Bird Construction Inc. · TSX:BDT
Bird Construction — FY2025 Earnings Presentation
42 slides from Bird Construction's earnings presentation, Mar 12, 2026
Slide 1: Q4 & Full Year 2025 Investor Presentation
Q4 & Full Year 2025 Investor Presentation March 12, 2026 Bird Construction Inc. (TSX:BDT)
Slide 2: Terminology and non-GAAP & other financial measures
Terminology and non-GAAP & other financial measures Disclaimer Throughout this presentation, management uses certain terminology and financial measures that do not have standard meanings under IFRS and are considered specified financial measures. These include non-GAAP financial measures, non-GAAP
Slide 3: Why Invest
Why Invest A De-Risked Construction & Maintenance Platform with Multi-Year Earnings Visibility. Structurally Lower Risk Margin-Resilient Execution • >90% of work in collaborative delivery models • Growing self-perform enhancing project execution • Diversified exposure across Industrial, and margin a
Slide 4: At-a-glance
at-a-glance A leading collaborative construction and maintenance company operating from coast-to-coast-to-coast TSX: BDT $3.4B $47.4M Full Year 2025 Full Year 2025 Toronto, ON Revenue Net Income Calgary, AB Headquarters $5.1B $6.0B $1.75B1 Backlog2 Pending Market cap Dec. 31, 2025 Backlog2 Dec. 31,
Slide 5: Strategic Plan
Strategic Plan Builds on the foundation of operational excellence and safe execution, considerable growth and sustained momentum from the Company's 2022-2024 Strategic Plan. 5
Slide 6: 2025-2027 One Bird Growth Strategy
2025-2027 One Bird Growth Strategy Strategic pillars driving long-term profitable growth A safe, engaged, Disciplined, collaborative, Profitable and accretive high-performing One Bird team that data-driven operational excellence growth, financial flexibility, are partners of choice in both core root
Slide 7: 2025-2027 Strategic Direction
2025-2027 Strategic Direction 1. 2. 3. 4. Building on a Enhancing Bird’s Expanding into Introducing 2025-2027 foundation of industry-leading talent strategic market financial targets operational and capabilities, sectors and targeted enabled by One Bird excellence and safe reinforced by a strong lar
Slide 8: Path to 2027
Path to 2027 Risk-Balanced Business Model with a Proven Track Record of Generating Growth and Profitability 2022-2024 2025-2027 • Adj. EBITDA (TTM) CAGR1 25% • Adj. EBITDA (TTM) CAGR2 30% (2022-2025) • Added 200bps to Adj. EBITDA Margin in 3 years • 150bps in 2 years with multiple, incremental drive
Slide 9: Industrial, Buildings, Infrastructure
Industrial, Buildings, Infrastructure Strategic Progression Toward a Balanced Sector Mix 2025-2027 Strategic Plan Target Through strategic diversification, 100% 13% 15% enhanced self-perform capabilities, and 90% 21% 26% a collaborative One Bird culture, we have expanded access to large capital80% i
Slide 10: Lower-risk, Collaborative Delivery Drives Margin Resilience
Lower-risk, Collaborative Delivery Drives Margin Resilience Bird has transformed into a lower-risk, margin-resilient construction platform through a sustained shift toward collaborative delivery models and disciplined project selection, alongside diversification of its business, expanded self-perfor
Slide 11: Growing Addressable Markets with Near-Term Tailwinds
Growing Addressable Markets with Near-Term Tailwinds Industrial Buildings Infrastructure $89B $89B $97B annual total addressable market(1) annual total addressable market(1) annual total addressable market(1) Key Subsectors Oil, Gas, Chemicals $49B Manufacturing $38B Rail, Roads & Structures $53B Mi
Slide 12: Diversified Sector Positioning
Diversified Sector Positioning Strategic End Market Opportunities Birds Differentiated Capabilities & Solutions Comprehensive nuclear expertise combining certified quality Nuclear Large, high-growth nuclear market offering complex, systems, collaborative delivery, strong Indigenous engagement ~$
Slide 13: Spotlight LCIP Projects
