Slide 1: Third Quarter 2025 Aecon Group Inc.
THIRD QUARTER 2025 AECON GROUP INC. (TSX: ARE)
Slide 2: Forward-Looking Information Non-GAAP & Supplementary Financial Measures
Forward-Looking Information Non-GAAP & Supplementary Financial Measures 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 The presentation p
Slide 3: Why Invest in Aecon?
Why Invest in Aecon? DEVELOPING CRTICIAL INFRASTRUCTURE AND ENERGY SOLUTIONS Favourable Diversified & Resilient Shareholder Demand Environment Business Model Value Creation CONSOLIDATED2 CONSTRUCTION CONCESSIONS $5.2B $10.0B $10.8B ADJ. EBITDA (As Adjusted)1,5, 9 $338M $316M $61M 7% 59% 86% 12 TOTAL
Slide 4: Diverse Business Model
Diverse Business Model $10 M1,6,7 Construction Q3 2025 TTM Revenue (As Adjusted) $4,995 M1,6,7 Q3 2025 TTM Adj. EBITDA (As Adjusted) $ 316 M1,6,7 Concessions Q3 2025 TTM Revenue (As Adjusted) Q3 2025 TTM Adj. EBITDA (As Adjusted) $61 M1,6,7 BERMUDA Utilities INTERNATIONAL AIRPORT 50.1%3,4 19%2 Civil
Slide 5: Record Backlog & Solid Recurring Revenue Profile
Record Backlog & Solid Recurring Revenue Profile Reported backlog excludes collaborative and progressive design projects currently under development1 Total Backlog3 ($M) Backlog Duration ($M) Recurring Revenue 4 (As Adjusted) ($M) At September 30 At September 30 $10,777 $10,777 $1,022 $1,045 $938 $5
Slide 6: Major Projects & Concessions Provide Stability
Concessions / DBOM1 Other Major Projects1 Major Projects & Concessions U.S. Virgin Islands Airports 50% share in construction; 50% equity stake in 40-year concession and O&M Pickering Nuclear Refurbishment (50% JV) $1.05 billion; planning and early works are underway, and completion and completion o
Slide 7: Overview of Aecon Utilities
Overview of Aecon Utilities Large and diverse utility infrastructure provider in Canada with a growing U.S. presence Diversified Business Across Key End Markets Financial Highlights 19%1 of Aecon’s Construction Segment Revenue in Q3 2025 35% 22% 16% 27% TTM Electrical Transmission & Renewables / Tel
Slide 8: Valuable Concessions and O&M Portfolio
Valuable Concessions and O&M Portfolio Canadian LRTs International Airport Portfolio • 30-year maintenance concessions on Eglinton, Finch and Waterloo LRTs • Availability-based payments with revenue risk mitigated by provincial transit counterparties Bermuda LF. Wade International Airport • Experien
Slide 9: Q3 2025 Financial Results
Q3 2025 Financial Results $ Millions Three Months Ended Three Months Ended (except per share amounts) September 30 (As Reported) September 30 (As Adjusted)2,5 2025 2024 Change1 2025 2024 Change1 Revenue 1,530 1,275 20% 1,491 1,198 24% Gross Profit 131.3 150.4 13% 152.2 150.4 1% Gross Profit Margin %
Slide 10: Financial Position, Liquidity and Capital Resources
Financial Position, Liquidity and Capital Resources Balance Sheet ($M) Free Cash Flow ($M) Sep 30, 2025 Q3 2025 TTM Q3 2024 TTM Core Cash 21.2 Operating Profit (Loss) 52.5 (50.0) Bank Indebtedness (293.6) Cash in Joint Operations 369.7 Depreciation and amortization 102.3 76.2 Total Cash 97.3 (Gain)
Slide 11: Sustainability
5 9 % o f 2 0 24 R e v e n u e T i e d To Sustainability Sustainability Projects 2 Environmental Leadership Our People and Communities Responsible Governance Targeting 50% emission reduction by 2032 and net zero Social Responsibility Award 2024 Sustainability & Disclosure Report Scope 1,2, and 3 by
Slide 12: Outlook
