Management’s Discussion & Analysis (Form 6-K)

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 Mobile Auto Solutions ("MAS") in the U.S. and Volta Auto Diagnostics Ltd. ("Volta") in Canada that offer scanning and calibration services. The following is a geographic breakdown of the collision repair locations by trade name and location as at August 11, 2026.

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 and New York Stock Exchange under the symbols TSX: BYD.TO and NYSE: BGSI, respectively.

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The following review of BGSI's operating and financial results for the period ended June 30, 2026, including material transactions and events of BGSI up to and including August 11, 2026, should be read in conjunction with the unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026, 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, and EDGAR at www.sec.gov.

SIGNIFICANT EVENTS

On January 7, 2026, BGSI announced that regulatory requirements regarding the Joe Hudson's Collision Center ("Joe Hudson's") acquisition had been satisfied and as a result, the Company announced the closing of the acquisition on January 9, 2026, expanding the Company's footprint by 258 collision locations across the U.S. Southeast.

On March 17, 2026, the BGSI Board of Directors declared a cash dividend for the first quarter of 2026 of C$0.156 per common share. The dividend was paid on April 28, 2026 to common shareholders of record at the close of business on March 31, 2026.

On April 22, 2026, BGSI announced the appointment of Steve Hoeft as Chief Operating Officer for Boyd Group's U.S. Collision business and appointment of Zach Balthrop as Chief Commercial Officer for the Boyd Group.

On May 14, 2026, BGSI announced that the nominees listed in the management proxy circular dated March 24, 2026 were elected as Directors of BGSI.

On June 17, 2026, the BGSI Board of Directors declared a cash dividend for the second quarter of 2026 of C$0.156 per common share. The dividend was paid on July 29, 2026 to common shareholders of record at the close of business on June 30, 2026.

In addition to the Joe Hudson's acquisition, the Company completed and opened the following number of collision repair acquisitions and start-up locations during the periods listed:

OUTLOOK

Industry repairable-claims volumes showed continued stabilization during the second quarter of 2026. Based on second quarter claims-processing data, the Company estimates that repairable-claims volumes were flat to down 2% year over year, representing a meaningful improvement from the declines experienced during the same period in 2025, and consistent with our long-term planning assumptions.

Against this backdrop, Boyd continued to outperform underlying industry volumes and gain market share. This performance reflects the strength of the Company's insurer relationships and underscores the competitive advantage of Boyd's scale and business model. These share gains delivered positive same-store sales growth for the quarter, with only limited contribution from total cost of repair ("TCOR") growth.

In July 2026, same-store sales growth was positive in the low single digits, driven entirely by continued share gains. While TCOR growth continues to face well-documented, short-term transitory pressures, long-term structural tailwinds remain intact. Given the inherent monthly and quarterly variability the Company evaluates same-store sales over longer periods and does not view any single period as indicative of sustainable market share expansion or multi-year strategic targets. Looking ahead, Boyd's scale and network allows it to invest in superior client capabilities, providing multiple company-specific growth paths independent of any single industry variable.

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Boyd remains focused on strengthening its position as a leading direct repair program multi-shop operator by deepening insurer relationships, improving opportunity capture and capacity utilization, and expanding its presence in priority markets. The Company expects these initiatives to support continued growth and additional share gains. Boyd also intends to complement organic growth through disciplined acquisitions and new-location development, together with continued investment in glass, scanning, calibration and other adjacent capabilities, while maintaining balance-sheet flexibility.

The Company is accelerating its Project 360 and acquisition cost savings target of $140 million due to faster-than-expected gains from the Joe Hudson's integration. It now expects $35 million in Joe Hudson's synergies in 2026, up from the previous $20 million target. As a result, total cost savings expected in 2026 have increased to $65 million from $50 million, with the remaining $35 million expected to be realized ratably from 2027 to 2029.

The conversion of Joe Hudson's location was successfully completed in the second quarter, establishing a stronger operating foundation and driving meaningful year-over-year profit growth. While the transition has resulted in some temporary sales disruptions that have continued into the third quarter, initiatives focused on throughput and local market execution are driving revenue on a more profitable foundation.

The Company expects to open three new start-up locations during the third quarter and currently has an additional 10 start-up locations targeted for completion in the fourth quarter. Organic expansion is expected to be complemented by single-location acquisitions, supported by the Company's strong balance sheet.

BUSINESS ENVIRONMENT & STRATEGY

As at August 11, 2026, the business environment of the Company and strategies adopted by management remain unchanged from those described in BGSI's 2025 annual MD&A.

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