Bird Construction Inc. · TSX:BDT
Bird Construction — Q2 2026 Earnings Presentation
39 slides from Bird Construction's earnings presentation, Aug 12, 2026
Slide 1: Q2 2026 Investor Presentation
Q2 2026 Investor Presentation August 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: Why Invest
Why Invest Specialty contractor with national scale, supported by a distributed work program, self-perform depth and exposure to Canada’s priority investment themes. Durable and Visible Growth Strong Financial Discipline • Exposure to massive addressable market aligned to Canada’s • Differentiated s
Slide 4: At-a-glance
at-a-glance TSX: BDT A leading collaborative construction and maintenance 2025 Full Year Revenue company operating from coast-to-coast-to-coast $3.4B Toronto, ON $3.57 B1 100+ years Calgary, AB Market cap in operation Headquarters Industrial Buildings 39% 40% 18 Offices/Operations 6,000+ employees I
Slide 5: 2025-2027 One Bird Growth Strategy
2025-2027 One Bird Growth Strategy By year-end 2027, Bird is expected to have achieved its financial targets by leveraging its strong foundation to expand in core markets, capture new opportunities in strategic end markets and on large capital investment projects, and continue its focus on operation
Slide 6: A Business Built for a Distributed Load
A Business Built for a Distributed Load Specialized execution capability, national scale and diversified exposure across Canada’s priority investment themes These attributes are central to how the business is differentiated in the market and reinforce Bird’s position as a specialty contractor with n
Slide 7: Strategic Progression Toward a Balanced Sector Mix
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 8: Lower-risk, Collaborative Delivery Drives Margin Resilience
Lower-risk, Collaborative Delivery Drives Margin Resilience Bird has transformed into a lower-risk, margin-resilient construction platform through a sustained shift toward collaborative delivery models and disciplined project selection, alongside diversification of its business, expanded self-perfor
Slide 9: 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) CAGR2 ~30% • Adj. EBITDA (TTM) CAGR1 ~25% • 150bps in 2 years with multiple, incremental drivers • Added 200bps to Adj. EBITDA Margin in 2 years • Doubl
Slide 10: 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 Ring of Fire (RoF) Woodfibre LNG Project BHP Ja
Slide 11: Piinahzii LP Partnership
Piinahzii LP Partnership Disciplined early-stage participation through a community led partnership in the strategic Ring of Fire infrastructure corridor Strategic Partnership Ring of Fire Opportunity • Early engagement through • Marten Falls is a central community-led partnership community in the Ri
Slide 12: Bird and Bell AI Fabric Form Long-term Partnership
Bird and Bell AI Fabric Form Long-term Partnership to Build Canada’s AI Data Centre Infrastructure Reinforces Bird’s Position as Partner of Choice for Canada’s Largest and Most Complex Infrastructure Projects • Preferred construction partner to Bell AI Fabric for large-scale AI data centre developme
Slide 13: 300 MW Sherwood Saskatchewan AI Facility
Bird’s Local Presence and Delivery History 300 MW Sherwood • Founded in Moose Jaw in 1920, permanent presence in Saskatchewan AI Facility Saskatchewan • 300 MW Sherwood facility near • Built Saskatchewan infrastructure across generations: Regina, cornerstone of Bell AI hospitals, schools, military f
Slide 14: Growing Addressable Markets with Structural Tailwinds
Growing Addressable Markets with Structural Tailwinds Diversified exposure across resilient end markets with multiple near-term demand catalysts and repeatable execution advantages. Industrial Buildings Infrastructure $89B $94B $97B annual total addressable market1 annual total addressable market1 a
Slide 15: Diversified Sector Positioning
Diversified Sector Positioning Strategic End Market Opportunities Birds Differentiated Capabilities & Solutions Comprehensive nuclear expertise combining certified quality Nuclear Large, high-growth nuclear market offering complex, systems, collaborative delivery, strong Indigenous engagement ~$
Slide 16: 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 17: 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 18: Indigenous Partnerships Embedded in Bird's Operating Model
Indigenous Partnerships Embedded in Bird’s Operating Model Embedded, National Approach with Long-Term Relationships • Being a preferred partner for Indigenous rights holders and communities is a core element of Bird’s culture • Bird has one of the strongest Indigenous relationship networks among Can
Slide 19: Environmental, Social, Governance
The four pillars of the Bird ESG program embed sustainability within the Bird’s 2025 sustainability overview business to optimize our positive social and environmental impact by utilizing a will be published May 14, 2026 strong corporate governance framework that ensures accountability and Visit: bi
Slide 20: Q2 2026 Financials
bird Q2 2026 Financials
Slide 21: Financial Highlights Q2 2026
Financial Q2 2026 Highlights Revenue Adj. EBITDA1 & Adj. EBITDA Margin2 22.6% y/y 34.6% y/y • First quarter in Bird's history to exceed $1 billion in revenue $1,000 7.1% $1,043 6.0% 6.5% $74 $851 • Y/y organic revenue growth led by $55 Buildings business, with all $500 3.0% businesses contributing t
Slide 22: Over $12B in Combined Backlog
Over $12B in Combined Backlog Higher Embedded Margins, Collaborative, Distributed, Risk-Balanced, with Robust Demand Across Sectors, Supporting 2027 Targets • Backlog up 30.6% year over year +43% Book to Bill Ratio1 29% • Pending Backlog up 57.5% year CAGR2 $11.1B $12.0B 139% TTM Q2 2026 $1,400 over
Slide 23: Sustained Adj. EBITDA Progression
Margin growth trajectory supported by strategic Sustained Adj. EBITDA mix in high demand, higher margin sectors. Progression TTM Adj. EBITDA ($M) & Adj. EBITDA MARGIN (%) • Q2 Adjusted EBITDA increased 34.6% to Q2 2026 $244 6.7% $73.9 million, with margin expanding 60 Q2 2025 $231 6.8% bps to 7.1%.
