#1BOYD GROUP SERVICES INC. Investor Presentation January 2023 THE Boyd GROUP#2Forward-Looking Statements This presentation contains forward-looking statements, other than historical facts, which reflect the view of the Company's management with respect to future events. Such forward-looking statements reflect the current views of the Company's management and are made on the basis of information currently available. Although management believes that its expectations are reasonable, it can give no assurance that such expectations will prove to be correct. The forward-looking statements contained herein are subject to these factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Company. For more information concerning forward-looking statements and related risk factors and uncertainties, please refer to the Boyd Group's interim and annual regulatory filings. THE GROUP Boyd 2#3Capital Markets Profile (as at January 4, 2023) Stock Symbol: Shares Outstanding: Price (January 4, 2023): 52-Week Low/High: Market Capitalization: Annualized Dividend (per share): Current Yield: TSX: BYD.TO 21.5 million C$213.01 C$222.74/$117.48 C$4,573.8 million C$0.588 0.3% THE Boyd GROUP 3#4Company Overview Leader and one of the largest operators of collision repair shops in North America by number of locations (non-franchised) Consolidator in a highly fragmented US$41.0 billion market Third largest retail auto glass operator in the U.S. Only public company solely focused on auto collision repairs in North America Recession resilient industry Revenue Contribution: 8-13% Canada By Country Source: The Romans Group, 2021 U.S. By Payor <10% Customer Pay/Other > 90% Insurance THE Boyd GROUP 4#5Collision Operations 867 company operated collision locations across 31 U.S. states and 5 Canadian provinces Operate full-service repair centers offering collision repair, glass repair and replacement services Strong relationships with insurance carriers Process improvement initiatives gerber gerber COLLISION & GLASS BOYD MAN BOYD LAB AUTODET LANDSAUVE RISY THE Boyd GROUP 5#6North American Collision Repair Footprint 132 Canada • • • Ontario (87) Alberta (15) British Columbia (14) Manitoba (12) Saskatchewan (4) locations Note: The above numbers include 38 intake locations. The number of locations and number of intake centers does not reflect the temporary conversions from production to intake locations in Canada. U.S. 735 Michigan (73) Louisiana (18) Florida (71) 0 Kansas (13) locations • Illinois (71) • Maryland (12) • New York (40) • Oregon (12) Washington (39) Wisconsin (36) • Tennessee (12) • Nevada (11) Georgia (34) • Indiana (34) Pennsylvania (9) Alabama (8) Missouri (7) North Carolina (33) • Ohio (32) Arizona (29) California (29) • Oklahoma (28) • Texas (27) Colorado (22) Hawaii (4) Kentucky (4) Utah (4) Arkansas (2) Idaho (1) Iowa (1) Hawaii BOYD AUTOBODY & GLASS gerber COLLISION & GLASS: South Carolina (19) Note: The above numbers include 30 intake locations and 2 fleet locations co-located with collision repair centers. The number of locations and number of intake centers does not reflect the temporary suspension of certain intake locations in the U.S. Assured COLLISION REPAIR PROFESSIONALS Boyd GROUP 6#7Glass Operations • Retail glass operations across 36 U.S. states ■ Asset light business model • Third-Party Administrator ("TPA") business that offers glass, emergency roadside and first notice of loss services with approximately: ◉ 5,500 affiliated glass provider locations ■ 15,000 affiliated roadside and towing service providers • Canadian Glass Operations are integrated in the collision business THE Boyd GROUP 7#8North American Glass Footprint U.S. Alabama Arizona Arkansas Missouri Nevada New Hampshire • California • New York Colorado • North Carolina Connecticut • Ohio District of Columbia • Florida . Georgia • • • Idaho Illinois Indiana Kentucky Louisiana Massachusetts Maryland Michigan • Minnesota • • • Oklahoma Oregon Pennsylvania Rhode Island Tennessee Texas Utah Virginia Washington West Virginia Wisconsin Wyoming Note: TPA business provides glass services in the balance of the 50 states through affiliated glass providers. GLASS AMERICA UTO GLASS UTHORITY AUTO GLASS SERVICE gerber NATIONAL GLASS SERVICES AUTOGLASS only.com THE Boyd GROUP 8#9Market Overview & Business Strategy THE Boyd