Aecon Group Inc. · TSX:ARE
Aecon — Q3 2026 Earnings Presentation
22 slides from Aecon's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026
THIRD QUARTER 2026 Aecon Group Inc. | TSX: ARE aecon.com
Slide 2: Forward-Looking Information
THIRD QUARTER 2026 | AECON GROUP INC. Forward-Looking Information 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 currently available comp
Slide 3: Why Invest in Aecon?
THIRD QUARTER 2026 | AECON GROUP INC. Why Invest in Aecon? Favourable Demand Environment Diversified & Resilient Business Model Shareholder Value Creation CONSOLIDATED2 CONSTRUCTION CONCESSIONS $6.4B $10.1B $14.6B ADJ. EBITDA1, 4 $342M $357M $42M 5% 131% 17 10 YEAR TTM TOTAL ACQUISITIONS TOTAL REVEN
Slide 4: Diverse Business Model
THIRD QUARTER 2026 | AECON GROUP INC. Diverse Business Model CONSTRUCTION C$6,363M1 C$357M1,6 CONCESSIONS C$256M C$42M1,6 Sept 30, 2026 net book value of equity Q3 2026 TTM Revenue Q3 2026 TTM Adj. EBITDA Q3 2026 TTM Adj. EBITDA investments and long-term financial assets Bermuda International Airpor
Slide 5: Strong Backlog and Visibility into Future Growth
THIRD QUARTER 2026 | AECON GROUP INC. Strong Backlog and Visibility into Future Growth Contracted Backlog (C$M)1 and Duration Collaborative projects currently in development phases Execution Phases for these Awarded Contracts At September 30 provide significant opportunities for long-term growth Not
Slide 6: Growing and Resilient Recurring Revenue Profile
THIRD QUARTER 2026 | AECON GROUP INC. Growing and Resilient Recurring Revenue Profile Recurring Revenue (C$M) Q3 TTM Utilities Recurring Revenue Profile Growing recurring revenue under long-term MSAs and strong renewal rates provides significant multi-year visibility beyond reported backlog Utilitie
Slide 7: Unwavering Focus on Risk-Adjusted Profitability
THIRD QUARTER 2026 | AECON GROUP INC. Unwavering Focus on Risk-Adjusted Profitability Improving Quality of Earnings: Growing Margins Combined with a Healthier Risk-Profile Contract Mix (%) Construction TTM Adjusted EBITDA Margin (%) Revenue by Contract Type Contracted Backlog by Contract Type Septem
Slide 8: Long-Term Visibility
THIRD QUARTER 2026 | AECON GROUP INC. Long-Term Visibility Concessions/DBOM1 U.S. Virgin Islands Airports 50% share in construction; 50% equity stake in 40-year concession and O&M post construction Major Projects1 Pickering Nuclear Refurbishment | JV $1.75 billion (Aecon’s share) for Unit 5 RFBR and
Slide 9: Valuable Concessions and O&M Portfolio
THIRD QUARTER 2026 | AECON GROUP INC. Valuable Concessions Portfolio Net Book Value of C$256M 2 and O&M Portfolio Bermuda L.F. Wade Battery Storage Facilities Canadian LRTs Gordie Howe Maple Fibre Cyril E. King Airport & International Airport International Bridge Henry E. Rohlsen Airports (Currently
Slide 10: Q3 2026 Financial Results
THIRD QUARTER 2026 | AECON GROUP INC. Q3 2026 Financial Results $ Millions Three Months Ended Trailing Twelve Months Ended (except per share amounts) September 30 September 30 1 1 2026 2025 Change 2026 2025 Change Revenue 1,921 1,530 26% 6,350 5,161 23% Gross Profit 201.6 131.3 54% 600.8 357.2 68% G
Slide 11: Financial Position, Liquidity and Capital Resources
THIRD QUARTER 2026 | AECON GROUP INC. Financial Position, Liquidity and Capital Resources Balance Sheet ($M) Free Cash Flow ($M) Sep 30, 2026 Q3 2026 TTM Q3 2025 TTM Core Cash 528.7 Operating Profit (Loss) 175.6 52.5 Bank Indebtedness (342.3) Cash in Joint Operations 537.0 Depreciation and amortizat
