Bird Construction (BDT) Investor presentation summary

Strategic direction and growth outlook

• Focus on operational excellence and safe execution has driven considerable growth and momentum from 2022–2024, forming the basis for the 2025–2027 strategy.

• The One Bird Growth Strategy emphasizes culture, disciplined execution, and performance to expand in core and strategic markets, targeting large capital projects and superior shareholder returns.

• Strategic direction includes enhancing talent, expanding into new sectors, and introducing ambitious financial targets for 2025–2027.

• By 2027, aims to achieve 10% organic revenue CAGR, 8% adjusted EBITDA margin, and a 33% dividend payout ratio.

Financial performance and capital allocation

• Q3 2025 TTM revenue reached $3.5B, with net income of $93.9M and adjusted EBITDA of $227.9M.

• Combined backlog exceeds $10B, with $5.0B in both backlog and pending backlog as of September 30, 2025.

• Q3 2025 revenue grew 5.8% year-over-year to $951M, with a 7.0% adjusted EBITDA margin and strong operating cash flow.

• Free cash flow generation remains robust, supporting a healthy balance sheet and ongoing dividend payments of $0.07 per share monthly.

• Capital allocation prioritizes productivity investments, disciplined M&A, and consistent dividend growth, with three acquisitions completed since 2022.

Market positioning and sector diversification

• Operates across infrastructure, buildings, and industrial sectors, with strategic diversification and collaborative contracting models reducing risk.

• Majority of revenue is from low- to medium-risk contracts, supporting a balanced and resilient business model.

• Record backlog is diversified across sectors, with strong momentum in industrial, healthcare, defence, and infrastructure projects.

• Well-positioned to benefit from long-term demand in defence, transportation, power, healthcare, and industrial maintenance, with large addressable markets in each.