Bird Construction (BDT) Investor presentation summary

Strategic positioning and growth drivers

• Positioned as a partner of choice for large, complex industrial, buildings, and infrastructure projects, with a combined backlog of ~$11B and strong exposure to collaborative delivery models exceeding 80% of work.

• Strategic partnerships with Marten Falls First Nation and Bell AI Fabric provide access to multi-billion-dollar pipelines in critical minerals and AI infrastructure, supporting long-term growth beyond 2027.

• Diversified sector exposure across nuclear, oil & gas, renewables, healthcare, data centers, and transportation, with structural tailwinds supporting sustained demand.

• Focus on operational excellence, disciplined project selection, and self-perform capabilities drive margin resilience and consistent earnings.

• Expansion into strategic markets and large capital investment projects is supported by a strong One Bird culture and disciplined capital allocation.

Financial performance and targets

• Q1 2026 revenue grew 9.2% year-over-year to $783M, with adjusted EBITDA up 8.9% and net income up 21.5%, reflecting higher volumes and stable margins.

• Combined backlog at March 31, 2026, stands at $11.0B, with a book-to-bill ratio of 130% and robust recurring revenue streams.

• Adjusted EBITDA margin reached 4.7% in Q1 2026, with expectations for margin accretion through 2026 and into 2027, targeting an 8.0% margin by 2027.

• Free cash flow conversion of net income at 259% TTM, with a current ratio of 1.24 and adjusted net debt/EBITDA at 1.01x, supporting financial flexibility.

• 2025-2027 strategic plan targets 10% +/- 2% organic revenue CAGR, $4.6B–$5.1B revenue, and a 33% dividend payout ratio of net income by 2027.

Capital allocation and M&A

• Disciplined capital allocation with 40% of capital used for dividends, 31% for acquisitions, and 29% for internal investments from 2022 to Q1 2026.

• Clear M&A strategy focused on sector/geographic growth, cultural fit, cross-selling, and accretive financial metrics, with recent acquisitions enhancing infrastructure and industrial capabilities.

• Successful integrations of FRPD, NorCan Electric, Trinity, and Stuart Olson have expanded presence and capabilities in key markets.