Slide 1: Q2 2025 Investor Presentation
Q2 2025 Investor Presentation August 14, 2025 Bird Construction Inc. (TSX:BDT)
Slide 2: Disclaimer
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
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 $98M Toronto, ON Q2’25 TTM Q2’25 TTM Calgary, AB Revenue Net Income Headquarters $4.6B $3.8B $1.6B1 Backlog2 Pending Market cap Jun. 30, 2025 Backlog2 Jun. 30, 2025 6,000+ e
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 capabilities, 90% and a collaborative One Bird 34% 39% 43% 80% culture, we have expanded access 70% to large capital investment projects and strengthened our position in 60% key markets. 50% 51% 40% 48% 42% B
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 2025 Announcements: Significant Long-term Demand Defence Strategic focus on economically resilient sectors supported by longer-term drivers, Transportation infrastructure such as: defence spending; transportation infrastructure; p
Slide 11: 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 12: 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 13: Q2 2025 Financials
Q2 2025 Financials Q2 2025 Investor Presentation BIRD CONSTRUCTION INC.
Slide 14: Financial Highlights
Financial Highlights Q2 2025 in millions of Canadian dollars Adj. EBITDA1 & Adj. • Continued Margin Expansion – Driven by Revenue EBITDA Margin2 diversification in high-demand sectors, 2.6% y/y 17.9% y/y infrastructure growth, and increased self- $1,000 perform work. 6.5% 6.0% $874 $851 5.3% • Recor
Slide 15: Sustained EBITDA Momentum
Sustained EBITDA Margin growth trajectory supported by strategic Momentum mix in economically resilient sectors. QUARTERLY Adj. EBITDA ($M) Q2 margin expansion driven by Q2 $55 6.5% infrastructure growth and diversification 2025 into higher margin sectors. Q2 $47 5.3% 2024 Diverse, highly collab
Slide 16: Sustained, Diversified, and Risk-Balanced
Sustained, Diversified, and Risk-Balanced BACKGROUND BACKLOG BREAKDOWN Backlog Characterizations Securements across our business units with +19% growth in-line or above market growth y/y Book to Bill Ratio1 18% $800 Additional work packages on large capital investment projects CAGR2 $900 $900 $2,989
Slide 17: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Continued margin accretion and delivering earnings improvements that significantly outpaced revenue growth. Seasonal investment in non-cash working capital. Three Months Ended Y/Y Six Months Ended Y/Y June 30, 2025 Change June 30, 2025 Change Revenue $850.8 (2.6%) $1,568
Slide 18: 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 liquidity and capital 47% Generation efficiency metrics CAGR1 $114 $76 $90 $43 2022 2023 2024 $6 Q2'24 Q2'25 55.9% 1.28 Current
Slide 19: Disciplined Capital Allocation Strategy
Disciplined Capital Allocation Strategy Uses of capital Capital Expenditures1 (2022-2024) $30 215% increase $20 to monthly $31 $34 $28 dividend $10 $16 $17 27% Smart capital investments to $- 34% support further 2022 2023 2024 Q2'24 YTD Q2'25 YTD productivity and in millions of Canadian Dollars ~$30
Slide 20: Clear & Strategic Approach to M&A
Clear & Strategic Approach to M&A 1. Achieves sector and geographic growth 4. Cross-selling or synergies 2. Cultural fit/leadership retention 5. Strong end market outlook Strategic 3. Enhances presence and capabilities in 6. New/enhanced long-term existing geography clients and partnerships filters
Slide 21: M&A Scorecard: Track Record of Successful Integrations
M&A Scorecard: Track Record of Successful Integrations Close date Aug 2024 Jan 2024 Feb 2023 Sept 2021 Sept 2020 Purchase price ($M) $138 $11 $7 $32 $96 Buildings, Industrial Overview Infrastructure Industrial (MRO) Utilities Infrastructure (MRO) Strategic filters Sector and geographical growth Enha
Slide 22: Outlook
Committed to Our Strategic Plan – Bird’s strategic focus on diversifying its work programs geographically and across industrial, building and infrastructure markets, as well as the Outlook Company’s strategic focus on key sectors with long-term demand drivers, position Bird to manage current market
Slide 23: Appendix
Appendix Q2 2025 Investor Presentation BIRD CONSTRUCTION INC.
Slide 24: 3-Year Historical Financial Performance
3-Year Historical Financial Performance Significant progress made with long runway for growth ahead Revenue ($M) Adjusted EBITDA ($M) & Margin (%) Earnings Per Share (EPS) $25 0 12. 0% 15% CAGR1 $3,397 $213 32% $1.84 25% $20 0 CAGR1 10. 0% CAGR1 $2,799 $2,369 8.0 % $1.33 $15 0 $139 6.3% 5.7% $101 5.
Slide 25: Risk Balanced Business Model Generating Growth and Profitability
Risk Balanced Business Model Generating Growth and Profitability Growing revenue and healthy EBITDA margin TTM Revenue and Adjusted EBITDA Margin(1) in millions of Canadian dollars $4,000 12% $3,397 $3,427 $3,404 $3,500 $3,253 $3,138 10% $2,951 $3,000 $2,799 $2,656 $2,540 8% $2,369 $2,430 $2,500 $2,
Slide 26: Capital Markets Overview
$29.04 ~2.9% Capital Share Price(1) Dividend ~$1.6B Market Markets Yield Capitalization (1) Overview $17.52/$32.67 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 Jo
Slide 27: Q2 2025 Investor Presentation
Q2 2025 Investor Presentation Bird Construction Inc. (TSX:BDT) Q1 2025 Investor Presentation 27