RB Global Q1 2026 Earnings Call - Raised 2026 Guidance on Strong GTV Growth and Margin Expansion

Eric Guerin, Chief Financial Officer, RB Global0: I would now like to hand the conference over to Sameer Rathod, CFA, Vice President, Investor Relations and Market Intelligence. Please go ahead.

Eric Guerin, Chief Financial Officer, RB Global2: 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?

Jim Kessler, Chief Executive Officer, RB Global: Thanks, Sameer. 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 over-deliver 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 continued 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 Big Iron 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 growth 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 mega projects 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 U.S. 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.

Eric Guerin, Chief Financial Officer, RB Global: 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.

Eric Guerin, Chief Financial Officer, RB Global0: Thank you. We will now begin the question and answer session. Please limit yourself to 1 question and 1 follow-up. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Now, please stand by while we compile the Q&A roster. Your first question comes from the line of Gary Prestopino with Barrington. Your line is open. Please go ahead.

Gary Prestopino, Analyst, Barrington: Hey, Jim Erickson here. How are you guys?

Eric Guerin, Chief Financial Officer, RB Global: Good. How are you doing, Gary?

Gary Prestopino, Analyst, Barrington: 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, and were there any wins that you could cite that you got from these RFPs that came to market?

Jim Kessler, Chief Executive Officer, RB Global: 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.

Gary Prestopino, Analyst, Barrington: Okay. You had what you said was you have a strong RFP pipeline, so I was just trying to get an idea of what basically came to market and how many guys?

Jim Kessler, Chief Executive Officer, RB Global: Yeah. I think what we talked about is when you look over the next three 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.

Gary Prestopino, Analyst, Barrington: Okay. Thank you.

Eric Guerin, Chief Financial Officer, RB Global0: Your next question comes from the line of John Healy with Northcoast Research. Your line is open. Please go ahead.

John Healy, Analyst, Northcoast Research: Thanks for taking the question. Jim, I wanted to ask, the 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, kinda hit the profit line for those guys. Could you talk to what you’re seeing out of insurers as it relates to claim frequency? If, you know, 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.

Jim Kessler, Chief Executive Officer, RB Global: Yeah. Hey, hey John, good question, and I’ll pass this over to Sameer Rathod, who kind of handles a lot of this external information.

Eric Guerin, Chief Financial Officer, RB Global2: Hey, John. Sameer here. I think in terms of how we view the market, you know, 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 U.S. 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.

John Healy, Analyst, Northcoast Research: Understood. Just to follow up, obviously, you know, there’s a percentage of your vehicles that go to the Middle East. Given the, you know, the tensions and the war activity, are cars able to get there right now in any capacity? Is that having some sort of a bleed-through impact yet on ASPs on the salvage side? Thanks.

Jim Kessler, Chief Executive Officer, RB Global: Yeah. Hey, John, I’ll start, and if Samir or Eric wanna jump in, Eric and Samir, 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, you know, anytime you have a disruption like you do and you have a conflict in the Middle East, it’s gonna affect a segment. We believe we can manage the other segments. You know, Eric gave our guidance. We feel really confident in that. Based in that guidance is, you know, the optimism that we believe, you know, international still leads for us and what it can be for us. Like everything, we have Middle East business with 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.

John Healy, Analyst, Northcoast Research: Understood, and congratulations.

Jim Kessler, Chief Executive Officer, RB Global: Thank you.

Eric Guerin, Chief Financial Officer, RB Global0: Your next question comes from the line of Steven Hansen with Raymond James. Your line is open. Please go ahead.

Eric Guerin, Chief Financial Officer, RB Global3: Good afternoon, guys. Thanks for the time. 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, you know, quickly early on. Do you see sort of evidence that’s gonna continue in, into the next quarter or two? I mean, how do the auctions and the calendar, how are they stacking up thus far in terms of registrations? Just, I’m just trying to get a sense for whether that’s an upfront surge and then plateauing out, or if it’s gonna continue through the balance of the year.

Jim Kessler, Chief Executive Officer, RB Global: Yeah. Hey, Steven, I’ll start. 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 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. When they’re ready, our team is ready to handle it. I think we’re gonna 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 gonna look like for us.

