#1BOYD GROUP SERVICES INC. Investor Presentation January 2024 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 3, 2024) Stock Symbol: Shares Outstanding: Price (January 3, 2024): 52-Week Low / High: Market Capitalization: Annualized Dividend (per share): Current Yield: TSX: BYD.TO 21.5 million C$270.68 C$197.66/$281.27 C$5,812.1 million C$0.600 0.22% 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$47.6 billion market Third largest retail auto glass operator in the U.S. Only public company solely focused on auto collision and glass repair in North America Recession resilient industry Revenue Contribution: 7-9% Canada By Country U.S. By Payor < 10% Customer Pay/Other > 90% Insurance THE Boyd GROUP 4#5Collision Operations 932 company operated collision locations across 32 U.S. states and 5 Canadian provinces Operate full-service repair centers offering collision repair, glass repair, replacement services, and calibration. services Strong relationships with insurance carriers Process improvement initiatives, including the expansion of the Wow Operating Way practices to corporate business processes Workforce initiatives, such as the Technician Development Program gerber BOYD BOYD AUTHBURY gerber COLLISION & GLASS LANDMARK REST THE Boyd GROUP 5#6North American Collision Repair Footprint Canada • • Ontario (82) Alberta (16) British Columbia (14) • Manitoba (13) Saskatchewan (4) 129 locations Note: The above numbers include 33 intake locations. U.S. • • Florida (77) Michigan (76) Illinois (66) California (48) New York (42) Georgia (38) Washington (38) Wisconsin (37) North Carolina (36) Texas (36) e • • South Carolina (19) Maryland (13) Missouri (13) Tennessee (12) Kansas (11) 803 locations • Minnesota (11) Oregon (11) Pennsylvania (11) • Alabama (10) Nevada (8) Indiana (34) • Hawaii (6) Ohio (34) • Kentucky (6) Oklahoma (27) Utah (5) O Arizona (25) • Iowa (4) Louisiana (23) Colorado (22) Arkansas (3) Idaho (1) Hawaii BOYD AUTOBODY & GLASS gerber COLLISION & GLASS: Note: The above numbers include 2 intake locations and 2 fleet locations co-located with collision repair centers. Assured COLLISION REPAIR PROFESSIONALS THE Boyd GROUP 6#7Glass Operations • Retail glass operations across 37 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 . • California Colorado Connecticut Florida O Georgia . Illinois • Indiana • • • Kansas Kentucky Louisiana Maine Massachusetts Maryland Michigan Minnesota Missouri Nevada New Hampshire New York North Carolina • Ohio Oklahoma Oregon Pennsylvania . Rhode Island South Carolina Tennessee • Texas Utah Vermont • Virginia Washington West Virginia Wisconsin 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#9Integrated Operations Our objective is to strategically expand our footprint to meet carrier and consumer needs with locations that offer our integrated collision, glass and calibration services Collision Repair Auto Glass Repair Scanning & ADAS Calibration Auto Glass Claim Services Roadside & Towing Services 900+ collision repair facilities throughout North America Auto glass repair, replacement and calibration solutions across 37 U.S. States Flexible mobile business to meet ADAS scanning and calibration needs across the industry Nationwide claim services through a network of company-owned and independent service providers Roadside Assistance and Towing Services with advanced technology and customer service THE Boyd GROUP#10Market Overview & Business Strategy THE Boyd GROUP 10#11Large, Fragmented Market U.S. Collision Repair Market Revenue for North American collision repair industry is estimated to be approximately US$47.6 billion annually (U.S. $44.8B, Canada $2.8B) 31,000 shops in the U.S., 4,025 shops in Canada Composition of the collision repair market in the U.S.: Single Shops 54.0% Source: The Romans Group, 2022 Large MSO 35.7% Small MSO and Franchises 10.3% Dealer- owned Shops 