Aecon reports third quarter 2026 results

TORONTO, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) (“Aecon” or the “Company”) today reported results for the third quarter of 2026, including the highest reported backlog in the history of Aecon.

“Third quarter performance demonstrated the results of Aecon’s powerful and consistent operating model with revenue increasing 26% and Adjusted EBITDA increasing 40% compared to the same period last year. Backlog reached a record $14.6 billion – with risk being thoughtfully allocated with over 80% of backlog tied to collaborative or non-fixed price contract models,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “Aecon’s growth is broad-based and founded on expanding recurring revenue programs, advancing pre-award work on key long-term projects, a strong Concessions portfolio, and direct line of sight into significant opportunities that are aligned to Aecon’s strategic end markets. We remain focused on disciplined execution, prudent risk management and delivering profitable growth for our shareholders.”

HIGHLIGHTS
All quarterly financial information contained in this news release is unaudited.

• Revenue for the three months ended September 30, 2026 of $1,921 million was $390 million, or 26%, higher compared to the same period in 2025.
• Operating profit of $83.1 million for the three months ended September 30, 2026 increased by $21.7 million compared to an operating profit of $61.4 million in the same period in 2025.
• Adjusted EBITDA⁽¹⁾⁽²⁾ of $130.2 million for the three months ended September 30, 2026 (Adjusted EBITDA margin⁽³⁾of 6.8%) compared to Adjusted EBITDA of $92.7 million (Adjusted EBITDA margin of 6.1%) in the same period in 2025.
• Record reported backlog at September 30, 2026 of $14,559 million, compares to backlog of $10,777 million at September 30, 2025.  
• Record quarterly cash flow from operations of $417 million, resulting in strengthened financial position.
• Aecon announced the achievement of Gold Partnership Accreditation in Indigenous Relations (“PAIR”) Certification – becoming the first construction company with nation-wide operations to achieve the highest level of certification from the Canadian Council for Indigenous Business in the PAIR program.
• Aecon agreed to acquire additional fabrication capacity in Ontario, expanding Aecon’s nuclear fabrication network to four facilities and extending Aecon’s capabilities as Canada’s Nuclear Builder to support some of the largest nuclear refurbishment and new build projects in North America. Closing is anticipated in the fourth quarter of 2026.

NEW PROJECT AWARDS

• On July 2, 2026, an Aecon consortium was awarded a multi-billion-dollar contract by Greenlight Electricity Centre Limited Partnership for the Greenlight Electricity Centre project in Alberta. The contract award follows the completion of early engineering and development work, and Aecon’s $1.7 billion majority share was added to its Construction segment backlog in the third quarter of 2026.
• On July 13, 2026, an Aecon consortium was selected by the Vancouver Fraser Port Authority as the preferred proponent for the development phase of the Roberts Bank Terminal 2 – Landmass and Wharf progressive design-build project in British Columbia. Following a collaborative development phase, a design-build agreement is anticipated to be executed in the first quarter of 2028.
• On July 17, 2026, an Aecon-led consortium completed the collaborative development phase and was awarded an $815 million contract by the City of Winnipeg for the North End Pollution Control Centre Sewage Treatment Plant Upgrade – Biosolids Facilities progressive design-build project in Manitoba. Aecon’s 33.3% share of the contract value was added to its Construction segment backlog in the third quarter of 2026. 
• On July 30, 2026, an Aecon partnership executed a development phase agreement with New Brunswick Power to deliver civil works on the Mactaquac Life Achievement Project. Under a collaborative Early Contractor Involvement approach, design, schedule and cost estimates will advance during a 12-month development phase, with construction expected to commence in the second quarter of 2027 under a target price model.
• On August 27, 2026, an Aecon-led joint venture executed alliance contracts with Metrolinx for the multi-billion-dollar GO Expansion project in Ontario. Aecon added $649 million to its Construction segment backlog in the third quarter of 2026, with the balance of Aecon’s share of $65 million having been added to backlog in the second quarter of 2026.
• On September 21, 2026, an Aecon joint venture and an Aecon consortium were awarded contracts by Ontario Power Generation with an aggregate value of $3 billion for the Pickering Nuclear Generating Station Refurbishment. Aecon’s $1.75 billion share of the contracts was added to backlog in the third quarter of 2026 and represents the largest nuclear award in Aecon’s history.
• Aecon executed an agreement with a Tier-1 telecommunications operator to form Maple Fibre, a majority-controlled strategic alliance to finance, design, build, and own next-generation network infrastructure.  Aecon Concessions holds an equity interest in the partnership, and Aecon Utilities has commenced construction for the strategic alliance in Ontario.  
• Subsequent to quarter-end:
  • Aecon was awarded a $155 million contract by the City of Calgary for the Green Line LRT Project – Bow River Package. Aecon added the value of the contract to its Construction segment backlog in the fourth quarter of 2026. Construction will now commence, with expected completion mid-2029.
  • Aecon was awarded a US$89 million contract for the Anguilla Airport Redevelopment Program Airfield Expansion project. Aecon added the value of the contract to its Construction segment backlog in the fourth quarter of 2026. Construction will commence in the first quarter of 2027, with expected completion in the second quarter of 2029.