Eric Guerin, Chief Financial Officer, RB Global3: That’s great. Just one quick follow-up, if I may. It’s just on the M&A side. You know, you’ve been active. You referenced BigIron closing early. You’ve also got some disclosure here that you acquired Blackmon, in the U.S. South, by the looks of it here. A smaller deal, but just trying to get a sense for why that was attractive and what the pipeline looks like. Thanks.

Jim Kessler, Chief Executive Officer, RB Global: Yeah. 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 Big Iron, we find the sector of ag very attractive in the U.S., 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.

Eric Guerin, Chief Financial Officer, RB Global3: Appreciate the time.

Eric Guerin, Chief Financial Officer, RB Global0: Your next question comes from the line of Craig Kennison with Baird. Your line is open. Please go ahead.

Craig Kennison, Analyst, Baird: Hey, good afternoon. Thank you for taking my question. It might be for you, Sameer. 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. What were the tailwinds from share gains and the total loss rate as it relates to your 1% growth rate overall?

Jim Kessler, Chief Executive Officer, RB Global: Yeah. Craig, I’ll start and pass it over to Samir 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. We feel really confident about the unit volume increase for us as we think about the next couple of quarters coming up. With that, I’ll pass it over to Samir to add any color about headwinds and tailwinds.

Eric Guerin, Chief Financial Officer, RB Global2: Yeah, Craig. I think it’s fair to say, you know, there are industry dynamics at play in terms of insurance.

In terms of underinsurance, things like that. You can see, you know, we reported 1% unit volume growth, and we feel really comfortable saying that, you know, we are gaining share, you know, U.S. and globally.

Craig Kennison, Analyst, Baird: Okay. Thank you. Maybe just as a follow-up, could you just comment on how we should think about your take rate evolving over time, especially as we include or when we include Big Iron in results?

Jim Kessler, Chief Executive Officer, RB Global: Yeah. Yeah, 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. As we then attract the sectors like agriculture, and especially when you get into a real estate component, that percentage is gonna change. As we close this deal, I’m sure Sameer and Eric will help all of you understand that, what it looks like. Again, I just wanna 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.

Eric Guerin, Chief Financial Officer, RB Global: I think Jim, you commented on it. 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.

Craig Kennison, Analyst, Baird: Great. Thank you.

Eric Guerin, Chief Financial Officer, RB Global: No problem.

Eric Guerin, Chief Financial Officer, RB Global0: Your next question comes from the line of Sabahat Khan with RBC Capital Markets. Your line is open.

Eric Guerin, Chief Financial Officer, RB Global1: Great.

Eric Guerin, Chief Financial Officer, RB Global0: Please go ahead.

Eric Guerin, Chief Financial Officer, RB Global1: Thank, thanks, and good afternoon. Maybe more for 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 baked into the guidance in terms of puts and takes. Did the quarter go as expected and the guidance increase maybe just reflect some more confidence, or, you know, 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 quantity puts and takes to the extent you can share. Thanks.

Eric Guerin, Chief Financial Officer, RB Global: 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, you know, 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. In 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...

Jim Kessler, Chief Executive Officer, RB Global: Yeah. Just at a high level, I think what Eric and for myself hearing from the team, we are operating at a very high level right now in every avenue of our business. I think we feel the confidence of the team’s execution of why we’re able to increase guidance.

Eric Guerin, Chief Financial Officer, RB Global1: Great. Just one on sort of the capital allocation and the M&A side along the lines of Steven’s question. You know, balance sheet’s in good shape. You guys have announced, you know, 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 sort of maybe just even in broad brushes just talk about whether it’s more capabilities or still regions in the U.S. 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 preference order on the pipeline?

Eric Guerin, Chief Financial Officer, RB Global: Yeah. Yeah, I can start, and then Jim can fill in. Look, what we’ve said is, you can look at what we’ve done, whether it be J.M. Wood. It gave us a different region in the country, a different capability with municipalities. Jim commented on Blackmon, gives us a different region, 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, 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?

Jim Kessler, Chief Executive Officer, RB Global: Yeah, yeah. 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 the above that you described. Take a look at Australia, how we entered the 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, you know, the acquisition of IAA and Ritchie Brothers, I think the team did an amazing job. What we’re always gonna 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 gonna choose that path. If it’s an M&A, we’re gonna do that path.

