Canadian adviser Beutel Goodman discloses 7.2% Boyd Group (BGSI) stake

Rhea-AI Filing Summary

Beutel, Goodman & Company Ltd. filed a Schedule 13G reporting beneficial ownership of 1,541,831 Boyd Group Services Inc. common shares, representing 7.182% of the class as of the reported date.

The Canadian investment adviser has sole power to vote 1,452,289 shares and sole power to dispose of 1,541,831 shares, with no shared voting or dispositive power. The firm certifies the stake was acquired and is held 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)

103310108

(CUSIP Number)

01/31/2026

(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. 103310108

1

Names of Reporting Persons

Beutel, Goodman & Co Ltd.

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 1,452,489.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,541,831.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,541,831.00

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)

7.2 %

12

Type of Reporting Person (See Instructions)

IA

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: Beutel, Goodman & Company Ltd.
(b)	Address or principal business office or, if none, residence: 20 Eglinton Ave. W., Suite 2000 Toronto, Ontario, M4R 1K8, Canada
(c)	Citizenship: Canadian incorporated company
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 103310108
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).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,541,831
(b)	Percent of class: 7.182 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,452,289
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,541,831
	(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 securities referred to above 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.

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.

Beutel, Goodman & Co Ltd.

Signature:	Michal Pomotov
Name/Title:	General Counsel & CCO
Date:	02/04/2026

FAQ

What stake in Boyd Group Services Inc. does Beutel Goodman report in this Schedule 13G for BGSI?

Beutel, Goodman & Company Ltd. reports beneficial ownership of 1,541,831 Boyd Group Services Inc. common shares, representing 7.182% of the class. This reflects a significant institutional position exceeding the 5% threshold that requires public disclosure on Schedule 13G.

Who is the reporting person in the Boyd Group Services Inc. (BGSI) Schedule 13G filing?

The reporting person is Beutel, Goodman & Company Ltd., a Canadian incorporated investment adviser based in Toronto. The firm is disclosing its beneficial ownership in Boyd Group Services Inc. common shares as required under U.S. securities regulations for holders above 5%.

How much voting power does Beutel Goodman have over its BGSI Boyd Group shares?

Beutel, Goodman & Company Ltd. reports sole voting power over 1,452,289 Boyd Group common shares and no shared voting power. This means only the firm, and not any other party jointly, can vote or direct the vote for that portion of its holdings.

What dispositive power does Beutel Goodman report over Boyd Group Services Inc. (BGSI) shares?

The firm reports sole dispositive power over 1,541,831 Boyd Group common shares and no shared dispositive power. Sole dispositive power means Beutel Goodman alone can decide whether to sell or otherwise dispose of those shares on behalf of its clients.

Is Beutel Goodman seeking to influence control of Boyd Group Services Inc. according to this 13G?

No. Beutel, Goodman & Company Ltd. certifies the Boyd Group shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, nor in connection with any control-related transaction.

Why did Beutel Goodman need to file a Schedule 13G related to BGSI Boyd Group?

A Schedule 13G is required when an investor beneficially owns more than 5% of a registered class of equity securities. Beutel Goodman crossed this threshold in Boyd Group, reporting 7.182%, and therefore had to publicly disclose its ownership and control intentions.