Bird Reports 2025 Fourth Quarter Results; $11 Billion Combined Backlog and Pending Backlog

Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.MISSISSAUGA, Ontario, March 11, 2026 (GLOBE NEWSWIRE) — “In 2025, Bird successfully navigated near‑term revenue timing shifts while continuing to progress margins and strengthen the business. Strong demand across our key strategic sectors drove record combined backlog with accretive embedded margins, providing historic levels of forward visibility into revenue and earnings growth. Through disciplined project selection, expanded self‑perform capabilities from the acquisition of Fraser River Pile & Dredge, and major project awards, we further strengthened our platform and broadened our participation across industrial, maintenance, buildings, and infrastructure markets,” stated Teri McKibbon, President and CEO of Bird Construction. “Bird remains strongly positioned for Canada’s long‑duration nation‑building investment cycle, including large‑scale capital investment energy projects such as LNG and nuclear, as well as infrastructure renewal across defence, healthcare, transportation and trade. With record liquidity and a strong balance sheet, Bird enters 2026 with flexibility, visibility, and momentum.”Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.FINANCIAL HIGHLIGHTSBird’s fourth quarter of 2025 saw strong execution on the Company’s work programs, with continued accretion of Gross Profit margins compared to the prior year driven by the Company’s strategic focus on key sectors with long-term demand drivers and disciplined project selection. As anticipated, revenue for the quarter was lower than 2024 driven by the ongoing impact of previously disclosed delays in the start of certain contracted projects, resulting in full-year revenue in line with last year. The Company’s Backlog remained at record levels of $5.1 billion at year-end, and Pending Backlog grew to over $6.0 billion with the renewal and award of several recurring revenue master service agreement (“MSA”) contracts and award of collaborative contracts in the quarter. Bird’s risk-balanced combined backlog reflects higher margins than a year ago, and along with the robust bidding environment in Bird’s key sectors gives the Company confidence in achieving growth and further profitability enhancement in 2026 and 2027.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.During the quarter, Bird also completed the acquisition of Fraser River Pile & Dredge (“FRPD”), adding marine construction and land foundation self-perform capabilities to the Company’s comprehensive portfolio of services and scopes. The addition of FRPD’s experienced team complements Bird’s experience in delivering complex infrastructure, industrial and institutional projects, and expands the Company’s opportunities to participate in upcoming nation building initiatives and infrastructure investments.The Company also recognized an impairment loss of $62.2 million on accounts receivable and contract assets related to a single customer during the quarter based on concerns around the customer’s creditworthiness and ability to collect the amounts. As previously disclosed, the sole project for this customer is substantially complete and no further costs are expected to be incurred.Full-Year 2025 compared to Full-Year 2024Fourth Quarter 2025 compared to Fourth Quarter 2024________________________________1 Adjusted Earnings and Adjusted EBITDA are non-GAAP financial measures. See “Terminology and Non-GAAP & Other Financial Measures.”HIGHLIGHTSCONFERENCE CALL AND WEBCASTBird will host conference call and live webcast on Thursday, March 12, 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/cfreijew. 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 MEASURESThroughout 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 December 31, 2025, prepared as of March 11, 2026. This document is available on Bird’s SEDAR+ profile, at www.sedarplus.ca and 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 December 31, 2025 and December 31, 2024.“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:Adjusted Earnings: Adjusted EBITDA: FORWARD-LOOKING INFORMATIONThis news release contains forward-looking statements and information (“forward-looking statements”) within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this news release are based on the expectations, estimates and projections of management of Bird as of the date of this news release unless otherwise stated. The use of any of the words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “outlook”, “potential”, “estimated”, “intends”, “continue”, “may”, “will”, “should”, “poised”, “sees” and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this document may contain forward-looking statements concerning: anticipated financial performance; the outlook for growth and profitability enhancement in 2026 and 2027; expected dividend payout ratios; expectations with respect to anticipated revenue growth and seasonality, growth in earnings, cash flow, earnings per share and Adjusted EBITDA in 2026 and beyond; the Company’s ability to capitalize on opportunities, and whether successful awards will be sufficient to maintain or grow Backlog; the Company’s ability to successfully expand in target markets, their long-term demand, their economic resilience, and their profitability; the Company’s ability to successfully expand scopes of work and capture opportunities on LCIP’s; future opportunities related to the acquisition of FRPD; expectations regarding the FRPD acquisition impact to Bird’s business, anticipated financial performance of FRPD and its impact to the Company’s operations and financial performance, including the anticipated accretive value to Bird; the timing and duration of industrial maintenance deferrals by some customers; the timing and extent of clients slowing future spending commitments; the sufficiency of working capital and liquidity to support growth, contract security needs, and finance future capital expenditures or M&A and with respect to Bird’s ability to convert Pending Backlog to Backlog and the timing of conversions.Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which the Company operates in general such as: estimating costs and schedules/assessing contract risks, ability to hire and retain qualified and capable personnel, availability and performance of subcontractors, design risks, quality assurance and quality control, economy and cyclicality, competitive factors, maintaining safe work sites, ability to secure work, adjustments and cancellations of backlog, joint arrangement risk, acquisition and integration risk, accuracy of cost to complete estimates, completion and performance guarantees, information systems and cyber-security risk, climate change risks and opportunities, litigation/potential litigation, ethics and reputational risk, global pandemics, potential for non-payment, access to capital, access to surety support and other contract security, work stoppages, strikes and lockouts, compliance with environmental laws, insurance risk, and internal and disclosure controls.Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of the parties, and the combined company are included in reports on file with applicable securities regulatory authorities, including but not limited to; Bird’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2025, each of which may be accessed on Bird’s SEDAR+ profile, at www.sedarplus.ca and on the Company’s website at www.bird.ca.The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as, and to the extent required by applicable securities laws.The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.For further information, please contact: T.L. McKibbon, President & CEO or W.R. Gingrich, CFO Bird Construction Inc. 5700 Explorer Drive, Suite 400 Mississauga, ON L4W 0C6 Phone: (905) 602-4122 ABOUT BIRD CONSTRUCTIONBird (TSX: BDT) is a leading Canadian construction and maintenance company operating from coast-to-coast-to-coast. Servicing all of Canada’s major markets through a collaborative, safety-first approach, Bird provides a comprehensive range of construction services, self-perform capabilities, and innovative solutions to the industrial, buildings, and infrastructure markets. For over 100 years, Bird has been a people-focused company with an unwavering commitment to safety and a high level of service that provides long-term value for all stakeholders. www.bird.caPostmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. 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