GROUP#10Large, Fragmented Market U.S. Collision Repair Market Revenue for North American collision repair industry is estimated to be approximately US$41.0 billion annually (U.S. $38.6B, CDA $2.4B) 31,000 shops in the U.S., 4,150 shops in Canada Composition of the collision repair market in the U.S.: Single Shops 56.4% Large MSO 32.9% Source: The Romans Group, 2021 Small MSO and Franchises 10.7% Dealer- owned Shops 15.2% Independent Repair Shops 84.8% THE Boyd GROUP 10#11Evolving Collision Repair Market Large multi shop collision repair operator ("MSO") market share opportunity ■ The top 3 consolidators represent an 18.4% share of collision repair revenue in 2021 as compared to 18.2% in 2020 and only 1.7% in 2006. ■ 100 MSOs had revenues of $20 million or greater in 2021 ■ The top 3 consolidators together represent 42.3% of revenue of large MSOS ■ MSOs benefit from standardized processes, integration of technology platforms and expense reduction through large scale supply chain management Source: The Romans Group, 2021 THE Boyd GROUP 11#12Strong Relationships with Insurance Companies through DRPs Direct Repair Programs ("DRPS") are established between insurance companies and collision repair shops to better manage auto repair claims and the level of customer satisfaction Auto insurers utilize DRPs for a growing percentage of collision repair claims volume Growing preference among insurers for DRP arrangements with multi- location collision repair operators Boyd is well positioned to take advantage of these DRP trends with all major insurers and most regional insurers Boyd's relationship with insurance customers Top 5 largest customers contributed 49% of revenue in 2021 Largest customer contributed 14% of revenue in 2021 THE Boyd GROUP 12#13Insurer Market Dynamics Top 10 Insurer Market Share (U.S.) Other Insurers 23.4% Top 10 Insurers 76.6% Source: National Association of Insurance Commissioners Insurer DRP Usage Other 35-40% DRP 60-65% Source: The Romans Group, 2021 THE Boyd GROUP 13#14Impact of Collision Avoidance Systems CCC estimates technology will reduce accident frequency per mile driven by ~30% in next 25-30 years (based on 2010 baseline) As per industry studies, decline should be somewhat offset by increases in average cost of repair (increased expense of technology) and vehicle miles driven Large operators could also mitigate market decline by continued market share gains in consolidating industry 0000 Impact of Crash Avoidance on Vehicle Claim Counts * CY 2050 CY 2045 CY 2040 CY 2035 CY 2030 CY 2025 CY 2020 Crash Course 2020 CY 2015 CY 2014 Crash Course 2019 CY 2013 CY 2012 CY 2011 CY 2010 -15% -10% -5% 0% -35% -30% -25% -20% All Rights Reserved Copyright 2020 CCC Information Services Inc. THE Boyd GROUP Source: CCC Information Services Inc. Crash Course 2020. Updated projection expands the ADAS technology to include systems like lane departure warning, adaptive headlights, and blind spot monitoring, uses IIHS/HLDI's predictions in regard to the ramp-up in percent of registered vehicle fleet equipped with each system, and includes projections of the number of vehicles in operation in the U.S. Projections based on current projected annual rate of change - impact may increase with changes in market adoption and system improvements 14#15Business Strategy Operational excellence SHARE HOLDERS Enhance Shareholder Value THE BOYD GROUP New location and acquisition growth Expense management Same-store sales growth and optimize returns from existing operations THE Boyd GROUP 15#16Operational Excellence Best-in-Class Service Provider ☐ Average cost of repair Cycle time Customer service Quality Integrity "WOW" Operating Way ☐ Embedded as part of our operating culture Company-wide diagnostic repair scanning and calibration technology I-Car Gold Class facilities Industry leader in technician training Industry leader in OE Certifications THE Boyd GROUP 16#17Expense Management Operating expenses as a % of sales 35.0% 31.4% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 32.0% 33.1% 0.0% 2019 2020 2021 THE Boyd GROUP 17#182022 YTD SSSG: 19.5% SSSG - Optimizing Returns from Existing Operations 3-year average SSSG: 3.0% Same-store sales increases in 34 of 40 most recent quarters 10-year average SSSG: 4.4% 5-year average SSSG: 3.6% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% Same-Store