  [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#suptoc77213_2) | S-1 |
|  [MARKET AND INDUSTRY DATA](#suptoc77213_3) | S-5 |
|  [TRADEMARKS AND TRADE NAMES](#suptoc77213_4) | S-5 |
|  [ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS](#suptoc77213_5) | S-5 |
|  [CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION](#suptoc77213_6) | S-6 |
|  [FINANCIAL INFORMATION](#suptoc77213_7) | S-6 |
|  [DOCUMENTS INCORPORATED BY REFERENCE](#suptoc77213_8) | S-6 |
|  [DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT](#suptoc77213_9) | S-8 |
|  [MARKETING MATERIALS](#suptoc77213_10) | S-8 |
|  [CAUTIONARY NOTE REGARDING UNAUDITED PRO FORMA COMBINED CONSOLIDATED FINANCIAL STATEMENTS](#suptoc77213_11) | S-9 |
|  [NON-GAAP AND OTHER FINANCIAL MEASURES](#suptoc77213_12) | S-10 |

---

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| | |
|:---|:---|
|  | **Page** |
|  [WHERE YOU CAN FIND MORE INFORMATION](#suptoc77213_13) | S-11 |
|  [THE CORPORATION](#suptoc77213_14) | S-12 |
|  [THE ACQUISITION](#suptoc77213_15) | S-14 |
|  [RECENT DEVELOPMENTS](#suptoc77213_16) | S-27 |
|  [RISK FACTORS](#suptoc77213_17) | S-27 |
|  [CONSOLIDATED CAPITALIZATION](#suptoc77213_18) | S-41 |
|  [USE OF PROCEEDS](#suptoc77213_19) | S-42 |
|  [DESCRIPTION OF COMMON SHARES BEING DISTRIBUTED](#suptoc77213_20) | S-43 |
|  [PLAN OF DISTRIBUTION](#suptoc77213_21) | S-43 |
|  [RELATIONSHIP BETWEEN BOYD AND CERTAIN OF THE UNDERWRITERS](#suptoc77213_22) | S-51 |
|  [CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS](#suptoc77213_23) | S-52 |
|  [U.S. FEDERAL INCOME TAX CONSIDERATIONS](#suptoc77213_24) | S-55 |
|  [TRADING PRICE AND VOLUME](#suptoc77213_25) | S-61 |
|  [PRIOR SALES](#suptoc77213_26) | S-61 |
|  [LEGAL MATTERS](#suptoc77213_27) | S-61 |
|  [AUDITOR, TRANSFER AGENT AND REGISTRAR](#suptoc77213_28) | S-61 |
|  [ENFORCEMENT OF CIVIL LIABILITIES](#suptoc77213_29) | S-62 |
|  [FINANCIAL STATEMENTS](#suptoc77213_30) | F-1-1 |
|  [INVESTOR PRESENTATION](#suptoc77213_31a) | INV-1 |

---

**SHELF PROSPECTUS** 

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| | | |
|:---|:---|:---|
|  | Page | Page |
|  [ABOUT THIS PROSPECTUS](#toc77213_1) |  | 1 |
|  [DOCUMENTS INCORPORATED BY REFERENCE](#toc77213_2) |  | 1 |
|  [FORWARD-LOOKING INFORMATION](#toc77213_3) |  | 3 |
|  [THE CORPORATION](#toc77213_4) |  | 4 |
|  [RECENT DEVELOPMENTS](#toc77213_5) |  | 4 |
|  [CONSOLIDATED CAPITALIZATION](#toc77213_6) |  | 5 |
|  [USE OF PROCEEDS](#toc77213_7) |  | 5 |
|  [EARNINGS COVERAGE RATIOS](#toc77213_8) |  | 5 |
|  [PLAN OF DISTRIBUTION](#toc77213_9) |  | 5 |
|  [PRIOR SALES](#toc77213_10) |  | 7 |

---

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| | | |
|:---|:---|:---|
|  | Page | Page |
|  [TRADING PRICE AND VOLUME](#toc77213_11) |  | 7 |
|  [CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS](#toc77213_12) |  | 7 |
|  [RISK FACTORS](#toc77213_13) |  | 7 |
|  [LEGAL MATTERS AND INTERESTS OF EXPERTS](#toc77213_14) |  | 8 |
|  [AUDITOR, TRANSFER AGENT AND REGISTRAR](#toc77213_15) |  | 8 |
|  [EXEMPTIONS](#toc77213_16) |  | 8 |
|  [AGENT FOR SERVICE OF PROCESS IN CANADA](#toc77213_17) |  | 9 |

---

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##### [**Table of Contents**](#toc)
**IMPORTANT NOTICE ABOUT INFORMATION IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING SHELF PROSPECTUS** 

This document is composed of two parts. The first part is this prospectus supplement, which describes the specific terms of this offering and also adds to and supplements certain information contained in the accompanying shelf prospectus and the documents incorporated by reference herein and therein. The second part is the shelf prospectus which gives more general information, some of which may not apply to this offering. This prospectus supplement is deemed to be incorporated by reference into the shelf prospectus solely for the purposes of this offering.

We have not and the underwriters have not authorized any person to provide readers with information different from that contained in this prospectus supplement and the accompanying shelf prospectus (or incorporated by reference herein or therein). Neither we nor the underwriters take responsibility for, or can provide any assurance as to the reliability of, any other information that others may give readers of this prospectus supplement and the accompanying shelf prospectus. If the description of our common shares or any other information varies between this prospectus supplement and the accompanying shelf prospectus (including the documents incorporated by reference herein and therein), the information in this prospectus supplement supersedes the information in the accompanying shelf prospectus or documents incorporated by reference herein or therein.

Readers should not assume that the information contained or incorporated by reference in this prospectus supplement and the accompanying shelf prospectus is accurate as of any date other than the date of this prospectus supplement and the accompanying shelf prospectus or the respective dates of the documents incorporated by reference herein or therein, unless otherwise noted herein or as required by law. It should be assumed that the information appearing in this prospectus supplement, the accompanying shelf prospectus and the documents incorporated by reference herein and therein are accurate only as of their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates.

This prospectus supplement shall not be used by anyone for any purpose other than in connection with this offering. We do not undertake to update the information contained or incorporated by reference herein or in the shelf prospectus, except as required by applicable securities laws. Information contained on, or otherwise accessed through, our website, www.boydgroup.com, shall not be deemed to be a part of this prospectus supplement, the accompanying shelf prospectus or any document incorporated by reference herein or therein and such information is not incorporated by reference herein or therein and prospective investors should not rely on such information when deciding whether or not to invest in our common shares.

Unless otherwise indicated, information contained in this prospectus supplement assumes or reflects no exercise of the underwriters' option to purchase additional common shares and no exercise of outstanding stock options.

This prospectus supplement does not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities offered by this prospectus supplement by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation.

In this prospectus supplement, unless the context otherwise requires, the terms "**we**", "**our**", "**us**", "**Boyd**" and the "**Corporation**" refer to Boyd Group Services Inc. and its subsidiaries.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus contains or incorporates by reference "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "**forward-looking statements**"). In

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##### [**Table of Contents**](#toc)
addition, our representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of applicable Canadian and U.S. securities laws and constitute forward-looking information within the meaning of applicable Canadian securities legislation.

Forward-looking statements in this prospectus supplement, the accompanying shelf prospectus and the documents incorporated by reference herein and therein include all statements that are not historical facts regarding possible events, conditions or results of operations that we believe, expect or anticipate will or may occur in the future, including, but not limited to, statements regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the anticipated timing and completion of the acquisition on the terms described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the anticipated strategic and financial benefits of the acquisition, including sales and Adjusted EBITDA (as
defined below) growth and expected Adjusted Net Earnings Per Share accretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the operational impacts of the acquisition on our business, including to our revenue share in relevant U.S.
states, location count, geographic diversification and relationships with insurance carriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations that the acquisition will be margin accretive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential synergies and the timing of realization thereof and the areas from which synergies will be derived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential tax benefits from the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financing of the purchase price of the acquisition and related transactions, such as the borrowing under
the bridge credit facility and the amendment of our existing credit facilities, the expected sources and uses of funds, the terms of these financings, and the anticipated timing of and ability to complete these financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our capitalization, leverage, and other financial information after giving effect to this offering and the
financing of the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our plans to return to our current leverage ratio following the closing of the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expected use of the net proceeds of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected timing and closing date of this offering and the listing of our common shares on the TSX and on
the NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected timing of commencement of trading on the NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the exercise of the underwriters' option to purchase additional common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectation that we will achieve financial performance targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our value creation strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our strategy for future growth, including our long-term growth goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• results of operations, including expected impacts, costs and savings related to our outlook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our plans to increase revenue share through strategic and accretive acquisitions and organic growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our goals to retain strong positions in regions served;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our capital allocation plan, including growth investments and maintenance capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performance and business prospects and opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• demand drivers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dividend growth.

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The forward-looking statements in this prospectus supplement, the accompanying shelf prospectus and the documents incorporated by reference herein and therein also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "suspect", "outlook", "expect", "intend", "estimate", "anticipate", "believe", "plan", "forecast", "objective", "seek", "aim", "continue", "goal", "restore", "embark", "expect", "target" and "endeavour" (or the negative thereof) and words and expressions of similar import, and include statements concerning possible or assumed future results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements and they should not be interpreted as confirming market or analysts' expectations in any way.

Forward-looking statements are necessarily based on a number of opinions, estimates and assumptions that, while considered reasonable by us as of the date of such statements, are inherently subject to known and unknown significant business, economic and competitive risks, uncertainties and contingencies. Our estimates and assumptions, which may prove to be incorrect, include, but are not limited to, the various assumptions incorporated by reference in this prospectus as well as the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conditions in the collision and auto glass repair business, including weather, accident frequency, cost of
repair, miles driven and available repairable vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the satisfaction of all closing conditions and completion of the acquisition within the anticipated timeframe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to complete the integration of JHCC within anticipated time periods and at expected cost levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to achieve synergies arising from successful integration of the JHCC business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the acquisition on growth and accretion in various financial metrics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accuracy and completeness of the information (including financial information) provided by JHCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of significant undisclosed costs or liabilities associated with the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to financing the acquisition, assumptions regarding fees, interest rates and timing of
completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to potential tax benefits from the acquisition, that we earn sufficient taxable income over the
period in which deductions from the acquisition are available, that tax rates remain the same, and that there are no adverse changes in applicable laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the successful implementation of margin improvement initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the future performance and results of our business and operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions, industry forecasts and/or trends, the government and regulatory environment and
potential impacts thereof.

Forward-looking statements are inherently subject to significant known and unknown risks, uncertainties, and other factors that may cause our actual results, performance or achievements, or developments in our business or in our industry to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Important risks, uncertainties and factors that could cause actual results to differ materially from expectations expressed in the forward-looking statements in this prospectus include, but are not limited to, uncertainties and factors relating to: the completion of this offering; the completion of the acquisition on the anticipated terms and timing, including the satisfaction of the conditions thereto and our ability to obtain regulatory approvals on favorable terms; the risk of dilution on a per share basis if the acquisition is not completed; the failure to realize the anticipated benefits or synergies of the acquisition; challenges or delays in achieving synergies and in integrating the business of JHCC into our operations; the risk that financing necessary to fund the acquisition may not be obtained or may be more difficult and costly to obtain than anticipated; the possibility of unexpected material liabilities, disputes or contingencies

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relating to the acquisition; risks associated with historical financial information of JHCC and pro forma financial information; the diversion of management time and attention on the acquisition; the impact of the costs in connection with the acquisition and integration of JHCC's business into our operations; risks associated with incurring additional debt to finance the acquisition; the retention of customers and employees of JHCC; the volatility of the market and price of our common shares; there being no active market for our common shares in the U.S.; dilution of common shares from future offerings; our discretion in the use of proceeds of this offering; our discretion to pay dividends; the costs of becoming a U.S. public company; our foreign private issuer status; the difference in Canadian and U.S. corporate and securities laws; general market performance including capital market conditions and availability and cost of credit; performance of the markets that we serve; impact of inflation; interest rate changes; foreign currency and exchange risk; the relative strength of the Canadian dollar; our ability to maintain direct repair program relationships with insurance partners; a decline in the number of insurance claims; our ability to attract, train, develop and retain employees; wage pressure; our dependence on key personnel; our ability to successfully expand organically or through acquisition; an inability to grow expertise, personnel, and/or locations at required rates or to identify, negotiate and conclude one or more acquisitions, or to raise, through debt or equity, or otherwise have available, required capital; our ability to deliver on operational performance metrics; our ability to protect, maintain and enhance the value of our brand and reputation; industry, social, economic, political, regulatory and competitive changes; reliance on computerized operational and reporting systems; cybersecurity incidents; disruptions in supply chains adversely impacting our operations, market pressure and sales mix changes; economic downturn; changes in client relationships; our ability to comply with existing and future health, employment, environmental and other government regulations; climate change and weather conditions; future impacts of pandemics or other public health crises; our ability to compete with other businesses in the collision repair industry; the ability to access sufficient capital from internal and external sources and the ability to access sufficient capital on favorable terms; the regulatory, corporate governance and tax environment; fluctuation in operating results and seasonality; the adverse effect of litigation in the ordinary course of business; execution of new strategies; insurance coverage; U.S. health care costs and workers compensation claims; capital expenditures; low capture rates; fluctuations in the price of energy; and other risks and uncertainties detailed from time to time in our filings with Canadian and U.S. securities regulators.

Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and other than as required by applicable securities laws, we do not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs or opinions change.

We have attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking statements. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in our filings with the Canadian provincial securities regulators, including the risk factors described under the heading "Risk Factors" in this prospectus supplement and "Business Risks and Uncertainties" in our annual information form dated March 18, 2025 for the year ended December 31, 2024 and in our management's discussion and analysis for the year ended December 31, 2024, and the other documents incorporated by reference herein, which are available through the internet on the System for Electronic Data Analysis and Retrieval + ("**SEDAR+**") and can be accessed at www.sedarplus.com, and on the SEC's Electronic Data Gathering, Analysis, and Retrieval System ("**EDGAR**") website at www.sec.gov, as well as from commercial document retrieval services. Prospective purchasers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used.

These forward-looking statements represent our views as of the date of this prospectus supplement or the date of the documents incorporated by reference in which such forward-looking statements are contained, and such information should not be relied upon as representing our views as of any date subsequent to such

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applicable date. Certain statements incorporated by reference in this prospectus may be considered a "financial outlook" for purposes of applicable Canadian securities laws and, as such, the financial outlook may not be appropriate for purposes other than to understand management's current expectations and plans relating to the future, as disclosed in this prospectus.

**READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS AS ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THE PLANS, EXPECTATIONS, ESTIMATES OR INTENTIONS AND STATEMENTS EXPRESSED IN THE FORWARD-LOOKING STATEMENTS. ALL FORWARD-LOOKING STATEMENTS IN THIS PROSPECTUS AND IN THE DOCUMENTS INCORPORATED HEREIN BY REFERENCE ARE QUALIFIED IN THEIR ENTIRETY BY THE ABOVE CAUTIONARY STATEMENTS AND, EXCEPT AS REQUIRED BY APPLICABLE SECURITIES LAWS, WE UNDERTAKE NO OBLIGATION TO REVISE OR UPDATE ANY FORWARD-LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.** 

**MARKET AND INDUSTRY DATA** 

Unless otherwise indicated, information contained in this prospectus concerning our industry and the geographies in which we operate, including our general expectations and industry position, opportunities and revenue share, is based on information from independent industry organizations, other third-party sources (including industry publications, surveys, and forecasts) and management studies and estimates.

Unless otherwise indicated, our estimates are derived from publicly available information released by independent industry analysts and third-party sources, as well as data from our internal research, and include assumptions made by us which we believe to be reasonable based on our knowledge of our industry and the geographies in which we operate. Although we believe these sources to be generally reliable, market and industry data is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties inherent in any statistical survey. Our internal research and assumptions have not been verified by any independent source, and we have not independently verified any third-party information. While we believe the industry information included in this prospectus is generally reliable, such information is inherently imprecise. In addition, projections, assumptions, and estimates of our future performance and the future performance of the industry and geographies in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the headings "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors".

**TRADEMARKS AND TRADE NAMES** 

This prospectus includes trademarks and trade names which are protected under applicable intellectual property laws and are our property. All other trademarks used in this prospectus are the property of their respective owners.

**ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS** 

Brian Kaner, our President and Chief Executive Officer and one of our directors, and Christine Feuell, John Hartmann and Sally Savoia, each of whom are one of our directors, reside outside of Canada. Each of Mr. Kaner, Ms. Feuell, Mr. Hartmann and Ms. Savoia has appointed Boyd Group Services Inc., 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba R3H 1A6, as his or her agent for service of process in Canada. Purchasers are advised that it may not be possible for investors to enforce judgements obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process.

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**CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION** 

We express all amounts in this prospectus supplement in U.S. dollars, except where otherwise indicated. References to "$" and "US$" are to U.S. dollars and references to "C$" are to Canadian dollars.

The following table sets out the high and low rates of exchange for one U.S. dollar expressed in Canadian dollars during each of the following periods, the average rate of exchange for those periods and the rate of exchange in effect at the end of each of those periods, each based on the daily average rate of exchange published by the Bank of Canada for conversion of U.S. dollars into Canadian dollars.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **June 30,**<br>**2025** | **June 30,**<br>**2025** | **June 30,**<br>**2024** | **June 30,**<br>**2024** | **December 31,<br>2024** | **December 31,<br>2024** | **December 31,<br>2023** | **December 31,<br>2023** |
|  Highest rate during the period | C$ | 1.4603 | C$ | 1.3821 | C$ | 1.4416 | C$ | 1.3875 |
|  Lowest rate during the period | C$ | 1.3558 | C$ | 1.3316 | C$ | 1.3316 | C$ | 1.3128 |
|  Average rate for the period | C$ | 1.4094 | C$ | 1.3586 | C$ | 1.3698 | C$ | 1.3497 |
|  Rate at the end of the period | C$ | 1.3643 | C$ | 1.3687 | C$ | 1.4389 | C$ | 1.3226 |

---

On October 28, 2025, the daily average rate of exchange posted by the Bank of Canada for conversion of U.S. dollars into Canadian dollars was US$1.00 equals C$1.3959. No representation is made that U.S. dollars could be converted into Canadian dollars at that rate or any other rate.

**FINANCIAL INFORMATION** 

Our financial statements included or incorporated by reference herein are reported in U.S. dollars and have been prepared in accordance with IFRS. Our financial statements are subject to audit in accordance with Canadian generally accepted auditing standards and our auditor is independent with respect to us within the meaning of the Code of Professional Conduct of the Chartered Professional Accountants of Manitoba and within the meaning of the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**"), the applicable rules and regulations adopted thereunder by the SEC and the Public Company Accounting Oversight Board (United States). See *"*Auditor, Transfer Agent and Registrar".

All financial information of JHCC and the audited annual and unaudited interim financial statements of JHCC included herein are reported in U.S. dollars and have been prepared in accordance with, or are derived from financial statements prepared in accordance with, U.S. generally accepted accounting principals ("**U.S. GAAP**"). The recognition, measurement and disclosure requirements of U.S. GAAP differ from IFRS.

This prospectus supplement contains pro forma financial information and other disclosure related to us, assuming, and after giving effect to, completion of the acquisition of JHCC and certain financing transactions related to the acquisition of JHCC. The pro forma financial statements contained herein include information from the financial statements of JHCC that were prepared in accordance with U.S. GAAP, and certain adjustments have been made for U.S. GAAP to IFRS differences. See "Cautionary Note Regarding Unaudited Pro Forma Combined Consolidated Financial Statements" and the notes to pro forma financial statements contained herein for more information.

**DOCUMENTS INCORPORATED BY REFERENCE** 

Information has been incorporated by reference in this prospectus from documents filed with securities commissions or similar authorities in each of the provinces of Canada. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Secretary of Boyd Group Services Inc.

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at 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba R3H 1A6, by telephone at (204) 895-1244 or by email at info@boydgroup.com. These documents are also available through the internet on SEDAR+, which can be accessed online at www.sedarplus.com and on EDGAR at www.sec.gov.

This prospectus supplement is deemed to be incorporated by reference into the accompanying shelf prospectus as of the date of this prospectus supplement solely for the purposes of this offering. Other documents are also incorporated or are deemed to be incorporated by reference into the shelf prospectus as of the date of this prospectus supplement.

The following documents, which have been filed by us with the various securities commissions or similar authorities in each of the provinces of Canada, are specifically incorporated by reference into and form an integral part of the shelf prospectus as of the date of this prospectus supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [our annual information form dated March 18, 2025 for the year ended December 31, 2024;](d77213dex41.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [our audited consolidated financial statements as at and for the years ended December 31, 2024 and 2023, together with the notes thereto and the independent auditor's report thereon;](d77213dex42.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [our management's discussion and analysis of our financial condition and results of operations for the year ended December 31, 2024;](d77213dex43.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [our management information circular dated March 25, 2025 prepared in connection with our annual and special meeting of shareholders held on May 14, 2025;](d77213dex46.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [our unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2025 and 2024, together with the notes thereto;](d77213dex44.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [our management's discussion and analysis of our financial condition and results of operations as at June 30, 2025 and for the three and six month periods ended June 30, 2025;](d77213dex45.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [our material change report dated February 27, 2025 regarding our outlook;](d77213dex47.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [our material change report dated May 14, 2025 regarding the appointment of Brian Kaner as President and Chief Executive Officer;](d77213dex48.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [our material change report dated August 28, 2025 regarding our offering of senior unsecured notes and the increase to and extension of our existing credit facilities; and](d77213dex49.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the template version (as such term is defined in National Instrument 41-101 – *General Prospectus Requirements*) of the term sheet utilized in connection with this offering dated October 29, 2025.

**Any statement contained in this prospectus supplement, in the accompanying shelf prospectus or in any document incorporated or deemed to be incorporated by reference herein or therein shall be deemed to be modified or superseded, for purposes of this prospectus supplement, to the extent that a statement contained in any subsequently filed document which also is, or is deemed to be, incorporated by reference herein or in the accompanying shelf prospectus modifies or supersedes such prior statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to prevent a statement that is made from being false or misleading in the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute part of this prospectus.** 

Any document of the type required by National Instrument 44-101 – *Short Form Prospectus Distributions* to be incorporated by reference into a short form prospectus, including any annual information forms, material

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change reports (except confidential material change reports), business acquisition reports, interim financial statements, annual financial statements and the independent auditor's report thereon, management's discussion and analysis and information circulars, filed by us with securities commissions or similar authorities in Canada after the date of this prospectus supplement and for the duration of this offering, shall be deemed to be incorporated by reference into this prospectus supplement. In addition, all documents filed on Form 6-K or Form 40-F by us with the SEC on or after the date of this prospectus supplement and for the duration of this offering shall be deemed to be incorporated by reference into the registration statement of which this prospectus supplement forms a part of, if and to the extent, in the case of any Report on Form 6-K, expressly provided in such document.

Furthermore, any "template version" of any "marketing materials" (each such term as defined in National Instrument 41-101 – *General Prospectus Requirements*) filed on SEDAR+ in connection with this offering after the date of the final form of this prospectus supplement but prior to the termination of the distribution of our common shares pursuant to this offering is deemed to be incorporated by reference in the final form of this prospectus supplement and in the accompanying shelf prospectus.

You should not assume that the information contained in or incorporated by reference in this prospectus supplement is accurate as of any date other than the date on the cover page of the prospectus supplement, and in the case of the documents incorporated by reference herein, other than of the respective dates of such documents.

Reference to our website or any other website in this prospectus and in any documents that are incorporated by reference into this prospectus do not incorporate by reference the information on such website into this prospectus, and we disclaim any such incorporation by reference.

The documents incorporated or deemed to be incorporated herein by reference contain meaningful and material information relating to us and readers should review all information contained in this prospectus supplement, the accompanying shelf prospectus and the documents incorporated or deemed to be incorporated by reference herein and therein.

**DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT** 

This offering is being made concurrently in Canada pursuant to this prospectus supplement and the accompanying shelf prospectus and in the U.S. pursuant to the registration statement filed with the SEC under the U.S. Securities Act. This prospectus supplement and the accompanying shelf prospectus do not contain all of the information set forth in the registration statement, certain items of which are contained in the exhibits to the registration statement as permitted or required by the rules and regulations of the SEC.

The following documents have been or will be filed or furnished with the SEC as part of the registration statement of which this prospectus supplement forms a part: (i) the documents listed under the heading "Documents Incorporated by Reference" herein; (ii) powers of attorney from our directors and officers, as applicable; (iii) the consent of Deloitte LLP; (iv) the consent of Forvis Mazars, LLP; and (v) the underwriting agreement.

**MARKETING MATERIALS** 

Before the filing of the final prospectus supplement, in connection with this offering, we and the underwriters held road shows that potential investors in the U.S. and in certain of the provinces of Canada were able to attend. We and the underwriters provided marketing materials to those potential investors in connection with those road shows.

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In doing so, we and the underwriters relied on a provision in applicable Canadian securities legislation that allows issuers in certain U.S. cross-border offerings to not have to file marketing materials relating to those road shows on SEDAR+ or include or incorporate by reference those marketing materials in the final prospectus supplement in respect of this offering. To rely on this exemption, we and the underwriters must give contractual rights to Canadian investors in the event the marketing materials contain a misrepresentation.

Accordingly, the Canadian underwriters, in signing the certificate to be contained in the final prospectus supplement, and we, in signing the certificate contained in the shelf prospectus, in each case in respect of this offering, have agreed that in the event the marketing materials relating to the road shows described above contain a misrepresentation (as defined in securities legislation in each of the provinces of Canada), a purchaser resident in a province of Canada who was provided with those marketing materials in connection with the road shows and who purchases our common shares under the final prospectus supplement in respect of this offering during the period of distribution shall have, without regard to whether the purchaser relied on the misrepresentation, rights against us and each such Canadian underwriter with respect to the misrepresentation that are equivalent to the rights under the securities legislation of the jurisdiction of Canada where the purchaser is resident, subject to the defences, limitations and other terms of that legislation, as if the misrepresentation was contained in the final prospectus supplement in respect of this offering.

However, this contractual right does not apply (i) to the extent that the contents of the marketing materials relating to the road shows have been modified or superseded by a statement in the final prospectus supplement in respect of this offering, and (ii) to any "comparables" as such term is defined in National Instrument 41-101 – *General Prospectus Requirements* in the marketing materials provided in accordance with applicable securities legislation.

A copy of the template version (as such term is defined in National Instrument 41-101 – *General Prospectus Requirements*) of the investor presentation dated October 29, 2025 utilized in connection with this offering is included beginning on page INV-1 of this prospectus supplement.

**CAUTIONARY NOTE REGARDING UNAUDITED PRO FORMA COMBINED CONSOLIDATED FINANCIAL STATEMENTS** 

This prospectus supplement contains our unaudited pro forma combined consolidated financial information, comprising the pro forma consolidated statement of financial position as at June 30, 2025 and the pro forma consolidated statements of earnings for the year ended December 31, 2024 and the six months ended June 30, 2025, together with the notes thereto (the "**pro forma financial statements**"), giving effect to, among other things: (i) this offering (without giving effect to the exercise of the underwriters' option to purchase additional common shares), (ii) the acquisition, (iii) drawings of US$210.0 million on our amended revolving credit facility, and (iv) drawings of US$375.0 million on our bridge credit facility. The pro forma financial statements are presented for illustrative purposes only and should not be considered to be an indication of our results of operations or financial condition following the completion of the acquisition. In addition, our pro forma financial statements are based in part on certain assumptions regarding the acquisition. These assumptions may not prove to be accurate, and other factors may affect our results of operations or financial condition following the completion of the acquisition. In particular and without limiting the foregoing, our pro forma financial statements assume certain matters which are set out therein. Our pro forma financial statements have been prepared using certain of our and JHCC's respective historical financial statements as more particularly described in the notes to our pro forma financial statements. We have not independently verified the financial statements of JHCC that were used to prepare our pro forma financial statements or that are included in this prospectus supplement. Our pro forma financial statements are not intended to be indicative of the results that would actually have occurred, or the results expected in future periods, had the events reflected herein occurred on the dates indicated. Actual amounts recorded upon the finalization of the purchase price allocation pursuant to the equity purchase agreement may differ from the amounts reflected in our pro forma financial statements. Since our pro forma

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financial statements have been developed to retroactively show the effect of a transaction that has or is expected to occur at a later date, there are limitations inherent in the very nature of pro forma financial information and data. Our pro forma financial statements contained in this prospectus supplement are included for informational purposes only and undue reliance should not be placed on such statements. See "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors".

**NON-GAAP AND OTHER FINANCIAL MEASURES** 

This prospectus supplement, the shelf prospectus and the documents incorporated by reference herein and therein make reference to certain non-GAAP financial measures and non-GAAP ratios used to evaluate our performance. The terms "Standardized EBITDA", "Adjusted EBITDA", "Adjusted EBITDA adjusted for lease payments", "same store sales", "Net Debt" and "Net Debt before lease liabilities" are non-GAAP financial measures and the terms "Adjusted EBITDA Margin", "Adjusted EBITDA Margin adjusted for lease payments", "Adjusted Net Earnings Per Share" and "Net Debt before lease liabilities to Adjusted EBITDA adjusted for lease payments" are non-GAAP ratios. These non-GAAP financial measures and non-GAAP ratios do not have any standardized meaning prescribed within IFRS and therefore may not be comparable to similar measures disclosed by other issuers. In addition, we make reference herein to certain non-GAAP financial measures of JHCC, such as "JHCC Adjusted EBITDA" and "JHCC Adjusted EBITDA Margin", which are not standardized measures under U.S. GAAP, which is JHCC's applicable GAAP. Investors are cautioned that these measures should not be construed as alternatives to measures determined in accordance with IFRS or U.S. GAAP, as applicable. Management believes our and JHCC's non-GAAP financial measures and non-GAAP ratios are important measures used to evaluate performance of the businesses and that these measures provide transparent and useful supplemental information to help investors evaluate our and JHCC's operating results and financial positions, and the expected impact of the acquisition, particularly in relation to long-term growth. These measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS or U.S. GAAP, as applicable.

We have provided disclosure regarding our and JHCC's non-GAAP financial measures and non-GAAP ratios, including where applicable reconciliations to the most directly comparable IFRS and GAAP measures, respectively, herein and in documents filed by us with securities commissions or similar authorities in Canada, including the annual and interim management's discussion and analysis incorporated by reference in this prospectus as set forth under the heading "Documents Incorporated by Reference" and otherwise below in "The Acquisition—Reconciliation of Certain Non-GAAP Financial Measures" as well as the section entitled "Caution Concerning Non-GAAP Financial Measures" in the investor presentation included in this prospectus supplement.

***Descriptions of Non-GAAP Financial Measures and Ratios***

The following outlines the composition of certain non-GAAP financial measures and non-GAAP ratios used in this prospectus, and why management uses such measures. Except as otherwise described herein, non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable.

"**Same store sales**" is a measure of sales that includes only those locations in operation for the full comparative period. Same store sales is presented excluding the impact of foreign exchange on the current period. Same store sales is calculated by applying the prior period exchange rate to the current year's sales.

"**Standardized EBITDA**" represents an indication of our capacity to generate income from operations before taking into account management's financing decisions and costs of consuming tangible and intangible capital assets, which vary according to their vintage, technological age and management's estimates of their useful life. Standardized EBITDA comprises sales less operating expenses before finance costs, capital asset amortization and impairment charges, and income taxes. The most directly comparable IFRS measure to Standardized EBITDA is net earnings.

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"**Adjusted EBITDA**", with respect to us, is calculated to exclude items of an unusual nature that do not reflect normal or ongoing operations and which should not be considered in a valuation metric or should not be included in an assessment of the ability to service or incur debt. Included as an adjustment to EBITDA are acquisition and transformational cost initiatives expenses and fair value adjustments to contingent consideration. These adjustments do not relate to the current operating performance of the business units but are typically costs incurred to expand operations as well as to execute transformation plans, such as our five-year goal. Management believes that in addition to net earnings and cash flows, Adjusted EBITDA is useful to investors as providing an indication of earnings from operations and cash available for distribution, both before and after debt management, productive capacity maintenance and non-recurring and other adjustments. The most directly comparable IFRS measure to Adjusted EBITDA is net earnings. "**Adjusted EBITDA adjusted for lease payments**" is Adjusted EBITDA excluding the interest and principal components of lease payments.

"**Adjusted EBITDA Margin**" is a non-GAAP ratio that is a measure of operating profit that can be used to assess our operational performance. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total sales. "**Adjusted EBITDA Margin adjusted for lease payments**" is calculated by dividing Adjusted EBITDA Margin adjusted for lease payments by total sales.

"**Adjusted Net Earnings**" means net earnings adjusted to add back fair value adjustments (non-taxable) and acquisition and transformational cost initiatives (net of tax). We believe that certain users of financial statements are interested in understanding net earnings excluding certain fair value adjustments and other items of an unusual or infrequent nature that do not reflect normal or ongoing operations. This can assist users in comparing current results to historical results that did not include such items.

"**Adjusted Net Earnings Per Share**" means Adjusted Net Earnings, divided by our weighted average number of shares for the applicable period.

"**Net Debt**" means total debt, lease liabilities and long-term lease liabilities, less cash and cash equivalents, which is useful to assess our leverage. The most directly comparable IFRS measure to Net Debt is total debt. "**Net Debt before lease liabilities**" means Net Debt excluding lease liabilities and long-term lease liabilities.

"**Net Debt before lease liabilities to Adjusted EBITDA adjusted for lease payments**" is a non-GAAP ratio that helps to assess our leverage and ability to service our debt, excluding the impact of lease liabilities from both debt and earnings. This ratio provides a clearer picture of our debt burden by focusing on our core operating debt and earnings, rather than being skewed by lease accounting adjustments.

"**JHCC Adjusted EBITDA**" means JHCC management's reported earnings from continuous operations before interest expense (net), state franchise tax expense and depreciation, with further adjustments for acquisition and store opening costs. "**JHCC Adjusted EBITDA adjusted for lease payments**" means JHCC Adjusted EBITDA plus an add-back for operating lease costs. We believe JHCC Adjusted EBITDA adjusted for lease payments is a more directly comparable measure for evaluating JHCC's results against our results, as it approximately normalizes for differences between the treatment of leases under IFRS (under which we report) compared to U.S. GAAP (under which JHCC reports).

"**JHCC Adjusted EBITDA Margin**" is calculated by dividing JHCC Adjusted EBITDA by total sales of JHCC. "**JHCC Adjusted EBITDA Margin adjusted for lease payments"** is calculated by dividing JHCC Adjusted EBITDA Margin adjusted for lease payments by total sales.

**WHERE YOU CAN FIND MORE INFORMATION** 

We are subject to the informational requirements of the securities commissions or similar regulatory authority in all provinces of Canada. In connection with this offering, we will also commence filing reports and

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other information with the SEC. Purchasers are invited to read and download a copy of any reports, statements or other information, other than confidential filings, that we file with the Canadian provincial securities commissions, the SEC or similar regulatory authorities. These filings are also electronically available from SEDAR+ at www.sedarplus.com and from EDGAR at www.sec.gov. Except as expressly provided herein, documents filed on SEDAR+ or on EDGAR are not, and should not be considered, part of this prospectus supplement or the accompanying shelf prospectus.

We have filed with the SEC under the U.S. Securities Act the registration statement relating to our common shares, of which this prospectus supplement and the accompanying shelf prospectus form a part. This prospectus supplement and the accompanying shelf prospectus do not contain all of the information set forth in the registration statement, certain items of which are contained in the exhibits to the registration statement as permitted or required by the rules and regulations of the SEC. Items of information omitted from this prospectus supplement but contained in the registration statement are available on the SEC's website at www.sec.gov.

As a foreign private issuer, we are exempt from the rules under the U.S. Securities Exchange Act of 1934, as amended (the "**Exchange Act**") prescribing the furnishing and content of proxy statements, and our officers and directors are exempt from the reporting and short swing profit recovery provisions contained in Section 16 of the Exchange Act. Our reports and other information filed or furnished with or to the SEC are available from EDGAR at www.sec.gov, as well as from commercial document retrieval services.

**THE CORPORATION** 

**About Us** 

The Corporation was incorporated under the CBCA on September 19, 2019 for the primary purpose of acquiring and holding a controlling interest in the Boyd Group Income Fund and participating in a plan of arrangement, pursuant to which the Boyd Group Income Fund completed the conversion from an income trust to a corporate structure. As a result of the implementation of the plan of arrangement, the Corporation became the successor reporting issuer of the Boyd Group Income Fund on January 1, 2020.

We are one of the largest operators of non-franchised collision repair centers in North America by number of locations and sales. We operate locations in Canada under the trade names Boyd Autobody & Glass and Assured Automotive, and in the U.S. under the trade name Gerber Collision & Glass. We are also a major retail auto glass operator in the U.S., under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. We operate a third-party administrator, Gerber National Claims Services, that offers glass, emergency roadside and first notice of loss services. We also operate a Mobile Auto Solutions service that offers scanning and calibration services.

***Collision Operations***

We are a leading provider in the North American collision industry and operate full-service repair centers offering collision repair, glass repair, replacement services and calibration services. As of August 12, 2025, we operated over 1,000 collision locations across 34 U.S. states and five Canadian provinces.

***Glass Operations***

We are also an industry leader in the U.S. retail glass segment with operations across 39 U.S. states. Our third-party administrator business also provides glass services in the balance of the 50 states through affiliated glass providers, with approximately 5,500 affiliated glass provider locations and 15,000 affiliated roadside and towing service providers. Our Canadian glass operations are integrated in our collision business.

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***Calibration Services***

Calibration services currently represent approximately 5% of our sales mix. However, calibration services are growing as advanced driver assistance system technology expands, requiring additional repairs to meet original equipment manufacturer specifications. We estimate that calibration will account for approximately 10% of the industry revenue in the future.

**Industry Overview** 

***The Collision Repair Industry***

The collision repair industry in North America is estimated to represent approximately $50 billion in annual revenue, according to a 2023 third party report on the U.S. and Canadian collision repair marketplace. Despite experiencing consolidation over the past decade, the industry remains highly fragmented with over 30,000 locations in the U.S., consisting of small independent single shop operators and multi-shop operations, with varying degrees of scale, operating in local regions. We estimate that 23,900 single shops generate in aggregate approximately $26 billion of collision repair revenues annually, and that 800 small multi-shop operations (with fewer than seven shops), which own a total of 2,300 shops, generate approximately $8 billion of collision repair revenues annually.

***Canadian and U.S. Presence***

We are the third-largest operator in the North American collision repair industry by number of locations and sales, with over 1,000 locations and over $3 billion dollars of sales in the last 12 months ended June 30, 2025, representing approximately 6.1% revenue share.

The following table shows our percentage of sales in Canada and the U.S. during our three fiscal years ended December 31, 2022, 2023 and 2024:

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|:---|:---|:---|
| **Period Ended** | **Percentage of Sales in**<br>**Canada** | **Percentage of Sales in the**<br>**U.S.** |
|  December 31, 2022 | 8.0% | 92.0% |
|  December 31, 2023 | 7.9% | 92.1% |
|  December 31, 2024 | 8.0% | 92.0% |

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The following table shows our number of employees in Canada and the U.S. during our three fiscal years ended December 31, 2022, 2023 and 2024:

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|:---|:---|:---|:---|
| **Period Ended** | **Number of Employees in**<br>**Canada** | **Number of Employees in<br>the U.S.** | **Total Number of<br>Employees** |
|  December 31, 2022 | 1435 | 10956 | 12391 |
|  December 31, 2023 | 1541 | 11934 | 13475 |
|  December 31, 2024 | 1558 | 11891 | 13449 |

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***Competitive Conditions***

Our industry is very competitive. Major public and private insurers use performance-based measurements in selecting collision repair partners. In Alberta, Ontario and in the U.S., where private insurers operate, a greater emphasis is placed on establishing and maintaining our direct repair program referral arrangements with insurance companies. Direct repair programs are established between insurance companies and collision repair shops to better manage automobile repair claims and increase levels of customer satisfaction. Insurance companies select collision repair operators to participate in their programs based on integrity, convenience and physical appearance of the facility, quality of work, customer service, cost of repair, cycle time and other key

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performance metrics. Major insurers use performance-based criteria for selecting collision repair partners. Insurers have many options for direct repair programs and have established direct repair programs with both independent single shop operators and multi-shop operations. Local and regional direct repair programs, and national and self-managed direct repair program relationships, represent an opportunity for us to increase our business. Some insurers have also moved to consolidate direct repair program repair volumes with a smaller number of repair shops. For some insurance carriers, there is a desire to do business with multi-location collision repairers to reduce the number and complexity of contacts necessary to manage their networks of collision repair providers and achieve a higher level of consistent performance. We believe that our scale and competitive average cost of repair favorably position us with all major and regional insurers. We continue to work at developing and strengthening our direct repair program relationships with insurance carriers in both Canada and the U.S.

***Structural Changes Provide Tailwinds to Industry Growth***

Over a 10-year period, the collision repair industry has grown at an estimated compounded annual growth rate of 4.80%. There are several long-term structural shifts that are impacting the industry. The increasing complexity of vehicles and the growing need for scanning and calibration services have contributed to a 40% rise in the average cost of repair over the past five years. We expect the need for calibration services to increase as advanced driver assistance system technology expands across North America. With our strong scale and ability to invest in our calibration capabilities, we believe we are well-positioned to grow our sales in the growing and attractive calibration industry.

***Customer Relationships***

We provide collision repair services to major insurance companies and individual vehicle owners, with the majority of our sales being derived from insurance-paid collision repair services. We strive to be a trusted partner to insurance customers. Our top five largest insurance customers accounted for approximately 51% of our sales in 2024 in aggregate. Of these top five insurance customers, the largest customer represented approximately 16% of our total sales in 2024. Customer relationship dynamics in our principal geographies differ from region to region. See "—Competitive Conditions".

**Cycles** 

Our operating results have been and are expected to continue to be subject to quarterly fluctuations due to a variety of factors including changes in purchasing patterns, pricing policies, general and regional economic downturns, unemployment rates and weather conditions. However, our geographic diversification may lessen the effect of this cyclicality.

**THE ACQUISITION** 

**The Acquisition** 

On October 29, 2025, we entered into the purchase agreement pursuant to which we will indirectly acquire all of the issued and outstanding equity interests of JHCC on the terms and subject to the conditions set forth in the purchase agreement. We will pay a purchase price of US$1.3 billion in cash, which is subject to adjustment for cash, debt (and debt-like liabilities), transaction expenses, income tax liability and net working capital in accordance with the terms and conditions of the purchase agreement. We expect to benefit from certain tax benefits relating to the acquisition of approximately US$150.0 million, which implies a purchase price, net of such expected tax benefits, of approximately US$1.15 billion before such adjustments. See "The Acquisition" and "The Acquisition—Business of Joe Hudson's". After giving full effect to our expected run-rate annual synergies (and assuming full realization of US$37.0 million of run-rate synergies representing a point at the lower end of the anticipated synergy range of approximately US$35.0 million to US$45.0 million), the

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acquisition is valued at approximately 9.3x JHCC Adjusted EBITDA for the 12 months ended June 30, 2025. JHCC Adjusted EBITDA is a non-GAAP financial measure, meaning it is not a standardized financial measure under U.S. GAAP and may not be comparable to similar measures disclosed by other issuers. See "Non-GAAP and Other Financial Measures" and "The Acquisition—Reconciliation of Certain Non-GAAP Financial Measures".

The audited consolidated financial statements of JHCC as at and for the years ended December 31, 2024 and 2023, the unaudited interim consolidated financial statements of JHCC as at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024 and our pro forma financial statements which give effect to the acquisition of JHCC and certain other transactions as at and for the periods referred to therein are included elsewhere in this prospectus supplement.

We expect to fund the purchase price for the acquisition of Joe Hudson's, together with related financing fees and transaction expenses, by way of the following: (i) US$ million from the net proceeds of this offering, excluding any net proceeds from the exercise of the underwriters' option to purchase additional common shares; (ii) US$210.0 million of drawings under our amended revolving credit facility; and (iii) US$375.0 million of drawings under our bridge credit facility or net proceeds from one or more future offerings of additional senior unsecured notes. We have obtained commitments from the Canadian chartered bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. for US$1.155 billion under a bridge credit facility. We also expect to amend the credit agreement for our revolving credit facility to, among other things, increase its size from US$575.0 million to US$775.0 million pursuant to the existing accordion feature of our existing revolving credit facility. The Canadian chartered bank affiliates of TD Securities Inc. and National Bank Financial Inc. have consented to such amendments, conditional on the acquisition being completed. Their consents represent the consent of the majority lenders under our existing credit agreement. In addition, the Canadian chartered bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. have committed to provide the incremental US$200.0 million of revolving commitments pursuant to the accordion exercise, conditional on the acquisition being completed. See "—Financing the Acquisition". The acquisition is not subject to a financing condition.

The acquisition is expected to close in the fourth quarter of 2025, subject to the satisfaction or waiver of customary closing conditions and regulatory approvals. See "The Acquisition—Closing Conditions".

***Overview***

Our acquisition of Joe Hudson's will add 258 company-operated collision repair locations across 18 contiguous U.S. states. The transaction is aligned with our goal to accelerate growth and establish our position as one of the leading players in the North American collision industry. We expect the acquisition to deliver growth in top-line sales and Adjusted EBITDA and to be accretive to our Adjusted EBITDA Margin profile.

We also expect the acquisition to be accretive to our Adjusted Net Earnings Per Share in the first full year after completion, including the impact of cost synergies, and double-digit accretive upon full realization of the synergies.

The financing of the acquisition aligns with our long-standing commitment to strong financial discipline. We expect to return to our current leverage level of 2.7x Net Debt after lease liabilities to Adjusted EBITDA after lease payments potentially as early as the end of 2027. Net Debt after lease liabilities and Adjusted EBITDA after lease payments are non-GAAP financial measures meaning they are not standardized financial measures under IFRS and they may not be comparable to similar financial measures disclosed by other issuers. See "The Acquisition—Financing the Acquisition", "Non-GAAP and Other Financial Measures" and "The Acquisition—Reconciliation of Certain Non-GAAP Financial Measures".

***Significant Strategic Benefits***

We believe our acquisition of Joe Hudson's is a strong strategic fit that will be accretive to margins, with aligned market reach, complementary growth strategy and operational discipline, size and profitability level to

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support future growth, and significant whitespace for long-term growth. Specifically, the acquisition is expected to have the following significant strategic benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expands our scale and establishes our position as one of the leading players in the North American collision
repair industry, with a combined total of 1,273 locations across 36 U.S. states and five Canadian provinces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An estimated modest 7.6% combined revenue share within the highly fragmented North American collision
industry, post closing, provides us the opportunity for continued strong long-term growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accelerates our objective of enhancing density in our core regions to deliver greater convenience and value to
customers and our insurer partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strongly synergistic growth strategy, operational focus and culture between us and Joe Hudson's provides
the opportunity for strong value creation for customers, insurance carriers and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanded footprint and market depth to enhance insurance carrier and vendor relationships.

***Accelerating Our Growth and Establishing Our Leadership Position***

The combination of our business with JHCC's business is expected to accelerate our growth and establish our position as one of the leading players in the industry. The acquisition enhances overall proximity, convenience, and coverage for our potential addressable customer base. The increased footprint resulting from the acquisition would enhance our position in the South and Southeast regions of the U.S.

Post-closing, our location count will increase to 1,273, while our revenue share will remain modest at an estimated 7.6%, providing significant growth runway. JHCC has a complementary location footprint and the acquisition will increase our location count by 25% but only entering two new U.S. states.

***Meaningful Potential Synergies***

Based on our strong track record of multi-shop operator acquisitions and integrations, we have identified significant cost and revenue synergy opportunities. Specifically, we have identified potential annual cost synergies of approximately US$35.0 million to US$45.0 million that we expect could result from the acquisition. We expect these cost synergies to be derived from direct and indirect procurement savings, internalization of scanning and calibration, efficiencies achieved through densification, and operational and administrative cost savings. We target achieving our synergy goals by 2028 with 50% of those synergies targeted for completion in the near term.

Our ability to realize these potential synergies is dependent upon a number of material assumptions, including successfully consolidating functions and integrating operations, procedures and personnel in a timely and efficient manner, and is subject to a number of known and unknown risks and uncertainties. See "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors".

**Business of Joe Hudson's** 

***Overview***

Joe Hudson's was founded in 1989 by Joe Hudson in Montgomery, Alabama, with a focus on providing a high-quality collision repair experience for customers. Joe Hudson's operates 258 locations across 18 U.S. states and is currently the sixth largest multi-shop operator of collision repair facilities in North America by location count as of October 2025. Its locations are concentrated in high growth areas in the U.S. Southeast. Joe Hudson's has an experienced leadership team with a track record of growth and profitability.

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***Key Platform Metrics***

Joe Hudson's currently has 258 collision center locations across 18 U.S. states. Since the end of 2020, Joe Hudson's has more than doubled its location footprint through a combination of acquisitions and new start-up locations, adding 123 locations through acquisitions and 17 through new start-ups. Joe Hudson's had sales of US$722 million, net loss of US$23 million and JHCC Adjusted EBITDA of US$63 million for the 12 months ended June 30, 2025. JHCC's concentrated geographic footprint, coupled with operational discipline, has translated into strong JHCC Adjusted EBITDA Margin of 8.7% for the 12 months ended June 30, 2025. JHCC Adjusted EBITDA is a non-GAAP financial measure and JHCC Adjusted EBITDA Margin is a non-GAAP ratio meaning they are not standardized financial measures under U.S. GAAP and may not be comparable to similar measures disclosed by other issuers. See "Non-GAAP and Other Financial Measures" and "The Acquisition—Reconciliation of Certain Non-GAAP Financial Measures".

***Concentrated Footprint in the Growing U.S. Southeast***

Joe Hudson's location footprint is strategically focused across the U.S. Southeast. Joe Hudson's top five states by location count include Alabama, Florida, Georgia, South Carolina and Texas, which account for 64% of Joe Hudson's total locations. This concentrated footprint provides densification benefits and ability to provide superior customer and insurance carrier experience.

Joe Hudson's targeted expansion strategy puts collision repair shops in high demand areas with exposure to positive demographic trends and industry driver growth. Vehicle miles traveled grew 4.3% in the states in which Joe Hudson's operates, compared to 0.2% growth in non-JHCC states between 2019 and 2025 based on the National Highway Traffic Safety Administration Vehicle Miles Travelled as of August 2019 and August 2025, respectively. Population growth across Joe Hudson's region grew at a 1.2% CAGR between 2021 and 2024, 40 basis points higher than the national average based on the U.S. Census State Population Totals.

***Insurance Carrier Relationships***

JHCC has strong and long-tenured relationships with major insurance partners. JHCC's top 10 insurance carrier relationships contribute to approximately 79% of its sales.

***Operations***

JHCC has a strong, operations-focused culture that drives high customer satisfaction and site-level performance. JHCC employs a consistent strategy across its platform to ensure uniform shop operations. JHCC works to conform acquired locations to its operating model and has built integrated centralized support functions that accelerate consistency and efficiency in shop operations. These support functions include centralized parts management, file management and review groups alongside quality control and real estate teams.

***Vendor Relationships***

JHCC maintains a centralized approach to key supplier relationships. It uses select key vendors for its paint and associated products. For parts sourcing, JHCC uses an outside provider to manage supplier discounts and partnerships and another provider to streamline parts sourcing and procurement. JHCC maintains strong original equipment manufacturer relationships and programs with key automobile manufacturers. JHCC also maintains strong relationships with paintless dent repair providers and utilizes another supplier as its primary sublet calibration provider.

**Selected Unaudited Pro Forma Combined Consolidated Financial Information** 

The following tables set forth selected pro forma combined consolidated financial information (i) for the year ended December 31, 2024, and (ii) for the six months ended June 30, 2025, in each case after giving effect

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to, among other things: (i) this offering (without giving effect to the exercise of the underwriters' option to purchase additional common shares), (ii) the acquisition, (iii) drawings of US$210.0 million on our amended revolving credit facility, and (iv) drawings of US$375.0 million on our bridge credit facility, and certain other assumptions and adjustments, all as described in the notes to the pro forma financial statements. These tables only set forth select information and should be read in conjunction with our pro forma financial statements and notes thereto included elsewhere in this prospectus supplement.

The summary unaudited pro forma combined consolidated financial information set forth below and our pro forma financial statements included in this prospectus supplement are not necessarily indicative of results of operations that would have occurred in the year ended December 31, 2024 or the six months ended June 30, 2025 had our acquisition of JHCC, this offering and the other transactions described taken place, nor are they indicative of operations expected for the second half of 2025 and future periods. The actual results of our operations for any period after our acquisition of JHCC may differ from the amounts set forth in the following analysis and such variation may be material.

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| **Year ended December 31, 2024**<sup>(1)</sup><br> (U.S. dollars in thousands, except per share amounts) | **Year ended December 31, 2024**<sup>(1)</sup><br> (U.S. dollars in thousands, except per share amounts) |
|  | **Pro Forma<br>Consolidated** |
|  Sales | $3739989 |
|  Gross profit | $1698045 |
|  Net earnings (loss) | $(26464) |
|  Earnings per share |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share | $(0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share | $(0.99) |

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(1) Readers should refer to our pro forma financial statements and the notes thereto for additional information
and applicable pro forma adjustments.

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|:---|:---|
| **Six months ended June 30, 2025**<sup>(1)</sup><br> (U.S. dollars in thousands, except per share amounts) | **Six months ended June 30, 2025**<sup>(1)</sup><br> (U.S. dollars in thousands, except per share amounts) |
|  | **Pro Forma<br>Consolidated** |
|  Sales | $1935611 |
|  Gross profit | $895106 |
|  Net earnings (loss) | $(2212) |
|  Earnings per share |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share | $(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share | $(0.08) |

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(1) Readers should refer to our pro forma financial statements and the notes thereto for additional information
and applicable pro forma adjustments.

**The Purchase Agreement** 

On October 29, 2025, we entered into the purchase agreement with TSG8 Parallel L.P. ("**TSG Blocker Seller**"), Carousel Capital Partners IV PV, L.P. ("**CCP Blocker Seller**", and together with TSG Blocker Seller, the "**Blocker Sellers**"), JHCC, TSG8 Management L.P., TSG8 Parallel Warhawk Blocker L.P. ("**TSG Blocker**"), JHCC Blocker, Inc. ("**CCP Blocker**" and together with TSG Blocker, the "**Blockers**"), Project Tide Merger Sub LLC, and TSG Blocker Seller, as seller representative. Following the completion of the acquisition, JHCC will become our indirect, wholly-owned subsidiary. We will pay a purchase price of US$1.3 billion in cash, which is subject to adjustment for cash, debt (and debt-like liabilities), transaction expenses, income tax liability and net working capital in accordance with the terms and conditions of the purchase agreement.

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The purchase agreement contains covenants, representations and warranties of and from each of the parties thereto and various conditions precedent consistent with market standards for acquisition agreements in the North American collision and retail glass industry. Completion of the acquisition is subject to the satisfaction or waiver of customary conditions for transactions of this nature and magnitude, including, among other things, receipt of required regulatory approvals. There can be no assurance that the conditions will be satisfied or waived on a timely basis, or at all. See "Risk Factors—Risks Relating to the Acquisition".

Set forth below is a summary of the material provisions of the purchase agreement. This summary does not purport to be complete and is qualified in its entirety by reference to the full text of the purchase agreement, which will be filed on SEDAR+ under our issuer profile at www.sedarplus.ca. This summary of the purchase agreement is not intended to be, and should not be relied upon as, disclosure of any facts and circumstances relating to each of the sellers, JHCC or us. References to "**Group Companies**" means JHCC and its wholly-owned subsidiaries, references to the "**sellers**" are to the Blocker Sellers and references to the "**buyer entities**" are to The Boyd Group (U.S.) Inc. (the "**buyer**") and Project Tide Merger Sub ("**merger sub**"), both of which are our indirect, wholly-owned subsidiaries.

***Representations and Warranties of the Parties***

Under the purchase agreement, each of JHCC, the sellers and we have made certain customary representations and warranties.

JHCC's representations and warranties regarding itself and the Group Companies relate to, among other things: (i) organization and qualification; (ii) power and authority of JHCC to enter into and perform its obligations under the purchase agreement and certain ancillary agreements; (iii) authorization of governmental authorities; (iv) non-contravention; (v) JHCC ownership of equity interests in its subsidiaries and capitalization; (vi) financial statements; (vii) no undisclosed liabilities; (viii) absence of certain developments; (ix) ownership, sufficiency and condition of the Group Companies' assets; (x) real property; (xi) intellectual property; (xii) compliance with laws and permits; (xiii) tax matters; (xiv) employee benefit plans; (xv) environmental matters; (xvi) contracts; (xvii) related party transactions; (xviii) labor matters; (xix) litigation and government orders; (xx) insurance; (xxi) no brokers; (xxii) suppliers and customers; (xxiii) inventory; (xxiv) direct repair programs; (xxv) standards of work; (xxvi) warranties; (xxvii) accounts receivable; (xxviii) accounts payable; (xxix) targets being actively evaluated for potential acquisition; and (xxx) exclusivity of representations.

The sellers' representations and warranties relate to, among other things: (i) organization; (ii) power and authority of the sellers to enter into and perform their obligations under the purchase agreement and certain ancillary agreements; (iii) authorization of governmental authorities; (iv) non-contravention; (v) litigation and government orders; (vi) no brokers; (vii) sellers' ownership of equity interests in the Blockers, capitalization of the Blockers and assets of the Blockers; (viii) Blocker tax matters; and (ix) exclusivity of representations and warranties.

Our representations and warranties relate to, among other things: (i) organization of the buyer entities; (ii) power and authority of each buyer entity to enter into and perform its obligations under the purchase agreement and certain ancillary agreements; (iii) authorization of governmental authorities; (iv) non-contravention; (v) litigation; (vi) financing matters, including that we will have sufficient funds at closing to consummate the acquisition and satisfy its obligations under the purchase agreement; (vii) no brokers; (viii) merger sub operations; (ix) buyer's reliance; (x) solvency; and (xi) exclusivity of representations and warranties.

The representations, warranties, covenants and agreements of the parties will not survive the consummation of the transactions contemplated by the purchase agreement (except for those covenants and agreements that by their terms apply or are to be performed in whole or in part thereafter). Accordingly, the purchase agreement contemplates that we may obtain, and we intend to obtain, a buyer-side representations and warranties insurance

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policy in connection with the purchase agreement and the transactions contemplated thereby, insuring us for certain losses due to breaches of representations and warranties of the sellers and certain of their affiliates.

***Covenants***

In the purchase agreement, the sellers, JHCC and we have agreed to certain covenants governing the conduct of the parties, including the conduct of the business of JHCC and its subsidiaries during the period between the signing of the purchase agreement and the closing of the acquisition, at the closing and after the closing.

<u>Interim Period Covenants</u> 

The sellers have agreed during the interim period between signing and closing to cause the Group Companies to conduct their operations in the ordinary course of business except, among other things: (i) as consented to in writing by us; (ii) as required by applicable law; or (iii) as expressly contemplated by the purchase agreement or as disclosed (including as necessary to consummate the pre-closing reorganization).

The purchase agreement also provides covenants as to restricted activities of the Group Companies during the interim period between signing and closing (subject to specified exceptions), including, but not limited to: (i) amending organizational documents; (ii) issuing, selling, granting or otherwise disposing of any equity securities of any member of the Group Companies or incurring or subjecting assets of the Group Companies to any encumbrances; (iii) engaging in certain transactions with respect to the shares or equity securities of the Group Companies; including declaring or making payment, redemption or repurchase in respect of any equity securities of the Group Companies; (iv) becoming liable for any guarantee of any liability of another person, other than specified exceptions, or incurring, assuming or becoming liable for any additional debt, or encumbering any Group Company assets; (v) entering into any related party transactions; (vi) certain acquisitions and investments; (vii) engaging in the sale, assignment, transfer, conveyance, lease, sublease, licence or other disposition of any material tangible asset or interest in real property; (viii) adopting any material change to any benefit plan, certain changes to employee compensation outside the ordinary course of business, or hiring or dismissal of certain employees; (ix) material changes in accounting principles or practices; (x) making certain tax elections, agreements and filings, and other tax matters; (xi) certain changes to collection of accounts receivable, processing or completion of works in process or cash management processes outside the ordinary course of business; (xii) amending, terminating, waiving or releasing any material rights under certain disclosed contracts and real property leases; (xiii) engaging in the sale, licence, sublicense, lease transfer, abandonment, permission to lapse or other disposition of any interest in intellectual property; (xiv) terminating any material permit; (xv) certain capital expenditures in excess of a specified dollar amount; (xvi) certain labour matters; (xvii) initiating or settling any action up to a specified dollar amount; (xviii) adopting a plan of complete or partial liquidation, dissolution, merger, consolidation or recapitalization of any Group Company; or (xix) agree or enter into a contractual obligation to do any of the foregoing.

Further, the sellers and the Group Companies will use commercially reasonable efforts to cooperate with us in connection with any of our debt or equity financings in connection with the acquisition.

During the interim period between signing and closing, the Group Companies are required to provide us with reasonable access to representatives of the Group Companies and to premises, properties, books, data, files, information, records and contracts of the Group Companies, subject to certain exceptions.

<u>Required Regulatory Approvals</u> 

The parties have agreed to cooperate and use reasonable best efforts to make any filings with, or notifications or submissions to, any government entity that are necessary to consummate the acquisition, including to make appropriate filings of the notification and report form to obtain any approvals related to the

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 *Hart-Scott-Rodino Antitrust Improvements Act of 1976* (the "**HSR Act**") or other antitrust laws. Each of the buyer entities will use reasonable best efforts to obtain the required regulatory approvals so as to consummate the acquisition as promptly as reasonably practicable, but in any event, no later than the termination date; provided however, the termination date may, in certain circumstances, be extended by up to two periods of six months each.

<u>Other Covenants</u> 

The purchase agreement also contains customary covenants between the parties, including without limitation, with respect to access to property, regulatory compliance, exclusivity, confidentiality, director and officer liability and indemnification, certain tax matters, access to records, employee matters, estoppel certificates and payment of expenses in connection with the acquisition.

***Closing Conditions***

The purchase agreement provides for the obligation of the buyer entities to complete the acquisition that are subject to the satisfaction of a number of conditions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Representations and Warranties of Blocker Sellers and JHCC.</u> Certain stated representations and
warranties of the Blocker Sellers and JHCC (which exclude certain fundamental representations and warranties) must be true and correct in all respects as of the closing of the acquisition, disregarding any Material Adverse Effect (as defined herein)
or materiality qualifications, except to the extent that inaccuracies in such representations and warranties do not, individually or in aggregate, result in a material adverse effect on the business, condition (financial or otherwise), operations or
results of operations, assets or liabilities of the Group Companies, taken as a whole, or the ability of JHCC, the Blockers or the Blocker Sellers to consummate the transactions contemplated by the purchase agreement, subject to specified exceptions
(" **Material Adverse Effect** "). Certain of JHCC and the Blocker Sellers' fundamental representations must be true and correct in all respects, and certain of JHCC and the Blocker Sellers' fundamental representations must
be true and correct in all respects except for *de minimis* inaccuracies, as of the date of the closing of the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Performance.</u> Each Blocker Seller and JHCC must have performed and complied in all material respects
with all covenants and agreements required by the purchase agreement to be performed or complied with by it, on or prior to the closing of the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Qualifications</u>. Any applicable waiting periods (and any extensions thereof, including pursuant to any
voluntary commitments or agreements with any governmental authority) under the HSR Act or any other applicable antitrust laws will have expired or otherwise been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>No Injunction</u>. There will be no government order in effect which would prevent consummation of the
transactions contemplated by the purchase agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>No Material Adverse Effect.</u> Since the date of execution of the purchase agreement, no Material Adverse
Effect must have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Closing Deliverables.</u> Each Blocker Seller and JHCC must have delivered, caused to be delivered, or be
ready, willing, and able to deliver all required closing deliverables.

The purchase agreement provides for the obligation of Blocker Sellers and JHCC to complete the acquisition that are subject to the satisfaction of a number of conditions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Representations and Warranties of Buyer Entities.</u> Certain stated representations and warranties of the
buyer entities must be true and correct as of the closing of the acquisition, except to the extent that inaccuracies in such representations and warranties do not in the aggregate result in a material adverse effect on the buyer entities'
ability to complete the transactions contemplated by the purchase agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Performance.</u> Each of the buyer entities must have performed and complied in all material respects with
all covenants and agreements required by the purchase agreement to be performed or complied with by it on or prior to the closing of the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Qualifications</u>. Any applicable waiting periods (and any extensions thereof, including pursuant to any
voluntary commitments or agreements with any governmental authority) under the HSR Act or any other applicable antitrust laws will have expired or otherwise been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>No Injunction</u>. There will be no government order in effect which would prevent consummation of the
transactions contemplate by the purchase agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Closing Deliverables.</u> The buyer entities must have delivered, caused to be delivered, or be ready,
willing, and able to deliver all required closing deliverables.

***Termination***

The purchase agreement may be terminated at any time prior to the closing of the acquisition by mutual written consent of us and JHCC, or in certain circumstances where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any governmental entity has issued a final and non-appealable governmental order prohibiting the consummation of the transactions contemplated by the purchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the closing of the acquisition has not occurred on or prior to April 29, 2026, unless extended from time to
time by mutual written consent of us and JHCC (such date, as so extended from time to time, the "**termination date** "); provided that if the required regulatory approvals have not been obtained on or prior to such date and all other
conditions to the closing of the acquisition that are capable of being satisfied prior to the closing of the acquisition have been satisfied, then the termination date will be automatically extended for up to two periods of six months each (so long
as neither we, JHCC or the sellers are in material breach of the purchase agreement and such a breach would result in the merger contemplated by the purchase agreement to fail to be consummated prior to the termination date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at JHCC's or our option, there has been a breach or inaccuracy of the other party's
representations and warranties in the purchase agreement or a failure by such party to perform its covenants, in any such case, in a manner that would result in the failure of a condition to the closing of the acquisition and which cannot be cured
in accordance with the purchase agreement.

In the event that the purchase agreement is terminated in accordance with its terms, the purchase agreement (other than provisions relating to, among other things, confidentiality and expenses, which will survive such termination) will be null and void and all other rights and liabilities of the parties will terminate without further liability, except for liabilities arising in respect of wilful breaches under the purchase agreement prior to termination.

***Ancillary Agreements***

Concurrently with the execution and delivery of the purchase agreement, certain beneficial owners of JHCC executed and delivered to us restrictive covenant agreements.

**Financing the Acquisition** 

We expect to fund the purchase price for the acquisition of Joe Hudson's, together with related financing fees and transaction expenses, by way of the following: (i) US$ million from the net proceeds of this offering, excluding any net proceeds from the exercise of the underwriters' option to purchase additional common shares; (ii) US$210.0 million of drawings under our amended revolving credit facility; and (iii) US$375.0 million of drawings under our bridge credit facility or net proceeds from one or more future offerings of additional senior unsecured notes. We have obtained commitments from the Canadian chartered

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bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. for US$1.155 billion under a bridge credit facility. We also expect to amend the credit agreement for our revolving credit facility to, among other things, increase its size from US$575.0 million to US$775.0 million pursuant to the accordion feature of our existing revolving credit facility. The Canadian chartered bank affiliates of TD Securities Inc. and National Bank Financial Inc. have consented to such amendments, conditional on the acquisition being completed. Their consents represent the consent of the majority lenders under our existing credit agreement. In addition, the Canadian chartered bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. have committed to provide the incremental US$200.0 million of revolving commitments pursuant to the accordion exercise, conditional on the acquisition being completed. The acquisition is not subject to financing conditions. See "Consolidated Capitalization". See also "Risk Factors—Risks Relating to the Acquisition" for a discussion of certain risks relating to the financing of the acquisition.

A description of the sources and uses of funds relating to the acquisition, financing fees and transaction expenses is set out in the table below. Certain of the amounts below are estimated and are subject to change. See "Cautionary Note Regarding Forward-Looking Statements".

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| | | | |
|:---|:---|:---|:---|
| **Sources (millions)** |  | **Uses (millions)** |  |
|  Proceeds of this offering | US$ | Purchase price for the acquisition | US$1,300.0 |
| Drawings on amended revolving credit facilities | US$210.0 | Financing fees | US$40.0 |
| Drawings on bridge credit facility or net proceeds from new senior unsecured notes | US$375.0 | Transaction expenses | US$25.0 |
|  **Total Sources:** | **US$1,365.0** | **Total Uses:** | **US$1,365.0** |

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***Existing Revolving Credit Facilities***

We currently maintain senior secured revolving credit facilities in an aggregate amount of US$575.0 million with an accordion feature which can increase the facilities to a maximum of US$875.0 million, pursuant to a fifth amended and restated credit agreement dated August 20, 2025 with a syndicate of Canadian and U.S. lending institutions. Our existing credit facilities will mature in August 2030. Our existing credit facilities are guaranteed by us and certain of our subsidiaries and are secured by substantially all of our assets. Our existing credit facilities include a swing line of up to a maximum of US$10.0 million for our Canadian borrower and US$30.0 million for our U.S. borrower.

Our existing credit facilities are subject to customary terms, conditions, covenants, events of default and other provisions, including, among other things, restrictive covenants that limit our ability to incur additional indebtedness, to make acquisitions, to create liens or other encumbrances, to pay dividends, to redeem equity or debt, or to make investments, capital expenditures, loans or guarantees and to sell or otherwise dispose of assets and merge or consolidate with another entity. Our existing credit facilities also include customary representations and warranties and a number of financial covenants that require us to meet certain financial ratios. These financial ratios require us to maintain a senior funded debt to EBITDA ratio of no greater than 3.5 to 1.0 and an interest coverage ratio of not less than 2.75 times. For four quarters following a material acquisition, the senior funded debt to EBITDA ratio may be increased to no greater than 4.0 to 1.0. For purposes of covenant calculations, property lease payments are deducted from EBITDA and the associated lease liabilities are excluded from senior funded debt, and EBITDA is further adjusted to reflect pro forma annualized acquisition results.

The interest rate for draws on our existing credit facilities is based on a pricing grid for our ratio of total funded debt to EBITDA as determined under the credit agreement. We can draw on the credit facilities in either the U.S. or in Canada, in either United States dollars or Canadian dollars. We can make draws in tranches as required. Tranches bear interest only and are not repayable until the maturity date but can be voluntarily repaid at any time. We have the ability to choose the base interest rate between Prime, Canadian Overnight Repo Rate Average, U.S. Prime, Secured Overnight Financing Rate or U.S. Base Rate at our election.

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***Anticipated Amendments to Credit Agreement***

We and our lenders anticipate entering into a sixth amended and restated credit agreement to among other things, increase the revolving credit facilities to US$775.0 million, permit the issuance of new senior unsecured notes and permit the completion of the acquisition. The sixth amended and restated credit agreement is expected to be on terms and conditions that are substantially similar to those in the fifth amended and restated credit agreement. The Canadian chartered bank affiliates of TD Securities Inc. and National Bank Financial Inc. have consented to such amendments, conditional on the acquisition being completed. Their consents represent the consent of the majority lenders under our existing credit agreement. In addition, the Canadian chartered bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. have committed to provide an incremental US$200.0 of revolving commitments pursuant to the accordion feature of our existing credit agreement, conditional on the acquisition being completed.

***Bridge Credit Facility***

We have obtained commitments from the Canadian chartered bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. for US$1.155 billion under a bridge credit facility. The bridge credit facility was obtained as an interim source of financing for the acquisition and to facilitate the execution of the purchase agreement. The bridge credit facility, if required, will be unsecured.

Prior to closing of the bridge credit facility, the amount of the bridge credit facility will be reduced or cancelled on a dollar-for-dollar basis with any net proceeds of (i) any public or private debt or equity offering by us, and (ii) the aggregate amount of any advances under our revolving credit facilities in excess of US$400 million at any time from the date hereof through the closing date of the bridge credit facility. We will be permitted to obtain advances under our revolving credit facilities under our fifth amended and restated credit agreement in excess of US$400 million for general operating purposes in the ordinary course of business or to repay any outstanding notes at maturity thereof (or within 60 days prior thereto), and such amounts will not reduce the commitments under the bridge credit facility. After the closing of our bridge credit facility, 100% of the net proceeds of any public or private debt or equity offering by us will be applied to reduce the bridge credit facility.

The bridge credit facility will mature 364 days following the closing date of the acquisition.

The definitive credit agreement or agreements pursuant to which the bridge credit facility will be extended, if the bridge credit facility is required, are expected to contain certain prepayment options in favour of us and certain mandatory prepayment obligations upon the occurrence of certain events. In particular, it is expected that we will be required to effect reductions or make certain mandatory prepayments of the bridge credit facility, including those described above. Such definitive credit agreement or agreements are expected to contain customary representations and warranties and affirmative and negative covenants of us that will be substantially similar to those in our existing credit agreement and certain additional representations and warranties as are customary for similar unsecured bridge credit facilities.

Customary fees for acquisition financings of the nature contemplated by the commitment letter have and may become payable by us.

**Reconciliation of Certain Non-GAAP Financial Measures** 

Please see below for a description of the methodology used to calculate the non-GAAP financial measures and non-GAAP ratios referenced herein. Except as otherwise described herein, our and JHCC's non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable.

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***Adjusted EBITDA***

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| | | | | |
|:---|:---|:---|:---|:---|
| *(thousands of U.S. dollars)* | **Six months<br>ended<br>June 30,**<br>**2025** | **Six months<br>ended<br>June 30,**<br>**2024** | **Year ended<br>December 31,**<br>**2024** | **12 months<br>ended<br>June 30,**<br>**2025** |
|  Net earnings | 2785 | 19207 | 24544 | 8122 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | 35855 | 33332 | 68913 | 71436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | 2561 | 7362 | 7116 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment | 42394 | 34302 | 75498 | 83590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of right of use assets | 63414 | 60757 | 123512 | 126169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 13548 | 13383 | 26309 | 26474 |
|  Standardized EBITDA | 160557 | 168343 | 325892 | 318106 |
|  Add (deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments | 1 | (7) | (952) | (944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and transformational cost initiatives | 13773 | 2947 | 9879 | 20705 |
|  Adjusted EBITDA | 174331 | 171283 | 334819 | 337867 |
|  Adjusted EBITDA % | 11.2% | 10.9% | 10.9% | 11.0% |

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***Adjusted EBITDA Adjusted for Lease Payments***

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| | | | | |
|:---|:---|:---|:---|:---|
| *(thousands of U.S. dollars)* | **Six months<br>ended<br>June 30,**<br>**2025** | **Six months<br>ended<br>June 30,**<br>**2024** | **Year ended<br>December 31,**<br>**2024** | **12 months<br>ended<br>June 30,**<br>**2025** |
|  Net earnings | 2785 | 19207 | 24544 | 8122 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | 35855 | 33332 | 68913 | 71436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | 2561 | 7362 | 7116 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment | 42394 | 34302 | 75498 | 83590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of right of use assets | 63414 | 60757 | 123512 | 126169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 13548 | 13383 | 26309 | 26474 |
|  Standardized EBITDA | 160557 | 168343 | 325892 | 318106 |
|  Add (deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments | 1 | (7) | (952) | (944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and transformational cost initiatives | 13773 | 2947 | 9879 | 20705 |
|  Adjusted EBITDA | 174331 | 171283 | 334819 | 337867 |
|  Deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of obligations under property leases, principal | 54892 | 51067 | 103888 | 107713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on property leases | 21555 | 19143 | 39464 | 41876 |
|  Adjusted EBITDA adjusted for lease payments | 97884 | 101073 | 191467 | 188278 |
|  Adjusted EBITDA adjusted for lease payments % | 6.3% | 6.5% | 6.2% | 6.1% |

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***JHCC Adjusted EBITDA***

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(thousands of U.S. dollars)* | **Six months<br>ended<br>June 30,**<br>**2025** | **Six months<br>ended<br>June 30,**<br>**2024** | **Year ended<br>December 31,**<br>**2024** | **12 months<br>ended<br>June 30,**<br>**2025** |
|  Net loss | (10330) | (12912) | (25782) | (23200) |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 27848 | 23294 | 51021 | 55575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State franchise tax expense | 550 | 642 | 946 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization expense | 13863 | 12501 | 25624 | 26986 |
|  Standardized EBITDA | 31931 | 23525 | 51809 | 60215 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and store opening costs | 767 | 2717 | 4851 | 2901 |
|  JHCC Adjusted EBITDA | 32698 | 26242 | 56660 | 63116 |
|  JHCC Adjusted EBITDA % | 8.7% | 8.1% | 8.5% | 8.7% |

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***JHCC Adjusted EBITDA Adjusted for Lease Payments***

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(thousands of U.S. dollars)* | **Six months<br>ended<br>June 30,**<br>**2025** | **Six months<br>ended<br>June 30,**<br>**2024** | **Year ended<br>December 31,**<br>**2024** | **12 months<br>ended<br>June 30,**<br>**2025** |
|  Net loss | (10330) | (12912) | (25782) | (23200) |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 27848 | 23294 | 51021 | 55575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State franchise tax expense | 550 | 642 | 946 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization expense | 13863 | 12501 | 25624 | 26986 |
|  Standardized EBITDA | 31931 | 23525 | 51809 | 60215 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and store opening costs | 767 | 2717 | 4851 | 2901 |
|  JHCC Adjusted EBITDA | 32698 | 26242 | 56660 | 63116<sup>(1)</sup> |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease cost | 21362 | 16873 | 36504 | 40993 |
|  JHCC Adjusted EBITDA adjusted for lease payments | 54060 | 43115 | 93164 | 104109 |
|  JHCC Adjusted EBITDA adjusted for lease payments % | 14.3% | 13.3% | 13.9% | 14.4% |

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Note:

(1) JHCC regularly acquires new locations and develops greenfield locations in its business. We estimate that if
JHCC had owned the locations acquired during the 12 months ended June 30, 2025 on the first day of such period, approximately $24 million of additional JHCC Adjusted EBITDA would have been recorded, comprised of approximately
$5 million of pre-acquisition results reflected as if earned by JHCC at the time of acquisition and approximately $19 million of target mature store contribution levels reflected as if earned by JHCC from
the time of acquisition. We further estimate that approximately $37 million of additional JHCC Adjusted EBITDA would have been recorded for the 12 months ended June 30, 2025, assuming completion of the acquisition and after giving effect to run-rate cost synergies comprised of: approximately $17 million of direct and indirect procurement savings; approximately $14 million of savings related to organizational efficiencies; and approximately $6 million
of savings related to improved densification of the platform.

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**RECENT DEVELOPMENTS** 

We announced certain of our preliminary financial results for the three-month period ended September 30, 2025. These summary preliminary financial results are set forth below.

For the third quarter of 2025, we expect to report sales of between $787 million and $792 million, up approximately 5% year-over year and driven by same store sales growth in the range of 2% to 2.5%, as well as new locations that were not in operation for the full comparative period. Based on claims processing platform data for the third quarter, we estimate that the repairable claims across the collision repair industry were down in the range of 3% to 5%, an improvement over the prior quarter.

We expect to report an increase of 21% to 23% in Adjusted EBITDA compared to the third quarter of 2024 and 12.3% to 12.5% in Adjusted EBITDA Margin compared to 10.7% in the third quarter of 2024. Adjusted EBITDA is a non-GAAP financial measure and Adjusted EBITDA Margin is a non-GAAP ratio, meaning they are not standardized financial measures under IFRS and may not be comparable to similar measures disclosed by other issuers. See "Non-GAAP and Other Financial Measures" and "The Acquisition—Reconciliation of Certain Non-GAAP Financial Measures".

During the third quarter, we added 24 location repair shops, including 17 through acquisition and seven start-ups.

We caution you that all figures and information indicated above with respect to the three-month period ended September 30, 2025 are preliminary, estimated and unaudited, have not been reviewed by our auditors, are based on currently available information and are subject to change as our financial results are finalized as a result of, among other things, the completion of our financial closing procedures, the preparation of our financial statements for such period and the completion of other operational procedures. We have provided ranges, rather than specific amounts, because these estimated results are preliminary and subject to change. Actual results may vary from the estimated preliminary results presented above. These preliminary results have been prepared by, and are the responsibility of, our management. The report of Deloitte LLP incorporated by reference in this prospectus supplement refers exclusively to our historical audited financial statements and does not extend to the unaudited financial information included above and should not be read to do so.

These estimates should not be viewed as a substitute for our full interim financial statements prepared in accordance with IFRS. We intend to issue a press release with respect to the finalized financial results for the three and nine-month periods ended September 30, 2025 by November 12, 2025. At such time, we will also file our unaudited consolidated financial statements, together with the notes thereto, and management's discussion and analysis for the nine-month period ended September 30, 2025.

**RISK FACTORS** 

An investment in our common shares is subject to a number of risks. Before deciding whether to invest in our common shares, investors should consider carefully the risk factors set forth below and in the documents incorporated by reference in this prospectus supplement and the accompanying shelf prospectus (including those discussed under the heading "Business Risks and Uncertainties" in our annual information form for the year ended December 31, 2024 and in our management's discussion and analysis for the year ended December 31, 2024) and all of the other information in this prospectus supplement including, without limitation, the documents incorporated by reference herein.

The risks described herein are not the only risks that affect us. Other risks and uncertainties that we do not presently consider to be material, or of which we are not presently aware, may become important factors that affect our future financial condition and results of operations. If any of such or other risks occur, our business,

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prospects, financial condition, results of operations and cash flows could be materially adversely impacted. In that case, the trading price of our common shares could decline and investors could lose all or part of their investment. There is no assurance that risk management steps taken will avoid future loss due to the occurrence of the below described or other unforeseen risks.

**Risks Relating to the Offering** 

***The market price for our common shares may be volatile and subject to wide fluctuations in response to numerous factors, many of which are beyond our control.***

The trading price of our common shares has in the past been, and may continue to be, subject to significant fluctuations. This may make it more difficult for holders of our common shares to resell their common shares when they want at prices that they find attractive. These fluctuations may be caused by events related or unrelated to our operating performance and beyond our control. Factors that may contribute to fluctuations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revenues, margins, or results of operations in any quarter failing to meet the expectations, published or
otherwise, of the investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in recommendations or financial estimates by industry or investment analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in management or the composition of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to close acquisition transactions after they have been announced to the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• outcomes of litigation or arbitration proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements of technological or competitive developments by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• introduction of new products or the gain or loss of significant insurance company referral relationships by us
or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rumours or dissemination of false and/or misleading information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in the share prices of other companies operating in business sectors comparable to those that we
operate in;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the industries in which we or our customers operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of or significant reduction in referrals from one or more of our significant insurer partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general market or economic conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risk factors set out in this prospectus supplement.

If the market price of our common shares drops significantly, holders of our common shares could institute securities litigation, including class action lawsuits, against us, regardless of the merits of such claims. Such a lawsuit could cause us to incur substantial costs and could divert the time and attention of our management and other resources from our business.

In addition, the market price for securities in the stock markets, including the TSX and the NYSE, have experienced significant price and trading fluctuations, interest rate changes, inflation, conflict in eastern Europe, recession concerns, events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, that have in the past and that may in the future lead to market-wide liquidity problems, and other factors. These fluctuations resulted in volatility in the market prices of securities that often has been unrelated or disproportionate to changes in operating performance. Accordingly, broad market fluctuations may adversely affect the market prices of our common shares.

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***There is no guarantee that investors in our common shares will achieve a return on their investments.***

A holding of our common shares is speculative and involves a high degree of risk and should be undertaken only by holders whose financial resources are sufficient to enable them to assume such risks and who have no need for immediate liquidity in their investment. A holding of our common shares is appropriate only for holders who have the capacity to absorb a loss of some or all of their holdings.

***There currently is no active market for our common shares in the U.S. and one may fail to develop, which may make it difficult for investors to sell their common shares.***

Our common shares are currently listed only on the TSX. Prior to this offering, our common shares have not been listed on a stock exchange in the U.S. We have applied to list our common shares on the NYSE in connection with this offering. However, if an active trading market does not develop in the U.S., you may have difficulty selling any of the common shares that you buy over a U.S. exchange. We cannot predict the extent to which investor interest in us will lead to the development of an active trading market on the NYSE or otherwise, or how liquid that market might become. The offering price may not be indicative of prices that will prevail in the U.S. trading market or otherwise following this offering. Listing of our common shares on the NYSE in addition to the TSX may increase price volatility on the TSX and also result in volatility of the trading price on the NYSE because trading will be in two markets, which may result in less liquidity on both exchanges. In addition, different liquidity levels, volumes of trading, currencies and market conditions on the two exchanges may result in different prevailing trading prices.

***This offering is not conditional on the closing of the acquisition and, if the acquisition is not completed, management will have broad discretion in the application of the net proceeds of this offering.***

We intend to use the net proceeds from this offering as set forth in this prospectus supplement under the heading "Use of Proceeds". However, this offering is not conditional upon the completion of the acquisition. If the acquisition is not completed, management will have broad discretion concerning the use of the net proceeds of this offering as well as the timing of such expenditures. See "Risk Factors—Risks Relating to the Acquisition ". In addition, there may be circumstances where, for sound business reasons, we may re-allocate the net proceeds of this offering other than as described under the heading "Use of Proceeds" in ways that a purchaser may not consider desirable, if management believes it would be in our best interest to do so. Until utilized, some or all of the net proceeds of this offering may be held in cash balances in our bank account or invested at our discretion. As a result, a purchaser will be relying on the judgment of management for the application of the net proceeds of this offering. The results and the effectiveness of the application of the net proceeds are uncertain. If the net proceeds are not applied effectively, our business, financial condition and results of operations may suffer, which could adversely affect the price of our common shares in the market.

***We will continue to seek growth organically and through acquisitions. This strategy may expose us to a number of risks.***

We will continue to seek growth organically and through acquisition. This strategy may expose us to a number of risks, including but not limited to: assumption of liabilities of an acquired business, including liabilities that were unknown at the time the acquisition was negotiated; valuation methodologies may not accurately capture the value of the acquired business; failure to realize anticipated benefits, such as cost savings and revenue enhancements; difficulties relating to combining previously separate entities, where applicable, into a single, integrated, and efficient business; the effects of diverting management's attention from day-to-day operations to matters involving the integration of acquired companies; potentially substantial transaction costs associated with business combinations; potential impairment resulting from the overpayment for an acquisition; difficulties relating to assimilating the personnel, services, and systems of an acquired business and to assimilating marketing and other operational capabilities; increased burdens on our staff and on our administrative, internal control and operating systems, which may hinder our legal and regulatory compliance activities; and difficulties in applying and integrating our system of internal controls to an acquired business.

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We seek to leverage our organizational structure, business processes and experience to successfully integrate acquired businesses. If we are unable to invest in and successfully acquire and integrate new businesses, implement new equipment, systems and processes, we may be unable to expand our business as planned. While we often obtain indemnification rights from the sellers of acquired businesses or purchases insurance to cover potential losses, such rights may be limited in nature, may be difficult to enforce, the losses may exceed any dedicated escrow funds or insurance coverage, and the indemnitors may not have the ability to financially support the indemnity.

In addition, there is no assurance that we will continue to locate suitable acquisition targets or that it will be able to consummate any such transaction on terms and conditions acceptable to us. Existing cash balances and cash flow from operations, together with borrowing capacity under our credit facilities, may be insufficient to make acquisitions. Credit and equity market conditions may also make it more difficult and costly to finance acquisitions. Through acquisitions, we may also enter into business activities or geographies where we have limited or no experience. This would expose us to additional business risks that are different than those we have traditionally experienced with our existing business.

At any given time, we typically consider, or may be in the process of negotiating, a number of potential acquisitions, some of which may be material in size. In connection with such potential acquisitions, we regularly enter into non-disclosure or confidentiality agreements, indicative term sheets, non-binding letters of intent and other similar agreements with potential sellers, and conduct due diligence as applicable. We do not in every case proceed to the closing of a transaction. We typically do not publicly announce a prospective acquisition prior to the time we enter into a definitive agreement with respect thereto, and may not publicly announce non-material acquisitions until a closing occurs, or at all. Accordingly, at any given time, an acquisition announcement could be imminent. The announcement of any material acquisition by us (or rumours thereof, even if unfounded) could result in volatility in the market price and trading volume of our common shares. Further, we cannot predict the reaction of the market, or of our stakeholders, customers or competitors, to the announcement of any such material acquisition or to rumours thereof.

***General inflationary pressures may have a material adverse effect on us.***

General inflationary pressures may affect labour and other operating costs, which could have a material adverse effect on our financial condition, results of operations, and the capital expenditures required to advance our business plans. While central banks in Canada, the U.S., and globally have taken actions to combat the current inflationary environment, there can be no assurance that any governmental action that has or will be taken to control inflationary or deflationary cycles will be effective, or whether any governmental action may contribute to economic uncertainty or a recession. Governmental action to address inflation or deflation may also affect currency values. Accordingly, inflation and any governmental response thereto may have a material adverse effect on our business, results of operations, cash flow, financial condition, and the price of our common shares.

***A recession, slowdown and/or sustained downturn in the economy may have a material adverse effect on our business, results of operations, cash flow, financial condition and the price of our common shares.***

A recession, slowdown and/or sustained downturn in the economy (or any particular segment thereof) may have a material adverse effect on our business, results of operations, cash flow, financial condition and the price of our common shares. A recession, slowdown and/or sustained downtown in the economy may also have the effect of heightening certain other risks described herein and in the documents incorporated by reference herein. There can be no assurance that any governmental action will be taken to curb or prevent a recession, slowdown and/or sustained downtown or that any governmental action taken will be effective. A recession, slowdown and/or sustained downtown may also lead to instability in credit and equity markets, affect our ability to finance our operations, or finance on favorable terms. The impact of any recession, slowdown and/or sustained downturn on the financial condition, cash flows, operations, credit risk, liquidity and availability of credit is uncertain and

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cannot be predicted. Management will continue to monitor and assess the risk and potential impact of any recession, slowdown and/or sustained downturn on our judgments, estimates, accounting policies and amounts recognized in the consolidated financial statements.

***Our current and potential competitors may have advantages relative to us.***

Our current and potential competitors may have greater brand recognition, more established insurance relationships and service networks, access to larger customer bases, and substantially greater financial, technical, sales, marketing and other resources than us. As a result, those competitors may have advantages relative to us. If we are unable to compete effectively, we may experience a loss of revenue share or reduced profitability.

***Investors in our common shares may face dilution from future offerings by us.***

The number of common shares that we are authorized to issue is unlimited. Subject to the rules of any applicable stock exchange on which our common shares are listed (including the TSX and the NYSE) and applicable securities laws, we may, in our sole discretion, issue additional common shares from time to time, and the interests of our shareholders may be diluted thereby. We cannot predict the size or nature of future sales or issuances of securities or the effect, if any, that such future sales and issuances will have on the market price of our common shares. Sales or issuances of substantial numbers of common shares or other securities that are convertible or exchangeable into common shares, or the perception that such sales or issuances could occur, may adversely affect prevailing market prices of our common shares. With any additional sale or issuance of common shares or other securities that are convertible or exchangeable into common shares, investors will suffer dilution to their voting power and economic interest in us. Furthermore, to the extent holders of our stock options or other convertible securities convert or exercise their securities and sell the common shares they receive, the trading price of our common shares may decrease due to the additional amount of common shares available in the market.

***We may require but be unable to attain additional capital which may impair our ability to deliver on our business and growth strategies.***

Our ability to generally carry on our business and pursue our growth strategy may require us to raise additional capital. Additional capital may be sought through public or private debt or equity financings by us or another Boyd entity and may result in dilution to or otherwise may have a negative effect on existing shareholders. Further, there can be no assurances that additional financing will be available to us when required or desired by us, on advantageous terms or at all, which may adversely affect our ability to carry on our business.

We rely on long-term borrowings and access to revolving credit facilities to fund our ongoing operations. Our ability to refinance or renew such debt is dependent upon financial market conditions. We have senior unsecured notes maturing in 2033, senior secured revolving credit facilities in an aggregate amount of $575.0 million with an accordion feature which can increase the facilities to a maximum of $875.0 million that are committed to 2030, and a senior secured term loan maturing in March 2027. We have obtained commitments for the bridge credit facility and majority lender consent for certain amendments to the credit agreement for our revolving credit facility. See "The Acquisition—Financing the Acquisition". Renewed or additional financing may not be available when required, or may not be available on commercially favorable or otherwise satisfactory terms in the future. We may need to raise additional debt or equity capital to fund strategic acquisitions, expand our operations and distribution networks, invest in partnerships and research and development, enhance our services and products, or invest in or acquire additional capital assets or complementary products, services, businesses, or technologies. Our ability to arrange such financing to fund investments in future opportunities will depend in part upon prevailing capital market conditions as well as our business performance and investor perception of future business potential. Our access to financial markets could be adversely impacted by various factors including but not limited to: changes in credit markets that reduce available credit or the ability to renew existing facilities on acceptable terms or at all; a deterioration in our financial situation that would violate current

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covenants and/or prohibit us from obtaining capital from banks, financial institutions, or investors; an adverse perception in capital markets of our financial condition or prospects; a decline in credit ratings; extreme volatility in credit markets that increase margin or credit requirements; significant and rapid increases in market interest rates; volatility in equity markets where our common shares trade; general economic conditions; or volatility in our results that would substantially increase our cost of our capital. A lowering or withdrawal of the debt ratings assigned to us and our 2033 senior unsecured notes by rating agencies may increase future borrowing costs and reduce access to capital. Our 2033 senior unsecured notes currently have a non-investment grade rating, and any rating assigned could be lowered or withdrawn entirely by a rating agency if, in that rating agency's judgment, future circumstances relating to the basis of the rating, such as adverse changes, so warrant. Any lowering of our credit rating may make it more difficult or more expensive to obtain additional debt financing.

Any debt financing secured by us in the future could involve restrictive covenants relating to our capital-raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions. There can be no assurance that we will be successful in our efforts to arrange additional financing, if needed, on terms satisfactory to management or at all. If we raise additional funds through further issuances of convertible debt or equity securities, our existing shareholders could suffer significant dilution, and any new equity securities we might issue could have rights, preferences, and privileges superior to those attaching to our common shares.

We may issue additional senior unsecured notes as an alternative to drawing on our bridge credit facility in order to partially finance the acquisition. If we raise additional funds through the issuance or incurrence of additional debt, our degree of leverage could increase significantly and could have material adverse consequences, including: limiting our ability to further access financial markets as described above; having to dedicate a portion of our cash flows from operations to the payment of interest on our existing indebtedness and not having such cash flows available for other purposes, including operations, innovation, and future business opportunities; exposing us to increased interest expense on borrowings at various rates; limiting our ability to adjust to changing market conditions; placing us at a competitive disadvantage compared to our competitors that have less debt; making us vulnerable in a downturn in general economic conditions; and rendering us unable to make capital expenditures that are important to our growth and strategies. As the amount of debt issued or incurred by us increases, there is an increased risk that cash flows generated by us will be insufficient to service our debt obligations.

***Payment of dividends on our common shares is at the discretion of our board of directors and we may not declare and pay dividends in the future.***

Any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on, among other things, financial results, cash requirements, contractual restrictions and other factors that our board of directors may deem relevant. If we do not declare and pay dividends in the future, investors may not receive any return on an investment in our common shares unless they sell their common shares for a price greater than that which such investors paid for them.

***If securities or industry analysts do not publish research or reports about our business, or if they publish price targets or estimates of the future price of our common shares that differ from market expectations, the price of our common shares could decline.***

The trading market for our common shares depends, in part, on the research and reports that securities or industry analysts publish about us or our business. We do not have any control over these analysts. If one or more of the analysts who cover us publish price targets or estimates of the future price of our common shares that differ from market expectations, or publish inaccurate or unfavorable research about our business, the price of our common shares could decline. In addition, if our results of operations fail to meet the expectations of research analysts and investors, the price of our common shares could decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our common shares could decrease, which might cause the price and trading volume of our common shares to decline.

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***We will incur increased costs as a result of being a public company in the U.S., and our management will be required to devote substantial time to U.S. public company compliance efforts.***

As a public company in the U.S., we will incur additional legal, accounting, NYSE-related, reporting and other expenses that we did not incur as a public company in Canada. The additional demands associated with being a U.S. public company may disrupt regular operations of our business by diverting the attention of some of our senior management team away from revenue-producing activities to additional management and administrative oversight, adversely affecting our ability to attract and complete business opportunities and increasing the difficulty in both retaining professionals and managing and growing our business. Any of these effects could harm our business, results of operations and financial condition.

If our efforts to comply with new U.S. laws, regulations and standards differ from the activities intended by regulatory or governing bodies, such regulatory bodies or third parties may initiate legal proceedings against us and our business may be adversely affected. As a public company in the U.S., it is more expensive for us to obtain or retain director and officer liability insurance, and we will be required to accept reduced coverage or incur substantially higher costs to continue our coverage. These factors could also make it more difficult for us to attract and retain qualified directors.

The U.S. *Sarbanes-Oxley Act of 2002*, as amended (the "**Sarbanes-Oxley Act**"), requires that we maintain effective disclosure controls and procedures and internal control over financial reporting. Pursuant to Section 404 of the Sarbanes-Oxley Act ("**Section 404**"), we will be required to furnish a report by our management on our internal control over financial reporting, which will in the future, starting with respect to the year ended December 31, 2026, be required to be accompanied by an attestation report on internal control over financial reporting issued by our independent registered public accounting firm.

To achieve compliance with Section 404 within the prescribed period, we will document and evaluate our internal control over financial reporting, which is both costly and challenging. In this regard, we will need to continue to dedicate internal resources, potentially engage outside consultants and adopt a detailed work plan to assess and document the adequacy of our internal control over financial reporting, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented and implement a continuous reporting and improvement process for internal control over financial reporting. Despite our efforts, there is a risk that neither we nor our independent registered public accounting firm will be able to conclude within the prescribed timeframe that our internal control over financial reporting is effective as required by Section 404. This could result in a determination that there are one or more material weaknesses in our internal control over financial reporting, which could cause an adverse reaction in the financial markets due to a loss of confidence in the reliability of our consolidated financial statements. In addition, in the event that we are not able to demonstrate compliance with the Sarbanes-Oxley Act, that our internal control over financial reporting is perceived as inadequate, or that we are unable to produce timely or accurate financial statements, investors may lose confidence in our operating results and the price of our common shares may decline. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on the NYSE.

***As a foreign private issuer, we are subject to different U.S. securities laws and rules than a domestic U.S. issuer, which may limit the information publicly available to our shareholders.***

We are a "foreign private issuer" as such term is defined in Rule 405 under the U.S. Securities Act, and are permitted, under a multijurisdictional disclosure system adopted by the U.S. and Canada, to prepare our disclosure documents filed under the Exchange Act, in accordance with Canadian disclosure requirements. Under the Exchange Act, we are subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. As a result, we will not file the same reports that a U.S. domestic issuer would file with the SEC, although we will be required to file or furnish to the SEC the continuous disclosure documents that we are required to file in Canada under Canadian securities laws. In

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addition, our officers, directors, and principal shareholders are exempt from the reporting and "short swing" profit recovery provisions of Section 16 of the Exchange Act. Therefore, our shareholders may not know on as timely a basis when our officers, directors and principal shareholders purchase or sell shares, as the reporting deadlines under the corresponding Canadian insider reporting requirements are longer.

As a foreign private issuer, we are exempt from the rules and regulations under the Exchange Act related to the furnishing and content of proxy statements. We are also exempt from Regulation FD, which prohibits issuers from making selective disclosures of material non-public information. While we expect to comply with the corresponding requirements relating to proxy statements and disclosure of material non-public information under Canadian securities laws, these requirements differ from those under the Exchange Act and Regulation FD and shareholders should not expect to receive in every case the same information at the same time as such information is provided by U.S. domestic companies.

In addition, as a foreign private issuer, we have the option to follow certain Canadian corporate governance practices, except to the extent that such laws would be contrary to U.S. securities laws, and provided that we disclose the requirements we are not following and describe the Canadian practices we follow instead. For example, we do not intend to follow the minimum quorum requirements for shareholder meetings as well as certain NYSE shareholder approval requirements prior to the issuance of securities, as permitted for foreign private issuers. As a result, our shareholders may not have the same protections afforded to shareholders of U.S. domestic companies that are subject to all U.S. corporate governance requirements.

Following the completion of this offering, we may cease to qualify as a foreign private issuer. If we cease to qualify, we will be subject to the same reporting requirements and corporate governance requirements as a U.S. domestic issuer which may increase our costs of being a public company in the U.S.

***We are governed by the corporate and securities laws of Canada which in some cases have a different effect on shareholders than the corporate laws of Delaware, U.S. and U.S. securities laws.***

We are governed by the CBCA and other relevant laws, which may affect the rights of shareholders differently than those of a company governed by the laws of a U.S. jurisdiction, and may, together with our constating documents, have the effect of delaying, deferring or discouraging another party from acquiring control of us by means of a tender offer, a proxy contest or otherwise, or may affect the price an acquiring party would be willing to offer in such an instance. The material differences between the CBCA and Delaware General Corporation Law ("**DGCL**"), that may have the greatest such effect include, but are not limited to, the following: (i) for material corporate transactions (such as mergers and amalgamations, other extraordinary corporate transactions or amendments to our articles) the CBCA generally requires a two-thirds majority vote by shareholders, whereas DGCL generally requires only a majority vote; and (ii) under the CBCA, holders of 5% or more of our common shares that carry the right to vote at a meeting of shareholders can requisition a special meeting of shareholders, whereas such right does not exist under the DGCL.

***As we are organized under the federal laws of Canada and certain of our directors and officers reside in Canada or the provinces thereof, it may be difficult for U.S. shareholders to effect service on us to realize on judgments obtained in the U.S. Similarly, it may be difficult for Canadian investors to enforce civil liabilities against our directors and officers residing outside of Canada.***

We are governed by the CBCA with our principal place of business in Canada, certain of our directors and officers reside or are organized outside of the U.S. and a portion of our assets or the assets of these persons may be located outside the U.S. Consequently, it may be difficult for investors who reside in the U.S. to effect service of process in the U.S. upon us or upon such persons who are not residents of the U.S., or to realize upon judgments of courts of the U.S. predicated upon the civil liability provisions of the U.S. federal securities laws. A judgment of a U.S. court predicated solely upon such civil liabilities may be enforceable in Canada by a Canadian court if the U.S. court in which the judgment was obtained had jurisdiction, as determined by the

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Canadian court, in the matter. Investors should not assume that Canadian courts: (i) would enforce judgments of U.S. courts obtained in actions against us or such persons predicated upon the civil liability provisions of the U.S. federal securities laws or the securities or blue sky laws of any state within the U.S., or (ii) would enforce, in original actions, liabilities against us or such persons predicated upon the U.S. federal securities laws or any such state securities or blue sky laws. Similarly, some of our directors and officers are residents of countries other than Canada and all or a substantial portion of the assets of such persons are located outside Canada. As a result, it may be difficult for Canadian investors to initiate a lawsuit within Canada against these persons. In addition, it may not be possible for Canadian investors to collect from these persons judgments obtained in courts in Canada predicated on the civil liability provisions of securities legislation of certain of the provinces of Canada. It may also be difficult for Canadian investors to succeed in a lawsuit in the U.S. based solely on violations of Canadian securities laws.

***We may be negatively impacted by changes in taxation rates or laws.***

Changes in taxation rates or law, or misinterpretation of the law or any failure to manage tax risks adequately could result in increased charges, financial loss, including penalties and reputational damage, and which could have a material adverse effect on our prospects, business, financial condition and results of operations.

Our overall effective income tax rate may be adversely affected by the following: changes to current domestic laws in the countries in which we operate, namely Canada and the U.S.; changes to or terminations of the income tax treaties we currently rely on; an increase in income and withholding tax rates; changes to free trade and export processing zone rules in certain countries; changes in domestic laws and income tax treaties that may result from the Organization for Economic Co-operation and Development (OECD) initiatives against base erosion and profit sharing (BEPS); changes to guidance regarding the interpretation and application of domestic laws, free trade and export processing zones, and income tax treaties; increases in the proportion of our overall profits being earned in higher tax rate jurisdictions due to changes in the locations of our operations; or other factors.

We may have exposure to greater than anticipated tax liabilities or expenses. We are subject to income taxes and non-income taxes in a variety of jurisdictions and our tax structure is subject to review by both domestic and foreign taxation authorities. The determination of our worldwide provision for income taxes and other tax liabilities requires significant judgment. Tax filings are subject to audits, which could materially change the amount of current and deferred income tax assets and liabilities. As outlined in note 18 to our most recent annual financial statements, we have unrecognized deferred income tax assets which are reassessed at each reporting date and are recognized to the extent that it has become probable the benefit will be recovered. If we achieve a consistent level of profitability, the likelihood of recording a deferred income tax asset on our consolidated balance sheets for some portion of the losses incurred in prior periods in one of our business jurisdictions will increase. Any change to the recognition of the deferred income tax asset would also result in an income tax recovery or income tax expense, as applicable, on our consolidated statements of operations in the period in which the recognition of assets is changed. In addition, if we have recorded a deferred income tax asset on the consolidated balance sheets, it will record income tax expense in any period in which it uses that deferred income tax asset to offset any income tax payable in that period, reducing net income reported for that period, perhaps materially.

**Risks Relating to the Acquisition** 

***There can be no assurance that the acquisition will be completed, and if the acquisition is not completed, dilution on a per common share basis may occur and we could be subject to a number of risks that may adversely affect our business.***

The closing of this offering is not conditional on the closing of the acquisition. The acquisition is expected to close in the fourth quarter of 2025 and is subject to customary closing conditions, including the receipt of

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regulatory approvals. While we believe that the conditions to closing of the acquisition are likely to be satisfied, there can be no assurance that we will obtain the required approvals or that the acquisition will be completed. Our common shares sold under this prospectus will remain outstanding whether or not the acquisition is completed. If the acquisition is not completed, we intend to use the net proceeds of this offering to reduce our outstanding indebtedness and finance future growth opportunities including acquisitions, or for other general corporate purposes, which may include funding the purchase of our common shares pursuant to any normal course issuer bid in effect at such time, pursuant to a substantial issuer bid or as otherwise permitted by applicable laws. However, our management will have broad discretion over the use of proceeds from this offering, and there can be no assurance that we would make such purchases of common shares if the acquisition is not completed, and any such purchases would be subject to limitations under applicable laws and regulatory requirements, including any maximum number of common shares that may be purchased pursuant to our normal course issuer bid or pursuant to such applicable laws and regulatory requirements.

While the net proceeds from the sale of our common shares under this prospectus are expected to be applied towards the uses specified in "Use of Proceeds", to the extent that any of those net proceeds remain uninvested or invested in low-yielding investments pending their use, this offering may result in dilution, on a per common share basis, to our net earnings, Adjusted EBITDA, Adjusted Net Earnings Per Share and other measures used by us.

If the acquisition is not completed, we could be subject to a number of risks that may adversely affect our business and the market price of our common shares, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the time and resources committed by our management to matters relating to the acquisition could otherwise have
been devoted to pursuing other beneficial opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market price of our common shares could decline to the extent that the current market price reflects a
market assumption that the acquisition will be completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we would not realize the benefits we expect to realize from consummating the acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will be required to pay costs relating to the acquisition, such as legal, accounting, and financial
advisory fees, whether or not the acquisition is completed.

We may also be subject to litigation related to any failure to complete the acquisition or related to any proceeding to specifically enforce our performance obligations under the purchase agreement.

If the acquisition is not completed, these risks may materialize and may adversely affect our business, financial results and financial condition, as well as the price of our common shares, which may cause the value of your investment to decline.

***We may not realize the full amount of cost savings, synergies and benefits anticipated from the acquisition.***

Although we estimate annual cost synergies of approximately US$35.0 million to US$45.0 million in connection with the acquisition, inclusion of the estimated annual synergies in this prospectus supplement should not be viewed as a representation that we will in fact achieve these synergies. We continue to evaluate our estimates of the synergies to be realized from the acquisition, and to refine them and, as such, the actual synergies could differ, perhaps materially, from our current estimates. Expenses required to realize the synergies and the sources of the synergies are difficult to estimate accurately and could differ materially from these estimates and we cannot assure investors that we will achieve the full amount of anticipated synergies or at all. Accordingly, any benefits that we realize from the acquisition may be offset, in whole or in part, by unexpected costs incurred or delays in integrating the businesses, which could cause our financial and operating assumptions with respect to the acquisition to be inaccurate. In light of these significant uncertainties, investors should not place undue reliance on our estimates of annual synergies.

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Although we expect to benefit from certain tax benefits relating to the acquisition of approximately US$150.0 million, our ability to realize these tax benefits is based on a number of assumptions, including that we earn sufficient taxable income over the period in which deductions from the acquisition are available, that tax rates remain the same, and that there are no adverse changes in applicable laws or regulations. If any of our assumptions prove incorrect, we may not realize the tax benefits we expect to be available.

***We may not realize any or all of the anticipated benefits from the acquisition, which could adversely affect our business.***

We believe that the acquisition will be beneficial to us and our shareholders, including as described in "The Acquisition". However, there is a risk that some or all of the benefits anticipated from the acquisition may fail to materialize, not occur within the time periods anticipated or may differ materially from our estimates. The ability to realize the anticipated benefits of the acquisition will depend in part on successfully consolidating functions and integrating operations, procedures and personnel in a timely and efficient manner, as well as our ability to realize growth opportunities and potential operational gains from integrating JHCC's business with our existing business following the acquisition. Even if we are able to integrate these businesses and operations successfully, this integration may not result in the realization of the full benefits of the growth opportunities we currently expect within the anticipated time frame or at all. Further, we may be unable to retain existing JHCC customers or employees following the acquisition. In addition, any benefits that we realize may be offset, in whole or in part, by reductions in sales, or through increases in other expenses, including costs to achieve our estimated synergies and growth.

Moreover, a variety of factors, including those risk factors set forth in the prospectus and this prospectus supplement and the documents incorporated by reference in the prospectus and this prospectus supplement, a number of which are beyond our control, may adversely affect our ability to achieve the anticipated benefits of the acquisition.

***Our ability to borrow under our credit facilities is subject to certain customary conditions which may impact our ability to fund the acquisition.***

Our ability to borrow under our credit facilities is subject to certain customary conditions that we must satisfy. The completion of the acquisition is not subject to any financing conditions. If we are unable to satisfy one or more of those conditions and such conditions are not waived, we will not be able to borrow amounts under our credit facilities to fund the acquisition. If we cannot borrow under our credit facilities, we may not have the cash necessary to fund the purchase price and close the acquisition and the sellers will, in certain circumstances, have the right to terminate the purchase agreement. In addition, while it is possible that alternative sources of financing may be available, alternative sources, if available, may be on terms that are less favorable than the terms of our credit facilities. See "The Acquisition—Financing the Acquisition".

***There may be unexpected liabilities related to the acquisition that may have a material adverse effect on our business, financial condition or future prospects.***

We have conducted due diligence in connection with the acquisition. However, there may be liabilities of JHCC that we failed to discover or were unable to quantify accurately or at all in the due diligence which we conducted in connection with the acquisition and we may not be indemnified for any or all of these liabilities.

In connection with the acquisition, we intend to obtain a representation and warranty insurance policy with aggregate coverage limits of up to $130,000,000. Our representation and warranty insurance policy will be subject to certain exclusions and limitations. In addition, there may be circumstances for which the insurer may elect to limit such coverage or refuse to indemnify us or situations for which the coverage provided under the representation and warranty insurance policy may not be sufficient or applicable.

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The discovery, existence, or quantification of any such liabilities and our inability to recover or claim from the sellers, JHCC or the provider of the representation and warranty insurance policy could have a material adverse effect on our business, financial condition or future prospects.

***We cannot assure the accuracy or completeness of information with respect to JHCC and its business.***

All information related to JHCC in this prospectus supplement is based on information provided by JHCC and the sellers. Although we have conducted what we believe to be a prudent and thorough level of investigation with respect to JHCC and its business in connection with the acquisition, a certain degree of risk remains regarding the accuracy and completeness of such information. While we have no reason to believe the information obtained from JHCC and the sellers is misleading, untrue or incomplete, we cannot assure the accuracy or completeness of such information, nor can we compel JHCC or the sellers to disclose events which may have occurred or may affect the completeness or accuracy of such information, but which are unknown to us. Prospective investors are cautioned that JHCC (i) has not reviewed this disclosure contained in this prospectus relating to itself or its business, nor represented that such disclosure represents full, true and plain disclosure of all material facts relating to itself and/or its business and does not contain a misrepresentation relating to itself and/or its business, and (ii) has no liability to investors participating in this offering in the event that the disclosure contained in this prospectus relating to itself and/or its business contains a misrepresentation.

***Pro forma financial information may not be indicative of our financial condition or results following the acquisition.***

The unaudited pro forma consolidated financial information contained in this prospectus supplement is presented for illustrative purposes only as of the date and for the periods referred to therein and may not be indicative of our financial condition, results of operations or cash flows following the completion of the acquisition and the final results may differ materially. The unaudited pro forma combined consolidated financial information has been derived from the respective historical financial statements of us and JHCC, and certain adjustments and assumptions have been made to give effect to the acquisition and the financing of the acquisition, as more particularly described in the notes to such pro forma financial statements. The information upon which such adjustments and assumptions have been made is preliminary and adjustments and assumptions of this nature are difficult to make with complete accuracy. Moreover, the unaudited pro forma combined consolidated financial information does not include, among other things, estimated synergies or adjustments related to restructuring or integration activities in connection with the acquisition, or future acquisitions or disposals not yet known or probable. Actual amounts recorded upon the finalization of the purchase price allocation pursuant to the purchase agreement may differ from the amounts reflected in our pro forma financial statements. Additionally, the unaudited pro forma consolidated financial information may not reflect all of the costs that are expected to be incurred by JHCC and us in connection with the acquisition. Actual amounts recorded upon consummation of the acquisition will differ from such pro forma consolidated financial information. Since the pro forma consolidated financial information have been developed to retroactively show the effect of a transaction that occurred at a later date, there are limitations inherent in the very nature of pro forma data. Accordingly, the unaudited pro forma consolidated financial information contained in this prospectus supplement is presented for informational purposes only and our assets, results of operations and financial condition following the acquisition may differ significantly from those indicated in the unaudited pro forma financial information.

***Forward-looking statements are based on assumptions.***

Forward-looking statements are based on a number of assumptions, many of which are outside of our control, and, if some or all of the underlying assumptions prove to be inaccurate, our actual financial and operational results may be different from the forward-looking statements and such differences may be material. This prospectus supplement includes forward-looking statements relating to, among other matters, the anticipated benefits of the acquisition, synergies and our anticipated growth, which are based on a number of assumptions

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and estimates that are discussed in this prospectus supplement and that may not prove to be correct. Such assumptions are further subject, to a significant degree, on future business decisions, some of which may change, and that could further cause our actual results to differ materially from those set out in forward-looking statements. Accordingly, the forward-looking statements contained in this prospectus supplement are only an estimate of what management believes to be realizable as of the date of this prospectus supplement. Forward-looking statements should be read together with the historical financial and operational information included or incorporated by reference in this prospectus. Although we consider the assumptions and estimates underlying forward-looking statements to be reasonable as of the date of this prospectus supplement, those assumptions and estimates are inherently uncertain and subject to significant business, economic, financial and competitive risks and uncertainties, many of which are beyond our control and if our assumptions prove to be inaccurate, our actual results may differ materially from those set out in forward-looking statements.

***The acquisition is conditional upon the receipt of all required regulatory approvals.***

The acquisition is conditional upon, among other things, the receipt of all required regulatory approvals. There is no certainty, nor can we provide any assurance, that the required regulatory approvals can be obtained on conditions acceptable to us, or, if so obtained, when they will be obtained. A substantial delay in obtaining the required regulatory approvals or the conditioning of the required regulatory approvals on unfavorable terms or conditions could have a material adverse effect on our ability to complete the acquisition and, if completed, on our or JHCC's business, financial condition, results of operations or cash flows. In addition, in the event that regulatory agencies impose such unfavorable terms and/or conditions for required regulatory approvals, we may still be required to complete the transaction on the terms set forth in the purchase agreement.

***We may be exposed to increased litigation following the acquisition, which could have an adverse effect on our business and operations.***

We may be exposed to increased litigation from shareholders, customers, suppliers and other third parties following the acquisition. Such litigation may have an adverse impact on our business and results of operations or may cause disruptions to our operations. Even if any such claims are without merit, defending against these claims can result in substantial costs and divert the time and resources of management.

***The acquisition may trigger change of control provisions which could result in unanticipated expenses in connection with the acquisition.***

JHCC is a party to agreements that contain change of control or other similar provisions which may be triggered by the acquisition. The operation of these provisions, if triggered, could result in unanticipated expenses and/or cash payments following the consummation of the acquisition or could adversely affect the results of operations and financial condition of JHCC. Unless consents are obtained or other appropriate arrangements are agreed to or these provisions are waived by the other party, the operation of any of these provisions could adversely affect JHCC, which could adversely affect our business, operating results and financial condition.

***There can be no assurance that we will be successful in integrating JHCC's operations or that the expected benefits of the acquisition will be realized.***

Although we expect to realize certain benefits as a result of the acquisition, there is a possibility that, following the acquisition, we will be unable to successfully integrate JHCC **into our operations in order to realize the anticipated benefits of the acquisition or may be unable to do so within the anticipated timeframe.** 

We expect to implement certain operational improvements and cost-savings initiatives following the completion of the acquisition. Any cost-savings that we realize from such efforts may differ materially from our estimates. In addition, any cost-savings that we realize may be offset, in whole or in part, by reductions in sales or through increases in other expenses. Our operational improvements and cost-savings plans are subject to numerous risks and uncertainties that may change at any time.

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To effectively integrate JHCC into our current operations, we must establish appropriate operational, administrative, finance, management systems and controls and marketing functions relating to JHCC. These efforts, together with the ongoing integration following the acquisition, will require substantial attention from our management. This diversion of management attention, as well as any other difficulties which we may encounter in completing the acquisition and integration process, could have an adverse effect on our business, financial condition, results of operations and cash flows. There can be no assurance that we will be successful in integrating JHCC's operations or that the expected benefits of the acquisition will be realized.

***We expect to incur significant costs in connection with the acquisition and integrating the operations of JHCC into our business and may incur unexpected costs or liabilities.***

We expect to incur significant costs associated with completing the acquisition and integrating the operations of JHCC into our business. The substantial majority of such costs are expected to be non-recurring expenses resulting from the acquisition and will consist of transaction costs related to the acquisition, facilities and systems consolidation costs and employment-related costs. Additional unanticipated costs may be incurred in the integration of our and JHCC's respective businesses and such costs, if incurred, may have a negative effect on our business, operations and financial performance and cash flows.

***We may be unable to retain customers or employees of JHCC following the acquisition.***

We may be unable to retain customers or employees of JHCC following the acquisition. The continuing and collaborative efforts of the senior management and employees of JHCC are important to its success and its business would be harmed if it were to lose their services. The existence of undisclosed liabilities and our inability to retain the customers or employees of JHCC could have an adverse impact on our business, financial condition and results of operations.

***We will not control JHCC until completion of the acquisition and the business and results of operations of JHCC may be adversely affected by events that are outside of our control during the intervening period.***

Although the purchase agreement contains covenants on the part of JHCC regarding the operation of its business prior to closing the acquisition, we will not control JHCC until completion of the acquisition and the business and results of operations of JHCC may be adversely affected by events that are outside of our control during the intervening period. Historic and current performance of the business and operations of JHCC may not be indicative of success in future periods. As a result, the operations and financial performance of JHCC may be negatively affected which may adversely affect our future business, financial condition and results of operations.

***We will incur additional debt to finance the acquisition.***

In financing the acquisition, we will incur additional debt, including by way of borrowings under our revolving credit facilities and, potentially, through the issuance of new senior unsecured notes. See "The Acquisition—Financing the Acquisition" and "Consolidated Capitalization". Such borrowings or debt securities, if incurred or issued, will increase our consolidated indebtedness. Such additional indebtedness will increase our interest expense and debt service obligations and may have a negative effect on our results of operations and/or credit ratings. Such increased indebtedness may also make our results more sensitive to increases in interest rates. Our degree of leverage could have other important consequences for purchasers, including: (i) having a negative effect on our ratings; (ii) limiting our ability to obtain additional financing for working capital, capital expenditures, debt service requirements, acquisitions and general corporate or other purposes; (iii) limiting our ability to declare dividends on our common shares; (iv) being vulnerable in a downturn in general economic conditions; and (v) being unable to make capital expenditures that are important to its growth and strategies.

***The historical financial information relating to JHCC has been derived on a historical basis.***

The historical financial information relating to JHCC included in this prospectus supplement, including JHCC's information used to prepare our pro forma financial statements, has been derived from the historical

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accounting records of JHCC. This historical financial information may not reflect what JHCC's financial position, results of operations or cash flows would have been had we owned all of the equity interests in JHCC during the periods presented or what our financial position, results of operations or cash flows will be in the future. The historical financial information does not contain any adjustments to reflect changes that may occur in our cost structure, financing and operations as a result of the acquisition.

In preparing our pro forma financial statements, we have given effect to, among other items, this offering, the completion of the acquisition and the completion of certain transactions for the purpose of financing the purchase price of the acquisition. The assumptions and estimates underlying our pro forma financial statements may be materially different from our actual experience going forward. See "Cautionary Note Regarding Forward-Looking Statements".

***No assurance of future performance***

Historic and current performance of our business and the business of JHCC may not be indicative of continued consistent performance or success in future periods. The future performance of our business after the acquisition may be adversely affected by economic downturns and other factors beyond our control. As a result of these factors, our operations and financial performance, including JHCC, may be negatively affected, which may adversely affect our financial results.

**CONSOLIDATED CAPITALIZATION** 

There have been no material changes in our consolidated capitalization since June 30, 2025, to the date hereof, other than an increase in long-term debt of US$4.9 million in connection with our issuance on September 4, 2025 of C$275.0 million (US$198.7 million) aggregate principal amount of senior unsecured notes due 2033 and a reduction of amounts drawn under our revolving credit facilities by US$193.8 million using the net proceeds of such issuance.

The following table sets forth our consolidated capitalization as at June 30, 2025: (A) on an actual basis, (B) as adjusted to give effect to this offering (without giving effect to the exercise of the underwriters' option to purchase additional common shares) and (C) as adjusted to give effect to, among other things: (i) this offering (without giving effect to the exercise of the underwriters' option to purchase additional common shares), (ii) the acquisition, (iii) drawings of US$210.0 million on our amended revolving credit facility, (iv) drawings of US$375.0 million on our bridge credit facility, (v) the issuance on September 4, 2025 of C$275.0 million (US$198.7 million) aggregate principal amount of senior unsecured notes due 2033, and (vi) a reduction of amounts drawn under our revolving credit facilities by US$193.8 million using the net proceeds of the issuance of our senior unsecured notes due 2033. The table should be read in conjunction with our most recent annual financial statements and notes thereto and our interim financial statements for the six months ended June 30,

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2025 and 2024 and notes thereto incorporated by reference in this prospectus supplement and the pro forma financial statements included elsewhere in this prospectus supplement.

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| | | | |
|:---|:---|:---|:---|
| **Description (in thousands of U.S. dollars)** | **As at June 30,<br>2025, before<br>giving effect to<br>this offering** | **As at June 30,<br>2025, after**<br>**giving effect to<br>this offering<sup>(2)(3)</sup>** | **As at June 30,<br>2025 after giving<br>effect to the<br>transactions<br>referred to<br>above<sup>(1)(2)(3)</sup>** |
|  *<u>Indebtedness</u>* | *<u>Indebtedness</u>* | *<u>Indebtedness</u>* | *<u>Indebtedness</u>* |
|  Revolving credit & swing line facilities (net of financing costs)<sup>(5)</sup> | $387931 | $387931 | $404131 |
|  Term loan A (net of financing costs) | $124904 | $124904 | $124904 |
|  Existing 2033 senior unsecured notes |  |  | $198700 |
|  Bridge credit facility |  |  | $375000<sup>(4)</sup> |
|  **Total senior indebtedness** | $512835 | $512835 | $1102735 |
|  Seller notes | $7677 | $7677 | $7677 |
|  Lease liabilities | $735645 | $735645 | $977770 |
|  **Total indebtedness** | $1256157 | $1256157 | $2088182 |
|  *<u>Equity</u>* | *<u>Equity</u>* | *<u>Equity</u>* | *<u>Equity</u>* |
|  Accumulated other comprehensive earnings | $53244 | $53244 | $53244 |
|  Retained earnings | $178665 | $178665 | $178665 |
|  Shareholders' capital | $599885 | $— | $— |
|  Contributed surplus | $7505 | $7505 | $7505 |
|  **Total equity** | $839299 | $— | $— |
|  **Total capitalization** | $2095456 | $— | $— |

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Notes:

(1) See "The Acquisition" and "The Acquisition—Financing the Acquisition" for more
information.

(2) Assumes net proceeds of the offering of US$  (gross proceeds of US$   , net of the
underwriters' fee of US$  and expenses of the offering of approximately US$2.8 million).

(3) Assumes    common shares are issued in connection with this offering (assuming no
exercise of the underwriters' option to purchase additional common shares).

(4) Drawings under our bridge credit facility are estimated and subject to change. See "Cautionary Note
Regarding Forward-Looking Statements".

(5) We also expect to amend the credit agreement for our revolving credit facility to, among other things,
increase its size from US$575.0 million to US$775.0 million pursuant to the accordion feature of our existing revolving credit facility. See "The Acquisition—Financing the Acquisition".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares (common shares if the underwriters' option to purchase additional common shares is exercised in full) will be issued from our treasury in this offering. See "Plan of Distribution".

**USE OF PROCEEDS** 

The aggregate net proceeds to be received by us from the sale of our common shares in this offering are approximately US$ after deducting the underwriters' fee and other expenses relating to this offering payable by us, which are estimated to be US$2.8 million. If the underwriters' option to purchase additional common shares is exercised in full, the estimated net proceeds of this offering, after deducting the underwriters' fee payable to the underwriters and the estimated expenses of this offering, are expected to be US$ .

We expect that the net proceeds of this offering will be used, together with net proceeds from the financings described under the heading "The Acquisition—Financing the Acquisition", to finance the purchase price for the acquisition, together with related financing fees and transaction expenses.

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The consummation of the acquisition is not contingent upon the consummation of this offering, and this offering is not contingent upon the consummation of the acquisition. There is no guarantee the acquisition will be completed on a timely basis or at all and completion of the acquisition remains subject to customary closing conditions. If the acquisition is not completed, we intend to use the net proceeds from this offering to reduce our outstanding indebtedness and finance future growth opportunities including acquisitions, or for other general corporate purposes. Management will have discretion with respect to the actual use of the net proceeds of this offering*.* See "Risk Factors".

**DESCRIPTION OF COMMON SHARES BEING DISTRIBUTED** 

The common shares being offered in this offering, including any common shares issued pursuant to the exercise of the underwriters' option to purchase additional common shares, shall be identical in all their terms to all of our other common shares. The following description is a summary of the material attributes and characteristics of our common shares, and may not be complete and is subject to, and qualified in its entirety by reference to, the terms and provisions of our articles, which are available electronically on SEDAR+ at www.sedarplus.com.

Our authorized share capital consists of an unlimited number of common shares, without par value. As at October 27, 2025, 21,468,021 of our common shares are issued and outstanding. Holders of our common shares are entitled to receive notice of and attend all meetings of shareholders, with each common share held entitling the holder to one vote on any resolution to be passed at such shareholder meetings. Holders of our common shares do not have cumulative voting rights with respect to the election of directors and, accordingly, holders of a majority of our common shares entitled to vote in any election of directors may elect all directors standing for election. Holders of our common shares are entitled to dividends if, as and when declared by our board of directors, to be shared rateably among our common shares then issued and outstanding. Holders of our common shares are entitled upon our liquidation, dissolution or winding-up to receive rateably among themselves our remaining assets and property available for distribution. Our common shares do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions.

**PLAN OF DISTRIBUTION** 

Pursuant to the underwriting agreement, we have agreed to issue and sell and the underwriters named below have agreed to purchase, severally and not jointly (within the meaning of such terms under the laws of the State of New York), on the closing date of this offering, the number of common shares set out opposite their respective names below, representing an aggregate of common shares, at a price of US$ per common share, for aggregate gross consideration of US$ , payable in cash against delivery of the common shares.

The offering price for our common shares was determined by negotiation between us and the underwriters, with reference to the then-current market price for our common shares.

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| | |
|:---|:---|
| **Underwriter** | **Number of<br>Common Shares** |
|  RBC Dominion Securities Inc. |  |
|  CIBC World Markets Inc. |  |
|  National Bank Financial Inc. |  |
|  TD Securities Inc. |  |
|  **Total** |  |

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Our common shares are being offered in the U.S. by the U.S. underwriters and in Canada by the Canadian underwriters pursuant to the underwriting agreement. This offering is being made concurrently in Canada under

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the terms of the shelf prospectus and this prospectus supplement and in the U.S. under the terms of the registration statement, of which the shelf prospectus and this prospectus supplement form a part, through the underwriters and/or affiliates thereof registered to offer our common shares for sale in such jurisdictions in accordance with applicable securities laws and such other registered dealers as may be designated by the underwriters. Subject to applicable law, the underwriters, their affiliates, or such other registered dealers as may be designated by the underwriters, may offer our common shares outside of Canada and the U.S.

In consideration for the services provided by the underwriters in connection with this offering, and pursuant to the terms of the underwriting agreement, we have agreed to pay the underwriters the underwriters' fee equal to % of the gross proceeds from this offering (including any gross proceeds raised on exercise of the underwriters' option to purchase additional common shares). We have also agreed to reimburse the underwriters for certain of their expenses in an amount up to $50,000. We will be responsible for all expenses related to this offering, whether or not it is completed. We have agreed to grant to the underwriters an option, exercisable in whole or in part, on or prior to the date that is 30 days following the date of the underwriting agreement, to purchase up to an additional number of common shares that is equal to 15% of the number of common shares sold in the base offering under this prospectus supplement, at a price equal to the offering price. The option to purchase additional common shares is exercisable by the underwriters giving notice to us prior to the deadline for exercising the option, which notice will specify the number of additional common shares to be purchased. This prospectus qualifies the grant of the underwriters' option to purchase additional common shares and the distribution of the additional common shares issuable on the exercise thereof. A purchaser who acquires additional common shares forming part of the underwriters' over-allocation position acquires those additional common shares under this prospectus, regardless of whether the over-allocation position is ultimately filled through the exercise of the underwriters' option to purchase additional common shares or secondary market purchases.

The obligations of the underwriters under the underwriting agreement are several and not joint (within the meaning of such terms under the laws of the State of New York) and are subject to certain closing conditions. Each underwriter is entitled, at its option, to terminate and cancel, without any liability on its part, its obligations under the underwriting agreement, by giving written notice to that effect if, prior to the closing, any of the following occurs: (a) any order to cease or suspend trading in any of the common shares is made, or any proceeding is announced, threatened or commenced for the making of any such order, by any securities regulatory authority, any stock exchange or by any other competent authority, and has not been rescinded, revoked or withdrawn; (b) any inquiry, action, suit, investigation or other proceeding (whether formal or informal) is commenced, threatened or announced or any order or ruling is issued under or pursuant to any statute of Canada or any province, or of the U.S. or any state thereof or by any official of any stock exchange or by any other regulatory authority having jurisdiction over us or any of our and our subsidiaries' material assets or the affairs (on a consolidated bases), or there is any change of law, or the interpretation, pronouncement or administration thereof ,which in the reasonable opinion of such underwriter, may prevent or operates to prevent or restrict materially the distribution of, or trading in the common shares, or might reasonably be expected to have a significant adverse effect on the market price or value of the common shares; (c) there should develop, occur or come into effect or existence any event, action, state, condition or occurrence of national or international consequence (including any natural catastrophe, acts of hostilities, acts of war, terrorism or any escalation thereof or other calamity or crisis) or any change or development involving a prospective change in national or international political, financial or economic conditions or any governmental action, law, regulation, inquiry or other occurrence of any nature which, in the reasonable opinion of such underwriter, significantly adversely affects or might reasonably be expected to significantly adversely affect the Canadian or U.S. financial markets generally or our and our subsidiaries' business, operations, capital or affairs (on a consolidated basis), or the market price or value of the common shares; (d) there shall occur any material change (actual, imminent or reasonably expected), or change in material fact which in the reasonable opinion of the underwriters (or any of them), might reasonably be expected to have a significant adverse effect on our and our subsidiaries' business, operations, capital or affairs (on a consolidated basis), or the market price or value of the common shares, or the underwriters shall become aware of any material fact with respect to us which had not been publicly disclosed or

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disclosed in writing to the underwriters at or prior to the date hereof and which in the reasonable opinion of the underwriters (or any of them) might reasonably be expected to have a significant adverse effect on our and our subsidiaries' business, operations, capital or affairs (on a consolidated basis), or the market price or value of the common shares; or (e) we shall be in material breach of, or have failed to comply in any material respect with, any terms or conditions of the underwriting agreement. The underwriters are, however, subject to certain closing conditions, severally and not jointly, obligated to take up and pay for all of the common shares that they have agreed to purchase if any common shares are purchased under the underwriting agreement.

Subject to the terms of the underwriting agreement, we have also agreed to indemnify the underwriters and their respective affiliates against certain liabilities, including civil liabilities under Canadian and U.S. securities legislation, or to contribute to any payments the underwriters may be required to make in respect thereof. The underwriters, as principals, conditionally offer the common shares qualified under this prospectus, subject to prior sale, if, as and when delivered to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the common shares, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officers' certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

Pursuant to the underwriting agreement, we have agreed that until the date that is 90 days following the date of the underwriting agreement, we will not, directly or indirectly, and will not publicly disclose any intention to, without the prior written consent of at least three of the joint bookrunners, on behalf of the underwriters, such consent not to be unreasonably withheld, conditioned or delayed, subject to certain exceptions: (i) create, allot, authorize, offer, issue, secure, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise lend, transfer or dispose of, directly or indirectly, any common shares, rights to purchase such common shares or any securities convertible into or exercisable or exchangeable for such common shares, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such common shares, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of common shares or such other securities or interests, in cash or otherwise, or agree to do any of the foregoing or announce any intention to do any of the foregoing. The foregoing restriction shall not apply to (a) common shares to be sold under the underwriting agreement, (b) for purposes of director, officer, employee or consultant incentive plans existing at the date hereof, or (c) to satisfy existing instruments issued as of the date hereof.

In addition, our directors and officers have executed "lock-up" letters pursuant to which, until the date that is 90 days following the date of the underwriting agreement, they have agreed that they will not, and will not publicly disclose the intention to, without the consent of at least three of the joint bookrunners, on behalf of the underwriters, such consent not to be unreasonably withheld, conditioned or delayed, subject to certain exceptions: (i) sell, offer, contract to sell, grant or sell any option, right or warrant to purchase, or otherwise lend, transfer, assign or dispose of (including, without limitation, by making any short sale, engaging in any hedging transaction or entering into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of), as applicable, common shares or securities convertible or exchangeable into common shares (whether or not cash settled), in a public offering or by way of private placement or otherwise; (ii) secure or pledge any common shares or any securities convertible or exchangeable into common shares; or (iii) agree to or publicly announce any intention to do any of the foregoing things. The exceptions include: (a) bona fide gifts to the immediate family of the lock-up party or by will or intestacy, provided the recipient thereof agrees in writing for the benefit of the underwriters to be bound by the terms of the lock-up agreement for the remainder of its term; (b) dispositions to any trust for the direct or indirect benefit of the lock-up party and/or the immediate family of the lock-up party, provided that such trust agrees in writing for the benefit of the underwriters to be bound by the terms of the lock-up agreement for the remainder of its term; (c) dispositions to any wholly-owned subsidiary of the lock-up party or to a corporation, partnership, limited liability company or other entity of which the lock-up party and the immediate family of the lock-up party are the legal and beneficial owners of all of the outstanding equity securities or similar interests, provided that such subsidiary or entity agrees in writing for the benefit of the underwriters to be bound by the terms of the lock-up

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agreement for the remainder of its term; (d) if the lock-up party is a corporation, partnership, limited liability company or other entity, dispositions to any affiliate, limited partner, member or security holder of the lock-up party or to any investment fund or other entity controlled or managed by the lock-up party, the manager or general partner of the lock-up party, or an affiliate, limited partner, member or security holder of the manager or general partner of the lock-up party, provided that such transferee agrees in writing for the benefit of the underwriters to be bound by the terms of the lock-up agreement for the remainder of its term; (e) pledges or security interests, provided that the pledgee or beneficiary of the security interest agrees in writing for the benefit of the underwriters to be bound by the terms of the lock-up agreement for the remainder of its term; (f) exercises, vesting or settlement of awards pursuant to any of our employee or executive incentive compensation arrangements existing as at the date hereof and sales to cover the payment of the exercise prices or the payment of taxes associated with such exercises, vesting or settlement of such awards (provided however that, other than such sales, the securities issuable thereunder shall be subject to the restrictions set out in the lock-up agreement); or (g) transfers pursuant to a bona fide third party take-over bid made to all of our shareholders, a plan of arrangement or amalgamation involving a change of control of our company, or similar acquisition or business combination transaction provided that in the event that the take-over bid, plan of arrangement or amalgamation, or acquisition or business combination transaction is not completed, any common shares, as applicable, held by the lock-up party shall remain subject to the restrictions contained in the lock-up agreement.

The outstanding common shares are listed and posted for trading on the TSX under the symbol "BYD". On October 28, 2025, the last trading day prior to the date on which this offering was announced, the closing price of the common shares on the TSX was C$214.11 or US$153.38 per common share (based on the daily exchange rate for the U.S. dollar in terms of Canadian dollars, as quoted by the Bank of Canada on October 28, 2025, of US$1.000 = C$1.3959). We have applied to list on the TSX the common shares distributed under this prospectus supplement and an additional common shares to be issued by us if the underwriters' option to purchase additional common shares is exercised in full. We have applied to list our outstanding common shares, the common shares distributed under this prospectus supplement and the additional common shares to be issued by us if the underwriters' option to purchase additional common shares is exercised in full on the NYSE under the symbol "BGSI". Any such listing will be subject to fulfilling all of the listing requirements of the TSX and the NYSE, respectively.

The underwriters may offer our common shares at a price lower than that stated above. The underwriters propose to offer the common shares initially at the offering price. After a reasonable effort has been made to sell all of the common shares at the offering price, the underwriters may subsequently reduce the selling price to investors from time to time in order to sell any of the common shares remaining unsold. Any such reduction will not affect the proceeds received by us. The compensation realized by the underwriters will be decreased by the amount that the aggregate price paid by purchasers for the common shares is less than the gross proceeds to be paid by the underwriters to us.

