Bird Reports 2026 First Quarter Results; 9% Revenue Growth and Record Backlog

Press Release

MAY 13, 2026

“Bird delivered a strong start to 2026, with organic revenue growth, stable margins and solid cash flow that reflect the resilience of our diversified One Bird platform,” said Teri McKibbon, President and CEO of Bird Construction. “Record contracted backlog and a sizable pending backlog provide clear visibility into future activity and demonstrate continued demand across our key strategic sectors. Supported by a strong balance sheet and ample liquidity, we remain focused on safe execution and continued margin accretion as we advance toward achieving our 2027 Strategic Plan objectives.”

FINANCIAL HIGHLIGHTS

Bird reported first quarter revenue growth of 9.2% compared to the first quarter of 2025. Strong organic revenue growth in the Buildings business was partially offset by lower year-over-year revenue in the Company’s Industrial business, reflecting the timing of certain projects during 2025, with revenue expected to be recognized in the second half of 2026. Infrastructure revenue grew organically compared to the prior year, and also benefited from contributions from the recently acquired Fraser River Pile & Dredge (“FRPD”) business. Continued robust demand in the Company’s key strategic sectors drove $1.1 billion in Backlog securements and conversions of Pending Backlog during the quarter, resulting in record contracted Backlog of $5.4 billion at the end of the quarter, 23.8% higher than a year ago. Along with Pending Backlog of $5.6 billion at March 31, 2026, Bird’s combined backlog remains risk balanced and reflects higher embedded margins than a year ago, supporting the Company’s continued confidence in achieving our 2027 Strategic Plan goals for revenue growth, 8.0% Adjusted EBITDA Margin and targeted dividend payout ratio of 33% of net income.

First Quarter 2026 compared to First Quarter 2025

Construction revenue of $783.4 million was earned in Q1 2026 compared to $717.6 million earned in the first quarter of 2025, representing a 9.2% increase year-over-year.
Net Income and earnings per share were $11.4 million and $0.21 in Q1 2026, compared to $9.4 million net income and $0.17 earnings per share in Q1 2025, representing a 21.5% increase.
Adjusted Earnings¹ and Adjusted Earnings Per Share were $13.9 million and $0.25 in Q1 2026, compared to $12.9 million and $0.23 in Q1 2025, representing an increase of 8.1%.
Adjusted EBITDA¹ of $37.1 million, or 4.7% of revenues in Q1 2026, compared to $34.1 million, or 4.8% of revenues in Q1 2025.

HIGHLIGHTS

Construction revenue of $783.4 million grew 9.2% compared to the first quarter of 2025, with over 40%representing organic growth from ongoing operations, and the remainder attributable to FRPD which was acquired in October 2025.
At March 31, 2026, Bird’s Backlog of contracted work grew 5.8% from the prior quarter to over $5.4 billion, a new record level for the Company and 23.8% higher than a year ago. During the first quarter of 2026, Bird added over $1.1 billion to its Backlog between conversions of Pending Backlog and new awards, exceeding work executed in the quarter by $295.2 million, or 37.7%. The Company’s Pending Backlog of work awarded but not yet contracted was $5.6 billion at quarter-end and continues to include over $1.5 billion of master service agreement (“MSA”) and other recurring revenue to be earned over the next five years.
Bird generated $39.7 million in operating cash flow before investments in non-cash working capital in the first quarter. The Company’s liquidity position remains strong at March 31, 2026, with $195.0 million of cash and cash equivalents, and an additional $341.5 million available under the Company’s Syndicated Credit Facility, to support ongoing investments in non-cash working capital, project-driven capital expenditures, and potential acquisitions to further expand service offerings and self-perform capabilities.
During the first quarter of 2026, the Company announced that, through a consortium, it was selected by Alberta Infrastructure as the preferred proponent for the Design-Build-Finance-Maintain (DBFM) contract for six Alberta elementary and junior high schools, and the project had reached financial close. The project has a total combined contract value of approximately $323 million.
Subsequent to the quarter end, the Company announced that it had entered into a strategic partnership with Marten Falls First Nation through the formation of Piinahzii Limited Partnership (“the Partnership”), a majority Indigenous-owned partnership. The Partnership will work collaboratively on infrastructure projects within the community and the Marten Falls Traditional Territory. Piinahzii LP establishes a long-term framework for cooperative project delivery aligned with community-defined priorities and objectives, and intends to pursue community infrastructure opportunities that support both near-term needs and longer-term development objectives. The parties will work together to align planning, delivery, and local participation in a manner that reflects community values and supports sustainable outcomes.
The Board has declared eligible dividends of $0.07 per common share for each of May 2026, June 2026 and July 2026.

CONFERENCE CALL AND WEBCAST

Bird will host a conference call and live webcast on Thursday, May 14, 2026 at 10:00 a.m. (ET) to discuss the Company’s results. Analysts and investors may connect to the webcast at https://edge.media-server.com/mmc/p/8p9ojtak. Participants are invited to register for expedited access to the conference call: Registration Link. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Attendees are asked to be on the line 10 minutes prior to the start of the call. The presentation can also be found on our website at https://www.bird.ca/investors.

The Company’s Financial Statements and Management’s Discussion & Analysis (“MD&A”) will be filed and available on the System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and on the Company’s website at www.bird.ca.

TERMINOLOGY AND NON-GAAP & OTHER FINANCIAL MEASURES

Throughout this News Release, certain terminology and financial measures are used that do not have standard meanings under IFRS and are considered specified financial measures. These include non-GAAP financial measures, non-GAAP financial ratios, and supplementary financial measures. These measures may not be comparable with similar measures presented by other companies. Further information on these financial measures can be found in the “Terminology and Non-GAAP & Other Financial Measures” section in Bird’s most recently filed Management’s Discussion & Analysis for the period ended March 31, 2026, prepared as of May 13, 2026. This document is available on Bird’s SEDAR+ profile, at www.sedarplus.caand on the Company’s website at www.bird.ca.

“Backlog” is the total value of all contracts awarded to the Company, less the total value of work completed on these contracts as of the date of the most recently completed quarter. The Company’s Backlog equates to the Company’s remaining performance obligations as at March 31, 2026 and December 31, 2025.

“Adjusted Earnings” and “Adjusted EBITDA” are non-GAAP financial measures. “Adjusted Earnings Per Share” and “Adjusted EBITDA Margin” are non-GAAP financial ratios. “Pending Backlog” is a supplementary financial measure.

Adjusted Earnings and Adjusted EBITDA are reconciled as follows:

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