Core Viewpoint - RB Global, Inc. has announced a new share repurchase program with an authorization to repurchase up to US$500 million of its common shares, pending approval from the Toronto Stock Exchange [1] Group 1: Share Repurchase Program - The Board of Directors has authorized a share repurchase program aimed at utilizing the company's funds effectively [1] - The repurchase will be conducted on an opportunistic basis, influenced by market conditions, share price, and other strategic investment opportunities [1] - Funding for the repurchase will come from the company's cash reserves or its senior credit facility [1] Group 2: Company Overview - RB Global is a leading omnichannel marketplace providing insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles globally [1] - The company operates through a global network of auction sites and digital platforms, serving various asset classes including automotive, construction, and agriculture [1]

Core Insights - RB Global, Inc. has announced a definitive agreement to acquire Big Iron Auction Company, which will enhance its strategic expansion into the U.S. agriculture sector [1] Company Overview - RB Global, Inc. is recognized as a trusted global partner for insights, services, and transaction solutions [1] - The acquisition of BigIron is aimed at strengthening RB Global's position in the agricultural market [1] Industry Context - BigIron operates as a scaled, agriculture-focused online marketplace that connects buyers and sellers of agricultural equipment, land, and livestock [1]

PresentationSteven HansenRaymond James Ltd., Research Division Pleasure to see you all here today. We're going to get right into it because we're running about a minute late. But thanks for the time. Welcome to AIIC. I'm Steve Hansen. Very pleased to have the RB Global team here today with us. It's been a journey for sure. I think as many of you will know, it's been a real progression of value creation for the last couple of years, but I think their runway looks really good going forward. Today, we're just ...

Core Insights - RB Global, Inc. reported that Ritchie Bros. Auctioneers achieved over US$265 million in gross transaction value during its premier global auction held from February 16-20 in Orlando, Florida [1] - The auction successfully sold more than 14,500 equipment items, trucks, and vehicles [1] - The event attracted over 19,500 participants, indicating strong interest and engagement in the auction [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13425 RB Global, Inc. (Exact Name of Registrant as Specified in its Charter) Canada 98-0626225 (State or other jurisdiction o ...

Core Insights - RB Global, Inc. (NYSE:RBA) is recognized as a high-growth industrial stock, showcasing strong performance in Q4 and full-year 2025 results while advancing strategic priorities [1] Financial Performance - Q4 revenue increased by 5% year-over-year to $1.2 billion, with gross transaction value rising 4% to $4.3 billion [2] - Service revenue grew by 5% to $917.5 million, and inventory sales revenue saw a 7% increase to $285.9 million [2] - Full-year revenue rose by 7% to $4.59 billion [2] - Net income decreased by 8% to $109.4 million, while diluted adjusted earnings per share increased by 17% year-over-year to $1.11 [3] - Full-year diluted adjusted earnings per share also increased by 15% to $3.49 [3] Future Outlook - The company issued a positive outlook for 2026, expecting gross transaction value to grow by 5% to 8% [3] - Adjusted EBITDA is projected to be between $1.47 billion and $1.53 billion, marking a significant improvement from $1.3 billion in 2025 [3] Company Overview - RB Global, Inc. operates as a leading omnichannel marketplace for buying and selling commercial assets, vehicles, and heavy equipment globally, utilizing brands like Ritchie Bros. and IAA [4]