Outlook • Revenue in 2025 is expected to be stronger than 2024, driven by record reported backlog of $10.8 billion at the end of the third quarter of 2025, recurring revenue programs continuing to see solid demand, a strong bid pipeline, and the impact of strategic acquisitions completed in 2024 and
Slide 13: Appendix
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Slide 14: Q3 2025 Financial Results (As Adjusted)
Q3 2025 Financial Results (As Adjusted) Three Months Ended Twelve Months Ended $ Millions Sep 30 Sep 30 2025 2024 Change2 2025 2024 Change2 Revenue 1,530 1,275 20% 5,161 4,106 26% Legacy Projects (39) (77) (141) (153) 1 Divestiture Impacts - - - - 3 Revenue (As Adjusted) 1,491 1,198 24% 5,020 3,953
Slide 15: Construction Q3 2025 Results
Construction Q3 2025 Results Q3 20251 Q3 20251,2 (As Reported) (As Adjusted)3 Revenue up by $255M, or 20%, period-over-period Revenue ($M) Revenue ($M) $145M in nuclear operations from an increased volume of refurbishment, new build, and $1,528 $1,489 engineering services work at nuclear generating
Slide 16: Construction Q3 2025 Results (continued)
Construction Q3 2025 Results (continued) Q3 20251 Q3 20251,4 (As Reported) (As Adjusted)2 Adjusted EBITDA2 down by $26M period-over-period and Adj. EBITDA ($M) Adj. EBITDA ($M) Operating Profit down by $19M period-over-period -1% Negative operating profit of $20.9 million from the fixed price legacy
Slide 17: Concessions Q3 2025 Results
Concessions Q3 2025 Results Q3 20251 Q3 20251,3 (As Reported) (As Adjusted)2 Revenue ($M) Revenue ($M) Revenue was largely unchanged period-over-period $3 -12% -12% $2 $3 $2 Adj. EBITDA ($M) Q3 2024 Q3 2025 Q3 2024 Q3 2025 Adjusted EBITDA2 down by $8M, or 35%, period-over-period and Adj. EBITDA ($M)
Slide 18: Non-GAAP Measures Quantitative Reconciliation
Non-GAAP Measures Quantitative Reconciliation 2 2 Net Working Capital Reconciliation ($M) Free Cash Flow Reconciliation ($M) Cash Flow From Operations & Investing Reconciliation ($M) Sep 30, 2025 Q3 2025 TTM Q3 2024 TTM Q3 2025 TTM Q3 2024 TTM Trade and Other Receivables 1,190.1 Profit (loss) Before
Slide 19: Non-GAAP Measures Quantitative Reconciliation (cont'd)
Non-GAAP Measures Quantitative Reconciliation (cont’d) ` Adjusted Profit Attributable to Shareholders ($M) 1 and Adjusted Earnings Per 1 Adjusted EBITDA Reconciliation ($M) Share 1 Reconciliation Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 TTM Q3 2024 TTM Profit (loss) attributable to shareholders 40.0
Slide 20: Non-GAAP Measures Quantitative Reconciliation (cont'd)
Non-GAAP Measures Quantitative Reconciliation (cont’d) Three Months Ended Twelve Months Ended $ Millions Sep 30 Sep 30 Consolidated 2025 2024 Change3 2025 2024 Change3 Revenue 1,530 1,275 20% 5,161 4,106 26% Legacy Projects (39) (77) (141) (153) Divestiture Impacts1,2 - - - - Revenue (As Adjusted) 4
Slide 21: Capital Markets Overview
Capital Markets Overview Analyst Coverage1 ARE.TSX Statistics Firm Analyst Telephone as of October 29, 2025 ATB Capital Chris Murray (647) 776-8246 $30.05 2.6% Share Price Dividend Yield BMO Capital Markets Devin Dodge (416) 359-6774 Canaccord Genuity Yuri Lynk (514) 844-3708 63.3 Million ~$1.9 Bill
Slide 22: aecon.com
aecon.com ADAM BORGATTI VANCOUVER Senior Vice President 1055 Dunsmuir Street, Suite 2124 Vancouver, BC V7X 1G4 Corporate Development & Investor Relations – aborgatti@aecon.com CALGARY – 28 Quarry Park Blvd SE, Suite 310 STEVEN HONG Calgary, AB T2C 5P9 Director – Corporate Development & Investor Rela