Pursuant to policy statements of certain securities regulators, the underwriters may not, throughout the period of distribution, bid for or purchase common shares. The foregoing restriction is subject to certain exceptions including a bid or purchase permitted under the rules of applicable Canadian regulatory authorities and the TSX including the Universal Market Integrity Rules for Canadian Marketplaces administered by the Canadian Investment Regulatory Organization, such as: (a) a bid or purchase in connection with market stabilization or market balancing activities made in accordance with such rules, (b) a bid or purchase on behalf of a client where the order was not solicited, or if the order was solicited, the solicitation occurred prior to the commencement of the applicable restricted period, or (c) a bid or purchase to cover a short position entered into prior to the commencement of the applicable restricted period. In connection with this distribution, the underwriters may over**-**allot or effect transactions that stabilize or maintain the market price of the common shares at levels other than those which otherwise might prevail on the open market. If these activities are commenced, they may be discontinued by the underwriters at any time. The underwriters may carry out these transactions on the TSX, the NYSE or otherwise. Stabilizing transactions consist of bids or purchases made for the purpose of preventing or delaying a decline in the market price of the common shares while this offering is in

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progress. Short sales involve the sale by the underwriters of a greater number of common shares than they are required to purchase in this offering. Short sales may be "covered short sales", which are short positions in an amount not greater than the underwriters' option to purchase additional common shares, or may be "naked short sales", which are short positions in excess of that amount.

The underwriters must close out any naked short position by purchasing common shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the common shares in the open market that could adversely affect investors who purchase in this offering. Any naked short position would form part of the underwriters' over-allocation position. A purchaser who acquires common shares forming part of the underwriters' over-allocation position resulting from any covered short sales or naked short sales will acquire such common shares under this prospectus supplement, regardless of whether the over-allocation position is ultimately filled through the exercise of the option to purchase additional common shares or secondary market purchases.

Subscriptions will be received subject to rejection or allotment in whole or in part and the underwriters reserve the right to close the subscription books at any time without notice. It is expected that we will arrange for the instant deposit of the common shares by the underwriters under the book-based system of registration, to be registered to DTC and deposited with DTC on the closing date, or as otherwise may be agreed to with the underwriters. In the case of certain Canadian purchasers, we may alternatively arrange for the electronic deposit of the common shares distributed under this offering under the book-based system of registration, to be registered in the name of CDS or its nominee and deposited with CDS on the closing date. No certificates evidencing the common shares will be issued to purchasers of the common shares. Purchasers of the common shares will receive only a customer confirmation from the underwriter or other registered dealer from or through whom a beneficial interest in the common shares is purchased.

It is expected that delivery of the common shares will be made against payment therefor on or about November 4, 2025, which is the third business day following the anticipated pricing date of the offering (such settlement cycle being referred to as "T+3"). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the common shares on any date prior to one business day before delivery will be required, by virtue of the fact that the common shares initially will settle in T+3, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers of the common shares who wish to trade the common shares prior to their date of delivery hereunder should consult their own advisors.

**Sales Outside the U.S. and Canada** 

No action has been taken in any jurisdiction (except in the U.S. and Canada) that would permit a public offering of our common shares, or the possession, circulation or distribution of this prospectus supplement or any other material relating to us or our common shares in any jurisdiction where action for that purpose is required. Accordingly, the common shares may not be offered or sold, directly or indirectly, and neither this prospectus supplement nor any other offering material or advertisements in connection with our common shares may be

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distributed or published, in or from any country or jurisdiction, except in compliance with any applicable rules and regulations of any such country or jurisdiction.

The underwriters may arrange to sell the common shares offered hereby in certain jurisdictions outside the U.S. and Canada, either directly or through affiliates, where it is permitted to do so.

**European Economic Area** 

In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a "**Relevant Member State**") an offer to the public of our common shares may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State of our common shares may be made at any time under the following exemptions under the Prospectus Directive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined in the Prospectus Directive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus
Directive), subject to obtaining the prior consent of the representative for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive,

provided that no such offer of our common shares shall result in a requirement for the publication by us or any underwriter of a prospectus pursuant to Article 3 of the Prospectus Directive.

For the purposes of this provision, the expression an "**offer to the public**" in relation to our common shares in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and our common shares to be offered so as to enable an investor to decide to purchase our common shares, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression "**Prospectus Directive**" means Directive 2003/71/EC (as amended), including by Directive 2010/73/EU, and includes any relevant implementing measure in the Relevant Member State.

This European Economic Area selling restriction is in addition to any other selling restrictions set out below.

**United Kingdom** 

In the United Kingdom, this prospectus supplement is only addressed to and directed as qualified investors who are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "**Order**"); or (ii) high net worth entities and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "**relevant persons**"). Any investment or investment activity to which this prospectus supplement relates is available only to relevant persons and will only be engaged with relevant persons. Any person who is not a relevant person should not act or relay on this prospectus or any of its contents.

**Dubai International Financial Centre** 

This prospectus supplement relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority ("**DFSA**"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein and has no responsibility for the prospectus supplement. The common shares to which this prospectus supplement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the common shares offered should conduct their own due diligence on the common shares. If you do not understand the contents of this prospectus you should consult an authorized financial advisor.

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**Hong Kong** 

The common shares may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) ("**Companies (Winding Up and Miscellaneous Provisions) Ordinance**") or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) ("**Securities and Futures Ordinance**"), or (ii) to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to the common shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to common shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

**Singapore** 

This prospectus supplement has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the common shares may not be circulated or distributed, nor may the common shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "**SFA**")) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the common shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for 6 months after that corporation has acquired the common shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore ("**Regulation 32**").

Where the common shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the common shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.

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**Japan** 

The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), or the FIEA. The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

Please note that the solicitation for newly-issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to our common shares constitutes either a "small number private placement" or a "small number private secondary distribution" (each as is described in Paragraph 4, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to our common shares. Our common shares may only be transferred en bloc without subdivision to a single investor.

**Australia** 

No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission in relation to this offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the "**Corporations Act**"), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the common shares may only be made to persons (the "**Exempt Investors**") who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the common shares without disclosure to investors under Chapter 6D of the Corporations Act.

The common shares applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under this offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring common shares must observe such Australian on-sale restrictions.

This prospectus supplement contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

**Switzerland** 

The common shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the common shares or this offering may be publicly distributed or otherwise made publicly available in Switzerland.

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Neither this document nor any other offering or marketing material relating to this offering, our company or the common shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of common shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of common shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("**CISA**"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of common shares.

**Taiwan** 

The common shares have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate this offering and sale of the common shares in Taiwan.

**United Arab Emirates** 

The common shares have not been, and are not being, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the Dubai International Financial Centre) other than in compliance with the laws of the United Arab Emirates (and the Dubai International Financial Centre) governing the issue, offering and sale of securities. Further, this prospectus does not constitute a public offer of securities in the United Arab Emirates (including the Dubai International Financial Centre) and is not intended to be a public offer. This prospectus has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority or the Dubai Financial Services Authority.

**RELATIONSHIP BETWEEN BOYD AND CERTAIN OF THE UNDERWRITERS** 

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to the issuer and to persons and entities with relationships with the issuer, for which they received or will receive customary fees and expenses.

An affiliate of RBC Dominion Securities Inc. acted as our financial advisor in connection with the acquisition. We have obtained commitments from the Canadian chartered bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. under a bridge credit facility. The Canadian chartered bank affiliates of TD Securities Inc. and National Bank Financial Inc. have also consented to certain amendments to our existing credit agreement, conditional on the acquisition being completed, which consents represent the consent of the majority lenders under our existing credit agreement. In addition, the Canadian chartered bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. have committed to provide certain incremental revolving commitments, conditional on the acquisition being completed. See "The Acquisition", "The Acquisition—Financing the Acquisition" and "Use of Proceeds". Furthermore, the underwriters and their respective affiliates have provided, from time to time, and may provide in the future, commercial banking, investment and financial advisory services to us and our affiliates in the ordinary course of business for which they have received and may continue to receive customary fees and commissions. As a result, we may be considered a "connected issuer" of these underwriters within the meaning of National Instrument 33-105 – *Underwriting Conflicts* for the purposes of applicable Canadian securities legislation.

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As of October 29, 2025, approximately US$ and C$ has been drawn under our revolving credit facility. Indebtedness under the credit facility is secured by certain of our assets, including a pledge of shares of certain of our subsidiaries. We are in compliance in all material respects with the terms and conditions of our credit facility and no breach thereunder has been waived under our credit agreement since execution. Except as disclosed in this prospectus supplement or the documents incorporated by reference herein, there has been no material change in our financial position since the execution of the credit facility. The decision to offer the common shares hereunder was made independently of the lenders and such lenders had no influence as to the determination of the terms of this offering. The terms and conditions of this offering were established through negotiations with the underwriters, without involvement of the lenders. The underwriters will derive no direct benefit from this offering other than their respective share of the underwriters' fee.

In consideration of certain financial advisory services provided to us in connection with the acquisition (as defined below), RBC Dominion Securities Inc. will be entitled to receive, out of the underwriters' fee, a work fee equal to 5.0% of the aggregate underwriters' fee prior to payment of the remaining 95.0% of the underwriters' fee to the underwriters.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to our assets, securities and/or instruments (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with us. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments. See "Plan of Distribution".

**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS** 

The following is a summary of the principal Canadian federal income tax considerations generally applicable under the Tax Act to a holder who acquires, as beneficial owner, the common shares pursuant to this offering and who, for the purposes of the Tax Act, and at all relevant times: (i) deals at arm's length with us and the underwriters; (ii) is not affiliated with us; and (iii) holds the common shares as capital property (a "**Holder**"). Common shares will generally be considered to be capital property to a Holder unless they are held in the course of carrying on a business of trading or dealing in securities or were acquired in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary is based upon: (i) the current provisions of the Tax Act, the regulations thereunder ("**Regulations**") and the *Canada-United States Tax Convention (1980)* (the "**U.S.-Canada Treaty**") in force as of the date hereof; (ii) all specific proposals ("**Proposed Amendments**") to amend the Tax Act or the Regulations that have been publicly announced by, or on behalf of, the Minister of Finance (Canada) prior to the date hereof; and (iii) counsel's understanding of the current published administrative policies and assessing practices of the Canada Revenue Agency published in writing prior to the date hereof. No assurance can be given that the Proposed Amendments will be enacted or otherwise implemented in their current form, if at all. This summary does not otherwise take into account or anticipate any changes in law, administrative policy or assessing practice, whether by legislative, regulatory, administrative, governmental or judicial decision or action, nor does it take into account other federal laws, the laws of any province of Canada or the laws of any jurisdiction outside of Canada.

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**This summary is of a general nature only, is not exhaustive of all possible Canadian federal income tax considerations and is not, and is not intended to be, nor should it be construed to be, legal or tax advice to any particular holder. Accordingly, prospective purchasers of the common shares should consult their own tax advisors with respect to their particular circumstances.** 

**Currency Conversion** 

For purposes of the Tax Act, all amounts related to the acquisition, holding or disposition of common shares (including dividends, adjusted cost base and proceeds of disposition) must be expressed in Canadian dollars. Amounts denominated in any other currency must be converted into Canadian dollars based on the exchange rate quoted by the Bank of Canada on the date such amounts arise or such other rate of exchange that is acceptable to the Minister of National Revenue (Canada).

***Holders Resident in Canada***

This section of the summary applies to a Holder who, at all relevant times, is, or is deemed to be, resident in Canada for the purposes of the Tax Act and any applicable tax treaty or convention (a "**Resident Holder**"). This portion of the summary is not applicable to a Resident Holder: (a) that is a "financial institution", as defined in the Tax Act for purposes of the "mark-to-market rules" contained in the Tax Act; (b) an interest in which would be a "tax shelter investment" as defined in the Tax Act; (c) that is a "specified financial institution" as defined in the Tax Act; (d) that has elected to report its "Canadian tax results", as defined in the Tax Act, in a currency other than Canadian currency; (e) that enters into a "derivative forward agreement" as defined in the Tax Act with respect to the common shares; or (f) that receives dividends on the common shares under or as part of a "dividend rental arrangement" (as defined in the Tax Act). Any such Resident Holder to which this summary does not apply should consult its own tax advisor.

Additional considerations, not discussed herein, may be applicable to a Resident Holder that is a corporation resident in Canada and is, or becomes, or does not deal at arm's length for purposes of the Tax Act with a corporation resident in Canada that is or becomes, as part of a transaction or series of transactions or events that includes the acquisition of common shares, controlled by a non-resident person or group of persons not dealing at arm's length with each other for purposes of the "foreign affiliate dumping" rules in section 212.3 of the Tax Act. Such Resident Holders should consult their own tax advisors with respect to the consequences of acquiring common shares.

Certain Resident Holders whose common shares might not otherwise qualify as capital property may be entitled to make the irrevocable election provided by subsection 39(4) of the Tax Act to have the common shares and every other "Canadian security" (as defined in the Tax Act) owned by such Resident Holder in the taxation year of the election and in all subsequent taxation years deemed to be capital property. Resident Holders should consult their own tax advisors for advice as to whether an election under subsection 39(4) of the Tax Act is available and/or advisable in their particular circumstances.

*Dividends* 

A Resident Holder will be required to include in computing its income for a taxation year any taxable dividends received or deemed to be received on the common shares.

Such dividends received by a Resident Holder that is an individual (other than certain trusts) will be subject to the gross-up and dividend tax credit rules in the Tax Act normally applicable to dividends received from taxable Canadian corporations, including the enhanced gross-up and dividend tax credit in respect of dividends designated by us as "eligible dividends". There may be limitations on our ability to designate dividends as eligible dividends.

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A dividend received or deemed to be received by a Resident Holder that is a corporation must be included in computing its income but will generally be deductible in computing the corporation's taxable income, subject to all of the rules and restrictions under the Tax Act in that regard. In certain circumstances, subsection 55(2) of the Tax Act will treat a taxable dividend received or deemed to be received by a Resident Holder that is a corporation as proceeds of disposition or a capital gain. Such Resident Holders should consult their own tax advisors.

A Resident Holder that is a "private corporation" (as defined in the Tax Act) or a "subject corporation" (as defined in the Tax Act), will generally be liable to pay a tax under Part IV of the Tax Act (refundable under certain circumstances) on dividends received (or deemed to be received) on the common shares to the extent such dividends are deductible in computing the Resident Holder's taxable income for the year. A "subject corporation" is generally a corporation (other than a private corporation) controlled directly or indirectly by or for the benefit of an individual (other than a trust) or a related group of individuals (other than trusts).

*Dispositions* 

A disposition or a deemed disposition of a common share (except to us, other than a purchase by us in the open market, if we acquired the common share in the manner in which shares would normally be purchased by any member of the public in the open market) by a Resident Holder will generally result in the Resident Holder realizing a capital gain (or a capital loss) equal to the amount by which the proceeds of disposition of the common share exceed (or are less than) the aggregate of the adjusted cost base to the Resident Holder thereof and any reasonable costs of disposition. The adjusted cost base to a Resident Holder of a common share will be determined by averaging the cost of that common share with the adjusted cost base (determined immediately before the acquisition of the common share) of all other common shares held as capital property at that time by the Resident Holder. Such capital gain (or capital loss) will be subject to the tax treatment described below under "Holders Resident in Canada—Taxation of Capital Gains and Capital Losses".

*Taxation of Capital Gains and Capital Losses* 

A Resident Holder will generally be required to include in computing its income for the taxation year of disposition, one-half of the amount of any capital gain (a "**taxable capital gain**") realized in such year. Subject to and in accordance with the provisions of the Tax Act, a Resident Holder will be required to deduct one-half of the amount of any capital loss (an "**allowable capital loss**") against taxable capital gains realized in the taxation year of disposition. Allowable capital losses in excess of taxable capital gains for the taxation year of disposition may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years, to the extent and under the circumstances specified in the Tax Act.

The amount of any capital loss realized on the disposition or deemed disposition of a common share by a Resident Holder that is a corporation may, in certain circumstances, be reduced by the amount of dividends received or deemed to have been received by it on such common shares to the extent and under the circumstances specified in the Tax Act. Similar rules may apply where a corporation is a member of a partnership or a beneficiary of a trust that owns common shares or where a partnership or trust, of which a corporation is a member or a beneficiary, is a member of a partnership or a beneficiary of a trust that owns common shares. Resident Holders to whom these rules may be relevant should consult their own tax advisors.

*Additional Refundable Tax* 

A Resident Holder that is throughout the relevant taxation year a "Canadian-controlled private corporation" (as defined in the Tax Act) or at anytime in the relevant taxation year a "substantive CCPC" (as defined in the Tax Act) may be liable to pay a tax (refundable under certain circumstances) on its "aggregate investment income" (as defined in the Tax Act) for the year, including taxable capital gains.

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***Holders Not Resident in Canada***

This portion of the summary is generally applicable to a Holder who, at all relevant times, for purposes of the Tax Act: (i) is not, and is not deemed to be, resident in Canada; and (ii) does not use or hold, and is not deemed to use or hold, the common shares in connection with carrying on a business in Canada (a "**Non-Resident Holder**"). This summary does not apply to a Holder that carries on, or is deemed to carry on, an insurance business in Canada and elsewhere, or that is an "authorized foreign bank" (as defined in the Tax Act) and such Holders should consult their own tax advisors.

*Dividends* 

Dividends paid or credited or deemed under the Tax Act to be paid or credited by us to a Non-Resident Holder on the common shares will be subject to Canadian withholding tax at the rate of 25%, subject to any reduction in the rate of withholding to which the Non-Resident Holder is entitled under any applicable income tax convention between Canada and the country in which the Non-Resident Holder is resident. For example, where a Non-Resident Holder is a resident of the U.S., is fully entitled to the benefits under the U.S.-Canada Treaty and is the beneficial owner of the dividend, the applicable rate of Canadian withholding tax is generally reduced to 15%.

*Dispositions* 

A Non-Resident Holder will not be subject to tax under the Tax Act in respect of any capital gain realized on a disposition or deemed disposition of a common share unless the common share is, or is deemed to be, "taxable Canadian property" of the Non-Resident Holder for the purposes of the Tax Act at the time of disposition and the Non-Resident Holder is not entitled to an exemption under an applicable income tax convention between Canada and the country in which the Non-Resident Holder is resident.

Generally, a common share will not constitute taxable Canadian property of a Non-Resident Holder provided that the common shares are listed on a "designated stock exchange" for the purposes of the Tax Act (which currently includes the TSX and NYSE) at the time of disposition, unless at any time during the 60 month period immediately preceding the disposition, (i) at least 25% of the issued shares of any class or series of our capital stock were owned by or belonged to one or any combination of (a) the Non-Resident Holder, (b) persons with whom the Non-Resident Holder did not deal at arm's length for purposes of the Tax Act, and (c) partnerships in which the Non-Resident Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships; and (ii) at such time, more than 50% of the fair market value of such shares was derived, directly or indirectly, from one or any combination of real or immovable property situated in Canada, "Canadian resource property" (as defined in the Tax Act), "timber resource property" (as defined in the Tax Act), or options in respect of, interests in, or for civil law rights in, such properties, whether or not such property exists. A common share may be deemed to be "taxable Canadian property" in certain other circumstances.

In cases where a Non-Resident Holder disposes (or is deemed to have disposed) of a common share that is taxable Canadian property of that Non-Resident Holder, and the Non-Resident Holder is not entitled to an exemption under an applicable income tax convention, the consequences described above under the headings "Holders Resident in Canada—Dispositions" and "Holders Resident in Canada—Taxation of Capital Gains and Capital Losses" will generally be applicable to such disposition. Such Non-Resident Holders should consult their own tax advisors.

**U.S. FEDERAL INCOME TAX CONSIDERATIONS** 

The following is a summary of the U.S. federal income tax considerations generally applicable to the ownership and disposition of our common shares acquired in this offering by U.S. Holders (as defined below).

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Unless otherwise noted, this summary addresses only U.S. Holders that hold our common shares as "capital assets" within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the "**Code**") (generally, property held for investment). This summary is based on the Code, U.S. Treasury regulations promulgated thereunder, the Canada-U.S. Tax Convention, judicial decisions, administrative pronouncements and other relevant authorities, all as in effect as of the date hereof and all of which are subject to change or differing interpretations (possibly with retroactive effect).

This summary does not address U.S. federal estate, gift or other non-income tax considerations, any alternative minimum tax, the Medicare tax on certain net investment income, or any state, local or non-U.S. tax considerations, relating to the ownership or disposition of our common shares, nor does it address all aspects of U.S. federal income taxation that may be relevant to a particular U.S. Holder in light of that U.S. Holder's particular circumstances or that may be relevant to certain types of U.S. Holders subject to special treatment under U.S. federal income tax law, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers or traders in securities, commodities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders that elect to use a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former citizens or long-term residents of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities (including private foundations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that acquire our common shares pursuant to any employee share option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that hold our common shares as part of a straddle, hedge, conversion, constructive sale or other
integrated transaction for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency is not the U.S. Dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 10% or more of our stock (by vote or value); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities or arrangements subject to tax as partnerships for U.S. federal income tax
purposes (and investors therein).

The information set forth below is of a general nature only and is not intended to be tax advice. Each prospective investor should consult its tax advisor with respect to the U.S. federal, state, local and non-U.S. income and other tax considerations relevant to the ownership and disposition of our common shares in light of its particular circumstances.

***General***

For purposes of this discussion, a **"U.S. Holder**" is a beneficial owner of our common shares that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in, or
organized in or under the laws of, the U.S. or any political subdivision thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of
its source; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust if (i) a court within the U.S. is able to exercise primary supervision over the administration of
the trust and one or more U.S. persons have the authority to control all of the trust's substantial decisions, or (ii) it has validly elected to be treated as a domestic trust for U.S. federal income tax purposes.

***If a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) owns our common shares, the U.S. federal income tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership (or other entity or arrangement). Partnerships (or other entities or arrangements) holding our common shares and their partners should consult their tax advisors regarding an investment in our common shares.***

***Distributions***

Subject to the discussion below under "Passive Foreign Investment Company ("PFIC") Considerations," the gross amount of any distributions to a U.S. Holder on our common shares (including any Canadian taxes withheld therefrom) will generally be subject to tax as dividends to the extent paid out of our current or accumulated earnings and profits, as determined for U.S. federal income tax purposes, and will be includible in the gross income of such U.S. Holder on the day actually or constructively received. Such dividends will not be eligible for the dividends received deduction generally allowed to U.S. corporations under the Code. Distributions in excess of our current and accumulated earnings and profits are treated as a non-taxable return of capital to the extent of the U.S. Holder's adjusted tax basis in our common shares and any remaining amount will generally be treated as capital gain. We do not intend to determine our earnings and profits in accordance with U.S. federal income tax principles. Therefore, U.S. Holders should expect that the full amount of any distribution we pay will be treated as a dividend for U.S. federal income tax purposes even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

An individual or other non-corporate U.S. Holder of our common shares may be eligible for reduced rates of taxation on dividends (i) received from a qualified foreign corporation if such qualified foreign corporation is neither a PFIC (as defined below) nor treated as such with respect to such U.S. Holder for the taxable year in which the dividend is paid or for the preceding taxable year, and (ii) provided that certain holding period and other requirements are met. A Canadian corporation that is not classified as a PFIC is generally treated as a qualified foreign corporation with respect to dividends paid on common shares if it is either eligible for benefits of the Canada-U.S. Tax Convention or such common shares are "readily tradable" on an "established securities market" in the U.S., such as the NYSE.

For U.S. foreign tax credit purposes, dividends received on our common shares will generally be treated as income from sources outside the U.S. and will generally constitute passive category income. A U.S. Holder that does not claim a foreign tax credit for any foreign taxes withheld may instead elect to deduct such taxes in computing its taxable income for U.S. federal income tax purposes. A U.S. Holder's election to deduct foreign taxes instead of claiming foreign tax credits applies to all creditable foreign income taxes paid or accrued in the relevant taxable year. The rules regarding foreign tax credits and the deductibility of foreign taxes are complex and the application thereof depends in large part on the U.S. Holder's individual facts and circumstances. All U.S. Holders should consult their tax advisors regarding the availability of foreign tax credits and the deductibility of foreign taxes in light of their particular circumstances.

***Sale or Other Disposition of Our Common Shares***

Subject to the discussion below under "Passive Foreign Investment Company ("PFIC") Considerations," a U.S. Holder will generally recognize gain or loss on the sale or other disposition of our common shares in an amount equal to the difference between the amount realized on the disposition and the U.S. Holder's adjusted tax basis in our common shares. Any such gain or loss will generally be long-term capital gain or loss if the U.S. Holder's holding period in our common shares exceeds one year at the time of disposition and will generally be

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U.S. source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of individuals and certain other non-corporate U.S. Holders are generally eligible for a reduced rate of taxation relative to the rate applicable to ordinary income. The deductibility of capital losses may be subject to limitations.

Any gain or loss on the sale or other disposition of our common shares will generally be treated as U.S. source income or loss for U.S. foreign tax credit purposes. Accordingly, U.S. Holders may not be able to claim a foreign tax credit for any foreign taxes imposed in connection with a disposition of our common shares in the absence of foreign source income from other sources. Any such U.S. Holder may instead elect to deduct such taxes in computing its taxable income for U.S. federal income tax purposes, but only for a year in which such U.S. Holder elects to do so for all foreign taxes paid or accrued during such year. The rules regarding foreign tax credits and the deductibility of foreign taxes are complex and the application thereof depends in large part on the U.S. Holder's individual facts and circumstances.

U.S. Holders should consult their tax advisors regarding the tax consequences if a foreign tax is imposed on their disposition of our common shares, including with respect to the availability of the foreign tax credit or deduction in lieu thereof in light of their particular circumstances.

***Passive Foreign Investment Company ("PFIC") Considerations***

The treatment of U.S. Holders of our common shares could be materially different from that described above if we are treated as a PFIC for U.S. federal income tax purposes. A non-U.S. corporation, such as the Corporation, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year in which either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (generally based on an average of the quarterly values of the assets) during such year is attributable to assets that produce or are held for the production of passive income (the "**asset test**").

Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. Passive assets are those which give rise to passive income and include assets held for investment, as well as cash, assets readily convertible into cash, and (subject to certain exceptions) working capital. Our goodwill and other unbooked intangibles are taken into account and may be classified as active or passive depending on the income such assets generate or are held to generate. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly, indirectly or constructively, 25% or more (by value) of its stock.

Based on an analysis of our income and the value of our assets, we believe that we were not a PFIC for the taxable year ended December 31, 2024 and do not expect to be classified as a PFIC for the current taxable year ending December 31, 2025, although our PFIC status for such period will not be determinable until after the close of the year and accordingly no assurances can be given that we will not become a PFIC for the current or any future year. The determination of whether we are or will become a PFIC is uncertain because it is a fact-intensive inquiry made on an annual basis that depends, in part, on the composition of our income and assets and the fair market value of our subsidiaries' shares and assets. Fluctuations in the market price of our common shares may influence whether we are classified as a PFIC for the current or subsequent taxable years because the value of our assets for purposes of the asset test may be determined by reference to the market price of our common shares from time to time (which may be volatile). The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets. Under circumstances where our revenue from activities that produce passive income increases relative to our revenue from activities that produce non-passive income, or where we determine not to deploy cash for active purposes, our risk of being classified as a PFIC will increase.

If we are a PFIC for any taxable year during which a U.S. Holder holds our common shares, the U.S. Holder will be subject to special tax rules with respect to any "excess distribution" that the holder receives on our

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common shares and any gain the U.S. Holder recognizes from a sale or other disposition (including a pledge) of our common shares, unless the U.S. Holder makes a "mark-to-market" election as discussed below. Distributions received by a U.S. Holder on our common shares in a taxable year that are greater than 125% of the average annual distributions the U.S. Holder received in the three preceding taxable years or, if shorter, such U.S. Holder's holding period for our common shares will be treated as an excess distribution. Under these special tax rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated pro rata over the U.S. Holder's holding period for our
common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts allocated to the current taxable year and to any taxable years in the U.S. Holder's holding
period prior to the first taxable year in which we are classified as a PFIC (each, a "**pre-PFIC year**") will be subject to tax as ordinary income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest marginal tax rate in effect applicable to the U.S. Holder for that year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed on
the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our common shares, we will continue to be treated as a PFIC with respect to such U.S. Holder's common shares in future taxable years unless (i) we cease to be a PFIC and (ii) the U.S. Holder makes a "deemed sale" election under the PFIC rules. If a U.S. Holder makes a deemed sale election, the U.S. Holder will be deemed to have sold our common shares at their fair market value as of the last day of the last year for which we were a PFIC. Any gain from such deemed sale would be treated as an excess distribution subject to the excess distribution rules described above.

Alternatively, a U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election for such stock of a PFIC to elect out of the excess distribution tax treatment discussed in the second preceding paragraph. If a U.S. Holder makes a valid mark-to-market election for our common shares, the U.S. Holder will include in income each year an amount equal to the excess, if any, of the fair market value of our common shares as of the close of such U.S. Holder's taxable year over such U.S. Holder's adjusted basis in such common shares. The U.S. Holder is allowed a deduction for the excess, if any, of such U.S. Holder's adjusted basis in our common shares over their fair market value as of the close of the taxable year. Deductions are allowable, however, only to the extent of any net mark-to-market gains on our common shares included in the U.S. Holder's income for prior taxable years. Amounts included in the U.S. Holder's income under a mark-to-market election, as well as gain on the actual sale or other disposition of our common shares, will be treated as ordinary income. Ordinary loss treatment also applies to the deductible portion of any mark-to-market loss on our common shares, as well as to any loss realized on the actual sale or disposition of our common shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included in income with respect to such common shares. The U.S. Holder's basis in our common shares will be adjusted to reflect any such income or loss amounts. If a U.S. Holder makes such a mark-to-market election, then, in any taxable year for which we are a PFIC, tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us (except that the lower applicable capital gains rate for qualified dividend income would not apply). If a U.S. Holder makes a valid mark-to-market election, and we subsequently cease to be classified as a PFIC, such U.S. Holder will not be required to take into account the mark-to-market income or loss described above during any period that we are not classified as a PFIC.

The mark-to-market election is available only for "marketable stock" which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter ("**regularly traded**") on a qualified exchange or other market, as defined in applicable regulations. We expect that our common shares will continue to be listed on the NYSE, which is a qualified exchange for these purposes, and, consequently, assuming that our common shares are regularly traded, if a U.S. Holder holds our common shares, it is expected that the mark-to-market election would be available to such U.S. Holder were we to be or become a PFIC.

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In addition, because, as a technical matter, a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any such lower-tier PFICs.

We do not intend to provide the information necessary for U.S. Holders to make qualified electing fund elections, which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

A U.S. Holder that owns our common shares during any taxable year that we are a PFIC must generally file an annual report (IRS Form 8621) regarding their ownership of such shares. U.S. Holders should consult their tax advisors concerning the U.S. federal income tax considerations with respect to holding and disposing of our common shares if we were, are, or become a PFIC, including the availability and possibility of making a mark-to-market election and the annual PFIC filing requirements, if any.

**Backup Withholding and Disclosure with Respect to Foreign Financial Assets** 

In general, dividends paid to a U.S. Holder in respect of common shares and the proceeds received by a U.S. Holder from the sale, exchange or other disposition of common shares within the United States or through certain U.S.-related financial intermediaries will be subject to U.S. information reporting rules, unless a U.S. Holder is a corporation or other exempt recipient and properly establishes such exemption. Backup withholding may apply to such payments if a U.S. Holder does not establish, in the manner provided by law, an exemption from backup withholding, or fails to provide a correct taxpayer identification number or make any other required certifications.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or credit against U.S. federal income tax liability, provided that the required information is timely furnished to the IRS.

In addition, certain U.S. Holders are required to report information relating to an interest in the common shares, subject to certain exceptions (including an exception for common shares held in accounts maintained by certain financial institution), by attaching a completed IRS Form 8938 (*Statement of Specified Foreign Financial Assets*) with their tax return for each year in which they hold an interest in the common shares. U.S. Holders are urged to consult their tax advisors regarding information reporting requirements relating to their ownership of the common shares.

**THE PRECEDING SUMMARY OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS INTENDED FOR GENERAL INFORMATION ONLY AND DOES NOT CONSTITUTE TAX ADVICE. U.S. HOLDERS SHOULD CONSULT THEIR TAX ADVISORS AS TO THE U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. TAX CONSIDERATIONS GENERALLY APPLICABLE TO THE OWNERSHIP AND DISPOSITION OF OUR COMMON SHARES IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES.** 

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**TRADING PRICE AND VOLUME** 

The following table shows the monthly range of high and low prices per common share and total monthly volumes traded on the TSX for the 12-month period prior to the date of this prospectus supplement.

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| | | | |
|:---|:---|:---|:---|
| **Period** | **High (C$)** | **Low (C$)** | **Volume** |
|  October 2024 | 226.82 | 201.13 | 1337683 |
|  November 2024 | 233.60 | 201.06 | 1971016 |
|  December 2024 | 218.01 | 200.80 | 1477163 |
|  January 2025 | 243.89 | 202.30 | 1174826 |
|  February 2025 | 258.18 | 233.00 | 1087163 |
|  March 2025 | 246.04 | 203.79 | 1376018 |
|  April 2025 | 215.00 | 191.27 | 1095767 |
|  May 2025 | 217.19 | 197.55 | 790360 |
|  June 2025 | 215.60 | 194.99 | 733253 |
|  July 2025 | 222.71 | 191.78 | 992442 |
|  August 2025 | 230.00 | 186.10 | 985131 |
|  September 2025 | 241.56 | 221.65 | 864820 |
|  October 1, 2025 to October 27, 2025 | 237.28 | 208.57 | 630069 |

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**PRIOR SALES** 

All information provided in this section is provided as of October 27, 2025. Except as set out below, we have not sold or issued any common shares or securities convertible into common shares during the 12-month period before the date of this prospectus supplement.

**Common Shares** 

The following table sets out the issuances of our common shares, or securities convertible or exchangeable into our common shares, that occurred during the 12-month period before the date of this prospectus supplement:

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| | | | |
|:---|:---|:---|:---|
| **Date of Issue** | **Type of Securities Issued** | **Price Per Security** | **Number of Common<br>Shares Issued or Issuable<br>(as applicable)** |
| March 26, 2025 | Stock Options | C$211.27 | 29380 |
| March 31, 2025 | Restricted Share Units | C$214.95 | 22229 |
| March 31, 2025 | Performance Share Units | C$214.95 | 31761 |
| August 28, 2025 | Performance Share Units | C$218.53 | 66736 |

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**LEGAL MATTERS** 

Certain legal matters relating to Canadian law with respect to this offering will be passed upon on our behalf by Osler, Hoskin & Harcourt LLP and on behalf of the underwriters by Stikeman Elliott LLP. Certain legal matters related to U.S. law with respect to this offering will be passed upon on our behalf by Skadden, Arps, Slate, Meagher & Flom LLP and on behalf of the underwriters by Latham & Watkins LLP. As of the date of this prospectus supplement, the partners and associates of Osler, Hoskin & Harcourt LLP, as a group, and the partners and associates of Stikeman Elliott LLP, as a group, each beneficially own, directly or indirectly, less than one percent of any class or series of our outstanding securities.

**AUDITOR, TRANSFER AGENT AND REGISTRAR** 

Our transfer agent and registrar in Canada is Computershare Investor Services Inc., at its offices in Toronto, Ontario and Calgary, Alberta. Our transfer agent and registrar in the U.S. is Computershare Trust Company, N.A, 150 Royall Street, Canton, Massachusetts 02021.

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Our auditor is Deloitte LLP, located at 360 Main Street, Suite 2300, Winnipeg, Manitoba R3C 3Z3. Deloitte LLP is independent with respect to the Corporation within the meaning of the Code of Professional Conduct of the Chartered Professional Accountants of Manitoba and within the meaning of the U.S. Securities Act, the applicable rules and regulations adopted thereunder by the SEC and the Public Company Accounting Oversight Board (United States).

The audited financial statements of JHCC as of and for the years ended December 31, 2024 and 2023, together with the notes hereto and the report of independent auditor thereon, which are included herein, have been audited by Forvis Mazars, LLP, as set forth in the independent auditor's report thereon dated June 10, 2025. Forvis Mazars, LLP was the auditor of JHCC for the years ended December 31, 2024 and 2023, and throughout the period covered by the financial statements of JHCC included herein. Forvis Mazars, LLP was independent of JHCC within the meaning of the independence rules and standards of the American Institute of Certified Public Accountants.

**ENFORCEMENT OF CIVIL LIABILITIES** 

Certain of our operations and assets are located outside the U.S., and certain of our officers, directors and shareholders, reside outside of the U.S.

We have appointed an agent for service of process in the U.S. It may be difficult for investors who reside in the U.S. to effect service of process in the U.S. upon us, or to enforce a U.S. court judgment predicated upon the civil liability provisions of the U.S. federal securities laws against us or our directors and officers. There is substantial doubt whether an action could be brought in Canada in the first instance predicated solely upon U.S. federal securities laws.

We filed with the SEC, concurrently with the registration statement of which this prospectus supplement forms a part, an appointment of agent for service of process on Form F-X. Under Form F-X, we appointed Puglisi & Associates as our agent for service of process in the U.S. in connection with any investigation or administrative proceeding conducted by the SEC and any civil suit or action brought against or involving Boyd in a U.S. court arising out of or related to or concerning the offering of securities under this prospectus supplement.

Certain of our operations and assets are also located outside of Canada, and certain of our officers and directors reside outside of Canada. See "Enforcement of Judgments Against Foreign Persons".

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**FINANCIAL STATEMENTS** 

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| | |
|:---|:---|
| **Index to Attached Financial Statements** | **Page** |
|  [Unaudited interim consolidated financial statements of JHCC as at June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024](#fin77213_101) | F-1-1-1 |
|  [Audited financial statements of JHCC as of and for the years ended December 31, 2024 and 2023, together with the notes hereto and the report of independent auditor thereon](#fin77213_102) | F-1-2-1 |
|  [Unaudited pro forma combined consolidated financial statements of Boyd as at and for the six months ended June 30, 2025 and for the year ended December 31, 2024](#fin77213_103) | F-1-3-1 |

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**JHCC Holdings Parent, LLC and Subsidiaries** 

**Interim Consolidated Financial Statements** 

Six Months Ended June 30, 2025 and 2024

F-1-1-1

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**JHCC Holdings Parent, LLC and Subsidiaries** 

**Contents** 

**Six Months Ended June 30, 2025 and 2024 (Unaudited)** 

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| | |
|:---|:---|
|  **Interim Consolidated Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Balance Sheets](#fin77213_8) | F-1-1-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fin77213_9) | F-1-1-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Members' Equity](#fin77213_10) | F-1-1-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Cash Flows](#fin77213_11) | F-1-1-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Interim Consolidated Financial Statements](#fin77213_12) | F-1-1-7 |

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F-1-1-2

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**JHCC Holdings Parent, LLC and Subsidiaries** 

**Consolidated Balance Sheets** 

**June 30, 2025 and December 31, 2024** 

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| | | |
|:---|:---|:---|
|  | **(Unaudited)<br>June 30 2025** | **December 31 2024** |
|  **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $7037825 | $10664236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net of allowance for credit losses of $717,520 and $310,000 in 2025 and 2024, respectively | 26932106 | 19104688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | 12607516 | 13884766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 3069309 | 2950616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Current Assets** | 49646756 | 46604306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Noncurrent assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 97251700 | 96337263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets - operating | 280636377 | 286641058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 473774426 | 458734286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets, net | 239365085 | 246262868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other noncurrent assets | 1354896 | 1212324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Noncurrent Assets** | 1092382484 | 1089187799 |
|  **Total Assets** | $1142029240 | $1135792105 |
|  **LIABILTIES AND MEMBERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $33621043 | $31362866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2885311 | 2487970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued payroll and related taxes | 7670003 | 9959294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 5561061 | 7994518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 6260796 | 8596164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease liabilities | 32496256 | 31302935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | 6574174 | 6299653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Current Liabilities** | 95068644 | 98003400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Noncurrent Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net of current portion and unamortized deferred financing costs | 535291938 | 509950775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, net of current portion | 254568133 | 260586737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Noncurrent Liabilities** | 789860071 | 770537512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Members' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | 357167062 | 356988146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (100066537) | (89736953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Members' Equity** | 257100525 | 267251193 |
|  **Total Liabilities and Members' Equity** | $1142029240 | $1135792105 |

---

***See Notes to Interim Consolidated Financial Statements***

F-1-1-3

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Consolidated Statements of Operations (Unaudited)** 

**Six Months Ended June 30, 2025 and June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **June 30**<br>**2025** | **June 30**<br>**2024** |
|  **Sales** | $376881285 | $324758021 |
|  **Cost of sales** | 217877966 | 191567637 |
|  **Gross Profit** | 159003319 | 133190384 |
|  **Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store operating expenses | 110063519 | 92215165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general, and administrative expenses | 16724604 | 14642858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization expense | 13862603 | 12500543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and store opening costs | 767034 | 2716985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property and equipment | (37910) | (122121) |
|  **Total Operating Expenses** | 141379850 | 121953430 |
|  **Income From Operations** | 17623469 | 11236954 |
|  **Other Expense** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | (27848186) | (23293551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) | 445414 | (212852) |
|  **Total Other Expense** | (27402772) | (23506403) |
|  **Loss Before State Franchise Taxes** | (9779303) | (12269449) |
|  **State Franchise Tax Expense** | (550281) | (642540) |
|  **Net Loss** | $(10329584) | $(12911989) |

---

***See Notes to Interim Consolidated Financial Statements***

F-1-1-4

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Consolidated Statements of Members' Equity (Unaudited)** 

**Six Months Ended June 30, 2025 and June 30, 2024** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-In**<br>**Capital** | **Accumulated<br>Deficit** | **Total** |
|  **Balance, January 1, 2024** | $356586790 | $(63954995) | $292631795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss |  | (25781958) | (25781958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 462782 |  | 462782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of Class M Units | (61426) |  | (61426) |
|  **Balance, December 31, 2024** | 356988146 | (89736953) | 267251193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss |  | (10329584) | (10329584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 178916 |  | 178916 |
|  **Balance, June 30, 2025** | $357167062 | $(100066537) | $257100525 |
|  **Balance, January 1, 2024** | $356586790 | $(63954995) | $292631795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss |  | (12911989) | (12911989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 231390 |  | 231390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of Class M Units | (61426) |  | (61426) |
|  **Balance, June 30, 2024** | $356756754 | $(76866984) | $279889770 |

---

***See Notes to Interim Consolidated Financial Statements***

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Consolidated Statements of Cash Flows (Unaudited)** 

**Six Months Ended June 30, 2025 and June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **June 30**<br>**2025** | **June 30**<br>**2024** |
|  **Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Loss | $(10329584) | $(12911989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 13862603 | 12500543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs amortization | 2163462 | 1350058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debt expense | 295609 | 265000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in inventory valuation reserve | (167791) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncash rent expense | 16863131 | 13757167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 178916 | 231390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property and equipment | (37910) | (122121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (8123027) | (575301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | 1520041 | 1832273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (261265) | (682839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 2258177 | 5362265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 342043 | 5514933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued payroll and related taxes | (2334958) | (57738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (15683733) | (13089838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | (2433457) | (408843) |
|  **Net Cash (Used) Provided by Operating Activities** | (1887743) | 12964960 |
|  **Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions | (15824473) | (62822305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of property and equipment | (6406347) | (10522599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds on sale of property and equipment |  | 3000000 |
|  **Net Cash Used by Investing Activities** | (22230820) | (70344904) |
|  **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from (payments on) revolving credit facility, net | (4000000) | 4500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on long-term debt | (2647848) | (2021944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term debt | 30300000 | 61837199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of contingent consideration |  | (755000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of holdbacks | (3160000) | (1080000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing costs |  | (2376062) |
|  **Net Cash Provided by Financing Activities** | 20492152 | 60104193 |
|  **Net (Decrease) Increase in Cash** | (3626411) | 2724249 |
|  **Cash and Cash Equivalents, Beginning of Year** | 10664236 | 8616007 |
|  **Cash and Cash Equivalents, End of Year** | $7037825 | $11340256 |
|  **Other Supplemental Cash Flow Information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest | $25391145 | $21180444 |
|  **Noncash Investing and Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred payments (holdbacks) in connection with acquisitions | $680000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets obtained in exchange for operating lease liabilities | $8080368 | $41640176 |

---

***See Notes to Interim Consolidated Financial Statements***

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Interim Consolidated Financial Statements (Unaudited)** 

**For the Six Months Ended June 30, 2025 and 2024** 

**Note 1. Nature of Business** 

JHCC Holdings Parent, LLC ("Holdings") and Subsidiaries (collectively, the "Company") provides automotive collision repair services in the United States under the trade name Joe Hudson's Collision Center. The Company operates collision repair centers throughout Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Louisiana, Maryland, Missouri, Mississippi, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia. There were 255 and 224 collision repair centers operated by the Company as of June 30, 2025 and 2024, respectively.

**Note 2. Summary of Significant Accounting Policies** 

***Basis of Presentation and Use of Estimates***

These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2024.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management in connection with the preparation of the accompanying interim consolidated financial statements include the assumptions utilized in determining the net realizable value of inventory and accounts receivable, the useful lives of long-lived assets, the fair value of long-lived assets, the fair value of goodwill and contingent consideration recognized in connection with acquisitions, and fair value of units granted under the equity incentive plan and related compensation costs. Actual results could differ from those estimates.

The accompanying interim consolidated financial statements include the accounts of the Company. All significant intercompany balances and transactions have been eliminated in consolidation.

***Revenue Recognition***

The Company recognizes revenue from collision repair services upon completion and delivery of the repaired vehicle to the customer. The Company determines completion of a repair to be the performance obligation that is distinct and the point at which control of the asset passes to the customer. Revenue is measured at the value of consideration to be received net of discounts.

The Company collects various taxes from customers and remits these amounts to applicable taxing authorities. The Company's policy is to exclude these taxes from sales and cost of sales.

The Company receives payments in advance of collision repair services performed. The payments in advance are initially deferred and recognized at completion of the collision repair services, generally within 12 months. As of June 30, 2025, and December 31, 2024, deferred revenue was approximately $5,561,000 and $7,995,000, respectively.

***Vendor Rebates***

The Company receives rebates from its vendors for purchases of inventory based on contractual terms. The Company accounts for vendor rebates as a reduction of cost of sales when earned. Vendor rebates receivable are

F-1-1-7

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Interim Consolidated Financial Statements (Unaudited)** 

**For the Six Months Ended June 30, 2025 and 2024** 

established for vendor rebates earned but not received. During the six months ended June 30, 2025, and 2024, the Company earned vendor rebates totaling approximately $6,255,000 and $5,266,124 respectively. Vendor rebates receivable totaled approximately $3,088,000 and $1,894,000 as of June 30, 2025, and December 31, 2024, respectively. Vendor rebates receivable are included in accounts receivable on the accompanying consolidated balance sheets.

***Income and State Franchise Taxes***

The Company has elected by consent of its members to be treated as a partnership under Internal Revenue Code ("IRC") provisions. Under those provisions, the Company does not pay federal corporate income taxes on its taxable income. Instead, the members are liable for individual income taxes on their respective shares of the entity's taxable income; accordingly, the accompanying interim consolidated financial statements do not reflect a provision or liability for federal and state income taxes.

The Company is subject to state franchise tax obligations for collision repair centers operating in Kentucky, Tennessee, and Texas.

***Concentrations***

During the six months ended June 30, 2025 and 2024, the Company derived approximately 60% and 59% of its revenue from four insurance payors. Approximately 58% and 57% of accounts receivable as of June 30, 2025 and December 31, 2024 were due from these four insurance payors.

The Company purchases substantially all of its paint products from one supplier. During the six months ended June 30, 2025 and 2024, the Company purchased approximately $12,400,000 and $11,070,000, respectively.

***Fair Value Measurements***

ASC 820, Fair Value Measurement and Disclosures, provides a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the guidance are described below:

**Level 1** Quoted market prices in active markets for identical assets or liabilities

**Level 2** Observable market-based inputs or observable inputs corroborated by market data

**Level 3** Unobservable inputs reflecting the reporting entity's own assumptions

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.

In connection with certain acquisitions, the Company initially records contingent consideration at fair value as of the related transaction date and is required to be remeasured at fair value on a recurring basis until the contingency is resolved (see Note 11). The fair value is determined by applying the income approach and is categorized as Level 3.

F-1-1-8

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Interim Consolidated Financial Statements (Unaudited)** 

**For the Six Months Ended June 30, 2025 and 2024** 

The values assigned to the acquired net assets (see Note 3) were derived primarily from the allocation of the consideration paid using various valuation methodologies utilizing Level 3 inputs and are not remeasured to fair value on a recurring basis.

***Share-Based Compensation***

Certain of the Company's employees are party to a share-based compensation arrangement established by JHCC Management, Inc., an affiliate of the Company, as approved by the Board of Managers. Management accounts for the awards granted by JHCC Management, Inc. to its employees in accordance with ASC 718, *Compensation – Stock Compensation*.

The Company evaluates financial instruments awarded in share-based payment transactions as either (i) equity- or (ii) liability-classified awards. The Company accounts for forfeitures of nonvested awards in the period in which they occur (see Note 10).

***Self-Insurance***

The Company has elected to self-insure certain costs related to employee health and accident benefit programs. Costs resulting from non-insured losses are charged to income when incurred. The Company has purchased insurance that limits its exposure for individual claims up to $150,000 and aggregate claims up to $19,425,000.

***Leases***

The Company determines if an arrangement is a lease or contains a lease at inception. Leases result in the recognition of right-of-use ("ROU") assets and lease liabilities at the lease commencement date. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease, measured on a discounted basis. The Company evaluates the likelihood of exercising renewal options contained in lease agreements, and if considered reasonably certain of being exercised, the extended term is included in the initial measurement of the lease liability. The Company determines lease classification as operating or finance at the lease commencement date. Finance lease ROU assets are included in property and equipment on the consolidated balance sheets. The Company combines lease and non-lease components, such as common area and other maintenance costs, in calculating the ROU assets and lease liabilities for its leased facilities.

At lease inception, the lease liability is measured at the present value of the lease payments over the lease term. The ROU asset equals the lease liability adjusted for any initial direct costs, prepaid or deferred rent, and lease incentives. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying amount to reflect lease payments made. The ROU asset is subsequently measured by reducing the carrying amount for amortization.

The Company has made a policy election to use a risk-free rate (the rate of a zero-coupon U.S. Treasury instrument) for the initial and subsequent measurement of all operating lease liabilities or the implicit rate in the lease if it is readily determinable. The risk-free rate is determined using a period comparable with the lease term.

The lease term may include options to extend or to terminate the lease that the Company is reasonably certain to exercise. Lease expense is generally recognized on a straight-line basis over the lease term.

The Company has elected not to record leases with an initial term of 12 months or less on the consolidated balance sheets. Lease expense on such leases is recognized on a straight-line basis over the lease term.

F-1-1-9

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Interim Consolidated Financial Statements (Unaudited)** 

**For the Six Months Ended June 30, 2025 and 2024** 

**Note 3. Acquisitions** 

During the six months ended June 30, 2025, the Company completed 4 acquisitions which included all of the assets of 4 collision repair centers located in Alabama, Louisiana, and Texas in order to expand market presence and scale operations. The fair value of consideration paid for the acquisitions was approximately $16,504,000 in the aggregate, consisting of $15,824,000 in cash and $680,000 in holdbacks payable to sellers expected to be made in 180 days following the acquisitions. As a result of the acquisitions, the Company recognized approximately $75,000 of inventory, approximately $1,235,000 of fixed assets, $200,000 in non-compete agreements, approximately $15,040,000 of goodwill, and assumed liabilities of approximately $46,000.

The acquisitions were accounted for using the acquisition method; accordingly, consideration was allocated to the net identifiable assets acquired based upon their estimated fair values at the date of acquisition. The goodwill arising from the acquisitions consists largely of the assembled workforce, synergies, and economics of scale expected from combining the operations of the Company and the acquired locations. Goodwill recognized in connection with acquisitions is expected to be fully deductible for tax purposes.

The results of operations reflect the revenues and expenses of the acquired collision repair centers from the dates of acquisition. Acquisitions were financed through a combination of cash flows from current operations, borrowings under the Company's credit facility (see Note 7).

**Note 4. Inventory** 

As at:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,**<br>**2024** |
|  Parts and materials | $1816573 | $2489326 |
|  Work in-process | 11346152 | 12118440 |
|  | 13162725 | 14607766 |
|  Inventory reserve | (555209) | (723000) |
|  | $12607516 | $13884766 |

---

**Note 5. Property and Equipment** 

As at:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Equipment and vehicles | $90969935 | $85083455 |
|  Office equipment and computers | 13486826 | 13087568 |
|  Furniture and fixtures | 12884849 | 12305815 |
|  Leasehold improvements | 13249212 | 12104884 |
|  Land | 1065040 | 1065040 |
|  Construction in progress | 8405588 | 8735431 |
|  | 140061450 | 132382193 |
|  Accumulated depreciation | (42809750) | (36044930) |
|  | $97251700 | $96337263 |

---

F-1-1-10

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Interim Consolidated Financial Statements (Unaudited)** 

**For the Six Months Ended June 30, 2025 and 2024** 

Depreciation expense was approximately $6,765,000 and $5,522,000 for the six months ended June 30, 2025 and 2024, respectively.

**Note 6. Goodwill and Other Intangible Assets** 

As at:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
|  Beginning balance | $458734286 | $326850637 |
|  Goodwill related to acquisitions of businesses | 15040140 | 131883649 |
|  | $473774426 | $458734286 |

---

The purchase price allocations from the Company's historical acquisitions resulted in the following intangible assets as at June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **Useful Life** | **Gross Value** | **Accumulated**<br>**Amortization** | **Net Value** |
|  Tradename |  | $116000000 | $— | $116000000 |
|  Intangible assets subject to amortization, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compete agreements | 5 years | 10170200 | (5684005) | 4486195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 15 years | 194000000 | (75121110) | 118878890 |
|  |  | $320170200 | $(80805115) | $239365085 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Useful Life** | **Gross Value** | **Accumulated**<br>**Amortization** | **Net Value** |
|  Tradename |  | $116000000 | $— | $116000000 |
|  Intangible assets subject to amortization, net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compete agreements | 5 years | 9970200 | (5052889) | 4917311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 15 years | 194000000 | (68654443) | 125345557 |
|  |  | $319970200 | $(73707332) | $246262868 |

---

The weighted-average useful life of intangible assets subject to amortization as of June 30, 2025, was 8.90 years as of December 31, 2024, it was 8.90 years. Amortization expense on intangible assets was approximately $7,097,000 and $7,490,000 for the six months ended June 30, 2025, and 2024, respectively.

F-1-1-11

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Interim Consolidated Financial Statements (Unaudited)** 

**For the Six Months Ended June 30, 2025 and 2024** 

**Note 7. Long-Term Debt** 

As at:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Term Loan (9.55% and 9.58% as of June 30, 2025, and December 31, 2024, respectively) | $198072000 | $199080000 |
|  Delayed Draw Term Loan (9.55% and 9.58% as of June 30, 2025, and December 31, 2024, respectively) | 57342138 | 57633956 |
|  Revolving Credit Facility (9.55% and 11.75% as of June 30, 2025, and December 31, 2024, respectively) | 6000000 | 10000000 |
|  2021-A Delayed Draw Term Loan (9.55% and 9.58% As of June 30, 2025, and December 31, 2024, respectively) | 58445118 | 58742548 |
|  2021-A Incremental Term Loan (9.55% and 9.58% as of June 30, 2025, and December 31, 2024, respectively) | 8665650 | 8709750 |
|  2023-A Incremental Term Loan (9.55% and 9.58% as of June 30, 2025, and December 31, 2024, respectively) | 19600875 | 19700625 |
|  2023-B Incremental Term Loan (9.55% and 9.58% as of June 30, 2025, and December 31, 2024, respectively) | 19700000 | 19800000 |
|  2023-B Incremental Delayed Draw Term Loan (9.55% and 9.58% as of June 30, 2025, and December 31, 2024, respectively) | 79150750 | 79550750 |
|  2024-A Delayed Draw Term Loan (9.55% and 9.58% as of June 30, 2025, and December 31, 2024, respectively) | 74541000 | 68399750 |
|  2024-B Delayed Draw Term Loan (9.55% as of June 30, 2025) | 23552000 |  |
|  Notes payable | 1244905 | 1244905 |
|  | 546314436 | 522862284 |
|  Unamortized deferred financing costs | (4448324) | (6611856) |
|  | 541866112 | 516250428 |
|  Current portion | (6574174) | (6299653) |
|  | $535291938 | $509950775 |

---

***The Credit Facility***

On September 9, 2019, the Company executed a credit agreement (the "Credit Agreement") with a syndicate of lenders. As of December 31, 2023, the Credit Agreement provided for a $210 million term commitment ("Term Loan"), a $60 million delayed draw term loan ("Delayed Draw Term Loan"), $20 million of borrowing capacity in a revolving line of credit ("Revolving Credit Facility"), a $60 million delayed draw term loan ("2021-A Delayed Draw Term Loan"), and a $9 million incremental delayed draw term loan ("2021-A Incremental Term Loan").

F-1-1-12

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Interim Consolidated Financial Statements (Unaudited)** 

**For the Six Months Ended June 30, 2025 and 2024** 

During 2023, the Credit Agreement was amended to provide for additional incremental term loans in the aggregate principal amount of $40 million ("2023-A and -B Incremental Term Loan") and an additional delayed draw term loan in the aggregate principal amount of $80 million ("2023-B Incremental Delayed Draw Term Loan"). No amounts were outstanding under the 2023-B Incremental Delayed Draw Term Loan as of December 31, 2023.

During 2024, the Credit Agreement was amended to provide for an additional delayed draw term loans in the aggregate principal amount of $75 million ("2024-A Delayed Draw Term Loan") and additional incremental term loans in the aggregate principal amount of $50 million ("2024-B Incremental Delayed Draw Term Loan"). No amounts were outstanding under the 2024-B Incremental Term Loan as of December 31, 2024.

As of June 30, 2025 and December 31, 2024, the interest rate associated with borrowings under the Credit Agreement was based on Secured Overnight Financing Rate ("Term SOFR") plus a margin of 4.25% to 6.75%, as determined by financial metrics defined by the Credit Agreement.

The Term Loan requires quarterly principal payments at 0.25% of the aggregate principal amount of term loans. Additionally, the Revolving Credit Facility and the Delayed Draw Term Loan commitments provide for an unused commitment fee payable quarterly.

The Credit Agreement, as amended, is secured by substantially all of the Company's assets and matures on September 9, 2027.

***Notes Payable to Sellers***

During 2023, the Company executed note payable agreements in connection with certain acquisitions for principal amounts totaling $1,331,250. The notes bear interest at a rate of 8.00% per annum, payable quarterly in arrears. Principal and any unpaid interest is due in full on December 31, 2025.

***Promissory Notes***

During 2024, the Company executed a promissory note with a former employee for the principal amount of $61,426. The note is non-interest bearing and matures upon a change in control of the Company, as defined in the agreement.

***Future Maturities***

The future maturities of the Company's long-term debt are as follows as at June 30, 2025:

---

| | |
|:---|:---|
| 2026 | $6574174 |
| 2027 | 539678836 |
| 2028 |  |
| 2029 |  |
| 2030 |  |
|  Thereafter | 61426 |
|  | $546314436 |

---

F-1-1-13

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Interim Consolidated Financial Statements (Unaudited)** 

**For the Six Months Ended June 30, 2025 and 2024** 

**Note 8. Employee Benefit Plan** 

The Company sponsors a 401(k) plan that covers all eligible employees as defined by the plan agreement. Eligible employees are employees who are employed for one year and are at least 21 years of age. The plan permits a deferral up to the maximum IRS-allowed limits, with a Company match equal to 50% on the first 6% deferred. Company contributions to the plan were approximately $984,470 and $806,900 for the six months ended June 30, 2025 and 2024, respectively.

**Note 9. Leases** 

The Company leases collision repair centers under non-cancelable operating lease agreements. Certain centers are leased from related parties as described in Note 12. The lease terms are generally for a period of 10 to 20 years with options that permit renewals for additional periods and typically include escalating lease payments.

***Lease Term and Discount Rate***

The weighted average remaining lease term and discount rate are as follows as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Weighted average lease term - operating leases | 8.92 years | 9.17 years |
|  Weighted average discount rate - operating leases | 3.43% | 3.35% |

---

***Lease Costs***

Operating lease cost during the six months ended June 30, 2025 and 2024 was approximately $21,362,000 and $16,873,000, respectively.

Future undiscounted cash flows under the Company's operating lease agreements are as follows as at June 30, 2025:

---

| | |
|:---|:---|
| 2026 | $42211027 |
| 2027 | 41575583 |
| 2028 | 41186431 |
| 2029 | 39479341 |
| 2030 | 34779358 |
|  Thereafter | 147050015 |
|  Total minimum lease payments | 346281755 |
|  Amount representing interest | (59217366) |
|  Present value of future minimum lease payments | 287064389 |
|  Current obligations under leases | (32496256) |
|  Long-term lease obligations | $254568133 |

---

F-1-1-14

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Interim Consolidated Financial Statements (Unaudited)** 

**For the Six Months Ended June 30, 2025 and 2024** 

**Note 10. Members' Equity** 

As of June 30, 2025 and December 31, 2024, the Company had 344,424,518 issued and outstanding membership units. Each unit is entitled to one vote.

During the year ended December 31, 2023, the Board of Managers authorized and issued 28,708,182 Class P Preferred Units. The Class P Preferred Units have liquidation preference over all other classes of units in a liquidation event. The Class P Preferred Units take the form of a convertible preferred security with 12% PIK compounded annually.

As of June 30, 2025 and December 31, 2024, the Company had 238,716,336 Class T Common Units and 77,000,000 Class R Common Units. The Class T Common Units and Class R Comon Units are subordinate to Class P Preferred Units in a liquidation event.

***Equity Incentive Plan***

The Company established the JHCC Holdings Parent LLC 2019 Management Incentive Plan (the "Plan"), which is administered by the Company's Board of Managers. Under the Plan, the Company may grant Class M Common Units to eligible individuals including, but not limited to, employees and service providers of the Company. The Plan permits such eligible individuals to receive Class M Common Units. The Class M Common Units issued under the Plan shall represent interests in the profits and losses, but not the capital, of the Company. The Class M Common Units issued pursuant to the Plan are subject to vesting terms including service (time-based) vesting and performance vesting, if any, a participation threshold, and/or any other terms set forth in the applicable grant agreements by and between the Company and the holder of the Class M Common Units. Generally, the service vesting units allows for vesting over a five-year period following the grant date. The performance vesting units shall vest upon a change in control event and achieving certain market conditions, as defined by the Plan. The Class M Common Units are non-voting. The Board of Managers have approved 39,021,120 of Class M Common Units for the Plan.

A summary of option activity under the Plan during the six months ended June 30, 2025 and December 31, 2024, is presented below:

---

| | |
|:---|:---|
|  Outstanding, January 1, 2024 | 37677220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forfeited | (277500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchased | (72500) |
|  Outstanding, December 31, 2024 | 37827220 |
|  Outstanding, June 30, 2025 | 37827220 |

---

The Company has determined these awards are equity-classified awards. Equity-classified awards are measured at the grant date fair value as determined by management using valuation techniques and assumptions including exit multiples of market participants. The related compensation cost is recognized ratably over the requisite service period for awards with service condition vesting. The compensation cost related to such Class M Units was $178,916 and $231,390 during the six months ended June 30, 2025 and 2024, respectively, which is included in selling, general and administrative expenses in the consolidated statements of operations.

F-1-1-15

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Interim Consolidated Financial Statements (Unaudited)** 

**For the Six Months Ended June 30, 2025 and 2024** 

**Note 11. Commitments and Contingencies** 

***Self-Insured Health Care***

The Company is self-insured to cover its employees' health care costs. The Company is liable for losses on individual claims up to a defined per claim amount of $150,000. The Company maintains third-party insurance coverage for any losses in excess of those claim amounts. Self-insurance costs are accrued based on claims reported as of the consolidated balance sheet date as well as an estimated liability for claims incurred but not reported. The Company accrued approximately $6,705 and $855,000 as of June 30, 2025 and December 31, 2024, respectively, for its claims which is included as a component of accrued payroll and related liabilities on the accompanying consolidated balance sheets.

***Contingent Consideration Related to Acquisitions***

In connection with certain acquisitions of collision repair centers, the Company entered into contingent consideration agreements whereby additional purchase consideration may be earned for achieving specified benchmarks. The Company estimates and records these liabilities at fair value on the dates of acquisition. The liability is subsequently remeasured each reporting date until the contingency is resolved. During the six months ended June 30, 2024, the Company paid approximately $755,000 of contingent consideration based on the performance of the acquired stores during the measurement period. No payments were required during the six months ended June 30, 2025.

***Warranty Costs***

The Company is contractually obligated to cover certain warranty costs after repairs have been completed. Warranty costs incurred related to repair services performed were not material to the interim consolidated financial statements.

**Note 12. Related-Party Transactions** 

The Company leases various real estate from companies which are primarily owned by certain officers of the Company. Under those leases, the Company paid approximately $3,535,000 of rent during the six months ended June 30, 2025 and 2024, respectively.

**Note 13. Subsequent Events** 

The Company has evaluated subsequent events through October 29, 2025, the date that the interim consolidated financial statements were available to be issued.

Subsequent to June 30, 2025, the Company executed one transaction for the purchase of a collision repair center for a purchase price of approximately $2,693,883. In connection with the acquisition, the Company borrowed $3,000,000 on the Credit Agreement.

On October 29, 2025, the Company entered into an equity purchase agreement and plan of merger to sell 100% of the issued and outstanding membership interests to Boyd Group Services Inc. for a purchase price of approximately $1,300,000,000 in cash.

No other matters required for disclosure.

F-1-1-16

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Independent Auditor's Report and Consolidated Financial Statements** 

December 31, 2024 and 2023

F-1-2-1

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Contents** 

**December 31, 2024 and 2023** 

---

| | |
|:---|:---|
|  **[Independent Auditor's Report](#fin77213_1)** | F-1-2-3 |
|  **Consolidated Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Balance Sheets](#fin77213_2) | F-1-2-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fin77213_3) | F-1-2-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Members' Equity](#fin77213_4) | F-1-2-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Cash Flows](#fin77213_5) | F-1-2-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Consolidated Financial Statements](#fin77213_6) | F-1-2-10 |

---

F-1-2-2

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Forvis Mazars, LLP<br> 1222 Demonbreun Street, Suite 950<br> Nashville, TN 37203<br> P 615.454.9800 F 615.454.9801<br> Forvismazars.us | ![LOGO](g77213g00k03.jpg) |

---

**Independent Auditor's Report** 

Board of Managers

JHCC Holdings Parent, LLC and Subsidiaries

Pike Road, Alabama

***Opinion***

We have audited the consolidated financial statements of JHCC Holdings Parent, LLC and Subsidiaries (collectively, the "Company"), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of operations, members' equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024 and 2023, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America ("GAAP").

***Basis for Opinion***

We conducted our audits in accordance with auditing standards generally accepted in the United States of America ("GAAS"). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

***Responsibilities of Management for the Consolidated Financial Statements***

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with GAAP, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the consolidated financial statements are available to be issued.

***Auditor's Responsibilities for the Audit of the Consolidated Financial Statements***

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not absolute assurance, and therefore there is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one

F-1-2-3

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##### [**Table of Contents**](#toc)
Board of Managers

JHCC Holdings Parent, LLC and Subsidiaries

resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

![LOGO](g77213g00k04.jpg)

**Nashville, Tennessee** 

**June 10, 2025** 

F-1-2-4

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Consolidated Balance Sheets** 

**December 31, 2024 and 2023** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $10664236 | $8616007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net of allowance for credit losses of $310,000 and $292,000 in 2024 and 2023, respectively | 19104688 | 18939632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | 13884766 | 12234072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 2950616 | 2155447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Current Assets** | 46604306 | 41945158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Noncurrent assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 96337263 | 72727861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale |  | 2877879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets - operating | 286641058 | 218721181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 458734286 | 326850637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets, net | 246262868 | 257643094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other noncurrent assets | 1212324 | 966861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Noncurrent Assets** | 1089187799 | 879787513 |
|  **Total Assets** | $1135792105 | $921732671 |
|  **LIABILTIES AND MEMBERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $31362866 | $24872013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2487970 | 933071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued payroll and related taxes | 9959294 | 6187206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 7994518 | 7700859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 8596164 | 5337568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease liabilities | 31302935 | 24526675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | 6299653 | 3673491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Current Liabilities** | 98003400 | 73230883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Noncurrent Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net of current portion and unamortized deferred financing costs | 509950775 | 358186156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, net of current portion | 260586737 | 197683837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Noncurrent Liabilities** | 770537512 | 555869993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Members' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | 356988146 | 356586790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (89736953) | (63954995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Members' Equity** | 267251193 | 292631795 |
|  **Total Liabilities and Members' Equity** | $1135792105 | $921732671 |

---

***See Notes to Consolidated Financial Statements***

F-1-2-5

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Consolidated Statements of Operations** 

**Years Ended December 31, 2024 and 2023** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Sales** | $669646702 | $560701713 |
|  **Cost of sales** | 389848252 | 326358508 |
|  **Gross Profit** | 279798450 | 234343205 |
|  **Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store operating expenses | 193137642 | 152516566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general, and administrative expenses | 30951695 | 27361611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization expense | 25624353 | 22220751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and store opening costs | 4851382 | 4090632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property and equipment | (135329) | (1280040) |
|  **Total Operating Expenses** | 254429743 | 204909520 |
|  **Income From Operations** | 25368707 | 29433685 |
|  **Other (Expense) Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | (51021060) | (39017069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income, net | 816230 | 66058 |
|  **Total Other Expense** | (50204830) | (38951011) |
|  **Loss Before State Franchise Taxes** | (24836123) | (9517326) |
|  **State Franchise Tax Expense** | (945835) | (654995) |
|  **Net Loss** | $(25781958) | $(10172321) |

---

***See Notes to Consolidated Financial Statements***

F-1-2-6

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Consolidated Statements of Members' Equity** 

**Years Ended December 31, 2024 and 2023** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-In**<br>**Capital** | **Accumulated<br>Deficit** | **Total** |
|  **Balance, January 1, 2023** | $316266733 | $(53630114) | $262636619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss |  | (10172321) | (10172321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 643300 |  | 643300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions | 39676757 |  | 39676757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions |  | (152560) | (152560) |
|  **Balance, December 31, 2023** | 356586790 | (63954995) | 292631795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss |  | (25781958) | (25781958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of Class M Units | (61426) |  | (61426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 462782 |  | 462782 |
|  **Balance, December 31, 2024** | $356988146 | $(89736953) | $267251193 |

---

***See Notes to Consolidated Financial Statements***

F-1-2-7

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Consolidated Statements of Cash Flows** 

**Years Ended December 31, 2024 and 2023** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | $(25781958) | $(10172321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 25624353 | 22220751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs amortization | 3586355 | 1916902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debt expense (recoveries) | 462496 | (285571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in inventory valuation reserve | 436271 | (336671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncash rent expense | 36504381 | 28020739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 462782 | 643300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of contingent consideration |  | (676000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property and equipment | (135329) | (1280040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (627552) | (2179099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | (87913) | 1622810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (1332665) | (578833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash overdraft |  | (1204130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 6490853 | 2544919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 1834433 | 1147575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued payroll and related taxes | 3772088 | 1156218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (34452359) | (26763917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 293659 | (164871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other noncurrent liabilities |  | (255000) |
|  **Net Cash Provided by Operating Activities** | 17049895 | 15376761 |
|  **Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions | (139633997) | (68809115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of property and equipment | (21359731) | (22640668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds on sale of property and equipment | 3000000 | 3215000 |
|  **Net Cash Used by Investing Activities** | (157993728) | (88234783) |
|  **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from (payments on) revolving credit facility, net | 10000000 | (12321461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on long-term debt | (4379468) | (1834299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term debt | 148500000 | 66301250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of contingent consideration | (955000) | (500000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of holdbacks | (6795938) | (6404636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing costs | (3377532) | (3992973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions |  | 39676757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions |  | (152560) |
|  **Net Cash Provided by Financing Activities** | 142992062 | 80772078 |
|  **Net Increase in Cash** | 2048229 | 7914056 |
|  **Cash and Cash Equivalents, Beginning of Year** | 8616007 | 701951 |
|  **Cash and Cash Equivalents, End of Year** | $10664236 | $8616007 |

---

***See Notes to Consolidated Financial Statements***

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Consolidated Statements of Cash Flows (Cont'd)** 

**Years Ended December 31, 2024 and 2023** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Noncash Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest | $47873574 | $37527181 |
|  **Noncash Investing and Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets obtained in exchange for operating lease liabilities | $97029872 | $59080138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdback obligations incurred in connection with acquisitions | $10730000 | $7165000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes payable to sellers incurred in connection with acquisitions | $— | $1331250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingent consideration incurred (adjusted) in connection with acquisition of business, net | $— | $(476000) |

---

***See Notes to Consolidated Financial Statements***

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

**Note 1. Nature of Business** 

JHCC Holdings Parent, LLC ("Holdings") and Subsidiaries (collectively, the "Company") provides automotive collision repair services. The Company operates collision repair centers in Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Louisiana, Maryland, Missouri, Mississippi, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia. There were 250 and 199 collision repair centers operated by the Company as of December 31, 2024 and 2023, respectively.

**Note 2. Summary of Significant Accounting Policies** 

***Revision of Previously Issued Financial Statements***

Certain revisions have been made to the 2023 consolidated financial statements as previously reported. The revisions were to correct the understatement of cash and cash equivalents by approximately $4,945,000, understatement of accounts payable by approximately $1,320,000, overstatement of cost of sales by approximately $586,000, overstatement of store operating expenses by approximately $3,039,000, and understatement of members' equity by approximately $3,625,000.

***Reclassifications***

Certain reclassifications have been made to the 2023 consolidated financial statements to separately present depreciation and amortization and gain on sale of property and equipment in the consolidated statements of operations. These reclassifications had no impact on the results of operations as previously reported.

***Basis of Presentation***

The accompanying consolidated financial statements include the accounts of the Company. All significant intercompany balances and transactions have been eliminated in consolidation.

***Basis of Accounting and Use of Estimates***

The accompanying consolidated financial statements have been prepared using the accrual basis of accounting. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management in connection with the preparation of the accompanying consolidated financial statements include the assumptions utilized in determining the net realizable value of inventory and accounts receivable, the useful lives of long-lived assets, the fair value of long-lived assets, the fair value of goodwill and contingent consideration recognized in connection with acquisitions, and fair value of units granted under the equity incentive plan and related compensation costs. Actual results could differ from those estimates.

***Cash***

Cash consists of short-term, highly liquid investments with original maturities of three months or less. The Company maintains cash depository accounts, which, at times, may exceed federally insured limits. This risk is managed by maintaining all deposits in high quality financial institutions. The Company has not experienced any losses in such accounts.

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

***Accounts Receivable***

Accounts receivable consist primarily of amounts due from insurance companies through direct repair programs ("DRP") and are reported at original invoice amounts less an allowance for expected credit losses. Accounts receivable are generally collected within 30 days of invoice. The Company continually monitors amounts due from customers and maintains an allowance for expected credit losses for estimated losses resulting from the inability of any customers to make the required payments.

Receivable collectability is evaluated using a combination of factors, including past due status, trends in write-offs and changes in the general market or business conditions that the Company has exposure. Specific events, such as bankruptcies, are also considered when applicable. Adjustments to the allowance for expected credit losses are made, when necessary, based on the results of analysis, the aging of receivables and historical and industry trends. The Company periodically evaluates the impact of observable external factors on the collectability of accounts receivable to determine if adjustments to the reserve for credit losses should be made based on current conditions or reasonable and supportable forecasts. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. The allowance for expected credit losses was approximately $310,000 and $292,000 as of December 31, 2024 and 2023, respectively.

***Inventory***

Inventory consists of repair orders in process which include materials and labor reported at the lower of cost or net realizable value. Cost is determined by the first-in, first-out ("FIFO") method. Net realizable value is determined based on the estimated selling price in the ordinary course of business less any applicable selling expenses. The Company establishes an inventory reserve for work in process inventory aged greater than 90 days. The inventory reserve was approximately $723,000 and $287,000 as of December 31, 2024 and 2023, respectively.

***Property and Equipment***

Property and equipment are recorded at cost. Depreciation expense is determined using the straight-line method over the estimated useful lives of the assets:

---

| | |
|:---|:---|
|  Equipment and vehicles | 5 to 25 years |
|  Office equipment and computers | 10 to 12 years |
|  Furniture and fixtures | 5 to 12 years |

---

Leasehold improvements are depreciated over the shorter of a 15-year useful life or the term of the lease.

***Assets Held for Sale***

The Company classifies long-lived assets to be sold as held for sale in the period in which all of the following criteria are met: (1) management, having the authority to approve the action, commits to a plan to sell the asset; (2) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; (3) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (4) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the asset beyond one year; (5) the asset is being actively

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

The Company initially measures a long-lived asset that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Gains are not recognized on the sale of a long-lived asset until the date of sale. The Company assess the fair value of a long-lived asset less any costs to sell as of each reporting date as long as the asset remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the asset, to the extent that the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale.

Upon determining that a long-lived asset meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets as assets held for sale on the consolidated balance sheets.

***Goodwill and Indefinite Trademark Intangible Asset***

The Company does not amortize goodwill or its indefinite trademark intangible asset. Goodwill and the indefinite trademark intangible asset are evaluated annually for impairment or more frequently if impairment indicators are present. The Company elected the accounting alternative for evaluating impairment triggering events and performs an impairment triggering event evaluation only as of the end of each reporting period. In testing goodwill and the indefinite trademark intangible asset for impairment, the Company has the option first to perform a qualitative assessment to determine whether it is more likely than not that goodwill and the indefinite trademark intangible asset are impaired, or the Company can bypass the qualitative assessment and proceed directly to the quantitative test. The quantitative impairment test consists of calculating the fair value of a reporting unit and comparing it to the carrying amount, including goodwill. The impairment loss, if any, is measured as the amount by which the carrying amount of a reporting unit, including goodwill, exceeds its fair value. Subsequent increases in value are not recognized in the consolidated financial statements. Based on management's assessments, there was no impairment as of December 31, 2024 and 2023.

***Finite Life Intangibles and Long-Lived Assets***

Finite life intangible assets and long-lived assets include non-compete agreements, licenses, and customer relationships. The Company evaluates the recoverability of finite life intangible assets and other long-lived assets, such as property and equipment, when events or circumstances indicate that these assets may not be recoverable. There were no indicators that would suggest an impairment-triggering event has occurred. All finite life intangible assets are amortized over their estimated useful lives using the straight-line method.

***Other Noncurrent Assets***

Other noncurrent assets consist of security deposits on long-term operating leases and internal-use software, which the Company amortizes over a useful life of five years (see Note 8).

***Deferred Financing Fees***

Deferred financing fees are capitalized and amortized to interest expense over the estimated term of the related debt. During the years ended December 31, 2024 and 2023, the Company incurred financing fees of

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

approximately $3,378,000 and $3,993,000, respectively. Amortization of deferred financing fees was approximately $3,586,000 and $1,917,000 for the years ended December 31, 2024 and 2023, respectively. Amortization of deferred financing fees is included as a component of interest expense on the consolidated statements of operations.

***Revenue Recognition***

The Company recognizes revenue from collision repair services upon completion and delivery of the repaired vehicle to the customer. The Company determines completion of a repair to be the performance obligation that is distinct and the point at which control of the asset passes to the customer. Revenue is measured at the value of consideration to be received net of discounts.

The Company collects various taxes from customers and remits these amounts to applicable taxing authorities. The Company's policy is to exclude these taxes from sales and cost of sales.

The Company receives payments in advance of collision repair services performed. The payments in advance are initially deferred and recognized at completion of the collision repair services, generally within 12 months. As of December 31, 2024 and 2023, deferred revenue was approximately $7,995,000 and $7,701,000, respectively.

***Vendor Rebates***

The Company receives rebates from its vendors for purchases of inventory based on contractual terms. The Company accounts for vendor rebates as a reduction of cost of sales when earned. Vendor rebates receivable are established for vendor rebates earned but not received. During the years ended December 31, 2024 and 2023, the Company earned vendor rebates totaling approximately $11,635,000 and $10,707,000 respectively. Vendor rebates receivable totaled approximately $1,894,000 and $2,029,000 as of December 31, 2024 and 2023, respectively. Vendor rebates receivable are included in accounts receivable on the accompanying consolidated balance sheets.

***Advertising***

Advertising costs are expensed as incurred. Advertising expense was approximately $160,000 and $460,000 for the years ended December 31, 2024 and 2023, respectively. Advertising costs are included in selling, general, and administrative expenses in the consolidated statements of operations.

***Income and State Franchise Taxes***

The Company has elected by consent of its members to be treated as a partnership under Internal Revenue Code ("IRC") provisions. Under those provisions, the Company does not pay federal corporate income taxes on its taxable income. Instead, the members are liable for individual income taxes on their respective shares of the entity's taxable income; accordingly, the accompanying consolidated financial statements do not reflect a provision or liability for federal and state income taxes.

The Company is subject to state franchise tax obligations for collision repair centers operating in Kentucky, Tennessee, and Texas. During the years ended December 31, 2024 and 2023, the Company expensed approximately $946,000 and $655,000, respectively, for state franchise tax obligations.

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

***Concentrations***

During the years ended December 31, 2024 and 2023, the Company earned approximately 59% and 58% of its revenue from four insurance payors. Approximately 57% and 53% of accounts receivable as of December 31, 2024 and 2023 were due from these four insurance payors.

The Company purchases substantially all of its paint products from two suppliers. Total purchases from those suppliers were approximately $22,109,000 and $18,153,000 during the years ended December 31, 2024 and 2023, respectively.

***Fair Value Measurements***

ASC 820, Fair Value Measurement and Disclosures, provides a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the guidance are described below:

**Level 1** Quoted market prices in active markets for identical assets or liabilities

**Level 2** Observable market-based inputs or observable inputs corroborated by market data

**Level 3** Unobservable inputs reflecting the reporting entity's own assumptions

The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.

In connection with certain acquisitions, the Company initially records contingent consideration at fair value as of the related transaction date and is required to be remeasured at fair value on a recurring basis until the contingency is resolved (see Note 13). The fair value is determined by applying the income approach and is categorized as Level 3.

The values assigned to the acquired net assets (see Note 3) were derived primarily from the allocation of the consideration paid using various valuation methodologies utilizing Level 3 inputs and are not remeasured to fair value on a recurring basis.

***Share-Based Compensation***

Certain of the Company's employees are party to a share-based compensation arrangement established by JHCC Management, Inc., an affiliate of the Company, as approved by the Board of Managers. Management accounts for the awards granted by JHCC Management, Inc. to its employees in accordance with ASC 718, *Compensation – Stock Compensation*.

The Company evaluates financial instruments awarded in share-based payment transactions as either (i) equity- or (ii) liability-classified awards. The Company accounts for forfeitures of nonvested awards in the period in which they occur (see Note 12).

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

***Self-Insurance***

The Company has elected to self-insure certain costs related to employee health and accident benefit programs. Costs resulting from non-insured losses are charged to income when incurred. The Company has purchased insurance that limits its exposure for individual claims up to $150,000 and aggregate claims up to $19,425,000.

***Leases***

The Company determines if an arrangement is a lease or contains a lease at inception. Leases result in the recognition of right-of-use ("ROU") assets and lease liabilities at the lease commencement date. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease, measured on a discounted basis. The Company evaluates the likelihood of exercising renewal options contained in lease agreements, and if considered reasonably certain of being exercised, the extended term is included in the initial measurement of the lease liability. The Company determines lease classification as operating or finance at the lease commencement date. Finance lease ROU assets are included in property and equipment on the consolidated balance sheets. The Company combines lease and non-lease components, such as common area and other maintenance costs, in calculating the ROU assets and lease liabilities for its leased facilities.

At lease inception, the lease liability is measured at the present value of the lease payments over the lease term. The ROU asset equals the lease liability adjusted for any initial direct costs, prepaid or deferred rent, and lease incentives. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying amount to reflect lease payments made. The ROU asset is subsequently measured by reducing the carrying amount for amortization.

The Company has made a policy election to use a risk-free rate (the rate of a zero-coupon U.S. Treasury instrument) for the initial and subsequent measurement of all operating lease liabilities or the implicit rate in the lease if it is readily determinable. The risk-free rate is determined using a period comparable with the lease term.

The lease term may include options to extend or to terminate the lease that the Company is reasonably certain to exercise. Lease expense is generally recognized on a straight-line basis over the lease term.

The Company has elected not to record leases with an initial term of 12 months or less on the consolidated balance sheets. Lease expense on such leases is recognized on a straight-line basis over the lease term.

**Note 3. Acquisitions** 

During the year ended December 31, 2024, the Company completed 41 acquisitions which included all of the assets of 51 collision repair centers located in Alabama, Arkansas, Georgia, Kentucky, Louisiana, Maryland, Missouri, Mississippi, Ohio, Oklahoma, South Carolina, Texas, Virginia and West Virginia in order to expand market presence and scale operations. The fair value of consideration paid for the acquisitions was $150,363,997 in the aggregate, consisting of $139,633,997 in cash and $10,730,000 in holdbacks payable to sellers. As a result of the acquisitions, the Company recognized $1,999,052 of inventory, $13,806,961 of fixed assets, $34,135 of other assets, $2,962,443 of right of use assets and operating lease liabilities, $2,640,200 in non-compete agreements, and $131,883,649 of goodwill.

During the year ended December 31, 2023, the Company completed 32 acquisitions which included all of the assets of 41 collision repair centers located in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana,

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

Maryland, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, and Virginia in order to expand market presence and scale operations. The fair value of consideration paid for the acquisitions was $77,505,365 in the aggregate, consisting of $68,809,115 in cash, $1,331,250 in notes payable to sellers, $7,165,000 in holdbacks payable to sellers, and $200,000 in contingent consideration. As a result of the acquisitions, the Company recognized $1,821,771 of inventory, $6,737,961 of fixed assets, $2,635,000 of non-compete agreements, and $66,310,633 of goodwill.

The acquisitions were accounted for using the acquisition method; accordingly, consideration was allocated to the net identifiable assets acquired based upon their estimated fair values at the date of acquisition. The goodwill arising from the acquisitions consists largely of the assembled workforce, synergies, and economics of scale expected from combining the operations of the Company and the acquired locations. Goodwill recognized in connection with acquisitions is expected to be fully deductible for tax purposes. The results of operations reflect the revenues and expenses of the acquired collision repair centers from the dates of acquisition. Acquisitions were financed through a combination of cash flows from current operations, borrowings under the Company's credit facility (see Note 9), and issuance of membership units (see Note 12).

As part of the acquisitions, the Company incurred approximately $2,955,000 and $2,109,000 of acquisition-related expenses during the years ended December 31, 2024 and 2023, respectively, which are included in acquisition and store opening costs on the accompanying consolidated statements of operations.

Asset purchase agreements generally provide for holdbacks payable to sellers within 120- to 180-days of close. There are generally no contingencies associated with the payment of such amounts. Holdbacks payable of approximately $5,353,000 and $1,794,000 are included in other current liabilities on the accompanying balance sheets as of December 31, 2024 and 2023, respectively.

Certain asset purchase agreements provide for contingent earnout payments based on the achievement of revenue benchmarks, as defined in each agreement. The measurement period for such arrangements is generally 12 months. As of December 31, 2024, measurement periods for contingent earnout arrangements extended through September 30, 2025. The estimated acquisition-date fair value of contingent consideration relating to agreements entered into in 2024 and 2023 was $0 and $955,000, respectively. Purchase agreements generally limit payment to a stated maximum. The aggregate stated maximum amount payable under purchase agreements entered into in 2024 and 2023 was $6,325,000 and $3,750,000, respectively. The Company entered into one purchase agreement in 2024 and 2023 which lacked a stated maximum and allowed for payment equal to total sales in excess of the revenue benchmark defined in each agreement.

**Note 4. Inventory** 

Inventory consisted of the following as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Parts and materials | $2489326 | $3990002 |
|  Work in process | 12118440 | 8530799 |
|  | 14607766 | 12520801 |
|  Inventory reserve | (723000) | (286729) |
|  | $13884766 | $12234072 |

---

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

**Note 5. Property and Equipment** 

Property and equipment consisted of the following as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Equipment and vehicles | $85083455 | $56328599 |
|  Office equipment and computers | 13087568 | 11667863 |
|  Furniture and fixtures | 12305815 | 10509845 |
|  Leasehold improvements | 12104884 | 9511466 |
|  Land | 1065040 | 1065040 |
|  Construction in progress | 8735431 | 8119480 |
|  | 132382193 | 97202293 |
|  Accumulated depreciation | (36044930) | (24474432) |
|  | $96337263 | $72727861 |

---

Depreciation expense was approximately $11,570,000 and $8,442,000 for the years ended December 31, 2024 and 2023, respectively.

**Note 6. Assets Held for Sale** 

Assets held for sale as of December 31, 2023 consist of a property which the Company was actively marketing. The fair value of assets held for sale was approximately $2,878,000 as of December 31, 2023. No impairment was recognized upon classification as held for sale. During 2024, the Company sold the property for $3,000,000 and recognized a gain of approximately $122,000 which is included in gain on disposal of property and equipment in the accompanying consolidated statements of operations.

**Note 7. Goodwill and Other Intangible Assets** 

The changes in the carrying value of goodwill consisted of the following as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Beginning balance | $326850637 | $260540004 |
|  Goodwill related to acquisitions of businesses | 131883649 | 66310633 |
|  | $458734286 | $326850637 |

---

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

The purchase price allocations from the Company's historical acquisitions resulted in the following intangible assets as of December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Useful Life** | **Gross Value** | **Accumulated<br>Amortization** | **Net Value** |
|  Tradename |  | $116000000 | $— | $116000000 |
|  Intangible assets subject to amortization, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compete agreements | 5 years | 9486120 | (4568809) | 4917311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 15 years | 194000000 | (68654443) | 125345557 |
|  |  | $319486120 | $(73223252) | $246262868 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2023** | **2023** |
|  | **Useful Life** | **Gross Value** | **Accumulated<br>Amortization** | **Net Value** |
|  Tradename |  | $116000000 | $— | $116000000 |
|  Intangible assets subject to amortization, net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compete agreements | 5 years | 6845920 | (3481716) | 3364204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 15 years | 194000000 | (55721110) | 138278890 |
|  |  | $316845920 | $(59202826) | $257643094 |

---

The weighted-average useful life of intangible assets subject to amortization as of December 31, 2024, was 8.90 years. Amortization expense on intangible assets was approximately $14,020,000 and $13,733,000 for the years ended December 31, 2024 and 2023, respectively. Estimated annual amortization expense on intangible assets subject to amortization is as follows for the years ending December 31:

---

| | |
|:---|:---|
| 2025 | $14174000.0 |
| 2026 | 14098000.0 |
| 2027 | 14073000.0 |
| 2028 | 13773000.0 |
| 2029 | 13202000.0 |
|  Thereafter | 60942868.0 |
|  | $130262868.0 |

---

**Note 8. Other Noncurrent Assets** 

Other noncurrent assets consisted of the following as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Security deposits | $1205492 | $926600 |
|  Internal-use software, net | 6832 | 40261 |
|  | $1212324 | $966861 |

---

Amortization expense on internal-use software was approximately $33,000 and $45,000 for the years ended December 31, 2024 and 2023, respectively.

F-1-2-18

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

**Note 9. Long-Term Debt** 

The Company's long-term debt consisted of the following as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Term Loan (9.58% and 10.75% as of December 31, 2024 and 2023, respectively) | $199080000 | $201096000 |
|  Delayed Draw Term Loan (9.58% and 10.75% as of December 31, 2024 and 2023, respectively) | 57633956 | 58217591 |
|  Revolving Credit Facility (11.75% and 12.75% as of December 31, 2024 and 2023, respectively) | 10000000 |  |
|  2021-A Delayed Draw Term Loan (9.58% and 10.75% as of December 31, 2024 and 2023, respectively) | 58742548 | 59337410 |
|  2021-A Incremental Term Loan (9.58% and 10.75% as of December 31, 2024 and 2023, respectively) | 8709750 | 8797950 |
|  2023-A Incremental Term Loan (9.58% and 12.25% as of December 31, 2024 and 2023, respectively) | 19700625 | 19900125 |
|  2023-B Incremental Term Loan (9.58% and 11.10% as of December 31, 2024 and 2023, respectively) | 19800000 | 20000000 |
|  2023-B Incremental Delayed Draw Term Loan (9.58% as of December 31, 2024) | 79550750 |  |
|  2024-A Delayed Draw Term Loan (9.58% as of December 31, 2024) | 68399750 |  |
|  Notes payable to sellers (8.00% as of December 31, 2024 and 2023) | 1183479 | 1331250 |
|  Promissory note | 61426 |  |
|  | 522862284 | 368680326 |
|  Unamortized deferred financing costs | (6611856) | (6820679) |
|  | 516250428 | 361859647 |
|  Current portion | (6299653) | (3673491) |
|  | $509950775 | $358186156 |

---

***The Credit Facility***

On September 9, 2019, the Company executed a credit agreement (the "Credit Agreement") with a syndicate of lenders. As of December 31, 2023, the Credit Agreement provided for a $210 million term commitment ("Term Loan"), a $60 million delayed draw term loan ("Delayed Draw Term Loan"), $20 million of borrowing capacity in a revolving line of credit ("Revolving Credit Facility"), a $60 million delayed draw term loan ("2021-A Delayed Draw Term Loan"), and a $9 million incremental delayed draw term loan ("2021-A Incremental Term Loan").

During 2023, the Credit Agreement was amended to provide for additional incremental term loans in the aggregate principal amount of $40 million ("2023-A and -B Incremental Term Loan") and an additional delayed draw term loan in the aggregate principal amount of $80 million ("2023-B Incremental Delayed Draw Term Loan"). No amounts were outstanding under the 2023-B Incremental Delayed Draw Term Loan as of December 31, 2023.

F-1-2-19

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

During 2024, the Credit Agreement was amended to provide for an additional delayed draw term loans in the aggregate principal amount of $75 million ("2024-A Delayed Draw Term Loan") and additional incremental term loans in the aggregate principal amount of $50 million ("2024-B Incremental Delayed Draw Term Loan"). No amounts were outstanding under the 2024-B Incremental Term Loan as of December 31, 2024.

As of December 31, 2024 and 2023, the interest rate associated with borrowings under the Credit Agreement was based on Secured Overnight Financing Rate ("Term SOFR") plus a margin of 4.25% to 6.75%, as determined by financial metrics defined by the Credit Agreement.

The Term Loan requires quarterly principal payments at 0.25% of the aggregate principal amount of term loans. Additionally, the Revolving Credit Facility and the Delayed Draw Term Loan commitments provide for an unused commitment fee payable quarterly. The Company is required to make an annual mandatory principal payment to the extent the Company realizes excess cash flow, as defined in the Credit Agreement. There was no excess cash flow requirement as of December 31, 2024.

The Credit Agreement, as amended, is secured by substantially all of the Company's assets and matures on September 9, 2027.

***Notes Payable to Sellers***

During 2023, the Company executed note payable agreements in connection with certain acquisitions for principal amounts totaling $1,331,250. The notes bear interest at a rate of 8.00% per annum, payable quarterly in arrears. Principal and any unpaid interest is due in full on December 31, 2025.

***Promissory Notes***

During 2024, the Company executed a promissory note with a former employee for the principal amount of $61,426. The note is non-interest bearing and matures upon a change in control of the Company, as defined in the agreement.

***Future Maturities***

As of December 31, 2924, the future maturities of the Company's long-term debt are as follows:

---

| | |
|:---|:---|
| 2025 | $6299653 |
| 2026 | 5116175 |
| 2027 | 511385030 |
| 2028 |  |
| 2028 |  |
|  Thereafter | 61426 |
|  | $522862284 |

---

**Note 10. Employee Benefit Plan** 

The Company sponsors a 401(k) plan that covers all eligible employees as defined by the plan agreement. Eligible employees are employees who are employed for one year and are at least 21 years of age. The plan

F-1-2-20

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

permits a deferral up to the maximum IRS-allowed limits, with a Company match equal to 50% on the first 6% deferred. Company contributions to the plan were approximately $1,615,000 and $1,266,000 for the years ended December 31, 2024 and 2023, respectively.

**Note 11. Leases** 

The Company leases collision repair centers under non-cancelable operating lease agreements. Certain centers are leased from related parties as described in Note 14. The lease terms are generally for a period of 10 to 20 years with options that permit renewals for additional periods and typically include escalating lease payments.

***Lease Term and Discount Rate***

The weighted average remaining lease term and discount rate are as follows as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Weighted average lease term – operating leases | 9.17 years | 8.89 years |
|  Weighted average discount rate – operating leases | 3.35% | 2.69% |

---

***Lease Costs***

Operating lease cost during the years ended December 31, 2024 and 2023 totaled $36,504,382 and $28,020,739, respectively.

Future undiscounted cash flows under the Company's operating lease agreements are as follows for years ended December 31:

---

| | |
|:---|:---|
| 2025 | $39793513 |
| 2026 | 39948345 |
| 2027 | 39077066 |
| 2028 | 38675176 |
| 2029 | 35691729 |
|  Thereafter | 148001949 |
|  Total minimum lease payments | 341187778 |
|  Amount representing interest | (49298106) |
|  Present value of future minimum lease payments | 291889672 |
|  Current obligations under leases | (31302935) |
|  Long-term lease obligations | $260586737 |

---

**Note 12. Members' Equity** 

As of December 31, 2024 and 2023, the Company had 344,424,518 issued and outstanding membership units. Each unit is entitled to one vote.

During the year ended December 31, 2023, the Board of Managers authorized and issued 28,708,182 Class P Preferred Units. The Class P Preferred Units have liquidation preference over all other classes of units in a liquidation event. The Class P Preferred Units take the form of a convertible preferred security with 12% PIK compounded annually.

F-1-2-21

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

The Company had 238,716,336 and 77,000,000 Class T Common Units and Class R Common Units, respectively, as of December 31, 2024 and 2023. The Class T Common Units and Class R Comon Units are subordinate to Class P Preferred Units in a liquidation event.

***Equity Incentive Plan***

The Company established the JHCC Holdings Parent LLC 2019 Management Incentive Plan (the "Plan"), which is administered by the Company's Board of Managers. Under the Plan, the Company may grant Class M Common Units to eligible individuals including, but not limited to, employees and service providers of the Company. The Plan permits such eligible individuals to receive Class M Common Units. The Class M Common Units issued under the Plan shall represent interests in the profits and losses, but not the capital, of the Company. The Class M Common Units issued pursuant to the Plan are subject to vesting terms including service (time-based) vesting and performance vesting, if any, a participation threshold, and/or any other terms set forth in the applicable grant agreements by and between the Company and the holder of the Class M Common Units. Generally, the service vesting units allows for vesting over a five-year period following the grant date. The performance vesting units shall vest upon a change in control event and achieving certain market conditions, as defined by the Plan. The Class M Common Units are non-voting. The Board of Managers have approved 39,021,120 of Class M Common Units for the Plan.

A summary of option activity under the Plan during the years ended December 31, 2024 and 2023, is presented below:

---

| | |
|:---|:---|
|  Outstanding, January 1, 2023 | 34503005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted | 3074215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forfeited | (350000) |
|  Outstanding, December 31, 2023 | 37677220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forfeited | (277500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchased | (72500) |
|  Outstanding, December 31, 2024 | 37827220 |

---

The Company has determined these awards are equity-classified awards. Equity-classified awards are measured at the grant date fair value as determined by management using valuation techniques and assumptions including exit multiples of market participants. The related compensation cost is recognized ratably over the requisite service period for awards with service condition vesting. The compensation cost related to such Class M Units was approximately $463,000 and $643,000 during the years ended December 31, 2024 and 2023, respectively, which is included in selling, general and administrative expenses in the consolidated statements of operations. As of December 31, 2024, there was approximately $2,987,000 of unrecognized compensation costs related to unvested Class M units.

**Note 13. Commitments and Contingencies** 

***Litigation, Claims and Assessments***

The Company is subject to lawsuits, administrative proceedings and demands that arise in the ordinary course of business and which typically involve claims from customers, employees and others related to operational, employment,

F-1-2-22

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

real estate, and other issues common to the automotive service industry. A number of these claims may exist at any given time. The Company maintains coverage with a third-party insurer to limit its total exposure. The Company believes that most of its customer claims will be covered by its general liability insurance, subject to coverage limits. Punitive damages awards and employee unfair practice claims, however, are not covered by the Company's general liability insurance. To date, the Company has not been ordered to pay any material punitive damages with respect to any claims, but there can be no assurance that punitive damages will not be awarded with respect to any future claims. The Company could be affected by adverse publicity resulting from allegations in lawsuits, claims and proceedings, regardless of whether these allegations are valid or whether the Company is ultimately determined to be liable. It is possible that future results of operations could be impacted by changes in circumstances relating to lawsuits, proceedings, or claims.

Substantially all collision repair centers are subject to federal, state, and local provisions regarding the discharge of materials into the environment. Compliance with these provisions has not had any material effect upon capital expenditures, earnings, financial condition, liquidity, or competitive position. Management believes the Company's current practices and procedures for the control and disposition of such materials comply with applicable federal, state, and local requirements.

***Self-Insured Health Care***

The Company is self-insured to cover its employees' health care costs. The Company is liable for losses on individual claims up to a defined per claim amount of $150,000. The Company maintains third-party insurance coverage for any losses in excess of those claim amounts. Self-insurance costs are accrued based on claims reported as of the consolidated balance sheet date as well as an estimated liability for claims incurred but not reported. The Company accrued approximately $855,000 and $720,000 as of December 31, 2024 and 2023, respectively, for its claims which is included as a component of accrued payroll and related liabilities on the accompanying consolidated balance sheets.

***Contingent Consideration Related to Acquisitions***

In connection with certain acquisitions of collision repair centers, the Company entered into contingent consideration agreements whereby additional purchase consideration may be earned for achieving specified benchmarks. The Company estimates and records these liabilities at fair value on the dates of acquisition. The liability is subsequently remeasured each reporting date until the contingency is resolved. The fair value of contingent consideration was approximately $0 and $955,000 as of December 31, 2024 and 2023, respectively, and is included as a component of other current liabilities on the accompanying consolidated balance sheets. During 2023, the Company recognized an adjustment in fair value of contingent consideration of $676,000 based on the performance of the acquired stores during the measurement period which is included in other income on the accompanying consolidated statements of operations. No fair value adjustments were recorded during 2024.

***Warranty Costs***

The Company is contractually obligated to cover certain warranty costs after repairs have been completed. Warranty costs incurred related to repair services performed were not material to the consolidated financial statements.

F-1-2-23

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##### [**Table of Contents**](#toc)
**JHCC Holdings Parent, LLC and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

**December 31, 2024 and 2023** 

**Note 14. Related-Party Transactions** 

The Company leases various real estate from companies which are primarily owned by certain officers of the Company. Under those leases, the Company paid approximately $7,070,000 and $6,491,000 of rent during the years ended December 31, 2024 and 2023, respectively.

**Note 15. Subsequent Events** 

The Company has evaluated subsequent events through June 10, 2025, the date that the consolidated financial statements were available to be issued.

Subsequent to December 31, 2024, the Company executed four transactions for the purchase of collision repair centers for an aggregate purchase price of approximately $16,475,000.

Subsequent to December 31, 2024, the Company received approximately $30,100,000 from existing delayed draw term loans under the Credit Agreement.

F-1-2-24

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##### [**Table of Contents**](#toc)
![LOGO](g77213g00g01.jpg)

**BOYD GROUP SERVICES INC.** 

Unaudited Pro Forma Combined Consolidated Financial Information

For the Year Ended December 31, 2024

and

As at and for the Six Months Ended June 30, 2025

F-1-3-1

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##### [**Table of Contents**](#toc)
**BOYD GROUP SERVICES INC.** 

**UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF FINANCIAL POSITION** 

As at June 30, 2025

*(thousands of U.S. dollars)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | |
|  |<br>**BGSI**<br>**(Historical)** |<br>**JHCC**<br>**(Adjusted)**<br>**(Note 4)** | **Acquisition<br>Adjustments** | **Notes** | **Financing<br>Adjustments** | **Notes** |<br>**Pro forma<br>Consolidated** |
|  **Assets** |  |  |  |  |  |  |  |
|  **Current assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $14685 | $7038 | $(1300000) | 3(a) | 747925 | 3(a)(i) | $**39685** |
|  |  |  | (7038) | 3(b) | 577075 | 3(a)(ii) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 139542 | 26932 |  |  |  |  | **166474** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes recoverable | 4276 |  | 6500 | 3(g) |  |  | **10776** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | 66552 | 12608 |  |  |  |  | **79160** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 41949 | 3069 |  |  |  |  | **45018** |
|  | **267004** | **49647** | **(1300538)** |  | **1325000** |  | **341113** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 563939 | 97252 | 25700 | 3(b)(ii) |  |  | **686891** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets | 653251 | 236703 | 5422 | 3(b)(vii) |  |  | **895376** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax asset | 3018 |  |  |  |  |  | **3018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 335668 | 239365 | 177135 | 3(b)(iii) |  |  | **752168** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 654918 | 473774 | 305612 | 3(b)(iv) |  |  | **1434304** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term assets | 12153 | 1355 |  |  |  |  | **13508** |
|  | $**2489951** | $**1098096** | $**(786669)** |  | $**1325000** |  | $**4126378** |
|  **Liabilities and equity** |  |  |  |  |  |  |  |
|  **Current liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | $327939 | $55998 | $25000 | 3(c) | $— |  | $**408937** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends payable | 2395 |  |  |  |  |  | **2395** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | 5519 | 6574 | (6574) | 3(b)(v) | 375000 |  | **380519** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of lease liabilities | 118697 | 22487 |  |  |  |  | **141184** |
|  | **454550** | **85059** | **18426** |  | **375000** |  | **933035** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 514993 | 535292 | (535292) | 3(b)(v) | 202075 | 3(a)(ii) | **717068** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 616948 | 219638 |  |  |  |  | **836586** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liability | 60505 |  | 6804 | 3(b)(vi) |  |  | **67309** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned rebates | 3656 |  |  |  |  |  | **3656** |
|  | **1650652** | **839989** | **(510062)** |  | **577075** |  | **2557654** |
|  **Equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive earnings | 53244 |  |  |  |  |  | **53244** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained Earnings | 178665 | (99060) | 99060 | 3(d) |  |  | **160165** |
|  |  |  | (18500) | 3(c) |  |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' capital | 599885 |  |  |  | 747925 | 3(a)(i) | **1347810** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital |  | 357167 | (357167) | 3(d) | **—** |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributed surplus | 7505 |  |  |  |  |  | **7505** |
|  | **839299** | **258107** | **(276607)** |  | **747925** |  | **1568724** |
|  | $**2489951** | $**1098096** | $**(786669)** |  | $**1325000** |  | $**4126378** |

---

F-1-3-2

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##### [**Table of Contents**](#toc)
**BOYD GROUP SERVICES INC.** 

**UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS** 

For the six months ended June 30, 2025

*(thousands of U.S. dollars, except unit and per unit amounts)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | |
|  |<br>**BGSI**<br>**(Historical)** |<br>**JHCC**<br>**(Adjusted)**<br>**(Note 4)** | **Acquisition<br>Adjustments** | **Note** | **Financing<br>Adjustments** | **Note** |<br>**Pro forma<br>Consolidated** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | $1558730 | $376881 | $— |  | $— |  | $**1935611** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales | 833998 | 206507 |  |  |  |  | **1040505** |
|  **GROSS PROFIT** | **724732** | **170374** | **—** |  | **—** |  | **895106** |
|  **EXPENSES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses | 550401 | 116315 |  |  |  |  | **666716** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and transformational cost initiatives | 13773 | 767 |  |  |  |  | **14540** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment | 42394 | 6766 | 1285 | 3(e) |  |  | **50445** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of right of use assets | 63414 | 13268 | 304 | 3(b)(vii) |  |  | **76986** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 13548 | 7097 | 4429 | 3(e) |  |  | **25074** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments | 1 |  |  |  |  |  | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | 35855 | 36058 |  |  | (9906) | 3(f) | **62007** |
|  | **719386** | **180271** | **6018** |  | **(9906)** |  | **895770** |
|  **EARNINGS (LOSS) BEFORE INCOME TAXES** | **5346** | **(9897)** | **(6018)** |  | **9906** |  | **(664)** |
|  **INCOME TAX EXPENSE (RECOVERY)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current | 10634 | 550 | (5492) | 3(g) | 2575 | 3(g) | **8267** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred | (8073) |  | 1354 | 3(g) |  |  | **(6719)** |
|  | **2561** | **550** | **(4138)** |  | **2575** |  | **1548** |
|  **NET EARNINGS (LOSS)** | $**2785** | $**(10447)** | $**(1880)** |  | $**7330** |  | $**(2212)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share | $**0.13** |  |  |  |  | 5 | $**(0.08)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share | $**0.13** |  |  |  |  | 5 | $**(0.08)** |

---

F-1-3-3

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##### [**Table of Contents**](#toc)
**BOYD GROUP SERVICES INC.** 

**UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS** 

For the year ended December 31, 2024

*(thousands of U.S. dollars, except unit and per unit amounts)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | |
|  |<br>**BGSI**<br>**(Historical)** |<br>**JHCC**<br>**(Adjusted)**<br>**(Note 4)** | **Acquisition<br>Adjustments** | **Note** | **Financing<br>Adjustments** | **Note** |<br>**Pro forma<br>Consolidated** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | $3070342 | $669647 | $— |  | $— |  | $**3739989** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales | 1673834 | 368110 |  |  |  |  | **2041944** |
|  **GROSS PROFIT** | **1396508** | **301537** | **—** |  | **—** |  | **1698045** |
|  **EXPENSES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses | 1061689 | 208373 |  |  |  |  | **1270062** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and transformational cost initiatives | 9879 | 4851 | 25000 | 3(c) |  |  | **39730** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment | 75498 | 11604 | 2570 | 3(e) |  |  | **89672** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of right of use assets | 123512 | 26660 | 484 | 3(b)(vii) |  |  | **150656** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 26309 | 14020 | 8857 | 3(e) |  |  | **49186** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments | (952) |  |  |  |  |  | **(952)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | 68913 | 67657 |  |  | (15136) | 3(f) | **121434** |
|  | **1364848** | **333165** | **36911** |  | **(15136)** |  | **1719788** |
|  **EARNINGS (LOSS) BEFORE INCOME TAXES** | **31660** | **(31628)** | **(36911)** |  | **15136** |  | **(21743)** |
|  **INCOME TAX EXPENSE (RECOVERY)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current | 7667 | 946 | (12548) | 3(g) | 3935 | 3(g) | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred | (551) |  | 5272 | 3(g) |  |  | **4721** |
|  | **7116** | **946** | **(7276)** |  | **3935** |  | **4721** |
|  **NET EARNINGS (LOSS)** | $**24544** | $**(32574)** | $**(29635)** |  | $**11201** |  | $**(26464)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share | $**1.14** |  |  |  |  | 5 | $**(0.99)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share | $**1.14** |  |  |  |  | 5 | $**(0.99)** |

---

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**BOYD GROUP SERVICES INC.** 

**NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

As at and for the six months ended June 30, 2025 and for the year ended December 31, 2024

*(thousands of U.S. dollars unless otherwise stated or where noted as Canadian dollars (C$) or share and per share amounts)* 

**1.** **GENERAL INFORMATION** 

Boyd Group Services Inc. ("BGSI" or the "Company") is a Canadian corporation that controls The Boyd Group Inc. and its subsidiaries.

The Company's business consists of the ownership and operation of autobody/autoglass repair facilities and related services. The Company operates locations in Canada under the trade name Boyd Autobody and Glass and Assured Automotive, as well as in the U.S. under the trade name Gerber Collision & Glass. The Company is also a major retail auto glass operator in the U.S. under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. In addition, the Company operates Gerber Nation Claim Services ("GNCS"), that offers glass, emergency roadside and first notice of loss services. The Company also operates Mobile Auto Solutions ("MAS") that offers mobile calibration and diagnostic services.

The shares of the Company are listed on the Toronto Stock Exchange and trade under symbol "BYD.TO". The head office and principal address of the Company are located at 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba, R3H 1A6.

**2.** **BASIS OF PRESENTATION** 

On October 29, 2025, the Company announced a definitive equity purchase agreement and plan of merger (the "Agreement") to acquire the assets and business of JHCC Holdings Parent, LLC and Subsidiaries (collectively "JHCC"), which owns and operates 258 collision repair centers in Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Louisiana, Maryland, Missouri, Mississippi, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia that largely operates under the brand name Joe Hudson's Collision Center (the "Acquisition").

The consolidated financial statements of the Company have been prepared by management in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS"). The consolidated financial statements of JHCC have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

The accompanying unaudited pro forma combined consolidated financial information utilize accounting policies that are consistent with those disclosed in the audited consolidated financial statements of the Company for the year ended December 31, 2024 and were prepared in accordance with recognition and measurement principles of IFRS. For purposes of preparing the unaudited pro forma combined consolidated financial information, the Company has made certain adjustments for differences between U.S. GAAP and IFRS and reclassifications to the consolidated balance sheet and the consolidated statement of operations of JHCC to conform to the presentation adopted by the Company under IFRS (Note 4).

The Acquisition has been accounted for using the acquisition method. Based on the purchase price calculation as detailed in the Agreement, the estimated net purchase price for JHCC is $1.3 billion which will be paid in cash to the owners of JHCC ("Cash Consideration"). The Company has fully committed bridge financing ("Bridge Facility") in place and intends to fund the purchase price for the acquisition of JHCC, together with related financing fees and transaction expenses, by way of the following: (i) US$747.9 million from the net proceeds of an equity offering, excluding any net proceeds from the exercise of the underwriters' option to purchase additional shares; (ii) US$210.0 million of drawings under an amended revolving credit facility; and (iii) US$375.0 million of drawings under bridge credit facilities or net proceeds from one or more future offerings of additional senior unsecured notes. The Company has

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**BOYD GROUP SERVICES INC.** 

**NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

As at and for the six months ended June 30, 2025 and for the year ended December 31, 2024

*(thousands of U.S. dollars unless otherwise stated or where noted as Canadian dollars (C$)or share and per share amounts)* 

obtained commitments from the Canadian chartered bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. for US$1.155 billion of Bridge Facility. The Company also expects to amend the credit agreement for our revolving credit facility to, among other things, increase its size from US$575.0 million to US$775.0 million pursuant to the existing accordion feature of the existing revolving credit facility. The Canadian charted bank affiliates of TD Securities Inc. and National Bank Financial Inc. have consented to such amendments, conditional on the acquisition being completed. Their consents represent the consent of the majority lenders under our existing credit agreement. The chartered bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. will be lenders under our amended revolving credit facility. The acquisition is not subject to a financing condition.

It is management's opinion that the pro forma combined consolidated financial information include all adjustments necessary for the fair presentation, in all material respects, of the pro forma combined consolidated financial information as if the Acquisition had occurred as of June 30, 2025 on the unaudited pro forma consolidated statement of financial position and as of January 1, 2024 on the unaudited pro forma consolidated statement of earnings. The adjustments and assumptions required to reflect the transactions as of the applicable dates are described in Note 3. In preparing the pro forma combined consolidated financial information, no adjustments were made to reflect operating synergies that may result from the acquisition. The pro forma information is based on estimates and assumptions set forth in the notes to such information. The pro forma information is being furnished solely for information purposes and is not necessarily indicative of the combined results or financial position that might have been achieved for the period or date indicated, nor is it indicative of future results that may occur.

The pro forma adjustments and purchase price allocation have been determined from information available to the management of the Company at this time and incorporates and reflects management's preliminary assessment of the fair value of the net assets acquired. The allocation of the purchase price to the assets and liabilities of JHCC will be finalized after the fair values of the assets and liabilities have been determined and, accordingly, the purchase price allocation is subject to change.

The unaudited pro forma combined consolidated financial information of the Company has been prepared as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unaudited pro forma consolidated statement of financial position as at June 30, 2025, giving effect to
the Acquisition and various pro forma assumptions and adjustments described in Note 3 as if those had occurred on June 30, 2025, based on the unaudited interim condensed consolidated statement of financial position of the Company as at
June 30, 2025 and the unaudited interim consolidated balance sheet of JHCC as at June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unaudited pro forma consolidated statement of earnings for the year ended December 31, 2024, giving
effect to the Acquisition and various pro forma assumptions and adjustments described in Notes 3 as if those had occurred on January 1, 2024, based on the consolidated statement of earnings for the year ended December 31, 2024 and the
consolidated statement of operations of JHCC for the year ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unaudited pro forma consolidated statement of earnings for the six months ended June 30, 2025, giving
effect to the Acquisition and various pro forma assumptions and adjustments described in Notes 3 as if those had occurred on January 1, 2024, based on the unaudited interim condensed consolidated statement of earnings of the Company for the six
months ended June 30, 2025 and the unaudited statement of operations of JHCC for the six months ended June 30, 2025;

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**BOYD GROUP SERVICES INC.** 

**NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

As at and for the six months ended June 30, 2025 and for the year ended December 31, 2024

*(thousands of U.S. dollars unless otherwise stated or where noted as Canadian dollars (C$)or share and per share amounts)* 

The unaudited pro forma consolidated financial information should be read in conjunction with the audited financial statements of JHCC as at and for the years ended December 31, 2024 and 2023, including the notes thereto, the unaudited consolidated interim financial statements of JHCC as at June 30, 2025 and for the six months ended June 30, 2025 and 2024, including the notes thereto included in the prospectus supplement, and the audited consolidated financial statements of the Company as at and for the years ended December 31, 2024 and 2023, including the notes thereto, and the unaudited consolidated interim financial statements of the Company as at June 30, 2025 and for the three and six months ended June 30, 2025 and 2024, including the notes thereto, incorporated by reference in the prospectus supplement.

**3.** **PRO FORMA ADJUSTMENTS** 

The pro forma adjustments have been prepared by the Company using available information and certain assumptions that management believes are reasonable under the circumstances. The pro forma adjustments included in the unaudited pro forma combined consolidated financial information are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Financing** 

Prior to the Acquisition closing, the Company will raise $1.3 billion through the issuance of equity and also through utilization of the revolving credit facility and Bridge Facility including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Equity raising

---

| | |
|:---|:---|
|  Fair value of 5,202,516 shares issued at US$153.77 per share | $780000 |
|  Less: Expenses | (2825) |
|  Less: Underwriters commission | (29250) |
|  **Net proceeds** | $**747925** |

---

The equity raising will provide an assumed $747.9 million in net proceeds through the sale of 5,202,516 BGSI shares at a price of C$214.65 or US$153.77 per share based on the 10-day volume-weighted average price of common shares of BGSI for the period up to and including October 28, 2025, and less an assumed discount to such price of 2.5%, less expected underwriters commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Revolving credit facility and Bridge Facility drawdown

---

| | |
|:---|:---|
|  Bridge Loan Facility | $375000 |
|  Revolving credit facility | 210000 |
|  Less: Debt issuance costs | (7825) |
|  Less: Expenses | (100) |
|  **Net proceeds** | $**577075** |

---

The company has obtained commitments from the Canadian chartered bank affiliates of RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc. for US$1.155 billion under a bridge credit facility. We also expect to amend the credit agreement for our revolving credit facility to, among other things, increase its size from US$575.0 million to US$775.0 million pursuant to the accordion feature of our existing revolving credit facility. The Canadian chartered bank affiliates of TD Securities Inc. and National Bank Financial Inc. have consented to such amendments, conditional on the acquisition being completed. Their consents represent the consent of the majority lenders under the existing credit agreement.

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**BOYD GROUP SERVICES INC.** 

**NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

As at and for the six months ended June 30, 2025 and for the year ended December 31, 2024

*(thousands of U.S. dollars unless otherwise stated or where noted as Canadian dollars (C$)or share and per share amounts)* 

To finance the cash consideration for the Transaction, it is expected that BGSI will (a) use cash on hand, (b) obtain and borrow loans under the revolving credit facility and (c) obtain and borrow under other sources of permanent financing prior to the Closing, such that the Bridge Facility would not be drawn. In the event that, at or before the time the Transactions are consummated, the aggregate gross proceeds of the other sources of permanent financing are less than $1.15 billion, BGSI would obtain and borrow loans under the Bridge Facility. In the event that, at or before the time the Transactions are consummated, the aggregate gross proceeds of the other sources of permanent financing are more than $1.15 billion, then BGSI may not borrow the full amount available under the Bridge Facility. For purposes of the pro forma consolidated financial information, it has been assumed that the Bridge Facility will be drawn in the amount of $375.0 million.

The BGSI bridge loan is a senior unsecured 364-day facility. The assumed aggregate effective interest rate of the combined revolving credit facility and Bridge Facility for purposes of the pro forma consolidated statement of earnings is 6.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Purchase Price Allocation on Acquisition** 

The Company has preliminarily allocated the purchase price for JHCC as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Identifiable net assets acquired at fair value:** | **Historic values** | **FV adjustments** | **Note** | **$** |
|  Other current assets | 42609 |  | 3(b)(i) |  |
|  Property, plant and equipment | 97252 | 25700 | 3(b)(ii) |  |
|  Right of use assets | 236703 | 5422 | 3(b)(vii) |  |
|  Intangible assets | 239365 | 177135 | 3(b)(iii) |  |
|  Other long-term assets | 1355 |  | 3(b)(i) |  |
|  Current liabilities | (55998) |  | 3(b)(i) |  |
|  Lease liabilities | (242125) |  | 4(a) |  |
|  Deferred income tax liability |  | (6804) | 3(b)(vi) |  |
|  Identifiable net assets acquired |  |  |  |  |
|  Goodwill |  |  | 3(b)(iv) |  |
|  Total purchase consideration |  |  |  |  |

---

Pursuant to the Agreement, the estimated net purchase price for the acquisition is $1.3 billion for the outstanding shares of JHCC assuming that JHCC will be delivered free of debt and cash, along with an appropriate, normalized working capital.

Under the acquisition method, the acquired tangible and intangible assets and assumed liabilities of the acquired entity are primarily measured at their estimated fair value at the date of Acquisition. Certain goodwill and intangibles recognized on the Acquisition are deductible for tax purposes. As a result of the Acquisition, the Company will gain tax shield that will reduce the amount of cash taxes that would otherwise be paid. This is in the form of the tax deductibility of intangibles, including goodwill, added as part of the Acquisition.

The purchase price allocation is provisional at the date of this report, thus the amount of intangibles and goodwill, the split between those with a finite life and other intangibles, the expected future life of intangibles, and therefore amortization expense are all subject to ongoing valuation work. The preliminary purchase price as disclosed above may be revised as additional information becomes available. Further adjustments may be recorded in future periods as purchase price adjustments are finalized.

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**BOYD GROUP SERVICES INC.** 

**NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

As at and for the six months ended June 30, 2025 and for the year ended December 31, 2024

*(thousands of U.S. dollars unless otherwise stated or where noted as Canadian dollars (C$)or share and per share amounts)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) The carrying value of other current assets, other long-term assets, current liabilities and lease
liabilities are assumed to approximate fair value.

ii) The Company has allocated a portion of the fair value to property, plant and equipment. The fair value of the property, plant and equipment is preliminary, and may change materially on the final valuation.

iii) The Company has allocated a portion of the proceeds to intangible assets; namely brand names of $1.5 million and customer relationships of $415.0 million, which are expected to be realized through the Acquisition. The fair value of the intangible assets is preliminary, and may change materially on the final valuation. Customer relationships are amortized on a straight-line basis over the expected period of benefit of 20 years. Brand names which the Company continues to use in the conduct of its business are considered indefinite life because their value is not expected to degrade over time. To the extent the Company decides to discontinue the use of a certain brand, an estimate of the remaining useful life is made and the intangible asset is amortized over the remaining period. 

iv) The excess purchase price beyond the identifiable net assets and intangible assets has been allocated to goodwill based on management's initial estimate. This allocation may change materially on the final valuation of the assets acquired and liabilities assumed in the Acquisition. The goodwill represents the fact the Acquisition creates synergies which will be achieved through direct and indirect procurement savings, internalization of scanning and calibration, efficiencies achieved through densification, and operational and administrative cost savings; includes a fully trained operational workforce; and provides growth and expansion opportunities. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) Prior to the Acquisition, JHCC will settle all of its long-term debt so the Company will not acquire any
JHCC debt as part of the acquisition.

vi) A deferred tax liability arises from the difference in accounting and tax basis on the intangible assets acquired through the Acquisition for which BGSI does not expect to obtain full tax basis on given the structure of JHCC. The amount has been calculated based on BGSI's combined estimated effective US tax rate of 26%, including both federal and applicable state taxes. Subsequent adjustments to the deferred tax liability may occur based on the jurisdiction of certain intangible assets acquired and further consideration as to the fair values of the assets acquired and liabilities assumed. Any reduction in the deferred tax liability would result in a corresponding reduction in goodwill recorded on the transaction. 

vii) The right of use asset has been revalued to be equal to the lease liabilities on acquisition and therefore depreciation on the right of use asset has been adjusted in the statements of earnings to reflect the fair value adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Acquisition transaction costs** 

Adjustment to reflect the estimated non-recurring transaction costs in connection with the Acquisition. The acquisition transaction costs are related to estimated banking, accounting, legal, tax and other costs associated with the completion of the Acquisition, by the Company. These costs have been included as a pro forma adjustment to retained earnings, accounts payable and income tax recoverable on the unaudited pro forma combined consolidated statement of financial position. Acquisition transaction costs of $25,000 have been recognized in Acquisition and transformational cost initiatives in the statement of earnings for the year ended December 31, 2024.

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**BOYD GROUP SERVICES INC.** 

**NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

As at and for the six months ended June 30, 2025 and for the year ended December 31, 2024

*(thousands of U.S. dollars unless otherwise stated or where noted as Canadian dollars (C$)or share and per share amounts)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **JHCC's Members' Equity** 

The historical equity balances of JHCC's members' equity, including paid-in-capital and accumulated deficit have been eliminated on pro forma consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Amortization and depreciation** 

A net increase in amortization of intangible assets of $4,429 for the six months ended June 30, 2025 and $8,857 for the year ended December 31, 2024 related to intangible assets recorded on acquisition has been recorded.

A net increase in depreciation of property, plant and equipment of $1,285 for the six months ended June 30, 2025 and a net increase of $2,570 for the year ended December 31, 2024 related to fair value of property, plant and equipment recorded on acquisition has been recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Interest** 

A decrease in interest expense of $9,906 for the six months ended June 30, 2025 and $15,136 for the year ended December 31, 2025 as a result of decreased debt levels and the interest rate on the BGSI Bridge Facility being lower than the interest rate on the JHCC long-term debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Taxation** 

An estimated tax rate of 26% has been applied to the pro forma adjustments to account for tax impact of these transactions.

Historically, JHCC was treated as a partnership under the Internal Revenue Code provisions and under those provisions JHCC did not pay federal corporate taxes on their respective shares of the entity's taxable income, instead members were liable for individual income taxes on their respective shares of the entity's taxable income. Accordingly, the financial statements of JHCC do not reflect a provision or liability for federal or state taxes. As a result, a current tax recovery of $4,138 for the six months ended June 30, 2025 and a current tax recovery of $12,548 and deferred tax expense of $5,272 for the year ended December 31, 2024 as a result of JHCC's losses for the periods has been included in the pro forma financial information.

A decrease in current tax expense and an increase in deferred tax expense of $1,354 for the six months ended June 30, 2025 as a result of the increased amortization of intangible assets and goodwill for tax purposes has been recorded. The 50% rule has been applied to the calculation of amortization of intangible assets and goodwill for tax purposes for the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** **Stock based compensation** 

JHCC has a management incentive plan whereby JHCC may grant Class M Common Units to eligible individuals. The Class M Common Units issued under the plan represent interest in profits and losses but not capital of JHCC. The Class M Common Units are subject to vesting terms including service (time-based) vesting, which is usually five years and performance vesting. The performance vesting units shall vest on change in control and achieving certain market conditions following the grant date. The Agreement confirms that this incentive plan will be settled by the current shareholders of JHCC prior to the Acquisition completion and therefore the pro forma financial information has not been adjusted to reflect these awards.

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**BOYD GROUP SERVICES INC.** 

**NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

As at and for the six months ended June 30, 2025 and for the year ended December 31, 2024

*(thousands of U.S. dollars unless otherwise stated or where noted as Canadian dollars (C$)or share and per share amounts)* 

**4.** **ADJUSTED JHCC FINANCIAL INFORMATION** 

**ADJUSTED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As at June 30, 2025** | **JHCC<br>(Historical)** | **IFRS<br>Adjustments** | **Presentation<br>Adjustments** | **JHCC<br>(Adjusted)** |
|  **ASSETS** |  |  |  |  |
|  **Current Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 7038 |  |  | **7038** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net of allowance for credit losses | 26932 |  |  | **26932** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | 12608 |  |  | **12608** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 3069 |  | (3069) | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  |  | 3069 | **3069** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Current Assets** | **49647** | **—** | **—** | **49647** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Noncurrent Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment, net | 97252 |  |  | **97252** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of- use assets - operating | 280636 | (43933) |  | **236703** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 473774 |  |  | **473774** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets, net | 239365 |  | (239365) | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets |  |  | 239365 | **239365** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other noncurrent assets | 1355 |  | (1355) | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term assets |  |  | 1355 | **1355** |
|  **Total Noncurrent Assets** | **1092382** | **(43933)** | **—** | **1048449** |
|  **Total Assets** | **1142029** | **(43933)** | **—** | **1098096** |
|  **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |
|  **Current Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 33621 |  | (33621) | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2885 |  | (2885) | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued payroll and related taxes | 7670 |  | (7670) | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 5561 |  | (5561) | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 6261 |  | (6261) | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities |  |  | 55998 | **55998** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease liabilities | 32496 | (10009) |  | **22487** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | 6574 |  |  | **6574** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Current Liabilities** | **95068** | **(10009)** | **—** | **85059** |
|  **Noncurrent Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net of current portion and unamortized deferred financing costs | 535292 |  |  | **535292** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, net of current portion | 254568 | (34930) |  | **219638** |
|  **Total Noncurrent Liabilities** | **789860** | **(34930)** | **—** | **754930** |
|  **Members' Equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | 357167 |  |  | **357167** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (100066) | 1006 |  | **(99060)** |
|  **Total Members' Equity** | **257101** | **1006** | **—** | **258107** |
|  **Total Liabilities and Members' Equity** | **1142029** | **(43933)** | **—** | **1098096** |

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**BOYD GROUP SERVICES INC.** 

**NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

As at and for the six months ended June 30, 2025 and for the year ended December 31, 2024

*(thousands of U.S. dollars unless otherwise stated or where noted as Canadian dollars (C$)or share and per share amounts)* 

**ADJUSTED CONSOLIDATED STATEMENT OF EARNINGS (Unaudited)** 

**For the six months ended June 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JHCC<br>(Historical)** | **IFRS<br>Adjustments** | **Presentation<br>Adjustments** | **JHCC<br>(Adjusted)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | $376881 | $— | $— | $376881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales | 217878 |  | (11371) | 206507 |
|  **GROSS PROFIT** | **159003** | **—** | **11371** | **170374** |
|  **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store operating expenses | 110064 | (21362) | (88702) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general, and administrative expenses | 16725 |  | (16725) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses |  |  | 116315 | 116315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization expense | 13863 |  | (13863) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment |  |  | 6766 | 6766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of right of use assets |  | 13268 |  | 13268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets |  |  | 7097 | 7097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and store opening costs | 767 |  | (767) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and transformational cost initiatives |  |  | 767 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property and equipment | (38) |  | 38 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  | 8210 | 27848 | 36058 |
|  **TOTAL OPERATING EXPENSES** | **141381** | **116** | **38774** | **180271** |
|  **INCOME FROM OPERATIONS** | **17622** | **(116)** | **(27403)** | **(9897)** |
|  **OTHER (EXPENSE) INCOME** |  |  |  |  |
|  Interest expense, net | (27848) |  | 27848 |  |
|  Other income, net | 445 |  | (445) |  |
|  **TOTAL OTHER EXPENSE** | **(27403)** | **—** | **27403** | **—** |
|  State Franchise Tax Expense | 550 |  | (550) |  |
|  **INCOME TAX EXPENSE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current |  |  | 550 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred |  |  |  |  |
|  **NET LOSS** | $**(10331)** | $**(116)** | $**—** | $**(10447)** |

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**BOYD GROUP SERVICES INC.** 

**NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

As at and for the six months ended June 30, 2025 and for the year ended December 31, 2024

*(thousands of U.S. dollars unless otherwise stated or where noted as Canadian dollars (C$)or share and per share amounts)* 

**ADJUSTED CONSOLIDATED STATEMENT OF EARNINGS (Unaudited)** 

**For the year ended December 31, 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JHCC<br>(Historical)** | **IFRS<br>Adjustments** | **Presentation<br>Adjustments** | **JHCC<br>(Adjusted)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | $669647 | $— | $— | $669647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales | 389848 |  | (21738) | 368110 |
|  **GROSS PROFIT** | **279799** | **—** | **21738** | **301537** |
|  **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store operating expenses | 193138 | (36504) | (156634) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general, and administrative expenses | 30952 |  | (30952) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses |  |  | 208373 | 208373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization expense | 25624 |  | (25624) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment |  |  | 11604 | 11604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of right of use assets |  | 26660 |  | 26660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets |  |  | 14020 | 14020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and store opening costs | 4851 |  | (4851) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and transformational cost initiatives |  |  | 4851 | 4851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property and equipment | (135) |  | 135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  | 16636 | 51021 | 67657 |
|  **TOTAL OPERATING EXPENSES** | **254430** | **6792** | **71943** | **333165** |
|  **INCOME FROM OPERATIONS** | **25369** | **(6792)** | **(50205)** | **(31628)** |
|  **OTHER (EXPENSE) INCOME** |  |  |  |  |
|  Interest expense, net | (51021) |  | 51021 |  |
|  Other income, net | 816 |  | (816) |  |
|  **TOTAL OTHER EXPENSE** | **(50205)** | **—** | **50205** | **—** |
|  State Franchise Tax Expense | 946 |  | (946) |  |
|  **INCOME TAX EXPENSE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current |  |  | 946 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred |  |  |  |  |
|  **NET LOSS** | $**(25782)** | $**(6792)** | $**—** | $**(32574)** |

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**BOYD GROUP SERVICES INC.** 

**NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

As at and for the six months ended June 30, 2025 and for the year ended December 31, 2024

*(thousands of U.S. dollars unless otherwise stated or where noted as Canadian dollars (C$)or share and per share amounts)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **US GAAP to IFRS differences** 

The Company has assessed whether there are any material differences between US GAAP and IFRS as it relates to JHCC. The only material difference identified related to the accounting for leases under IFRS 16 *Leases* ("IFRS 16") compared to JHCC's accounting for leases using ASC 842 *Leases* ("ASC 842") applicable to private companies. This assessment has been completed based on the available information at this time and there may be additional differences that are identified after the Acquisition and so changes may occur on finalization of the purchase price allocation.

The key differences identified in relation to leases were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JHCC recognizes its leases as operating leases however in contrast, under IFRS 16, lessees apply a single
model to all leases. For operating leases under ASC 842, the amortization of the right-of-use asset and interest expense related to the lease liability are recorded
together as lease expense to produce a straight-line recognition effect in the statement of earnings. However, under IFRS this would be recorded as depreciation of the right-of-use asset and then accretion of the lease liability as a finance cost in the statement of earnings. This has therefore been adjusted in the pro forma statement
of earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JHCC has elected to not separate nonlease components from associated lease components. Therefore they combined
lease and nonlease components within their lease liability. Under IFRS 16, lessors are required to separate lease and nonlease components. The Company has used their lease portfolio to estimate the amount of nonlease components included in the lease
agreements and noted it is currently 4.59% and so this amount has been excluded from the JHCC lease payments in the statement of earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JHCC has taken the practical expedient available for non public businesses to elect to use a risk-free rate as
the discount rate, therefore a weighted average interest rate of 3.35% has been used. Under IFRS 16, there is no equivalent relief and use of the risk-free rate is not permitted and so a conversion adjustment to use the current weighted average
interest rate on BGSI's lease portfolio of 5.97% has been used to calculate the lease liability in the pro forma statement of financial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IFRS 16 provides an additional policy election for lessees, on a lease-by-lease basis, to exclude leases of low-value assets from the initial recognition requirements. However, ASC 842 does not have such a provision but it does allow
entities to establish reasonable capitalization thresholds below which assets and liabilities related to a lease are not recognized. Given the nature of the leases at JHCC, this difference was not considered to have a material impact on the
accounting for leases in the pro forma financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Presentation adjustments** 

For purposes of preparing the unaudited pro forma combined consolidated financial information, the Company has made certain reclassifications to the consolidated balance sheet and the consolidated statement of operations of JHCC to conform to the presentation adopted by the Company under IFRS.

In addition, labor costs in the amount of $11,371 for the six months ended June 30, 2025 and $21,738 for the year ended December 31, 2024 were reclassified from cost of sales to operating expenses to align the allocation of costs with the Company's accounting policies.

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**BOYD GROUP SERVICES INC.** 

**NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION** 

As at and for the six months ended June 30, 2025 and for the year ended December 31, 2024

*(thousands of U.S. dollars unless otherwise stated or where noted as Canadian dollars (C$)or share and per share amounts)* 

**5.** **PRO FORMA LOSS PER SHARE** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br>December 31, 2024** | **For the six months ended<br>June 30, 2025** |
|  Net Loss | $**(26464)** | $**(2212)** |
|  Basic weighted average number of shares | 21472436 | 21467695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Offering | 5202516 | 5202516 |
|  Average number of shares outstanding – basic | **26674952** | **26670211** |
|  Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock Option Plan | 4585 | 57122 |
|  Average number of shares outstanding – diluted | **26679537** | **26727333** |
|  Pro forma basic loss per share | $**(0.99)** | $**(0.08)** |
|  Pro forma diluted loss per share | $**(0.99)** | $**(0.08)** |

---

The pro forma basic and diluted loss per share for the year ended December 31, 2024 and the six months ended June 30, 2025 have been calculated assuming that the 5,202,516 shares were issued on the first day of each respective period.

