Slide 1: Fourth Quarter 2025 Results
F O U R T H Q UA R T E R 2 0 2 5 R E S U LT S Aecon Group Inc. March 6, 2026 aecon.com TSX: ARE
Slide 2: Forward-Looking Information
FOURTH QUARTER 2025 | 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 com
Slide 3: 2025 Full Year Highlights
FOURTH QUARTER 2025 | AECON GROUP INC. 2025 Full Year Highlights $ Record Financial Performance Backlog Growth & Major Awards Record revenue of $5.4B Record year-end backlog1 of $10.7B and backlog additions of $9.5B in 2025 28% revenue growth in 2025; ~85% organic Awarded Aecon’s largest contract in
Slide 4: 2025 Project Highlights
FOURTH QUARTER 2025 | AECON GROUP INC. 2025 Project Highlights MAJOR PROJECT DELIVERY MILESTONES Darlington Nuclear Oneida Energy Storage Eglinton Crosstown LRT Finch West LRT Refurbishment Nanticoke, ON Toronto, ON Toronto, ON Clarington, ON Completed ahead of Completion of Canada’s largest Substan
Slide 5: 2025 Financial Results
FOURTH QUARTER 2025 | AECON GROUP INC. 2025 Financial Results 1 bps = basis point 2 This is a non-GAAP financial measure. Refer to page 2 in this presentation 3 This is a non-GAAP financial ratio. Refer to page 2 in this presentation 4 This is a supplementary financial measure. Refer to page 2 in th
Slide 6: Construction 2025 Results
FOURTH QUARTER 2025 | AECON GROUP INC. Construction 2025 Results Revenue up by $1,200M, or 28%, year-over-year 20251 20251,2 (As Reported) (As Adjusted)3 New awards higher by $4,740M, or 101%, year-over-year Revenue ($M) Revenue ($M) $559M in nuclear operations from an increased volume of refurbishm
Slide 7: Construction 2025 Results (continued)
FOURTH QUARTER 2025 | AECON GROUP INC. Construction 2025 Results (continued) 2 20251 20251,4 Adjusted EBITDA up by $186M year-over-year (As Reported) (As Adjusted) Operating Profit up by $182M year-over-year Adjusted EBITDA2 ($M) Adjusted EBITDA2 ($M) Lower losses from the fixed price legacy project
Slide 8: Concessions 2025 Results
FOURTH QUARTER 2025 | AECON GROUP INC. Concessions 2025 Results $251M Book value of projects accounted for using the equity method4 20251 20251,3 (As Reported) (As Adjusted) Revenue down by $4M, or 37% year-over-year Revenue ($M) Revenue ($M) -37% -37% Lower revenue from maintenance Adjusted EBITDA2
Slide 9: 2025 Financial Results (As Adjusted)
FOURTH QUARTER 2025 | AECON GROUP INC. 2025 Financial Results (As Adjusted) Three Months Ended Twelve Months Ended December 31 December 31 1 In Q2 2024, one-time recoveries of $5.9M related to the Bermuda Airport were recognized. 2 bps = basis point 3 This is a non-GAAP financial measure. Refer to p
Slide 10: Financial Position, Liquidity and Capital Resources
FOURTH QUARTER 2025 | AECON GROUP INC. Financial Position, Liquidity and Capital Resources Balance Sheet ($M) Free Cash Flow ($M) Repurchased approximately 0.1 million common shares pursuant to the NCIB in the quarter No debt or working capital credit facility maturities until 2029, except equipment
Slide 11: Diverse Business Model
FOURTH QUARTER 2025 | AECON GROUP INC. Diverse Business Model CONSTRUCTION C$5,251M1,6,7 C$315M1,6,7 CONCESSIONS C$8M1,6,7 C$57M1,6,7 2025 Revenue As Adjusted 2025 Adj. EBITDA As Adjusted 2025 Revenue As Adjusted 2025 Adj. EBITDA As Adjusted Bermuda International Airport 50.1%3,4 Civil 27%2 Finch We
Slide 12: Record Backlog & Solid Recurring Revenue Profile
FOURTH QUARTER 2025 | AECON GROUP INC. Record Backlog & Solid Recurring Revenue Profile Reported backlog excludes potential construction scope of collaborative and progressive design projects currently under development Total Backlog and Duration ($M)2 Recurring Revenue ($M) Backlog Contract Type At
Slide 13: Outlook
FOURTH QUARTER 2025 | AECON GROUP INC. Outlook Aecon expects 2026 revenue to exceed 2025 levels on the strength of its record backlog, strategic positioning in sectors with attractive demand profiles, robust recurring revenue programs, and a healthy pipeline of project opportunities tied to power ge
Slide 14: Appendix
FOURTH QUARTER 2025 | AECON GROUP INC. Appendix 14
Slide 15: Non-GAAP Measures Quantitative Reconciliation
FOURTH QUARTER 2025 | AECON GROUP INC. Non-GAAP Measures Quantitative Reconciliation 1 This is a non-GAAP financial measure. Refer to page 2 in this presentation 2 Totals may not add due to rounding 15
Slide 16: Non-GAAP Measures Quantitative Reconciliation (continued)
FOURTH QUARTER 2025 | AECON GROUP INC. Non-GAAP Measures Quantitative Reconciliation (continued) Adjusted Profit Attributable to Shareholders ($M)1 Adjusted EBITDA Reconciliation ($M)1 and Adjusted Earnings Per Share2 Reconciliation 1 This is a non-GAAP financial measure. Refer to page 2 in this pre
Slide 17: Non-GAAP Measures Quantitative Reconciliation (continued)
FOURTH QUARTER 2025 | AECON GROUP INC. Non-GAAP Measures Quantitative Reconciliation (continued) Three Months Ended Twelve Months Ended December 31 December 31 1 In Q2 2024, one-time recoveries of $5.9M related to the Bermuda Airport were recognized 2 bps = basis point 3 This is a non-GAAP financial
Slide 18: Contact
CONTACT Adam Borgatti SVP, Corporate Development & Investor Relations aborgatti@aecon.com Vancouver Toronto 1055 Dunsmuir Street, Suite 2124 20 Carlson Court, Suite 105 Mike Scotcher Vancouver, BC V7X 1G4 Toronto, ON M9W 7K6 Senior Manager, Corporate Development & Investor Relations Calgary Montreal