Slide 1: Q4 & Full Year 2025 Earnings Call Presentation
Q4 & Full Year 2025 Earnings Call 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: Financial Highlights: Full Year 2025
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 4: 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% $1,500 market growth
Slide 5: Sustained Adj. EBITDA Progression
Margin growth trajectory supported by strategic Sustained Adj. EBITDA mix in high demand, higher margin sectors. Progression QUARTERLY ADJ. EBITDA ($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 6: 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 7: Growing Addressable Markets with Near-Term Tailwinds
Growing Addressable Markets with Near-Term Tailwinds Industrial Buildings Infrastructure $89B $89B $97B annual total addressable market1 annual total addressable market1 annual total addressable market1 Key Subsectors Oil, Gas, Chemicals $49B Manufacturing $38B Rail, Roads & Structures $53B Minerals
Slide 8: Diversified Sector Positioning
Diversified Sector Positioning Strategic End Market Opportunities Birds Differentiated Capabilities & Solutions Comprehensive nuclear expertise combining certified quality Nuclear Large, high-growth nuclear market offering complex, systems, collaborative delivery, strong Indigenous engagement ~$
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: Appendix
Appendix Q4 & Full Year 2025 18 Earnings Call Presentation
Slide 19: 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 20: Q4 & Full Year 2025 Investor Presentation
Q4 & Full Year 2025 Investor Presentation Bird Construction Inc. (TSX:BDT)