CONSOLIDATED FINANCIAL HIGHLIGHTS⁽¹⁾

Revenue for the three months ended September 30, 2026 of $1,921 million was $390 million, or 26%, higher than in the third quarter of 2025. In the Construction segment, revenue was higher by $410 million from increases in utilities ($184 million), nuclear ($130 million), civil ($45 million), industrial operations ($42 million), and urban transportation solutions ($9 million). The increase in Construction revenue was driven primarily by a higher volume of electrical transmission and distribution work in the utilities sector in both Canada and the United States, and from an increase in refurbishment, decommissioning, and engineering services work at nuclear facilities in Canada and the United States. In the Concessions segment, revenue of $2 million for the three months ended September 30, 2026 was unchanged from the same period in 2025, while inter-segment revenue eliminations increased by $20 million, largely due to an increase in construction activity between the Construction and Concessions segments.

Operating profit of $83.1 million for the three months ended September 30, 2026 increased by $21.7 million compared to an operating profit of $61.4 million in the same period of 2025. This higher operating profit was largely driven by an increase in gross profit of $70.3 million compared to the same period in 2025. In the Construction segment, gross profit in the third quarter of 2026 increased by $73.5 million primarily from higher volume and improvements in gross profit margin in civil, nuclear, and urban transportation solutions, and the gross profit impact of higher volume in utilities operations. These increases were partially offset by lower gross profit margin in industrial operations. In the Concessions segment, gross profit decreased by $3.7 million compared to the same period of 2025 primarily related to the accounting for network assets under construction where construction profit earned in the Construction segment is initially de-recognized within the Concessions segment and subsequently re-earned when the constructed asset is leased to the customer. In Corporate and Other, gross profit increased by $0.5 million as a result of higher inter-segment cost recoveries from projects.

Marketing, general and administrative expense (“MG&A”) for the three months ended September 30, 2026 increased by $43.6 million compared to the same period of 2025. The increase was primarily due to higher personnel costs and the impact of incentive compensation plans reflecting ongoing investments in organizational capacity to support revenue growth and performance, as well as the inclusion of MG&A from recent acquisitions. MG&A was also impacted by higher ERP implementation costs of $4.8 million associated with investments in technology tools and systems to support growing operations and higher acquisition-related costs of $2.1 million. When combined, impacts from incentive plans, ERP implementation costs, acquisition-related costs and the MG&A from recent acquisitions represented approximately three-quarters of the increase in MG&A in the third quarter. MG&A as a percentage of revenue for the third quarter increased to 5.1% in 2026 from 3.6% in 2025.

Reported backlog at September 30, 2026 of $14,559 million compares to backlog of $10,777 million at September 30, 2025. New contract awards of $5,988 million were booked in the third quarter of 2026 compared to $1,561 million in the same period in 2025.

REPORTING SEGMENTS

Aecon reports its financial performance on the basis of two segments: Construction and Concessions, which are described in the Company’s September 30, 2026 Management’s Discussion and Analysis (“Q3 2026 MD&A”).

