WINNIPEG, MB, March 18, 2026 /CNW/ - Boyd Group Services Inc. (TSX:BYD) (NYSE:BGSI) ("the Boyd Group", "Boyd" or "the Company") today announced the results for the three and twelve-month periods ended December 31, 2025. The Boyd Group's fourth quarter and full year 2025 financial statements and MD&A have been filed on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov). This news release is not in any way a substitute for reading Boyd's financial statements, including notes to the financial statements, and Boyd's Management's Discussion & Analysis.
Full Year 2025 Results and Highlights:
Sales increased by 2.4% over the same period in 2024 to $3.1 billion, including incremental sales from 119 new locations of $94.2 million, partially offset by same-store sales[1] declines of 0.2%. Fiscal 2025 included one fewer selling and production day than fiscal 2024, which reduced selling and production capacity by approximately 0.4% and resulted in the decline in same-store sales
Adjusted EBITDA1 increased 12.4% to $376.3 million, compared with Adjusted EBITDA of $334.8 million in 2024
Adjusted net earnings1 increased 28.8% to $62.4 million, compared with $48.5 million in Adjusted net earnings in 2024 and Adjusted net earnings per share1 increased 23.0% to $2.78, compared with $2.26 in 2024. Commencing in the fourth quarter, the calculation of Adjusted net earnings excludes amortization of intangibles arising on acquisitions. Comparative periods have been restated for consistency. Prior to the adjustment for amortization of intangibles arising on acquisitions, Adjusted net earnings in 2025 was $44.4 million, compared with $30.9 million in 2024 and Adjusted net earnings per share was $1.98, compared with $1.44 in 2024
Net earnings decreased 25.0% to $18.4 million, compared with $24.5 million in 2024 and net earnings per share decreased 28.3% to $0.82, compared with $1.14 in 2024. Net earnings in 2025 were impacted by acquisition and transformational cost initiatives of $22.6 million (net of tax), including $9.1 million related to the Joe Hudson's Collision Center acquisition and $9.9 million to Project 360 implementation
Increased cash flows provided by operating activities of $353.0 million, compared with $313.3 million in 2024
Completed a C$275 million unsecured note offering and increased and extended Boyd's revolving credit facility at more favorable terms in August 2025
Announced a definitive agreement to purchase Joe Hudson's Collision Center ("Joe Hudson's") for $1.3 billion, subject to post-closing adjustments
Completed a $897 million bought deal initial public offering in the U.S. and a C$525 million senior unsecured note offering to secure financing for the Joe Hudson's acquisition
Boyd Group Services Inc. shares began trading on the New York Stock Exchange under symbol "BGSI"
Increased quarterly dividends by 2.0% in November 2025, bringing dividends to an annualized amount of C$0.624 per share from C$0.612 per share
Announced an amendment to Boyd's revolving credit facility in December 2025, increasing the facility size, improving terms and facilitating the Joe Hudson's acquisition
Increased internalization of scanning and calibration services in the U.S. business to 75% in the fourth quarter of 2025 from 53% in the fourth quarter of 2024
Added 70 collision locations, including 43 acquisition locations and 27 start-up locations
_________________________________________1 Same-store sales, Adjusted EBITDA, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures and ratios and are not standardized financial measures under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, including a reconciliation of each non-GAAP financial measure to its nearest GAAP equivalent, please see "Non-GAAP financial measures and ratios" section of this news release. Commencing in the fourth quarter, the calculation of Adjusted net earnings and Adjusted net earnings per share excludes amortization of intangibles arising on acquisitions. Comparative periods have been restated for consistency.
Subsequent to Quarter End
Completed the acquisition of Joe Hudson's Collision Center, adding 258 complementary locations in the US Southeast. Since closing, approximately 114, or 44% of Joe Hudson's locations have been converted to Boyd's systems and branding.
Added six new collision locations, including three acquisition locations and three start-up locations
Declared first and second quarter dividends in the amount of C$0.156 per share per quarter
Results of Operations
For the three months ended, December 31,
For the years ended, December 31,
(thousands of U.S. dollars, except per share amounts)
2025
% change
2024
2025
% change
2024
Sales, Total
793,854
5.5
752,339
3,142,794
2.4
3,070,342
Same-store sales, Total (excluding foreign exchange) (1)
764,915
2.2
748,700
3,008,811
(0.2)
3,015,013
Gross margin %
46.3 %
1.1
45.8 %
46.4 %
2.0
45.5 %
Operating expense %
33.3 %
(4.3)
34.8 %
34.4 %
(0.6)
34.6 %
Adjusted EBITDA margin (1) %
13.1 %
18.0
11.1 %
12.0 %
10.1
10.9 %
Adjusted EBITDA (1)
103,609
24.2
83,408
376,306
12.4
334,819
Acquisition and transformational cost initiatives
13,287
147.2
5,374
30,488
208.6
9,879
Depreciation and amortization
63,243
6.9
59,146
243,972
8.3
225,319
Fair value adjustments
3,536
N/A
(144)
3,449
N/A
(952)
Finance costs
15,067
(13.3)
17,382
69,673
1.1
68,913
Income tax (recovery) expense
3,686
N/A
(792)
10,304
44.8
7,116
Adjusted net earnings (1)
22,773
110.4
10,821
62,437
28.8
48,479
Adjusted net earnings per share (1)
0.90
80.0
0.50
2.78
23.0
2.26
Net earnings
4,790
96.2
2,442
18,420
(25.0)
24,544
Basic and diluted earnings per share
0.19
65.8
0.11
0.82
(28.3)
1.14
1.Same-store sales, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures and ratios. Please see "Non-GAAP measures" section of this news release. Commencing in the fourth quarter, the calculation of Adjusted net earnings and Adjusted net earnings per share excludes amortization of intangibles arising on acquisitions. Comparative periods have been restated for consistency.
"We closed out 2025 with strong momentum, highlighted by our second consecutive quarter of positive same-store sales growth, continued outperformance relative to industry trends, margin expansion and a strengthened competitive position", commented Mr. Brian Kaner, President & CEO of the Boyd Group. "As industry conditions improved, our results reflected disciplined execution of our growth strategy and substantial progress on our Project 360 initiative. We also announced the definitive agreement to acquire Joe Hudson's Collision Center and listed our shares on the New York Stock Exchange, two significant milestones that further increase our scale, deepen our U.S. presence, and position Boyd for continued long-term growth and value creation."
"Our strong operating performance in 2025 was driven by improvements in same-store sales, growth from new locations, including four small multi-shop operator acquisitions, and strong margin improvement from the continued execution of Project 360. Adjusted EBITDA1 increased 12.4% year-over-year, supported by a 110 basis point expansion in Adjusted EBITDA margins1 to 12.0%, demonstrating meaningful progress towards the Company's Adjusted EBITDA margin1 goal of 14%+", continued Mr. Kaner.
"I am proud of the Boyd team's outstanding commitment and performance throughout 2025. When we launched Project 360 in the fourth quarter of 2024, we set ambitious goals, and it's rewarding to see the substantial progress we have made."
"Looking ahead to 2026, we are excited about the opportunities in front of us. The transformative acquisition of Joe Hudson's Collision Center marks a significant milestone, and we are confident that our increased scale, greater market density, and expanded ...
