RB Global, Inc. Q4 FY2025 earnings call

• Automotive: Delivered solid quarter with unit volumes up 8% YOY, outpaced market for 4th consecutive quarter, signed new multiyear agreement and reached agreement in principle with large partners, gross returns/salvage values as % of pre-accident cash values expanding, introduced new features to increase buyer confidence, enhanced website for localized content. - Commercial construction and transportation: Growth strategy delivering, expanding international channels with new reserved auction format, launching AI-enabled role plan for territory manager productivity

Automotive: Unit volumes increased 8% year-over-year (excluding 2024 cat volumes), GTV increased 3% in Q4, 2% rise in unit volumes; full year GTV increased 2% driven by new wins. Commercial construction and transportation: GTV increased 9% in Q4, excluding Yellow Corp bankruptcy, GTV and unit volumes grew ~10% and 9% respectively; full year GTV increased 2% with cyclical pressure in CC&T sector. Service revenue: Increased 5% in Q4 driven by higher GTV and take rate, full year increased 4%. Adjusted EBITDA increased 10% in Q4 driven by higher GTV and take rate expansion, full year increased 7%

• Expect full year gross transaction value to grow between 5% - 8% in 2026. - Expect full year adjusted EBITDA between $1.47 billion - $1.53 billion, ~7% growth at midpoint. - Full year capital expenditures between $350 million - $400 million. - Full year 2026 GAAP and adjusted tax rate between 23% - 25%

Q: On 2026 guidance and market share capture, elaborate on what's included.

A: Includes run rate year-over-year and additional terms of agreements already in place.

Q: On GTV flow-through to revenue, comment.

A: Little pressure on take rate, focused on unit economics of GSA contract.

Q: On CCT sector improvement, elaborate.

A: Seeing early signs with different conversations than past 2 years.

Q: On total loss predictor, elaborate.

A: Helps get car to repair facility or salvage yard efficiently using AI, tested and confident in product.

Q: On AI from competitors/clients, comment.

A: Insurance carriers have different capabilities, open to plugging into APIs or providing end-to-end solutions.

Q: On CapEx breakdown, comment.

A: ~1/3 on technology related, 2/3 on traditional PP&E.

Q: On new multiyear contract, clarify.

A: Renewals with expectation of gaining incremental share.

Q: On cost to serve and services gross margin, comment.

A: Focus on creating operating leverage, constantly looking to optimize P&L.

Q: On cash flow conversion rate and share repurchase, comment.

A: Ongoing look at capital allocation, review with board on quarterly basis.

Q: On autonomous vehicles, comment.

A: No near-term risk, well positioned in salvage vehicle market.

Q: On repair vs scrap and AI, comment.

A: Spread between repair cost inflation and used car vehicles narrowing, AI as enabler.

Q: On reserve auction channel opportunity, comment.

A: Big countries in Europe operate in reserve model, giving territory managers tools to get market share.

Q: On total volumes across auto salvage, comment.

A: Outlook is to continue gaining share and grow faster than market.

Q: On AI as friend or foe, comment.

A: Advantage built on scaled execution, data, etc., AI as enabler.

Q: On AI and real estate, comment.

A: AI can help turn inventory quicker, but not disrupting current real estate use