CONSTRUCTION SEGMENT

Financial Highlights

Revenue in the Construction segment for the three months ended September 30, 2026 of $1,938 million was $410 million, or 27%, higher than in the same period of 2025. The largest increase in revenue occurred in utilities operations ($184 million) driven by a higher volume of electrical transmission and distribution work in Canada and the United States, which includes contributions from the acquisitions of KPC and Duna Services completed in the first quarter of 2026, as well as from an increase in telecommunications, gas distribution, and battery energy storage systems work. In nuclear operations, revenue increased ($130 million) due to a higher volume of refurbishment, decommissioning, and engineering services work at nuclear generating stations in Ontario and the United States. Revenue in civil operations increased ($45 million) primarily from a higher volume of work related to the civil infrastructure components of power and rail projects, and foundations work, partially offset by a lower volume of highway, road, and bridge construction activity. In industrial operations, revenue increased ($42 million), primarily from a higher volume of field construction work at industrial manufacturing facilities in the United States, with most of the revenue growth attributable to the Bodell Construction and Trinity Industrial Services businesses acquired in the third quarter of 2025. Revenue was also higher from an increase in the industrial component of power generation projects, partially offset by a lower volume of industrial work at wastewater treatment facilities in the period. Revenue increased in urban transportation solutions ($9 million) driven by a higher volume of subway and commuter rail system work, partially offset by a lower volume of work on light rail transit (“LRT”) projects in Ontario and Québec.

Operating profit in the Construction segment of $100.7 million in the three months ended September 30, 2026 compares to an operating profit of $70.4 million in the same period in 2025, an increase in operating profit of $30.3 million. Operating profit was higher in civil and nuclear operations driven by higher volume and an improvement in gross profit margin. Operating profit in utilities operations was lower after a volume-driven improvement in gross profit was more than offset by higher MG&A, higher depreciation and amortization, and lower gains related to changes in the fair value of contingent consideration from recent business acquisitions. In industrial operations, operating profit decreased due to lower gross profit margin, while operating profit in urban transportation solutions was unchanged. Additionally, business acquisition costs and amortization of acquisition-related intangible assets were $6.5 million in the third quarter of 2026 compared to cost recovery of $1.4 million in the same period of 2025, for an unfavourable impact on operating profit of $7.9 million in the current period.

Construction segment backlog at September 30, 2026 was $14,538 million, which was $3,781 million higher than the same date in 2025. Backlog increased year-over-year in industrial ($2,344 million), nuclear ($1,234 million), urban transportation solutions ($262 million), and utilities operations ($223 million), and decreased in civil operations ($282 million). New contract awards totaled $6,005 million in the third quarter of 2026 and $8,670 million in the first nine months of 2026, compared to $1,559 million and $7,999 million, respectively, in the same periods of 2025.  

During the first nine months of 2026, Aecon (including Aecon joint ventures, alliances and consortiums) was awarded the following select contracts:

• the Greenlight Electricity Centre project in Alberta;
• the North End Pollution Control Centre Sewage Treatment Plant Upgrade – Biosolids Facilities project for the City of Winnipeg in Manitoba;
• the GO Expansion project in Ontario for the civil and track alliance scopes; and
• the Pickering Nuclear Generating Station Refurbishment project in Ontario including the Unit 5 refurbishment and four-unit turbine generator replacement scopes.

In addition, consortiums and alliances in which Aecon is a participant executed development or validation phase agreements for the Mactaquac Life Achievement Project in New Brunswick, the Roberts Bank Terminal 2 – Landmass and Wharf progressive design-build project in British Columbia, the Arctic Over-the-Horizon Radar Program Stage 1 project in Ontario, and the Hamilton Light Rail Transit Civil and Utilities Works project in Ontario. Given the nature of the development or validation phase of these programs, the additions to backlog have been de minimis even though the potential amounts which may ultimately enter backlog could be substantial.

CONCESSIONS SEGMENT

Financial Highlights

Aecon holds a 50.1% interest in Skyport, the concessionaire responsible for the Bermuda airport’s operations, maintenance, and commercial functions, and the entity that will manage and coordinate the overall delivery of the Bermuda International Airport Redevelopment Project over a 30-year concession term that commenced in 2017. Aecon’s interest in Skyport is accounted for using the equity method. Aecon’s concession interests in the Eglinton Crosstown LRT, Finch West LRT, Gordie Howe International Bridge, Waterloo LRT, and the GO Expansion On-Corridor Works projects are joint ventures that are also accounted for using the equity method.

For the three and nine months ended September 30, 2026, revenue in the Concessions segment was $2 million and $6 million, respectively, which was unchanged in both periods compared to 2025.

For the three months ended September 30, 2026, operating profit in the Concessions segment of $1.3 million increased by $0.3 million compared to the same period of 2025. The higher operating profit was due to an increase in operating results from Skyport and higher development fees, partially offset by the deferral of intercompany construction profit related to network assets under development.

