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T H I R D Q U A R T E R 2 0 2 5 A E C O N G R O U P I N C . ( T S X : A R E )
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Forward-Looking Information The information in this presentation 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, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding: expectations regarding the financial risks and impact of the fixed price legacy projects, the expected timelines of such projects and the expected impact the completion of these projects and the related claims will have on profitability and margin predictability of the Company; backlog and estimated duration; the impact of certain contingencies on Aecon (see: Section 10.2 “Contingencies” in the Company’s 2024 Management’s Discussion and Analysis for the fiscal year ended December 31, 2024 (the “2024 MD&A”), and in the Company’s Management’s Discussion and Analysis for the fiscal quarter ended September 30, 2025); the uncertainties related to the unpredictability of global economic conditions; 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 and future revenue growth and the impact therefrom; expectations regarding profitability and margin predictability; expectations regarding capital expenditures; expectations regarding the pipeline of opportunities available to Aecon; the use of collaborative models and expected results therefrom; infrastructure commitments; statements regarding the various phases of projects and expectations regarding project timelines; expectations regarding increased operational effectiveness and access to new markets through strategic investments; expectations regarding increased investment in power infrastructure and the expected operational benefits therefrom; expectations regarding opportunities to add to the existing portfolio of Canadian and international concessions in the next 6 to 12 months; 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, achieving operational efficiencies and synergies, and improving margins; the risk of not being able to meet contractual schedules and other performance requirements on large, fixed priced contracts; 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; possibility of gaps in insurance coverage; the risk of not being able to address any supply chain issues which may arise and pass on costs of supply increases to customers; the risks associated with international operations and foreign jurisdiction factors; the risks associated with a dynamic political environment; the risks associated with announced or threatened tariffs on operations; the risk of not being able, through its joint ventures or joint operations, to enter into implementation phases of certain projects following the successful completion of the relevant development phase; the risk of not being able to execute its strategy of building strong partnerships and alliances; the risk of not being able to execute its risk management strategy; 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 make the strategic investments in Aecon’s operations that support access and entry into new markets and increase operational effectiveness; the risk of not being able to accurately assess the risks and opportunities related to its industry’s transition to a lower carbon economy; the risk of not being able to oversee, and where appropriate, respond to known and unknown environmental and climate change-related risks, including the ability to recognize and adequately respond to climate change concerns or public, governmental, and other stakeholders’ expectations on climate matters; the risk of not being able to meet its commitment to meeting its greenhouse gas emissions reduction targets; the risks of sustainability projects not achieving the expected environmental impacts; 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 or epidemics; the risk that the strategic partnership with Oaktree Capital Management, L.P.’s (“Oaktree”) will not realize the expected results and may negatively impact the existing business of Aecon Utilities Group Inc. (“Aecon Utilities”); the risk that Aecon Utilities will not realize the anticipated balance sheet flexibility with the completion of the Oaktree investment; the risk that Aecon Utilities will not realize opportunities to expand its geographic reach and range of services in the U.S; the risk of the anticipated benefits and synergies from strategic acquisition transactions 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 2024 MD&A and in Aecon’s Management’s Discussion and Analysis for the fiscal quarter ended September 30, 2025, 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 projects being performed by joint ventures in which Aecon is a participant. 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. 2 The presentation presents certain non-GAAP and supplementary financial measures, as well as non-GAAP ratios and capital management measures disclosed to assist readers in understanding the Company's performance ("GAAP" refers to Canadian Generally Accepted Accounting Principles under IFRS). 