Bird Construction (BDT) Investor presentation summary

Strategic direction and growth

• Focused on operational excellence, safe execution, and a collaborative culture, driving significant growth and momentum from 2022-2024 and setting the stage for 2025-2027 targets.

• Strategic pillars emphasize team culture, disciplined execution, and performance, aiming for profitable, accretive growth and superior shareholder returns.

• Expansion into strategic sectors and large capital projects, leveraging a strong foundation and disciplined capital allocation.

• 2025-2027 targets include 10% organic revenue CAGR, 8% adjusted EBITDA margin by 2027, and a 33% dividend payout ratio.

Financial performance and highlights

• 2024 revenue reached $3.4B, with net income of $100M and adjusted EBITDA of $213M, reflecting 21% revenue growth and 53% adjusted EBITDA growth year-over-year.

• Adjusted EBITDA margin improved to 6.3% in 2024, with a three-year CAGR of 25% for adjusted EBITDA and 15% for revenue.

• Free cash flow grew at a 50% CAGR over three years, reaching $80M in 2024, with robust return metrics including 32.7% ROE and 0.51x adjusted net debt/EBITDA.

• Dividend nearly doubled in 2024, with a monthly payout of $0.07 per share and a yield of ~4%.

Backlog, diversification, and risk management

• Backlog at year-end 2024 was $3.7B, with pending backlog of $3.9B, and a book-to-bill ratio above 1, supporting future performance visibility.

• Revenue is well-diversified across infrastructure, buildings, and industrial sectors, with a focus on low- to medium-risk contract structures.

• Over 80% of revenue and backlog is tied to high-demand, resilient sectors such as infrastructure, healthcare, power, and industrial maintenance.

• Significant conversions of pending backlog to backlog expected in 1H 2025, with most 2025 revenue growth anticipated in the second half.