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Aecon Group (ARE) investor relations material
Aecon Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved record quarterly revenue of $1.53 billion in Q3 2025, up 20%–24% year-over-year, with growth across nuclear, industrial, and urban transportation sectors.
Reported backlog reached a record $10.8 billion, with new contract awards of $1.6 billion in the quarter, supporting a strong outlook.
Adjusted EBITDA for Q3 2025 was $113.6 million, down from $127 million, impacted by $21 million in legacy project losses and margin compression.
Strategic U.S. acquisitions (Bodell Construction and Trinity Industrial Services) broadened the U.S. platform in energy, power, mining, and water.
59% of 2024 revenue and 86% of backlog revenue tied to sustainability projects, reflecting a focus on energy transition.
Financial highlights
Q3 2025 revenue: $1.53 billion, up $255 million (20%) year-over-year.
Adjusted EBITDA: $113.6 million (7.6% margin), down 10% year-over-year; adjusted diluted EPS: $0.53.
Operating profit: $61.4 million, down from $80.9 million in Q3 2024.
Free cash flow for Q3 2025 TTM was negative $41.4 million, compared to $175.9 million prior year.
Net debt to adjusted EBITDA: 2.0x; $1 billion committed revolving credit facility, $294 million drawn.
Outlook and guidance
Revenue in 2025 expected to exceed 2024, driven by record backlog, acquisitions, and strong bid pipeline.
Further revenue growth anticipated in 2026, with strong demand in Canada, U.S., and international markets.
Completion of three remaining fixed price legacy projects by early 2026 expected to improve profitability and margin predictability.
Focus on improved profitability and disciplined capital allocation, including acquisitions, dividends, and share buybacks.
Construction segment margin trajectory for 2026?
Nuclear sector's future revenue mix and growth drivers?
Long-term non-fixed price contract mix target?
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Next Aecon Group earnings date
Q4 202527 Feb, 2026
Next Aecon Group earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Aecon Group Inc., provides construction and infrastructure development services to private and public sector clients in Canada, the United States, and internationally. It operates through three segments: Infrastructure, Energy, and Mining. The company offers construction services in the civil infrastructure, transportation, nuclear power generation/refurbishment, heavy industrial/manufacturing facilities, mining and natural resources sectors. Aecon Group Inc. was founded in 1877 and is headquartered in Toronto, Canada.
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