Slide 1: Q3 2025 Investor Presentation
Q3 2025 Investor Presentation November 13, 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 $3.5B $93.9M Toronto, ON Q3’25 TTM Q3’25 TTM Calgary, AB Revenue Net Income Headquarters $5.0B $5.0B $1.6B1 Backlog2 Pending Market cap Sept. 30, 2025 Backlog2 Sept. 30, 2025 6,00
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 90% capabilities, and a collaborative 34% 39% 43% 80% One Bird culture, we have 70% expanded access to large capital investment projects and 60% 2024 strengthened our position in key50% 51% markets. 40% 48% 4
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: >$10B Combined Backlog and Strong Market Momentum Across All Sectors
>$10B Combined Backlog and Strong Market Momentum Across All Sectors Diversified portfolio with record backlog of collaborative, lower-risk, margin-accretive projects, backed by nation-building programs and major federal infrastructure investment. Industrial Buildings Infrastructure • Continued grow
Slide 11: Key Strategic Sectors
Key Strategic Sectors Well-positioned to Benefit from Significant Long-term Demand Strategic focus on economically resilient sectors supported by longer-term drivers, such as: defence spending; transportation infrastructure; power infrastructure, including nuclear and hydro generation and refurbishm
Slide 12: Federal Investment Tailwinds Reinforce Long-Term Growth
Federal Investment Tailwinds Reinforce Long-Term Growth >$115B in federal infrastructure investment and >$60B in private nation-building projects (first five) align with Bird’s capabilities, with M&A further enhancing our ability to self-perform and capitalize on this robust, long-term demand. • Bui
Slide 13: 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 14: 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 15: 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 infrastructure disciplined M&A criteria, expanding the Company’s national p
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: 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 18: Q3 2025 Financials
Q3 2025 Financials Q3 2025 Investor Presentation BIRD CONSTRUCTION INC.
Slide 19: Financial Highlights
Financial Highlights Q3 2025 in millions of Canadian dollars Adj. EBITDA1 & Adj. Revenue EBITDA Margin2 • Solid Revenue and Margin Performance – 5.8% y/y 4.5% y/y TTM Adj. EBITDA 90bps above Q3 2024. $1,000 $951 7.8% • >$10B Combined Backlog – Highly $899 7.0% 6.0% collaborative, lower-risk backlog
Slide 20: Over $10B in Combined Backlog
Over $10B in Combined Backlog Higher Embedded Margins, Diversified, Risk-Balanced, Growing BACKGROUND $10 BILLION COMBINED BACKLOG BREAKDOWN Backlog Characterizations +27% y/y $10B Securements across our business units with 18% $700 Book to Bill Ratio1 growth in-line or above market growth CAGR2 Add
Slide 21: Solid TTM Adj. EBITDA Margin Progression
Solid TTM Adj.EBITDA Margin growth trajectory supported by strategic Progression mix in economically resilient sectors. QUARTERLY Adj. EBITDA ($M) Q3 margin decrease y/y driven by temporary Q3 impacts from client directed timing delays and $67 7.0% 2025 in project starts due to economic uncertaint
Slide 22: Q3 2025 Financial Highlights
Q3 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 Nine Months Ended Y/Y Septem
Slide 23: Operational Cash Flow Generator
Operational Cash Flow Generator Solid, sustained financial foundation with flexibility for continued growth Cash Flows from Operating Activities Free Cash Flow Robust liquidity and capital 47% Generation efficiency metrics CAGR1 $114 $76 $81 1.28 $61 27.4% $43 2022 2023 2024 Q3'24 Q3'25 Current Rati
Slide 24: 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 $22 $23 27% Smart capital investments to $- 34% support further 2022 2023 2024 Q3'24 YTD Q3'25 YTD productivity and in millions of Canadian Dollars ~$30
Slide 25: Clear & Strategic Approach to M&A
Clear & Strategic Approach to M&A 1. Achieves sector and geographic growth 4. Cross-selling or synergies 2. Cultural fit/leadership retention 5. Strong end market outlook Strategic 3. Enhances presence and capabilities in 6. New/enhanced long-term existing geography clients and partnerships filters
Slide 26: M&A Scorecard: Track Record of Successful Integrations
M&A Scorecard: Track Record of Successful Integrations Close date Oct 2025 Aug 2024 Jan 2024 Feb 2023 Sept 2021 Sept 2020 Purchase price ($M) $84 $138 $11 $7 $32 $96 Buildings, Overview Infrastructure Infrastructure Industrial (MRO) Utilities Infrastructure Industrial (MRO) Strategic filters Sector
Slide 27: Outlook
Committed to Our Strategic Plan: Record combined backlog with a high proportion of Outlook collaborative contracting and higher average margins supports confidence in achieving 2027 growth and margin expansion targets. Nation-building tailwinds continue to drive long-term growth and shareholder valu
Slide 28: Appendix
Appendix Q3 2025 Investor Presentation BIRD CONSTRUCTION INC.
Slide 29: Capital Markets Overview
$28.86 ~2.9% Capital Share Price(1) Dividend ~$1.6B Market Markets Yield Capitalization (1) Overview $17.52/$31.76 52 Week Low / High (1) 55,382,831 Shares Outstanding (1) Organic and M&A Firm Analyst Contact Revenue Growth ATB Capital Chris Murray 647.776.8246 cmurray@atb.com BMO Capital Markets Jo
Slide 30: 3-Year Historical Financial Performance
3-Year Historical Financial Performance Significant progress made with long runway for growth ahead Revenue ($M) Adjusted EBITDA ($M) & Margin (%) Earnings Per Share (EPS) $25 0 15% CAGR1 $3,397 $213 32% $1.84 8.5 % 25% 7.8% $20 0 CAGR1 CAGR1 $2,799 7.0% 7.5 % $2,369 6.3% $1.33 $15 0 $139 6.5 % $101
Slide 31: 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 $3,456 $3,500 $3,253 $3,138 10% $2,951 $3,000 $2,799 $2,656 $2,540 8% $2,369 $2,430 $2,
Slide 32: Q3 2025 Investor Presentation
Q3 2025 Investor Presentation Bird Construction Inc. (TSX:BDT) Q1 2025 Investor Presentation 32