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**INVESTOR PRESENTATION** 

(See attached)

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![Slide 1](g77213invs1g1.jpg)

Boyd's Acquisition of Joe Hudson's Collision Center October 29, 2025 Complementary Strategic Platform to Accelerate Boyd's Scale, Growth and Profitability A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces of Canada. The final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents are accessible through SEDAR+. A registration statement (including a base shelf prospectus and prospectus supplement) has been filed with the U.S. Securities and Exchange Commission (the "SEC") for the offering to which this presentation relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of any of the documents may be obtained, without charge, if you request them from: RBC Dominion Securities Inc., 180 Wellington Street West, 8th Floor, Toronto, Ontario M5J 0C2, Attention: Distribution Centre, by e-mail at Distribution.RBCDS@rbccm.com; or CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at mailbox.canadianprospectus@cibc.com; or National Bank Financial Inc., 130 King Street West, 4th Floor Podium, Toronto, ON M5X 1J9 or by telephone at 416-869-8414 or by email at NBF-Syndication@bnc.ca; or TD North Tower, 77 King Street West Suite 3400, Toronto, ON M5K 1B7. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision. INV-2

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![Slide 2](g77213invs2g1.jpg)

DISCLAIMERS AND CAUTIONARY STATEMENTS This presentation shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This presentation is qualified in its entirety by reference to, and must be read in connection with, the information contained in the final base shelf prospectus and applicable shelf prospectus supplement of the Company relating to the securities offered. Investors should read the base shelf prospectus, the shelf prospectus supplement and any amendment to the documents before making an investment decision. The distribution of this presentation and the offering, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession this presentation may come are required to comply with all applicable laws and regulations in effect in any jurisdiction in or from which such person invests or receives or possesses this presentation and must obtain any consent, approval or permission required under the laws and regulations in effect in such jurisdiction, and the Company shall not have any responsibility or liability for such obligations. In this presentation, "JHCC" refers to Joe Hudson's Collision Center. Unless otherwise specified, all references to "$" or "US$" in this presentation are to United States dollars and all references to "C$" in this presentation are references to Canadian dollars. INV-3

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![Slide 3](g77213invs3g1.jpg)

FORWARD-LOOKING STATEMENTS Statements in this presentation, other than those concerning historical financial information, may be "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws of the U.S. and Canada, respectively (collectively, "forward-looking statements") and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend", "continue", "will", "proforma", "potential", "target", "plan", "goal" or the negative thereof or similar variations. The forward looking statements in this presentation include, without limitation, statements regarding the completion of Boyd's proposed acquisition (the "Acquisition") of Joe Hudson's Collision Center ("JHCC" or "Joe Hudson's") and expectations regarding timing, strategic and financial benefits (including sales and Adjusted EBITDA growth and expected Adjusted net earnings per share accretion) and operational impacts (including to Boyd's revenue share in relevant states, location count, geographic diversification and relationships with insurance carriers) thereof, expectations that the acquisition will be accretive to margins, potential synergies, timing of realization thereof and the areas from which synergies will be derived, potential tax benefits from the Acquisition, expectations regarding the Company's sources of financing for the Acquisition, the Company's plans to return to its current leverage ratio following closing of the Acquisition, and Boyd's business plans, strategies and priorities. Forward-looking statements involve significant risks, uncertainties and assumptions. Such forward-looking statements are based on certain assumptions and analyses made by Boyd concerning its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate. A number of factors could cause actual results, performance or achievement to differ materially from the results discussed or implied in the forward-looking statements. Specific risks and uncertainties relating to the Acquisition include, but are not limited to (i) the completion of the proposed Acquisition on the anticipated terms and timing, including the satisfaction of the conditions thereto and our ability to obtain regulatory approvals on favourable terms; (ii) the risk of dilution on a per share basis if the acquisition is not completed; (iii) the failure to realize the anticipated benefits or synergies of the Acquisition; (iv) challenges or delays in achieving synergies and in integrating the business of JHCC into our operations; (v) the risk that financing necessary to fund the proposed Acquisition may not be obtained or may be more difficult and costly to obtain than anticipated; (vi) the possibility of unexpected material liabilities, disputes or contingencies related to the Acquisition; (vii) risks associated with historical financial information of JHCC and pro forma financial information; (viii) the diversion of management time and attention on the Acquisition; (ix) the impact of costs in connection with the Acquisition and integration of JHCC into the Company's operations; (x) risks associated with incurring additional debt to finance the Acquisition; and (xi) retention of customers and employees of JHCC. Other factors that could cause results to vary include, but are not limited to, the risks and uncertainties detailed under the "Risk Factors" section of the Company's current annual information form, the "Risk and Uncertainties" and other sections of the Company's management's discussion and analysis of operating results and financial position, and in the Company's other periodic filings with the Canadian securities regulatory authorities and the SEC from time to time, available at www.sedarplus.com and www.sec.gov, respectively. All forward-looking statements presented herein should be considered in conjunction with such filings. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Readers are cautioned not to place undue reliance on such forward-looking statements, as actual results may differ materially from those expressed or implied in such statements. The forward-looking information in this presentation reflects the Company's current expectations, assumptions and/or beliefs based on information currently available to the Company, including with respect to such things as conditions in the collision and auto glass repair business, including weather, accident frequency, cost of repair, miles driven and available repairable vehicles; the satisfaction of all closing conditions and completion of the Acquisition within the anticipated timeframe; the Company's ability to complete the integration of JHCC within anticipated time periods and at expected cost levels; the Company's ability to achieve synergies arising from successful integration of the JHCC business; the impact of the Acquisition on growth and accretion in various financial metrics; the accuracy and completeness of the information (including financial information) provided by JHCC; the absence of significant undisclosed costs or liabilities associated with the Acquisition; with respect to financing the Acquisition, assumptions regarding fees, interest rates and timing of completion; the successful implementation of margin improvement initiatives; the future performance and results of the Company's business and operations; general economic conditions, industry forecasts and/or trends, the government and regulatory environment and potential impacts thereof. Although the Company believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with such forward-looking statements, and they should not be unduly relied upon. There can be no assurance that such expectations and assumptions will prove to be correct. The forward-looking statements contained in this presentation describe the expectations of the Company as of the date of this press release. Except as required by law, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. DISCLAIMERS AND CAUTIONARY STATEMENTS (CONTINUED) INV-4

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![Slide 4](g77213invs4g1.jpg)

DISCLAIMERS AND CAUTIONARY STATEMENTS (CONTINUED) ADDITIONAL UNDERLYING ASSUMPTIONS In addition to the assumptions disclosed above under "Forward-Looking Statements", the following assumptions were used to develop the estimated Boyd's Net Debt before lease liabilities to Adjusted EBITDA adjusted for lease payments upon closing of the Acquisition as early as the end of 2027 and in the near- and medium-term: (i) completion of the Acquisition in Q4 2025 and the financing thereof with a combination of debt and equity sources, (ii) full credit for annualized run-rate synergies in the range of approximately $35-45 million, (iii) the maintenance of our annual dividend on our common shares, and (iv) that cash flows of the combined company for the current and future fiscal years will be equal to or greater than the pro forma cash flows of the combined company for the 2024 fiscal year, adjusted for the impact of interest on incremental debt to finance the Acquisition. Risk factors include the fact that cash flows of the combined company cannot be predicted with certainty. FUTURE ORIENTED FINANCIAL INFORMATION This presentation contains future-oriented financial information and financial outlook information (collectively, "FOFI") about our future leverage, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this presentation was made as of the date of this presentation and was provided for the purpose of describing the anticipated effects of the Acquisition on the Company's business and operations. The Company disclaims any intention or obligation to update or revise any FOFI contained in this presentation, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this presentation should not be used for purposes other than for which it is disclosed herein. PRELIMINARY FINANCIAL INFORMATION This presentation includes preliminary financial results for Q3 2025. These financial results for Q3 2025 are not yet complete and will not be available until November 12, 2025. Accordingly, set forth below are certain preliminary estimated financial results based upon our estimates and currently available information, which is subject to revision as a result of, among other things, the completion of our financial closing procedures, the preparation of our financial statements for such period, and the completion of other operational procedures. Readers should exercise caution in relying on this information and should draw no inferences from this information regarding financial or operating data not provided. The information presented herein should not be considered a substitute for the financial information we will file and make available on SEDAR+ once it becomes available. EXTERNAL, INDUSTRY AND MARKET DATA This presentation includes historical, current and forecast market and industry data that has been obtained from third party or public sources. Although management of Boyd believes such information to be reliable, none of such information has been independently verified by Boyd, nor has it ascertained the underlying economic or other assumptions relied upon by these sources, accordingly, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of such information. The Company has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by law. As it relates to information provided by, or in respect of, JHCC, Boyd, after conducting due diligence that it believes to be a prudent, believes it to be accurate in all material respects; however, there are nonetheless risks relating to the accuracy and completeness of such information. INV-5

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![Slide 5](g77213invs5g1.jpg)

DISCLAIMERS AND CAUTIONARY STATEMENTS (CONTINUED) CAUTION CONCERNING NON-GAAP FINANCIAL MEASURES This presentation refers to certain non-GAAP financial measures and ratios of Boyd, such as Same Store Sales, Standardized EBITDA, Adjusted EBITDA, Adjusted EBITDA adjusted for lease payments, Adjusted EBITDA Margin, Adjusted EBITDA Margin adjusted for lease payments, Adjusted Net Earnings Per Share, Net Debt, Net Debt before lease liabilities, and Net Debt before lease liabilities to Adjusted EBITDA adjusted for lease payments. Boyd's non-GAAP measures and ratios are not standardized financial measures under IFRS® Accounting Standards, as issued by the International Accounting Standards Board, or IFRS, and as permitted by National Instrument 52-107 – Acceptable Accounting Principles and Auditing Standards, for the preparation of financial statements for Canadian reporting issuers. In addition, this presentation also refers to certain non-GAAP financial measures of Joe Hudson's, such as JHCC Adjusted EBITDA, JHCC Adjusted EBITDA adjusted for lease payments, JHCC Adjusted EBITDA Margin and JHCC Adjusted EBITDA Margin adjusted for lease payments, which are not standardized measures under U.S. GAAP, which is JHCC's applicable GAAP. Investors are cautioned that these measures should not be construed as alternatives to measures determined in accordance with IFRS or U.S. GAAP, as applicable. Management believes these non-GAAP measures and ratios of Boyd and JHCC are important measures used to evaluate performance of the businesses and that these measures provide transparent and useful supplemental information to help investors evaluate Boyd's and JHCC's operating results and financial positions, and the expected impact of the Acquisition, particularly in relation to long-term growth. These measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS or U.S. GAAP, as applicable. See "Appendix – Non-GAAP Financial Measures and Reconciliations". INV-6

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![Slide 6](g77213invs6g1.jpg)

Today's Presenters 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 BOYD GROUP SERVICES INV-7

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![Slide 7](g77213invs7g1.jpg)

1,015 Collision Locations (1) C$4,914M Market Cap(1) BYD TSX Highly fragmented industry with over 30,000 locations GROWTH OPPORTUNITY(4) Boyd is the #3 player with $3B in Sales in a ~$50B Industry(4) = Long Growth Runway A Leading Player In The North American Collision Repair Industry BOYD GROUP SERVICES OVERVIEW 12% 10-Year Adjusted EBITDA(2) CAGR 15% 10-Year Sales CAGR 12% 10-Year New Location CAGR1 TRACK RECORD(3) (1)As of September 30, 2025. (2)Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures of Boyd, meaning they are not standardized financial measures under IFRS and may not be comparable to similar measures disclosed by other issuers. See Appendix for additional details and reconciliations to the most directly comparable IFRS measures. (3)Metrics shown as of the 10-year period ended December 31, 2024. (4)Industry ranking is based on June 30, 2025 LTM sales as a percentage of the North American collision repair industry total addressable market of ~$50 billion (Sources: Focus Advisors and Romans Group LLC). ($ in USD) $3B Sales $338M Adjusted EBITDA(2) 2025 LTM JUNE 30, 2025 11% Adjusted EBITDA Margin(2) $8M Net Earnings INV-8

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![Slide 8](g77213invs8g1.jpg)

An Anticipated Return To Positive Same-Store Sales Growth in Q3 (1)Our financial results for Q3 2025 are not yet complete. Accordingly, set forth above are certain preliminary estimated financial results based upon our estimates and currently available information, which is subject to revision as a result of, among other things, the completion of our financial closing procedures, the preparation of our financial statements for such period, and the completion of other operational procedures. Boyd has provided ranges, rather than specific amounts, because these results are preliminary and subject to change. Actual results may vary from the estimated preliminary results presented above. These estimates should not be viewed as a substitute for our full interim financial statements prepared in accordance with IFRS. (2)Same store sales, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures of Boyd, meaning they are not standardized financial measures under IFRS and may not be comparable to similar measures disclosed by other issuers. See Appendix for additional details and reconciliations to the most directly comparable IFRS measures. Sales Same-Store Sales Growth(2) $787 - $792 million 2% - 2.5% Q3 2025 Estimated Preliminary Results(1) BOYD GROUP SERVICES ESTIMATED PRELIMINARY THIRD QUARTER RESULTS Boyd Group expects to report strong Q3 results from positive same-store sales growth and continued execution of Project 360 Based on claims processing platform data for the third quarter, Boyd estimates the industry was down in the range of 3-5%, an improvement from both the first and second quarter of 2025 During the third quarter, Boyd added 24 new locations including 17 through acquisition and 7 start-ups Y/Y Sales Growth ~5% Adjusted EBITDA(2) Growth 12.3% - 12.5% Adjusted EBITDA Margin(2) 21% - 23% ($ in USD) INV-9

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![Slide 9](g77213invs9g1.jpg)

The Boyd Investment Proposition ü A leading scaled operator in the North American collision repair industry ü Large and fragmented target market with service-based structural insulation and non-discretionary demand ü Strong unit economics and customer satisfaction across all "cost-to-serve" metrics and KPIs ü Powerful runway for new unit and M&A growth with proven economics and track record Attractive financial profile across growth, margin and cash flow generation ü Experienced and talented management team equipped to capitalize on future market opportunity ü BOYD GROUP SERVICES INV-10

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Acquiring Joe Hudson's Collision Center HIGHLY COMPLEMENTARY & STRATEGIC ACQUISITION Strong Synergy Potential & Commitment To Financial Discipline Boyd Group Services Inc. has entered into a definitive agreement to acquire Joe Hudson's Collision Center, a leading collision repair operator with 258(1) locations across 18 contiguous U.S. states JHCC's natural focus on densification has contributed to a strong JHCC Adjusted EBITDA margin(2) of 8.7% in the LTM ended June 30, 2025 Acquisition aligns with Boyd's goal to accelerate growth and solidify its position as one of the leading players in the North American collision repair industry With a top three position and only 7.6% revenue share(3), post-closing, Boyd's long-term growth opportunities remain compelling Purchase price of $1.3 billion, or approximately $1.15 billion net of tax benefit(4) Complementary location footprint, growth strategy and culture expected to drive $35M-$45M in identified potential synergies Acquisition expected to be accretive to adjusted net earnings per share after synergies in the first full year, post close(5) and double-digit accretive upon full realization of the synergies Fully financed with committed bridge financing with funding anticipated from a combination of existing credit facilities, new debt and equity Plan to return to current leverage of 2.7x Net Debt before lease liabilities to Adjusted EBITDA adjusted for lease payments (6) potentially as early as the end of 2027(7) As of September 30, 2025. JHCC Adjusted EBITDA margin is a non-GAAP financial measure of JHCC, meaning it is not a standardized financial measure under U.S. GAAP and may not be comparable to similar measures disclosed by other issuers. See Appendix for additional details and reconciliations to the most directly comparable U.S. GAAP measure. Industry ranking and revenue share is calculated based on combined June 30, 2025 LTM sales of Boyd and JHCC as a percentage of the North American collision repair industry total addressable market of ~$50 billion (Sources: Focus Advisors and Romans Group LLC). Reflects the all-cash $1.3 billion purchase price net of expected tax benefits valued at approximately $150 million. Adjusted net earnings per share is a non-GAAP financial measure of Boyd, meaning it is not a standardized financial measure under IFRS and may not be comparable to similar measures disclosed by other issuers. See Appendix for additional details, and reconciliations to the most directly comparable U.S. GAAP measures. Based on Net Debt before lease liabilities as at June 30, 2025 and Adjusted EBITDA adjusted for lease payments on a LTM Q2'25 basis. Net Debt before lease liabilities to Adjusted EBITDA is a non-GAAP ratio and Net Debt, Net Debt before lease liabilities and Adjusted EBITDA adjusted for lease payments are non-GAAP financial measures of Boyd, meaning they are not standardized financial measures under IFRS and may not be comparable to similar measures disclosed by other issuers. See Appendix for additional details and reconciliations to the most directly comparable IFRS measure. See slide 3 for additional details on assumptions and Appendix for calculations of leverage. ($ in USD) INV-11

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Summary Acquisition Highlights Acquisition of a leading player in the U.S. collision repair industry 258 locations across 18 states(1), comprising the 6th largest platform by location count(2) Strong track record of growth and profitability Since the end of 2020, Joe Hudson's has grown location count from 118 to 258 locations A strong strategic fit Accretive to margins, aligned market reach, and complementary growth strategy with operational discipline Accelerates Boyd's growth and solidifies its position as a leading player in the industry Post-closing, brings Boyd's location count to 1,273 with significant growth runway Concentrated footprint in the growing U.S. Southeast Exposure to positive demographic trends and operational benefits from densification ü ü ü ü ü As of September 30, 2025. Based on disclosed locations of collision repair platforms as of September 30, 2025. BOYD GROUP SERVICES + JOE HUDSON'S COLLISION CENTER INV-12

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Joe Hudson's was founded in 1989 in Alabama and has grown to become the sixth largest collision platform by location count in North America(1) The Company currently operates 258 locations across 18 states(2) and is concentrated in high growth areas in the U.S. Southeast Top five states by location count include Alabama, Florida, Georgia, South Carolina and Texas Experienced leadership team with a track record of growth and profitability Based on disclosed locations of collision repair platforms as of September 30, 2025. As of September 30, 2025. A Leading Player In The U.S. Collision Repair Industry JOE HUDSON'S COLLISION CENTER INV-13

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Concentrated Footprint in the Growing U.S. Southeast Sourced from National Highway Traffic Safety Administration ("NHTSA") Vehicle Miles Traveled 2025 and 2019 data and is as of August 2025 and August 2019. United States Census State Population Totals. JHCC's location footprint is strategically focused across the U.S. Southeast Top five states account for approximately 65% of Joe Hudson's total locations Concentrated footprint provides densification benefits and superior customer and insurance carrier experience Exposure to positive demographic trends and industry driver growth Vehicle Miles Traveled grew 4.3% in JHCC's states compared to 0.2% growth in non-JHCC states between 2019 and 2025(1) Population growth across Joe Hudson's region grew at a 1.2% CAGR between 2021 and 2024, 40bps higher than the national average(2) State with Joe Hudson's Collision Center Locations Vehicle miles traveled grew 4.3% in JHCC states compared to 0.2% in non-JHCC states between 2019-2025(1) ABOVE AVERAGE VEHICLES MILES TRAVELED GROWTH POSITIVE DEMOGRAPHIC TRENDS Population in JHCC Regions vs. Total U.S. Population(2) (in millions) 1.2% CAGR in JHCC Regions is 40+ bps higher than the U.S. JOE HUDSON'S COLLISION CENTER INV-14

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Strong Track Record Of Growth & Profitability JHCC Adjusted EBITDA and JHCC Adjusted EBITDA margin are non-GAAP financial measures of JHCC, meaning they are not standardized financial measures under U.S. GAAP and may not be comparable to similar measures disclosed by other issuers. See Appendix for additional details and reconciliations to the most directly comparable U.S. GAAP measure. Since the end of 2020, Joe Hudson's has more than doubled its location footprint through a combination of acquisitions and new start-ups. Adding 123 locations through acquisitions and 17 through new start-ups For the LTM ended June 30, 2025, Joe Hudson's generated $722 million in sales JHCC's concentrated geographic footprint, coupled with operational discipline, has translated into a strong JHCC Adjusted EBITDA margin(1) of 8.7% for the LTM ended June 30, 2025 $722M JHCC Sales $63M JHCC Adjusted EBITDA(1) JHCC LTM JUNE 30, 2025 8.7% JHCC Adjusted EBITDA Margin(1) JHCC LOCATION GROWTH 2020-2024 Location CAGR 20.6% JOE HUDSON'S COLLISION CENTER ($ in USD) INV-15

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Boyd + Joe Hudson's = A Strong Strategic Fit Note:The figures presented above show the approximate effect of combining (the sum total of) certain historical results of Boyd and JHCC on a LTM Q2'25 basis without any adjustments. These combined figures are not derived from any pro forma financial statements giving effect to the Acquisition or any financing arrangements and reflecting other necessary adjustments. This slide refers to non-GAAP measures. See Appendix for additional details and reconciliations to the most directly comparable IFRS and U.S. GAAP measures. Boyd and Joe Hudson's repair center count as of September 30, 2025. Revenue share is calculated based on June 30, 2025 LTM sales as a percentage of the North American collision repair industry total addressable market of ~$50 billion (Sources: Focus Advisors and Romans Group LLC). With respect to JHCC, Adjusted EBITDA adjusted for lease payments and Adjusted EBITDA Margin adjusted for lease payments are also referred to elsewhere in this presentation as JHCC Adjusted EBITDA and JHCC Adjusted EBITDA Margin, respectively. Combined figures shown ex-synergies. Locations(1) 1,015 258 1,273 US States 34 18 36 Revenue Share(2) 6.1% 1.4% 7.6% Sales $3,063M $722M $3,785M Adjusted EBITDA(3) $338M $104M $442M(4) Less: Lease Payments ($150M) ($41M) ($191M)(4) Adjusted EBITDA adjusted for lease payments(3) $188M $63M $251M(4) Adjusted EBITDA Margin(3) 11.0% 14.4% 11.7% Adjusted EBITDA Margin adjusted for lease payments(3) 6.1% 8.7% 6.6% Net Earnings (Loss) $8.1M $(23.2M) $(15.1M) Expected to be accretive to margins Aligned market reach Complementary growth strategy and operational discipline Size and profitability level to support future growth Significant whitespace for long-term growth LTM Ended June 30, 2025 BOYD GROUP SERVICES + JOE HUDSON'S COLLISION CENTER ($ in USD) INV-16

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Joe Hudson's Collision Center Assured Automotive Boyd Autobody & Glass Gerber Collision & Glass Revenue share is calculated based on combined June 30, 2025 LTM sales of Boyd and JHCC as a percentage of the North American collision repair industry total addressable market of ~$50 billion (Sources: Focus Advisors and Romans Group LLC). Based on disclosed locations of collision repair platforms as of September 30, 2025. Includes CARSTAR U.S., CARSTAR Canada, Maaco U.S., Maaco Canada, ABRA, and Fix Auto USA. Largest N.A. Collision Repair Platforms by Location Count (2) (Collision) Total N.A. Collision Repair Locations 30,000+ (3) Accelerating Boyd's Growth & Solidifying Its Position As One Of The Leading Players In the Industry Post closing, Boyd's location count will increase to 1,273(2), while revenue share will remain modest at an estimated 7.6%(1), providing significant growth runway Complementary location footprint with the acquisition increasing Boyd's location count by 25% but only entering two new states BOYD & JHCC LOCATION FOOTPRINT BOYD GROUP SERVICES + JOE HUDSON'S COLLISION CENTER INV-17

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Boyd Has An Established Track Record of Acquisitions and Integration 1990 2004 2013 2017 2021 2025 As of September 30, 2025. 1,273 Acquisitions have been a key growth lever for Boyd since it was founded in 1990 Over the past 35 years, Boyd has grown through a proven strategy of single shop acquisitions, new start-up locations and several large multi-shop operator (MSO) acquisitions Joe Hudson's has adopted a similar strategy through its history. Since the end of 2020, Joe Hudson's has grown location count from 118 to 258 locations BOYD'S TOTAL NORTH AMERICAN LOCATIONS Boyd's 2015-2024 Location CAGR: 12.1% BOYD GROUP SERVICES + JOE HUDSON'S COLLISION CENTER INV-18

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Based on Net Debt before lease liabilities as of June 30, 2025 and Adjusted EBITDA adjusted for lease payments on a June 30, 2025 LTM basis. See Appendix for additional details and reconciliations to the most directly comparable IFRS measures. These figures are not projections and do not provide guidance; they are goals/targets and are forward looking, subject to significant business, economic, regulatory and competitive uncertainties, many of which are beyond the control of the company and its management and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. Nothing in this presentation should be regarded as a representation by any person that these goals/targets will be achieved and Boyd undertakes no duty to update its goals/targets. See "Forward-Looking Information" for additional assumptions and risk factors. Financing Package Aligns With Long-Standing Financial Discipline ~3.4x ~2.9x 2.0-2.5x Fully committed financing to fund the acquisition Funding anticipated through a combination of equity and debt securities and bank facilities to ensure Boyd maintains a strong balance sheet Expected synergy realization, growth opportunities and enhanced profitability expected to return leverage (Net debt before lease liabilities to Adjusted EBITDA adjusted for lease payments)(1) to current levels potentially as early as the end of 2027 PLAN TO RETURN LEVERAGE TO PRE-ACQUISITION LEVELS(2) 2.7x BOYD GROUP SERVICES + JOE HUDSON'S COLLISION CENTER INV-19

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Meaningful Potential Synergies Multiples presented based on $1.15 billion net purchase price after tax benefit. Includes expected net present value of future tax benefits of ~$150 million. Based on JHCC Adjusted EBITDA on a June 30, 2025 LTM basis and assuming certain run-rate adjustments. See Appendix for additional details and reconciliations to the most directly comparable U.S. GAAP measure. See footnote 2. Additionally, assumes full realization of $37 million of run-rate synergies, representing a point at the lower end of the anticipated synergy range of approximately $35-45 million. (3) (2) STRONG POTENTIAL SYNERGIES TO FURTHER ENHANCE AN ATTRACTIVE VALUATION MULTIPLE(1) $35 - $45 million of total identified potential synergies, including: Direct and indirect procurement savings Internalization of scanning and calibration Efficiencies achieved through densification Operational and administrative cost savings We target achieving our synergy goals by 2028 with 50% of those synergies targeted for completion in the near term BOYD GROUP SERVICES + JOE HUDSON'S COLLISION CENTER ($ in USD) INV-20

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Significant Strategic Benefits Expands Boyd's scale and establishes its position as one of the leading players in the North American collision repair industry with 1,273 locations Accelerates Boyd's objective of enhancing density in its core regions to deliver greater convenience and value to customers and the Company's insurance carriers Strongly synergistic growth strategy, operational focus and culture between Boyd and Joe Hudson's provides the opportunity for strong value creation for customers, insurance carriers and shareholders Expanded footprint and market depth to enhance insurance carrier and vendor relationships With an estimated modest 7.6% combined revenue share within the highly fragmented North American collision industry, Boyd has significant potential for long-term growth BOYD GROUP SERVICES + JOE HUDSON'S COLLISION CENTER ü ü ü ü ü INV-21

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APPENDIX - NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS INV-22

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NON-GAAP FINANCIAL MEASURES The following outlines the composition of certain non-GAAP measures and ratios used in this presentation, why management uses such measure, and includes reconciliations to the most directly comparable IFRS measures. Except as otherwise described herein, non-GAAP measures and ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable. "Same store sales" is a measure that includes only those locations in operation for the full comparative period. Same store sales is presented excluding the impact of foreign exchange on the current period. Same store sales is calculated by applying the prior period exchange rate to the current year sales. "Standardized EBITDA" means earnings before interest, taxes, depreciation and amortization and is an indication of Boyd's capacity to generate income from operations before taking into account management's financing decisions and costs of consuming tangible and intangible capital assets, which vary according to their vintage, technological age and management's estimates of their useful life. Standardized EBITDA comprises sales less operating expenses before finance costs, capital asset amortization and impairment charges, and income taxes. The most directly comparable IFRS measure to EBITDA is Net Earnings. "Adjusted EBITDA", with respect to Boyd, is calculated to exclude items of an unusual nature that do not reflect normal or ongoing operations of Boyd and which should not be considered in a valuation metric or should not be included in an assessment of the ability to service or incur debt. Included as an adjustment to EBITDA are acquisition and transformational cost initiatives expenses and fair value adjustments to contingent consideration. These adjustments do not relate to the current operating performance of the business units but are typically costs incurred to expand operations as well as to execute transformation plans, such as Boyd's five-year goal. Management believes that in addition to net earnings and cash flows, Adjusted EBITDA is useful to investors as providing an indication of earnings from operations and cash available for distribution, both before and after debt management, productive capacity maintenance and non-recurring and other adjustments. The most directly comparable IFRS measure to Adjusted EBITDA is Net Earnings. "Adjusted EBITDA adjusted for lease payments" is Adjusted EBITDA excluding the interest and principal components of lease payments. "Adjusted EBITDA Margin" is a non-GAAP ratio that is a measure of operating profit that can be used to assess Boyd's operational performance. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total sales. "Adjusted EBITDA Margin adjusted for lease payments" is calculated by dividing Adjusted EBITDA Margin adjusted for lease payments by total sales. "Adjusted Net Earnings" means net earnings excluding certain fair value adjustments and other items of an unusual or infrequent nature that do not reflect the operations of the Company. "Adjusted Net Earnings Per Share" is calculated by dividing the Adjusted Net Earnings by the total number of outstanding shares. "Net Debt" means total debt, lease liabilities and long-term lease liabilities, less cash and cash equivalents, which is useful to assess Boyd's leverage. The most directly comparable IFRS measure to Net Debt is Total Debt. "Net Debt before lease liabilities" means Net Debt excluding lease liabilities and long-term lease liabilities. "Net Debt before lease liabilities to Adjusted EBITDA adjusted for lease payments" is a non-GAAP ratio that helps to assess Boyd's leverage and ability to service its debt, excluding the impact of lease liabilities from both debt and earnings. This ratio provides a clearer picture of Boyd's debt burden by focusing on its core operating debt and earnings, rather than being burdened by lease accounting adjustments. "JHCC Adjusted EBITDA" means JHCC management's reported earnings from continuous operations before interest expense (net), state franchise tax expense and depreciation, with further adjustments for acquisition and store opening costs. "JHCC Adjusted EBITDA adjusted for lease payments" means JHCC Adjusted EBITDA plus an add-back for operating lease costs. Boyd believes JHCC Adjusted EBITDA adjusted for lease payments is a more directly comparable measure for evaluating JHCC's results against Boyd's results, as it approximately normalizes for differences between the treatment of leases under IFRS (under which Boyd reports) compared to U.S. GAAP (under which JHCC reports). "JHCC Adjusted EBITDA Margin" is calculated by dividing JHCC Adjusted EBITDA by total sales of JHCC. "JHCC Adjusted EBITDA Margin adjusted for lease payments" is calculated by dividing JHCC Adjusted EBITDA Margin adjusted for lease payments by total sales. INV-23

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BOYD GROUP SERVICES INC. - ADJUSTED EBITDA Six months ended June 30, Six months ended June 30, Year ended December 31, Trailing twelve-months ended June 30, (thousands of U.S. dollars) 2025 2024 2024 2025 Net earnings $2,785 $19,207 $24,544 $8,122 Add: Finance costs 35,855 33,332 68,913 71,436 Income tax expense 2,561 7,362 7,116 2,315 Depreciation of property, plant and equipment 42,394 34,302 75,498 83,590 Depreciation of right of use assets 63,414 60,757 123,512 126,169 Amortization of intangible assets 13,548 13,383 26,309 26,474 Standardized EBITDA $160,557 $168,343 $325,892 $318,106 Add (deduct): Fair value adjustments 1 (7) (952) (944) Acquisition and transformational cost initiatives 13,773 2,947 9,879 20,705 Adjusted EBITDA $174,331 $171,283 $334,819 $337,867 Adjusted EBITDA margin % 11.2% 10.9% 10.9% 11.0% INV-24

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BOYD GROUP SERVICES INC. - ADJUSTED EBITDA ADJUSTED FOR LEASE PAYMENTS Six months ended June 30, Six months ended June 30, Year ended December 31, Trailing twelve-months ended June 30, (thousands of U.S. dollars) 2025 2024 2024 2025 Net earnings $2,785 $19,207 $24,544 $8,122 Add: Finance costs 35,855 33,332 68,913 71,436 Income tax expense 2,561 7,362 7,116 2,315 Depreciation of property, plant and equipment 42,394 34,302 75,498 83,590 Depreciation of right of use assets 63,414 60,757 123,512 126,169 Amortization of intangible assets 13,548 13,383 26,309 26,474 Standardized EBITDA $160,557 $168,343 $325,892 $318,106 Add (deduct): Fair value adjustments 1 (7) (952) (944) Acquisition and transformational cost initiatives 13,773 2,947 9,879 20,705 Adjusted EBITDA $174,331 $171,283 $334,819 $337,867 Adjusted EBITDA Margin (%) 11.2% 10.9% 10.9% 11.0% Deduct: Repayments of obligations under property leases, principal 54,892 51,067 103,888 107,713 Interest on property leases 21,555 19,143 39,464 41,876 Adjusted EBITDA adjusted for lease payments $97,884 $101,073 $191,467 $188,278 Adjusted EBITDA Margin adjusted for lease payments (%) 6.3% 6.5% 6.2% 6.1% INV-25

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JOE HUDSON'S COLLISION CENTER – JHCC ADJUSTED EBITDA Six months ended June 30, Six months ended June 30, Year ended December 31, Trailing twelve-months ended June 30, (thousands of U.S. dollars) 2025 2024 2024 2025 Net loss $(10,330) $(12,912) $(25,782) $(23,200) Add: Interest expense 27,848 23,294 51,021 55,575 State franchise tax expense 550 642 946 854 Depreciation and amortization expense 13,863 12,501 25,624 26,986 Standardized EBITDA $31,931 $23,525 $51,809 $60,215 Add: Acquisition and store opening costs 767 2,717 4,851 2,901 JHCC Adjusted EBITDA $32,698 $26,242 $56,660 $63,116 JHCC Adjusted EBITDA Margin (%) 8.7% 8.1% 8.5% 8.7% INV-26

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JOE HUDSON'S COLLISION CENTER – JHCC ADJUSTED EBITDA ADJUSTED FOR LEASE PAYMENTS Six months ended June 30, Six months ended June 30, Year ended December 31, Trailing twelve-months ended June 30, (thousands of U.S. dollars) 2025 2024 2024 2025 Net loss $(10,330) $(12,912) $(25,782) $(23,200) Add: Interest expense 27,848 23,294 51,021 55,575 State franchise tax expense 550 642 946 854 Depreciation and amortization expense 13,863 12,501 25,624 26,986 Standardized EBITDA $31,931 $23,525 $51,809 $60,215 Add: Acquisition and store opening costs 767 2,717 4,851 2,901 JHCC Adjusted EBITDA $32,698 $26,242 $56,660 $63,116(1) JHCC Adjusted EBITDA Margin (%) 8.7% 8.1% 8.5% 8.7% Add: Operating lease cost 21,362 16,873 36,504 40,993 JHCC Adjusted EBITDA adjusted for lease payments $54,060 $43,115 $93,164 $104,109 JHCC Adjusted EBITDA Margin adjusted for lease payments (%) 14.3% 13.3% 13.9% 14.4% (1)JHCC regularly acquires new locations and develops greenfield locations in its business. We estimate that if JHCC had owned the locations acquired during the last twelve months period ended June 30, 2025 on the first day of such period, approximately $24 million of additional JHCC Adjusted EBITDA would have been recorded, comprised of approximately $5 million of pre-acquisition results reflected as if earned by JHCC at the time of acquisition and approximately $19 million of target mature store contribution levels reflected as if earned by JHCC from the time of acquisition. We further estimate that approximately $37 million of additional JHCC Adjusted EBITDA would have been recorded for the last twelve months period ended June 30, 2025, assuming completion of the acquisition and after giving effect to run-rate cost synergies comprised of: approximately $17 million of direct and indirect procurement savings; approximately $14 million of savings related to organizational efficiencies; and approximately $6 million of savings related to improved densification of the platform. INV-27

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**Base Shelf Prospectus** 

**SHORT FORM PROSPECTUS** 

*<u>New Issue</u>* October 14, 2025

![LOGO](g77213g00g01.jpg)

## BOYD GROUP SERVICES INC.
**Common Shares** 

**Preferred Shares** 

**Debt Securities** 

**Subscription Receipts** 

**Warrants** 

**Units** 

Boyd Group Services Inc. (the "**Corporation**") may from time to time issue, offer and sell, as applicable, the following securities of the Corporation under this short form base shelf prospectus (the "**Prospectus**"): (i) common shares ("**Common Shares**"); (ii) preferred shares, issuable in one or more series (collectively, "**Preferred Shares**"); (iii) debentures, notes or other evidence of indebtedness of any kind, nature or description, including convertible debt securities and debt securities payable on an instalment basis and represented by instalment receipts (collectively, "**Debt Securities**"); (iv) subscription receipts ("**Subscription Receipts**"); (v) warrants ("**Warrants**"); and (vi) units comprised of one or more of the other securities described in this Prospectus ("**Units**"). The Common Shares, Preferred Shares, Debt Securities, Subscription Receipts, Warrants and Units (collectively, the "**Securities**") offered hereby may be offered or sold separately or together, in separate series, in amounts, at prices and on terms to be determined based on market conditions at the time of sale and set forth in one or more prospectus supplements to the Prospectus (each, a "**Prospectus Supplement**" and together, the "**Prospectus Supplements**").

This Prospectus has been filed in reliance on an exemption from the preliminary base shelf prospectus requirement for a well-known seasoned issuer. As of the date hereof, the Corporation has determined that it qualifies as a well-known seasoned issuer under the WKSI Blanket Orders (as defined in this Prospectus). See "Exemptions—Reliance on Exemptions for Well-Known Seasoned Issuers".

Securities legislation in certain of the provinces of Canada provides purchasers with the right to withdraw or rescind from an agreement to purchase Securities.

All shelf information permitted under applicable securities laws, including as permitted under the WKSI Blanket Orders, to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers together with this Prospectus. Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of securities legislation as of the date of such Prospectus Supplement and only for the purposes of the distribution of the Securities to which such Prospectus Supplement pertains. Prospective investors should read this Prospectus and any applicable Prospectus Supplement carefully before investing in any Securities offered pursuant to this Prospectus.

The specific terms of the Securities and any offering of the Securities will be set forth in an accompanying Prospectus Supplement and may include, where applicable: (i) in the case of Common Shares, the number of Common Shares offered and the offering price (or the manner of determination thereof if offered on a non-fixed price basis); (ii) in the case of Preferred Shares, the series, the number of Preferred Shares offered, the offering

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price (or the manner of determination thereof if offered on a non-fixed price basis), the dividend rate, the dividend payment dates, any terms for redemption at the option of the Corporation or at the option of the holder, any exchange or conversion terms and any other specific terms that are material to the series of Preferred Shares; (iii) in the case of Debt Securities, the designation of the particular series, the aggregate principal amount of Debt Securities being offered, the offering price, the interest rate or method of determining the interest rate, the interest payment date(s), any conversion or exchange rights that are attached to the Debt Securities, whether the Debt Securities are payable on an instalment basis, any redemption provisions, any repayment provisions and any other material terms and conditions of the Debt Securities; (iv) in the case of Subscription Receipts, the number of Subscription Receipts being offered, the offering price (or the manner of determination thereof if offered on a non-fixed price basis), the conditions and procedures for exchange of the Subscription Receipts for other Securities of the Corporation and any other material terms and conditions of the Subscription Receipts; (v) in the case of Warrants, the designation, number and terms of the other Securities purchasable upon exercise of the Warrants, any procedures that will result in the adjustment of these numbers, the exercise price, dates and periods of exercise and any other material terms and conditions of the Warrants; and (vi) in the case of Units, the designation of the Units and of the Securities comprising the Units and any other material terms and conditions of the Units. The Corporation reserves the right to include in a Prospectus Supplement specific variable terms pertaining to the Securities that are not within the descriptions set forth in this Prospectus.

The outstanding Common Shares are listed on the Toronto Stock Exchange ("**TSX**") under the symbol "BYD". On October 10, 2025, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the TSX was C$219.07 per Common Share.

Unless otherwise specified in the applicable Prospectus Supplement, the Securities other than the Common Shares will not be listed on any securities exchange. **There is currently no market through which the Securities, other than the Common Shares, may be sold, and purchasers may not be able to resell such Securities purchased under this Prospectus and any applicable Prospectus Supplement. This may affect the pricing of such Securities in the secondary market, the transparency and availability of trading prices, the liquidity of the Securities and the extent of issuer regulation. See "Plan of Distribution" and "Risk Factors" in this Prospectus and any applicable Prospectus Supplement relating to a particular offering of Securities.** 

Investing in the Securities involves significant risks. Prospective investors should carefully read and consider the risk factors described or referenced under the headings "Forward-Looking Information" and "Risk Factors" in this Prospectus, contained in any of the documents incorporated by reference herein, and in any applicable Prospectus Supplement, before purchasing Securities.

Prospective investors should be aware that the acquisition, holding and disposition of the Securities described herein may have tax consequences. This Prospectus does not, and any applicable Prospectus Supplement may not fully, describe these tax consequences. Prospective investors should read the tax discussion in any applicable Prospectus Supplement, but note that such discussion may be only a general summary that does not cover all tax matters that may be of importance to a prospective investor. Each prospective investor is urged to consult its own tax advisors about the tax consequences relating to the purchase, ownership and disposition of the Securities in light of the investor's own circumstances.

**No underwriter, dealer or agent has been involved in the preparation of this Prospectus or has performed any review of the contents of this Prospectus.** 

The Corporation may offer and sell the Securities to, or through, underwriters or dealers purchasing as principals and may also sell the Securities to one or more purchasers directly or through agents. See "Plan of Distribution".

A Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent, as the case may be, engaged by the Corporation in connection with the offering and sale of the Securities, and will set forth the terms of the offering of the Securities, including the public offering price of such Securities (or the manner of determination thereof if offered on a non-fixed price basis), the method of distribution of such

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Securities, including, to the extent applicable, the proceeds to, and the portion of expenses borne by, the Corporation from such sale, any underwriting fees, discounts or other compensation to underwriters, dealers or agents and any discounts or concessions allowed, re-allowed or paid by any underwriter to other dealers and other material terms of the plan of distribution. If offered on a non-fixed price basis, Securities may be offered at market prices prevailing at the time of sale (including, without limitation, sales deemed to be an "at-the-market distribution", as defined in National Instrument 44-102 – *Shelf Distributions* ("**NI 44-102**"), including sales made directly on the TSX or other existing trading markets for the Securities), at prices related to such prevailing market prices or at prices to be negotiated with purchasers at the time of sale, which prices may vary between purchasers and during the period of distribution. This Prospectus may qualify an "at-the-market distribution", as defined in NI 44-102. If Securities are offered on a non-fixed price basis, the underwriters', dealers' or agents' compensation, as applicable, will be increased or decreased by the amount by which the aggregate price paid for Securities by the purchasers exceeds or is less than the gross proceeds paid by the underwriters, dealers or agents to the Corporation. See "Plan of Distribution".

Unless otherwise specified in a Prospectus Supplement, in connection with any offering of the Securities, other than an "at-the-market distribution", the underwriters, dealers or agents may over-allot or effect transactions which stabilize, maintain or otherwise affect the market price of the Securities offered at levels other than those which might otherwise prevail on the open market. These transactions may be commenced, interrupted or discontinued at any time. See "Plan of Distribution".

This Prospectus does not qualify the issuance of Debt Securities that would be considered novel "specified derivatives" or "asset backed securities" within the meaning of applicable Canadian securities laws. For greater certainty, this Prospectus does qualify the issuance of Debt Securities in respect of which the payment of principal and/or interest may be determined, in whole or in part, by reference to published rates of a central banking authority or one or more financial institutions, such as a prime rate or a bankers' acceptance rate, or to recognized market benchmark interest rates, such as CORRA (the Canadian Overnight Repo Rate Average), or to interest rates on Government of Canada bonds, as well as Debt Securities that are convertible into or exchangeable for Common Shares.

Brian Kaner, the President and Chief Executive Officer and a director of the Corporation, and Christine Feuell, John Hartmann and Sally Savoia, directors of the Corporation, each reside outside of Canada and has appointed Boyd Group Services Inc., 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba R3H 1A6 as their agent for service of process in Canada. Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person who resides outside of Canada, even if the party has appointed an agent for service of process.

The head and registered office of the Corporation is located at 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba R3H 1A6.

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  | Page | Page |
|  [ABOUT THIS PROSPECTUS](#toc77213_1) |  | 1 |
|  [DOCUMENTS INCORPORATED BY REFERENCE](#toc77213_2) |  | 1 |
|  [FORWARD-LOOKING INFORMATION](#toc77213_3) |  | 3 |
|  [THE CORPORATION](#toc77213_4) |  | 4 |
|  [RECENT DEVELOPMENTS](#toc77213_5) |  | 4 |
|  [CONSOLIDATED CAPITALIZATION](#toc77213_6) |  | 5 |
|  [USE OF PROCEEDS](#toc77213_7) |  | 5 |
|  [EARNINGS COVERAGE RATIOS](#toc77213_8) |  | 5 |
|  [PLAN OF DISTRIBUTION](#toc77213_9) |  | 5 |
|  [PRIOR SALES](#toc77213_10) |  | 7 |

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|:---|:---|:---|
|  | Page | Page |
|  [TRADING PRICE AND VOLUME](#toc77213_11) |  | 7 |
|  [CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS](#toc77213_12) |  | 7 |
|  [RISK FACTORS](#toc77213_13) |  | 7 |
|  [LEGAL MATTERS AND INTERESTS OF EXPERTS](#toc77213_14) |  | 8 |
|  [AUDITOR, TRANSFER AGENT AND REGISTRAR](#toc77213_15) |  | 8 |
|  [EXEMPTIONS](#toc77213_16) |  | 8 |
|  [AGENT FOR SERVICE OF PROCESS IN CANADA](#toc77213_17) |  | 9 |

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**ABOUT THIS PROSPECTUS** 

In this Prospectus and in any Prospectus Supplement, unless otherwise noted or the context otherwise requires, references to "**Boyd**", the "**Corporation**", "**we**", "**us**" and "**our**" refer to Boyd Group Services Inc. and its subsidiaries taken together as a whole.

All references in this Prospectus and in any Prospectus Supplement to "**dollars**", "**$**" or "**US$**" are to United States dollars and all references to "**C$**" are to Canadian dollars, unless otherwise expressly stated. Unless otherwise expressly stated therein, the financial information of Boyd contained in the documents incorporated by reference herein is presented in United States dollars. Boyd prepares and presents its financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("**IFRS**"). Unless otherwise indicated, all financial information included and incorporated by reference in this Prospectus or included in any Prospectus Supplement is prepared in accordance with IFRS.

This Prospectus provides a general description of the Securities that the Corporation may offer. Each time the Corporation sells Securities under this Prospectus, the Corporation will provide you with a Prospectus Supplement that will contain specific information about the terms of that offering. The Prospectus Supplement may also add, update or change information contained in this Prospectus. Before investing in any Securities, a prospective investor should read both this Prospectus and any applicable Prospectus Supplement, together with the additional information described below under "Documents Incorporated by Reference" and in the applicable Prospectus Supplement.

This Prospectus includes, or the documents incorporated by reference herein include, a summary of certain material agreements of the Corporation. The summary descriptions are not complete and are qualified by reference to the terms of the material agreements, which have been filed with the Canadian securities regulatory authorities and are available on the System for Electronic Data Analysis and Retrieval + ("**SEDAR+**") under the Corporation's profile at www.sedarplus.com. Investors are encouraged to read the full text of such material agreements.

Boyd is responsible for the information contained in or incorporated by reference in this Prospectus or any applicable Prospectus Supplement. Boyd has not authorized anyone to provide you with different or additional information. Investors should only rely on the information contained in this Prospectus or any Prospectus Supplement and in the documents incorporated by reference herein and therein and investors are not entitled to rely on parts of such information to the exclusion of others. The Corporation is not making an offer of Securities in any jurisdiction where the offer is not permitted by law. You should not assume that the information contained in or incorporated by reference in this Prospectus or any applicable Prospectus Supplement is accurate as of any date other than the date of the applicable document. The business, financial condition, results of operations and prospectus of Boyd may have changed since those dates. Boyd does not undertake to update the information contained or incorporated by reference in this Prospectus, including any Prospectus Supplement, except as required by applicable law.

References to Boyd's website in this Prospectus, any applicable Prospectus Supplement and any documents that are incorporated by reference herein or therein do not incorporate by reference the information on such website into this Prospectus or any Prospectus Supplement, and we disclaim any such incorporation by reference.

**DOCUMENTS INCORPORATED BY REFERENCE** 

As of the date of this Prospectus, the following documents filed with the various securities commissions or similar regulatory authorities in each of the provinces of Canada are specifically incorporated by reference into and form an integral part of this Prospectus, provided that such documents are not incorporated by reference to the extent that their contents are modified or superseded by a statement contained in this Prospectus or in any

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other subsequently filed document that is also incorporated by reference in this Prospectus, as further described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [the annual information form of the Corporation dated March 18, 2025 for the year ended December 31, 2024 ()"**AIF** ");](d77213dex41.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [the audited consolidated financial statements of the Corporation as at and for the years ended December 31, 2024 and 2023, together with the notes thereto and the independent auditor's report thereon;](d77213dex42.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [the management's discussion and analysis of the financial condition and results of operations of the Corporation for the year ended December 31, 2024 (the "**Annual MD&A** ");](d77213dex43.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [the management information circular of the Corporation dated March 25, 2025 prepared in connection with the annual and special meeting of shareholders held on May 14, 2025;](d77213dex46.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [the unaudited interim condensed consolidated financial statements of the Corporation for the three and six months ended June 30, 2025 and 2024, together with the notes thereto;](d77213dex44.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [the management's discussion and analysis of the financial condition and results of operations of the Corporation as at June 30, 2025 and for the three- and six-month periods ended June 30, 2025 (the "**Interim MD&A** ");](d77213dex45.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [the material change report of the Corporation dated February 27, 2025 regarding the launch of Boyd's five-year goal;](d77213dex47.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [the material change report of the Corporation dated May 14, 2025 regarding the appointment of Brian Kaner as President and Chief Executive Officer of the Corporation; and](d77213dex48.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [the material change report of the Corporation dated August 28, 2025 regarding the offering of senior unsecured notes of the Corporation and the increase to and extension of the Corporation's revolving credit facilities.](d77213dex49.htm)

Except as otherwise stated below, any documents of the type required to be incorporated by reference in a short form prospectus pursuant to National Instrument 44-101 – *Short Form Prospectus Distributions* of the Canadian Securities Administrators, including any documents of the type referred to above, any business acquisition reports and any material change reports (excluding confidential material change reports, if any) filed by the Corporation with the applicable securities regulatory authorities in the provinces of Canada during the term of this Prospectus shall be deemed to be incorporated by reference into and form an integral part of this Prospectus.

**Any statement contained in this Prospectus or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Prospectus to the extent that a statement contained herein or in any other subsequently filed document that also is incorporated or is deemed to be incorporated by reference herein, modifies or supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or omission to state a material fact that was required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall be deemed, except as so modified or superseded, not to constitute a part of this Prospectus.** 

Upon new audited annual financial statements being filed by the Corporation with the applicable securities regulatory authorities during the term of this Prospectus, the previously filed audited annual financial statements

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and all unaudited interim financial statements, together with related management's discussion and analysis, relating to prior periods shall be deemed to no longer be incorporated into this Prospectus for the purposes of future offers and sales of Securities under this Prospectus.

Upon a new annual information form being filed by the Corporation with the applicable securities regulatory authorities during the term of this Prospectus, the previously filed annual information form, any material change reports filed prior to the end of the financial year in respect of which the new annual information form is filed, and any business acquisition report for acquisitions completed since the beginning of such financial year (unless such report is incorporated by reference into the current annual information form or less than nine months of the acquired business' or related businesses' operations are incorporated into the Corporation's most recent audited annual financial statements), shall be deemed no longer to be incorporated by reference into this Prospectus for the purposes of future offers and sales of Securities under this Prospectus. Upon a new information circular prepared in connection with an annual general meeting of the Corporation being filed with the applicable securities regulatory authorities during the term of this Prospectus, the previous information circular prepared in connection with an annual general meeting of the Corporation shall be deemed no longer to be incorporated by reference into this Prospectus for purposes of future offers and sales of Securities under this Prospectus.

Upon new interim financial statements and related management's discussion and analysis being filed by the Corporation with the applicable securities regulatory authorities during the term of this Prospectus, all previously filed interim financial statements and related management's discussion and analysis shall be deemed no longer to be incorporated by reference into this Prospectus for the purposes of future offers and sales of Securities under this Prospectus.

A Prospectus Supplement containing the specific terms of an offering of Securities and other information relating to the Securities will be delivered to prospective purchasers of such Securities (except in cases where an exemption from such delivery requirements is available), together with this Prospectus, and will be deemed to be incorporated by reference into this Prospectus as of the date of such Prospectus Supplement, but only for the purpose of the offering and distribution of the Securities to which the Prospectus Supplement pertains.

In addition, certain marketing materials (as that term is defined in applicable Canadian securities legislation) may be used in connection with a distribution of Securities under this Prospectus and the applicable Prospectus Supplement(s). Any "template version" of "marketing materials" (as those terms are defined in applicable Canadian securities legislation) pertaining to a distribution of Securities, and filed by the Corporation after the date of the Prospectus Supplement for the distribution of such Securities and before the termination of the distribution of such Securities, will be deemed to be incorporated by reference in that Prospectus Supplement for the purposes of the distribution of Securities to which the Prospectus Supplement pertains.

**FORWARD-LOOKING INFORMATION** 

Certain statements contained in this Prospectus, and documents incorporated by reference in this Prospectus, constitute forward-looking information and forward-looking statements (collectively referred to herein as "**forward-looking information**") under applicable securities laws. Such statements, other than statements of historical fact, are predictive in nature or depend on future events or conditions. Forward-looking information involves estimates, assumptions, judgements and uncertainties. These statements may be identified by the use of forward-looking terminology such as "may", "will", "should", "could", "anticipate", "expect", "believe", "predict", "estimate", "continue", "intend", "project", "plan", "goal" and variations of these words or other similar expressions. Specifically, this Prospectus, and documents incorporated by reference in this Prospectus, includes forward-looking information in respect of, among other things: the Corporation's strategy for future growth, including its long-term growth goal; results of operations, including expected impacts of Boyd's five-year goal; the Corporation's plans to increase market share through strategic and accretive acquisitions and organic growth; the Corporation's capital allocation plan, including growth investments and maintenance capital expenditures; performance and business prospects and opportunities; demand drivers; and dividend growth.

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Forward-looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those predicted by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information as a number of factors could cause actual events, results and prospects to differ materially from those expressed in or implied by the forward-looking information. Significant risks facing Boyd include, but are not limited to, the risks and uncertainties described under "Risk Factors" in this Prospectus, and under "Business Risks and Uncertainties" in the AIF, the Annual MD&A and Interim MD&A.

These statements of forward-looking information are based on assumptions, estimates and analysis made by management in light of its experience and perception of trends, current conditions and expected developments as well as other factors believed to be reasonable and relevant in the circumstances. These assumptions include those in respect of conditions in the collision and auto glass repair business, including weather, accident frequency, cost of repair, miles driven and available repairable vehicles. Boyd believes that the expectations reflected in the forward-looking information are based on reasonable assumptions in light of currently available information. However, should one or more risks materialize, or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information included in this Prospectus, and documents incorporated by reference in this Prospectus, and Boyd can give no assurance that such expectations will be achieved.

The forward-looking information contained in or incorporated by reference into this Prospectus is expressly qualified in its entirety by these cautionary statements. All forward-looking information in this Prospectus speaks as of the date of this Prospectus, or as of the date of such information to the extent such information is given as of a particular date other than the date of this Prospectus. We do not undertake any obligation to update any such forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information about these assumptions and risks and uncertainties is contained in our filings with securities regulators, including our AIF and Annual MD&A, which are available on SEDAR+ at www.sedarplus.com.

**THE CORPORATION** 

The Corporation was incorporated under the *Canada Business Corporations Act* on September 19, 2019 for the primary purpose of acquiring and holding a controlling interest in the Boyd Group Income Fund (the "**Fund**") and participating in a plan of arrangement, pursuant to which the Fund completed the conversion from an income trust to a corporate structure. As a result of the implementation of the plan of arrangement, the Corporation became the successor reporting issuer of the Fund on January 1, 2020.

Boyd is one of the largest operators of non-franchised collision repair centers in North America in terms of number of locations and sales. Boyd currently operates locations in Canada under the trade name Boyd Autobody & Glass and Assured Automotive, and in the U.S. under the trade name Gerber Collision & Glass. Boyd is also a major retail auto glass operator in the U.S., under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. In addition, Boyd operates a third-party administrator, Gerber National Claims Services, that offers glass, emergency roadside and first notice of loss services. Boyd also operates a Mobile Auto Solutions service that offers scanning and calibration services.

**RECENT DEVELOPMENTS** 

**C$275 million Senior Unsecured Note Offering** 

On August 20, 2025, the Corporation announced that it entered into an underwriting agreement to sell C$275 million principal amount of senior unsecured notes due 2033 of the Corporation pursuant to a private placement offering, at a price of C$1,000 per C$1,000 principal amount of notes, with an interest rate of 5.75% per annum, payable semi-annually in arrears on March 4 and September 4, commencing on March 4, 2026. The offering closed on September 4, 2025 and the net proceeds were used to repay existing indebtedness.

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**Amendment and Extension of Existing Revolving Credit Facilities** 

On August 20, 2025, the Corporation announced that it amended and extended its existing revolving credit facilities to $575 million for a five-year term maturing in August 2030, with an accordion feature which can increase the credit facilities to a maximum of $875 million. The Corporation's existing $125 million term loan, under the same credit agreement as the revolving credit facilities and maturing in March 2027, remained unchanged.

**Discussions and Agreements Regarding Proposed Acquisitions and Dispositions** 

Consistent with our past practices and in the normal course of business, we are engaged in discussions with respect to possible business acquisitions or dispositions. There can be no assurance that any of these discussions will result in a definitive agreement and, if they do, what the terms or timing of any acquisition or disposition would be.

**CONSOLIDATED CAPITALIZATION** 

There have been no material changes in our consolidated capitalization since June 30, 2025, to the date hereof, other than an increase in long-term debt of $4.9 million in connection with the issuance of C$275.0 million ($198.7 million) aggregate principal amount of senior unsecured notes due 2033 of the Corporation and a reduction of amounts drawn under the Corporation's revolving credit facilities by $193.8 million using the net proceeds of such issuance. See "Recent Developments".

**USE OF PROCEEDS** 

Specific information about our use of the net proceeds from an offering of Securities will be set forth in the Prospectus Supplement for that offering.

**EARNINGS COVERAGE RATIOS** 

Earnings coverage ratios will be provided as required in a Prospectus Supplement with respect to the issuance of Debt Securities pursuant to this Prospectus.

**PLAN OF DISTRIBUTION** 

The Securities offered hereby may be sold by the Corporation (i) to, or through, underwriters, dealers or agents purchasing as principal or acting as agent; (ii) directly to one or more purchasers; or (iii) through a combination of any of these methods of sale. The Securities may be sold from time to time in one or more transactions at a fixed price or non-fixed prices, such as prices determined by reference to the prevailing price of the Securities in a specified market, at market prices prevailing at the time of sale (including, without limitation, sales deemed to be an "at-the-market distribution" as defined in NI 44-102, including sales made directly on the TSX or other existing trading markets for the Securities), at prices related to such prevailing market prices or at prices to be negotiated with purchasers. The prices at which the Securities may be offered may vary between purchasers and during the period of distribution. If, in connection with the offering of Securities at a fixed price or prices, the underwriters, dealers or agents have made a reasonable effort to sell all of the Securities at the initial offering price fixed in the applicable Prospectus Supplement, the public offering price may be decreased and thereafter further changed, from time to time, to an amount not greater than the initial public offering price fixed in such Prospectus Supplement, in which case the compensation realized by the underwriters, dealers or agents will be decreased by the amount that the aggregate price paid by purchasers for the Securities is less than the gross proceeds paid by the underwriters, dealers or agents to the Corporation.

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A Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent, as the case may be, engaged by the Corporation in connection with the offering and sale of the Securities, and will set forth the terms of the offering of the Securities, including the public offering price of such Securities (or the manner of determination thereof if offered on a non-fixed price basis), the method of distribution of such Securities, including, to the extent applicable, the proceeds to, and the portion of expenses borne by, the Corporation from such sale, any underwriting fees, discounts or other compensation to underwriters, dealers or agents and any discounts or concessions allowed, re-allowed or paid by any underwriter to other dealers and other material terms of the plan of distribution. Only underwriters, dealers or agents so named in the applicable Prospectus Supplement are deemed to be underwriters, dealers or agents, as the case may be, in connection with the Securities offered thereby. Unless otherwise indicated in a Prospectus Supplement, any agent is acting on a "best efforts" basis for the period of its appointment.

If underwriters or dealers purchase Securities as principal, the Securities will be acquired by the underwriters or dealers for their own account and may be resold from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters or dealers to purchase such Securities will be subject to certain conditions precedent, and the underwriters or dealers will be obligated to purchase all of the Securities offered pursuant to any Prospectus Supplement if any of such Securities are purchased. Any public offering price and any discounts or concessions allowed, re-allowed or paid to dealers may be changed from time to time.

Underwriters, dealers and agents who participate in the distribution of the Securities may be entitled under agreements which may be entered into with the Corporation to indemnification by the Corporation against certain liabilities, including liabilities under securities legislation, or to contribution with respect to payments which such underwriters, dealers or agents may be required to make in respect thereof. Those underwriters, dealers and agents may be customers of, engage in transactions with or perform services for the Corporation or its subsidiaries in the ordinary course of business.

Each issue by the Corporation of Preferred Shares, Debt Securities, Subscription Receipts, Warrants and Units will be a new issue of securities with no established trading market. Unless otherwise specified in a Prospectus Supplement relating to an offering of Preferred Shares, Debt Securities, Subscription Receipts, Warrants or Units, such Securities will not be listed on any securities or stock exchange. **There is currently no market through which the Securities, other than the Common Shares, may be sold, and purchasers may not be able to resell such Securities purchased under this Prospectus and any applicable Prospectus Supplement. This may affect the pricing of such Securities in the secondary market, the transparency and availability of trading prices, the liquidity of the Securities and the extent of issuer regulation.** Any underwriters, dealers or agents to or through whom such Securities are sold may make a market in such Securities, but they will not be obligated to do so and may discontinue any market making at any time without notice. No assurance can be given that a trading market in any such Securities will develop or as to the liquidity of any trading market for such Securities.

Unless otherwise specified in a Prospectus Supplement, in connection with any offering of the Securities, other than an "at-the-market distribution", the underwriters, dealers or agents may over-allot or effect transactions which stabilize, maintain or otherwise affect the market price of the Securities offered at levels other than those which might otherwise prevail on the open market. These transactions may be commenced, interrupted or discontinued at any time. No underwriter of, or dealer or agent involved in, an "at-the-market distribution", and no person or company acting jointly or in concert with an underwriter, dealer or agent, may, in connection with the distribution, enter into any transaction that is intended to stabilize or maintain the market price of the Securities or securities of the same class as the Securities distributed under the Prospectus Supplement applicable to the "at-the-market distribution", including selling an aggregate number or principal amount of Securities that would result in the underwriter, dealer or agent, as applicable, creating an over-allocation position in the Securities.

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**PRIOR SALES** 

All information provided in this section is provided as of October 9, 2025. The Corporation has not sold or issued any Preferred Shares, Debt Securities, Subscription Receipts, Warrants, Units or securities convertible into Preferred Shares, Debt Securities, Subscription Receipts, Warrants or Units during the 12-month period before the date of this Prospectus.

**Common Shares** 

The following table sets out the issuances of Common Shares, or securities convertible or exchangeable into Common Shares, that occurred during the 12-month period before the date of this Prospectus:

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| **Date of Issue** | **Type of Securities Issued** | **Price Per Security** | **Number of Common<br>Shares Issued or Issuable<br>(as applicable)** |
|  January 1, 2025 | Restricted Share Units | C$214.95 | 22229 |
|  January 1, 2025 | Performance Share Units | C$214.95 | 31761 |
|  March 26, 2025 | Stock Options | C$211.27 | 29380 |
|  August 28, 2025 | Performance Share Units | C$218.53 | 66736 |

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**TRADING PRICE AND VOLUME** 

Our Common Shares are listed on the TSX under the symbol "BYD". The following table sets forth the high and low reported trading prices and the trading volume of the Common Shares on the TSX for each month of the 12-month period before the date of this Prospectus:

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| **Period** | **High (C$)** | **Low (C$)** | **Volume** |
|  October 2024 | 226.82 | 201.13 | 1337683 |
|  November 2024 | 233.60 | 201.06 | 1971016 |
|  December 2024 | 218.01 | 200.80 | 1477163 |
|  January 2025 | 243.89 | 202.30 | 1174826 |
|  February 2025 | 258.18 | 233.00 | 1087163 |
|  March 2025 | 246.04 | 203.79 | 1376018 |
|  April 2025 | 215.00 | 191.27 | 1095767 |
|  May 2025 | 217.19 | 197.55 | 790360 |
|  June 2025 | 215.60 | 194.99 | 733253 |
|  July 2025 | 222.71 | 191.78 | 992442 |
|  August 2025 | 230.00 | 186.10 | 985131 |
|  September 2025 | 241.56 | 221.65 | 864820 |
|  October 1, 2025 to October 10, 2025 | 237.28 | 218.45 | 240863 |

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**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS** 

The applicable Prospectus Supplement may describe certain Canadian federal income tax considerations generally applicable to investors described therein relating to the purchasing, holding and disposing of applicable Securities.

**RISK FACTORS** 

An investment in Securities is subject to a number of risks, including those set forth in our AIF and Annual MD&A. Prospective investors should carefully consider these risks, in addition to information contained in the

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Prospectus Supplement relating to an offering and the information incorporated by reference herein and therein, before purchasing Securities.

**LEGAL MATTERS AND INTERESTS OF EXPERTS** 

Unless otherwise specified in the Prospectus Supplement relating to an offer of Securities, certain legal matters relating to the issue and sale of the Securities will be passed upon on our behalf by Osler, Hoskin & Harcourt LLP.

As of the date of this Prospectus, the partners and associates of Osler, Hoskin & Harcourt LLP, as a group, beneficially own, directly or indirectly, less than 1% of the outstanding securities of any class or series of the Corporation.

**AUDITOR, TRANSFER AGENT AND REGISTRAR** 

The auditor of the Corporation is Deloitte LLP, located at 360 Main Street, Suite 2300, Winnipeg, Manitoba R3C 3Z3. Deloitte LLP is independent of the Corporation within the meaning of the Code of Professional Conduct of the Chartered Professional Accountants of Manitoba.

The transfer agent and registrar for the Common Shares is Computershare Investor Services Inc. at its principal offices located in Toronto, Ontario and Calgary, Alberta.

**EXEMPTIONS** 

**Reliance on Exemptions for Well-Known Seasoned Issuers** 

The securities regulatory authorities in each of the provinces of Canada have adopted substantively harmonized blanket orders or rules, including The Manitoba Securities Commission Blanket Order 44-501 – *Exemption from Certain Prospectus Requirements for Well-known Seasoned Issuers*, as amended by The Manitoba Securities Commission Amended Blanket Order 44-501 – *Exemption from Certain Prospectus Requirements for Well-known Seasoned Issuers* (together with the equivalent local blanket orders or rules in each of the other provinces of Canada, collectively, as extended, amended, varied or replaced, the "**WKSI Blanket Orders**"). We have filed this Prospectus in reliance upon the WKSI Blanket Orders, which permit "well-known seasoned issuers", or "WKSIs", to file a final short form base shelf prospectus as the first public step in an offering, and exempt qualifying issuers from certain disclosure requirements relating to such final short form base shelf prospectus. We intend to rely on such exemptions to the full extent permitted by the WKSI Blanket Orders notwithstanding the inclusion in this Prospectus of any disclosure that is permitted to be excluded pursuant to the WKSI Blanket Orders.

**Reliance on Exemptive Relief from French Language Translation** 

Pursuant to a decision of the Autorité des marchés financiers dated October 10, 2025, the Corporation was granted permanent exemptive relief from the requirement that this Prospectus, as well as the documents incorporated by reference herein and any Prospectus Supplement to be filed in relation to an "at-the-market distribution", as defined in NI 44-102, and the documents incorporated by reference therein, be publicly filed in both the French and English languages. This exemptive relief is granted on the condition that this Prospectus, any Prospectus Supplement (other than in relation to an "at-the-market distribution") and the documents incorporated by reference herein and therein be publicly filed in both the French and English languages if the Corporation offers Securities to Quebec purchasers in connection with an offering other than in relation to an "at-the-market distribution".

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**AGENT FOR SERVICE OF PROCESS IN CANADA** 

Brian Kaner, the President and Chief Executive Officer and a director of the Corporation, and Christine Feuell, John Hartmann and Sally Savoia, directors of the Corporation, each reside outside of Canada. Each of Mr. Kaner, Ms. Feuell, Mr. Hartmann and Ms. Savoia. has appointed Boyd Group Services Inc., 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba R3H 1A6, as their agent for service of process in Canada. Purchasers are advised that it may not be possible for investors to enforce judgements obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process.

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![LOGO](g77213g00g01.jpg)

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**PART II** 

**INFORMATION NOT REQUIRED TO BE DELIVERED** 

**TO OFFEREES OR PURCHASERS** 

**Indemnification of Directors and Officers** 

Under the Canada Business Corporations Act (the "CBCA"), we may indemnify our current or former directors or officers or another individual who acts or acted at our request as a director or officer, or an individual acting in a similar capacity, of another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of his or her association with us or the other entity. The CBCA also provides that we may advance moneys to a director, officer or other individual for costs, charges and expenses reasonably incurred in connection with such a proceeding; provided that such individual shall repay the moneys if the individual does not fulfil the conditions described below.

However, such indemnification is prohibited under the CBCA unless the individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acted honestly and in good faith with a view to our best interests, or, as the case may be, to the best
interests of the other entity for which the individual acted as director or officer or in a similar capacity at our request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the
individual had reasonable grounds for believing that his or her conduct was lawful.

Our by-laws require us to indemnify to the fullest extent permitted by the CBCA each of our current or former directors or officers and each individual who acts or acted at our request as a director or officer of a body corporate of which we are or were a shareholder or creditor, and his or her heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal or administrative action or proceeding in which the individual is made a party by reason of being or having been a director or officer of us or such body corporate.

Our by-laws authorize us to purchase and maintain insurance for the benefit of each of our current or former directors or officers and each individual who acts or acted at our request as a director or officer of a body corporate of which we are or were a shareholder or creditor. To that effect, we maintain insurance policies relating to certain liabilities that such individuals may incur in such capacity.

We have entered into indemnity agreements with our directors and officers (each, an "Indemnified Party") which provide, among other things, that we will indemnify an Indemnified Party to the fullest extent permitted by law from and against all liabilities, damages, losses, debts, costs, fines and charges and all reasonable expenses and fees suffered, sustained, incurred or payable or paid by such Indemnified Party in respect of any civil, criminal, quasi-criminal or administrative or regulatory, action, suit or other proceeding of any nature or kind to which the Indemnified Party is involved or made a party by reason of being or having been a director or officer (or serving in a similar capacity).

**Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933, as amended, and is therefore unenforceable.** 

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**PART III** 

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS** 

**Item 1. Undertaking** 

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to Form F-10 or to transactions in said securities.

**Item 2. Consent to Service of Process** 

Concurrently with the filing of this Registration Statement on Form F-10, the Registrant is filing with the SEC a written irrevocable consent and power of attorney on Form F-X.

Any change to the name or address of the agent for service of process of the Registrant shall be communicated promptly to the Commission by amendment to Form F-X referencing the file number of this Registration Statement on Form F-10.

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 3.1 | [Form of underwriting agreement.](d77213dex31.htm) |
| 4.1 | [The annual information form of the Registrant dated March 18, 2025 for the fiscal year ended December 31, 2024.](d77213dex41.htm) |
| 4.2 | [The audited consolidated annual financial statements of the Registrant for the fiscal years ended December 31, 2024 and 2023, together with the notes thereto and the independent auditors' report thereon.](d77213dex42.htm) |
| 4.3 | [The management's discussion and analysis of financial condition and results of operations of the Registrant as at and for the fiscal year ended December 31, 2024.](d77213dex43.htm) |
| 4.4 | [The unaudited condensed interim consolidated financial statements of the Registrant as at June 30, 2025 for the three and six months ended June 30, 2025 and 2024, together with the notes thereto.](d77213dex44.htm) |
| 4.5 | [The management's discussion and analysis of financial condition and results of operations of the Registrant for the three and six months ended June 30, 2025.](d77213dex45.htm) |
| 4.6 | [The management information circular of the Registrant dated March 25, 2025 in respect of the annual and special meeting of the Registrant's shareholders held on May 14, 2025.](d77213dex46.htm) |
| 4.7 | [The material change report of the Registrant dated February 27, 2025.](d77213dex47.htm) |
| 4.8 | [The material change report of the Registrant dated May 14, 2025.](d77213dex48.htm) |
| 4.9 | [The material change report of the Registrant dated August 28, 2025.](d77213dex49.htm) |
| 5.1 | [Consent of Deloitte LLP.](d77213dex51.htm) |
| 5.2 | [Consent of Forvis Mazars, LLP.](d77213dex52.htm) |
| 6.1 | [Powers of Attorney (included on the signature page of this Registration Statement).](#sig) |
| 107 | [Filing fee table.](d77213dexfilingfees.htm) |

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Winnipeg, Province of Manitoba, Country of Canada, on October 29<sup>th</sup>, 2025.

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| | |
|:---|:---|
| **BOYD GROUP SERVICES INC.** | **BOYD GROUP SERVICES INC.** |
| By: | /s/ Jeff Murray |
|  | Name: Jeff Murray |
|  | Title: Executive Vice-President & Chief Financial Officer |

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##### [**Table of Contents**](#toc)
**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Brian Kaner and Jeff Murray, and any of them, their true and lawful attorneys-in-fact and agents, each of whom may act alone, with full powers of substitution and resubstitution, for them and in the name, place and stead, in any and all capacities, to sign any or all amendments to this Registration Statement, including post-effective amendments, and any and all additional registration statements (including amendments and post-effective amendments thereto) in connection with any increase in the amount of securities registered with the Securities and Exchange Commission, and to file the same, with all exhibits thereto, and other documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all their said attorneys-in-fact and agents or any of them or their substitute or substitutes may lawfully do or cause to be done by virtue hereof. This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated and on the dates indicated.

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| | | |
|:---|:---|:---|
| **Signature** | **Capacity** | **Date** |
| /s/ Brian Kaner<br> Brian Kaner | President and Chief Executive Officer<br> (Principal Executive Officer and Director) | October 29, 2025 |
| /s/ Jeff Murray<br> Jeff Murray | Executive Vice President and Chief Financial Officer<br>(Principal Financial and Accounting Officer) | October 29, 2025 |
| /s/ David Brown<br> David Brown | Chair of the Board | October 29, 2025 |
| /s/ Brock Bulbuck<br> Brock Bulbuck | Director | October 29, 2025 |
| /s/ Robert Espey<br> Robert Espey | Director | October 29, 2025 |
|  /s/ Christine Feuell<br> Chrisine Feuell | Director | October 29, 2025 |
|  /s/ John Hartmann<br> John Hartmann | Director | October 29, 2025 |
|  /s/ Violet Konkle<br> Violet Konkle | Director | October 29, 2025 |
|  /s/ William Onuwa<br> William Onuwa | Director | October 29, 2025 |
|  /s/ Sally Savoia<br> Sally Savoia | Director | October 29, 2025 |

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##### [**Table of Contents**](#toc)
**AUTHORIZED REPRESENTATIVE** 

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, as amended, the undersigned has signed this Registration Statement, in the capacity of the duly authorized representative of the Registrant in the United States, on October 29<sup>th</sup>, 2025.

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| | |
|:---|:---|
| **PUGLISI & ASSOCIATES** | **PUGLISI & ASSOCIATES** |
| By: | /s/ Donald J. Puglisi |
|  | Name: Donald J. Puglisi<br> Title: Managing Director |

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## Exhibit 3.1

**Exhibit 3.1** 

**UNDERWRITING AGREEMENT** 

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| |
|:---|
|  [ • ], 2025 |
|  Boyd Group Services Inc.<br> 1745 Ellice Ave., Unit C1<br> Winnipeg, Manitoba, R3H 1A6, Canada |

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Ladies and Gentlemen:

The undersigned, RBC Dominion Securities Inc. ("**RBC**"), CIBC World Markets Inc. ("**CIBC**"), National Bank Financial Inc. ("**NBF**"), and TD Securities Inc. ("**TDSI**" and collectively with RBC, CIBC and NBF, the "**Joint Active Bookrunners**"), together with the underwriters listed in Section 21(a) (collectively with the Joint Active Bookrunners, the "**Underwriters**", and each individually, an "**Underwriter**"), understand that Boyd Group Services Inc. (the "**Company**") proposes to issue and sell to the Underwriters [ • ] common shares of the Company (the "**Firm Shares**"), which Firm Shares and any Optional Shares (as defined below) shall have the material attributes described in and contemplated by the Prospectus (as defined below).

The Company meets the general eligibility requirements for use of Form F-10 under the U.S. Securities Act (as defined below). The Company has prepared and filed with the SEC (as defined below) pursuant to the MJDS (as defined below), (i) a registration statement on Form F-10 (File No. 333-[XXXXXX]) for the registration of the offering under the U.S. Securities Act, including the Canadian Base Prospectus (as defined below) and (ii) the Canadian Preliminary Prospectus Supplement (as defined below) in the English language with such deletions therefrom and additions or changes thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC. Such prospectuses relating to the distribution of the Shares (as defined below) used in the United States included in such registration statement, including the documents incorporated by reference therein, are herein together called the "**U.S. Preliminary Prospectus**". The effective time and date of such registration statement on Form F-10 is hereinafter called the "**Effective Date**". Such registration statement on Form F-10, including any amendment thereof on or prior to the Effective Date and including the exhibits thereto, the documents incorporated or deemed to be incorporated by reference therein and any information deemed to be a part thereof at the Effective Date for purposes of Section 11 under the U.S. Securities Act, is herein called the "**Registration Statement**." The Company has also prepared and filed with the SEC an Appointment of Agent for Service of Process and Undertaking on Form F-X (the "**Form F-X**").

In addition, the Company meets the requirements under the *Securities Act* (Manitoba) and the securities legislation applicable in each of the other Canadian Qualifying Jurisdictions (as defined below) and applicable Canadian Securities Law (as defined below), including the rules and procedures established pursuant to the Shelf Procedures (as defined below), for the distributions of securities in the Canadian Qualifying Jurisdictions pursuant to the Canadian Base Prospectus. The Company has prepared and filed (i) with the Canadian Securities Regulators (as defined below) in the Canadian Qualifying Jurisdictions, a final short form base shelf prospectus of the Company dated October 14, 2025, relating to the distribution of securities of the Company (in both the English and French languages unless the context indicates otherwise, together with all of the documents and information incorporated therein by reference, the "**Canadian Base Prospectus**") pursuant to the Shelf Procedures and (ii) with the Canadian Securities Regulators in the Canadian Qualifying

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Jurisdictions, a preliminary (draft) prospectus supplement to the Canadian Base Prospectus dated October 29, 2025 relating to the distribution of the Shares (in both the English and French languages unless the context indicates otherwise, together with all of the documents and information incorporated therein by reference, the "**Canadian Preliminary Prospectus Supplement**"). The Canadian Preliminary Prospectus Supplement, together with the Canadian Base Prospectus, in both the English and French languages unless the context indicates otherwise, together with all of the documents and information incorporated therein by reference, is hereinafter referred to as the "**Canadian Preliminary Prospectus**".

The Company is prepared to file with the SEC the Canadian Prospectus Supplement (as defined below) in the English language with such deletions therefrom and additions or changes thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC, (such prospectus supplement together with the base prospectus included in the Registration Statement (as defined below) relating to the distribution of the Shares used in the United States, including the documents incorporated by reference therein, is herein called the "**U.S. Final Prospectus**"). In addition, the Company is prepared to file a prospectus supplement (the "**Canadian Prospectus Supplement**") to the Canadian Base Prospectus, in both the English and French languages, and all necessary related documents in order to qualify the Shares for distribution in each of the Canadian Qualifying Jurisdictions (such Canadian Prospectus Supplement, together with the Canadian Base Prospectus, including all documents incorporated therein by reference (but not including any prospectus supplement other than the Canadian Prospectus Supplement), is hereinafter referred to as the "**Canadian Final Prospectus**").

As used herein, the "**Applicable Time**" is [ • ] (New York City time) on October 29, 2025. As used herein, a "**free writing prospectus**" has the meaning set forth in Rule 405 under the U.S. Securities Act, and a "**Time of Sale Prospectus**" means the U.S. Preliminary Prospectus together with the information and the free writing prospectuses, if any, identified in Schedule B hereto, and **"road show"** means a "bona fide electronic road show" as defined in Rule 433(h)(5) under the U.S. Securities Act that has been made available without restriction to any person and that is a "written communication" (as defined in Rule 405 under the U.S. Securities Act) (each such road show, a "**Road Show**"). Any oral or written communication with potential investors in reliance on Rule 163B under the U.S. Securities Act is hereinafter called a "**Testing-the-Waters Communication**", and any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the U.S. Securities Act is hereinafter called a "**Written Testing-the-Waters Communication**".

As used herein, the terms "**Registration Statement**," "**Preliminary Offering Documents**," "**Time of Sale Prospectus**" and "**Final Offering Documents**" shall include the documents incorporated or deemed to be incorporated by reference therein (the "**Incorporated Documents**"), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.

All references in this Agreement to amendments or supplements to the Registration Statement, the U.S. Preliminary Prospectus, the Time of Sale Prospectus or the U.S. Final Prospectus, as the case may be, shall be deemed to mean and include the filing of any document under the U.S. Exchange Act (as defined below) or otherwise that is or is deemed to be incorporated by reference in the Registration Statement, the U.S. Preliminary Prospectus, the Time of Sale Prospectus or the U.S. Final Prospectus, as the case may be.

Based on the foregoing, and subject to the terms and conditions contained in this Agreement the Underwriters, severally and not jointly, on the basis of the percentages set forth in Section 21(a) of this Agreement (and subject to such adjustments to eliminate fractional shares as the Joint Active

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Bookrunners may determine), agree to purchase from the Company, and the Company, by its acceptance hereof, agrees to issue and sell to the Underwriters, all but not less than all of the Firm Shares, in each case, at the Closing Time (as defined below) at a price of $[ • ] per share (the "**Purchase Price**").

By acceptance of this Agreement, the Company hereby grants to the Underwriters an unassignable right (the "**Over-Allotment Option**") to purchase, severally and not jointly, up to an aggregate of [ • ] additional common shares of the Company (the "**Optional Shares**") from the Company at the Option Closing Time (as defined below) at a purchase price per share equal to the Purchase Price and otherwise on the same basis as the purchase of the Firm Shares. If the Joint Active Bookrunners, on behalf of the Underwriters, elect to exercise the Over-Allotment Option (in whole or from time to time in part), the Joint Active Bookrunners shall provide written notice (the "**Exercise Notice**") to the Company not later than the 30<sup>th</sup> day after the Closing Date (as defined below), which Exercise Notice shall specify the number of Optional Shares to be purchased by the Underwriters and the date on which such Optional Shares are to be purchased (the "**Option Closing Date**"). Such date may be the same as the Closing Date but not earlier than the Closing Date and shall be at least two Business Days (as defined below) (or such time closer to the Option Closing Date as agreed to by the Company and the Joint Active Bookrunners), but not more than five Business Days, after the date on which the Exercise Notice is delivered to the Company. If any Optional Shares are purchased, each Underwriter agrees, severally and not jointly, to purchase such portion of Optional Shares (subject to such adjustments to eliminate fractional shares as the Joint Active Bookrunners may determine) as is set out in Section 21(a) of this Agreement opposite the name of such Underwriter.

The Firm Shares and the Optional Shares are hereinafter collectively referred to as the "**Shares**".

**1.** **Definitions** 

In this Agreement:

"**Acquired Business**" means Joe Hudson's Collision Center pursuant to the acquisition of all of the issued and outstanding equity interests of JHCC Holdings Parent, LLC;

"**Acquisition**" means the acquisition by the Company of the Acquired Business;

"**Acquisition Agreement**" means the equity purchase agreement and plan of merger dated October 29, 2025 between the Company and TSG8 Parallel L.P., Carousel Capital Partners IV PV, L.P., JHCC, TSG8 Management L.P., TSG8 Parallel Warhawk Blocker L.P., JHCC Blocker, Inc., Project Tide Merger Sub LLC, and TSG Blocker Seller relating to the indirect purchase of all of the issued and outstanding equity interests of JHCC Holdings Parent, LLC by the Company;

"**affiliate**" has the meaning given to such term in National Instrument 45-106 *- Prospectus Exemptions*;

"**Agreement**" means this underwriting agreement, as it may be amended;

"**Annual MD&A**" has the meaning given to it in Section 5(a)(iv);

"**Applicable Securities Laws**" has the meaning given to it in Section 2;

"**Applicable Time**" has the meaning given above;

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"**Audited Financial Statements**" means the audited consolidated financial statements of the Company for the years ended December 31, 2024 and 2023, together with the related auditors' report thereon and the notes thereto;

"**BHC Act Affiliate**" has the meaning given in Section 33(c)(i);

"**Business Day**" means any day on which each of the NYSE and the TSX is open for trading;

"**Canadian Base Prospectus**" has the meaning given above;

"**Canadian Final Prospectus**" has the meaning given above;

"**Canadian Preliminary Prospectus**" has the meaning given above;

"**Canadian Preliminary Prospectus Supplement"** has the meaning given above;

"**Canadian Prospectus Amendment**" means, collectively, any amendment to the Canadian Final Prospectus and any documents incorporated or deemed incorporated by reference therein and any amendment or supplemental prospectus that may be filed by or on behalf of the Company under applicable Canadian Securities Laws relating to the Offering;

"**Canadian Prospectus Supplement**" has the meaning given above;

"**Canadian Qualifying Jurisdictions**" means all of the provinces of Canada;

"**Canadian Securities Laws**" means all applicable securities laws in each of the Canadian Qualifying Jurisdictions and the respective rules, regulations, instruments, blanket orders and blanket rulings under such laws together with applicable published policies, policy statements and notices of the Canadian Securities Regulators;

"**Canadian Securities Regulators**" means the applicable securities commissions and securities regulatory authorities in the Canadian Qualifying Jurisdictions;

"**Closing**" means the completion of the issue and sale by the Company and the purchase by the Underwriters of the Firm Shares pursuant to this Agreement;

"**Closing Date**" means November 4, 2025 or such other date as the Company and the Underwriters may agree upon in writing, or as may be changed pursuant to this Agreement, but in any event shall not be later than November 12, 2025;

"**Closing Time**" means 8:00 a.m. (New York City time) on the Closing Date;

"**Company**" has the meaning given above;

"**comparables**" has the meaning given in NI 41-101;

"**Covered Entity**" has the meaning given in Section 33(c)(ii);

"**Credit Facilities**" means the fifth amended and restated credit agreement dated as of August 20, 2025 among, inter alia, the Boyd Group Inc. and The Boyd Group (U.S.) Inc., as borrowers, Toronto-Dominion Bank, as lead arranger and sole bookrunner, and additional financial institutions as lenders, as amended from time to time.

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"**Default Right**" has the meaning given in Section 33(c)(iii);

"**distribution**" has the meaning given to "primary distribution to the public" in the *Securities Act* (Manitoba);

"**EDGAR**" means the Electronic Data Gathering, Analysis and Retrieval System;

"**Effective Date**" has the meaning given above;

"**Employee Plans**" means any (i) pension, retirement, deferred compensation, savings, profit-sharing, stock option, stock purchase, bonus, incentive, vacation pay, severance pay, supplemental unemployment benefit, employee assistance, death benefit or other employee or post-retirement benefit plan, trust, arrangement, contract, agreement, policy or commitment (including any arrangement to provide pension benefits in excess of the maximum amounts which are allowed under the *Income Tax Act* (Canada) to be provided through a registered pension plan) from which present or former employees, officers and directors, individuals working on contract with the Company or its Subsidiaries or individuals providing services to the Company or its Subsidiaries of a kind normally performed by employees benefit or have the potential to benefit, or (ii) group or individual insurance policy or coverage (including self-insured coverage) for accident and sickness or life insurance (including any individual insurance policy under which any present or former employee, officer or director of the Company or any of its Subsidiaries, as applicable, is the named insured and as to which the Company or any of its Subsidiaries makes premium payments, whether or not the Company or any of its Subsidiaries is the owner, beneficiary or both of that policy), or other insured or covered expense reimbursement coverage, from which present or former employees, officers or directors of the Company or any of its Subsidiaries benefit or have the potential to benefit;

"**Environmental Laws**" means any federal, state, provincial, territorial, municipal or local law, statute, ordinance, rule, regulation, order, decree, judgment, injunction, permit, license, authorization or other binding requirement, or common law, relating to health, safety or the regulation, protection, cleanup or restoration of the environment or natural resources, including those relating to the distribution, processing, generation, treatment, control, storage, disposal, transportation, other handling or release or threatened release of Hazardous Materials, and "**Hazardous Materials**" means any material, substance (including, without limitation, pollutants, contaminants, hazardous or toxic substances or wastes) or condition that is regulated by or may give rise to liability under any Environmental Laws;

"**Environmental Permits**" has the meaning given in Section 7(nn);

"**Exercise Notice**" has the meaning given above;

"**Final Offering Documents**" means the Canadian Final Prospectus and the U.S. Final Prospectus;

"**Financial Statements**" means (i) the Audited Financial Statements; and (ii) the Interim Financial Statements;

"**Firm Shares**" has the meaning given above;

"**Form F-X**" has the meaning given above;

"**free writing prospectus**" has the meaning given above;

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"**Governmental Authorities**" means governments, regulatory authorities, governmental departments, agencies, commissions, bureaus, officials, arbitrators, ministers, Crown corporations, courts, bodies, boards, tribunals, commercial registers or dispute settlement panels or other law, rule or regulation-making or dispute resolution organizations or entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) having or purporting to have jurisdiction on behalf of any nation, province, territory or state or any other
geographic or political subdivision of any of them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercising, or entitled or purporting to exercise, any administrative, executive, judicial, legislative,
policy, regulatory or taxing authority or power;

"**IFRS**" means International Financial Reporting Standards as issued by the International Accounting Standards Board as adopted by the Chartered Professional Accountants Canada in Part I of the CPA Canada Handbook – Accounting;

"**Incorporated Documents**" has the meaning given above;

"**Indemnified Party**" has the meaning given in Section 17(c);

"**Interim Financial Statements**" means the unaudited interim condensed consolidated financial statements of the Company for the three-month and six-month periods ended June 30, 2025 and 2024 together with the notes thereto;

"**Interim MD&A**" has the meaning given to it in Section 5(a)(iv);

"**Investor Presentation**" means the investor presentation dated October 29, 2025, as filed with the Canadian Securities Regulators and as included in the Offering Documents;

"**Joint Active Bookrunners**" has the meaning given above;

"**Lien**" means any mortgage, charge, pledge, hypothec, claim, security interest, assignment, lien (statutory or otherwise), defect, charge, title retention agreement or arrangement, restrictive covenant or other encumbrance of any nature, or any other arrangement or condition which, in substance, secures payment or performance of an obligation;

"**limited-use version**" has the meaning given in NI 41-101;

"**marketing materials**" has the meaning given in NI 41-101;

"**Material Adverse Effect**" or "**Material Adverse Change**" means any fact, effect, change, event, occurrence or any development involving a change, that is, or is reasonably likely to be, materially adverse to (A) the results of operations, financial condition, assets, properties, capital, liabilities (contingent or otherwise), cash flow, income or business or operations of the Company and its Subsidiaries taken as a whole or (B) the ability of the Company to perform its obligations under this Agreement or to consummate the transactions contemplated by the Time of Sale Prospectus or the Final Offering Documents;

"**material change**" has the meaning given to it in the *Securities Act* (Manitoba);

"**Material Subsidiaries**" means The Boyd Group Inc. and Boyd Group (U.S.) Inc.;

"**misrepresentation**" means a misrepresentation for the purposes of applicable U.S. Securities

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Laws or Canadian Securities Laws;

"**MI 11-102**" means Multilateral Instrument 11-102 – *Passport System*;

"**MJDS**" means the Canada/United States Multi-Jurisdictional Disclosure System adopted by the Canadian Securities Regulators and the SEC;

"**Money Laundering Laws**" has the meaning given in Section 7(sss);

"**Multiple Voting Shares**" has the meaning given above;

"**NI 41-101**" means National Instrument 41-101 – *General Prospectus Requirements*;

"**NI 44-101**" means National Instrument 44-101 – *Short Form Prospectus Distributions*;

"**NI 44-102**" means National Instrument 44-102 – *Shelf Distributions***;**

"**NI 52-109**" means National Instrument 52-109 – *Certification of Disclosure in Issuers' Annual and Interim Filings*;

"**notice**" has the meaning given in Section 26;

"**NYSE**" means the New York Stock Exchange;

"**Offering**" means the offering and sale of the Shares to the Underwriters pursuant to the terms of this Agreement;

"**Offering Document Amendment**" means any amendment or supplement to any Offering "Document pursuant to this Agreement, including, in respect of the Canadian Final Prospectus, any Canadian Prospectus Amendment;

"**Offering Documents**" means the Registration Statement, the Preliminary Offering Documents, the Time of Sale Prospectus, the Final Offering Documents and any Offering Document Amendments;

"**Optional Shares**" has the meaning given above;

"**Option Closing Date**" has the meaning given above;

"**Option Closing Time**" means 8:00 a.m. (Toronto time) on the Option Closing Date;

"**OSC**" means the Ontario Securities Commission;

"**Over-Allotment Option**" has the meaning given above;

"**person**" includes any individual, sole proprietorship, limited or general partnership or general partner acting on behalf thereof, firm, entity, unincorporated association or organization, trust or trustee acting on behalf thereof, body corporate, company, limited or unlimited liability company or Governmental Authority and, where the context requires, any of the foregoing when they are acting as trustee, executor, administrator or other legal representative;

"**Preliminary Offering Documents**" means the Canadian Preliminary Prospectus and

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U.S. Preliminary Prospectus;

**"Pro Forma Financial Information**" means the pro forma consolidated financial information included in the Canadian Preliminary Prospectus Supplement and the Canadian Prospectus Supplement under the headings "Consolidated Capitalization" and "The Acquisition – Selected Unaudited Pro Forma Condensed Consolidated Financial Information";

"**Pro Forma Financial Statements**" means the pro forma financial statements of the Company included in the Canadian Preliminary Prospectus Supplement and the Canadian Prospectus Supplement, including the notes with respect thereto;

"**provide**" or "**provided**", in the context of sending or making available marketing materials to a potential purchaser of Shares, has the meaning given in NI 41-101;

"**Purchase Price**" has the meaning given above;

"**Registration Statement**" has the meaning given above;

"**Road Show**" has the meaning given above;

"**Sanctions**" has the meaning given in Section 7(ttt);

"**SEC**" means the United States Securities and Exchange Commission;

"**SEDAR+**" means the System for Electronic Data Analysis and Retrieval +;

"**Selected Financial Information**" means the consolidated financial information with respect to the Company contained in the Investor Presentation included in the Canadian Preliminary Prospectus Supplement and the Canadian Prospectus Supplement;

"**Selling Firm**" has the meaning given in Section 3(a);

"**Shares**" has the meaning given above;

"**Shelf Information**" means, collectively, the information included in the Canadian Prospectus Supplement that is permitted under the Shelf Procedures to be omitted from the Canadian Base Prospectus for which receipts or other evidences of acceptance have been obtained but that is deemed under the Shelf Procedures to be incorporated by reference into the Canadian Base Prospectus as of the date of and by virtue of the Canadian Prospectus Supplement;

"**Shelf Procedures**" means NI 44-101, NI 44-102 and the WKSI Blanket Orders;

"**Subsidiaries**" means all of the Company's subsidiaries as set forth in Schedule "D";

"**subsidiary**" means, with respect to any specified person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power entitled to vote in the election of directors, managers or trustees of the corporation, association, partnership or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other subsidiaries of that Person (or a combination thereof);

"**Target Financial Information**" means the consolidated financial information with respect to

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the Acquired Business included in the Canadian Preliminary Prospectus Supplement and the Canadian Prospectus Supplement under the heading "The Acquisition – Business of Joe Hudson's – Key Platform Metrics";

"**Target Financial Statements**" means, collectively, the audited consolidated financial statements of the Acquired Business as at and for the years ended December 31, 2024 and December 31, 2023 together with the notes thereto and the auditor's report thereon;

"**template version**" has the meaning given in NI 41-101 and includes any revised template version of marketing materials as contemplated in NI 41-101;

"**Testing-the-Waters Communication**" has the meaning given above;

"**Time of Sale Prospectus**" means the U.S. Preliminary Prospectus together with the information and the free writing prospectuses, if any, identified in Schedule B hereto;

"**TSX**" means The Toronto Stock Exchange;

"**Underwriter**" and "**Underwriters**" have the respective meanings given to them above;

"**Underwriters' Information**" means information and statements relating solely to the Underwriters which have been provided by the Underwriters to the Company in writing specifically for use in the Offering Documents, it being understood and agreed that the only such information furnished by any Underwriter consists of the following information: their respective names, and the information related to stabilizing transactions, over- allotment transactions and syndicate covering transactions contained under the sub- heading "Price Stabilization, Short Positions and Passive Market Making" in the section titled "Plan of Distribution" and related disclosure on the cover page of the Offering Documents;

"**Underwriting Fee**" has the meaning given in Section 12;

"**U.S. Exchange Act**" means the United States *Securities Exchange Act of 1934*, as amended, and the rules and regulations promulgated thereunder;

"**U.S. Final Prospectus**" has the meaning given above;

"**U.S. Preliminary Prospectus**" has the meaning given above;

"**U.S. Securities Act**" means the United States *Securities Act of 1933*, as amended, and the rules and regulations promulgated thereunder;

"**U.S. Securities Laws**" means United States federal and state securities laws, including, but not limited to, the U.S. Exchange Act and the U.S. Securities Act;

"**U.S. Special Resolution Regime**" has the meaning given in Section 33(c)(iv);

"**WKSI Blanket Orders**" means Blanket Order 44-501 – *Exemption from Certain Prospectus Requirements for Well-known Seasoned Issuers*, issued by the Manitoba Securities Commission, as amended or varied from time to time, and, as the context requires, OSC Rule 44-503 – *Exemption from Certain Prospectus Requirements for Well-known Seasoned Issuers* issued by the OSC and each of the other local blanket orders of the Canadian Securities Commissions (other than OSC) referred to in the Canadian Securities Administrators' Staff Notice 44-306 – *Blanket* 

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 *Orders Exempting Well-known Seasoned Issuers from Certain Prospectus Requirements*; and.

"**Written Testing-the-Waters Communication**" has the meaning given above.

Capitalized terms used and not otherwise defined in this Agreement have the respective meanings given to them in the Canadian Preliminary Prospectus.

Unless otherwise expressly provided in this Agreement, words importing only the singular number include the plural and vice versa and words importing gender include all genders. References to "**Sections**", "**paragraphs**" and "**clauses**" are to the appropriate section, paragraph or clause of this Agreement.

All references to dollars or "**$**" are to United States dollars unless otherwise expressed.

**2.** **Compliance with Securities Laws** 

The Company covenants with the Underwriters that the Company will, no later than October 30, 2025 (i) file the Canadian Prospectus Supplement including the Shelf Information in a form approved by the Underwriters, acting reasonably, in accordance with the Passport System with the Manitoba Securities Commission (in its capacity as the principal regulator under the Passport System) and with the Canadian Securities Regulators in each of the Canadian Qualifying Jurisdictions and (ii) file the U.S. Final Prospectus in a form approved by the Underwriters, acting reasonably, with the SEC on EDGAR. The Company will promptly fulfill and comply with, to the satisfaction of the Underwriters, acting reasonably, the Canadian Securities Laws and the U.S. Securities Laws (together, the "**Applicable Securities Laws**") required to be fulfilled or complied with by the Company to enable the Shares to be lawfully distributed in the Canadian Qualifying Jurisdictions and the United States through the Underwriters or their respective affiliates or any other investment dealers or brokers duly registered in such jurisdictions as contemplated herein.

**3.** **Restrictions on Sale** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that the Underwriters will be permitted to appoint, at their sole expense, other
registered dealers as their agents to assist in the distribution of the Shares. The Underwriters shall, and shall require any such dealer, other than the Underwriters, with which the Underwriters have a contractual relationship in respect of the
distribution of the Shares (a "**Selling Firm** "), to comply with Applicable Securities Laws in connection with the distribution of the Shares and shall offer the Shares for sale to the public directly and through Selling Firms upon
the terms and conditions set out in the Offering Documents and this Agreement. The Underwriters shall, and shall require any Selling Firm to, offer for sale to the public and sell the Shares only in those jurisdictions where the Shares may be
lawfully offered for sale or sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall, and shall require any Selling Firm to agree to, distribute the Shares in a manner
that complies with all applicable laws and regulations (including all Applicable Securities Laws) in connection with the distribution of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, the Company acknowledges and agrees that the Underwriters are acting
severally and not jointly in performing their respective obligations under this Agreement (including obligations under any Schedules to this Agreement) and no Underwriter will be liable for any breach or default by another Underwriter or Selling
Firm appointed by another Underwriter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of this Section 3, the Underwriters shall be entitled to assume that: (i) the
Company's representations and warranties made herein are and will remain true and correct, and that the Company has complied and will continue to comply with all covenants herein, and (ii) the Shares are qualified for distribution in the
United States and in any Canadian Qualifying Jurisdiction where: (a) a receipt for the Canadian Base Prospectus has been obtained from the applicable Canadian Securities Regulator, and (b) a Canadian Prospectus Supplement has been prepared
and filed with the Canadian Securities Regulators.

**4.** **Marketing Materials** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the distribution of the Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall prepare, in consultation with the Joint Active Bookrunners, and approve in writing, prior
to the time the marketing materials are provided to potential investors, a template version of the marketing materials reasonably requested to be provided by the Underwriters to any potential investor; such marketing materials shall comply with
Canadian Securities Laws and be acceptable in form and substance to the Underwriters, acting reasonably, and such template version shall be approved in writing by the Joint Active Bookrunners, on behalf of all of the Underwriters, and the Company,
prior to the time the marketing materials are provided to potential investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if required by Canadian Securities Laws, the Company shall file or deliver, as the case may be, the template
version of the marketing materials referred to in paragraph 4(a)(i) above, with the Canadian Securities Regulators as soon as reasonably practicable after the template version of the marketing materials is so approved in writing by the Company and
by the Joint Active Bookrunners, on behalf of all of the Underwriters, and in any event on or before the day the marketing materials are first provided to any potential investor and the Joint Active Bookrunners confirm that they have informed or
will inform, as the case may be, the Company of the date on which such marketing materials were provided or are first provided, as the case may be, to potential investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any comparables shall be redacted from the template version of the marketing materials in accordance with NI 41-101 prior to filing such template version with the Canadian Securities Regulators and a complete template version containing such comparables and any disclosure relating to the comparables, if any, shall be
delivered to the Canadian Securities Regulators by the Company as required by Canadian Securities Laws.

Following the approvals and filings set forth in the foregoing paragraphs, the Underwriters may provide a limited-use version of the marketing materials to potential investors to the extent permitted by Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall prepare and file or deliver, as the case may be, a revised template version of any
marketing materials provided to potential investors in connection with the Offering, and the foregoing paragraphs shall also apply to such revised template version.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period of distribution of the Shares, the Company and the Underwriters,

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severally and not jointly, covenant and agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to comply with Canadian Securities Laws in connection with the use of marketing materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not to provide any potential investor, and that no potential investor has been provided by such party, with
any marketing materials unless, a template version of such marketing materials has been or will be filed or delivered, as the case may be, by the Company with the Canadian Securities Regulators on or before the day such marketing materials are first
provided to any potential investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not to provide any potential investor, and that no potential investor has been provided, with: (A) any
marketing materials relating to the distribution of the Shares other than such marketing materials for which the template versions thereof have been approved and filed or delivered, as the case may be, in accordance with the foregoing paragraphs, or
(B) any standard term sheet (as defined in NI 41-101) relating to the distribution of the Shares other than such standard term sheets approved in writing by the Company and the Joint Active Bookrunners,
on behalf of all of the Underwriters; and without the written approval of the Company or the Joint Active Bookrunners, as applicable, acting reasonably, not to provide any information to potential investors with respect to the Company or the Shares
other than (x) as set forth in this Agreement, the Offering Documents and any marketing materials or standard term sheets approved in writing by the Joint Active Bookrunners and the Company in accordance with Section 4, or (y) as
otherwise permitted or required by applicable laws.

**5.** **Delivery of Documents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the time of filing of the Canadian Prospectus Supplement, the Company shall deliver to each
of the Underwriters (except to the extent such documents have been previously delivered to the Underwriters or are available on SEDAR+):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of each of the Canadian Base Prospectus and the Canadian Prospectus Supplement in the English
language signed and certified by the Company, as applicable, as required by Canadian Securities Laws in the Canadian Qualifying Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of each of the Canadian Base Prospectus and the Canadian Prospectus Supplement in the French language
signed and certified by the Company, as applicable, as required by Canadian Securities Laws applicable in the Province of Québec;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of any other document required to be filed by the Company under Canadian Securities Laws in
connection with the Offering, including without limitation any marketing materials and template versions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an opinion of Osler, Hoskin & Harcourt LLP, dated the date of the Canadian Prospectus Supplement,
in form and substance satisfactory to the Underwriters, acting reasonably, addressed to the Underwriters and the Company, to the effect that the French language version of the Offering

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Documents, as applicable, except for (A) the Financial Statements, (B) the management's discussion and analysis of financial condition and results of operations of the Company for the year ended December 31, 2024 (the "**Annual MD&A**"), (C) the management's discussion and analysis of financial condition and results of operations of the Company for the three and six months ended June 30, 2025 (the "**Interim MD&A**"), (D) the Target Financial Information and (E) the Target Financial Statements, as to which no opinion need be expressed by such counsel, is, in all material respects, a complete and proper translation of the English language version thereof; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an opinion of Deloitte LLP dated the date of the Canadian Prospectus Supplement, in form and substance
satisfactory to the Underwriters, acting reasonably, addressed to the Underwriters and the Company, to the effect that the French language version of the Financial Statements, the Annual MD&A, the Interim MD&A, the Target Financial
Information and the Target Financial Statements contained in the Offering Documents, as applicable, is, in all material respects, a complete and proper translation of the English language version thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a "long-form" comfort letter of Deloitte LLP, dated the date of the Canadian Prospectus
Supplement (with the requisite procedures to be completed by such auditors no later than two Business Days prior to the date of the Canadian Prospectus Supplement), addressed to the Underwriters and the board of directors of the Company, in form and
substance satisfactory to the Underwriters, acting reasonably, with respect to certain financial and numerical information relating to the Company contained in the Offering Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a "long-form" comfort letter of Forvis Mazars LLP, dated the date of the Canadian Prospectus
Supplement (with the requisite procedures to be completed by such auditors no later than two Business Days prior to the date of the Canadian Prospectus Supplement), addressed to the Underwriters and the board of directors of the Company, in form and
substance satisfactory to the Underwriters, acting reasonably, with respect to certain financial and numerical information relating to the Acquired Business contained in the Offering Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a certificate, dated the date of the Canadian Prospectus Supplement, addressed to the Underwriters and
signed by the chief financial officer of the Company in respect to certain financial data contained in the Offering Documents, providing "management comfort" with respect to such information, in form and substance satisfactory to the
Joint Active Bookrunners, acting reasonably; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a copy of the letter from the TSX advising the Company that conditional approval of the listing of the
Shares has been granted by the TSX, subject to the satisfaction by the Company of the customary conditions set out therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company covenants with each Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to furnish to each Underwriter, upon request and without charge, and deliver to each other Underwriter a
conformed copy of, the Registration Statement (without exhibits thereto) and to furnish to the Joint Active Bookrunners in New York City and Toronto, without charge, prior to the time referred to in Section 5(b)(ii) below and during the period
mentioned in Section 5(e) below, electronic copies of the Time of Sale Prospectus, the Final Offering Documents and any supplements and amendments thereto or to the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) before amending or supplementing the Registration Statement, the Time of Sale Prospectus, the Final Offering
Documents or the Canadian Base Prospectus, to furnish to the Joint Active Bookrunners a copy of each such proposed amendment or supplement and not to file any such proposed amendment or supplement to which the Joint Active Bookrunners reasonably
objects in a timely manner, and to file (A) the Canadian Final Prospectus with the Canadian Securities Regulators in accordance with the Shelf Procedures not later than the applicable Canadian Securities Regulator's close of business on
the business day following the execution and delivery of this Agreement and (B) the U.S. Final Prospectus with the SEC within the applicable period specified in General Instruction II.L. of Form F-10 under the U.S. Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to furnish to the Joint Active Bookrunners a copy of each proposed free writing prospectus to be prepared by
or on behalf of, used by, or referred to by the Company and not to use or refer to any proposed free writing prospectus to which the Joint Active Bookrunners reasonably objects in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Company is required by Canadian Securities Laws to prepare and file a Canadian
Prospectus Amendment, the Company shall prepare and deliver promptly to the Underwriters signed and certified copies of such Canadian Prospectus Amendment in the English and French languages. Any Canadian Prospectus Amendments shall be in form and
substance satisfactory to the Underwriters, acting reasonably. Concurrently with the delivery of any Canadian Prospectus Amendment, the Company shall deliver to the Underwriters, with respect to such Canadian Prospectus Amendment, documents similar
to those referred to in Section 5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Time of Sale Prospectus is being used in the United States to solicit offers to buy the Shares at a
time when the U.S. Final Prospectus is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus in order to make the statements
therein, in the light of the circumstances when the Time of Sale Prospectus is delivered to a prospective purchaser, not misleading, or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the
information contained in the Registration Statement then on file, or if, based upon the reasonable advice of counsel for the Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable law, the Company
covenants to forthwith prepare, file with the SEC and furnish, at its own expense, to the Underwriters and to any dealer upon request, either amendments or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale
Prospectus as so amended or supplemented will not, in the light of the circumstances when the

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Time of Sale Prospectus is delivered to a prospective purchaser, be misleading or so that the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable law. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, during such period after the first date of the public offering as in the reasonable opinion of counsel
for the Underwriters either of the Final Offering Documents (or in lieu thereof the notice referred to in Rule 173(a) under the U.S. Securities Act) is required by law to be delivered in connection with sales by an Underwriter or dealer, any event
shall occur or condition exist as a result of which it is necessary to amend or supplement the Final Offering Documents (or one of them) in order to make the statements therein, in the light of the circumstances when the Final Offering Documents (or
one of them) (or in lieu thereof the notice referred to in Rule 173(a) under the U.S. Securities Act) is delivered to a purchaser, not misleading, or if, in the reasonable opinion of counsel for the Underwriters, it is necessary to amend or
supplement the Final Offering Documents (or one of them) to comply with applicable law, forthwith to prepare, file with the SEC and the Canadian Securities Regulators and furnish, at its own expense, to the Underwriters and to the dealers (whose
names and addresses the Joint Active Bookrunners will furnish to the Company) to which Shares may have been sold by the Joint Active Bookrunners on behalf of the Underwriters and to any other dealers upon request, either amendments or supplements to
the Final Offering Documents (or one of them) so that the statements in the Final Offering Documents as so amended or supplemented will not, in the light of the circumstances when the Final Offering Documents (or one of them) (or in lieu thereof the
notice referred to in Rule 173(a) under the U.S. Securities Act) is delivered to a purchaser, be misleading or so that the Final Offering Documents, as amended or supplemented, will comply with applicable law.

**6.** **Representations as to the Offering Documents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company represents and warrants to the Underwriters as of the date hereof, as of the Closing Date and as
of each Option Closing Date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the information and statements (excluding the Underwriters' Information) contained in the Canadian
Preliminary Prospectus contained, as at the filing date of the Canadian Preliminary Prospectus Supplement, no misrepresentation and constitute full, true and plain disclosure of all material facts relating to the Company and the Shares as required
by Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information and statements (excluding the Underwriters' Information) contained in the Canadian
Final Prospectus, as then amended or supplemented, contain or will contain, as at its filing date and as of the Closing Date and as of each Option Closing Date, as applicable, no misrepresentation and constitute full, true and plain disclosure of
all material facts relating to the Company and the Shares as required by Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the statistical, industry and market-related data included in the Offering Documents are based on or derived
from sources that are believed by the Company to be reliable and accurate in all material respects, and the Company has obtained the consent to the use of such data or information from such

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sources to the extent required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except with respect to any Underwriters' Information, the Canadian Final Prospectus (including the
Incorporated Documents) comply fully with the requirements of Canadian Securities Laws, other than as to non-material matters of form or similar non-material matters or
for which an exemption from such requirements has been obtained.

Filing of the Offering Documents and any Offering Document Amendment with the Canadian Securities Regulators or the SEC, as applicable, shall also constitute the Company's consent to the Underwriters' use of the applicable Offering Documents and any applicable Offering Document Amendment in connection with the distribution of the Shares in the Canadian Qualifying Jurisdictions and the United States, as applicable, in compliance with this Agreement and the Applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company represents and warrants to the Underwriters that as of the date hereof, as of the Closing Date
and as of each Option Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement has become effective upon filing pursuant to Rule 467(a) under the U.S.
Securities Act; no stop order suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose are pending before or, to the knowledge of the Company, threatened by the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (1) the Registration Statement, when it became effective, did not contain and, as amended or supplemented,
if applicable, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (2) the Registration Statement, at the time of
effectiveness, the Form F-X, at the time of filing with the SEC, and the U.S. Final Prospectus, at the time of filing with the SEC, comply and, as amended or supplemented, if applicable, at the time of filing
with the SEC, will comply in all material respects with the U.S. Securities Act and the rules and regulations of the SEC thereunder, (3) the Time of Sale Prospectus does not, and at the time of each sale of the Shares in connection with the
Offering when the U.S. Final Prospectus is not yet available to prospective purchasers and as of the Closing Date or the Option Closing Date, as applicable, the Time of Sale Prospectus, as then amended or supplemented by the Company, if applicable,
will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (4) each broadly available Road
Show, if any, when considered together with the Time of Sale Prospectus, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading, (5) each Written Testing-the-Waters Communication does not conflict with the information contained in the Registration
Statement, the Time of Sale Prospectus, or the Final Offering Documents, and each Written Testing-the-Waters Communication, when considered together with the Time of
Sale Prospectus, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they

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were made, not misleading, and (6) the U.S. Final Prospectus will not, as of its filing date and at the Closing Date or the Option Closing Date, as applicable, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to Underwriters' Information. <br>

**7.** **Additional Representations and Warranties of the Company** 

The Company represents and warrants to the Underwriters, and acknowledges that the Underwriters are relying upon such representations and warranties in purchasing the Firm Shares and the Optional Shares, if any, that, as of the date hereof, as of the Closing Date and as of each Option Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There has been no dividend or distribution of any kind declared, paid or made by the Company on any class of
its shares other than as disclosed in the Offering Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has been duly incorporated and is a valid and existing corporation under the *Canada Business Corporations Act* and has all requisite corporate power, capacity and authority to carry on its business as described in the Offering Documents and to own and lease its properties and assets and to execute and file with the Canadian Securities
Regulators and the SEC the Offering Documents and the Offering Document Amendments, if any, in each case to the extent required to be so executed and filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Subsidiaries has been duly incorporated and is a valid and existing corporation under the laws
of its jurisdiction of incorporation and has all requisite corporate power, capacity and authority to own and lease its properties and assets and to carry on its business as presently conducted and as proposed to be conducted as contemplated in the
Offering Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than The Boyd Group Inc. (Canada) and Boyd Group (U.S.) Inc., the Company has no subsidiaries required
to be disclosed pursuant to item 3.2 of Form 51-102F2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the Company and the Subsidiaries is qualified to carry on business under the laws of each
jurisdiction in which it carries on a material portion of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of the Company and the Subsidiaries has conducted and is conducting and will conduct its business in
compliance in all material respects with all applicable laws, rules and regulations or other lawful requirements of any Governmental Authority applicable to it of each jurisdiction in which it carries on a material portion of its business and holds
all licenses, registrations and qualifications in all jurisdictions in which it carries on business which are necessary or desirable to carry on the business of the Company and the Subsidiaries as now conducted and as contemplated to be conducted in
the Offering Documents (except where the failure to so conduct its business or to hold such licenses, registrations or qualifications would not, individually or in the aggregate, have a Material Adverse Effect), all such licenses, registrations or
qualifications are valid and existing and in good standing (except where the lack of such valid or existing license would not have any Material Adverse Effect) and none of such licenses, registrations or qualifications contains any burdensome term,
provision, condition or limitation which has or is likely to have any Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Other than as disclosed in the Offering Documents, the Company is not aware of any proposed laws, rules or
regulations that would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The minute books of the Company and each of the Subsidiaries are, in all material respects, true, complete
and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The books of account and other records of the Company and each of the Subsidiaries, whether of a financial
or accounting nature or otherwise, have been maintained in accordance with prudent business practices in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Other than where the failure do so would not have a Material Adverse Effect, the Company and each of the
Subsidiaries has duly and on a timely basis filed all tax returns required to be filed by it, has paid all taxes due and payable by it and has paid all assessments and reassessments and all other taxes, governmental charges, penalties, interest and
other fines due and payable by it and adequate provision has been made for taxes payable for any completed fiscal period for which tax returns are not yet required to be filed and there are no agreements, waivers, or other arrangements providing for
an extension of time with respect to the filing of any tax return or payment of any tax, governmental charge or deficiency by the Company or any Subsidiary and to the knowledge, information and belief of the Company there are no material actions,
suits, proceedings, investigations or claims threatened or pending against the Company or any Subsidiary in respect of taxes, governmental charges or assessments or any material matters under discussion with any Governmental Authority relating to
taxes, governmental charges or assessments asserted by any such authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) No consent, approval, permit, authorization, or order of, or no filing with, any court or Governmental
Authority is required by the Company or necessary for the execution, delivery and the performance by the Company of its obligations under this Agreement, other than as may be required under the Applicable Securities Laws with regard to the
distribution of the Shares or as have been or will be obtained or made prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company has all requisite corporate power, capacity and authority to enter into this Agreement and to
perform its obligations under this Agreement (including, without limitation, to create, issue and sell the Shares), and this Agreement has been duly authorized by all necessary corporate action and has been duly executed and delivered by the
Company, and this Agreement is a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to the following: (i) enforceability may be limited by bankruptcy, insolvency, moratorium,
reorganization or other laws affecting creditors' rights generally; (ii) general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law), (iii) equitable remedies, including the
remedies of specific performance and injunctive relief, are available only in the discretion of the applicable court; (iv) the courts having jurisdiction may have equitable or statutory powers to stay proceedings before them and the execution
of judgments, and (v) rights to indemnity and contribution hereunder may be limited under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company has all requisite corporate power, capacity and authority to perform its obligations under the
Acquisition Agreement, and the Acquisition Agreement has been

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duly authorized, executed and delivered by the Company, and is a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to the following: (i) enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other laws affecting creditors' rights generally; (ii) general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law), (iii) equitable remedies, including the remedies of specific performance and injunctive relief, are available only in the discretion of the applicable court; (iv) the courts having jurisdiction may have equitable or statutory powers to stay proceedings before them and the execution of judgments; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Company and its Subsidiaries are not in default under or in breach of, and the execution, delivery,
performance of and compliance with the terms of this Agreement by the Company will not result in any breach of, or be in conflict with or constitute a default under, or create a state of facts which, after notice or lapse of time or both, would
constitute a default, or give rise to any lien, under: (i) the articles or by-laws of the Company or its Subsidiaries, as the case may be; (ii) any material contract, mortgage, note, indenture,
agreement, instrument, lease or other document to which the Company or any of its Subsidiaries is a party or by which the Company or its Subsidiaries, are bound; (iii) any resolutions of the directors, or securityholders, as applicable, of the
Company or its Subsidiaries; or (iv) any judgment, decree, order, statute, rule or regulation applicable to the Company or its Subsidiaries which would, in any such event, have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) There has not been any material change in the capital, assets, liabilities or obligations (absolute,
accrued, contingent or otherwise) of the Company from the position set forth in the Financial Statements except as disclosed in the Offering Documents and there has not been any adverse material change in the business, operations, capital,
properties, assets, liabilities (absolute, accrued, contingent or otherwise), condition (financial or otherwise) or results of operations of the Company and the Subsidiaries (taken as a whole) since the date of the Financial Statements, except as
disclosed in the Offering Documents; and since that date there have been no material facts, transactions, events or occurrences which could materially adversely affect the business, operations, capital, properties, assets, liabilities (absolute,
accrued, contingent or otherwise), condition (financial or otherwise) or results of operations of the Company and its Subsidiaries (taken as a whole) which have not been disclosed in the Offering Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Financial Statements present fairly, in all material respects, in accordance with IFRS, consistently
applied, the financial position and condition, the results of operations, cash flows and the other information purported to be shown therein of the Company on a consolidated basis as at the dates thereof and for the periods then ended and reflect
all assets, liabilities and obligations (absolute, accrued, contingent or otherwise) of the Company on a consolidated basis as at the dates thereof required to be disclosed by IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Selected Financial Information included in the Offering Documents has been compiled on a basis
consistent with that of the Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Pro Forma Financial Statements have been prepared in accordance with IFRS, consistently applied, and
have been prepared and presented in accordance with Applicable Securities Laws. The Pro Forma Financial Statements include all adjustments necessary to present fairly in all material respects the pro forma consolidated financial

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position of the Company as at the dates and for the periods referred to in the Pro Forma Financial Statements after giving effect to the completion of the Acquisition and do not contain a misrepresentation. The assumptions contained in such Pro Forma Financial Statements are suitable, supported and consistent with the consolidated financial results of the Company. The Pro Forma Financial Information included in the Offering Documents has been compiled on a basis consistent with that of the Pro Forma Financial Statements; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) There are no off-balance sheet transactions, arrangements,
obligations (including contingent obligations) or other relationships of the Company or its Subsidiaries with unconsolidated entities or other persons required to be disclosed by Applicable Securities Laws in a prospectus to be filed with the SEC or
the Canadian Securities Regulators that are not described in the Offering Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Based upon representations made by the Company's auditor to the Company, the Company's auditor
is an independent chartered accountant with respect to the Company as required by Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) There has not been any reportable disagreement (within the meaning of Section 4.11 of National
Instrument 51-102 – *Continuous Disclosure Obligations* of the Canadian Securities Administrators) with the Company's auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To the knowledge of the Company after due inquiry, Forvis Mazars LLP, who has certified certain financial
statements of the Acquired Business and delivered its report with respect to the audited consolidated financial statements of the Acquired Business and the schedules included or incorporated by reference in each of the Time of Sale Prospectus and
Final Offering Documents, is an independent auditor with respect to the Acquired Business within the meaning of Applicable Securities Laws and the American Institute of Certified Public Accountants Code of Professional Conduct and its
interpretations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The Company maintains a system of internal control over financial reporting that complies with the
requirements of National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings of the Canadian Securities Administrators, and has been designed by the Company's Chief
Executive Officer and Chief Financial Officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.
The Company is not aware of any material weaknesses in its internal control over financial reporting. The Company maintains a system of disclosure controls and procedures that is designed to provide reasonable assurance that information required to
be disclosed by the Company under Applicable Securities Laws is recorded, processed, summarized and reported within the time periods specified under Applicable Securities Laws and to ensure that information required to be disclosed by the Company
under Applicable Securities Laws is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Each of the Company and its Subsidiaries has its properties and assets insured against loss or damage by
insurable hazards or risks that is of a type and in an amount typical to the business in which the Company operates as conducted by a reasonably prudent person based on the advice of reputable insurance brokers consulted by such person; in

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the last twelve months neither the Company nor its Subsidiaries have made any material claim on any policy of insurance or been refused any material insurance coverage sought or applied for; and the Company does not have any reason to believe that it will not be able to renew the existing insurance coverage of the Company or its Subsidiaries as and when such coverage expires or obtain similar coverage from similar insurers as may be necessary to continue with its businesses at a cost that would not have a Material Adverse Effect; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) To the knowledge of the Company, all material receivables recorded on the books of the Company are bona fide
and are good and collectible without set off or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Except as disclosed in the Offering Documents, the Company has undertaken an asset analysis and the Company
does not anticipate making any material write downs in respect of the assets of the Company or any parts thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) All material bonuses, commissions, salaries and other amounts owing to employees are reflected and have been
accrued in the books of account of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Each Employee Plan has been maintained in all material respects in accordance with its terms and with the
requirements prescribed by any and all statutes, orders, rules and regulations that are applicable to such Employee Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) (i) Each of the Company and its Subsidiaries is in compliance with the provisions of all applicable federal,
provincial, local and other laws and regulations respecting employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to do so would not, individually or in the aggregate, have a Material
Adverse Effect; (ii) no collective labor dispute, grievance, arbitration or legal proceeding is ongoing, pending or, to the knowledge of the Company, threatened and no individual labor dispute, grievance, arbitration or legal proceeding is
ongoing, pending or, to the knowledge of the Company, threatened with any employee of the Company or any of its Subsidiaries that would have a Material Adverse Effect, and, to the knowledge of the Company, no such collective labor dispute,
grievance, arbitration or legal proceeding has occurred during the past year; and (iii) except as disclosed in the Offering Documents or as required by applicable law, no union has been accredited or otherwise designated to represent any
employees of the Company or any of its Subsidiaries and, to the knowledge of the Company, no accreditation request or other representation question is pending with respect to the employees of the Company or any of its Subsidiaries, and no collective
agreement or collective bargaining agreement or modification thereof has expired or is in effect in any of the Company or any of its Subsidiaries' facilities and none is currently being negotiated by the Company or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Except for such matters as would not, individually or in the aggregate, have a Material Adverse Effect, no
existing material supplier, distributor, service provider, manufacturer, agent, reseller, sponsor, contractor or third-party partner of the Company or any of its Subsidiaries has indicated in writing that it intends to terminate its relationship
with the Company or such Subsidiary or that it will be unable to meet the Company's or such Subsidiary's supply, distribution, service, manufacturing or contracting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) The Company has good and marketable title to all real property owned by it, in each case, free and clear of
all Liens, except in each case as would not have a Material Adverse

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Effect; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Except for such matters as would not, individually or in the aggregate, have a Material Adverse Effect,
neither the Company nor any of its Subsidiaries is in default or breach of any real property lease, and neither the Company nor any of its Subsidiaries has received any written notice or other written communication from the owner or manager of any
real property leased by the Company or any of its Subsidiaries that the Company or such Subsidiary is not in compliance with any real property lease, and to the knowledge of the Company, no such notice or other communication is pending or has been
threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Except for such matters as would not, individually or in the aggregate, have a Material Adverse Effect, each
of the Company and its Subsidiaries has good and valid title to all of its assets and property, free and clear of any Lien other than: (i) those granted pursuant to the Credit Facilities, (ii) those that do not materially interfere with
the use made and proposed to be made of such property by the Company and its Subsidiaries, or (iii) would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and, except for the sale of inventory in
the ordinary course of business, no person has any contract or any right or privilege capable of becoming a right to purchase any asset or property from the Company or any of its Subsidiaries that would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Except for such matters as would not, individually or in the aggregate, have a Material Adverse Effect,
(i) each of the Company and its Subsidiaries owns all rights in or has obtained valid and enforceable licenses or other rights to use, the systems, recipes, know how (including trade secrets and other proprietary or confidential information),
trade-marks (both registered and unregistered), trade names, patents, patent applications, inventions, copyrights and any other intellectual property (collectively, "**Intellectual Property**") described in the Offering Documents as
being owned or licensed by the Company or one of its Subsidiaries or which are used for the conduct of the Company's and its Subsidiaries' business as currently carried on and proposed to be carried on, free and clear of any Lien or
other adverse claim or interest of any kind or nature affecting the assets of the Company and its Subsidiaries (other than Liens granted in connection with the Credit Facilities); (ii) to the knowledge of the Company, there is no infringement by
third parties of any Intellectual Property owned, licensed or commercialized by the Company or any of its Subsidiaries; (iii) there is no action, suit, proceeding or claim pending or, to the knowledge of the Company, threatened by others
challenging the Company's and its Subsidiaries' rights in or to any Intellectual Property or the validity or scope of any Intellectual Property owned, licensed or commercialized by the Company and its Subsidiaries, and the Company is
unaware of any other fact which could form a reasonable basis for any such action, suit, proceeding or claim; (iv) to the Company's knowledge, all trade secrets and other confidential proprietary information forming part of or in relation
to the Intellectual Property being owned or licensed by the Company or any of its Subsidiaries is and remains confidential to the Company or such Subsidiary, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in the Offering Documents, the Company and its Subsidiaries' information
technology assets and equipment, computers, systems, networks, hardware, software, websites, applications and databases (collectively, **"IT Systems**") are adequate for, and operate and perform in all material respects as required in
connection with the operation of the business of the Company and its Subsidiaries as currently conducted, and, to the best of the Company's knowledge, free and clear of all material

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bugs, errors, defects, Trojan horses, time bombs, malware and other corruptions. The Company and its Subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data ("**Personal Data**")) used in connection with their businesses, and except as would not have a Material Adverse Effect there have been no breaches, violations, outages or unauthorized uses or disclosures of or accesses to same. The Company and its Subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or Governmental Authority, internal and external policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, disclosure, misappropriation or modification and the Company has implemented backup and disaster recovery technology consistent with industry standards and practice; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) The Company's board of directors has validly appointed an audit committee and the board of directors
and/or its audit committee has adopted a charter that satisfies the requirements of Regulation 52-110 – *Audit Committees*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Except as disclosed in the Offering Documents, since December 31, 2024, no director or officer, former
director or officer, or employee of, or any other person not dealing at arm's length with, the Company and its Subsidiaries and their respective directors, officers or employees, has been or is engaged in any material transaction or
arrangement with or to be a party to a material contract with, or has any material indebtedness, liability or obligation to, the Company or any of its Subsidiaries, except for employment arrangements with employees or serving as a director or
officer of the Company or its Subsidiaries as disclosed in the Offering Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) Except as disclosed in the Offering Documents, there are no actions, suits, proceedings or inquiries in
existence or, to the knowledge of the Company, pending or threatened against or affecting the Company or any of its Subsidiaries at law or in equity or before or by any federal, provincial, municipal or other governmental department, commission,
board, bureau, agency or instrumentality which, if determined adversely to the Company or any of its Subsidiaries, would reasonably be expected to have a Material Adverse Effect, and the Company is not aware of any existing ground on which such
action, suit, proceeding or inquiry might be commenced with any reasonable likelihood of success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) Except where failure to comply, individually or in the aggregate, would not have a Material Adverse Effect,
and except as disclosed in the Offering Documents, the Company and its Subsidiaries are in compliance with all applicable laws, statutes, ordinances, by-laws and regulations, and any orders, directives or
decisions rendered by any court, ministry, department or administrative or regulatory agency, whether domestic or foreign, including any requirements or obligations arising under common law, relating to ()"**Environmental Laws** "): (i)
the businesses of the Company and its Subsidiaries as described in the Offering Documents; and (ii) the protection or enhancement of the environment, occupational health and safety matters or the generating, manufacturing, processing, release,
presence, migration, deposit, use, treatment, storage, disposal, recycling, discharge, transport or handling of any pollutants, contaminants, chemicals, dangerous goods, wastes or materials or substances that are regulated ()"**Hazardous Substances** ");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Except as disclosed in the Offering Documents, and except where failure to comply, individually or in the
aggregate, would not have a Material Adverse Effect , the Company and its Subsidiaries have obtained or made all licenses, permits, approvals, consents, certificates, registrations and other authorizations under all applicable Environmental Laws
necessary for the operation of the business carried on by the Company and its Subsidiaries (the "**Environmental Permits**") and each Environmental Permit is valid, subsisting and in good standing and neither the Company nor its
Subsidiaries are in default or breach of any Environmental Permit and no proceeding is pending or threatened to revoke or limit any Environmental Permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) Except where failure to comply, individually or in the aggregate, would not have a Material Adverse Effect ,
and except as disclosed in the Offering Documents, the Company and its Subsidiaries are not subject to any obligation (whether pursuant to Environmental Laws or otherwise) to investigate, remediate or otherwise manage any Hazardous Substance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) Except as disclosed in the Offering Documents, neither the Company nor its Subsidiaries have used, except in
compliance in all material respects with all Environmental Laws and prudent business practice, any property or facility which it owns or leases or previously owned or leased, to generate, manufacture, process, distribute, use, treat, store, recycle,
deposit, release, dispose of, transport or handle any Hazardous Substance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) Except as disclosed in the Offering Documents, and except as, individually or in the aggregate, would not
have a Material Adverse Effect: (i) neither the Company nor its Subsidiaries have (A) received any notice of, or been prosecuted for an offense alleging, non-compliance with any Environmental Law, or
(B) settled any allegation of non-compliance short of prosecution; and (ii) there are no orders or directions relating to environmental matters requiring any investigation, work, repairs, monitoring,
construction or capital expenditures to be made with respect to any of the assets of the Company or its Subsidiaries, and neither the Company nor its Subsidiaries have received notice of any of the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) Except as disclosed in the Offering Documents or otherwise disclosed in the Offering Documents and except
as, individually or in the aggregate, would not have a Material Adverse Effect, neither the Company nor any of its Subsidiaries have received any notice that it is potentially responsible for a federal, provincial, municipal or local clean-up site or corrective action under any Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) Except as disclosed in the Offering Documents, and except as, individually or in the aggregate, would not
have a Material Adverse Effect, neither the Company nor its Subsidiaries are currently subject to or received notice of any audit, evaluation, investigation, assessment, study or test relating to the Company or its Subsidiaries under any
Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) The Company has not filed any confidential material change report with the Canadian Securities Regulators
that is still maintained on a confidential basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) With respect to any forward looking information contained in the Offering Documents as of the date the
information was provided: (i) the Company has a reasonable basis for the forward looking information; and (ii) all material forward looking information is identified as such, and material risk factors that could cause actual results to
differ materially from

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the forward looking information are identified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) The authorized capital of the Company consists of an unlimited number of common shares, of which 21,468,021
common shares were issued and outstanding as of October 27, 2025, all of which shares are duly authorized and validly issued, fully paid and non-assessable and none of which shares have been issued in
violation of any pre-emptive right or similar right. No person has any agreement or option, or right or privilege (whether pre-emptive or contractual) capable of
becoming an agreement or option, for the purchase from the Company of any unissued share of the Company, except as disclosed in the Offering Documents or as otherwise disclosed in writing to the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) Except as disclosed in the Offering Documents or as otherwise disclosed in writing to the Underwriters and
except for such agreement(s) as will be terminated on or prior to the Closing Date, there are no shareholders' agreements, voting agreements, investors' rights agreements or other agreements in force or effect to which the Company or any
of its Material Subsidiaries disclosed in the Offering Documents is a party and which in any manner affects or will affect the voting or control of any of the securities of the Company or any such Material Subsidiary, the nomination of directors to
the board of the Company or any such Material Subsidiary or the operations or affairs of the Company or any such Material Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) There are no contracts, agreements or understandings between the Company or any subsidiary and any person
granting such person the right to require the Company or any subsidiary to file a registration statement under the U.S. Securities Act or to file a prospectus under Applicable Securities Laws with respect to any securities of the Company or any
subsidiary owned or to be owned by such person or to require the Company to include such securities in the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) The Company is the legal and beneficial owner, directly or indirectly, of all voting and equity interests in
each of its Subsidiaries, such interests have been duly and validly authorized and issued, are fully paid and non-assessable, and free and clear of any Lien other than those granted pursuant to the Credit
Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) No person has any agreement, option, right or privilege with or acquired from the Company or any of its
Subsidiaries, to acquire securities of the Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) Computershare Investor Services Inc., at its principal office in the City of Calgary, has been duly
appointed as registrar and transfer agent for the Shares and Computershare Trust Company, N.A., at its principal offices in Canton, MA and Jersey City, NJ, has been duly appointed as transfer agent and registrar for the Shares in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) No securities commission or securities regulatory authority, or stock exchange in Canada or the United
States has issued any order which is currently outstanding, preventing or suspending trading in any securities of the Company, and no such proceeding is, to the knowledge of the Company, pending, contemplated or threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) The Company is in compliance, in all material respects, with all of its applicable continuous disclosure
obligations and timely disclosure obligations under the Canadian Securities Laws and the rules and regulations of the TSX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) (i) The Company is a "reporting issuer" or the equivalent in each of the provinces of Canada
within the meaning of Applicable Securities Laws in such provinces and is not in

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default of any requirement of Applicable Securities Laws in any material respect, and (ii) the Company is a "foreign private issuer" (as defined in Rule 405 under the U.S. Securities Act) and meets the requirements to use Form F-10 under the U.S. Securities Act to register the Offering under the U.S. Securities Act; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) The Company is not an "ineligible issuer" in connection with the Offering as defined in Rule 405
under the U.S. Securities Act; any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the U.S. Securities Act has been, or will be, filed with the SEC in accordance with the requirements of the U.S. Securities
Act; each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the U.S. Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies or will comply in all
material respects with the requirements of the U.S. Securities Act; except for the free writing prospectuses, if any, identified in Schedule B hereto, and electronic Road Shows, if any, each furnished to the Joint Active Bookrunners before first
use, the Company has not prepared, used or referred to, and will not, without the prior consent of the Joint Active Bookrunners, prepare, use or refer to, any free writing prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) The Company is qualified under NI 44-101 to file a prospectus in the
form of a short form prospectus in each of the Canadian Qualifying Jurisdictions and is eligible to use the Shelf Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) The Company has prepared and filed with the Canadian Securities Regulators in accordance with the Shelf
Procedures, the Canadian Base Prospectus and has obtained a receipt for the Canadian Base Prospectus from the Manitoba Securities Commission for and on behalf of itself and each of the other Canadian Securities Regulators. At the time of filing of
the Canadian Base Prospectus, the Company was eligible, and had satisfied all of the applicable conditions, to use the exemptions from certain prospectus requirements set out in the WKSI Blanket Orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) To the knowledge of the Company, no insider of the Company has a present intention to sell any securities of
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other than as provided for in this Agreement, the Company has not incurred any obligation or liability,
contingent or otherwise, for brokerage fees, finder's fees, underwriter's or agent's commission or other similar forms of compensation with respect to the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) The issued and outstanding common shares of the Company are listed for trading on the TSX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) The Shares have been or will be at their date of issue duly and validly authorized and, when issued or
delivered in accordance with this Agreement at the Closing Date or the Option Closing Date, as applicable, will be validly issued as fully paid and non-assessable shares of the Company and will not have been
issued in violation of or subject to any pre-emptive rights or contractual rights to purchase securities issued by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) The provisions of the Shares conform, in all material respects, with the descriptions thereof in the
Offering Documents under the heading "Description of Share Capital";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) To the knowledge of the Company, none of its directors or officers are subject to an order or ruling of any
securities regulatory authority or stock exchange prohibiting such

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individual from acting as a director or officer of a public company or of a company listed on a particular stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) The Offering Documents describe, to the extent required by Applicable Securities Laws, all material
contracts (as defined in Canadian Securities Laws) of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) Except as set forth in the Offering Documents, no acquisition has been made by the Company or any of its
Subsidiaries that is a "significant acquisition" to the Company (on a consolidated basis) within the meaning of Applicable Securities Laws, and neither the Company nor any of its Subsidiaries are party to any contract with respect to any
probable acquisition that would constitute a "significant acquisition" to the Company (on a consolidated basis), in each case that would require disclosure in the Offering Documents under Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) Neither the Company nor any of its Subsidiaries has taken or will take, directly or indirectly, any action
designed to or that might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) The Company will apply the net proceeds from the sale of the Shares in a manner that is consistent with the
disclosure set out under the headings "Use of Proceeds" in the Offering Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) To its knowledge, neither the Company nor any of its Subsidiaries has since December 31, 2020, directly
or indirectly, (i) made or authorized any contribution, payment or gift of funds or property of the Company or its Subsidiaries or other unlawful expense relating to political activity to any official, employee or agent of any governmental
agency, authority or instrumentality of any jurisdiction or (ii) made any direct or indirect contribution from corporate funds to any candidate for public office, in either case, where either the payment or the purpose of such contribution,
payment or gift was, is, or would be prohibited under the Corruption of Foreign Public Officials Act (Canada), the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) or the United States Foreign Corrupt Practices Act of 1977,
as amended, or Title 18 United States Code Section 1956 and 1957 (US), or the rules and regulations promulgated thereunder or under any other legislation of any relevant jurisdiction covering a similar subject matter applicable to the Company
or its Subsidiaries and their respective operations, and the Company and its Subsidiaries have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance with
such legislation; and the operations of the Company and its Subsidiaries are and since December 31, 2020, have been conducted at all times in compliance with such legislation and no suit, action or proceeding by or before any Governmental
Authority or any arbitrator involving the Company or any of its Subsidiaries with respect to such legislation is in progress, or to the knowledge of the Company, pending or threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and
any related or similar rules, regulations or guidelines issued, administered or enforced by any Governmental Authority (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding by or before any court or
Governmental Authority or

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any arbitrator involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) Neither the Company nor any of its Subsidiaries nor, to the knowledge of the Company, any director, officer,
agent, employee or affiliate or representative of the Company or any of its Subsidiaries is a Person that is currently the target or subject of any sanctions administered or enforced by the U.S. government, including without limitation, the Office
of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of Commerce, the U.S. Department of State, the United Nations Security Council, the European Union, His Majesty's Treasury, or other relevant sanctions authority
(collectively, "**Sanctions** "), nor is the Company or any of its Subsidiaries located, organized or resident in a country or territory that is the subject of Sanctions. The Company will not, directly or indirectly, use the proceeds
of the offering and sale of the Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person, (i) to fund or facilitate any activities of or business with any person that, at the
time of such funding or facilitation, is the subject or target of Sanctions, or is in any country or territory, that, at the time of such funding or facilitation, is the subject or target of Sanctions, or (ii) in any other manner that will
result in a violation by any person (including any person participating in the offering and sale of the Shares, whether as underwriter, initial purchaser, advisor, investor or otherwise) of Sanctions. Since April 24, 2019, the Company and its
Subsidiaries have not to their knowledge engaged in, and are not now knowingly engaged in, and will not engage in any dealings or transactions with any Person that, at the time of such dealing or transaction, is or was the subject or target of
Sanctions or with or in any country or territory that is or was the target or subject of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) The Company is not, and after giving effect to the offering and sale of the Shares and the application of
the proceeds thereof as described in the U.S. Final Prospectus will not be, required to register as an "investment company" as such term is defined in the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) The Shares have been approved for listing on NYSE, subject only to official notice of issuance and are
listed, or have been conditionally approved for listing, as applicable, on the TSX, subject to the satisfaction of customary conditions required by such exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) The Company has not (i) engaged in, or authorized any other person to engage in, any Testing-the-Waters Communications, other than Testing-the-Waters Communications with the prior
consent of the Joint Active Bookrunners with entities that the Company reasonably believes are qualified institutional buyers as defined in Rule 144A under the U.S. Securities Act, institutions that are accredited investors within the meaning of
Rule 501 under the U.S. Securities Act or accredited investors within the meaning of National Instrument 45-106 – Prospectus Exemptions and (ii) distributed, or authorized any other person to
distribute, any Written Testing-the-Waters Communication, other than those distributed with the prior consent of the Joint Active Bookrunners that are listed on Schedule
B hereto; and the Company reconfirms that the Underwriters have been authorized to act on its behalf in engaging in Testing-the-Waters Communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) To the knowledge of the Company, no event has occurred or condition exists which will prevent the
Acquisition from being completed in all material respects in accordance with the terms of the Acquisition Agreement without material amendment or waiver adverse to the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) To the knowledge of the Company, the Target Financial Statements fairly present in all material respects, in
accordance with United States generally accepted accounting principles, as in effect from time to time, applied on a consistent basis throughout the relevant periods (except as may be indicated in the notes and schedules thereto), the consolidated
financial position of the Acquired Business, as of the respective dates thereof and consolidated results of operations, members' equity and cash flows for the respective periods then ended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) The representations and warranties of the Company and its Subsidiaries in the Acquisition Agreement are true
and correct in accordance with the standards of materiality contained therein, except as such would not have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) To the knowledge of the Company, the representations and warranties of the Acquired Business in the
Acquisition Agreement are true and correct in all material respects, except as such would not have a "Material Adverse Effect" as such term is defined under the Acquisition Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) The Company has provided to the Underwriters a true and complete copy of the Acquisition Agreement,
including all schedules and exhibits thereto.