In the second quarter of 2026, Maple Fibre, a majority-controlled entity within Concessions initiated the development of a network asset in Canada. The entity is financed through equity and debt that are non-recourse to Aecon. Aecon Utilities has been contracted to deliver the network asset for Concessions, with any profit earned in the Construction segment initially being de-recognized within the Concessions segment and subsequently re-earned when the constructed asset is leased to the customer.

OUTLOOK

Aecon expects double digit revenue growth in 2026. The revenue growth outlook is based on secured backlog exceeding $14 billion, recurring revenue programs, recent acquisitions, and a pipeline of project opportunities tied to nuclear and conventional power, critical resource development, mass transit, water, defence, and digital infrastructure.

In the Construction segment, demand for Aecon’s services across its markets is strong, with opportunities across all sectors under appropriate risk-adjusted contract models. Aecon’s expectation for a broad-based revenue increase in 2026 is underpinned by: (i) recently awarded major projects which include water storage and hydroelectric infrastructure, data centre power generation, water treatment facilities, electricity storage, transmission and distribution, and nuclear generating station refurbishment; (ii) contributions from strategic business acquisitions in the industrial and utilities sectors; (iii) ongoing strength from an extensive portfolio of small and mid-sized work programs that Aecon executes across regions, sectors, and clients, which includes recurring work executed under master service agreements, and (iv) the ramp-up of projects under multi-year, lower risk contract models in new nuclear construction and mass transit and mobility.

Aecon expects further revenue growth in 2027 based on the above factors and ongoing development phase work to advance the delivery of several significant long-term projects. This includes recently awarded major projects entering progressive and collaborative development or definition phases, including the Arctic Over-the-Horizon Radar Program Stage 1 project in Ontario, the Roberts Bank Terminal 2 – Landmass and Wharf project in British Columbia, the Hamilton LRT Civil and Utilities Works project in Ontario, and the Mactaquac Life Achievement Project in New Brunswick.

In the Concessions segment, there are several opportunities to add to the existing portfolio of Canadian and international concessions in the next 6 to 12 months to support trends in aging infrastructure, mobility, connectivity, energy, and population growth.

Operating profitability in recent years was negatively impacted by the fixed price legacy projects. The last remaining legacy project reached substantial completion in the second quarter of 2026. Aecon and its joint operations partners are dedicating all necessary resources to pursue fair and reasonable commercial resolutions (see Section 10.2 “Contingencies” in the Q3 2026 MD&A, and Section 13 “Risk Factors” in the 2025 Annual MD&A regarding the risk on the large fixed price legacy project entered into prior to 2018 by a joint operation in which Aecon is a participant). The finalization of this project is anticipated to lead to improved profitability and margin predictability going forward.

Beyond the legacy projects, Aecon’s deliberate shift toward a greater weighting of improved risk-adjusted work programs, in combination with a strong focus on operational excellence, is anticipated to support a stabilization and gradual improvement of Adjusted EBITDA margins in the Construction segment in 2026 and 2027, respectively.

Management will continue to monitor the impact of a dynamic geopolitical environment as well as announced and threatened tariffs and non-tariff measures on the Company’s operations. Higher fuel costs and the introduction of tariffs and/or non-tariff measures could cause increased purchased material costs and/or reduced availability, downward or upward changes to the level of demand for Aecon’s services, as well as delays by some private clients in moving forward with projects.

Aecon plans to maintain a disciplined capital allocation approach focused on long-term shareholder value through acquisitions and divestitures, organic growth, dividends, capital and operational investments, and share repurchases on an opportunistic basis. Aecon is also focused on making strategic investments in its operations and systems to provide entry into and greater access to attractive markets, increase operational effectiveness, and support the growth of its concessions portfolio. Aecon expects capital expenditures in 2026 to exceed 2025 levels to support growth initiatives and investments designed to enhance execution resiliency and enable the ambitions of key sectors in a disciplined manner.

CONSOLIDATED RESULTS

The consolidated results for the three and nine months ended September 30, 2026 and 2025 are available at the end of this news release.

CONSOLIDATED BALANCE SHEET

CONFERENCE CALL

A conference call and live webcast has been scheduled for 9 a.m. (Eastern Time) on Friday, October 30, 2026. A live webcast of the conference call can be accessed using this link and will be available at www.aecon.com/InvestorCalendar. Participants can also dial-in to the conference call and pre-register using this link. After registering, an email will be sent, including dial-in details and a unique access code required to join the live call. Please ensure you have registered at least 15 minutes prior to the conference call time.

