Slide 1: Second Quarter 2025
SECOND QUARTER 2025 AECON GROUP INC. (TSX: ARE)
Slide 2: Forward-Looking Information, Non-GAAP & Supplementary Financial Measures
Forward-Looking Information Non-GAAP & Supplementary Financial Measures The information in this presentation includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on The presentation p
Slide 3: Why Invest in Aecon?
Why Invest in Aecon? DEVELOPING CRTICIAL INFRASTRUCTURE AND ENERGY SOLUTIONS Favourable Diversified & Resilient Shareholder Demand Environment Business Model Value Creation CONSOLIDATED2 CONSTRUCTION CONCESSIONS $4.9B $9.5B $10.7B ADJ. EBITDA (As Adjusted)1,5, 9 $351M $321M $69M 7% 59% 12 TOTAL REVE
Slide 4: Diverse Business Model
Diverse Business Model $10 M1,6,7 Construction Q2 2025 TTM Revenue (As Adjusted) $4,702 M1,6,7 Q2 2025 TTM Adj. EBITDA (As Adjusted) $ 321 M1,6,7 Concessions Q2 2025 TTM Revenue (As Adjusted) Q2 2025 TTM Adj. EBITDA (As Adjusted) $69 M1,6,7 BERMUDA INTERNATIONAL AIRPORT 50.1%3,4 Utilities 20%2 Civil
Slide 5: Record Backlog & Solid Recurring Revenue Profile
Record Backlog & Solid Recurring Revenue Profile Reported backlog excludes collaborative and progressive design projects currently under development1 Total Backlog3 ($M) Backlog Duration ($M) Recurring Revenue 4 (As Adjusted) ($M) At June 30 At June 30 $10,746 $10,746 $1,035 $953 $968 $5,000 $6,851
Slide 6: Major Projects & Concessions Provide Stability
Concessions / DBOM1 Other Major Projects1 Major Projects & Concessions U.S. Virgin Islands Airports 50% share in construction; 50% equity stake in 40-year concession and Pickering Nuclear Refurbishment (50% JV) $1.05 billion; planning and early works are underway, and completion and completion of th
Slide 7: Overview of Aecon Utilities
Overview of Aecon Utilities Large and diverse utility infrastructure provider in Canada with a growing U.S. presence Diversified Business Across Key End Markets Financial Highlights 20%1 of Aecon’s Construction Segment Revenue in Q2 2025 33% 26% 16% 25% TTM Electrical Transmission & Renewables / Tel
Slide 8: Valuable Concessions and O&M Portfolio
Valuable Concessions and O&M Portfolio Canadian LRTs International Airport Portfolio • 30-year maintenance concessions on Eglinton, Finch and Waterloo LRTs • Availability-based payments with revenue risk mitigated by provincial transit counterparties Bermuda LF. Wade International Airport • Experien
Slide 9: Q2 2025 Financial Results
Q2 2025 Financial Results $ Millions Three Months Ended Three Months Ended (except per share amounts) June 30 (As Reported) June 30 (As Adjusted)2,5 2025 2024 Change1 2025 2024 Change1 Revenue 1,302 854 52% 1,279 975 31% Gross Profit (Loss) 76.9 (137.9) nmf 115.7 99.1 17% Gross Profit Margin %4 5.9%
Slide 10: Financial Position, Liquidity and Capital Resources
Financial Position, Liquidity and Capital Resources Balance Sheet ($M) Free Cash Flow ($M) June 30, 2025 Q2 2025 TTM Q2 2024 TTM Core Cash 123.3 Operating Profit (Loss) 72.1 9.2 Bank Indebtedness (366.5) Cash in Joint Operations 339.0 Depreciation and amortization 101.0 73.5 Total Cash 95.8 (Gain) o
Slide 11: Sustainability
5 9 % o f 2 0 24 R e v e n u e T i e d To Sustainability Sustainability Projects 2 Environmental Leadership Our People and Communities Responsible Governance One of Canada’s Greenest Employers 2025 Social Responsibility Award 2024 Sustainability & Disclosure Report (Canada’s Top 100 Employers Projec
Slide 12: Working Toward Net Zero Construction
WORKING TOWARD NET ZERO CONSTRUCTION 1% emission reduction from 2020-2023? TARGET ACHIEVED (2030): @ ose: 30% == 3 4 hh emission reduction to date” This is a summary of key initiatives we're implementing across our operations to reduce emissions and work toward our net zero goal. TARGET: NET ZERO sc
Slide 13: Outlook