**8.** **Additional Covenants of the Company** 

The Company covenants with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It will advise the Underwriters, promptly after receiving notice thereof, when any receipt for a Canadian
Prospectus Amendment has been obtained and will provide evidence satisfactory to the Underwriters of each such filing and the issuance or deemed issuance of receipts in respect thereof, as applicable, from all of the Canadian Securities Regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It will advise the Underwriters, promptly after receiving notice or obtaining knowledge, of: (i) the
issuance by any Canadian Securities Regulator or U.S. securities regulator of any order suspending or preventing the use of the Offering Documents; (ii) the suspension of the qualification of the Shares for distribution or sale in any of the
Canadian Qualifying Jurisdictions or the United States; (iii) the institution or threatening of any proceeding for any of those purposes; or (iv) any requests made by any securities commission, stock exchanges or comparable authority for
amending or supplementing the Offering Documents, or for additional information, and will use its commercially reasonable best efforts to prevent the issuance of any such order and, if any such order is issued, to obtain the withdrawal of the order
promptly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It will not take any action that would result in an Underwriter or the Company being required to file with
the SEC pursuant to Rule 433(d) under the U.S. Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If at any time following issuance of a Written Testing-the-Waters Communication, any event occurred or occurs as a result of which such Written Testing-the-Waters Communication would conflict with the information in the Registration Statement, Time of Sale Prospectus, or Final Offering Documents or would include an untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in light of the circumstances then prevailing, not misleading, the

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Company will give prompt notice thereof to the Joint Active Bookrunners and, if requested by the Joint Active Bookrunners, will prepare and furnish without charge to each Underwriter a Written Testing-the-Waters Communication or other document which will correct such conflict, statement or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It will use its reasonable best efforts to qualify the Shares for offer and sale under the securities or
Blue Sky laws of such jurisdictions as the Joint Active Bookrunners reasonably request, provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a
dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in any jurisdiction in which it is not otherwise so subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It will make generally available to its securityholders (it being understood that filings on SEDAR+ and
EDGAR satisfy this requirement) as soon as practicable, but in any event not later than sixteen months after the effective date of the Registration Statement (as defined in Rule 158(c) under the U.S. Securities Act), an earnings statement of the
Company and its Subsidiaries (which need not be audited) complying with Section 11(a) of the U.S. Securities Act and the rules and regulations of the SEC thereunder (including, at the option of the Company, Rule 158);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It will use its reasonable best efforts to have the Shares accepted for listing on NYSE and the TSX and to
file with such exchanges all documents and notices required by such exchanges of issuers that have securities that are listed on such exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It will deliver to each Underwriter, upon such Underwriter's written request, on or before the date
hereof, a properly completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying documentation, and the Company undertakes to provide such additional supporting documentation as each
Underwriter may reasonably request in connection with the verification of the foregoing Certification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It shall pay, and shall indemnify and hold the Underwriters harmless against, any stamp, issue,
registration, documentary, sales, transfer or similar taxes, governmental charges or duties, including any interest and penalties with respect thereto, imposed under the laws of Canada or any political sub-division or taxing authority thereof or therein that is payable in connection with (i) the execution, delivery, consummation or enforcement of this Agreement, (ii) the creation, allotment and
issuance of the Shares, (iii) the sale and delivery of the shares to the Underwriters or purchasers procured by the Underwriters or (iv) the resale and delivery of the Shares by the Underwriters in the manner contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All sums payable by it under this Agreement shall be paid free and clear of and without deductions or
withholdings of any present or future taxes, levies, imposts, charges or duties, unless the deduction or withholding is required by law, in which case the Company shall pay such additional amount as will result in the receipt by each Underwriter of
the full amount that would have been received had no deduction or withholding been made. No such additional amount shall be paid if such deduction or withholding results from an Underwriter having rendered services in Canada or in the Province of
Ontario;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All sums payable to an Underwriter shall be considered exclusive of any value added, goods and services, or
similar taxes. Where the Company is obliged to pay such tax on any amount payable hereunder to an Underwriter, the Company shall in addition to the sum payable hereunder pay an amount equal to any applicable value added or similar tax; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) It will use its commercially reasonable efforts to expeditiously pursue the satisfaction of all conditions
to the completion of the Acquisition.

**9.** **Completion of Distribution** 

The Underwriters shall, and shall cause each Selling Firm to, after the Closing Time or the Option Closing Time, as applicable, give prompt written notice to the Company when, in the reasonable opinion of the Underwriters, they have completed distribution of the Shares, including notice of the total proceeds realized or number of Shares sold in each of the Canadian Qualifying Jurisdictions, the United States and any other jurisdiction from such distribution.

**10.** **Material Change or Change in Material Fact During Distribution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the period from the date hereof to the later of the Closing Date and the date of completion of
distribution of the Shares under the Offering Documents and any Offering Document Amendment, the Company shall promptly notify the Underwriters in writing of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any filing made by the Company of information relating to the Offering with any securities exchange or
Governmental Authority in Canada or the United States or any other jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any material change (actual, anticipated, contemplated, proposed by or threatened, financial or otherwise)
or development that would be likely to result in a material change in the results of operations, financial condition, business, affairs, assets, properties, capital, liabilities (contingent or otherwise), cash flows, income or business operations of
the Company and its Subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any material fact which has arisen or has been discovered and would have been required to have been stated
in the Offering Documents had the fact arisen or been discovered on or prior to the date of such document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any change in any material fact (which for the purposes of this Agreement shall be deemed to include the
disclosure of any previously undisclosed material fact) contained in the Offering Documents which fact or change is, or may be, of such a nature as to render any statement in the Offering Documents misleading or untrue in any material respect or
which would result in a misrepresentation in the Offering Documents or which would result in the Offering Documents not complying (to the extent that such compliance is required) with Applicable Securities Laws, in each case, as at any time up to
and including the later of the Closing Date, the Option Closing Date and the date of completion of the distribution of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall promptly, and in any event within any applicable time limitation,

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comply, to the satisfaction of the Underwriters, acting reasonably, with all applicable filings and other requirements under Applicable Securities Laws as a result of a fact or change referred to in Section 10(a) subject to Sections 5(b)(ii) and 5(b)(iii). The Company shall in good faith discuss with the Joint Active Bookrunners any fact or change in circumstances (actual, anticipated, contemplated or threatened, financial or otherwise) which is of such a nature that there is reasonable doubt whether written notice need be given under this Section 10. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company will promptly provide to the Underwriters, during the period commencing on the date hereof and
until completion of the distribution of the Shares, drafts of any press releases and other public announcements of the Company relating to the Company, , the Shares or the Offering for review by the Underwriters and their respective counsel prior to
issuance, provided that any such review will be completed in a timely manner.

**11.** **Change in Canadian Securities Laws** 

If during the period of distribution of the Shares there shall be any change in Canadian Securities Laws which requires the filing of an Offering Document Amendment, the Company shall, to the satisfaction of the Underwriters, acting reasonably, promptly prepare and file such Offering Document Amendment with the appropriate Canadian Securities Regulator in each of the Canadian Qualifying Jurisdictions where such filing is required.

**12.** **Underwriting Fee** 

In consideration of the Underwriters' purchase of: (i) the Firm Shares pursuant to this Agreement, the Company agrees to pay to the Underwriters a fee of $[ • ] per Firm Share (being [ • ]% of the Purchase Price) purchased by the Underwriters from the Company; and (ii) the Optional Shares, if any, pursuant to this Agreement, the Company agrees to pay to the Underwriters a fee of $[ • ] per Optional Share (being [ • ]% of the Purchase Price) purchased by the Underwriters from the Company (collectively, the "**Underwriting Fee**"). The Underwriting Fee shall be payable as provided for in Section 13.

RBC shall be entitled to receive, out of the Underwriting Fee, a work fee equal to 5.0% of the Underwriting Fee, with the remaining 95.0% to be divided among the Underwriters *pro rata* based on the percentages opposite the Underwriters' names in Section 21(a) hereto.

**13.** **Delivery of Purchase Price, Underwriting Fee and Shares** 

The purchase and sale of the Firm Shares and any Optional Shares shall be completed at the Closing Time or Option Closing Time, as the case may be, by virtual exchange of documents or at such place as the Underwriters and the Company may agree upon.

On the Closing Date, the Company shall duly and validly issue and deliver the Firm Shares, and on the Option Closing Date, if applicable, the Company shall duly and validly issue and deliver the Optional Shares, in each case in uncertificated form to the Underwriters as an "instant" or electronic deposit through the facilities of The Depository Trust Company ("**DTC**") in the United States and/or pursuant to the systems of CDS Clearing and Depository Services Inc. in Canada ("**CDS**"), or in the manner directed by the Underwriters in writing, in the case of DTC registered in the name of "Cede & Co." and in the case of CDS, registered in the name of "CDS & CO.", or, in each case, in such other name or names as the Joint Active Bookrunners may direct the Company, in writing not less than 48 hours prior to the Closing Time or the Option Closing Time, as the case may be.

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In each case, delivery by the Company of the Firm Shares, or delivery by the Company of the Optional Shares, shall be against payment by the Underwriters to the Company of the Purchase Price for the Firm Shares or the Optional Shares, as the case may be, net of the Underwriting Fee, by wire transfer of immediately available funds together with a receipt signed by the Joint Active Bookrunners for such Firm Shares or Optional Shares, as the case may be, with the Company delivering a receipt for the Underwriting Fee.

**14.** **Delivery of Shares** 

The Company shall, prior to the Closing Date and the Option Closing Date, as the case may be, make all necessary arrangements for the preparation, issue and delivery of the Firm Shares or the Optional Shares, as the case may be, on the Closing Date or the Option Closing Date, as the case may be.

The Company shall pay all fees and expenses payable to Computershare Investor Services Inc. and Computershare Trust Company, N.A. in connection with the preparation, issue and delivery of the Firm Shares or Optional Shares contemplated by this Section 14 and the fees and expenses payable to Computershare Investor Services Inc. and Computershare Trust Company, N.A. as may be required in the course of the distribution of the Firm Shares and the Optional Shares.

**15.** **Conditions to Underwriters' Obligation to Purchase** 

The Underwriters' obligation to purchase the Firm Shares on the Closing Date shall be subject to the representations and warranties of the Company contained in this Agreement being accurate as of the date of this Agreement and as of the Closing Date, to the Company having performed all of its obligations under this Agreement and to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Delivery of Opinions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received at the Closing Time a legal opinion dated the Closing Date, in form and
substance satisfactory to the Underwriters, acting reasonably, addressed to the Underwriters (and, if required for opinion purposes, counsel to the Underwriters) from Osler, Hoskin & Harcourt LLP, Canadian counsel to the Company, as to the
laws of Canada and the Canadian Qualifying Jurisdictions, which counsel in turn may rely upon the opinions of local counsel where it deems such reliance proper as to the laws of provinces other than Ontario, British Columbia, Alberta and
Québec (or alternatively make arrangements to have such opinions directly addressed to the Underwriters) and as to matters of fact, on certificates of Governmental Authorities and officers of the Company and letters from stock exchange
representatives and transfer agents, with respect to the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as to the existence of the Company under the laws of its jurisdiction of incorporation, formation or
continuance and as to the corporate power and capacity of the Company to own and lease assets and to carry on business, in each case as described in the Offering Documents and to execute, deliver and perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) as to the existence of each of the Company's Canadian Material Subsidiaries under the laws of its
jurisdiction of incorporation, formation or continuance and as to the corporate power and capacity of the Company's Canadian Material Subsidiaries to own and lease assets

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and to carry on business, in each case, as described in the Offering Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) as to the authorized and issued capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) that all necessary corporate action has been taken by the Company to authorize the execution of the Canadian
Preliminary Prospectus and the Canadian Final Prospectus and, if applicable, any Offering Document Amendment, and the filing of such documents under Canadian Securities Laws in each of the Canadian Qualifying Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) that all necessary corporate action has been taken by the Company to authorize the execution and delivery of
this Agreement and the Acquisition Agreement and the performance of its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) that this Agreement and the Acquisition Agreement have been duly executed and delivered by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) that no approval, authorization, consent or other order of, and no filing, registration or recording with,
any Governmental Authority is required of the Company under the laws of the Province of Manitoba and the federal laws of Canada applicable therein in connection with: (1) the execution and delivery of this Agreement and the performance of its
obligations hereunder, and (2) the issuance and delivery to the Underwriters of the Shares pursuant to this Agreement, other than filings under the securities laws of the Province of Manitoba which have been duly made by or on behalf of the
Company (other than the filing of a report as to the geographic distribution of the Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) that the execution and delivery of each of this Agreement and the performance of the Company's
obligations hereunder do not and will not result in a breach (whether after notice or lapse of time or both) of any of the terms, conditions or provisions of the articles or by-laws of the Company or any laws
of the Province of Manitoba or the federal laws of Canada applicable therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) that the Company has taken all necessary corporate action to authorize the issuance of the Firm Shares and
the Optional Shares and that such shares, when issued and delivered in accordance with the terms of this Agreement, will be validly issued as fully paid and non-assessable Shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) that the provisions of the Shares of the Company conform, in all material respects, with the descriptions of
the Shares in the Offering Documents under the heading "Description of Share Capital";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) that the statements in the Canadian Final Prospectus under the heading "Eligibility for
Investment" are accurate, subject to the assumptions, qualifications, limitations and restrictions set out therein;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) that the statements in the Offering Documents under the heading "Certain Canadian Federal Income Tax
Considerations", to the extent that such statements summarize matters of law or legal conclusions, fairly summarize the matters described therein in all material respects, subject to the assumptions, qualifications, limitations and
restrictions set out therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M) the Shares have been conditionally approved for listing on the TSX, subject only to the conditions set out
in the conditional approval letter dated [ • ], 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(N) that Computershare Investor Services Inc. at its principal offices in the City of Calgary has been duly
appointed as the transfer agent and registrar for the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(O) that all necessary documents have been filed, all necessary proceedings have been taken and all legal
requirements have been fulfilled by the Company as required under Canadian Securities Laws in order to qualify the Shares for distribution and sale to the public in each of the Canadian Qualifying Jurisdictions through investment dealers duly
registered under the applicable laws of such Canadian Qualifying Jurisdictions who have complied with the relevant provisions of Canadian Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(P) as to compliance with the laws of the Province of Quebec relating to the use of the French language in
connection with the Offering and documents to be delivered to purchasers in such province, including without limitation the Canadian Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Underwriters shall have received at the Closing Time an opinion of U.S. counsel to the Company, Skadden,
Arps, Slate, Meagher & Flom LLP, dated the Closing Date, addressed to the Underwriters, in form and substance satisfactory to the Underwriters, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Underwriters shall have received at the Closing Time a legal opinion of Stikeman Elliott LLP, as
Canadian counsel to the Underwriters, dated the Closing Date, addressed to the Underwriters, in form and substance satisfactory to the Underwriters, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Underwriters shall have received at the Closing Time a legal opinion from Latham & Watkins LLP,
as U.S. counsel to the Underwriters, dated the Closing Date, addressed to the Underwriters, and such counsel shall have received such documentation and information as they may reasonably request to enable them to pass upon such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Underwriters shall have received at the Closing Time a customary "10b-5" letter from each of (A) Latham & Watkins LLP, as U.S. counsel to the Underwriters and (B) Skadden, Arps, Slate, Meagher & Flom LLP, as U.S. counsel to the
Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Delivery of Comfort Letters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received at the Closing Time a bring-down comfort letter dated the Closing Date,
in form and substance satisfactory to the Underwriters, acting reasonably, addressed to the Underwriters and the directors of the Company from Deloitte LLP, confirming the continued accuracy of the comfort letter to be delivered to the Underwriters
pursuant to Section 5(a)(vi) with such changes as may be necessary to bring the information in such letter forward to a date not more than two Business Days prior to the Closing Date, provided such changes are acceptable to the Underwriters,
acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Underwriters shall have received at the Closing Time a bring-down comfort letter dated the Closing Date,
in form and substance satisfactory to the Underwriters, acting reasonably, addressed to the Underwriters and the directors of the Company from Forvis Mazars LLP, confirming the continued accuracy of the comfort letter to be delivered to the
Underwriters pursuant to Section 5(a)(vii) with such changes as may be necessary to bring the information in such letter forward to a date not more than two Business Days prior to the Closing Date, provided such changes are acceptable to the
Underwriters, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Underwriters shall have received at the Closing Time a certificate dated the Closing Date, in form and
substance satisfactory to the Underwriters, acting reasonably, addressed to the Underwriters and signed by the chief financial officer of the Company confirming the continued accuracy of the certificate to be delivered to the Underwriters pursuant
to Section 5(a)(viii), with such changes as may be necessary to bring the information in such letter forward the Closing Date, provided such changes are acceptable to the Underwriters, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Delivery of Certificates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received at the Closing Time certificates dated the Closing Date, addressed to
the Underwriters (and, if necessary for opinion purposes, counsel to the Underwriters) and signed by officers of the Company acceptable to the Underwriters, acting reasonably, with respect to the constating documents of the Company, the absence of
proceedings taken regarding dissolution, all resolutions of the board of directors of the Company relating to this Agreement and related matters, the incumbency and specimen signatures of signing officers of the Company and such other matters as the
Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Underwriters shall have received at the Closing Time a certificate dated the Closing Date, addressed to
the Underwriters and counsel to the Underwriters and signed on behalf of the Company by the Chief Executive Officer and the Chief Financial Officer or other officers of the Company acceptable to the Joint Active Bookrunners, acting reasonably,
certifying for and on behalf of the Company and without personal liability, after having made due enquiry and after having carefully examined the Offering Documents and any Offering Document Amendments:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) that since the respective dates as of which information is given in the Offering Documents, as amended by
any Offering Document Amendments (1) there has been no Material Adverse Change, and (2) no transaction has been entered into by any of the Company or its Subsidiaries which is material to the Company and its Subsidiaries taken as a whole, other
than as disclosed in the Offering Documents or the Offering Document Amendments, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) that no order, ruling or determination having the effect of suspending the sale or ceasing the trading of
the Shares or any other securities of the Company has been issued by any Governmental Authority and is continuing in effect and no proceedings for that purpose have been instituted or are pending or, to the knowledge of such officers, contemplated
or threatened under any of the Applicable Securities Laws or by any Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) that the Company has complied in all material respects with the terms and conditions of this Agreement on
its part to be complied with up to the Closing Time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) that the representations and warranties of the Company contained in this Agreement are true and correct as
of the Closing Time in all material respects (except for such representations and warranties of the Company qualified by materiality or which refer to a Material Adverse Effect, which shall be true and correct in all respects) with the same force
and effect as if made at and as of the Closing Time after giving effect to the transactions contemplated by this Agreement, except in respect of any representations and warranties that are to be true and correct as of a specified date, in which case
they will be true and correct in all respects as of that date only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Ratings** 

On or after the Applicable Time (i) no downgrading shall have occurred in the rating accorded the Company's debt securities by any "nationally recognized statistical rating organization", as that term is defined by the SEC for purposes of Rule 436(g)(2) under the U.S. Securities Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company's debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **TSX Listing Approval** 

The Shares shall have been conditionally approved for listing on the TSX, subject to the satisfaction of customary conditions required by the TSX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **NYSE Listing Approval** 

The Shares shall be approved for listing on the NYSE, subject only to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Lock-Up Agreements** 

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The Underwriters shall have received, on or prior to the date hereof, an executed lock-up agreement, substantially in the form of Schedule A, from each of the Company's directors and executive officers listed on Schedule C hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Receipt of Additional Documents** 

The Underwriters shall have received such other customary closing certificates, opinions, receipts, agreements or documents as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Over-Allotment Closing Documents** 

The several obligations of the Underwriters to purchase the Optional Shares, if any, hereunder are subject to the delivery to the Joint Active Bookrunners on the Option Closing Date of (i) customary "bring down" "10b-5" letter from each of Latham & Watkins LLP, as U.S. counsel to the Underwriters, and Skadden, Arps, Slate, Meagher & Flom LLP, as U.S. counsel to the Company, (ii) a customary "bring-down" comfort letter from each of Deloitte LLP and Forvis Mazars LLP relating to each of their respective comfort letters delivered pursuant to Section 5(a)(vi) and 5(a)(vii), (iii) certificates dated the Option Closing Date substantially similar to the officer's certificates referred to in Section 15(c) and (iv) such other customary closing certificates and documents as the Joint Active Bookrunners may reasonably request with respect to the good standing of the Company and other matters related to the sale and issuance of the Optional Shares.

**16.** **Rights of Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Underwriter shall be entitled to terminate and cancel, without any liability on the Underwriter's
part, the Underwriter's obligations under this letter agreement by giving the Company written notice to that effect at or prior to the Closing if, during the period from the date hereof to the Closing, any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any order to cease or suspend trading in any securities of the Company, or prohibiting or restricting the
distribution of the common shares of the Company is made, or any proceeding is announced, threatened or commenced for the making of any such order, by any securities regulatory authority, any stock exchange or by any other competent authority, and
has not been rescinded, revoked or withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any inquiry, action, suit, investigation or other proceeding (whether formal or informal) is commenced,
threatened or announced or any order or ruling is issued under or pursuant to any statute of Canada or any province, or of the United States or any state thereof or by any official of any stock exchange or by any other regulatory authority having
jurisdiction over the Company or any of the material assets or the affairs of the Company and its Subsidiaries (on a consolidated bases), or there is any change of law, or the interpretation, pronouncement or administration thereof which prevents or
operates to prevent or restrict materially the distribution of, or trading in the common shares of the Company, or might reasonably be expected to have a significant adverse effect on the market price or value of the common shares of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) There should develop, occur or come into effect or existence any event, action, state, condition or
occurrence of national or international consequence (including any natural catastrophe, acts of hostilities, acts of war, terrorism or any escalation thereof or other calamity or crisis) or any change or development involving a prospective change in
national or international political, financial or economic conditions or any governmental action, law, regulation, inquiry or other occurrence of any nature which significantly adversely affects or might reasonably be expected to significantly
adversely affect the Canadian or U.S. financial markets generally or the business, operations, capital or affairs of the Company and its Subsidiaries (on a consolidated basis), or the market price or value of the common shares of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There shall occur any material change (actual, imminent or reasonably expected), or change in material fact
which in the reasonable opinion of the Underwriters (or any of them), might reasonably be expected to have a significant adverse effect on the business, operations, capital or affairs of the Company and its Subsidiaries (on a consolidated basis), or
the market price or value of the common shares of the Company, or the Underwriters shall become aware of any material fact with respect to the Company which had not been publicly disclosed or disclosed in writing to the Underwriters at or prior to
the date hereof and which in the reasonable opinion of the Underwriters (or any of them) might reasonably be expected to have a significant adverse effect on the business, operations, capital or affairs of the Company and its Subsidiaries (on a
consolidated basis), or the market price or value of the common shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All terms and conditions of this Agreement shall be construed as conditions, and any material breach of, or
failure to comply in any material respect with, any of such terms or conditions which are for the benefit of the Underwriters shall entitle the Underwriters (or any of them) to terminate their obligations to purchase the Shares by giving notice in
writing to that effect to the Company at or prior to the Time of Closing. The Underwriters may waive in whole or in part or extend the time for compliance with any of such terms and conditions without prejudice to their rights in respect of any
other of such terms and conditions or any other or subsequent breach or non-compliance, provided that to be binding on the Underwriters any such waiver or extension must be in writing and signed by each of the
Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights of termination contained in this section may be exercised by any Underwriter giving written
notice thereof to the Company at any time prior to the applicable Time of Closing and are in addition to any other rights or remedies the Underwriters may have in respect of any default, act or failure to act, or non-compliance by the Company in respect of any of the matters contemplated by this Agreement or otherwise. In the event of any such termination, there shall be no further liability or obligation on the part
of such Underwriter to the Company or on the part of the Company to such Underwriter except in respect of any liability or obligation under any of Section 17, Section 18 and Section 20, which will remain in full force and effect. A
notice of termination given by one Underwriter under this Section 16 will not be binding upon the other Underwriters.

**17.** **Indemnity** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Rights of Indemnity from the Company** 

The Company agrees to indemnify and save harmless each of the several Underwriters and each of their respective affiliates (within the meaning of Rule 405 under the U.S. Securities Act) and persons controlling (or deemed to be controlling, within the meaning of either Section 15 of the U.S. Securities Act or Section 20 of the U.S. Exchange Act) any of the Underwriters, as the case may be, and each of their respective directors, officers, partners, employees and agents, to the full extent lawful, from and against any losses, claims, damages, or liabilities, joint or several, to which the Underwriters may become subject, under the U.S. Securities Act or otherwise (including, without limitation, reasonably incurred legal fees and other expenses incurred in connection with investigating or defending any action or claim, as such expenses are incurred) insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon (A) a misrepresentation in the Offering Documents, or (B) an untrue statement of a material fact in the Offering Documents or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the U.S. Securities Act, any marketing materials, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the U.S. Securities Act, any road show, or any Testing-the-Waters Communication, or an omission to state a material fact that is required to be stated therein or that is necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and will reimburse each Underwriter for any legal or other expenses reasonably incurred by such Underwriting in connection with investigating or defending such claim as such expenses are incurred, provided, however, that the Company shall not be liable in any such case to the extent that any such losses, claims, damages, or liabilities arise out of or are based upon any such misrepresentation, untrue statement or omission or alleged untrue statement or omission made in any Offering Document in reliance upon and in conformity with any Underwriters' Information.

In respect solely of any claim contemplated by this Section 17 that is asserted in Canada by a purchaser of Shares from the Underwriters in Canada, in the event that a person asserting a claim was not provided a copy of the Offering Documents (as then amended or supplemented, if the Company shall have furnished any amendments or supplements thereto) required under Canadian Securities Laws to be provided to that person by the Underwriters or Selling Firm, as applicable, this indemnity shall not enure to the benefit of the Indemnified Parties in respect of any losses, claims, damages or liabilities to the extent that any Offering Document corrects the untrue statement or information, misrepresentation or omission which forms the basis of such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Rights of Indemnity from the Underwriters** 

Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who sign the Registration Statement and each person, if any, who controls the Company within the meaning of either Section 15 of the U.S. Securities Act or Section 20 of the U.S. Exchange Act to the same extent as the foregoing indemnity from the Company to such Underwriter, but only to the extent that such losses, claims, damages, or liabilities arise out of or are based upon any such misrepresentation, untrue statement or omission or alleged untrue statement or omission made in any Offering Document in reliance upon and in conformity with any

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Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Notification of Claims** 

If any claim is asserted against any person or company in respect of which indemnification is or might reasonably be considered to be provided hereunder, such person or company (the "**Indemnified Party**") will notify the person against whom such indemnity may be sought pursuant to Section 17(a) or 17(b) (the "**Indemnifying Party**") as soon as possible of the particulars of such claim (but the omission so to notify the Indemnifying Party of any claim shall not affect the Indemnifying Party's liability except to the extent that the Indemnifying Party is materially prejudiced by that failure, and then only to such extent). The Indemnifying Party shall assume the defense of any suit brought to enforce such claim in respect of which indemnification is sought under Section 17(a) or 17(b), provided, however, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the defense shall be conducted through legal counsel acceptable to the Indemnified Party, acting reasonably,
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no settlement of any such claim or admission of liability may be made by the Indemnifying Party without the
prior written consent of the Indemnified Party, acting reasonably, unless such settlement includes an unconditional release of the Indemnified Party from all liability arising out of such action or claim and does not include a statement as to or an
admission of negligence, fault, culpability or failure to act, by or on behalf of any Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Retaining Counsel** 

In any such claim, the Indemnified Party shall have the right to retain other counsel to act on his, her or its behalf, provided that the fees and disbursements of such counsel shall be paid by the Indemnified Party unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of the other
counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the named parties to any such claim (including any added third or impleaded party) include both the
Indemnifying Party and the Indemnified Party and the Indemnified Party shall have been advised in writing by legal counsel that the representation of both parties by the same counsel would be inappropriate due to the actual or potential differing
interests between them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Indemnifying Party has not retained counsel within 15 Business Days following receipt by the Company of
notice of any such claim from the Indemnified Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indemnified Party shall have reasonably concluded that there may be legal defenses available to it that
are different from or in addition to those available to the Indemnifying Party; provided that no settlement of such claim or admission of liability may be made by Indemnified Party without the prior written consent of the Indemnifying Party, acting
reasonably. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall only be liable for the reasonable fees and expenses of one separate law firm (in addition to any local counsel) at any time for all Indemnified Parties
not having actual or

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potential differing interests in respect of a particular claim.

**18.** **Contribution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Rights of Contribution** 

To the extent the indemnity provided in Section 17 would otherwise be available in accordance with its terms but is, for any reason, held to be unavailable to or insufficient to hold harmless an Indemnified Party with respect to any claims, expenses, costs and liabilities and all losses of a nature contemplated by Section 17, each Indemnifying Party and the Indemnified Party shall contribute to the aggregate amount paid with respect to all such claims, expenses, costs, liabilities and losses (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand from the offering of Shares as contemplated by this Agreement or (ii) if the allocation provided by immediately preceding sentence is not permitted by applicable law, in such proportions as are appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand from the offering of Shares as contemplated by this Agreement as well as the relative fault of the Company on the one hand and the Underwriters on the other hand with respect to statements or omissions that resulted in such claim. The relative benefits received by the Company on the one hand and the Underwriters shall be deemed to be in the same ratio as the total proceeds from the offering of the Firm Shares and the Optional Shares, if any (net of the Underwriting Fee payable to the Underwriters but before deducting the expenses), received by the Company, to the Underwriting Fee received by the Underwriters. The relative fault shall be determined by reference to, among other things, whether the statements or omissions that resulted in the claim relate to information supplied by the Company or the Underwriters, as applicable, and the relative intent, knowledge, access to information and opportunity to correct or prevent such statement, omission or misrepresentation. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 18 were determined by pro rata contribution (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 18(a). In the event of any such contribution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount paid or payable by an Indemnified Party as a result of the losses, claims, damages and
liabilities referred to in this Section 18 shall be deemed to include, subject to the limitations set forth in Section 17, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or
defending such claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Underwriter shall not in any event be liable to contribute, individually, any amount in excess of the
amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of the applicable
untrue statement or alleged untrue statement or omission or alleged omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no party who has been determined by a court of competent jurisdiction in a final judgment (which is not
appealable) to have engaged in any fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)

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shall be entitled to claim contribution from any person who has not been so determined to have engaged in such fraudulent misrepresentation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Underwriters' obligations in this subsection (a) to contribute are several in proportion to
their respective underwriting obligations and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Rights of Indemnity and Contribution in Addition to Other Rights** 

The rights to indemnity and contribution provided in Sections 17 and 18 shall be in addition to and not in derogation of any other right to indemnity or contribution which the Underwriters or any other Indemnified Party may have by law, statute or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Notice** 

If the Underwriters have reason to believe that a claim for contribution may arise, they shall give the Company notice of such claim in writing, as soon as reasonably possible, but failure to notify the Company shall not relieve the Company of any obligation which it may have to the Underwriters under this Section 18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Right of Contribution in Favor of Others** 

The Underwriters' respective obligations to contribute pursuant to this Section 18 are several in proportion to the percentages of Shares set forth opposite their respective names in Section 21(a) hereof and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Remedy Not Exclusive** 

The remedies provided for in this Section 18 are not exclusive and shall not limit (except as provided for herein) any rights or remedies which may otherwise be available to any party at law or in equity.

**19.** **Severability** 

If any provision of this Agreement is determined to be void or unenforceable in whole or in part, it shall be deemed not to affect or impair the validity of any other provision of this Agreement and such void or unenforceable provision shall be severable from this Agreement.

**20.** **Expenses** 

Whether or not the Offering is completed or this Agreement is terminated, the Company will be responsible for all expenses of or incidental to the issue, sale and delivery of the Shares and all expenses of or incidental to all other matters in connection with the Offering pursuant to the Offering Documents (including any amendments or supplements to the foregoing) incurred by the Company including, without limitation, (a) Canadian Securities Regulators and SEC filing fees and U.S. and Canadian stock exchange fees, as applicable; (b) printing, copying, messenger and delivery expenses; (c) expenses incurred in connection with any roadshow and marketing activities including, without limitation, expenses associated with the preparation or dissemination of any road show and Written Testing-the-Waters Communication; (d) reasonable fees, expenses and disbursements of legal counsel to the Company in all relevant jurisdictions; (e) all expenses and application fees incurred in connection with any filing with, and clearance of the offering by, FINRA (such fees not to exceed $50,000); (f) reasonable fees, expenses and disbursements of the Company's auditor, including the expenses of any special audits or comfort letters; (g) translation expenses; (h) the costs

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and charges of any transfer agent, registrar or depositary and (i) all other costs and expenses incident to the performance of the obligations of the Company hereunder for which provision is not otherwise made in this Section 20. In all cases, the Company will also be responsible for any and all taxes and withholdings on amounts payable to the Underwriters under this Agreement. For certainty, whether or not the Offering is completed, the Underwriters will pay all of their costs and expenses, including the fees and disbursements of their counsel and any advertising expenses connected with any offers they may make.

**21.** **Obligations to Purchase** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Obligation of Underwriters to Purchase** 

Subject to Section 21(b), the obligation of the Underwriters to purchase the Firm Shares or the Optional Shares, as the case may be, at the Closing Time or the Option Closing Time, as the case may be, shall be several and not joint and each of the Underwriters shall be obligated to purchase only that percentage of the Firm Shares or the Optional Shares, as the case may be, set out opposite the name of such Underwriter below.

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| | |
|:---|:---|
|  RBC Dominion Securities Inc. | [ • ]% |
|  CIBC World Markets Inc. | [ • ]% |
|  National Bank Financial Inc. | [ • ]% |
|  TD Securities Inc. | [ • ]% |
|  [ • ] | [ • ]% |
|  | 100% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Purchases by Non-Defaulting Underwriters** 

If, on the Closing Date or the Option Closing Date, as the case may be, any one or more of the Underwriters fails or refuses to purchase the Shares (other than as a result of validly exercising termination rights under Section 16) that it has or they have agreed to purchase hereunder on such date and the aggregate number of Shares with respect to which such default occurs is not more than one-tenth of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated, severally and not jointly, on a *pro rata* basis according to the percentage set forth opposite their respective names in Section 21(a) or in such other proportion as agreed to by the Underwriters, to purchase such Shares. If, on the Closing Date or the Option Closing Date, as the case may be, any one or more of the Underwriters fails or refuses to purchase the Shares (other than as a result of validly exercising termination rights under Section 16) that it has or they have agreed to purchase hereunder on such date and the aggregate number of Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Shares to be purchased on such date, each such non-defaulting Underwriter shall have the right to either (i) terminate its obligations under this Agreement, or (ii) proceed with the purchase of its percentage of Firm Shares or Optional Shares, as the case may be, as provided in Section 21(a) or elect to purchase additional Shares and, in such case, the Company shall (subject to the following sentence) sell such Firm Shares or Optional Shares, as the case may be, to such Underwriter in accordance with the terms of this Agreement. In either case, if the amount of such Shares that the non-defaulting Underwriters are willing to purchase exceeds the amount of such Shares that are available for purchase, such Shares shall be divided *pro rata* among the non-defaulting Underwriters willing to

------

purchase such Shares in proportion to the percentage of Shares which such non-defaulting Underwriters have agreed to purchase as set out in Section 21(a). In the event of a default by any Underwriter as set forth in this Section 21(b), the Closing Date or the Option Closing Date, as the case may be, shall be postponed for such period, not exceeding five (5) Business Days, in order that the required changes, if any, in the Offering Documents or in any other documents or arrangements may be effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Exercise of Termination Rights** 

In the event that one or more, but not all, of the Underwriters exercise their right of termination under Section 19, the remaining Underwriters shall have the right, but shall not be obligated, to purchase all of the Shares that would otherwise have been purchased by the Underwriters that have exercised their right of termination. If the amount of such Shares that the remaining Underwriters are willing to purchase exceeds the amount of such Shares that are available for purchase, such Shares shall be divided pro rata among the remaining Underwriters willing to purchase such Shares in proportion to the percentage of Shares which such remaining Underwriters have agreed to purchase as set out in Section 21(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Obligation to Sell Less than All; Further Liability** 

Nothing in this Section 21 shall oblige the Company to issue and sell to the Underwriters less than all of the Firm Shares or the Optional Shares, as the case may be. In the event of the termination of the Company's obligations under this Agreement as a result of the foregoing sentence, there shall be no further liability on the part of the Company to the Underwriters except in respect of any liability which may have arisen or may arise under Sections 18, 19, and 20. Nothing contained in this Agreement shall relieve any defaulting Underwriter of its liability, if any, to the Company or any non-defaulting Underwriter for damages occasioned by its default hereunder.

**22.** **Lock-Up** 

During the period beginning on the date hereof and ending on the date that is 90 days after the date hereof (the "**Restricted Period**"), the Company agrees that it shall not, directly or indirectly, without the prior written consent of at least three of the Joint Active Bookrunners, on behalf of all of the Underwriters, such consent not to be unreasonably withheld, conditioned or delayed, (i) create, allot, authorize, offer, issue, secure, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise lend, transfer or dispose of, directly or indirectly, any common shares of the Company, rights to purchase such common shares of the Company or any securities convertible into or exercisable or exchangeable for such common shares of the Company, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such common shares of the Company, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of such common shares of the Company or such other securities or interests, in cash or otherwise, or agree to do any of the foregoing or announce any intention to do any of the foregoing. The foregoing sentence shall not apply to (a) the Shares to be sold hereunder, (b) for purposes of director, officer, employee or consultant incentive plans existing at the date hereof, or (c) to satisfy existing instruments issued as of the date hereof.

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**23.** **Survival** 

The representations, warranties, obligations and agreements, including the indemnification and contribution obligations, of the Company contained in this Agreement and in any certificate delivered pursuant to this Agreement or in connection with the purchase and sale of the Shares shall survive the purchase of the Shares and shall continue in full force and effect unaffected by any subsequent disposition of the Shares by the Underwriters or the termination of the Underwriters' obligations and shall not be limited or prejudiced by any investigation made by or on behalf of the Underwriters in connection with the preparation of the Offering Documents, any Offering Document Amendments or the distribution of the Shares.

**24.** **Time; Successors and Assigns** 

Time is of the essence in the performance of the parties' respective obligations under this Agreement.

This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and, to the extent provided in Sections 17 and 18 hereof, their respective directors, officers, partners, employees and agents, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Shares from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.

**25.** **Governing Law; Submission to Jurisdiction; Appointment of Agent for Service** 

This Agreement and any claim, controversy, or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York.

The Company hereby submits to the exclusive jurisdiction of the U.S. federal and New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The Company irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any such suit or proceeding in such courts. The Company agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and may be enforced in any court to the jurisdiction of which the Company is subject by a suit upon such judgment.

The Company irrevocably appoints Puglisi & Associates, located at 850 Library Ave Unit 204, Newark, DE 19711, United States, as its authorized agent in the United States upon which process may be served in any such suit or proceeding, and agrees that service of process upon such authorized agent, and written notice of such service to the Company by the person serving the same to the address provided in this Section 25, shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company hereby represents and warrants that such authorized agent has accepted such appointment and has agreed to act as such authorized agent for service of process. The Company further agrees to take any and all action as may be necessary to maintain such designation and appointment of such authorized agent in full force and effect for a period of seven years from the date of this Agreement.

**26.** **Notice** 

Unless otherwise expressly provided in this Agreement, any notice or other communication to be given under this Agreement (a "**notice**") shall be in writing addressed as follows:

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If to the Company, addressed and sent to:

Boyd Group Services Inc.

1745 Ellice Ave. Unit C1

Winnipeg, Manitoba, R3H 1A6

Attention: Peter Toni

E-mail: <u>peter.toni@boydgroup.com</u>

with a copy (which shall not constitute notice) to Osler, Hoskin & Harcourt LLP and Skadden, Arps, Slate, Meagher & Flom LLP, respectively, addressed and sent to:

Osler, Hoskin & Harcourt LLP

Brookfield Place, 225 – 6<sup>th</sup> Ave SW

Suite 2700

Calgary, Alberta T2P 1N2

Attention: Dan Shea / Jessica Myers

E-mail: <u>dshea@osler.com / jmyers@osler.com</u>

Skadden, Arps, Slate, Meagher &

Flom LLP

222 Bay Street

Suite 1750

Toronto, Ontario M5K 1J5

Attention: Ryan Dzierniejko / John Zelenbaba

E-mail: <u>ryan.dzierniejko@skadden.com</u> /

john.zelenbaba@skadden.com

If to RBC Dominion Securities Inc. addressed and sent to:

RBC Dominion Securities Inc.

Royal Bank Plaza, 4<sup>th</sup> Floor South Tower

200 Bay Street, P.O. Box 50

Toronto, Ontario M5J 2W7

Attention: Jackie Nixon

E-mail: Jackie.Nixon@rbccm.com

If to CIBC World Markets Inc. addressed and sent to:

CIBC World Markets Inc.

1 Lombard Place, 375 Main Street, 19<sup>th</sup> Floor

Winnipeg, MB R3C 2P3

Attention: Justin Price

E-mail: Justin.Price@cibc.com

If to National Bank Financial Inc. addressed and sent to:

------

National Bank Financial Inc.

130 King Street West, 4<sup>th</sup> Floor Podium

Toronto, Ontario M5X 1J9

Attention: Bradley Spruin

E-mail: Bradley.Spruin@nbc.ca

If to TD Securities Inc. addressed and sent to:

TD Securities Inc.

1625 Tech Avenue

Mississauga, Ontario L4W 5P5

Attention: Kevin Kim

E-mail: Kevin.Kim@tdsecurities.com

If to any of the Underwriters, with a copy (which shall not constitute notice to the Underwriters) to Stikeman Elliott LLP and Latham & Watkins LLP, respectively, addressed and sent to:

Stikeman Elliott LLP

Commerce Court West, 199 Bay Street

Suite 5300

Toronto, Ontario M5L 1B9

Attention : Jeff Hershenfield / Shawn Blundell

E-mail: jhershenfield@stikeman.com / sblundell@stikeman.com

Latham & Watkins LLP

1271 Avenue of the Americas

New York, New York 10020

Attention: Marc Jaffe / Adam Gelardi

E-mail: Marc.Jaffe@lw.com / Adam.Gelardi@lw.com

or to such other address as any of the parties may designate by giving notice to the others in accordance with this Section 26. Each notice shall be personally delivered to the addressee or sent by e-mail to the addressee. A notice which is personally delivered or delivered by e-mail shall, if delivered prior to 5:00 p.m. (Toronto time) on a Business Day, be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is delivered.

In accordance with the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients.

**27.** **Authority of the Joint Active Bookrunners** 

The Joint Active Bookrunners are hereby authorized by each of the other Underwriters to act on its behalf and the Company shall be entitled to and shall act on any notice given in accordance

------

with Section 26 or agreement entered into by or on behalf of the Underwriters by the Joint Active Bookrunners. The Joint Active Bookrunners represent and warrant that they have irrevocable authority to bind the Underwriters, except in respect of any notice of termination pursuant to Section 16, which notice may be given by any of the Underwriters, or any waiver pursuant to Section 16, which waiver may be given by any of the Underwriters exercising such waiver. The Joint Active Bookrunners shall consult with the other Underwriters concerning any matter in respect of which they act as representatives of the Underwriters.

**28.** **Underwriters' Activities** 

Nothing in this Agreement or the nature of the services to be provided by the Underwriters will be deemed to create a fiduciary or agency relationship between any of the Underwriters and the Company or its security holders, creditors, employees or any other person, as applicable. The Company acknowledges and understands that: (a) the Underwriters may act as traders of, and dealers in, securities both as principal and on behalf of clients and that in the ordinary course of its trading and dealing activities, any of the Underwriters and their affiliates at any time may hold long or short positions in the securities of the Company or any of its respective related entities and, from time to time, may have executed or may execute transactions on behalf of such persons; (b) any of the Underwriters may conduct research on securities and may, in the ordinary course of business, provide research reports and investment advice to clients on investment matters, including with respect to any such person and/or the Offering; and (c) the Underwriters or their affiliates may extend loans or provide other financial services in the ordinary course of business to any such person (collectively, "**Bank Business**"). The Company agrees not to seek to restrict or challenge the ability of any of the Underwriters or their affiliates to conduct Bank Business.

The Company acknowledges that none of the Underwriters is advising the Company or any other person related to them as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company should consult with its own advisors concerning such matters and be responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and the Underwriters have no liability to the Company with respect thereto.

In performing its responsibilities under this Agreement, each of the Underwriters may use the services of its affiliates provided that it will be responsible for ensuring that such affiliates comply with the terms of this Agreement and provided that in the case of any affiliate which is a non-resident for purposes of the *Income Tax Act* (Canada), such services are not rendered in Canada.

------

**29.** **No Advisory or Fiduciary Responsibility** 

The Company acknowledges and agrees that: (i) the purchase and sale of the Shares pursuant to this Agreement is an arm's-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other; (ii) in connection therewith each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company; (iii) no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the purchase and sale of the Shares pursuant to this Agreement hereby or any other obligation to the Company except the obligations expressly set forth in this Agreement; and (iv) the Company has consulted or had the opportunity to consult with its own legal and other advisors to the extent it deemed appropriate. The Company agrees that it will not claim that the Underwriters, or any of them, has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Company in connection with the purchase and sale of the Shares pursuant to this Agreement. None of the activities of the Underwriters in connection with the transactions contemplated herein constitute a recommendation, investment advice or solicitation of any action by the Underwriters with respect to any entity or natural person.

**30.** **Counterparts** 

This Agreement may be executed by the parties to this Agreement in counterpart and may be executed and delivered by facsimile or by email in portable document (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., <u>www.docusign.com</u>) or other similar format and all such counterparts and electronic copies shall together constitute one and the same agreement.

**31.** **Entire Agreement** 

The terms and conditions of this Agreement supersede any previous verbal or written agreement between the Underwriters (or any of them) and the Company with respect to the subject matter hereof.

**32.** **Recognition of the U.S. Special Resolution Regimes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S.
Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution
Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised
under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall

------

be interpreted in accordance with, 12 U.S.C. § 1841(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Covered Entity" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance
with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "U.S. Special Resolution Regime" means each of (A) the Federal Deposit Insurance Act and
the regulations promulgated thereunder and (B) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

**33.** **Headings** 

The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed part of this Agreement.

**34.** **Judgment Currency** 

If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Underwriters could purchase United States dollars with such other currency in The City of New York on the Business Day preceding that on which final judgment is given. The obligation of the Company with respect to any sum due from it to any Underwriter or any person controlling any Underwriter shall, notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first Business Day following receipt by such Underwriter or controlling person of any sum in such other currency, and only to the extent that such Underwriter or controlling person may in accordance with normal banking procedures purchase United States dollars with such other currency. If the United States dollars so purchased are less than the sum originally due to such Underwriter or controlling person hereunder, the Company agrees as a separate obligation and notwithstanding any such judgment, to indemnify such Underwriter or controlling person against such loss. If the United States dollars so purchased are greater than the sum originally due to the Underwriters hereunder, the Underwriters agree to pay to the Company an amount equal to the excess of the dollars purchased over the sum originally due to the Underwriters.

***[The remainder of this page has been left blank intentionally.]***

------

If the foregoing is in accordance with your understanding and is agreed to by you, please signify your acceptance by executing the enclosed copies of this Agreement where indicated below and returning the same to the Joint Active Bookrunners upon which this Agreement as so accepted shall constitute an agreement among us.

---

| | |
|:---|:---|
| **BOYD GROUP SERVICES INC.** | **BOYD GROUP SERVICES INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Underwriting Agreement*]

------

The foregoing offer is accepted and agreed to as of the date first above written.

---

| | |
|:---|:---|
| **RBC DOMINION SECURITIES INC.** | **RBC DOMINION SECURITIES INC.** |
| By: |  |
|  | Name: |
|  | Title: |
| **CIBC WORLD MARKETS INC.** | **CIBC WORLD MARKETS INC.** |
| By: |  |
|  | Name: |
|  | Title: |
| **NATIONAL BANK FINANCIAL INC.** | **NATIONAL BANK FINANCIAL INC.** |
| By: |  |
|  | Name: |
|  | Title: |
| **TD SECURITIES INC.** | **TD SECURITIES INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Underwriting Agreement*]

------

**SCHEDULE A** 

**FORM OF LOCK-UP AGREEMENT** 

October [ • ], 2025

RBC Dominion Securities Inc.

CIBC World Markets Inc.

National Bank Financial Inc.

TD Securities Inc.

(the "**Joint Active Bookrunners**", as representatives of the several underwriters named in the Underwriting Agreement (the "**Underwriters**"))

c/o RBC Dominion Securities Inc.

200 Vesey Street

New York, NY 10281

c/o CIBC World Markets Inc.

One Battery Park Plaza, 1 Battery Pl # 10

New York, NY 10004

c/o National Bank Financial Inc.

65 East 55th Street, 8th Floor

New York, NY 10022

c/o TD Securities Inc.

1 Vanderbilt Avenue

New York, NY 10017

Ladies and Gentlemen:

The undersigned understands that the Underwriters propose to enter into an underwriting agreement (the "**Underwriting Agreement**") with Boyd Group Services Inc. (the "**Company**") providing for the offering (the "**Offering**") of common shares of the Company ("**Shares**"). The undersigned understands that it is a condition of the completion of the purchase of Shares pursuant to the Underwriting Agreement that certain directors and officers of the Company enter into an agreement in the form of this letter. The undersigned acknowledges that the Underwriters are relying on the covenants of the undersigned contained in this letter in having decided to participate in the Offering and to enter into the Underwriting Agreement with the Company with respect to the Offering.

In consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees that, during the period beginning on the date hereof and ending on the day that is the 90<sup>th</sup> calendar day following the date of the Final Offering Documents, the undersigned will not, directly or indirectly, without the prior written consent of at least three of the Joint Active Bookrunners, on behalf of the Underwriters, such consent not to be unreasonably withheld, conditioned or delayed:

(a) sell, offer, contract to sell, grant or sell any option, right or warrant to purchase, or otherwise lend,
transfer, assign or dispose of (including, without limitation, by making any short sale, engaging in any hedging transaction or entering into any swap or other arrangement that

------

transfers to another, in whole or in part, any of the economic consequences of ownership of), as applicable, the Shares of the Company or securities convertible or exchangeable into Shares (whether or not cash settled), in a public offering or by way of private placement or otherwise; or

(b) secure or pledge any Shares or any securities convertible or exchangeable into Shares; or

(c) agree to or publicly announce any intention to do any of the foregoing things.

The foregoing paragraph shall not apply to:

(a) *bona fide* gifts to the immediate family of the undersigned or by will or intestacy, provided the
recipient thereof agrees in writing for the benefit of the Underwriters to be bound by the terms of this agreement for the remainder of its term;

(b) dispositions to any trust for the direct or indirect benefit of the undersigned and/or the immediate family
of the undersigned, provided that such trust agrees in writing for the benefit of the Underwriters to be bound by the terms of this agreement for the remainder of its term;

(c) dispositions to any wholly-owned subsidiary of the undersigned or to a corporation, partnership, limited
liability company or other entity of which the undersigned and the immediate family of the undersigned are the legal and beneficial owners of all of the outstanding equity securities or similar interests, provided that such subsidiary or entity
agrees in writing for the benefit of the Underwriters to be bound by the terms of this agreement for the remainder of its term;

(d) if the undersigned is a corporation, partnership, limited liability company or other entity, dispositions to
any affiliate, limited partner, member or security holder of the undersigned or to any investment fund or other entity controlled or managed by the undersigned, the manager or general partner of the undersigned, or an affiliate, limited partner,
member or security holder of the manager or general partner of the undersigned, provided that such transferee agrees in writing for the benefit of the Underwriters to be bound by the terms of this agreement for the remainder of its term;

(e) pledges or security interests, provided that the pledgee or beneficiary of the security interest agrees in
writing for the benefit of the Underwriters to be bound by the terms of this agreement for the remainder of its term;

(f) exercises, vesting or settlement of awards pursuant to any employee or executive incentive compensation
arrangement of the Company existing as at the date hereof and sales to cover the payment of the exercise prices or the payment of taxes associated with such exercises, vesting or settlement of such awards (provided however that, other than such
sales, the securities issuable thereunder shall be subject to the restrictions set out in this agreement); or

(g) transfers pursuant to a *bona fide* third party take-over bid made to all shareholders of the Company,
a plan of arrangement or amalgamation involving a change of control of the Company, or similar acquisition or business combination transaction provided that in the event that the take-over bid, plan of arrangement or amalgamation, or acquisition or
business combination transaction is not completed, any Shares, as applicable, held by the undersigned shall remain subject to the restrictions contained in this agreement.

------

For purposes of this agreement, "immediate family" shall mean the undersigned and each parent (whether by birth or adoption), spouse, or child (including any step-child) or other descendants (whether by birth or adoption) of such individual, each spouse of any of the aforementioned persons, each trust created solely for the benefit of such individual and/or one or more of the aforementioned persons, and each legal representative of such individual or of any aforementioned persons (including, without limitation, a tutor, curator, mandatary due to incapacity, custodian, guardian or testamentary executor), acting in such capacity under the authority of the law, an order from a competent tribunal, a will or a mandate in case of incapacity or similar instrument. For the purposes of this definition, a person shall be considered the spouse of an individual if such person is legally married to such individual, lives in a civil union with such individual or is the common law partner (as defined in the *Income Tax Act* (Canada) as amended from time to time) of such individual. A person who was the spouse of an individual within the meaning of this paragraph immediately before the death of such individual shall continue to be considered a spouse of such individual after the death of such individual.

This agreement shall automatically terminate and be of no further effect upon the earliest to occur, if any, of: (i) the date of the filing with the United States Securities and Exchange Commission (the "SEC") of a notice of withdrawal of the Company's registration statement on Form F-10 filed with the SEC (which covers the Shares to be sold pursuant to the Underwriting Agreement); (ii) the Company advises the Joint Active Bookrunners in writing, prior to the execution of the Underwriting Agreement, that it has determined not to proceed with the Offering; (iii) the Underwriting Agreement is executed but is terminated (other than the provisions thereof that survive termination) prior to payment for and delivery of the Shares to be sold thereunder; and (iv) November 3, 2025, in the event that the Underwriting Agreement has not been executed on or before that date.

The obligations of the undersigned under this letter may be waived in writing in whole or in part by the Joint Active Bookrunners, on behalf of the Underwriters.

The undersigned acknowledges and agrees that none of the Underwriters has made any recommendation or provided any investment or other advice to the undersigned with respect to this agreement or the subject matter hereof, and the undersigned has consulted its own legal, accounting, financial, regulatory, tax and other advisors with respect to this agreement and the subject matter hereof to the extent the undersigned has deemed appropriate. The undersigned further acknowledges and agrees that, although the Joint Active Bookrunners may be required or choose to provide certain Regulation Best Interest or Form CRS disclosures to you in connection with the Offering, the Joint Active Bookrunners and the other Underwriters are not making a recommendation to you to enter into this letter agreement, and nothing set forth in such disclosures is intended to suggest that the Joint Active Bookrunners or any Underwriter is making such a recommendation. This agreement may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

This agreement is governed by the laws of the State of New York. The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this agreement. This agreement is irrevocable and will be binding on the undersigned and its successors, heirs, personal representatives and assigns, and will enure to the benefit of the Underwriters and their legal representatives, successors and assigns.

------

**DATED** , 2025

---

| |
|:---|
| **Name**<br> (please print) |
| **Signature**<br> (or authorized representative) |
| **Name of authorized representative**<br> (if applicable) (please print) |

---

[*Signature Page to Lock-Up Agreement*]

------

**SCHEDULE B** 

**TIME OF SALE PROSPECTUS** 

**1.** **Pricing Terms** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company is selling [ • ] common shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company has granted an option to the Underwriters, severally and not jointly, to purchase up to an
additional [ • ] common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The public offering price per Common Share will be $[ • ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The underwriting commission per Common Share will be $[ • ].

**2.** **Free Writing Prospectuses** 

Term Sheet dated October 29, 2025.

**3.** **Written Testing-the-Waters Communication** 

[None.]

------

**SCHEDULE C** 

**LOCK-UP PARTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brian Kaner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jeff Murray

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kim Morin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creighton Warren

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• David Brown

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brock Bulbuck

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Robert Espey

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Christine Feuell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• John Hartmann

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violet Konkle

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• William Onuwa

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sally Savoia

------

**SCHEDULE D** 

**SUBSIDIARIES** 

---

| | | | |
|:---|:---|:---|:---|
| **No.** | **Entity Name** | **Jurisdiction of<br>Incorporation** | **Percentage<br>Owned** |
| 1. | The Boyd Group Inc. | Canada | 100% |
| 2. | Assured Automotive (2017) Inc. | Canada | 100% |
| 3. | Blacksmith Technologies Inc. | Canada | 100% |
| 4. | Mobile Auto Solutions (Canada) Inc. | Ontario | 100% |
| 5. | The Boyd Group (US) Inc. | Delaware | 100% |
| 6. | Auto Glass Only, LLC | Delaware | 100% |
| 7. | Gerber Collision (Colorado) Inc. | Delaware | 100% |
| 8. | Gerber Collision (Northeast), Inc. | Delaware | 100% |
| 9. | Gerber National Claim Services, LLC | Delaware | 100% |
| 10. | Gerber Glass (District 2), LLC | Delaware | 100% |
| 11. | Gerber Glass (District 3), LLC | Delaware | 100% |
| 12. | Gerber Glass (District 4), LLC | Delaware | 100% |
| 13. | Gerber Glass (District 5), LLC | Delaware | 100% |
| 14. | Gerber Glass (District 6), LLC | Delaware | 100% |
| 15. | Gerber Glass (District 7), LLC | Delaware | 100% |
| 16. | Gerber Glass (California), LLC | Delaware | 100% |
| 17. | Gerber Glass Holdings Inc. | Delaware | 100% |
| 18. | Gerber Glass, LLC | Delaware | 100% |
| 19. | Gerber Payroll Services, Inc. | Delaware | 100% |
| 20. | Gerber Real Estate Inc. | Delaware | 100% |
| 21. | Glass America LLC | Delaware | 100% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **No.** | **Entity Name** | **Jurisdiction of<br>Incorporation** | **Percentage<br>Owned** |
| 22. | Glass America Midwest LLC | Delaware | 100% |
| 23. | Glass America Southeast LLC | Delaware | 100% |
| 24. | The Gerber Group, Inc. | Delaware | 100% |
| 25. | True2Form Collision Repair Centers Inc. | Delaware | 100% |
| 26. | Collision Revision, Inc. | Delaware | 100% |
| 27. | Gerber Collision (Idaho/Hawaii), Inc. | Delaware | 100% |
| 28. | Gerber Collision (Louisiana), Inc. | Delaware | 100% |
| 29. | Gerber Collision (Utah), Inc. | Delaware | 100% |
| 30. | Gerber Collision (Oregon), Inc. | Delaware | 100% |
| 31. | Gerber Collision (Midwest) Inc. | Delaware | 100% |
| 32. | Gerber Collision (Texas), Inc. | Delaware | 100% |
| 33. | Gerber Collision (Tennessee), Inc. | Delaware | 100% |
| 34. | Gerber Collision (California), Inc. | Delaware | 100% |
| 35. | Gerber Collision (NY), Inc. | Delaware | 100% |
| 36. | Mobile Auto Solutions (2021), Inc. | Delaware | 100% |
| 37. | Glass America (California), LLC | Delaware | 100% |
| 38. | Secured Party 2023 LLC | Delaware | 100% |
| 39. | AMPB Acquisition Corp. | Nevada | 100% |
| 40. | Cars Collision Center, L.L.C. | Illinois | 100% |
| 41. | Glass America Illinois LLC | Illinois | 100% |
| 42. | Collision Service Repair Center, Inc. | Washington | 100% |
| 43. | Gerber Collision & Glass (Kansas), Inc. | Kansas | 100% |
| 44. | Collision Works of Kansas, LLC | Kansas | 100% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **No.** | **Entity Name** | **Jurisdiction of<br>Incorporation** | **Percentage<br>Owned** |
| 45. | Glass America Alabama LLC | Alabama | 100% |
| 46. | Glass America Kentucky LLC | Kentucky | 100% |
| 47. | Glass America Maryland LLC | Maryland | 100% |
| 48. | Glass America Massachusetts LLC | Massachusetts | 100% |
| 49. | Glass America Michigan LLC | Michigan | 100% |
| 50. | Hansen Collision, Inc. | Michigan | 100% |
| 51. | Hansen Leasing, Inc. | Michigan | 100% |
| 52. | Hansen Auto Glass, LLC | Michigan | 100% |
| 53. | Collex Collision Experts, Inc. | Michigan | 100% |
| 54. | Glass America Midwest Lindenhurst LLC | New York | 100% |
| 55. | Glass America New York LLC | New York | 100% |
| 56. | Carubba Collision Corp. | New York | 100% |
| 57. | Glass America Midwest North Canton LLC | Ohio | 100% |
| 58. | Glass America Ohio LLC | Ohio | 100% |
| 59. | True2Form Collision Repair Centers, LLC | Ohio | 100% |
| 60. | Glass America Missouri LLC | Missouri | 100% |
| 61. | Glass America Texas LLC | Texas | 100% |
| 62. | Glass America Vermont LLC | Vermont | 100% |
| 63. | Glass America Virginia LLC | Virgina | 100% |
| 64. | Kingswood Collision, Inc. | Arizona | 100% |
| 65. | Master Collision Repair, Inc. | Florida | 100% |
| 66. | S & L Auto Glass, LLC | Florida | 100% |
| 67. | Service Collision Center (Georgia), Inc. | Georgia | 100% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **No.** | **Entity Name** | **Jurisdiction of<br>Incorporation** | **Percentage<br>Owned** |
| 68. | Service Collision Center (Oklahoma) Inc. | Oklahoma | 100% |
| 69. | Collision Works Holdings II, LLC | Oklahoma | 100% |
| 70. | Collision Works Real Estate Holdings, LLC | Oklahoma | 100% |
| 71. | Collision Works of Tulsa, LLC | Oklahoma | 100% |
| 72. | Hail Works, LLC | Oklahoma | 100% |
| 73. | Collision Works of Oklahoma, LLC | Oklahoma | 100% |
| 74. | Champ's Holding Company, L.L.C. | Louisiana | 100% |

---

## Exhibit 4.1

**Exhibit 4.1** 

## BOYD GROUP SERVICES INC.
**ANNUAL INFORMATION FORM** 

**FOR FISCAL YEAR ENDED** 

**DECEMBER 31, 2024** 

**March 18, 2025** 

**1745 ELLICE AVENUE, UNIT C1** 

**WINNIPEG, MB R3H 1A6** 

------

**BOYD GROUP SERVICES INC.** 

**ANNUAL INFORMATION FORM** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [CORPORATE STRUCTURE](#ex4_1toc77213_1) | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Boyd Group Services Inc.](#ex4_1toc77213_2) | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Corporate Structure](#ex4_1toc77213_3) | 6.0 |
|  [GENERAL DEVELOPMENT OF THE BUSINESS](#ex4_1toc77213_4) | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Convertible Debt Offerings](#ex4_1toc77213_5) | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Significant Acquisitions](#ex4_1toc77213_6) | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Dividends](#ex4_1toc77213_7) | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Debt Arrangements](#ex4_1toc77213_8) | 8.0 |
|  [DESCRIPTION OF THE BUSINESS](#ex4_1toc77213_9) | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [BGSI](#ex4_1toc77213_10) | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Boyd](#ex4_1toc77213_11) | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [General](#ex4_1toc77213_12) | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Principal Markets](#ex4_1toc77213_13) | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Competitive Conditions](#ex4_1toc77213_14) | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Intangible Assets](#ex4_1toc77213_15) | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Cycles](#ex4_1toc77213_16) | 12.0 |
|  [BUSINESS RISKS AND UNCERTAINTIES](#ex4_1toc77213_17) | 13.0 |
|  [DESCRIPTION OF CAPITAL STRUCTURE](#ex4_1toc77213_18) | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [General Description](#ex4_1toc77213_19) | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Stock Option Plan](#ex4_1toc77213_20) | 28.0 |
|  [DIVIDENDS](#ex4_1toc77213_21) | 29.0 |
|  [MARKET FOR SECURITIES](#ex4_1toc77213_22) | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Prior Sales](#ex4_1toc77213_23) | 30.0 |
|  [DIRECTORS AND OFFICERS](#ex4_1toc77213_24) | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Directors of BGSI](#ex4_1toc77213_25) | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Executive Officers of Boyd](#ex4_1toc77213_26) | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Cease Trade Orders, Bankruptcies, Penalties or Sanctions](#ex4_1toc77213_27) | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Conflicts of Interest](#ex4_1toc77213_28) | 33.0 |
|  [AUDIT COMMITTEE](#ex4_1toc77213_29) | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Audit Committee Charter](#ex4_1toc77213_30) | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Composition of Audit Committee](#ex4_1toc77213_31) | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Relevant Education and Experience of Audit Committee Members](#ex4_1toc77213_32) | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pre-Approval Policies and Procedures](#ex4_1toc77213_33) | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Audit fees](#ex4_1toc77213_34) | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Audit-related fees](#ex4_1toc77213_35) | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Tax compliance/preparation fees](#ex4_1toc77213_36) | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Other fees](#ex4_1toc77213_37) | 36.0 |
|  [LEGAL PROCEEDINGS](#ex4_1toc77213_38) | 37.0 |
|  [INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS](#ex4_1toc77213_39) | 37.0 |

---

------

---

| | |
|:---|:---|
|  [TRANSFER, DISTRIBUTION AGENTS AND REGISTRARS](#ex4_1toc77213_40) | 37.0 |
|  [MATERIAL CONTRACTS](#ex4_1toc77213_41) | 37.0 |
|  [INTERESTS OF EXPERTS](#ex4_1toc77213_42) | 38.0 |
|  [ADDITIONAL INFORMATION](#ex4_1toc77213_43) | 38.0 |
|  [APPENDIX A: AUDIT COMMITTEE CHARTER](#ex4_1toc77213_44) | 39.0 |

---

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**BOYD GROUP SERVICES INC.** 

***Unless otherwise specified, the information in this AIF has been presented as at December 31, 2024. Throughout this document, all amounts are in United States dollars unless otherwise indicated. All references to C$ are to Canadian dollars.***

**CORPORATE STRUCTURE** 

**Boyd Group Services Inc.** 

Boyd Group Services Inc. ("BGSI") is a company incorporated under the *Canada Business Corporations Act* .

BGSI owns all of The Boyd Group Inc.'s ("Boyd" or "Company") business and assets. BGSI common shares are listed on the Toronto Stock Exchange and trade under the symbol "BYD.TO". The principal and head office of BGSI is located at 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba, R3H 1A6.

As of March 18, 2025 there were 21,467,807 Shares of BGSI issued and outstanding.

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**Structure of BGSI as at December 31, 2024** 

The following diagram sets forth the organizational structure of BGSI as at December 31, 2024:

![LOGO](g77213g1021231901241.jpg)

\* Each of The Boyd Group Inc. (Canada) and Boyd Group (U.S.) Inc. have a number of operating subsidiaries that are 100% owned by the parent as further detailed under the heading of "Corporate Structure".

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**Corporate Structure \*** 

BGSI Corporate Structure as at December 31, 2024 is:

Boyd Group Services Inc. –

The Boyd Group Inc.

Assured Automotive (2017) Inc.

Blacksmith Technologies Inc.

Mobile Auto Solutions (Canada) Inc.

The Boyd Group (U.S.) Inc.

The Gerber Group Inc.

Cars Collision Center, L.L.C.

True2Form Collision Repair Centers, Inc.

True2Form Collision Repairs Centers, LLC

Service Collision Center (Georgia), Inc.

Gerber Collision & Glass (Kansas), Inc.

Service Collision Center (Oklahoma) Inc.

Collision Works of Oklahoma, LLC

Collision Works Holdings II, LLC

Collision Works Real Estate Holdings, LLC

Collision Works of Tulsa, LLC

Hail Works, LLC

Collision Works of Kansas, LLC

Collision Service Repair Center, Inc.

AMPB Acquisition Corp.

Kingswood Collision, Inc.

Gerber Collision (Northeast), Inc.

Gerber Collision (Colorado) Inc.

Gerber Collision (Idaho/Hawaii), Inc.

Gerber Real Estate Inc.

Gerber Payroll Services, Inc.

Master Collision Repair, Inc.

Hansen Collision, Inc.

Hansen Leasing, Inc.

Collision Revision, Inc.

Collex Collision Experts, Inc.

Gerber Collision (Louisiana), Inc.

Champ's Holding Company, L.L.C.

Gerber Collision (Oregon), Inc.

Gerber Collision (Utah), Inc.

Gerber Collision (Tennessee), Inc.

Gerber Collision (NY), Inc.

Carubba Collision Corp.

Gerber Collision (Texas), Inc.

Gerber Collision (Midwest), Inc.

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Gerber Collision (California), Inc.

Mobile Auto Solutions (2021), Inc.

Gerber Glass Holdings Inc.

Gerber Glass, LLC

Glass America LLC

Gerber National Claim Services, LLC

Gerber Glass (District 2), LLC

Gerber Glass (District 3), LLC

Gerber Glass (District 4), LLC

Gerber Glass (District 5), LLC

S&L Auto Glass, LLC

Gerber Glass (District 6), LLC

Gerber Glass (District 7), LLC

Glass America (California), LLC

Glass America Southeast LLC

Glass America Midwest LLC

Hansen Auto Glass, LLC

Auto Glass Only, LLC

Glass America Illinois LLC

Glass America Massachusetts LLC

Glass America Michigan LLC

Glass America Midwest Lindenhurst LLC

Glass America Midwest North Canton LLC

Glass America Missouri LLC

Glass America New York LLC

Glass America Ohio LLC

Glass America Texas LLC

Glass America Vermont LLC

Glass America Alabama LLC

Glass America Kentucky LLC

Glass America Maryland LLC

Glass America Virginia LLC

\* Indentation of companies indicates they are subsidiaries of the company directly above.

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**GENERAL DEVELOPMENT OF THE BUSINESS** 

**Convertible Debt Offerings** 

As at December 31, 2024, BGSI has no convertible debt offerings outstanding.

**Significant Acquisitions** 

During 2022, 2023 and 2024, the Company acquired a number of businesses, which were not individually significant.

**Dividends** 

See page 29 of this report under the heading "Dividends" and page 20 of BGSI's 2024 Annual Report, under the heading "Dividends" for a detailed description of dividends which description is incorporated by reference, herein.

**Debt Arrangements** 

On March 26, 2024, the Company entered into a fourth amended and restated credit agreement to extend the revolving credit facilities in the aggregate amount of $550 million with an accordion feature which can increase the facilities to a maximum of $850 million (the "Facilities"). The Facilities are accompanied by a fixed-rate Term Loan A maturing in March 2027, in the amount of $125 million at an interest rate of 3.455%. The Facilities are with a syndicate of Canadian and U.S. banks and are secured by the shares and assets of the Company as well as guarantees by BGSI and subsidiaries, while the Term Loan A is with one of the syndicated banks. The interest rate for draws on the Facilities are based on a pricing grid of BGSI's ratio of total funded debt to EBITDA as determined under the credit agreement. The Company can draw on the Facilities in either the U.S. or in Canada, in either U.S. or Canadian dollars. The Company can make draws in tranches as required. Tranches bear interest only and are not repayable until the maturity date but can be voluntarily repaid at any time. The Company has the ability to choose the base interest rate between Prime, Canadian Overnight Repo Rate Average ("CORRA"), U.S. Prime or Secured Overnight Financing Rate ("SOFR") at the Company's election. The credit agreement provides for CORRA as the Canadian benchmark replacement rate on Canadian dollar term advances when the publication of Canadian Dollar Offered Rate ("CDOR") ceased in June 2024. The total syndicated Facilities include a swing line up to a maximum of $10.0 million for the Canadian borrower and $30.0 million for the U.S. borrower. As at December 31, 2024, the Company has drawn $370.0 million U.S. (December 31, 2023 - $264.5 million U.S.) and $nil Canadian (December 31, 2023 - $nil million) on the revolving credit facility and swing line and $125.0 million U.S. (December 31, 2023- $125.0 million U.S.) on the Term Loan A.

The Company is subject to certain financial covenants which must be maintained to avoid acceleration of the termination of the credit agreement. The financial covenants require BGSI to maintain a senior funded debt to EBITDA ratio of no greater than 3.50 and an interest coverage ratio of not less than 2.75. For four quarters following a material acquisition, the senior funded

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debt to EBITDA ratio may be increased to less than 4.00. For purposes of covenant calculations, property lease payments are deducted from EBITDA, and EBITDA is further adjusted to reflect pro-forma annualized acquisition results.

For a detailed description of the debt arrangement, which descriptions are incorporated by reference herein, see page 26 of BGSI's 2024 Annual Report, under the heading "Debt Financing".

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**DESCRIPTION OF THE BUSINESS** 

**BGSI** 

Boyd Group Services Inc. is a Canadian corporation and controls Boyd and its subsidiaries.

**Boyd** 

*General* 

Boyd Group Services Inc. ("BGSI"), through its operating company, The Boyd Group Inc. and its subsidiaries ("Boyd" or the "Company"), is one of the largest operators of non-franchised collision repair centers in North America in terms of number of locations and sales. The Company currently operates locations in Canada under the trade name Boyd Autobody & Glass and Assured Automotive, as well as in the U.S. under the trade name Gerber Collision & Glass. The Company is also a major retail auto glass operator in the U.S., under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. In addition, the Company operates a third party administrator, Gerber National Claims Services ("GNCS"), that offers glass, emergency roadside and first notice of loss services.The Company also operates a Mobile Auto Solutions ("MAS") service that offers scanning and calibration services.

*Principal Markets* 

Boyd provides collision repair services to individual vehicle owners; however, the highest percentage of the Company's revenue is derived from insurance-paid collision repair services. Formal relationships with insurance companies such as Direct Repair Programs ("DRPs"), either at the local or national level, play an important role in generating sales volumes for the Company. Although automobile owners still have the freedom of choice of repair provider, insurance companies may educate the owner on the benefits of choosing a repairer in their DRP network. Of the top five insurance companies that the Company deals with, which in aggregate account for approximately 51% of total sales, one insurance company represents approximately 16% of the Company's total sales, while a second insurance company represents approximately 12%. Emphasis is placed by Boyd on establishing and maintaining these referral arrangements and Boyd continues to work at developing and strengthening its relationships with insurance carriers in these markets.

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The following table shows Boyd's percentage of sales in Canada and the United States during its three fiscal years ended December 31, 2022, 2023 and 2024.

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| | | |
|:---|:---|:---|
| **Period Ended** | **Percentage of Sales in**<br> **Canada** | **Percentage of Sales in**<br> **United States** |
|  December 31, 2022 | 8.0% | 92.0% |
|  December 31, 2023 | 7.9% | 92.1% |
|  December 31, 2024 | 8.0% | 92.0% |

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The following table shows Boyd's number of employees in Canada and the United States during its three fiscal years ended December 31, 2022, 2023 and 2024.

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| | | | |
|:---|:---|:---|:---|
| **Period Ended** | **Number of**<br> **Employees in**<br> **Canada** | **Number of**<br> **Employees in**<br> **United States** | **Total Number of**<br> **Employees** |
|  December 31, 2022 | 1435 | 10956 | 12391 |
|  December 31, 2023 | 1541 | 11934 | 13475 |
|  December 31, 2024 | 1558 | 11891 | 13449 |

---

*Competitive Conditions* 

The collision repair industry in North America is estimated by Boyd to represent over $50 billion in annual revenue. The industry is highly fragmented, consisting of many small independent family owned businesses operating in local markets. It is estimated that car dealerships have approximately 15% of the total market. It is believed that multi-unit collision repair operators with greater than $20 million in annual revenues (including multi-unit car dealerships), now have approximately 39% of the total market.

The industry is very competitive. Major insurers in both the public and private insurance markets use performance-based measurements in selecting collision repair partners. In Alberta, Ontario and in the United States, where private insurers operate, a greater emphasis is placed on establishing and maintaining DRP referral arrangements with insurance companies. Boyd continues to work at developing and strengthening its DRP relationships with insurance carriers in both Canada and the United States. DRP's are established between insurance companies and collision repair businesses to better manage automobile repair claims and increase levels of customer satisfaction. Insurance companies select collision repair operators to participate in their programs based on integrity, convenience and physical appearance of the facility, quality of work, customer service, cost of repair, cycle time and other key performance metrics. Local, regional DRP's, and national DRP relationships, represent an opportunity for Boyd to increase its business. Boyd's management also believes there is some preference among some insurance carriers to do business with multi-location collision repairers in order to increase efficiency,

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reduce the number and complexity of contacts in the collision repair process and to achieve a higher level of consistent performance.

Boyd intends to grow its business through increasing same-store sales and the opening or acquiring of new locations in addition to being alert to opportunities for accelerated growth through the acquisition of other multi-location businesses.

See pages 10-13 of BGSI's 2024 Annual Report, under the heading "Business Environment & Strategy", for a detailed description of competitive conditions, which description is incorporated by reference herein.

*Intangible Assets* 

During 2022, as part of various acquisitions, as detailed on pages 27-28 of BGSI's 2022 Annual Report under the heading "Acquisitions and Development of Businesses", $13,903,000 of customer relationships and $466,000 of non-compete agreements were recognized. The customer relationships are finite life intangible assets that are being amortized on a straight-line basis over a period of twenty years. The non-compete agreements are being amortized on a straight-line basis over a five year term.

During 2023, as part of various acquisitions, as detailed on pages 28-30 of BGSI's 2023 Annual Report under the heading "Acquisitions and Development of Businesses", $25,158,000 of customer relationships and $1,372,000 of non-compete agreements were recognized. The customer relationships are finite life intangible assets that are being amortized on a straight-line basis over a period of twenty years. The non-compete agreements are being amortized on a straight-line basis over a five year term.

During 2024, as part of various acquisitions, as detailed on pages 27-28 of BGSI's 2024 Annual Report under the heading "Acquisitions and Development of Businesses", $19,975,000 of customer relationships and $980,000 of non-compete agreements were recognized. The customer relationships are finite life intangible assets that are being amortized on a straight-line basis over a period of twenty years. The non-compete agreements are being amortized on a straight-line basis over a five year term.

*Cycles* 

The Company's operating results have been and are expected to continue to be subject to quarterly fluctuations due to a variety of factors including changes in purchasing patterns, pricing policies, general and regional economic downturns, unemployment rates and weather conditions. The Company's geographic diversification may lessen the effect of this risk.

For more information about Boyd, please see pages 10-13 of BGSI's 2024 Annual Report, under the heading "Business Environment & Strategy", for a more detailed description of Boyd's business, which description is incorporated by reference herein.

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**BUSINESS RISKS AND UNCERTAINTIES** 

The following information is a summary of certain risk factors relating to the business of BGSI and its subsidiaries, and is qualified in its entirety by reference to, and must be read in conjunction with, the detailed information appearing elsewhere in this Annual Report and the documents incorporated by reference herein.

BGSI and its subsidiaries are subject to certain risks inherent in the operation of the business. BGSI and its subsidiaries manage risk and risk exposures through a combination of management oversight, insurance, systems of internal controls and disclosures and sound operating policies and practices.

The Board of Directors has the responsibility to identify the principal risks of BGSI's business and ensure that appropriate systems are in place to manage these risks. The Audit Committee has the responsibility to discuss with management BGSI's major financial risk exposures and the steps management has taken to monitor and control such exposures, including BGSI's risk assessment and risk management policies. In order to support these responsibilities, management has a risk and sustainability management committee which meets on an ongoing basis to evaluate and assess BGSI's risks.

The process being followed by the risk and sustainability management committee is a systematic one which includes identifying risks; analyzing the likelihood and consequence of risks; and then evaluating risks as to risk tolerance and control effectiveness. This approach stratifies risks into four risk categories as follows:

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| | |
|:---|:---|
| Extreme Risks: | Immediate/ongoing action is required – involvement of senior management is required. Avoidance of the item may be necessary if risk reduction techniques are insufficient to address the risk. |
| High Risks: | Risk item is significant and management responsibility should be specified and appropriate action taken. |
| Moderate Risks: | Managed by specific monitoring or response procedures. Additional risk mitigation techniques could be considered if benefits exceed the cost. |
| Low Risks: | Management by routine procedures. No further action is required at this time. |

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Risks can be reduced by limiting the likelihood or the consequence of a particular risk. This can be achieved by adjusting the Company's activities, implementing additional control/monitoring processes, or insuring/hedging against certain outcomes. Residual risk remains after mitigation and control techniques are applied to an identified risk. Awareness of the residual risk that BGSI ultimately accepts is a key benefit of the risk management process.

The following describes the risks that are most material to BGSI's business; however, this is not a complete list of the potential risks BGSI faces. There may be other risks that BGSI is not aware of, or risks that are not material today that could become material in the future.

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**Decline in Number of Insurance Claims** 

The automobile collision repair industry is dependent on the number of accidents which occur and, for the most part, become repairable insurance claims. The automobile collision repair industry could experience a decrease in repairable claims, higher total loss rates as well as a deferral in repairs and an increase in non-filed claims. This could be driven by several factors including significant insurance premium inflation and overall economic uncertainty. There can be no assurance that a continued decline in insurance claims will not occur, which could reduce Boyd's revenues and result in a material adverse effect on the Company's business.

The volume of accidents and related insurance claims can also be significantly impacted by technological disruption and changes in technology such as ride sharing, collision avoidance systems, driverless vehicles and other safety improvements made to vehicles. Other changes which have and can continue to affect insurance claim volumes include, but are not limited to, weather, general economic conditions, unemployment rates, changing demographics, vehicle miles driven, new vehicle production, insurance policy deductibles and auto insurance premiums. In addition, repairable claims volumes have been and can continue to be impacted by an increased number of non-repairable claims or total loss. There can be no assurance that a continued decline in insurance claims will not occur, which could reduce Boyd's revenues and result in a material adverse effect on the Company's business.

**Employee Relations and Staffing** 

Boyd currently employs approximately 13,449 people, of which 1,558 are in Canada and 11,891 are in the U.S. The current workforce is not unionized, except for approximately 62 employees located in the U.S. who are subject to collective bargaining agreements. The collision repair industry typically experiences competition for talent, and, in particular, a limited pool of qualified technicians and estimators. This can result in a shortage of qualified employees as well as wage pressure, which could adversely impact the volume and pace at which collision repair shops can fix damaged vehicles and the Company's financial results.

Attracting, training, developing and retaining employees at all levels of the organization are required to effectively manage Boyd's operations. The Company has rolled out various training, retention and recruitment initiatives to mitigate this risk. Failure to attract, train, develop and retain employees at all levels of the organization could lead to a lack of production capacity, knowledge, skills and experience required to effectively manage the business and could have a material adverse effect on the Company's business, financial condition and future performance.

**Acquisition and New Location Risk** 

The Company plans to continue to increase revenues and earnings through the acquisition and start-up of additional collision repair facilities and other businesses. The Company follows a detailed process of due diligence and approvals to limit the possibility of acquiring or building out a non-performing location or business. There can be no assurance that the Company will be able to find suitable acquisition targets at acceptable pricing levels, or that the Company will be

------

able to find and build out locations without incurring cost overruns, or that the new locations will achieve sales and profitability levels to justify the Company's investment.

Boyd views the United States and Canada as having significant potential for further expansion of its business. There can be no assurance that any market for the Company's services and products will develop either at the local, regional or national level. Economic instability, laws and regulations, increasing acquisition valuations and the presence of competition in all or certain jurisdictions may limit the Company's ability to successfully expand operations.

The Company has grown rapidly through multi-location acquisitions as well as single location growth opportunities and new location development. Rapid growth can put a strain on managerial, operational, financial, human and other resources. Risks related to rapid growth include administrative and operational challenges such as the management of an expanded number of locations, the assimilation of financial reporting systems, technology and other systems of acquired companies, increased pressure on senior management and increased demand on systems and internal controls. The ability of the Company to manage its operations and expansion effectively depends on the continued development and implementation of plans, systems and controls that meet its operational, financial and management needs. If Boyd is unable to continue to develop and implement these plans, systems or controls or otherwise manage its operations and growth effectively, the Company will be unable to maintain or increase margins or achieve sustained profitability, and the business could be harmed.

A key element of the Company's strategy is to successfully integrate and manage new locations in order to sustain and enhance profitability. There can be no assurance that the Company will be able to profitably integrate and manage additional locations. Successful integration and management can depend upon a number of factors, including the ability to establish, maintain and grow DRP relationships, the ability to attract, retain and motivate certain key management and staff, establishing, retaining and leveraging client and supplier relationships and implementing standardized procedures and best practices. In the event that new location growth cannot be successfully integrated into Boyd's operations or performs below expectations, the business could be materially and adversely affected.

To the extent that the prior owners of businesses acquired by BGSI failed to comply with or otherwise violated applicable laws, the Company, as the successor owner, may be financially responsible for these violations and any associated undisclosed liability. The Company seeks, through systematic investigation and due diligence, and through indemnification by former owners, to minimize the risk of material undisclosed liabilities associated with acquisitions. The discovery of any material liabilities, including but not limited to tax, legal and environmental liabilities, could have a material adverse effect on the Company's business, financial condition and future prospects.

**Operational Performance** 

In order to compete in the marketplace, the Company must consistently meet the operational performance metrics expected by its insurance company clients and its customers. Failing to deliver on metrics such as cycle time, quality of repair, customer satisfaction and cost of repair

------

can, over time, result in reductions to pricing, repair volumes, or both. The Company has implemented processes as well as measuring and monitoring systems to assist it in delivering on these key metrics. However, there can be no assurance that the Company will be able to continue to deliver on these metrics or that the metrics themselves will not change in the future.

The Company's principal source of funds is cash generated from operations. Fluctuations in required capital expenditures, the need to maintain productive capacity, required funding to meet growth targets, and debt repayments expected to be funded by cash flows generated from operations may potentially impact the amount of cash available for dividends to be declared and paid by the Company or its subsidiaries in the future.

**Brand Management and Reputation** 

The Company's success is impacted by its ability to protect, maintain and enhance the value of its brands and reputation. Brand value and reputation can be damaged by isolated incidents, particularly if the incident receives considerable publicity or if it draws litigation. Incidents may occur as a result of events beyond the Company's control or may be isolated to actions that occur in one particular location. Demand for the Company's services could diminish significantly if an incident or other matter damages its brand or erodes the confidence of its insurance company clients or directly with the vehicle owners themselves. Social media has increased the ability for individuals to adversely affect the brand and reputation of the Company. There can be no assurance that past or future incidents will not negatively affect the Company's brand or reputation.

**Market Environment Change** 

The collision repair industry is subject to continual change in terms of regulations, repair processes and equipment, technology and changes in the strategic direction of clients, suppliers and competitors. The Company endeavors to stay abreast of developments and preferences in the industry and make strategic decisions to manage these changes and potential disruptions to the traditional business model. In certain situations, the Company is involved in leading change by anticipating or developing new methods to address changing market needs. The Company however, may not be able to correctly anticipate the need for change, may not effectively implement changes, or may be required to increase spending on capital equipment to maintain or improve its relative position with competitors. There can be no assurance that market environment changes will not occur that could negatively affect the financial performance of the Company.

**Reliance on Technology** 

As is the case with most businesses in today's environment, there is a risk associated with Boyd's reliance on computerized operational and reporting systems. Boyd makes reasonable efforts to ensure that back-up systems and redundancies are in place and functioning appropriately. Boyd has disaster recovery programs to protect against significant system failures. Although a computer system failure would not be expected to critically damage the Company in the long

------

term, there can be no assurance that a computer system crash or like event would not have a material impact on its financial results.

Reliance on technology in order to gain or maintain competitive advantage is becoming more significant and therefore the Company is faced with determining the appropriate level of investment in new technology in order to be competitive. There can be no assurance that the Company will correctly identify or successfully implement the appropriate technologies for its operations. In addition, there is a risk that third party provided systems are unable to meet business needs, emerging requirements or provide support of their product, which could adversely impact Boyd's performance.

Increased reliance on computerized operational and reporting systems also results in increased cyber security risk, including potential unauthorized access to customer, supplier and employee sensitive information, corruption or loss of data and release of sensitive or confidential information. Disruptions due to cyber security incidents could adversely affect the business, results of operations and financial condition of the Company. Cyber security incidents could result in operational delays, disruption to work flow and reputational harm. There can be no assurance that Boyd will be able to anticipate, prevent or mitigate rapidly evolving types of cyber-attacks.

**Supply Chain Risk** 

The Company requires access to parts, materials and paint in order to complete repairs. Disruptive events can negatively impact supply chains, which can adversely impact Boyd's ability to complete repairs. This may result in increased repair cycle time, high levels of work-in-process and decreased margins, and could adversely impact the Company's financial results.

Certain of the Company's suppliers operate in unionized environments, where their workers are subject to collective bargaining agreements. A prolonged strike at a supplier could adversely impact Boyd's ability to complete repairs. It is possible that a prolonged strike could disrupt the Company's supply chain, which could have a material impact on the Company's financial results.

Global issues, such as outbreaks and the spread of contagious diseases, political instability, war or other disruptive events can negatively impact global supply chains, which could adversely impact Boyd's ability to complete repairs. It is possible that global issues could further disrupt the Company's supply chain, which could have a material impact on the Company's financial results.

**Margin Pressure and Sales Mix Changes** 

The Company's costs to repair vehicles, including the cost of labor, parts and materials are market driven and can fluctuate. There can be no assurance that increases in the costs to repair vehicles will ultimately be recoverable from the Company's clients or customers.

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The Company's margin is also impacted by the mix of collision repair, retail glass and glass network sales, scanning and calibration, as well as the mix of parts, labor and materials within each business area. There can be no assurance that changes to sales mix will not occur that could negatively impact the financial performance of the Company.

The Company currently makes its own part sourcing decisions for parts used in the provision of vehicle repair services. The Company's clients could, in the future, decide to source products directly, impose the use of certain parts suppliers on the Company or otherwise change the parts sourcing process. Such a decision could have an adverse effect on the Company's margin.

**Economic Downturn** 

Historically the collision repair industry has proven to be resilient to typical economic downturns along with the accompanying unemployment, and while the Company works to mitigate the effect of economic downturn on its operations, economic conditions, which are beyond the Company's control, could lead to a decrease in accident repair claims volumes due to fewer miles driven, less traffic congestion, or due to vehicle owners being less inclined to have their vehicles repaired. It is difficult to predict the severity and the duration of any decrease in claims volumes resulting from an economic downturn and the accompanying unemployment and what effect it may have on the collision repair industry, in general, and the financial performance of the Company in particular. There can be no assurance that an economic downturn would not negatively affect the financial performance of the Company.

**Changes in Client Relationships** 

A high percentage of the Company's revenues are derived from insurance companies. Over the past 25+ years, many private insurance companies have implemented customer referral arrangements known as Direct Repair Programs (DRP's) with collision repair operators who have been recognized as consistent high quality, performance based repairers in the industry. The Company's ability to continue to grow its business, as well as maintain existing business volume and pricing, is largely reliant on its ability to maintain these DRP relationships. The Company continues to develop and monitor these relationships through ongoing measurement of the success factors considered critical by insurance clients. The loss of any existing material DRP relationship, or a material component of a significant DRP relationship, could have a material adverse effect on Boyd's operations and business prospects. Of the top five insurance companies that the Company deals with, which in aggregate account for approximately 51% (2023 – 53%) of total sales, one insurance company represents approximately 16% (2023 – 19%) of the Company's total sales, while a second insurance company represents approximately 12% (2023 – 11%).

DRP relationships are governed by agreements that are usually cancellable upon short notice. These relationships can change quickly, both in terms of pricing and volumes, depending upon collision repair shop performance, cycle time, cost of repair, customer satisfaction, competition, insurance company management, program changes and general economic activity. To mitigate this risk, management fosters close working relationships with its insurance company clients and

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customers and the Company continually seeks to diversify and grow its client base both in Canada and the U.S. There can be no assurance that relationships with insurance company clients will not change in the future, which could impair Boyd's revenues and/or margins, and result in a material adverse effect on the Company's business.

**Environmental, Health and Safety Risk** 

The nature of the collision repair business means that hazardous substances must be used, which could cause damage to the environment or individuals if not handled properly. The Company's environmental protection policy requires environmental site assessments to be performed on all business locations prior to acquisition, start-up or relocation so that any existing or potential environmental situations can be remedied or otherwise appropriately addressed. It is also Boyd's practice to secure environmental indemnification from landlords and former owners of acquired collision repair businesses, where such indemnification is available. Boyd also engages a private environmental consulting firm to perform regular compliance reviews to ensure that the Company's environmental and health and safety policies are followed.

To date, the Company has not encountered any environmental protection requirements or issues which would be expected to have a material financial or operational effect on its current business and it is not aware of any material environmental issues that could have a material impact on future results or prospects. No assurance can be given, however, that the prior activities of Boyd, or its predecessors, or the activities of a prior owner or lessee, have not created a material environmental problem or that future uses or evolving regulations will not result in the imposition of material environmental, health or safety liability upon Boyd.

**Climate Change and Weather Conditions** 

Climate change is exacerbated in part by the burning of fossil fuels in order to generate electricity for consumers and industry. Greenhouse gasses from fossil fuels is leading to climate change and global warming, which is leading to increased frequency and severity of natural disasters and extreme weather condition events. The collision repair industry is not particularly carbon intensive. The business is focused on the collision repair industry and as such its primary product is providing a service. In providing this service, major inputs include replacement parts, water-based paint, skilled labor, and energy to run spray booths, compressors, lighting, HVAC and other equipment. The industry is highly fragmented with many independent owner operators who are not able to operate at scale. There are efforts to consolidate the industry and the Company is a leader in this effort. By doing so, the industry can operate more efficiently and have the central coordination and capital to invest in sustainability areas to reduce the impact the industry has on the environment.

Transitioning to a low carbon environment and sustainable business model will require additional investments in the long-term. Capital investments in energy saving or renewable energy technologies to operate the shop, can reduce or offset the contribution to carbon emissions that the Company currently emits. Investments could be necessary for sensors and other systems to manage electricity usage or identify future opportunities. Facility management

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and landscape management are areas of opportunity to improve the impact Boyd's locations have on global warming.

The primary climate related risks for the business relate to the expected increase in extreme weather events, such as blizzards, hurricanes, wild-fires, torrential rain, and tornadoes. These events can cause physical damage to shops or hinder Boyd's ability to process work and also tend to result in higher damage levels that result in more vehicles being non-repairable. Extreme weather can also slow or halt delivery of parts and in some cases prevent employees from attending work, which slows down cycle-time and therefore sales.

A number of initiatives related to climate change can benefit the Company. For example investing in LED lighting improves the working conditions for technicians and can improve the quality of the work they do, as well as lowering operating costs and reducing emissions. Continuous improvement and efficiency gains can improve quality and reduce repair cycle time, causing less waste, higher customer satisfaction and generating higher sales with the same level of inputs. A greater focus on repairing damaged parts as opposed to replacing those parts reduces waste and in some cases can improve profitability. Alignment with vehicle owner, insurance company and original equipment manufacturer objectives improves Boyd's customer relationships and demonstrates an ability to align and partner with these stakeholders.

There is good alignment between climate change initiatives and the Company's strategy. Core strategies of operational excellence, expense management and optimizing the business as well as new location and acquisition growth have overlap with sustainability. Being efficient, reducing waste and bringing corporate resources and investment to a fragmented industry supports a long-term alignment with sustainability. Environment, social and governance objectives are being integrated into the Company's strategic projects. There is often a dimension of each business initiative that relates to sustainability. Boyd is committed to identifying those dimensions and bringing awareness throughout the company so that business objectives naturally contribute to our sustainability goals, which have been outlined in Boyd's Environmental, Social and Governance Report, which is available on the Boyd website at www.boydgroup.com/sustainability.

The Board is investing more time on sustainability issues and has assigned the oversight responsibility for sustainability, including climate change risk management and disclosure to the Governance & Sustainability Committee. The topic is a standing agenda item with internal metrics and reporting being developed. Management has a Risk and Sustainability Committee tasked with developing sustainability objectives and processes for the company. Its current mandate is to work with the various operating groups to identify the key sustainability metrics for future reporting and target setting. These key metrics and targets will be focused on the priority areas defined for each of the environmental, social and governance pillars that have been outlined in Boyd's Environmental, Social and Governance Report.

The effect of global warming and its impact on weather conditions may reduce collision repair volume and represent an element of risk to the Company's ability to maintain sales. Historically, extremely mild winters and dry weather conditions have had a negative impact on collision

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repair sales volumes. Natural disasters resulting in business interruption, or supply chain interruption could also negatively impact the Company's operations. Even with market share gains, weather-related decline in market size can result in sales declines which could have a material impact on the Company's business. Business interruption due to natural disasters and extreme weather condition events, including supply chain interruption, may result in temporary store closures or limit production volume and could adversely impact Boyd's ability to complete repairs, which could have a material adverse effect on the Company's business.

**Pandemic Risk** 

A local, regional, national or international outbreak of a contagious disease, such as the COVID-19 coronavirus, Middle East Respiratory Syndrome, Severe Acute Respiratory Syndrome, H1N1 influenza virus, avian flu or any other similar illness, could decrease the willingness of the general population to travel or customers to patronize the Company's facilities, cause shortages of employees to staff the Company's facilities, interrupt supplies from third parties upon which the Company relies, result in governmental regulation adversely impacting the Company's business and otherwise have a material adverse effect on the Company's business, financial condition and results of operations.

The outbreak of a contagious illness, such as the COVID-19 pandemic, could require the Company to develop and execute revised operating procedures intended to mitigate safety and health risks in the work environment. However, there can be no assurance that the enhanced protocols put in place will protect against an outbreak that could result in lost time and negatively affect the financial performance of the Company.

**Competition** 

The collision repair industry in North America, estimated by Boyd to represent over $50 billion in annual revenue, is very competitive. The main competitive factors are cost of repair, cycle time, quality, customer satisfaction and adherence to various insurance company processes and performance requirements. There can be no assurance that Boyd's competitors will not achieve greater market acceptance due to performance or other factors.

Although competition exists mainly on a regional basis, Boyd competes with a small number of other multi-location collision repair operators in multiple markets in which it operates.

Given these industry characteristics, existing or new competitors, including other automotive-related businesses, may become significantly larger and have greater financial and marketing resources than Boyd. Competitors may compete with Boyd in rendering services in the markets in which Boyd currently operates and also in seeking existing facilities to acquire, or new locations to open, in markets in which Boyd desires to expand. There can be no assurance that the Company will be able to maintain or achieve its desired market share.

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**Access to Capital** 

The Company grows, in part, through acquisition or start-up of collision and glass repair and replacement businesses. There can be no assurance that Boyd will have sufficient capital resources available to implement its growth strategy. Inability to raise new capital, in the form of debt or equity, could limit Boyd's future growth through acquisition or start-up.

The Company will endeavor, through a variety of strategies, to ensure in advance that it has sufficient capital for growth. Potential sources of capital that the Company has been successful at accessing in the past include public and private equity placements, convertible debt offerings, using equity securities to directly pay for a portion of acquisitions, capital available through strategic alliances with trading partners, lease financing, seller financing and both senior and subordinate debt facilities or by deferring possible future purchase price payments using contingent consideration and call or put options. There can be no assurance that the Company will be successful in accessing these or other sources of capital in the future.

The Company and its subsidiaries use financial leverage through the use of debt, which have debt service obligations. The Company's ability to refinance or to make scheduled payments of interest or principal on its indebtedness will depend on its future operating performance and cash flow, which are subject to prevailing economic conditions, prevailing interest rates, and financial, competitive, business and other factors, many of which are beyond its control.

The Company's revolving credit facilities contain restrictive covenants that limit the discretion of the Company's management and the ability of the Company to incur additional indebtedness, to make acquisitions of collision repair businesses, to create liens or other encumbrances, to pay dividends, to redeem any equity or debt, or to make investments, capital expenditures, loans or guarantees and to sell or otherwise dispose of assets and merge or consolidate with another entity. In addition, the revolving credit facilities contain a number of financial covenants that require BGSI and its subsidiaries to meet certain financial ratios and financial condition tests. A failure to comply with the obligations under these credit facilities could result in an event of default, which, if not cured or waived, could permit acceleration of the relevant indebtedness. If the indebtedness were to be accelerated, there can be no assurance that the assets of the Company and its subsidiaries would be sufficient to repay the indebtedness in full. There can also be no assurance that the Company will be able to refinance the credit facilities as and when they mature. The revolving credit facility is secured by the assets of the Company.

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**Dependence on Key Personnel** 

The success of the Company is dependent on the services of a number of members of management. The experience and talent of these individuals is a significant factor in Boyd's continued success and growth. The loss of one or more of these individuals could have a material adverse effect on the Company's business operations and prospects. The Company has entered into management agreements with key members of management and succession plans are in place for key executive positions, in order to mitigate this risk.

**Tax Position Risk** 

BGSI and its subsidiaries account for income tax positions in accordance with accounting standards for income taxes, which require that the Company recognize in the financial statements, the impact of a tax position, if that position is more likely than not of being sustained on examination by taxation authorities, based on the technical merits of the position.

Inherent risks and uncertainties can arise over tax positions taken, or expected to be taken, with respect to matters including but not limited to acquisitions, transfer pricing, inter-company charges and allocations, financing charges, fees, related party transactions, tax credits, tax based incentives and stock based transactions. Management uses tax experts to assist in correctly applying and accounting for tax and government assistance program rules, however there can be no assurance that a position taken will not be challenged by the taxation authorities that could result in an unexpected material financial obligation.

Expenses incurred by BGSI and its subsidiaries are only deductible to the extent they are reasonable. There can be no assurance that the taxation authorities will not challenge the reasonableness of certain expenses. If such a challenge were successful, it may materially and adversely affect the financial results of BGSI and its subsidiaries.

BGSI's shares are qualified investments for a Registered Plan under the Tax Act as the Shares are listed on a "designated stock exchange" (as defined in the Tax Act).

There can be no assurance that additional changes to the taxation of corporations or changes to other government laws, rules and regulations, either in Canada or the U.S., will not be undertaken which could have a material adverse effect on BGSI's share price and business. There can be no assurance BGSI will benefit from these rules, that the rules will not change in the future or that BGSI will avail itself of them.

**Corporate Governance** 

Securities law imposes statutory civil liability for misrepresentations in continuous disclosure documents including failure to make timely disclosure. Investors have a right of action if they are harmed by a misrepresentation in an issuer's disclosure document or in a public oral statement relating to an issuer, or the failure of an issuer to make timely disclosure of a material change. Potentially liable parties include the issuer, each officer, and each Director of the issuer who

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authorizes, permits or acquiesces in the release of the document containing a misrepresentation, the making of the public statement containing a misrepresentation or in the failure to make a timely disclosure.

Under the Ontario Securities Act, section 138.4(6), a due diligence defense is available. The due diligence defense requires the following items to be addressed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuer must have a system designed to ensure the issuer is meeting its disclosure obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the defendant must have conducted a reasonable investigation to support reliance on the system; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• defendants must have no reasonable grounds to believe that the document or a public oral statement contained a
misrepresentation or that the failure to make the required disclosure would occur.

BGSI is keenly aware of the significance of these laws and the interrelationships between civil liability, disclosure controls and good governance. BGSI has adopted policies, practices and processes to reduce the risk of a governance or control breakdown. A statement of BGSI's governance practices is included in its most recent information circular which can be found at www.sedarplus.com. Although BGSI believes it follows good corporate governance practices, there can be no assurance that these practices will eliminate or mitigate the impact of a material lawsuit in this area.

The area of governance is growing to encompass not only traditional governance matters, but also environmental and social matters. This area is often referred to as Environmental, Social and Governance, or "ESG". Increased awareness and attention by investors to ESG matters means that the Company needs to become more transparent in developing and reporting on ESG initiatives and increase or add ESG initiatives where there are significant gaps. BGSI is developing and enhancing ESG reporting and initiatives. Boyd publishes an ESG report, which complements previously adopted policies on reporting and anti-retaliation, occupational health and safety, non-discrimination and anti-harassment, human rights, diversity, code of business conduct and ethics, business partner code of conduct and anti-corruption. These policies, along with the ESG Report, are available on the Boyd website at www.boydgroup.com/sustainability.

**Increased Government Regulation and Tax Risk** 

BGSI and its subsidiaries are subject to various federal, provincial, state and local laws, regulations and taxation authorities. Various federal, provincial, state and local agencies as well as other governmental departments administer such laws, regulations and their related rules and policies. New laws governing BGSI or its business could be enacted or changes or amendments to existing laws and regulations could be enacted which could have a significant impact on Boyd. For example, privacy legislation continues to evolve rapidly and tariff changes are being introduced with greater frequency. BGSI utilizes the services of professional advisors in the areas of taxation, environmental, health and safety, labor and general business law to mitigate the risk of non-compliance. Failure to comply with the applicable laws, regulations or tax changes

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may subject BGSI to civil or regulatory proceedings and no assurance can be given that this will not have a material impact on financial results.

BGSI and its subsidiaries operate distinct businesses in Canada and the U.S. The Company operates a service business and a major component of our services is labor which would not be subject to tariffs. The Company sources parts and materials from domestic vendors in Canada and the U.S. Any changes in tariffs on exports or imports to and from Canada and the U.S may impact the cost of repairs and decrease margins. There can be no assurance that the changes in tariffs would not negatively affect the financial performance of the Company.

A number of jurisdictions in which the Company operates have regulations to limit emissions and pollutants. The Company has adapted its processes in an effort to comply with these regulations. Although to date, there have been no negative consequences as a result of these regulations, there can be no assurance that these regulations will not have a material adverse impact on BGSI's business or financial results. Future emission or pollutant regulation compliance requirements may have a material adverse impact on BGSI's business or financial results.

**Fluctuations in Operating Results and Seasonality** 

The Company's operating results have been and are expected to continue to be subject to quarterly fluctuations due to a variety of factors including changes in customer purchasing patterns, pricing paid to insurance companies, general operating effectiveness, automobile technologies, general and regional economic downturns, unemployment rates, employee vacation timing and weather conditions. These factors can affect Boyd's financial results.

**Risk of Litigation** 

BGSI and its subsidiaries could become involved in various legal actions in the ordinary course of business. Litigation loss accruals may be established if it becomes probable that BGSI will incur an expense and the amount can be reasonably estimated. BGSI's management and internal and external experts are involved in assessing the probability of litigation loss and in estimating any amounts involved. Changes in these assessments may lead to changes in recorded litigation loss accruals. Claims are reviewed on a case by case basis, taking into consideration all information available to BGSI.

The actual costs of resolving claims could be substantially higher or lower than the amounts accrued. In certain cases, legal claims may be covered under BGSI's various insurance policies.

**Execution on New Strategies** 

New initiatives are introduced from time to time in order to grow Boyd's business. Initiatives such as entering new markets, introducing and improving related products and services, or identifying new strategies to capture additional market share have the potential to be accretive to the Company's business when the opportunity is accurately identified and executed. There can

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be no assurance that the Company identifies new strategies that are accretive to the business or that it is successful in implementing such initiatives.

**Insurance Risk** 

BGSI insures its property, plant and equipment, including vehicles, through insurance policies with insurance carriers located in Canada and the U.S. Included within these policies is insurance protection against property loss and general liability. BGSI also insures its directors and officers against liabilities arising from errors, omissions and wrongful acts. Management uses its knowledge, as well as the knowledge of experienced brokers, to ensure that insurable risks are insured appropriately under terms and conditions that would protect BGSI and its subsidiaries from losses. There can be no assurance that all perils would be fully covered or that a material loss would be recoverable under such insurance policies.

**Interest Rates** 

The Company occasionally fixes the interest rate on its debt using interest rate swap contracts or other provisions available in its debt facilities. There can be no guarantee that interest rate swaps or other contract terms that effectively turn variable rate debt into fixed rates will be an effective hedge against long-term interest rate fluctuations.

The Company has not fixed interest rates within its revolving credit facility. There can be no assurance that interest rates either in Canada or the U.S. will not increase in the future, which could result in a material adverse effect on the Company's business.

**U.S. Health Care Costs and Workers Compensation Claims** 

BGSI accrues for the estimated amount of U.S. health care claims and workers compensation claims that may have occurred but were not reported at the end of the reporting period under its health care and workers compensation plans. The accruals are based upon the Company's knowledge of current claims as well as third party estimates derived from past experience. Significant claim occurrences which remain unreported for a number of months could materially impact this accrual. In addition, as U.S health care costs increase, there can be no assurance given that the Company can continue to offer health care insurance to its employees at a reasonable cost.

**Foreign Currency Risk** 

A substantial portion of Boyd's revenue and cash flow are now, and are expected to continue to be, generated in U.S. dollars. Fluctuations in the exchange rates between the Canadian dollar and the U.S. currency may have a material adverse effect on BGSI's share price, which is denominated and trades in Canadian dollars as well as BGSI's ability to make future Canadian dollar cash dividends.

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**Capital Expenditures** 

The business of the Company requires ongoing capital maintenance. Moreover, opportunities may arise for capital upgrades providing returns or cost savings that may not be realized in the immediate future, but rather over several years. As vehicle technology advances and market needs change, the capital intensity of the industry is changing, requiring expenditures in excess of historical capital maintenance levels. To the extent that capital expenditures are in excess of amounts budgeted, the amounts of cash available for dividends may decrease.

**Low Capture Rates** 

Sales growth can be enhanced if the Company is effective at booking repair orders for all sales opportunities that are identified. The Company is exposed to missed jobs when capacity is constrained and to the extent that employees are ineffective at capturing all sales opportunities. Measurement of capture rates, management support and training are methods that are employed to enhance capture rates. Efforts to increase capacity are limited by availability of qualified labor. It is possible that the Company may not be able to capture sales effectively enough to maximize sales.

**Energy Costs** 

The Company is exposed to fluctuations in the price of energy. These costs not only impact the costs associated with occupying and operating collision repair facilities but may also affect costs of parts and materials used in the repair process as well as miles driven by automobile owners. There can be no assurance that escalating costs which cannot be offset by energy conservation practices, price increases to clients and customers or productivity gains, would not result in materially lower operating margins. As well, there can be no assurance that escalating energy costs will not materially reduce automobile miles driven and in turn reduce the number of collisions.

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**DESCRIPTION OF CAPITAL STRUCTURE** 

**General Description** 

An unlimited number of common shares ("Shares") of BGSI are authorized and may be issued pursuant to the Articles of Incorporation of BGSI. All Shares have equal rights and privileges. Each Share is redeemable and transferable. A Share entitles the holder thereof to participate equally in dividends, including the dividends of net earnings and net realized capital gains of BGSI and dividends on termination or winding-up of BGSI, is fully paid and non-assessable and entitles the holder thereof to one vote at all meetings of shareholders for each Share held.

**Stock Option Plan** 

BGSI has a stock option plan ("Stock Option Plan") which provides for the granting of options to certain officers and senior management. The maximum number of options available under the Stock Option Plan is 250,000, which is less than 1.2% of the total outstanding Shares of BGSI.

Subject to any adjustments pursuant to the provisions of the Stock Option Plan, the exercise price of any option shall be as determined and approved by the People, Culture and Compensation Committee of the Board of Directors of BGSI, but under no circumstances will such price be lower than the Fair Market Value (as defined in the Stock Option Plan) of the Shares on the Grant Date (as defined in the Stock Option Plan). The term of an option shall be as determined and approved by the People, Culture and Compensation Committee in the Grant Agreement (as defined in the Stock Option Plan); provided, however, that the term shall be no more than ten years from the Grant Date.

During fiscal 2024, BGSI issued 18,269 (2023 -28,292; 2022 - 18,878) options under the Stock Option Plan. As of December 31, 2024, there are 67,762 outstanding Options under the Stock Option Plan, which is less than 0.4% of the total outstanding common shares.

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**DIVIDENDS** 

The Board of Directors of BGSI have adopted a dividend policy which is more specifically described on page 65 of the Management Information Circular dated October 14, 2019 under the heading "Payment of Dividends", which description is incorporated by reference herein.

The following table sets forth the per share dividends declared to shareholders during fiscal year 2023 and 2024 (in Canadian dollars):

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; *In Canadian dollars* | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp; March | 0.150 | 0.147 |
| &nbsp;&nbsp;&nbsp; June | 0.150 | 0.147 |
| &nbsp;&nbsp;&nbsp; September | 0.150 | 0.147 |
| &nbsp;&nbsp;&nbsp; December | 0.153 | 0.150 |

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**MARKET FOR SECURITIES** 

The Shares of BGSI are listed and posted for trading on the Toronto Stock Exchange under the symbol "BYD" beginning January 2, 2020.

The monthly trading volume and price ranges of the Shares traded at the TSX over BGSI's last financial year are as follows (in Canadian dollars):

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| | | | |
|:---|:---|:---|:---|
| ***In Canadian dollars***<br> **Month** | **High**  | **Low**  | **Volume**  |
|  January 2024 | 300.36 | 267.00 | 1579128 |
|  February 2024 | 324.75 | 288.01 | 1031505 |
|  March 2024 | 319.11 | 279.00 | 1711381 |
|  April 2024 | 289.13 | 252.35 | 1873941 |
|  May 2024 | 272.82 | 224.00 | 2619609 |
|  June 2024 | 270.60 | 227.10 | 3150204 |
|  July 2024 | 268.66 | 225.69 | 3253444 |
|  August 2024 | 232.41 | 211.22 | 2734129 |
|  September 2024 | 228.99 | 198.61 | 2430296 |
|  October 2024 | 226.82 | 201.13 | 2536473 |
|  November 2024 | 233.60 | 201.06 | 3421865 |
|  December 2024 | 218.01 | 200.80 | 2928617 |

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**Prior Sales** 

See page 26 of BGSI's 2024 Annual Report, under the heading "Debt Financing", for a more detailed description of securities and more specifically debt instruments issued by Boyd, which description is incorporated by reference herein.

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**DIRECTORS AND OFFICERS** 

**Directors of BGSI** 

The Articles of Incorporation of BGSI provide for a minimum of three directors and a maximum of fifteen (15) directors. At the annual meeting of shareholders of BGSI held on May 15, 2024, the shareholders of BGSI fixed the number of directors of BGSI at ten (10). Directors are reappointed or replaced every year as may be determined by a majority of votes cast at an annual meeting of shareholders. The names, municipalities of residence and principal occupations for the previous five years of the Directors are outlined in the following table:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name and Municipality of**<br> **Residence** | **Current Office** | **Principal Occupation** |
| &nbsp;&nbsp; David Brown <br> Manitoba, Canada | &nbsp;&nbsp; Independent Chair<br> (Since May 2021)<br> Director<br> (Since Jun 2012) | &nbsp;&nbsp; Executive Vice President of Richardson Financial Group Limited and Managing Director of RBM Capital Limited |
| &nbsp;&nbsp; Brock Bulbuck<br> Manitoba, Canada | &nbsp;&nbsp; Director<br> (Since Dec 2002) | &nbsp;&nbsp; Independent Board Chair of North West Company; Executive Chair of Boyd (2020-2021); previously President & CEO of Boyd (2010-2019) |
| &nbsp;&nbsp; Robert Espey <sup>(3)</sup><br> Alberta, Canada | &nbsp;&nbsp; Director<br> (Since May 2021) | &nbsp;&nbsp; President & CEO of Parkland Corporation |
| &nbsp;&nbsp; Christine Feuell <sup>(1)</sup> <br> Michigan, USA | &nbsp;&nbsp; Director<br> (Since May 2023) | &nbsp;&nbsp; CEO of Chrysler Brand at Stellantis |
| &nbsp;&nbsp; Robert Gross <sup>(4)</sup><br> Nevada, USA | &nbsp;&nbsp; Director<br> (Since Nov 2012) | &nbsp;&nbsp; Board member |
| &nbsp;&nbsp; John Hartmann <sup>(1) (2)</sup><br> Illinois, USA | &nbsp;&nbsp; Director<br> (Since June 2020) | &nbsp;&nbsp; CEO of Ascend Wellness Holdings Inc.; COO of Bed Bath & Beyond and President of buybuyBaby (2020-2022); previously President & CEO at True Value Company (2014-2019) |
| &nbsp;&nbsp; Violet Konkle <sup>(2)</sup><br> Ontario, Canada | &nbsp;&nbsp; Director<br> (Since May 2017) | &nbsp;&nbsp; Board member |
| &nbsp;&nbsp; Timothy O'Day<br> Illinois, USA | &nbsp;&nbsp; Chief Executive Officer and Director<br> (Director since Mar 2012) | &nbsp;&nbsp; Chief Executive Officer of Boyd; previously Chief Operating Officer of Boyd (2008-2019); previously President of Boyd (2017-2024) |
| &nbsp;&nbsp; William Onuwa <sup>(1) (3)</sup><br> Ontario, Canada | &nbsp;&nbsp; Director<br> (Since June 2020) | &nbsp;&nbsp; EVP & Chief Audit Executive at Royal Bank of Canada |
| &nbsp;&nbsp; Sally Savoia <sup>(3)</sup><br> Florida, USA | &nbsp;&nbsp; Director (Since May 2015) | &nbsp;&nbsp; Independent Corporate Consultant (2014 - 2020) |

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Committee members as at December 31, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Member of the Audit Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Member of the People, Culture and Compensation Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Member of the Governance & Sustainability Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Mr. Gross passed away on November 18, 2024

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As a group, the Directors own or control, directly or indirectly, 68,371 Shares of BGSI being approximately 0.3% of all the issued and outstanding Shares of BGSI as of March 18, 2025. Each Share is entitled to one vote at meetings of shareholders.

See pages 92-94 of BGSI's 2024 Annual Report under the heading "Board of Directors", for a more detailed description of the Directors, which description is incorporated by reference herein.

The Directors of BGSI also served as the Directors of Boyd.

**Executive Officers of Boyd** 

The following table sets forth the name, municipality of residence and principal occupation of each of the current executive officers, who are not also Directors, of BGSI, as well as Boyd and The Boyd Group (U.S.) Inc. ("Primary Subsidiaries"):

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| | |
|:---|:---|
|  **Name and Municipality of Residence** | **Position with Boyd** |
|  Jason Hope (1)<br> New York, USA | Chief Corporate Development Officer |
|  Brian Kaner<br> Indiana,USA | President and Chief Operating Officer |
|  Kim Morin<br> Illinois, USA | Vice President and Chief Human Resources Officer |
|  Jeff Murray<br> Manitoba, Canada | Executive Vice President and Chief Financial Officer |
|  Creighton Warren<br> Illinois, USA | Chief Information Officer |
|  John Wysseier (1)<br> Florida, USA | Chief Operating Officer, Glass |

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(1) Jason Hope and John Wysseier were executive officers of Boyd at December 31, 2024 but ceased to hold these positions prior to March 18, 2025.

Other than the following changes, each of the foregoing persons has held the same principal position for the previous five years. On January 1, 2022, John Wysseier was appointed Chief Operating Officer, Glass. On October 28, 2022, Brian Kaner was appointed Executive Vice President and Chief Operating Officer for Boyd Group's collision business. On January 1, 2023, Jeff Murray was appointed Interim Chief Financial Officer. On June 19, 2023, Creighton Warren was appointed Chief Information Officer. On July 12, 2023, Jeff Murray was appointed Executive Vice-President and Chief Financial Officer. On March 25, 2024, Jason Hope was appointed Chief Corporate Development Officer. On December 2, 2024, Brian Kaner was appointed President and Chief Operating Officer.

As of March 18, 2025, 75,471 Shares of BGSI were beneficially owned or controlled directly or indirectly by the directors and officers of Boyd as a group, which represented approximately 0.4% of the issued and outstanding Shares of BGSI.

**Cease Trade Orders, Bankruptcies, Penalties or Sanctions** 

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To the knowledge of BGSI, and except as described below, no Director of BGSI, or a person or company that is the direct or indirect owner of, or who exercises control or direction over, a sufficient number of Shares so as to materially affect the control of BGSI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, as at the date of this Annual Information Form or has been, within the 10 years before the date of this
Annual Information Form, a director or executive officer of any company, that while the person was acting in that capacity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) was the subject of a cease trade or similar order or an order that denied the relevant company access to any
exemption under securities legislation, for a period of more than 30 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was subject to an event that resulted, after the director or executive officer ceased to be a director or
officer, in the company being the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, for a period of more than 30 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) or within a year of the person ceasing to act in that capacity, became bankrupt, made a proposal under any
legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has, within the 10 years before the date of this Annual Information Form, become bankrupt, made a proposal
under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.

**Conflicts of Interest** 

To the knowledge of BGSI, no Director of BGSI has an existing or potential material conflict of interest with BGSI or any of its subsidiaries.

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**AUDIT COMMITTEE** 

**Audit Committee Charter** 

The Audit Committee Charter is attached as Appendix A to this Annual Information Form.

**Composition of Audit Committee** 

The Audit Committee of BGSI is chaired by William Onuwa and includes Christine Feuell and John Hartmann. Each member of the audit committee is independent and none receives, directly or indirectly, any compensation from BGSI other than for service as a member of the Board of Directors and its committees, of which amounts are less than $300,000 annually for each member. All members of the Audit Committee are financially literate as defined under Multilateral Instrument 51-102 – *Audit Committees*.

**Relevant Education and Experience of Audit Committee Members** 

The members of BGSI's Audit Committee bring with them considerable education and business experience, as described below:

**Christine Feuell** has nearly 30 years of career experience transforming brands and business units to deliver strong customer value and profitable growth in the automotive, supply chain automation and building technologies industries. Ms. Feuell's automotive industry experiences include OEMs (Ford, Stellantis) and Tier 1 Suppliers (Johnson Controls, Adient) in which she created and launched innovative products, technologies and services for the OEM and Aftermarket Channels. Ms. Feuell is currently the CEO for Chrysler and Alfa Romeo. Since 2021, she has been serving as CEO, Chrysler Brand at Stellantis, a leading global automotive mobility and technology leader, where she is transforming the Chrysler brand to full-electrification and delivering break-through seamlessly connected technologies and experiences. Prior to her role at Chrysler, Ms. Feuell was the Chief Commercial Officer at Honeywell, where she was responsible for creating and delivering advanced automation software and technology solutions for E-Commerce, Retail, Logistics, Health and Pharma industries. Ms. Feuell also serves as an Advisory Board Member for the Michigan State University Broad School of Business, Board Director for Friends of the Children Detroit Chapter Non-Profit, and is a champion for diversity and mentoring programs at Stellantis, Michigan State and her local communities. Ms. Feuell is the Executive Sponsor for the Women of Stellantis and Diversibilities Business Resource Groups.

John Hartmann currently serves on the Boards of Franchise Group, Inc., a private holding company which owns The Vitamin Shoppe, Pet Supplies Plus and Buddy's Home Furnishings; and Ascend Wellness Holdings Inc., a U.S. publicly listed company, where he was previously Chief Executive Officer. Mr. Hartmann is the former President of buybuyBaby and COO of Bed Bath & Beyond from 2020 to 2022. Previously, from 2013-2020, he was the President & Chief Executive Officer at True Value Company, a privately owned U.S. hardware wholesaler and

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manufacturer. Mr. Hartmann also led New Zealand-based Mitre 10 as Chief Executive Officer from 2010 to 2013, and held various executive positions at HD Supply, The Home Depot, and Cardinal Health. Prior to his corporate career, he served as a special agent of the Federal Bureau of Investigation. Mr. Hartmann previously served on the Board and Audit Committee of AmeriGas, prior to UGI's acquisition, and Board of HD Supply.

William Onuwa is currently EVP and Chief Audit Executive at Royal Bank of Canada ("RBC"). Prior to this role, he was the SVP & Chief Risk Officer for Wealth Management, RBC Georgia and the Insurance Group. He held a number of executive positions for GE Capital Corporation in both the U.S. and the U.K. before joining RBC in 2007. He holds a Doctorate degree from the University of Surrey, U.K. Mr. Onuwa was recently the Chair of two not-for-profit boards, Yonge Street Mission and Holland Bloorview Kids Rehabilitation Hospital. Mr. Onuwa also served on the subsidiary boards of various RBC insurance companies as an executive director from 2007 to 2016. Mr. Onuwa is currently a member of the board of governors at University of Guelph and also on the board of Plan International Canada where he sits on various committees.

**Pre-Approval Policies and Procedures** 

The Audit Committee has considered whether the provision of services other than audit services is compatible with maintaining the auditors' independence. The Audit Committee has adopted a policy that prohibits the Company from engaging auditors for "prohibited" categories of non-audit services and requires pre-approval by the Audit Committee of audit services and other services within permissible categories of non-audit services.

**Audit Fees** 

Deloitte LLP has served as BGSI's sole auditing firm for the past two years. Fees billed or accrued for the years ended December 31, 2024 and December 31, 2023 by Deloitte LLP and its affiliates are C$1,731,220 and C$1,604,586, as detailed below:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| &nbsp;&nbsp; Audit fees | $840900 | $925939 |
| &nbsp;&nbsp; Audit-related fees | 577557 | 373508 |
| &nbsp;&nbsp; Tax compliance/preparation fees | 312763 | 305139 |
| &nbsp;&nbsp; Other fees |  |  |
|  | $1731220 | $1604586 |

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The nature of each category of fees is described below.

*Audit fees* 

Audit fees were paid for professional services rendered by the auditors for the audit of the annual financial statements of BGSI, and its subsidiaries or services provided in connection with statutory and regulatory filings or engagements.

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*Audit-related fees* 

Audit-related fees were paid for assurance and related services that are reasonably related to the performance of the audit or review of the annual financial statements and are not reported under the audit fees item above. The services consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• special attest services not required by statute or legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reporting on the effectiveness of internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition due diligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying financial reporting issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• travel and out-of-pocket costs

These services were pre-approved by the audit committee.

*Tax compliance/preparation fees* 

Tax fees were paid for tax compliance services including the preparation of original and amended Canadian and U.S. tax returns.

*Other fees* 

Other fees were paid for assistance with special matters relating to peer review matters.

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**LEGAL PROCEEDINGS** 

Neither BGSI, Boyd nor any of its subsidiaries are involved in any legal proceedings which are material in any respect.

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS** 

See page 30 of BGSI's 2024 Annual Report under the heading "Related Party Transactions" for a detailed description of the interest of management and others in material transactions, which description is incorporated by reference herein.

**TRANSFER, DISTRIBUTION AGENTS AND REGISTRARS** 

Computershare Trust Company of Canada (as successor to Valiant Trust Company) is the distribution agent of BGSI with respect to payment of dividends on the common shares of BGSI, with an office in Calgary, Alberta.

**MATERIAL CONTRACTS** 

Neither BGSI, Boyd nor any of its subsidiaries have entered into any material contracts requiring disclosure pursuant to National Instrument 51-102 during the most recently completed financial year, or before the most recently completed financial year.

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**INTERESTS OF EXPERTS** 

Deloitte LLP is the independent auditor of BGSI.

**ADDITIONAL INFORMATION** 

Additional information, including Directors' and officers' remuneration and indebtedness, principal holders of BGSI's securities and interests of insiders in material transactions, if applicable, will be contained in BGSI's 2024 Information Circular dated March 25, 2025, which information upon issuance of the Information Circular, will be incorporated by reference herein. Copies of the Information Circular may be obtained upon request from the Chief Financial Officer of BGSI.

BGSI will also provide any person with, upon request of the Chief Financial Officer at 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba, R3H 1A6:

- one copy of this Annual Information Form, together with one copy of any document, or the pertinent pages of any document, incorporated by reference therein; or

- one copy of the financial statements of BGSI discussed above, together with the accompanying report of the auditor and one copy of the most recent interim financial statements of BGSI that have been filed, if any, for any period after the end of its most recently completed financial year provided that BGSI may require the payment of a reasonable charge if the request is made by a person or company who is not a shareholder.

Additional financial information, along with management's discussion and analysis for the most recently completed financial year can be found in BGSI's 2024 Annual Report.

Additional information relating to BGSI may also be found on SEDAR+ at www.sedarplus.com.

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**APPENDIX A: AUDIT COMMITTEE CHARTER** 

**Purpose** 

The primary purpose of the Audit Committee (the "Audit Committee") of the Board of Directors (the "Board") of the Boyd Group Services Inc. ("BGSI") is to assist the Board in fulfilling its oversight responsibilities by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing the integrity of the consolidated financial statements of BGSI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing BGSI's compliance with legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recommending to the Board the appointment of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing the performance of BGSI's external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing financial information contained in public filings of BGSI prior to filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing earnings announcements of BGSI prior to release to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overseeing BGSI's systems of internal financial controls and management's compliance for reporting
on internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring BGSI's auditing, accounting and financial reporting processes, including the risk of fraud
and error;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing the performance of the internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resolving complaints regarding accounting, internal accounting controls or auditing practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identifying, monitoring and reviewing the principal risks of BGSI's business and ensuring appropriate
systems are in place to manage these risks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assisting with certain assigned Environmental, Social and Governance ("ESG") activities as
determined by the Board and Governance & Sustainability Committee.

**Composition** 

The Audit Committee shall be composed of not less than three members.

The members of the Audit Committee shall: (i) be free from any relationship that, in the opinion of the Board, would interfere with the exercise of his or her independent judgment as a member of the Audit Committee; and (ii) meet the independence and experience requirements of all applicable corporate, exchange and securities act rules, instruments and regulations in Canada (the "Regulations") including, but not limited to the Toronto Stock Exchange ("TSX") and Canadian national and provincial securities rules and regulations.

All members of the Audit Committee shall be "financially literate" as such term is defined by the Regulations. Notwithstanding the foregoing, a member who is not financially literate may be appointed to the Audit Committee provided that the member becomes financially literate within a reasonable period of time following his or her appointment.

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The members of the Audit Committee shall be appointed by the Board. Once appointed, members shall serve for a one year term unless they resign, and may be reappointed to serve consecutive terms.

The Board shall normally designate the Chair of the Audit Committee. In the event that a Board designation is not made, the members of the Audit Committee shall elect a Chair by majority vote of the full Audit Committee membership.

In the event that the Chair of the Audit Committee does not attend a meeting of the Audit Committee, the members of the Audit Committee shall elect a temporary Chair for such meeting by majority vote of the members in attendance at the meeting.

**Meetings** 

The Audit Committee shall meet at least quarterly, and may meet as often as it determines necessary in fulfilling its duties.

Greater than 50% of Audit Committee membership is required for meeting quorum.

Meetings of the Audit Committee shall normally be attended by the CEO, President & COO, and Executive-Vice President & CFO of BGSI. Others may also attend meetings as the Audit Committee may request.

The Audit Committee shall meet at least annually with the external auditor in a separate in-camera session.

The Audit Committee shall have access to any officer or employee of BGSI or BGSI's outside counsel or external auditor. The external auditor will have direct access to the Committee at their own initiative.

**Resolutions** 

Resolutions of the Audit Committee shall require approval by a simple majority of members voting on such resolution.

**Responsibilities** 

The Audit Committee shall document minutes from each meeting held and such minutes shall be made available to all members of the Board. The Audit Committee will report periodically the committee's findings and recommendations to the Board.

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**Internal Audit** 

The Audit Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have the authority to communicate directly with the internal auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review the performance and ensure processes are in place for the independence of the internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review annually the internal audit plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluate the performance and effectiveness of audit services, including the Director of Internal Audit's
performance and compensation package

**External Auditor** 

With respect to BGSI's external auditors the Audit Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have the sole authority to recommend to the Board the appointment or replacement of the external auditor
(subject, if applicable, to shareholder approval)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have the external auditor report directly to the Audit Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meet with the external auditor prior to the annual audit to discuss the planning, scope and staffing of the
audit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be directly responsible for establishing the compensation of the external auditor, subject to applicable Board
and shareholder approval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure the periodic rotation of the audit partner having primary responsibility for the audit and the
engagement quality control partner as required by independence standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least on an annual basis, evaluate the qualifications, performance and independence of the external auditor
and the audit partner having primary responsibility for the audit, including considering whether the auditor's quality controls are adequate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain and review a report from the external auditor at least annually regarding: (i) the external
auditors' internal quality-control procedures, (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or raised by any inquiry or investigation by governmental or professional
authorities within the preceding five years respecting one or more external audits carried out by the firm, (iii) any steps taken to deal with any issues, and (iv) all relationships between the external auditor and BGSI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review and approve BGSI's hiring policies regarding partners, employees, or contractors of the
independent auditor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-approve all auditing services and permitted non-audit services (including fees and terms thereof) to be performed for BGSI or its subsidiaries by its external auditor in accordance with BGSI's policy regarding the approval of audit and non-audit services provided by the independent auditor

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oversee the work of the external auditor, including the resolution of disagreements between management and the
external auditor regarding financial reporting

*Financial Reporting* 

With respect to BGSI's reporting of unaudited quarterly financial results, the Audit Committee shall:

• Prior to their public release and filing with securities regulatory agencies, review and discuss with
management and the external auditor the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o press release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o consolidated financial statements and notes thereto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o management's discussion and analysis

The Audit Committee must be satisfied that adequate procedures are in place for the review of BGSI's public disclosure of financial information extracted or derived from BGSI's financial statements and shall periodically assess the adequacy of such procedures. The Audit Committee will engage the external auditor to review the unaudited quarterly financial results prior to the Audit Committee's review of such financial statements.

