Aecon reports second quarter 2025 results with record backlog of $10.7 billion

Core Insights - Aecon Group Inc. reported a significant increase in revenue and backlog, driven by strategic acquisitions and strong demand in the construction sector [2][21][10] Financial Performance - Revenue for Q2 2025 was $1,302 million, a 52% increase from $853.8 million in Q2 2024 [6][4] - Operating profit for Q2 2025 was $2.3 million, compared to an operating loss of $166.3 million in Q2 2024 [8][4] - Adjusted EBITDA for Q2 2025 was $41.1 million, with a margin of 3.2%, compared to a negative adjusted EBITDA of $153.5 million and a margin of -18.0% in Q2 2024 [6][7] - Loss attributable to shareholders decreased to $7.6 million (diluted loss per share of $0.12) from $123.9 million (diluted loss per share of $1.99) in the same period last year [6][4] Backlog and Contracts - Reported backlog at June 30, 2025, was $10,746 million, up from $6,186 million at the same time last year, marking the highest backlog in Aecon's history [10][6] - New contract awards in Q2 2025 totaled $2,351 million, compared to $766 million in Q2 2024 [10][6] Segment Performance - In the Construction segment, revenue for Q2 2025 was $1,298 million, a 52% increase from $851.5 million in Q2 2024, driven by growth in industrial, nuclear, civil, urban transportation, and utilities operations [13][12] - The Concessions segment reported revenue of $2 million for Q2 2025, unchanged from the previous year [18][16] Strategic Developments - Aecon is leading significant nuclear refurbishment projects and has commenced the execution phase of the Darlington New Nuclear Project [2][21] - The Oneida Energy Storage Project, the largest grid-scale battery energy storage facility in Canada, officially began operations [6][5] Outlook - Revenue in 2025 is expected to be stronger than in 2024, supported by a record backlog, solid demand for recurring revenue programs, and a robust bid pipeline [21][22] - The company anticipates continued growth in most construction sectors and is focused on strategic investments to enhance operational effectiveness [26][22]