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Bird Construction (BDT) investor relations material
Bird Construction Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved record combined backlog exceeding $10 billion, providing strong visibility into 2026 and 2027 revenue and margins, with higher embedded margins and a diversified, lower-risk project mix.
Revenue for Q3 2025 was $951.4 million, up 5.8% year-over-year, with over 60% of growth being organic and strong demand across industrial, buildings, and infrastructure sectors.
Gross profit for Q3 was $101.9 million (10.7% margin), slightly down from 2024 due to project mix and delays.
Adjusted EBITDA margin for Q3 was 7.0%, with trailing 12-month adjusted EBITDA margin at 6.6%.
Strategic acquisition of Fraser River Pile & Dredge (FRPD) expands self-perform capabilities in marine, dredging, and land foundations, expected to enhance Adjusted EBITDA margins and deliver accretion to EPS.
Financial highlights
Q3 2025 revenue: $951.4 million, up 5.8% year-over-year; year-to-date revenue: $2,519.8 million, up 2.4%.
Adjusted EBITDA for Q3: $66.9 million (7.0% margin); trailing 12-month Adjusted EBITDA margin: 6.6%.
Adjusted earnings for Q3: $35.4 million ($0.64 per share); net income: $31.7 million ($0.57 EPS).
Free cash flow (trailing 12 months): $25.7 million; free cash flow conversion of net income: 27.4%.
Backlog at Q3 2025: $5.0 billion; pending backlog: $3.8 billion; combined backlog over $10 billion, up 27% year-over-year.
Outlook and guidance
Q4 2025 revenue expected to be lower year-over-year due to project delays, but momentum anticipated to build in the second half of 2026 as backlog converts to revenue.
Confident in achieving 8% adjusted EBITDA margin by 2027, with margin improvement driven by cost leverage, project mix, and higher-margin infrastructure and industrial work.
Federal budget and nation-building initiatives expected to drive sustained demand and long-term growth.
Management expects seasonal working capital investments to unwind in Q4 2025, supporting liquidity.
Strategic plan targets: 10% +/- 2% organic revenue CAGR, 8.0% Adjusted EBITDA margin by 2027, and 33% dividend payout ratio.
Status of customer creditworthiness concern
Reconcile Q3 revenue growth with backlog
FRPD acquisition's impact on future margins
Timeline for $62M client credit issue resolution
Key drivers for 2027 EBITDA margin target
What ensures H2 2026 project acceleration?
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Next Bird Construction earnings date
Q4 202511 Mar, 2026
Next Bird Construction earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
Bird Construction Inc provides construction services to clients across industrial, commercial, and institutional markets. The company offers services such as pre-construction consulting, project management, design-build services, and general contracting. Its portfolio includes work in sectors like energy, mining, education, healthcare, and public infrastructure. Bird Construction is headquartered in Mississauga, Canada, and its shares are listed on the TSX.
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