Institutional holders report 8.67% stake in Boyd Group Services (BGSI)

Rhea-AI Filing Summary

Boyd Group Services Inc. received a Schedule 13G reporting that a group of Canadian investment firms, including 1832 Asset Management L.P., MD Financial Management Inc., and Scotia Capital Inc. beneficially own 2,413,499 common shares, representing 8.67% of the company’s common shares as of 12/31/2025.

The reporting persons state they hold the shares in the ordinary course of business and not for the purpose of changing or influencing control of Boyd Group Services Inc.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Boyd Group Services Inc.

(Name of Issuer)

common shares

(Title of Class of Securities)

103310959

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 103310959

1

Names of Reporting Persons

1832 Asset Management L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,359,177.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,359,177.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,359,177.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.5 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 103310959

1

Names of Reporting Persons

MD Financial Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 37,840.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 37,840.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

37,840.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 103310959

1

Names of Reporting Persons

SCOTIA CAPITAL INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 16,482.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 16,482.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,482.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Boyd Group Services Inc.
(b)	Address of issuer's principal executive offices: 1745 ELLICE AVE., UNIT C1, WINNIPEG, MANITOBA, CANADA, 00000
Item 2.
(a)	Name of person filing: 1832 Asset Management L.P. MD Financial Management Inc. Scotia McLeod, a division of Scotia Capital Inc
(b)	Address or principal business office or, if none, residence: Scotiabank North, 40 Temperance Street, 16th Floor, Toronto, Ontario, M5H 0B4, Canada 1870 Alta Vista Drive, Ottawa, Ontario, K1G 6R7, Canada 40 King St. West, Scotia Plaza, 52nd Floor, Toronto, Ontario, M5W 2X6, Canada
(c)	Citizenship: Canadian Canadian Canadian
(d)	Title of class of securities: common shares
(e)	CUSIP No.: 103310959
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	investment adviser and broker dealer
Item 4.	Ownership
(a)	Amount beneficially owned: 2,413,499
(b)	Percent of class: 8.67%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,413,499
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,413,499
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Investment Fund Manager and Portfolio Manager is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

1832 Asset Management L.P.

Signature:	Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	02/11/2026

MD Financial Management Inc.

Signature:	Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	02/11/2026

SCOTIA CAPITAL INC.

Signature:	Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	02/11/2026

FAQ

What does the Schedule 13G filing reveal about Boyd Group Services Inc. (BGSI)?

The filing shows certain Canadian investment firms collectively own 2,413,499 Boyd Group Services Inc. common shares, or 8.67% of the class. This is a passive ownership report, indicating no stated intent to influence control of the company.

Who are the reporting investors in the Boyd Group Services Inc. (BGSI) Schedule 13G?

The reporting investors are 1832 Asset Management L.P., MD Financial Management Inc., and Scotia McLeod, a division of Scotia Capital Inc. They collectively reported beneficial ownership of 2,413,499 Boyd Group Services Inc. common shares, representing 8.67% of the outstanding class.

How large is the reported stake in Boyd Group Services Inc. (BGSI)?

The reporting group disclosed beneficial ownership of 2,413,499 Boyd Group Services Inc. common shares, equal to 8.67% of the common share class. This level of ownership requires filing a Schedule 13G as a passive institutional holder under U.S. securities rules.

Are the Boyd Group Services Inc. (BGSI) shares held to influence control?

The reporting investors certify the Boyd Group Services Inc. shares were acquired and are held in the ordinary course of business. They state the holdings are not for changing or influencing control and are not part of any transaction with that purpose or effect.

When was the Boyd Group Services Inc. (BGSI) ownership level measured?

The Schedule 13G lists December 31, 2025, as the date of the event requiring the filing. The 2,413,499 Boyd Group Services Inc. common shares and 8.67% ownership percentage are reported as of that date under U.S. beneficial ownership disclosure rules.

What type of institutions reported the Boyd Group Services Inc. (BGSI) stake?

The filing classifies the reporting entities as an investment adviser and broker-dealer. They also certify that the foreign regulatory regime for investment fund managers and portfolio managers is substantially comparable to the U.S. regime applicable to similar institutions.