Slide 1: Q3 2025 Earnings Call Presentation
Q3 2025 Earnings Call Presentation November 13, 2025 Bird Construction Inc. (TSX:BDT) Q3 2025 Earnings Call Presentation
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: Financial Highlights
Financial Highlights Q3 2025 in millions of Canadian dollars Adj. EBITDA1 & Adj. Revenue EBITDA Margin2 • Solid Revenue and Margin Performance – 5.8% y/y 4.5% y/y TTM Adj. EBITDA 90bps above Q3 2024. $1,000 $951 7.8% • >$10B Combined Backlog – Highly $899 7.0% 6.0% collaborative, lower-risk backlog
Slide 4: Over $10B in Combined Backlog
Over $10B in Combined Backlog Higher Embedded Margins, Diversified, Risk-Balanced, Growing BACKGROUND $10 BILLION COMBINED BACKLOG BREAKDOWN Backlog Characterizations +27% y/y $10B Securements across our business units with 18% $700 Book to Bill Ratio1 growth in-line or above market growth 138% 151%
Slide 5: Solid TTM Adj. EBITDA Margin Progression
Solid TTM Adj.EBITDA Margin growth trajectory supported by strategic Progression mix in economically resilient sectors. QUARTERLY Adj. EBITDA ($M) ▪ Q3 margin decrease y/y Q3 margin decrease Q3 y/y driven by temporary impacts from client $67 7.0% 2025 directed timing delays and in project starts due
Slide 6: 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 7: >$10B Combined Backlog and Strong Market Momentum Across All Sectors
>$10B Combined Backlog and Strong Market Momentum Across All Sectors Diversified portfolio with record backlog of collaborative, lower-risk, margin-accretive projects, backed by nation-building programs and major federal infrastructure investment. Industrial Buildings Infrastructure • Continued grow
Slide 8: Federal Investment Tailwinds Reinforce Long-Term Growth
Federal Investment Tailwinds Reinforce Long-Term Growth >$115B in federal infrastructure investment and ~$60B in private nation-building projects (first five) align with Bird’s capabilities, with M&A further enhancing our ability to self-perform and capitalize on this robust, long-term demand. • Bui
Slide 9: Fraser River Pile & Dredge (FRPD): At A Glance
Fraser River Pile & Dredge (FRPD): At A Glance Highly experienced Versatile marine Safety leader in marine Strong Indigenous Broad client base across workforce of 300+ salaried, and land construction infrastructure, land Partnerships sectors, and strong hourly and craft equipment fleet foundations a
Slide 10: Furthering Bird's Strategy to Expand its National Full-service Infrastructure Vertical
Furthering Bird’s Strategy to Expand its National Full-service Infrastructure Vertical Acquisition aligns with Bird’s M&A strategy • Highly strategic, complementary acquisition aligned with Bird’s Strengthens Bird’s national infrastructure disciplined M&A criteria, expanding the Company’s national p
Slide 11: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Resilient performance through ongoing macroeconomic uncertainty, supported by a record backlog with higher embedded margins, and strong underlying business fundamentals that continue to provide stability and visibility. Three Months Ended Y/Y Nine Months Ended Y/Y Septem
Slide 12: Operational Cash Flow Generator
Operational Cash Flow Generator Solid, sustained financial foundation with flexibility for continued growth Cash Flows from Operating Activities Free Cash Flow Robust liquidity and capital 47% Generation efficiency metrics CAGR1 $114 $76 $81 1.28 $61 $43 2022 2023 2024 Q3'24 Q3'25 27.4% Current Rati
Slide 13: 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 $22 $23 27% Smart capital investments to $- 34% support further 2022 2023 2024 Q3'24 YTD Q3'25 YTD productivity and in millions of Canadian Dollars ~$30
Slide 14: Outlook
Committed to Our Strategic Plan: Record combined backlog with a high proportion of Outlook collaborative contracting and higher average margins supports confidence in achieving 2027 growth and margin expansion targets. Nation-building tailwinds continue to drive long-term growth and shareholder valu
Slide 15: Appendix
Appendix
Slide 16: Capital Markets Overview
$28.86 ~2.9% ~$1.6B Capital Share Price(1) Dividend Market Markets Yield Capitalization (1) Overview $17.52/$31.76 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 17: 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. Q3 2025 Earnings Call Presentation
Slide 18: 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 Net (with 2025 receiving an additional 5% growth from the full year of Jacob Bros. revenue, when compared to 2024) Income
Slide 19: Q3 2025 Earnings Call Presentation
Q3 2025 Earnings Call Presentation Bird Construction Inc. (TSX:BDT) Q3 2025 Earnings Call Presentation 18