Slide 1: Q1 2026 Earnings Call Presentation
Q1 2026 Earnings Call 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: 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 6.0% 4.8% 4.7% $718 $783 • Strong organic revenue growth in the $500 $34 $37 3.0% Buildings business partially offset by lower y/y Industrial revenue. $- $- 0.0% • Infrast
Slide 5: $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 $8.
Slide 6: Sustained Adj. EBITDA Progression
Margin growth trajectory supported by strategic Sustained Adj. EBITDA mix in high demand, higher margin sectors. Progression TTM Adj. EBITDA ($M) & Adj. EBITDA MARGIN (%) • Margin performance reflective of revenue Q1 2026 $225 6.5% mix, supported by higher-margin contributions from Jacob Bros and FR
Slide 7: 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 8: 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 9: 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 10: 300 MW Sherwood Saskatchewan AI Facility
Bird’s Local Presence and Delivery History 300 MW Sherwood • Founded in Moose Jaw in 1920, permanent presence Saskatchewan AI Facility in Saskatchewan • 300 MW Sherwood facility near • Built Saskatchewan infrastructure across Regina, cornerstone of Bell AI generations: hospitals, schools, military f
Slide 11: 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 12: Path to 2027
Path to 2027 Risk-Balanced Business Model with a Proven Track Record of Generating Growth and Profitability 2022-2024 2025-2027 • Adj. EBITDA (TTM) CAGR2 30% (2022-2025) • Adj. EBITDA (TTM) CAGR1 25% • 150bps in 2 years with multiple, incremental drivers • Added 200bps to Adj. EBITDA Margin in 2 yea
Slide 13: 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 14: 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 15: 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 16: 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 17: 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 18: Appendix
Appendix Q1 2026 18 Earnings Call Presentation
Slide 19: 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 20: 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 21: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation Bird Construction Inc. (TSX:BDT)