Operational Excellence Driving Growth on Large Capital Investment Projects (LCIPs) Background: client-driven investments ($1B+) split into multiple scopes with successive wins driving business-wide growth and target achievement. Spotlight LCIP Projects Pickering, Bruce and Darlington Nuclear Facilit
Slide 14: A Canadian Energy Transition and Electrification Partner
A Canadian Energy Transition and Electrification Partner Proven experience and capabilities to support Canada’s energy transition Clean power generation Power distribution & Low-carbon & green Critical, rare & Transportation, electrified systems infrastructure solutions battery minerals manufacturin
Slide 15: Operational Intelligence
Operational Intelligence Predictive analytics to enhance efficiency, reduce risk, and support data-driven decision making on complex projects Adapting & Innovating: How Bird Is Embracing AI Change Newest class of Megaprojects Predictive Analytics Construction of hyperscale and Strategic tool combi
Slide 16: Indigenous Partnerships Embedded in Bird's Operating Model
Indigenous Partnerships Embedded in Bird’s Operating Model Embedded, National Approach with Long-Term Relationships • Being a preferred partner for Indigenous rights holders and communities is a core element of Bird’s culture • Bird has one of the strongest Indigenous relationship networks among Can
Slide 17: Environmental, Social, Governance
The four pillars of the Bird ESG program embed sustainability within the Bird’s 2025 sustainability overview business to optimize our positive social and environmental impact by utilizing a will be published May 14, 2026 strong corporate governance framework that ensures accountability and Visit: bi
Slide 18: Q4 2025 Financials
bird Q4 2025 Financials
Slide 19: Financial Highlights
Q4 2025 in millions of Canadian dollars Revenue Adj. EBITDA1 & Financial Adj. EBITDA Margin2 (6.4%) y/y (8.0%) y/y Highlights $1,000 $937 $877 7.7% 7.5% 6.0% $500 $72 $66 • Revenue: Reflects lower Industrial 3.0% and Buildings activity due to earlier-year project delays. $- $0 0.0% Q4’24 • Adj. EBIT
Slide 20: Record $11B in Combined Backlog
Record $11B in Combined Backlog Higher Embedded Margins, Diversified, Risk-Balanced, and Robust Demand Across Sectors, Supports 2027 Targets Backlog expected to be recognized over Securements across our business $11.1B the next 12 months units with growth in-line or above 24% $1,500 market growth
Slide 21: Sustained Adj. EBITDA Progression
Margin growth trajectory supported by strategic Sustained Adj. EBITDA mix in high demand, higher margin sectors. Progression QUARTERLY ADJ. EBITDA ($M) • Margin expansion driven by Infrastructure Q4 2025 $66 7.5% growth, supported by higher-margin contributions from Jacob Bros and FRPD and a continu
Slide 22: Q4 and Full Year 2025 Financial Highlights
Q4 and Full Year 2025 Financial Highlights Resilient performance through ongoing macroeconomic uncertainty, supported by a record backlog with higher embedded margins and strong underlying business fundamentals that continue to provide stability and visibility. Three Months Ended Y/Y Twelve Months E
Slide 23: Operational Cash Flow Generator
Operational Cash Flow Generator Solid, sustained financial foundation with flexibility for continued growth Cash Flows from Operating Activities $120 4.0% 33% $100 -16.0% CAGR2 -36.0% Free Cash Flow Robust liquidity and capital $80 $60 -56.0% Generation efficiency metrics $114 $113 $40 $76 -76.0% $2
Slide 24: Disciplined Capital Allocation Strategy
Disciplined Capital Allocation Strategy Driving significant value creation through clear priorities, and opportunistic acquisitions that build shareholder value. Uses of capital Capital Expenditures2 (2022-2025) $40 $30 Targeted Capital Dividends paid Investments Enabling $20 $41 $31 $34 on Shares P
Slide 25: Full Year 2025 Financials
bird Full Year 2025 Financials
Slide 26: Financial Highlights
FULL YEAR 2025 in millions of Canadian dollars Adj. EBITDA1 & Revenue Adj. EBITDA Margin2 Financial -% y/y 4.4% y/y 8 Highlights 6.3 6.5 $3,397 $3,397 6 $213 $222 • Strong Cash Generation with Further 4 Margin Expansion: Full-year revenue in 2 line y/y, with continued improvement in Adjusted EBITDA.
