Bird Construction (BDT) Investor presentation summary

Investment highlights

• Over 90% of work delivered through collaborative models, minimizing fixed-price risk and enhancing project selection discipline.

• Record combined backlog exceeding $11B, with higher embedded margins and $1.5B in recurring revenue contracts over the next five years.

• Strong cash conversion, record liquidity, and a clean balance sheet with 0.82x Adjusted Net Debt/TTM Adjusted EBITDA.

• Predictable dividend supported by a 33% payout ratio of net income and a proven track record of disciplined, accretive M&A.

• Margin-resilient execution driven by growing self-perform capabilities and expansion into higher-margin infrastructure and marine sectors.

Strategic direction and growth

• The 2025-2027 plan builds on operational excellence, safe execution, and momentum from the previous strategic plan.

• Focus on expanding into strategic market sectors and large capital investment projects, leveraging a strong One Bird culture.

• Financial targets for 2027 include 10% organic revenue CAGR and 8.0% Adjusted EBITDA margin.

• Growth supported by a balanced sector mix, with increasing infrastructure exposure and diversification across industrial, buildings, and infrastructure markets.

• Enhanced self-perform capabilities and collaborative delivery models drive margin resilience and consistent earnings.

Financial performance and outlook

• Full-year 2025 revenue was $3.4B, with Adjusted EBITDA of $222M (6.5% margin) and net income of $47.4M.

• Record backlog of $5.1B and pending backlog of $6.0B at year-end, supporting growth visibility into 2026-2027.

• Q4 2025 revenue declined 6.4% y/y due to project delays, while net income was impacted by a $62.2M impairment related to a single customer.

• Free cash flow for 2025 was $72M, with robust liquidity and a current ratio of 1.26.

• Book-to-bill ratio for 2025 was 140%, with $4.7B in securements and a 151% FCF conversion of net income.