Bird Construction (BDT) Investor presentation summary

Strategic positioning and business model

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

• Focus on collaborative, risk-balanced contracts, with ~75% of backlog using collaborative delivery models and significant recurring revenue from multi-year MSAs.

• Strategic priorities include margin accretion, organic and M&A-driven diversification, financial flexibility, and enhanced ESG framework.

• Recent acquisition of Jacob Bros expands presence in BC infrastructure, enhances self-perform capabilities, and is expected to be accretive to EPS and EBITDA margins.

Financial performance and outlook

• Q2 2024 revenue grew 27% year-over-year to $873.5M, with gross profit up 37% and net income up 56%.

• Adjusted EBITDA margin reached 5.3% in Q2 2024, with adjusted earnings per share at $0.42.

• Backlog stands at $3.4B, pending backlog at $3.7B, and recurring revenue contracts at ~$0.9B, supporting strong future revenue visibility.

• Balance sheet remains strong with a current ratio of 1.25, adjusted net debt/TTM adjusted EBITDA at 0.86x, and $244M in working capital.

• 2024 outlook anticipates continued top-line growth, margin improvement, and retention of over two-thirds of net income for reinvestment.

Growth strategy and market opportunities

• Disciplined project selection and focus on higher-margin sectors, including energy transition, electrification, and nuclear, drive profitability.

• M&A targets sectors with specialized, higher-margin potential and strong cultural fit; five strategic acquisitions in four years.

• Significant demand trends from public and private clients, with government programs supporting infrastructure, energy, and transportation investments.

• Robust pipeline of project pursuits, including major industrial, infrastructure, and institutional projects, with $825M in securements in Q2 2024.