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. Management uses these non-GAAP and supplementary financial measures, as well as certain non-GAAP ratios and capital management measures to analyze and evaluate operating performance. Aecon also believes the financial measures defined below 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. The most directly comparable measures calculated in accordance with GAAP are profit (loss) attributable to shareholders or earnings (loss) per share. Throughout this presentation, the following terms are used, which do not have a standardized meaning under GAAP: "Adjusted EBITDA", "Equity Project EBITDA", "Backlog" and "Adjusted EBITDA margin”. “Adjusted Profit (Loss) Attributable to Shareholders”, “Adjusted Earnings Per Share – Basic”, and “Adjusted Earnings per Share – Diluted”. "Operating margin" and "Gross profit margin" are supplementary financial measures. Refer to Section 4 "Non-GAAP and Supplementary Financial Measures" and Section 9 "Quarterly Financial Data" in the September 30, 2025 MD&A, available under Aecon’s profile on SEDAR+ (www.sedarplus.ca), for additional information regarding the non-GAAP and supplementary financial measures and non-GAAP ratios used in this presentation. Also refer to pages 9, 10, 18, 19, and 20 in this presentation for additional information regarding non-GAAP ratios and capital management measures. The additional information regarding the non-GAAP and supplementary financial measures and non-GAAP ratios used in this presentation in the above noted sections is incorporated by reference into this presentation. Non-GAAP & Supplementary Financial Measures
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Why Invest in Aecon? 1 Q3 2025 TTM 2 After corporate costs and eliminations 3 Compound Annual Growth Rate (“CAGR”) of annual dividend from 2015 to 2025 4 Based on dividend adjusted returns for Aecon’s stock in 2024 5 This is a non-GAAP financial measure. Refer to page 2 in this presentation 3 6 Represents the implied $750 million enterprise value for Aecon Utilities divided by Q2 2023 TTM Adj. EBITDA of $80.4M (before indirect corporate allocation) 7 Sustainability projects help to preserve and protect the environment and help to preserve the ability of society to sustain itself. Including but not limited to projects that: reduce emissions, support the transition to a net-zero economy, support clean water use and conservation, and reduce/recycle waste. 8 Strategic acquisitions made over the past seven years related to clean energy and transition to a net zero economy through decarbonization 9 Excludes impacts of legacy projects and divestitures. Refer to page 20 for further information and reconciliation D E V E L O P I N G C R T I C I A L I N F R A S T R U C T U R E A N D E N E R G Y S O L U T I O N S • Significant level of infrastructure investment across Aecon’s focus areas • Supported by the Government of Canada’s Major Project Office (MPO) and its commitment to fast-track major infrastructure projects through higher funding and streamlined approval • Power infrastructure investment anticipated to grow, supported by electricity demand from data centers, AI, and EVs and affirms long-term, positive outlook for utilities and nuclear operations • Reported backlog of $10.8 billion represents the highest reported backlog in the history of Aecon • Diversified mix of projects by geography, sector, contract size and type in Construction segment • 75% of backlog was non-fixed price at September 30, 2025, compared to 53% at the same time last year • 66% of Q3 2025 TTM revenue from non-fixed price contracts versus 59% of Q3 2024 TTM revenue • ~1,000 discrete projects in progress on average • Growing number of projects in Concessions portfolio • Recurring revenue base adds further stability and growth opportunity to business mix • Disciplined capital allocation approach through acquisitions and divestures, organic growth, dividends, capital investments and share buybacks on opportunistic basis • Oaktree investment in Aecon Utilities in Q3 2023 to drive growth across utility end-markets in Canada and the U.S. and valuing Aecon Utilities at $750M (~ 9.3x TTM Adjusted EBITDA multiple) 5,6 • Recent accretive acquisitions strengthen core offerings in key Utilities, Nuclear, Power and Industrial sectors while driving U.S. growth • Valuable and growing Concessions and O&M portfolio provides future revenue generating opportunities Favourable Demand Environment $10.8B BACKLOG5 (Sept 30, 2025) Diversified & Resilient Business Model Shareholder Value Creation $5.2B TOTAL REVENUE1 7% 10 YEAR DIVIDEND CAGR3 12 ACQUISITIONS IN THE ENERGY TRANSITION8 $10.0B NEW AWARDS1 ADJ. EBITDA (As Adjusted)1,5, 9 OPERATING PROFIT (LOSS)1 CONSOLIDATED2 CONSTRUCTION CONCESSIONS $338M $53M $316M $89M $61M $4M 59% OF 2024 REVENUE TIED TO SUSTAINABILITY PROJECTS7 86% OF BACKLOG REVENUE TIED TO SUSTAINABILITY PROJECTS7
