Slide 1: March 2022 Investor Presentation
Bird Construction Inc. (TSX:BDT) March 2022 Investor Presentation 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this presentation are based on the expectations, estimates and projections of managem
Slide 3: Disclaimer: Terminology and Non-GAAP & Other Financial Measures
Disclaimer TERMINOLOGY AND NON-GAAP & OTHER FINANCIAL MEASURES 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 f
Slide 4: Disclaimer: Terminology and Non-GAAP Measures (continued)
Disclaimer TERMINOLOGY AND NON-GAAP & OTHER FINANCIAL MEASURES (continued) "Current Ratio" is a supplementary financial measure representing the percentage derived by dividing total current assets by total current liabilities. "General and Administrative expenses as a percentage of revenue" is a
Slide 5: At a glance
at a glance TSX: BDT $2.2B $108M $51M $43M $523M FULL-YEAR 2021 REVENUE FULL-YEAR 2021 FULL-YEAR 2021 FULL-YEAR 2021 MARKET CAP AT ADJUSTED EBITDA(1) ADJUSTED EARNINGS(1) NET INCOME DEC 31, 2021 2-YEAR SHARE PRICE HISTORY $3.0B $11 RECORD BACKLOG(2) $10.58 $10 52-WEEK HIGH(3) $9 $8 $7 48.3% $7.84 52
Slide 6: Over 100 Years Building Canada
OVER 100 YEARS BUILDING CANADA 1920 1930 1949 2007 2011 2012 2020 2021 BIRD, WOODALL, BIRD SECURES BIRD GOES PUBLIC BIRD ACQUIRES BIRD ACQUIRES BIRD ACQUIRES BIRD ACQUIRES BIRD ACQUIRES & SIMPSON FIRST $1M ON STOCK RIDEAU H.J. O’CONNELL NASON STUART OLSON DAGMAR FOUNDED CONTRACT EXCHANGE CONSTRUCTIO
Slide 7: Coast-to-coast solutions serving a broad scope of end-markets
Coast-to-coast solutions serving Comprehensive range of construction services from new construction for industrial, commercial, institutional, and a broad scope of end-markets. civil infrastructure markets; to industrial maintenance, repair and operations services, heavy civil construction, and mine
Slide 8: Full-suite of offerings generating diversified revenue streams
Full-suite of offerings generating Reflecting its broad scope, Bird's clients include leading firms in the energy, mining, commercial, institutional, retail, multi-tenant diversified revenue streams. residential, industrial, water and wastewater, renewables, nuclear, and civil sectors. Bird generate
Slide 9: Constructing a Strong Foundation
Constructing a Strong Foundation 9
Slide 10: Experienced Multidisciplinary Team
Experienced Multidiciplinary Team Leveraging our talented leadership team Deep bench strength and recruiting for the future Robust people programs supporting continuous learning and development Continuous improvement and innovation focus Committed to Diversity and Inclusion 10
Slide 11: Created a Strong Foundation, Key Near-Term Strategic Priorities
Constructing a Strong Foundation Created a Strong Key Near-Term Foundation Strategic Priorities Improved geographic and end market diversification Enhance cross-selling opportunities Increased recurring revenue Continue to improve margins Reduced risk profile of backlog Maintain financial flexibilit
Slide 12: Leveraging Innovation and Technology
Leveraging Innovation and Technology Building Information Modelling & Maintenance, Repair, Leveraging Innovative Smart Building Performance Virtual Design and Construction and Operation Management Solutions Technology Utilizing integrated multi- Multi-year maintenance and Leveraging a variety of too
Slide 13: Stack Modular
Stack Modular Turnkey solution bridging the gap between site and modular construction. Structural steel modular buildings up to 40-storeys for multi- family, hospitality, senior (long-term care) and student housing, and resource clients. Rapid Delivery Across Canada & The USA Opportunities Market Po
Slide 14: Mass Timber
Mass Timber Bird is a North American leader in wood construction with unmatched expertise, experience, and supply chain knowledge. >$1.4B >$257M Completed or Awarded or Under Construction Preconstruction >$2.2B Opportunities across Canada 14
Slide 15: Environmental Stewardship, Social Responsibility, Corporate Governance
Environmental Stewardship LEED certified projects and professionals >200 LEED Certified First Zero Carbon Certification project in Canada Projects Leader in Mass Timber – renewable and captures carbon 37 Mass Timber Focus on future energy solutions projects completed or Robust sustainable
Slide 16: Sustainability Overview
Sustainability Overview “ Bird’s long-term strategic vision is rooted in our belief that the construction industry plays an important BUILD GREEN role in providing sustainable, innovative, and lasting solutions for not only our clients, partners, and employees, but for the communities in which we li
Slide 17: Targeting Sustainable Profitable Growth
