Aecon Group Inc. · TSX:ARE
Aecon — Q2 2026 Earnings Presentation
20 slides from Aecon's earnings presentation, September 2026
Slide 1: Second Quarter 2026
Aecon Group Inc. | TSX: ARE SECOND QUARTER 2026 aecon.com
Slide 2: Forward-Looking Information
SECOND 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 com
Slide 3: Why Invest in Aecon?
SECOND QUARTER 2026 | AECON GROUP INC. Why Invest in Aecon? Favourable Demand Environment Diversified & Resilient Business Model Shareholder Value Creation CONSOLIDATED2 CONSTRUCTION CONCESSIONS $6.0B $5.7B $10.5B ADJ. EBITDA1, 4 $304M $313M $45M 5% 126% 17 10 YEAR TTM TOTAL ACQUISITIONS TOTAL REVEN
Slide 4: Diverse Business Model
SECOND QUARTER 2026 | AECON GROUP INC. Diverse Business Model CONSTRUCTION C$5,953M1 C$313M1,6 CONCESSIONS C$259M C$45M1,6 June 30, 2026 net book value of equity Q2 2026 TTM Revenue Q2 2026 TTM Adj. EBITDA Q2 2026 TTM Adj. EBITDA investments and long-term financial assets Bermuda International Airpo
Slide 5: Strong Backlog & Growing Recurring Revenue Profile
SECOND QUARTER 2026 | AECON GROUP INC. Strong Backlog & Growing Recurring Revenue Profile Reported backlog excludes potential construction scope of collaborative and progressive design projects currently under development Total Backlog (C$M)2 and Duration Backlog Contract Type Recurring Revenue (C$M
Slide 6: Clear Line-of-Sight to Meaningful Backlog Growth
SECOND QUARTER 2026 | AECON GROUP INC. Clear Line-of-Sight to Meaningful Backlog Growth Collaborative projects currently in development phases present significant opportunities for long term growth1 Urban Transportation Power Infrastructure Defence, Port & Airport Infrastructure & Redevelopment Arct
Slide 7: Major Projects & Concessions
SECOND QUARTER 2026 | AECON GROUP INC. Major Projects & Concessions 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
Slide 8: Valuable Concessions and O&M Portfolio
SECOND QUARTER 2026 | AECON GROUP INC. Valuable Concessions and Portfolio Net Book Value of C$259M 2 O&M Portfolio Bermuda L.F. Wade Battery Storage Facilities Canadian LRTs Gordie Howe Cyril E. King Airport & International Airport International Bridge Henry E. Rohlsen Airports (Currently in Develop
Slide 9: Q2 2026 Financial Results
SECOND QUARTER 2026 | AECON GROUP INC. Q2 2026 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
Slide 10: Financial Position, Liquidity and Capital Resources
SECOND QUARTER 2026 | AECON GROUP INC. Financial Position, Liquidity and Capital Resources No debt or working capital credit facility maturities until 2029, except equipment and property loans and leases in the normal course 1 Includes Preferred Shares of Aecon Utilities and Long-Term Debt2 Net deb
Slide 11: Sustainability & Governance
SECOND QUARTER 2026 | AECON GROUP INC. Sustainability & Governance Aecon’s sustainability approach is embedded in what we build and how we build — connecting resilient infrastructure markets, practical emissions reduction and responsible execution Our People and Communities Environmental Leadership
Slide 12: Outlook
SECOND QUARTER 2026 | AECON GROUP INC. Outlook Aecon expects double digit revenue growth in 2026. The revenue growth outlook is based on secured backlog exceeding $10 billion, recurring revenue programs, recent acquisitions, and a pipeline of project opportunities tied to nuclear and conventional po
Slide 13: Appendix
SECOND QUARTER 2026 | AECON GROUP INC. Appendix 13
Slide 14: Construction Q2 2026 Results
SECOND QUARTER 2026 | AECON GROUP INC. Construction Q2 2026 Results Revenue up by $335M, or 26%, period-over-period Q2 20261 Q2 2026 TTM1 New awards of $1,271M in Q2 2026 Revenue (C$M) Revenue (C$M) 2,000 +26% 6,000 +22% 5,953 1,633 5,000 4,881 $138M in utilities operations driven by a higher volume
Slide 15: Construction Q2 2026 Results (continued)
SECOND QUARTER 2026 | AECON GROUP INC. Construction Q2 2026 Results (continued) 2 Q2 20261 Q2 2026 TTM1 Adjusted EBITDA up by $50M period-over-period Operating Profit up by $44M period-over-period Adjusted EBITDA2 (C$M) Adjusted EBITDA2 (C$M) 100 350 90 313 300 80 Improvement in gross profit margin
Slide 16: Concessions Q2 2026 Results
SECOND QUARTER 2026 | AECON GROUP INC. Concessions Q2 2026 Results Q2 20261 Q2 2026 TTM1 Revenue (C$M) Revenue (C$M) Revenue down by $0.2M period-over-period 2.0 1.8 12 10.1 1.6 10 1.5 8.2 8 1.0 6 4 0.5 2 2 Adjusted EBITDA down by $5M, or 30% period-over-period 0.0 Q2 2025 Q2 2026 0 Q2 2025 TTM Q2 2
Slide 17: Non-GAAP Measures Quantitative Reconciliation
SECOND QUARTER 2026 | 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 17
Slide 18: Non-GAAP Measures Quantitative Reconciliation (continued)
SECOND QUARTER 2026 | AECON GROUP INC. Non-GAAP Measures Quantitative Reconciliation (continued) 1 This is a non-GAAP financial measure. Refer to page 2 in this presentation 2 This is a non-GAAP financial ratio. Refer to page 2 in this presentation 3 Costs (gains) related to business acquisitions in
Slide 19: Capital Markets Overview
SECOND QUARTER 2026 | AECON GROUP INC. Capital Markets Overview ARE.TSX STATS as of September 21, 2026 Analyst Coverage Firm Analyst Phone Email ATB Capital Chris Murray (647) 776-8246 cmurray@atb.com $51.01 1.6% 68.5M BMO Capital Markets Devin Dodge (416) 359-6774 devin.dodge@bmo.com Share Price Di
Slide 20: 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