Slide 1: Q1 2026 Investor Presentation
Q1 2026 Investor Presentation May 14, 2026 Bird Construction Inc. (TSX:BDT)
Slide 2: Terminology and non-GAAP & other financial measures
Terminology and non-GAAP & other financial measures Disclaimer 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: Why Invest
Why Invest Partner of Choice for Canada’s Largest and Most Complex Industrial, Buildings, and Infrastructure Projects Durable and Visible Growth Strong Financial Discipline • Exposure to massive addressable market aligned to • Differentiated skills applied to growing mix of complex Canada’s long-cyc
Slide 4: At-a-glance
at-a-glance TSX: BDT A leading collaborative construction and maintenance 2025 Full Year Revenue company operating from coast-to-coast-to-coast $3.4B Toronto, ON $3.0B1 100+ years Calgary, AB Market cap in operation Headquarters Industrial Buildings 39% 40% 18 Offices/Operations 6,000+ employees Inf
Slide 5: 2025-2027 One Bird Growth Strategy
2025-2027 One Bird Growth Strategy By year-end 2027, Bird is expected to have achieved its financial targets by leveraging its strong foundation to expand in core markets, capture new opportunities in strategic end markets and on large capital investment projects, and continue its focus on operation
Slide 6: Industrial, Buildings, Infrastructure
Industrial, Buildings, Infrastructure Strategic Progression Toward a Balanced Sector Mix 2025-2027 Strategic Plan Target Through strategic diversification, 100% 13% 15% enhanced self-perform capabilities, and 90% 21% 26% a collaborative One Bird culture, we have expanded access to large capital80% i
Slide 7: Lower-risk, Collaborative Delivery Drives Margin Resilience
Lower-risk, Collaborative Delivery Drives Margin Resilience Bird has transformed into a lower-risk, margin-resilient construction platform through a sustained shift toward collaborative delivery models and disciplined project selection, alongside diversification of its business, expanded self-perfor
Slide 8: Spotlight LCIP Projects
Operational Excellence Driving Growth on Large Capital Investment Projects (LCIPs) Background: client-driven investments ($1B+) split into multiple scopes with successive wins driving business-wide growth and target achievement. Spotlight LCIP Projects Ring of Fire (RoF) Woodfibre LNG Project BHP Ja
Slide 9: Piinahzii LP Partnership
Piinahzii LP Partnership Disciplined early-stage participation through a community led partnership in the strategic Ring of Fire infrastructure corridor Strategic Partnership Ring of Fire Opportunity • Early engagement through • Marten Falls is a central community-led partnership community in the Ri
Slide 10: Bird and Bell AI Fabric Form Long-term Partnership
Bird and Bell AI Fabric Form Long-term Partnership to Build Canada’s AI Data Centre Infrastructure Reinforces Bird’s Position as Partner of Choice for Canada’s Largest and Most Complex Infrastructure Projects • Preferred construction partner to Bell AI Fabric for large-scale AI data centre developme
Slide 11: 300 MW Sherwood Saskatchewan AI Facility
Bird’s Local Presence and Delivery History 300 MW Sherwood • Founded in Moose Jaw in 1920, permanent Saskatchewan AI Facility presence in Saskatchewan • 300 MW Sherwood facility near • Built Saskatchewan infrastructure across Regina, cornerstone of Bell AI generations: hospitals, schools, military f
Slide 12: Growing Addressable Markets with Structural Tailwinds
Growing Addressable Markets with Structural Tailwinds Diversified exposure across resilient end markets with multiple near-term demand catalysts and repeatable execution advantages. Industrial Buildings Infrastructure $89B $94B $97B annual total addressable market1 annual total addressable market1 a
Slide 13: Diversified Sector Positioning
Diversified Sector Positioning Strategic End Market Opportunities Birds Differentiated Capabilities & Solutions Comprehensive nuclear expertise combining certified quality Nuclear Large, high-growth nuclear market offering complex, systems, collaborative delivery, strong Indigenous engagement ~$
Slide 14: 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 15: Operational Intelligence
Operational Intelligence Predictive analytics to enhance efficiency, reduce risk, and support data-driven decision making on complex projects Adapting & Innovating: How Bird Is Embracing AI Change Newest class of Megaprojects Predictive Analytics Construction of hyperscale and Strategic tool combi
Slide 16: Indigenous Partnerships Embedded in Bird's Operating Model
Indigenous Partnerships Embedded in Bird’s Operating Model Embedded, National Approach with Long-Term Relationships • Being a preferred partner for Indigenous rights holders and communities is a core element of Bird’s culture • Bird has one of the strongest Indigenous relationship networks among Can
Slide 17: Environmental, Social, Governance
The four pillars of the Bird ESG program embed sustainability within the Bird’s 2025 sustainability overview business to optimize our positive social and environmental impact by utilizing a will be published May 14, 2026 strong corporate governance framework that ensures accountability and Visit: bi
Slide 18: Q1 2026 Financials
bird Q1 2026 Financials
Slide 19: Financial Highlights
Q1 2026 in millions of Canadian dollars Adj. EBITDA1 & Financial Revenue Adj. EBITDA Margin2 9.2% y/y 8.9% y/y Highlights $1,000 4.8% 6.0% $783 4.7% $718 $500 • Strong organic revenue growth in the $34 $37 3.0% Buildings business partially offset by lower y/y Industrial revenue. $- $- 0.0% Q1’25 • I
Slide 20: $11B in Combined Backlog
$11B in Combined Backlog Higher Embedded Margins, Diversified, Risk-Balanced, and Robust Demand Across Sectors, Supports 2027 Targets +31% Book to Bill Ratio1 • Securements across our business 32% $11.1B $11.0B units with growth in-line or above CAGR2 $1,500 130% $1,500 market growth TTM Q1 2026 $8.