——_ eval Targeting Sustainable Profitable Growth allo \/! Focused on ZN . a Increasing Diversified J) Recurring Retaining Geouree , Revenue Significant Financial Continuall Streams Flexibility to Presence waren y —____— plea of Pursue Organic and Backlog era Inorganic Growth . . Margin see Risk Prof
Slide 18: Financial Highlights
Financial Highlights 18
Slide 19: Diversifying Risk - Revenue by Contract Type
Diversifying Risk - Revenue by Contract Type in millions of Canadian dollars $29 $15 $1 $8 Public Private Partnership $59 $21 $17 $135 $102 $101 (PPP) Higher risk $177 $179 Design-Build-Finance Complex Design-Build $1,236 $335 $336 $943 $792 Stipulated Sum $806 Unit Price Specified Desig
Slide 20: Sector Volume Diversification
Sector Volume Diversification Balanced work programs 2021 between commercial and Balanced Sector institutional work, while largely Diversification maintaining Industrial work to drive stronger growth. 100% 100.0% 98.0% 96.0% 94.0% 92.0% 90% 90.0% 26% 24% 88.0% 86.0% 34% 84.0% 82.0% 80% 37% 37% 80.0%
Slide 21: Significant Pipeline of Projects Executing on Strategic Pillars
Significant Pipeline of Projects Executing on Strategic Pillars TEAM PERFORM DIVERSIFY RECENT MARQUEE PROJECT AWARDS ALIGNING TO OUR STRATEGIC PILLARS $300M DBMF Five Alberta Schools Contract Multi-year mechanical and electrical maintenance services (NWR) $150M+ Three IPD contracts in Western Canada
Slide 22: Backlog & Pending Backlog
Backlog & Pending Backlog 5,000 in millions of Canadian dollars Backlog expected to 4,500 convert into Revenue over the next 12 months 4,000 1,625 1,788 3,500 1,636 1,685 1,648 1,300 3,000 2,500 DECEMBER 31, 2021 2,000 575 750 600 625 625 Record quarter-end Backlog(1) of $3.0B 1,500 500 300 3,003
Slide 23: 5-Year Revenue and Adjusted EBITDA Margin
5-Year Revenue and Adjusted EBITDA Margin Q4 2021 2,500 8% 2,177 2,220 7% $43M Q4 2021 TTM 2,000 1,901 NET INCOME 1,627 6.0% 6% TTM Revenue in CAD Millions ($M) 1,565 5.5% 1,503 5.5% 1,419 1,504 5% 1,500 1,382 1,376 4.9% 4% 4.9% Q4 2021 TTM 1,000 3% ADJUSTED EBITDA MARGIN(1) 2.1% 2.2% 2.3% 2% 1.8% 5
Slide 24: Revenue, Net Income, and Adjusted Earnings
Revenue, Net Income, and Adjusted Earnings REVENUE NET INCOME ADJUSTED EARNINGS(1) $2,500 $45 $0.80 $0.90 $60 $1.20 $0.80 $40 $0.80 $0.96 $2,000 $50 $0.92 $1.00 $35 $0.70 $30 $0.60 $40 $0.80 $1,500 $25 $0.50 $30 $0.60 $20 $43 $0.40 $1,000 $2,022 $36 $51 $15 $0.22 $0.30 $20 $42 $0.40 $1,382 $1,376 $1
Slide 25: Strong Financial Position
Strong Financial Position Q4 2021 in millions of Canadian dollars DECEMBER 31, 2021 29.2% 1.21 (0.22x) LT LOANS & BORROWINGS CURRENT ADJUSTED NET DEBT/ Accessible cash $ 103 TO EQUITY(1) RATIO(1) TTM ADJUSTED EBITDA(1) Restricted cash $ 64 Expanded And Extended Syndicated Credit Facility Held in joi
Slide 26: Balanced Capital Allocation Priorities
Balanced Capital Allocation Priorities $25 In millions of Canadian Dollars $20 $15 $10 $17 $17 $18 $21 Operating Cashflow(1) $5 $- 2018 2019 2020 2021 $120 $16 $100 $14 In millions of Canadian Dollars $12 in millions of Canadian Dollars $80 $10 $8 $12 $15 $14 $14 $60 $6 $103 $4 $40 $2 $72 $- 2018 20
Slide 27: Acquisition Update: Stuart Olson and Dagmar Construction
Acquisition Update: Stuart Olson and Dagmar Construction Dagmar Acquisition Date Acquisition Date September 25, 2020 September 1, 2021 $96M Total Consideration Amount $32M Purchase Price(1) Realization of Cost Cross-selling Synergies Savings Opportunities Strong MRO Constructor Horizontal Infrastruc
Slide 28: Looking Ahead
Looking Ahead Why invest in bird bird em TEAM PERFORM Favourable Outlook Solid balance sheet and pipeline of opportunities Focus On Margins Strong financial position with improving margin profile Strategic Priorities Balanced ESG Strategy QD se y BUILD GREEN WORK GREEN G, DIVERSIFY lS Y Cc) LIVE GRE
Slide 29: Analyst Coverage
Analyst Coverage ATB CAPITAL CANACCORD | CIBC WORLD iA CAPITAL MARKETS INC. GENUITY MARKETS MARKETS Chris Murray Yuri Lynk Jacob Bout Naji Baydoun 416-520-0267 514.844.3708 416.956.6766 514.830.8077 cmurray@atb.com yuri.lynk@canaccordgenuity.com jacob.bout@cibc.com Naji.baydoun@iagto.ca LAURENTIAN B
Slide 30: Appendix
Appendix 30
Slide 31: Financial Highlights
Financial Highlights Q4 2021 HIGHLIGHTS Healthy Record Q4 2021 Revenues $598M REVENUE Continued realization of Revenue Growth cross-selling synergies $10M NET INCOME Record Backlog & Record Backlog(1) of $3.0B $28M ADJUSTED EBITDA(2) and Strong Pending Pending Backlog Backlog(1) of $1.6B $13M ADJUST
Slide 32: Financial Highlights
Financial Highlights Q4 2021 YEAR-OVER-YEAR FULL-YEAR 2021 YEAR-OVER-YEAR CHANGE CHANGE No recoveries recorded under CEWS in Q4 2021 vs. $21.7 million 9-month $21.9 million of recoveries were recorded under CEWS in FY 2021 vs. $24.8 cumulative recoveries recorded in Q4 2020 million in FY 2020 Revenu