Outlook • Revenue in 2025 is expected to be stronger than 2024, driven by record reported backlog of $10.7 billion at the end of the second quarter of 2025, recurring revenue programs continuing to see solid demand, a strong bid pipeline, and the impact of strategic acquisitions completed in the sec
Slide 14: Appendix
APPENDIX
Slide 15: Q2 2025 Financial Results (As Adjusted)
Q2 2025 Financial Results (As Adjusted) Three Months Ended Twelve Months Ended $ Millions Jun 30 Jun 30 2025 2024 Change2 2025 2024 Change2 Revenue 1,302 854 52% 4,906 4,070 21% Legacy Projects (23) 122 (179) (251) 1 Divestiture Impacts - - - (24) 3 Revenue (As Adjusted) 1,279 975 31% 4,727 3,795 25
Slide 16: Operating Profit & Adj. EBITDA Contribution By Segment
Operating Profit & Adj. EBITDA Contribution By Segment Operating Profit ($ Millions) Operating Profit Margin % Q2 2025 Q2 2024 % Change Q2 2025 Q2 2024 BPS Change Construction 14.9 (185.0) nmf Construction 1.1% -21.7% nmf Concessions 2.9 16.8 83% Concessions nmf nmf nmf Total1 2.3 (166.3) nmf Total1
Slide 17: Construction Q2 2025 Results
Construction Q2 2025 Results Q2 20251 Q2 20251,2 (As Reported) (As Adjusted)3 Revenue up by $447M, or 52%, period-over-period Revenue ($M) Revenue ($M) $1,298 $1,276 $192M in industrial operations driven primarily by an increased volume of field construction work at $973 $851 +52% +31% industrial fa
Slide 18: Construction Q2 2025 Results (continued)
Construction Q2 2025 Results (continued) Q2 20251 Q2 20251,4 (As Reported) (As Adjusted)2 Adjusted EBITDA2 up by $212M period-over-period and Adj. EBITDA ($M) Adj. EBITDA ($M) Operating Profit up by $200M period-over-period -104% -1% Net positive impact on operating profit of $198.2 million from the
Slide 19: Concessions Q2 2025 Results
Concessions Q2 2025 Results Q2 20251 Q2 20251,3 (As Reported) (As Adjusted)2 Revenue ($M) Revenue ($M) Revenue flat period-over-period $2 -47% $2 -47% $2 $2 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Adjusted EBITDA2 down by $13M, or 44%, period-over-period and Adj. EBITDA ($M) Adj. EBITDA ($M) Operating Profi
Slide 20: Non-GAAP Measures Quantitative Reconciliation
Non-GAAP Measures Quantitative Reconciliation 2 2 Net Working Capital Reconciliation ($M) Free Cash Flow Reconciliation ($M) Cash Flow From Operations & Investing Reconciliation ($M) Jun 30, 2025 Q2 2025 TTM Q2 2024 TTM Q2 2025 TTM Q2 2024 TTM Trade and Other Receivables 990.1 Profit (loss) Before I
Slide 21: Non-GAAP Measures Quantitative Reconciliation (cont'd)
Non-GAAP Measures Quantitative Reconciliation (cont’d) ` Adjusted Profit Attributable to Shareholders ($M) 1 and Adjusted Earnings Per 1 Adjusted EBITDA Reconciliation ($M) Share 1 Reconciliation Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 TTM Q2 2024 TTM Profit (loss) attributable to shareholders (7.6)
Slide 22: Non-GAAP Measures Quantitative Reconciliation (cont'd)
Non-GAAP Measures Quantitative Reconciliation (cont’d) Three Months Ended Twelve Months Ended $ Millions Jun 30 Jun 30 Consolidated 2025 2024 Change3 2025 2024 Change3 Revenue 1,302 854 52% 4,906 4,070 21% Legacy Projects (23) 122 (179) (251) Divestiture Impacts1,2 - - - (24) Revenue (As Adjusted) 4
Slide 23: Capital Markets Overview
Capital Markets Overview Analyst Coverage1 ARE.TSX Statistics Firm Analyst Telephone as of July 29, 2025 ATB Capital Chris Murray (647) 776-8246 $18.88 4.0% Share Price Dividend Yield BMO Capital Markets Devin Dodge (416) 359-6774 Canaccord Genuity Yuri Lynk (514) 844-3708 63.1 Million ~$1.2 Billion
Slide 24: aecon.com
aecon.com ADAM BORGATTI VANCOUVER Senior Vice President 1055 Dunsmuir Street, Suite 2124 Vancouver, BC V7X 1G4 Corporate Development & Investor Relations – aborgatti@aecon.com CALGARY – 28 Quarry Park Blvd SE, Suite 310 STEVEN HONG Calgary, AB T2C 5P9 Director – Corporate Development & Investor Rela