Bird Construction (BDT) investor relations material

Executive summary

• Achieved record Q2 2026 revenue exceeding $1.04 billion (CAD 1,043 million), up 22.6% year-over-year, surpassing $1 billion in a quarter for the first time, with strong organic growth across all business segments and improved margins, cash flow, and backlog under the 2027 strategic plan.

• Backlog and pending backlog reached record levels, with combined backlog at $12.0 billion (up 30.6% year-over-year), providing strong visibility into future revenue and margin growth.

• Strategic partnerships, including Marten Falls First Nation and Bell AI Fabric, position for growth in critical minerals and AI infrastructure beyond 2027.

• National scale, distributed work program, and sector diversity reduce reliance on any single market and support durable, multi-year growth and margin expansion.

• Achieved investment-grade BBB (low) rating from DBRS and completed inaugural $250 million senior unsecured notes offering.

Financial highlights

• Q2 2026 revenue was $1,043.3 million, up 22.6% year-over-year; gross profit rose to $109.8 million with a 10.5% margin.

• Adjusted EBITDA increased 34.6% to $73.9 million (7.1% margin); adjusted earnings rose 40% to $38.6 million ($0.70/share); net income was $30.3 million ($0.55/share), up 49.3% year-over-year.

• Cash flows from operating activities improved by $133.8 million year-over-year to $58.4 million in Q2; six-month operating cash flow was $188.8 million.

• Trailing 12-month free cash flow was $262 million ($4.73/share); liquidity included $264.3 million cash and $446.5 million in available credit.

• Dividend payout ratio target is 33% of GAAP net income; monthly dividend of $0.07 per share declared for August–October 2026.

Outlook and guidance

• Combined backlog of approximately $12 billion provides strong revenue visibility and supports continued double-digit growth in 2026 and 2027, with margin accretion expected to approach the 8% adjusted EBITDA margin target by 2027.

• Full-year 2026 revenue growth expected to exceed 20% over 2025, with further adjusted EBITDA margin accretion anticipated as industrial programs return to full capacity.

• Both Q3 and Q4 2026 are expected to be strong and similar in revenue and margin contribution.

• Distributed work program and structural demand drivers support multi-year growth beyond 2027.