Bird Reports 2025 Fourth Quarter Results; $11 Billion Combined Backlog and Pending Backlog

Core Insights - Bird Construction demonstrated resilience in 2025, managing revenue timing shifts while improving margins and strengthening its business model, driven by strong demand in strategic sectors and a record backlog [1][2] - The company is well-positioned for Canada's long-term infrastructure investment cycle, particularly in energy projects and infrastructure renewal [1] Financial Performance - In 2025, Bird's construction revenue was $3,396.8 million, nearly unchanged from $3,397.3 million in 2024 [7] - Net income for 2025 was $47.4 million, down from $100.1 million in 2024, with earnings per share decreasing from $1.84 to $0.86 [7] - Adjusted EBITDA for 2025 was $222.1 million, representing 6.5% of revenues, an increase from 6.3% in 2024 [7][10] Backlog and Contracts - The company's backlog reached a record $5.1 billion at year-end, with a pending backlog of over $6.0 billion, indicating strong future revenue visibility [2][10] - Bird secured approximately $1.2 billion in new project awards during the fourth quarter, including multi-year master service agreements [15] Acquisition and Expansion - Bird completed the acquisition of Fraser River Pile & Dredge for $84.6 million, enhancing its marine construction and land foundation capabilities [3][15] - The acquisition is expected to broaden Bird's service offerings and participation in nation-building initiatives [3] Impairment and Financial Adjustments - The company recognized an impairment loss of $62.2 million related to a single customer due to creditworthiness concerns [4] - Adjusted earnings for Q4 2025 were $31.8 million, down from $37.3 million in Q4 2024, with adjusted earnings per share decreasing from $0.67 to $0.57 [7][16] Cash Flow and Liquidity - Bird generated $67.5 million in operating cash flow before changes in non-cash working capital in Q4 2025, with total cash flows from operating activities reaching $189.9 million for the quarter [10][15] - The company maintained a strong liquidity position with $167.0 million in cash and cash equivalents and $399.5 million available under its credit facility [15]