Bird Construction (BDT) Investor presentation summary

Strategic direction and growth

• Focused on operational excellence, safe execution, and a collaborative culture to drive growth and profitability from 2022–2024, setting the stage for the 2025–2027 strategic plan.

• Strategic pillars emphasize team culture, disciplined execution, and performance, aiming for expansion in core and strategic markets and large capital projects.

• Targets include 10% organic revenue CAGR, 8.0% adjusted EBITDA margin by 2027, and a 33% dividend payout ratio.

• Diversification across infrastructure, buildings, and industrial sectors supports resilience and growth.

• Strategic M&A and disciplined capital allocation underpin long-term shareholder value.

Financial performance and outlook

• Q2 2025 TTM revenue reached $3.4B, with net income of $98M and adjusted EBITDA of $231M.

• Q2 2025 revenue grew 2.6% year-over-year, with adjusted EBITDA up 17.9% and backlog up 36.3% to $4.6B.

• Sustained margin expansion, with Q2 2025 adjusted EBITDA margin at 6.5%, targeting 8.0% by 2027.

• Free cash flow generation remains strong, with a TTM FCF conversion of 55.9% of net income and robust liquidity.

• Outlook for H2 2025 anticipates continued revenue and margin growth, though at a moderated pace due to economic uncertainty.

Business model and risk management

• Revenue is balanced across low- to medium-risk contract types, with over 90% of projects in lower-risk delivery models.

• Backlog is robust and diversified, with a book-to-bill ratio above 1 and significant multi-year recurring revenue streams.

• Strategic focus on sectors with long-term demand drivers, including infrastructure, healthcare, power, and industrial maintenance.

• Operational excellence and collaborative contracting drive growth on large capital projects, such as LNG, nuclear, and transit infrastructure.

• ESG initiatives are embedded in operations, with a focus on sustainability, governance, and community engagement.