Hello, and good afternoon. Thank you for joining us today to discuss our first quarter 2026 results.

On the call with me today are Jim Kessler, our Chief Executive Officer, and Eric Guerin, our Chief Financial Officer. The following discussion will include forward-looking statements, including projections of future earnings, business, and market trends.

These statements should be considered in conjunction with the cautionary statements contained in our earnings release and periodic SEC reports. On this call, we will also discuss certain non-GAAP financial measures.

For the identification of these measures, the most directly comparable GAAP financial measures, and the applicable reconciliation, please see our earnings release and SEC filings. At this time, I'd like to turn the call over to our CEO, Jim Kessler.

Jim?

Thanks, Sameer, and good afternoon to everyone joining the call. I want to recognize our teams for their continued strong performance, particularly against the backdrop of the complex macro environment.

As always, we are focused on the factors within our control to ensure we consistently overdeliver on our commitments and remain a trusted partner to our customers. Our execution in these areas was evident in the first quarter as our growth strategy and operating model continue to demonstrate durability, with adjusted EBITDA increasing 11% on a 13% increase in GTV.

As we have discussed, expanding and diversifying our business into complementary growth areas is a strategic priority, and we are executing accordingly. In support of that strategy, we recently received HSR approval for the BigIron transaction, satisfying a key regulatory condition, and we now expect to close the transaction in the second quarter.

Turning to the commercial construction and transportation sector, our gross strategy continued to deliver, with GTV up 27% year-over-year. We are cautiously optimistic as customer feedback suggests early signs of improving confidence, supported by stabilizing used equipment values and continued activity in megaprojects and civil infrastructure.

At the same time, we believe that a portion of the quarter's volume growth reflects the early and uneven return of pent-up supply, as sellers who deferred decisions in 2025 began to reenter the market. Turning to the automotive sector, we delivered another strong quarter despite navigating disruption among our market alliance partners and buyers in the Middle East.

Our foremost priority remains the safety and well-being of our teammates in the region. Despite these headwinds, gross returns, measured as the salvage values as a percentage of pre-accident cash value, continue to expand, supporting approximately 10% year-over-year growth in US insurance average selling prices.

We believe this performance underscores the resilience and breadth of our marketplace and reflects our continued progress in enhancing the buyer experience and optimizing the auction format for our sellers. Unit volumes increased 1% year-over-year, marking the fifth consecutive quarter of outperformance relative to the broader market.

I am proud of our team's execution, as we exceeded all service level commitments again. Last quarter, we announced an agreement in principle with one of our largest partners, and I am pleased to report that it has now been fully executed.

We remain confident in our goal of delivering net market share gains in 2026, as our focus on driving tangible P&L value for our partners continues to resonate and differentiate our platform. Importantly, in a competitive market, we will remain selective in pursuing volumes.

We are prioritizing partners that align with our culture and ensuring the value we realize from our differentiated marketplace platform reflects the meaningful benefits it delivers to our customers. Our confidence in our goal of continued market share gains was further reinforced at our Industry Leadership Summit, which again achieved record attendance.

Highlighting our strong and growing partner engagement, partners walked away excited and energized by our marketplace overall strategic direction, backed by our transparent, data-driven approach and continued innovation. I will now pass the call to Eric to review the financials and updated 2026 outlook.

Thanks, Jim. Total GTV increased by 13% to $4.3 billion in the first quarter.

Automotive GTV increased by 7% in the quarter, driven primarily by higher average selling prices and a 1% increase in unit volumes. The average price per vehicle sold increased approximately 6% in the quarter, reflecting strength across both the salvage and remarketed vehicles.

Unit volume growth reflected continued new wins in the sector, though first quarter growth moderated partially due to changes in the auction calendar at the start of the year. In recent months, the inflation differential between automotive repair costs and used vehicle prices has widened slightly, which continues to support an increase in the total loss ratio.

CCC Intelligent Solutions estimates the total loss frequency across all categories increased by 70 basis points to 23.6% compared to the prior-year period. GTV in the commercial construction and transportation sector increased 27%, driven by strength in both unit volumes and ASPs.

