This report does not constitute a rating action. Demand for repairable insurance claims will likely remain soft over the medium term. Collision repair insurance claims remain soft following constrained growth in 2025. Vehicle owners are delaying or declining to make discretionary repairs, in part due to inflationary pressure on consumer’s pocketbooks. As such, year-over-year organic revenue declined for Wand NewCo 3 Inc. (dba Caliber) in the first half of 2026, as lower volumes offset other operational gains. While near-term pressures persist, industry indicators are improving insurance premiums are easing, and vehicle traffic remains stable despite rising fuel costs. Caliber is well-positioned to navigate this fragmented market. As the largest U.S. multi=shop operator (MSO), Caliber uses its large scale and operational