15.2% Independent Repair Shops 84.8% THE Boyd GROUP 11#12Evolving Collision Repair Market Large multi shop collision repair operator ("MSO")* market share opportunity ■ The top 3 consolidators represent a 22.5% share of collision repair revenue in 2022 as compared to 18.4% in 2021 and only 1.7% in 2006 ■ The top 3 consolidators together represent 49.3% of revenue of large MSOS 99 MSOs had revenues of $20 million or greater in 2022 ■ MSOs benefit from ☐ Standardized processes Integration of technology platforms Expense reduction through large scale supply chain management Deep insurance carrier relationships Source: The Romans Group, 2022 *Multiple-Shop Operator, MSO - A collision repair organization consisting of more than one location under the same ownership THE Boyd GROUP 12#13Strong 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 Large MSOs can provide support to reduce insurance carrier loss adjustment expense, including single point of contact and estimate review service · Boyd's relationship with insurance customers Top 5 largest customers contributed 54% of revenue in 2022 Largest customer contributed 18% of revenue in 2022 THE Boyd GROUP 13#14Insurer Market Dynamics Top 10 Insurer Market Share (U.S.) Other Insurers 23% Insurer DRP Usage Other 40-45% DRP 55-60% Top 10 Insurers 77% Source: National Association of Insurance Commissioners Source: The Romans Group, 2023 THE Boyd GROUP 14#15Impact of Collision Avoidance Systems • Technology is expected to reduce accident frequency per mile driven • Increases in average cost of repair (increased expense of technology) and vehicle miles driven would be offsets Large operators could also mitigate market decline by continued market share gains in consolidating industry THE Boyd GROUP 15#16Business 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 16#17Operational 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 17#18Expense Management Operating expenses as a % of sales 35.0% 32.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 2020* 33.1% 2021* 33.5% 2022 *Operating expenses benefited from the Canada Emergency Wage Subsidy in the amount of approximately $5.8 million in 2021 and $7.4 million in 2020, which helped mitigate incremental COVID-19 indirect wage costs. THE Boyd GROUP 18#192023 YTD SSSG: 18.3% SSSG - Optimizing Returns from Existing Operations Same-store sales increases in 34 of 40 most recent quarters 10-year average SSSG: 5.9% 3-year average 5-year average SSSG: 6.7% SSSG: 13.5% 35% 30% 1 25% 20% 15% 10% 5% i 0% -5% -10% Same-Store Sales Growth* -15% -20% -25% -30% 1 -35% Q1-15 Q2-15 Q3-22 Q2-22 Q1-22 Q4-21 Q3-21 Q2-21 Q1-21 Q4-20 Q3-20 Q2-20 Q1-20 Q4-19 Q3-19 Q2-19 Q1-19 Q4-18 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 * Total Company, excluding FX. ** Adjusting for the negative impact of Hurricane Irma and Hurricane Harvey, Q3-17 SSSG was 1.0% *** 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 10, 2023) for the period ended September 30, 2023. Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Q3-23 Q2-23 Q1-23 Q4-22 THE Boyd GROUP 19#20Focus 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 20#21Strong Growth in Collision Locations 64 42 29 58 105 127 108 106 81 54 40 932 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Annual additions Total locations *Results for 2020 were severely impacted by the COVID-19 Pandemic **During 2022, Boyd focused on addressing the labor shortage for the core business. THE Boyd GROUP 21#22Environmental, Social and Governance ("ESG") Second annual Environment, Social and Governance report published in August 2023 Shows excellent strides in advancing ESG goals and ambitions Business Ethics Data Privacy & Cyber Security ESG Leadership & Accountability M Innovation & Technology ☐ Governance 中 Waste and Circular Economy Environmental Energy & GHG Emissions THE Boyd GROUP & 81 Talent Attraction, Retention & Development Diversity, Equity & Inclusion Community Impact Health & Safety THE Boyd GROUP 22#23Financial Review THE Boyd GROUP 23#24Revenue Growth (US$ millions) $3,000 $2,500 $2,000 5-YR CAGR = 14.04% $1,720.8 $1,561.2 $1,438.3 $1,500 $1,000 $500 $0 2018 2019 $1,872.7 $2,432.3 2020 2021 2022 *Results for 2020 were severely impacted by the COVID-19 Pandemic THE Boyd 24#25Adjusted EBITDA (US$ millions) Annualized Growth of 11.50% $300.0 $250.0 $220.0 $219.5 $200.0 $150.0 $100.0 $50.0 $- 2020 2021 *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 November 10, 2023) for the period ended September 30, 2023. $273.5 2022 THE Boyd GROUP 25#26Q3 2023 Financial Summary (US$ millions, except per share and percent amounts) Sales Gross Profit Adjusted EBITDA* Adjusted EBITDA Margin* Adjusted Net Earnings* Adjusted Net Earnings* per share 3-months ended 9-months ended 2023 2022 Sept 30, Sept 30, | Sept 30, | Sept 30, 2023 2022 $737.8 $625.7 $2,206.0 $1,795.2 $333.8 $282.3 $1,003.6 $805.2 $94.0 $73.0 $274.0 $198.8 12.7% 11.7% 12.4% 11.1% $21.5 $12.1 $69.7 $27.8 $1.00 $0.56 $3.25 $1.29 *Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Earnings and Adjusted Net Earnings per share are non-GAAP financial measures and ratios and are not standardized financial measures under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, including a reconciliation of each non-GAAP financial measure to its nearest GAAP equivalent, please see "Non-GAAP Financial Measures and Ratios" in Boyd's MD&A filing (dated November 10, 2023) for the period ended September 30, 2023. A copy of Boyd's MD&A filing (dated November 10, 2023) for the period ended September 30, 2023, can be accessed via the SEDAR+ website (www.sedarplus.ca) 26#27Liquidity and Capital Resources Cash (in US$ millions) Long-Term Debt Sept 30, 2023 Dec 31, 2022 $22.1 $15.1 $378.8 $360.2 Net Debt before lease liabilities (total debt, including current portion and bank $356.8 $345.1 indebtedness, net of cash) Lease liabilities $692.1 $617.9 Total debt, net of cash $1,048.8 $963.0 Net Debt before lease liabilities / Adjusted EBITDA 1.6x 2.2x (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 10, 2023) for the period ended September 30, 2023. 27#28Financial Flexibility Net Debt to EBITDA TTM ratio of 1.6x 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 10, 2023) for the period ended September 30, 2023. THE Boyd GROUP 28#29Dividends $0.65 Annualized dividends have increased by 8.7% since 2019 Annualized Dividend per Share (C$) 0.600 $0.60 0.588 0.576 0.564 0.552 $0.55 $0.50 $0.45 $0.40 $0.35 Nov 19 Oct 20 Nov 20 Oct 21 Nov 21 Oct 22 Nov 22 Oct 23 Nov 23 - Present THE Boyd GROUP 29#30Five-year Return to Shareholders 160% 5-year 140% total return: 120% 145.93%* 100% 80% 60% 40% 20% 0% -20% -40% 31-Dec-18 знам 31-Dec-19 -Boyd Group S&P/TSX Composite прит 31-Dec-20 31-Dec-21 31-Dec-22 *Source: Irwin. Total return based on reinvestment of dividends. S&P/TSX Composite 46.33%* THE 31-Dec-23 Boyd GROUP 30#31Consistent Top Ten TSX Performer TSX Performance Years Boyd Returns Ranking S&P/TSX Composite Index Returns 2005-2015 #1 +4,655.0% +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% 2013-2023 #5 +1,739.2% +57.5% Source: Irwin. Performance and ranking data calculated using total return with reinvestment of dividends. THE Boyd GROUP 31#32Experienced & Committed Management Team Timothy O'Day Jeff Murray President & CEO Executive Vice President & CFO Brian Kaner Executive Vice President & COO Collision THE Boyd GROUP 32#33Summary Stability ✓ Strong balance sheet ✓ Insurer preference for MSOS ✓ Recession Resilient + Growth Shareholder Value US$47.6 billion fragmented industry ✓ High ROIC growth strategy ✓ Market leader/consolidator in North America ✓ Cash dividends/conservative payout ratio ✓ 5-year total shareholder return of 145.93% Focus on enhancing shareholders' value THE Boyd GROUP 33