First quarter results benefited from an outsized contribution related to the auction calendars of certain acquired businesses, which typically host their largest events early in the year. Excluding acquisitions, CC&T GTV increased approximately 16%.

As market conditions continue to normalize, we are seeing early but inconsistent signs of pent-up supply returning, which contributed to higher transaction activities during the quarter. Our ability to capture the growth is enabled by maintaining the industry's most comprehensive network of territory managers, alongside the continued rollout of targeted programs designed to improve productivity and deepen customer engagement.

The average price per lot sold increased due to improvements in the asset mix, while like-for-like pricing remained relatively flat year-over-year. Excluding the impact of our recent acquisitions, total GTV across all sectors increased 9%.

We are seeing strong organic growth in the underlying business. Moving to service revenue, service revenue increased 5% in the quarter, driven by higher GTV, partially offset by a decline in the service revenue take rate.

The service revenue take rate declined 160 basis points year-over-year to 20.7%. A portion of this decline is optical, reflecting a larger mix of higher ASP assets when compared to the prior year.

Under our regressive buyer fee schedule, higher priced assets fall into lower percentage fee tiers, which can make the reported take rate lower. While the percentage rate is lower, higher ASP items are attractive from a total service revenue dollar perspective.

There were additional impacts on the service revenue take rate from recent acquisitions and divestments. Adjusted EBITDA increased 11% in the quarter, driven by higher GTV volumes and increased contribution from inventory returns.

These benefits were partially offset by lower service revenue take rate. Our continued focus on cost discipline supported strong profit flow-through, with adjusted EBITDA growth of 11%, outpacing service revenue growth of 5%.

Adjusted earnings per share in the first quarter increased by 13%, primarily driven by a higher operating income and a lower net interest expense. Now turning to guidance.

We are raising our 2026 outlook and now expect gross transaction value to grow between 6% and 9% for the full year, with adjusted EBITDA growth of approximately 8% at the midpoint. Note that our updated guidance does not reflect any impact from BigIron.

Consistent with our strategy, we remain focused on growing adjusted EBITDA at a faster rate than service revenue, and view 2026 as a year of volume-led growth. We are concentrating on the elements within our control, including advancing cost savings initiatives, deploying technology designed to enhance yard-level efficiency, and executing against our operating model to drive productivity and operating leverage.

With that, let's open the call for questions.

Hey, Jim, Eric, Sameer. How are you guys?

Good, how you doing, Gary?

Just fine, thank you. Hey, Jim, as I look back on my notes from last quarter, you had mentioned that there was a plethora of RFPs in the auto sector that were in the pipeline.

Did any of them come to market this quarter? Were there any wins that you could cite that you got from these RFPs that came to market?

Hey, Gary, I do not recall talking about how many RFPs were out there. We typically don't, I really don't have a comment on that question.

Okay. What you said was you have a strong RFP pipeline, I was just trying to get an idea of what basically came to market [and what's there?]

.

I think what we talked about is when you look over the next 3 years, when you think about what comes up on RFP, a lot of the stuff that will come up isn't representative of our current customer base, it's something that we have an opportunity to go after. It was nowhere inside of a quarter or anything like that.

It was over a longer period of time.

Thank you.

Thanks for taking the question. Jim, I wanted to ask, last couple of days, we've seen some earnings reports from auto insurers.

I think GEICO in particular talked about some dramatic increases in claims frequency, kind of hit the profit line for those guys. Could you talk to what you're seeing out of insurers as it relates to claim frequency, and if, given the recent strength in used car prices, might it be likely or prudent to think that maybe total loss frequency may plateau in the near term?

Just curious to get your thoughts on the puts and takes as it relates kind of to the funnel of your business. Thanks.

Hey John, good question. I'll pass this over to Sameer, who kind of handles a lot of this external information.

Hey, John, Sameer here. I think in terms of how we view the market, I think I've looked at the data you're talking about in terms of used car pricing increasing a little bit with some of the third-party data.