Sales Growth* -15% -20% -25% -30% -35% Q1-14 Q4-21 Q3-21 Q2-21 Q1-21 Q4-20 Q3-20 Q2-20 Q1-20 Q4-19 Q3-19 Q2-19 Q4-18 Q1-19 Q3-18*** Q2-18 Q1-18 Q4-17 Q3-17** Q2-17 Q1-17 Q4-16 Q3-16 Q2-16 Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 *** Normalizing for the impact of hurricanes in the comparative period, Q3-18 SSSG was 3.6% ****Same-store sales is a non-GAAP financial measure and is not a standardized financial measure under International Financial Reporting Standards and might 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 9, 2022) for the period ended September 30, 2022. Q1-13 Q4-12 Q3-12 Q4-13 Q3-13 Q2-13 * Total Company, excluding FX. ** Adjusting for the negative impact of Hurricane Irma and Hurricane Harvey, Q3-17 SSSG was 1.0% Q1-22 Q3-22 Q2-22 THE Boyd GROUP 18#19Focus on Accretive Growth Goal: double the size of the business during the five-year period from 2021 to 2025, based on 2019 revenues, on a constant currency basis • Implied compound average annual growth rate of 15%: • Same-store sales Acquisition or development of single locations • Increased focus on Greenfield/Brownfield location additions Acquisition of multiple-location businesses gerber COLLISION & GLASS gerber COLLISION & GLASS THE Boyd GROUP 19#20Strong Growth in Collision Locations 42 64 .4 29 29 58 50 127 105 108 81 54 867 40 40 THE Boyd GROUP 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Annual additions Total locations *Results for 2020 were severely impacted by the COVID-19 Pandemic **Boyd plans to increase location growth during 2023 in relation to 2022 20#21Environmental, Social and Governance ("ESG") . Inaugural Environment, Social and Governance report published in March 2022 Represents a foundational step in Boyd's ESG journey Business Ethics Data Privacy & Cyber Security ESG Leadership & Accountability Innovation & Technology Governance THE Waste and Circular Economy Environmental Energy & GHG Emissions GROUP Talent Attraction, Retention & Development & Community Impact Health & Safety Diversity, Equity & Inclusion THE GROUP Boyd 21#22Financial Review THE Boyd GROUP 22#23Revenue Growth (US$ millions) $2,500 $2,000 $1,500 $1,438.3 $1,210.8 $1,000 $500 $0 2017 2018 5-YR CAGR = 11.52% *Results for 2020 were severely impacted by the COVID-19 Pandemic $1,720.8 $1,561.2 $1,872.7 2019 2020 2021 THE Boyd GROUP 23#24Adjusted EBITDA (US$ millions) Annualized Decline of 4.58% $250.0 $241.1 $200.0 $150.0 $100.0 $50.0 $- 2019 $220.0 $219.5 2020 *Results for 2020 were severely impacted by the COVID-19 Pandemic, and results for 2021 were impacted by a tight labor market, supply chain disruption and the COVID-19 Pandemic **Adjusted EBITDA is a non-GAAP financial measure and is not a standardized financial measure under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, please see "Non-GAAP Financial Measures and Ratios" in Boyd's MD&A filing (dated March 23, 2022) for the period ended December 31, 2021. 2021 THE Boyd GROUP 24#25Q3 2022 Financial Summary 3-months ended 9-months ended (US$ millions, except per share and percent amounts) Sept 30, Sept 30, Sept 30, | Sept 30, 2022 2021 2022 2021 Sales $625.7 $490.2 $1,795.2 $1,356.5 Gross Profit $282.3 $215.7 $805.2 $614.8 Adjusted EBITDA* Adjusted EBITDA Margin* Adjusted Net Earnings* Adjusted Net Earnings* per share $73.0 $51.5 $198.8 $162.2 11.7% 10.5% 11.1% 12.0% $12.1 $2.4 $27.8 $22.1 $0.56 $0.11 $1.29 $1.03 *Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Earnings and Adjusted Net Earnings per share are non-GAAP financial measures and ratios and are not standardized financial measures under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, including a reconciliation of each non-GAAP financial measure to its nearest GAAP equivalent, please see "Non-GAAP Financial Measures and Ratios" in Boyd's MD&A filing (dated November 9, 2022) for the period ended September 30, 2022. A copy of Boyd's MD&A filing (dated November 9, 2022) for the period ended September 30, 2022 can be accessed via the SEDAR Web site (www.sedar.com) 25#26Liquidity and Capital Resources Cash (in US$ millions) Sept 30, 2022 Dec 31, 2021 $13.9 $27.7 Long-Term Debt $328.5 $442.1 Net Debt before lease liabilities (total debt, including current portion and bank $314.6 $414.4 indebtedness, net of cash) Lease liabilities $626.2 $543.3 Total debt, net of cash $940.8 $957.7 Net Debt before lease liabilities / Adjusted EBITDA 2.2x 3.5x (adjusted for property lease payments) *Adjusted EBITDA is a non-GAAP financial measure and is not a standardized financial measure under International Financial Reporting Standards and might 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 9, 2022) for the period ended September 30, 2022. 