Slide 21: Sustained Adj. EBITDA Progression
Margin growth trajectory supported by strategic Sustained Adj. EBITDA mix in high demand, higher margin sectors. Progression TTM Adj. EBITDA ($M) & Adj. EBITDA MARGIN (%) • Margin performance reflective of revenue Q1 2026 $225 6.5% mix, supported by higher-margin Q1 2025 $223 6.5% contributions from
Slide 22: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Three Months Ended Y/Y March 31, 2026 Change • Revenue growth driven by organic Revenue $783.4 9.2% growth in Buildings and Infrastructure, with incremental Gross Profit $72.3 7.1% contribution from FRPD 9.2% of Revenue 2 Adjusted EBITDA1 $37.1 8.9% • Margin performance
Slide 23: Operational Cash Flow Generator
Operational Cash Flow Generator Solid, sustained financial foundation with flexibility for continued growth Cash Flows from Operating Activities $180 $160 33% $140 CAGR1 Free Cash Flow Robust liquidity and capital $120 $100 Generation efficiency metrics $80 $168 $60 $114 $113 $40 $95 $76 $20 259% 25
Slide 24: Disciplined Capital Allocation Strategy
Disciplined Capital Allocation Strategy Driving significant value creation through clear priorities, and opportunistic acquisitions that build shareholder value. Uses of capital Capital Expenditures2 (2022 - Q1 2026) $30 Targeted Capital Dividends paid Investments Enabling $20 $41 on Shares Producti
Slide 25: Clear & Strategic Approach to M&A
Clear & Strategic Approach to M&A 1. Achieves sector and geographic growth 4. Cross-selling or synergies 2. Cultural fit/leadership retention 5. Strong end market outlook Strategic 3. Enhances presence and capabilities in 6. New/enhanced long-term existing geography clients and partnerships filters
Slide 26: M&A Scorecard: Track Record of Successful Integrations
M&A Scorecard: Track Record of Successful Integrations Close date Oct 2025 Aug 2024 Jan 2024 Feb 2023 Sept 2021 Sept 2020 Purchase price ($M) $85 $138 $11 $7 $33 $96 Buildings, Overview Infrastructure Infrastructure Industrial (MRO) Utilities Infrastructure Industrial (MRO) Strategic filters Sector
Slide 27: Outlook
Outlook • Combined backlog of $11.0B with a high proportion of lower-risk collaborative contract types and a more favorable margin profile than a year ago, providing visibility into revenue and margin accretion through 2026 and into 2027. • Revenue growth and margin accretion expected to accelerate
Slide 28: Key Takeaways
Key Takeaways Partner of Choice for Canada’s Largest and Most Complex Industrial, Buildings, and Infrastructure Projects 1 Durable, multi-year growth visibility underpinned by ~$11B combined backlog 2 Strategic partnerships with Marten Falls First Nation (Ring of Fire) and Bell AI Fabric (national d
Slide 29: Appendix
Appendix Q1 2026 29 Investor Presentation
Slide 30: Warrants Align Long-term Incentives to Delivered Capacity
Warrants Align Long-term Incentives to Delivered Capacity Economic alignment and shared focus on disciplined execution across projects delivered together As part of the strategic partnership, Bird will issue Bell warrants to acquire common shares of Bird aligned to delivery milestones over time Core
Slide 31: 2025-2027 Strategic Plan Targets
2025-2027 Strategic Plan Targets Revenue Adj. EBITDA Dividends 10% +/- 2% 8.0% 33% Organic revenue growth Adjusted EBITDA Margin for CAGR full-year 2027 Dividend payout ratio of Net Income $4.6-$5.1B 9.0% $5,000 8.0% 8.0% $4,000 $3.4B ~$1.2B Disciplined Capital 7.0% 6.5% ~150 Allocation Strategy $3,
Slide 32: Growing revenue and healthy EBITDA margin
2 Growing revenue and healthy EBITDA margin Risk Balanced Business Model Generating Growth and Profitability TTM Revenue and Adjusted EBITDA Margin1 in millions of Canadian dollars $4,000 12.0% $3,397 $3,427 $3,404 $3,456 $3,397 $3,463 11.0% $3,500 $3,253 $3,138 $2,951 10.0% $3,000 $2,799 $2,656 $2,
Slide 33: 3-Year Historical Financial Performance
3-Year Historical Financial Performance Significant progress made with long runway for growth ahead Revenue ($M) Adjusted EBITDA ($M) & Margin (%) Earnings Per Share (EPS) 10% $30 0 27% -20% CAGR1 CAGR1 8.5 % CAGR1 $3,397 $3,397 $222 $25 0 $213 7.5 % $1.84 $2,799 $20 0 6.3% 6.5% 6.5 % $15 0 $139 $1.
Slide 34: Capital Markets Overview
$53.50 ~1.6% ~$2.96B Capital Share Price(1) Dividend Yield Market Capitalization (1) Markets Overview $22.40/$56.28 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 J
Slide 35: Q1 2026 Investor Presentation
Q1 2026 Investor Presentation Bird Construction Inc. (TSX:BDT)