The way we look at it internally is looking at that inflation spread between cost of repair versus what the Census Bureau comes up with for used car pricing inflation. I think the wholesale pricing leads a little bit compared to the retail level.

At the moment, we're not noticing any dramatic shifts in terms of claim frequency or anything like that, but we wouldn't comment specifically about any of our providers.

Understood. Then just a follow-up, obviously, there's a percentage of your vehicles that go to the Middle East, given the tensions and the war activity.

Are cars able to get there right now in any capacity, and is that having some sort of bleed-through impact yet on ASPs on the salvage side? Thanks.

Hey John, I'll start, and if Sameer or Eric want to jump in. Eric and Sameer, feel free.

Look, we kind of look at our whole market alliance and not just one specific segment. Based on what we're seeing in our whole alliance, anytime you have a disruption like you do when you have a conflict in the Middle East, it's going to affect a segment.

We believe we can manage the other segments. Eric gave our guidance, we feel really confident in that, and based in that guidance is the optimism that we believe international still leads for us and what it can be for us.

Like everything, we have Middle East business, Ritchie Bros. and IAA, and our real concern is more the safety of our team.

We believe it's something we can manage inside of our business and inside of the guidance that we gave.

Understood, and congratulations.

Thank you.

Good afternoon, guys. Thanks for the time.

Look, really strong GTV performance in CC&T, obviously. I think even ex-acquisition, you said up 16%, if I caught that correctly.

Just trying to square your comments around seeing pent-up supply returning to the market quickly early on. Do you see sort of evidence that that's going to continue through into the next quarter or two?

How the auctions in the calendar, are they stacking up thus far into registrations? I'm just trying to get a sense for whether that's an upfront surge and then plateauing out, or if it's going to continue through the balance of the year.

Hey Steven, I'll start, and Eric and Sameer again, feel free to jump in. Look, I think one of the issues with the cycles that we face is there's just some lumpiness along with organic growth.

To be honest, we're just staying focused on growing net market share in each of the markets that we perform in CC&T, and that's really what our focus is on. The one thing we can't control is when people make decisions of when they want to dispose of equipment, but when they're ready, our team is ready to handle it.

I think we're going to have a little bit of lumpiness, but we feel really cautiously optimistic about what we're seeing from our partners and what the future quarters are going to look like for us.

That's great. Just one quick follow-up on the M&A side.

You've been actively referenced BigIron closing early. You've also got some disclosure here that you acquired Blackmon in the US South by the looks of it here.

Smaller deal, but just trying to get a sense for why that was attractive and what the pipeline looks like. Thanks.

Really for Blackmon's, who we acquired, their main business is in Arkansas and a little bit in Dallas. Arkansas wasn't a geography that we had a presence in, and they also had a sector in railroads that we found attractive that we wanted to be able to leverage with the acquisition.

Then BigIron, we find the sector of ag very attractive in the US, something that we've been doing for a number of years up in Canada. Those two things are what made us attracted to both targets.

Appreciate the time.

Hey, good afternoon. Thank you for taking my question.

It might be for you, Sameer, but I'm wondering if you can help us unpack volume trends for the automotive space. In particular, I'm interested in what the headwind was from the absence of catastrophes in this quarter versus the same period last year, and then what were the tailwinds from share gains and the total loss rate as it relates to your 1% growth rate overall?

Craig, I'll start and pass it over to Sameer so we can talk through some of the push and takes. Look, it's always tough when you think about quarter by quarter.

We kind of look at our business a little bit longer term than that, but we feel really confident about the unit volume increase for us as we think about the next couple of quarters coming up, and with that, I'll pass over to Sameer to add any color about headwinds and tailwinds.

Craig, I think it's fair to say there are industry dynamics at play in terms of insurance, in terms of underinsurance, things like that. You can see we reported 1% unit volume growth, and we feel really comfortable saying that we are gaining share, US and globally.

Okay. Thank you.

Then maybe just as a follow-up, could you just comment on how we should think about your take rate evolving over time, especially when we include BigIron in results?