26#27Financial Flexibility Cash of US$13.9 million Net Debt to EBITDA TTM ratio of 2.2x Over US$600 million in cash and available credit, subject to EBITDA performance Only public company in the industry: access to all capital markets *Adjusted EBITDA is a non-GAAP financial measure and is not a standardized financial measure under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, please see "Non-GAAP Financial Measures and Ratios" in Boyd's MD&A filing (dated November 9, 2022) for the period ended September 30, 2022. THE Boyd GROUP 27#28Dividends Annualized dividends have increased by 8.9% since 2018 Annualized Dividend per Share (C$) $0.60 0.588 0.576 0.564 0.552 $0.55 0.54 $0.50 $0.45 $0.40 Nov 18 Oct 19 Nov 19 Oct 20 Nov 20-Oct 21 Nov 21 Oct 22 Nov 22 - Present THE Boyd GROUP 28#29Five-year Return to Shareholders 200% 5-year total return: 106.83%* 150% 100% 50% 0% -Boyd Group S&P/TSX Composite www -50% 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 *Source: Irwin. Total return based on reinvestment of dividends. S&P/TSX Composite 19.59%* THE 31/Dec/22 Boyd GROUP 29#30Consistent Top Ten TSX Performer Years TSX Performance Ranking Boyd Returns 2005-2015 #1 +4,655.0% S&P/TSX Composite Index Returns +30.0% 2006-2016 #1 +9,966.5% +58.6% 2007-2017 #2 +5,795.6% +57.5% 2008-2018 #2 +5,901.2% +118.0% 2009-2019 #2 +4,236.0% +163.2% 2010-2020 #2 +3,786.0% +105.8% 2011-2021 #9 +1,636.3% +57.9% 2012-2022 #7 +1,278.0% +55.9% Source: Irwin. Performance and ranking data calculated using total return with reinvestment of dividends. THE Boyd GROUP 30#31Experienced & Committed Management Team Timothy O'Day Jeff Murray President & CEO Interim CFO Brian Kaner Executive Vice President & COO Collision THE Boyd GROUP 31#32COO Collision Brian Kaner Executive Vice President & COO Collision BGSI is pleased to announce the appointment of Brian Kaner as Executive Vice President and Chief Operating Officer for the Boyd Group's collision business, effective October 31.2022 In this role, Mr. Kaner will have responsibility for Boyd's collision operations in both the United States and Canada 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 THE Boyd GROUP 32#33· Outlook Boyd has taken specific actions to address the sales and margin challenges, including: Investing in and doubling our Technician Development Program, from approximately 200 apprentices at the beginning of 2022 to 400 apprentices . Increasing recruitment support staff to improve lead generation and follow-up Proactively evaluating compensation levels and making appropriate adjustments to ensure we remain competitive in the rapidly changing environment • Improving on-boarding and orientation programs to increase retention Implementing the WOW Operating Way Finance, Human Resources and Procurement systems and leveraging these processes Continuing to negotiate and receive price increases, which are necessary in order to support the attraction of talent to the industry and the retention of the current talent pool. Boyd continues to make progress, but further pricing increases are needed to address ongoing wage pressure. Boyd believes the part availability and margin challenges related to supply chain disruption is transitory and will normalize as manufacturing and distribution issues are resolved Boyd remains confident in the business model and the Company's plan to double the size of the business on a constant currency basis from 2021 to 2025 against 2019 sales Boyd plans to increase location growth during 2023 in relation to 2022 THE Boyd GROUP 33#34Summary Stability ✓ Strong balance sheet ✓ Insurer preference for MSOS ✓ Recession Resilient + Growth Shareholder Value US$41.0 billion fragmented industry ✓ High ROIC growth strategy ✓ Market leader/consolidator in North America ✓ Cash dividends/conservative payout ratio ✓ 5-year total shareholder return of 106.83% Focus on enhancing shareholders' value THE Boyd GROUP 34