Slide 12: Sustainability
THIRD QUARTER 2026 | AECON GROUP INC. Sustainability Aecon’s sustainability approach is embedded in what we build and how we build - connecting resilient infrastructure markets, practical emissions reduction and responsible execution Project Delivery Innovation & Decarbonization Responsible Governan
Slide 13: Indigenous & Tribal Relations
THIRD QUARTER 2026 | AECON GROUP INC. Indigenous & Tribal Relations Verified practices and long-standing partnerships supporting growth in Canada and the U.S. C$1B+ Procurement from Indigenous businesses since 2020 PAIR Gold Certification: 6 Active cross-sector First construction company with nation
Slide 14: Outlook
THIRD QUARTER 2026 | AECON GROUP INC. Outlook Aecon expects double digit revenue growth in 2026. The revenue growth outlook is based on secured backlog exceeding $14 billion, recurring revenue programs, recent acquisitions, and a pipeline of project opportunities tied to nuclear and conventional pow
Slide 15: Appendix
THIRD QUARTER 2026 | AECON GROUP INC. Appendix 15
Slide 16: Construction Q3 2026 Results
THIRD QUARTER 2026 | AECON GROUP INC. Construction Q3 2026 Results Revenue up by $410M, or 27%, period-over-period Q3 20261 Q3 2026 TTM1 New awards of $6,005M in Q3 2026 Revenue (C$M) Revenue (C$M) 2,000 +27% 1,938 7,000 +24% 6,363 6,000 $184M in utilities operations driven by a higher volume of ele
Slide 17: Construction Q3 2026 Results (continued)
THIRD QUARTER 2026 | AECON GROUP INC. Construction Q3 2026 Results (continued) Adjusted EBITDA2 up by $43M period-over-period Q3 20261 Q3 2026 TTM1 Operating Profit up by $30M period-over-period Adjusted EBITDA2 (C$M) Adjusted EBITDA2 (C$M) 140 +49% 132 400 +86% 357 120 Higher in civil and nuclear o
Slide 18: Concessions Q3 2026 Results
THIRD QUARTER 2026 | AECON GROUP INC. Concessions Q3 2026 Results Q3 20261 Q3 2026 TTM1 Adjusted EBITDA2 down by $3M Operating Profit up by $0.3M Adjusted EBITDA2 (C$M) Adjusted EBITDA2 (C$M) 20 70 61.1 60 Higher operating profit due to an increase in operating results from Skyport and 15 14.5 50 42
Slide 19: Non-GAAP Measures Quantitative Reconciliation
THIRD QUARTER 2026 | AECON GROUP INC . Non-GAAP Measures Quantitative Reconciliation Net Working Capital Reconciliation ($M) Free Cash Flow Reconciliation ($M) 2 Cash Flow From Operations & Investing Reconciliation ($M) 2 Sep 30, 2026 Q3 2026 TTM Q3 2025 TTM Q3 2026 TTM Q3 2025 TTM Trade and Other R
Slide 20: Non-GAAP Measures Quantitative Reconciliation (continued)
THIRD QUARTER 2026 | AECON GROUP INC . Non-GAAP Measures Quantitative Reconciliation (continued) Adjusted Profit Attributable to Shareholders ($M) 1 and Adjusted Earnings Per 2 Adjusted EBITDA Reconciliation ($M) 1 Share Reconciliation Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 TTM Q3 2025 TTM Profit (
Slide 21: Capital Markets Overview
THIRD QUARTER 2026 | AECON GROUP INC. Capital Markets Overview ARE.TSX STATS as of October 29, 2026 Analyst Coverage Firm Analyst Phone Email ATB Capital Chris Murray (647) 776-8246 cmurray@atb.com $53.46 1.4% 68.6M BMO Capital Markets Devin Dodge (416) 359-6774 devin.dodge@bmo.com Share Price Divid
Slide 22: Investor Relations Contact
CONTACT Adam Borgatti Vancouver Toronto SVP, Corporate Development & Investor Relations 1055 Dunsmuir Street, Suite 2124 20 Carlson Court, Suite 105 aborgatti@aecon.com Vancouver, BC V7X 1G4 Toronto, ON M9W 7K6 Calgary Montreal Edison Cheung 28 Quarry Park Blvd SE, Suite 310 2015 Peel Street, Suite