An accompanying presentation of the third quarter 2026 financial results will also be available after market close on October 29, 2026 at www.aecon.com/investing. For those unable to attend, a replay will be available within one hour following the live webcast and conference call at the same webcast link above.

ABOUT AECON

Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc.

For further information:

Adam Borgatti
SVP, Corporate Development and Investor Relations
416-297-2600
ir@aecon.com

Nicole Court
Vice President, Corporate Affairs and Communications
416-297-2600
corpaffairs@aecon.com

NON-GAAP AND SUPPLEMENTARY FINANCIAL MEASURES

The press release presents certain non-GAAP and supplementary financial measures, as well as non-GAAP ratios to assist readers in understanding the Company’s performance (“GAAP” refers to IFRS Accounting Standards). These measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

Throughout this press release, the following terms are used, which do not have a standardized meaning under GAAP.

Non-GAAP Financial Measures

A non-GAAP financial measure: (a) depicts the historical or expected future financial performance, financial position, or cash flow of the Company; (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most comparable financial measure presented in the primary consolidated financial statements; (c) is not presented in the financial statements of the Company; and (d) is not a ratio.

Non-GAAP financial measures and ratios presented and discussed in this press release are as follows:

• “Adjusted EBITDA” represents operating profit (loss) adjusted to exclude depreciation and amortization, the gain (loss) on sale of assets and investments, costs related to business acquisitions, Enterprise Resource Planning (“ERP”) implementation costs; and net income (loss) from projects accounted for using the equity method, but including “Equity project EBITDA” from projects accounted for using the equity method (refer to the “Reconciliations and Calculations” section of this press release for a quantitative reconciliation to the most comparable financial measure). The most directly comparable measure presented in the consolidated statements of income is operating profit.
   
• “Equity project EBITDA” represents Aecon’s proportionate share of the earnings or losses from projects accounted for using the equity method before depreciation and amortization, finance income, finance cost and income tax expense (recovery) (refer to the “Reconciliations and Calculations” section of this press release for a quantitative reconciliation to the most comparable financial measure).
   
• “Adjusted Profit (Loss) Attributable to Shareholders” represents profit (loss) attributable to shareholders adjusted where applicable to exclude unrealized gains or losses on derivative financial instruments, costs related to business acquisitions including amortization of acquisition-related intangible assets, ERP implementation costs, and where applicable the income tax effect of these adjustments (refer to the “Reconciliations and Calculations” section of this press release for a quantitative reconciliation to the most comparable financial measure). The most comparable IFRS Accounting Standards measure for Adjusted Profit (Loss) Attributable to Shareholders is Profit (Loss) Attributable to Aecon Shareholders.

Management uses the above non-GAAP financial measures to analyze and evaluate operating performance. Aecon also believes the above financial measures are commonly used by the investment community for valuation purposes, and are useful complementary measures of profitability, and provide metrics useful in the construction industry. These non-GAAP financial measures exclude items which management believes will allow investors a consistent way to analyze Aecon’s financial performance, allow for better analysis of core operating income and business trends, and improve comparability of companies within the industry.

Primary Financial Statements

Primary financial statement means any of the following: the consolidated balance sheets, the consolidated statements of income, the consolidated statements of comprehensive income, the consolidated statements of changes in equity, and the consolidated statements of cash flows.

Key financial measures presented in the primary financial statements of the Company and discussed in this press release are as follows:

• “Gross profit”represents revenue less direct costs and expenses. Not included in the calculation of gross profit are marketing, general and administrative expense (“MG&A”), depreciation and amortization, income (loss) from projects accounted for using the equity method, other income (loss), finance income, finance cost, income tax expense (recovery), and non-controlling interests.
• “Operating profit (loss)” represents the profit (loss) for the period, before finance income, finance cost, and income tax expense (recovery).

The above measures are presented in the Company’s consolidated statements of income and are not meant to be a substitute for other subtotals or totals presented in accordance with GAAP, but rather should be evaluated in conjunction with such measures.

• “Backlog” (Remaining Performance Obligations) means the total value of work that has not yet been completed that: (a) has a high certainty of being performed as a result of the existence of an executed contract or work order specifying job scope, value and timing; or (b) has been awarded to Aecon, as evidenced by an executed binding letter of intent or agreement, describing the general job scope, value and timing of such work, and where the finalization of a formal contract in respect of such work is reasonably assured. Operations and maintenance (“O&M”) activities are provided under contracts that can cover a period of up to 30 years. In order to provide information that is comparable to the backlog of other categories of activity, Aecon limits backlog for O&M activities to the earlier of the contract term and the next five years.

