Slide 1: Q4 & Full Year 2024 Investor Presentation
Q4 & Full Year 2024 Investor Presentation March 13, 2025 Bird Construction Inc. (TSX:BDT)
Slide 2: Disclaimer
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: At-a-glance
at-a-glance A leading collaborative construction and maintenance company operating from coast-to-coast-to-coast TSX: BDT $3.4B $100M Toronto, ON Full Year 2024 Full Year 2024 Calgary, AB Revenue Net Income Headquarters $3.7B $3.9B gt;1.4B1 Backlog2 Pending Market cap Dec. 31, 2024 Backlog2 Dec. 31, 2
Slide 4: Building on the foundation of operational excellence and safe execution
Building on the foundation of operational excellence and safe execution, considerable growth and sustained momentum from the Company's 2022-2024 Strategic Plan.
Slide 5: 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 data-driven operational growth, financial that are partners of choice in excellence rooted in diligent flexibil
Slide 6: 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 7: 2025-2027 Strategic Plan Targets
2025-2027 Strategic Plan Targets Revenue Adj. EBITDA Dividends 10% +/- 2% 8.0% 33% Organic revenue growth CAGR Adjusted EBITDA Margin for full-year 2027 Dividend payout ratio of (with 2025 receiving an additional 5% growth from the full year of Jacob Bros. revenue, when compared to 2024) Net Income
Slide 8: Bird's Core Operating Sectors
Bird’s Core Operating Sectors Through strategic diversification, 100% enhanced self-perform 90% capabilities, and a collaborative 34% 39% 43% 80% One Bird culture, we have 70% expanded access to large capital 60% investment projects and 2024 strengthened our position in key50% 51% markets. 40% 48% 4
Slide 9: Balanced, Diversified, Low to Medium Risk Revenue
Balanced, Diversified, Low to Medium Risk Revenue Over the past several years, strategic changes have diversified our business, expanded capabilities and geographical reach, and strengthened our risk-balanced work program through more collaborative contracting structures. Today, the majority of our
Slide 10: Key Strategic Sectors
Key Strategic Sectors Well-positioned to Benefit from Significant Long-term Demand Strategic focus on economically resilient sectors supported by longer-term drivers, >80% such as: defence spending; transportation infrastructure; power infrastructure, Revenue and combined including nuclear and hydro
Slide 11: Sector Spotlight
Sector Spotlight Infrastructure Buildings Rail Defence • Arctic Security Strategy: $2.7B over 20 years for three • Rail Connect Partners, Bird’s 50/50 joint venture with northern military hubs. AtkinsRéalis, finalized and signed the Project Alliance Agreement with Metrolinx to deliver the East Harbo
Slide 12: Operational Excellence Driving Growth on Large Capital Investment Projects
Operational Spotlight Projects Excellence Driving Woodfibre LNG Project Growth on Large Key construction subcontractor on $5.1B project for world’s first net-zero LNG export facility; notably, completed over $1B in work at the Kitimat LNG Project. Capital Investment Bruce and Darlington Nuclear Faci
Slide 13: 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 14: Environmental, Social, Governance
Environmental, Social, Governance Bird’s Environmental, Social, and Governance (ESG) program The four pillars of the Bird ESG program embed remains aligned to business, client, and industry demands. sustainability within the business to optimize our positive social and environmental impact by utiliz
Slide 15: Full Year 2024 Financials
Full Year 2024 Financials Q4 & FY 2024 Investor Presentation BIRD CONSTRUCTION INC.
