Bird Construction Inc. · TSX:BDT
Bird Construction — Q1 2025 Earnings Presentation
28 slides from Bird Construction's earnings presentation, May 14, 2025
Slide 1: Q1 2025 Investor Presentation
Q1 2025 Investor Presentation May 14, 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 $3.4B $100M Toronto, ON Full Year 2024 Full Year 2024 Calgary, AB Revenue Net Income Headquarters $3.7B $3.9B $>1.4B1 Backlog2 Pending Market cap Dec. 31, 2024 Backlog2 Dec. 31, 2
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: Key Strategic Sectors
Key Strategic Sectors Well-positioned to Benefit from $1.6B Announced May YTD: Significant Long-term Demand ▪ Defence Strategic focus on economically resilient sectors supported by longer-term drivers, ▪ Transportation infrastructure such as: defence spending; transportation infrastructure; power in
Slide 11: 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 12: 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 13: 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 14: Q1 2025 Financials
Q1 2025 Financials Q1 2025 Investor Presentation BIRD CONSTRUCTION INC.
Slide 15: Financial Highlights
Financial Highlights Q1 2025 in millions of Canadian dollars Adj. EBITDA1 & Adj. • Continued Growth & Margin Expansion – Revenue EBITDA Margin2 Driven by diversification in high-demand 4.0% y/y 40.9% y/y sectors, industrial and infrastructure growth, 4.8% and increased self-perform work. $718 3.5% $
Slide 16: Sustained EBITDA Momentum
Sustained EBITDA Margin growth trajectory supported by strategic Momentum mix in economically resilient sectors. QUARTERLY Adj. EBITDA ($M) ▪ Q1 margin expansion driven by broad Q1 $34 4.8% based margin improvements across all 2025 business units. Q1 $24 3.5% 2024 ▪ Diverse, highly collaborative wor
Slide 17: Sustained, Diversified, and Risk-Balanced ~$1.3B
Sustained, Diversified, and Risk-Balanced BACKGROUND BACKLOG BREAKDOWN Backlog Characterizations Expect Significant Conversions of Pending Backlog to Backlog in Q2 Scope Expansion on LCIPs and Projects Successfully Reaching Securements across our business units with Construction Phase growth in-line
Slide 18: Q1 2025 Financial Highlights
Q1 2025 Financial Highlights Revenue growth, continued margin accretion and delivering earnings and operating cash flow improvements that significantly outpaced revenue growth. Three Months Ended Y/Y March 31, 2025 Change Revenue $717.6 4.3% Gross Profit $67.5 22.4% 9.4% of Revenue 1 Adjusted EBITDA
Slide 19: Strong Cash Flow Generator
Strong Cash Flow Generator Solid, sustained financial foundation with flexibility for continued growth Cash Flows from Operating Activities Expanding Free Cash Flow Robust liquidity and capital 47% +14% q/q Generation efficiency metrics CAGR1 $114 $83 $95 $76 $43 2022 2023 2024 Q1'24 Q1'25 62.9% 1.2
Slide 20: 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 27% Smart capital $8 $7 investments to $- 34% support further 2022 2023 2024 Q1'24 YTD Q1'25 YTD productivity and in millions of Canadian Dollars ~$300M
Slide 21: Clear & Strategic Approach to M&A
Clear & Strategic Approach to M&A 1. Achieves sector and geographic growth 1. Cross-selling or synergies 2. Cultural fit/leadership retention 2. Strong end market outlook Strategic 3. Enhances presence and capabilities in 3. New/enhanced long-term existing geography clients and partnerships filters
Slide 22: M&A Scorecard: Track Record of Successful Integrations
M&A Scorecard: Track Record of Successful Integrations Close date Aug 2024 Jan 2024 Feb 2023 Sept 2021 Sept 2020 Purchase price ($M) $135 $11 $7 $32 $96 Buildings, Industrial Overview Infrastructure Industrial (MRO) Utilities Infrastructure (MRO) Strategic filters Sector and geographical growth Enha
Slide 23: Outlook
Committed to Our Strategic Plan – Bird’s strategic focus on diversifying its work programs geographically and across industrial, building and infrastructure markets, as well as the Company’s strategic focus on key sectors with long-term Outlook demand drivers, position Bird to manage current market
Slide 24: Appendix
Appendix Q1 2025 Investor Presentation BIRD CONSTRUCTION INC.
Slide 25: 3-Year Historical Financial Performance
3-Year Historical Financial Performance Significant progress made with long runway for growth ahead Revenue ($M) Adjusted EBITDA ($M) & Margin (%) Earnings Per Share (EPS) $250 15% $3,397 $213 32% $1.84 8.5% CAGR1 25% $200 CAGR1 CAGR1 $2,799 7.5% $2,369 6.3% $1.33 $150 $139 6.5% $101 $0.93 5.0% 5.5%
Slide 26: 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 $3,500 $3,253 $3,138 10% $2,951 $3,000 $2,799 $2,656 $2,540 8% $2,369 $2,430 $2,500 $2,251 $2,
Slide 27: Capital Markets Overview
$24.48 ~3.4% ~$1.4B Capital Share Price(1) Dividend Market Markets Yield Capitalization (1) Overview $17.52/$32.67 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 28: Q1 2025 Investor Presentation
Q1 2025 Investor Presentation Bird Construction Inc. (TSX:BDT) Q1 2025 Investor Presentation 28