Hopefully, what everyone has seen from us over the last three 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.

Eric Guerin, Chief Financial Officer, RB Global0: Just a reminder, if you would like to ask a question, please press star one on your telephone keypad now to raise your hand. Your next question comes from the line of Jeff Lick with Stephens. Your line is open. Please go ahead.

Jeff Lick, Analyst, Stephens: Thanks very much for taking my question. I was wondering, just one 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.

Eric Guerin, Chief Financial Officer, RB Global: Correct

Jeff Lick, Analyst, Stephens: ... also on the. Okay, perfect. Thank you so much.

Eric Guerin, Chief Financial Officer, RB Global: Yeah

Jeff Lick, Analyst, Stephens: average insurance prices, I think you said they were up 10. I’m just curious what’s driving that because that’s a bit of an acceleration over the last two quarters. I think it’s 2.5 was Q3 and 7 was Q4. Just kind of curious what’s driving that.

Jim Kessler, Chief Executive Officer, RB Global: Yeah. I’ll take that. That’s for Sameer.

Eric Guerin, Chief Financial Officer, RB Global2: Yeah. I’ll take this, Sameer. You want to take-

What we said is U.S. 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 becoming descriptive 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.

Jeff Lick, Analyst, Stephens: 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?

Eric Guerin, Chief Financial Officer, RB Global: We’re not quantifying the number of units, but as you can imagine, it was. We do have Market Alliance partners in that region that are being impacted.

Jim Kessler, Chief Executive Officer, RB Global: Yeah, Jeff, I would just add.

Jim, I’m not sure if you had anything.

Yeah, yeah. I’ll just add, Jeff. Like I mentioned before, our Market Alliance is very large with multiple countries that we deal with. Right now, based on what’s going on, we think we have an avenue of how to navigate this. Like everyone, we’re hoping 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.

Jeff Lick, Analyst, Stephens: Awesome. Well, thanks for taking my questions, and congrats on an impressive Q1.

Jim Kessler, Chief Executive Officer, RB Global: Thank you, Jeff.

Eric Guerin, Chief Financial Officer, RB Global: Thank you.

Eric Guerin, Chief Financial Officer, RB Global0: Your next question comes from the line of Michael Feniger with Bank of America. Your line is open. Please go ahead.

Michael Feniger, Analyst, Bank of America: Yeah. Hey, guys. Thanks for squeezing me in. I appreciate it. Yeah, Eric, you kept SG&A was up, I think, 4% year-over-year. Cost of service 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 con that we should be thinking about?

Eric Guerin, Chief Financial Officer, RB Global: Yeah. 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 come 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. 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.

Michael Feniger, Analyst, Bank of America: Great. Just is there anything we should think about with towing costs? Obviously higher fuel. How does that kind of flow through? You know, is there, you know, a chance if fuel stays a certain degree, 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.

Eric Guerin, Chief Financial Officer, RB Global: Yeah. Yeah.

Michael Feniger, Analyst, Bank of America: how you kind of think about that with the business.

Eric Guerin, Chief Financial Officer, RB Global: 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, you know, 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.

Michael Feniger, Analyst, Bank of America: 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 be adopted in the U.S. to a bigger degree, potentially, you know, 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 have not heard that in a while. Most of the focus is on auto. Just curious if you could flesh out some things you guys are seeing out there that gets you excited.

Jim Kessler, Chief Executive Officer, RB Global: Yeah. Hey, Michael. There’s a bunch. We can probably take the next hour talking about what gets us excited. Let me just address first the reserve, and just wanted to remind the group, we did our first pilot in the first quarter. We are very happy how that pilot went, we are continuing to do more of those auctions internationally. When we think about it, you know, we just don’t think about it as reserve. We think about it 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.

In this fixed price side of the marketplace, we think we have tremendous upside that we play in a very small part of it today.

Michael Feniger, Analyst, Bank of America: Great. Thank you.

Eric Guerin, Chief Financial Officer, RB Global: Yeah, the only thing I would add there is we are going to do the reserve auction where that is where or how business is done. There are opportunities in those markets, but it’s not our expectation that that would go into markets on a broad base that are currently unreserved and operate that way.