Craig, I'll start, and Eric, feel free to jump in. Look, I think I mentioned this a number of times.

We run our business based on dollars and not a percentage, and as we add attractive sectors like agriculture and especially when you get into a real estate component, that percentage is going to change. As we close this deal, I'm sure Sameer and Eric will help all of you understand what it looks like.

Again, I just want to clarify, we run this business based on dollars and how do we get that to flow through the most efficient way into our P&L and not by a percentage. With that, I'll pass it over to Eric.

I think, Jim, you commented on it, and we've been pretty clear. Even if you look at the 160 basis points, and I said this in my prepared remarks, when you get higher ASP performance, which we did, with our regressive tiering on the buyer side, you get a less take rate, but we like those dollars that flow through to our top line.

I think to Jim's point, we're really focused on making sure we have the most efficient P&L. We've talked about in the past GSA has a different take rate.

We will provide more detail in the ag space that has a different take rate when you look at farm land and things like that. Our focus is making sure we optimize the P&L.

Great, thank you.

No problem.

Thanks, and good afternoon. Maybe more of a question for Eric and kind of for the whole team.

Hoping to get a bit more color on just given kind of the performance through quarter one, if you can just dig a little bit into what you've baked into the guidance in terms of puts and takes. Did the quarter go as expected, and the guidance increase maybe just reflects some more confidence, or were there share shifts or other trends in the quarter that made you a bit more confident to be able to kick up the guide?

Just trying to understand sort of more the qualitative and the quantitative puts and takes to the extent you can share. Thanks.

Thanks for the question. Q1 was in line with our expectations, a little bit ahead, and that's what's highlighted in the guidance.

What I would say, there are some headwinds, as we know, with fuel and some other costs, but we have that built into our guidance. On the automotive side, we're gaining share.

We believe our 1% growth is continuing to grow share there. CC&T, we also believe that we're gaining share, and we reflected both of those impacts into the updated guidance.

I don't know, Jim, if you had any additional comments there or?

Just at a high level. I think for Eric and for myself, hearing from the team, we are operating at a very high level right now in every avenue of our business, and I think we feel the confidence of the team's execution of why we're able to increase guidance.

Great. Then just one on sort of the capital allocation and the M&A side along the lines of Steven's question.

Balance sheet's in good shape, you guys have announced, at least put out there a share buyback program. You had alluded a bit to sort of ag being of interest in the past.

Are you able to maybe just even in broad brushes just talk about whether it's more capabilities or still regions in the US or around the world that you hope to fill in with M&A, and where would sort of buybacks at this point in the game rank in the pecking order on capital allocation?

I can start and then Jim can fill in. Look, what we've said is, and you can look at what we've done, whether it be J.M.

Wood, give us a different region in the country, a different capability with municipalities. Jim commented on Blackmon gives us a different region and then gives us access to rail.

I think if you look at what we've done, you'll see that is the pattern, whether it gives us new capabilities or a different region. We talked about DLG last year when we went into Australia.

Those are the types of opportunities that we are looking at as RB Global, and they give us an opportunity to get new capabilities, new regions, we're excited about the opportunities. Again, we have ag that we just talked about with BigIron.

I don't know, Jim, any additional color there?

Eric, what I would just add is I think what is great and what really makes me excited about our future business is we have the ability to do all of the above that you described. Take a look at Australia, how we entered salvage market, we did that organically and the team did a fantastic job of going into a new country for salvage and executing against the plan really flawlessly.

Then if you look at the acquisition of IAA and Ritchie Bros., I think the team did an amazing job. What we're always going to look at is, can we do this organically?

At the end of the day, what we're looking for, what gives our investors the best return. If it's organically, we're going to choose that path, if it's an M&A, we're going to do that path.

Hopefully what everyone has seen from us over the last 3 years, our ability and our playbook to do M&A either organically or through acquisition, and this is something that this team is really good at, and it's something I'm excited about for the future.

Thanks very much.

