Bird Construction (BDT) Q3 2025 earnings summary

Executive summary

• Achieved record combined backlog exceeding $10 billion, providing strong visibility into 2026 and 2027 revenue and margins, with higher embedded margins and a diversified, lower-risk project mix.

• Revenue for Q3 2025 was $951.4 million, up 5.8% year-over-year, with over 60% of growth being organic and strong demand across industrial, buildings, and infrastructure sectors.

• Strategic acquisition of Fraser River Pile & Dredge (FRPD) expands self-perform capabilities in marine, dredging, and land foundations, expected to enhance Adjusted EBITDA margins and deliver ~7% Adjusted EPS accretion.

• Recognized 17th on the 2025 TSX 30, highlighting strategic execution and capital allocation.

Financial highlights

• Q3 2025 gross profit was $101.9 million (10.7% margin), slightly down from $102.3 million (11.4%) in 2024.

• Adjusted EBITDA for Q3 2025 was $66.9 million (7.0% margin), down from $70.1 million (7.8%) in Q3 2024; trailing 12-month Adjusted EBITDA margin was 6.6%.

• Net income and EPS were $31.7 million and $0.57, down from $36.2 million and $0.66 in 2024; Adjusted Earnings for Q3 2025 were $35.4 million ($0.64 per share), compared to $39.3 million ($0.72 per share) in Q3 2024.

• Year-to-date revenue rose 2.4% to $2,519.8 million; gross profit up 11.7% to $259.5 million.

• Operating cash flow before changes in working capital was $69.8 million in Q3 2025; free cash flow (TTM) was $25.7 million.

Outlook and guidance

• Combined backlog and collaborative contracting support confidence in achieving 2027 growth and margin expansion targets, with 8% Adjusted EBITDA margin targeted by 2027.

• Q4 2025 revenue expected to be lower year-over-year due to project delays, but momentum anticipated to build in the second half of 2026 as backlog converts to revenue.

• Management expects seasonal working capital investments to unwind in Q4 2025, supporting liquidity.

• Federal budget and nation-building initiatives expected to drive sustained demand and long-term growth.