Slide 24: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Three Months Ended Y/Y Six Months Ended June Y/Y June 30, 2026 Change 30, 2026 Change Revenue $1,043.3 22.6% $1,826.6 16.5% Gross Profit $109.8 21.8% $182.1 15.5% 10.5% of Revenue 2 10.0% of Revenue 2 Adjusted EBITDA1 $73.9 34.6% $111.0 24.8% 7.1% of Revenue 2 6.1% of Re
Slide 25: Strong Cash Generation and Balance Sheet Capacity
Strong Cash Generation and Balance Sheet Capacity Consistent cash generation and disciplined capital management support growth, execution and strategic flexibility. 33% $4.73 27% TTM FCF CAGR¹ TTM FCF / Share3 TTM Adjusted ROE3 Free Cash Flow2 Generation Balance Sheet & Credit Strength $300 $4.73 $5
Slide 26: Deploying Capital to Create Long-Term Shareholder Value
Deploying Capital to Create Long-Term Shareholder Value Strong cash generation and financial flexibility support disciplined investment in growth, strategic acquisitions and shareholder returns. Uses of capital Capital Expenditures2 (2022 – Q2 2026 YTD) $40 $30 Reinvest in the Business $20 $41 • Equ
Slide 27: Clear & Strategic Approach to M&A
Clear & Strategic Approach to M&A 1. Achieves sector and geographic growth 4. Cross-selling or synergies 2. Cultural fit/leadership retention 5. Strong end market outlook Strategic 3. Enhances presence and capabilities in 6. New/enhanced long-term existing geography clients and partnerships filters
Slide 28: M&A Scorecard: Track Record of Successful Integrations
M&A Scorecard: Track Record of Successful Integrations Close date Oct 2025 Aug 2024 Jan 2024 Feb 2023 Sept 2021 Sept 2020 Purchase price ($M) $85 $138 $11 $7 $33 $96 Buildings, Overview Infrastructure Infrastructure Industrial (MRO) Utilities Infrastructure Industrial (MRO) Strategic filters Sector
Slide 29: Outlook
Outlook • Record combined backlog of $12.0B with $1.8B of securements in the quarter, outpacing work executed by $707M; a lower-risk collaborative mix and stronger margins give visibility to future performance. • Revenue growth and margin accretion Q2 pace expected to hold, driving full-year growth
Slide 30: Key Takeaways
Key Takeaways Specialty contractor with national scale, supported by a distributed work program, self-perform depth and exposure to Canada’s priority investment themes. 1 Durable, multi-year growth visibility underpinned by ~$12B combined backlog 2 Strategic partnerships with Marten Falls First Nati
Slide 31: Appendix
Appendix Q2 2026 31 Investor Presentation
Slide 32: Warrants Align Long-term Incentives to Delivered Capacity
Warrants Align Long-term Incentives to Delivered Capacity Economic alignment and shared focus on disciplined execution across projects delivered together As part of the strategic partnership, Bird will issue Bell warrants to acquire common shares of Bird aligned to delivery milestones over time Core
Slide 33: Capital Markets Overview
$67.44 ~1.25% ~$3.74B Capital Share Price1 Dividend Yield Market Capitalization1 Markets Overview $22.40/$78.64 52 Week Low / High1 55,403,298 Shares Outstanding1 Organic and M&A Firm Analyst Contact Revenue Growth ATB Capital Chris Murray 647.776.8246 cmurray@atb.com BMO Capital Markets John Gibson
Slide 34: 2025-2027 Strategic Plan Targets
2025-2027 Strategic Plan Targets Revenue Adj. EBITDA Dividends 10% +/- 2% 8.0% 33% Organic revenue growth Adjusted EBITDA Margin for CAGR full-year 2027 Dividend payout ratio of Net Income $4.6-$5.1B 9.0% $5,000 8.0% 8.0% $4,000 $3.4B ~$1.2B Disciplined Capital 7.0% 6.5% ~150 Allocation Strategy $3,
Slide 35: Scaling With Discipline
Scaling With Discipline Bird’s strategy is translating into higher revenue and a stronger adjusted EBITDA margin, supported by disciplined growth across a risk-balanced business model. TTM Revenue and Adjusted EBITDA Margin1 in millions of Canadian dollars $4,000 12.0% $3,655 $3,397 $3,427 $3,404 $3
Slide 36: Fraser River Pile & Dredge (FRPD): At A Glance
Fraser River Pile & Dredge (FRPD): At A Glance Highly experienced Versatile marine Safety leader in marine Strong Indigenous Broad client base across workforce of 300+ salaried, and land construction infrastructure, land Partnerships sectors, and strong hourly and craft equipment fleet foundations a
Slide 37: Furthering Bird's Strategy to Expand its National Full-service Infrastructure Vertical
Furthering Bird’s Strategy to Expand its National Full-service Infrastructure Vertical Acquisition aligns with Bird’s M&A strategy • Highly strategic, complementary acquisition aligned with Bird’s Strengthens Bird’s national disciplined M&A criteria, expanding the Company’s national infrastructure p
Slide 38: 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 39: Q2 2026 Investor Presentation
Q2 2026 Investor Presentation Bird Construction Inc. (TSX:BDT)