Thanks very much for taking my question. I was wondering, just for point of clarification, the agreement that you talked about today, the auto agreement, is that the one that you talked about in the last call, which was not signed, but it was an agreement in principle?

Just to clarification there.

Then,

also on the Correct. Perfect.

Thank you so much.

Then on the

average insurance prices, I think you said they're up 10%. Just curious what's driving that, because that's a bit of an acceleration over the last two quarters.

I think it was 2.5% in Q3 and 7% was Q4. Just kind of curious what's driving that.

Hey Jeff, this is Sameer.

Sameer, you'll take I think what we said is US insurance ASPs were up 10%, and I think this speaks to the strength of the marketplace. We've made a number of enhancements for the buyer on our website.

We've talked about chrome vid descriptors in the past, we've talked about optimizing auction formats. A lot of this is some of the improvements we've been making on our website, and then the continued kind of march to get more and more buyers onto our marketplace.

Then

just a quick follow-up. On the Middle East situation that you referenced, I'm not sure if you said it, but what type of impact did that have on units, if anything?

We're not quantifying the number of units, but as you can imagine, we do have market alliance partners in that region that are being impacted.

Jeff, I'll just add

Jeff, I'm not sure if you had anything.

I'll just add, Jeff, like I mentioned before, our market alliance is very large, with multiple countries that we deal with, and right now, based on what's going on, we think we have an avenue of how to navigate this. Like everyone, we're hoping that the conflict ends sooner than later.

Right now, as we think about guidance and everything else, we believe we have everything in our control that we can manage this. I think we feel comfortable where we're at right now.

Awesome. Thanks for taking my questions, and congrats on an impressive Q1.

Thank you, Jeff.

Thank you.

Hey guys. Thanks for squeezing me in, I appreciate it.

Eric, you kept SG&A was up, I think, 4% year-over-year. Cost of services was flat, when GTV's up 11%.

Can you just talk about the performance in the quarter, what's sustainable? I heard you earlier talk about cost savings and yard efficiency.

Did that show up in the quarter? Is that some of these initiatives you're talking about, is that more on the come that we should be thinking about?

I think thanks for the question. Ongoing, and Jim and I have been very clear about this, our expectation is that creating operating leverage within this P&L is evergreen.

We'll continue to look for opportunities across the business. Now, it may be lumpy in some quarters.

Sometimes there may be additional investment in SG&A ahead of volume, then you have that volume coming in after. When we look at cost of services and in the yard, I think our operations team, I think this is to Jim's comment, we really feel like across the business, we're hitting on all cylinders, and our operations team has just done a wonderful job, and they're making sure we are operating as efficient as possible.

Those types of initiatives will continue as we move forward. It's not an event, it's just the way we operate the business.

Great. Is there anything we should think about with towing costs, obviously higher fuel?

How does that kind of flow through? Is there a chance if fuel stays a certain level, do we see players such as yourself pass that through?

Do we see fees be implemented? I'm just kind of curious what you're feeling now

and

how we should kind of think about that with the business.

Thanks for the question. We've built into our guidance the headwind related to the fuel.

We do have some contracts where we can pass that through, others, that doesn't get passed through, it would be a headwind for the business. We'll continue to manage that as we move forward through the year.

Great. I'm just going to sneak one quick one in.

Obviously, we heard a lot about CC&T, and you guys mentioned share gains. I am curious, I think last quarter you talked about Europe, this reserved auction strategy, some things you're piloting there.

Can we see that broadly also adopt in the US to a bigger degree, potentially in the rental channel? I'm just kind of curious, it sounds like there's actually a lot of opportunities to share gains in CC&T.

We haven't heard that in a while, most of the focus on auto. Just curious if you could flesh out some things you guys are seeing out there that gets you excited.

Hey, Michael, there's a bunch. We can probably take the next hour talking about what gets us excited, but let me just address first the reserve.

Just wanted to remind the group, we did our first pilot in the first quarter, we are very happy how that pilot went, and we are continuing to do more of those auctions internationally. When we think about it, we just don't think about it as reserved, we think about as fixed-price auctions.