• The review of BGSI's unaudited quarterly financial results shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any significant judgments made in the preparation of financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the extent to which changes or improvements in financial or accounting practices have been implemented

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o significant financial reporting issues identified in connection with the preparation of BGSI's
financial statements, including any significant changes in BGSI's selection or application of accounting principles, any major issues as to the adequacy of BGSI's internal controls and any special steps adopted in light of material
control deficiencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o BGSI's use of non-GAAP information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o BGSI's use of forward-looking financial guidance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o critical accounting policies and practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the effect of regulatory and accounting initiatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o off-balance sheet structures on BGSI's financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o management certifications of reports filed by BGSI pursuant to the Regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o integrity of BGSI's financial reporting processes

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any correspondence with regulators or governmental agencies and any published reports which raise material
issues regarding BGSI's financial statements or accounting policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recommend to the Board whether the unaudited financial results should be approved by the Board

*Annual Audit* 

With respect to BGSI's annual audit, the Audit Committee shall:

• Prior to their public release and filing with securities regulatory agencies, review and discuss with
management and the external auditor the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o consolidated financial statements and notes thereto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o press release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o management's discussion and analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o results of the audit performed by the external auditor

• The review of BGSI's audited financial results shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o all matters described above with respect to unaudited quarterly financial results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o results of the audit performed by the external auditor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any significant disagreements among management and the external auditor in connection with the preparation
of financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o matters required to be discussed by Canadian Auditing Standard 260, Communication with Those Charged with
Governance, including any difficulties encountered in the course of the audit work, any restrictions on the scope of activities or access to requested information, and any significant disagreements with management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any written communications between the external auditor and management (e.g., management letters, schedule
of unadjusted differences)

• Recommend to the Board whether the audited financial results should be approved by the Board

*Regulatory Filings* 

Except for the Compensation Discussion & Analysis which is reviewed and recommended to the Board for approval by the People, Culture and Compensation Committee, the Audit Committee shall review and recommend to the Board the approval of all documents filed with securities regulatory agencies including, but not limited to:

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• The Annual Report

• The Annual Information Form

• Management Proxy Circulars

• Prospectuse *Accounting, Internal Accounting Controls or Auditing Practice Complaints* 

The Audit Committee shall have procedures for the receipt, retention and treatment of confidential or anonymous complaints received by BGSI regarding accounting, internal accounting controls or auditing practice matters.

*Fraud* 

The Audit Committee shall inquire of management on a periodic basis whether there has been any incident of fraud or any changes to internal controls specifically designed to prevent or detect fraud.

*Legal Matters* 

The Audit Committee shall review with management, and if necessary, BGSI's counsel, any legal matter which could reasonably be expected to have a material impact on BGSI's financial statements or accounting policies.

*Risk Management* 

The Audit Committee shall discuss with management BGSI's major financial risk exposures and the steps management has taken to monitor and control such exposures, including BGSI's risk assessment processes and risk management policies.

*Internal Controls* 

The Audit Committee shall review and assess BGSI's system of internal controls, control culture, and risk assessment and control activities and shall ensure that management has designed and implemented an appropriate internal control system.

*Corporate Knowledge* 

The Audit Committee shall strive to expand continually its knowledge of BGSI's activities.

*Review of Charter* 

The Audit Committee shall review and reassess the adequacy of this Charter annually.

*Self Assessment* 

The Audit Committee shall biannually review the Audit Committee's own performance.

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*Other* 

The Audit Committee shall undertake any other activities consistent with this Charter, BGSI's by-laws and governing law, that the Audit Committee or the Board deem necessary or appropriate.

**Approval of Charter** 

This Audit Committee Charter requires approval by the Board.

Future changes to this Charter require approval by the Board based on the recommendation of the Audit Committee.

**Other Advisors** 

The Audit Committee shall have the authority, to the extent it deems necessary or appropriate, to retain independent legal, accounting or other advisors including consulting with the national office of the external auditor. BGSI shall provide for appropriate funding, as determined by the Audit Committee, for payment of compensation to the external auditor for the purpose of rendering or issuing an audit report and to any advisors employed by the Audit Committee.

**Limitation** 

While the Audit Committee has the responsibilities and power set forth in this Charter, it is the responsibility of management and the external auditor - not the Audit Committee - to plan or conduct audits or to determine that BGSI's financial statements and disclosures are complete and accurate and are in accordance with generally accepted accounting principles and applicable rules and regulations.

## Exhibit 4.2

**Exhibit 4.2**![LOGO](g77213dsp1.jpg)

**BOYD GROUP SERVICES INC.** 

Consolidated Financial Statements

Year Ended December 31, 2024

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**MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING** 

These consolidated financial statements have been prepared by management in accordance with IFRS<sup>®</sup> Accounting Standards, as issued by the International Accounting Standards Board ("IASB"). Management is responsible for their integrity, objectivity and reliability, and for the maintenance of financial and operating systems, which include effective controls, to provide reasonable assurance that Boyd Group Services Inc.'s assets are safeguarded and that reliable financial information is produced.

The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting, disclosure control and internal control. The Board exercises these responsibilities through its Audit Committee, all members of which are not involved in the daily activities of Boyd Group Services Inc. The Audit Committee meets with management and, as necessary, with the independent auditors, Deloitte LLP, to satisfy itself that management's responsibilities are properly discharged and to review and report to the Board on the consolidated financial statements.

In accordance with Canadian Generally Accepted Auditing Standards, the independent auditors conduct an examination each year in order to express a professional opinion on the consolidated financial statements.

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| | |
|:---|:---|
| *(signed)* | *(signed)* |
| Timothy O'Day | Jeff Murray |
| Chief Executive Officer | Executive Vice President & Chief Financial Officer |
| Winnipeg, Manitoba |  |
| March 18, 2025 |  |

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| | |
|:---|:---|
| ![LOGO](g77213dsp3.jpg) | Deloitte LLP<br> 360 Main Street<br> Suite 2300<br> Winnipeg MB R3C 3Z3 Canada<br>Tel: 1-204-942-0051<br> Fax: 1-204-947-9390<br> www.deloitte.ca |

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Independent Auditor's Report

To the Shareholders and the Board of Directors of

Boyd Group Services Inc.

Opinion

We have audited the consolidated financial statements of Boyd Group Services Inc. (the "Company"), which comprise the consolidated statements of financial position as at December 31, 2024 and 2023, and the consolidated statements of income, comprehensive income, changes in equity and cash flows for the years ended December 31, 2024 and 2023, and notes to the consolidated financial statements, including a summary of material accounting policies (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2024 and 2023, and its financial performance and its cash flows for the years ended December 31, 2024 and 2023 in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB").

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards ("Canadian GAAS"). Our responsibilities under those standards are further described in the *Auditor's Responsibilities for the Audit of the Financial Statements* section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

A key audit matter is a matter that, in our professional judgment was of most significance in our audit of the consolidated financial statements for the year ended December 31, 2024. This matter was addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter.

*Goodwill and Intangible Assets — Canadian CGU— Refer to the Financial Statement Notes 3 and 11 Key Audit Matter Description* 

The Company's evaluation of goodwill and intangible assets for impairment involves the comparison of the recoverable amount of each cash generating unit ("CGU") to their carrying value. The recoverable amount of a CGUs is determined as the greater of the fair value less costs to sell and value in use. The Company used a discounted cash flow model to determine the recoverable amounts of both the U.S. CGU and Canadian CGU, which required management to make estimates and assumptions related to future cash flows, taxes, future acquisition growth, future capital expenditures, terminal growth rate, and discount rate. As a result of the annual assessments of impairment of goodwill and intangible assets for the U.S. CGU and Canadian CGU, management has determined that there was no impairment of goodwill or intangible assets.

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While there are several estimates and assumptions that are required to determine the recoverable amount of the Canadian CGU, the estimates, and assumptions with the highest degree of subjectivity are future revenue and adjusted EBITDA margins forecasts and the selection of the discount rate. Auditing these estimates and assumptions required a high degree of auditor judgment and an increased extent of audit effort, including the involvement of fair value specialists.

*How the Key Audit Matter Was Addressed in the Audit* 

Our audit procedures related to the future revenue and adjusted EBITDA margins forecasts and the selection of the discount rate used to determine the recoverable amount for the Canadian CGU included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluated management's ability to accurately forecast future revenues and Adjusted EBITDA margins by
comparing actual results to management's historical forecasts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluated the reasonableness of the forecast of future revenues and adjusted EBITDA margins by comparing the
forecasts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Historical revenues and operating margins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Known changes in the Company's operations and its industry, which are expected to impact future
operating performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal communications to management and the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With the assistance of fair value specialists, evaluated the reasonableness of the discount rate by testing
the source information underlying the determination of the discount rate, developing a range of independent estimates, and comparing those to the discount rate selected by management.

Other Information

Management is responsible for the other information. The other information comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management's Discussion and Analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The information, other than the financial statements and our auditor's report thereon, in the Annual
Report.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We obtained Management's Discussion and Analysis prior to the date of this auditor's report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor's report. We have nothing to report in this regard.

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The Annual Report is expected to be made available to us after the date of the auditor's report. If, based on the work we will perform on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards as issued by the IASB, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian GAAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Paul Stauch.

/s/ Deloitte LLP

Chartered Professional Accountants

Winnipeg, Manitoba

March 18, 2025

------

**BOYD GROUP SERVICES INC.** 

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION** 

As at December 31,

*(thousands of U.S. dollars)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | |  | **2024** | 2023 |
|  | *Note* | *Note* |  |  |  |
|  **Assets** |  |  |  |  |  |
|  Current assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  |  | $**19997** | $22511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | | *17* | | **120616** | 145793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes recoverable | | *9* | | **12307** | 7721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | | *6* | | **73134** | 78532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  |  |  | **44663** | 41728 |
|  |  |  |  | **270717** | 296285 |
|  Property, plant and equipment | | *7* | | **529673** | 438981 |
|  Right of use assets | | *8* | | **668101** | 654347 |
|  Deferred income tax asset | | *9* | | **2840** | 4316 |
|  Intangible assets | | *10* | | **336943** | 342781 |
|  Goodwill | | *11* | | **643864** | 633986 |
|  Other long-term assets | | *12* | | **12051** | 11720 |
|  |  |  |  | $**2464189** | $2382416 |
|  **Liabilities and Equity** |  |  |  |  |  |
|  Current liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities |  |  |  | $**306942** | $339823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends payable | | *13* | | **2283** | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | | *14* | | **8994** | 22038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of lease liabilities | | *15* | | **116849** | 107727 |
|  |  |  |  | **435068** | 472023 |
|  Long-term debt | | *14* | | **498289** | 399667 |
|  Lease liabilities | | *15* | | **627446** | 607550 |
|  Deferred income tax liability | | *9* | | **68559** | 70271 |
|  Unearned rebates | | *16* | | **3964** | 4579 |
|  |  |  |  | **1633326** | 1554090 |
|  **Equity** |  |  |  |  |  |
|  Accumulated other comprehensive earnings |  |  |  | **44792** | 58313 |
|  Retained earnings |  |  |  | **180557** | 165427 |
|  Shareholders' capital | | *18* | | **600047** | 600047 |
|  Contributed surplus | | *19* | | **5467** | 4539 |
|  |  |  |  | **830863** | 828326 |
|  |  |  |  | $**2464189** | $2382416 |

---

*The accompanying notes are an integral part of these consolidated financial statements* 

Approved by the Board:

TIMOTHY O'DAY DAVID BROWN <br> Director Director

------

**BOYD GROUP SERVICES INC.** 

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY** 

*(thousands of U.S. dollars except share amounts)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Contributed**<br>**Surplus** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Earnings** | **Retained**<br>**Earnings** | **Total<br>Equity** |
|  | | **Shareholders' Capital** | **Shareholders' Capital** | **Contributed**<br>**Surplus** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Earnings** | **Retained**<br>**Earnings** | **Total<br>Equity** |
|  | | | | **Contributed**<br>**Surplus** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Earnings** | **Retained**<br>**Earnings** | **Total<br>Equity** |
|  | | **Shares** | **Amount** | **Contributed**<br>**Surplus** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Earnings** | **Retained**<br>**Earnings** | **Total<br>Equity** |
|  | *Note* |  |  |  |  |  |  |
|  Balances - January 1, 2023 |  | 21472194 | $600047 | $4037 | $54330 | $88183 | $746597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive earnings |  |  |  |  | 3983 |  | 3983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings |  |  |  |  |  | 86656 | 86656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive earnings |  |  |  |  | 3983 | 86656 | 90639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option accretion | *19* |  |  | 502 |  |  | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | *13* |  |  |  |  | (9412) | (9412) |
|  Balances - December 31, 2023 |  | 21472194 | $600047 | $4539 | $58313 | $165427 | $828326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss |  |  |  |  | (13521) |  | (13521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings |  |  |  |  |  | 24544 | 24544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive (loss) earnings |  |  |  |  | (13521) | 24544 | 11023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through exercise of stock options |  | 531 |  | 79 |  |  | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option accretion | *19* |  |  | 849 |  |  | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | *13* |  |  |  |  | (9414) | (9414) |
|  Balance - December 31, 2024 |  | 21472725 | $600047 | $5467 | $44792 | $180557 | $830863 |

---

*The accompanying notes are an integral part of these consolidated financial statements* 

------

**BOYD GROUP SERVICES INC.** 

**CONSOLIDATED STATEMENTS OF EARNINGS** 

For the years ended December 31,

*(thousands of U.S. dollars, except share and per share amounts)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | |  | **2024** | 2023 |
|  | *Note* | *Note* |  |  |  |
|  Sales | | *22* | | $**3070342** | $2945988 |
|  Cost of sales |  |  |  | **1673834** | 1605924 |
|  Gross profit |  |  |  | **1396508** | 1340064 |
|  Operating expenses |  |  |  | **1061689** | 971817 |
|  Acquisition and transformational cost initiatives |  |  |  | **9879** | 4346 |
|  Depreciation of property, plant and equipment | | *7* | | **75498** | 56863 |
|  Depreciation of right of use assets | | *8* | | **123512** | 109806 |
|  Amortization of intangible assets | | *10* | | **26309** | 26182 |
|  Fair value adjustments |  |  |  | **(952)** | (189) |
|  Finance costs |  |  |  | **68913** | 51718 |
|  |  |  |  | **1364848** | 1220543 |
|  Earnings before income taxes |  |  |  | **31660** | 119521 |
|  Income tax expense (recovery) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current | | *9* | | **7667** | 25872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred | | *9* | | **(551)** | 6993 |
|  |  |  |  | **7116** | 32865 |
|  Net earnings |  |  |  | $**24544** | $86656 |
|  *The accompanying notes are an integral part of these consolidated financial statements* |  |  |  |  |  |
|  **Basic and diluted earnings per share** | | *27* | | $**1.14** | $4.04 |
|  **Basic number of shares outstanding** | | *27* | | **21472436** | 21472194 |
|  **Diluted weighted average number of shares outstanding** | | *27* | | **21477021** | 21475864 |
|  **BOYD GROUP SERVICES INC.**<br> **CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS**<br> For the years ended December 31,<br> *(thousands of U.S. dollars)* |  |  |  |  |  |
|  |  |  |  | **2024** | 2023 |
|  **Net earnings** |  |  |  | $**24544** | $86656 |
|  **Other comprehensive earnings** |  |  |  |  |  |
|  Items that may be reclassified subsequently to Consolidated Statements of Earnings |  |  |  |  |  |
|  Change in unrealized earnings on foreign currency translation (net of tax of $nil) |  |  |  | **(13521)** | 3983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other comprehensive (loss) earnings** |  |  |  | **(13521)** | 3983 |
|  **Comprehensive earnings** |  |  |  | $**11023** | $90639 |

---

*The accompanying notes are an integral part of these consolidated financial statements* 

------

**BOYD GROUP SERVICES INC.** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

For the years ended December 31,

*(thousands of U.S. dollars)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | |  | **2024** | 2023 |
|  | *Note* | *Note* |  |  |  |
|  **Cash flows from operating activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings |  |  |  | $**24544** | $86656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments for |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments |  |  |  | **(952)** | (189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | | *9* | | **(551)** | 6993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  | **68913** | 51718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | | *10* | | **26309** | 26182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment | | *7* | | **75498** | 56863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of right of use assets | | *8* | | **123512** | 109806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  | **1961** | 444 |
|  |  |  |  | **319234** | 338473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in non-cash working capital items | | *29* | | **(5909)** | 19072 |
|  |  |  |  | **313325** | 357545 |
|  **Cash flows used in financing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in obligations under long-term debt | | *14* | | **365994** | 260473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of long-term debt, principal | | *14* | | **(283790)** | (205848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of obligations under property leases, principal | | *15* | | **(103888)** | (95441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of obligations under vehicle and equipment leases, principal | | *15* | | **(5283)** | (3863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on long-term debt | | *14* | | **(29149)** | (19814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on property leases | | *15* | | **(39464)** | (31328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on vehicle and equipment leases | | *15* | | **(1021)** | (728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid |  |  |  | **(9445)** | (9382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of financing costs | | *14* | | **(829)** |  |
|  |  |  |  | **(106875)** | (105931) |
|  **Cash flows used in investing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds on sale of equipment and software | | *7* | | **718** | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equipment purchases and facility improvements |  |  |  | **(77333)** | (57482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and development of businesses (net of cash acquired) | | *5* | | **(192486)** | (180293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software purchases and licensing | | *10* | | **(3124)** | (1684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other long-term assets | | *12* | | **(368)** | (8334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds on sale / leaseback agreements | | *7* | | **64854** | 2832 |
|  |  |  |  | **(207739)** | (244401) |
|  Effect of foreign exchange rate changes on cash |  |  |  | **(1225)** | 230 |
|  Net (decrease) increase in cash position |  |  |  | **(2514)** | 7443 |
|  Cash, beginning of year |  |  |  | **22511** | 15068 |
|  Cash, end of year |  |  |  | $**19997** | $22511 |
|  Income taxes paid |  |  |  | $**12295** | $27909 |
|  Interest paid |  |  |  | $**68395** | $51507 |

---

*The accompanying notes are an integral part of these consolidated financial statements* 

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**1.** **GENERAL INFORMATION** 

Boyd Group Services Inc. ("BGSI" or the "Company") is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries.

The Company's business consists of the ownership and operation of autobody/autoglass repair facilities and related services. At the reporting date, the Company operated locations in Canada under the trade names Boyd Autobody & Glass and Assured Automotive, as well as in the U.S. under the trade name Gerber Collision & Glass. The Company is also a major retail auto glass operator in the U.S. under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. In addition, the Company operates Gerber National Claim Services ("GNCS"), that offers glass, emergency roadside and first notice of loss services. The Company also operates Mobile Auto Solutions ("MAS") that offers mobile calibration and diagnostic services.

The shares of the Company are listed on the Toronto Stock Exchange and trade under the symbol "BYD.TO". The head office and principal address of the Company are located at 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba, Canada, R3H 1A6.

The consolidated financial statements for the year ended December 31, 2024 (including comparatives) were approved and authorized for issue by the Board of Directors on March 18, 2025.

**2.** **MATERIAL ACCOUNTING POLICIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a)* *Basis of presentation* 

The consolidated financial statements of BGSI have been prepared in accordance with IFRS<sup>®</sup> Accounting Standards, as issued by the International Accounting Standards Board ("IFRS Accounting Standards"). The functional currency of Boyd Group Services Inc. is the Canadian dollar ("CAD"). These consolidated financial statements are presented in thousands of U.S. dollars ("USD"), except share and per share amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b)* *Revenue recognition* 

BGSI is in the business of collision and auto glass repair. The Company recognizes revenue upon completion and delivery of the repair to the customer, which has been determined to be the performance obligation that is distinct and the point at which control of the asset passes to the customer. Revenue is measured at the fair value of the consideration received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c)* *Inventory* 

Inventory is valued at the lower of cost and net realizable value. Cost is determined on the first-in, first-out basis. Net realizable value is the estimated selling price in the ordinary course of business less any applicable selling expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*d)* *Property, plant and equipment* 

Property, plant and equipment assets are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of property, plant and equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and an estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Construction-in-Progress (CIP) is a component of property, plant and equipment that represents assets or capital projects under construction.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

Depreciation is calculated using the declining balance and straight line rates as disclosed in the property, plant and equipment note. Leasehold improvements are amortized on the straight line basis over the period of estimated benefit.

An item of property, plant and equipment is reclassified as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. The asset must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets and its sale must be highly probable. Any gain or loss arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in the Consolidated Statement of Earnings.

The Company conducts an annual assessment of the residual balances, useful lives and depreciation methods being used for property, plant and equipment and any changes arising from the assessment are applied by BGSI prospectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*e)* *Leases* 

At inception, the Company assesses whether a contract is or contains a lease. Leases are recognized as a right of use asset and a lease liability at the lease commencement date.

The Company recognizes a right of use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short term leases, defined as leases with a lease term of 12 months or less, and leases of low value assets. For these leases, the Company recognizes the lease payments as operating expenses on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Right of use assets are subsequently measured at cost less accumulated depreciation and impairment losses. Depreciation is recorded on a straight line basis over the term of the lease.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If the interest rate implicit in the leases cannot be readily determined, the Company uses its incremental borrowing rate. In order to calculate the incremental borrowing rate, reference interest rates are derived from the yields of corporate bonds in Canada and the U.S. The reference interest rates are supplemented by a leasing risk premium. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying amount to reflect lease payments made.

For sale leaseback transactions, the Company applies the requirements of IFRS 15 *Revenue from Contracts with Customers* to determine if the transfer qualifies as a sale. If the transfer qualifies as a sale, the Company derecognizes the asset and recognizes a right of use asset equal to the retained portion of the previous carrying amount of the sold asset. The gain or loss recognized on the sale leaseback is limited to the rights transferred to the buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*f)* *Consolidation* 

The financial statements of the Company consolidate the accounts of the Company and its subsidiaries. All intercompany transactions, balances and unrealized gains and losses from intercompany transactions are eliminated on consolidation.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

Subsidiaries are those entities which the Company controls by having the power to govern the financial and operating policies. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is obtained by the Company and are de-consolidated from the date that control ceases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*g)* *Business combinations, goodwill and other intangible assets* 

Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting. The cost of the acquisition is measured at the aggregate of the fair values (at the acquisition date) of assets transferred, liabilities incurred or assumed, and equity instruments issued by the Company in exchange for control of the acquired company. Acquisition costs are expensed as incurred. The acquired company's identifiable assets (including previously unrecognized intangible assets), liabilities and contingent liabilities are recognized at their fair values at the acquisition date.

Goodwill represents the excess of the cost of an acquisition over the fair value of BGSI's share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is carried at cost less accumulated impairment losses.

Intangible assets are recognized only when it is probable that the expected future economic benefits attributable to the assets will accrue to the Company and the cost can be reliably measured. Intangible assets acquired in a business combination are recorded at fair value. Intangible assets that do not have indefinite lives are amortized over their useful lives using an amortization method which reflects the economic benefit of the intangible asset. Customer relationships are amortized on a straight-line basis over the expected period of benefit of 20 years. Contractual rights, which consist of non-compete agreements and favourable lease agreements, are amortized on a straight-line basis over the term of the contract. Software is amortized on a straight-line basis over periods of three and five years. Brand names which the Company continues to use in the conduct of its business are considered indefinite life because their value is not expected to degrade over time. To the extent the Company decides to discontinue the use of a certain brand, an estimate of the remaining useful life is made and the intangible asset is amortized over the remaining period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*h)* *Impairment of non-financial assets* 

Property, plant and equipment and definite life intangible assets are tested for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of measuring recoverable amounts, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-generating unit or "CGU"). The recoverable amount is the higher of an asset's fair value less costs to sell and value in use (being the present value of the expected future cash flows of the relevant asset or CGU). An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount.

Goodwill and indefinite lived intangible assets are reviewed for impairment annually or at any time if an indicator of impairment exists. As well, newly acquired goodwill is reviewed for impairment at the end of the year in which it was acquired.

Goodwill acquired through a business combination is allocated to each CGU, or group of CGUs, that are expected to benefit from the related business combination. A group of CGUs represents the lowest level within the entity at which the goodwill is monitored for internal management purposes, which is not higher than an operating segment. Impairment losses on goodwill are not reversed.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

The Company evaluates impairment losses, other than goodwill impairment, for potential reversals when events or circumstances warrant such consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i)* *Cash and cash equivalents* 

Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*j)* *Income taxes* 

Income tax comprises current and deferred tax. Income tax is recognized in the Consolidated Statement of Earnings except to the extent that it relates to items recognized directly in equity, in which case the income tax is recognized directly in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted, or substantively enacted, at the end of the reporting period, and any adjustment to tax payable in respect of previous years.

In general, deferred tax is recognized in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted at the statement of financial position date and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognized to the extent that it is probable that the assets can be recovered.

Deferred income tax is provided on temporary differences arising on investments in subsidiaries except, in the case of subsidiaries, where the timing of the reversal of the temporary difference is controlled by BGSI and it is probable that the temporary difference will not reverse in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*k)* *Unearned rebates* 

Prepaid purchase rebates are recorded as unearned rebates on the statement of financial position and amortized, as a reduction of the cost of purchases, on a straight-line basis over the term of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*l)* *Shareholders' capital* 

Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*m)* *Share-based compensation plans* 

Equity settled plans

The Company's stock option plan allows for the granting of options up to an amount of 250,000 Common shares. The fair value of each option is measured at the date of grant using the Black-Scholes option pricing model. Compensation expense is recognized over the option vesting period, based on the number of options expected to vest, with the offset credited to contributed surplus. On exercise date, proceeds from exercise are credited to contributed surplus.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

Cash settled plans

The Company's Performance Share Units, Restricted Share Units and Directors Deferred Share Unit Plan are cash settled share-based payments. The fair value of each outstanding Performance Share Unit and Restricted Share Unit is estimated based on the fair market value of the Company's units/shares at the grant date, subsequently adjusted for additional shares granted based on the reinvestment of notional dividends and the market value of the shares at the end of each reporting period. The associated compensation expense is recognized over the vesting period, factoring in the probability of the performance criteria being met during that period. The fair value of each outstanding Director Deferred Share Unit is estimated based on the fair market value of the BGSI's shares at the grant date, subsequently adjusted for additional shares granted based on the reinvestment of notional dividends and the market value of the shares at the end of each reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*n)* *Earnings per share* 

Basic earnings per share ("EPS") is calculated by dividing the net earnings for the period attributable to equity owners of the Company by the weighted average number of shares outstanding during the period.

Diluted EPS is calculated by adjusting the weighted average number of shares outstanding and corresponding earnings impact for dilutive instruments. The Company's potentially dilutive instruments consist of stock options. The dilutive impact of the stock options are calculated using the treasury stock method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*o)* *Foreign currency translation* 

Items included in the financial statements of each subsidiary are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The Company operates with multiple functional currencies. The consolidated financial statements are presented in U.S. dollars as this provides a better reflection of the Company's business activities, given the significance of revenues denominated in U.S. dollars. Entities that have a functional currency different from that of U.S. dollars are translated into U.S. dollars. Assets and liabilities are translated into U.S. dollars at the noon rate of exchange prevailing at the statement of financial position dates and income and expense items are translated at the average exchange rate during the period (as this is considered a reasonable approximation to actual rates). The adjustment arising from the translation of these accounts is recognized in other comprehensive earnings (loss) as cumulative translation adjustments.

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Generally, foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than an operation's functional currency are recognized in earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*p)* *Financial instruments* 

<u>Recognition</u>

Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument.

<u>Classification</u>

BGSI classifies its financial assets and liabilities in the following categories depending on the Company's business model for managing the financial assets and the contractual terms of the cash flows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Those to be measured subsequently at fair value, either through profit or loss ("FVTPL") or
through OCI ("FVTOCI"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Those to be measured at amortized cost

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

Cash and accounts receivable are classified as amortized cost. After their initial fair value measurement, they are measured at amortized cost using the effective interest method, as reduced by appropriate allowances for estimated lifetime expected credit losses.

Investments which do not qualify for equity method treatment are recorded as other long term assets at FVTPL. As there is no ready secondary market, the fair value is estimated using the discounted cash flow method.

Accounts payable and accrued liabilities, dividends payable, and long-term debt are classified as amortized cost, net of any related financing fees or issue costs. These financial instruments are measured at amortized cost using the effective interest method.

Derivative contracts are classified as financial assets or financial liabilities at FVTPL with mark-to-market adjustments being recorded to net earnings at each period end.

<u>Measurement</u>

At initial recognition, BGSI measures a financial asset at its fair value. In the case of a financial asset not measured at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset are included in the initial fair value. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss.

For those financial instruments where fair value is recognized in the Consolidated Statement of Financial Position the methods and assumptions used to develop fair value measurements have been classified into one of the three levels of the fair value hierarchy for financial instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 includes quoted prices (unadjusted) in active markets for identical assets or liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 includes inputs that are observable other than quoted prices included in Level 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 includes inputs that are not based on observable market data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*q)* *Pensions and other post-retirement benefits* 

The Company contributes to defined contribution pension plans of certain employees. Contributions are recognized within operating expenses at an amount equal to contributions payable for the period. Any outstanding contributions are recognized as liabilities within accrued liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*r)* *Provisions* 

Provisions are recognized when BGSI has a present legal or constructive obligation that has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.

Provisions are measured at management's best estimate of the expenditure required to settle the obligation at the end of the reporting period, and are discounted to present value where the effect is material. The increase in the provision due to the passage of time is recognized as a finance cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*s)* *Segment reporting* 

The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments and has been identified as the joint responsibility of the Chief Executive Officer of BGSI and the Executive Vice President and Chief Financial Officer of BGSI.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

The Company's primary line of business is automotive collision and glass repair and related services, with the majority of revenues relating to this group of similar services. This line of business operates in Canada and the U.S. and both regions exhibit similar long-term economic characteristics. In this circumstance, IFRS Accounting Standards requires the Company to provide specific geographical disclosure. For the years reported, the Company's revenues were derived within Canada or the U.S. and all property, plant and equipment, right of use assets, goodwill and intangible assets are located within these two geographic areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*t)* *Reporting Interest Paid on the Statement of Cash Flows* 

In accordance with IAS 7 Statement of Cash Flows, the Company has made the accounting policy choice to disclose these amounts as "Financing Activities" in the cash flow statement as this best reflects the nature of these expenses.

**3.** **CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS** 

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

**Critical accounting estimates** 

BGSI makes estimates, including the assumptions applied therein, concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Impairment of Goodwill and Intangible Assets

When testing goodwill and intangibles for impairment, BGSI uses a five year forward looking discounted cash flow of the cash generating unit ("CGU") or group of CGUs to which the asset relate. An estimate of the recoverable amount is then calculated as the higher of an asset's fair value less costs to sell and value in use (being the present value of the expected future cash flows of the relevant asset or CGU). An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The methods used to value intangible assets and goodwill require critical estimates to be made regarding the future cash flows and useful lives of the intangible assets. Goodwill and intangible asset impairments, when recognized, are recorded as a separate charge to earnings, and could materially impact the operating results of the Company for any particular accounting period.

Impairment of Other Long-lived Assets

BGSI assesses the recoverability of its long-lived assets, other than goodwill and intangibles, after considering the potential impairment indicated by such factors as business and market trends, the Company's ability to transfer the assets, future prospects, current market value and other economic factors. In performing its review of recoverability, management estimates the future cash flows expected to result from the use of the assets and their potential disposition. If the discounted sum of the expected future cash flows is less than the carrying value of the assets generating those cash flows, an impairment loss would be recognized based on the excess of the carrying amounts of the assets over their estimated recoverable value. The underlying estimates for cash flows include estimates for future sales, gross margin rates and operating expenses. Changes which may impact these estimates include, but are not limited to, business risks and uncertainties and economic conditions. To the extent that management's estimates are not realized, future assessments could result in impairment charges that may have a material impact on the Company's consolidated financial statements.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

Business Combinations

Fair value of assets acquired and liabilities assumed in a business combination is estimated based on information available at the date of acquisition and involves considerable judgment in determining the fair values assigned to property, plant and equipment and intangible assets acquired and liabilities assumed on acquisition. The determination of these fair values involves analysis including the use of discounted cash flows, estimated future margins, future growth rates, market rents and capitalization rates. There is estimation in this analysis and actual results could differ from estimates.

Fair Value of Financial Instruments

BGSI has applied discounted cash flow methods to establish the fair value of certain financial assets and financial liabilities recorded on the Consolidated Statement of Financial Position, as well as disclosed in the notes to the consolidated financial statements. BGSI also establishes mark-to-market valuations for derivative instruments, which are assumed to represent the current fair value of these instruments. These valuations rely on assumptions regarding interest and exchange rates as well as other economic indicators, which at the time of establishing the fair value for disclosure, have a high degree of uncertainty. Unrealized gains or losses on these derivative financial instruments may not be realized as markets change.

Income Taxes

BGSI is subject to income tax in several jurisdictions and estimates are used to determine the provision for income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. As a result, the Company recognizes tax liabilities based on estimates of whether additional taxes and interest will be due. Uncertain tax liabilities may be recognized when, despite the Company's belief that its tax return positions are supportable, the Company believes that certain positions are likely to be challenged and may not be fully sustained upon review by tax authorities. The Company believes that its accruals for tax liabilities are adequate for all open audit years based on its assessment of many factors including past experience and interpretations of tax law. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact income tax expense in the period in which such determination is made.

**Critical judgments in applying the entity's accounting policies** 

Deferred Tax Assets

The assessment of the probability of future taxable income in which deferred tax assets can be utilized is based on BGSI's latest forecasts which are adjusted for significant non-taxable income and expenses and specific limits to the use of any unused tax loss or credit. The tax rules in the numerous jurisdictions in which BGSI operates are also carefully taken into consideration. If a positive forecast of taxable income indicates the probable use of a deferred tax asset, that deferred tax asset is recognized in full. The recognition of deferred tax assets that are subject to certain legal or economic limits or uncertainties is assessed individually by management based on the specific facts and circumstances. The judgments inherent in these assessments are subject to uncertainty and if changed could materially affect the BGSI's assessment of its ability to realize the benefit of these tax assets.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**4.** **CHANGES IN ACCOUNTING POLICIES** 

**Adoption of new and amended IFRS Accounting Standards** 

The IASB amendments to IAS 1 - *Presentation of Financial Statements (Classification of liabilities as Current or Non-Current and Non-current Liabilities with Covenants),* IFRS 16 - *Leases (Lease Liability in a Sale and Leaseback)* and IAS 7 - *Statement of Cash Flows* and IFRS 7 - *Financial Instruments: Disclosures – Supplier Finance Arrangements* are effective for the annual periods beginning on or after January 1, 2024. The Company assessed the impact of the amendments to the above standards and they did not have a material impact on the Company's financial statements.

The May 2023 IASB amendment to IAS 12 – *Income Taxes* requires entities to disclose information relating to income taxes arising from implementation of Pillar Two Model Rules published by the Organization for Economic Co-Operation and Development. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. For the year ended December 31, 2024, the Company has assessed the impact of Pillar Two and continues to monitor legislative developments in relevant jurisdictions. Based on the Company's assessment and the enacted or substantively enacted tax rates in the jurisdictions in which it operates, the Company does not expect a material exposure to Pillar Two top-up taxes. The Company has also assessed the applicability of the OECD's transitional safe harbor rules and, where applicable, expects to rely on these provisions to reduce compliance complexity. The Company will continue to evaluate potential future impacts as jurisdictions finalize their Pillar Two legislation and implementation guidance.

**Future Accounting Policies** 

The following accounting standards under IFRS Accounting Standards have been issued or amended that are not mandatory for the current period and have not been applied to the consolidated financial statements.

IFRS 18 - *Presentation and Disclosures in Financial Statements*

The new standard replaces IAS 1 - *Presentation of Financial Statements* while carrying forward many of the requirements in IAS 1. IFRS 18 sets out the requirements for the presentation and disclosure of information in general purpose financial statements to help ensure they provide relevant information that faithfully represents an entity's assets, liabilities, equity, income and expenses. It introduces requirements to classify income and expenses into categories and defined subtotals in the statement of earnings, provide disclosures on management-defined performance measures ("MPMs"), along with enhanced guidance on aggregation and disaggregation of information. BGSI is required to apply IFRS 18 for annual reporting periods on or after January 1, 2027 with early adoption permitted. BGSI is currently assessing the impact of this standard on its financial statements.

Amendments to IFRS 9 and IFRS 7 - *Classification and Measurement of Financial Instruments*

The amendments deal with the recognition and derecognition of financial liabilities at settlement date and when settled through an electronic cash transfer system, further guidance regarding the classification of financial assets, and additional disclosure requirements for financial instruments with contingent features and equity instruments classified at FVTOCI. These amendments are effective for the annual reporting periods beginning on or after January 1, 2026 with early adoption permitted. BGSI is currently assessing the impact of the these amendments on its financial statements.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**5.** **ACQUISITIONS** 

The Company completed 33 acquisitions that added 37 collision repair locations and four calibration businesses during the year ended December 31, 2024. During the second quarter of 2024, the Company acquired a single location glass business in New Jersey.

The Company has accounted for the 2024 acquisitions using the acquisition method as follows:

---

| | |
|:---|:---|
| **Acquisitions in 2024** | Total<br>acquisitions |
|  **Identifiable net assets acquired at fair value:** |  |
|  Other currents assets | 884 |
|  Property, plant and equipment | 24753 |
|  Right of use assets | 20098 |
|  Identified intangible assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 19975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compete agreements | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intellectual property | 7 |
|  Lease liabilities | (20098) |
|  Identifiable net assets acquired | $46599 |
|  Goodwill | 17721 |
|  Total purchase consideration | $64320 |
|  **Consideration provided** |  |
|  Cash paid or payable | $60803 |
|  Seller notes | 3517 |
|  Total consideration provided | $64320 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

The Company completed 71 acquisitions that added 78 locations during the year ended December 31, 2023. During the first quarter of 2023, the Company acquired a two location glass business in Minnesota and a single location glass business in Texas. During the third quarter of 2023, the Company acquired a single location glass business in New York, a single location glass business in Virginia and invested in a long term asset to support the continued growth in the glass business. During the fourth quarter of 2023, the Company acquired a single location glass business in Pennsylvania.

The Company has accounted for the 2023 acquisitions using the acquisition method as follows:

---

| | |
|:---|:---|
| Acquisitions in 2023 | Total<br>acquisitions |
|  **Identifiable net assets acquired at fair value:** |  |
|  Cash | $11 |
|  Other currents assets | 1818 |
|  Property, plant and equipment | 27219 |
|  Right of use assets | 49916 |
|  Identified intangible assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 25158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compete agreements | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intellectual property | 6414 |
|  Current liabilities | (48) |
|  Lease liabilities | (49916) |
|  Identifiable net assets acquired | $61944 |
|  Goodwill | 29996 |
|  Total purchase consideration | $91940 |
|  **Consideration provided** |  |
|  Cash paid or payable | $85393 |
|  Seller notes | 6547 |
|  Total consideration provided | $91940 |

---

The preliminary purchase prices for the 2024 acquisitions may be revised as additional information becomes available. Further adjustments may be recorded in future periods as purchase price adjustments are finalized.

Canadian acquisition transactions are initially recognized in U.S. dollars at the rates of exchange in effect on the transaction dates. Subsequently, the assets and liabilities are translated at the rate in effect at the Consolidated Statement of Financial Position date.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

A significant part of the goodwill recorded on the acquisitions can be attributed to the assembled workforce and the operating know-how of key personnel. However, no intangible assets qualified for separate recognition in this respect.

Goodwill recognized during 2024 is expected to be deductible for tax purposes.

On the statement of cash flows, included as part of cash used for acquisition and development of business were costs related to the acquisition of businesses, as well as the development of businesses which consisted primarily of property, plant and equipment additions.

The results of operations reflect the revenues and expenses of acquired operations from the date of acquisition. During 2024, revenue contributed by 2024 acquisitions since being acquired were $43,141. Net losses incurred by 2024 acquisitions since being acquired were $2,507. If 2024 acquisitions had been acquired on January 1, 2024, BGSI's revenue and net earnings for the year ended December 31, 2024 would have been $3,116,508 and $19,946 (unaudited), respectively.

**6.** **INVENTORY** 

---

| | | |
|:---|:---|:---|
| As at | **December 31,<br>2024** | December 31,<br>2023 |
|  Parts and materials | $**26667** | $23864 |
|  Work in process | **46467** | 54668 |
|  | $**73134** | $78532 |

---

Included in cost of sales for the year ended December 31, 2024 are parts and material costs of $956,398 (2023 – $931,089) and labour costs of $506,162 (2023 – $471,451) with the balance of cost of sales primarily made up of sublet charges.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**7.** **PROPERTY, PLANT AND EQUIPMENT** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Land | Buildings | Shop<br>Equipment | Office<br>Equipment | Computer<br>Hardware | Signage | Vehicles | Leasehold<br>Improvements | CIP | Total |
|  Depreciation rates |  | 5% | 15% | 20% | 30% | 15% | 30% | 10 to 25 years<br>straight line |  |  |
|  As at January 1, 2024 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost | $21011 | $27448 | $312529 | $23828 | $38728 | $22302 | $12051 | $275027 | $26412 | $759336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated depreciation |  | (4502) | (147294) | (13909) | (27227) | (10901) | (7124) | (109398) |  | (320355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net book value | $21011 | $22946 | $165235 | $9919 | $11501 | $11401 | $4927 | $165629 | $26412 | $438981 |
|  For the year ended<br> December 31, 2024 | For the year ended<br> December 31, 2024 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired through business combinations | 4054 | 9861 | 7042 |  |  |  | 502 | 3294 |  | 24753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions | 7646 | 9072 | 63437 | 4732 | 21995 | 3485 | 6794 | 43632 | 46342 | 207135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers |  | 4160 | 5587 | 137 | 62 | 146 | 295 | 10800 | (20892) | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds on disposal | (19519) | (37288) | (22) |  |  |  | (623) |  | (8120) | (65572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on disposal | (921) | 2618 | (151) | (1) | (2) | (2) | 199 | (347) | (545) | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | (2823) | (32785) | (2650) | (7280) | (2058) | (2348) | (25554) |  | (75498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | (41) | (81) | (576) | (34) | (65) | (41) | (11) | (420) |  | (1269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net book value | $12230 | $8465 | $207767 | $12103 | $26211 | $12931 | $9735 | $197034 | $43197 | $529673 |
|  As at December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost | $12230 | $10206 | $386048 | $28516 | $60457 | $25802 | $18512 | $329377 | $43197 | $914345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated depreciation |  | (1741) | (178281) | (16413) | (34246) | (12871) | (8777) | (132343) |  | (384672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net book value | $**12230** | $**8465** | $**207767** | $**12103** | $**26211** | $**12931** | $**9735** | $**197034** | $**43197** | $**529673** |

---

During the year ended December 31, 2024, BGSI completed sale and leaseback transactions for 33 properties (2023 - two properties) for total proceeds of $64,854 (2023 - $2,832). The gains (losses) arising from sale and leaseback transactions in 2024 were $1,153 (2023 - ($68)).

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Land | Buildings | Shop<br>Equipment | Office<br>Equipment | Computer<br>Hardware | Signage | Vehicles | Leasehold<br>Improvements | CIP | Total |
|  Depreciation rates |  | 5% | 15% | 20% | 30% | 15% | 30% | 10 to 25 years<br>straight line |  |  |
|  As at January 1, 2023 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost | $13365 | $17918 | $246930 | $19406 | $35441 | $19421 | $9218 | $201642 | $16191 | $579532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated depreciation |  | (3160) | (122358) | (11910) | (23058) | (9109) | (6133) | (89240) |  | (264968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net book value | $13365 | $14758 | $124572 | $7496 | $12383 | $10312 | $3085 | $112402 | $16191 | $314564 |
|  For the year ended<br> December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired through business combinations | 1086 | 4499 | 11933 |  | 11 |  | 286 | 9404 |  | 27219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions | 6548 | 4996 | 53457 | 4431 | 3316 | 2981 | 2932 | 65229 | 13091 | 156981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds on disposal |  |  | (47) |  |  |  | (568) |  | (2832) | (3447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on disposal |  |  | (102) | (9) | (11) |  | 195 | (92) | (38) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers from right of use assets |  |  |  |  |  |  | 297 |  |  | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | (1331) | (24740) | (2008) | (4216) | (1904) | (1302) | (21362) |  | (56863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 12 | 24 | 162 | 9 | 18 | 12 | 2 | 48 |  | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net book value | $21011 | $22946 | $165235 | $9919 | $11501 | $11401 | $4927 | $165629 | $26412 | $438981 |
|  As at December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost | $21011 | $27448 | $312529 | $23828 | $38728 | $22302 | $12051 | $275027 | $26412 | $759336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated depreciation |  | (4502) | (147294) | (13909) | (27227) | (10901) | (7124) | (109398) |  | (320355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net book value | $21011 | $22946 | $165235 | $9919 | $11501 | $11401 | $4927 | $165629 | $26412 | $438981 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**8.** **RIGHT OF USE ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
| As at | **Property** | **Vehicles and<br>Equipment** | **December 31,**<br>**2024** |
|  Balance, beginning of period | $642289 | $12058 | $654347 |
|  Acquired through business combinations | 20098 |  | 20098 |
|  Additions and modifications | 114237 | 7225 | 121462 |
|  Depreciation | (118505) | (5007) | (123512) |
|  Transfers to property, plant and equipment |  | (295) | (295) |
|  Foreign exchange | (3994) | (5) | (3999) |
|  Net book value | $**654125** | $**13976** | $**668101** |

---

During the year ended December 31, 2024, BGSI completed sale and leaseback transactions for 33 properties (2023 - two properties) for total proceeds of $64,854 (2023 - $2,832). The gains (losses) arising from sale and leaseback transactions in 2024 were $1,153 (2023 - ($68)).

---

| | | | |
|:---|:---|:---|:---|
| As at | **Property** | **Vehicles and<br>Equipment** | **December 31,**<br>**2023** |
|  Balance, beginning of period | $559254 | $9183 | $568437 |
|  Acquired through business combinations | 49916 |  | 49916 |
|  Additions and modifications | 137892 | 6972 | 144864 |
|  Depreciation | (106004) | (3802) | (109806) |
|  Transfers to property, plant and equipment |  | (297) | (297) |
|  Foreign exchange | 1231 | 2 | 1233 |
|  Net book value | $**642289** | $**12058** | $**654347** |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**9.** **INCOME TAXES** 

BGSI accounts for deferred income tax assets and liabilities in respect of accounting and tax basis differences. Deferred income tax assets and liabilities which relate to the same jurisdiction are netted on the Consolidated Statement of Financial Position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The reconciliation between income tax expense and the accounting earnings multiplied by the combined basic Canadian and U.S. federal, provincial and state tax rates is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended**<br> **December 31,** | **For the years ended**<br> **December 31,** |
|  | **2024** | 2023 |
|  Earnings before income taxes | $**31660** | $119521 |
|  Combined basic Canadian and U.S. federal, provincial and state tax rates | **26.53%** | 26.12% |
|  Income tax expense at combined statutory tax rates | $**8398** | $31219 |
|  Adjustments for the tax effect of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State tax (recovery) liability | **(1539)** | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-deductible expenses | **226** | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **31** | 180 |
|  Income tax expense | $**7116** | $32865 |

---

In 2024, the recovery of state taxes was due to the recognition of a deferred tax asset related to depreciation differences in states that do not conform with federal bonus depreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Deferred income taxes consist of the Canadian and U.S. tax jurisdictions, respectively, as follows:

---

| | | |
|:---|:---|:---|
| As at | **December 31,<br>2024** | December 31,<br>2023 |
|  Property, plant and equipment | $**(711)** | $(409) |
|  Intangible assets | **(5301)** | (5239) |
|  Right of use assets net of lease liabilities | **1932** | 1969 |
|  Issue costs | **5** | 461 |
|  Director Share Units | **1309** | 1639 |
|  Non-capital losses carried forward | **4556** | 5473 |
|  Stock options | **491** | 378 |
|  Other | **559** | 44 |
|  Deferred income tax asset | $**2840** | $4316 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

---

| | | |
|:---|:---|:---|
| As at | **December 31,**<br>**2024** | December 31,<br>2023 |
|  Property, plant and equipment | $**56703** | $54702 |
|  Intangible assets | **62097** | 52158 |
|  Right of use assets net of lease liabilities | **(17701)** | (13799) |
|  Accrued liabilities | **(25023)** | (16796) |
|  Acquisition costs | **(5288)** | (4203) |
|  Other | **(2229)** | (1791) |
|  Deferred income tax liability | $**68559** | $70271 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The movement in deferred income tax assets and liabilities in Canada and U.S. tax jurisdictions, respectively, during the year is as follows:

---

| | | |
|:---|:---|:---|
| Deferred income tax asset as at | **December 31,**<br>**2024** | December 31,<br>2023 |
|  Balance, beginning of year | $**4316** | $3815 |
|  Deferred income tax recovery | **(1162)** | 393 |
|  Foreign exchange | **(314)** | $108 |
|  Balance, end of year | $**2840** | $4316 |
| Deferred income tax liability as at | **December 31,<br>2024** | December 31,<br>2023 |
|  Balance, beginning of year | $**70271** | $62885 |
|  Deferred income tax expense | **(1712)** | 7386 |
|  Balance, end of year | $**68559** | $70271 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Deferred income tax assets are recognized to the extent it is probable that sufficient future taxable income will be available to allow a deferred income tax asset to be realized. At December 31, 2024 BGSI has recognized all of its deferred income tax assets with the exception of $5,219 (2023 - $5,678) in capital losses available in Canada. At December 31, 2024 the Company has non-capital losses in Canada of $17,682 (2023 - $21,019) and state net operating losses in the U.S. of $1,275 (2023 - $nil).

The losses in Canada expire as follows:

---

| | |
|:---|:---|
| Year of expiry |  |
| 2039 | $1364 |
| 2041 | $2111 |
| 2042 | $9196 |
| 2043 | $2492 |
| 2044 | $2519 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**10.** **INTANGIBLE ASSETS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Customer<br>Relationships | Brand<br>Name | Software | Non-<br>compete<br>Agreements | Favourable<br>Lease<br>Agreements | Total |
|  As at January 1, 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost | $412705 | $22974 | $11640 | $23203 | $6305 | $476827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated amortization | (109161) | (5461) | (7698) | (18627) | (2941) | (143888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net book value | $303544 | $17513 | $3942 | $4576 | $3364 | $332939 |
|  For the year ended December 31, 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired through business combinations | 25158 |  | 6414 | 1372 |  | 32944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions |  |  | 1684 |  |  | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (21272) |  | (2626) | (1864) | (420) | (26182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 928 | 249 | 220 | 1 | (2) | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net book value | $308358 | $17762 | $9634 | $4085 | $2942 | $342781 |
|  As at December 31, 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost | $439201 | $23223 | $19823 | $24722 | $6305 | $513274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated amortization | (130843) | (5461) | (10189) | (20637) | (3363) | (170493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net book value | $308358 | $17762 | $9634 | $4085 | $2942 | $342781 |
|  For the year ended December 31, 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired through business combinations | 19975 |  | 7 | 980 |  | 20962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions |  |  | 4029 |  |  | 4029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (22022) |  | (2137) | (1730) | (420) | (26309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | (3016) | (855) | (647) | (2) |  | (4520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net book value | $303295 | $16907 | $10886 | $3333 | $2522 | $336943 |
|  As at December 31, 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost | $454581 | $22368 | $22803 | $25195 | $6305 | $531252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated amortization | (151286) | (5461) | (11917) | (21862) | (3783) | (194309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net book value | $303295 | $16907 | $10886 | $3333 | $2522 | $336943 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**11.** **GOODWILL** 

---

| | | |
|:---|:---|:---|
| As at | **December 31,**<br>**2024** | December 31,<br>2023 |
|  Balance, beginning of year | $**633986** | $601706 |
|  Acquired through business combination | **17721** | 29996 |
|  Foreign exchange | **(7843)** | 2284 |
|  Balance, end of period | $**643864** | $633986 |

---

The recoverable amount of the Company's cash generating units ("CGU") is determined based on the greater of value-in-use calculations and fair value less costs to sell. When testing goodwill for impairment, BGSI uses a five year forward looking discounted cash flow of the CGU or group of CGUs to which the asset relate. BGSI has used the fair value less costs to sell method to evaluate the carrying amount of goodwill. The key assumptions used in the assessment include an estimate of current and future cash flows, taxes, future acquisition growth, future capital expenditures, a terminal growth rate of 3% and a weighted average cost of capital of 9% to 11%. BGSI concluded that there was no impairment to the carrying amount of goodwill for either the US or Canadian CGU as at December 31, 2024. The carrying amount of goodwill for the Canadian CGU was $89,202 as at December 31, 2024.

Sensitivity testing is conducted as part of the annual impairment tests. No reasonably possible change in assumptions would result in an impairment in the US CGU. After considering all key assumptions, management considers that a reasonably possible change in only the following assumptions would cause the Canadian CGU's carrying amount to exceed its recoverable amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the discount rate increased by approximately 2.6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If Adjusted EBITDA margins are lower by approximately 2.1% throughout the forecast period, representing a 15%
decline in Adjusted EBITDA.

Earnings before interest, taxes, depreciation and amortization ("EBITDA") is not a calculation defined in IFRS Accounting Standards. EBITDA comprises sales less operating expenses before finance costs, amortization and depreciation, and income taxes. Adjusted EBITDA is calculated to exclude acquisition and transaction costs and fair value adjustments to contingent consideration, which do not relate to the current operating performance of the business units but are typically costs incurred to expand operations.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**12.** **OTHER LONG TERM ASSETS** 

Other long term assets consist primarily of rent deposits in the amount of $4,051 (2023 - $3,720) and an investment of $8,000 (2023 - $8,000) to support the growth of the glass business. Investments which do not qualify for equity treatment are recorded as other long term assets.

**13.** **DIVIDENDS** 

The Company's Directors have discretion in declaring dividends. The Company declares and pays dividends from its available cash from operations taking into account current and future performance amounts necessary for principal and interest payments on debt obligations, amounts required for maintenance capital expenditures and amounts allocated to reserves.

The Company declared dividends of C$0.150 per share in the first, second and third quarters of 2024 and C$0.153 in the fourth quarter of 2024. The Company declared dividends of C$0.147 per share in the first, second and third quarter of 2023 and C$0.150 in the fourth quarter of 2023.

The following is the balance of dividends payable:

---

| | | |
|:---|:---|:---|
| As at | **December 31,**<br>**2024** | December 31,<br>2023 |
|  Balance, beginning of year | $**2435** | $2330 |
|  Declared | **9414** | 9412 |
|  Payments | **(9445)** | (9382) |
|  Foreign exchange | **(121)** | 75 |
|  Balance, end of year | $**2283** | $2435 |

---

Dividends to shareholders were declared and paid in thousands of U.S. dollars as follows:

---

| | | |
|:---|:---|:---|
| **Record date** | **Payment date** | **Dividend amount** |
|  March 31, 2024 | April 26, 2024 | $2379 |
|  June 30, 2024 | July 29, 2024 | 2350 |
|  September 30, 2024 | October 29, 2024 | 2377 |
|  December 31, 2024 | January 29, 2025 | 2308 |
|  |  | $9414 |

---

---

| | | |
|:---|:---|:---|
| **Record date** | **Payment date** | **Dividend amount** |
|  March 31, 2023 | April 26, 2023 | $2306 |
|  June 30, 2023 | July 27, 2023 | 2376 |
|  September 30, 2023 | October 27, 2023 | 2333 |
|  December 31, 2023 | January 29, 2024 | 2397 |
|  |  | $9412 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**14.** **LONG-TERM DEBT** 

The Company has a credit agreement maturing in March 2028 which consists of revolving credit and swing line facilities aggregating $550,000 with an accordion feature which can increase the facilities to a maximum of $850,000 (the "Facilities"). The Facilities are accompanied by a fixed-rate Term Loan A maturing in March 2027, in the amount of $125,000 at an interest rate of 3.455%. The Facilities are with a syndicate of Canadian and U.S. banks and are secured by the shares and assets of the Company as well as guarantees by BGSI and subsidiaries, while Term Loan A is with one of the syndicated banks. The interest rate for draws on the Facilities are based on a pricing grid of BGSI's ratio of total funded debt to EBITDA as determined under the credit agreement. The Company can draw on the Facilities in either the U.S. or in Canada, in either U.S. or Canadian dollars. The Company can make draws in tranches as required. Tranches bear interest only and are not repayable until the maturity date but can be voluntarily repaid at any time. The Company has the ability to choose the base interest rate between Prime, Canadian Overnight Repo Rate Average ("CORRA"), U.S. Prime or Secured Overnight Financing Rate ("SOFR") at the Company's election. The credit agreement provided for CORRA as the Canadian benchmark replacement rate on Canadian dollar term advances when the publication of Canadian Dollar Offered Rate ("CDOR") ceased in June 2024. The total syndicated Facilities include a swing line up to a maximum of $10,000 for the Canadian borrower and $30,000 for the U.S. borrower. As at December 31, 2024, the U.S. borrower had drawn $370,000 (December 31, 2023 - $264,500) and the Canadian borrower had drawn $nil (December 31, 2023 - $nil) on the Facilities and $125,000 (December 31, 2023 - $125,000) on the Term Loan A.

The Company is subject to certain financial covenants which must be maintained to avoid acceleration of the termination of the credit agreement. The financial covenants require BGSI to maintain a senior funded debt to EBITDA ratio of no greater than 3.50 and an interest coverage ratio of not less than 2.75. For four quarters following a material acquisition, the senior funded debt to EBITDA ratio may be increased to less than 4.00. For purposes of covenant calculations, property lease payments are deducted from EBITDA, and EBITDA is further adjusted to reflect pro-forma annualized acquisition results.

As at December 31, 2024, the Company was in compliance with all financial covenants.

Seller notes payable of $13,068 on the financing of certain acquisitions are unsecured, at interest rates ranging from 3% to 8%. The notes are repayable from January 2025 to May 2028.

Long-term debt is comprised of the following:

---

| | | |
|:---|:---|:---|
| As at | **December 31,**<br>**2024** | December 31,<br>2023 |
|  Revolving credit facility & swing line (net of financing costs) | $**369333** | $264046 |
|  Term Loan A (net of financing costs) | **124882** | 124812 |
|  Seller notes | **13068** | 32847 |
|  | $**507283** | $421705 |
|  Current portion | **8994** | 22038 |
|  | $**498289** | $399667 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

The following is the continuity of long-term debt:

---

| | | |
|:---|:---|:---|
| As at | **December 31,**<br>**2024** | December 31,<br>2023 |
|  Balance, beginning of year | $**421705** | $360171 |
|  Consideration on acquisition | **3517** | 6547 |
|  Draws | **365994** | 260473 |
|  Repayments | **(283790)** | (205848) |
|  Deferred financing costs | **(829)** |  |
|  Amortization of deferred financing costs | **656** | 418 |
|  Foreign exchange | **30** | (56) |
|  Balance, end of year | $**507283** | $421705 |

---

Included in finance costs for the year ended December 31, 2024 is interest on long-term debt of $29,149 (2023 - $19,814).

**15.** **LEASE LIABILITIES** 

The following is the continuity of lease liabilities:

---

| | | |
|:---|:---|:---|
| As at | **December 31,<br>2024** | December 31,<br>2023 |
|  Balance, beginning of year | $**715277** | $617926 |
|  Assumed on acquisition | **20098** | 49916 |
|  Additions and modifications | **122761** | 145327 |
|  Repayments | **(149656)** | (131360) |
|  Financing costs | **40485** | 32056 |
|  Foreign exchange | **(4670)** | 1412 |
|  Balance, end of year | $**744295** | $715277 |
|  Current portion | **116849** | 107727 |
|  | $**627446** | $**607550** |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

Lease expenses are presented in the Consolidated Statement of Earnings as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | 2023 |
|  Operating expenses | $**9414** | $7808 |
|  Depreciation of right of use assets | $**123512** | $109806 |
|  Finance costs | $**40485** | $32056 |

---

Included in operating expenses are short-term and low-value asset lease expenses of $9,312 for the year ended December 31, 2024 (2023 - $7,711).

**16.** **UNEARNED REBATES** 

In connection with a 2019 acquisition, the Company recognized prepaid rebates received from a trading partner of $7,500. These rebates have been deferred as unearned rebates. Under the terms of this agreement, the Company will amortize the unearned rebate on a straight line basis over a term of 12 years, as a reduction of cost of sales.

The Company is obliged to purchase the suppliers' products on an exclusive basis over this term. In exchange for this exclusive arrangement, and subject to certain conditions, the trading partners are required to continue to price their products competitively to the Company. Termination of the arrangement by the Company, the occurrence of an event of default or a change in control, as defined by the agreement, require the Company to repay all unamortized balances and all other amounts as outlined within the agreement.

At December 31, 2024, the Company has unearned rebates of $3,964 (2023 – $4,579).

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**17.** **FINANCIAL INSTRUMENTS** 

**Carrying value and estimated fair value of financial instruments** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **December 31, 2024** | **December 31, 2024** | December 31, 2023 | December 31, 2023 |
|  | <br>Classification |<br>Fair value<br>hierarchy | **Carrying<br>amount** | **Fair<br>value** | Carrying<br>amount | Fair<br>value |
|  **Financial assets** |  |  |  |  |  |  |
|  Cash | Amortized cost | n/a | **19997** | 19997 | 22511 | 22511 |
|  Accounts receivable | Amortized cost | n/a | **120616** | 120616 | 145793 | 145793 |
|  Long-term asset | FVTPL <sup>(1)</sup> | 3 | **8000** | 8000 | 8000 | 8000 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Accounts payable and accrued liabilities | Amortized cost | n/a | **306942** | 306942 | 339823 | 339823 |
|  Dividends payable | Amortized cost | n/a | **2283** | 2283 | 2435 | 2435 |
|  Long-term debt | Amortized cost | n/a | **507283** | 499427 | 421705 | 409212 |

---

(1) Fair Value Through Profit or Loss

For the Company's current financial assets and liabilities, including accounts receivable, accounts payable and accrued liabilities, and dividends payable, which are short term in nature and subject to normal trade terms, the carrying values approximate their fair value. The fair value of BGSI's long-term debt has been determined by calculating the present value of the interest rate spread that exists between the actual Term Loan A and the rate that would be negotiated with the economic conditions at the reporting date. As there is no ready secondary market for BGSI's other long term asset, the fair value has been estimated using the discounted cash flow method.

**Collateral** 

The Company's syndicated loan facility is collateralized by a General Security Agreement. The carrying amount of the financial assets pledged as collateral for this facility at December 31, 2024 was approximately $140,613 (December 31, 2023 - $168,304).

**Interest rate risk** 

The Company's operating line and syndicated loan facility are exposed to interest rate fluctuations and the Company does not hold any financial instruments to mitigate this risk. Seller notes and Term Loan A are at fixed interest rates.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**Foreign currency risk** 

The Company's operations in Canada are more closely tied to its domestic currency. Accordingly, the Canadian operations are measured in Canadian dollars and the Company's foreign exchange translation exposure relates to these operations. When the Canadian operation's net asset values are converted to U.S. dollars, currency fluctuations result in period to period changes in those net asset values. BGSI's equity position reflects these changes in net asset values as recorded in accumulated other comprehensive earnings. The income and expenses of the Canadian operations are translated into U.S. dollars at the average rate for the period in order to include their financial results in the consolidated financial statements. Period to period changes in the average exchange rates cause translation effects that have an impact on net earnings. Unlike the effect of exchange rate fluctuations on transaction exposure, the exchange rate translation risk does not affect local currency cash flows.

Transactional foreign currency risk also exists in circumstances where U.S. denominated cash is received in Canada. The Company monitors U.S. denominated cash flows to be received in Canada and evaluates whether to use forward foreign exchange contracts. No forward foreign exchange contracts were used during 2024 or 2023.

BGSI earns interest on promissory notes issued to The Boyd Group (U.S.) Inc., the parent of the Company's U.S. operations. As at December 31, 2024 and December 31, 2023, promissory notes denominated in Canadian dollars are as follows:

---

| | | |
|:---|:---|:---|
| **Promissory notes**<br> As at | **December 31,<br>2024** | December 31,<br>2023 |
|  Promissory note at 5.0% due September 29, 2027 | $**108000** | $108000 |
|  Promissory note at 5.75% due January 1, 2030 | **41800** | 41800 |
|  Promissory note at 9.22% due January 1, 2029 | **61800** | 61800 |
|  Promissory note at 4.3% due December 30, 2030 | **70000** | 70000 |
|  | $**281600** | $281600 |

---

BGSI's U.S. operations purchase Canadian dollars at market rates to fund the monthly interest payments.

**Credit risk** 

The carrying amount of financial assets represents the maximum credit exposure. Cash is in the form of deposits on demand with major financial institutions that have strong long-term credit ratings. BGSI is subject to risk of non-payment of accounts receivable; however, the Company's receivables are largely collected from the insurers of its customers. Accordingly, the Company's accounts receivable comprises mostly amounts due from national and international insurance companies or provincial crown corporations.

---

| | | |
|:---|:---|:---|
| **Aging of accounts receivable**<br> As at | **December 31,<br>2024** | December 31,<br>2023 |
|  Neither impaired nor past due | $**117800** | $141148 |
|  Past due: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over 90 days | **7654** | 8159 |
|  | $**125454** | $149307 |
|  Allowance for doubtful accounts | **(4838)** | (3514) |
|  Accounts receivable | $**120616** | $145793 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

BGSI uses an allowance account to record an estimate of potential impairment for accounts receivables.

---

| | | |
|:---|:---|:---|
| **Allowance for doubtful accounts**<br> As at | **December 31, 2024** | December 31, 2023 |
|  Balance, beginning of year | $**3514** | $3679 |
|  Increase (decrease) in the allowance (net of recoveries and amounts written off) | **1324** | (165) |
|  Balance, end of year | $**4838** | $3514 |

---

**Liquidity risk** 

The following table details the Company's remaining undiscounted contractual maturities for its financial liabilities.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total | Within 1<br>year | 1 to 2<br>years | 2 to 3<br>years | 3 to 4<br>years | 4 to 5<br>years | After 5<br>years |
|  Accounts payable and accrued liabilities | $306942 | $306942 | $— | $— | $— | $— | $— |
|  Long-term debt | 507283 | 8994 | 372823 | 125417 | 49 |  |  |
|  Lease liabilities | 948906 | 157105 | 143935 | 128045 | 107052 | 83934 | 328835 |
|  | $1763131 | $473041 | $516758 | $253462 | $107101 | $83934 | $328835 |

---

Obligations of the Company are generally satisfied through future operating cash flows and the collection of accounts receivable.

**Market Risk and Sensitivity Analysis** 

Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market prices. Components of market risk to which the Company is exposed are interest rate risk and foreign exchange rate risk as discussed above.

BGSI has used a sensitivity analysis technique that measures the estimated change to net earnings and equity of a 1% (100 basis points) difference in market interest rates. The sensitivity analysis assumes that changes in market interest rates only affect interest income or expense of variable financial instruments not covered by hedging instruments. For the year ended December 31, 2024 it is estimated that the impact of a 1% increase to market rates would result in a $3,308 decrease (2023 – $1,948 decrease) to net earnings as well as comprehensive earnings.

The currency risk sensitivity analysis is based on a 5% strengthening or weakening of the Canadian Dollar against the U.S. Dollar and assumes that all other variables remain constant. Under this assumption, net earnings for the year ended December 31, 2024 as well as comprehensive earnings would have changed by $nil due to no foreign exchange contracts being in place at the end of 2024 and 2023.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**18.** **CAPITAL** 

**Shareholders' Capital** 

**Authorized:** 

Unlimited number of common shares

An unlimited number of common shares are authorized and may be issued pursuant to the Articles of Incorporation of BGSI. All common shares have equal rights and privileges. Each common share is redeemable and transferable. A common share entitles the holder thereof to participate equally in dividends, including the dividends of net earnings and net realized capital gains of BGSI and dividends on termination or winding-up of BGSI, is fully paid and non-assessable and entitles the holder thereof to one vote at all meetings of shareholders for each share held.

**19.** **CONTRIBUTED SURPLUS** 

During the year, stock option accretion (net of issue costs) of $849 (2023 - $502) was credited to contributed surplus.

**20.** **CAPITAL STRUCTURE** 

The Company's objective when managing capital is to maintain a flexible capital structure which optimizes the cost of capital at acceptable risk. The Company includes in its definition of capital: equity, long-term debt, convertible debentures, convertible debenture conversion features, non-controlling interest put options and call liability, share based payment obligations, non-property obligations under lease liabilities, and unearned rebates, net of cash.

The Company manages the capital structure and makes adjustments to it by taking into account changing economic conditions, operating performance and growth opportunities. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends it pays, purchase shares for cancellation pursuant to a normal course issuer bid, issue new shares, issue new debt or replace existing debt with different characteristics, issue convertible debentures, issue share options, expand the revolver, increase or decrease its non-property lease liabilities, pursue alternative structuring of acquisitions, trigger call options on certain acquisition obligations, negotiate unearned rebates, or settle certain acquisition obligations using a greater amount of cash, or shares.

The Company monitors capital on a number of bases, including an interest coverage ratio, total debt to Adjusted EBITDA ratios, return on invested capital, a debt to capital ratio, a current ratio, diluted earnings per share and dividends per share. Total debt to Adjusted EBITDA is calculated as the Company's total debt and non-property lease liabilities but excluding convertible debentures divided by Adjusted EBITDA. Return on invested capital is the ratio of Adjusted EBITDA to average invested capital. Adjusted EBITDA is a non- GAAP financial measure, whose nearest GAAP measure is Cash Flow from Operations.

The Company's strategy has been to maintain a strong statement of financial position including its cash position and financial flexibility while maintaining consistent dividends in order to capitalize on growth opportunities. In addition, the Company believes that, from time to time, the market price of the shares may not fully reflect the underlying value of the shares and that at such times the purchase of shares would be in the best interest of BGSI. Such purchases increase the proportionate ownership interest of all remaining shareholders.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

The Company grows, in part, through the acquisition or start-up of collision and glass repair and replacement businesses, or other businesses. Sources of capital that the Company has been successful at accessing in the past include public and private equity placements, convertible debt offerings, the use of equity securities to directly pay for a portion of acquisitions, capital available through strategic alliances with trading partners, non-property lease financing, seller financing and both senior and subordinate debt facilities or deferring possible future purchase price payments using contingent consideration and call or put options.

**21.** **RELATED PARTY TRANSACTIONS** 

In certain circumstances the Company has entered into property lease arrangements where an employee of the Company is the landlord. In most cases, the Company assumes these property lease arrangements initially in connection with an acquisition. The property leases for these locations do not contain any significant non- standard terms and conditions that would not normally exist in an arm's length relationship, and the Company has determined that the terms and conditions of the leases are representative of fair market rent values.

The following are the lease payment amounts for facilities under lease with related parties:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Landlord | Affiliated Person(s) | Affiliated Person(s) | Location | Location | Lease<br>Expires | Lease<br>Expires | **December 31,<br>2024** | **December 31,<br>2024** | December 31,<br>2023 | December 31,<br>2023 |
|  Gerber Building No. 1 Ptnrp |  | Timothy O'Day |  | South Elgin, IL |  | 2029 |  | **105** |  | 103 |

---

**22.** **SEGMENTED REPORTING** 

BGSI has one reportable line of business, being automotive collision repair and related services, with all revenues relating to a group of similar services. In this circumstance, IFRS requires BGSI to provide geographical disclosure. For the periods reported, all of BGSI's sales were derived within Canada or the United States of America. Reportable assets include property, plant and equipment, right of use assets, goodwill and intangible assets which are all located within these two geographic areas.

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
| **Sales** | **2024** | **2023** |
|  Canada | $**244715** | $231601 |
|  United States | **2825627** | 2714387 |
|  | $**3070342** | $2945988 |

---

---

| | | |
|:---|:---|:---|
| **Reportable Assets**<br> As at | **December 31,**<br>**2024** | December 31,<br>2023 |
|  Canada | $**199299** | $220786 |
|  United States | **1979282** | 1849309 |
|  | $**2178581** | $2070095 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

BGSI's revenues are largely derived from the insurers of its customers, who are generally automobile owners. Formal relationships with insurance companies such as Direct Repair Programs ("DRPs") play an important role in generating sales volumes for the Company. Although automobile owners still have the freedom of choice of repair provider, insurance companies may educate the owner on the benefits of choosing a repairer in their DRP network. Of the top five insurance companies that BGSI deals with, which in aggregate account for approximately 51% (2023 – 53%) of total sales, one insurance company represents approximately 16% (2023 – 19%) of the Company's total sales, while a second insurance company represents approximately 12% (2023 – 11%).

**23.** **COMPENSATION OF KEY MANAGEMENT** 

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31, | For the years ended December 31, |
|  | **2024** | 2023 |
|  Salaries and short-term employee benefits | $**5302** | $7531 |
|  Long-term incentive plan | **3801** | 3155 |
|  Share options | **582** | 1119 |
|  | $**9561** | $11805 |

---

Key management includes BGSI's Directors as well as the most senior officers of the Company and Subsidiary Companies.

**24.** **SHARE-BASED COMPENSATION** 

Certain members of the management team of the Company, as well as the Board of Directors of the Company participate in share-based compensation plans. These plans are cash-settled, with compensation expense determined based on the fair value of the associated liability at the end of the reporting period until the awards are settled.

**Long-term incentive plan** 

On January 1, 2022, January 1, 2023, and January 1, 2024, Performance Share Unit awards were granted to certain executive officers for the 2022, 2023 and 2024 grant years. Performance Share Units are tied to share value from date of grant to the date of vesting and will be paid out in cash over a three-year period, subject to the terms of the plan. Performance Share Units represent the right to receive payments linked to BGSI's share value, conditional upon the achievement of one or more objective performance goals. The dividend rate declared by BGSI on issued and outstanding shares of the Company is also applied to the Performance Share Units. The dividend amount on the Performance Share Units is converted into additional Performance Share Units based on the market value of the Company's shares at the time of the dividend. These additional Performance Share Units vest at the same time as the Performance Share Units that the dividend rate was applied on.

The 2022, 2023, and 2024 awards granted include non-market performance conditions. The impact of market and non-market performance conditions is recognized through the adjustment of the award that is expected to vest. At the end of each reporting period, BGSI re-assesses its estimates of the number of Performance Share Units that are expected to vest and recognizes the impact of the revision to compensation expense in earnings over the vesting period.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

The fair value of each outstanding Performance Share Unit is estimated based on the fair market value of the Company's shares at the grant date, subsequently adjusted for additional shares granted based on the reinvestment of notional dividends and the market value of the shares at the end of each reporting period. The associated compensation expense is recognized over the vesting period, factoring in the probability of the performance criteria being met during that period.

On January 1, 2022, January 1, 2023, and January 1, 2024 Restricted Share Units were granted to certain executive officers for the 2022, 2023 and 2024 grant years. Restricted Share Units are valued by reference to share value from date of grant to the date of vesting and will be paid out in cash over a two to three-year period, subject to the terms of the plan. The dividend rate declared by BGSI on issued and outstanding shares of the Company is also applied to the Restricted Share Units. The dividend amount on the Restricted Share Units is converted into additional Restricted Share Units based on the market value of the Company's shares at the time of the dividend. These additional Restricted Share Units vest at the same time as the Restricted Share Units that the dividend rate was applied on.

**Directors Deferred Share Unit Plan** 

A Directors Deferred Share Unit Plan ("DSUP") is administered through BGSI and requires independent Directors to receive at least 60% of their Director compensation in the form of deferred shares, which are essentially notional shares of BGSI and are redeemable for cash on termination. Directors may elect to receive up to 100% of their Director compensation in the form of deferred shares. The number of deferred shares to which a Director is entitled will be adjusted for the payment of dividends.

The fair value of each outstanding Director Deferred Share Unit is estimated based on the fair market value of BGSI's shares at the grant date, subsequently adjusted for additional shares granted based on the reinvestment of notional dividends and the market value of the shares at the end of each reporting period.

**25.** **EMPLOYEE EXPENSES** 

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31, | For the years ended December 31, |
|  | **2024** | 2023 |
|  Salaries and short-term employee benefits | $**1227586** | $1149282 |
|  Post-employment benefits | **8784** | 5757 |
|  Long-term incentive plan | **509** | 6025 |
|  Share options | **857** | 436 |
|  | $**1237736** | $1161500 |

---

**26.** **DEFINED CONTRIBUTION PENSION PLANS** 

The Company has defined contribution pension plans for employees. The Company matches employee contributions at rates up to 3% of the employees' salary. The expense and payments for the year were $8,784 (2023 - $5,757).

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**27.** **EARNINGS PER SHARE** 

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | 2023 |
|  Net earnings | $**24544** | $86656 |
|  Basic weighted average number of shares | **21472436** | 21472194 |
|  Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock Option Plan | **4585** | 3670 |
|  Average number of shares outstanding — diluted basis | **21477021** | 21475864 |
|  Basic earnings per share | $**1.14** | $4.04 |
|  Diluted earnings per share | $**1.14** | $4.04 |

---

For the year ended December 31, 2024, the impact of the stock options issued in 2021 and 2022 were included in the diluted average number of shares outstanding. The stock options issued in 2023 and 2024 could have potentially diluted the basic earnings per share, but their impact was anti-dilutive during this period.

For the year ended December 31, 2023, the impact of the stock options issued in 2021 and 2022 were included in the diluted average number of shares outstanding. The stock options issued in 2023 could have potentially diluted the basic earnings per share, but their impact was anti-dilutive during this period.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**28.** **STOCK OPTION PLAN** 

During the first quarter of 2021, the Company instituted a stock option plan for senior management, which was approved by shareholders on May 12, 2021. The Company's stock option plan allows for the granting of options up to an amount of 250,000 Common shares under this plan. Each tranche of the options vests equally over two, three, four and five year periods. The term of an option shall be determined and approved by the People, Culture and Compensation Committee; provided that the term shall be no longer than ten years from the grant date.

The information on the outstanding options are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2024** | 2023 | 2023 |
|  | Number | Weighted<br>average exercise<br>price (C$) | Number | Weighted<br>average exercise<br>price (C$) |
|  Balance at the beginning of year | **54559** | $**198.78** | 31113 | $186.41 |
|  Granted during the year | **18269** | **282.26** | 28821 | 211.13 |
|  Forfeited during the year | **(4535)** | **219.71** | (5375) | 193.39 |
|  Expired during the year | **—** | **—** |  |  |
|  Exercised during the year | **(531)** | **204.83** |  |  |
|  Balance at the end of year | **67762** | $**219.84** | 54559 | $198.78 |
|  Exercisable at the end of the year | **8351** | $**195.58** | 2690 | $219.21 |

---

The weighted average grant date fair value of stock options granted during fiscal year 2024 was $97.75 per option (2023 - $71.64). The fair value of each option granted was determined using a Black-Scholes option pricing model. The option valuation was based on the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
|  Risk-free interest rate | **3.61%** | 3.48% |
|  Expected life (years) | **5.5** | 5.5 |
|  Expected stock price volatility | **30.68%** | 30.40% |
|  Expected dividend yield | **0.193%** | 0.272% |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

For the years ended December 31, 2024 and 2023

*(thousands of U.S. dollars, except share and per share amounts)* 

**29.** **CHANGES IN NON-CASH OPERATING WORKING CAPITAL ITEMS** 

---

| | | |
|:---|:---|:---|
|  | For the years ended December 31, | For the years ended December 31, |
|  | **2024** | 2023 |
|  Accounts receivable | $**23436** | $(5962) |
|  Inventory | **5652** | 2288 |
|  Prepaid expenses | **(3174)** | (5153) |
|  Accounts payable and accrued liabilities | **(27199)** | 29946 |
|  Income taxes, net | **(4624)** | (2047) |
|  | $**(5909)** | $19072 |

---

## Exhibit 4.3

**Exhibit 4.3** 

**Management's Discussion & Analysis** 

**OVERVIEW** 

Boyd Group Services Inc. ("BGSI"), through its operating company, The Boyd Group Inc. and its subsidiaries ("Boyd" or the "Company"), is one of the largest operators of non-franchised collision repair centers in North America in terms of number of locations and sales. The Company currently operates locations in Canada under the trade name Boyd Autobody & Glass and Assured Automotive, as well as in the U.S. under the trade name Gerber Collision & Glass. The Company is also a major retail auto glass operator in the U.S., under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. In addition, the Company operates a third party administrator, Gerber National Claims Services ("GNCS"), that offers glass, emergency roadside and first notice of loss services.The Company also operates a Mobile Auto Solutions ("MAS") service that offers scanning and calibration services. The following is a geographic breakdown of locations by trade name and location as at March 18, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g77213g1024004237872.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g77213g1024004237872.jpg)  | **984 locations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ![LOGO](g77213g1024004735662.jpg) | **46<br>locations** | ![LOGO](g77213g1024004236622.jpg) |  | **856 locations** |  | ![LOGO](g77213g1024004236474.jpg) <br>|
| &nbsp;&nbsp;&nbsp; Alberta<br>British Columbia<br>Manitoba<br>Saskatchewan<br>![LOGO](g77213g1024004237761.jpg) <br>Ontario | 16 <br> 13<br>13<br>4<br>**82**<br> **locations**<br>82 | Florida (+4)\*<br>Michigan (+1)\*<br>Illinois<br>California (+4)\*<br>Texas (+8)\*<br>Georgia (+4)\*<br>New York<br>Washington (+1)\*<br>Wisconsin (+1)\*<br>North Carolina (+1)\*<br>Indiana (+1)\*<br>Ohio<br>Oklahoma (+1)\*<br>Louisiana (+4)\*<br>Arizona (+1)\*<br>Colorado<br>South Carolina | 80<br>77<br>66<br>52<br>42<br>42<br>41<br>39<br>38<br>37<br>35<br>34<br>28<br>27<br>26<br>22<br>19 | Missouri (+4)\*<br>Alabama (+5)\*<br>Tennessee (+3)\*<br>Maryland (+1)\*<br>Minnesota (+3)\*<br>Pennsylvania (+3)\*<br>Kansas<br>Oregon<br>Nevada<br>Hawaii (+1)\*<br>Iowa (+2)\*<br>Kentucky<br>Utah (+1)\*<br>Arkansas<br>Nebraska (+3)\*<br>Idaho<br>Virginia (+1)\* | 17 <br>15<br>15<br>14<br>14<br>14<br>11<br>11<br>8<br>6<br>6<br>6<br>6<br>3<br>3<br>1<br>1 | ![LOGO](g77213g1024004236622.jpg) <br>![LOGO](g77213g1024004236714.jpg) <br>![LOGO](g77213g1024004236796.jpg) <br>![LOGO](g77213g1024004236926.jpg) <br>![LOGO](g77213g1024004237022.jpg)  |
|  |  | Florida (+4)\*<br>Michigan (+1)\*<br>Illinois<br>California (+4)\*<br>Texas (+8)\*<br>Georgia (+4)\*<br>New York<br>Washington (+1)\*<br>Wisconsin (+1)\*<br>North Carolina (+1)\*<br>Indiana (+1)\*<br>Ohio<br>Oklahoma (+1)\*<br>Louisiana (+4)\*<br>Arizona (+1)\*<br>Colorado<br>South Carolina | 80<br>77<br>66<br>52<br>42<br>42<br>41<br>39<br>38<br>37<br>35<br>34<br>28<br>27<br>26<br>22<br>19 | Missouri (+4)\*<br>Alabama (+5)\*<br>Tennessee (+3)\*<br>Maryland (+1)\*<br>Minnesota (+3)\*<br>Pennsylvania (+3)\*<br>Kansas<br>Oregon<br>Nevada<br>Hawaii (+1)\*<br>Iowa (+2)\*<br>Kentucky<br>Utah (+1)\*<br>Arkansas<br>Nebraska (+3)\*<br>Idaho<br>Virginia (+1)\* | 17 <br>15<br>15<br>14<br>14<br>14<br>11<br>11<br>8<br>6<br>6<br>6<br>6<br>3<br>3<br>1<br>1 | ![LOGO](g77213g1024004236622.jpg) <br>![LOGO](g77213g1024004236714.jpg) <br>![LOGO](g77213g1024004236796.jpg) <br>![LOGO](g77213g1024004236926.jpg) <br>![LOGO](g77213g1024004237022.jpg)  |
|  |  | Florida (+4)\*<br>Michigan (+1)\*<br>Illinois<br>California (+4)\*<br>Texas (+8)\*<br>Georgia (+4)\*<br>New York<br>Washington (+1)\*<br>Wisconsin (+1)\*<br>North Carolina (+1)\*<br>Indiana (+1)\*<br>Ohio<br>Oklahoma (+1)\*<br>Louisiana (+4)\*<br>Arizona (+1)\*<br>Colorado<br>South Carolina | 80<br>77<br>66<br>52<br>42<br>42<br>41<br>39<br>38<br>37<br>35<br>34<br>28<br>27<br>26<br>22<br>19 | Missouri (+4)\*<br>Alabama (+5)\*<br>Tennessee (+3)\*<br>Maryland (+1)\*<br>Minnesota (+3)\*<br>Pennsylvania (+3)\*<br>Kansas<br>Oregon<br>Nevada<br>Hawaii (+1)\*<br>Iowa (+2)\*<br>Kentucky<br>Utah (+1)\*<br>Arkansas<br>Nebraska (+3)\*<br>Idaho<br>Virginia (+1)\* | 17 <br>15<br>15<br>14<br>14<br>14<br>11<br>11<br>8<br>6<br>6<br>6<br>6<br>3<br>3<br>1<br>1 | ![LOGO](g77213g1024004236622.jpg) <br>![LOGO](g77213g1024004236714.jpg) <br>![LOGO](g77213g1024004236796.jpg) <br>![LOGO](g77213g1024004236926.jpg) <br>![LOGO](g77213g1024004237022.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp; *The above numbers include 33 intake locations, net of*<br> *one closed location* | &nbsp;&nbsp;&nbsp;&nbsp; *The above numbers include 33 intake locations, net of*<br> *one closed location* | *The above numbers include one intake location and two fleet locations co-located*<br> *with collision repair centers, net of four closed location* | *The above numbers include one intake location and two fleet locations co-located*<br> *with collision repair centers, net of four closed location* | *The above numbers include one intake location and two fleet locations co-located*<br> *with collision repair centers, net of four closed location* | *The above numbers include one intake location and two fleet locations co-located*<br> *with collision repair centers, net of four closed location* | ![LOGO](g77213g1024004236622.jpg) <br>![LOGO](g77213g1024004236714.jpg) <br>![LOGO](g77213g1024004236796.jpg) <br>![LOGO](g77213g1024004236926.jpg) <br>![LOGO](g77213g1024004237022.jpg)  |

---

*\** *Locations added in 2024 and up to March 18, 2025* 

Boyd provides collision repair services to insurance companies and individual vehicle owners, with a high percentage of the Company's revenue being derived from insurance-paid collision repair services.

BGSI's shares trade on the Toronto Stock Exchange under the symbol TSX: BYD.TO.

The following review of BGSI's operating and financial results for the year ended December 31, 2024, including material transactions and events of BGSI up to and including March 18, 2025, as well as management's expectations for the year ahead, should be read in conjunction with the annual audited consolidated financial statements of BGSI for the year ended December 31, 2024, included on pages 49 to 91 of the annual report, and as filed on SEDAR+ at www.sedarplus.com.

------

**SIGNIFICANT EVENTS** 

On March 15, 2024, the BGSI Board of Directors declared a cash dividend for the first quarter of 2024 of C$0.15 per common share. The dividend was paid on April 26, 2024 to common shareholders of record at the close of business on March 31, 2024.

On March 26, 2024, BGSI extended its existing revolving credit facilities in the aggregate amount of $550 million for a four- year term, with an accordion feature which can increase the credit facilities to a maximum of $850 million (the "Facilities"). The Facilities will mature in March 2028. The existing $125 million Term Loan A maturing in March 2027 remains unchanged.

On June 17, 2024, the BGSI Board of Directors declared a cash dividend for the second quarter of 2024 of C$0.15 per common share. The dividend was paid on July 29, 2024 to common shareholders of record at the close of business on June 30, 2024.

On August 8, 2024, BGSI announced the appointment of Brian Kaner as President & Chief Operating Officer, effective immediately. Concurrent with this change, Tim O'Day remains Chief Executive Officer ("CEO"), however relinquishes the "President" title, which he has held since 2017.

On September 17, 2024, the BGSI Board of Directors declared a cash dividend for the third quarter of 2024 of C$0.15 per common share. The dividend was paid on October 29, 2024 to common shareholders of record at the close of business on September 30, 2024.

On October 11, 2024, BGSI announced the temporary closure of 47 locations in the states of Florida, Georgia, North Carolina and South Carolina due to Hurricane Helene, followed by the temporary closure of 52 locations in the state of Florida as a result of Hurricane Milton.

On December 2, 2024, the BGSI announced that effective May 14, 2025, Chief Executive Officer Timothy O'Day will step down from his current role, to be succeeded by Brian Kaner, current President and Chief Operating Officer of Boyd. These changes are planned to be effective as of the date of the Annual General Meeting of Boyd, which is scheduled to occur on May 14, 2025.

On December 17, 2024, the BGSI Board of Directors declared a cash dividend for the fourth quarter of 2024 of C$0.153 per common share. The dividend was paid on January 29, 2025 to common shareholders of record at the close of business on December 31, 2024.

On February 26, 2025, BGSI announced the launch of its latest five-year goal designed to drive growth and enhance profitability through 2029.

On March 17, 2025, the BGSI Board of Directors declared a cash dividend for the first quarter of 2025 of C$0.153 per common share. The dividend will be paid on April 28, 2025 to common shareholders of record at the close of business on March 31, 2025.

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The Company completed and opened the following number of collision repair acquisitions and start up locations during the periods listed:

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| | | | |
|:---|:---|:---|:---|
| **Location** | **Number of locations<br>added through<br>acquisition** | **Number of start ups** | **Total** |
|  January 1, 2024 to December 31, 2024 | 37 | 12 | 49 |
|  January 1, 2025 to March 18, 2025 | 3 | 6 | 9 |
|  Total | 40 | 18 | 58 |

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During the year ended December 31, 2024, the Company opened seven start-up glass locations, acquired one glass location and four calibration businesses. From January 1, 2025 up to the reporting date of March 18, 2025, the Company acquired two glass location.

**OUTLOOK** 

Boyd is pleased to have announced a new five-year goal, which includes growing revenue to $5 billion in 2029, doubling Adjusted EBITDA<sup>1</sup> dollars from 2024-2029, returning to an Adjusted EBITDA margin of 14%, expanding market share and retaining a leadership position in all markets served, and achieving top-tier profitability in the North American collision industry ("Double Down"). Boyd is accelerating its focus on operational excellence and profitability with "Project 360", a company-wide transformational cost initiative launched in partnership with a leading global consulting firm during the fourth quarter of 2024 that will support the Double Down goal. Project 360 is expected to result in $100 million in annual recurring cost savings over the plan period with upfront investment and transition costs incurred to achieve these benefits estimated to be in the $20-$23 million range over the coming quarters.

In the near term, the market dynamics that impacted results throughout 2024, including a decline in claims volumes due to insurance premium inflation and overall economic uncertainty, have continued into early 2025, with repairable claims experiencing a greater year-over-year decline during the first two months of 2025 than was experienced in the fourth quarter of 2024 in spite of the return of more normal winter weather conditions. Despite this fact, thus far in the first quarter of 2025, same-store sales has improved compared to the fourth quarter, but is not yet positive; continuing to demonstrate market share gains. As in prior years, the first quarter is burdened by higher payroll taxes that occur early in the year, while the fourth quarter of 2024 benefited from expense accrual reductions, as certain expense estimates were firmed up at amounts that were lower than previously estimated and accrued. These factors, along with the challenging claims environment are resulting in Adjusted EBITDA dollars, thus far in the first quarter, trending slightly below levels achieved in the first quarter of the prior year. While it is still too early to determine if claims volumes have bottomed, Boyd remains confident in the industry's long- term outlook and believes the transformational cost saving initiatives initiated will drive improved margins in the coming quarters.

Boyd remains committed to improving gross margin, through initiatives such as the internalization of scanning and calibration services. The need for scanning and calibration services continue to grow and Boyd's ability to internalize these services continues to scale. The Company anticipates achieving 80% internalization of scanning and calibration services within the next 2-3 years.

Growth through acquisition as well as through start-up sites continues. Although start-up sites have a longer development cycle and ramp-up period, these locations offer a number of advantages and as a result the Company plans to continue increasing the proportion of growth using this approach. Over the longer-term, the proportion of acquisition to start-up sites is expected to be approximately even. The pipeline for start-up sites currently includes scheduled openings of seven locations in Q1 2025, and an additional 21 locations through the balance of the year.

<sup>1</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A

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While the Company has been successfully executing on Boyd's long-term growth goal of doubling the size of the business on a constant currency basis from 2021 to 2025 against 2019 sales, over the past year and into 2025, the market has experienced unanticipated economic and industry conditions. The Company has focused on increasing value to customers and shareholders, and has consistently performed above industry, with a focus on emerging from these conditions in a strong position. In spite of the initiatives in place, current market conditions may cause a slight delay in Boyd achieving its long- term growth goal of doubling the size of the business on a constant currency basis from 2021 to 2025 against 2019 sales.

In the long-term, management remains confident in its business model and its ability to increase market share by expanding its presence in North America through strategic acquisitions alongside organic growth from Boyd's existing operations. Accretive growth will remain the Company's long-term focus whether it is through organic growth, new store development, or acquisitions. The North American collision repair industry remains highly fragmented and offers attractive opportunities for industry leaders to build value through focused consolidation and economies of scale. As a growth company, Boyd's objective continues to be to maintain a conservative dividend policy that will provide the financial flexibility necessary to support growth initiatives while gradually increasing dividends over time. The Company remains confident in its management team, systems and experience. This, along with a strong financial position and financing options, positions Boyd well for success into the future.

**BUSINESS ENVIRONMENT & STRATEGY** 

The collision repair industry in North America is estimated by Boyd to represent over $50 billion in annual revenue. The industry is highly fragmented, consisting of many small independent family owned businesses operating in local markets. It is estimated that car dealerships have approximately 15% of the total market. It is believed that multi-unit collision repair operators with greater than $20 million in annual revenues (including multi-unit car dealerships), now have approximately 39% of the total market.

Customer relationship dynamics in the Company's principal markets differ from region to region. In the United States, Ontario, and Alberta, where private insurers operate, a greater emphasis is placed on establishing and maintaining Direct Repair Programs ("DRP's") and other referral arrangements with insurance companies. DRP's are established between insurance companies and collision repair shops to better manage automobile repair claims and increase levels of customer satisfaction. Insurance companies select collision repair operators to participate in their programs based on integrity, convenience and physical appearance of the facility, quality of work, customer service, cost of repair, cycle time and other key performance metrics. Major insurers use performance-based criteria for selecting collision repair partners. Local and regional DRP's, and national and self-managed DRP relationships, represent an opportunity for Boyd to increase its business. Insurers have also moved to consolidate DRP repair volumes with a fewer number of repair shops. There is some preference among some insurance carriers to do business with multi-location collision repairers in order to reduce the number and complexity of contacts necessary to manage their networks of collision repair providers and to achieve a higher level of consistent performance. Boyd continues to develop and strengthen its DRP relationships with insurance carriers in both Canada and the United States and believes it is well positioned to take advantage of these trends.

As described further under "Business Risks and Uncertainties", operating results are expected to be subject to fluctuations or trends due to a variety of factors including availability of qualified employees, availability of parts, pricing by insurance companies, general operating effectiveness, automobile technologies, general and regional economic downturns, unemployment rates and weather conditions. A downturn in the economic climate has the potential to affect results negatively. Boyd has worked to mitigate this risk by continuing to focus on meeting insurance companies' performance requirements, and in doing so, grow market share.

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Boyd expects to generate growth sufficient to double the size of the business on a constant currency revenue basis from 2021 to 2025, based on 2019 revenues, implying a compound annual growth rate of 15 percent, although current market conditions may cause a slight delay in Boyd achieving this long-term growth goal. Boyd will continue to pursue accretive growth through a combination of organic growth (same-store sales<sup>2</sup> growth) as well as adding new locations to the network in the United States and Canada.

**BUSINESS STRATEGY**![LOGO](g77213g1024004735397.jpg)

Boyd is pleased to have announced a new five-year goal, which includes growing revenue to $5 billion in 2029, doubling Adjusted EBITDA dollars from 2024-2029, returning to an Adjusted EBITDA margin of 14%, expanding market share and retaining a leadership position in all markets served, and achieving top-tier profitability in the North American collision industry ("Double Down"). Double Down is supported by "Project 360", a company-wide transformational cost initiative launched in partnership with a leading global consulting firm during the fourth quarter of 2024. Project 360 is expected to result in $100 million in annual recurring cost savings over the plan period with upfront investment and transition costs incurred to achieve these benefits estimated to be in the $20-$23 million range over the coming quarters.

<sup>2</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A

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![LOGO](g77213g1024004735553.jpg)

**People** 

Having the right people in the right roles with the right capabilities enables Boyd to be a market leading operator delivering exceptional customer experiences. The workforce drives the success of Boyd's business, and the Company strives to create an environment where employees can reach their full potential and build long-term careers. Boyd's ambition is to be a top employer in the collision, calibration and glass sector by attracting, developing, and retaining the strongest talent in the industry enabled by a culture of accountability. Boyd is committed to addressing labor market challenges by focusing on retention and recruitment, investing in the Technician Development Program and focusing on opportunities for productivity improvements.

**Growth** 

Boyd's $5 billion revenue target will be achieved by continuing the Company's proven growth strategy, namely the combination of same-store sales growth and new location growth with a focus on securing a number-one or number-two market position in all markets served. The Company expects to generate 3% to 5% in average annual growth from same-store sales growth and an additional 5% to 7% in average annual growth through the addition of new locations. Beyond same-store sales growth and single shop expansion, Boyd will continue to be a strategic buyer of larger multi-location businesses, and if successful, this would be incremental to the revenue growth goals.

Increasing same-store sales<sup>3</sup> has a positive impact on financial performance. Boyd continues to pursue and execute on strategies to help grow same-store sales<sup>3</sup>, including a focus on growing car count volume through existing locations and increasing scanning and calibration services.

Boyd's inorganic model for growth includes new start-up locations as well as single-location and multi-location acquisitions. The Company believes that start-up facilities offer a number of advantages and as a result plans to continue increasing the proportion of growth using this approach. This approach allows Boyd to design and develop a facility that has a preferred footprint and flow. Being able to accommodate Boyd's future needs in terms of glass and calibration services is another benefit. These facilities are also attractive from a customer and employee perspective. When a start-up facility is put into the market, consideration is given to new growth markets as well as expansion of large markets into areas that do not have body shops.

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**Operational Excellence & Innovation** 

Operational excellence has been a key component of Boyd's past success and has contributed to the Company being viewed as an industry leading service provider. Delivering on our customers' expectations related to cost of repair, time to repair, quality and customer service are critical to being successful and being rewarded with same-store sales<sup>3</sup> growth. The Company's commitment to operational excellence is embodied in its mission and goal, which is condensed into a top of mind cheer for its employees which is 'Wow every customer, be the best'. In 2015, Boyd rolled out and implemented its Wow Operating Way process improvement initiative which is now in place at all of its locations, except newly acquired locations, where it will be implemented as part of acquisition integration. In 2022, Boyd expanded its Wow Operating Way practices to corporate business processes. The Wow Operating Way is a series of systems, processes and measurements that drive excellence in customer satisfaction, repair cycle times and operational metrics. Boyd also conducts extensive customer satisfaction polling at all operating locations to assist in keeping customer satisfaction at the forefront of its mandate. Boyd will also continue to invest in its infrastructure, process improvement initiatives and IT systems to contribute to high quality service to its customers and improved operational performance.

Boyd is committed to growing the business through adjacent services, such as the internalization of scanning and calibration services, which represented 5% of total revenues in 2024. In 2024, 40% of Boyd's scanning and calibration services were completed utilizing internal resources, with a near term ambition to grow this to 80%. In order to support this growth, the workforce providing scanning and calibration services has grown by over 100% from January 1, 2024 to December 31, 2024.

Initiatives such as the internalization of scanning and calibration services, progress in Boyd's repair first strategy and focus on the use of cost effective alternative parts, deliver strong value by lowering repair costs for the Company's customers and providing incremental gross margin to Boyd.

**Maintain Cost Competitiveness** 

Boyd continues to manage its operating expenses as a percentage of sales. Over the last few years, Boyd has made incremental expense investments that are important for the long-term success of the business, including investing in key support functions. While expense management is critical, so is making the right expense investments. The Company is committed to returning to an Adjusted EBITDA margin of 14%, supported by Project 360, a company-wide transformational cost initiative launched in partnership with a leading global consulting firm during the fourth quarter of 2024. Project 360 is expected to result in $100 million in annual recurring cost savings over the plan period with upfront investment and transition costs incurred to achieve these benefits estimated to be in the $20-$23 million range over the coming quarters.

**CAUTION CONCERNING FORWARD-LOOKING STATEMENTS** 

Statements made in this annual report, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend", or "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on such statements, as actual results may differ materially from those expressed or implied in such statements.

<sup>3</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A

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The following table outlines forward-looking information included in this MD&A:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Forward-looking Information** | **Key Assumptions** | **Most Relevant Risk Factors** |
| &nbsp;&nbsp;&nbsp; Boyd plans to grow revenue to $5 billion in 2029, double Adjusted EBITDA dollars from 2024-2029, return to an Adjusted EBITDA margin of 14%, expand market share and retain a leadership position in all markets served, and achieve top-tier profitability in the North American collision industry | Opportunities continue to be available and are at acceptable and accretive prices<br>Financing options continue to be available at reasonable rates and on acceptable terms and conditions<br>New and existing customer relationships are expected to provide acceptable levels of revenue opportunities<br>Anticipated operating results would be accretive to overall Company results<br>Initiatives to increase production capacity are successful<br>Project 360 is successful<br>Technology is leveraged to optimize mix decisions<br>Material spend is optimized<br>Store operating model is optimized to drive leverage as volume scales | Acquisition market conditions change and repair shop owner demographic trends change<br>Credit and refinancing conditions prevent or restrict the ability of the Company to continue growth strategies<br>Changes in market conditions and operating environment Significant decline in the number of insurance claims Integration of new stores is not accomplished as planned<br>Increased competition which prevents achievement of acquisition and revenue goals<br>Initiatives to increase production capacity take longer than expected or are not successful<br>Insurance premium inflation and overall economic uncertainty continue to impact claims volumes<br>Anticipated cost savings take longer than expected or are not fully realized |
| &nbsp;&nbsp;&nbsp; Project 360 is expected to require upfront investment and transition costs in the<br> $20-$23 million range over the coming quarters. | The actual cost for these expenditures agrees with the original estimate<br>The project is completed according to the estimated timeline<br>No other new requirements are identified or required during the period<br>All identified costs are required during the period | BGSI may identify additional expenditure needs that were not originally anticipated<br>BGSI may identify expenditure needs that were originally anticipated; however, are no longer required or required on a different timeline |
| &nbsp;&nbsp;&nbsp; Project 360 is expected to result in $100 million in annual recurring cost savings over the plan period . Reduced operating expenses and improved operating expense leverage is expected to be realized gradually beginning in the second quarter of 2025. | The project is completed according to the estimated timeline<br>Cost savings initiatives have been appropriately identified<br>Adequate time and resources are dedicated to achieving cost savings objectives | Cost savings realized differ from amounts originally anticipated<br>Timeframe for cost savings differs from original timeline<br>BGSI is not able to achieve the level of cost savings anticipated |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Forward-looking Information** | **Key Assumptions** | **Most Relevant Risk Factors** |
| &nbsp;&nbsp;&nbsp; The Company anticipates achieving 80% internalization of scanning and calibration services within the next 2-3 years | Staffing to service scanning and calibration continues to be available<br>Necessary equipment is readily available<br>Vehicles requiring scanning and calibration services increase according to industry and company projections | Demand for services grows more rapidly than anticipated during the timeframe<br>Necessary equipment is not available in the required timeframe<br>Vehicles requiring scanning and calibration services increase at a pace that differs from industry and company projections<br>Vehicle population in certain geographies does not support the investment required to internalize scanning and calibration services |
| &nbsp;&nbsp;&nbsp; Current market conditions may cause a slight delay in Boyd achieving its long-term growth goal of doubling the size of the business on a constant currency basis from 2021 to 2025 against 2019 sales | Opportunities continue to be available and are at acceptable and accretive prices<br>Financing options continue to be available at reasonable rates and on acceptable terms and conditions<br>New and existing customer relationships are expected to provide acceptable levels of revenue opportunities<br>Anticipated operating results would be accretive to overall Company results<br>Growth is defined as revenue on a constant currency basis<br>Initiatives to increase production capacity are successful | Acquisition market conditions change and repair shop owner demographic trends change<br>Credit and refinancing conditions prevent or restrict the ability of the Company to continue growth strategies<br>Changes in market conditions and operating environment<br>Significant decline in the number of insurance claims<br>Integration of new stores is not accomplished as planned<br>Increased competition which prevents achievement of acquisition and revenue goals<br>Initiatives to increase production capacity take longer than expected or are not successful<br>Insurance premium inflation and overall economic uncertainty continue to impact claims volumes |
| &nbsp;&nbsp;&nbsp; Boyd remains confident in its business model to increase market share by expanding its presence in North America through strategic and accretive acquisitions alongside organic growth from Boyd's existing operations | Re-emergence of stability in economic conditions and employment rates<br>New and existing customer relationships are expected to provide acceptable levels of revenue opportunities<br>The Company's customer and supplier relationships provide it with competitive advantages to increase sales over time<br>Market share growth will more than offset systemic changes in the industry and environment<br>Anticipated operating results would be accretive to overall Company results | Economic conditions deteriorate<br>Loss of one or more key customers or loss of significant volume from any customer<br>Decline in the number of insurance claims<br>Inability of the Company to pass cost increases to customers over time<br>Increased competition which may prevent achievement of revenue goals<br>Changes in market conditions and operating environment<br>Changes in weather conditions<br>Inability to maintain, replace or grow technician capacity could impact organic growth |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Forward-looking Information** | **Key Assumptions** | **Most Relevant Risk Factors** |
| &nbsp;&nbsp;&nbsp; Stated objective to gradually increase dividends over time | Growing profitability of the Company and its subsidiaries<br>The continued and increasing ability of the Company to generate cash available for dividends<br>Balance sheet strength and flexibility is maintained and the dividend level is manageable taking into consideration bank covenants, growth requirements and maintaining a dividend level that is supportable over time | BGSI is dependent upon the operating results of the Company<br>Economic conditions deteriorate<br>Changes in weather conditions<br>Decline in the number of insurance claims<br>Loss of one or more key customers or loss of significant volume from any customer<br>Changes in government regulation |
| &nbsp;&nbsp;&nbsp; During 2025, the Company plans to make cash capital expenditures, excluding those related to acquisition and development of new locations, within the range of 1.6% and 1.8% of sales. In addition to these capital expenditures, the Company plans to invest in network technology upgrades to further strengthen our technology and security infrastructure and prepare for advanced technology needs in the future. The investment expected in 2025 is in the range of $10M to $12M, with an investment in 2026 in the range of $2 million to $4 million. | The actual cost for these capital expenditures agrees with the original estimate<br>The purchase, delivery and installation of the capital items is consistent with the estimated timeline<br>No other new capital requirements are identified or required during the period<br>All identified capital requirements are required during the period | Actual expenditures could be above or below 1.6% to 1.8% of sales<br>The timing of the expenditures could occur on a different timeline<br>BGSI may identify additional capital expenditure needs that were not originally anticipated<br>BGSI may identify capital expenditure needs that were originally anticipated; however, are no longer required or required on a different timeline |

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We caution that the foregoing table contains what BGSI believes are the material forward-looking statements and is not exhaustive. Therefore when relying on forward-looking statements, investors and others should refer to the "Risk Factors" section of BGSI's Annual Information Form, the "Business Risks and Uncertainties" and other sections of our Management's Discussion and Analysis and our other periodic filings with Canadian securities regulatory authorities. All forward-looking statements presented herein should be considered in conjunction with such filings.

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**SELECTED ANNUAL INFORMATION** 

The following table summarizes selected financial information for BGSI over the prior three years:

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| | | | |
|:---|:---|:---|:---|
| **For the years ended December 31,**<br> *(thousands of U.S. dollars, except per unit/share amounts)* | **2024** | 2023 | 2022 |
|  Sales | $**3070342** | $2945988 | $2432318 |
|  Net earnings | $**24544** | $86656 | $40962 |
|  Adjusted net earnings <sup>(2)</sup> | $**30902** | $89683 | $42366 |
|  Basic and diluted earnings per share | $**1.14** | $4.04 | $1.91 |
|  Adjusted net earnings per share <sup>(2)</sup> | $**1.44** | $4.18 | $1.97 |
|  Cash dividends per share declared: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share dividends <sup>(1)</sup> | $**0.44** | $0.44 | $0.45 |
| **December 31,** |  |  |  |
| *(thousands of U.S. dollars)* | **2024** | 2023 | 2022 |
|  Total assets | $**2464189** | $2382416 | $2102832 |
|  Total long-term financial liabilities | $**1198258** | $1082067 | $931941 |

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<sup>(1)</sup> Dividends and distributions continue to be declared and paid in Canadian dollars. In 2024, the annual dividend declared totaled C$0.603 (2023 - C$0.591, 2022 - C$0.579) 

<sup>(2)</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A

Acquisitions and new single location growth had the largest impact on growing sales from 2023 to 2024, this coupled with same-store sales growth resulted in sales growth from 2022 to 2023. Sales in 2024 compared to 2023 and 2022 were negatively impacted by a decrease in same-store sales. This is consistent with market trends where this year industry sources report a year-over-year decrease in repairable claims of 9% for all losses and 7.9% excluding comprehensive claims. In 2023, same-store sales benefited from high levels of demand for services that created leverage in the absorption of fixed costs. In 2022, sales were negatively impacted by supply chain disruption and a highly competitive labor market which translated into significant wage pressure and labor margin compression.

The decline in net earnings and adjusted net earnings<sup>4</sup> in 2024 compared to 2023 and 2022 were primarily driven by a decrease in same-store sales which resulted in decreased leverage in the absorption of fixed costs. Net earnings was further decreased by $3.2 million (net of tax) in transformational cost initiatives carried out by the Company during the fourth quarter of 2024. Expenses related to the transformational cost initiatives, expected to continue into 2025, are non-recurring and relate to the execution of Project 360 expected to assist in achieving BGSI's five-year goal, these expenses have been removed from the calculation of Adjusted Net Earnings.

The change in total assets and total long-term financial liabilities was significantly impacted by acquisitions and new location growth. In addition to these changes, fluctuations in total assets from 2022 to 2024 have primarily related to increases in property, plant and equipment, right of use assets and goodwill as a result of new location growth. During this timeframe, long-term financial liabilities were also impacted by financing of acquisitions and new location growth.

Since the end of 2007 through the end of 2024, BGSI increased dividends to shareholders. As of March 18, 2025 the dividend rate is C$0.153 per quarter or C$0.612 on an annualized basis.

<sup>4</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A

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**BOYD GROUP SERVICES INC.** 

The consolidated financial statements of BGSI and its subsidiaries have been prepared in accordance with IFRS<sup>®</sup> Accounting Standards, as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and contain the consolidated financial position, results of operations and cash flows of BGSI, the Company and the Company's subsidiary companies for the year ended December 31, 2024.

**NON-GAAP FINANCIAL MEASURES AND RATIOS** 

**EBITDA AND ADJUSTED EBITDA** 

Earnings before interest, taxes, depreciation and amortization ("EBITDA") is not a calculation defined in IFRS Accounting Standards. EBITDA should not be considered an alternative to net earnings in measuring the performance of BGSI, nor should it be used as an exclusive measure of cash flow. BGSI reports EBITDA and Adjusted EBITDA because they are key measures that management uses to evaluate performance of the business and to reward its employees. EBITDA is also a concept utilized in measuring compliance with debt covenants. EBITDA and Adjusted EBITDA are measures commonly reported and widely used by investors and lending institutions as an indicator of a company's operating performance and ability to incur and service debt, and as a valuation metric. While EBITDA is used to assist in evaluating the operating performance and debt servicing ability of BGSI, investors are cautioned that EBITDA and Adjusted EBITDA as reported by BGSI may not be comparable in all instances to EBITDA as reported by other companies.

CPA Canada's Canadian Performance Reporting Board defined Standardized EBITDA to foster comparability of the measure between entities. Standardized EBITDA represents an indication of an entity's capacity to generate income from operations before taking into account management's financing decisions and costs of consuming tangible and intangible capital assets, which vary according to their vintage, technological age and management's estimate of their useful life. Accordingly, Standardized EBITDA comprises sales less operating expenses before finance costs, capital asset amortization and impairment charges, and income taxes. Adjusted EBITDA is calculated to exclude items of an unusual nature that do not reflect normal or ongoing operations of BGSI and which should not be considered in a valuation metric or should not be included in an assessment of the ability to service or incur debt. Included as an adjustment to EBITDA are acquisition and transformational cost initiatives expenses and fair value adjustments to contingent consideration. These adjustments which do not relate to the current operating performance of the business units but are typically costs incurred to expand operations as well as execute a transformation plan, expected to assist in achieving BGSI's five-year goal. From time to time BGSI may make other adjustments to its Adjusted EBITDA for items that are not expected to recur.

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The following is a reconciliation of BGSI's net earnings to Standardized EBITDA and Adjusted EBITDA:

**ADJUSTED EBITDA** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended** <br> **December 31,** | **Year Ended** <br> **December 31,** |
| *(thousands of U.S. dollars)* | **2024** | 2023 | **2024** | 2023 |
|  Net earnings | $**2442** | $19066 | $**24544** | $86656 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | **17382** | 14052 | **68913** | 51718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax (recovery) expense | **(792)** | 8008 | **7116** | 32865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment | **20907** | 16224 | **75498** | 56863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of right of use assets | **31425** | 28663 | **123512** | 109806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | **6814** | 6896 | **26309** | 26182 |
|  Standardized EBITDA | $**78178** | $92909 | $**325892** | $364090 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments | **(144)** | (189) | **(952)** | (189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and transformational cost initiatives | $**5374** | 1487 | $**9879** | $4346 |
|  Adjusted EBITDA | $**83408** | $94207 | $**334819** | $368247 |

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**ADJUSTED NET EARNINGS** 

In addition to Standardized EBITDA and Adjusted EBITDA, BGSI believes that certain users of financial statements are interested in understanding net earnings excluding certain fair value adjustments and other items of an unusual or infrequent nature that do not reflect normal or ongoing operations of the Company. This can assist these users in comparing current results to historical results that did not include such items. The following is a reconciliation of BGSI's net earnings to adjusted net earnings:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(thousands of U.S. dollars, except share and per share* amounts) | **Three Months Ended**<br> **December 31,** | **Three Months Ended**<br> **December 31,** | **Year Ended** <br> **December 31,** | **Year Ended** <br> **December 31,** |
|  | **2024** | 2023 | **2024** | 2023 |
|  Net earnings | $**2442** | $19066 | $**24544** | $86656 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments (non-taxable) | **(144)** | (189) | **(952)** | (189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and transformational cost initiatives (net of tax) | $**3977** | $1100 | $**7310** | $3216 |
|  Adjusted net earnings | $**6275** | $19977 | $**30902** | $89683 |
|  Weighted average number of shares | **21472670** | 21472194 | **21472436** | 21472194 |
|  Adjusted net earnings per share | $**0.29** | $0.93 | $**1.44** | $4.18 |

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**SAME-STORE SALES** 

Same-store sales is a measure of sales that includes only those locations in operation for the full comparative period. Same- store sales is presented excluding the impact of foreign exchange on the current period. Same-store sales is calculated by applying the prior period exchange rate to the current year sales. The following is a reconciliation of BGSI's sales to same- store sales:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(thousands of U.S. dollars)* | **Three months ended<br>December 31,** | **Three months ended<br>December 31,** | **Year ended**<br> **December 31,** | **Year ended**<br> **December 31,** |
|  | **2024** | 2023 | **2024** | 2023 |
|  Sales | $**752339** | $740014 | $**3070342** | $2945988 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales from locations not in the comparative period | **(36316)** | (3057) | **(273019)** | (85845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales from under-performing facilities closed during the period | **—** | (534) | **(17)** | (7717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | **1509** |  | **3436** |  |
|  Same-store sales (excluding foreign exchange) | $**717532** | $736422 | $**2800742** | $2852425 |

---

**Dividends** 

BGSI declared dividends of C$0.150 per share in each of the first, second and third quarters of 2024 and C$0.153 per share in the fourth quarter of 2024 (2023 - C$0.147 and C$0.150 respectively).

Dividends to shareholders of BGSI were declared and paid as follows:

---

| | | |
|:---|:---|:---|
| *(thousands of U.S. dollars)*<br> **Record date** | **Payment date** | **Dividend amount** |
|  March 31, 2024 | April 26, 2024 | $**2379** |
|  June 30, 2024 | July 29, 2024 | **2350** |
|  September 30, 2024 | October 29, 2024 | **2377** |
|  December 31, 2024 | January 29, 2025 | **2308** |
|  |  | $**9414** |

---

---

| | | |
|:---|:---|:---|
| *(thousands of U.S. dollars)*<br> **Record date** | **Payment date** | **Dividend amount** |
|  March 31, 2023 | April 26, 2023 | $2306 |
|  June 30, 2023 | July 27, 2023 | 2376 |
|  September 30, 2023 | October 27, 2023 | 2333 |
|  December 31, 2023 | January 29, 2024 | 2397 |
|  |  | $9412 |

---

------

**RESULTS OF OPERATIONS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Results of Operations** <br> *(thousands of U.S. dollars, except per share amounts)* | | | | | | |
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | % change | 2023 | **2024** | % change | 2023 |
|  Sales - Total | **752339** | 1.7 | 740014 | **3070342** | 4.2 | 2945988 |
|  Same-store sales - Total <sup>(1)</sup> (excluding foreign exchange) | **717532** | (2.6) | 736422 | **2800742** | (1.8) | 2852425 |
|  Gross margin % | **45.8** | 0.7 | 45.5 | **45.5** |  | 45.5 |
|  Operating expense % | **34.8** | 6.4 | 32.7 | **34.6** | 4.8 | 33.0 |
|  Adjusted EBITDA <sup>(1)</sup> | **83408** | (11.5) | 94207 | **334819** | (9.1) | 368247 |
|  Acquisition and transformational cost initiatives | **5374** | 261.4 | 1487 | **9879** | 127.3 | 4346 |
|  Depreciation and amortization | **59146** | 14.2 | 51783 | **225319** | 16.8 | 192851 |
|  Fair value adjustments | **(144)** | N/A | (189) | **(952)** | N/A | (189) |
|  Finance costs | **17382** | 23.7 | 14052 | **68913** | 33.2 | 51718 |
|  Income tax (recovery) expense | **(792)** | (109.9) | 8008 | **7116** | (78.3) | 32865 |
|  Adjusted net earnings <sup>(1)</sup> | **6275** | (68.6) | 19977 | **30902** | (65.5) | 89683 |
|  Adjusted net earnings per share <sup>(1)</sup> | **0.29** | (68.8) | 0.93 | **1.44** | (65.6) | 4.18 |
|  Net earnings | **2442** | (87.2) | 19066 | **24544** | (71.7) | 86656 |
|  Basic and diluted earnings per share | **0.11** | (87.2) | 0.89 | **1.14** | (71.7) | 4.04 |

---

*<sup>(1)</sup>* *As defined in the non- GAAP financial measures and ratios section of the MD&A.* 

------

**Sales** 

*Sales* totaled $3.1 billion for the year ended December 31, 2024 an increase of $124.4 million or 4.2% when compared to the same period of 2023. The increase in sales was the result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $187.2 million of incremental sales were generated from 155 new locations that were not in operation for
the full comparative period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-store sales<sup>5</sup> excluding foreign exchange decreased
$51.7 million or 1.8% and decreased a further $3.4 million due to the translation of same-store sales<sup>5</sup> at a lower Canadian dollar exchange rate. This is consistent with market trends
where this year industry sources report a year-over-year decrease in repairable claims of 9% for all losses and 7.9% excluding comprehensive claims. The year ended December 31, 2024 recognized two additional selling and productions day when
compared to the prior year, which increased selling and production capacity by approximately 0.8%. The internalization of scanning and calibration services, progress in Boyd's repair first strategy and focus on the use of cost effective
alternative parts, continued to deliver strong value by lowering repair costs for the Company's customers, and consequently reduced sales that otherwise could have been achieved despite being beneficial from a gross margin perspective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales were affected by the closure of under-performing facilities which decreased sales by $7.7 million.

Same-store sales are calculated by including sales for locations and businesses that have been in operation for the full comparative period.

**Gross Profit** 

*Gross Profit* was $1.4 billion or 45.5% of sales for the year ended December 31, 2024 compared to $1.3 billion or 45.5% of sales for the same period in 2023. While margin rate remained flat year over year, gross profit increased $56.4 million as a result of location growth when compared to the prior period. The internalization of scanning and calibration contributed to the increase in gross margin, along with improved performance based pricing; however, these gains were offset by labor rate margins which remained below historical levels.

**Operating Expenses** 

*Operating Expenses* for the year ended December 31, 2024 increased $89.9 million to $1,061.7 million from $971.8 million for the same period of 2023. The increase in operating expenses was primarily the result of location growth and inflationary increases. Closed locations lowered operating expenses by $4.5 million.

Operating expenses as a percentage of sales were 34.6% for the year ended December 31, 2024 compared to 33.0% for the same period in 2023. Operating expenses as a percentage of sales was negatively impacted by the decline in same-store sales and new locations, which contributed sales but with a higher operating expense ratio of 36.9%. Although operating expenses as a percentage of sales was positively impacted by reductions in staffing made to better align with current levels of demand as well as reduced incentive compensation and recruiting costs, these impacts were more than offset by fixed costs on existing and new locations.

**Acquisition and Transformational Cost Initiatives** 

*Acquisition and Transformational Cost Initiatives* for the year ended December 31, 2024 were $9.9 million compared to $4.3 million recorded for the same period of 2023. Acquisition costs relate to various acquisitions, including acquisitions from prior periods, as well as other completed or potential acquisitions. Expenses related to the transformational cost initiative of $4.4 million, expected to continue in 2025, are non-recurring and relate to the execution of a transformation plan expected to assist in achieving BGSI's five-year goal. No similar transformation costs were incurred in 2023.

<sup>5</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A

------

**Adjusted EBITDA<sup>6</sup>** 

*Earnings before interest, income taxes, depreciation and amortization, adjusted for contingent consideration, as well as acquisition and transformational cost initiatives ("Adjusted EBITDA*<sup>6</sup>*")* for the year ended December 31, 2024 totaled $334.8 million or 10.9% of sales compared to Adjusted EBITDA<sup>6</sup> of $368.2 million or 12.5% of sales in the same period of the prior year. The $33.4 million decrease was primarily the result of declines in repairable claims volumes for services, which resulted in same-store sales declines and a higher ratio of operating expenses as a percentage of sales. Although operating expenses as a percentage of sales was positively impacted by reductions in staffing made to better align with current levels of demand as well as reduced incentive compensation and recruiting costs, these impacts were more than offset by fixed costs on existing and new locations.

**Depreciation and Amortization** 

*Depreciation* related to property, plant and equipment totaled $75.5 million or 2.5% of sales for the year ended December 31, 2024, an increase of $18.6 million when compared to the $56.9 million or 1.9% of sales recorded in the same period of the prior year. The increase in depreciation expense was primarily due to growth in locations, the investments in network technology upgrades, as well as growth related to the calibration business. Investments in the calibration business pertain primarily to vehicles and calibration technology equipment. Depreciation expense as a percentage of sales has been impacted by same-store sales declines.

*Depreciation* related to right of use assets totaled $123.5 million, or 4.0% of sales for the year ended December 31, 2024, as compared to $109.8 million or 3.7% of sales for the same period of the prior year. The increase in depreciation expense was primarily due to location growth and lease renewals. Depreciation expense as a percentage of sales has been impacted by same-store sales declines.

*Amortization* of intangible assets for the year ended December 31, 2024 totaled $26.3 million or 0.9% of sales, an increase of $0.1 million when compared to the $26.2 million or 0.9% of sales expensed for the same period in the prior year.

**Finance Costs** 

*Finance Costs* of $68.9 million or 2.2% of sales for the year ended December 31, 2024 increased from $51.7 million or 1.8% of sales for the same period of the prior year. The increase in finance costs was primarily due to increased lease liabilities, as a result of lease renewals and location growth, as well as higher variable interest rates and increased utilization on the revolving credit facility.

**Income Taxes** 

*Current and Deferred Income Tax Expense* of $7.1 million for the year ended December 31, 2024 compared to an expense of $32.9 million for the same period of the prior year. Income tax expense was impacted by the recording of state-related adjustments related to the completion and filing of the prior year U.S. tax returns, which decreased income tax expense by approximately $1.5 million for the year ended December 31, 2024 (December 31, 2023 - increased income tax expense by $1.2 million). In 2024, the recovery of state taxes was due to the recognition of a deferred tax asset related to depreciation differences in states that do not conform with federal bonus depreciation. Permanent differences did not have a significant impact on the tax computed on accounting income.

<sup>6</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A

------

**Net Earnings and Earnings Per Share** 

*Net Earnings* for the year ended December 31, 2024 was $24.5 million or 0.8% of sales compared to $86.7 million or 2.9% of sales in the same period of the prior year. The net earnings amount in 2024 was impacted by acquisition and transformational cost initiatives of $7.3 million (net of tax). After adjusting for fair value and other unusual items, Adjusted net earnings<sup>7</sup> in 2024 was $30.9 million, or 1.0% of sales. This compares to Adjusted net earnings<sup>7</sup> of $89.7 million or 3.0% of sales in 2023. Net earnings and Adjusted net earnings for the period was negatively impacted by the decrease in Adjusted EBITDA<sup>,</sup> as well as increased depreciation expense and increased finance cost. Depreciation and finance costs increased due to investments in growth and the investment in network technology upgrades.

*Basic and Diluted Earnings Per Share* was $1.14 per share for the year ended December 31, 2024 compared to $4.04 for the same period of 2023. Adjusted net earnings per share<sup>8</sup> was $1.44 compared to $4.18 for the same period of 2023.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summary of Quarterly Results**<br> *(in thousands of U.S. dollars,*<br> *except per share amounts)* | **2024 Q4** | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | 2023 Q1 |
|  Sales | $**752339** | $752293 | $779163 | $786547 | $740014 | $737798 | $753235 | $714941 |
|  Adjusted EBITDA <sup>(1)</sup> | $**83408** | $80128 | $89576 | $81707 | $94207 | $93972 | $95374 | $84694 |
|  Net earnings | $**2442** | $2895 | $10826 | $8381 | $19066 | $20498 | $26269 | $20823 |
|  Basic and diluted earnings per share | $**0.11** | $0.13 | $0.50 | $0.39 | $0.89 | $0.95 | $1.22 | $0.97 |
|  Adjusted net earnings <sup>(1)</sup> | $**6275** | $3247 | $11937 | $9444 | $19977 | $21483 | $26988 | $21234 |
|  Adjusted net earnings per share <sup>(1)</sup> | $**0.29** | $0.15 | $0.56 | $0.44 | $0.93 | $1.00 | $1.26 | $0.99 |

---

<sup>(1)</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A.

**LIQUIDITY AND CAPITAL RESOURCES** 

Cash flow from operations, together with cash on hand and undrawn credit on existing facilities are expected to be sufficient to meet operating requirements, capital expenditures and dividends. At December 31, 2024, BGSI had cash, net of outstanding deposits and cheques, held on deposit in bank accounts totaling $20.0 million (December 31, 2023 - $22.5 million). The decrease in the cash balance as at December 31, 2024 is the result of decreased cash flows from operations. The net working capital ratio (current assets divided by current liabilities) was 0.62:1 at December 31, 2024 (December 31, 2023 – 0.63:1).

At December 31, 2024, BGSI had total debt outstanding, net of cash, of $1,231.6 million compared to $1,225.1 million at September 30, 2024, $1,208.7 million at June 30, 2024, $1,163.8 million at March 31, 2024 and $1,114.5 million at December 31, 2023. Debt, net of cash, before lease liabilities increased when compared to the prior year primarily as a result of location growth. The Company's strategy has been to not hold real estate except where it is necessary for growth opportunities. Certain start-up locations necessitate short term holding of real estate until the build is complete and operations have begun. During the year 2024, the Company completed sale leaseback transactions for proceeds of $64.9 million. The sale leaseback transactions allowed the Company to replenish capital that can be redeployed to further grow the business.

<sup>7</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A

<sup>8</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total debt, net of cash**<br> *(thousands of U.S. dollars)* | **December 31,**<br>**2024** | September 30,<br>2024 | June 30,<br>2024 | March 31,<br>2024 | December 31,<br>2023 |
|  Revolving credit facility & swing line (net of financing costs) | $**369333** | $389774 | $353724 | $300171 | $264046 |
|  Term Loan A (net of financing costs) | **124882** | 124860 | 124847 | 124831 | 124812 |
|  Seller notes <sup>(1)</sup> | **13068** | 15458 | 17939 | 29870 | 32847 |
|  Total debt before lease liabilities | $**507283** | $530092 | $496510 | $454872 | $421705 |
|  Cash | **19997** | 43847 | 15530 | 16380 | 22511 |
|  Total debt, net of cash before lease liabilities | $**487286** | $486245 | $480980 | $438492 | $399194 |
|  Lease liabilities | **744295** | 738895 | 727703 | 725337 | 715277 |
|  Total debt, net of cash | $**1231581** | $1225140 | $1208683 | $1163829 | $1114471 |

---

<sup>(1)</sup> Seller notes are loans granted to the Company by the sellers of businesses related to the acquisition of those businesses.

The following table summarizes the undiscounted contractual obligations at December 31, 2024 and required payments over the next five years:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contractual Obligations**<br> *(thousands of U.S. dollars)* | Total | Within 1<br>year | 1 to 2<br>years | 2 to 3<br>years | 3 to 4<br>years | 4 to 5<br>years | After 5<br>years |
|  Bank indebtedness | $— | $— | $— | $— | $— | $— | $— |
|  Accounts payable and accrued liabilities | 306942 | 306942 |  |  |  |  |  |
|  Long-term debt | 507283 | 8994 | 372823 | 125417 | 49 |  |  |
|  Lease liability | 948906 | 157105 | 143935 | 128045 | 107052 | 83934 | 328835 |
|  Purchase Obligations <sup>(1)</sup> |  | unknown | unknown | unknown | unknown | unknown | unknown |
|  | $1763131 | $473041 | $516758 | $253462 | $107101 | $83934 | $328835 |

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<sup>(1)</sup> Subject to fulfilling certain conditions such as meeting contractual purchase obligations and no change in control the repayment would be nil

**Operating Activities** 

Cash flow generated from operations before considering working capital changes, was $319.2 million for the year ended December 31, 2024 compared to $338.5 million in 2023.

For the year ended December 31, 2024, changes in working capital items used net cash of $5.9 million compared with providing net cash of $19.1 million in the same period of 2023. Changes in accounts receivable, inventory, prepaid expenses, income taxes, accounts payable and accrued liabilities are significantly influenced by timing of collections and expenditures.

------

**Financing Activities** 

Cash used in financing activities totaled $106.9 million for the year ended December 31, 2024 compared to cash used in financing activities of $105.9 million for the same period of the prior year. During 2024, cash was provided by draws of the revolving credit facility in the amount of $366.0 million offset by cash used to repay draws as well as long-term debt associated with seller notes in the amount of $283.8 million and to fund interest costs on long-term debt of $29.1 million. Cash used by financing activities included $109.2 million in repayments of property, vehicle and equipment lease liabilities and cash used to fund interest costs on these lease liabilities of $40.5 million. Cash was also used to pay dividends of $9.4 million. The Company extended the revolving credit facility, resulting in the payment of $0.8 million of financing costs. During 2023, cash was provided by draws of the revolving credit facility in the amount of $260.5 million offset by cash used to repay draws as well as long-term debt associated with seller notes in the amount of $205.8 million and to fund interest costs on long-term debt of $19.8 million. Cash used by financing activities included $99.3 million used to repay property, vehicle and equipment lease liabilities and cash used to fund interest costs on these lease liabilities of $32.1 million. Cash was also used to pay dividends of $9.4 million.

**Debt Financing** 

On March 26, 2024, the Company entered into a fourth amended and restated credit agreement to extend the revolving credit facilities in the aggregate amount of $550 million with an accordion feature which can increase the facilities to a maximum of $850 million (the "Facilities"). The Facilities are accompanied by a fixed-rate Term Loan A maturing in March 2027, in the amount of $125 million at an interest rate of 3.455%. The Facilities are with a syndicate of Canadian and U.S. banks and are secured by the shares and assets of the Company as well as guarantees by BGSI and subsidiaries, while the Term Loan A is with one of the syndicated banks. The interest rate for draws on the Facilities are based on a pricing grid of BGSI's ratio of total funded debt to EBITDA as determined under the credit agreement. The Company can draw on the Facilities in either the U.S. or in Canada, in either U.S. or Canadian dollars. The Company can make draws in tranches as required. Tranches bear interest only and are not repayable until the maturity date but can be voluntarily repaid at any time. The Company has the ability to choose the base interest rate between Prime, Canadian Overnight Repo Rate Average ("CORRA"), U.S. Prime or Secured Overnight Financing Rate ("SOFR") at the Company's election. The credit agreement provides for CORRA as the Canadian benchmark replacement rate on Canadian dollar term advances when the publication of Canadian Dollar Offered Rate ("CDOR") ceased in June 2024. The total syndicated Facilities include a swing line up to a maximum of $10.0 million for the Canadian borrower and $30.0 million for the U.S. borrower. As at December 31, 2024, the Company has drawn $370.0 million U.S. ((December 31, 2023 - $264.5 million) and the Canadian borrower had drawn $nil (December 31, 2023 - $nil) on the Facilities and $125.0 million (December 31, 2023 - $125.0 million) on the Term Loan A.

The Company is subject to certain financial covenants which must be maintained to avoid acceleration of the termination of the credit agreement. The financial covenants require BGSI to maintain a senior funded debt to EBITDA ratio of no greater than 3.50 and an interest coverage ratio of not less than 2.75. For four quarters following a material acquisition, the senior funded debt to EBITDA ratio may be increased to less than 4.00. For purposes of covenant calculations, property lease payments are deducted from EBITDA, and EBITDA is further adjusted to reflect pro-forma annualized acquisition results.

The Company supplements its debt financing by negotiating with sellers in certain acquisitions to provide financing to the Company in the form of term notes. The notes payable to sellers are typically at favorable interest rates and for terms of one to 15 years. This source of financing is another means of supporting BGSI's growth, at a relatively low cost. During the year ended December 31, 2024, BGSI entered into 14 new seller notes for an aggregate amount of $3.5 million. During the year ended December 31, 2024, BGSI repaid seller notes in the amount of $23.3 million.

**Shareholders' Capital** 

During the first quarter of 2021, the Company instituted a stock option plan for senior management, which was approved by shareholders on May 12, 2021. The Company's stock option plan allows for the granting of options up to an amount of 250,000 Common shares under this plan. Each tranche of the options vests equally over two, three, four and five year periods. The term of an option shall be determined and approved by the People, Culture and Compensation Committee; provided that the term shall be no longer than ten years from the grant date.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Year ended December 31,** | **Year ended December 31,** | |
|  | **2024** | **2024** | 2023 | 2023 |
|  | Number | Weighted<br>average exercise<br>price (C$) | Number | Weighted<br>average exercise<br>price (C$) |
|  Balance at the beginning of year | **54559** | $**198.78** | 31113 | $186.41 |
|  Granted during the year | **18269** | **282.26** | 28821 | 211.13 |
|  Forfeited during the year | **(4535)** | **219.71** | (5375) | 193.39 |
|  Expired during the year | **—** | **—** |  |  |
|  Exercised during the year | **(531)** | **204.83** |  |  |
|  Balance at the end of year | **67762** | $**219.84** | 54559 | $198.78 |
|  Exercisable at the end of the year | **8351** | $**195.58** | 2690 | $219.21 |

---

**Investing Activities** 

Cash used in investing activities totaled $207.7 million for the year ended December 31, 2024. This compares to $244.4 million used in the prior period. The investing activity in both periods related primarily to new location growth that occurred during these periods. During the year ended December 31, 2024, the Company completed sale leaseback transactions for proceeds of $64.9 million. The remainder of the investing activity in both periods related primarily to new location growth as well as the development of businesses which consisted primarily of property, plant and equipment additions.

**Acquisitions and Development of Businesses** 

The Company completed and opened the following number of collision repair acquisitions and start up locations during the periods listed:

---

| | | | |
|:---|:---|:---|:---|
| **Location** | **Number of locations<br>added through<br>acquisition** | **Number of start ups** | **Total** |
|  January 1, 2024 to December 31, 2024 | 37 | 12 | **49** |
|  January 1, 2025 to March 18, 2025 | 3 | 6 | **9** |
|  Total | 40 | 18 | **58** |

---

During the year ended December 31, 2024, the Company opened seven start-up glass locations, acquired one glass location and four calibration businesses. From January 1, 2025 up to the reporting date of March 18, 2025, the Company acquired two glass location.

The Company completed the acquisition or start-up of 116 collision repair locations from the beginning of 2023 until the fourth quarter reporting date of March 19, 2024. Details of these acquisitions can be found in the 2023 Annual Report.

During 2024 the Company invested in the growth of its scanning and calibration services. Expenditures in this area on vehicles and scanning and calibration technology equipment is expected to continue into the future as the Company grows its internalization of this work from 40% to 80% in the near term.

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**Start-ups** 

Start-up collision repair facilities include brownfield locations, which are existing buildings converted to Boyd's use. In some cases this would include opening in a building that was previously a collision repair facility. The Company will also develop greenfield locations which consist of Boyd's prototype building from the ground up. In both cases, Boyd ensures the location is favorable and zoned appropriately to be able to operate upon completion of development. Depending on a variety of factors including zoning, permitting, supply chain and availability of trades, the development of a start-up facility can take between 10 and 24 months, with greenfields generally taking longer than brownfields.

The Company believes that start-up facilities offer a number of advantages and as a result plans to continue increasing the proportion of growth using this approach. This approach provides another option to grow in markets that are new and growing and also allows Boyd to design and develop a facility that has a preferred footprint and flow. Being able to accommodate Boyd's future needs in terms of glass and calibration services is another benefit. These facilities are also attractive from a customer and employee perspective. Having the capability to grow through start-ups at a higher pace gives the Company optionality to invest in a way that continues to provide accretive returns when multi-shop or single location acquisition opportunities are not ideal.