Financial Performance - Adjusted earnings per share increased 17% in Q4 and 15% for the full year, attributed to higher operating income, lower net interest expense, and a lower adjusted tax rate [1] - Adjusted EBITDA rose 10% in Q4, driven by higher gross transaction value (GTV) and take rate expansion, with adjusted EBITDA margin increasing to 8.9% from 8.4% year-over-year [2] - Total GTV increased 4% in Q4, with service revenue rising 5% due to higher GTV and a modest increase in service revenue take rate [3] Strategic Initiatives - Executives emphasized "disciplined execution and deliberate strategic progress" in 2025, highlighting operating leverage and cost control alongside continued investment for growth [4] - The company is launching a reserved auction format on rbauction.com to enhance price realization and compete in international markets like Germany and the Nordics [5][14] - Plans to roll out the "IAA Total Loss Predictor" AI tool in 2026 aim to reduce storage and rental costs, with high accuracy in testing [10][11] Market Trends - CC&T GTV increased 9% in Q4, with improvements in seller confidence and stabilizing used equipment values noted [12][13] - Automotive unit volumes grew approximately 8% year-over-year, with multi-year renewals secured with major partners providing long-term visibility into expected volumes [6][8][7] Future Guidance - Management guided for 2026 GTV growth of 5% to 8% and adjusted EBITDA of $1.47 billion to $1.53 billion, representing about 7% growth at the midpoint [17] - Capital expenditures are expected to be between $350 million to $400 million, with a focus on traditional PP&E and technology-related spending [18] - GAAP and adjusted tax rates are anticipated to be between 23% to 25% [19]