Slide 27: Record $11B in Combined Backlog
Record $11B in Combined Backlog Higher Embedded Margins, Diversified, Risk-Balanced, and Robust Demand Across Sectors, Supports 2027 Targets Backlog expected to be recognized over Securements across our business $11.1B the next 12 months units with growth in-line or above 24% $1,500 market growth
Slide 28: Q4 & Full Year 2025 Financial Highlights
Q4 & Full Year 2025 Financial Highlights Resilient performance through ongoing macroeconomic uncertainty, supported by a record backlog with higher embedded margins, and strong underlying business fundamentals that continue to provide stability and visibility. Three Months Ended Y/Y Twelve Months En
Slide 29: Operational Cash Flow Generator
Operational Cash Flow Generator Solid, sustained financial foundation with flexibility for continued growth Cash Flows from Operating Activities $120 4.0% 33% $100 -16.0% CAGR2 -36.0% Free Cash Flow Robust liquidity and capital $80 $60 -56.0% Generation efficiency metrics $114 $113 $40 $76 -76.0% $2
Slide 30: Disciplined Capital Allocation Strategy
Disciplined Capital Allocation Strategy Uses of capital Key priorities (2022-2025) Targeted Capital Dividends paid Investments Enabling Internal Investments on Shares Productivity & Growth • Investing in project-related equipment • Advancing efficiency, data analytics and productivity of 28% 30% tec
Slide 31: Clear & Strategic Approach to M&A
Clear & Strategic Approach to M&A 1. Achieves sector and geographic growth 4. Cross-selling or synergies 2. Cultural fit/leadership retention 5. Strong end market outlook Strategic 3. Enhances presence and capabilities in 6. New/enhanced long-term existing geography clients and partnerships filters
Slide 32: M&A Scorecard: Track Record of Successful Integrations
M&A Scorecard: Track Record of Successful Integrations Close date Oct 2025 Aug 2024 Jan 2024 Feb 2023 Sept 2021 Sept 2020 Purchase price ($M) $85 $138 $11 $7 $33 $96 Buildings, Overview Infrastructure Infrastructure Industrial (MRO) Utilities Infrastructure Industrial (MRO) Strategic filters Sector
Slide 33: Outlook
Outlook • Record combined backlog of contracted and awarded work exceeding $11 billion, providing good visibility to expected revenues for 2026 and into 2027. • Work programs expected to materialize as anticipated, with revenue growth accelerating in second quarter as impacts of delays in certain In
Slide 34: Appendix
Appendix Q4 & Full Year 2025 34 Investor Presentation
Slide 35: Capital Markets Overview
$31.66 ~2.7% Capital Share Price(1) Dividend ~$1.75B Market Markets Yield Capitalization (1) Overview $17.52/$33.17 52 Week Low / High (1) 55,382,831 Shares Outstanding (1) Organic and M&A Firm Analyst Contact Revenue Growth ATB Capital Chris Murray 647.776.8246 cmurray@atb.com BMO Capital Markets J
Slide 36: 2025-2027 Strategic Plan Targets
2025-2027 Strategic Plan Targets Revenue Adj. EBITDA Dividends 10% +/- 2% 8.0% 33% Organic revenue growth Adjusted EBITDA Margin for CAGR full-year 2027 Dividend payout ratio of Net Income $4.6-$5.1B 9.0% $5,000 8.0% 8.0% $4,000 $3.4B ~$1.2B Disciplined Capital 7.0% 6.5% ~150 Allocation Strategy $3,
Slide 37: 3-Year Historical Financial Performance
3-Year Historical Financial Performance Significant progress made with long runway for growth ahead Revenue ($M) Adjusted EBITDA ($M) & Margin (%) Earnings Per Share (EPS) $30 0 10% 27% -20% CAGR1 CAGR1 8.5 % CAGR1 7.7% 7.5% $3,397 $3,397 $222 $25 0 $213 7.5 % $1.84 $2,799 6.3% 6.5% $1.33 $20 0 6.5
Slide 38: Growing revenue and healthy EBITDA margin
8 Growing revenue and healthy EBITDA margin Risk Balanced Business Model Generating Growth and Profitability TTM Revenue and Adjusted EBITDA Margin1 in millions of Canadian dollars $4,000 12.0% $3,397 $3,427 $3,404 $3,456 $3,397 11.0% $3,500 $3,253 $3,138 $2,951 10.0% $3,000 $2,799 $2,656 $2,540 9.0
Slide 39: Fraser River Pile & Dredge (FRPD): At A Glance
Fraser River Pile & Dredge (FRPD): At A Glance Highly experienced Versatile marine Safety leader in marine Strong Indigenous Broad client base across workforce of 300+ salaried, and land construction infrastructure, land Partnerships sectors, and strong hourly and craft equipment fleet foundations a
Slide 40: Furthering Bird's Strategy to Expand its National Full-service Infrastructure Vertical
Furthering Bird’s Strategy to Expand its National Full-service Infrastructure Vertical Acquisition aligns with Bird’s M&A strategy • Highly strategic, complementary acquisition aligned with Bird’s Strengthens Bird’s national disciplined M&A criteria, expanding the Company’s national infrastructure p
Slide 41: Accelerating Infrastructure Growth with FRPD
Accelerating Infrastructure Growth with FRPD Expands Bird’s self-perform capabilities and enables greater scope participation, unlocking national multi-year infrastructure growth opportunities National marine + foundation Strengthens Infrastructure mix Unlocks cross-selling and self-perform expansio
Slide 42: Q4 & Full Year 2025 Investor Presentation
Q4 & Full Year 2025 Investor Presentation Bird Construction Inc. (TSX:BDT)