Bird Reports 2025 Third Quarter Results; Record $10 Billion Combined Backlog and Pending Backlog

Press Release

COMPANY: BIRD CONSTRUCTION INC.
LISTING: TORONTO STOCK EXCHANGE
CITY: MISSISSAUGA
SYMBOL: BDT
DATE: November 12, 2025

SUBJECT: BIRD BIRD REPORTS 2025 THIRD QUARTER RESULTS; RECORD $10 BILLION COMBINED BACKLOG AND PENDING BACKLOGANNOUNCES 2025

“Sustained demand in Bird’s key strategic sectors, along with the Company’s proven track record in delivering complex institutional, industrial and infrastructure projects, helped drive Bird’s combined Backlog and Pending Backlog to over $10.0 billion at September 30, 2025. Continuing to reflect favourable margins to a year ago, the combination of Backlog and Pending Backlog give Bird line of sight into future revenue growth and margin accretion and further conviction in achieving our 2027 strategic targets.” stated Teri McKibbon, President and CEO of Bird Construction. “Bird’s extensive self-perform capabilities, bolstered by strategic acquisitions such as the recently completed acquisition of Fraser River Pile & Dredge, have positioned the Company to pursue and win work related to nation-building infrastructure initiatives, as well as planned investments in defence, healthcare, nuclear and data centres.”

FINANCIAL HIGHLIGHTS

Demand in Bird’s key sectors remained robust in the third quarter, with securements of over $1.3 billion in additional contracted work increasing the Company’s Backlog to over $5.0 billion for the first time in the Company’s history. In addition, significant collaborative awards and extensions of recurring maintenance programs grew the Company’s Pending Backlog by over $1.2 billion in the quarter to over $5.0 billion. Economic uncertainty continued to impact third quarter revenue, which grew modestly by 5.8% compared to last year, due to the previously disclosed delays in the self-perform Industrial work program and delays in the start of certain contracted projects in the quarter. The Company’s balance sheet is healthy and maintains the flexibility to strategically pursue attractive acquisitions in the current active M&A environment, such as the recent acquisition of Fraser River Pile & Dredge, Canada’s largest marine infrastructure, land foundation and dredging company. The addition of marine construction to the Company’s already comprehensive self-perform capabilities and experience in delivering complex infrastructure, industrial and institutional projects expands the Company’s opportunities to participate in upcoming nation building initiatives and infrastructure investments.

Third Quarter 2025 compared to Third Quarter 2024

• Construction revenue of $951.4 million was earned in Q3 2025 compared to $898.9 million earned in the prior year quarter, representing a 5.8% increase year-over-year.
• Net income and earnings per share were $31.7 million and $0.57 in Q3 2025, compared to $36.2 million and $0.66 in Q3 2024.
• Adjusted Earnings¹ and Adjusted Earnings Per Share were $35.4 million and $0.64 in Q3 2025, compared to $39.3 million and $0.72 in Q3 2024.
• Adjusted EBITDA¹ of $66.9 million, or 7.0% of revenues in Q3 2025, compared to $70.1 million, or 7.8% of revenues in Q3 2024.

Year-to-Date 2025 compared to Year-to-Date 2024

• Construction revenue of $2,519.8 million was earned in the nine months of 2025, compared to $2,460.7 million earned in 2024.
• Net income and earnings per share for the nine months of 2025 were $61.4 million and $1.11, compared to$67.6 million and $1.25 in 2024.
• Adjusted Earnings¹ and Adjusted Earnings Per Share were $75.9 million and $1.37 year-to-date in 2025, compared to $74.0 million and $1.36 in the prior year.
• Adjusted EBITDA¹ for the nine months of 2025 was $155.9 million, or 6.2% of revenues, compared to$140.9 million, or 5.7% of revenues in 2024.

