Aecon Group Inc. · TSX:ARE
Aecon — Q1 2025 Earnings Presentation
18 slides from Aecon's earnings presentation, Apr 24, 2025
Slide 1: First Quarter 2025 Results Presentation
First Quarter 2025 Results Presentation April 24, 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: Q1 2025 Financial Results
Q1 2025 Financial Results $ Millions Three Months Ended Three Months Ended (except per share amounts) March 31 (As Reported) March 31 (As Adjusted)2,5 2025 2024 Change1 2025 2024 Change1 Revenue 1,062 847 25% 1,035 772 34% Gross Profit 41.8 62.8 33% 70.4 62.8 12% Gross Profit Margin %4 3.9% 7.4% 350
Slide 4: Construction Q1 2025 Results
Construction Q1 2025 Results Q1 20251 Q1 20251,2 (As Reported) (As Adjusted)3 Revenue up by $214M, or 25%, period-over-period Revenue ($M) Revenue ($M) $1,057 $1,030 $125M in nuclear operations from an increased volume of refurbishment work at nuclear $844 generating stations located in Ontario and
Slide 5: Construction Q1 2025 Results (continued)
Construction Q1 2025 Results (continued) Q1 20251 Q1 20251,4 (As Reported) (As Adjusted)2 Adjusted EBITDA2 down by $29M period-over-period and Adj. EBITDA ($M) Adj. EBITDA ($M) Operating Profit down by $37M period-over-period $28 $28 -1% $27 Lower gross profit margin in civil operations which result
Slide 6: Concessions Q1 2025 Results
Concessions Q1 2025 Results Q1 20251 Q1 20251,3 (As Reported) (As Adjusted)2 Revenue ($M) Revenue ($M) Revenue down by $1M, or 47%, period-over-period Primarily due to lower management and development fees related to LRT projects $3 -47% $2 $3 -47% $2 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Adj. EBITDA ($M)
Slide 7: Q1 2025 Financial Results (As Adjusted)
Q1 2025 Financial Results (As Adjusted) Three Months Ended Twelve Months Ended $ Millions Mar 31 Mar 31 2025 2024 Change2 2025 2024 Change2 Revenue 1,062 847 25% 4,458 4,383 2% Legacy Projects (27) (74) (35) (519) 1 Divestiture Impacts - - - (66) 3 Revenue (As Adjusted) 1,035 772 34% 4,423 3,798 16%
Slide 8: Financial Position, Liquidity and Capital Resources
Financial Position, Liquidity and Capital Resources Balance Sheet ($M) Free Cash Flow ($M) March 31, 2025 Q1 2025 TTM Q1 2024 TTM Core Cash 38.0 Operating Profit (Loss) (96.5) 231.1 Bank Indebtedness (306.5) Cash in Joint Operations 347.6 Depreciation and amortization 95.0 74.9 Total Cash 79.1 (Gain
Slide 9: Diverse Business Model
Diverse Business Model $11 M1,6,7 Construction Q1 2025 TTM Revenue (As Adjusted) $4,399 M1,6,7 Q1 2025 TTM Adj. EBITDA (As Adjusted) $ 307 M1,6,7 Concessions Q1 2025 TTM Revenue (As Adjusted) Q1 2025 TTM Adj. EBITDA (As Adjusted) $76 M1,6,7 BERMUDA INTERNATIONAL AIRPORT 50.1%3,4 Civil Utilities 31%2
Slide 10: Solid Backlog & Recurring Revenue Profile
Solid Backlog & Recurring Revenue Profile Reported backlog excludes collaborative and progressive design projects currently under development1 Total Backlog3 ($M) Backlog Duration ($M) Recurring Revenue 4 (As Adjusted) ($M) At March 31 At March 31 $9,696 $9,696 $1,060 $1,008 $843 $4,674 $6,002 $6,27
Slide 11: De-Risking Business Through Collaborative Models
De-Risking Business Through Collaborative Models Collaborative projects currently in development phases present significant opportunities for long term growth1 Darlington New Nuclear Cyril E. King and Henry E. Contrecoeur Terminal Project (DNNP) Small Modular Rohlsen Airports in U.S. Virgin Expansio
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 • With record reported backlog of $9.7 billion at the end of the first quarter of 2025, recurring revenue programs continuing to see solid demand, a strong bid pipeline, and the impact of strategic acquisitions completed in the second half of 2024, revenue in 2025 is expected to be stronger
Slide 14: Appendix
> APPENDIX = = —S SS 14
Slide 15: Non-GAAP Measures Quantitative Reconciliation
Non-GAAP Measures Quantitative Reconciliation 2 2 Net Working Capital Reconciliation ($M) Free Cash Flow Reconciliation ($M) Cash Flow From Operations & Investing Reconciliation ($M) Mar 31, 2025 Q1 2025 TTM Q1 2024 TTM Q1 2025 TTM Q1 2024 TTM Trade and Other Receivables 998.5 Profit (loss) Before I
Slide 16: 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 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 TTM Q1 2024 TTM Profit (loss) attributable to shareholders (37.9
Slide 17: Non-GAAP Measures Quantitative Reconciliation (cont'd)
Non-GAAP Measures Quantitative Reconciliation (cont’d) Three Months Ended Twelve Months Ended $ Millions Mar 31 Mar 31 Consolidated 2025 2024 Change3 2025 2024 Change3 Revenue 1,062 847 25% 4,458 4,383 2% Legacy Projects (27) (74) (35) (519) Divestiture Impacts1,2 - - - (66) Revenue (As Adjusted) 4
Slide 18: 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