We're really excited of how big that serviceable addressable market is for us to go after. We play in a very small part of it today.

Yes, along with our traditional auction business, we can gain share, and then this fixed-price side of the marketplace, we think we have tremendous upside that we play in a very small part of it today.

Great. Thank you.

The only thing I would add there is we are going to do the reserved auction where that is where or how business is done. There are opportunities in those markets, but it's not our expectation that would go into markets on a broad base that are currently unreserved and operate that way.

Hi, thanks for taking my question. Maybe I was just wondering if you could give us a little bit more color on how things are going in Australia, and if there's any lessons learned there in terms of your land-and-expand strategy as you're thinking about other countries to move into?

I'll start, and Eric or Sameer, feel free to jump in. We are really happy about the performance on a lot of our operational metrics, which were similar to what you see in the US when you talk about net returns and our ability to execute.

ASPs are not as good as they are in the US, but is being in our projection and our expectations. I think we feel really good.

I think as you think about other countries, what we want to make sure is we go into countries that operate similar to the Canada market, to Australia, to the UK, that we're able to leverage the scales and the playbook that we've built by doing this. We want countries that have similar economics, dynamics, and what they need to actually see a salvage company come in that can improve the process and the workflows that exist today.

We would look for countries that match the countries I mentioned.

Perfect. Thank you.

Then just on the automotive side, sounds like you're gaining share there. Are you seeing any sort of irrational behavior from any competitors in the marketplace when it comes to pricing or anything?

Look, we don't really talk about competitors in any of that. What we stay focused on is what we can control, and we want to be in a very rational marketplace, and that's our goal.

We don't really get into comments about what any one competitor is doing.

Fair enough. Thank you for the color.

I'll jump back in the queue.

Afternoon. Thanks for taking my question.

Just had one on the CC&T side, general trends that you're seeing. Are you seeing any more insourcing of used equipment sales by dealers, or maybe the opposite?

Your results suggest that it's going the other way, but just wondering what you're seeing especially with some of the newer equipment that's coming onto the market.

Look, for us here at Ritchie Bros., we've seen every different cycle that you can imagine in different cases from dealers, I wouldn't say anything's different than what we've seen in the past.

Great. Thanks a lot.

Turn it back.

Hi, good afternoon, gentlemen. Is it possible to quantify the pull-forward for CC&T in the quarter at all?

I'll pass this to Eric.

No, I don't think we'd quantify the pull-forward. It's more just timing of the auction calendars.

We also talked about on the automotive side, early in the year, we had a number of storms, some things moved. I think our goal is to make sure that we optimize our marketplace for our buyers and sellers, and if things move across quarters, that's not our primary objective for us.

Sure. I guess, given the policy uncertainty, there was some hesitancy maybe to transact at some point.

Do you feel like now kind of buyers and sellers are sort of ready to go, or how would you qualify that if there is such a thing?

I would say we're cautiously optimistic, but I wouldn't straight-line our Q1 performance and say that's what we're expecting for the full year. I've highlighted in the guidance what we expect for the full-year performance, you can use that as a reference point.

Does that help?

Absolutely. Then another quick question in terms of the DSU impact.

Can you just qualify what was included and excluded from the adjusted EBITDA, by any chance? Thanks.

We provided a reconciliation on that, but broad brush, it was overall, I think, about $11 million or so impact, and we carved out almost half of that, but it's disclosed in our financials.

Thank you. Just one quick last one, was there anything unusual around the very strong free cash flow and working capital efficiency in Q1?

Thanks.

Yes, nothing unusual.

Perfect. Thank you so much.

No problem.

Thank you. To close, I want to recognize the teams across RB Global for a strong start to 2026 and the execution discipline that delivered our first quarter results.

As we move through the year, our priorities are straightforward: deepen our customer engagement, run the business efficiently, and keep investing in the platform capabilities that drive durable share gains and profitable growth. We appreciate your time today and your continued interest in RB Global, and everyone have a good week and talk to you soon.