Q4 & Full Year 2025 Investor Presentation March 12, 2026 Bird Construction Inc. (TSX:BDT) Disclaimer This presentation contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this presentation are based on the expectations, estimates and projections of management of Bird Construction Inc. ("Bird" or "The Company") as of the date of this presentation unless otherwise stated. The u ...

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]

Core Viewpoint - Fluor Corporation announced the retirement of Executive Chairman David E. Constable and the appointment of James T. (Jim) Hackett as Chairman of the Board, effective May 5, 2026, marking a significant leadership transition within the company [1]. Group 1: Leadership Transition - David E. Constable will step down from the Board of Directors after 44 years with Fluor, having held various leadership roles and serving as CEO from 2021 to 2025 [1]. - James T. Hackett, the current Lead Independent Director, will take over as Chairman, bringing extensive governance experience and a strong background in the energy industry [1]. - Constable's leadership is credited with strengthening Fluor's financial foundation and restoring stakeholder confidence, while Hackett aims to build on this momentum [1]. Group 2: Company Overview - Fluor Corporation, headquartered in Irving, Texas, employs nearly 23,000 people and reported revenue of $15.5 billion in 2025, ranking 257 among Fortune 500 companies [1]. - The company specializes in engineering, procurement, construction, and maintenance services, addressing significant challenges for clients globally [1].

Core Insights - Bird Construction Inc. has been awarded multiple projects and agreements totaling approximately $1.2 billion, which includes major industrial capital investment projects and significant new and renewed multi-year master service agreements (MSA) with both new and existing clients [1][2]. Group 1: Project Awards and Agreements - The new MSA in partnership with Infinity Métis Corporation exemplifies Bird's tuck-in M&A strategy, enhancing self-perform capabilities and supporting revenue growth and margin accretion in line with the company's 2027 Strategic Plan [2]. - Bird's Industrial Maintenance team secured a new five-year recurring revenue MSA for complex mechanical services with a major Oil and Gas client, highlighting the strategic impact of the 2024 acquisition of NorCan Electric [4]. - Additional MSA extensions and new awards include a two-year extension for electrical services, a three-year renewal with scope expansion for an existing customer, and a new three-year mechanical services MSA in the mid-stream sector [4]. Group 2: Strategic Partnerships and Projects - Bird's partnership through 2Nations Bird has been selected for additional work at BHP's Jansen potash project, which includes the construction and commissioning of five non-process infrastructure buildings [4]. - The company has also been awarded a new contract for critical process work at Dow's Path2Zero Program in Fort Saskatchewan, Alberta, focusing on mechanical, structural, piping, and insulation works [4].

Core Viewpoint - Emcor Group (EME) has experienced a recent decline in share price, losing 6.2% over the past week, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging to counteract selling pressure [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, with reduced selling pressure and a potential shift in control from bears to bulls [2][5]. - A hammer pattern forms when there is a small difference between opening and closing prices, with a long lower wick indicating buying interest after a new low is reached during a downtrend [4][5]. - This pattern can occur across various timeframes and is utilized by both short-term and long-term investors [5]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for EME, which is a bullish indicator suggesting potential price appreciation [7]. - Over the last 30 days, the consensus EPS estimate for the current year has increased by 0.2%, indicating that analysts expect better earnings than previously predicted [8]. - EME holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10].

Core Points - Bird Construction Inc. has entered into a Development Phase Agreement (DPA) with Infrastructure Ontario and William Osler Health System for the Peel Memorial Hospital Phase 2 Redevelopment project [1][2] - This agreement follows Bird's selection as the Preferred Proponent, marking the start of the Development Phase where Bird will collaborate closely with Osler and IO on project design, schedule, pricing, and risk management [2] - The DPA reflects Bird's extensive experience in delivering complex healthcare infrastructure across Canada, emphasizing a progressive contracting model that enhances early engagement and informed decision-making [3] Company Overview - Bird Construction is a leading Canadian construction and maintenance company with operations across Canada, providing a comprehensive range of construction services and innovative solutions [4] - The company has a strong commitment to safety and high service levels, aiming to deliver long-term value for all stakeholders [4]

