Bird Construction (BDT) investor relations material

Deal rationale and strategic fit

• Acquisition expands national infrastructure presence, adding marine construction, land foundation, and dredging expertise, and enhances self-perform capabilities and cross-selling opportunities.

• Aligns with strategy to diversify revenue, enhance full-service offerings, and balance the portfolio across Industrial, Buildings, and Infrastructure.

• Provides access to a highly experienced workforce and strong client relationships, including government and Indigenous partnerships.

• Positions the combined entity to capitalize on high-demand sectors like port expansion, transportation, trade, defense, energy, and nation-building projects.

• Strong cultural alignment and complementary values support seamless integration and future growth.

Financial terms and conditions

• Aggregate consideration of $82.3 million, funded through a new term debt facility, with a new $215.6–$216 million term loan to repay existing debt and support the transaction.

• Implied purchase multiple of 4.1x projected 2025 adjusted EBITDA for the acquired company.

• Pro forma annual revenue of $160 million and adjusted EBITDA of $20 million.

• Transaction is cash-free, debt-free, and expected to close in early Q4 2025, subject to regulatory approvals and customary conditions.

• Expected to be accretive to Adjusted EPS by 7% on a full-year basis.

Synergies and expected cost savings

• Revenue synergies expected from cross-selling, partnership opportunities, and ability to pursue larger, more complex projects.

• Cost synergies anticipated in areas like insurance, purchasing power, and improved project mix.

• Margin expansion and further EPS accretion expected through recurring work programs and higher margin self-perform areas.

• Strong backlog and pipeline, plus long-term contracts, expected to support further Adjusted EBITDA growth.

• Further upside expected from expanded capabilities and client base.