Start-up facilities, whether brownfield or greenfield, have a longer ramp-up period when compared to the Company's historical single shop acquisitions. It generally takes longer for sales to build up to steady state levels in start up locations. Whereas with single store acquisitions, it takes on average between 12-24 months to add the necessary employees and DRP relationships to drive sales to projected levels, for start-ups it can take between 24-36 months from the time of store opening. During these ramp up periods, leveraging of fixed costs is limited, which impacts the operating expense ratio and supplementing production staff wages may be required, which impacts gross margin. For start-up locations, pre-opening costs such as utilities, core staff, property taxes and shop supplies are incurred without sales revenue to offset these costs. This pattern of extended ramp up would typically result in losses for the months leading up to the opening and continue at decreasing levels as the revenue increases. Performance of newly developed locations will vary, but the long-term value creation of developing start-up sites are very attractive. Based on Boyd's history, newly developed locations would reach maturity by the end of their third year.

In 2024, the Company commenced operations in 12 new start-up collision repair facilities. The total combined investment in leaseholds and equipment for start-up facilities was approximately $23.0 million, including incremental investments in the build out of certain start-up locations. The Company commenced operations in 28 new start-up collision repair facilities in 2023 with a combined investment of approximately $45.3 million. The Company anticipates it will use similar start-up strategies as part of its continued growth in the future.

**Capital Expenditures** 

Although most of Boyd's repair facilities are leased, funds are required to ensure facilities are properly repaired and maintained to ensure the Company's physical appearance communicates Boyd's standard of professional service and quality. The Company's need to maintain its facilities and upgrade or replace equipment to meet increased complexity of newer vehicles, signage, computers, software and vehicles forms part of the annual cash requirements of the business. The Company manages these expenditures by annually reviewing and determining its capital budget needs and then authorizing major expenditures throughout the year based upon individual business cases. Excluding expenditures related to network technology upgrades and acquisition and development, the Company spent approximately $62.3 million, or 2.0% of sales on capital expenditures during 2024, compared to $57.9 million or 2.0% of sales during 2023. In 2024, capital expenditures as a percentage of sales were impacted by same-store sales declines.

During 2025, the Company plans to make cash capital expenditures, excluding those related to acquisition and development of new locations, within the range of 1.6% and 1.8% of sales. In addition to these capital expenditures, the Company plans to invest in network technology upgrades to further strengthen our technology and security infrastructure and prepare for advanced technology needs in the future. During 2024, the Company spent approximately $18.1 million on network technology upgrades. The investment expected in 2025 is in the range of $10 million to $12 million, with an investment in 2026 in the range of $2 million to $4 million. These investments align with Boyd's ESG sustainability roadmap to responsibly address data privacy and cyber security.

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**FOURTH QUARTER** 

*Sales* for the three months ended December 31, 2024 totaled $752.3 million, an increase of $12.3 million or 1.7% compared to the same period in 2023. Sales growth of $33.3 million was attributable to incremental sales generated from 86 new locations. The closure of under-performing facilities accounted for a decrease in sales of $0.5 million. Overall same-store sales excluding foreign exchange decreased $18.9 million, or 2.6% in the fourth quarter of 2024 when compared to the fourth quarter of 2023 and decreased a further $1.5 million due to the translation of same-store sales<sup>5</sup> at a lower Canadian dollar exchange rate. The fourth quarter of 2024 recognized one more selling and production day when compared to the same period of the prior year. Industry sources report a fourth quarter year-over-year decrease in repairable claims of 6% for all losses and 7.9% excluding comprehensive claims. The internalization of scanning and calibration services, progress in Boyd's repair first strategy and focus on the use of cost effective alternative parts, continued to deliver strong value by lowering repair costs for the Company's customers, and consequently reduced sales that otherwise could have been achieved despite being beneficial from a gross margin perspective.

*Gross Profit* was $344.9 million, or 45.8% of sales in the fourth quarter of 2024 compared to $336.5 million or 45.5% in the same period in 2023. Gross profit increased $8.4 million primarily as a result of location growth when compared to the prior period. The gross margin percentage for the three months ended December 31, 2024 benefited from internalization of scanning and calibration and improved performance based pricing, partially offset by lower paint margins.

*Operating expenses* as a percentage of sales were 34.8% for the fourth quarter of 2024 compared to 32.7% for the same period in 2023. Operating expenses as a percentage of sales was significantly impacted by the decline in same-store sales and location growth. Although operating expenses as a percentage of sales was positively impacted by reductions in staffing made to better align with current levels of demand as well as reduced incentive compensation and recruiting costs, these impacts were more than offset by fixed costs on existing and new locations. New locations contributed sales but with a higher operating expense ratio of 37.5% during the fourth quarter of 2024.

*Adjusted EBITDA<sup>9</sup>* for the fourth quarter of 2024 totaled $83.4 million or 11.1% of sales compared to Adjusted EBITDA<sup>8</sup> of $94.2 million or 12.7% of sales in the same period of the prior year. The $10.8 million decrease was primarily the result of lower same-store sales levels and a high ratio of operating expenses as a percentage of sales for both existing and new stores.

*Current and Deferred Income Tax (Recovery)* for the fourth quarter of $(0.8) million in 2024 compared to an income tax expense of $8.0 million in 2023. Income tax expense was impacted by the recording of state-related adjustments related to the completion and filing of the prior year U.S. tax returns, which decreased income tax expense by approximately $1.5 million for the fourth quarter of 2024 (December 31, 2023 - increased income tax expense by $1.2 million). In 2024, the recovery of state taxes was due to the recognition of a deferred tax asset related to depreciation differences in states that do not conform with federal bonus depreciation. Permanent differences did not have a significant impact on the tax computed on accounting income.

*Net Earnings* for the fourth quarter was $2.4 million, or 0.3% of sales, or $0.11 per fully diluted share compared to net earnings of $19.1 million, or 2.6% of sales, or $0.89 per fully diluted share for the same period in the prior year. The net earnings amount in the fourth quarter of 2024 was impacted by acquisition and transformational cost initiatives of $4.0 million (net of tax). After adjusting for fair value and other unusual items, Adjusted net earnings<sup>8</sup> for the fourth quarter of 2024 was $6.3 million, or 0.8% of sales. This compares to Adjusted net earnings<sup>8</sup> of $20.0 million or 2.7% of sales in the fourth quarter of 2023. Net earnings and Adjusted net earnings<sup>8</sup> for the period was negatively impacted by the decrease in Adjusted EBITDA, as well as increased depreciation expense and increased finance costs. Depreciation and finance costs experienced increases primarily driven by investments in growth and the investment in network technology upgrades during a period of lower sales and Adjusted EBITDA.

<sup>9</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A

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**LEGAL PROCEEDINGS** 

Neither BGSI, nor any of its subsidiaries are involved in any legal proceedings which are material in any respect.

**RELATED PARTY TRANSACTIONS** 

In certain circumstances the Company has entered into property lease arrangements where an employee of the Company is the landlord. In these instances, the Company assumes these property lease arrangements initially in connection with an acquisition. The property leases for these locations do not contain any significant non-standard terms and conditions that would not normally exist in an arm's length relationship, and BGSI has determined that the terms and conditions of the leases are representative of fair market rent values.

The following are the lease payment amounts for facilities under lease with related parties (in thousands of U.S. dollars):

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Landlord | Affiliated Person(s) | Affiliated Person(s) | Location | Location | Lease<br>Expires | Lease<br>Expires | **December 31,**<br>**2024** | **December 31,**<br>**2024** | December 31,<br>2023 | December 31,<br>2023 |
|  Gerber Building No. 1 Ptnrp |  | Timothy O'Day |  | South Elgin, IL |  | 2029 |  | 105 |  | 103 |

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**FINANCIAL INSTRUMENTS** 

In order to limit the variability of earnings due to the foreign exchange translation exposure on the income and expenses of the Canadian operations, the Company may at times enter into foreign exchange contracts. These contracts are marked to market monthly with unrealized gains and losses included in earnings. The Company did not have any such contracts in place during 2024 or 2023.

Transactional foreign currency risk exists in limited circumstances where U.S. denominated cash is received in Canada. The Company monitors U.S. denominated cash flows to be received in Canada and evaluates whether to use forward foreign exchange contracts. No such foreign exchange contracts were used during 2024 or 2023.

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**CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS** 

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

**Critical accounting estimates** 

BGSI makes estimates, including the assumptions applied therein, concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

*Impairment of Goodwill and Intangible Assets* 

When testing goodwill and intangibles for impairment, BGSI uses a five year forward looking discounted cash flow of the cash generating unit ("CGU") or group of CGUs to which the asset relate. An estimate of the recoverable amount is then calculated as the higher of an asset's fair value less costs to sell and value in use (being the present value of the expected future cash flows of the relevant asset or CGU). An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The methods used to value intangible assets and goodwill require critical estimates to be made regarding the future cash flows and useful lives of the intangible assets. Goodwill and intangible asset impairments, when recognized, are recorded as a separate charge to earnings, and could materially impact the operating results of the Company for any particular accounting period.

*Impairment of Other Long-lived Assets* 

BGSI assesses the recoverability of its long-lived assets, other than goodwill and intangibles, after considering the potential impairment indicated by such factors as business and market trends, the Company's ability to transfer the assets, future prospects, current market value and other economic factors. In performing its review of recoverability, management estimates the future cash flows expected to result from the use of the assets and their potential disposition. If the discounted sum of the expected future cash flows is less than the carrying value of the assets generating those cash flows, an impairment loss would be recognized based on the excess of the carrying amounts of the assets over their estimated recoverable value. The underlying estimates for cash flows include estimates for future sales, gross margin rates and operating expenses. Changes which may impact these estimates include, but are not limited to, business risks and uncertainties and economic conditions. To the extent that management's estimates are not realized, future assessments could result in impairment charges that may have a material impact on the Company's consolidated financial statements.

*Business Combinations* 

Fair value of assets acquired and liabilities assumed in a business combination is estimated based on information available at the date of acquisition and involves considerable judgment in determining the fair values assigned to property, plant and equipment and intangible assets acquired and liabilities assumed on acquisition. The determination of these fair values involves analysis including the use of discounted cash flows, estimated future margins, future growth rates, market rents and capitalization rates. There is estimation in this analysis and actual results could differ from estimates.

*Fair Value of Financial Instruments* 

BGSI has applied discounted cash flow methods to establish the fair value of certain financial assets and financial liabilities recorded on the Consolidated Statement of Financial Position, as well as disclosed in the notes to the consolidated financial statements. BGSI also establishes mark-to-market valuations for derivative instruments, which are assumed to represent the current fair value of these instruments. These valuations rely on assumptions regarding interest and exchange rates as well as other economic indicators, which at the time of establishing the fair value for disclosure, have a high degree of uncertainty. Unrealized gains or losses on these derivative financial instruments may not be realized as markets change.

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*Income Taxes* 

BGSI is subject to income tax in several jurisdictions and estimates are used to determine the provision for income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. As a result, the Company recognizes tax liabilities based on estimates of whether additional taxes and interest will be due. Uncertain tax liabilities may be recognized when, despite the Company's belief that its tax return positions are supportable, the Company believes that certain positions are likely to be challenged and may not be fully sustained upon review by tax authorities. The Company believes that its accruals for tax liabilities are adequate for all open audit years based on its assessment of many factors including past experience and interpretations of tax law. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact income tax expense in the period in which such determination is made.

**Critical judgments in applying the entity's accounting policies** 

*Deferred Tax Assets* 

The assessment of the probability of future taxable income in which deferred tax assets can be utilized is based on BGSI's latest forecasts which are adjusted for significant non-taxable income and expenses and specific limits to the use of any unused tax loss or credit. The tax rules in the numerous jurisdictions in which BGSI operates are also carefully taken into consideration. If a positive forecast of taxable income indicates the probable use of a deferred tax asset, that deferred tax asset is recognized in full. The recognition of deferred tax assets that are subject to certain legal or economic limits or uncertainties is assessed individually by management based on the specific facts and circumstances. The judgments inherent in these assessments are subject to uncertainty and if changed could materially affect the BGSI's assessment of its ability to realize the benefit of these tax assets.

**CHANGES IN ACCOUNTING POLICIES** 

**Adoption of new and amended IFRS Accounting Standards** 

The IASB amendments to IAS 1 - *Presentation of Financial Statements (Classification of liabilities as Current or Non- Current and Non-current Liabilities with Covenants),* IFRS 16 - *Leases (Lease Liability in a Sale and Leaseback)* and IAS 7 - *Statement of Cash Flows* and IFRS 7 - *Financial Instruments: Disclosures – Supplier Finance Arrangements* are effective for the annual periods beginning on or after January 1, 2024. The Company assessed the impact of the amendments to the above standards and they did not have a material impact on the Company's financial statements.

The May 2023 IASB amendment to IAS 12 – *Income Taxes* requires entities to disclose information relating to income taxes arising from implementation of Pillar Two Model Rules published by the Organization for Economic Co-Operation and Development. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. For the year ended December 31, 2024, the Company has assessed the impact of Pillar Two and continues to monitor legislative developments in relevant jurisdictions. Based on the Company's assessment and the enacted or substantively enacted tax rates in the jurisdictions in which it operates, the Company does not expect a material exposure to Pillar Two top-up taxes. The Company has also assessed the applicability of the OECD's transitional safe harbor rules and, where applicable, expects to rely on these provisions to reduce compliance complexity. The Company will continue to evaluate potential future impacts as jurisdictions finalize their Pillar Two legislation and implementation guidance.

**Future Accounting Policies** 

The following accounting standards under IFRS Accounting Standards have been issued or amended that are not mandatory for the current period and have not been applied to the consolidated financial statements.

IFRS 18 - *Presentation and Disclosure in Financial Statements*

The new standard replaces IAS 1 - *Presentation of Financial Statements* while carrying forward many of the requirements in IAS 1. IFRS 18 sets out the requirements for the presentation and disclosure of information in general purpose financial statements to help ensure they provide relevant information that faithfully represents an entity's assets, liabilities, equity, income and expenses. It introduces requirements to classify income and expenses into categories and defined subtotals in the statement of earnings, provide disclosures on management-defined performance measures ("MPMs"), along with enhanced guidance on aggregation and disaggregation of information. BGSI is required to apply IFRS 18 for annual reporting periods on or after January 1, 2027 with early adoption permitted. BGSI is currently assessing the impact of this standard on its financial statements.

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Amendments to IFRS 9 and IFRS 7 - *Classification and Measurement of Financial Instruments* The amendments deal with the recognition and derecognition of financial liability at settlement date and when settled through an electronic cash transfer system, further guidance regarding the classification of financial assets, and additional disclosure requirements for financial instruments with contingent features and equity instruments classified at FVTOCI. These amendments are effective for the annual reporting periods beginning on or after January 1, 2026 with early adoption permitted. BGSI is currently assessing the impact of the these amendments on its financial statements.

**CERTIFICATION OF DISCLOSURE CONTROLS** 

Management's responsibility for financial information contained in this Annual Report is described on page 48. In addition, BGSI's Audit Committee of the Board of Directors has reviewed this Annual Report, and the Board of Directors has reviewed and approved this Annual Report prior to its release. BGSI is committed to providing timely, accurate and balanced disclosure of all material information about BGSI and to providing fair and equal access to such information. As of December 31, 2024, BGSI's management evaluated the effectiveness of the design and operation of its disclosure controls and procedures, as defined under the rules adopted by the Canadian securities regulatory authorities. Disclosure controls are procedures designed to ensure that information required to be disclosed in reports filed with securities regulatory authorities is recorded, processed, summarized and reported on a timely basis, and is accumulated and communicated to BGSI's management, including the CEO and the CFO, as appropriate, to allow timely decisions regarding required disclosure.

BGSI's management, including the CEO and the CFO, does not expect that BGSI's disclosure controls will prevent or detect all misstatements due to error or fraud. Because of the inherent limitations in all control systems, an evaluation of controls can provide only reasonable, not absolute assurance, that all control issues and instances of fraud or error, if any, within BGSI have been detected. BGSI is continually evolving and enhancing its systems of controls and procedures. Based on the evaluation of disclosure controls, the CEO and the CFO have concluded that, subject to the inherent limitations noted above, BGSI's disclosure controls are effective in ensuring that material information relating to BGSI is made known to management on a timely basis, and is fairly presented in all material respects in this Annual Report.

**CERTIFICATION ON INTERNAL CONTROL OVER FINANCIAL REPORTING** 

Management is responsible for the design and effectiveness of internal control over financial reporting in order to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Canadian generally accepted accounting principles which incorporates International Financial Reporting Standards for publicly accountable enterprises. BGSI's management, including the CEO and the CFO, does not expect that BGSI's internal control over financial reporting will prevent or detect all misstatements due to error or fraud. Because of the inherent limitations in all control systems, an evaluation of controls can provide only reasonable, not absolute assurance, that all control issues and instances of fraud or error, if any, within BGSI have been detected. BGSI is continually evolving and enhancing its systems of internal controls over financial reporting. The CEO and CFO of BGSI have evaluated the design and effectiveness of BGSI's internal control over financial reporting as at the end of the period covered by the annual filings and have concluded that, subject to the inherent limitations noted above, the controls are sufficient to provide reasonable assurance.

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**BUSINESS RISKS AND UNCERTAINTIES** 

The following information is a summary of certain risk factors relating to the business of BGSI and its subsidiaries, and is qualified in its entirety by reference to, and must be read in conjunction with, the detailed information appearing elsewhere in this Annual Report and the documents incorporated by reference herein.

BGSI and its subsidiaries are subject to certain risks inherent in the operation of the business. BGSI and its subsidiaries manage risk and risk exposures through a combination of management oversight, insurance, systems of internal controls and disclosures and sound operating policies and practices.

The Board of Directors has the responsibility to identify the principal risks of BGSI's business and ensure that appropriate systems are in place to manage these risks. The Audit Committee has the responsibility to discuss with management BGSI's major financial risk exposures and the steps management has taken to monitor and control such exposures, including BGSI's risk assessment and risk management policies. In order to support these responsibilities, management has a risk and sustainability management committee which meets on an ongoing basis to evaluate and assess BGSI's risks.

The process being followed by the risk and sustainability management committee is a systematic one which includes identifying risks; analyzing the likelihood and consequence of risks; and then evaluating risks as to risk tolerance and control effectiveness. This approach stratifies risks into four risk categories as follows:

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| | |
|:---|:---|
| Extreme Risks: | Immediate/ongoing action is required – involvement of senior management is required. Avoidance of the item may be necessary if risk reduction techniques are insufficient to address the risk. |
| High Risks: | Risk item is significant and management responsibility should be specified and appropriate action taken. |
| Moderate Risks: | Managed by specific monitoring or response procedures. Additional risk mitigation techniques could be considered if benefits exceed the cost. |
| Low Risks: | Management by routine procedures. No further action is required at this time. |

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Risks can be reduced by limiting the likelihood or the consequence of a particular risk. This can be achieved by adjusting the Company's activities, implementing additional control/monitoring processes, or insuring/hedging against certain outcomes. Residual risk remains after mitigation and control techniques are applied to an identified risk. Awareness of the residual risk that BGSI ultimately accepts is a key benefit of the risk management process.

The following describes the risks that are most material to BGSI's business; however, this is not a complete list of the potential risks BGSI faces. There may be other risks that BGSI is not aware of, or risks that are not material today that could become material in the future.

**Decline in Number of Insurance Claims** 

The automobile collision repair industry is dependent on the number of accidents which occur and, for the most part, become repairable insurance claims. The automobile collision repair industry could experience a decrease in repairable claims, higher total loss rates as well as a deferral in repairs and an increase in non-filed claims. This could be driven by several factors including significant insurance premium inflation and overall economic uncertainty. There can be no assurance that a continued decline in insurance claims will not occur, which could reduce Boyd's revenues and result in a material adverse effect on the Company's business.

The volume of accidents and related insurance claims can also be significantly impacted by technological disruption and changes in technology such as ride sharing, collision avoidance systems, driverless vehicles and other safety improvements made to vehicles. Other changes which have and can continue to affect insurance claim volumes include, but are not limited to, weather, general economic conditions, unemployment rates, changing demographics, vehicle miles driven, new vehicle production, insurance policy deductibles and auto insurance premiums. In addition, repairable claims volumes have been and can continue to be impacted by an increased number of non-repairable claims or total loss. There can be no assurance that a continued decline in insurance claims will not occur, which could reduce Boyd's revenues and result in a material adverse effect on the Company's business.

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**Employee Relations and Staffing** 

Boyd currently employs approximately 13,449 people, of which 1,558 are in Canada and 11,891 are in the U.S. The current workforce is not unionized, except for approximately 62 employees located in the U.S. who are subject to collective bargaining agreements. The collision repair industry typically experiences competition for talent, and, in particular, a limited pool of qualified technicians and estimators. This can result in a shortage of qualified employees as well as wage pressure, which could adversely impact the volume and pace at which collision repair shops can fix damaged vehicles and the Company's financial results.

Attracting, training, developing and retaining employees at all levels of the organization are required to effectively manage Boyd's operations. The Company has rolled out various training, retention and recruitment initiatives to mitigate this risk. Failure to attract, train, develop and retain employees at all levels of the organization could lead to a lack of production capacity, knowledge, skills and experience required to effectively manage the business and could have a material adverse effect on the Company's business, financial condition and future performance.

**Acquisition and New Location Risk** 

The Company plans to continue to increase revenues and earnings through the acquisition and start-up of additional collision repair facilities and other businesses. The Company follows a detailed process of due diligence and approvals to limit the possibility of acquiring or building out a non-performing location or business. There can be no assurance that the Company will be able to find suitable acquisition targets at acceptable pricing levels, or that the Company will be able to find and build out locations without incurring cost overruns, or that the new locations will achieve sales and profitability levels to justify the Company's investment.

Boyd views the United States and Canada as having significant potential for further expansion of its business. There can be no assurance that any market for the Company's services and products will develop either at the local, regional or national level. Economic instability, laws and regulations, increasing acquisition valuations and the presence of competition in all or certain jurisdictions may limit the Company's ability to successfully expand operations.

The Company has grown rapidly through multi-location acquisitions as well as single location growth opportunities and new location development. Rapid growth can put a strain on managerial, operational, financial, human and other resources. Risks related to rapid growth include administrative and operational challenges such as the management of an expanded number of locations, the assimilation of financial reporting systems, technology and other systems of acquired companies, increased pressure on senior management and increased demand on systems and internal controls. The ability of the Company to manage its operations and expansion effectively depends on the continued development and implementation of plans, systems and controls that meet its operational, financial and management needs. If Boyd is unable to continue to develop and implement these plans, systems or controls or otherwise manage its operations and growth effectively, the Company will be unable to maintain or increase margins or achieve sustained profitability, and the business could be harmed.

A key element of the Company's strategy is to successfully integrate and manage new locations in order to sustain and enhance profitability. There can be no assurance that the Company will be able to profitably integrate and manage additional locations. Successful integration and management can depend upon a number of factors, including the ability to establish, maintain and grow DRP relationships, the ability to attract, retain and motivate certain key management and staff, establishing, retaining and leveraging client and supplier relationships and implementing standardized procedures and best practices. In the event that new location growth cannot be successfully integrated into Boyd's operations or performs below expectations, the business could be materially and adversely affected.

To the extent that the prior owners of businesses acquired by BGSI failed to comply with or otherwise violated applicable laws, the Company, as the successor owner, may be financially responsible for these violations and any associated undisclosed liability. The Company seeks, through systematic investigation and due diligence, and through indemnification by former owners, to minimize the risk of material undisclosed liabilities associated with acquisitions. The discovery of any material liabilities, including but not limited to tax, legal and environmental liabilities, could have a material adverse effect on the Company's business, financial condition and future prospects.

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**Operational Performance** 

In order to compete in the marketplace, the Company must consistently meet the operational performance metrics expected by its insurance company clients and its customers. Failing to deliver on metrics such as cycle time, quality of repair, customer satisfaction and cost of repair can, over time, result in reductions to pricing, repair volumes, or both. The Company has implemented processes as well as measuring and monitoring systems to assist it in delivering on these key metrics. However, there can be no assurance that the Company will be able to continue to deliver on these metrics or that the metrics themselves will not change in the future.

The Company's principal source of funds is cash generated from operations. Fluctuations in required capital expenditures, the need to maintain productive capacity, required funding to meet growth targets, and debt repayments expected to be funded by cash flows generated from operations may potentially impact the amount of cash available for dividends to be declared and paid by the Company or its subsidiaries in the future.

**Brand Management and Reputation** 

The Company's success is impacted by its ability to protect, maintain and enhance the value of its brands and reputation. Brand value and reputation can be damaged by isolated incidents, particularly if the incident receives considerable publicity or if it draws litigation. Incidents may occur as a result of events beyond the Company's control or may be isolated to actions that occur in one particular location. Demand for the Company's services could diminish significantly if an incident or other matter damages its brand or erodes the confidence of its insurance company clients or directly with the vehicle owners themselves. Social media has increased the ability for individuals to adversely affect the brand and reputation of the Company. There can be no assurance that past or future incidents will not negatively affect the Company's brand or reputation.

**Market Environment Change** 

The collision repair industry is subject to continual change in terms of regulations, repair processes and equipment, technology and changes in the strategic direction of clients, suppliers and competitors. The Company endeavors to stay abreast of developments and preferences in the industry and make strategic decisions to manage these changes and potential disruptions to the traditional business model. In certain situations, the Company is involved in leading change by anticipating or developing new methods to address changing market needs. The Company however, may not be able to correctly anticipate the need for change, may not effectively implement changes, or may be required to increase spending on capital equipment to maintain or improve its relative position with competitors. There can be no assurance that market environment changes will not occur that could negatively affect the financial performance of the Company.

**Reliance on Technology** 

As is the case with most businesses in today's environment, there is a risk associated with Boyd's reliance on computerized operational and reporting systems. Boyd makes reasonable efforts to ensure that back-up systems and redundancies are in place and functioning appropriately. Boyd has disaster recovery programs to protect against significant system failures. Although a computer system failure would not be expected to critically damage the Company in the long term, there can be no assurance that a computer system crash or like event would not have a material impact on its financial results.

Reliance on technology in order to gain or maintain competitive advantage is becoming more significant and therefore the Company is faced with determining the appropriate level of investment in new technology in order to be competitive. There can be no assurance that the Company will correctly identify or successfully implement the appropriate technologies for its operations. In addition, there is a risk that third party provided systems are unable to meet business needs, emerging requirements or provide support of their product, which could adversely impact Boyd's performance.

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Increased reliance on computerized operational and reporting systems also results in increased cyber security risk, including potential unauthorized access to customer, supplier and employee sensitive information, corruption or loss of data and release of sensitive or confidential information. Disruptions due to cyber security incidents could adversely affect the business, results of operations and financial condition of the Company. Cyber security incidents could result in operational delays, disruption to work flow and reputational harm. There can be no assurance that Boyd will be able to anticipate, prevent or mitigate rapidly evolving types of cyber-attacks.

**Supply Chain Risk** 

The Company requires access to parts, materials and paint in order to complete repairs. Disruptive events can negatively impact supply chains, which can adversely impact Boyd's ability to complete repairs. This may result in increased repair cycle time, high levels of work-in-process and decreased margins, and could adversely impact the Company's financial results.

Certain of the Company's suppliers operate in unionized environments, where their workers are subject to collective bargaining agreements. A prolonged strike at a supplier could adversely impact Boyd's ability to complete repairs. It is possible that a prolonged strike could disrupt the Company's supply chain, which could have a material impact on the Company's financial results.

Global issues, such as outbreaks and the spread of contagious diseases, political instability, war or other disruptive events can negatively impact global supply chains, which could adversely impact Boyd's ability to complete repairs. It is possible that global issues could further disrupt the Company's supply chain, which could have a material impact on the Company's financial results.

**Margin Pressure and Sales Mix Changes** 

The Company's costs to repair vehicles, including the cost of labor, parts and materials are market driven and can fluctuate. There can be no assurance that increases in the costs to repair vehicles will ultimately be recoverable from the Company's clients or customers.

The Company's margin is also impacted by the mix of collision repair, retail glass and glass network sales, scanning and calibration, as well as the mix of parts, labor and materials within each business area. There can be no assurance that changes to sales mix will not occur that could negatively impact the financial performance of the Company.

The Company currently makes its own part sourcing decisions for parts used in the provision of vehicle repair services. The Company's clients could, in the future, decide to source products directly, impose the use of certain parts suppliers on the Company or otherwise change the parts sourcing process. Such a decision could have an adverse effect on the Company's margin.

**Economic Downturn** 

Historically the collision repair industry has proven to be resilient to typical economic downturns along with the accompanying unemployment, and while the Company works to mitigate the effect of economic downturn on its operations, economic conditions, which are beyond the Company's control, could lead to a decrease in accident repair claims volumes due to fewer miles driven, less traffic congestion, or due to vehicle owners being less inclined to have their vehicles repaired. It is difficult to predict the severity and the duration of any decrease in claims volumes resulting from an economic downturn and the accompanying unemployment and what effect it may have on the collision repair industry, in general, and the financial performance of the Company in particular. There can be no assurance that an economic downturn would not negatively affect the financial performance of the Company.

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**Changes in Client Relationships** 

A high percentage of the Company's revenues are derived from insurance companies. Over the past 25+ years, many private insurance companies have implemented customer referral arrangements known as Direct Repair Programs (DRP's) with collision repair operators who have been recognized as consistent high quality, performance based repairers in the industry. The Company's ability to continue to grow its business, as well as maintain existing business volume and pricing, is largely reliant on its ability to maintain these DRP relationships. The Company continues to develop and monitor these relationships through ongoing measurement of the success factors considered critical by insurance clients. The loss of any existing material DRP relationship, or a material component of a significant DRP relationship, could have a material adverse effect on Boyd's operations and business prospects. Of the top five insurance companies that the Company deals with, which in aggregate account for approximately 51% (2023 – 53%) of total sales, one insurance company represents approximately 16% (2023 – 19%) of the Company's total sales, while a second insurance company represents approximately 12% (2023 – 11%).

DRP relationships are governed by agreements that are usually cancellable upon short notice. These relationships can change quickly, both in terms of pricing and volumes, depending upon collision repair shop performance, cycle time, cost of repair, customer satisfaction, competition, insurance company management, program changes and general economic activity. To mitigate this risk, management fosters close working relationships with its insurance company clients and customers and the Company continually seeks to diversify and grow its client base both in Canada and the U.S. There can be no assurance that relationships with insurance company clients will not change in the future, which could impair Boyd's revenues and/or margins, and result in a material adverse effect on the Company's business.

**Environmental, Health and Safety Risk** 

The nature of the collision repair business means that hazardous substances must be used, which could cause damage to the environment or individuals if not handled properly. The Company's environmental protection policy requires environmental site assessments to be performed on all business locations prior to acquisition, start-up or relocation so that any existing or potential environmental situations can be remedied or otherwise appropriately addressed. It is also Boyd's practice to secure environmental indemnification from landlords and former owners of acquired collision repair businesses, where such indemnification is available. Boyd also engages a private environmental consulting firm to perform regular compliance reviews to ensure that the Company's environmental and health and safety policies are followed.

To date, the Company has not encountered any environmental protection requirements or issues which would be expected to have a material financial or operational effect on its current business and it is not aware of any material environmental issues that could have a material impact on future results or prospects. No assurance can be given, however, that the prior activities of Boyd, or its predecessors, or the activities of a prior owner or lessee, have not created a material environmental problem or that future uses or evolving regulations will not result in the imposition of material environmental, health or safety liability upon Boyd.

**Climate Change and Weather Conditions** 

Climate change is exacerbated in part by the burning of fossil fuels in order to generate electricity for consumers and industry. Greenhouse gasses from fossil fuels is leading to climate change and global warming, which is leading to increased frequency and severity of natural disasters and extreme weather condition events. The collision repair industry is not particularly carbon intensive. The business is focused on the collision repair industry and as such its primary product is providing a service. In providing this service, major inputs include replacement parts, water-based paint, skilled labor, and energy to run spray booths, compressors, lighting, HVAC and other equipment. The industry is highly fragmented with many independent owner operators who are not able to operate at scale. There are efforts to consolidate the industry and the Company is a leader in this effort. By doing so, the industry can operate more efficiently and have the central coordination and capital to invest in sustainability areas to reduce the impact the industry has on the environment.

Transitioning to a low carbon environment and sustainable business model will require additional investments in the long- term. Capital investments in energy saving or renewable energy technologies to operate the shop, can reduce or offset the contribution to carbon emissions that the Company currently emits. Investments could be necessary for sensors and other systems to manage electricity usage or identify future opportunities. Facility management and landscape management are areas of opportunity to improve the impact Boyd's locations have on global warming.

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The primary climate related risks for the business relate to the expected increase in extreme weather events, such as blizzards, hurricanes, wild-fires, torrential rain, and tornadoes. These events can cause physical damage to shops or hinder Boyd's ability to process work and also tend to result in higher damage levels that result in more vehicles being non-repairable. Extreme weather can also slow or halt delivery of parts and in some cases prevent employees from attending work, which slows down cycle-time and therefore sales.

A number of initiatives related to climate change can benefit the Company. For example investing in LED lighting improves the working conditions for technicians and can improve the quality of the work they do, as well as lowering operating costs and reducing emissions. Continuous improvement and efficiency gains can improve quality and reduce repair cycle time, causing less waste, higher customer satisfaction and generating higher sales with the same level of inputs. A greater focus on repairing damaged parts as opposed to replacing those parts reduces waste and in some cases can improve profitability. Alignment with vehicle owner, insurance company and original equipment manufacturer objectives improves Boyd's customer relationships and demonstrates an ability to align and partner with these stakeholders.

There is good alignment between climate change initiatives and the Company's strategy. Core strategies of operational excellence, expense management and optimizing the business as well as new location and acquisition growth have overlap with sustainability. Being efficient, reducing waste and bringing corporate resources and investment to a fragmented industry supports a long-term alignment with sustainability. Environment, social and governance objectives are being integrated into the Company's strategic projects. There is often a dimension of each business initiative that relates to sustainability. Boyd is committed to identifying those dimensions and bringing awareness throughout the company so that business objectives naturally contribute to our sustainability goals, which have been outlined in Boyd's Environmental, Social and Governance Report, which is available on the Boyd website at www.boydgroup.com/sustainability.

The Board is investing more time on sustainability issues and has assigned the oversight responsibility for sustainability, including climate change risk management and disclosure to the Governance & Sustainability Committee. The topic is a standing agenda item with internal metrics and reporting being developed. Management has a Risk and Sustainability Committee tasked with developing sustainability objectives and processes for the company. Its current mandate is to work with the various operating groups to identify the key sustainability metrics for future reporting and target setting. These key metrics and targets will be focused on the priority areas defined for each of the environmental, social and governance pillars that have been outlined in Boyd's Environmental, Social and Governance Report.

The effect of global warming and its impact on weather conditions may reduce collision repair volume and represent an element of risk to the Company's ability to maintain sales. Historically, extremely mild winters and dry weather conditions have had a negative impact on collision repair sales volumes. Natural disasters resulting in business interruption, or supply chain interruption could also negatively impact the Company's operations. Even with market share gains, weather-related decline in market size can result in sales declines which could have a material impact on the Company's business. Business interruption due to natural disasters and extreme weather condition events, including supply chain interruption, may result in temporary store closures or limit production volume and could adversely impact Boyd's ability to complete repairs, which could have a material adverse effect on the Company's business.

**Pandemic Risk** 

A local, regional, national or international outbreak of a contagious disease, such as the COVID-19 coronavirus, Middle East Respiratory Syndrome, Severe Acute Respiratory Syndrome, H1N1 influenza virus, avian flu or any other similar illness, could decrease the willingness of the general population to travel or customers to patronize the Company's facilities, cause shortages of employees to staff the Company's facilities, interrupt supplies from third parties upon which the Company relies, result in governmental regulation adversely impacting the Company's business and otherwise have a material adverse effect on the Company's business, financial condition and results of operations.

The outbreak of a contagious illness, such as the COVID-19 pandemic, could require the Company to develop and execute revised operating procedures intended to mitigate safety and health risks in the work environment. However, there can be no assurance that the enhanced protocols put in place will protect against an outbreak that could result in lost time and negatively affect the financial performance of the Company.

------

**Competition** 

The collision repair industry in North America, estimated by Boyd to represent over $50 billion in annual revenue, is very competitive. The main competitive factors are cost of repair, cycle time, quality, customer satisfaction and adherence to various insurance company processes and performance requirements. There can be no assurance that Boyd's competitors will not achieve greater market acceptance due to performance or other factors.

Although competition exists mainly on a regional basis, Boyd competes with a small number of other multi-location collision repair operators in multiple markets in which it operates.

Given these industry characteristics, existing or new competitors, including other automotive-related businesses, may become significantly larger and have greater financial and marketing resources than Boyd. Competitors may compete with Boyd in rendering services in the markets in which Boyd currently operates and also in seeking existing facilities to acquire, or new locations to open, in markets in which Boyd desires to expand. There can be no assurance that the Company will be able to maintain or achieve its desired market share.

**Access to Capital** 

The Company grows, in part, through acquisition or start-up of collision and glass repair and replacement businesses. There can be no assurance that Boyd will have sufficient capital resources available to implement its growth strategy. Inability to raise new capital, in the form of debt or equity, could limit Boyd's future growth through acquisition or start-up.

The Company will endeavor, through a variety of strategies, to ensure in advance that it has sufficient capital for growth. Potential sources of capital that the Company has been successful at accessing in the past include public and private equity placements, convertible debt offerings, using equity securities to directly pay for a portion of acquisitions, capital available through strategic alliances with trading partners, lease financing, seller financing and both senior and subordinate debt facilities or by deferring possible future purchase price payments using contingent consideration and call or put options. There can be no assurance that the Company will be successful in accessing these or other sources of capital in the future.

The Company and its subsidiaries use financial leverage through the use of debt, which have debt service obligations. The Company's ability to refinance or to make scheduled payments of interest or principal on its indebtedness will depend on its future operating performance and cash flow, which are subject to prevailing economic conditions, prevailing interest rates, and financial, competitive, business and other factors, many of which are beyond its control.

The Company's revolving credit facilities contain restrictive covenants that limit the discretion of the Company's management and the ability of the Company to incur additional indebtedness, to make acquisitions of collision repair businesses, to create liens or other encumbrances, to pay dividends, to redeem any equity or debt, or to make investments, capital expenditures, loans or guarantees and to sell or otherwise dispose of assets and merge or consolidate with another entity. In addition, the revolving credit facilities contain a number of financial covenants that require BGSI and its subsidiaries to meet certain financial ratios and financial condition tests. A failure to comply with the obligations under these credit facilities could result in an event of default, which, if not cured or waived, could permit acceleration of the relevant indebtedness. If the indebtedness were to be accelerated, there can be no assurance that the assets of the Company and its subsidiaries would be sufficient to repay the indebtedness in full. There can also be no assurance that the Company will be able to refinance the credit facilities as and when they mature. The revolving credit facility is secured by the assets of the Company.

------

**Dependence on Key Personnel** 

The success of the Company is dependent on the services of a number of members of management. The experience and talent of these individuals is a significant factor in Boyd's continued success and growth. The loss of one or more of these individuals could have a material adverse effect on the Company's business operations and prospects. The Company has entered into management agreements with key members of management and succession plans are in place for key executive positions, in order to mitigate this risk.

**Tax Position Risk** 

BGSI and its subsidiaries account for income tax positions in accordance with accounting standards for income taxes, which require that the Company recognize in the financial statements, the impact of a tax position, if that position is more likely than not of being sustained on examination by taxation authorities, based on the technical merits of the position.

Inherent risks and uncertainties can arise over tax positions taken, or expected to be taken, with respect to matters including but not limited to acquisitions, transfer pricing, inter-company charges and allocations, financing charges, fees, related party transactions, tax credits, tax based incentives and stock based transactions. Management uses tax experts to assist in correctly applying and accounting for tax and government assistance program rules, however there can be no assurance that a position taken will not be challenged by the taxation authorities that could result in an unexpected material financial obligation.

Expenses incurred by BGSI and its subsidiaries are only deductible to the extent they are reasonable. There can be no assurance that the taxation authorities will not challenge the reasonableness of certain expenses. If such a challenge were successful, it may materially and adversely affect the financial results of BGSI and its subsidiaries.

BGSI's shares are qualified investments for a Registered Plan under the Tax Act as the Shares are listed on a "designated stock exchange" (as defined in the Tax Act).

There can be no assurance that additional changes to the taxation of corporations or changes to other government laws, rules and regulations, either in Canada or the U.S., will not be undertaken which could have a material adverse effect on BGSI's share price and business. There can be no assurance BGSI will benefit from these rules, that the rules will not change in the future or that BGSI will avail itself of them.

**Corporate Governance** 

Securities law imposes statutory civil liability for misrepresentations in continuous disclosure documents including failure to make timely disclosure. Investors have a right of action if they are harmed by a misrepresentation in an issuer's disclosure document or in a public oral statement relating to an issuer, or the failure of an issuer to make timely disclosure of a material change. Potentially liable parties include the issuer, each officer, and each Director of the issuer who authorizes, permits or acquiesces in the release of the document containing a misrepresentation, the making of the public statement containing a misrepresentation or in the failure to make a timely disclosure.

Under the Ontario Securities Act, section 138.4(6), a due diligence defense is available. The due diligence defense requires the following items to be addressed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuer must have a system designed to ensure the issuer is meeting its disclosure obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the defendant must have conducted a reasonable investigation to support reliance on the system; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• defendants must have no reasonable grounds to believe that the document or a public oral statement contained a
misrepresentation or that the failure to make the required disclosure would occur.

BGSI is keenly aware of the significance of these laws and the interrelationships between civil liability, disclosure controls and good governance. BGSI has adopted policies, practices and processes to reduce the risk of a governance or control breakdown. A statement of BGSI's governance practices is included in its most recent information circular which can be found at www.sedarplus.com. Although BGSI believes it follows good corporate governance practices, there can be no assurance that these practices will eliminate or mitigate the impact of a material lawsuit in this area.

------

The area of governance is growing to encompass not only traditional governance matters, but also environmental and social matters. This area is often referred to as Environmental, Social and Governance, or "ESG". Increased awareness and attention by investors to ESG matters means that the Company needs to become more transparent in developing and reporting on ESG initiatives and increase or add ESG initiatives where there are significant gaps. BGSI is developing and enhancing ESG reporting and initiatives. Boyd publishes an ESG report, which complements previously adopted policies on reporting and anti-retaliation, occupational health and safety, non-discrimination and anti-harassment, human rights, diversity, code of business conduct and ethics, business partner code of conduct and anti-corruption. These policies, along with the ESG Report, are available on the Boyd website at www.boydgroup.com/sustainability.

**Increased Government Regulation and Tax Risk** 

BGSI and its subsidiaries are subject to various federal, provincial, state and local laws, regulations and taxation authorities. Various federal, provincial, state and local agencies as well as other governmental departments administer such laws, regulations and their related rules and policies. New laws governing BGSI or its business could be enacted or changes or amendments to existing laws and regulations could be enacted which could have a significant impact on Boyd. For example, privacy legislation continues to evolve rapidly and tariff changes are being introduced with greater frequency. BGSI utilizes the services of professional advisors in the areas of taxation, environmental, health and safety, labor and general business law to mitigate the risk of non-compliance. Failure to comply with the applicable laws, regulations or tax changes may subject BGSI to civil or regulatory proceedings and no assurance can be given that this will not have a material impact on financial results.

BGSI and its subsidiaries operate distinct businesses in Canada and the U.S. The Company operates a service business and a major component of our services is labor which would not be subject to tariffs. The Company sources parts and materials from domestic vendors in Canada and the U.S. Any changes in tariffs on exports or imports to and from Canada and the U.S may impact the cost of repairs and decrease margins. There can be no assurance that the changes in tariffs would not negatively affect the financial performance of the Company.

A number of jurisdictions in which the Company operates have regulations to limit emissions and pollutants. The Company has adapted its processes in an effort to comply with these regulations. Although to date, there have been no negative consequences as a result of these regulations, there can be no assurance that these regulations will not have a material adverse impact on BGSI's business or financial results. Future emission or pollutant regulation compliance requirements may have a material adverse impact on BGSI's business or financial results.

**Fluctuations in Operating Results and Seasonality** 

The Company's operating results have been and are expected to continue to be subject to quarterly fluctuations due to a variety of factors including changes in customer purchasing patterns, pricing paid to insurance companies, general operating effectiveness, automobile technologies, general and regional economic downturns, unemployment rates, employee vacation timing and weather conditions. These factors can affect Boyd's financial results.

**Risk of Litigation** 

BGSI and its subsidiaries could become involved in various legal actions in the ordinary course of business. Litigation loss accruals may be established if it becomes probable that BGSI will incur an expense and the amount can be reasonably estimated. BGSI's management and internal and external experts are involved in assessing the probability of litigation loss and in estimating any amounts involved. Changes in these assessments may lead to changes in recorded litigation loss accruals. Claims are reviewed on a case by case basis, taking into consideration all information available to BGSI.

The actual costs of resolving claims could be substantially higher or lower than the amounts accrued. In certain cases, legal claims may be covered under BGSI's various insurance policies.

------

**Execution on New Strategies** 

New initiatives are introduced from time to time in order to grow Boyd's business. Initiatives such as entering new markets, introducing and improving related products and services, or identifying new strategies to capture additional market share have the potential to be accretive to the Company's business when the opportunity is accurately identified and executed. There can be no assurance that the Company identifies new strategies that are accretive to the business or that it is successful in implementing such initiatives.

**Insurance Risk** 

BGSI insures its property, plant and equipment, including vehicles, through insurance policies with insurance carriers located in Canada and the U.S. Included within these policies is insurance protection against property loss and general liability. BGSI also insures its directors and officers against liabilities arising from errors, omissions and wrongful acts. Management uses its knowledge, as well as the knowledge of experienced brokers, to ensure that insurable risks are insured appropriately under terms and conditions that would protect BGSI and its subsidiaries from losses. There can be no assurance that all perils would be fully covered or that a material loss would be recoverable under such insurance policies.

**Interest Rates** 

The Company occasionally fixes the interest rate on its debt using interest rate swap contracts or other provisions available in its debt facilities. There can be no guarantee that interest rate swaps or other contract terms that effectively turn variable rate debt into fixed rates will be an effective hedge against long-term interest rate fluctuations.

The Company has not fixed interest rates within its revolving credit facility. There can be no assurance that interest rates either in Canada or the U.S. will not increase in the future, which could result in a material adverse effect on the Company's business.

**U.S. Health Care Costs and Workers Compensation Claims** 

BGSI accrues for the estimated amount of U.S. health care claims and workers compensation claims that may have occurred but were not reported at the end of the reporting period under its health care and workers compensation plans. The accruals are based upon the Company's knowledge of current claims as well as third party estimates derived from past experience. Significant claim occurrences which remain unreported for a number of months could materially impact this accrual. In addition, as U.S health care costs increase, there can be no assurance given that the Company can continue to offer health care insurance to its employees at a reasonable cost.

**Foreign Currency Risk** 

A substantial portion of Boyd's revenue and cash flow are now, and are expected to continue to be, generated in U.S. dollars. Fluctuations in the exchange rates between the Canadian dollar and the U.S. currency may have a material adverse effect on BGSI's share price, which is denominated and trades in Canadian dollars as well as BGSI's ability to make future Canadian dollar cash dividends.

**Capital Expenditures** 

The business of the Company requires ongoing capital maintenance. Moreover, opportunities may arise for capital upgrades providing returns or cost savings that may not be realized in the immediate future, but rather over several years. As vehicle technology advances and market needs change, the capital intensity of the industry is changing, requiring expenditures in excess of historical capital maintenance levels. To the extent that capital expenditures are in excess of amounts budgeted, the amounts of cash available for dividends may decrease.

------

**Low Capture Rates** 

Sales growth can be enhanced if the Company is effective at booking repair orders for all sales opportunities that are identified. The Company is exposed to missed jobs when capacity is constrained and to the extent that employees are ineffective at capturing all sales opportunities. Measurement of capture rates, management support and training are methods that are employed to enhance capture rates. Efforts to increase capacity are limited by availability of qualified labor. It is possible that the Company may not be able to capture sales effectively enough to maximize sales.

**Energy Costs** 

The Company is exposed to fluctuations in the price of energy. These costs not only impact the costs associated with occupying and operating collision repair facilities but may also affect costs of parts and materials used in the repair process as well as miles driven by automobile owners. There can be no assurance that escalating costs which cannot be offset by energy conservation practices, price increases to clients and customers or productivity gains, would not result in materially lower operating margins. As well, there can be no assurance that escalating energy costs will not materially reduce automobile miles driven and in turn reduce the number of collisions.

**ADDITIONAL INFORMATION** 

BGSI's shares trade on the Toronto Stock Exchange under the symbol TSX: BYD.TO. Additional information relating to the BGSI is available on SEDAR+ (www.sedarplus.com) and the Company website (www.boydgroup.com).

## Exhibit 4.4

**Exhibit 4.4**![LOGO](g77213dsp1.jpg)

**BOYD GROUP SERVICES INC.** 

Interim Condensed Consolidated Financial Statements

Three and Six Months Ended June 30, 2025

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**BOYD GROUP SERVICES INC.** 

**INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)** 

*(thousands of U.S. dollars)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | |  | **June 30,**<br>**2025** | December 31,<br>2024 |
|  | *Note* | *Note* |  |  |  |
|  **Assets** |  |  |  |  |  |
|  Current assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  |  | $**14685** | $19997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable |  |  |  | **139542** | 120616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes recoverable |  |  |  | **4276** | 12307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | | *4* | | **66552** | 73134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  |  |  | **41949** | 44663 |
|  |  |  |  | **267004** | 270717 |
|  Property, plant and equipment | | *5* | | **563939** | 529673 |
|  Right of use assets | | *6* | | **653251** | 668101 |
|  Deferred income tax asset |  |  |  | **3018** | 2840 |
|  Intangible assets | | *7* | | **335668** | 336943 |
|  Goodwill | | *8* | | **654918** | 643864 |
|  Other long-term assets | | *9* | | **12153** | 12051 |
|  |  |  |  | $**2489951** | $2464189 |
|  **Liabilities and Equity** |  |  |  |  |  |
|  Current liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities |  |  |  | $**327939** | $306942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends payable | | *10* | | **2395** | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | | *11* | | **5519** | 8994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of lease liabilities | | *12* | | **118697** | 116849 |
|  |  |  |  | **454550** | 435068 |
|  Long-term debt | | *11* | | **514993** | 498289 |
|  Lease liabilities | | *12* | | **616948** | 627446 |
|  Deferred income tax liability |  |  |  | **60505** | 68559 |
|  Unearned rebates |  |  |  | **3656** | 3964 |
|  |  |  |  | **1650652** | 1633326 |
| **Equity** |  |  |  |  |  |
|  Accumulated other comprehensive earnings |  |  |  | **53244** | 44792 |
|  Retained earnings |  |  |  | **178665** | 180557 |
|  Shareholders' capital |  |  |  | **599885** | 600047 |
|  Contributed surplus |  |  |  | **7505** | 5467 |
|  |  |  |  | **839299** | 830863 |
|  |  |  |  | $**2489951** | $2464189 |

---

*The accompanying notes are an integral part of these interim condensed consolidated financial statements* 

---

| | |
|:---|:---|
|  Approved by the Board: |  |
|  BRIAN KANER | DAVID BROWN |
|  Director | Director |

---

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**BOYD GROUP SERVICES INC.** 

**INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)** 

*(thousands of U.S. dollars, except share amounts)* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | |  | **Shareholders' Capital** | **Shareholders' Capital** | | | | |
|  | | |  | **Shares** | **Amount** |<br>**Contributed<br>Surplus** | **Accumulated<br>Other**<br>**Comprehensive<br>Earnings** |<br>**Retained<br>Earnings** |<br>**Total Equity** |
|  | *Note* | *Note* |  |  |  |  |  |  |  |
|  Balances - January 1, 2024 |  |  |  | 21472194 | $600047 | $4539 | $58313 | $165427 | $828326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss |  |  |  |  |  |  | (13521) |  | (13521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings |  |  |  |  |  |  |  | 24544 | 24544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive (loss) earnings |  |  |  |  |  |  | (13521) | 24544 | 11023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through exercise of stock options |  |  |  | 531 |  | 79 |  |  | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option accretion |  |  |  |  |  | 849 |  |  | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | | *10* | |  |  |  |  | (9414) | (9414) |
|  Balances - December 31, 2024 |  |  |  | 21472725 | $600047 | $5467 | $44792 | $180557 | $830863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive earnings |  |  |  |  |  |  | 8452 |  | 8452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings |  |  |  |  |  |  |  | 2785 | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive earnings |  |  |  |  |  |  | 8452 | 2785 | 11237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through exercise of stock options | | *17* | | 866 |  | 115 |  |  | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option accretion |  |  |  |  |  | 431 |  |  | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancellation of shares | | *16* | | (5784) | (162) | 162 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity-settled share-based payment |  |  |  |  |  | 1330 |  |  | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | | *10* | |  |  |  |  | (4677) | (4677) |
|  Balances - June 30, 2025 |  |  |  | 21467807 | $599885 | $7505 | $53244 | $178665 | $839299 |
|  Balances - January 1, 2024 |  |  |  | 21472194 | $600047 | $4539 | $58313 | $165427 | $828326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss |  |  |  |  |  |  | (5571) |  | (5571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings |  |  |  |  |  |  |  | 19207 | 19207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive (loss) earnings |  |  |  |  |  |  | (5571) | 19207 | 13636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued through exercise of stock options |  |  |  | 182 |  | 29 |  |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option accretion |  |  |  |  |  | 440 |  |  | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends to shareholders | | *10* | |  |  |  |  | (4729) | (4729) |
|  Balances - June 30, 2024 |  |  |  | 21472376 | $600047 | $5008 | $52742 | $179905 | $837702 |

---

*The accompanying notes are an integral part of these interim condensed consolidated financial statements* 

------

**BOYD GROUP SERVICES INC.** 

**INTERIM CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)** 

*(thousands of U.S. dollars, except share and per share amounts)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | |  | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** |
| | | |  | **2025** | 2024 | **2025** | 2024 |
|  | *Note* | *Note* |  |  |  |  |  |
|  Sales | | *15* | | $**780407** | $779163 | $**1558730** | $1565710 |
|  Cost of sales |  |  |  | **414969** | 423698 | **833998** | 857685 |
|  Gross profit |  |  |  | **365438** | 355465 | **724732** | 708025 |
|  Operating expenses |  |  |  | **271652** | 265889 | **550401** | 536742 |
|  Acquisition and transformational cost initiatives |  |  |  | **7276** | 1501 | **13773** | 2947 |
|  Depreciation of property, plant and equipment | | *5* | | **21547** | 17902 | **42394** | 34302 |
|  Depreciation of right of use assets | | *6* | | **31799** | 31098 | **63414** | 60757 |
|  Amortization of intangible assets | | *7* | | **6868** | 6824 | **13548** | 13383 |
|  Fair value adjustments |  |  |  | **—** |  | **1** | (7) |
|  Finance costs |  |  |  | **18023** | 17210 | **35855** | 33332 |
|  |  |  |  | **357165** | 340424 | **719386** | 681456 |
|  Earnings before income taxes |  |  |  | **8273** | 15041 | **5346** | 26569 |
|  Income tax expense (recovery) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current |  |  |  | **9351** | 2007 | **10634** | 4972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred |  |  |  | **(6500)** | 2208 | **(8073)** | 2390 |
|  |  |  |  | **2851** | 4215 | **2561** | 7362 |
|  Net earnings |  |  |  | $**5422** | $10826 | $**2785** | $19207 |
| *The accompanying notes are an integral part of these interim condensed consolidated financial statements* | *The accompanying notes are an integral part of these interim condensed consolidated financial statements* | *The accompanying notes are an integral part of these interim condensed consolidated financial statements* | *The accompanying notes are an integral part of these interim condensed consolidated financial statements* | *The accompanying notes are an integral part of these interim condensed consolidated financial statements* | *The accompanying notes are an integral part of these interim condensed consolidated financial statements* | *The accompanying notes are an integral part of these interim condensed consolidated financial statements* | *The accompanying notes are an integral part of these interim condensed consolidated financial statements* |
|  **Basic earnings per share** | | *16* | | $**0.25** | $0.50 | $**0.13** | $0.89 |
|  **Diluted earnings per share** | | *16* | | $**0.25** | $0.50 | $**0.13** | $0.89 |
|  **Basic weighted average number of shares outstanding** | | *16* | | **21467807** | 21472288 | **21467695** | 21472241 |
|  **Diluted weighted average number of shares outstanding** | | *16* | | **21523395** | 21477864 | **21524817** | 21480458 |

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**BOYD GROUP SERVICES INC.** 

**INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited)** 

*(thousands of U.S. dollars)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br>June 30,** | **Three months ended<br>June 30,** | **Six months ended<br>June 30,** | **Six months ended<br>June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  **Net earnings** | $**5422** | $10826 | $**2785** | $19207 |
|  **Other comprehensive earnings** |  |  |  |  |
|  Items that may be reclassified subsequently to Interim Condensed Consolidated Statements of Earnings Change in unrealized earnings (loss) on foreign currency translation | **8319** | (1599) | **8452** | (5571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other comprehensive earnings (loss)** | **8319** | (1599) | **8452** | (5571) |
|  **Comprehensive earnings** | $**13741** | $9227 | $**11237** | $13636 |

---

*The accompanying notes are an integral part of these interim condensed consolidated financial statements* 

------

**BOYD GROUP SERVICES INC.** 

**INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)** 

*(thousands of U.S. dollars)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | |  | **Three months ended<br>June 30,** | **Three months ended<br>June 30,** | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** |
| | | |  | **2025** | 2024 | **2025** | 2024 |
|  | *Note* | *Note* |  |  |  |  |  |
|  **Cash flows from operating activities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings |  |  |  | $**5422** | $10826 | $**2785** | $19207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments for |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments |  |  |  | **—** |  | **1** | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes |  |  |  | **(6500)** | 2208 | **(8073)** | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  |  |  | **18023** | 17210 | **35855** | 33332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | | *7* | | **6868** | 6824 | **13548** | 13383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment | | *5* | | **21547** | 17902 | **42394** | 34302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of right of use assets | | *6* | | **31799** | 31098 | **63414** | 60757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  | **1748** | 232 | **1878** | 911 |
|  |  |  |  | **78907** | 86300 | **151802** | 164275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in non-cash working capital items | | *18* | | **21531** | (7094) | **18791** | (2306) |
|  |  |  |  | 100438 | 79206 | **170593** | 161969 |
|  **Cash flows used in financing activities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in obligations under long-term debt | | *11* | | **79915** | 112500 | **178377** | 209000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of long-term debt, principal | | *11* | | **(71141)** | (71831) | **(165268)** | (136233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of obligations under property leases, principal |  |  |  | **(27702)** | (26370) | **(54892)** | (51067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of obligations under vehicle and equipment leases, principal |  |  |  | **(1386)** | (1299) | **(2815)** | (2567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on long-term debt | | *11* | | **(7140)** | (7234) | **(14102)** | (13715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on property leases |  |  |  | **(10774)** | (9745) | **(21555)** | (19143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on vehicle and equipment leases |  |  |  | **(222)** | (279) | **(462)** | (548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid |  |  |  | **(2336)** | (2356) | **(4619)** | (4755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of financing costs | | *11* | | **—** |  | **—** | (829) |
|  |  |  |  | **(40786)** | (6614) | **(85336)** | (19857) |
|  **Cash flows used in investing activities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds on sale of equipment and software | | *5* | | **89** | 151 | **648** | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds on sale / leaseback agreements | | *5* | | **—** |  | **9157** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equipment purchases and facility improvements |  |  |  | **(11076)** | (18962) | **(25765)** | (39474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and development of businesses (net of cash acquired) |  |  |  | **(34001)** | (54129) | **(72150)** | (109028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software purchases and licensing | | *7* | | **(1970)** | (104) | **(3132)** | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other long-term assets |  |  |  | **(74)** | (243) | **(80)** | (280) |
|  |  |  |  | **(47032)** | (73287) | **(91322)** | (148628) |
|  Effect of foreign exchange rate changes on cash |  |  |  | **779** | (155) | **753** | (465) |
|  Net increase (decrease) in cash position |  |  |  | **13399** | (850) | **(5312)** | (6981) |
|  Cash beginning of period |  |  |  | **1286** | 16380 | **19997** | 22511 |
|  Cash, end of period |  |  |  | $**14685** | $15530 | $**14685** | $15530 |
|  Income taxes paid |  |  |  | $**3908** | $8502 | $**2555** | $9233 |
|  Interest paid |  |  |  | $**17944** | $16802 | $**36181** | $32638 |

---

*The accompanying notes are an integral part of these interim condensed consolidated fin ancial statements* 

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

For the three and six months ended June 30, 2025 and 2024

*(thousands of U.S. dollars, except share and share amounts)* 

**1.** **GENERAL INFORMATION** 

Boyd Group Services Inc. ("BGSI" or the "Company") is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries.

The Company's business consists of the ownership and operation of autobody/autoglass repair facilities and related services. At the reporting date, the Company operated locations in Canada under the trade names Boyd Autobody & Glass and Assured Automotive, as well as in the U.S. under the trade name Gerber Collision & Glass. The Company is also a major retail auto glass operator in the U.S. under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. In addition, the Company operates Gerber National Claim Services ("GNCS"), that offers glass, emergency roadside and first notice of loss services. The Company also operates Mobile Auto Solutions ("MAS") that offers mobile calibration and diagnostic services.

The shares of the Company are listed on the Toronto Stock Exchange and trade under the symbol "BYD.TO". The head office and principal address of the Company are located at 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba, Canada, R3H 1A6.

The policies applied in these interim condensed consolidated financial statements are based on IFRS<sup>®</sup> Accounting Standards issued and effective as of August 12, 2025, the date the Board of Directors approved the statements.

**2.** **BASIS OF PRESENTATION** 

These interim condensed consolidated financial statements for the three and six months ended June 30, 2025 have been prepared in accordance with IAS 34, *Interim financial reporting* using the same accounting policies and methods of computation followed in the consolidated financial statements for the year ended December 31, 2024, except as detailed below. The interim condensed consolidated financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2024, which have been prepared in accordance with IFRS<sup>®</sup>. These interim condensed consolidated financial statements are presented in U.S. dollars ("USD").

During the period, the Company made a prospective change to its share-based compensation plan. The Restricted Share Units (RSU) and Performance Share Units (PSU) plan will now be either cash-settled, share- settled or combination of both, at the Company's discretion. The share-based payment plan was approved by the shareholders on May 14, 2025. The 2025 plan will be accounted for as an equity-settled share-based payment plan.

Under the equity-settled share-based payment plan, shares awarded to employees in terms of the RSUs and PSUs are measured at the fair market value at grant date using, where applicable, an appropriate valuation model. The cost is recognized as compensation expenses with a corresponding increase in equity over the period in which the service and, where applicable, the performance conditions are fulfilled.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

For the three and six months ended June 30, 2025 and 2024

*(thousands of U.S. dollars, except share and share amounts)* 

**3.** **ACQUISITIONS** 

The Company completed five acquisitions that added seven locations during the six months ended June 30, 2025. During the first half of 2025, the Company acquired a single location glass business in California and a single location glass business in Pennsylvania.

BGSI has accounted for the 2025 acquisitions using the acquisition method as follows:

---

| | |
|:---|:---|
| **Acquisitions in 2025** | Total<br>acquisitions |
|  **Identifiable net assets acquired at fair value:** |  |
|  Other current assets | $211 |
|  Property, plant and equipment | 9358 |
|  Right of use assets | 2934 |
|  Identified intangible assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 5638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compete agreements | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brand name | 280 |
|  Liabilities assumed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | (2934) |
|  Identifiable net assets acquired | $15940 |
|  Goodwill | 6176 |
|  Total purchase consideration | $22116 |
|  **Consideration provided** |  |
|  Cash paid or payable | $22116 |
|  Total consideration provided | $22116 |

---

The preliminary purchase price allocations for the 2025 acquisitions may be revised as additional information becomes available. Further adjustments may be recorded in future periods as purchase price adjustments are finalized.

A significant part of the goodwill recorded on the acquisitions can be attributed to the assembled workforce and the operating know-how of key personnel. However, no intangible assets qualified for separate recognition in this respect.

Goodwill recognized during 2025 is expected to be deductible for tax purposes.

On the statement of cash flows, included as part of cash used for acquisition and development of business were costs related to the acquisition of businesses, as well as the development of businesses which consisted primarily of property, plant and equipment additions as well as development of brownfield and greenfield start-up locations that have not yet opened. Also included are investments in the growth of internalization of scanning and calibration services.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

For the three and six months ended June 30, 2025 and 2024

*(thousands of U.S. dollars, except share and share amounts)* 

**4.** **INVENTORY** 

---

| | | |
|:---|:---|:---|
| As at | **June 30,**<br>**2025** | December 31,<br>2024 |
|  Paint and materials | $**28145** | $26667 |
|  Work in process | **38407** | 46467 |
|  Balance, end of period | $**66552** | $73134 |

---

**5.** **PROPERTY, PLANT AND EQUIPMENT** 

---

| | | |
|:---|:---|:---|
| As at | **June 30,**<br>**2025** | December 31,<br>2024 |
|  Balance, beginning of year | $**529673** | $438981 |
|  Acquired through business combination | **9358** | 24753 |
|  Additions | **75993** | 207135 |
|  Proceeds on disposal | **(9805)** | (65572) |
| (Loss) gain on disposal | **(36)** | 848 |
|  Transfers from right of use assets | **172** | 295 |
|  Depreciation | **(42394)** | (75498) |
|  Foreign exchange | **978** | (1269) |
|  Balance, end of period | $**563939** | $529673 |

---

Additions to property, plant and equipment for the six months ended June 30, 2025 include equipment purchases and facility improvements for established locations; additions related to start-up locations of $29,341, consisting primarily of land, building and equipment; investments in the development of acquired businesses; and investments in the growth of scanning and calibration services.

For the six months ended June 30, 2025, BGSI completed sale and leaseback transactions for three properties (12 months ended December 31, 2024 - 33 properties) for total proceeds of $9,157 (12 months ended December 31, 2024 - $64,854). The loss arising from sale and leaseback transactions during the six months ended June 30, 2025 was $113 (12 months ended December 31, 2024 - gain of $1,153).

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

For the three and six months ended June 30, 2025 and 2024

*(thousands of U.S. dollars, except share and share amounts)* 

**6.** **RIGHT OF USE ASSETS** 

---

| | | |
|:---|:---|:---|
| As at | **June 30,**<br>**2025** | December 31,<br>2024 |
|  Balance, beginning of year | $**668101** | $654347 |
|  Acquired through business combinations | **2934** | 20098 |
|  Additions and modifications | **43240** | 121462 |
|  Depreciation | **(63414)** | (123512) |
|  Transfers to property, plant and equipment | **(172)** | (295) |
|  Foreign exchange | **2562** | (3999) |
|  Balance, end of period | $**653251** | $668101 |

---

For the six months ended June 30, 2025, BGSI completed sale and leaseback transactions for three properties (12 months ended December 31, 2024 - 33 properties) for total proceeds of $9,157 (12 months ended December 31, 2024 - $64,854). The loss arising from sale and leaseback transactions during the six months ended June 30, 2025 was $113 (12 months ended December 31, 2024 - gain of $1,153).

**7.** **INTANGIBLE ASSETS** 

---

| | | |
|:---|:---|:---|
| As at | **June 30,**<br>**2025** | December 31,<br>2024 |
|  Balance, beginning of year | $**336943** | $342781 |
|  Acquired through business combination | **6371** | 20962 |
|  Additions | **3192** | 4029 |
|  Amortization | **(13548)** | (26309) |
|  Foreign exchange | **2710** | (4520) |
|  Balance, end of period | $**335668** | $336943 |

---

**8.** **GOODWILL** 

---

| | | |
|:---|:---|:---|
| As at | **June 30,**<br>**2025** | December 31,<br>2024 |
|  Balance, beginning of year | $**643864** | $633986 |
|  Acquired through business combination | **6176** | 17721 |
|  Foreign exchange | **4878** | (7843) |
|  Balance, end of period | $**654918** | $643864 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

For the three and six months ended June 30, 2025 and 2024

*(thousands of U.S. dollars, except share and share amounts)* 

**9.** **OTHER LONG TERM ASSETS** 

Other long term assets consist primarily of rent deposits in the amount of $4,153 (2024 - $4,051) and an investment of $8,000 (2024 - $8,000) to support the growth of the glass business. Investments which do not qualify for equity treatment are recorded as other long term assets.

**10.** **DIVIDENDS** 

The Company's Directors have discretion in declaring dividends. The Company declares and pays dividends from its available cash from operations taking into account current and future performance amounts necessary for principal and interest payments on debt obligations, amounts required for maintenance capital expenditures and amounts allocated to reserves.

The Company declared dividends of C$0.153 per share in each of the first and second quarters of 2025 (2024 - C$0.150).

The following is the balance of dividends payable:

---

| | | |
|:---|:---|:---|
| As at | **June 30,<br>2025** | December 31,<br>2024 |
|  Balance, beginning of period | $**2283** | $2435 |
|  Declared | **4677** | 9414 |
|  Payments | **(4619)** | (9445) |
|  Foreign exchange | **54** | (121) |
|  Balance, end of period | $**2395** | $2283 |

---

Dividends to shareholders were declared and paid as follows:

---

| | | |
|:---|:---|:---|
| **Record date** | **Payment date** | **Dividend amount** |
|  March 31, 2025 | April 28, 2025 | $2287 |
|  June 30, 2025 | July 29, 2025 | 2390 |
|  |  | $4677 |
| **Record date** | **Payment date** | **Dividend amount** |
|  March 31, 2024 | April 26, 2024 | $2379 |
|  June 30, 2024 | July 29, 2024 | 2350 |
|  |  | $4729 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

For the three and six months ended June 30, 2025 and 2024

*(thousands of U.S. dollars, except share and share amounts)* 

**11.** **LONG-TERM DEBT** 

Long-term debt is comprised of the following:

---

| | | |
|:---|:---|:---|
| As at | **June 30,**<br>**2025** | December 31,<br>2024 |
| Revolving credit & swing line facilities (net of financing costs) | $**387931** | $369333 |
| Term Loan A (net of financing costs) | **124904** | 124882 |
| Seller notes | **7677** | 13068 |
|  | $**520512** | $507283 |
| Current portion | **5519** | 8994 |
|  | $**514993** | $498289 |

---

The following is the continuity of long-term debt:

---

| | | |
|:---|:---|:---|
| As at | **June 30,**<br>**2025** | December 31,<br>2024 |
| Balance, beginning of period | $**507283** | $421705 |
| Consideration on acquisition | **—** | 3517 |
| Draws | **178377** | 365994 |
| Repayments | **(165268)** | (283790) |
| Deferred financing costs | **—** | (829) |
| Amortization of deferred financing costs | **131** | 656 |
| Foreign exchange | **(11)** | 30 |
| Balance, end of period | $**520512** | $507283 |

---

Included in finance costs for the three and six months ended June 30, 2025 is interest on long-term debt of $7,140 and $14,102 respectively (2024 - $7,234 and $13,715 respectively).

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

For the three and six months ended June 30, 2025 and 2024

*(thousands of U.S. dollars, except share and share amounts)* 

**12.** **LEASE LIABILITIES** 

The following is the continuity of lease liabilities:

---

| | | |
|:---|:---|:---|
| As at | **June 30,**<br>**2025** | December 31,<br>2024 |
| Balance, beginning of period | $**744295** | $715277 |
| Assumed on acquisition | **2934** | 20098 |
| Additions and modifications | **43116** | 122761 |
| Repayments | **(79724)** | (149656) |
| Financing costs | **22017** | 40485 |
| Foreign exchange | **3007** | (4670) |
| Balance, end of period | $**735645** | $744295 |
| Current portion | **118697** | 116849 |
|  | $**616948** | $627446 |

---

Lease expenses are presented in the consolidated statement of earnings as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br>June 30,** | **Three months ended<br>June 30,** | **Six months ended<br>June 30,** | **Six months ended<br>June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  Operating expenses | $**3001** | $1471 | $**5878** | $4423 |
|  Depreciation of right of use assets | **31799** | 31098 | **63414** | 60757 |
|  Finance costs | **10996** | 10024 | **22017** | 19691 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

For the three and six months ended June 30, 2025 and 2024

*(thousands of U.S. dollars, except share and share amounts)* 

**13.** **FINANCIAL INSTRUMENTS** 

**Carrying value and estimated fair value of financial instruments**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **June 30, 2025** | **June 30, 2025** | December 31, 2024 | December 31, 2024 |
|  | <br>Classification |<br>Fair value<br>hierarchy | **Carrying<br>amount** | **Fair**<br>**value** | Carrying<br>amount | Fair<br>value |
|  **Financial assets** |  |  |  |  |  |  |
|  Cash | Amortized cost | n/a | $**14685** | $**14685** | $19997 | $19997 |
|  Accounts receivable | Amortized cost | n/a | **139542** | **139542** | 120616 | 120616 |
|  Long-term asset | FVTPL <sup>(1)</sup> | 3 | **8000** | **8000** | 8000 | 8000 |
|  **Financial liabilities** |  |  |  |  |  |  |
|  Accounts payable and accrued liabilities | Amortized cost | n/a | **327939** | **327939** | 306942 | 306942 |
|  Dividends payable | Amortized cost | n/a | **2395** | **2395** | 2283 | 2283 |
|  Long-term debt | Amortized cost | n/a | **520512** | **514797** | 507283 | 499427 |

---

<sup>(1)</sup> Fair Value Through Profit or Loss

For the Company's current financial assets and liabilities, including accounts receivable, accounts payable, accrued liabilities and dividends payable, which are short term in nature and subject to normal trade terms, the carrying values approximate their fair value. The fair value of BGSI's long-term debt has been determined by calculating the present value of the interest rate spread that exists between the actual Term Loan A and the rate that would be negotiated with the economic conditions at the reporting date. As there is no ready secondary market for BGSI's other long-term debt and other long-term asset, the fair value has been estimated using the discounted cash flow method.

**Collateral**

The Company's syndicated loan facility is collateralized by a General Security Agreement. The carrying amount of the financial assets pledged as collateral for this facility at June 30, 2025 was approximately $154,227 (December 31, 2024 - $140,613).

**14.** **SEASONALITY** 

BGSI's financial results for any individual quarter are not necessarily indicative of results to be expected for the full year. Interim period revenues, operating expenses and earnings are typically sensitive to regional and local weather, market conditions, and in particular, to cyclical variations in economic activity and market demand.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

For the three and six months ended June 30, 2025 and 2024

*(thousands of U.S. dollars, except share and share amounts)* 

**15.** **SEGMENTED REPORTING** 

BGSI has one reportable line of business, being automotive collision repair and related services, with all revenues relating to a group of similar services. In this circumstance, IFRS requires BGSI to provide geographical disclosure. For the periods reported, all of BGSI's revenues were derived within Canada or the United States of America. Reportable assets include property, plant and equipment, right of use assets, goodwill and intangible assets which are all located within these two geographic areas.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br>June 30,** | **Three months ended<br>June 30,** | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  **Revenues** |  |  |  |  |
|  Canada | $**63297** | $63264 | $**124892** | $126218 |
|  United States | **717110** | 715899 | **1433838** | 1439492 |
|  | $**780407** | $779163 | $**1558730** | $1565710 |
| **Reportable Assets** |  |  | **June 30,** | December 31, |
| As at |  |  | **2025** | 2024 |
|  Canada |  |  | $**212942** | $199299 |
|  United States |  |  | **1994834** | 1979282 |
|  |  |  | $**2207776** | $2178581 |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

For the three and six months ended June 30, 2025 and 2024

*(thousands of U.S. dollars, except share and share amounts)* 

**16.** **EARNINGS PER SHARE** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  Net earnings | $**5422** | $10826 | $**2785** | $19207 |
|  Basic weighted average number of shares | **21467807** | 21472288 | **21467695** | 21472241 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option plan | **2176** | 5576 | **3710** | 8217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payment plan | **53412** |  | **53412** |  |
|  Average number of shares outstanding - diluted basis | **21523395** | 21477864 | **21524817** | 21480458 |
|  Basic earnings per share | $**0.25** | $0.50 | $**0.13** | $0.89 |
|  Diluted earnings per share | $**0.25** | $0.50 | $**0.13** | $0.89 |

---

For the three months ended June 30, 2025, the impact of the stock options issued in 2022 were included in the diluted average number of shares outstanding. The stock options issued in 2021, 2023, 2024 and 2025 could have potentially diluted the basic earnings per share, but their impact was anti-dilutive during these periods.

For the six months ended June 30, 2025, the impact of the stock options issued in 2022 and 2025 were included in the diluted average number of shares outstanding. The stock options issued in 2021, 2023 and 2024 could have potentially diluted the basic earnings per share, but their impact was anti-dilutive during these periods.

For the three and six months ended June 30, 2024, the impact of the stock options issued in 2021, 2022 and 2023 were included in the diluted average number of shares outstanding. The stock options issued in 2024 could have potentially diluted the basic earnings per share, but their impact was anti-dilutive during these periods.

During the first quarter of 2025, Boyd cancelled 5,784 shares pursuant to the Plan of Arrangement involving the conversion of Boyd Group Income Fund to Boyd Group Services Inc., which was effective January 1, 2020. Any shares that were not deposited by December 31, 2024 ceased to represent a right or claim of any kind or nature and have been cancelled.

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

For the three and six months ended June 30, 2025 and 2024

*(thousands of U.S. dollars, except share and share amounts)* 

**17.** **STOCK OPTION PLAN** 

During the first quarter of 2021, the Company instituted a stock option plan for senior management, which was approved by shareholders on May 12, 2021. The Company's stock option plan allows for the granting of options up to an amount of 250,000 Common shares under this plan. Each tranche of the options vests equally over two, three, four and five year periods. The term of an option shall be determined and approved by the People, Culture and Compensation Committee; provided that the term shall be no longer than ten years from the grant date.

The information on the outstanding options are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
|  | **2025** | **2025** | 2024 | 2024 |
|  | **Number** | **Weighted<br>average exercise<br>price (C$)** | Number | Weighted<br>average exercise<br>price (C$) |
|  Balance at the beginning of period | **94471** | $**217.39** | 71507 | $219.55 |
|  Forfeited during the period | **(5875)** | **212.55** | (1160) | 230.51 |
|  Exercised during the period | **—** | **—** | (182) | 219.21 |
|  Balance at the end of period | **88596** | $**217.71** | 70165 | $219.37 |
|  Exercisable at the end of the period | **19253** | $**198.30** | 8885 | $195.51 |
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2025** | 2024 | 2024 |
|  | **Number** | **Weighted<br>average exercise<br>price (C$)** | Number | Weighted<br>average exercise<br>price (C$) |
|  Balance at the beginning of period | **67762** | $**219.84** | 54559 | $198.78 |
|  Granted during the period | **29380** | **211.27** | 17092 | 285.83 |
|  Forfeited during the period | **(7680)** | **214.91** | (1304) | 229.22 |
|  Exercised during the period | **(866)** | **190.69** | (182) | 219.21 |
|  Balance at the end of period | **88596** | $**217.71** | 70165 | $219.37 |
|  Exercisable at the end of the period | **19253** | $**198.30** | 8885 | $195.51 |

---

The weighted average grant date fair value of stock options granted during the six months ended June 30, 2025 was $69.51 per option (2024 - $97.75). The fair value of each option granted was determined using a Black- Scholes option pricing model. The option valuation was based on the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  Risk-free interest rate | **2.84%** | 3.61% |
|  Expected life (years) | **5.5** | 5.5 |
|  Expected stock price volatility | **30.73%** | 30.68% |
|  Expected dividend yield | **0.259%** | 0.193% |

---

------

**BOYD GROUP SERVICES INC.** 

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** 

For the three and six months ended June 30, 2025 and 2024

*(thousands of U.S. dollars, except share and share amounts)* 

**18.** **CHANGES IN NON-CASH OPERATING WORKING CAPITAL ITEMS** 

---

| | | |
|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** |
|  | **2025** | 2024 |
|  Accounts receivable | $**(2434)** | $(1428) |
|  Inventory | **1528** | 6953 |
|  Prepaid expenses | **5285** | 2763 |
|  Accounts payable and accrued liabilities | **11725** | (8887) |
|  Income taxes, net | **5427** | (6495) |
|  | $**21531** | $(7094) |

---

---

| | | |
|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | 2024 |
|  Accounts receivable | $**(17951)** | $4643 |
|  Inventory | **7178** | 16290 |
|  Prepaid expenses | **2863** | 2145 |
|  Accounts payable and accrued liabilities | **18637** | (21126) |
|  Income taxes, net | **8064** | (4258) |
|  | $**18791** | $(2306) |

---

## Exhibit 4.5

**Exhibit 4.5** 

**Management's Discussion & Analysis** 

**OVERVIEW** 

Boyd Group Services Inc. ("BGSI"), through its operating company, The Boyd Group Inc. and its subsidiaries ("Boyd" or the "Company"), is one of the largest operators of non-franchised collision repair centers in North America in terms of number of locations and sales. The Company currently operates locations in Canada under the trade names Boyd Autobody & Glass and Assured Automotive, as well as in the U.S. under the trade name Gerber Collision & Glass. The Company is also a major retail auto glass operator in the U.S. under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. In addition, the Company operates a third party administrator, Gerber National Claims Services ("GNCS"), that offers glass, emergency roadside and first notice of loss services. The Company also operates a Mobile Auto Solutions ("MAS") service that offers scanning and calibration services. The following is a geographic breakdown of the collision repair locations by trade name and location as at August 12, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g77213g1024004237872.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g77213g1024004237872.jpg)  | **1,003 locations** | **1,003 locations** | **1,003 locations** | **1,003 locations** |  |
| &nbsp;&nbsp;&nbsp; ![LOGO](g77213g1024004735662.jpg) | **46<br>locations** | ![LOGO](g77213g1024004236622.jpg) |  | **875**<br> **locations** |  | ![LOGO](g77213g1024004236474.jpg) <br>|
| &nbsp;&nbsp;&nbsp; Alberta<br>British Columbia<br>Manitoba<br>Saskatchewan<br>![LOGO](g77213g1024004237761.jpg) <br>Ontario | 16 <br> 13<br>13<br>4<br>**82**<br> **locations**<br>82 | Florida (+4)\*<br>Michigan<br>Illinois<br>California<br>Georgia (+1)\*<br>Texas (+2)\*<br>New York<br>Washington<br>Wisconsin<br>North Carolina<br>Indiana (+1)\*<br>Ohio<br>Oklahoma<br>Louisiana (+2)\*<br>Arizona (+1)\*<br>Colorado<br>Tennessee (+5)\* | 80<br>77<br>66<br>52<br>42<br>42<br>41<br>38<br>38<br>37<br>36<br>34<br>28<br>27<br>26<br>22<br>20 | South Carolina<br>Missouri (+1)\*<br>Alabama (+1)\*<br>Maryland (+1)\*<br>Minnesota<br>Pennsylvania<br>Kansas<br>Oregon<br>Virginia (+9)\*<br>Nevada<br>Iowa (+1)\*<br>Hawaii<br>Kentucky<br>Utah<br>Arkansas<br>Nebraska<br>Idaho | 19 <br> 18 <br>15 <br>15 <br>14 <br>14 <br>11 <br>11 <br>10 <br>8 <br>7 <br>6 <br>6 <br>6 <br>3 <br>3 <br>1  | <br> ![LOGO](g77213g1024004236622.jpg) <br>![LOGO](g77213g1024004236714.jpg) <br>![LOGO](g77213g1024004236796.jpg) <br>![LOGO](g77213g1024004236926.jpg) <br>![LOGO](g77213g1024004237022.jpg)  |
|  |  | Florida (+4)\*<br>Michigan<br>Illinois<br>California<br>Georgia (+1)\*<br>Texas (+2)\*<br>New York<br>Washington<br>Wisconsin<br>North Carolina<br>Indiana (+1)\*<br>Ohio<br>Oklahoma<br>Louisiana (+2)\*<br>Arizona (+1)\*<br>Colorado<br>Tennessee (+5)\* | 80<br>77<br>66<br>52<br>42<br>42<br>41<br>38<br>38<br>37<br>36<br>34<br>28<br>27<br>26<br>22<br>20 | South Carolina<br>Missouri (+1)\*<br>Alabama (+1)\*<br>Maryland (+1)\*<br>Minnesota<br>Pennsylvania<br>Kansas<br>Oregon<br>Virginia (+9)\*<br>Nevada<br>Iowa (+1)\*<br>Hawaii<br>Kentucky<br>Utah<br>Arkansas<br>Nebraska<br>Idaho | 19 <br> 18 <br>15 <br>15 <br>14 <br>14 <br>11 <br>11 <br>10 <br>8 <br>7 <br>6 <br>6 <br>6 <br>3 <br>3 <br>1  | <br> ![LOGO](g77213g1024004236622.jpg) <br>![LOGO](g77213g1024004236714.jpg) <br>![LOGO](g77213g1024004236796.jpg) <br>![LOGO](g77213g1024004236926.jpg) <br>![LOGO](g77213g1024004237022.jpg)  |
|  |  | Florida (+4)\*<br>Michigan<br>Illinois<br>California<br>Georgia (+1)\*<br>Texas (+2)\*<br>New York<br>Washington<br>Wisconsin<br>North Carolina<br>Indiana (+1)\*<br>Ohio<br>Oklahoma<br>Louisiana (+2)\*<br>Arizona (+1)\*<br>Colorado<br>Tennessee (+5)\* | 80<br>77<br>66<br>52<br>42<br>42<br>41<br>38<br>38<br>37<br>36<br>34<br>28<br>27<br>26<br>22<br>20 | South Carolina<br>Missouri (+1)\*<br>Alabama (+1)\*<br>Maryland (+1)\*<br>Minnesota<br>Pennsylvania<br>Kansas<br>Oregon<br>Virginia (+9)\*<br>Nevada<br>Iowa (+1)\*<br>Hawaii<br>Kentucky<br>Utah<br>Arkansas<br>Nebraska<br>Idaho | 19 <br> 18 <br>15 <br>15 <br>14 <br>14 <br>11 <br>11 <br>10 <br>8 <br>7 <br>6 <br>6 <br>6 <br>3 <br>3 <br>1  | <br> ![LOGO](g77213g1024004236622.jpg) <br>![LOGO](g77213g1024004236714.jpg) <br>![LOGO](g77213g1024004236796.jpg) <br>![LOGO](g77213g1024004236926.jpg) <br>![LOGO](g77213g1024004237022.jpg)  |
| &nbsp;&nbsp;&nbsp;&nbsp;*The above numbers include 33 intake locations.* | &nbsp;&nbsp;&nbsp;&nbsp;*The above numbers include 33 intake locations.* | *The above numbers include two intake locations*<br> *and two fleet locations co-located with collision repair centers.* | *The above numbers include two intake locations*<br> *and two fleet locations co-located with collision repair centers.* | *The above numbers include two intake locations*<br> *and two fleet locations co-located with collision repair centers.* | *The above numbers include two intake locations*<br> *and two fleet locations co-located with collision repair centers.* | <br> ![LOGO](g77213g1024004236622.jpg) <br>![LOGO](g77213g1024004236714.jpg) <br>![LOGO](g77213g1024004236796.jpg) <br>![LOGO](g77213g1024004236926.jpg) <br>![LOGO](g77213g1024004237022.jpg)  |

---

*\** *Locations added in 2025 and up to August 12, 2025* 

Boyd provides collision repair and glass services to insurance companies, individual vehicle owners, as well as fleet and lease customers, with a high percentage of the Company's revenue being derived from insurance-paid collision repair services.

BGSI's shares trade on the Toronto Stock Exchange under the symbol TSX: BYD.TO.

The following review of BGSI's operating and financial results for the period ended June 30, 2025, including material transactions and events of BGSI up to and including August 12, 2025, should be read in conjunction with the unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2025, as well as the annual audited consolidated financial statements, management discussion & analysis ("MD&A") and annual information form ("AIF") of BGSI, as filed on SEDAR+ at www.sedarplus.com.

------

**SIGNIFICANT EVENTS** 

On February 26, 2025, BGSI announced the launch of its latest five-year goal designed to drive growth and enhance profitability through 2029.

On March 17, 2025, the BGSI Board of Directors declared a cash dividend for the first quarter of 2025 of C$0.153 per common share. The dividend was paid on April 28, 2025 to common shareholders of record at the close of business on March 31, 2025.

On May 15, 2025, the BGSI announced that the nominees listed in the management proxy circular dated March 25, 2025 were elected as Directors of BGSI. Also effective this date, Timothy O'Day stepped down from his role as Chief Executive Officer and was succeeded by Brian Kaner.

On June 17, 2025, the BGSI Board of Directors declared a cash dividend for the second quarter of 2025 of C$0.153 per common share. The dividend was paid on July 29, 2025 to common shareholders of record at the close of business on June 30, 2025.

The Company completed and opened the following number of collision repair acquisitions and start-up locations during the periods listed:

---

| | | | |
|:---|:---|:---|:---|
| **Location** | **Number of locations<br>added through<br>acquisition** | **Number of start-ups** | **Total** |
|  January 1, 2025 to June 30, 2025 | 7 | 10 | 17 |
|  July 1, 2025 to August 12, 2025 | 10 | 2 | 12 |
|  **Total** | **17** | **12** | **29** |

---

During the six months ended June 30, 2025, the Company acquired a single location glass business in California and a single location glass business in Pennsylvania.

Included above is an eight-location multi-store operator ("MSO") based in Virginia which was acquired in early August. This acquisition resulted in surpassing the thousandth store mark, a major milestone for the Company.

**OUTLOOK** 

While industry headwinds continued to impact same-store sales, which declined 2.1% in the second quarter, Boyd continued to outperform the industry. Based on claims processing platform data for the second quarter, the Company estimates the industry was down in the range of 6-8%. Boyd has recently seen positive developments in several of the factors that contributed to the industry headwinds, including a return to positive year-over-year growth in used car prices and moderating growth rates in insurance premiums. While the Company expects it will take time for repairable claim volumes to normalize, Boyd has been actively positioning the Company to come out of this downturn in a strong operational and competitive position. Boyd saw some initial signs of improvement in the business towards the end of the second quarter and these trends have continued to date in the third quarter. While it is still early in the third quarter, the industry headwinds appear to be moderating and thus far the Company has achieved a modest amount of positive same-store sales growth.

The launch and execution of Project 360 positions the Company for improved margins and the ability to achieve operating leverage as the business scales. During the second quarter, Boyd successfully implemented the indirect staffing model and is on track to realize an annualized cost savings run rate of $30 million. In addition, the Company expects to realize an incremental $40 million in annualized run rate cost savings by the end of 2026, which is expected to roll out ratably between the beginning of the third quarter and the end of 2026 and will include key initiatives surrounding direct and indirect procurement spending. The remaining $30 million of our $100 million cost savings target will be realized between 2027 and 2029.

------

In addition to Project 360, Boyd has also increased the focus on key performance indicators of each of the Company's insurance company clients. Boyd's long-standing WOW Operating Way has enabled the Company to successfully achieve above industry performance in three key areas: net promoter score, total cycle time and average cost of repair. The Company has expanded this initiative to focus on each insurance company clients' unique performance indicators, striving to provide all vehicle owners with an exceptional customer service experience. Boyd has linked the compensation structure of regional and field management to these custom performance metrics and believe this initiative has played an important role in the Company's same-store sales industry outperformance.

Boyd has augmented the Company's go-to-market strategy for new location growth, namely start-up locations and single- shop acquisitions. The Company has undergone a comprehensive analysis of each region to enable the Company to take a more strategic approach to new location growth with an emphasis on strengthening Boyd's position in core markets. This will enable Boyd to generate enhanced revenue synergies and operating leverage, provide a more predictable cadence of new start-up-location growth and position the Company to better serve insurance company clients. The Company is on track to open 16 new start-up locations in the second half of 2025, with the pipeline for brownfield and greenfield growth now developed to deliver approximately eight to ten new start-up locations on a quarterly basis. In addition to Boyd's established single shop pipeline, the Company has seen an increase in acquisition opportunities in the small regional MSO market in 2025. This is evident by the recent purchase of an eight-location MSO based in Virginia in early August, Boyd's first MSO acquisition since 2021.

Boyd has remained focused on enhancing customer service, improving profitability and positioning the Company to continue to execute the growth strategy. Boyd has been disciplined with acquisition activity as valuation levels rose and maintained a strong balance sheet. As Boyd looks forward, the Company is well positioned for continued profitability improvements and to take advantage of the growth opportunities ahead.

In the long-term, management remains confident in its business model and its ability to increase market share by expanding its presence in North America through strategic acquisitions alongside organic growth from Boyd's existing operations. Accretive growth will remain the Company's long-term focus whether it is through organic growth, new store development, or acquisitions. The North American collision repair industry remains highly fragmented and offers attractive opportunities for industry leaders to build value through focused consolidation and economies of scale. As a growth company, Boyd's objective continues to be to maintain a conservative dividend policy that will provide the financial flexibility necessary to support growth initiatives while gradually increasing dividends over time. The Company remains confident in its management team, systems and experience. This, along with a strong financial position and financing options, positions Boyd well for success into the future.

**BUSINESS ENVIRONMENT & STRATEGY** 

As at August 12, 2025, the business environment of the Company and strategies adopted by management remain unchanged from those described in BGSI's 2024 annual MD&A.

**Update on Business Strategy** 

Boyd is committed to its previously announced five-year goal which includes growing revenue to $5 billion in 2029, doubling Adjusted EBITDA dollars from 2024-2029 and returning to an Adjusted EBITDA margin of 14%. Project 360, a company-wide transformational cost initiative, was introduced as a way to support these goals. Project 360 is expected to result in $100 million of annual recurring cost savings over the 5 years with upfront investment and transition costs incurred to achieve these benefits in the $20-23 million range.

During the quarter the company successfully implemented the indirect staffing model and is on track to realize annualized run rate savings of $30 million. Thus far in 2025, Boyd also launched several other initiatives aimed at achieving improved gross margin and reducing operating expenses, including key initiatives surrounding direct and indirect procurement spending. The Company has begun to see early progress on its direct procurement initiative through improved parts margins in the second quarter of 2025.

------

Since the launch of Project 360, the Company has incurred costs of $16.1 million. These costs are related to achieving the benefits already experienced, as well as other initiatives which have been launched, with the cost savings to occur in the future.

------

**CAUTION CONCERNING FORWARD-LOOKING STATEMENTS** 

Statements made in this interim report, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend", or "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on such statements, as actual results may differ materially from those expressed or implied in such statements.

The following table outlines forward-looking information included in this MD&A:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Forward-looking Information** | **Key Assumptions** | **Most Relevant Risk Factors** |
| &nbsp;&nbsp;&nbsp; Boyd plans to grow revenue to $5 billion and double Adjusted EBITDA to $700 million by 2029. | New location opportunities continue to be available and are at acceptable and accretive prices<br>Financing options continue to be available at reasonable rates and on acceptable terms and conditions<br>New and existing customer relationships are expected to provide acceptable levels of revenue opportunities<br>Anticipated operating results of new locations would be accretive to overall Company results<br>Initiatives to increase production capacity are successful<br>Project 360 is successful<br>Technology is leveraged to optimize mix decisions<br>Material spend is optimized<br>Store operating model is optimized to drive leverage as volume scales<br>Tariff impacts are offset by client pricing increases | Acquisition market conditions change and repair shop owner demographic trends change<br>Credit and refinancing conditions prevent or restrict the ability of the Company to continue growth strategies<br>Changes in market conditions and operating environment<br>Significant decline in the number of insurance claims<br>Integration of new stores is not accomplished as planned<br>Increased competition which prevents achievement of acquisition and revenue goals<br>Initiatives to increase production capacity take longer than expected or are not successful<br>Insurance premium inflation and overall economic uncertainty continue to impact claims volumes<br>Anticipated cost savings take longer than expected or are not fully realized<br>Client pricing is not adjusted to reflect tariff impacts |
| &nbsp;&nbsp;&nbsp; Project 360 is expected to require investment and transition costs totaling in the $20-23 million range. | The actual cost for these expenditures agrees with the original estimate<br>The project is completed according to the estimated timeline<br>No other new requirements are identified or required during the period<br>All identified costs are required during the period | BGSI may identify additional expenditure needs that were not originally anticipated<br>BGSI may identify expenditure needs that were originally anticipated; however, are no longer required or required on a different timeline |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Forward-looking Information** | **Key Assumptions** | **Most Relevant Risk Factors** |
| &nbsp;&nbsp;&nbsp; Project 360 is expected to result in $100 million in annual cost savings over the plan period. Improved gross margins, reduced operating expenses and improved operating expense leverage is expected to be realized during the period from 2025 to 2029.<br> During the second quarter, Boyd successfully implemented the indirect staffing model, which is on track to realize an annualized cost savings run rate of $30 million. In addition, the Company expects to realize an incremental $40 million in annualized run rate cost savings by the end of 2026, which is expected to roll out ratably between the beginning of the third quarter and the end of 2026 and will include key initiatives surrounding direct and indirect procurement spending. The remaining $30 million of our $100 million cost savings target will be realized between 2027 and 2029. | The project is completed according to the estimated timeline<br>Cost savings initiatives have been appropriately identified<br>Adequate time and resources are dedicated to achieving cost savings objectives<br>Initiatives to increase production capacity are successful<br>Technology is leveraged to optimize mix decisions<br>Material spend is optimized<br>Store operating model is optimized to drive leverage as volume scales | Cost savings realized differ from amounts originally anticipated<br>Timeframe for cost savings differs from original timeline<br>Initiatives to increase production capacity take longer than expected or are not successful<br>Anticipated cost savings take longer than expected or are not fully realized |
| &nbsp;&nbsp;&nbsp; The Company anticipates achieving 80% internalization of scanning and calibration services within the next 1-2 years. | Staffing to service scanning and calibration continues to be available<br>Necessary equipment is readily available<br>Vehicles requiring scanning and calibration services increase according to industry and company projections | Demand for services grows more rapidly than anticipated during the timeframe<br>Necessary equipment is not available in the required timeframe<br>Vehicles requiring scanning and calibration services increase at a pace that differs from industry and company projections<br>Vehicle population in certain geographies does not support the investment required to internalize scanning and calibration services |
| &nbsp;&nbsp;&nbsp; Boyd remains confident in its business model to increase market share by expanding its presence in North America through strategic and accretive acquisitions alongside organic growth from Boyd's existing operations. | Re-emergence of stability in economic conditions<br>Stability in employment rates<br>New and existing customer relationships are expected to provide acceptable levels of revenue opportunities<br>The Company's customer and supplier relationships provide it with competitive advantages to increase sales over time<br>Market share growth will more than offset systemic changes in the industry and environment<br>Anticipated operating results would be accretive to overall Company results | Economic conditions deteriorate<br>Loss of one or more key customers or loss of significant volume from any customer<br>Decline in the number of insurance claims<br>Inability of the Company to pass cost increases to customers over time<br>Increased competition which may prevent achievement of revenue goals<br>Changes in market conditions and operating environment<br>Changes in weather conditions<br>Inability to maintain, replace or grow technician capacity could impact organic growth |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Forward-looking Information** | **Key Assumptions** | **Most Relevant Risk Factors** |
| &nbsp;&nbsp;&nbsp; Stated objective to gradually increase dividends over time. | Growing profitability of the Company and its subsidiaries<br>The continued and increasing ability of the Company to generate cash available for dividends<br>Balance sheet strength and flexibility is maintained and the dividend level is manageable taking into consideration bank covenants, growth requirements and maintaining a dividend level that is supportable over time | BGSI is dependent upon the operating results of the Company<br>Economic conditions deteriorate<br>Changes in weather conditions<br>Decline in the number of insurance claims<br>Loss of one or more key customers or loss of significant volume from any customer<br>Changes in government regulation |
| &nbsp;&nbsp;&nbsp; During 2025, the Company plans to make cash capital expenditures, excluding those related to acquisition and development of new locations, within the range of 1.6% and 1.8% of sales. In addition to these capital expenditures, the Company plans to invest in network technology upgrades to further strengthen our technology and security infrastructure and prepare for advanced technology needs in the future. The investment expected in 2025 is in the range of $10M to $12M, with an investment in 2026 in the range of $2 million to $4 million. | The actual cost for these capital expenditures agrees with the original estimate<br>The purchase, delivery and installation of the capital items is consistent with the estimated timeline<br>No other new capital requirements are identified or required during the period<br>All identified capital requirements are required during the period | Actual expenditures could be above or below 1.6% to 1.8% of sales<br>The timing of the expenditures could occur on a different timeline<br>BGSI may identify additional capital expenditure needs that were not originally anticipated<br>BGSI may identify capital expenditure needs that were originally anticipated; however, are no longer required or required on a different timeline |

---

We caution that the foregoing table contains what BGSI believes are the material forward-looking statements and is not exhaustive. Therefore, when relying on forward-looking statements, investors and others should refer to the "Risk Factors" section of BGSI's Annual Information Form, the "Business Risks and Uncertainties" and other sections of our Management's Discussion and Analysis and our other periodic filings with Canadian securities regulatory authorities. All forward-looking statements presented herein should be considered in conjunction with such filings.

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**NON-GAAP FINANCIAL MEASURES AND RATIOS** 

**EBITDA AND ADJUSTED EBITDA** 

Earnings before interest, taxes, depreciation and amortization ("EBITDA") is not a calculation defined in IFRS Accounting Standards. EBITDA should not be considered an alternative to net earnings in measuring the performance of BGSI, nor should it be used as an exclusive measure of cash flow. BGSI reports EBITDA, Adjusted EBITDA and Adjusted EBITDA margin because they are key measures that management uses to evaluate performance of the business and to reward its employees. EBITDA is also a concept utilized in measuring compliance with debt covenants. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are measures commonly reported and widely used by investors and lending institutions as an indicator of a company's operating performance and ability to incur and service debt, and as a valuation metric. While EBITDA is used to assist in evaluating the operating performance and debt servicing ability of BGSI, investors are cautioned that EBITDA, Adjusted EBITDA and Adjusted EBITDA margin as reported by BGSI may not be comparable in all instances to EBITDA as reported by other companies.

CPA Canada's Canadian Performance Reporting Board defined Standardized EBITDA to foster comparability of the measure between entities. Standardized EBITDA represents an indication of an entity's capacity to generate income from operations before taking into account management's financing decisions and costs of consuming tangible and intangible capital assets, which vary according to their vintage, technological age and management's estimate of their useful life. Accordingly, Standardized EBITDA comprises sales less operating expenses before finance costs, capital asset amortization and impairment charges, and income taxes. Adjusted EBITDA is calculated to exclude items of an unusual nature that do not reflect normal or ongoing operations of BGSI and which should not be considered in a valuation metric or should not be included in an assessment of the ability to service or incur debt. Included as an adjustment to EBITDA are acquisition and transformational cost initiatives expenses and fair value adjustments to contingent consideration. These adjustments which do not relate to the current operating performance of the business units but are typically costs incurred to expand operations as well as execute a transformation plan, expected to assist in achieving BGSI's five-year goal. From time to time BGSI may make other adjustments to its Adjusted EBITDA for items that are not expected to recur.

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The following is a reconciliation of BGSI's net earnings to Standardized EBITDA, Adjusted EBITDA and Adjusted EBITDA margin:

**ADJUSTED EBITDA** 

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| | | | | |
|:---|:---|:---|:---|:---|
| *(thousands of U.S. dollars)* | **Three months ended<br>June 30,** | **Three months ended<br>June 30,** | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  Net earnings | $**5422** | $10826 | $**2785** | $19207 |
|  Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | **18023** | 17210 | **35855** | 33332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | **2851** | 4215 | **2561** | 7362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment | **21547** | 17902 | **42394** | 34302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of right of use assets | **31799** | 31098 | **63414** | 60757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | **6868** | 6824 | **13548** | 13383 |
|  Standardized EBITDA | $**86510** | $88075 | $**160557** | $168343 |
|  Add (deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments |  |  | **1** | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and transformational cost initiatives | **7276** | 1501 | **13773** | 2947 |
|  Adjusted EBITDA | $**93786** | $89576 | $**174331** | $171283 |
|  Sales | $**780407** | $779163 | $**1558730** | $1565710 |
|  Adjusted EBITDA margin (%) | **12.0** | 11.5 | **11.2** | 10.9 |

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**ADJUSTED NET EARNINGS** 

In addition to Standardized EBITDA and Adjusted EBITDA, BGSI believes that certain users of financial statements are interested in understanding net earnings excluding certain fair value adjustments and other items of an unusual or infrequent nature that do not reflect normal or ongoing operations of the Company. This can assist these users in comparing current results to historical results that did not include such items. The following is a reconciliation of BGSI's net earnings to adjusted net earnings:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(thousands of U.S. dollars, except share and per share amounts)* | **Three months ended**<br> **June 30,** | **Three months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  Net earnings | $**5422** | $10826 | $**2785** | $19207 |
|  Add (deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments (non-taxable) | **—** | **—** | **1** | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition and transformational cost initiatives (net of tax) | **5384** | 1111 | **10192** | 2181 |
|  Adjusted net earnings | $**10806** | $11937 | $**12978** | $21381 |
|  Weighted average number of shares | **21467807** | 21472288 | **21467695** | 21472241 |
|  Adjusted net earnings per share | $**0.50** | $0.56 | $**0.60** | $1.00 |

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**SAME-STORE SALES** 

Same-store sales is a measure of sales that includes only those locations in operation for the full comparative period. Same- store sales is presented excluding the impact of foreign exchange on the current period. Same-store sales is calculated by applying the prior period exchange rate to the current year sales. The following is a reconciliation of BGSI's sales to same- store sales:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(thousands of U.S. dollars)* | **Three months ended<br>June 30,** | **Three months ended<br>June 30,** | **Six months ended**<br> **June 30,** | **Six months ended**<br> **June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  Sales | $**780407** | $779163 | $**1558730** | $1565710 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales from locations not in the comparative period | **(22953)** | (1923) | **(52333)** | (10370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales from under-performing facilities closed during the period | **(109)** | (2918) | **(633)** | (6643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | **740** |  | **4669** |  |
|  Same-store sales (excluding foreign exchange) | $**758085** | $774322 | $**1510433** | $1548697 |

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**Dividends** 

BGSI declared dividends of C$0.153 per share in the first and second quarters of 2025 (2024 - C$0.150).

Dividends to shareholders of BGSI were declared and paid as follows:

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| | | |
|:---|:---|:---|
| *(thousands of U.S. dollars)*<br> **Record date** | **Payment date** | **Dividend amount** |
|  March 31, 2025 | April 28, 2025 | $**2287** |
|  June 30, 2025 | July 29, 2025 | **2390** |
|  |  | $**4677** |

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---

| | | |
|:---|:---|:---|
| *(thousands of U.S. dollars)* <br> **Record date** | **Payment date** | **Dividend amount** |
|  March 31, 2024 | April 26, 2024 | $2379 |
|  June 30, 2024 | July 29, 2024 | 2350 |
|  |  | $4729 |

---

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**RESULTS OF OPERATIONS** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Results of Operations**<br> *(thousands of U.S. dollars, except per share amounts)* | | | | | | |
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | % change | 2024 | **2025** | % change | 2024 |
|  Sales - Total | **780407** | 0.2 | 779163 | **1558730** | (0.4) | 1565710 |
|  Same-store sales - Total |  |  |  |  |  |  |
|  (excluding foreign exchange) <sup>(1)</sup> | **758085** | (2.1) | 774322 | **1510433** | (2.5) | 1548697 |
|  Gross margin % | **46.8** | 2.6 | 45.6 | **46.5** | 2.9 | 45.2 |
|  Operating expense % | **34.8** | 2.1 | 34.1 | **35.3** | 2.9 | 34.3 |
|  Adjusted EBITDA margin <sup>(1)</sup> % | **12.0** | 4.3 | 11.5 | **11.2** | 2.8 | 10.9 |
|  Adjusted EBITDA <sup>(1)</sup> | **93786** | 4.7 | 89576 | **174331** | 1.8 | 171283 |
|  Acquisition and transformational cost initiatives | **7276** | 384.7 | 1501 | **13773** | 367.4 | 2947 |
|  Depreciation and amortization | **60214** | 7.9 | 55824 | **119356** | 10.1 | 108442 |
|  Fair value adjustments | **—** | N/A |  | **1** | N/A | (7) |
|  Finance costs | **18023** | 4.7 | 17210 | **35855** | 7.6 | 33332 |
|  Income tax expense | **2851** | (32.4) | 4215 | **2561** | (65.2) | 7362 |
|  Adjusted net earnings <sup>(1)</sup> | **10806** | (9.5) | 11937 | **12978** | (39.3) | 21381 |
|  Adjusted net earnings per share <sup>(1)</sup> | **0.50** | (10.7) | 0.56 | **0.60** | (40.0) | 1.00 |
|  Net earnings | **5422** | (49.9) | 10826 | **2785** | (85.5) | 19207 |
|  Basic and diluted earnings per share | **0.25** | (50.0) | 0.50 | **0.13** | (85.4) | 0.89 |

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*<sup>(1)</sup>* *As defined in the non- GAAP financial measures and ratios section of the MD&A.* 

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**2nd Quarter Comparison - Three months ended June 30, 2025 vs. 2024 Sales** 

*Sales* totaled $780.4 million for the three months ended June 30, 2025, an increase of $1.2 million or 0.2% when compared to the same period of 2024. The increase in sales was the result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $21.0 million of incremental sales were generated from 53 new locations that were not in operation for
the full comparative period, which is approximately $0.4 million in sales per new location. These new locations will contribute meaningfully as their sales mature over the next two to three year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-store sales<sup>1</sup> excluding foreign exchange decreased
$16.2 million or 2.1% and decreased a further $0.7 million due to the translation of same-store sales at a lower Canadian dollar exchange rate. The second quarter of 2025 recognized the same number of selling and production days when
compared to the same period of the prior year. Based on claims processing platform data for the three months ended June 30, 2025, the Company estimates the industry was down in the range of 6-8%. While
industry headwinds continued to impact same-store sales, the Company has continued to outperform the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales were affected by the closure of under-performing facilities which decreased sales by $2.8 million.

Same-store sales are calculated by including sales for locations and businesses that have been in operation for the full comparative period.

**Gross Profit** 

*Gross Profit* was $365.4 million or 46.8% of sales for the three months ended June 30, 2025, compared to $355.5 million or 45.6% of sales for the same period of 2024. Gross profit increased $10.0 million as a result of incremental sales from location growth, and the internalization of scanning and calibration, partially offset by a reduction from same-store sales declines when compared to the prior period. Gross margin percentage increased due to several factors, including the benefits of internalization of scanning and calibration, improvements to performance based pricing, and an increase in parts margins. Improvements to parts margin are a result of Project 360 initiatives to enhance direct parts procurement to drive cost efficiencies. To date, the Company has not experienced any material impact as a result of tariffs.

**Operating Expenses** 

*Operating Expenses* for the three months ended June 30, 2025 increased $5.8 million to $271.7 million from $265.9 million for the same period of 2024. However, operating expenses for same stores declined when compared to the same period of the prior year as a result of lower labour costs achieved from changes to the indirect staffing model. Incremental costs from location growth, quarter-to-quarter variation in certain accruals and costs associated with the continued internalization of scanning calibration more than offset these decreases. Closed locations lowered operating expenses by $1.1 million.

Operating expenses as a percentage of sales were 34.8% for the three months ended June 30, 2025, which compared to 34.1% for the same period of 2024. Operating expenses as a percentage of sales was positively impacted by the introduction of Project 360, the transformational cost initiative launched during the fourth quarter of 2024. During the quarter, the Company successfully rolled out the indirect staffing model and is on track to realize an annualized cost savings run rate of $30 million as a result. More than offsetting this positive impact were lower same-store sales causing negative leverage, quarter-to- quarter variation in certain accruals, and an investment in facilities maintenance costs, with spend in the quarter being elevated due to pent-up demand from deferred work. The Company also experienced incremental costs associated with the internalization of scanning and calibration and higher information technology expenses related to additional licensing and security costs. While the internalization of scanning and calibration contributes positively to gross profit and Adjusted EBITDA, it does not contribute incremental sales and therefore increases operating expenses as a percentage of sales. New locations contributed positively to sales but had a higher operating ratio of 36.8%.

<sup>1</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A

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Despite the headwinds faced this quarter, the Company continues to be on track to realize its margin enhancement objectives.

**Acquisition and Transformational Cost Initiatives** 

*Acquisition and Transformational Cost Initiatives* for the three months ended June 30, 2025 were $7.3 million compared to $1.5 million recorded for the same period of 2024. Acquisition costs relate to various acquisitions, including acquisitions from prior periods, as well as other completed or potential acquisitions. Expenses related to the transformational cost initiatives of $6.3 million incurred in the second quarter of 2025 are non-recurring and relate to the execution of a transformation plan expected to assist in achieving BGSI's five-year goal. No similar transformation costs were incurred during the second quarter of 2024.

**Adjusted EBITDA** 

*Earnings before interest, income taxes, depreciation and amortization, adjusted for contingent consideration, as well as fair value adjustments and acquisition and transformational cost initiatives ("Adjusted EBITDA")<sup>2</sup>* for the three months ended June 30, 2025 totaled $93.8 million or 12.0% of sales compared to Adjusted EBITDA of $89.6 million or 11.5% of sales in the same period of the prior year. The $4.2 million increase in Adjusted EBITDA is the result of improvements in gross margin, as well as reduction of costs in shop labor as a result of the roll out of Project 360 that resulted in significant cost savings.

**Depreciation and Amortization** 

*Depreciation* related to property, plant and equipment totaled $21.5 million or 2.8% of sales for the three months ended June 30, 2025, an increase of $3.6 million when compared to the $17.9 million or 2.3% of sales recorded in the same period of the prior year. The increase in depreciation expense was primarily due to growth in locations, the investments in network technology upgrades, as well as growth related to the calibration business. Investments in the calibration business pertain primarily to vehicles and calibration technology equipment. While, the internalization of scanning and calibration contributes positively to gross profit and Adjusted EBITDA, it does not contribute incremental sales and therefore increases depreciation as a percentage of sales. Depreciation expense as a percentage of sales has also been impacted by same-store sales declines.

*Depreciation* related to right of use assets totaled $31.8 million, or 4.1% of sales for the three months ended June 30, 2025, as compared to $31.1 million or 4.0% of sales for the same period of the prior year. The increase in depreciation expense was primarily due to location growth and lease renewals. Depreciation expense as a percentage of sales was impacted by same- store sales declines.

*Amortization* of intangible assets for the three months ended June 30, 2025 totaled $6.9 million or 0.9% of sales, compared to the $6.8 million or 0.9% of sales expensed for the same period of the prior year.

**Finance Costs** 

*Finance Costs* of $18.0 million or 2.3% of sales for the three months ended June 30, 2025 increased from $17.2 million or 2.2% of sales for the same period of the prior year. The increase in finance costs was due to increased lease liabilities as a result of lease renewals and location growth. This was partially offset by decreased interest on the revolving credit facility primarily driven by decreasing rates.

**Income Taxes** 

*Current and Deferred Income Tax Expense* of $2.9 million for the three months ended June 30, 2025 compared to $4.2 million for the same period of the prior year. Income tax expense was impacted by the recording of adjustments related to the completion and filing of the prior year Canadian tax returns. In addition, the impact of permanent differences is having a more pronounced impact on the effective tax rate in the second quarter of 2025 due to the level of net income before taxes.

<sup>2</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A.

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On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act enacted in 2017 that were set to expire at the end of 2025, including 100% bonus depreciation and revisions to the business interest expense limitation. The Company is currently evaluating the impact of the new legislation but does not expect it to have a material impact on the results of operations.

**Net Earnings and Earnings Per Share** 

*Net Earnings* for the three months ended June 30, 2025 was $5.4 million or 0.7% of sales compared to net earnings of $10.8 million or 1.4% of sales in the same period of the prior year. The net earnings amount in 2025 was impacted by acquisition and transformational cost initiatives of $5.4 million (net of tax). *Adjusted net earnings*<sup>3</sup> for the second quarter of 2025 was $10.8 million, or 1.4% of sales. This compares to Adjusted net earnings of $11.9 million or 1.5% of sales in the same period of 2024. Net earnings and Adjusted net earnings for the period benefited from higher Adjusted EBITDA. The $4.2 million increase in Adjusted EBITDA is the result of improvements in gross margin, as well as reduction of indirect staffing as a result of the roll out of Project 360. Net earnings and Adjusted net earnings were negatively impacted by increased depreciation expense and increased finance costs. The increase in depreciation expense was primarily due to growth in locations, the investments in network technology upgrades, as well as growth related to the calibration business.

*Basic and Diluted Earnings Per Share* was $0.25 per share for the three months ended June 30, 2025 compared to $0.50 for the second quarter of 2024. Adjusted net earnings per share was $0.50 compared to $0.56 for the second quarter of 2024.

**Year-to-date Comparison - Six months ended June 30, 2025 vs. 2024** 

**Sales** 

*Sales* totaled $1,558.7 million for the six months ended June 30, 2025 a decrease of $7.0 million or 0.4% when compared to the same period of 2024. The decrease in sales was the result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-store sales excluding foreign exchange decreased $38.3 million or 2.5%, and decreased
$4.7 million due to the translation of same-store sales at a lower Canadian dollar exchange rate. The first six months of 2025 recognized one less selling and production day when compared to the same period of the prior year, which decreased
selling and production capacity by approximately 0.8%. Based on claims processing platform data for the six months ended June 30, 2025, the Company estimates the industry was down in the range of 7-9%. While industry headwinds continued to impact same-store sales, the Company has continued to outperform the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $42.0 million of incremental sales were generated from 66 new locations that were not in operation for
the full comparative period, which is approximately $0.6 million in sales per new location. These new locations will contribute meaningfully as their sales mature over the next two to three year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales were affected by the closure of under-performing facilities which decreased sales by $6.0 million.

Same-store sales are calculated by including sales for locations and businesses that have been in operation for the full comparative period.

**Gross Profit** 

*Gross Profit* was $724.7 million or 46.5% of sales for the six months ended June 30, 2025 compared to $708.0 million or 45.2% of sales for the same period of 2024. Gross profit increased $16.7 million as a result of incremental sales from location growth and the internalization of scanning and calibration, partially offset by the loss from same-store sales declines when compared to the prior period. Gross margin percentage increased due to several factors, including the benefits of internalization of scanning and calibration, and improvements in performance based pricing. To date, the Company has not experienced any material impact in the period as a result of tariffs.

<sup>3</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A.

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**Operating Expenses** 

*Operating Expenses* for the six months ended June 30, 2025 increased $13.7 million to $550.4 million from $536.7 million for the same period of 2024. The increase in operating expenses was primarily the result of location growth and inflationary increases, quarter-to-quarter variation in certain accruals, and costs associated with the continued internalization of scanning and calibration. Partially offsetting these increases were lower labor costs as a result of changes to the indirect staffing model. Closed locations lowered operating expenses by $2.0 million.

Operating expenses as a percentage of sales were 35.3% for the six months ended June 30, 2025, which compared to 34.3% for the same period of 2024. Operating expenses as a percentage of sales was positively impacted by the introduction of Project 360, the transformational cost initiative launched during the fourth quarter of 2024. The company successfully rolled out the indirect staffing model and is on track to realize an annualized cost savings run rate of $30 million as a result. More than offsetting this positive impact were lower same-store sales causing negative leverage, quarter-to-quarter variation in certain accruals, and an investment in facilities maintenance costs, with spend in the quarter being elevated due to pent-up demand from deferred work. The Company also experienced incremental costs associated with the internalization of scanning and calibration and higher information technology expenses related to additional licensing and security costs. While the internalization of scanning and calibration contributes positively to gross profit and Adjusted EBITDA, it does not contribute incremental sales and therefore increases operating expenses as a percentage of sales.

**Acquisition and Transformational Cost Initiatives** 

*Acquisition and Transformational Cost Initiatives* for the six months ended June 30, 2025 was $13.8 million compared to $2.9 million recorded for the same period of 2024. Acquisition costs relate to various acquisitions, including acquisitions from prior periods, as well as other completed or potential acquisitions. Expenses related to the transformational cost initiatives of $11.7 million incurred in the first half of 2025 are non-recurring and relate to the execution of a transformation plan expected to assist in achieving BGSI's five-year goal. No similar transformation costs were incurred during the first half of 2024.

**Adjusted EBITDA** 

*Earnings before interest, income taxes, depreciation and amortization, adjusted for contingent consideration, as well as fair value adjustments and acquisition and transformational cost initiatives ("Adjusted EBITDA")* for the six months ended June 30, 2025 totaled $174.3 million or 11.2% of sales compared to Adjusted EBITDA of $171.3 million or 10.9% of sales in the same period of 2024. The $3.0 million increase was primarily driven by the improvements in gross margin, as well as the reduction of indirect labor costs as a result of the introduction of Project 360, the transformational cost initiative launched during the fourth quarter of 2024.

**Depreciation and Amortization** 

*Depreciation* related to property, plant and equipment totaled $42.4 million or 2.7% of sales for the six months ended June 30, 2025, an increase of $8.1 million when compared to the $34.3 million or 2.2% of sales recorded in the same period of 2024. The increase in depreciation expense was primarily due to location growth and the investment in network technology upgrades, as well as growth related to the calibration business. Investments in the calibration business pertain primarily to vehicles and calibration technology equipment. While, the internalization of scanning and calibration contributes positively to gross profit and Adjusted EBITDA, it does not contribute incremental sales and therefore increases depreciation as a percentage of sales. Depreciation expense as a percentage of sales has been impacted by same-store sales declines.

*Depreciation* related to right of use assets totaled $63.4 million, or 4.1% of sales for the six months ended June 30, 2025, as compared to $60.8 million or 3.9% of sales for the same period of 2024. The increase in depreciation expense was primarily due to location growth and lease renewals. Depreciation expense as a percentage of sales has been impacted by same-store sales declines.

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*Amortization* of intangible assets for the six months ended June 30, 2025 totaled $13.5 million or 0.9% of sales, an increase of $0.2 million when compared to the $13.4 million or 0.9% of sales expensed for the same period of 2024.

**Finance Costs** 

*Finance Costs* of $35.9 million or 2.3% of sales for the six months ended June 30, 2025 increased from $33.3 million or 2.1% of sales for the same period of 2024. The increase in finance costs was due to increased draws on the revolving credit facility as well as increased lease liabilities as a result of lease renewals and location growth.

**Income Taxes** 

*Current and Deferred Income Tax Expense* of $2.6 million for the six months ended June 30, 2025 compared to an expense of $7.4 million for the same period of 2024. Income tax expense was impacted by the recording of adjustments related to the completion and filing of the prior year Canadian tax returns. In addition, the impact of permanent differences is having a more pronounced impact on the effective tax rate in the first half of 2025 due to the level of net income before taxes.

**Net Earnings and Earnings Per Share** 

*Net Earnings* for the six months ended June 30, 2025 was $2.8 million or 0.2% of sales compared to net earnings of $19.2 million or 1.2% of sales in the same period of the prior year. The net earnings amount in 2025 was impacted by acquisition and transformational cost initiatives of $10.2 million (net of tax). *Adjusted net earnings*<sup>4</sup> for the six months ended June 30, 2025 was $13.0 million, or 0.8% of sales. This compares to Adjusted net earnings of $21.4 million or 1.4% of sales in the same period of 2024. Net earnings and Adjusted net earnings benefited from higher Adjusted EBITDA. The $3.0 million increase in Adjusted EBITDA is the result of improvements in gross margin, as well as reduction of costs in shop labor as a result of the roll out of Project 360 that resulted in significant cost savings. Net earnings and Adjusted net earnings were negatively impacted by increased depreciation expense and increased finance costs. The increase in depreciation expense was primarily due to growth in locations, investments in network technology upgrades, as well as growth related to the calibration business.

*Basic and Diluted Earnings Per Share* was $0.13 per share for the six months ended June 30, 2025 compared to $0.89 for the same period of 2024. Adjusted net earnings per share was $0.60 compared to $1.00 for the same period of 2024.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summary of Quarterly Results**<br> *(in thousands of U.S. dollars, except per share<br>amounts)* | **2025 Q2** | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 |
|  Sales | $**780407** | $778323 | $752339 | $752293 | $779163 | $786547 | $740014 | $737798 |
|  Adjusted EBITDA <sup>(1)</sup> | $**93786** | $80545 | $83408 | $80128 | $89576 | $81707 | $94207 | $93972 |
|  Net earnings (loss) | $**5422** | $(2637) | $2442 | $2895 | $10826 | $8381 | $19066 | $20498 |
|  Basic and diluted earnings (loss) per share | $**0.25** | $(0.12) | $0.11 | $0.13 | $0.50 | $0.39 | $0.89 | $0.95 |
|  Adjusted net earnings <sup>(1)</sup> | $**10806** | $2172 | $6275 | $3247 | $11937 | $9444 | $19977 | $21483 |
|  Adjusted net earnings per share <sup>(1)</sup> | $**0.50** | $0.10 | $0.29 | $0.15 | $0.56 | $0.44 | $0.93 | $1.00 |

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<sup>(1)</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A.

<sup>4</sup> As defined in the non-GAAP financial measures and ratios section of the MD&A.

------

**LIQUIDITY AND CAPITAL RESOURCES** 

Cash flow from operations, together with cash on hand and undrawn credit on existing facilities are expected to be sufficient to meet operating requirements, capital expenditures and dividends. At June 30, 2025, BGSI had cash, net of outstanding deposits and cheques, held on deposit in bank accounts totaling $14.7 million (December 31, 2024 - $20.0 million). The net working capital ratio (current assets divided by current liabilities) was 0.59:1 at June 30, 2025 (December 31, 2024 – 0.62:1).

At June 30, 2025, BGSI had total debt outstanding, net of cash, of $1,241.5 million compared to $1,231.6 million at December 31, 2024. Debt, net of cash before lease liabilities increased from $487.3 million at December 31, 2024 to $505.8 million at June 30, 2025. Debt, net of cash, before lease liabilities, increased as a result of location growth. During the first quarter of 2025, the Company changed its approach whereby, on a go-forward basis, the development of start-up facilities will primarily be outsourced and upon completion, ownership will transfer directly to a leasing company. During the first half of 2025, the Company completed sale leaseback transactions for proceeds of $9.2 million. The sale leaseback transactions allowed the Company to replenish capital that can be redeployed to further grow the business.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total debt, net of cash** | | | | | |
|  | **June 30,** | March 31, | December 31, | September 30, | June 30, |
| *(thousands of U.S. dollars)* | **2025** | 2025 | 2024 | 2024 | 2024 |
|  Revolving credit facility & swing line (net of financing costs) | $**387931** | $376885 | $369333 | $389774 | $353724 |
|  Term Loan A (net of financing costs) | **124904** | 124895 | 124882 | 124860 | 124847 |
|  Seller notes <sup>(1)</sup> | **7677** | 9904 | 13068 | 15458 | 17939 |
|  Total debt before lease liabilities | $**520512** | $511684 | $507283 | $530092 | $496510 |
|  Cash | **14685** | 1286 | 19997 | 43847 | 15530 |
|  Total debt, net of cash before lease liabilities | $**505827** | $510398 | $487286 | $486245 | $480980 |
|  Lease liabilities | **735645** | 742217 | 744295 | 738895 | 727703 |
|  Total debt, net of cash | $**1241472** | $1252615 | $1231581 | $1225140 | $1208683 |

---

<sup>(1)</sup> Seller notes are loans granted to the Company by the sellers of businesses related to the acquisition of those businesses.

**Operating Activities** 

Cash flow generated from operations, before considering working capital changes, was $78.9 million for the three months ended June 30, 2025 compared to $86.3 million in the same period of 2024.

In the second quarter of 2025, changes in working capital items provided net cash of $21.5 million compared with using net cash of $7.1 million in the same period of 2024. Changes in accounts receivable, inventory, prepaid expenses, income taxes, accounts payable and accrued liabilities are significantly influenced by timing of collections and expenditures.

Cash flow generated from operations before considering working capital changes, was $151.8 million for the six months ended June 30, 2025 compared to $164.3 million for the same period in 2024.

------

For the six months ended June 30, 2025, changes in working capital items provided net cash of $18.8 million compared with using $2.3 million in the same period of 2024. Changes in accounts receivable, inventory, prepaid expenses, income taxes, accounts payable and accrued liabilities are significantly influenced by timing of collections and expenditures.

**Financing Activities** 

Cash used in financing activities totaled $40.8 million for the three months ended June 30, 2025 compared to cash used in financing activities of $6.6 million during the same period of the prior year. During the second quarter of 2025, cash was provided by draws of the revolving credit facility and swing line in the amount of $79.9 million, offset by cash used to repay draws as well as long-term debt associated with seller notes in the amount of $71.1 million and to fund interest costs on long- term debt of $7.1 million. Cash used by financing activities included $29.1 million in repayments of lease liabilities and cash used to fund interest costs on lease liabilities of $11.0 million. Cash was also used to pay dividends of $2.3 million. During the second quarter of 2024, cash was provided by draws of the revolving credit facility and swing line, primarily to fund acquisition and new location growth activity, in the amount of $112.5 million, offset by cash used to repay draws as well as long-term debt associated with seller notes in the amount of $71.8 million and cash used to fund interest costs on long-term debt of $7.2 million. Cash used by financing activities included $27.7 million used to repay lease liabilities and cash used to fund interest costs on lease liabilities of $10.0 million. Cash was also used to pay dividends totaling $2.4 million.

Cash used in financing activities totaled $85.3 million for the six months ended June 30, 2025 compared to cash used by financing activities of $19.9 million for the same period of 2024. During the six months ended June 30, 2025, cash was provided by draws of the revolving credit facility and swing line in the amount of $178.4 million offset by cash used to repay draws as well as long-term debt associated with seller notes in the amount of $165.3 million and to fund interest costs on long-term debt of $14.1 million. Cash used by financing activities included $57.7 million in repayments of lease liabilities and cash used to fund interest costs on lease liabilities of $22.0 million. Cash was also used to pay dividends of $4.6 million. During the six months ended June 30, 2024, cash was provided by draws of the revolving credit facility in the amount of $209.0 million offset by cash used to repay draws as well as long-term debt associated with seller notes in the amount of $136.2 million and to fund interest costs on long-term debt of $13.7 million. Cash used by financing activities included $53.6 million used to repay lease liabilities and cash used to fund interest costs on lease liabilities of $19.7 million. Cash was also used to pay dividends totaling $4.8 million. Financing costs of $0.8 million were incurred to complete the fourth amended and restated credit agreement.

**Debt Financing** 

On March 26, 2024, the Company entered into a fourth amended and restated credit agreement to extend the revolving credit facilities in the aggregate amount of $550 million with an accordion feature which can increase the facilities to a maximum of $850 million (the "Facilities"). The Facilities are accompanied by a fixed-rate Term Loan A maturing in March 2027, in the amount of $125 million at an interest rate of 3.455%. The Facilities are with a syndicate of Canadian and U.S. banks and are secured by the shares and assets of the Company as well as guarantees by BGSI and subsidiaries, while the Term Loan A is with one of the syndicated banks. The interest rate for draws on the Facilities are based on a pricing grid of BGSI's ratio of total funded debt to EBITDA as determined under the credit agreement. The Company can draw on the Facilities in either the U.S. or in Canada, in either U.S. or Canadian dollars. The Company can make draws in tranches as required. Tranches bear interest only and are not repayable until the maturity date but can be voluntarily repaid at any time. The Company has the ability to choose the base interest rate between Prime, Canadian Overnight Repo Rate Average ("CORRA"), U.S. Prime or Secured Overnight Financing Rate ("SOFR") at the Company's election. The credit agreement provides for CORRA as the Canadian benchmark replacement rate on Canadian dollar term advances when the publication of Canadian Dollar Offered Rate ("CDOR") ceased in June 2024. The total syndicated Facilities include a swing line up to a maximum of $10.0 million for the Canadian borrower and $30.0 million for the U.S. borrower. As at June 30, 2025, the Company has drawn $373.5 million U.S. (December 31, 2024 - $370.0 million U.S.) and the Canadian borrower had drawn $nil (December 31, 2024 - $nil) on the Facilities, $125.0 million (December 31, 2024 - $125.0 million) on the Term Loan A, and $15.0 million (December 31, 2024 - $nil) on the swing line.

The Company is subject to certain financial covenants which must be maintained to avoid acceleration of the termination of the credit agreement. The financial covenants require BGSI to maintain a senior funded debt to EBITDA ratio of no greater than 3.50 and an interest coverage ratio of not less than 2.75. For four quarters following a material acquisition, the senior funded debt to EBITDA ratio may be increased to less than 4.00. For purposes of covenant calculations, property lease payments are deducted from EBITDA, and EBITDA is further adjusted to reflect pro-forma annualized acquisition results.

------

The Company supplements its debt financing by negotiating with sellers in certain acquisitions to provide financing to the Company in the form of term notes. The notes payable to sellers are typically at favorable interest rates and for terms of one to 15 years. This source of financing is another means of supporting BGSI's growth, at a relatively low cost. During the six months ended June 30, 2025, no new seller notes were entered into by BGSI.

**Shareholders' Capital** 

During the first quarter of 2021, the Company instituted a stock option plan for senior management, which was approved by shareholders on May 12, 2021. The Company's stock option plan allows for the granting of options up to an amount of 250,000 Common shares under this plan. Each tranche of the options vests equally over two, three, four and five year periods. The term of an option shall be determined and approved by the People, Culture and Compensation Committee; provided that the term shall be no longer than ten years from the grant date.

The information on the outstanding options is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
|  | **2025** | **2025** | 2024 | 2024 |
|  | **Number** | **Weighted<br>average<br>exercise<br>price (C$)** | Number | Weighted<br>average<br>exercise<br>price (C$) |
|  Balance at the beginning of period | **94471** | $**217.39** | 71507 | $219.55 |
|  Forfeited during the period | **(5875)** | **212.55** | (1160) | 230.51 |
|  Exercised during the period | **—** | **—** | (182) | 219.21 |
|  Balance at the end of period | **88596** | $**217.71** | 70165 | $219.37 |
|  Exercisable at the end of the period | **19253** | $**198.30** | 8885 | $195.51 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2025** | 2024 | 2024 |
|  | **Number** | **Weighted<br>average<br>exercise<br>price (C$)** | Number | Weighted<br>average<br>exercise<br>price (C$) |
|  Balance at the beginning of period | **67762** | $**219.84** | 54559 | $198.78 |
|  Granted during the period | **29380** | **211.27** | 17092 | 285.83 |
|  Forfeited during the period | **(7680)** | **214.91** | (1304) | 229.22 |
|  Exercised during the period | **(866)** | **190.69** | (182.00) | 219.21 |
|  Balance at the end of period | **88596** | $**217.71** | 70165 | $219.37 |
|  Exercisable at the end of the period | **19253** | $**198.30** | 8885 | $195.51 |

---

The weighted average grant date fair value of stock options granted during the six months ended June 30, 2025 was $69.51 per option (2024 - $97.75). The fair value of each option granted was determined using a Black-Scholes option pricing model. The option valuation was based on the following assumptions:

------

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  Risk-free interest rate | **2.84%** | 3.61% |
|  Expected life (years) | **5.5** | 5.5 |
|  Expected stock price volatility | **30.73%** | 30.68% |
|  Expected dividend yield | **0.259%** | 0.193% |

---

During the first quarter of 2025, Boyd cancelled 5,784 shares pursuant to the Plan of Arrangement involving the conversion of Boyd Group Income Fund to Boyd Group Services Inc., which was effective January 1, 2020. Any shares that were not deposited by December 31, 2024 ceased to represent a right or claim of any kind or nature and have been cancelled.

During the period, the Company made a prospective change to its share-based compensation plan. The Restricted Share Units (RSU) and Performance Share Units (PSU) plan will now be either cash-settled, share-settled or combination of both, at the Company's discretion. The share-based payment plan was approved by the shareholders on May 14, 2025. The 2025 plan will be accounted for as an equity-settled share-based payment.

Under the equity-settled plan, shares awarded to employees in terms of the RSUs and PSUs are measured at the fair market value at grant date using, where applicable, an appropriate valuation model. The cost is recognized in compensation expenses with a corresponding increase in equity over the period in which the service and, where applicable, the performance conditions are fulfilled.

**Investing Activities** 

Cash used in investing activities totaled $47.0 million and $91.3 million for the three months ended June 30, 2025 and for the six months ended June 30, 2025, respectively. This compares to cash used in investing activities of $73.3 million and $148.6 million used in the same periods of the prior year, respectively. During the six months ended June 30, 2025, the Company completed sale leaseback transactions for proceeds of $9.2 million. There were no sale and leaseback transactions completed for the same period of last year. The remainder of the investing activity in both periods related primarily to new location growth as well as the development of businesses which consisted primarily of property, plant and equipment additions.

**Acquisitions and Development of Businesses** 

The Company completed and opened the following number of collision repair acquisitions and start-up locations during the periods listed:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of locations<br>added through<br>acquisition** | **Number of start-ups** | **Total** |
|  January 1, 2025 to June 30, 2025 | 7 | 10 | 17 |
|  July 1, 2025 to August 12, 2025 | 10 | 2 | 12 |
|  **Total** | **17** | **12** | **29** |

---

During the six months ended June 30, 2025, the Company acquired a single location glass business in California and a single location glass business in Pennsylvania.

Included above is a multi-location acquisition based in Virginia which closed in early August 2025. Boyd will continue to be a strategic buyer of scaled MSO acquisitions at the right economics. In addition to our established single shop pipeline, we have seen an increase in acquisition opportunities in the small regional MSO market in 2025.

------

The Company added 25 locations through acquisition and five start-up locations, for a total of 30 new locations from the beginning of 2024 until the second quarter reporting date of August 7, 2024.

Included as part of cash used for acquisition and development of business were costs related to the acquisition of businesses, as well as the development of businesses which consisted primarily of property, plant and equipment additions to bring new locations up to the Company's standard of quality and also includes development of brownfield and greenfield start-up locations that have not yet opened. During the period the Company also invested in the growth of its scanning and calibration services. Expenditures in this area on vehicles and scanning and calibration technology equipment is expected to continue into the future as the Company grows its internalization of this work from 67% to 80% in the near term.

**Start-ups** 

Start-up collision repair facilities include brownfield locations, which are existing buildings converted to Boyd's use. In some cases this would include opening in a building that was previously a collision repair facility. The Company will also develop greenfield locations which consist of Boyd's prototype building from the ground up. In both cases, Boyd ensures the location is favorable and zoned appropriately to be able to operate upon completion of development. Depending on a variety of factors including zoning, permitting, supply chain and availability of trades, the development of a start-up facility can take between 10 and 24 months, with greenfields generally taking longer than brownfields. During the first quarter of 2025, the Company changed its approach whereby, on a go-forward basis, the development of start-up facilities will primarily be outsourced and upon completion, ownership will transfer directly to a leasing company.