Eric Guerin, Chief Financial Officer, RB Global0: Your next question comes from the line of Krista Friesen with CIBC. Your line is open. Please go ahead.

Krista Friesen, Analyst, CIBC: 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.

Jim Kessler, Chief Executive Officer, RB Global: Yeah, 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 are similar to what you see in the U.S. when you talk about net returns and our ability to execute. ASPs are not as good as they are in the U.S., but in our projection and our expectations. I think we feel really good. I think as you think about other countries, what we wanna make sure is we go into countries that operate similarly to the Canada market, to Australia, to the U.K., that we’re able to leverage the scale 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.

Krista Friesen, Analyst, CIBC: Okay, perfect. Thank you. Just on the automotive side, it 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?

Jim Kessler, Chief Executive Officer, RB Global: Yeah, look, we don’t really talk about competitors in any of that. What we stay focused on is what we can control and we wanna be in a very rational marketplace and that’s our goal. But we don’t really get into comments about what any one competitor is doing.

Krista Friesen, Analyst, CIBC: Fair enough. Thank you for the color. I’ll jump back in the queue.

Eric Guerin, Chief Financial Officer, RB Global0: Your next question comes from the line of John Gibson with BMO Capital Markets. Your line is open. Please go ahead.

John Gibson, Analyst, BMO Capital Markets: Afternoon, thanks for taking my question. Just had one on the CC&T side, just general trends that you’re seeing. Are you seeing any more insourcing of used equipment sales by dealers or, maybe the opposite? I mean, your results suggest that it’s going the other way, but just wondering what you’re seeing with, especially with some of the newer equipment that’s coming onto the market.

Jim Kessler, Chief Executive Officer, RB Global: yeah, look, for us here at Ritchie Brothers, 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.

John Gibson, Analyst, BMO Capital Markets: Okay, great. Thanks a lot. Turn it back.

Eric Guerin, Chief Financial Officer, RB Global0: Your next question comes from the line of Maxim Sytchev with National Bank Financial. Your line is open. Please go ahead.

Maxim Sytchev, Analyst, National Bank Financial: Hi, good afternoon, gentlemen. Is it possible to quantify the pull forward for CC&T in the quarter at all?

Jim Kessler, Chief Executive Officer, RB Global: I’ll pass this to Eric Guerin.

Eric Guerin, Chief Financial Officer, RB Global: Yeah. No, I don’t think we can quantify the pull forward. It’s more just timing of the auction calendars. We also talked about on the automotive side, you know, 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, you know, if things move across quarters, that’s not our primary objective for us.

Maxim Sytchev, Analyst, National Bank Financial: Sure. I guess, because given the policy uncertainty, there was, you know, some hesitance maybe to transact at some point. Do you feel right now kind of buyers and sellers are sort of, you know, ready to go, or how would you qualify that if there’s such a thing?

Eric Guerin, Chief Financial Officer, RB Global: 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, so you can use that as a reference point. Does that help?

Maxim Sytchev, Analyst, National Bank Financial: Okay. Yeah. Yeah, absolutely. Another quick question. In terms of the DST impact, can you just qualify what was included and excluded from the adjusted EBITDA by any chance? Thanks.

Eric Guerin, Chief Financial Officer, RB Global: Yeah. We provided a reconciliation on that. 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.

Maxim Sytchev, Analyst, National Bank Financial: Okay, 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.

Eric Guerin, Chief Financial Officer, RB Global: Yes. Nothing unusual.

Maxim Sytchev, Analyst, National Bank Financial: Okay. Okay. Thank you so much.

Eric Guerin, Chief Financial Officer, RB Global: No problem.

Eric Guerin, Chief Financial Officer, RB Global0: There are no further questions at this time. I would now like to turn the call back to RB Global CEO, Jim Kessler for closing remarks. Please go ahead.

Jim Kessler, Chief Executive Officer, RB Global: Thank you. To close, I wanna recognize the teams across RB Global for our strong start to 2026 and the execution discipline that delivered our 1st 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. Everyone have a good week, and talk to you soon.

Eric Guerin, Chief Financial Officer, RB Global0: This concludes today’s call. Thank you for attending. You may now disconnect.