RB Global Inc

Q2 performance was strong and shows operating leverage - Total GTV: +$4.7B, +11% YoY - Adjusted EBITDA: +6% YoY - Service revenue: +5% YoY but service revenue take rate fell 110 bps YoY to 20% (mix effects, acquisitions, and automotive volume incentives) - Adjusted EPS: +6% YoY - Management emphasized they prioritize $-based economics (service revenue dollars / adjusted EBITDA dollars) over percentage take rate, so margin optics can move even when value creation is solid.

2026 outlook raised (growth still “volume-led”) - 2026 GTV: raised to +9% to +11% growth range - 2026 adjusted EBITDA: expected ~+8.6% at midpoint - Outlook explicitly incorporates ~$500M GTV contribution from the BigIron acquisition - Expectation: EBITDA growth ahead of service revenue growth (continued operating leverage), but still not a fully normalized take-rate run-rate yet for acquisitions.

Big “surprise/opportunity”: BigIron acquisition completes; integration progressing - Acquisition completed in May; positioned as a scaled, trusted global partner in U.S. agriculture - BigIron expands RB’s participation in a large U.S. ag market (~$60B annual transactional volume in North America; agriculture accounts for the majority of it per management); equipment is about half and real estate/land is the remainder (land deals carry low single-digit take rates) - Management’s 3 durable growth drivers in ag: 1) recurring equipment replacement / productivity investment 2) generational farm transitions & consolidation 3) online auctions/marketplaces still underpenetrated - Challenge/negative: integration and take-rate impacts mean near-term margin/take-rate may not represent stable “run-rate”; real estate adoption may lag until later in the farming cycle.