Core Viewpoint - RB Global (RBA) reported quarterly earnings of $1.11 per share, exceeding the Zacks Consensus Estimate of $0.99 per share, and showing an increase from $0.95 per share a year ago, representing an earnings surprise of +12.69% [1] Financial Performance - The company posted revenues of $1.2 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.03%, compared to $1.14 billion in the same quarter last year [2] - Over the last four quarters, RB Global has consistently surpassed consensus EPS estimates and revenue estimates [2] Stock Performance and Outlook - RB Global shares have declined approximately 0.9% since the beginning of the year, while the S&P 500 has seen a slight decline of 0.1% [3] - The company's earnings outlook will be crucial for future stock movements, with current consensus EPS estimates at $1.03 for the coming quarter and $4.37 for the current fiscal year [4][7] Industry Context - The Financial Transaction Services industry, to which RB Global belongs, is currently ranked in the bottom 47% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of RB Global's stock may be influenced by the overall industry outlook and trends in earnings estimate revisions [5][8]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 10% on a 4% increase in gross transaction value (GTV) in Q4 2025, reflecting strong execution and cost management [4][11] - Adjusted earnings per share increased by 17% in Q4 and 15% for the full year, driven by higher operating income and lower net interest expense [14] - Full-year GTV increased by 2%, driven by new wins in the automotive sector, partially offset by cyclical pressure in the commercial construction and transportation (CC&T) sector [12][14] Business Line Data and Key Metrics Changes - Automotive GTV increased by 3% in Q4, with unit volumes rising by 2%. Excluding catastrophic impacts, GTV and unit volumes grew approximately 12% and 8%, respectively [11][12] - In the CC&T sector, GTV increased by 9%, with unit volumes growing approximately 10% and average price per lot sold increasing due to improvements in asset mix [12][14] Market Data and Key Metrics Changes - Gross returns or salvage values as a percentage of pre-accident cash values expanded, supporting approximately 7% year-over-year growth in the U.S. insurance average selling price [6] - The inflation differential between automotive repair costs and used vehicle pricing continued to narrow, supporting an increase in the total loss ratio [11] Company Strategy and Development Direction - The company is focused on disciplined execution and strategic progress, prioritizing scale, longevity, and strategic positioning to expand market share and enhance partner relationships [4][5] - A new multi-year agreement with one of the largest partners was signed, reinforcing trust and providing long-term visibility into expected volumes [5][6] - The company plans to roll out the IAA Total Loss Predictor in 2026 to improve vehicle routing efficiency, which is expected to deliver cost savings for partners [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding early signs of improvement in seller confidence within the CC&T sector, supported by stabilizing used equipment values and lower interest rates [9] - The outlook for 2026 anticipates full-year GTV growth between 5% and 8%, with a focus on volume-led growth and continued market share gains [15] Other Important Information - The company expects full-year capital expenditures for 2026 to be between $350 million and $400 million, with a mix of one-third on technology-related investments and two-thirds on traditional physical assets [15][38] - The company is committed to ongoing operational excellence and cost savings initiatives to maximize profit flow-through [15][47] Q&A Session Summary Question: Clarification on 2026 guidance and market share capture - Management confirmed that the guidance includes annualization of wins already announced and any additional terms agreed upon [20] Question: Flow-through of GTV to revenue - Management indicated there may be slight pressure on the take rate but remains optimistic about unit economics and volume growth [22] Question: Improvement in CC&T sector - Management noted early signs of improvement in partner conversations, indicating potential for a return to a normalized cycle [26] Question: Details on the total loss predictor - The total loss predictor aims to enhance efficiency by determining vehicle status at the scene of an accident, potentially reducing costs associated with storage and rental fees [28] Question: AI development among competitors - Management acknowledged varying capabilities among insurance carriers regarding AI development, emphasizing their role in providing integrated solutions [35] Question: Capital allocation strategy - Management is focused on debt reduction, business investment, and evaluating share repurchase opportunities as part of their capital allocation strategy [53] Question: Impact of autonomous vehicles - Management does not foresee immediate risks from autonomous vehicles but acknowledges potential long-term changes in collision rates and vehicle ownership [57] Question: Total salvage volumes outlook - Management expects to continue gaining market share and growing faster than the market, without providing specific volume breakdowns [78]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 10% on a 4% increase in gross transaction value (GTV), reflecting strong execution and cost management [4][11] - Adjusted earnings per share increased by 17% in the fourth quarter and 15% for the full year, driven by higher operating income and lower net interest expense [14] - Full-year adjusted EBITDA is expected to be between $1.47 billion and $1.53 billion, representing approximately 7% growth at the midpoint [15] Business Line Data and Key Metrics Changes - Automotive GTV increased by 3% in the fourth quarter, with unit volumes rising by 2% [11] - Excluding catastrophic impacts, automotive GTV and unit volumes grew approximately 12% and 8% respectively [11] - GTV in the commercial construction and transportation sector increased by 9%, with unit volumes growing approximately 10% [12] Market Data and Key Metrics Changes - Gross returns or salvage values as a percentage of pre-accident cash values expanded, supporting approximately 7% year-over-year growth in the U.S. insurance average selling price [6] - The average price per vehicle sold increased by approximately 1% in the quarter, or roughly 4% excluding catastrophic impacts [12] Company Strategy and Development Direction - The company is focused on disciplined execution and strategic progress, prioritizing scale, longevity, and market share expansion [4][5] - New multi-year agreements with major partners provide long-term visibility into expected volumes and deepen strategic alignment [5][6] - The introduction of the IAA Total Loss Predictor aims to enhance operational efficiencies and strengthen partner economics [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding early signs of improvement in seller confidence, supported by stabilizing used equipment values and lower interest rates [9] - The company expects full-year GTV to grow between 5% and 8% in 2026, with a focus on volume-led growth [15] - Management emphasized the importance of continuous improvement in operational efficiency and cost management [46][48] Other Important Information - The company plans to invest between $350 million and $400 million in capital expenditures for 2026, with a focus on technology and traditional physical assets [15][38] - The company is exploring opportunities for share repurchase programs as part of its capital allocation strategy [53] Q&A Session Summary Question: Clarification on 2026 guidance and market share capture - Management confirmed that the guidance includes both annualization of wins and additional terms agreed upon [19][20] Question: Flow-through of GTV to revenue - Management indicated there may be slight pressure on the take rate but remains optimistic about unit economics [21][22] Question: Improvement in the CC&T sector - Management noted early signs of improvement in partner conversations, though the environment remains complex [26] Question: Details on the total loss predictor - Management explained that the tool aims to optimize vehicle routing post-accident, significantly reducing costs [27][30] Question: AI development among customers - Management highlighted varying capabilities among insurance carriers regarding AI investment and integration [34][35] Question: Breakdown of CapEx investments - Management provided a typical mix of 1/3 on technology-related investments and 2/3 on traditional physical assets [38] Question: Total volumes across the auto salvage business - Management stated they do not break down guidance to that level but expect to continue gaining market share [78]