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

Press Release

MARCH 11, 2026

“In 2025, Bird successfully navigated near‑term revenue timing shifts while continuing to progress margins and strengthen the business. Strong demand across our key strategic sectors drove record combined backlog with accretive embedded margins, providing historic levels of forward visibility into revenue and earnings growth. Through disciplined project selection, expanded self‑perform capabilities from the acquisition of Fraser River Pile & Dredge, and major project awards, we further strengthened our platform and broadened our participation across industrial, maintenance, buildings, and infrastructure markets,” stated Teri McKibbon, President and CEO of Bird Construction. “Bird remains strongly positioned for Canada’s long‑duration nation‑building investment cycle, including large‑scale capital investment energy projects such as LNG and nuclear, as well as infrastructure renewal across defence, healthcare, transportation and trade. With record liquidity and a strong balance sheet, Bird enters 2026 with flexibility, visibility, and momentum.”

FINANCIAL HIGHLIGHTS

Bird’s fourth quarter of 2025 saw strong execution on the Company’s work programs, with continued accretion of Gross Profit margins compared to the prior year driven by the Company’s strategic focus on key sectors with long-term demand drivers and disciplined project selection. As anticipated, revenue for the quarter was lower than 2024 driven by the ongoing impact of previously disclosed delays in the start of certain contracted projects, resulting in full-year revenue in line with last year. The Company’s Backlog remained at record levels of $5.1 billion at year-end, and Pending Backlog grew to over $6.0 billion with the renewal and award of several recurring revenue master service agreement (“MSA”) contracts and award of collaborative contracts in the quarter. Bird’s risk-balanced combined backlog reflects higher margins than a year ago, and along with the robust bidding environment in Bird’s key sectors gives the Company confidence in achieving growth and further profitability enhancement in 2026 and 2027.

During the quarter, Bird also completed the acquisition of Fraser River Pile & Dredge (“FRPD”), adding marine construction and land foundation self-perform capabilities to the Company’s comprehensive portfolio of services and scopes. The addition of FRPD’s experienced team complements Bird’s experience in delivering complex infrastructure, industrial and institutional projects, and expands the Company’s opportunities to participate in upcoming nation building initiatives and infrastructure investments.

The Company also recognized an impairment loss of $62.2 million on accounts receivable and contract assets related to a single customer during the quarter based on concerns around the customer’s creditworthiness and ability to collect the amounts. As previously disclosed, the sole project for this customer is substantially complete and no further costs are expected to be incurred.

Full-Year 2025 compared to Full-Year 2024

• Construction revenue of $3,396.8 million was earned in 2025, compared to $3,397.3 million earned in 2024.
• Net income and earnings per share for the year ended December 31, 2025 were $47.4 million and $0.86, compared to $100.1 million and $1.84 in 2024.
• Adjusted Earnings¹ and Adjusted Earnings Per Share were $107.7 million and $1.94 for full-year 2025, compared to $111.3 million and $2.04 in the prior year.
• Adjusted EBITDA¹ for the year ended December 31, 2025 was $222.1 million, or 6.5% of revenues, compared to $212.8 million, or 6.3% of revenues in 2024.

Fourth Quarter 2025 compared to Fourth Quarter 2024

• Construction revenue of $877.0 million was earned in Q4 2025 compared to $936.7 million earned in the fourth quarter of 2024.
• Net loss and loss per share were $14.0 million and $0.25 in Q4 2025, compared to $32.5 million net income and $0.59 earnings per share in Q4 2024.
• Adjusted Earnings¹and Adjusted Earnings Per Share were $31.8 million and $0.57 in Q4 2025, compared to $37.3 million and $0.67 in Q4 2024.
• Adjusted EBITDA¹ of $66.2 million, or 7.5% of revenues in Q4 2025, compared to $71.9 million, or 7.7% of revenues in Q4 2024.

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