Slide 16: Financial Highlights
Financial Highlights FULL YEAR 2024 in millions of Canadian dollars Adj. EBITDA1 & Adj. Revenue EBITDA Margin2 • Accelerated Growth & Margin Expansion 21% y/y – Driven by diversification in high-demand 53% y/y sectors, industrial and infrastructure growth, 6.3% $3,397 6.0% and increased self-perform
Slide 17: Sustained, Diversified, and Risk-Balanced ~$3.7B Backlog
Sustained, Diversified, and Risk-Balanced BACKGROUND BACKLOG BREAKDOWN Backlog Characterizations Expect Significant Conversions of Pending Backlog to Backlog in 1H Driven by Collaborative Projects Successfully Reaching Construction Phase Securements across our businesses with ■ Recurring Revenue ■ P
Slide 18: Q4 & Full Year 2024 Financial Highlights
Q4 & Full Year 2024 Financial Highlights Revenue growth, continued margin accretion and delivering earnings and operating cash flow improvements that significantly outpaced revenue growth. Twelve Months Three Months Ended Y/Y Y/Y Ended December 31, 2024 Change Change December 31, 2024 Revenue $936.7
Slide 19: Risk-Balanced Business Model with a Proven Track Record of Generating Growth and Profitability
Risk-Balanced Business Model with a Proven Track Record of Generating Growth and Profitability 2022-2024 2025-2027 10.0% +/- 2% Revenue growth will be driven by above market growth in infrastructure and • Adj. EBITDA (TTM) CAGR1 25% industrial with in-line market growth expected for buildings. • Add
Slide 20: Strong Cash Flow Generator
Strong Cash Flow Generator Solid, sustained financial foundation with flexibility for continued growth Cash Flows from Operating Activities Expanding Free Cash Flow Robust return & capital 47% Generation efficiency metrics CAGR1 $114 $76 $43 80.4% 32.7% 2022 2023 2024 FCF Conversion % of ROE2 Net In
Slide 21: Disciplined Capital Allocation Strategy
Disciplined Capital Allocation Strategy Uses of capital Future priorities (2022-2024) (2025-2027) 215% increase Internal Investments to monthly • Investing in project-related equipment dividend • Advancing efficiency, data analytics and productivity of 26% Smart capital technology investments to sup
Slide 22: Clear & Strategic Approach to M&A
Clear & Strategic Approach to M&A 1. Achieves sector and geographic growth 1. Cross-selling or synergies 2. Cultural fit/leadership retention 2. Strong end market outlook Strategic 3. Enhances presence and capabilities in 3. New/enhanced long-term existing geography clients and partnerships filters
Slide 23: M&A Scorecard: Track Record of Successful Integrations
M&A Scorecard: Track Record of Successful Integrations Close date Aug 2024 Jan 2024 Feb 2023 Sept 2021 Sept 2020 Purchase price ($M) $135 $11 $7 $32 $96 Buildings, Industrial Overview Infrastructure Industrial (MRO) Utilities Infrastructure (MRO) Strategic filters Sector and geographical growth Enha
Slide 24: Outlook
Committed to Our Strategic Plan – Entering 2025 from a position of strength with record liquidity, a near-record combined backlog with higher embedded margins providing exceptional visibility, and a strong bidding environment in Outlook strategic, resilient sectors driving confidence in achieving ou
Slide 25: Appendix
Appendix Q4 & FY 2024 Investor Presentation BIRD CONSTRUCTION INC.
Slide 26: 3-Year Historical Financial Performance
3-Year Historical Financial Performance Significant progress made with long runway for growth ahead Revenue ($M) Adjusted EBITDA ($M) & Margin (%) Earnings Per Share (EPS) $1.84 $2 50 15% $213 8.5% 32% CAGR1 $3,397 $2 00 25% CAGR1 $2,799 CAGR1 7.5% $1.33 $2,369 6.3% $1 50 $139 6.5% $0.93 $101 5.0% 5
Slide 27: Capital Markets Overview
$20.78 ~4.0% ~$1.2B Capital Share Price(1) Dividend Yield(2) Market Capitalization (1) Markets Overview $17.89/$32.67 55,382,831 52 Week Low / High (1) 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
Slide 28: Q4 & Full Year 2024 Investor Presentation
Q4 & Full Year 2024 Investor Presentation Bird Construction Inc. (TSX:BDT) Q4 & FY 2024 Investor Presentation 27