HIGHLIGHTS

• Bird’s revenue grew 5.8% in the third quarter of 2025 compared to the third quarter of 2024, with organic growth representing over 60% of the growth. The growth was achieved despite the impacts of previously disclosed delays in the self-perform Industrial work program resulting from ongoing economic uncertainty.
• The Company’s Backlog of contracted work grew to $5.0 billion at quarter end, benefiting from over $1.3 billion in securements in the third quarter, including new awards and conversions of Pending Backlog. Year-to-date securements exceeded $3.8 billion, higher than both securements and revenue for full-year 2024. Bird’s Pending Backlog of work awarded but not yet contracted was $5.0 billion at quarter-end and continues to include over $700 million of master service agreement (“MSA”) and other recurring revenue to be earned over the next five years.
• Bird generated $69.8 million in operating cash flow before investments in non-cash working capital in the third quarter. Seasonal investments in non-cash working capital, driven by the ramp up of the Company’s work programs and increasing self-perform work, are expected to unwind over the fourth quarter 2025 as experienced in prior years.
• The Company’s liquidity position remains strong at September 30, 2025, with $113.9 million of cash and cash equivalents, and an additional $281.7 million available under the Company’s Syndicated Credit Facility, to support ongoing investments in non-cash working capital, project-driven capital expenditures, and potential acquisitions to further diversify service offerings and self-perform capabilities.
• On September 3, 2025, Bird announced that it had entered into an agreement to acquire Fraser River Pile & Dredge (“FRPD”) for estimated aggregate consideration of $82.3 million. FRPD is Canada’s oldest and largest privately-owned marine construction, land foundation and dredging company with substantial self-perform capabilities. Founded in 1911, FRPD has an experienced workforce of over 300 salaried, hourly and craft personnel, a versatile marine and land construction equipment fleet, and a specialized construction skillset that is well suited to Canada’s growing demand for infrastructure, including nation-building projects. The transaction, which was subject to regulatory approval and satisfaction of other customary closing conditions, successfully closed on October 10, 2025.
• During the third quarter of 2025, the Company announced that it was selected by Infrastructure Ontario as the Preferred Proponent to design and build the Peel Memorial Hospital Phase 2 Redevelopment project in Ontario using a collaborative contracting model with a target price. The overall timeline and project value will be determined through a development phase which commenced in October 2025.
• Subsequent to the quarter end, the Company became aware of circumstances that arose after the end of the quarter that led it to be concerned about the creditworthiness of a customer. The Company has substantially completed its sole project for this customer and no further material costs are expected to be incurred. At the end of the third quarter, accounts receivable and contract assets related to the customer amounted to $32.8 million and $29.4 million, respectively, and the Company is in active discussions with the client to determine to what extent, if any, an impairment of these amounts may be required in the fourth quarter of 2025. Please refer to the risk Potential for Non-Payment in the Risks Relating to the Business section of the Company’s Management’s Discussion & Analysis for the year ended December 31, 2024, dated March 12, 2025.
• The Board has declared eligible dividends of $0.07 per common share for each of November 2025, December 2025, January 2026 and February 2026.

CONFERENCE CALL AND WEBCAST

Bird will host an investor webcast to discuss the quarterly results on Thursday, November 13, 2025 at 10:00 a.m. ET, to discuss the Company’s results. Analysts and investors may connect to the webcast at https://edge.media-server.com/mmc/p/5r443dww. Participants are invited to register for expedited access to the conference call: Registration Link. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Attendees are asked to be on the line 10 minutes prior to the start of the call. The presentation can also be found on our website at https://www.bird.ca/investors.

The Company’s Financial Statements and Management’s Discussion & Analysis (“MD&A”) will be filed and available on the System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and on the Company’s website at www.bird.ca.

TERMINOLOGY AND NON-GAAP & OTHER FINANCIAL MEASURES

Throughout this News Release, certain terminology and financial measures are used that do not have standard meanings under IFRS and are considered specified financial measures. These include non-GAAP financial measures, non-GAAP financial ratios, and supplementary financial measures. These measures may not be comparable with similar measures presented by other companies. Further information on these financial measures can be found in the “Terminology and Non-GAAP & Other Financial Measures” section in Bird’s most recently filed Management’s Discussion & Analysis for the period ended September 30, 2025, prepared as of November 12, 2025. This document is available on Bird’s SEDAR+ profile, at www.sedarplus.ca and on the Company’s website at www.bird.ca.

“Backlog” is the total value of all contracts awarded to the Company, less the total value of work completed on these contracts as of the date of the most recently completed quarter. The Company’s Backlog equates to the Company’s remaining performance obligations as at September 30, 2025 and December 31, 2024.

“Adjusted Earnings” and “Adjusted EBITDA” are non-GAAP financial measures. “Adjusted Earnings Per Share” and “Adjusted EBITDA Margin” are non-GAAP financial ratios. “Pending Backlog” is a supplementary financial measure.

Adjusted Earnings and Adjusted EBITDA are reconciled as follows:

For further information, please contact:

T.L. McKibbon, President & CEO or

W.R. Gingrich, CFO

Bird Construction Inc.

5700 Explorer Drive, Suite 400

Mississauga, ON L4W 0C6

Phone: (905) 602-4122

ABOUT BIRD CONSTRUCTION

Bird (TSX: BDT) is a leading Canadian construction and maintenance company operating from coast-to-coast-to-coast. Servicing all of Canada’s major markets through a collaborative, safety-first approach, Bird provides a comprehensive range of construction services, self-perform capabilities, and innovative solutions to the industrial, buildings, and infrastructure markets. For over 100 years, Bird has been a people-focused company with an unwavering commitment to safety and a high level of service that provides long-term value for all stakeholders. www.bird.ca

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