Core Points - Bird Construction Inc. has successfully completed the acquisition of Fraser River Pile & Dredge (FRPD), marking a significant milestone for both companies [1][2] - The acquisition enhances Bird's capabilities in marine infrastructure, land foundations, and dredging, expanding its self-perform platform and broadening service offerings to clients [2] - The federal government's focus on nation-building projects, particularly those involving major port and marine requirements, aligns with the combined strengths of Bird and FRPD, supporting Canada's infrastructure priorities and long-term growth strategy [2] Company Overview - Bird Construction Inc. is a leading Canadian construction and maintenance company with over 100 years of experience, operating across all major markets in Canada [4] - The company emphasizes a collaborative, safety-first approach and provides a comprehensive range of construction services, self-perform capabilities, and innovative solutions to various sectors including industrial, buildings, and infrastructure [4]

Core Points - Bird Construction Inc. will release its 2025 third quarter financial results on November 12, 2025, after market close [1] - A conference call and live webcast to discuss the results will take place on November 13, 2025, at 10:00 a.m. (ET) [1] - The call will be hosted by Teri McKibbon, President and CEO, and Wayne Gingrich, CFO [1] Registration and Access - Participants can register for expedited access to the conference call through a provided link [2] - Upon registration, participants will receive dial-in information and a unique PIN, along with an email confirmation [2] - The live webcast will be available at a specified URL, and related financial documents will be accessible after market close on November 12, 2025 [2] Company Overview - Bird Construction is a leading Canadian construction and maintenance company operating nationwide [3] - The company offers a comprehensive range of construction services and innovative solutions across industrial, buildings, and infrastructure markets [3] - Bird has a history of over 100 years, emphasizing a safety-first approach and a commitment to providing long-term value for stakeholders [3]

Core Insights - Bird Construction Inc. has been selected as the Preferred Proponent by Infrastructure Ontario for a major hospital project, indicating the company's strong position in the healthcare infrastructure sector [1][2] - The project will utilize a collaborative contracting model with a target price, which is expected to enhance innovation, efficiency, and stakeholder collaboration [2] Company Overview - Bird Construction is a leading Canadian construction and maintenance company with over 100 years of experience, focusing on safety and high service levels [3] - The company operates across all major markets in Canada, providing a comprehensive range of construction services and innovative solutions for industrial, buildings, and infrastructure markets [3]

Core Insights - Bird Construction is executing its 2025-2027 Strategic Plan, focusing on sectors with long-term demand drivers and maintaining a risk-balanced work program to drive growth and margin accretion [1] - The company has a record backlog of $4.6 billion, which positions it well to capitalize on future opportunities once market uncertainties resolve [1][2] Financial Performance - In Q2 2025, Bird's construction revenue was $850.8 million, a decrease of 2.6% from $873.5 million in Q2 2024 [5][7] - Net income for Q2 2025 was $20.3 million, down from $21.4 million in Q2 2024, while adjusted earnings increased by 18% to $27.6 million [5][6] - Adjusted EBITDA for Q2 2025 was $54.9 million, representing a margin of 6.5%, up from 5.3% in the prior year [5][8] Backlog and Securements - Bird secured almost $1.2 billion in additional work in Q2 2025, increasing its backlog to a record $4.6 billion [2][8] - Year-to-date securements totaled $2.5 billion, nearly $1.0 billion higher than the previous year [8] Operational Highlights - The company generated strong operational cash flow of $54.5 million in Q2 2025, a 14.8% increase from the same quarter in 2024 [8] - Bird's liquidity position remains robust, with $142.6 million in cash and an additional $231.7 million available under its credit facility [8] Project Awards - In Q2 2025, Bird was awarded five projects valued at over $650 million, including significant contracts in infrastructure and industrial sectors [8][14]