Bird Construction (BDT) Investor presentation summary

Strategic positioning and growth

• Positioned for growth and profitability improvements through a diversified business model and strong operational excellence in industrial, buildings, and infrastructure markets.

• Focus on disciplined growth strategy, margin accretion, and balanced capital allocation with a healthy dividend and flexibility for further expansion.

• Team of over 6,000, led by experienced management, with a collaborative and inclusive culture supporting continuous improvement.

• Strategic priorities include being a top employer, further margin accretion, organic and M&A-driven diversification, and enhanced ESG framework.

• Significant runway for continued growth, especially in the underweighted infrastructure market.

Financial performance and outlook

• Q3 2024 revenue grew 15% year-over-year to $899M, with adjusted EBITDA up 42% to $70M and net income up 26% to $36M.

• Backlog reached $3.8B, pending backlog $4.1B, and recurring revenue contracts nearly $0.9B, supporting strong future visibility.

• Full-year 2024 revenue expected to be ~$3.4B, with adjusted EBITDA margin projected to exceed 6%.

• 2025-2027 targets include 10% organic revenue CAGR, 8% adjusted EBITDA margin by 2027, and a $0.07 monthly dividend per share.

• Balance sheet remains strong with a current ratio of 1.25, adjusted net debt/TTM adjusted EBITDA at 1.12x, and significant liquidity for growth.

Business model and risk management

• Revenue mix is highly diversified across sectors and contract types, with over 90% of 2023 revenue considered low-to-medium risk.

• Over 75% of combined backlog uses collaborative delivery models, reducing risk and increasing value.

• Focus on recurring revenue and multi-year contracts, with robust project pipeline and strategic selectivity.

• M&A strategy targets sectors with specialized capabilities and higher-margin potential, with recent acquisitions including Jacob Bros and NorCan.

• ESG program embedded in operations, with sustainability initiatives and strong governance framework.