The Company believes that start-up facilities offer a number of advantages and as a result plans to continue increasing the proportion of growth using this approach. This approach provides another option to grow in markets that are new and growing and also allows Boyd to design and develop a facility that has a preferred footprint and flow. Being able to accommodate Boyd's future needs in terms of glass and calibration services is another benefit. These facilities are also attractive from a customer and employee perspective. Having the capability to grow through start-ups at a higher pace gives the Company optionality to invest in a way that continues to provide accretive returns when multi-shop or single location acquisition opportunities are not ideal. While the pipeline continues to grow, the Company currently has following start-up facilities in development and scheduled to open over the next twelve months:

---

| | |
|:---|:---|
|  | **Number of start-up locations currently<br>in development** |
|  July 1, 2025 to September 30, 2025 | 7 |
|  October 1, 2025 to December 31, 2025 | 9 |
|  January 1, 2026 to March 31, 2026 | 8 |
|  April 1, 2026 to June 30, 2026 | 7 |
|  **Total** | 31 |

---

Start-up facilities, whether brownfield or greenfield, have a longer ramp-up period when compared to the Company's historical single shop acquisitions. It generally takes longer for sales to build up to steady state levels in start-up locations. Whereas with single store acquisitions, it takes on average between 12-24 months to add the necessary employees and DRP relationships to drive sales to projected levels, for start-ups it can take between 24-36 months from the time of store opening. During these ramp up periods, leveraging of fixed costs is limited, which impacts the operating expense ratio and supplementing production staff wages may be required, which impacts gross margin. For start-up locations, pre-opening costs such as utilities, core staff, property taxes and shop supplies are incurred without sales revenue to offset these costs. This pattern of extended ramp up would typically result in losses for the months leading up to the opening and continue at decreasing levels as the revenue increases. Performance of newly developed locations will vary, but the long-term value creation of developing start-up sites are very attractive. Based on Boyd's history, newly developed locations would reach maturity by the end of their third year.

------

**Capital Expenditures** 

Although most of Boyd's repair facilities are leased, funds are required to ensure facilities are properly repaired and maintained to ensure the Company's physical appearance communicates Boyd's standard of professional service and quality. The Company's need to maintain its facilities and upgrade or replace equipment to meet increased complexity of newer vehicles, signage, computers, software and vehicles forms part of the annual cash requirements of the business. The Company manages these expenditures by annually reviewing and determining its capital budget needs and then authorizing major expenditures throughout the year based upon individual business cases. Excluding expenditures related to network technology upgrades and acquisition and development, the Company spent approximately $11.1 million or 1.4% of sales on capital expenditures during the second quarter of 2025. The Company spent $16.1 million or 2.1% of sales on capital expenditures excluding expenditures related to acquisition and development during the same period of 2024. Excluding expenditures related to network technology upgrades and acquisition and development, the Company spent approximately $22.5 million or 1.4% of sales on capital expenditures during the six months ended June 30, 2025. The Company spent $31.9 million or 2.0% of sales on capital expenditures excluding expenditures related to acquisition and development during the same period of 2024.

During 2025, the Company plans to make cash capital expenditures, excluding those related to network technology upgrades and acquisition and development of new locations, within the range of 1.6% and 1.8% of sales. In addition to these capital expenditures, the Company plans to invest in network technology upgrades to further strengthen our technology and security infrastructure and prepare for advanced technology needs in the future. During the six months ended June 30, 2025, the company spent $6.4 million on network technology upgrades. The investment expected in 2025 is in the range of $10 million to $12 million, with an investment in 2026 in the range of $2 million to $4 million. This investment aligns with Boyd's ESG sustainability roadmap to further strengthen data privacy and cyber security.

**LEGAL PROCEEDINGS** 

Neither BGSI, nor any of its subsidiaries are involved in any legal proceedings which are material in any respect.

**RELATED PARTY TRANSACTIONS** 

Boyd has not entered into any new related party transactions beyond the items disclosed in the 2024 annual report.

**CRITICAL ACCOUNTING ESTIMATES** 

The preparation of financial statements that present fairly the financial position, financial condition and results of operations requires that BGSI make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates.

The critical accounting estimates are substantially unchanged from those identified in the 2024 annual MD&A.

**INTERNAL CONTROL OVER FINANCIAL REPORTING** 

BGSI's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. During the second quarter of 2025, there have been no changes in BGSI's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, BGSI's internal control over financial reporting.

------

**BUSINESS RISKS AND UNCERTAINTIES** 

Risks and uncertainties affecting the business remain substantially unchanged from those identified in the 2024 annual MD&A.

**ADDITIONAL INFORMATION** 

BGSI's shares trade on the Toronto Stock Exchange under the symbol TSX: BYD.TO. Additional information relating to the BGSI is available on SEDAR+ (www.sedarplus.com) and the Company website (www.boydgroup.com).

## Exhibit 4.6

**Exhibit 4.6**![LOGO](g77213dsp046a.jpg)

## Notice of Annual Meeting

## and Special Meeting of Shareholders

## and Management Information Circular

## March 25, 2025
![LOGO](g77213dsp54.jpg)

------

**BOYD GROUP SERVICES INC.** 

**NOTICE OF ANNUAL MEETING AND SPECIAL MEETING** 

**OF SHAREHOLDERS** 

**TO BE HELD MAY 14, 2025** 

NOTICE IS HEREBY GIVEN that the annual meeting and special meeting ("Meeting") of the holders of common shares ("Shareholders") of Boyd Group Services Inc. ("BGSI") will be held as a virtual shareholders' meeting via live audio webcast online at www.virtualshareholdermeeting.com/BOYD2025 on Wednesday, **May 14, 2025** at 1:00 p.m. CT for the following purposes:

**1.** to receive the consolidated financial statements of BGSI for the year ended December 31, 2024 and the
Auditor's Report thereon;

**2.** to fix the number of Directors at nine;

**3.** to appoint Directors for the ensuing year;

**4.** to appoint auditors for the ensuing year and authorize the Board of Directors to fix their remuneration;

**5.** to vote on an advisory resolution on BGSI's approach to executive compensation;

**6.** to consider and, if thought advisable, to pass, with or without variation, an ordinary resolution, the full
text of which is set out in Appendix II to this Information Circular, approving the Amended and Restated Long-Term Incentive Plan; and

**7.** to transact such other business as may properly come before the Meeting, or any adjournment thereof.

A Shareholder may attend the Meeting virtually or may be represented at the Meeting by proxy. **We encourage Shareholders to vote by completing and submitting the enclosed form of proxy. To be used at the Meeting, proxies must be returned to Broadridge Investor Communications Corporation, c/o Data Processing Centre, P.O. Box 3700 STN Industrial Park, Markham, ON L3R 9Z9, or via Phone: 1-800-474-7493 (English) or 1-800-474-7501 (French), or by Internet voting at www.proxyvote.com, at least 24 hours prior to the Meeting or any adjournment thereof.**

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
**Registered Shareholders and duly appointed proxyholders (including Beneficial Shareholders who have appointed themselves as proxyholders) will be able to listen to the Meeting, ask questions and vote at the Meeting online in real time.** 

**Beneficial Shareholders who do not appoint themselves as proxyholders may still access the Meeting and will be able to ask questions; however, will not be able to vote during the Meeting. Others wishing to attend the Meeting as guests will be able to listen to the Meeting but will not be entitled to ask questions or to vote during the Meeting.** 

DATED at Winnipeg, Manitoba this 25<sup>th</sup> day of March, 2025.

By Order of the Board of Directors.

---

| |
|:---|
| BOYD GROUP SERVICES INC. |
| *(signed)* |
| Per: Jeff Murray<br> Secretary-Treasurer |

---

------

![LOGO](g77213dsp046a.jpg)

## Management Information Circular

## March 25, 2025

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
![LOGO](g77213dsp54.jpg)

------

**BOYD GROUP SERVICES INC.** 

**MANAGEMENT INFORMATION CIRCULAR** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  **[PROXIES](#ex4_6toc77213_1)** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Attendance and Voting at the Virtual Meeting](#ex4_6toc77213_2) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Registered Shareholders](#ex4_6toc77213_3) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Beneficial Shareholders](#ex4_6toc77213_4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Proxyholders](#ex4_6toc77213_5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Designating an Appointee](#ex4_6toc77213_6) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Asking Questions at the Virtual Meeting](#ex4_6toc77213_7) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Difficulties Accessing the Virtual Meeting](#ex4_6toc77213_8) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Attending the Meeting as a Guest](#ex4_6toc77213_9) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Solicitation of Proxies](#ex4_6toc77213_10) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Appointment and Revocation of Proxies](#ex4_6toc77213_11) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Voting of Proxies](#ex4_6toc77213_12) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Record Date and Entitlement to Vote](#ex4_6toc77213_13) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Quorum](#ex4_6toc77213_14) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Principal Holders of Shares](#ex4_6toc77213_15) | 17 |
|  **[BUSINESS OF THE ANNUAL MEETING AND SPECIAL MEETING](#ex4_6toc77213_16)** | **18** |
|  **[NUMBER OF DIRECTORS](#ex4_6toc77213_17)** | **18** |
|  **[ELECTION OF DIRECTORS](#ex4_6toc77213_18)** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Director Skills, Experiences and Attributes](#ex4_6toc77213_19) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Director Continuing Education](#ex4_6toc77213_20) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Cease Trade Orders, Bankruptcies, Penalties or Sanctions](#ex4_6toc77213_21) | 28 |
|  **[APPOINTMENT OF AUDITORS](#ex4_6toc77213_22)** | **30** |
|  **[SAY ON PAY ADVISORY VOTE](#ex4_6toc77213_23)** | **32** |
|  **[APPROVAL OF AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN](#ex4_6toc77213_24)** | **33** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Description of Amended LTIP](#ex4_6toc77213_25) | 33 |
|  **[NEW BUSINESS](#ex4_6toc77213_26)** | **37** |
|  **[MESSAGE FROM THE PEOPLE, CULTURE & COMPENSATION COMMITTEE CHAIR](#ex4_6toc77213_27)** | **38** |
|  **[COMPENSATION DISCUSSION & ANALYSIS](#ex4_6toc77213_28)** | **40** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Compensation Governance](#ex4_6toc77213_29) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; [People, Culture & Compensation Committee](#ex4_6toc77213_30) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; [People, Culture & Compensation Committee Responsibilities](#ex4_6toc77213_31) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Compensation Practices](#ex4_6toc77213_32) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Independent Compensation Consultant](#ex4_6toc77213_33) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Compensation Benchmarks](#ex4_6toc77213_34) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Compensation Risk](#ex4_6toc77213_35) | 45 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; [Principal Elements of Executive Compensation](#ex4_6toc77213_36) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Determining Executive Compensation](#ex4_6toc77213_37) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Compensation Targets](#ex4_6toc77213_38) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Target Compensation Mix for CEO](#ex4_6toc77213_39) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Average Target Compensation for Other Senior Executives](#ex4_6toc77213_40) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Base Salary](#ex4_6toc77213_41) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Short Term Incentive Plan](#ex4_6toc77213_42) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Long Term Incentives](#ex4_6toc77213_43) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Performance Share Units](#ex4_6toc77213_44) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Restricted Share Units](#ex4_6toc77213_45) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Option Based Awards](#ex4_6toc77213_46) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Termination of Employment](#ex4_6toc77213_47) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Annual Burn Rate](#ex4_6toc77213_48) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Executive Compensation Clawback Policy](#ex4_6toc77213_49) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Anti-Hedging Policy](#ex4_6toc77213_50) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Use of Discretion](#ex4_6toc77213_51) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Program Changes for 2025](#ex4_6toc77213_52) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Performance Graph](#ex4_6toc77213_53) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Summary Compensation Table](#ex4_6toc77213_54) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Incentive Plan Awards](#ex4_6toc77213_55) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Incentive Plan Awards - Outstanding Option-Based Awards and Share/Unit-Based Awards](#ex4_6toc77213_56) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Incentive Plan Awards - Value Vested or Earned During the Year](#ex4_6toc77213_57) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Deferred Compensation Plans](#ex4_6toc77213_58) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Employment Agreements](#ex4_6toc77213_59) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Termination and Change in Control Benefits](#ex4_6toc77213_60) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Share Ownership Policy for Executives](#ex4_6toc77213_61) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Executive Ownership](#ex4_6toc77213_62) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Remuneration by Subsidiaries](#ex4_6toc77213_63) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Director Compensation Table](#ex4_6toc77213_64) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Director Ownership Requirements](#ex4_6toc77213_65) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Director Share/Unit-Based Awards](#ex4_6toc77213_66) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Director Deferred Share Unit Plan](#ex4_6toc77213_67) | 80 |
|  **[INFORMATION RESPECTING BOYD GROUP SERVICES INC](#ex4_6toc77213_68)** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp; [General](#ex4_6toc77213_69) | 83 |
|  **[OTHER INFORMATION](#ex4_6toc77213_70)** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Stock Exchange Listing](#ex4_6toc77213_71) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Directors and Officers Liability Insurance](#ex4_6toc77213_72) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Indebtedness of Directors and Executive Officers](#ex4_6toc77213_73) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Interest of Management and Others in Material Transactions](#ex4_6toc77213_74) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Proposals for the Next Annual Meeting](#ex4_6toc77213_75) | 84 |
|  **[STATEMENT OF GOVERNANCE PRACTICES](#ex4_6toc77213_76)** | **85** |
|  **[BOARD APPROVAL](#ex4_6toc77213_77)** | **93** |

---

------

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| | |
|:---|:---|
|  **[APPENDIX I](#ex4_6toc77213_78)** | **94** |
|  **[APPENDIX II](#ex4_6toc77213_79)** | **97** |

---

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**BOYD GROUP SERVICES INC.** 

**PROXIES** 

***Attendance and Voting at the Virtual Meeting***

Shareholders of Boyd Group Services Inc. ("BGSI") may attend the Meeting virtually using an internet connected device such as a laptop, computer, tablet or mobile phone and the meeting platform will be supported across browsers and devices that are running the most updated version of the applicable software plugins. BGSI has determined to hold this year's Meeting virtually in order to facilitate participation by the broadest possible cross section of shareholders, regardless of their physical location. Virtual meeting technology affords all participants, regardless of physical location, an equal opportunity to participate in the Meeting. Participants may listen to the proceedings, ask questions and submit votes, all in real-time.

The steps that shareholders will need to follow to access the Meeting will depend on whether they are Registered Shareholders or Beneficial Shareholders. You are a Registered Shareholder if your name appears on your share certificate. You are a Beneficial Shareholder if your bank, trust company, securities broker, trustee or other financial institution holds your common shares of BGSI ("Shares") on your behalf. Please read and follow the applicable instructions below carefully.

***Registered Shareholders***

If you are a Registered Shareholder, Broadridge Investor Communications Corporation ("Broadridge") will have sent you a form of proxy. Registered Shareholders planning to access and vote at the Meeting need not complete the form of proxy or return it to Broadridge since you will be accessing and voting at the Meeting during the live webcast. If you are planning to access the Meeting, your form of proxy will be required in order for you to complete the instructions below, which must be followed very carefully:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log into www.virtualshareholdermeeting.com/BOYD2025 at least 15 minutes before the Meeting starts. You should allow
ample time to check into the virtual meeting and to complete the related procedures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Enter your 16-digit control number into the Shareholder Login section (your
control number is located on your proxy form) and click on "Join Meeting".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Follow the instructions to access the Meeting and vote when prompted.

Even if you currently plan to access the Meeting, you should consider voting your Shares by proxy in advance so that your vote will be counted if you later decide not to attend the Meeting or in the event that you are unable to access the Meeting for any reason. If you access and vote on any matter at the Meeting during the live webcast, then you will revoke any previously submitted proxy.

If you are a Registered Shareholder and have appointed a proxyholder other than the persons designated in the proxy form to act on your behalf at the Meeting, you must appoint them as proxyholder as described below under the heading "Designating an Appointee", by providing an "Appointee Name" and designating an 8-character "Appointee Identification Number". Please note that these steps must be completed prior to the proxy deadline (defined below) or your appointee will not be able to vote your Shares at the Meeting.

***Beneficial Shareholders***

Beneficial Shareholders wishing to access and vote at the Meeting during the live webcast can do so as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appoint yourself as proxyholder as described below under the heading "Designating an Appointee", by
providing an "Appointee Name" and designating an 8-character "Appointee Identification Number". Please note that these steps must be completed prior to the proxy deadline (defined
below) or you will not be able to vote your Shares at the Meeting during the live webcast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Follow the instructions below for proxyholders to log in and vote at the Meeting.

In the event that the proxy deadline is waived by BGSI prior to the Meeting, all Beneficial Shareholders will be able to access and vote at the Meeting during the live webcast in the same manner as for Registered Shareholders described above except that your 16-digit control number will be located on your voting information form or form of proxy. In that case, if you have previously provided voting instructions or appointed another person to vote on your behalf and you choose to access and vote on any matter

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at the Meeting during the live webcast, then you will revoke all prior voting instructions or appointments. If you do not wish to revoke your prior instructions or appointments, you will still be able to access the Meeting virtually and you will be able ask questions.

You should not assume that the proxy deadline will be waived in whole or in part, and you should vote prior to the Meeting or appoint yourself or another person to vote on your behalf at the Meeting prior to the proxy deadline to ensure your vote is counted at the Meeting.

A Beneficial Shareholder wishing to access the Meeting without voting during the live webcast – for example, because you have provided voting instructions prior to the Meeting or appointed another person to vote on your behalf at the Meeting – can access the Meeting in the same manner as for Registered Shareholders described above using the 16-digit control number located on your voting information form or form of proxy. You will be able to ask questions if you access the Meeting in this manner.

***Proxyholders***

If you have been appointed as proxyholder for a Registered Shareholder or Beneficial Shareholder (or you are a Beneficial Shareholder who has appointed themselves as proxyholder), you can access and vote at the Meeting during the live webcast as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log into www.virtualshareholdermeeting.com/BOYD2025 at least 15 minutes before the Meeting starts. You should allow
ample time to check into the virtual meeting and to complete the related procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Enter the Appointee Name and Appointee Identification Number under the Proxyholder/Appointee login section exactly as
it was provided to Broadridge by the shareholder who appointed you as proxyholder and click on "Join Meeting". If this information is not provided to you by such shareholder, or if you do not enter it exactly as that shareholder provided
it to Broadridge, you will not be able to access the Meeting or vote on their behalf during the live webcast. If you have been appointed as proxyholder for more than one shareholder, you will be asked to enter the Appointee Name and Appointee
Identification Number for each separate shareholder in order to vote the applicable Shares on their behalf at the Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Follow the instructions to access the Meeting and vote when prompted.

All shareholders must provide the Appointee Name and Appointee Identification Number to their appointed proxyholder exactly as they provided it to Broadridge online at

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www.proxyvote.com or on their voting information form or form of proxy in order for their proxyholder to access and vote their Shares at the Meeting during the live webcast.

Proxyholders who have forgotten or misplaced the applicable Appointee Name and Appointee Identification Number should contact the shareholder who appointed them as quickly as possible.

If that shareholder has forgotten or misplaced the applicable Appointee Name and Appointee Identification Number, they should follow the steps described under the heading "Attendance and Voting at the Virtual Meeting – Beneficial Shareholders" as quickly as possible.

***Designating an Appointee***

If you are a Registered Shareholder and wish to appoint a proxyholder other than the persons designated in the proxy form to participate virtually in the Meeting or if you are a Beneficial Shareholder and wish to appoint yourself as proxyholder, you must follow the additional instructions on your voting instruction form or form of proxy very carefully, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Inserting an ''Appointee Name'' and designating an 8-character ''Appointee Identification Number'' online at www.proxyvote.com or in the spaces provided on your form of proxy or voting information form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If you have appointed someone other than yourself to access and vote at the Meeting on your behalf, informing your
appointed proxyholder of the exact Appointee Name and 8-character Appointee Identification Number prior to the Meeting.

You are encouraged to appoint your proxyholder online at www.proxyvote.com in accordance with the instructions on the voting instruction form or form of proxy as this will reduce the risk of any mail disruptions and will allow you to share the Appointee Name and Appointee Identification Number you have created with your appointed proxyholder more easily. You may also complete and return your form of proxy by following the instructions on your voting instruction form or form of proxy.

Please note that if you wish to appoint a person as your proxyholder other than the persons designated in the proxy form and you do not designate the Appointee Name and Appointee Identification Number as required when completing your appointment online or on your voting instruction form or form of proxy or if you do not provide the

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exact Appointee Name and Appointee Identification Number to that other person, that other person will not be able to access the Meeting and vote on your behalf.

***Asking Questions at the Virtual Meeting***

BGSI believes that the ability to participate in the Meeting in a meaningful way, including asking questions, remains important for those accessing this year's Meeting virtually. Registered Shareholders and duly appointed proxyholders (including Beneficial Shareholders who have appointed themselves as proxyholders) will have an opportunity to ask questions at the Meeting, making motions and raise procedural questions in writing by sending a message to the chair of the Meeting online through the virtual meeting platform. It is anticipated that shareholders will have substantially the same opportunity to ask questions on matters of business at the Meeting as in past years when the annual shareholders' meeting was held in person.

Questions for the Meeting may be submitted before the Meeting using the following email address: <u>agm@boydgroup.com</u>.

The chair of the Meeting and other members of BGSI management present will answer questions relating to matters to be voted on before a vote is held on each matter, if applicable. General questions will be addressed during a question and answer period following the conclusion of the Meeting. In order for as many questions as possible to be answered, Registered Shareholders and duly appointed proxyholders (including Beneficial Shareholders who have appointed themselves as proxyholders) are asked to be brief and concise and to address only one topic per question. Questions from multiple Registered Shareholders and proxyholders on the same topic or that are otherwise related may be grouped, summarized and answered together.

All shareholder questions are welcome. However, we do not intend to address questions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are irrelevant to the business of the Meeting or to BGSI's operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are related to personal grievances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are related to non-public information about BGSI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Constitute derogatory references to individuals or that are otherwise offensive to third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are repetitious or have already been asked by other shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are in furtherance of a shareholder's personal or business interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are out of order or not otherwise appropriate as determined by the chair or secretary of the Meeting in their reasonable
judgment.

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The chair of the Meeting has broad authority to conduct the Meeting in an orderly manner. To ensure the Meeting is conducted in a manner that is fair to all shareholders, the chair of the Meeting may exercise broad discretion with respect to, for example, the order in which questions are asked and the amount of time devoted to any one question. BGSI will do its best to respond to questions during the Meeting. After the Meeting BGSI will follow up on any questions not answered during the Meeting with the shareholder or proxyholder as appropriate, to the extent contact details have been provided.

***Difficulties Accessing the Virtual Meeting***

If you have questions regarding the Meeting portal or require assistance accessing the Meeting website, you may call Broadridge's technical support line listed on the www.virtualshareholdermeeting.com/BOYD2025 meeting website on the day of the Meeting.

If you are accessing the Meeting you must remain connected to the internet at all times during the Meeting in order to vote when balloting commences. It is your responsibility to ensure internet connectivity for the duration of the Meeting. Note that if you lose connectivity once the Meeting has commenced, there may be insufficient time to resolve your issue before ballot voting is completed. Therefore, even if you currently plan to access the Meeting and vote during the live webcast, you should consider voting your Shares in advance or by proxy so that your vote will be counted in the event you experience any technical difficulties or are otherwise unable to access the Meeting.

***Attending the Meeting as a Guest***

If you wish to access the virtual Meeting as a guest, you can log into the Meeting as set out below. Note that guests will be able to listen to the Meeting but will not be able to ask questions or vote. Please read and follow the instructions below carefully.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log into www.virtualshareholdermeeting.com/BOYD2025 at least 15 minutes before the Meeting starts. You should allow
ample time to check into the virtual meeting and to complete the related procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Complete the GUEST LOGIN section and click on "Join Meeting".

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***Solicitation of Proxies***

**This Management Information Circular is provided in connection with the solicitation by management of BGSI of proxies to be used at the Meeting of Shareholders to be held on Wednesday, May 14, 2025 at 1:00 p.m. (CT) at www.virtualshareholdermeeting.com/BOYD2025 and for any adjournment thereof.** 

The solicitation of proxies will be made primarily by mail but proxies may also be solicited by officers, directors, employees or agents of BGSI personally, in writing or by telephone. Unless otherwise stated, the information provided in this Management Information Circular is given as at March 25, 2025. Except as noted below, the total cost of the solicitation will be borne by BGSI.

Proxy materials are being sent to Registered Shareholders directly and in the case of Beneficial Shareholders will be sent to the bank, trust company, securities broker, trustee or other financial institution acting on the Beneficial Owner's behalf, or its agent, for forwarding to all Beneficial Shareholders. BGSI does not pay for the cost of forwarding proxy materials to Beneficial Shareholders who are objecting beneficial owners (as defined under applicable securities laws) and such Beneficial Owners will not receive the materials unless the intermediary acting on their behalf assumes the costs of delivery.

***Appointment and Revocation of Proxies***

A form of proxy or voting instruction form is enclosed. The persons designated in the form of proxy as proxyholders are management of BGSI and have indicated their willingness to represent, as proxyholders, the persons who appoint them. You are strongly encouraged to sign, date and return the form of proxy or voting instruction form in the envelope provided or to vote online or by telephone by following the instructions on your form of proxy or voting instruction form. By submitting a form of proxy or voting instruction form (or by voting online or by telephone) a Shareholder's Shares will be represented at the Meeting and its wishes on matters for decision at the Meeting will be made known to the Board of Directors and management of BGSI.

**Each person who is a Shareholder is entitled to appoint a person or company (who need not be a Shareholder) other than the persons designated in the form of proxy to represent the Shareholder at the Meeting. That right may be exercised by:** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Inserting an ''Appointee Name'' and designating an 8-character ''Appointee Identification Number'' online at www.proxyvote.com or in the spaces provided on your form of proxy or voting information form; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **If you have appointed someone other than yourself to access and vote at the Meeting on your behalf, informing your appointed proxyholder of the exact Appointee Name and 8-character Appointee Identification Number prior to the Meeting.** 

A form of proxy will not be valid for the Meeting or any adjournment thereof unless it is completed and delivered to Broadridge, c/o Data Processing Centre, P.O. Box 3700 STN Industrial Park, Markham, ON L3R 9Z9, or via Phone: 1-800-474-7493 (English) or 1-800-474-7501 (French), or by Internet voting at www.proxyvote.com, no later than 1:00 p.m. CT on May 13, 2025 or at least 24 hours (excluding Saturdays, Sundays and Canadian statutory holidays) prior to any adjournment of the Meeting. Beneficial Owners should provide their voting instructions by the deadline provided by their intermediary, which is typically at least one day in advance of such date to enable the bank, trust company, securities broker, trustee or other financial institution holding Shares on their behalf to act upon them prior to the proxy deadline.

**A Registered Shareholder who has given a proxy may revoke it by depositing with Broadridge c/o Data Processing Centre, P.O. Box 3700 STN Industrial Park, Markham, ON L3R 9Z9, or via Phone: 1-800-474-7493 (English) or 1-800-474-7501 (French), another form of proxy bearing a later date or a revocation of proxy, signed by the Shareholder, or an attorney of the Shareholder authorized in writing, prior to the close of business on the last business day prior to the Meeting or any adjournment thereof. A Shareholder will be bound by any vote that may have been registered by a duly appointed proxy prior to any revocation of that proxy in the manner described above. Any votes cast by online ballot at the Meeting by registered Shareholders or duly appointed proxyholders will revoke any previously submitted proxy.** 

Beneficial Shareholders who have given voting instructions may revoke their instructions by providing new voting instructions, provided that such new voting instructions may not be effective unless they are provided sufficiently early that the bank, trust company, securities broker, trustee or other financial institution holding Shares on their behalf is able to act upon them prior to the proxy deadline.

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Instructions received after the voting deadline may only be effective to revoke your previous voting instructions. BGSI reserves the right to waive the proxy deadline in whole or in part but is under no obligation to do so. You should not assume that the proxy deadline will be waived.

***Voting of Proxies***

On any ballot that may be called at the Meeting or any adjournment thereof, the form of proxy provides that the persons designated in the form of proxy by BGSI or otherwise by you will vote all Shares for or against, or will withhold from voting them in accordance with the instruction given with respect to each resolution expressly set out in the form of proxy. **If instruction is not given with respect to any such matter, the person designated in the form of proxy by BGSI will vote <u>FOR</u> such matter.**

The form of proxy confers discretionary authority upon the persons appointed therein with respect to amendments and variations to matters identified in the Notice of Annual Meeting and Special Meeting and Information Circular and with respect to any other matters which may properly come before the Meeting. The Shares represented by the proxy will be voted on such matters, in the discretion of and in accordance with the best judgment of the person voting such Shares. As of the date of this Information Circular, management of BGSI knows of no matters to come before the Meeting other than the matters identified in the Notice of Annual Meeting and Special Meeting and Information Circular. If any matters which are not now known should properly come before the Meeting, the persons designated in the proxy will vote on such matters in their discretion, in accordance with their best judgment.

Unless otherwise noted herein, a simple majority of the votes cast at the Meeting, whether by proxy or otherwise, will constitute approval of any matter submitted to a vote.

***Record Date and Entitlement to Vote***

BGSI will prepare, as at the close of business on March 25, 2025 (the "Record Date"), a list of the Registered Shareholders entitled to receive the Notice of Annual Meeting and Special Meeting of Shareholders and Management Information Circular and the number of Shares held by each such Shareholder. A holder of Shares named in the list is entitled to vote the Shares shown opposite such Shareholder's name at the Meeting, except to the extent that such Shareholder has transferred the ownership of any Shares after March 25, 2025 and the transferee of those Shares establishes ownership of the

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Shares and demands, not later than 10 days before the Meeting, that the transferee's name be included in the list of Shareholders before the Meeting, in which case the transferee is entitled to vote such Shares at the Meeting or any adjournment thereof.

On March 25, 2025, 21,467,807 Shares of BGSI were issued and outstanding. Each Share entitles the holder thereof to one vote.

***Quorum***

A quorum for the Meeting requires at least two (2) Shareholders, one of whom shall be, or be representing, a Canadian, and holding or representing by proxy not less than 25% of all issued and outstanding Shares entitled to vote at such meeting.

***Principal Holders of Shares***

To the best of the knowledge of the Directors and executive officers of BGSI, the following persons or corporations beneficially own, directly or indirectly, or exercise control or direction over, Shares carrying 10% or more of the voting rights attached to the Shares:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Number of Shares**<br> **beneficially owned, or** <br> **controlled or directed,**<br> **directly or indirectly** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Approximate percentage<br>of total Shares** |
| &nbsp;&nbsp;&nbsp;FFIL Limited; and Fidelity Investments Canada ULC; (collectively called "FIL Limited")<sup>1</sup> | 2377943 | 11.07% |

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<sup>1</sup> See Form 62-103F3 (Alternative Monthly Report) filed by FIL Limited on www.sedarplus.ca on September 10, 2024.

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**BUSINESS OF THE ANNUAL MEETING AND SPECIAL MEETING** 

Each of the matters to be voted on by Shareholders is subject to approval by a majority vote of Shareholders at the meeting.

**NUMBER OF DIRECTORS** 

The Articles of Incorporation of BGSI ("Articles") provide for a minimum of three (3) Directors and a maximum of fifteen (15) Directors. It is proposed that the Board of Directors of BGSI be fixed at nine (9) Directors. **The persons designated in the proxy form intend to vote FOR the approval of the resolution to fix the number of Directors at nine (9), unless instructed otherwise.**

**ELECTION OF DIRECTORS** 

The Board of Directors currently consists of nine (9) Directors with eight (8) standing for re- election. On March 18, 2025, the Board of Directors fixed by resolution the number of Directors to be nominated at nine (9). In addition to the eight (8) current Directors standing for re-election, Mr. Brian Kaner has agreed to stand for election as a new Director.

The By-Laws of BGSI require that at least 25% of the Directors of BGSI be resident Canadians. Upon the nine Directors standing for election at the Meeting being elected, five (or 56%) would be resident Canadians within the meaning of the *Canada Business Corporations Act* (the "CBCA").

Directors can be reappointed or replaced every year as may be determined by a majority of votes cast at the Meeting of the Shareholders. Each Director elected at the Meeting shall hold office until the close of the next annual meeting of Shareholders or until a successor has been elected or appointed or until they otherwise cease to hold office in accordance with the Articles or By-Laws.

On August 31, 2022, amendments to the CBCA and the Canada Business Corporation Regulations, 2001 came into force which impact how directors of CBCA corporations with publicly traded securities are elected. As a result of these amendments directors are not considered elected unless they receive more votes for their election than against at an

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uncontested meeting. Consequently, on November 8, 2022 BGSI repealed its majority voting policy which was no longer necessary in light of the CBCA amendments.

**The persons designated in the form of proxy, unless instructed otherwise, intend to vote FOR the nominees shown in the following tables.** 

The following table sets forth the result of the vote for the election of Directors of BGSI held at the 2024 annual meeting of BGSI which was held as a virtual shareholders' meeting on May 15, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Nominee**<br>| **Votes For**<br>| **%**<br>| **Against**<br>| **%**<br>|
| &nbsp;&nbsp; **DAVID BROWN** | 18227916 | 97.86% | 397806 | 2.14% |
| &nbsp;&nbsp; **BROCK BULBUCK** | 18433989 | 98.97% | 191733 | 1.03% |
| &nbsp;&nbsp; **ROBERT ESPEY** | 18315128 | 98.33% | 310593 | 1.67% |
| &nbsp;&nbsp; **CHRISTINE FEUELL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18565296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp; **ROBERT GROSS<sup>2</sup>** | 18423154 | 98.91% | 202568 | 1.09% |
| &nbsp;&nbsp; **JOHN HARTMANN** | 18408272 | 98.83% | 217450 | 1.17% |
| &nbsp;&nbsp; **VIOLET KONKLE** | 18519650 | 99.43% | 106072 | 0.57% |
| &nbsp;&nbsp; **TIMOTHY O'DAY** | 18445688 | 99.03% | 180034 | 0.97% |
| &nbsp;&nbsp; **WILLIAM ONUWA** | 17726266 | 95.17% | 899455 | 4.83% |
| &nbsp;&nbsp; **SALLY SAVOIA** | 18274500 | 98.11% | 351221 | 1.89% |

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<sup>2</sup> Robert Gross served as a member of the Board of Directors and the People, Culture and Compensation Committee until his passing on November 18, 2024.

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The following tables show the name and background of each nominee, including present principal occupation. Unless otherwise indicated, each nominee has been engaged for the past five years in the specified present principal occupations or in other executive capacities with the companies or firms referred to, or with affiliates or predecessors thereof. The tables also include the year in which each nominee first became a Trustee of Boyd Group Income Fund, BGSI's predecessor (the "Fund" or "BGIF") and a Director of BGSI. All Trustees of the Fund became Directors of BGSI on September 19, 2019. In addition, the tables show the number of Shares, director deferred share units, restricted share units and performance share units that each nominee beneficially owns, or exercises control or direction over, directly or indirectly, as at the date of this Information Circular. The information as to Shares owned beneficially, or over which the nominees exercise control or direction, has been furnished to BGSI by the nominees. The total value of each nominee's Shares, director deferred share units, restricted share units and performance share units is based on the closing price of the Shares of BGSI on the TSX as of the date of the Information Circular. Throughout this Circular, all amounts are in United States dollars unless otherwise indicated. All references to C$ are to Canadian dollars.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | Mr. Brown is an Executive Vice-President of Richardson Financial Group Limited and a Managing Director of RBM Capital Limited (a private investment firm). He was previously the CEO of Richardson Capital Limited, a private equity arm of James Richardson & Sons, Limited, the Corporate Secretary of James Richardson & Sons, Limited, and a partner in the independent legal and accounting firm of Gray & Brown.<br> Mr. Brown has considerable experience in private equity investment and management, senior management and in advising and working with family businesses in the areas of taxation, mergers, acquisitions, divestitures, corporate reorganizations, financings, management, ownership transitions and estate planning. Mr. Brown also has considerable public company experience. He currently serves as the Independent Chair of the Board of BGSI and serves as a director and Chair of the Audit Committee of Pollard Banknote Limited, and a director of RF Capital Group Inc. He previously served on the Manitoba Hydro-Electric Board. He has served various Manitoba charities including acting as a director of the Misericordia Hospital and Pavilion Gallery Museum Inc. and as Co-chair of Major Donors for the Children's Hospital Foundation's Capital Campaign. He is a graduate of the University of Manitoba law school (gold medalist) and a Chartered Professional Accountant. | Mr. Brown is an Executive Vice-President of Richardson Financial Group Limited and a Managing Director of RBM Capital Limited (a private investment firm). He was previously the CEO of Richardson Capital Limited, a private equity arm of James Richardson & Sons, Limited, the Corporate Secretary of James Richardson & Sons, Limited, and a partner in the independent legal and accounting firm of Gray & Brown.<br> Mr. Brown has considerable experience in private equity investment and management, senior management and in advising and working with family businesses in the areas of taxation, mergers, acquisitions, divestitures, corporate reorganizations, financings, management, ownership transitions and estate planning. Mr. Brown also has considerable public company experience. He currently serves as the Independent Chair of the Board of BGSI and serves as a director and Chair of the Audit Committee of Pollard Banknote Limited, and a director of RF Capital Group Inc. He previously served on the Manitoba Hydro-Electric Board. He has served various Manitoba charities including acting as a director of the Misericordia Hospital and Pavilion Gallery Museum Inc. and as Co-chair of Major Donors for the Children's Hospital Foundation's Capital Campaign. He is a graduate of the University of Manitoba law school (gold medalist) and a Chartered Professional Accountant. | Mr. Brown is an Executive Vice-President of Richardson Financial Group Limited and a Managing Director of RBM Capital Limited (a private investment firm). He was previously the CEO of Richardson Capital Limited, a private equity arm of James Richardson & Sons, Limited, the Corporate Secretary of James Richardson & Sons, Limited, and a partner in the independent legal and accounting firm of Gray & Brown.<br> Mr. Brown has considerable experience in private equity investment and management, senior management and in advising and working with family businesses in the areas of taxation, mergers, acquisitions, divestitures, corporate reorganizations, financings, management, ownership transitions and estate planning. Mr. Brown also has considerable public company experience. He currently serves as the Independent Chair of the Board of BGSI and serves as a director and Chair of the Audit Committee of Pollard Banknote Limited, and a director of RF Capital Group Inc. He previously served on the Manitoba Hydro-Electric Board. He has served various Manitoba charities including acting as a director of the Misericordia Hospital and Pavilion Gallery Museum Inc. and as Co-chair of Major Donors for the Children's Hospital Foundation's Capital Campaign. He is a graduate of the University of Manitoba law school (gold medalist) and a Chartered Professional Accountant. | Mr. Brown is an Executive Vice-President of Richardson Financial Group Limited and a Managing Director of RBM Capital Limited (a private investment firm). He was previously the CEO of Richardson Capital Limited, a private equity arm of James Richardson & Sons, Limited, the Corporate Secretary of James Richardson & Sons, Limited, and a partner in the independent legal and accounting firm of Gray & Brown.<br> Mr. Brown has considerable experience in private equity investment and management, senior management and in advising and working with family businesses in the areas of taxation, mergers, acquisitions, divestitures, corporate reorganizations, financings, management, ownership transitions and estate planning. Mr. Brown also has considerable public company experience. He currently serves as the Independent Chair of the Board of BGSI and serves as a director and Chair of the Audit Committee of Pollard Banknote Limited, and a director of RF Capital Group Inc. He previously served on the Manitoba Hydro-Electric Board. He has served various Manitoba charities including acting as a director of the Misericordia Hospital and Pavilion Gallery Museum Inc. and as Co-chair of Major Donors for the Children's Hospital Foundation's Capital Campaign. He is a graduate of the University of Manitoba law school (gold medalist) and a Chartered Professional Accountant. | Mr. Brown is an Executive Vice-President of Richardson Financial Group Limited and a Managing Director of RBM Capital Limited (a private investment firm). He was previously the CEO of Richardson Capital Limited, a private equity arm of James Richardson & Sons, Limited, the Corporate Secretary of James Richardson & Sons, Limited, and a partner in the independent legal and accounting firm of Gray & Brown.<br> Mr. Brown has considerable experience in private equity investment and management, senior management and in advising and working with family businesses in the areas of taxation, mergers, acquisitions, divestitures, corporate reorganizations, financings, management, ownership transitions and estate planning. Mr. Brown also has considerable public company experience. He currently serves as the Independent Chair of the Board of BGSI and serves as a director and Chair of the Audit Committee of Pollard Banknote Limited, and a director of RF Capital Group Inc. He previously served on the Manitoba Hydro-Electric Board. He has served various Manitoba charities including acting as a director of the Misericordia Hospital and Pavilion Gallery Museum Inc. and as Co-chair of Major Donors for the Children's Hospital Foundation's Capital Campaign. He is a graduate of the University of Manitoba law school (gold medalist) and a Chartered Professional Accountant. | Mr. Brown is an Executive Vice-President of Richardson Financial Group Limited and a Managing Director of RBM Capital Limited (a private investment firm). He was previously the CEO of Richardson Capital Limited, a private equity arm of James Richardson & Sons, Limited, the Corporate Secretary of James Richardson & Sons, Limited, and a partner in the independent legal and accounting firm of Gray & Brown.<br> Mr. Brown has considerable experience in private equity investment and management, senior management and in advising and working with family businesses in the areas of taxation, mergers, acquisitions, divestitures, corporate reorganizations, financings, management, ownership transitions and estate planning. Mr. Brown also has considerable public company experience. He currently serves as the Independent Chair of the Board of BGSI and serves as a director and Chair of the Audit Committee of Pollard Banknote Limited, and a director of RF Capital Group Inc. He previously served on the Manitoba Hydro-Electric Board. He has served various Manitoba charities including acting as a director of the Misericordia Hospital and Pavilion Gallery Museum Inc. and as Co-chair of Major Donors for the Children's Hospital Foundation's Capital Campaign. He is a graduate of the University of Manitoba law school (gold medalist) and a Chartered Professional Accountant. | Mr. Brown is an Executive Vice-President of Richardson Financial Group Limited and a Managing Director of RBM Capital Limited (a private investment firm). He was previously the CEO of Richardson Capital Limited, a private equity arm of James Richardson & Sons, Limited, the Corporate Secretary of James Richardson & Sons, Limited, and a partner in the independent legal and accounting firm of Gray & Brown.<br> Mr. Brown has considerable experience in private equity investment and management, senior management and in advising and working with family businesses in the areas of taxation, mergers, acquisitions, divestitures, corporate reorganizations, financings, management, ownership transitions and estate planning. Mr. Brown also has considerable public company experience. He currently serves as the Independent Chair of the Board of BGSI and serves as a director and Chair of the Audit Committee of Pollard Banknote Limited, and a director of RF Capital Group Inc. He previously served on the Manitoba Hydro-Electric Board. He has served various Manitoba charities including acting as a director of the Misericordia Hospital and Pavilion Gallery Museum Inc. and as Co-chair of Major Donors for the Children's Hospital Foundation's Capital Campaign. He is a graduate of the University of Manitoba law school (gold medalist) and a Chartered Professional Accountant. |
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | <br> **Board / Committee Membership<sup>3</sup>** | <br> **Board / Committee Membership<sup>3</sup>** | <br> **Board / Committee Membership<sup>3</sup>** | <br> **Board / Committee Membership<sup>3</sup>** | <br> **Board / Committee Membership<sup>3</sup>** | <br> **Meeting Attendance in 2024**  | <br> **Meeting Attendance in 2024**  |
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | <br> Board | <br> Board | <br> Board | <br> Board | <br> Board | <br> 4 of 4<br>| <br> 100%<br>|
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** |
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | <br> RF Capital Group Inc. | <br> RF Capital Group Inc. | <br> RF Capital Group Inc. | <br> RF Capital Group Inc. | <br> RF Capital Group Inc. | <br> May 2014 – present | <br> May 2014 – present |
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | <br>Pollard Banknote Limited | <br>Pollard Banknote Limited | <br>Pollard Banknote Limited | <br>Pollard Banknote Limited | <br>Pollard Banknote Limited | <br> May 2017 – present | <br> May 2017 – present |
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** |
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | <br> Year | <br> Shares | <br> Deferred Share<br> Units<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Value<sup>4</sup>  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership Requirement<sup>5</sup>  | <br> % of Target Met | <br> % of Target Met |
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5332 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7158 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1796337 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$577088 <br>| 100% | 100% |
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | <br> 2023<br>| <br> 5332<br>| <br> 6396<br>| <br> $2474399<br>| <br> $607365<br>| 100% | 100% |
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** |
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> 18227916 <br>| <br> 97.86% <br>|
| &nbsp;&nbsp; **DAVID BROWN**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board of BGSI**<br> **on September 19, 2019**<br>**Joined the Board of BGIF on June 25, 2012** <br>**Age: 65**<br>**Status: Independent** | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> 397806<br>| <br> 2.14%<br>|

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<sup>3</sup> David Brown is an ex-officio member of all committees and generally attends all committee meetings.

<sup>4</sup> The table shows the number of shares, director deferred share units as at March 25, 2025 (March 25, 2024). Total value has been calculated at the closing price of the Shares at March 25, 2025 of C$205.60, translated using the closing rate on that date of 0.6995 to US$143.82 (March 25, 2024 - C$286.59 translated at 0.7362 to US$210.99).

<sup>5</sup> The ownership requirement has been translated to USD based on the closing rate on March 25, 2025 of 0.6995 (March 25, 2024 - 0.7362).

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **BROCK BULBUCK**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on December 16,**<br> **2002**<br>**Age: 65**<br> **Status:**<br> **Non-**<br> **Independent<sup>6</sup>** | Mr. Bulbuck served as Executive Chair of BGSI from 2020 to 2021. Prior to this role, Mr. Bulbuck served as Chief Executive Officer from 2010 to 2020. After joining Boyd in 1993, Mr. Bulbuck served in many senior leadership roles and played a leading role in the overall development and growth of the business. Mr. Bulbuck also serves as a Director and Independent Chair of the Board of The North West Company. He is also a past Chairperson of the Winnipeg Football Club Board of Directors, a past member of the Canadian Football League Board of Governors and a current Director of the Pan Am Clinic Foundation. Mr. Bulbuck has a Bachelor of Commerce (Honors) degree from the University of Manitoba and is a Chartered Professional Accountant. | Mr. Bulbuck served as Executive Chair of BGSI from 2020 to 2021. Prior to this role, Mr. Bulbuck served as Chief Executive Officer from 2010 to 2020. After joining Boyd in 1993, Mr. Bulbuck served in many senior leadership roles and played a leading role in the overall development and growth of the business. Mr. Bulbuck also serves as a Director and Independent Chair of the Board of The North West Company. He is also a past Chairperson of the Winnipeg Football Club Board of Directors, a past member of the Canadian Football League Board of Governors and a current Director of the Pan Am Clinic Foundation. Mr. Bulbuck has a Bachelor of Commerce (Honors) degree from the University of Manitoba and is a Chartered Professional Accountant. | Mr. Bulbuck served as Executive Chair of BGSI from 2020 to 2021. Prior to this role, Mr. Bulbuck served as Chief Executive Officer from 2010 to 2020. After joining Boyd in 1993, Mr. Bulbuck served in many senior leadership roles and played a leading role in the overall development and growth of the business. Mr. Bulbuck also serves as a Director and Independent Chair of the Board of The North West Company. He is also a past Chairperson of the Winnipeg Football Club Board of Directors, a past member of the Canadian Football League Board of Governors and a current Director of the Pan Am Clinic Foundation. Mr. Bulbuck has a Bachelor of Commerce (Honors) degree from the University of Manitoba and is a Chartered Professional Accountant. | Mr. Bulbuck served as Executive Chair of BGSI from 2020 to 2021. Prior to this role, Mr. Bulbuck served as Chief Executive Officer from 2010 to 2020. After joining Boyd in 1993, Mr. Bulbuck served in many senior leadership roles and played a leading role in the overall development and growth of the business. Mr. Bulbuck also serves as a Director and Independent Chair of the Board of The North West Company. He is also a past Chairperson of the Winnipeg Football Club Board of Directors, a past member of the Canadian Football League Board of Governors and a current Director of the Pan Am Clinic Foundation. Mr. Bulbuck has a Bachelor of Commerce (Honors) degree from the University of Manitoba and is a Chartered Professional Accountant. | Mr. Bulbuck served as Executive Chair of BGSI from 2020 to 2021. Prior to this role, Mr. Bulbuck served as Chief Executive Officer from 2010 to 2020. After joining Boyd in 1993, Mr. Bulbuck served in many senior leadership roles and played a leading role in the overall development and growth of the business. Mr. Bulbuck also serves as a Director and Independent Chair of the Board of The North West Company. He is also a past Chairperson of the Winnipeg Football Club Board of Directors, a past member of the Canadian Football League Board of Governors and a current Director of the Pan Am Clinic Foundation. Mr. Bulbuck has a Bachelor of Commerce (Honors) degree from the University of Manitoba and is a Chartered Professional Accountant. | Mr. Bulbuck served as Executive Chair of BGSI from 2020 to 2021. Prior to this role, Mr. Bulbuck served as Chief Executive Officer from 2010 to 2020. After joining Boyd in 1993, Mr. Bulbuck served in many senior leadership roles and played a leading role in the overall development and growth of the business. Mr. Bulbuck also serves as a Director and Independent Chair of the Board of The North West Company. He is also a past Chairperson of the Winnipeg Football Club Board of Directors, a past member of the Canadian Football League Board of Governors and a current Director of the Pan Am Clinic Foundation. Mr. Bulbuck has a Bachelor of Commerce (Honors) degree from the University of Manitoba and is a Chartered Professional Accountant. | Mr. Bulbuck served as Executive Chair of BGSI from 2020 to 2021. Prior to this role, Mr. Bulbuck served as Chief Executive Officer from 2010 to 2020. After joining Boyd in 1993, Mr. Bulbuck served in many senior leadership roles and played a leading role in the overall development and growth of the business. Mr. Bulbuck also serves as a Director and Independent Chair of the Board of The North West Company. He is also a past Chairperson of the Winnipeg Football Club Board of Directors, a past member of the Canadian Football League Board of Governors and a current Director of the Pan Am Clinic Foundation. Mr. Bulbuck has a Bachelor of Commerce (Honors) degree from the University of Manitoba and is a Chartered Professional Accountant. | Mr. Bulbuck served as Executive Chair of BGSI from 2020 to 2021. Prior to this role, Mr. Bulbuck served as Chief Executive Officer from 2010 to 2020. After joining Boyd in 1993, Mr. Bulbuck served in many senior leadership roles and played a leading role in the overall development and growth of the business. Mr. Bulbuck also serves as a Director and Independent Chair of the Board of The North West Company. He is also a past Chairperson of the Winnipeg Football Club Board of Directors, a past member of the Canadian Football League Board of Governors and a current Director of the Pan Am Clinic Foundation. Mr. Bulbuck has a Bachelor of Commerce (Honors) degree from the University of Manitoba and is a Chartered Professional Accountant. |
| &nbsp;&nbsp; **BROCK BULBUCK**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on December 16,**<br> **2002**<br>**Age: 65**<br> **Status:**<br> **Non-**<br> **Independent<sup>6</sup>** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** |  | <br> **Meeting Attendance in 2024** | <br> **Meeting Attendance in 2024** |
| &nbsp;&nbsp; **BROCK BULBUCK**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on December 16,**<br> **2002**<br>**Age: 65**<br> **Status:**<br> **Non-**<br> **Independent<sup>6</sup>** | <br> Board | <br> Board | <br> Board | <br> Board | <br> Board |  | <br> 4 of 4<br>| <br> 100%<br>|
| &nbsp;&nbsp; **BROCK BULBUCK**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on December 16,**<br> **2002**<br>**Age: 65**<br> **Status:**<br> **Non-**<br> **Independent<sup>6</sup>** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** |
| &nbsp;&nbsp; **BROCK BULBUCK**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on December 16,**<br> **2002**<br>**Age: 65**<br> **Status:**<br> **Non-**<br> **Independent<sup>6</sup>** | <br> The North West Company Inc<sup>7</sup> | <br> The North West Company Inc<sup>7</sup> | <br> The North West Company Inc<sup>7</sup> | <br> The North West Company Inc<sup>7</sup> | <br> The North West Company Inc<sup>7</sup> |  | <br> **March 2018 - present** | <br> **March 2018 - present** |
| &nbsp;&nbsp; **BROCK BULBUCK**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on December 16,**<br> **2002**<br>**Age: 65**<br> **Status:**<br> **Non-**<br> **Independent<sup>6</sup>** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** |
| &nbsp;&nbsp; **BROCK BULBUCK**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on December 16,**<br> **2002**<br>**Age: 65**<br> **Status:**<br> **Non-**<br> **Independent<sup>6</sup>** | <br> Year | <br> Shares | <br> Deferred and Performance Share Units<sup>8</sup><br>| <br> Restricted<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share Units  | <br> Total Value<sup>9</sup> | <br>Ownership<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Requirement<sup>10</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of Target Met  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of Target Met  |
| &nbsp;&nbsp; **BROCK BULBUCK**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on December 16,**<br> **2002**<br>**Age: 65**<br> **Status:**<br> **Non-**<br> **Independent<sup>6</sup>** | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10943 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 <br>| <br> —<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1784209 <br>| <br>$367238<br>| <br> 100% | <br> 100% |
| &nbsp;&nbsp; **BROCK BULBUCK**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on December 16,**<br> **2002**<br>**Age: 65**<br> **Status:**<br> **Non-**<br> **Independent<sup>6</sup>** | <br> 2023<br>| <br> 10943<br>| <br> 1905<br>| <br> 202<br>| <br> $2753288<br>| <br>$386505<br>| <br> 100% | <br> 100% |
| &nbsp;&nbsp; **BROCK BULBUCK**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on December 16,**<br> **2002**<br>**Age: 65**<br> **Status:**<br> **Non-**<br> **Independent<sup>6</sup>** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** |
| &nbsp;&nbsp; **BROCK BULBUCK**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on December 16,**<br> **2002**<br>**Age: 65**<br> **Status:**<br> **Non-**<br> **Independent<sup>6</sup>** | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For |  | <br> $18433989<br>| <br> 98.97%<br>|
| &nbsp;&nbsp; **BROCK BULBUCK**<br>**Manitoba,**<br> **Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on December 16,**<br> **2002**<br>**Age: 65**<br> **Status:**<br> **Non-**<br> **Independent<sup>6</sup>** | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld |  | <br> 191733<br>| <br> 1.03%<br>|

---

<sup>6</sup> The Board has determined that Mr. Brock Bulbuck could be considered to be independent for purposes of applicable Canadian securities laws. However, as a matter of good governance and to allow for a further cooling-off period following the end of Mr. Bulbuck's service as BGSI's Executive Chair, the Board has nonetheless determined to consider Mr. Bulbuck to be non-independent at this time. The Board intends to revisit this position and the associated analysis as part of its normal annual determination regarding the independence of the individuals nominated for service on the Board.

<sup>7</sup> Both Ms. Violet Konkle and Mr. Brock Bulbuck sit on the Board of Directors of The North West Company. BGSI's Board of Directors does not believe that this relationship impacts the ability of these Directors to act in BGSI's best interests.

<sup>8</sup> Performance share units include amounts granted not yet vested.

<sup>9</sup> The table shows the number of shares, director deferred share units, performance share units, and restricted share units as at March 25, 2025 (March 25, 2024). Total value has been calculated at the closing price of the Shares at March 25, 2025 of C$205.60, translated using the closing rate on that date of 0.6995 to US$143.82 (March 25, 2024 - C$286.59 translated at 0.7362 to US$210.99).

<sup>10</sup> The ownership requirement has been translated to USD based on the closing rate on March 25, 2025 of 0.6995 (March 25, 2024 - 0.7362).

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | Mr. Espey was appointed President and Chief Executive Officer in 2011 of Parkland Corporation ("Parkland") and has successfully led the transformation of Parkland from a Western Canadian regional independent into a leading international consolidator of convenience retail and fuel marketing businesses with operations in 25 countries. Under Mr. Espey's leadership, and in addition to a network of over 4,000 retail locations, Parkland is a leader in manufacturing low carbon fuels and is rapidly building an ultrafast electric vehicle charging network to serve growing demand in select markets. Mr. Espey has overseen over 60 acquisitions, including of Chevron Canada's convenience retail and downstream fuel business, the Ultramar retail business from CST brands, the expansion of Parkland into the U.S., and in January 2019 the addition of the Sol which expanded Parkland's operations into the Caribbean region. Previously, Mr. Espey served as Chief Operating Officer from 2010 to 2011, and Vice President, Retail Markets from 2008 to 2010. Prior to joining Parkland, Mr. Espey held a variety of senior management roles across a diverse group of industry sectors, both internationally and domestically, including as President and Chief Executive Officer of FisherCast Global Corporation. Mr. Espey holds a Bachelor of Engineering (Mechanical) from Royal Military College and a Masters in Business Administration from the University of Western Ontario. Mr. Espey is a senior advisor to Enzinc, an advanced developer of metal air battery technology, a member of the Board of Directors of Parkland Corporation and past Chair of the Canadian Fuels Association. | Mr. Espey was appointed President and Chief Executive Officer in 2011 of Parkland Corporation ("Parkland") and has successfully led the transformation of Parkland from a Western Canadian regional independent into a leading international consolidator of convenience retail and fuel marketing businesses with operations in 25 countries. Under Mr. Espey's leadership, and in addition to a network of over 4,000 retail locations, Parkland is a leader in manufacturing low carbon fuels and is rapidly building an ultrafast electric vehicle charging network to serve growing demand in select markets. Mr. Espey has overseen over 60 acquisitions, including of Chevron Canada's convenience retail and downstream fuel business, the Ultramar retail business from CST brands, the expansion of Parkland into the U.S., and in January 2019 the addition of the Sol which expanded Parkland's operations into the Caribbean region. Previously, Mr. Espey served as Chief Operating Officer from 2010 to 2011, and Vice President, Retail Markets from 2008 to 2010. Prior to joining Parkland, Mr. Espey held a variety of senior management roles across a diverse group of industry sectors, both internationally and domestically, including as President and Chief Executive Officer of FisherCast Global Corporation. Mr. Espey holds a Bachelor of Engineering (Mechanical) from Royal Military College and a Masters in Business Administration from the University of Western Ontario. Mr. Espey is a senior advisor to Enzinc, an advanced developer of metal air battery technology, a member of the Board of Directors of Parkland Corporation and past Chair of the Canadian Fuels Association. | Mr. Espey was appointed President and Chief Executive Officer in 2011 of Parkland Corporation ("Parkland") and has successfully led the transformation of Parkland from a Western Canadian regional independent into a leading international consolidator of convenience retail and fuel marketing businesses with operations in 25 countries. Under Mr. Espey's leadership, and in addition to a network of over 4,000 retail locations, Parkland is a leader in manufacturing low carbon fuels and is rapidly building an ultrafast electric vehicle charging network to serve growing demand in select markets. Mr. Espey has overseen over 60 acquisitions, including of Chevron Canada's convenience retail and downstream fuel business, the Ultramar retail business from CST brands, the expansion of Parkland into the U.S., and in January 2019 the addition of the Sol which expanded Parkland's operations into the Caribbean region. Previously, Mr. Espey served as Chief Operating Officer from 2010 to 2011, and Vice President, Retail Markets from 2008 to 2010. Prior to joining Parkland, Mr. Espey held a variety of senior management roles across a diverse group of industry sectors, both internationally and domestically, including as President and Chief Executive Officer of FisherCast Global Corporation. Mr. Espey holds a Bachelor of Engineering (Mechanical) from Royal Military College and a Masters in Business Administration from the University of Western Ontario. Mr. Espey is a senior advisor to Enzinc, an advanced developer of metal air battery technology, a member of the Board of Directors of Parkland Corporation and past Chair of the Canadian Fuels Association. | Mr. Espey was appointed President and Chief Executive Officer in 2011 of Parkland Corporation ("Parkland") and has successfully led the transformation of Parkland from a Western Canadian regional independent into a leading international consolidator of convenience retail and fuel marketing businesses with operations in 25 countries. Under Mr. Espey's leadership, and in addition to a network of over 4,000 retail locations, Parkland is a leader in manufacturing low carbon fuels and is rapidly building an ultrafast electric vehicle charging network to serve growing demand in select markets. Mr. Espey has overseen over 60 acquisitions, including of Chevron Canada's convenience retail and downstream fuel business, the Ultramar retail business from CST brands, the expansion of Parkland into the U.S., and in January 2019 the addition of the Sol which expanded Parkland's operations into the Caribbean region. Previously, Mr. Espey served as Chief Operating Officer from 2010 to 2011, and Vice President, Retail Markets from 2008 to 2010. Prior to joining Parkland, Mr. Espey held a variety of senior management roles across a diverse group of industry sectors, both internationally and domestically, including as President and Chief Executive Officer of FisherCast Global Corporation. Mr. Espey holds a Bachelor of Engineering (Mechanical) from Royal Military College and a Masters in Business Administration from the University of Western Ontario. Mr. Espey is a senior advisor to Enzinc, an advanced developer of metal air battery technology, a member of the Board of Directors of Parkland Corporation and past Chair of the Canadian Fuels Association. | Mr. Espey was appointed President and Chief Executive Officer in 2011 of Parkland Corporation ("Parkland") and has successfully led the transformation of Parkland from a Western Canadian regional independent into a leading international consolidator of convenience retail and fuel marketing businesses with operations in 25 countries. Under Mr. Espey's leadership, and in addition to a network of over 4,000 retail locations, Parkland is a leader in manufacturing low carbon fuels and is rapidly building an ultrafast electric vehicle charging network to serve growing demand in select markets. Mr. Espey has overseen over 60 acquisitions, including of Chevron Canada's convenience retail and downstream fuel business, the Ultramar retail business from CST brands, the expansion of Parkland into the U.S., and in January 2019 the addition of the Sol which expanded Parkland's operations into the Caribbean region. Previously, Mr. Espey served as Chief Operating Officer from 2010 to 2011, and Vice President, Retail Markets from 2008 to 2010. Prior to joining Parkland, Mr. Espey held a variety of senior management roles across a diverse group of industry sectors, both internationally and domestically, including as President and Chief Executive Officer of FisherCast Global Corporation. Mr. Espey holds a Bachelor of Engineering (Mechanical) from Royal Military College and a Masters in Business Administration from the University of Western Ontario. Mr. Espey is a senior advisor to Enzinc, an advanced developer of metal air battery technology, a member of the Board of Directors of Parkland Corporation and past Chair of the Canadian Fuels Association. | Mr. Espey was appointed President and Chief Executive Officer in 2011 of Parkland Corporation ("Parkland") and has successfully led the transformation of Parkland from a Western Canadian regional independent into a leading international consolidator of convenience retail and fuel marketing businesses with operations in 25 countries. Under Mr. Espey's leadership, and in addition to a network of over 4,000 retail locations, Parkland is a leader in manufacturing low carbon fuels and is rapidly building an ultrafast electric vehicle charging network to serve growing demand in select markets. Mr. Espey has overseen over 60 acquisitions, including of Chevron Canada's convenience retail and downstream fuel business, the Ultramar retail business from CST brands, the expansion of Parkland into the U.S., and in January 2019 the addition of the Sol which expanded Parkland's operations into the Caribbean region. Previously, Mr. Espey served as Chief Operating Officer from 2010 to 2011, and Vice President, Retail Markets from 2008 to 2010. Prior to joining Parkland, Mr. Espey held a variety of senior management roles across a diverse group of industry sectors, both internationally and domestically, including as President and Chief Executive Officer of FisherCast Global Corporation. Mr. Espey holds a Bachelor of Engineering (Mechanical) from Royal Military College and a Masters in Business Administration from the University of Western Ontario. Mr. Espey is a senior advisor to Enzinc, an advanced developer of metal air battery technology, a member of the Board of Directors of Parkland Corporation and past Chair of the Canadian Fuels Association. | Mr. Espey was appointed President and Chief Executive Officer in 2011 of Parkland Corporation ("Parkland") and has successfully led the transformation of Parkland from a Western Canadian regional independent into a leading international consolidator of convenience retail and fuel marketing businesses with operations in 25 countries. Under Mr. Espey's leadership, and in addition to a network of over 4,000 retail locations, Parkland is a leader in manufacturing low carbon fuels and is rapidly building an ultrafast electric vehicle charging network to serve growing demand in select markets. Mr. Espey has overseen over 60 acquisitions, including of Chevron Canada's convenience retail and downstream fuel business, the Ultramar retail business from CST brands, the expansion of Parkland into the U.S., and in January 2019 the addition of the Sol which expanded Parkland's operations into the Caribbean region. Previously, Mr. Espey served as Chief Operating Officer from 2010 to 2011, and Vice President, Retail Markets from 2008 to 2010. Prior to joining Parkland, Mr. Espey held a variety of senior management roles across a diverse group of industry sectors, both internationally and domestically, including as President and Chief Executive Officer of FisherCast Global Corporation. Mr. Espey holds a Bachelor of Engineering (Mechanical) from Royal Military College and a Masters in Business Administration from the University of Western Ontario. Mr. Espey is a senior advisor to Enzinc, an advanced developer of metal air battery technology, a member of the Board of Directors of Parkland Corporation and past Chair of the Canadian Fuels Association. |
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Meeting Attendance in 2024**  | <br> **Meeting Attendance in 2024**  |
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | <br> Board | <br> Board | <br> Board | <br> Board | <br> Board | <br> 4 of 4<br>| <br> 100% |
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | <br> Governance & Sustainability Committee | <br> Governance & Sustainability Committee | <br> Governance & Sustainability Committee | <br> Governance & Sustainability Committee | <br> Governance & Sustainability Committee | <br> 4 of 4<br>| <br> 100% |
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** |
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | <br> Parkland Corporation | <br> Parkland Corporation | <br> Parkland Corporation | <br> Parkland Corporation | <br> Parkland Corporation | <br> May 2011 - present | <br> May 2011 - present |
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** |
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | Year | Shares | Deferred Share Units<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Total Value<sup>11</sup> | Ownership Requirement<sup>12</sup> | % of Target Met | % of Target Met |
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$606134 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$367238 <br>| <br> 100% | <br> 100% |
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | <br> 2023<br>| <br> 950<br>| <br> 2029<br>| <br> $628601<br>| <br> $386505<br>| <br> 100% | <br> 100% |
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** |
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> 18315128<br>| <br> 98.33% |
| &nbsp;&nbsp; **ROBERT**<br> **ESPEY**<br>**Alberta, Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on May 12, 2021**<br>**Age: 59**<br>**Status:**<br> **Independent** | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> 310593<br>| <br> 1.67% |

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<sup>11</sup> The table shows the number of shares and director deferred share units as at March 25, 2025 (March 25, 2024). Total value has been calculated at the closing price of the Shares at March 25, 2025 of C$205.60, translated using the closing rate on that date of 0.6995 to US$143.82 (March 25, 2024 - C$286.59 translated at 0.7362 to US$210.99).

<sup>12</sup> The ownership requirement has been translated to USD based on the closing rate on March 25, 2025 of 0.6995 (March 25, 2024 - 0.7362).

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** | Ms. Feuell has nearly 30 years of career experience transforming brands and business units to deliver strong customer value and profitable growth in the automotive, supply chain automation and building technologies industries. Ms. Feuell's automotive industry experiences include OEMs (Ford, Stellantis) and Tier 1 Suppliers (Johnson Controls, Adient) in which she created and launched innovative products, technologies and services for the OEM and Aftermarket Channels. Ms. Feuell is currently the CEO for Chrysler and Alfa Romeo. Since 2021, she has been serving as CEO, Chrysler Brand at Stellantis, a leading global automotive mobility and technology leader, where she is transforming the Chrysler brand to full-electrification and delivering break-through seamlessly connected technologies and experiences. Prior to her role at Chrysler, Ms. Feuell was the Chief Commercial Officer at Honeywell, where she was responsible for creating and delivering advanced automation software and technology solutions for E-Commerce, Retail, Logistics, Health and Pharma industries.Ms. Feuell also serves as an Advisory Board Member for the Michigan State University Broad School of Business, Board Director for Friends of the Children Detroit Chapter Non-Profit, and is a champion for diversity and mentoring programs at Stellantis, Michigan State and her local communities. Ms. Feuell is the Executive Sponsor for the Women of Stellantis and Diversibilities Business Resource Groups. | Ms. Feuell has nearly 30 years of career experience transforming brands and business units to deliver strong customer value and profitable growth in the automotive, supply chain automation and building technologies industries. Ms. Feuell's automotive industry experiences include OEMs (Ford, Stellantis) and Tier 1 Suppliers (Johnson Controls, Adient) in which she created and launched innovative products, technologies and services for the OEM and Aftermarket Channels. Ms. Feuell is currently the CEO for Chrysler and Alfa Romeo. Since 2021, she has been serving as CEO, Chrysler Brand at Stellantis, a leading global automotive mobility and technology leader, where she is transforming the Chrysler brand to full-electrification and delivering break-through seamlessly connected technologies and experiences. Prior to her role at Chrysler, Ms. Feuell was the Chief Commercial Officer at Honeywell, where she was responsible for creating and delivering advanced automation software and technology solutions for E-Commerce, Retail, Logistics, Health and Pharma industries.Ms. Feuell also serves as an Advisory Board Member for the Michigan State University Broad School of Business, Board Director for Friends of the Children Detroit Chapter Non-Profit, and is a champion for diversity and mentoring programs at Stellantis, Michigan State and her local communities. Ms. Feuell is the Executive Sponsor for the Women of Stellantis and Diversibilities Business Resource Groups. | Ms. Feuell has nearly 30 years of career experience transforming brands and business units to deliver strong customer value and profitable growth in the automotive, supply chain automation and building technologies industries. Ms. Feuell's automotive industry experiences include OEMs (Ford, Stellantis) and Tier 1 Suppliers (Johnson Controls, Adient) in which she created and launched innovative products, technologies and services for the OEM and Aftermarket Channels. Ms. Feuell is currently the CEO for Chrysler and Alfa Romeo. Since 2021, she has been serving as CEO, Chrysler Brand at Stellantis, a leading global automotive mobility and technology leader, where she is transforming the Chrysler brand to full-electrification and delivering break-through seamlessly connected technologies and experiences. Prior to her role at Chrysler, Ms. Feuell was the Chief Commercial Officer at Honeywell, where she was responsible for creating and delivering advanced automation software and technology solutions for E-Commerce, Retail, Logistics, Health and Pharma industries.Ms. Feuell also serves as an Advisory Board Member for the Michigan State University Broad School of Business, Board Director for Friends of the Children Detroit Chapter Non-Profit, and is a champion for diversity and mentoring programs at Stellantis, Michigan State and her local communities. Ms. Feuell is the Executive Sponsor for the Women of Stellantis and Diversibilities Business Resource Groups. | Ms. Feuell has nearly 30 years of career experience transforming brands and business units to deliver strong customer value and profitable growth in the automotive, supply chain automation and building technologies industries. Ms. Feuell's automotive industry experiences include OEMs (Ford, Stellantis) and Tier 1 Suppliers (Johnson Controls, Adient) in which she created and launched innovative products, technologies and services for the OEM and Aftermarket Channels. Ms. Feuell is currently the CEO for Chrysler and Alfa Romeo. Since 2021, she has been serving as CEO, Chrysler Brand at Stellantis, a leading global automotive mobility and technology leader, where she is transforming the Chrysler brand to full-electrification and delivering break-through seamlessly connected technologies and experiences. Prior to her role at Chrysler, Ms. Feuell was the Chief Commercial Officer at Honeywell, where she was responsible for creating and delivering advanced automation software and technology solutions for E-Commerce, Retail, Logistics, Health and Pharma industries.Ms. Feuell also serves as an Advisory Board Member for the Michigan State University Broad School of Business, Board Director for Friends of the Children Detroit Chapter Non-Profit, and is a champion for diversity and mentoring programs at Stellantis, Michigan State and her local communities. Ms. Feuell is the Executive Sponsor for the Women of Stellantis and Diversibilities Business Resource Groups. | Ms. Feuell has nearly 30 years of career experience transforming brands and business units to deliver strong customer value and profitable growth in the automotive, supply chain automation and building technologies industries. Ms. Feuell's automotive industry experiences include OEMs (Ford, Stellantis) and Tier 1 Suppliers (Johnson Controls, Adient) in which she created and launched innovative products, technologies and services for the OEM and Aftermarket Channels. Ms. Feuell is currently the CEO for Chrysler and Alfa Romeo. Since 2021, she has been serving as CEO, Chrysler Brand at Stellantis, a leading global automotive mobility and technology leader, where she is transforming the Chrysler brand to full-electrification and delivering break-through seamlessly connected technologies and experiences. Prior to her role at Chrysler, Ms. Feuell was the Chief Commercial Officer at Honeywell, where she was responsible for creating and delivering advanced automation software and technology solutions for E-Commerce, Retail, Logistics, Health and Pharma industries.Ms. Feuell also serves as an Advisory Board Member for the Michigan State University Broad School of Business, Board Director for Friends of the Children Detroit Chapter Non-Profit, and is a champion for diversity and mentoring programs at Stellantis, Michigan State and her local communities. Ms. Feuell is the Executive Sponsor for the Women of Stellantis and Diversibilities Business Resource Groups. | Ms. Feuell has nearly 30 years of career experience transforming brands and business units to deliver strong customer value and profitable growth in the automotive, supply chain automation and building technologies industries. Ms. Feuell's automotive industry experiences include OEMs (Ford, Stellantis) and Tier 1 Suppliers (Johnson Controls, Adient) in which she created and launched innovative products, technologies and services for the OEM and Aftermarket Channels. Ms. Feuell is currently the CEO for Chrysler and Alfa Romeo. Since 2021, she has been serving as CEO, Chrysler Brand at Stellantis, a leading global automotive mobility and technology leader, where she is transforming the Chrysler brand to full-electrification and delivering break-through seamlessly connected technologies and experiences. Prior to her role at Chrysler, Ms. Feuell was the Chief Commercial Officer at Honeywell, where she was responsible for creating and delivering advanced automation software and technology solutions for E-Commerce, Retail, Logistics, Health and Pharma industries.Ms. Feuell also serves as an Advisory Board Member for the Michigan State University Broad School of Business, Board Director for Friends of the Children Detroit Chapter Non-Profit, and is a champion for diversity and mentoring programs at Stellantis, Michigan State and her local communities. Ms. Feuell is the Executive Sponsor for the Women of Stellantis and Diversibilities Business Resource Groups. | Ms. Feuell has nearly 30 years of career experience transforming brands and business units to deliver strong customer value and profitable growth in the automotive, supply chain automation and building technologies industries. Ms. Feuell's automotive industry experiences include OEMs (Ford, Stellantis) and Tier 1 Suppliers (Johnson Controls, Adient) in which she created and launched innovative products, technologies and services for the OEM and Aftermarket Channels. Ms. Feuell is currently the CEO for Chrysler and Alfa Romeo. Since 2021, she has been serving as CEO, Chrysler Brand at Stellantis, a leading global automotive mobility and technology leader, where she is transforming the Chrysler brand to full-electrification and delivering break-through seamlessly connected technologies and experiences. Prior to her role at Chrysler, Ms. Feuell was the Chief Commercial Officer at Honeywell, where she was responsible for creating and delivering advanced automation software and technology solutions for E-Commerce, Retail, Logistics, Health and Pharma industries.Ms. Feuell also serves as an Advisory Board Member for the Michigan State University Broad School of Business, Board Director for Friends of the Children Detroit Chapter Non-Profit, and is a champion for diversity and mentoring programs at Stellantis, Michigan State and her local communities. Ms. Feuell is the Executive Sponsor for the Women of Stellantis and Diversibilities Business Resource Groups. |
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Meeting Attendance in 2024**  | <br> **Meeting Attendance in 2024**  |
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> Board | <br> Board | <br> Board | <br> Board | <br> Board | <br> 4 of 4<br>| <br> 100% |
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> Audit Committee | <br> Audit Committee | <br> Audit Committee | <br> Audit Committee | <br> Audit Committee | <br> 4 of 4<br>| <br> 100% |
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** |
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** |
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> Year | <br> Shares | <br> Deferred Share Units<br>| <br> Total Value<sup>13</sup> | <br> Ownership<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requirement<sup>14</sup>  | <br> % of Target Met | <br> % of Target Met |
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1390 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$199874 <br>| <br> $525000<br>| <br> 38% | <br> 38% |
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> 2023<br>| <br> —<br>| <br> 584<br>| <br> $123218<br>| <br> $525000<br>| <br> 23% | <br> 23% |
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** |
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> 18565296<br>| <br> 99.68%  |
| &nbsp;&nbsp; **CHRISTINE FEUELL**<br>**Michigan,**<br> **United States**<br>**Joined the**<br> **Board of BGSI**<br> **on May 10, 2023**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> 60426<br>| <br> 0.32% |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | Mr. Hartmann currently serves on the Boards of Franchise Group, Inc., a private holding company which owns The Vitamin Shoppe, Pet Supplies Plus and Buddy's Home Furnishings; and Ascend Wellness Holdings Inc., a U.S. publicly listed company, where he was previously Chief Executive Officer. Mr. Hartmann is the former President of buybuyBaby and COO of Bed Bath & Beyond from 2020 to 2022. Previously, from 2013-2020, he was the President & Chief Executive Officer at True Value Company, a privately owned U.S. hardware wholesaler and manufacturer. Mr. Hartmann also led New Zealand-based Mitre 10 as Chief Executive Officer from 2010 to 2013, and held various executive positions at HD Supply, The Home Depot, and Cardinal Health. Prior to his corporate career, he served as a special agent of the Federal Bureau of Investigation. Mr. Hartmann previously served on the Board and Audit Committee of AmeriGas, prior to UGI's acquisition, and Board of HD Supply. | Mr. Hartmann currently serves on the Boards of Franchise Group, Inc., a private holding company which owns The Vitamin Shoppe, Pet Supplies Plus and Buddy's Home Furnishings; and Ascend Wellness Holdings Inc., a U.S. publicly listed company, where he was previously Chief Executive Officer. Mr. Hartmann is the former President of buybuyBaby and COO of Bed Bath & Beyond from 2020 to 2022. Previously, from 2013-2020, he was the President & Chief Executive Officer at True Value Company, a privately owned U.S. hardware wholesaler and manufacturer. Mr. Hartmann also led New Zealand-based Mitre 10 as Chief Executive Officer from 2010 to 2013, and held various executive positions at HD Supply, The Home Depot, and Cardinal Health. Prior to his corporate career, he served as a special agent of the Federal Bureau of Investigation. Mr. Hartmann previously served on the Board and Audit Committee of AmeriGas, prior to UGI's acquisition, and Board of HD Supply. | Mr. Hartmann currently serves on the Boards of Franchise Group, Inc., a private holding company which owns The Vitamin Shoppe, Pet Supplies Plus and Buddy's Home Furnishings; and Ascend Wellness Holdings Inc., a U.S. publicly listed company, where he was previously Chief Executive Officer. Mr. Hartmann is the former President of buybuyBaby and COO of Bed Bath & Beyond from 2020 to 2022. Previously, from 2013-2020, he was the President & Chief Executive Officer at True Value Company, a privately owned U.S. hardware wholesaler and manufacturer. Mr. Hartmann also led New Zealand-based Mitre 10 as Chief Executive Officer from 2010 to 2013, and held various executive positions at HD Supply, The Home Depot, and Cardinal Health. Prior to his corporate career, he served as a special agent of the Federal Bureau of Investigation. Mr. Hartmann previously served on the Board and Audit Committee of AmeriGas, prior to UGI's acquisition, and Board of HD Supply. | Mr. Hartmann currently serves on the Boards of Franchise Group, Inc., a private holding company which owns The Vitamin Shoppe, Pet Supplies Plus and Buddy's Home Furnishings; and Ascend Wellness Holdings Inc., a U.S. publicly listed company, where he was previously Chief Executive Officer. Mr. Hartmann is the former President of buybuyBaby and COO of Bed Bath & Beyond from 2020 to 2022. Previously, from 2013-2020, he was the President & Chief Executive Officer at True Value Company, a privately owned U.S. hardware wholesaler and manufacturer. Mr. Hartmann also led New Zealand-based Mitre 10 as Chief Executive Officer from 2010 to 2013, and held various executive positions at HD Supply, The Home Depot, and Cardinal Health. Prior to his corporate career, he served as a special agent of the Federal Bureau of Investigation. Mr. Hartmann previously served on the Board and Audit Committee of AmeriGas, prior to UGI's acquisition, and Board of HD Supply. | Mr. Hartmann currently serves on the Boards of Franchise Group, Inc., a private holding company which owns The Vitamin Shoppe, Pet Supplies Plus and Buddy's Home Furnishings; and Ascend Wellness Holdings Inc., a U.S. publicly listed company, where he was previously Chief Executive Officer. Mr. Hartmann is the former President of buybuyBaby and COO of Bed Bath & Beyond from 2020 to 2022. Previously, from 2013-2020, he was the President & Chief Executive Officer at True Value Company, a privately owned U.S. hardware wholesaler and manufacturer. Mr. Hartmann also led New Zealand-based Mitre 10 as Chief Executive Officer from 2010 to 2013, and held various executive positions at HD Supply, The Home Depot, and Cardinal Health. Prior to his corporate career, he served as a special agent of the Federal Bureau of Investigation. Mr. Hartmann previously served on the Board and Audit Committee of AmeriGas, prior to UGI's acquisition, and Board of HD Supply. | Mr. Hartmann currently serves on the Boards of Franchise Group, Inc., a private holding company which owns The Vitamin Shoppe, Pet Supplies Plus and Buddy's Home Furnishings; and Ascend Wellness Holdings Inc., a U.S. publicly listed company, where he was previously Chief Executive Officer. Mr. Hartmann is the former President of buybuyBaby and COO of Bed Bath & Beyond from 2020 to 2022. Previously, from 2013-2020, he was the President & Chief Executive Officer at True Value Company, a privately owned U.S. hardware wholesaler and manufacturer. Mr. Hartmann also led New Zealand-based Mitre 10 as Chief Executive Officer from 2010 to 2013, and held various executive positions at HD Supply, The Home Depot, and Cardinal Health. Prior to his corporate career, he served as a special agent of the Federal Bureau of Investigation. Mr. Hartmann previously served on the Board and Audit Committee of AmeriGas, prior to UGI's acquisition, and Board of HD Supply. | Mr. Hartmann currently serves on the Boards of Franchise Group, Inc., a private holding company which owns The Vitamin Shoppe, Pet Supplies Plus and Buddy's Home Furnishings; and Ascend Wellness Holdings Inc., a U.S. publicly listed company, where he was previously Chief Executive Officer. Mr. Hartmann is the former President of buybuyBaby and COO of Bed Bath & Beyond from 2020 to 2022. Previously, from 2013-2020, he was the President & Chief Executive Officer at True Value Company, a privately owned U.S. hardware wholesaler and manufacturer. Mr. Hartmann also led New Zealand-based Mitre 10 as Chief Executive Officer from 2010 to 2013, and held various executive positions at HD Supply, The Home Depot, and Cardinal Health. Prior to his corporate career, he served as a special agent of the Federal Bureau of Investigation. Mr. Hartmann previously served on the Board and Audit Committee of AmeriGas, prior to UGI's acquisition, and Board of HD Supply. |
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Meeting Attendance in 2023**  | <br> **Meeting Attendance in 2023**  |
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> Board | <br> Board | <br> Board | <br> Board | <br> Board | <br> 4 of 4<br>| <br> 100% |
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> Audit Committee | <br> Audit Committee | <br> Audit Committee | <br> Audit Committee | <br> Audit Committee | <br> 4 of 4<br>| <br> 100%<br>|
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> People, Culture and Compensation Committee | <br> People, Culture and Compensation Committee | <br> People, Culture and Compensation Committee | <br> People, Culture and Compensation Committee | <br> People, Culture and Compensation Committee | <br> 4 of 4<br>| <br> 100% |
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** |
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** |
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> Year | <br> Shares | <br> Deferred<br> Share Units<br>| <br> Total Value<sup>15</sup> | <br> Ownership<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requirement<sup>16</sup>  | <br> % of Target Met | <br> % of Target Met |
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 <br>| <br> —<br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2720 <br>| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$391116 <br>| <br> $525000<br>| <br> 74% | <br> 74% |
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 <br>| <br> —<br>| <br> 2025<br>| <br> $427296<br>| <br> $525000<br>| <br> 81% | <br> 81% |
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** |
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> 18408272<br>| <br> 98.83% |
| &nbsp;&nbsp; **JOHN HARTMANN**<br>**New Jersey,**<br> **United States**<br>**Joined the Board** <br> **of BGSI on**<br> **June 29, 2020**<br>**Age: 61**<br>**Status:**<br> **Independent** | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> 217450<br>| <br> 1.17% |

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<sup>13</sup> The table shows the number of share and director deferred share units as at March 25, 2025 (March 25, 2024). Total value has been calculated at the closing price of the Shares at March 25, 2025 of C$205.60, translated using the closing rate on that date of 0.6995 to US$143.82 (March 25, 2024 - C$286.59 translated at 0.7362 to US$210.99).

<sup>14</sup> A Director has 5 years from the date of appointment to the Board to meet the ownership requirements. As such, Christine Feuell will have until 2028 to meet the ownership requirement.

<sup>15</sup> The table shows the number of shares and director deferred share units as at March 25, 2025 (March 25, 2024). Total value has been calculated at the closing price of the Shares at March 25, 2025 of C$205.60, translated using the closing rate on that date of 0.6995 to US$143.82 (March 25, 2024 - C$286.59 translated at 0.7362 to US$210.99).

<sup>16</sup> A Director has 5 years from the date of the appointment to the Board to meet the ownership requirements. As such, John Hartmann will have until 2025 to meet the ownership requirement.

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|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **BRIAN**<br> **KANER**<br>**Indiana, United**<br> **States**<br>**Standing for**<br> **initial election**<br> **to the Board of**<br> **BGSI on**<br> **May 14, 2025**<br>**Age: 51**<br>**Status:**<br> **Non-Independent** | Mr. Kaner joined Boyd Group Services Inc. in October 2022 as Executive Vice President and Chief Operating Officer for the Boyd Group's collision business. Mr. Kaner had responsibility for Boyd's collision operations in both the United States and Canada. On August 7, 2024, Mr Kaner was appointed as President and Chief Operating Officer. In his expanded role, Mr. Kaner has operating responsibility for the entire company. On May 14, 2025, Chief Executive Officer Timothy O'Day will step down from his current role, to be succeeded by Brian Kaner, current President and Chief Operating Officer of Boyd. These changes are planned to be effective as of the date of the Annual General Meeting of Boyd, which is scheduled to occur on May 14, 2025. Mr. Kaner was previously CEO & President of Pep Boys & Icahn Automotive Services where he led all functional disciplines and field leadership teams overseeing 1,000 company owned and nearly 800 franchise locations. Before joining Icahn Enterprises L.P., Mr. Kaner worked for Sears Holdings Corporation as President of Sears Auto Centers. | Mr. Kaner joined Boyd Group Services Inc. in October 2022 as Executive Vice President and Chief Operating Officer for the Boyd Group's collision business. Mr. Kaner had responsibility for Boyd's collision operations in both the United States and Canada. On August 7, 2024, Mr Kaner was appointed as President and Chief Operating Officer. In his expanded role, Mr. Kaner has operating responsibility for the entire company. On May 14, 2025, Chief Executive Officer Timothy O'Day will step down from his current role, to be succeeded by Brian Kaner, current President and Chief Operating Officer of Boyd. These changes are planned to be effective as of the date of the Annual General Meeting of Boyd, which is scheduled to occur on May 14, 2025. Mr. Kaner was previously CEO & President of Pep Boys & Icahn Automotive Services where he led all functional disciplines and field leadership teams overseeing 1,000 company owned and nearly 800 franchise locations. Before joining Icahn Enterprises L.P., Mr. Kaner worked for Sears Holdings Corporation as President of Sears Auto Centers. | Mr. Kaner joined Boyd Group Services Inc. in October 2022 as Executive Vice President and Chief Operating Officer for the Boyd Group's collision business. Mr. Kaner had responsibility for Boyd's collision operations in both the United States and Canada. On August 7, 2024, Mr Kaner was appointed as President and Chief Operating Officer. In his expanded role, Mr. Kaner has operating responsibility for the entire company. On May 14, 2025, Chief Executive Officer Timothy O'Day will step down from his current role, to be succeeded by Brian Kaner, current President and Chief Operating Officer of Boyd. These changes are planned to be effective as of the date of the Annual General Meeting of Boyd, which is scheduled to occur on May 14, 2025. Mr. Kaner was previously CEO & President of Pep Boys & Icahn Automotive Services where he led all functional disciplines and field leadership teams overseeing 1,000 company owned and nearly 800 franchise locations. Before joining Icahn Enterprises L.P., Mr. Kaner worked for Sears Holdings Corporation as President of Sears Auto Centers. | Mr. Kaner joined Boyd Group Services Inc. in October 2022 as Executive Vice President and Chief Operating Officer for the Boyd Group's collision business. Mr. Kaner had responsibility for Boyd's collision operations in both the United States and Canada. On August 7, 2024, Mr Kaner was appointed as President and Chief Operating Officer. In his expanded role, Mr. Kaner has operating responsibility for the entire company. On May 14, 2025, Chief Executive Officer Timothy O'Day will step down from his current role, to be succeeded by Brian Kaner, current President and Chief Operating Officer of Boyd. These changes are planned to be effective as of the date of the Annual General Meeting of Boyd, which is scheduled to occur on May 14, 2025. Mr. Kaner was previously CEO & President of Pep Boys & Icahn Automotive Services where he led all functional disciplines and field leadership teams overseeing 1,000 company owned and nearly 800 franchise locations. Before joining Icahn Enterprises L.P., Mr. Kaner worked for Sears Holdings Corporation as President of Sears Auto Centers. | Mr. Kaner joined Boyd Group Services Inc. in October 2022 as Executive Vice President and Chief Operating Officer for the Boyd Group's collision business. Mr. Kaner had responsibility for Boyd's collision operations in both the United States and Canada. On August 7, 2024, Mr Kaner was appointed as President and Chief Operating Officer. In his expanded role, Mr. Kaner has operating responsibility for the entire company. On May 14, 2025, Chief Executive Officer Timothy O'Day will step down from his current role, to be succeeded by Brian Kaner, current President and Chief Operating Officer of Boyd. These changes are planned to be effective as of the date of the Annual General Meeting of Boyd, which is scheduled to occur on May 14, 2025. Mr. Kaner was previously CEO & President of Pep Boys & Icahn Automotive Services where he led all functional disciplines and field leadership teams overseeing 1,000 company owned and nearly 800 franchise locations. Before joining Icahn Enterprises L.P., Mr. Kaner worked for Sears Holdings Corporation as President of Sears Auto Centers. | Mr. Kaner joined Boyd Group Services Inc. in October 2022 as Executive Vice President and Chief Operating Officer for the Boyd Group's collision business. Mr. Kaner had responsibility for Boyd's collision operations in both the United States and Canada. On August 7, 2024, Mr Kaner was appointed as President and Chief Operating Officer. In his expanded role, Mr. Kaner has operating responsibility for the entire company. On May 14, 2025, Chief Executive Officer Timothy O'Day will step down from his current role, to be succeeded by Brian Kaner, current President and Chief Operating Officer of Boyd. These changes are planned to be effective as of the date of the Annual General Meeting of Boyd, which is scheduled to occur on May 14, 2025. Mr. Kaner was previously CEO & President of Pep Boys & Icahn Automotive Services where he led all functional disciplines and field leadership teams overseeing 1,000 company owned and nearly 800 franchise locations. Before joining Icahn Enterprises L.P., Mr. Kaner worked for Sears Holdings Corporation as President of Sears Auto Centers. | Mr. Kaner joined Boyd Group Services Inc. in October 2022 as Executive Vice President and Chief Operating Officer for the Boyd Group's collision business. Mr. Kaner had responsibility for Boyd's collision operations in both the United States and Canada. On August 7, 2024, Mr Kaner was appointed as President and Chief Operating Officer. In his expanded role, Mr. Kaner has operating responsibility for the entire company. On May 14, 2025, Chief Executive Officer Timothy O'Day will step down from his current role, to be succeeded by Brian Kaner, current President and Chief Operating Officer of Boyd. These changes are planned to be effective as of the date of the Annual General Meeting of Boyd, which is scheduled to occur on May 14, 2025. Mr. Kaner was previously CEO & President of Pep Boys & Icahn Automotive Services where he led all functional disciplines and field leadership teams overseeing 1,000 company owned and nearly 800 franchise locations. Before joining Icahn Enterprises L.P., Mr. Kaner worked for Sears Holdings Corporation as President of Sears Auto Centers. |
| &nbsp;&nbsp; **BRIAN**<br> **KANER**<br>**Indiana, United**<br> **States**<br>**Standing for**<br> **initial election**<br> **to the Board of**<br> **BGSI on**<br> **May 14, 2025**<br>**Age: 51**<br>**Status:**<br> **Non-Independent** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** |  | <br> **Meeting Attendance in 2024** |
| &nbsp;&nbsp; **BRIAN**<br> **KANER**<br>**Indiana, United**<br> **States**<br>**Standing for**<br> **initial election**<br> **to the Board of**<br> **BGSI on**<br> **May 14, 2025**<br>**Age: 51**<br>**Status:**<br> **Non-Independent** | <br> Board<sup>17</sup> | <br> Board<sup>17</sup> | <br> Board<sup>17</sup> | <br> Board<sup>17</sup> | <br> Board<sup>17</sup> |  | n/a<br>|
| &nbsp;&nbsp; **BRIAN**<br> **KANER**<br>**Indiana, United**<br> **States**<br>**Standing for**<br> **initial election**<br> **to the Board of**<br> **BGSI on**<br> **May 14, 2025**<br>**Age: 51**<br>**Status:**<br> **Non-Independent** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** |
| &nbsp;&nbsp; **BRIAN**<br> **KANER**<br>**Indiana, United**<br> **States**<br>**Standing for**<br> **initial election**<br> **to the Board of**<br> **BGSI on**<br> **May 14, 2025**<br>**Age: 51**<br>**Status:**<br> **Non-Independent** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; **BRIAN**<br> **KANER**<br>**Indiana, United**<br> **States**<br>**Standing for**<br> **initial election**<br> **to the Board of**<br> **BGSI on**<br> **May 14, 2025**<br>**Age: 51**<br>**Status:**<br> **Non-Independent** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** |
| &nbsp;&nbsp; **BRIAN**<br> **KANER**<br>**Indiana, United**<br> **States**<br>**Standing for**<br> **initial election**<br> **to the Board of**<br> **BGSI on**<br> **May 14, 2025**<br>**Age: 51**<br>**Status:**<br> **Non-Independent** | <br> Year | <br> Shares | <br> Performance Share Units<sup>18</sup><br>| <br> Restricted<br> Share Units | <br> Total Value<sup>19</sup> | <br> Ownership Requirement<sup>20</sup> | <br> % of Target Met |
| &nbsp;&nbsp; **BRIAN**<br> **KANER**<br>**Indiana, United**<br> **States**<br>**Standing for**<br> **initial election**<br> **to the Board of**<br> **BGSI on**<br> **May 14, 2025**<br>**Age: 51**<br>**Status:**<br> **Non-Independent** | <br> 2024<br>| <br> 600<br>| <br> 8367<br>| <br> 3050<br>| <br> $1728251 | <br> $1300000<br>| <br> 100% |
| &nbsp;&nbsp; **BRIAN**<br> **KANER**<br>**Indiana, United**<br> **States**<br>**Standing for**<br> **initial election**<br> **to the Board of**<br> **BGSI on**<br> **May 14, 2025**<br>**Age: 51**<br>**Status:**<br> **Non-Independent** | <br> 2023<br>| <br> —<br>| <br> 5625<br>| <br> 2792<br>| <br>$1775882<br>| <br> $1250000<br>| <br> 100% |
| &nbsp;&nbsp; **BRIAN**<br> **KANER**<br>**Indiana, United**<br> **States**<br>**Standing for**<br> **initial election**<br> **to the Board of**<br> **BGSI on**<br> **May 14, 2025**<br>**Age: 51**<br>**Status:**<br> **Non-Independent** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** |
| &nbsp;&nbsp; **BRIAN**<br> **KANER**<br>**Indiana, United**<br> **States**<br>**Standing for**<br> **initial election**<br> **to the Board of**<br> **BGSI on**<br> **May 14, 2025**<br>**Age: 51**<br>**Status:**<br> **Non-Independent** | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For |  | <br> n/a<br>|
| &nbsp;&nbsp; **BRIAN**<br> **KANER**<br>**Indiana, United**<br> **States**<br>**Standing for**<br> **initial election**<br> **to the Board of**<br> **BGSI on**<br> **May 14, 2025**<br>**Age: 51**<br>**Status:**<br> **Non-Independent** | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld |  | <br> n/a<br>|

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|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | Ms. Konkle is the past President and Chief Executive Officer of The Brick Ltd. Prior to joining The Brick in 2010 as President, Business Support, she held a number of positions with Walmart Canada, including Chief Operating Officer and Chief Customer Officer. Ms. Konkle also held a number of senior executive positions with Loblaw Companies Ltd., including Executive Vice President, Atlantic Wholesale Division. Ms. Konkle is a Director of The North West Company Inc. and GFL Environmental, as well as two privately held companies, Elswood Investment Corporation and ABARTA. Ms. Konkle previously served on the Advisory Board of Longo's Brothers Fruit Markets Inc., a privately held company. She is a past director of Bailey Metal Products, Dare Foods, The Brick Ltd., Trans Global Insurance, the Canadian Chamber of Commerce and the National Board of Habitat for Humanity. | Ms. Konkle is the past President and Chief Executive Officer of The Brick Ltd. Prior to joining The Brick in 2010 as President, Business Support, she held a number of positions with Walmart Canada, including Chief Operating Officer and Chief Customer Officer. Ms. Konkle also held a number of senior executive positions with Loblaw Companies Ltd., including Executive Vice President, Atlantic Wholesale Division. Ms. Konkle is a Director of The North West Company Inc. and GFL Environmental, as well as two privately held companies, Elswood Investment Corporation and ABARTA. Ms. Konkle previously served on the Advisory Board of Longo's Brothers Fruit Markets Inc., a privately held company. She is a past director of Bailey Metal Products, Dare Foods, The Brick Ltd., Trans Global Insurance, the Canadian Chamber of Commerce and the National Board of Habitat for Humanity. | Ms. Konkle is the past President and Chief Executive Officer of The Brick Ltd. Prior to joining The Brick in 2010 as President, Business Support, she held a number of positions with Walmart Canada, including Chief Operating Officer and Chief Customer Officer. Ms. Konkle also held a number of senior executive positions with Loblaw Companies Ltd., including Executive Vice President, Atlantic Wholesale Division. Ms. Konkle is a Director of The North West Company Inc. and GFL Environmental, as well as two privately held companies, Elswood Investment Corporation and ABARTA. Ms. Konkle previously served on the Advisory Board of Longo's Brothers Fruit Markets Inc., a privately held company. She is a past director of Bailey Metal Products, Dare Foods, The Brick Ltd., Trans Global Insurance, the Canadian Chamber of Commerce and the National Board of Habitat for Humanity. | Ms. Konkle is the past President and Chief Executive Officer of The Brick Ltd. Prior to joining The Brick in 2010 as President, Business Support, she held a number of positions with Walmart Canada, including Chief Operating Officer and Chief Customer Officer. Ms. Konkle also held a number of senior executive positions with Loblaw Companies Ltd., including Executive Vice President, Atlantic Wholesale Division. Ms. Konkle is a Director of The North West Company Inc. and GFL Environmental, as well as two privately held companies, Elswood Investment Corporation and ABARTA. Ms. Konkle previously served on the Advisory Board of Longo's Brothers Fruit Markets Inc., a privately held company. She is a past director of Bailey Metal Products, Dare Foods, The Brick Ltd., Trans Global Insurance, the Canadian Chamber of Commerce and the National Board of Habitat for Humanity. | Ms. Konkle is the past President and Chief Executive Officer of The Brick Ltd. Prior to joining The Brick in 2010 as President, Business Support, she held a number of positions with Walmart Canada, including Chief Operating Officer and Chief Customer Officer. Ms. Konkle also held a number of senior executive positions with Loblaw Companies Ltd., including Executive Vice President, Atlantic Wholesale Division. Ms. Konkle is a Director of The North West Company Inc. and GFL Environmental, as well as two privately held companies, Elswood Investment Corporation and ABARTA. Ms. Konkle previously served on the Advisory Board of Longo's Brothers Fruit Markets Inc., a privately held company. She is a past director of Bailey Metal Products, Dare Foods, The Brick Ltd., Trans Global Insurance, the Canadian Chamber of Commerce and the National Board of Habitat for Humanity. | Ms. Konkle is the past President and Chief Executive Officer of The Brick Ltd. Prior to joining The Brick in 2010 as President, Business Support, she held a number of positions with Walmart Canada, including Chief Operating Officer and Chief Customer Officer. Ms. Konkle also held a number of senior executive positions with Loblaw Companies Ltd., including Executive Vice President, Atlantic Wholesale Division. Ms. Konkle is a Director of The North West Company Inc. and GFL Environmental, as well as two privately held companies, Elswood Investment Corporation and ABARTA. Ms. Konkle previously served on the Advisory Board of Longo's Brothers Fruit Markets Inc., a privately held company. She is a past director of Bailey Metal Products, Dare Foods, The Brick Ltd., Trans Global Insurance, the Canadian Chamber of Commerce and the National Board of Habitat for Humanity. | Ms. Konkle is the past President and Chief Executive Officer of The Brick Ltd. Prior to joining The Brick in 2010 as President, Business Support, she held a number of positions with Walmart Canada, including Chief Operating Officer and Chief Customer Officer. Ms. Konkle also held a number of senior executive positions with Loblaw Companies Ltd., including Executive Vice President, Atlantic Wholesale Division. Ms. Konkle is a Director of The North West Company Inc. and GFL Environmental, as well as two privately held companies, Elswood Investment Corporation and ABARTA. Ms. Konkle previously served on the Advisory Board of Longo's Brothers Fruit Markets Inc., a privately held company. She is a past director of Bailey Metal Products, Dare Foods, The Brick Ltd., Trans Global Insurance, the Canadian Chamber of Commerce and the National Board of Habitat for Humanity. |
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Meeting Attendance in 2024** | <br> **Meeting Attendance in 2024** |
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | <br> Board | <br> Board | <br> Board | <br> Board | <br> Board | <br> 4 of 4<br>| <br> 100%<br>|
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | <br> People, Culture and Compensation Committee (Chair) | <br> People, Culture and Compensation Committee (Chair) | <br> People, Culture and Compensation Committee (Chair) | <br> People, Culture and Compensation Committee (Chair) | <br> People, Culture and Compensation Committee (Chair) | <br> 4 of 4<br>| <br> 100%<br>|
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | **Other Current Public Company Directorships** | **Other Current Public Company Directorships** | **Other Current Public Company Directorships** | **Other Current Public Company Directorships** | **Other Current Public Company Directorships** | **Other Current Public Company Directorships** | **Other Current Public Company Directorships** |
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | <br> The North West Company Inc. <sup>21</sup> | <br> The North West Company Inc. <sup>21</sup> | <br> The North West Company Inc. <sup>21</sup> | <br> The North West Company Inc. <sup>21</sup> | <br> The North West Company Inc. <sup>21</sup> | <br> March 2014 - present | <br> March 2014 - present |
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | <br> GFL Environmental | <br> GFL Environmental | <br> GFL Environmental | <br> GFL Environmental | <br> GFL Environmental | <br> February 2021 - present | <br> February 2021 - present |
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** |
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | <br> Year | <br> Shares | <br> Deferred Share Units<br>| <br> Total Value<sup>22</sup> | <br> Ownership<br> Requirement<sup>23</sup><br>| <br> % of Target Met | <br> % of Target Met |
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | <br> 2024<br>| <br> 780<br>| <br> 5374<br>| <br>$885074<br>| <br> $367238<br>| <br> 100% | <br> 100% |
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | <br> 2023<br>| <br> 780<br>| <br> 4731<br>| <br> $1162681<br>| <br> $386505<br>| <br> 100% | <br> 100% |
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | <br> **Voting Results for 2024Annual Shareholders Meeting** | <br> **Voting Results for 2024Annual Shareholders Meeting** | <br> **Voting Results for 2024Annual Shareholders Meeting** | <br> **Voting Results for 2024Annual Shareholders Meeting** | <br> **Voting Results for 2024Annual Shareholders Meeting** | <br> **Voting Results for 2024Annual Shareholders Meeting** | <br> **Voting Results for 2024Annual Shareholders Meeting** |
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> 18519650<br>| <br> 99.43%<br>|
| &nbsp;&nbsp; **VIOLET**<br> **KONKLE**<br>**Ontario, Canada**<br>**Joined the Board**<br> **of BGSI on**<br> **September 19,**<br> **2019**<br>**Joined the Board**<br> **of BGIF on**<br> **May 12, 2017**<br>**Age: 71**<br>**Status:**<br> **Independent** | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> 106072<br>| <br> 0.57%<br>|

---

<sup>17</sup> On May 14, 2025, Chief Executive Officer Timothy O'Day will step down from his current role, to be succeeded by Brian Kaner, current President and Chief Operating Officer of BGSI. These changes are planned to be effective as of the date of the Annual General Meeting of Boyd, which is scheduled to occur on May 14, 2025.

<sup>18</sup> Performance cash units include amounts granted not yet vested.

<sup>19</sup> The table shows the number of shares and director deferred share units as at March 25, 2025 (March 25, 2024). Total value has been calculated at the closing price of the Shares at March 25, 2025 of C$205.60, translated using the closing rate on that date of 0.6995 to US$143.82 (March 25, 2024 - C$286.59 translated at 0.7362 to US$210.99).

<sup>20</sup> Mr. Kaner's share ownership requirement is based on the share ownership policy for executives which specifies a share ownership requirement of 2X annual base salary for the President & Chief Operating Officer. See "Compensation Discussion & Analysis - Executive Ownership" for more information.

<sup>21</sup> Both Ms. Violet Konkle and Mr. Brock Bulbuck sit on the Board of Directors of The North West Company. BGSI's Board of Directors does not believe that this relationship impacts the ability of these Directors to act in BGSI's best interests.

<sup>22</sup> The table shows the number of shares and director deferred share units as at March 25, 2025 (March 25, 2024). Total value has been calculated at the closing price of the Shares at March 25, 2025 of C$205.60, translated using the closing rate on that date of 0.6995 to US$143.82 (March 25, 2024 - C$286.59 translated at 0.7362 to US$210.99).

<sup>23</sup> The ownership requirement has been translated to USD based on the closing rate on March 25, 2025 of 0.6995 (March 25, 2024 - 0.7362).

------

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|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | Mr. Onuwa is currently EVP & Chief Audit Executive at Royal Bank of Canada ("RBC"). Prior to this role, he was the SVP & Chief Risk Officer for Wealth Management, RBC Georgia and the Insurance Group. He held a number of executive positions for GE Capital Corporation in both the U.S. and the U.K. before joining RBC in 2007. He holds a Doctorate degree from the University of Surrey, U.K. Mr. Onuwa was recently the Chair of two not-for-profit boards, Yonge Street Mission and Holland Bloorview Kids Rehabilitation Hospital. Mr. Onuwa also served on the subsidiary boards of various RBC insurance companies as an executive director from 2007 to 2016. Mr. Onuwa is currently a member of the board of governors at University of Guelph and also on the board of Plan International Canada where he sits on various committees. | Mr. Onuwa is currently EVP & Chief Audit Executive at Royal Bank of Canada ("RBC"). Prior to this role, he was the SVP & Chief Risk Officer for Wealth Management, RBC Georgia and the Insurance Group. He held a number of executive positions for GE Capital Corporation in both the U.S. and the U.K. before joining RBC in 2007. He holds a Doctorate degree from the University of Surrey, U.K. Mr. Onuwa was recently the Chair of two not-for-profit boards, Yonge Street Mission and Holland Bloorview Kids Rehabilitation Hospital. Mr. Onuwa also served on the subsidiary boards of various RBC insurance companies as an executive director from 2007 to 2016. Mr. Onuwa is currently a member of the board of governors at University of Guelph and also on the board of Plan International Canada where he sits on various committees. | Mr. Onuwa is currently EVP & Chief Audit Executive at Royal Bank of Canada ("RBC"). Prior to this role, he was the SVP & Chief Risk Officer for Wealth Management, RBC Georgia and the Insurance Group. He held a number of executive positions for GE Capital Corporation in both the U.S. and the U.K. before joining RBC in 2007. He holds a Doctorate degree from the University of Surrey, U.K. Mr. Onuwa was recently the Chair of two not-for-profit boards, Yonge Street Mission and Holland Bloorview Kids Rehabilitation Hospital. Mr. Onuwa also served on the subsidiary boards of various RBC insurance companies as an executive director from 2007 to 2016. Mr. Onuwa is currently a member of the board of governors at University of Guelph and also on the board of Plan International Canada where he sits on various committees. | Mr. Onuwa is currently EVP & Chief Audit Executive at Royal Bank of Canada ("RBC"). Prior to this role, he was the SVP & Chief Risk Officer for Wealth Management, RBC Georgia and the Insurance Group. He held a number of executive positions for GE Capital Corporation in both the U.S. and the U.K. before joining RBC in 2007. He holds a Doctorate degree from the University of Surrey, U.K. Mr. Onuwa was recently the Chair of two not-for-profit boards, Yonge Street Mission and Holland Bloorview Kids Rehabilitation Hospital. Mr. Onuwa also served on the subsidiary boards of various RBC insurance companies as an executive director from 2007 to 2016. Mr. Onuwa is currently a member of the board of governors at University of Guelph and also on the board of Plan International Canada where he sits on various committees. | Mr. Onuwa is currently EVP & Chief Audit Executive at Royal Bank of Canada ("RBC"). Prior to this role, he was the SVP & Chief Risk Officer for Wealth Management, RBC Georgia and the Insurance Group. He held a number of executive positions for GE Capital Corporation in both the U.S. and the U.K. before joining RBC in 2007. He holds a Doctorate degree from the University of Surrey, U.K. Mr. Onuwa was recently the Chair of two not-for-profit boards, Yonge Street Mission and Holland Bloorview Kids Rehabilitation Hospital. Mr. Onuwa also served on the subsidiary boards of various RBC insurance companies as an executive director from 2007 to 2016. Mr. Onuwa is currently a member of the board of governors at University of Guelph and also on the board of Plan International Canada where he sits on various committees. | Mr. Onuwa is currently EVP & Chief Audit Executive at Royal Bank of Canada ("RBC"). Prior to this role, he was the SVP & Chief Risk Officer for Wealth Management, RBC Georgia and the Insurance Group. He held a number of executive positions for GE Capital Corporation in both the U.S. and the U.K. before joining RBC in 2007. He holds a Doctorate degree from the University of Surrey, U.K. Mr. Onuwa was recently the Chair of two not-for-profit boards, Yonge Street Mission and Holland Bloorview Kids Rehabilitation Hospital. Mr. Onuwa also served on the subsidiary boards of various RBC insurance companies as an executive director from 2007 to 2016. Mr. Onuwa is currently a member of the board of governors at University of Guelph and also on the board of Plan International Canada where he sits on various committees. | Mr. Onuwa is currently EVP & Chief Audit Executive at Royal Bank of Canada ("RBC"). Prior to this role, he was the SVP & Chief Risk Officer for Wealth Management, RBC Georgia and the Insurance Group. He held a number of executive positions for GE Capital Corporation in both the U.S. and the U.K. before joining RBC in 2007. He holds a Doctorate degree from the University of Surrey, U.K. Mr. Onuwa was recently the Chair of two not-for-profit boards, Yonge Street Mission and Holland Bloorview Kids Rehabilitation Hospital. Mr. Onuwa also served on the subsidiary boards of various RBC insurance companies as an executive director from 2007 to 2016. Mr. Onuwa is currently a member of the board of governors at University of Guelph and also on the board of Plan International Canada where he sits on various committees. |
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** |  | <br> **Meeting Attendance in 2024** | <br> **Meeting Attendance in 2024** |
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | <br> Board | <br> Board | <br> Board | <br> Board |  | <br> 4 of 4<br>| <br> 100%<br>|
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | <br> Audit Committee (Chair) | <br> Audit Committee (Chair) | <br> Audit Committee (Chair) | <br> Audit Committee (Chair) |  | <br> 4 of 4<br>| <br> 100%<br>|
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | <br> Governance & Sustainability Committee | <br> Governance & Sustainability Committee | <br> Governance & Sustainability Committee | <br> Governance & Sustainability Committee |  | <br> 4 of 4<br>| <br> 100%<br>|
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** |
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** |
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | <br> Year | <br> Shares | <br> Deferred<br> Share Units<br>| <br> Total Value<sup>24</sup> | <br> Ownership<br> Requirement<sup>25</sup> | <br> % of Target Met | <br> % of Target Met |
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | <br> 2024<br>| <br> 0<br>| <br> 3148<br>| <br> $452800<br>| <br> $367238<br>| <br> 100% | <br> 100% |
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | <br> 2023<br>| <br> 0<br>| <br> 2230<br>| <br> $470426<br>| <br> $386505<br>| <br> 100% | <br> 100% |
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** |
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For |  | <br> 17726266<br>| <br> 95.17%<br>|
| &nbsp;&nbsp; **WILLIAM**<br> **ONUWA**<br>**Ontario,**<br> **Canada**<br>**Joined the**<br> **Board of BGSI**<br> **on June 29,**<br> **2020**<br>**Age: 65**<br>**Status:**<br> **Independent** | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld |  | <br> 899455<br>| <br> 4.83%<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** | Ms. Savoia is a former Vice President and Chief Human Resource Officer for Praxair Inc. Subsequent to her retirement in 2014, and until 2020, Ms. Savoia served as an independent corporate consultant. Ms. Savoia's human resources experience includes corporate governance and sustainability, executive compensation design and implementation, executive level succession planning, global talent management, leadership development, global benefits design and diversity and inclusion efforts,. | Ms. Savoia is a former Vice President and Chief Human Resource Officer for Praxair Inc. Subsequent to her retirement in 2014, and until 2020, Ms. Savoia served as an independent corporate consultant. Ms. Savoia's human resources experience includes corporate governance and sustainability, executive compensation design and implementation, executive level succession planning, global talent management, leadership development, global benefits design and diversity and inclusion efforts,. | Ms. Savoia is a former Vice President and Chief Human Resource Officer for Praxair Inc. Subsequent to her retirement in 2014, and until 2020, Ms. Savoia served as an independent corporate consultant. Ms. Savoia's human resources experience includes corporate governance and sustainability, executive compensation design and implementation, executive level succession planning, global talent management, leadership development, global benefits design and diversity and inclusion efforts,. | Ms. Savoia is a former Vice President and Chief Human Resource Officer for Praxair Inc. Subsequent to her retirement in 2014, and until 2020, Ms. Savoia served as an independent corporate consultant. Ms. Savoia's human resources experience includes corporate governance and sustainability, executive compensation design and implementation, executive level succession planning, global talent management, leadership development, global benefits design and diversity and inclusion efforts,. | Ms. Savoia is a former Vice President and Chief Human Resource Officer for Praxair Inc. Subsequent to her retirement in 2014, and until 2020, Ms. Savoia served as an independent corporate consultant. Ms. Savoia's human resources experience includes corporate governance and sustainability, executive compensation design and implementation, executive level succession planning, global talent management, leadership development, global benefits design and diversity and inclusion efforts,. | Ms. Savoia is a former Vice President and Chief Human Resource Officer for Praxair Inc. Subsequent to her retirement in 2014, and until 2020, Ms. Savoia served as an independent corporate consultant. Ms. Savoia's human resources experience includes corporate governance and sustainability, executive compensation design and implementation, executive level succession planning, global talent management, leadership development, global benefits design and diversity and inclusion efforts,. | Ms. Savoia is a former Vice President and Chief Human Resource Officer for Praxair Inc. Subsequent to her retirement in 2014, and until 2020, Ms. Savoia served as an independent corporate consultant. Ms. Savoia's human resources experience includes corporate governance and sustainability, executive compensation design and implementation, executive level succession planning, global talent management, leadership development, global benefits design and diversity and inclusion efforts,. |
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Board / Committee Membership** | <br> **Meeting Attendance in 2024** | <br> **Meeting Attendance in 2024** |
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** | <br> Board | <br> Board | <br> Board | <br> Board | <br> Board | <br> 4 of 4<br>| <br> 100%<br>|
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** | <br> Governance and Sustainability Committee (Chair) | <br> Governance and Sustainability Committee (Chair) | <br> Governance and Sustainability Committee (Chair) | <br> Governance and Sustainability Committee (Chair) | <br> Governance and Sustainability Committee (Chair) | <br> 4 of 4<br>| <br> 100%<br>|
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** | <br> **Other Current Public Company Directorships** |
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** | <br> **Number of Shares Owned (directly or indirectly, over which control or direction is exercised)** |
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** | <br> Year | <br> Shares | <br> Deferred<br> Share Units<br>| <br> Total Value<sup>26</sup> | <br> Ownership Requirement | <br> % of Target Met | <br> % of Target Met |
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** | <br> 2024<br>| <br> 5000<br>| <br> 6195<br>| <br> $1610008<br>| <br> $525000<br>| <br> 100% | <br> 100% |
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** | <br> 2023<br>| <br> 5000<br>| <br> 5441<br>| <br> $2202838<br>| <br> $525000<br>| <br> 100% | <br> 100% |
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** | <br> **Voting Results for 2024 Annual Shareholders Meeting** |
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> Votes For | <br> 18274500<br>| <br> 98.11%<br>|
| &nbsp;&nbsp; **SALLY**<br> **SAVOIA**<br>**Florida, United**<br> **States**<br>**Joined the**<br> **Board of BGSI** <br> **on September 19,**<br> **2019**<br>**Joined the**<br> **Board of BGIF**<br> **on May 25, 2015**<br>**Age: 69**<br>**Status:**<br> **Independent** | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> Votes Withheld | <br> 351221<br>| <br> 1.89%<br>|

---

Each Board meeting was followed by an in-camera session attended only by the independent Directors.

<sup>24</sup> The table shows the number of shares, director deferred share units, and performance share units as at March 25, 2025 (March 25, 2024). Total value has been calculated at the closing price of the Shares at March 25, 2025 of C$205.60, translated using the closing rate on that date of 0.6995 to US$143.82 (March 25, 2024 - C$286.59 translated at 0.7362 to US$210.99).

<sup>25</sup> The ownership requirement has been translated to USD based on the closing rate on March 25, 2025 of 0.6995 (March 25, 2024 - 0.7362).

<sup>26</sup> The table shows the number of shares, director deferred share units, and performance share units as at March 25, 2025 (March 25, 2024). Total value has been calculated at the closing price of the Shares at March 25, 2025 of C$205.60, translated using the closing rate on that date of 0.6995 to US$143.82 (March 25, 2024 - C$286.59 translated at 0.7362 to US$210.99).

------

***Director Skills, Experiences and Attributes***

Upon the nine Directors standing for election at the Meeting being elected, the composition of the Board will be as follows:

![LOGO](g77213dsp71.jpg)

The Governance & Sustainability Committee of the Board completed a skills, experience and attributes assessment, the results of which are set out in the matrix below. The matrix is not intended to be an exhaustive list of each Director's skills, experiences and attributes.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DAVID** <br> **BROWN**  | **BROCK** <br> **BULBUCK**  | **ROBERT** <br> **ESPEY**  | **CHRISTINE** <br> **FEUELL**  | **JOHN** <br> **HARTMANN**  | **BRIAN** <br> **KANER**  | **VIOLET** <br> **KONKLE**  | **WILLIAM** <br> **ONUWA**  | **SALLY** <br> **SAVOIA**  |
| &nbsp;&nbsp;&nbsp; **BOARD** | &nbsp;&nbsp;&nbsp; **BOARD** | &nbsp;&nbsp;&nbsp; **BOARD** | &nbsp;&nbsp;&nbsp; **BOARD** | &nbsp;&nbsp;&nbsp; **BOARD** | &nbsp;&nbsp;&nbsp; **BOARD** | &nbsp;&nbsp;&nbsp; **BOARD** | &nbsp;&nbsp;&nbsp; **BOARD** | &nbsp;&nbsp;&nbsp; **BOARD** | &nbsp;&nbsp;&nbsp; **BOARD** |
| &nbsp;&nbsp;&nbsp; **Public Company Board Experience** | ● | ● | ● | ● | ● | | ● | | |
| &nbsp;&nbsp;&nbsp; **Corporate Governance** | ● | ● | ● | ● | ● | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; **Executive Compensation** | ● | ● | ● | ● | ● | ● | ● | | ● |
| &nbsp;&nbsp;&nbsp; **Environment & Social** | | | ● | ● | | | | | ● |
| &nbsp;&nbsp;&nbsp; **FUNCTIONAL** | &nbsp;&nbsp;&nbsp; **FUNCTIONAL** | &nbsp;&nbsp;&nbsp; **FUNCTIONAL** | &nbsp;&nbsp;&nbsp; **FUNCTIONAL** | &nbsp;&nbsp;&nbsp; **FUNCTIONAL** | &nbsp;&nbsp;&nbsp; **FUNCTIONAL** | &nbsp;&nbsp;&nbsp; **FUNCTIONAL** | &nbsp;&nbsp;&nbsp; **FUNCTIONAL** | &nbsp;&nbsp;&nbsp; **FUNCTIONAL** | &nbsp;&nbsp;&nbsp; **FUNCTIONAL** |
| &nbsp;&nbsp;&nbsp; **Accounting / Audit** | ● | ● | | ● | ● | ● | ● | ● | |
| &nbsp;&nbsp;&nbsp; **Finance** | ● | ● | | ● | | ● | | ● | |
| &nbsp;&nbsp;&nbsp; **Legal / Regulatory** | ● | | | | | | | | |
| &nbsp;&nbsp;&nbsp; **Human Resources** | ● | ● | | | ● | | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; **Risk Management** | ● | ● | | | ● | | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; **Community Affairs / Investor Relations** | ● | ● | ● | | | | | | ● |
| &nbsp;&nbsp;&nbsp; **Marketing** | | | ● | ● | ● | ● | ● | | |
| &nbsp;&nbsp;&nbsp; **Corporate Communications** | | ● | | ● | ● | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; **Industrial Technology** | | | | | ● | | ● | | ● |
| &nbsp;&nbsp;&nbsp; **Information Technology** | | | ● | | ● | | | | |
| &nbsp;&nbsp;&nbsp; **Cyber Security** | | | ● | | ● | | | | |
| &nbsp;&nbsp;&nbsp; **GROWTH** | &nbsp;&nbsp;&nbsp; **GROWTH** | &nbsp;&nbsp;&nbsp; **GROWTH** | &nbsp;&nbsp;&nbsp; **GROWTH** | &nbsp;&nbsp;&nbsp; **GROWTH** | &nbsp;&nbsp;&nbsp; **GROWTH** | &nbsp;&nbsp;&nbsp; **GROWTH** | &nbsp;&nbsp;&nbsp; **GROWTH** | &nbsp;&nbsp;&nbsp; **GROWTH** | &nbsp;&nbsp;&nbsp; **GROWTH** |
| &nbsp;&nbsp;&nbsp; **Investments / Mergers & Acquisitions** | ● | ● | ● | ● | ● | ● | | | |
| &nbsp;&nbsp;&nbsp; **Business Development and Value Creation** | ● | ● | ● | ● | ● | ● | ● | | ● |
| &nbsp;&nbsp;&nbsp; **Strategic Planning** | ● | ● | ● | ● | ● | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; **Global / International Commerce** | | | ● | ● | ● | ● | | ● | ● |
| &nbsp;&nbsp;&nbsp; **INDUSTRY** | &nbsp;&nbsp;&nbsp; **INDUSTRY** | &nbsp;&nbsp;&nbsp; **INDUSTRY** | &nbsp;&nbsp;&nbsp; **INDUSTRY** | &nbsp;&nbsp;&nbsp; **INDUSTRY** | &nbsp;&nbsp;&nbsp; **INDUSTRY** | &nbsp;&nbsp;&nbsp; **INDUSTRY** | &nbsp;&nbsp;&nbsp; **INDUSTRY** | &nbsp;&nbsp;&nbsp; **INDUSTRY** | &nbsp;&nbsp;&nbsp; **INDUSTRY** |
| &nbsp;&nbsp;&nbsp; **Automotive Industry** | | ● | ● | ● | | ● | | | |
| &nbsp;&nbsp;&nbsp; **Insurance** | | | | | | | | ● | |
| &nbsp;&nbsp;&nbsp; **Consumer Services / Retail Industry** | | ● | ● | ● | ● | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; **OPERATIONS** | &nbsp;&nbsp;&nbsp; **OPERATIONS** | &nbsp;&nbsp;&nbsp; **OPERATIONS** | &nbsp;&nbsp;&nbsp; **OPERATIONS** | &nbsp;&nbsp;&nbsp; **OPERATIONS** | &nbsp;&nbsp;&nbsp; **OPERATIONS** | &nbsp;&nbsp;&nbsp; **OPERATIONS** | &nbsp;&nbsp;&nbsp; **OPERATIONS** | &nbsp;&nbsp;&nbsp; **OPERATIONS** | &nbsp;&nbsp;&nbsp; **OPERATIONS** |
| &nbsp;&nbsp;&nbsp; **C-Suite Management Experience** | ● | ● | ● | ● | ● | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; **CEO Experience** | ● | ● | ● | ● | ● | ● | ● | | |
| &nbsp;&nbsp;&nbsp; **Operations** | ● | ● | ● | ● | ● | ● | ● | | ● |
| &nbsp;&nbsp;&nbsp; **Change Management / Integration** | | ● | ● | ● | ● | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; **INDEPENDENCE** | &nbsp;&nbsp;&nbsp; **INDEPENDENCE** | &nbsp;&nbsp;&nbsp; **INDEPENDENCE** | &nbsp;&nbsp;&nbsp; **INDEPENDENCE** | &nbsp;&nbsp;&nbsp; **INDEPENDENCE** | &nbsp;&nbsp;&nbsp; **INDEPENDENCE** | &nbsp;&nbsp;&nbsp; **INDEPENDENCE** | &nbsp;&nbsp;&nbsp; **INDEPENDENCE** | &nbsp;&nbsp;&nbsp; **INDEPENDENCE** | &nbsp;&nbsp;&nbsp; **INDEPENDENCE** |
| &nbsp;&nbsp;&nbsp; **Independent** | ● | | ● | ● | ● | | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; **DIVERSITY** | &nbsp;&nbsp;&nbsp; **DIVERSITY** | &nbsp;&nbsp;&nbsp; **DIVERSITY** | &nbsp;&nbsp;&nbsp; **DIVERSITY** | &nbsp;&nbsp;&nbsp; **DIVERSITY** | &nbsp;&nbsp;&nbsp; **DIVERSITY** | &nbsp;&nbsp;&nbsp; **DIVERSITY** | &nbsp;&nbsp;&nbsp; **DIVERSITY** | &nbsp;&nbsp;&nbsp; **DIVERSITY** | &nbsp;&nbsp;&nbsp; **DIVERSITY** |
| &nbsp;&nbsp;&nbsp; **Gender Diversity** | | | | ● | | | ● | | ● |
| &nbsp;&nbsp;&nbsp; **Race / Ethnic Diversity** | | | | | | | | ● | |

---

------

***Director Continuing Education***

Updates on industry information prepared by a third party service provider are delivered to the Board on a quarterly basis, and periodically, speakers on industry topics present at Board meetings. In addition, each Director is encouraged to attend external forums, conferences, seminars, and education programs dealing with the subject matters that are applicable to the member's role on the Board or its committees or to increase the member's knowledge of BGSI's industry and other areas of interest relevant to BGSI's business and affairs. Once a year, the Board tours multiple operating locations to better understand BGSI's operations. Management makes regular presentations to the Board on the main areas of the business of BGSI's subsidiaries.

Board and committee education topics in 2024 included the following:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Topic** | **Presenter** | **Attendees** |
| &nbsp;&nbsp; Shop Tours | Management | Full Board |
| &nbsp;&nbsp; Modern Slavery Act | Management | Full Board |
| &nbsp;&nbsp; Operating Expense Drivers | Management | Full Board |
| &nbsp;&nbsp; Regulatory Updates | Management | Full Board |
| &nbsp;&nbsp; Repairable Claims Insight | Management | Full Board |
| &nbsp;&nbsp; Information Security Update | Management | Full Board |
| &nbsp;&nbsp; Single Location Performance Review | Management | Full Board |

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***Cease Trade Orders, Bankruptcies, Penalties or Sanctions***

To the knowledge of BGSI, and except as described below, no Director of BGSI, or a person or company that is the direct or indirect owner of, or who exercises control or direction over, a sufficient number of Shares so as to materially affect the control of BGSI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, as at the date of this Management Information Circular or has been, within the 10 years before the date of this
Management Information Circular, a director or executive officer of any company, that while the person was acting in that capacity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) was the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption
under securities legislation, for a period of more than 30 consecutive days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was subject to an event that resulted, after the director or executive officer ceased to be a director or officer, in
the company being the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, for a period of more than 30 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) or within a year of the person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation
relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has, within the 10 years before the date of this Management Information Circular, become bankrupt, made a proposal
under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.

To the knowledge of BGSI, no Directors of BGSI (i) have been subject to any penalties or sanctions imposed by a court relating to Canadian securities legislation or by a Canadian securities regulatory authority or has entered into a settlement agreement with a Canadian securities regulatory authority or (ii) have been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

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**APPOINTMENT OF AUDITORS** 

It is proposed that Deloitte LLP, Chartered Professional Accountants, be appointed auditors of BGSI for the fiscal year ending December 31, 2025 and thereafter until the close of the Annual Meeting of Shareholders of BGSI next following, at a remuneration to be determined by the Board of Directors. Deloitte LLP have been BGSI's auditors since 2020, and they were the Fund's auditors since its formation in December, 2002 until 2020, as well as the auditors of the Fund's predecessors, Cross Canada Collision Centres Limited Partnership, from its formation in 1990 until it transferred its assets to The Boyd Group Inc. effective January 1, 1998, and for The Boyd Group Inc., since January 1, 1998.

As part of BGSI's governance structure, the Audit Committee annually reviews and approves the terms of the external auditor's engagement. To further ensure the independence of the auditors is not compromised, the Audit Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-approves all engagements of the auditors for non-audit related services in accordance with its preapproval policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requires the periodic rotation of the audit partner having primary responsibility for the audit and the engagement
quality control partner as required by independence standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviews the performance of the external auditors.

The Canadian Public Accountability Board (CPAB) oversees audits performed by registered public accounting firms. This further ensures that audits performed by the external auditors are subject to third party review on a regular basis.

The Audit Committee evaluates the benefits and risks of having a long-tenured auditor and the controls and processes that ensure their independence, such as regular mandatory partner rotations. The Audit Committee oversees the selection and rotation of the lead audit engagement partner. A new lead audit engagement partner was appointed following the completion of our fiscal 2023 audit and since Deloitte LLP has served as our auditor there have been 5 lead audit engagement partner rotations. The Audit Committee believes there are benefits to having long-tenured auditors, including quality of work and efficiencies because of the auditors' institutional knowledge of our business, accounting policies and practices and internal controls. The Audit Committee therefore considers the benefits of maintaining Deloitte LLP as our auditors to exceed any potential audit quality risks resulting from their tenure. The Audit Committee will continue to reassess these benefits and risks every year as well as its approach and governance in this area.

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For information regarding the Audit Committee, including its Charter, composition, relevant education and experience of its members, Audit Committee oversight, policies and procedures for the approval of non-audit services and Auditors' service fees, please refer to the "Audit Committee" section and to "Appendix A – Audit Committee Charter" of BGSI's Annual Information Form, for the year ended December 31, 2024, available under BGSI's profile on SEDAR+ at www.sedarplus.com, or by contacting the Secretary of BGSI.

**The persons designated in the proxy form intend to vote FOR the appointment of Deloitte LLP, Chartered Professional Accountants, as auditors of BGSI, unless instructed otherwise.** 

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**SAY ON PAY ADVISORY VOTE** 

The People, Culture and Compensation Committee of BGSI is responsible for assisting the Board of Directors in fulfilling its responsibilities relating to compensation of BGSI's Executive Officers and its Board of Directors. The People, Culture and Compensation Committee and the Board of Directors believe that Shareholders should have the opportunity to fully understand the objectives, philosophy and principles BGSI has used in its approach to executive compensation decisions and to have an advisory vote on BGSI's approach to executive compensation.

At the Meeting, Shareholders have the opportunity to vote "For" or "Against" BGSI's approach to executive compensation through the following advisory resolution:

**RESOLVED THAT, on an advisory basis, and not to diminish the role and responsibilities of the Board of Directors, that the shareholders accept the approach to executive compensation disclosed in Boyd Group Services Inc.'s Information Circular relating to the 2025 annual meeting and special meeting of shareholders.** 

As this is an advisory vote, the results will not be binding upon the Board of Directors. However, the Board of Directors and People, Culture and Compensation Committee will take the results of the vote into account, as appropriate, when considering future compensation policies, procedures and decisions and in determining whether there is a need to increase their engagement with Shareholders on compensation and related matters. BGSI will disclose the results of the Shareholder advisory vote as a part of its report on voting results for the Meeting.

The Board of Directors recommends that you vote FOR the resolution to accept BGSI's approach to executive compensation.

**The persons designated in the proxy form intend to vote FOR the approval of the resolution to accept BGSI's approach to executive compensation, unless instructed otherwise.** 

The result of the vote on the advisory resolution on the approach to executive compensation held at the 2024 annual meeting of BGSI which was held as a virtual shareholders' meeting on May 15, 2024 was 95.56% in favour.

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**APPROVAL OF AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN** 

BGSI's Long-Term Incentive Plan (the "**LTIP**") was adopted by BGSI on January 1, 2020. On March 12, 2025, the Board approved an amended and restated Long-Term Incentive Plan (the "**Amended LTIP**"), which has been pre-cleared with the TSX.

As a result of certain material amendments to the LTIP, the rules of the TSX require the Amended LTIP to be approved by Shareholders. Accordingly, at the Meeting, Shareholders will be asked to consider and, if thought advisable, to pass, with or without variation, an ordinary resolution authorizing and approving the Amended LTIP (the "**LTIP Resolution**"). A copy of the LTIP Resolution is set out in Appendix II to this Information Circular. A full copy of the Amended LTIP is available on BGSI's SEDAR+ profile at www.sedarplus.ca.

***Description of Amended LTIP***

All capitalized terms used in this section but not defined in this Circular have the meanings ascribed to them under the Amended LTIP. The below summary is qualified in its entirety by the full text of the Amended LTIP, which is available on BGSI's SEDAR+ profile at www.sedarplus.ca.

The purpose of the Amended LTIP is to (a) support the achievement of BGSI's performance objectives; (b) ensure that interests of key employees are aligned with the success of BGSI; (c) provide compensation opportunities to attract, retain and motivate senior management critical to the long-term success of BGSI and its subsidiaries; and (d) mitigate excessive risk taking by BGSI's key employees.

The Amended LTIP authorizes the People, Culture and Compensation Committee to administer the Amended LTIP, subject to reporting to the Board on all matters relating to the Amended LTIP and obtaining approval of the Board for those matters required by the People, Culture and Compensation Committee's mandate. The Amended LTIP provides for flexibility to make the following types of grants to key employees employed both in and outside Canada:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance Cash Awards, which represent the right to receive payments, conditional, in whole or in part, upon the
achievement of one or more objective performance goals. A Performance Cash Award granted under the Amended LTIP is denominated and payable in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restricted Share Units, which represent the right to receive Shares or payments valued by reference to Shares. A
Restricted Share Unit granted under the Amended

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LTIP is notionally denominated in Shares and may be settled in Shares or payable in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance Share Units, which represent the right to receive Shares or payments valued by reference to Shares,
conditional, in whole or in part, upon the achievement of one or more objective performance goals. A Performance Share Unit granted under the Amended LTIP is notionally denominated in Shares and may be settled in Shares or payable in cash.

In addition, under the Amended LTIP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any employee or officer of BGSI and such of its Affiliates that are designated by the Board as a participating company
is eligible to receive an award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The maximum securities issuable under the Amended LTIP is 250,000, representing 1.2% of the issued and outstanding
securities of BGSI as at the date of this Information Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The maximum number of Shares issued to Insiders within any one-year period, and
issuable to Insiders at any time, under the Amended LTIP or when combined with all of BGSI's other Security-Based Compensation Arrangements, shall not exceed 10% of the number of the aggregated issued and outstanding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Settlement of Performance Share Units and Restricted Shares Units shall be made by the issuance of one Share for each
Share Unit then being settled, a cash payment equal to the Fair Market Value on the Vesting Date of the Share Units being settled in cash, or a combination of Shares and cash, all as determined by the Committee in its discretion, unless otherwise
specified in the applicable Grant Agreement, and subject to payment or other satisfaction of all related withholding obligations in accordance with the terms of the Amended LTIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount payable in respect of all Vested Performance Cash Awards and Vested Share Units that are to be settled in
cash shall be determined in accordance with the terms of the applicable Grant Agreement and subject to certain pre-defined formulas as set out in the Amended LTIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Vesting Date is set out in each individual Grant Agreement, or such earlier date as is provided for in the Amended
LTIP or is determined by the People, Culture and Compensation Committee. Awards are generally subject to a three-year cliff vesting period. Vesting of performance-based awards are conditional on the satisfaction of Performance Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event of a Change of Control prior to the Vesting Date of awards granted under the Amended LTIP, and subject to
the terms of a Participant's written employment agreement with a Participating Company and the applicable Grant Agreement, the People, Culture and Compensation Committee shall have full

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authority to determine in its sole discretion the effect, if any, of a Change of Control on the vesting, settlement or payment or lapse of restrictions applicable to such awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BGSI may withhold from amounts payable to an Eligible Person such amounts as may be necessary to enable BGSI to comply
with applicable requirements of tax laws relating to the withholding of tax or other required deductions with respect to awards under the Amended LTIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Amended LTIP is terminated, the provisions of the Amended LTIP will continue in effect as long as a Performance
Cash Award or Share Unit or any rights pursuant thereto remain outstanding.

Rights granted under the Amended LTIP are generally not transferable, other than by will or the laws of descent and distribution.

If the participant does not remain continuously employed by BGSI through January 1st of the year immediately following the last day of the relevant Performance Period or through the Scheduled Vesting Date, as applicable, vesting is dependent on the nature of the termination of employment as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resignation – all rights, title and interest with respect to Performance Cash Awards, Performance Share Units,
Restricted Share Units which have not vested are forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination for Just Cause – all rights, title and interest with respect to Performance Cash Awards, Performance
Share Units and Restricted Share Units which have not vested are forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination without Just Cause, Death or Disability Termination – the extent of vesting will be determined by
management of BGSI based on pre-defined formulas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retirement – all Performance Cash Awards, Performance Share Units, Restricted Share Units will continue to vest in
the ordinary course, subject to future performance. Retirement means the cessation of the employment which is deemed to be a retirement by a resolution of the People, Culture and Compensation Committee

Subject to the restrictions noted below, and to regulatory and TSX approval, where required, the Board may amend the terms of the Amended LTIP and any Grant without Shareholder approval, including in the following circumstances, provided that no such amendment may be made without the consent of a Participant if its adversely alters or impairs the rights of the Participant: (i) amendments of a "housekeeping" nature, (ii) a change to the Vesting provisions of any Grants, (iii) a change to the termination provisions

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of any Grant that does not entail an extension beyond the original term of the Grant, or (iv) amendments to the provisions relating to a Change of Control.