Remaining Performance Obligations, i.e. Backlog, is presented in the notes to the Company’s annual consolidated financial statements and is not meant to be a substitute for other amounts presented in accordance with GAAP, but rather should be evaluated in conjunction with such GAAP measures.

Non-GAAP Ratios

A non-GAAP ratio is a financial measure presented in the form of a ratio, fraction, percentage or similar representation, and that has a non-GAAP financial measure as one of its components and is not disclosed in the financial statements of the Company.

A non-GAAP ratio presented and discussed in this press release is as follows:

• “Adjusted EBITDA margin”represents Adjusted EBITDA as a percentage of revenue.
• “Adjusted earnings per share – basic” and “Adjusted earnings per share – diluted” are calculated by dividing Adjusted Profit (Loss) Attributable to Shareholders (defined above) by the basic and diluted weighted average number of shares outstanding, respectively.

Management uses the above non-GAAP ratio to analyze and evaluate operating performance.

Supplementary Financial Measures

A supplementary financial measure: (a) is, or is intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company; (b) is not presented in the financial statements of the Company; (c) is not a non-GAAP financial measure; and (d) is not a non-GAAP ratio.

Key supplementary financial measures presented in this press release are as follows:

• “Gross profit margin”represents gross profit as a percentage of revenue.
• “Operating margin”represents operating profit (loss) as a percentage of revenue.
• “MG&A as a percent of revenue”represents marketing, general and administrative expense as a percentage of revenue.

RECONCILIATIONS AND CALCULATIONS

Set out below is the calculation of Adjusted EBITDA by segment for the three and nine months ended September 30, 2026 and 2025:

Set out below is the calculation of Equity Project EBITDA by segment for the three and nine months ended September 30, 2026 and 2025:

Set out below is the calculation of Adjusted Profit (Loss) Attributable to Shareholders and Adjusted Earnings (Loss) Per Share for the most recent eight quarters:

Set out below is the calculation of Adjusted Profit (Loss) Attributable to Shareholders and Adjusted Earnings (Loss) Per Share for the three months and nine months ended September 30, 2026 and 2025:

