Canada · Delayed Price · Currency is CAD Bird Construction Earnings Call Transcripts
Fiscal Year 2025
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Record backlog and strong embedded margins support multi-year growth, with 2026 revenue expected to rise by double digits and margin expansion on track for strategic targets. Cash flow and liquidity remain robust, while acquisitions and digital investments drive operational leverage.
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Q3 2025 saw revenue rise 5.8% year-over-year to CAD 951 million, with a record backlog over CAD 10 billion and strong growth in infrastructure and institutional segments. Margins were slightly lower due to project mix and delays, but the outlook remains positive, targeting 8% adjusted EBITDA by 2027.
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The acquisition of FRPD for CAD 82.3 million expands infrastructure capabilities, adds high-margin marine and dredging services, and is expected to be accretive to earnings and margins. The deal supports strategic growth, leverages cross-selling, and is set to close in early Q4 2025.
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Q2 2025 saw margin improvements and record backlog despite a 2.6% revenue decline due to client project delays amid economic uncertainty. Strong cash flow and a healthy balance sheet support ongoing growth, with 2027 EBITDA margin targets reaffirmed and robust demand in key sectors.
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Q1 2025 saw revenue rise 4.3% year-over-year, with significant margin expansion and record backlog of CAD 4.3 billion. Guidance for 2025 and 2027 is reaffirmed, with growth expected to be back-end loaded due to deferred industrial maintenance.
Fiscal Year 2024
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Revenue grew 21% to CAD 3.4B in 2024, with adjusted EBITDA up 53% and margins expanding. Backlog reached CAD 7.6B, and 2025 guidance targets further growth, with margin improvement and strong cash flow. Strategic acquisitions and sector diversification underpin a robust outlook.
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Q3 2024 saw 15% revenue growth, margin expansion, and record backlog, driven by strong industrial and infrastructure performance and the Jacob Bros acquisition. FY2024 revenue is expected at CAD 3.4B with EBITDA margin above 6%, and further growth is guided through 2027.
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The 2025-2027 plan targets 10%+ organic revenue CAGR, 8% EBITDA margin, and a 33% dividend payout, driven by expansion in infrastructure, industrial, and high-growth sectors. Operational excellence, talent development, and a resilient backlog underpin above-market growth and margin accretion.
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Q2 2024 saw 27% revenue growth and 58% higher Adjusted EBITDA, with record backlog and strong margin expansion. The Jacob Bros. acquisition boosts infrastructure capabilities and is expected to drive further growth and margin accretion, with 2024 revenue projected near CAD 3.5 billion.
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The acquisition of Jacob Bros for CAD 135 million expands infrastructure capabilities in BC, increases revenue diversification, and is expected to deliver 10% EPS accretion. The deal focuses on cross-selling synergies, leadership continuity, and positions the combined entity for long-term growth in Canada's infrastructure sector.