In accordance with the requirements of the TSX, the Plan may not be amended without shareholder approval to do any of the following: (i) increase the maximum number of shares issuable pursuant to the Amended LTIP, (ii) extend the maximum term of any Grant made under the Amended LTIP, (iii) amend the assignment provisions under the Amended LTIP, (iv) permit a non-employee director of BGSI to be eligible for Grants under the Plan, (v) increase the number of Shares that may be issued or issuable to Insiders above the restriction or deleting the restriction on the number of Shares that may be issued or issuable to Insiders, or (vi) amend the Amendment and Termination provisions of the Amended LTIP.

On March 12, 2025, the Board, upon the recommendation of the People, Culture and Compensation Committee, adopted the Amended LTIP. On March 18, 2025, the Board approved the grant of 22,229 Restricted Share Units and 31,761 Performance Share Units to 77 executives of BGSI (the "**Prior Grants**") that may be settled in Shares in accordance with the Amended LTIP. Such RSU awards will vest proportionately over a three-year period on January 1, 2026, January 1, 2027 and January 1, 2028, and such PSU awards will vest over a three-year cliff vesting period. These awards cannot be exercised until such time that shareholders of BGSI have approved and ratified the Amended LTIP and the grants. Should shareholders fail to approve the Amended LTIP, BGSI's existing LTIP will remain in effect and these awards will, upon vesting, settle in cash only as no Shares will be issuable under the LTIP.

As of March 25, 2025, there were 22,229 Restricted Share Units and 31,761 Performance Share Units outstanding under the Amended LTIP, representing, in total, 0.25% of the issued and outstanding securities of BGSI. As of March 25, 2025 there were 196,010 Shares available for grant under the Amended LTIP, representing 0.91% of the issued and outstanding securities of BGSI.

In order to be effective, the LTIP Resolution must be passed by a majority of the votes cast by Shareholders present in person or represented by proxy at the Meeting. The persons designated in the form of proxy, unless instructed otherwise, intend to vote FOR the approval of the LTIP Resolution.

**The persons designated in the form of proxy, unless instructed otherwise, intend to vote FOR the approval of the LTIP Resolution.** 

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**NEW BUSINESS** 

The Chair of the Meeting will report to the Meeting on any events of significance which arise after publication of this Information Circular. Following the Meeting, the Chair expects to invite questions and comments from the floor.

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**MESSAGE FROM THE PEOPLE, CULTURE AND COMPENSATION COMMITTEE CHAIR** 

To our Shareholders,

The People, Culture and Compensation Committee provides oversight on the overall people strategy and progress against goals in areas such as talent acquisition and management, engagement, retention, culture, diversity, equity, inclusion, leadership development, and succession planning. The People, Culture and Compensation Committee believes that a broad focus on human capital is critical to success in the current environment and to position Boyd well for the future.

The People, Culture and Compensation Committee assists the Board in fulfilling its responsibilities relating to compensation of the Executive Management Team, which refers to the Chief Executive Officer, the Executive Vice President & Chief Financial Officer, the President & Chief Operating Officer and other Executive Officers, as determined by the CEO, and the Board. All Named Executive Officers are part of the Executive Management Team, other than Paul Gange who reported to an Executive Management Team member.

Following record high sales levels in 2023, the North American collision industry faced several short-term headwinds during 2024. These included a decline in claims volumes due to insurance premium inflation and overall economic uncertainty, a rise in total loss rates due to declining used car prices and a reduction in collision rates due to mild winter weather. These factors significantly impacted the compensation paid to Named Executive Officers in 2024, as further outlined in this report. The Board and People, Culture and Compensation Committee did not use discretion in determining the compensation paid to the Named Executive Officers in 2024.

Boyd continues to be committed to addressing the labor market challenges through initiatives such as the Technician Development Program, and a focus on enhancing overall technician productivity while promoting a culture of accountability. The Company is focused on areas such as talent attraction, retention and development, and diversity, equity and inclusion. The People, Culture and Compensation Committee is aligned with these focus areas and is committed to providing appropriate levels of oversight and guidance to management in the execution of the overall people strategy.

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Sincerely,

*(signed)* 

**Violet Konkle**

*People, Culture and Compensation Committee* 

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**COMPENSATION DISCUSSION & ANALYSIS** 

***Throughout this Compensation Discussion & Analysis, all amounts are in United States dollars unless otherwise indicated. All references to C$ are to Canadian dollars.***

**Compensation Governance** 

***People, Culture and Compensation Committee***

As it relates to Compensation, the primary purpose of the People, Culture and Compensation Committee is to assist the Board in fulfilling its responsibilities relating to compensation of BGSI's executive management team and its Board of Directors. During 2024, the following independent persons served as People, Culture and Compensation Committee members: Violet Konkle (Chair) and John Hartmann. Robert Gross served as a member of the People, Culture and Compensation Committee until his passing on November 18, 2024, and was replaced by David Brown on January 9, 2025. All members of the People, Culture and Compensation Committee have compensation experience as a result of their extensive and varied board activities and through leading business enterprises.

***People, Culture and Compensation Committee Responsibilities***

The purpose and responsibility of the People, Culture and Compensation Committee is to assist the Board of Directors in carrying out its responsibilities relating to compensation of BGSI's Executive Officers (as hereinafter defined) and its Board of Directors. Senior executives in 2024 include the CEO, the Executive Vice President and CFO, and the President and COO ("Senior Executives"). The executive officers of BGSI in 2024 include the Senior Executives as well as the other officers of BGSI, BGI and its subsidiaries ("Executive Officers").

For 2024, the People, Culture and Compensation Committee's responsibilities included: (i) review and approve BGSI's goals and objectives relating to the executive management team's compensation, evaluate the performance of the executive management team in light of those goals and review and establish each member of the executive management team's annual compensation, including salary, bonus, incentive and equity compensation; (ii) evaluate and consider recommendations presented by the CEO for BGSI's Executive Officers other than the CEO; (iii) establish the CEO's compensation, including salary, bonus, incentive and equity compensation and recommend its determinations to the

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independent Directors for approval; (iv) review and recommend to the Board for its approval, BGSI's compensation philosophy and guidelines for the executive management team; (v) review and approve any proposed establishment of, and any material changes to, short and long term incentive compensation plans for members of the executive management team; (vi) recommend to the Board for its approval, and where appropriate, submit to BGSI's shareholders, share option or other share-based plans of BGSI, and periodically review these plans and recommend to the Board any changes; (vii) review management's recommendations for and approve the granting of share options or other securities under share-based plans to eligible participants and oversee the administration of such plans; (viii) periodically review and approve the levels and types of executive benefits, including retirement benefits and perquisites, that may be granted to members of the executive management team, subject to the terms of any applicable employee retirement and benefit plans; (ix) review and approve share ownership guidelines for members of the executive management team and Directors and oversee the compliance with those guidelines; (x) receive periodic reports on BGSI's compensation plans and programs as they affect all employees; (xi) make regular reports to the Board, including a report regarding the People, Culture and Compensation Committee's recommendation on the compensation payable by BGSI for service as a Director; and (xii) prepare and publish an annual compensation report in BGSI's annual information form and/or proxy circular.

The People, Culture and Compensation Committee's mandate also includes oversight of the executive compensation philosophy, plans and programs, assisting the Board in its oversight role ensuring that the executive compensation plans and programs are aligned with BGSI's risk management objectives, reviewing management succession and reviewing and approving the key terms and conditions of executive agreements.

***Compensation Practices***

The People, Culture and Compensation Committee maintains a number of key executive compensation governance practices that are consistent with best practices and align with shareholder interests. The following practices pertain to the Senior Executives, Executive Officers who are Named Executive Officers and certain other Executive Officers.

**WHAT WE DO** 

√ Pay for performance: In 2024, 77% of the target compensation for the CEO was at-risk pay, variable, contingent on performance and not guaranteed.

√ Performance based vesting: In 2024, 70% of the long-term incentive vests based on absolute
financial performance achieved against three-year targets and relative total shareholder return ("TSR") results compared to peers over three years.

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√ Benchmarking: BGSI benchmarks executive compensation against a size and industry appropriate
comparator group and targets compensation within a range around the median of the group; actual compensation (base salary and all at-risk compensation) can be positioned above or below median based on
performance.

√ Caps on incentive payouts: In 2024, the CEO's short term incentive was designed to pay out
at a maximum of 175% of target and the CEO's PSU's were designed to pay out at a maximum of 200% of target. Caps for other Executive Officers are below these maximums.

√ Anti-hedging: Directors, executives and other employees are prohibited from hedging related to
BGSI's shares.

√ Independent advice: The People, Culture and Compensation Committee receives compensation advice
from an independent advisor.

√ Modest benefits and perquisites: These are a small part of total compensation and are market
competitive.

√ Double trigger: The severance provisions in BGSI's executive employment agreements and long
term incentives have double triggers in the event of a change of control.

√ Executive clawback policy: The executive clawback policy provides that the Named Executive
Officers be required to reimburse BGSI for all or part of an overcompensation amount in the following events: (i) a restatement of the financial statements of BGSI where the incentive compensation received by an executive would have been lower
had the financial results been correctly reported; and (ii) if the Board determines an executive has engaged in certain misconduct, including, without limitation, fraud or intentional and/or reckless non-compliance with applicable laws, rules or regulations, or BGSI's Code of Business Conducts and Ethics.

√ Share ownership policy for executives: The share ownership policy for executives specifies a share
ownership requirement of 5X annual base salary for the CEO, 2X annual base salary for the Executive Vice President & CFO and the President & Chief Operating Officer, and 1X for a number of other executives who lead certain areas of
the business. Participants must fulfill their ownership requirement within five years of becoming subject to this policy.

**WHAT WE DON'T DO** 

**x** No repricing of stock options

**x** No tax gross-ups

**x** No value of equity awards included in pension calculations

**x** No termination payments in excess of 2 times base salary and short term incentive

**x** No single trigger change in control provisions

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***Independent Compensation Consultant***

The People, Culture and Compensation Committee has engaged Meridian Compensation Partners ("Meridian") as its independent executive compensation consultant since 2014. The mandate of the executive compensation consultant is to serve BGSI and to work for the People, Culture and Compensation Committee in its review of executive and Director compensation, including advising on the competitiveness of pay levels, executive compensation design issues, market trends and technical considerations. The nature and scope of services provided by Meridian to the People, Culture and Compensation Committee in 2024 included, among other activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review of incentive compensation structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review of peer groups and benchmarking of competitive pay levels for Executive Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assistance with compensation matters related to the CEO transition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Competitive assessment of director's compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing support with regard to the latest relevant regulatory, technical and governance considerations impacting
executive compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preparation for, and attendance at, Committee meetings and selected management meetings.

The People, Culture and Compensation Committee does not direct Meridian to perform the above services in any particular manner or under any particular method. It approves all invoices for executive compensation work performed by Meridian. The People, Culture and Compensation Committee has the final authority to hire and terminate Meridian as its executive compensation consultant. Meridian has not provided any other services to BGSI, the Company or its subsidiaries, its Directors or members of management other than executive compensation services. The aggregate fees related to the executive and Director compensation services paid to the consultant for the past two years were:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Type of Work** | **2024<sup>27</sup>** | **2023<sup>28</sup>** |
| &nbsp;&nbsp; Services related to executive and Director compensation | $113268 | $86869 |
| &nbsp;&nbsp; All other fees |  |  |
| &nbsp;&nbsp; **Total** | **$113268** | **$86869** |

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<sup>27</sup> Fees are invoiced and paid in CAD and have been translated to USD using the average exchange rate during 2024 of 0.7302.

<sup>28</sup> Fees are invoiced and paid in CAD and have been translated to USD using the average exchange rate during 2023 of 0.7411.

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***Compensation Benchmarks***

In establishing compensation levels for Senior Executives, the People, Culture and Compensation Committee uses a variety of benchmarks from time to time and assesses the appropriateness of compensation in relation to the competitive marketplace. The market data was one factor for the determination of 2024 executive compensation. While market data is a useful tool to support decision making and oversight of compensation, it represents a descriptive point of reference rather than a prescriptive "right amount". The People, Culture and Compensation Committee interprets the information in the context of BGSI and its strategy, together with the executives' roles, experience and value to the organization.

BGSI's Senior Executives are responsible for managing an organization with significant revenue from U.S. operations, with few comparable Canadian companies. These are key criteria in defining the marketplace and peer companies used to establish competitive compensation levels for the Senior Executives. BGSI must look beyond Canadian companies and include U.S. companies in the peer group in order to capture a sufficient number of companies of comparable size and complexity, and for a viable pool for talent.

The peer group used to inform 2024 compensation decisions for Senior Executives and other Named Executive Officers identified in this information circular, was approved by the People, Culture and Compensation Committee. The peer group includes companies operating in a similar industry as well as those of a size appropriate range and scope to BGSI and its subsidiaries in terms of revenue, enterprise value and market cap. The peer group is comprised of the 23 North American based companies listed below and provides a robust sample to ensure that changes made by a single company do not unduly influence benchmark data. The peer group includes a selection of companies from other relevant industries, since there are few comparable automotive aftermarket companies.

For the Senior Executives in 2024, total direct compensation was generally targeted around the median of the companies identified below, which comprised the compensation peer group.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Canada** | **U.S.** |
| &nbsp;&nbsp;&nbsp; AUTOCANADA INC | ASBURY AUTOMOTIVE GROUP, INC |
| &nbsp;&nbsp;&nbsp; NFI GROUP INC | BIG 5 SPORTING GOODS CORP |
| &nbsp;&nbsp;&nbsp; THE NORTH WEST COMPANY INC | COPART INC |
| &nbsp;&nbsp;&nbsp; TOROMONT INDUSTRIES LTD | FIVE BELOW INC |
| &nbsp;&nbsp;&nbsp; UNI-SELECT INC | H&E EQUIPMENT SERVICES INC |
| &nbsp;&nbsp;&nbsp; WAJAX CORPORATION | HIBBETT SPORTS INC |
|  | OPENLANE INC<sup>29</sup> |
|  | LKQ CORP |
|  | MONRO INC |
|  | NATURAL GROCERS VITAMIN COTTAGE |
|  | RUSH ENTERPRISES INC |
|  | SALLY BEAUTY HOLDINGS INC |
|  | SONIC AUTOMOTIVE INC |
|  | DRIVEN BRANDS HOLDINGS INC |
|  | UNIFIRST CORPORATION |
|  | VALVOLINE INC |
|  | NATIONAL VISION HOLDINGS INC |

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The peer group is reviewed and updated, as appropriate, on an annual basis by the People, Culture and Compensation Committee.

***Compensation Risk***

The People, Culture and Compensation Committee takes into account risks associated with compensation and has not identified any matters that are likely to have a material adverse effect on BGSI's performance. Areas of potential excessive risk-taking such as larger acquisitions are specifically scrutinized and approved by the Board, thus mitigating any adverse consequences. Accounting estimates and accruals are reviewed by the Audit Committee to monitor this area of judgment. The People, Culture and Compensation Committee assists the Board in its oversight role ensuring that the compensation program and awards are aligned with BGSI's risk management objectives, including its risk appetite. The People, Culture and Compensation Committee is responsible for

<sup>29</sup> KAR Auction Services Inc changed its name to OPENLANE, Inc as of May 15, 2023.

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considering, establishing and reviewing executive compensation programs, and whether the programs encourage unnecessary or excessive risk taking. The People, Culture and Compensation Committee believes the programs are balanced and do not motivate unnecessary or excessive risk taking.

Below are some of the governance practices, policies and inherent design elements of BGSI's compensation program that help to manage and mitigate risk in executive compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Caps on pay-outs and threshold performance levels for the short and long- term
incentives to prevent excessive payouts and to act as a disincentive against excessive risk-taking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depending on the performance period, 50% to 70% of the long-term incentives are subject to performance vesting criteria
that are tied to shareholder and corporate success as previously outlined – a relative total shareholder return measure and financial measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual grants of long-term incentives, vesting over a three year period, to mitigate the risk of behavior that would
seek only to maximize a multi-year / one-time large award

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The long-term incentives are based on the value of shares of BGSI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The People, Culture and Compensation Committee is comprised of independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The People, Culture and Compensation Committee engages an independent consultant who helps select the comparator groups
for benchmarking purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Well-articulated total compensation strategy with a well-balanced mix of fixed and variable pay elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Explicit competitive positioning objectives (and rigorous, deliberate processes for linking pay levels, competitive
targeting and performance assessment of senior executives).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Insider Trading Policy that prohibits the Directors, officers, executives and other senior managers from engaging in
short selling or trading in puts, calls or options in respect of BGSI securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The executive clawback policy provides that the Named Executive Officers be required to reimburse BGSI for all or part
of an overcompensation amount in the following events: (i) a restatement of the financial statements of BGSI where the incentive compensation received by an executive would have been lower had the financial results been correctly reported; and
(ii) if the Board determines an executive has engaged in certain misconduct, including, without limitation, fraud or intentional and/or reckless non-

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compliance with applicable laws, rules or regulations, or BGSI's Code of Business Conducts and Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The share ownership policy for executives specifies a share ownership requirement of 5X annual base salary for the CEO,
2X annual base salary for the Executive Vice President & CFO and the President & COO, and 1X for a number of other executives who lead certain areas of the business. Participants must fulfill their ownership requirement within five
years of becoming subject to this policy.

**Executive Compensation** 

***Named Executive Officers***

For purposes of the compensation discussion and analysis the disclosure reflects the compensation and related plans for the following Named Executive Officers (NEOs):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Timothy O'Day**, Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Jeff Murray**, Executive Vice-President and Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Brian Kaner**, President and Chief Operating Officer<sup>30</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Kim Morin**, Chief Human Resources Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Paul Gange**, Chief Operating Officer, US Collision<sup>31</sup>

***Executive Summary***

&nbsp;&nbsp;&nbsp;&nbsp;1. **2024 Financial Performance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The executive compensation program and compensation of the Named Executive Officers is tied to the performance of BGSI.
Market dynamics impacted results throughout 2024, including a decline in claims volumes due to insurance premium inflation and overall economic uncertainty. Despite an increase in sales in 2024 compared to the prior year, operating expenses as a
percentage of sales increased from 33.0% in 2023 to 34.6% in 2024, negatively impacting Adjusted EBITDA. During 2024, BGSI achieved total sales of $3.1 billion, a 4% increase when compared to the $2.9 billion

<sup>30</sup> On August 7, 2024, Brian Kaner was appointed President and Chief Operating Officer. Prior to August 7, 2024, Brian Kaner served as Executive Vice-President and Chief Operating Officer for the Boyd Group's collision business.

<sup>31</sup> Paul Gange was appointed Chief Operating Officer for the Boyd Group's US collision business, effective August 12, 2024.

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achieved in 2023. Adjusted EBITDA<sup>32</sup> was $334.8 million, a decrease of $33.4 million or 9% from the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Highlights of CEO's 2024 Performance and Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The CEO's Total Compensation as reported in the Summary Compensation Table for 2024 was $3,435,349 compared to
$3,620,813 in 2023. Unanticipated economic and industry headwinds during 2024 negatively impacted achievement of targets. Despite these challenges and circumstances, which affected business performance in the near term, the actions and performance
of the CEO were strong supported by the fact the business was able to outperform the market in several key operating metrics as well as increasing market share.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Key Compensation Actions for 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company Performance Metrics for Short Term Incentive Plan ("STIP") and Long Term Incentive Plan
("LTIP"): For 2024, Company performance in the STIP for the Executive Officers has been assessed based on four measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) same-store sales growth with a weighting of 25%, (ii) EBITDA dollar achievement with a weighting of 30% (iii) new location revenue with a weighting of 25% and (iv) personal goal achievement with a weighting of 20%. The 2024 LTIP awards for the NEOs were structured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Performance Share Units - 35% weighting based on achievement of ROIC targets of BGSI over a three-year performance
period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Performance Share Units - 35% weighting based on the Relative TSR Performance of Boyd over the three-year performance
period as compared to the companies in the performance peer group

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Restricted Share Units - 15% weighting that are paid on a 3-year cliff basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Stock Option Grants - 15% weighting that vest over five years, 1/4 at each of the end of the 2nd, 3rd, 4th and 5th
anniversaries of the grant date. Stock options expire after 10 years.

The STIP and LTIP performance measures were selected for alignment with BGSI's strategy and long-term value creation for shareholders.

<sup>32</sup> Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, adjusted for the fair value adjustments related to contingent consideration, as well as acquisition and transformational cost initiatives), is not a recognized measure under International Financial Reporting Standards ("IFRS"). Management believes that in addition to net earnings, the supplemental measure of Adjusted EBITDA is useful as it provides investors with an indication of earnings from operations and cash available for distribution, both before and after debt management, productive capacity maintenance and non-recurring and other adjustments. Investors should be cautioned, however, that Adjusted EBITDA should not be construed as an alternative to net earnings determined in accordance with IFRS as an indicator of Boyd's performance. Boyd's method of calculating this measure may differ from other public issuers and, accordingly, may not be comparable to similar measures used by other issuers. For a detailed explanation of how Boyd's non-GAAP measures are calculated from net earnings, please refer to the section titled "Non-GAAP Financial Measures and Ratios" in Boyd's MD&A filing (dated March 19, 2025) for the period ended December 31, 2024, which is incorporated by reference in this Circular. A copy of Boyd's MD&A filing (dated March 19, 2025) for the period ended December 31, 2024 can be accessed via the SEDAR+ Web site (www.sedarplus.ca).

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&nbsp;&nbsp;&nbsp;&nbsp;4. **Employment Agreements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2020, Mr. O'Day entered into a new employment agreement with BGSI. This agreement is intended to ensure
effective leadership remains in place, which is in alignment with the interests of Shareholders. In entering into this agreement, Mr. O'Day agreed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A severance period of 24 months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Continuing eligibility to be awarded long-term incentive compensation annually based on the performance of BGSI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Continuing eligibility to earn short-term incentive compensation based on the performance of BGSI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Base salary at $560,000 in 2020, $610,000 in 2021 and $710,000 in 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Non-competition and non-solicitation covenants increased from a period of 12 months to 24 months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ An increased share ownership requirement, from 2 times annual base salary to 5 times annual base salary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2022, Mr. Kaner started employment with the company on the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Eligibility to be awarded long-term incentive compensation annually based on the performance of BGSI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Eligibility to earn short-term incentive compensation based on the performance of BGSI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Base salary at $625,000 in 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A one time award of $280,000 in Restricted Stock Units with a three year cliff vesting period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A one time award of $500,000 in Performance Share Units with a three year cliff vesting period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A one time award of $700,000 in Stock Options that vest over five years, 1/4 at each of the end of the 2nd, 3rd, 4th and
5th anniversaries of the grant date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Annual housing allowance of $30,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A share ownership requirement of 2 times annual base salary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2023, Mr. Murray entered into a new employment agreement with BGSI. In entering into this agreement,
Mr. Murray agreed to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Continuing eligibility to be awarded long-term incentive compensation annually based on the performance of BGSI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Continuing eligibility to earn short-term incentive compensation based on the performance of BGSI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Base salary at C$400,000 in 2023 effective July 12, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A share ownership requirement of 2 times annual base salary

***Compensation Philosophy and Objectives***

The philosophy of the People, Culture and Compensation Committee and the determination of executive compensation is pay-for-performance balanced against the need to provide a total compensation package that will enable BGSI, The Boyd Group Inc. ("BGI") and its subsidiaries to attract and retain qualified and experienced executives. The objective is to create value for shareholders primarily by growing earnings and achieving strong relative total shareholder return.

Furthermore, the components of the executive compensation program are relatively straightforward and include a base salary, performance-based short term incentive bonus and long-term incentives. In setting compensation levels, the People, Culture and Compensation Committee considers BGSI's financial results, market and survey data, input from senior management (other than for the CEO), executive performance and the overall business environment.

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***Principal Elements of Executive Compensation***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Base Salary | Cash | All Executive Officers | Annual | Executive salaries are set with consideration to the executive's performance and experience with reference to competitive market salaries. |
| &nbsp;&nbsp;&nbsp; Short Term <br> Incentive Plan <br> ("STIP")  | Cash | Senior Executives and other Executive Officers with corporate support roles | 1 Year | The STIP provides for annual incentive payments to Eligible Employees conditional on the achievement of Company-wide performance. |
| &nbsp;&nbsp;&nbsp; Long-term <br> Incentive <br> Program <br> ("LTIP")  | Performance Share Units ("PSU") (for<br> the 2022,<br> 2023 and<br> 2024 grant years) | Senior Executives and certain other Executive Officers | 3 Year Term | Award granted under the Plan is valued by reference to Shares of BGSI. A Unit granted under the Plan is therefore notionally denominated in Shares and payable in cash. Unit awards are adjusted upwards or downwards to reflect actual performance based on a capital return metric and relative total shareholder return. |
| &nbsp;&nbsp;&nbsp; Long-term <br> Incentive <br> Program <br> ("LTIP")  | Restricted Share Units ("RSU") (for<br> the 2022,<br> 2023 and<br> 2024 grant years) | Senior Executives and certain other Executive Officers | 3 Year Term | Award granted under the Plan is valued by reference to Shares of BGSI. A Unit granted under the Plan is therefore notionally denominated in Shares and payable in cash. |
| &nbsp;&nbsp;&nbsp; Long-term <br> Incentive <br> Program <br> ("LTIP")  | Stock Option Grants (for the 2022, 2023<br> and 2024 grant years) | Senior Executives and certain other Executive Officers | 10 Year Term | Award granted under the Plan provides the Senior Executives and certain other Executive Officers with the option of purchasing Shares at a fixed exercise price. Options vest equally on the 2nd, 3rd, 4th and 5th anniversaries of the grant date and expire after 10 years. |

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**Determining Executive Compensation** 

***Compensation Targets***

In setting compensation levels for Senior Executives, the People, Culture and Compensation Committee reviews salaries and total compensation for executives in similar positions, in similar businesses of a similar size. BGSI targets base salaries and total compensation around the median of the peer group. The charts below show the 2024 target mix for total direct compensation for the Senior Executives, and the amount of at-risk compensation. The Senior Executives' compensation is as set forth in the Summary Compensation Table and was approved by the People, Culture and Compensation Committee.

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***Target Compensation Mix for CEO***

![LOGO](g77213g1021232837403.jpg)

***Average Target Compensation for Other Senior Executives***

![LOGO](g77213page97b.jpg)

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***Base Salary***

Individual salaries are set in relation to salary market comparisons and based upon the executive's experience and demonstrated or expected performance.

***Short Term Incentive Plan***

The STIP provides for annual incentive payments to Senior Executives and other Executive Officers conditional on the achievement of Company-wide performance. Company performance for the NEO's is assessed based on four measures: (i) same-store sales growth with a weighting of 25%, (ii) EBITDA dollar achievement with a weighting of 30% (iii) new location revenue with a weighting of 25% and (iv) personal goal achievement with a weighting of 20%. The performance measures were selected for alignment with BGSI's strategy and long-term value creation for Shareholders.

Senior Executives and certain other Executive Officers have a target incentive that is a percentage of salary. The level of payout is based on the following formula:

![LOGO](g77213g1021232837778.jpg)

No award is earned unless the threshold performance result is attained (i.e. zero payout for performance result below threshold), and payouts are capped when the maximum performance result is attained.

Annual payouts for participating NEOs are determined by reference to a target percentage of base salaries established by the People, Culture and Compensation Committee of the Board. The target payout percentages are:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Named Executive**<br> **Officer** | **Below<br> Threshold <br>(% Salary)** | **Threshold <br>(% Salary)** | **Target<br> (% Salary)** | **Max<br> (% Salary)** |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | 0% | 50% | 100% | 175% |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY** | 0% | 35% | 70% | 105% |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER** | 0% | 50% | 100% | 150% |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | 0% | 35% | 70% | 105% |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE** | 0% | 37.5% | 75% | 112.5% |

---

**The financial goals for 2024 are as set out in the table below:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Company**<br> **Performance**<br> **Metric** | **Metric<br> Weighting** | **Threshold<br>Company<br> Performance Goal** | **Target Company<br> Performance Goal** | **Maximum<br>Company<br> Performance Goal** |
| &nbsp;&nbsp;&nbsp;Same-store sales growth<sup>33</sup> | 25% | 5.0% | 7.5% | 10.0% |
| &nbsp;&nbsp;&nbsp;EBITDA dollar achievement<sup>34</sup> | 30% | $422.0M | $444.0M | $466.0M |
| &nbsp;&nbsp;&nbsp;New location revenue | 25% | $81.3M | $95.7M | $110.1M |

---

Performance between threshold and target and between target and maximum results in a STIP payout percentage of salary that is determined on a straight-line or interpolated basis.

For Executive Officers in 2024, the financial metrics were same-store sales growth, EBITDA dollar achievement and new location revenue. The target same-store sales growth was 7.5% and BGSI achieved (1.8)%. With respect to the EBITDA dollar achievement, the target was $444.0 million and BGSI achieved $334.8 million. For new location revenue, the target was $95.7 million and BGSI achieved $43.6 million. This

<sup>33</sup> Same-store sales and same-store sales growth are not recognized measures under International Financial Reporting Standards ("IFRS"). Management believes that in addition to sales, the supplemental measure of same-store sales is useful as it provides investors with an indication of sales that includes only those locations in operation for the full comparative period. Same-store sales is presented excluding the impact of foreign exchange on the current period. Same-store sales growth is calculated as the increase in same-store sales from the prior to the current period divided by same-store sales of the prior period. Investors should be cautioned, however, that same-store sales and same-store sales growth should not be construed as an alternative to sales determined in accordance with IFRS as an indicator of Boyd's performance. Boyd's method of calculating this measure may differ from other public issuers and, accordingly, may not be comparable to similar measures used by other issuers. For a detailed explanation of how Boyd's non-GAAP measures are calculated from sales, please refer to the section titled "Non-GAAP Financial Measures and Ratios" in Boyd's MD&A filing (dated March 19, 2025) for the period ended December 31, 2024, which is incorporated by reference in this Circular. A copy of Boyd's MD&A filing (dated March 19, 2025) for the period ended December 31, 2024 can be accessed via the SEDAR+ Web site (www.sedarplus.ca).

<sup>34</sup> Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, adjusted for the fair value adjustments related to contingent consideration, as well as acquisition and transformational cost initiatives), is not a recognized measure under International Financial Reporting Standards ("IFRS"). Management believes that in addition to net earnings, the supplemental measure of EBITDA is useful as it provides investors with an indication of earnings from operations and cash available for distribution, both before and after debt management, productive capacity maintenance and non-recurring and other adjustments. Investors should be cautioned, however, that EBITDA should not be construed as an alternative to net earnings determined in accordance with IFRS as an indicator of Boyd's performance. Boyd's method of calculating this measure may differ from other public issuers and, accordingly, may not be comparable to similar measures used by other issuers. For a detailed explanation of how Boyd's non-GAAP measures are calculated from net earnings, please refer to the section titled "Non-GAAP Financial Measures and Ratios" in Boyd's MD&A filing (dated March 19, 2025) for the period ended December 31, 2024, which is incorporated by reference in this Circular. A copy of Boyd's MD&A filing (dated March 19, 2025) for the period ended December 31, 2024 can be accessed via the SEDAR+ Web site (www.sedarplus.ca).

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performance versus the targets resulted in the participating NEOs receiving no payout on same-store sales growth, EBITDA dollar achievement and new location revenue. Accordingly, annual incentive payments to NEOs for 2024 pertained solely to the achievement of personal goals.

**A summary of the actual annual bonus paid to each NEO for 2024 is as follows:** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Named Executive Officer** | **Salary** | **Actual Amount Paid<br> Pursuant to NEO's STIP** |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | $824231 | $288750 |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY<sup>35</sup>** | $336159<sup>36</sup> | $70593<sup>37</sup> |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER** | $649519 | $195000 |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | $389088 | $81769 |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE<sup>38</sup>** | $221154 | $86250 |

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NEO's and other LTIP participants may elect under the LTIP to defer up to 100% of their STI award into restricted share units when the STI award would have otherwise been paid in cash. The election sets out that these restricted share units are then settled no later than the end of the third year following the calendar year to which the STI relates.

***Long Term Incentives***

BGSI has adopted the LTIP and the Stock Option Plan. Although the LTIP was amended and restated on March 12, 2025, as the Amended and Restated LTIP, references in this section of the Information Circular to the LTIP shall refer to the LTIP in effect prior to March 12, 2025. The approval of the Amended LTIP by shareholders is being sought at the Meeting. Please see "Approval of Amended and Restated Long-Term Incentive Plan" on page 33 of this Information Circular for a description of the Amended LTIP. The purposes of the LTIP and Stock Option plan are to: (i) support the achievement of the Company's performance objectives; (ii) ensure that interests of key employees are aligned with the success of the Company; (iii) provide compensation opportunities to attract, retain and

<sup>35</sup> Jeff Murray served as Interim Chief Financial Officer beginning January 1, 2023. On July 12, 2023, Jeff Murray was appointed as Executive Vice-President and Chief Financial Officer. Prior to January 1, 2023, Jeff Murray served as Vice President, Finance at the Boyd Group.

<sup>36</sup> C$ denominated figure converted at an average annual exchange rate of 0.7302.

<sup>37</sup> C$ denominated figure converted at an average annual exchange rate of 0.7302.

<sup>38</sup> Paul Gange was appointed Chief Operating Officer for the Boyd Group's US collision business, effective August 12, 2024. His STIP compensation includes compensation received as an inducement to join BGSI.

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motivate senior management critical to the long-term success of the Company and its subsidiaries; and (iv) mitigate excessive risk taking by the Company's key employees.

The Company's LTIP provides for flexibility to make the following types of grants to key employees employed both in and outside Canada:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance Cash Awards which represent the right to receive payments, conditional, in whole or in part, upon the
achievement of one or more objective performance goals. A Performance Cash Award granted under the Plan is denominated and payable in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance Share Units which represent the right to receive payments valued by reference to Shares of BGSI,
conditional, in whole or in part, upon the achievement of one or more objective performance goals. A Performance Share Unit granted under the Plan is notionally denominated in Shares and payable in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restricted Share Units which represent the right to receive payments valued by reference to Shares of BGSI. A Restricted
Share Unit granted under the Plan is notionally denominated in Shares and payable in cash.

The Company's Stock Option plan provides the flexibility to make the following grants to key employees employed both in and outside Canada:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock Option awards, which provide the option of purchasing Shares at a fixed exercise price. Options vest equally on
the 2nd, 3rd, 4th and 5th anniversaries of the grant date and expire after 10 years.

The People, Culture and Compensation Committee set the 2022 target mix of the expected value of the long-term incentives at 50% Performance Share Units and 35% Restricted Share Units and 15% Stock Options. In 2022, RSUs rose to 35% of expected value of long-term incentives from 15% and vesting changed to 3 year proportional from 3 year cliff. The revision to target mix weighting was made to increase key management retention coming out of the COVID-19 pandemic. The performance based grants for the NEOs cliff vest and will be paid out following the end of the three-year performance period, subject to the terms of the Plan, based on the following performance criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% weighting based on achievement of ROIC targets of BGSI over a three-year performance period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% weighting based on the Relative TSR Performance of Boyd for the three-year performance period as compared to the
companies the performance peer group

The time based incentives are based on the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restricted Share Unit generally vesting on a 3-year pro-rata basis

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock Option Grants that vest over five years, 1/4 at each of the end of the 2nd, 3rd, 4th and 5th anniversaries of the
grant date. Stock Options expire after 10 years.

The People, Culture and Compensation Committee set the 2023 target mix of the expected value of the long-term incentives at 60% Performance Share Units and 25% Restricted Share Units and 15% Stock Options. In 2023 RSU was reduced to 25% of expected value of LTI from 35% and vesting remained a 3 year proportional. The revision to the NEOs' target mix was adopted to further align their interests with the success of the Company and creation of shareholder value, consistent with the Company's compensation philosophy. The performance based grants for the NEOs cliff vest and will be paid out following the end of the three-year performance period, subject to the terms of the Plan, based on the following performance criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% weighting based on achievement of ROIC targets of BGSI over a three-year performance period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% weighting based on the Relative TSR Performance of Boyd for the three-year performance period as compared to the
companies in the performance peer group

The time based incentives are based on the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restricted Share Unit generally vesting on a 3-year pro-rata basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock Option Grants that vest over five years, 1/4 at each of the end of the 2nd, 3rd, 4th and 5th anniversaries of the
grant date. Stock Options expire after 10 years.

The People, Culture and Compensation Committee set the 2024 target mix of the expected value of the long-term incentives at 70% Performance Share Units and 15% Restricted Share Units and 15% Stock Options. In 2024 RSU was reduced to 15% of expected value of LTI from 25% for 2023 and vesting changed to a 3 year cliff, and PSU was increased from 60% for 2023 to 70% for 2024. The revision to the target mix was adopted to continue the transition to the pre-pandemic LTI plan structure which was more heavily weighted to performance based grants. The performance based grants for the NEOs cliff vest and will be paid out following the end of the three-year performance period, subject to the terms of the Plan, based on the following performance criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% weighting based on achievement of ROIC targets of BGSI over a three-year performance period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% weighting based on the Relative TSR Performance of Boyd for the three-year performance period as compared to the
companies in the performance peer group

The time based incentives are based on the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restricted Share Unit vesting on a 3-year cliff basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock Option Grants that vest over five years, 1/4 at each of the end of the 2nd, 3rd, 4th and 5th anniversaries of the
grant date. Stock Options expire after 10 years.

The performance measures were selected for alignment with BGSI's strategy and long-term value creation for shareholders.

The size of award, which is determined at the beginning of the year, is based on an executive's performance and the executive's future potential, in conjunction with competitive market compensation benchmark information.

***Performance Share Units***

**For 2024, BGSI granted the following payout opportunities for Performance Share Units stated as a percentage of target for each NEO:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Named Executive**<br> **Officer** | **Below**<br> **Threshold**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(% of Target)**  | **Threshold**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(% of Target)**  | **Target**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(% of Target)**  | **Max**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(% of Target)**  |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | 0.0% | 50.0% | 100.0% | 200.0% |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY** | 0.0% | 50.0% | 100.0% | 150.0% |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER** | 0.0% | 50.0% | 100.0% | 150.0% |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | 0.0% | 50.0% | 100.0% | 150.0% |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE** | 0.0% | 50.0% | 100.0% | 150.0% |

---

The peer group includes companies operating in a similar industry as well as those of a size appropriate range and scope to BGSI and its subsidiaries in terms of revenue, enterprise value and market cap. The peer group is comprised of the 22 North American based companies listed below and provides a robust sample size for performance comparisons. The peer group includes a selection of companies from other relevant industries, since there are few comparable automotive aftermarket companies. The performance peer companies for the 2024 award are: Advance Auto Parts Inc., Asbury Automotive Group, Inc., AutoCanada Inc., AutoNation Inc., AutoZone Inc., CarMax, Inc., Driven Brands Holdings Inc., FirstService Corporation, Genuine Parts Company, Group 1 Automotive, Inc., Lithia Motors Inc., LKQ Corp, Monro Inc., Mister Car Wash Inc.,

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America's Car-Mart Inc., O'Reilly Automotive Inc., Penske Automotive Group Inc., Rush Enterprises Inc., Sonic Automotive, Inc., Stantec Inc., Uni-Select Inc., and Valvoline Inc.

The performance multiplier for each measure depends on BGSI's performance against each target. The People, Culture and Compensation Committee reviews and approves the financial performance targets and recommends them to the Board for approval. Actual payouts for the financial measures vary from nil for below threshold performance levels, to target for target performance, or above target based on maximum performance levels.

The tables and information below show how BGSI assesses performance against each measure for the plan participants, including NEOs.

**The financial goals for the 2022 Awards are as set out in the table below:** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Company**<br> **Performance Metric** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Threshold Company** <br> **Performance Goal** | **Target Company**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Goal**  | **Maximum**<br> **Company**<br> **Performance Goal**  |
| &nbsp;&nbsp; ROIC | 15.9% | 19.9% | 22.9% |
| &nbsp;&nbsp; Relative TSR | 25th Percentile | 50th Percentile | 75th Percentile |

---

**The financial goals for the 2023 Awards are as set out in the table below:** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Company**<br> **Performance Metric** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Threshold Company** <br> **Performance Goal** | **Target Company**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Goal**  | **Maximum**<br> **Company<br> Performance Goal**  |
| &nbsp;&nbsp; ROIC | 16.8% | 19.8% | 21.3% |
| &nbsp;&nbsp; Relative TSR | 25th Percentile | 50th Percentile | 75th Percentile |

---

**The financial goals for the 2024 Awards are as set out in the table below:** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Company**<br> **Performance Metric** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Threshold Company** <br> **Performance Goal** | **Target Company**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance Goal**  | **Maximum**<br> **Company**<br> **Performance Goal**  |
| &nbsp;&nbsp; ROIC | 17.7% | 21.5% | 23.5% |
| &nbsp;&nbsp; Relative TSR | 25th Percentile | 50th Percentile | 75th Percentile |

---

------

The assessments between the performance levels set out in the tables above are interpolated on a straight line basis.

For the three year performance period of 2022 to 2024, BGSI achieved a TSR result of 9.9%, resulting in relative TSR performance at the 48th percentile of peers and relative TSR Performance criteria between threshold and target, earning a payout of 95.2%. During the same three year period, BGSI achieved a ROIC between threshold and target of 17.6%, resulting in a payout of 71.3%.

For the three year performance period of 2018 to 2020, the LTIP was calculated according to the defined measures and paid on that basis. However, given the significant impact on ROIC and constant currency revenue growth in 2020, as discussed in more detail in the 2020 management information circular, the Board decided at that time to award RSUs that vest over 3 years on a cliff basis, for the amount that would have been paid if BGSI achieved threshold level constant currency revenue growth in 2020. No award was made to adjust for ROIC or TSR. The Board viewed this approach as a retention tool, balancing the objectives of meeting targets, with the circumstances that occurred in 2020 as a result of the COVID-19 pandemic and the actions taken by management to minimize the impact and still deliver meaningful business results. The Board determined to cancel these discretionary RSUs effective December 31, 2021 and replaced them with a deferred cash award, valued using a weighted average share price of C$193.85 ($152.91 based on the December 31, 2021 exchange rate of $0.7888), as compared to the grant value of the RSUs of C$224.02. The award vested on January 1, 2024, was paid out at that time and is included in the summary compensation table for 2024. The deferred cash award is not a share-based award and did not increase or decrease if BGSI's share price had increased or decreased at the time of vesting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Named Executive Officer** | **Deferred cash award vested January 1, 2024** |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | $300270 |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY** | N/A |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER** | N/A |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | $18027 |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE** | N/A |

---

------

**A summary of the 2021 PSU award at target, followed by the actual total amount vested and paid to each NEO for the January 1, 2021 to December 31, 2023 performance periods is set out in the following table:** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Named Executive Officer** | **2021 LTIP PSU award at**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target, Vesting Jan 1, 2024**  | **Vested Jan 1, 2024** |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | $854000 | $390406 |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY <sub>(1)</sub>** | $53800<sup>39</sup> | $24595<sup>40</sup> |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER <sub>(2)</sub>** | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | $113750 | $52001 |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE <sub>(3)</sub>** | N/A | N/A |

---

(1) Jeff Murray served as Interim Chief Financial Officer beginning January 1, 2023. On July 12, 2023, Jeff Murray was appointed as Executive Vice-President and Chief Financial Officer. Prior to January 1, 2023, Jeff Murray served as Vice President, Finance at the Boyd Group.

(2) Brian Kaner was appointed Executive Vice President and Chief Operating Officer for the Boyd Group's collision business, effective October 31, 2022.

(3) Paul Gange was appointed Chief Operating Officer for the Boyd Group's US collision business, effective August 12, 2024.

**A summary of the 2022 PSU award at target, followed by the actual total amount vested and paid to each NEO for the January 1, 2022 to December 31, 2024 performance periods is set out in the following table:** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Named Executive Officer** | **2022 LTIP PSU award at**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target, Vesting Jan 1, 2025**  | **Target Available Jan 1, 2025** |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | $710000 | $710000 |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY <sub>(1)</sub>** | $40969<sup>41</sup> | $40969 |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER <sub>(2)</sub>** | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | $126000 | $126000 |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE <sub>(3)</sub>** | N/A | N/A |

---

(1) Jeff Murray served as Interim Chief Financial Officer beginning January 1, 2023. On July 12, 2023, Jeff Murray was appointed as Executive Vice-President and Chief Financial Officer. Prior to January 1, 2023, Jeff Murray served as Vice President, Finance at the Boyd Group.

(2) Brian Kaner was appointed Executive Vice President and Chief Operating Officer for the Boyd Group's collision business, effective October 31, 2022.

(3) Paul Gange was appointed Chief Operating Officer for the Boyd Group's US collision business, effective August 12, 2024.

<sup>39</sup> C$ denominated figure converted at an exchange rate of 0.7843.

<sup>40</sup> C$ denominated figure converted at an exchange rate of 0.7561.

<sup>41</sup> C$ denominated figure converted at an exchange rate of 0.7888.

------

**A summary of the 2023 PSU award at target for the January 1, 2023 to December 31, 2025 performance periods is set out in the following table:** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Named Executive Officer** | **2023 LTIP PSU award at**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target, Vesting Jan 1, 2026**  | **Target Available Jan 1, 2026** |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | $942000 | $942000 |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY <sub>(1)</sub>** | $46019<sup>42</sup> | $46019 |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER <sub>(2)</sub>** | $875000 | $875000 |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | $151200 | $151200 |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE <sub>(3)</sub>** | N/A | N/A |

---

(1)Jeff Murray served as Interim Chief Financial Officer beginning January 1, 2023. On July 12, 2023, Jeff Murray was appointed as Executive Vice-President and Chief Financial Officer. Prior to January 1, 2023, Jeff Murray served as Vice President, Finance at the Boyd Group.

(2) Brian Kaner was appointed Executive Vice President and Chief Operating Officer for the Boyd Group's collision business, effective October 31, 2022.

(3) Paul Gange was appointed Chief Operating Officer for the Boyd Group's US collision business, effective August 12, 2024.

**A summary of the 2024 PSU Performance Share Unit award at target for the January 1, 2024 to December 31, 2026 performance periods is set out in the following table:** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Named Executive Officer** | **2024 LTIP PSU award at**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target, Vesting Jan 1, 2027**  | **Target Available Jan 1, 2027** |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | $1386000 | $1386000 |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY** | $243657<sup>43</sup> | $243657 |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER** | $568750 | $568750 |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | $218051 | $218051 |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE** | $301875 | $301875 |

---

<sup>42</sup> C$ denominated figure converted at an exchange rate of 0.7383.

<sup>43</sup> C$ denominated figure converted at an exchange rate of 0.7561.

------

***Restricted Share Units***

**For 2021, BGSI granted the following payout opportunities for Restricted Share Units stated at target for each NEO:** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Named Executive Officer** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2021 LTIP RSU award,** <br> **Vesting Jan 1, 2024** | **Vested Jan 1, 2024** |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | $213000 | $214509 |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY <sub>(1)</sub>** | $11529<sup>44</sup> | $13514<sup>45</sup> |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER <sub>(2)</sub>** | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | $24375 | $28572 |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE <sub>(3)</sub>** | N/A | N/A |

---

(1) Jeff Murray served as Interim Chief Financial Officer beginning January 1, 2023. On July 12, 2023, Jeff Murray was appointed as Executive Vice-President and Chief Financial Officer. Prior to January 1, 2023, Jeff Murray served as Vice President, Finance at the Boyd Group.

(2) Brian Kaner was appointed Executive Vice President and Chief Operating Officer for the Boyd Group's collision business, effective October 31, 2022.

(3) Paul Gange was appointed Chief Operating Officer for the Boyd Group's US collision business, effective August 12, 2024.

**For 2022, BGSI granted the following payout opportunities for Restricted Share Units stated at target for each NEO:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Named**<br> **Executive Officer** | **2022 LTIP RSU**<br> **award, Vesting** <br> **Jan 1, 2023 to**<br> **Jan 1, 2025** | **Vested Jan 1,**<br> **2023 to Dec 31,** <br> **2023** | **Vested Jan 1,**<br> **2024 to Dec 31,** <br> **2024** | **Available Jan 1,** <br> **2025** |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | $497000 | $170564 | $222689 | $165667 |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY <sub>(1)</sub>** | $414689<sup>46</sup> | $9842<sup>47</sup> | $671348<sup>48</sup> | $9559 |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER <sub>(2)</sub>** | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;**KIM MORIN <sub>(3)</sub>** | $288200 | $30269 | $246716 | $29400 |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE <sub>(4)</sub>** | N/A | N/A | N/A | N/A |

---

(1) Jeff Murray served as Interim Chief Financial Officer beginning January 1, 2023. On July 12, 2023, Jeff Murray was appointed as Executive Vice-President and Chief Financial Officer. Prior to January 1, 2023, Jeff Murray served as Vice President, Finance at the Boyd Group. For retention purposes, on May 12, 2022 Mr. Murray was granted a one time award of C$500,000 converted at an exchange rate of $0.7720 with a two year cliff vesting period.

(2) Brian Kaner was appointed Executive Vice President and Chief Operating Officer for the Boyd Group's collision business, effective October 31, 2022.

(3) For retention purposes, on February 11, 2022, Kim Morin was granted a one time award of $200,000 with a cliff vesting date of December 31, 2024.

(4) Paul Gange was appointed Chief Operating Officer for the Boyd Group's US collision business, effective August 12, 2024.

<sup>44</sup> C$ denominated figure converted at an exchange rate of 0.7843.

<sup>45</sup> C$ denominated figure converted at an exchange rate of 0.7561.

<sup>46</sup> C$ denominated figure converted at an exchange rate of 0.7888.

<sup>47</sup> C$ denominated figure converted at an exchange rate of 0.7383.

<sup>48</sup> C$ denominated figure converted at exchange rates of 0.7561 and 0.7318.

------

**For 2023, BGSI granted the following payout opportunities for Restricted Share Units stated at target for each NEO:** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Named Executive**<br> **Officer** | **2023 LTIP RSU**<br> **award, Vesting Jan 1,** <br> **2024 to Jan 1, 2026** | **Vested Jan 1, 2024 to** <br> **Dec 31, 2024** | **Available Jan 1, 2025** <br> **to Jan 1, 2026** |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | $392500 | $171685 | $261667 |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY <sub>(1)</sub>** | $19175<sup>49</sup> | $8359<sup>50</sup> | $12783 |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER <sub>(2)</sub>** | $436250 | $68373 | $384167 |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | $63000 | $27541 | $42000 |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE <sub>(3)</sub>** | N/A | N/A | N/A |

---

(1) Jeff Murray served as Interim Chief Financial Officer beginning January 1, 2023. On July 12, 2023, Jeff Murray was appointed as Executive Vice-President and Chief Financial Officer. Prior to January 1, 2023, Mr. Murray served as Vice President, Finance at the Boyd Group.

(2) Brian Kaner was appointed Executive Vice President and Chief Operating Officer for the Boyd Group's collision business, effective October 31, 2022. A one time award of $280,000 in RSUs with a three year cliff vesting period was granted to Mr. Kaner as part of his employment contract that commenced in 2022.

(3) Paul Gange was appointed Chief Operating Officer for the Boyd Group's US collision business, effective August 12, 2024.

**For 2024, BGSI granted the following payout opportunities for Restricted Share Units stated at target for each NEO:** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Named Executive Officer** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2024 LTIP RSU award,** <br> **Vesting Jan 1, 2027** | **Available Jan 1, 2027** |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | $297000 | $297000 |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY** | $52212<sup>51</sup> | $52212 |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER** | $121875 | $121875 |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | $46725 | $46725 |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE <sub>(1)</sub>** | $564688 | $564688 |

---

(1) Paul Gange was appointed Chief Operating Officer for the Boyd Group's US collision business, effective August 12, 2024. Included in his total is a one time award of $500,000 in RSUs with a cliff vesting date of August 5, 2027, that was granted to Mr. Gange as part of his employment contract that commenced in 2024.

***Option Based Awards***

Certain Senior Executives have been provided long-term incentives through the grant of stock options as set out under 'Incentive Plan Awards'. These stock options have been granted under the stock option plan of BGSI (the "Stock Option Plan") which was approved by Shareholders at the Annual General and Special Meeting on May 12, 2021.

<sup>49</sup> C$ denominated figure converted at an exchange rate of 0.7383.

<sup>50</sup> C$ denominated figure converted at an exchange rate of 0.7561.

<sup>51</sup> C$ denominated figure converted at an exchange rate of 0.7561.

------

The purpose of the Stock Option Plan is to (a) support the achievement of BGSI's performance objectives; (b) ensure that interests of key persons are aligned with the long-term success of BGSI and the creation of value for its shareholders; and (c) provide compensation opportunities to attract, retain and motivate senior management critical to the long-term success of BGSI and its subsidiaries. The Stock Option Plan will authorize the Board and the People, Culture and Compensation Committee to issue stock options ("Options") to employees or officers of BGSI and such affiliates as are designated from time to time ("Eligible Persons"). The aggregate number of common shares that may be reserved for issuance on the exercise of Options under the Stock Option Plan, together with the common shares issuable under grants under all other securities-based compensation arrangements of BGSI, must not exceed 250,000 common shares. For greater clarity, to the extent that Options expire or are terminated or cancelled, BGSI may make a further grant of Options in replacement for such expired, terminated or cancelled Options, provided that the 250,000 maximum is not exceeded.

In addition, under the Stock Option Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to the terms of the Stock Option Plan, the number of common shares subject to each Option, the exercise price of
each Option, the expiration date of each Option, the extent to which each Option vests and is exercisable from time to time during the term of the Option and other terms and conditions relating to each Option will be determined by the People,
Culture and Compensation Committee from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to any adjustments pursuant to the provisions of the Stock Option Plan, the exercise price of any Option shall
be as determined and approved by the People, Culture and Compensation Committee, but under no circumstances will such price be lower than the Fair Market Value (as defined in the Stock Option Plan) of the common shares on the Grant Date (as defined
in the Stock Option Plan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term of an Option shall be as determined and approved by the People, Culture and Compensation Committee in the Grant
Agreement (as defined in the Stock Option Plan), subject to certain limited exceptions, including that if the expiration date for an Option occurs during or within ten (10) business days following, the end of the period of time during which the
relevant person granted Options (an "Optionee") cannot exercise an Option due to applicable policies of BGSI in respect of insider trading (a "Blackout Period"), then the expiration date for that Option shall be the date that
is the tenth (10th) business day after the expiry date of the Blackout Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options are personal to the grantee and are non-transferable and non-assignable, except in certain limited circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at any time, the maximum number of common shares which may be reserved for issuance pursuant to Options under the Stock
Option Plan and all other security-

------

based compensation arrangements to any one person shall be 5% of the common shares outstanding at the Grant Date; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate number of common shares issued to insiders within any 12 month period, or issuable to insiders at any
time, under the Stock Option Plan and any other security based compensation arrangement of BGSI, may not exceed 10% of the total number of issued and outstanding common shares during such period of time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the maximum number of common shares which may be issued to insiders under the Stock Option Plan and all other
security-based compensation arrangements within a 12-month period shall be 5% of the common shares outstanding at the Grant Date.

Under the Stock Option Plan, where an Optionee resigns from BGSI, the Optionee's unvested Options shall immediately be forfeited and the Optionee's vested options may be exercised until the earlier of 30 days after the date of resignation and the expiry date of the options. Where an Optionee is terminated by BGSI for cause, the Optionee's unvested and vested options shall immediately be forfeited, except only as may be required to satisfy the minimum requirements of applicable employment or labour standards legislation. Where an Optionee is terminated by BGSI without cause, the Optionee's unvested options shall immediately be forfeited, all vesting of such Optionee's options shall cease on the date of termination, and the Optionee shall forfeit all rights and have no entitlements with respect to any outstanding option that would vest, or become payable, exercisable or be settled after such date. Where an Optionee retires from BGSI, the Optionee's unvested options will remain outstanding and continue to vest and become exercisable as if the Optionee had been actively employed by BGSI until the earlier of the expiry date of the options and the five (5) year anniversary of the Optionee's retirement date. Where an Optionee is no longer an Eligible Person as a result of his or her death or disability, all unvested options held by such Optionee shall immediately vest as of the Optionee's termination date and any unexercised options will be exercisable until the earlier of the expiry date of the options and the one (1) year anniversary of the Optionee's termination date.

Options may be exercised in accordance with the specific terms of their grant and by the Optionee delivering an exercise notice and the exercise price to BGSI for all of the Options exercised.

The Stock Option Plan also provides that BGSI may withhold from amounts payable to an option holder, such amounts as may be necessary to enable BGSI to comply with applicable requirements of tax laws relating to the withholding of tax or other required deductions with respect to options.

------

The People, Culture and Compensation Committee may amend, suspend or terminate the Stock Option Plan or amend Options granted under the Stock Option Plan at any time without Shareholder approval; provided, however, that: (a) approval by a majority of the votes cast by Shareholders present and voting in person or by proxy at a meeting of Shareholders of BGSI must be obtained for any: (i) amendment for which, under the requirements of the TSX or any applicable law, shareholder approval is required; (ii) increase to the maximum number or percentage of securities issuable under the Stock Option Plan; (iii) reduction of the exercise price, or cancellation and reissuance of Options or other entitlements, of Options granted under the Stock Option Plan; (iv) extension of the term of Options beyond the original expiry date; (v) expansion of the categories of Eligible Person that would have the potential of broadening or increasing insider participation; (vi) provision of any financial assistance to an Optionee in connection with the exercise of an Option; (vii) allowance of Options granted under the Stock Option Plan to be transferable or assignable other than for estate settlement purposes; (viii) any amendment to provide for other types of security-based compensation involving the issue of equity; or (ix) amendment to the Stock Option Plan's amendment provisions; and (b) the consent of the Optionee is obtained for any amendment which alters or impairs any Option previously granted to an Optionee under the Stock Option Plan.

Notwithstanding the other provisions of the Stock Option Plan, if a Change of Control (as defined in the Stock Option Plan) occurs, any surviving, successor or acquiring entity of BGSI will assume any outstanding Options or will substitute similar options for the outstanding Options. If such entity does not assume the outstanding Options or substitute similar options for the outstanding Options, or if the People, Culture and Compensation Committee otherwise determines in its sole discretion, the People, Culture and Compensation Committee may: (a) give written notice to all option holders advising that, effective immediately prior to the Change of Control, all Options shall be deemed to be vested and may be exercised at such time and subject to such conditions as the People, Culture and Compensation Committee may specify; or (b) determine that, upon the occurrence of a Change of Control, an option holder may surrender any vested or unvested Option outstanding immediately prior to the Change of Control in exchange for a payment with respect to each Option in (i) cash, (ii) shares of BGSI or of a corporation or other business entity that is a party to the Change in Control, or (iii) other property, subject to certain limitations.

As of December 31, 2024, there are 67,762 outstanding Options under the Stock Option Plan, which is less than 0.4% of the total outstanding common shares of BGSI. The number of available Options under the Stock Option Plan is 250,000, which is 1.2% of the total outstanding common shares of BGSI.

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***Termination of Employment***

If the participant does not remain continuously employed by BGSI through January 1<sup>st</sup> of the year immediately following the last day of the relevant Performance Period or the scheduled Vesting Date, as applicable, vesting is dependent on the nature of the termination of employment as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resignation – all rights, title and interest with respect to Performance Cash Awards, Performance Share Units,
Restricted Share Units and Stock Options which have not vested are forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination for Just Cause – all rights, title and interest with respect to Performance Cash Awards, Performance
Share Units and Restricted Share Units which have not vested are forfeited. All rights, title and interest with respect to Stock Options are forfeited, whether vested or unvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination without Just Cause, Death or Disability Termination – the extent of vesting will be determined by
management of BGSI based on pre-defined formulas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retirement – all Performance Cash Awards, Performance Share Units, Restricted Share Units and Stock Options will
continue to vest in the ordinary course, subject to future performance. Retirement means the cessation of the employment which is deemed to be a retirement by a resolution of the People, Culture and Compensation Committee.

***Annual Burn Rate***

**The table below provides the annual burn rate of BGSI's security-based compensation arrangements.** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security-Based Compensation**<br> **Arrangement** | **2022** | **2023** | **2024** |
| &nbsp;&nbsp;&nbsp;Stock option plan | 0.08% | 0.13% | 0.09% |
| &nbsp;&nbsp;&nbsp;Long-term incentive plan<sup>52</sup> | - | - | - |
| &nbsp;&nbsp;&nbsp;**Total** | **0.08%** | **0.13%** | **0.09%** |

---

***Executive Compensation Clawback Policy***

On March 21, 2017, BGSI's predecessor (Boyd Group Income Fund), adopted an executive compensation clawback policy, which became effective January 1, 2017. At that time, the policy applied to the CEO, each of the CEO's direct reports, and the VP Finance. On January 1, 2020, the Board amended the executive compensation clawback policy

<sup>52</sup> No awards that may be settled in shares were granted under the LTIP in 2024. All previously awarded grants under the LTIP may only be settled in cash.

------

such that the policy applied to the Named Executive Officers and the VP Finance of BGSI. On November 8, 2022, the Board further amended the policy such that the policy now applies only to the Named Executive Officers of BGSI.

The policy applies to any incentive-based compensation, which refers to compensation relating to the achievement of performance goals or similar conditions, including the STIP and the LTIP.

The policy is triggered in the following circumstances: (i) upon restatement of the financial statements of BGSI where the incentive compensation received by an executive would have been lower had the financial results been correctly reported; and (ii) if the Board determines an executive has engaged certain misconduct, including, without limitation, fraud or intentional and/or reckless non-compliance with applicable laws, rules or regulations, or BGSI's Code of Business Conducts and Ethics.

The period of time during which BGSI is entitled to seek recovery of the overcompensation amount is three (3) years prior to the restatement date or three years from the date of the misconduct, whichever is applicable.

***Anti-Hedging Policy***

Pursuant to BGSI's Insider Trading Policy, BGSI executives and other insiders are prohibited from entering into short sales, put or call arrangements related to BGSI's shares.

***Use of Discretion***

The Board has the authority to amend performance measures and targets in relation to incentive programs and the related measurement of results in order to reflect business conditions, circumstances, and events not predicted when setting targets. The discretionary assessment of performance does not, however, form part of the design of incentive programs. During 2024, the Board did not exercise its authority to adjust the measures, targets or results of incentive programs.

***Program Changes for 2025***

**<u>Compensation Peer Group</u>**: For 2025, the compensation peer group will be adjusted. Uni-Select Inc was removed.

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**<u>Performance Peer Group</u>**: For 2025, the performance peer group will be adjusted. Uni-Select Inc. was removed.

**<u>Company Performance Metrics for STIP and LTIP</u>:** For 2025, the company performance metrics for the STIP and LTIP will be different to those used for 2024. Given the continued emphasis on growth in 2025, the Company will retain a unit growth metric, but will measure that in new unit count rather than new location revenue in the 2025 STIP. Further modifications to the STIP will change the improvement in EBITDA dollars to an achievement of EBITDA margin percent, remove same store sales growth and add revenue growth. By removing the same stores sales growth metric from the plan, we have flexibility to manage continued uncertainty in the claims environment and other factors, while focusing on maximizing overall revenue. In order to remain competitive in the industry, the 2025 LTIP will move from 70% to 50% PSU's, RSU's will move from 15% to 35% with vesting changing to 3 year proportional from 3 year cliff, and Stock Options will remain at 15%.

**2025 STIP awards have been designed as follows:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 30% weighting based on achievement of EBITDA margin percent of BGSI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 30% weighting based on BGSI revenue growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20% weighting based on new unit count

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20% weighting based on personal goals

**2025 LTIP awards have been designed as follows:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 25% weighting of PSU's based on achievement of ROIC targets of BGSI over a three-year performance period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 25% weighting of PSU's based on the Relative TSR Performance of Boyd over the three-year performance period as
compared to the companies in the performance peer group

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 35% weighting based on a Restricted Share Unit generally vesting on a 3-year pro-rata basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15% weighting based on Stock Option grants that vest over five years, 1/4 at each of the end of the 2nd, 3rd, 4th and
5th anniversaries of the grant date. Stock Options expire after 10 years.

The STIP and LTIP performance measures were selected for alignment with BGSI's strategy and long-term value creation for shareholders.

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***Performance Graph***

The following graph compares the cumulative total return of 7.33% on the Units/Shares since January 1, 2020, with the cumulative total shareholder return of 44.9% in the S&P/ TSX Composite index, assuming reinvestment of dividends/distributions, where applicable, for a comparable period.

![LOGO](g77213dsp116a.jpg)

Executive compensation is sensitive to performance. Salary adjustments and bonus arrangements consider the financial performance of BGSI and in times of poor performance, BGSI has reduced or eliminated salary increases or not approved a bonus plan for a period of time.

Given the linkage between the various elements of performance and at-risk pay calculations, and the significant weighting of variable compensation mix, BGSI's executive compensation is designed to reflect the performance drivers that should lead to related changes in shareholder return.

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**Summary Compensation Table** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Share-Based** <br>**Awards <sup>(1)</sup>** <br>**($)**  | **Option-** <br> **Based** <br> **Awards** <br>**(2)** <br>**($)**  | **Non-equity incentive**<br>**plan compensation**<br>**($) (f)** | **Non-equity incentive**<br>**plan compensation**<br>**($) (f)** | | |
| | | | **Share-Based** <br>**Awards <sup>(1)</sup>** <br>**($)**  | **Option-** <br> **Based** <br> **Awards** <br>**(2)** <br>**($)**  | **Annual<br>Incentive<br>Plans <sup>(3)</sup>** | **Long-term<br>Incentive<br>Plans** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Principal**<br> **Position**<br>&nbsp;&nbsp;&nbsp;**(a)** | **Year** <br>**(b)** | **Salary** <br> **($)** <br>**(c)** | **(d)** | **(e)** | **(f1)** | **(f2)** **(g)** | **All Other** <br> **Compensation <sup>(4)</sup>** <br> **($)** <br>**(h)** | **Total Compensation** <br> **($)** <br>**(i)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Timothy** **O'Day** <br> ***CEO (5)*** | 2024 | 824231 | 1683000 | 297000 | 288750 | nil | 342368 | 3435349 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Timothy** **O'Day** <br> ***CEO (5)*** | 2023 | 785000 | 1334500 | 235500 | 1265813 | nil | nil | 3620813 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Timothy** **O'Day** <br> ***CEO (5)*** | 2022 | 710000 | 1207000 | 213000 | 884576 | nil | nil | 3014576 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Jeff Murray** <br> ***Executive Vice- President, Secretary and CFO (6)*** | 2024 | 336159<sup>53</sup> | 295870<sup>54</sup> | 52212<sup>55</sup> | 70593<sup>56</sup> | nil | nil | 754834 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Jeff Murray** <br> ***Executive Vice- President, Secretary and CFO (6)*** | 2023 | 287739 | 65193 | 11505 | 237411 | nil | nil | 601848 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Jeff Murray** <br> ***Executive Vice- President, Secretary and CFO (6)*** | 2022 | 199432 | 455658 | 12291 | 78564 | nil | nil | 745944 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Brian Kaner** <br> ***President and COO (7)*** | 2024 | 649519 | 690625 | 121875 | 195000 | nil | 87547 | 1744566 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Brian Kaner** <br> ***President and COO (7)*** | 2023 | 625000 | 1311250 | 793750 | 880208 | nil | 87547 | 3697755 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Brian Kaner** <br> ***President and COO (7)*** | 2022 | 108173 | nil | nil | 778529 | nil | nil | 886702 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kim Morin** <br> ***Chief Human*** ***Resources*** ***Officer (8)*** | 2024 | 389088 | 264776 | 46725 | 81769 | nil | 18027 | 800385 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kim Morin** <br> ***Chief Human*** ***Resources*** ***Officer (8)*** | 2023 | 370800 | 214200 | 37800 | 354900 | nil | nil | 977700 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kim Morin** <br> ***Chief Human*** ***Resources*** ***Officer (8)*** | 2022 | 360000 | 414200 | 37800 | 280396 | nil | nil | 1092396 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Paul Gange** <br> ***Chief Operating*** ***Officer, US*** ***Collision (9)*** | 2024 | 221154 | 866563 | 64688 | 86250 | nil | nil | 1238654 |

---

All amounts stated are in U.S. Dollars

**(1)** Share-based awards reflects the grant date value of both the PSUs and RSUs awarded for 2022, 2023 and 2024. The
grant date values were calculated using the ten-day weighted average price of Boyd's shares on the TSX on the day before the grant. The number of PSUs that the named executives will actually earn can
vary depending on performance. The value of RSUs that the named executives will actually earn varies with the value of Boyd's shares on the TSX.

**(2)** 2022 option-based awards reflect the grant date fair value of stock options awarded using the Black-Scholes
option-pricing model and key assumptions determined by the compensation consultants as follows: dividend yield 0.375%, volatility 28.0%, risk-free rate 2.025%, expected life 5.5 years, exercise price C$164.68. 2023 option-based awards reflect the
grant date fair value of stock options awarded using the Black-Scholes option-pricing model and key assumptions determined by the compensation consultants as follows: dividend yield 0.27%, volatility 30.4%, risk-free rate 3.48%, expected life 5.5
years, exercise price C$211.26. 2024 option-based awards reflect the grant date fair value of stock options awarded using the Black-Scholes option-pricing model and key assumptions determined by the compensation consultants as follows: dividend
yield 0.193%, volatility 30.68%, risk-free rate 3.61%, expected life 5.5 years, exercise price C$310.67.

**(3)** Annual Incentive Plan awards are calculated at the end of a financial year and paid in the first or second
quarter of the next financial year. Awards deferred as part of the U.S. deferred compensation plan are paid to the Trustee of the plan in the first quarter of the next financial year.

**(4)** Except as otherwise noted, the value of perquisites and benefits for each Named Executive Officer is less than
the lesser of $50,000 and 10% of the total annual base compensation and bonuses. During 2024, Timothy O'Day and Kim Morin received a deferred cash award valued using a weighted-average share price of C$193.85. See "Compensation
Discussion & Analysis - Performance Share Units" for more information. Remaining other compensation for Tim O'Day is comprised of benefits and car allowances. Other compensation for Brian Kaner is comprised of benefits, housing,
car and phone allowances.

**(5)** The CEO is also a Director of BGSI. Directors who are also employed by BGSI do not receive additional
compensation for their duties as Directors.

**(6)** Jeff Murray served as Interim Chief Financial Officer beginning January 1, 2023. On July 12, 2023, Jeff Murray
was appointed as Executive Vice-President and Chief Financial Officer. Prior to January 1, 2023, Jeff Murray served as Vice President, Finance at the Boyd Group. For retention purposes, on May 12, 2022 Mr. Murray was granted a one
time award of C$500,000 in RSUs converted at an exchange rate of $0.7720 with a two year cliff vesting period.

**(7)** Brian Kaner was appointed Executive Vice President and Chief Operating Officer for the Boyd Group's
collision business, effective October 31, 2022. His incentive compensation includes compensation received as an inducement to join BGSI and to compensate him for forfeited awards at his prior employer, consisting of: (1) In 2022, a one
time cash award of $680,000 was granted to Mr. Kaner as part of his employment contract that commenced in 2022 and (2) in 2023, a one time award of $500,000 in PSUs and a one time award of $280,000 in RSUs both with three year cliff
vesting periods, as well as a one time award of $700,000 in Stock Options that vest over five years, 1/4 at each of the end of the 2nd, 3rd, 4th and 5th anniversaries of the grant date. Through inadvertence BGSI did not include the 2022 inducement
awards when making its named executive officer determinations for 2022. On August 7, 2024, Brian Kaner was appointed President and Chief Operating Officer of BGSI.

**(8)** For retention purposes, on February 11, 2022 Kim Morin was granted a one time award of $200,000 in RSUs
with a cliff vesting date of December 31, 2024. The amount reported as Share-Based Awards for 2022 has been updated to include this a one time RSU award, which was inadvertently omitted in the 2023 proxy circular.

**(9)** Paul Gange was appointed Chief Operating Officer for the Boyd Group's US collision business, effective
August 12, 2024. His incentive compensation includes compensation received as an inducement to join BGSI consisting of a full year bonus and one time award of $500,000 in RSUs with a three year cliff vesting period.

<sup>53</sup> C$ denominated figure converted at an average annual exchange rate of 0.7302.

<sup>54</sup> C$ denominated figure converted at an exchange rate of 0.7561.

<sup>55</sup> C$ denominated figure converted at an exchange rate of 0.7561.

<sup>56</sup> C$ denominated figure converted at an average annual exchange rate of 0.7302.

------

**Incentive Plan Awards** 

***Outstanding Option-Based Awards and Share/Unit-Based Awards***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Share/Unit-based Awards** | **Share/Unit-based Awards** | **Share/Unit-based Awards** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; **Name and**<br> **Principal**<br> **Position** | <br>**Grant <br>Option <br>Year** | **Number of** <br> **Securities** <br> **Underlying** <br> **Unexercised** <br> **Options (#)**  | **Option** <br> **Exercise** <br> **Price (C$)**  | **Option <br>Expiration** <br> **Date**  | **Value of** <br> **Unexercised <br>in the Money <br>Options** <br> **($)**  | **Number of <br>Units or <br>Shares that <br>have not <br>Vested** <br> **(#)**  | **Market or <br>payout value <br>of share/unit- <br>based awards <br>that have not <br>Vested <sup>(1)</sup>** <br> **($)**  | **Market or <br>payout value of <br>vested share/ <br>unit-based <br>awards not <br>paid out or <br>distributed** <br> **($)**  |
| &nbsp;&nbsp;&nbsp;**(a)** |  | **(b)** | **(c)** | **(d)** | **(e)** | **(f)** | **(g)** | **(h)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Timothy O'Day**<br> ***CEO*** | 2022 | 5735.7 | 164.68 | March 31, 2032 | 211792 | 21642 | 3233104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Timothy O'Day**<br> ***CEO*** | 2023 | 4452.0 | 211.26 | March 31, 2033 | 211792 | 21642 | 3233104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Timothy O'Day**<br> ***CEO*** | 2024 | 3932.0 | 287.75 | March 31, 2034 | 211792 | 21642 | 3233104 |  |
| &nbsp;&nbsp;&nbsp; **Jeff Murray**<br> ***Executive Vice-President, Secretary and CFO<sup>57</sup>*** | 2022 | 331.0 | 164.68 | March 31, 2032 | 12122 | 2153 | 321637 |  |
| &nbsp;&nbsp;&nbsp; **Jeff Murray**<br> ***Executive Vice-President, Secretary and CFO<sup>57</sup>*** | 2023 | 218.0 | 211.26 | March 31, 2033 | 12122 | 2153 | 321637 |  |
| &nbsp;&nbsp;&nbsp; **Jeff Murray**<br> ***Executive Vice-President, Secretary and CFO<sup>57</sup>*** | 2024 | 691.0 | 287.75 | March 31, 2034 | 12122 | 2153 | 321637 |  |
| &nbsp;&nbsp;&nbsp; **Brian Kaner**<br> ***President and COO<sup>58</sup>*** | 2023 | 15006.0 | 211.26 | March 31, 2033 | 38458 | 11417 | 1705588 |  |
| &nbsp;&nbsp;&nbsp; **Brian Kaner**<br> ***President and COO<sup>58</sup>*** | 2024 | 1613.0 | 287.75 | March 31, 2034 | 38458 | 11417 | 1705588 |  |
| &nbsp;&nbsp;&nbsp; **Kim Morin**<br> ***Chief Human***<br> ***Resources Officer*** | 2022 | 1017.9 | 164.68 | March 31, 2032 | 37394 | 3544 | 529439 |  |
| &nbsp;&nbsp;&nbsp; **Kim Morin**<br> ***Chief Human***<br> ***Resources Officer*** | 2023 | 715.0 | 211.26 | March 31, 2033 | 37394 | 3544 | 529439 |  |
| &nbsp;&nbsp;&nbsp; **Kim Morin**<br> ***Chief Human***<br> ***Resources Officer*** | 2024 | 619.0 | 287.75 | March 31, 2034 | 37394 | 3544 | 529439 |  |
| &nbsp;&nbsp;&nbsp; **Paul Gange**<br> ***Chief Operating Officer,***<br> ***US Collision<sup>59</sup>*** | 2024 | 1177.0 | 230.49 | August 5, 2034 |  | 4719 | 704973 |  |

---

**(1)** Market value based on the December 31, 2024 10-day weighted average
share price of C$214.95 translated using an exchange rate of 0.6950.

<sup>57</sup> Jeff Murray served as Interim Chief Financial Officer beginning January 1, 2023. On July 12, 2023, Jeff Murray was appointed as Executive Vice-President and Chief Financial Officer.

Prior to January 1, 2023, Jeff Murray served as Vice President, Finance at the Boyd Group.

<sup>58</sup> Brian Kaner was appointed Executive Vice President and Chief Operating Officer for the Boyd Group's collision business, effective October 31, 2022.

<sup>59</sup> Paul Gange was appointed Chief Operating Officer for the Boyd Group's US collision business, effective August 12, 2024.

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***Incentive Plan Awards - Value Vested or Earned During the Year***

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Principal Position** | **Option-based awards –<br>Value vested during the yea**<br> **r ($)** | **Share/Unit-based awards –<br>Value vested during the year**<br> **($)** | **Non-equity incentive plan**<br> **compensation –**<br> **Value earned during the year**<br> **($)** |
| &nbsp;&nbsp;&nbsp;**(a)** | **(b)** | **(c)** | **(d)** |
| &nbsp;&nbsp;&nbsp; **Timothy O'Day** ***<sub>(1)</sub>***<br> ***CEO*** | 182732 | 1501226 | 288750 |
| &nbsp;&nbsp;&nbsp; **Jeff Murray**<br> ***Executive Vice-President, Secretary and CFO<sup>60</sup>*** | 10868 | 717816 | 70593 |
| &nbsp;&nbsp;&nbsp; **Brian Kaner**<br> ***President and COO<sup>61</sup>*** | nil | 68373 | 195000 |
| &nbsp;&nbsp;&nbsp; **Kim Morin**<br> ***Chief Human Resources Officer*** | 30150 | 354831 | 81769 |
| &nbsp;&nbsp;&nbsp; **Paul Gange**<br> ***Chief Operating Officer, US Collision<sup>62</sup>*** | nil | nil | 86250 |

---

**(1)** Under the LTIP, Timothy O'Day deferred 100% of his 2021 STI award into RSUs when the STI award would have
otherwise been paid out. The STI award was included in the summary compensation table as annual incentive award compensation for 2021. Value vested during 2024 includes the value of these RSUs which vested on September 30, 2024, in the amount
of $501,937.

***Deferred Compensation Plans***

Certain senior U.S. employees, including the CEO as well as the EVP & COO and CHRO, are eligible to participate in BGSI's deferred compensation plan for U.S. employees. The plan is designed to permit certain employees the ability to have a portion of their compensation paid into the plan. The plan is a funded plan for which a trust was established so that the plan assets could be segregated, however, the assets are subject to the general creditors of The Boyd Group (U.S.), Inc. in the case of bankruptcy. The assets are comprised of investments purchased to coincide with the individual employee's investment preferences. The value of the assets and obligation vary with employee's contributions and changes in the value of the investments.

***Employment Agreements***

BGSI has entered into executive employment agreements with certain NEOs. In addition to compensation, the agreements set out the following key termination provisions.

<sup>60</sup> Jeff Murray served as Interim Chief Financial Officer beginning January 1, 2023. On July 12, 2023, Jeff Murray was appointed as Executive Vice-President and Chief Financial Officer.

Prior to January 1, 2023, Jeff Murray served as Vice President, Finance at the Boyd Group

<sup>61</sup> Brian Kaner was appointed Executive Vice President and Chief Operating Officer for the Boyd Group's collision business, effective October 31, 2022.

<sup>62</sup> Paul Gange was appointed Chief Operating Officer for the Boyd Group's US collision business, effective August 12, 2024.

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***Termination and Change in Control Benefits***

For certain Executive Officers, BGSI provides for pre-determined severance payments in cases of termination without cause, striving to provide appropriate payments that reflect the potential difficulty in obtaining comparable employment in a short period of time and provide for a complete separation between the terminated employee and BGSI. Similarly, the employment contracts for certain Executive Officers include payments in respect of termination of employment as a result of change in control provisions. However, no Executive Officer employment agreements have single trigger change in control provisions.

*Estimated Incremental Payment on Change of Control or Termination* 

The following table provides details regarding the estimated incremental payments from BGSI to the NEOs under the above-described agreements under one scenario, in the event of a change of control, or in the event of termination without cause, assuming either scenario took place on December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Triggering<br>Event** | **Unpaid but<br>Earned<br>Incentive** | **Base**<br> **Salary** | **STIP** | **Performance<br>Cash Awards** | **Total** |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | Change of<br> Control | nil | nil | nil | nil | nil |
| &nbsp;&nbsp;&nbsp;**TIMOTHY O'DAY** | Termination<br> without Cause | $288750 | $1650000 | $577500 nil | $3236373 nil | $5752623 |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY<sup>63</sup>** | Change of<br> Control | nil | nil | nil | nil | nil |
| &nbsp;&nbsp;&nbsp;**JEFF MURRAY<sup>63</sup>** | Termination<br> without Cause | $70593 | $504239 | $105890 nil | $331198 nil | $1011920 |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER** | Change of<br> Control | nil | nil | nil | nil | nil |
| &nbsp;&nbsp;&nbsp;**BRIAN KANER** | Termination<br> without Cause | $195000 | $108333 | $32500 nil | $1789558 nil | $2125391 |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | Change of<br> Control | nil | nil | nil | nil | nil |
| &nbsp;&nbsp;&nbsp;**KIM MORIN** | Termination<br> without Cause | $81768 | $162250 | $34070 nil | $527876 nil | $805964 |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE** | Change of<br> Control | nil | nil | nil | nil | nil |
| &nbsp;&nbsp;&nbsp;**PAUL GANGE** | Termination<br> without Cause | $86250 | $37808 | $7188 nil | $740669 nil | $871915 |

---

***Share Ownership Policy for Executives***

On March 21, 2017, BGSI's predecessor (Boyd Group Income Fund) adopted a Unit Ownership Policy for Executives, which outlined the minimum levels of unit ownership

<sup>63</sup> C$ denominated figure converted at an average annual exchange rate of 0.7302.

------

required for the CEO and the CEO's direct reports, including the Executive Vice President and CFO and President and COO. Effective January 1, 2020, the Board approved a share ownership policy for executives of BGSI. The policy specifies a share ownership requirement of 5X annual base salary for the CEO, 2X annual base salary for the Executive Vice President & CFO and the President & Chief Operating Officer, and 1X annual base salary for a number of other executives who lead a certain areas of the business. Participants must fulfill their ownership requirement within five years of becoming subject to this policy. The policy is designed to align the interests of those executives with the interests of the Shareholders and to promote commitment to sound corporate governance.

Based upon the advice received from Meridian on the terms of the Share Ownership Policy, the Directors concluded that the policy is consistent with good market practice and sound corporate governance.

The following forms of equity are included in determining the ownership level for each executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of BGSI, which are owned directly and indirectly by the executive and the executive's immediate family
members residing in the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance Share Units issued and held (adjusted to reflect the value of the underlying Units), whether vested or not,
pursuant to the long-term incentive plans for executives of BGSI (unvested units are tracked at target/grant value, irrespective of performance results);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restricted Share Units issued and held (adjusted to reflect the value of the underlying Shares), whether vested or not,
pursuant to the long-term incentive plans for executives of BGSI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired upon vesting or settlement of Performance Share Units and Restricted Share Units.

Executives are required to maintain ownership levels that meet or exceed the guidelines within five years of being appointed or promoted to their current position. BGSI believes that, given the short and long term incentive programs in place for executives, there are sufficient mechanisms available to assist an executive to reach required ownership levels.

The following table shows the market value of Shares held by the CEO, Executive Vice President & CFO, President & COO, and Chief Human Resources Officer as of March 25,

------

2025, based on the closing price on the TSX on March 25, 2025 and the ownership as a multiple of their respective base salary based on December 31, 2024 annual salary.

***Executive Ownership***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Market**<br> **Value of**<br> **Shares**<br> **(1)** | **Performance <br>Share Units** <br> **(2)**  | **Restricted<br>Share<br>Units<br>(2)(3)** | **Market Value** <br> **of** <br> **Performance <br>Share <br>Units(1)**  | **Market <br>Value of <br>Restricted <br>Share <br>Units(1)** | **Total<br>Market<br>Value**<br> **(1)** | **Net<br>ownership<br>as a<br>multiple<br>of base<br>salary(4)** | <br> **Minimum<br>ownership<br>as a<br>multiple of<br>annual<br>base<br>salary** | **Policy**<br> **met** | **Date**<br> **to**<br> **meet** |
| &nbsp;&nbsp;&nbsp; **Timothy O'Day**<br> ***CEO*** | 44966 | 6466884 | 17435 | 4207 | 2507453 | 605039 | 9579376 | 11.6 | 5 | Yes | January 1,<br> 2025 |
| &nbsp;&nbsp;&nbsp; **Jeff Murray**<br> ***Executive Vice- President***<br> ***and CFO*** | 6500 | 934812 | 1753 | 400 | 252112 | 57527 | 1244450 | 3.7 | 2 | Yes | July 12,<br> 2028 |
| &nbsp;&nbsp;&nbsp; **Brian Kaner**<br> ***President***<br> ***and COO*** | 600 | 86290 | 8367 | 3050 | 1203319 | 438642 | 1728251 | 2.7 | 2 | Yes | October 31,<br> 2027 |
| &nbsp;&nbsp;&nbsp; **Kim Morin**<br> ***Chief Human Resources Officer*** |  |  | 2855 | 2066 | 410598 | 297126 | 410598 | 1.1 | 1 | Yes | March 18,<br> 2029 |

---

(1) The table shows the number of shares, performance share units and restricted share units as at March 25, 2025. Total market value has been calculated using the closing price of the Shares at March 25, 2025 of C$205.60 translated at an exchange rate of 0.6995 to $143.82.

(2) Performance share units/restricted share units include amounts granted not yet vested.

(3) Includes STIP payments that have been elected to be deferred as restricted share units.

(4) The table calculates net ownership as a multiple of base salary based on the December 31, 2024 annual salary.

***Remuneration by Subsidiaries***

During BGSI's fiscal year ended December 31, 2024, Director compensation was paid by BGSI. BGSI's subsidiaries have not paid any remuneration or issued any stock options whatsoever to Directors or officers of BGSI. The subsidiaries are listed in the Corporate Structure chart forming part of this Information Circular.

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***Director Compensation Table***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name<sup>(1)</sup>**<br>&nbsp;&nbsp;&nbsp;**(a)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fees Earned** <br> **($)**<br>**(b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share-based** <br> **awards**<br> **($)**<br>**(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Option-based** <br> **awards**<br> **($)**<br>**(d)** | **Non-equity**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**incentive plan** <br> **compensation**<br> **($)**<br>**(e)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pension value** <br> **($)**<br>**(f)** | **All other**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**compensation** <br> **($)**<br>**(g)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** <br> **($)**<br>**(h)** |
| &nbsp;&nbsp;&nbsp;**David Brown (2)** | $87624 | $131436 | n/a | n/a | n/a | n/a | $219060 |
| &nbsp;&nbsp;&nbsp;**Brock Bulbuck (2)** | $58416 | $87624 | n/a | n/a | $89671 | n/a | $235711 |
| &nbsp;&nbsp;&nbsp;**Robert Espey (2)** | $— | $146040 | n/a | n/a | n/a | n/a | $146040 |
| &nbsp;&nbsp;&nbsp;**Christine Feuell** | $60000 | $140000 | n/a | n/a | n/a | n/a | $200000 |
| &nbsp;&nbsp;&nbsp;**Robert Gross** | $70601 | $105902 | n/a | n/a | n/a | n/a | $176503 |
| &nbsp;&nbsp;&nbsp;**John Hartmann** | $80000 | $120000 | n/a | n/a | n/a | n/a | $200000 |
| &nbsp;&nbsp;&nbsp;**Violet Konkle (2)** | $47647 | $111171 | n/a | n/a | n/a | n/a | $158819 |
| &nbsp;&nbsp;&nbsp;**William Onuwa (2)** | $— | $160643 | n/a | n/a | n/a | n/a | $160643 |
| &nbsp;&nbsp;&nbsp;**Sally Savoia** | $86000 | $129000 | n/a | n/a | n/a | n/a | $215000 |

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**(1)** Officers of BGSI, who are also Directors, receive no further compensation for their duties as Directors. Their
compensation is fully reflected in the Summary Compensation Table.

**(2)** CAD fees earned and share-based awards converted at an average annual exchange rate of 0.7302.

Directors, who are not officers of BGSI, are compensated for duties performed for, or on behalf of, the Board of Directors. The Board determines the level of compensation for Directors, based on recommendations from the People, Culture and Compensation Committee. The Board reviews Director compensation as needed, taking into account time commitment, risks and responsibilities to ensure that the amount of compensation adequately reflects the responsibilities and risks of being a Director and makes adjustments as deemed necessary. The Board also takes into consideration the Director compensation relative to the same peer group used for benchmarking executive compensation.

Annual independent Director compensation changed effective January 1, 2024, and for the year ended December 31, 2024 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Annual retainer of $200,000 Cdn. for Canadian Directors and $200,000 U.S. for U.S. Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Additional Independent Board Chair retainer of $100,000 Cdn.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annual premium Audit Committee Chair retainer of $20,000 Cdn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Annual premium People, Culture and Compensation Committee Chair retainer of $17,500 Cdn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annual premium Governance & Sustainability Committee Chair retainer of $15,000 U.S.

Directors are entitled to be reimbursed for reasonable travel expenses and other expenses incurred by them in attending meetings of the Board of Directors or meetings of committees thereof.

***Director Ownership Requirements***

For 2024, the Director ownership requirements have been defined as follows: The minimum shareholding requirement for all Directors will be 3.0 times the total annual retainer or $525,000 Canadian. The minimum shareholding requirement for the Board Chair will be 3.0 times the total annual retainer (inclusive of the additional Board Chair retainer) or $825,000 Canadian. Committee Chair premiums shall not be included in the annual retainer calculations for the Directors. As at March 25, 2025, David Brown's shareholdings exceed the minimum shareholding requirement for the Board Chair. In determining value held by a Director, the value of Deferred Share Units shall be included (see 'Director Deferred Share Unit Plan' below). A Director shall have 5 years from the date of the appointment to the Board to meet the requirements. Similarly, should the retainer be increased, the Director shall have 5 years to meet the increased ownership requirement. Once the minimum ownership level is met by a Director, he or she shall not be required to increase his or her ownership due to a decline in the share price.

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***Director Share/Unit-Based Awards***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Share/Unit-based Awards** | **Share/Unit-based Awards** |
| &nbsp;&nbsp;&nbsp;**Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share/Unit-based awards -** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value vested during the year** <br> **($)<sup>64</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Market or payout value of <br>vested share/unit-based**<br> **awards not paid out or**<br> **distributed ($)<sup>65</sup>** |
| &nbsp;&nbsp;&nbsp;**David Brown** | $131436 | $1125128 |
| &nbsp;&nbsp;&nbsp;**Brock Bulbuck** | $87624 | $229962 |
| &nbsp;&nbsp;&nbsp;**Robert Espey** | $146040 | $450248 |
| &nbsp;&nbsp;&nbsp;**Christine Feuell** | $140000 | $218439 |
| &nbsp;&nbsp;&nbsp;**Robert Gross** | $105902 | $589504 |
| &nbsp;&nbsp;&nbsp;**John Hartmann** | $120000 | $427445 |
| &nbsp;&nbsp;&nbsp;**Violet Konkle** | $111171 | $844687 |
| &nbsp;&nbsp;&nbsp;**William Onuwa** | $160643 | $494858 |
| &nbsp;&nbsp;&nbsp;**Sally Savoia** | $129000 | $973675 |

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***Director Deferred Share Unit Plan***

The Board of BGI adopted a Directors Deferred Share Unit Plan on December 22, 2015, effective December 31, 2015. Effective January 1, 2020, BGSI assumed sponsorship of the director deferred share unit plan and it was amended to reflect the change in corporate structure from Boyd Group Income Fund to BGSI. The deferred share unit is now based on the value of the BGSI common shares. No other substantive changes to the plan were made as a result of the amendment. Certain features of the Directors Deferred Share Unit Plan are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All non-employee Directors participate in the Directors Deferred Share Unit
Plan, the purpose of which is to attract, retain and motivate qualified and experienced individuals to serve as Directors and to align the interests between non-employee Directors of the Board and
Shareholders. The Directors will receive a portion of their compensation in notional shares of BGSI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Directors Deferred Share Unit Plan allows Directors of BGSI to elect to receive up to 100% of their total Director
compensation as an award of deferred share units. A minimum of 60% of total Director compensation will

<sup>64</sup> Value vested during the year based on grant date share price and exchange rate.

<sup>65</sup> Market value based on the December 31, 2024 5-day weighted average share price of C$215.25, translated using an average rate of 0.7302. 

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be awarded in deferred share units beginning January 1, 2016. The election for the additional amount to be deferred must be made by not later than the last day of the calendar year preceding the year to which the payment relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Director Deferred Share Unit Plan is administered by the People, Culture and Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A deferred share unit is the right to receive cash payment based on the value of the common shares of BGSI by means of a
bookkeeping entry to an account in the name of the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deferred share units are credited to the Director's account on the second payroll in the third month of each
quarter (i.e. March, June, September, December), the number of which is determined by dividing the amount of the applicable portion of the Director's annual retainer by the fair market value of a BGSI common share on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The number of deferred share units to which a participant is entitled will be adjusted for the payment of dividends or
other cash distributions on the BGSI common shares in accordance with the Directors Deferred Share Unit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A deferred share unit entitles the holder to an amount in cash equal to the fair market value of a BGSI common share on
the day elected by a Director who is not a citizen or resident of the United States that is between the date the Director ceases to hold any position with Boyd Group Services Inc. as a director, officer or employee ("Termination Date")
of such Director and up to and including December 15 of the year following the year that includes the Director's Termination Date (the "Settlement Date") and in any case no later than December 31 of the year that includes
the Settlement Date; provided that if such a Director fails to elect a Settlement Date, he or she shall be deemed to have elected the business day immediately prior to December 15 of the year following the year that includes the
Director's Termination Date as his or her Settlement Date. For DSUs credited to a director who is a citizen or resident of the United States ("U.S. Director") account prior to January 1, 2020, the Settlement Date shall be one
hundred twenty (120) days after the Termination Date, or where such day is not a business day, the next business day. For DSUs credited to a U.S. Director's account on or after January 1, 2020, the Settlement Date shall be such
business day elected by the U.S. Director between the Termination Date of such U.S. Director and up to and including December 15 of the calendar year that includes the U.S. Director's Termination Date; provided that if such U.S. Director
fails to elect a Settlement Date, he or she shall be deemed to have elected the business day immediately prior to December 15 of the year that includes the

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Termination Date as his or her Settlement Date. In the unlikely event that a U.S. Director is a "specified employee" under the United States Internal Revenue Code of 1986 at the time of his or her separation from service, payment will occur on the date that is 185 days following the date of separation from service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event of any subdivision, consolidation, reclassification, amalgamation, consolidation, merger or any other
relevant changes, proportionate adjustments as are appropriate to reflect such a change will be made with respect to the number of deferred share units credited to the deferred share unit accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to applicable laws, a Director may designate in writing a person who is a dependent or relation of the Director
as a beneficiary to receive any benefits that are payable upon the death of the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The deferred share units will not be assignable by a Director.

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**INFORMATION RESPECTING BOYD GROUP SERVICES INC.** 

***General***

BGSI is a Canadian corporation existing under the *Canada Business Corporations Act*. The principal and head office of BGSI is located at 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba, R3H 1A6.

Public information about BGSI can be obtained by Shareholders on the System for Electronic Document Analysis and Retrieval at www.sedarplus.ca. Copies of such documents, including the financial statements and the Management's Discussion & Analysis ("MD&A") of BGSI, also can be obtained by writing to Boyd Group Services Inc., 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba, R3H 1A6, Attention: Secretary- Treasurer. Financial information for BGSI is provided in BGSI's comparative financial statements and MD&A for the fiscal year ended December 31, 2024.

**OTHER INFORMATION** 

***Stock Exchange Listing***

The Shares of BGSI are currently listed for trading on the TSX under the symbol "BYD.TO".

***Directors and Officers Liability Insurance***

BGSI has arranged, at its cost, insurance against liability incurred by Directors and officers of BGSI and Directors and officers of the subsidiaries under seven separate insurance policies issued by AIG Insurance Company of Canada, Chubb Insurance Company of Canada, Zurich Insurance Company, CNA, Travelers Insurance Company of Canada, Hartford Fire Insurance Company, and Definity Insurance Corporation. These policies, in combination, provide for maximum coverage of C$70 million for each loss, subject to a combined C$70 million aggregate limit per year. Additional coverage of C$45 million exists under four separate insurance policies issued by Berkshire Hathaway, Arch Insurance Group, Berkley Insurance Group, Markel Canada Limited and sits on top of the C$70 million as excess coverage for the sole protection of Directors and Officers of BGSI and Directors and Officers of the subsidiaries.

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***Indebtedness of Directors and Executive Officers***

As of the date hereof, no individual who is a Director or Executive Officer of BGSI or any of its subsidiaries, or at any time during the most recently completed financial year of BGSI, was a Director or Executive Officer of BGSI or any of its subsidiaries, is indebted to BGSI or any of its subsidiaries.

***Interest of Management and Others in Material Transactions***

During the fiscal year ending December 31, 2024, no Director or Executive Officer, or any associate or affiliate of the foregoing persons had any material interest, direct or indirect, in any material transaction with BGSI or any of the subsidiaries, except for the employment agreements entered into by BGI or its subsidiaries with its Executive Officers and as well as the following:

In certain circumstances BGI or The Boyd Group (U.S.) Inc. ("Boyd US") has entered into property lease arrangements where an employee of BGI or Boyd US is the landlord. The property leases for these locations do not contain any significant non-standard terms and conditions that would not normally exist in an arm's length relationship, and BGSI has determined that the terms and conditions of the leases are representative of fair market rent values. The following are the lease expense amounts for facilities under lease with related parties (in thousands of U.S. dollars):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Landlord**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Person(s)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Location** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lease** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expires**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31,** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31,** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2023**  |
| &nbsp;&nbsp;&nbsp; Gerber Building No. 1 Ptnrp  | Timothy O'Day | South Elgin, IL | 2029 | 105 | 103 |

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***Shareholder Proposals for the Next Annual Meeting***

To propose any matter for a vote by the shareholders at BGSI's 2026 annual meeting of shareholders, a shareholder must deliver a proposal to the Secretary-Treasurer of BGSI at 1745 Ellice Avenue, Unit C1, Winnipeg, Manitoba R3H 1A6 no earlier than December 15, 2025 and no later than February 13, 2026.

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**STATEMENT OF GOVERNANCE PRACTICES** 

Good governance is important to BGSI, its Board of Directors and its management.

National Policy 58-201 Corporate Governance Guidelines (the "Policy") and National Instrument 58-101 Disclosure of Corporate Governance Practices (the "Instrument") set out corporate governance guidelines (the "Guidelines") in a number of areas and the Instrument requires public entities to describe certain aspects of their governance practices in relation to the Guidelines in their information circulars. The Board of Directors ("Board") endorses the Guidelines and believes that BGSI is in substantial compliance with them. Documents and websites referenced in this Circular are not incorporated by reference into this Circular unless the incorporation by reference is explicit. References to our website address in this Circular are intended to be inactive textual references only.

**The following chart summarizes the status of BGSI's governance policies and practices in relation to the Guidelines:** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Governance Disclosure Requirements** | &nbsp;&nbsp;&nbsp;**Governance Disclosure Requirements** | **Commentary** |
|  | **Board of Directors (the "Board")** |  |
| &nbsp;&nbsp;&nbsp;a) | Disclose the identity of directors<br> (or proposed directors) who are independent. | Of the proposed Directors, David Brown, Robert Espey, Christine Feuell, John Hartmann, Violet Konkle, William Onuwa and Sally Savoia are independent Directors, if elected. |
| &nbsp;&nbsp;&nbsp;b) | Disclose the identity of directors<br> (or proposed directors) who are not independent, and describe the basis for that determination. | Of the proposed Directors, Brian Kaner is not an independent Director, by virtue of being a member of management. The Board has determined that Brock Bulbuck could be considered to be independent for purposes of applicable Canadian securities laws. However, as a matter of good governance and to allow for a further cooling-off period following the end of Brock Bulbuck's service as BGSI's Executive Chair, the Board has nonetheless determined to consider Brock Bulbuck to be non-independent at this time. The Board intends to revisit this position and the associated analysis as part of its normal annual determination regarding the independence of the individuals nominated for service on the Board. Of the current Directors, Timothy O'Day is not an independent Director, by virtue of being a member of management. |
| &nbsp;&nbsp;&nbsp;c) | Disclose whether or not a majority of directors (or proposed directors) are independent. If a majority of directors are not independent, describe what the Board does to facilitate its exercise of independent judgment in carrying out its responsibilities. | A majority of Directors are independent. |
| &nbsp;&nbsp;&nbsp;d) | If a director is presently a director of any other issuer that is a reporting issuer (or the equivalent) in a jurisdiction or foreign jurisdiction, identify both the director and the other issuer. | David Brown is a Director of RF Capital Group Inc. and Pollard Banknote Limited.<br> Brock Bulbuck is a Director of The North West Company Inc. Robert Espey is a Director of Parkland Corporation.<br> Violet Konkle is a Director of The North West Company Inc. and GFL Environmental. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;e) | Disclose whether or not the independent directors hold regularly scheduled meetings at which non-independent directors and members of management are not in attendance. If the independent directors hold such meetings, disclose the number of meetings held since the beginning of the issuer's most recently completed financial year. If the independent directors do not hold such meetings, describe what the Board does to facilitate open and candid discussion among its independent directors. | The Governance & Sustainability Committee is composed entirely of independent Directors and has appropriate structures and procedures in place to allow it to function independently of management. The Governance & Sustainability Committee has the authority to convene regular meetings without members of management in attendance. The Governance & Sustainability Committee and the full Board of Directors meet in-camera at every board meeting without management present to allow more open discussion. The Board has approved Corporate Governance Guidelines which state that an in camera meeting of all independent directors shall be held in conjunction with all meetings of the Board, and a copy of the guidelines is available at https://www.boydgroup.com/sustainability. This is part of each regularly scheduled quarterly meeting. The last such Governance & Sustainability Committee meeting was held on March 17, 2025 and the last such Board meeting was held on March 18, 2025.<br> The Board has expressly assigned responsibility to the Governance & Sustainability Committee for administering the Board's relationship with management. |
| &nbsp;&nbsp;&nbsp;f) | Disclose whether or not the chair of the Board is an independent director. If the Board has a chair or lead director who is an independent director, disclose the identity of the independent chair or lead director, and describe his or her role and responsibilities. If the Board has neither a chair that is independent nor a lead director that is independent, describe what the Board does to provide leadership for its independent directors. | During 2021 the Board appointed David Brown as its Independent Chair. The Independent Chair's primary role is to provide leadership to the Board and its committees, including chairing meetings in a manner that facilitates open discussions and expressions of competing views. The Independent Chair is also responsible for, among other things, assisting the Board in obtaining information required for the performance of their duties, retaining appropriately qualified and independent advisors as needed, working with the Board to support Board development and ensure a proper committee structure is in place, providing a link between the Board and management and acting in an advisory capacity to the CEO in all matters concerning the interests and management of BGSI. |
| &nbsp;&nbsp;&nbsp;g) | Disclose the attendance record of each director for all Board meetings held since the beginning of the issuer's most recently completed financial year. | See "Election of Directors" in the Information Circular. |
|  | Board Mandate - Disclose the text of the Board's written mandate. If the Board does not have a written mandate, describe how the Board delineates its role and responsibilities. | The Board has adopted a written charter, a copy of which is attached as Appendix I hereto, and which is also available at https://www.boydgroup.com/sustainability. |

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| | | |
|:---|:---|:---|
|  | <br> **Position Descriptions** |  |
| &nbsp;&nbsp;&nbsp;a) | Disclose whether or not the Board has developed written position descriptions for the chair and the chair of each Board committee. If the Board has not developed written position descriptions for the chair and/or the chair of each Board committee, briefly describe how the Board delineates the role and responsibilities of each such position. | The Board has developed written position descriptions for the Board Independent Chair, each Committee Chair, Directors and the CEO, which are available at https://www.boydgroup.com/sustainability. |
| &nbsp;&nbsp;&nbsp;b) | Disclose whether or not the Board and CEO have developed a written position description for the CEO. If the Board and CEO have not developed such a position description, briefly describe how the Board delineates the role and responsibilities of the CEO. | The Board has developed written position descriptions for the Board Independent Chair, each Committee Chair, Directors and the CEO, which are available at https://www.boydgroup.com/sustainability. |
|  | **Orientation and Continuing Education** | |
| &nbsp;&nbsp;&nbsp;a) | Briefly describe what measures the Board takes to orient new directors regarding<br> i. the role of the Board, its committees and its directors, and<br> ii. the nature and operation of the issuer's business. | The Governance and Sustainability Committee provides a variety of orientation education programs to existing and new Directors. New Directors are provided with a record of historical published information about BGSI, the charter of the Board and its committees and other relevant information. Management makes regular presentations to the Board on the main areas of the business of BGSI's subsidiaries. The Committees, with the assistance of management, and the external auditors, provide the Board members with regular and topical information regarding recent developments in corporate governance.<br> Updates on industry information prepared by a third party service provider are delivered to the Board on a quarterly basis, and periodically, speakers on industry topics present at Board meetings. In addition, each director is encouraged to attend external forums, conferences, seminars, and education programs dealing with the subject matters that are applicable to the member's role on the Board or its committees or to increase the member's knowledge of Boyd's industry and other areas of interest relevant to Boyd's business and affairs. See "Director Continuing Education" in the Information Circular. |
| &nbsp;&nbsp;&nbsp;b) | Briefly describe what measures, if any, the Board takes to provide continuing education for its directors. If the Board does not provide continuing education, describe how the Board ensures that its directors maintain the skill and knowledge necessary to meet their obligations as directors. | The Governance and Sustainability Committee provides a variety of orientation education programs to existing and new Directors. New Directors are provided with a record of historical published information about BGSI, the charter of the Board and its committees and other relevant information. Management makes regular presentations to the Board on the main areas of the business of BGSI's subsidiaries. The Committees, with the assistance of management, and the external auditors, provide the Board members with regular and topical information regarding recent developments in corporate governance.<br> Updates on industry information prepared by a third party service provider are delivered to the Board on a quarterly basis, and periodically, speakers on industry topics present at Board meetings. In addition, each director is encouraged to attend external forums, conferences, seminars, and education programs dealing with the subject matters that are applicable to the member's role on the Board or its committees or to increase the member's knowledge of Boyd's industry and other areas of interest relevant to Boyd's business and affairs. See "Director Continuing Education" in the Information Circular. |

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| | | |
|:---|:---|:---|
|  | <br> **Ethical Business Conduct**<br>|  |
| &nbsp;&nbsp;&nbsp;a) | Disclose whether or not the Board has adopted a written code for the directors, officers and employees. If the Board has adopted a written code:<br> i. disclose how a person or company may obtain a copy of the code; | The Board has adopted a written Code of Business Conduct and Ethics which guides overall behaviour of the Board. The Code of Business Conduct and Ethics also governs the conduct of officers, employees and other associates of BGSI and its subsidiaries. BGSI will provide to any Shareholder upon request to its Secretary-Treasurer, a copy of the Code of Business Conduct and Ethics. The Code of Business Conduct and Ethics can also be found at https://www.boydgroup.com/sustainability. |
|  | ii. describe how the Board monitors compliance with its code, or if the Board does not monitor compliance, explain whether and how the Board satisfies itself regarding compliance with its code; and | The Board monitors compliance with the Code of Business Conduct and Ethics by requiring Directors and Executive Officers to certify compliance with the Code each year. Breaches of the Code of Business Conduct and Ethics are referred to the Governance and Sustainability Committee for review and remedial action as required. Employees are required to acknowledge receipt of the Code of Business Conduct and Ethics upon commencement of employment. When initially approved, the Code was distributed to all employees of BGSI and its subsidiaries. During 2024, all employees of BGSI and its subsidiaries formally acknowledged the Code of Business Conduct and Ethics. Compliance issues are dealt with by a committee comprised of management and overseen by the Audit Committee. |
|  | iii. provide a cross-reference to any material change report filed since the beginning of the issuer's most recently completed financial year that pertains to any conduct of a director or executive officer that constitutes a departure from the code. | There were no material change reports filed in the 2024 financial year in this regard. |
| &nbsp;&nbsp;&nbsp;b) | Describe any steps the Board takes to ensure directors or executive officers exercise independent judgment in considering transactions and agreements in respect of which a director or executive officer has a material interest. | BGSI has a conflict of interest policy contained both in its Corporate Governance Guidelines and its Code of Business Conduct and Ethics. The conflict of interest requirements under such policy require the Directors and officers of BGSI to have a paramount interest in promoting and preserving the interest of Shareholders and the best interests of BGSI and its Subsidiaries. Both the *Canada Business Corporations* Act and the By-Laws of BGSI provide that any situation that involves, or may reasonably be inferred to involve, a conflict between a Director's or officer's personal interest in a material contract or material transaction, whether made or proposed, and the interest of BGSI are required to be disclosed in writing as to the nature and extent of such Director's or officer's interest at the time. A Director in a conflict of interest may not vote on any resolution to approve any action by BGSI where such conflict exists, except as provided for in the *Canada Business Corporations Act*. |
| &nbsp;&nbsp;&nbsp;c) | Describe any other steps the Board takes to encourage and promote a culture of ethical business conduct. | Directors and management are required to periodically disclose conflicts or potential conflicts of interest and their compliance with the Code of Business Conduct and Ethics. In addition, BGSI has a Reporting and Anti-Retaliation Policy, which is available at https://www.boydgroup.com/sustainability. |

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| | | |
|:---|:---|:---|
|  | <br> **Nomination of Directors**<br>| |
| &nbsp;&nbsp;&nbsp;a) | Describe the process by which the Board identifies new candidates for Board nomination. | <br> The Governance & Sustainability Committee functions as the nominating committee for BGSI. The Governance & Sustainability Committee, through direction of the Board as a whole, has implemented the process for making a formal assessment bi-annually as to the effectiveness of the Board as a whole, the committees of the Board and the contribution of individual Directors. The needs of the business drives the diversity of skills, attributes and experience of Directors needed. The Governance & Sustainability Committee require a diverse slate of Directors to be considered and utilizes a search firm to increase diversity of candidates. The Board Composition, Diversity and Renewal Policy is available at https:// www.boydgroup.com/sustainability.<br>|
| &nbsp;&nbsp;&nbsp;b) | <br> Disclose whether or not the Board has a nominating committee composed entirely of independent directors. If the Board does not have a nominating committee composed entirely of independent directors, describe what steps the Board takes to encourage an objective nomination process.<br>| The Governance & Sustainability Committee is composed entirely of independent Directors. |
| &nbsp;&nbsp;&nbsp;c) | If the Board has a nominating committee, describe the responsibilities, powers and operation of the nominating committee. | <br> The Governance & Sustainability Committee evaluates prospects and proposes new nominees to the Board. New nominees with a track record in general business, specific expertise and a strategic area of interest to BGSI or expertise in the financial marketplace, with the ability to devote the time and willingness to serve are preferred candidates. Candidates are put forth to the Board and subsequently the Shareholders for appointment. The Governance & Sustainability Committee require a diverse slate of Directors to be considered and utilizes a search firm to increase diversity of candidates. The Board Composition, Diversity and Renewal Policy is available at https:// www.boydgroup.com/sustainability.<br>|

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| | | |
|:---|:---|:---|
|  | <br> **Compensation**<br>|  |
| &nbsp;&nbsp;&nbsp;a) | Describe the process by which the Board determines the compensation for the issuer's directors and officers. | See "Compensation Discussion & Analysis" in the Information Circular. |
| &nbsp;&nbsp;&nbsp;b) | Disclose whether or not the Board has a compensation committee composed entirely of independent directors. If the Board does not have a compensation committee composed entirely of independent directors, describe what steps the Board takes to ensure an objective process for determining such compensation. | The People, Culture and Compensation Committee is composed of three independent Directors. |
| &nbsp;&nbsp;&nbsp;c) | If the Board has a compensation committee, describe the responsibilities, powers and operation of the compensation committee. | See "Compensation Discussion & Analysis" in the Information Circular. |
|  | **Other Board Committees** - If the Board has standing committees other than the audit, compensation and nominating committees, identify the committees and describe their function. | During 2021, the Board expanded the mandate and renamed the Compensation Committee the People, Culture and Compensation Committee, as well as expanding the mandate and renaming the Governance & Nominating Committee the Governance & Sustainability Committee. |
|  | **Assessments** - Disclose whether or not the Board, its committees and individual directors are regularly assessed with respect to their effectiveness and contribution. If assessments are regularly conducted, describe the process used for the assessments. If assessments are not regularly conducted, describe how the Board satisfies itself that the Board, its committees, and its individual directors are performing effectively. | A bi-annual survey is used to self-assess the Board, its committees and individual Directors. The process is managed by the Governance & Sustainability Committee who review the results and report back to the Board. Issues raised through this process are evaluated by the Governance & Sustainability Committee and the Governance & Sustainability Committee would initiate improvements as necessary. The Board of Directors also undertakes a comprehensive director peer review bi-annually, with the Chair reviewing the evaluation results with each Director. |
|  | ***Director Term Limits and Other Mechanisms of Board Renewal*** - Disclose whether or not the issuer has adopted term limits for the directors on its board or other mechanisms of board renewal and, if so, include a description of those director term limits or other mechanisms of board renewal. If the issuer has not adopted director term limits or other mechanisms of board renewal, disclose why it has not done so. | While the Board has not adopted term limits or a formal mechanism of Board renewal, the Board has as its ultimate objective the fulfillment of the fundamental responsibility of the Board to provide stewardship and good governance for BGSI. To date the Board has experienced a turnover rate that has naturally resulted in effective Board renewal. If elected, six of the nine Board members seeking election are new to the Board since 2015, with four of the nine Board members having been added since 2020. The Board Composition, Diversity and Renewal Policy is available at https://www.boydgroup.com/sustainability. |

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| | |
|:---|:---|
| ***Policies Regarding the Representation of Members of Designated Groups (ie. women, visible minorities, Indigenous peoples and persons with a disability) on the Board -***<br>***(a)Disclose whether the issuer has adopted a written policy relating to the identification and nomination of members of designated groups for directors. If the issuer has not adopted such a policy, disclose why it has not done so.***<br>***(b)If an issuer has adopted a policy referred to in (a), disclose the following in respect of the policy: (i) a short summary of its objectives and key provisions, (ii) the measures taken to ensure that the policy has been effectively implemented, (iii) annual and cumulative progress by the issuer in achieving the objectives of the policy, and (iv) whether and, if so, how the board or its nominating committee measures the effectiveness of the policy.*** | A written policy relating to the identification and nomination of each of the designated groups as Board members has been adopted. The emphasis in filling Board vacancies has been, and continues to be, finding the best qualified candidates given the needs and circumstances of the Board. A nominee's diversity of gender, ethnicity, Indigenous heritage, disability, age, experience and other attributes has and will be considered favourably in the assessment of nominees. As an affirmation of its commitment to diversity, the Company aspires to maintain, a Board composition in which at least 30% of the Directors are women. The Board Composition, Diversity and Renewal Policy is available at https:// www.boydgroup.com/sustainability and is also contained within the Corporate Governance Guidelines which are available at https://www.boydgroup.com/sustainability. |
| ***Consideration of the Representation of Members of Designated Groups in the Director Identification and Selection Process Disclose whether and, if so, how the board or nominating committee considers the level of representation of members of designated groups on the board in identifying and nominating candidates for election or re-election to the board. If the issuer does not consider the level of representation of members of designated groups on the board in identifying and nominating candidates for election or re-election to the board, disclose the issuer's reasons for not doing so.*** | The Board does consider the level of representation of members of each of the designated groups on the Board in identifying candidates for election to the Board. The Governance and Sustainability Committee conducts each search with a number of attributes it believes will add value to the functioning of the Board, including diversity. Three women, Sally Savoia, Violet Konkle and Christine Feuell have been put forward for election to the Board. One member of a visible minority, William Onuwa, has been put forward for election to the Board. |

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| | |
|:---|:---|
| ***Consideration Given to the Representation of Members of Designated Groups in Executive Officer Appointments - Disclose whether and, if so, how the issuer considers the level of representation of members of designated groups in executive officer positions when making executive officer appointments. If the issuer does not consider the level of representation of members of designated groups in executive officer positions when making executive officer appointments, disclose the issuer's reasons for not doing so.*** | BGSI does consider the level of representation of members of each of the designated groups in Executive Officer positions, however it is only one component of the attributes that are considered when searching to fill an Executive Officer position. To move the diversity agenda forward at BGSI, Executive Officers have actively engaged in opportunities to develop internal talent via mentoring and training. One of the seven executive officers as disclosed in the Annual Information Form are executive women.<br> None of the seven executive officers as disclosed in the Annual Information Form are visible minorities<br> BGSI's Diversity Policy is available at https://www.boydgroup.com/ sustainability. |
| ***Issuer's Targets Regarding the Representation of Members of Designated Groups on the Board and in Executive Officer Positions -***<br>***(a)For purposes of this Item, a "target" means a number or percentage, or a range of numbers or percentages, adopted by the issuer of members of designated groups on the issuer's board or in executive officer positions of the issuer by a specific date.***<br>***(b)Disclose whether the issuer has adopted a target regarding members of designated groups on the issuer's board. If the issuer has not adopted a target, disclose why it has not done so.***<br>***(c)Disclose whether the issuer has adopted a target regarding members of designated groups in executive officer positions of the issuer. If the issuer has not adopted a target, disclose why it has not done so.***<br>***(d)If the issuer has adopted a target referred to in either (b) or (c), disclose: (i) the target, and (ii) the annual and cumulative progress of the issuer in achieving the target.*** | Except for the percentage of women members of the Board of Directors, targets relating to the identification and nomination of members of designated groups as Board members and in Executive Officer positions are not in place. The emphasis in filling such vacancies has been finding the best qualified candidates given the needs and circumstances of BGSI. A nominee's diversity of gender, ethnicity, aboriginal heritage, disability, age, experience and other attributes has and will be considered favourably in the assessment of nominees. As an affirmation of its commitment to diversity, the Company aspires to maintain, a Board composition in which at least 30% of the Directors are women. The Board Composition, Diversity and Renewal Policy and BGSI's Diversity Policy are available at https://www.boydgroup.com/sustainability. |

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| | |
|:---|:---|
| ***Number of Members of Designated Groups on the Board and in Executive Officer Positions -***<br>***(a)Disclose the number and proportion (in percentage terms) of directors on the issuer's board who are members of designated groups.***<br>***(b)Disclose the number and proportion (in percentage terms) of executive officers of the issuer, including all major subsidiaries of the issuer, who are members of designated groups.*** | The number and proportion of women on the Board and in Executive Officer positions is currently 3, or 33% and 1, or 14%, respectively. The number and proportion of women proposed in this information circular as Directors is 3, or 33%.<br>The number and proportion of visible minorities on the Board and in Executive Officer positions is currently 1, or 11% and 0, or 0%, respectively. The number and proportion of visible minorities proposed in this information circular as Directors is 1, or 11%.<br>The number and proportion of aboriginal peoples on the Board and in Executive Officer positions is currently 0, or 0% and 0, or 0%, respectively. The number and proportion of aboriginal peoples proposed in this information circular as Directors is 0, or 0%.<br>The number and proportion of persons with disabilities on the Board and in Executive Officer positions is currently 0, or 0% and 0, or 0%, respectively. The number and proportion of persons with disabilities proposed in this information circular as Directors is 0, or 0%. |

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**BOARD APPROVAL** 

The contents and the sending of this Information Circular have been approved by the Board of Directors of BGSI.

DATED at Winnipeg, Manitoba this 25<sup>th</sup> day of March, 2025.

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| | |
|:---|:---|
|  | *(signed)* |
| Per: | |
|  | <br> **Timothy O'Day, Director, CEO** |

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**APPENDIX I** 

**Board of Directors Charter** 

***Purpose***

Boyd Group Services Inc.'s ("BGSI") Board of Directors ("Board") oversees, directly and through its committees, the affairs of BGSI, which are conducted by its officers and employees under the direction of the Chief Executive Officer ("CEO") and the business and affairs of its subsidiaries. The Board is to act at all times with a view to the best interests of BGSI having regard to the interests of its shareholders.

The Board shall meet regularly to review the business operations and corporate governance and financial results of BGSI.

***Organization and Composition***

Nominees for Directors are initially considered and recommended by the Governance & Sustainability Committee of the Board, approved by the Board and elected annually by the Shareholders of BGSI.

A majority of Directors comprising the Board must be independent within the meaning of all applicable laws, regulations, securities policies and instruments, and listing requirements to which BGSI is subject. BGSI may also include Directors drawn from senior management as the Board believes this combination leads to a constructive exchange of views in Board deliberations resulting in objective, well-balanced and informed discussion and decision making.

Directors who are not members of management will meet regularly without management present and without any Director who is not considered an unrelated and independent Director in accordance with the above provisions to discuss matters of interest independent of any influence from management. These sessions will be led by the Independent Chair of the Board of Directors.

Certain of the responsibilities of the Board referred to herein may be delegated to Committees of the Board. The responsibilities of those Committees will be as set forth in their respective Charters, as amended from time to time.

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***Responsibilities***

Without limitation to its responsibilities under applicable laws, the Board's responsibilities shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The assignment to committees of Directors of the general responsibility for developing BGSI's approach to:
financial reporting and internal controls; disclosure practices; corporate governance issues and the nomination of Directors; the compensation of officers and employees; and environmental, social and governance ("ESG")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To appoint a competent senior management team and to oversee the management of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To satisfy itself as to the integrity of the CEO and other executive officers and that the CEO and other executive
officers create a culture of integrity within BGSI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With the assistance of the Audit Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Ensure the integrity of BGSI's internal control and management information systems. Ensure compliance with laws
and regulations, audit and accounting principles and BGSI's own governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Select, appoint, determine the remuneration of and, if necessary, replacement of the external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Ensure the independence of the auditors, both external and internal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Identify the principal risks of BGSI's business and ensure that appropriate systems are in place to manage these
risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Review and approve significant operational and financial matters and the provision of direction to management on these
matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With the assistance of the Governance & Sustainability Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Develop a set of governance guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Review the composition of the Board to ensure that an appropriate number of independent Directors sit on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The assessment, at least annually, of the effectiveness of the Board as a whole, the committees of the Board and the
contribution of individual Directors, including consideration of the appropriate size of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Ensure that an appropriate selection process for new nominees to the Board is in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Ensure that an appropriate orientation and education program for new recruits to the Board is in place, including
outlining the expectations and responsibilities of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Provide oversight with respect to BGSI's on-going commitment to
environmental, social and governance (ESG) matters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With the assistance of the People, Culture and Compensation Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manage the selection, appointment, monitoring, evaluation and, if necessary, the replacement of the CEO and other
executives, to ensure that management succession is, to the extent possible, effected in a manner so as not to be disruptive to BGSI's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review and approve recommendations concerning executive compensation, share-based plans and compensation payable by BGSI
for service as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The adoption of a strategic planning process, approval and review, on an annual basis of a strategic plan that takes
into account business opportunities and business risks and monitoring performance against plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The review and approval of corporate objectives and goals applicable to senior management personnel of BGSI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establish channels for stakeholders to communicate with the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approval of securities compliance policies, including the disclosure policy of BGSI and review of these policies at
least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain periodic reports from management on BGSI's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perform such other functions as prescribed by law.

***Other Advisors***

The Board shall have the authority, to the extent it deems necessary or appropriate, to retain independent legal, accounting or other advisors. BGSI shall provide for appropriate funding, as determined by the Board, for payment of compensation to any advisors engaged by the Board.

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**APPENDIX II** 

WHEREAS on March 12, 2025, the Board of Directors of Boyd Group Services Inc. ("BGSI") approved the institution of the amended LTIP (the "Amended LTIP"), which has reserved for issuance a maximum of 250,000 common shares of BGSI;

AND WHEREAS, pursuant to the rules of the TSX, the Amended LTIP requires approval by the holders of common shares of BGSI, as set out in further detail in the attached Information Circular;

AND WHEREAS up to a maximum of 53,990 common shares of BGSI are issuable under the Prior Grants made on March 18, 2025 under the Amended LTIP;

RESOLVED THAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Amended LTIP be and is hereby approved and authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Prior Grants are hereby ratified, confirmed and approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any director or officer of the Corporation is hereby authorized to do all such things and execute all such documents and instruments as may be necessary or desirable to give effect to the above resolution.

## Exhibit 4.7

**Exhibit 4.7** 

Form 51-102F3

Material Change Report

Item 1. Name & Address of Company

Boyd Group Services Inc.

1745 Ellice Avenue, Unit C1

Winnipeg, Manitoba

R3H 1A6

Item 2. Date of Material Change

February 26, 2025

Item 3. News Release

News release was issued on February 26, 2025 via Canada Newswire

Item 4. Summary of Material Change

Boyd announced the launch of its latest five-year goal designed to drive growth and enhance profitability through 2029.

Item 5. Full Description of Material Change

**Winnipeg, Manitoba – February 26, 2025** – Boyd Group Services Inc. (TSX: BYD.TO) ("BGSI", "the Boyd Group", "Boyd" or "the Company"), a leading player in the North American collision and retail glass industry, today announced the launch of its latest five-year goal designed to drive growth and enhance profitability through 2029. The Company will host a conference call on February 26, 2025, at 5:30pm EST to discuss the plan in detail.

**<u>Key Highlights of Boyd's Five-Year Goal:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grow revenue to $5B in 2029

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Double Adjusted EBITDA<sup>(1)</sup> to $700M between 2024-2029 *(based on Q3/2024 TTM results)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expand market share and retain a leadership position in all markets served

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieve top-tier profitability in the North American collision
industry

<sup>(1)</sup> Adjusted EBITDA and Adjusted EBITDA margins are non-GAAP financial measures and are not standardized financial measures under the International 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 5, 2024) for the period ended September 30, 2024

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"As I prepare for my retirement in May and with Brian's appointment as CEO, it is the ideal time for Boyd to unveil its new five-year goal," said Tim O'Day, Chief Executive Officer of the Boyd Group. "Building on the significant growth Boyd has experienced to date; this plan delivers continued double-digit percentage revenue growth and accelerated profitability. I am confident in Brian and the team's ability to execute this plan and capitalize on the significant opportunities in our highly fragmented market."

"I am excited to lead Boyd into this next phase of growth," added Brian Kaner, President & Chief Operating Officer and incoming CEO. "Our new five-year goal is focused on expanding our market share along with Adjusted EBITDA<sup>(1)</sup> margins as we continue to consolidate the North American collision industry. We will achieve this goal through continued execution of our accretive growth strategy, driving revenue to $5B and delivering double digit annual revenue growth. Our top line growth will be augmented through the implementation of a company-wide cost optimization initiative, focused on enhancing profitability and returns across the organization. Through this initiative, we expect to achieve $100M in recurring annual cost savings, setting us on a path to double Adjusted EBITDA<sup>(1)</sup> to $700M by 2029. We are confident that as we execute this plan, we will further solidify Boyd's leading position in the North American collision market and drive strong returns for our shareholders."

**<u>Key Strategic Initiatives:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Expand Market Share and Retain a Leadership Position in All Markets Served**: Boyd's $5B revenue
goal for 2029 will be driven by a combination of same-store sales growth and new shop expansion. This expansion encompasses single shop acquisitions, brownfield and greenfield start-ups and small
multi-location acquisitions, all focused on attaining a #1 or #2 market position in each market served. Leveraging its strong free cash flow generation and solid balance sheet, the Company is well positioned to fund this growth with an estimated
$1.5B in cash available for growth through the plan period. Boyd will also continue to be a strategic buyer of larger multi-location acquisitions and if successful, these acquisitions would be incremental to the Company's revenue growth goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Achieve Top-Tier Profitability in The North American Collision Industry**: The Company is accelerating its focus on operational excellence and profitability with "Project 360", a company-wide transformation initiative launched in Q4 2024 in partnership with a leading global consulting firm.
Project 360 is designed to expand margins as Boyd scales its business and grows its market share. Key areas of focus include optimizing the store operating model to improve profitability as volumes scale, enhancing parts and indirect procurement to
drive cost efficiencies and leveraging technology to streamline

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operations and improve scalability. Project 360 is projected to generate $100M in recurring annual cost savings and position Boyd to grow Adjusted EBITDA<sup>(1)</sup> by a 15% annual CAGR over the next five years. Upfront investment and transition costs related to Project 360 are projected to be between $20-$23M over the coming quarters. <br>

**<u>2029 Financial Targets:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue: $5 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>(</sup><sup>1</sup><sup>)</sup>: $700 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA Margin<sup>(1)</sup>: 14%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Debt to Adjusted EBITDA (Pre-IFRS): 2.0-2.5x <sup>(1) (2) (3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Debt to Adjusted EBITDA (Post-IFRS): 3.0-3.5x <sup>(1)(2)(3)</sup>

Item 6. Reliance on subsection 7.1(2) of National Instrument 51-102

This report is being filed on a non-confidential basis.

Item 7. Omitted Information

No information has been omitted from this report.

Item 8. Executive Officer Contacts

For further information, please contact: Tim O'Day at (847) 410-6002 or Jeff Murray at (204) 594-1773. Inquiries are also encouraged via e-mail at **<u>tim.oday@boydgroup.com</u>** or **<u>jeff.murray@boydgroup.com</u>**.

Item 9. Date of Report

February 27, 2025

<sup>(1)</sup> Adjusted EBITDA and Adjusted EBITDA margins are non-GAAP financial measures and are not standardized financial measures under the International 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 5, 2024) for the period ended September 30, 2024

<sup>(2)</sup> Net debt / Adjusted EBITDA on a pre- and post-IFRS 16 basis

<sup>(3)</sup> Could exceed on a temporary basis for scaled MSO acquisitions at the right economics

## Exhibit 4.8

**Exhibit 4.8** 

Form 51-102F3

Material Change Report

Item 1. Name & Address of Company

Boyd Group Services Inc.

1745 Ellice Avenue, Unit C1

Winnipeg, Manitoba

R3H 1A6

Item 2. Date of Material Change

May 14, 2025

Item 3. News Release

News release was issued on May 14, 2025 via Canada Newswire

Item 4. Summary of Material Change

Boyd Group Services Inc. is pleased to announce that it has appointed Brian Kaner as President & CEO of Boyd Group Services Inc. This appointment is pursuant to a previously announced succession plan.

Item 5. Full Description of Material Change

**Winnipeg, Manitoba – May 14, 2025** – Boyd Group Services Inc. (TSX: BYD.TO) ("the Boyd Group", "Boyd" or "the Company") announced today that, at Boyd's Annual General and Special Meeting, being held today, Chief Executive Officer Timothy O'Day will officially step down from his current role, to be succeeded by Brian Kaner, current President and Chief Operating Officer of Boyd. Mr. O'Day will continue to be available to support Mr. Kaner in his transition to President & CEO in an advisory capacity through to the end of 2025.

Timothy O'Day joined Gerber Collision & Glass in February of 1998 and, with Boyd Group's acquisition of Gerber in 2004, he was appointed Chief Operating Officer of Boyd's U.S. Operations. In 2008, he was appointed President and Chief Operating Officer for U.S. Operations, and in January, 2017 he was appointed President and Chief Operating Officer for all of Boyd's operations in both the U.S. and Canada. At the beginning of 2020, he took on an expanded role as President and Chief Executive Officer. Mr. O'Day has also served on the Board since 2012. Throughout the past twenty years, Mr. O'Day has played an integral role in the Boyd Group's growth and success.

"On behalf of the Board and shareholders of Boyd, I would like to thank Tim for his excellent and unwavering leadership of Boyd," said Dave Brown, Independent Chair of the Board of Directors of Boyd. "It has been an absolute pleasure working with Tim."

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Item 6. Reliance on subsection 7.1(2) of National Instrument 51-102

This report is being filed on a non-confidential basis.

Item 7. Omitted Information

No information has been omitted from this report.

Item 8. Executive Officer Contacts

For further information, please contact: Jeff Murray at (204) 594-1773. Inquiries are also encouraged via e-mail at **<u>IR@boydgroup.com</u>** or **<u>jeff.murray@boydgroup.com</u>**.

Item 9. Date of Report

May 14, 2025

## Exhibit 4.9

**Exhibit 4.9** 

Form 51-102F3

Material Change Report

Item 1. Name & Address of Company

Boyd Group Services Inc.

1745 Ellice Avenue, Unit C1

Winnipeg, Manitoba

R3H 1A6

Item 2. Date of Material Change

August 20, 2025

Item 3. News Release

News release was issued on August 20, 2025 via Canada Newswire

Item 4. Summary of Material Change

Boyd Group Services Inc. announced that it has entered into an underwriting agreement to sell C$275 million principal amount of senior unsecured notes due 2033 pursuant to a private placement offering , at a price of C$1,000 per C$1,000 principal amount of notes, with an interest rate of 5.75% per annum, payable semi-annually in arrears on March 4 and September 4, commencing on March 4, 2026. The notes will be guaranteed by all of the Boyd Group Services Inc's material subsidiaries.

In addition, Boyd Group Services Inc. announced that it has increased and extended its existing revolving credit facilities to US$575 million for a five-year term, with an accordion feature which can increase the credit facilities to a maximum of US$875 million. The facilities will provide more favorable pricing and mature in August 2030.

Item 5. Full Description of Material Change

**Winnipeg, Manitoba – August 20, 2025** – Boyd Group Services Inc. (TSX: BYD.TO) ("the Boyd Group", "Boyd" or "the Company") today announced that it has entered into an underwriting agreement to sell C$275 million principal amount of senior unsecured notes due 2033 of the Company (the "Notes") pursuant to a private placement offering (the "Offering"), at a price of C$1,000 per C$1,000 principal amount of Notes, with an interest rate of 5.75% per annum, payable semi-annually in arrears on March 4 and September 4, commencing on March 4, 2026. The Notes will be guaranteed by all of the Company's material subsidiaries.

In addition, the Company today announced that it has increased and extended its existing revolving credit facilities to US$575 million for a five-year term, with an accordion feature which can increase the credit facilities to a maximum of US$875 million (the "Facilities"). The Facilities will provide more favorable pricing and mature in August 2030. The existing US$125 million Term Loan A maturing in

------

March 2027 remains unchanged.

"The new Notes, along with the amended credit facilities, increase our financial flexibility," said Jeff Murray, Executive Vice President and Chief Financial Officer of the Boyd Group. "These financing arrangements will enable us to continue executing our latest five-year goal, designed to drive growth and enhance profitability through 2029."

The Offering is being made through a syndicate of underwriters led by National Bank Financial Markets and TD Securities, as Joint Active Bookrunners, and CIBC Capital Markets, as Joint Passive Bookrunner.

The lending institutions participating in the Facilities include The Toronto-Dominion Bank and National Bank of Canada as co-lead arrangers, Bank of America, The Bank of Nova Scotia, and Canadian Imperial Bank of Commerce.

The Notes will be offered for sale in Canada on a private placement basis and may also be offered to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") in the United States. The securities offered have not been and will not be registered under the U.S. Securities Act, and may not be offered, sold or delivered, directly or indirectly, in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The net proceeds of the Offering are intended to be used to repay existing indebtedness.

Subject to customary closing conditions, the Offering is expected to close on or about September 4, 2025.

Item 6. Reliance on subsection 7.1(2) of National Instrument 51-102

This report is being filed on a non-confidential basis.

Item 7. Omitted Information

No information has been omitted from this report.

Item 8. Executive Officer Contacts

For further information, please contact: Jeff Murray at (204) 594-1773. Inquiries are also encouraged via e-mail at **<u>IR@boydgroup.com</u>** or **<u>jeff.murray@boydgroup.com</u>**.

Item 9. Date of Report

August 28, 2025

## Exhibit 5.1

**Exhibit 5.1** 

**CONSENT OF INDEPENDENT AUDITORS** 

We consent to the incorporation by reference in this Registration Statement on Form F-10 of our report dated March 18, 2025 relating to the financial statements of Boyd Group Services Inc. included in Exhibit 4.2 to this Registration Statement.

/s/ Deloitte LLP

Chartered Professional Accountants

Winnipeg, Canada

October 29, 2025

## Exhibit 5.2

**Exhibit 5.2** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use of our report dated June 10, 2025, with respect to the consolidated financial statements of JHCC Holdings Parent, LLC and Subsidiaries as at December 31, 2024 and 2023 and for the years then ended included in the Prospectus, which is part of this Registration Statement on Form F-10 of Boyd Group Services Inc. dated October 29, 2025.

/s/ Forvis Mazars, LLP

**Nashville, Tennessee** 

**October 29, 2025**

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**F-10**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Boyd Group Services Inc.**  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Security Type**  | **Security Class Title**  | **Fee Calculation Rule or Instruction**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
|  |  | Equity | Common shares, without par value | 457(o) |  |  |  |
|  |  | Equity | Preferred shares, without par value | 457(o) |  |  |  |
|  |  | Debt | Debt securities | 457(o) |  |  |  |
|  |  | Other | Subscription receipts | 457(o) |  |  |  |
|  |  | Other | Warrants | 457(o) |  |  |  |
|  |  | Other | Units | 457(o) |  |  |  |
| Fees to be Paid | 1 | Unallocated (Universal) Shelf |  | 457(o) | $1000000000.00 | 0.0001381 | $138100.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $1000000000.00  |  | $138100.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $138100.00  |

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 **Offering Note** <br>

<sup>1</sup> There are being registered under this Registration Statement such indeterminate number of common shares, preferred shares, debt securities, subscription receipts, warrants and units of Boyd Group Services Ltd. (the "Registrant"), and a combination of such securities, separately or as units, as may be sold by the Registrant from time to time, which collectively, shall have an aggregate initial offering price not to exceed US$1,000,000,000. The maximum aggregate offering price is estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Pursuant to Rule 416 under the Securities Act, the securities being registered hereunder include such indeterminate number of common shares, preferred shares, debt securities, subscription receipts, warrants and units as may be issuable with respect to the securities being registered hereunder as a result of stock splits, stock dividends, or similar transactions. The proposed maximum initial offering price per security will be determined, from time to time, by the Registrant in connection with the sale of the securities under this Registration Statement.

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| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Amount of Securities Previously Registered**  | **Maximum Aggregate Offering Price of Securities Previously Registered**  | **Form Type**  | **File Number**  | **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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