STATEMENT ON FORWARD-LOOKING INFORMATION

The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial, and economic data and operating plans but are subject to known and unknown risks, assumptions and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, the payment of dividends, the repurchase of shares, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding: expectations regarding the one remaining fixed price legacy project and the expected impact the completion of this project will have on profitability and margin predictability of the Company; the acquisition of additional fabrication capacity in Ontario; the delivery of critical infrastructure projects; backlog and estimated duration; the impact of certain contingencies on Aecon (see: Section 10.2 “Contingencies” in the Company’s 2025 Management’s Discussion and Analysis for the fiscal year ended December 31, 2025 (the “2025 MD&A”) and in Aecon’s Management’s Discussion and Analysis for the fiscal quarter ended September 30, 2026); the uncertainties related to the unpredictability of global economic conditions; the impact of announced or threatened tariffs; the sufficiency of its current liquidity position; its strategy of seeking to differentiate its service offering and execution capability and the expected results therefrom; expectations regarding revenue, including but not limited to expectations for double-digit revenue growth in 2026 and further growth in 2027, recurring revenue and contract renewals; expectations regarding Adjusted EBITDA; operational and financial performance; profitability and margin predictability; capital expenditures; the Company’s approach to capital allocation and the expected benefits therefrom; expectations regarding the shift towards projects with appropriate risk-adjusted returns; expectations regarding the pipeline of opportunities tied to power generation, energy storage, critical resource development, mass transit infrastructure, water, defence and digital infrastructure available to Aecon; infrastructure commitments; statements regarding the various phases of projects, including but not limited to collaborative development, early contractor involvement and implementation phases, expected project commencement, construction and completion dates and timelines, and expectations regarding project timelines; expectations regarding increased operational effectiveness, the growth of its Concessions portfolio, and access to new markets through strategic investments; systems investments and the impact therefrom; opportunities to add to the existing portfolio of Canadian and international concessions in the next 6 to 12 months; the continuing growth of the industrial, nuclear, utilities and power markets; expectations regarding recently awarded and ongoing projects; and expectations regarding growth, and the acceleration thereof, of Aecon in Canada and the U.S. Forward-looking statements may in some cases be identified by words such as “will,” “plans,” “schedule,” “forecast,” “outlook,” “completing,” “mitigating,” “potential,” “possible,” “maintain,” “seek,” “cost savings,” “synergies,” “strategy,” “goal,” “indicative,” “may,” “could,” “might,” “can,” "believes, " "expects, " "anticipates, " “aims,” “assumes,” “upon,” “commences,” "estimates, " "projects, " "intends, " “prospects,” “targets,” “occur,” “continue,” "should " or the negative of these terms, or similar expressions. In addition to events beyond Aecon 's control, there are factors which could cause actual or future results, performance, or achievements to differ materially from those expressed or inferred herein including, but not limited to: the risk of not being able to drive a higher margin mix of business by participating in more complex projects; the risk of not being able to achieve greater operational efficiencies, synergies, and improved margins; the risk of not being able to meet contractual schedules and other performance requirements; the risks associated with a third party’s failure to perform; the risk of not being able to meet its labour needs at reasonable costs; the possibility of gaps in insurance coverage; the risk of not being able to address supply chain issues which may arise and pass on costs of supply increases to customers; the risks associated with international operations and foreign jurisdictions; the risks associated with a dynamic geopolitical environment; the risks associated with announced or threatened tariffs on operations; the risk of higher fuel costs and the impact therefrom; changes in the demand for Aecon’s services; delays in project timelines; the risk of not being able, through its joint ventures or joint operations, to enter into implementation or construction phases of certain projects following the successful completion of the relevant development phase; the risk of not being able to  build strong partnerships and alliances; the risk of not being able to execute its risk management strategy; the risk of not realizing the expected benefits from capital expenditures and capital allocation; the risk of not being able to grow backlog across the organization by winning major projects; the risk of not being able to maintain a number of open, recurring, and repeat contracts; the risk of not being able to identify and capitalize on strategic operational investments; the risk of not being able to oversee, and where appropriate, respond to known and unknown environmental and extreme weather related risks; the risks of nuclear liability; the risks of cyber interruption or failure of information systems; the risks associated with the strategy of differentiating its service offerings in key end markets; the risks associated with undertaking initiatives to train employees; the risks associated with the seasonal nature of its business; the risks associated with changing levels of demand for Aecon’s services; the risks associated with being able to participate in large projects; the risks associated with legal proceedings to which it is a party; the ability to successfully respond to shareholder activism; the risk the increase in energy demand does not continue; risks associated with future pandemics, epidemics and other health crises and Aecon’s ability to respond to and implement measures to mitigate the impact of such pandemics, epidemics and other health crises; the risk that the acquisition of the Preferred Shares of Aecon Utilities will not close on the anticipated timeline, or at all; the risk that Aecon Utilities will not realize the anticipated strategic, financial or operational benefits associated with the acquisition of the Preferred Shares; the risk that Aecon Utilities will not realize opportunities to expand its geographic reach and range of services in the U.S.; the safety risks related to the performance of nuclear projects; the risk of the anticipated benefits and synergies from strategic acquisitions not being fully realized or taking longer than expected to realize; the risk of being unable to retain key personnel; the risk of being unable to maintain relationships with customers, suppliers or other business partners; and various other risk factors described in Aecon’s filings with the securities regulatory authorities, which are available under Aecon’s profile on SEDAR+ (www.sedarplus.ca), including the risk factors described in Section 13 - “Risk Factors” in the 2025 MD&A,and in Aecon’s Management’s Discussion and Analysis for the fiscal quarter ended September 30, 2026, and in other filings made by Aecon with the securities regulatory authorities in Canada.

Forward-looking statements are presented for the purpose of helping investors and others in understanding certain key elements of Aecon’s current objectives, strategic priorities, expectations and plans, and to gather a better understanding of Aecon’s business and operating environment. These forward-looking statements are based on a variety of factors and assumptions including, but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions and no significant events occur outside the ordinary course of business and assumptions regarding the outcome of the outstanding claims in respect of the fixed price legacy project being performed by a joint arrangement in which Aecon is a participant, and assumptions regarding the successful completion of development, definition and early works phases enabling collaborative projects to advance into construction. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While the Company believes that such third-party sources are reliable sources of information, the Company has not independently verified the information. The Company has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.

Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(in thousands of Canadian dollars, except per share amounts)

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