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Urban Transportation Solutions 10%2 Civil 27%2 Utilities 19%2 Nuclear 28%2 Industrial 16%2 Q3 2025 TTM Revenue (As Adjusted) $4,995 M1,6,7 Q3 2025 TTM Adj. EBITDA (As Adjusted) $ 316 M1,6,7Construction Diverse Business Model 4 BERMUDA INTERNATIONAL AIRPORT 50.1%3,4 FINCH WEST LRT 33.3%3 EGLINTON LRT 25.0%3 GORDIE HOWE INTERNATIONAL BRIDGE 20.0%3 WATERLOO LRT 10.0%3 ONEIDA ENERGY STORAGE L.P. 8.35%3 Q3 2025 TTM Revenue (As Adjusted) $10 M1,6,7 Q3 2025 TTM Adj. EBITDA (As Adjusted) $61 M1,6,7Concessions 1 Before corporate costs and eliminations 2 % of Q3 2025 TTM Construction revenue (As Adjusted) 3 % of Aecon equity ownership in Infrastructure Project Companies and Operators 4 Aecon Concessions retains the management contract for the airport and joint control of Skyport with a 50.1% retained interest 5 Aecon Concessions is the development lead and will hold a 50% equity interest in the project’s 40-year concession, and Aecon is the design-build lead 6 This is a non-GAAP financial measure. Refer to page 2 in this presentation 7 Excludes impacts of legacy projects and divestitures. Refer to page 20 for further information and reconciliation U.S. VIRGIN ISLANDS AIRPORTS ST. THOMAS & ST. CROIX 50.0%5
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$6,202 $5,980 $10,777 2023 2024 2025 $1,022 $1,045 $938 Q3 2023 TTM Q3 2024 TTM Q3 2025 TTM Total Backlog3 ($M) At September 30 Recurring Revenue 4 (As Adjusted) ($M) 5 $2,857 $2,698 $3,713 $1,479 $1,473 $1,700 $1,866 $1,809 $5,364 2023 2024 2025 12 Months 13-24 Months Beyond 24 Months Backlog Duration ($M) At September 30 $6,202 $5,980 $10,777 1 These projects were awarded in a collaborative model and are currently in the development and alliance phases. Further detail on these projects is provided on page 6 2 Q3 2025 TTM Revenue contract mix reflects inclusion of recurring revenue (Cost Plus/Unit Price) and timing of backlog work off 3 This is a non-GAAP financial measure. Refer to page 2 in this presentation 4 Recurring revenue (as adjusted for the impacts from the sale of ATE and 49.9% stake in Skyport). Adjustment to 2023 of -$102M, to 2024 of $nil and to 2025 of $niil 25% Fixed Price (47% at Sept 30, 2024) 75% Cost Plus/ Unit Price (53% at Sept 30, 2024) Backlog Contract Type At September 30, 2025 Q3 2025 TTM Revenue2 66% Cost Plus/Unit Price (59% same period last year) Record Backlog & Solid Recurring Revenue Profile Reported backlog excludes collaborative and progressive design projects currently under development1 34% Fixed Price (41% same period last year)
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Collaborative Projects3 Cyril E. King and Henry E. Rohlsen Airports in U.S. Virgin Islands Cascade Advanced Energy Facility (SMR) GO Expansion Civil Works Winnipeg North End Sewage Treatment Plant Biosolids Facilities Upgrade Howard A. Hanson Dam Additional Water Storage Fish Passage Facility 2025 2026 2027 2028 2029 2030 U.S. Virgin Islands Airports Gordie Howe Bridge Finch West LRT Eglinton LRT Oneida Energy Storage Waterloo LRT Bermuda Airport Cascade Adv. Energy SMR Pickering Refurbishment Bruce Power Scarborough Subway Ext. GO On-Corridor Darlington New SMR Winnipeg Biosolids Facilities Howard A. Hanson Dam Contrecoeur Terminal ECWE Elevated Guideway Deerfoot Trail Improv. North Anna Pwr Station John Hart Dam Seismic Darlington Refurbishment Giant Mine Remediation REM Montreal Pattullo Bridge Eglinton West Tunnel Concessions / DBOM1 U.S. Virgin Islands Airports 50% share in construction; 50% equity stake in 40-year concession and O&M post construction Gordie Howe Bridge $5.7 billion; construction started 2018; 20% equity stake and 30-year concession post construction Finch West LRT $2.5 billion; construction started 2018; 33.3% equity stake and 30-year concession post construction (50% share) Eglinton LRT $5.3 billion; construction started 2015; 25% equity stake and 30-year concession post construction Oneida Energy Storage $141 million EPC contract; construction started 2023 and completed in 2025; 8.35% equity stake and 20-year electricity storage services agreement (plus 5-years uncontracted revenue) post construction Waterloo LRT $583 million; construction started 2014 and completed 2019; 10% equity stake and 30-year concession began in 2019 Bermuda Airport US$274 million; construction started 2017 and completed 2020; 50.1%2 equity stake and 30- year concession began in 2017 Project Timeline (Current) Dates are general estimates of completion and may not reflect final completion dates. For information regarding risk related to construction delays, see Section 13 “Risk Factors” in the December 31, 2024 MD&A 1 Awarded contract values refer to the initial contract amount and do not account for any subsequent change orders which have resulted in an increase to the scope and/or price of the contract; awarded contract values do not necessarily represent Aecon’s share, projects listed with partners as of the date hereof are noted; construction duration of each project is approximate and subject to change 2 CC&L Infrastructure acquired a 49.9% interest in the concessionaire in Q3 2023. Aecon Concessions retains the management contract for the airport and joint control of Skyport with a 50.1% retained interest 3 Collaborative projects currently in development phase that would be added to backlog following completion of successful development phases over one to two years Other Major Projects1 Pickering Nuclear Refurbishment (50% JV) $1.05 billion; planning and early works are underway, and completion and completion of this phase is expected in 2026 Bruce Power Refurbishment - Fuel Channel and Feeder Replacement (70% JV) $1.7 billion Fuel Channel and Feeder Replacement contract for remaining five units at Bruce Nuclear Generating Station with anticipated completion in 2032 Bruce Power Refurbishment - Steam Generator Replacement (75% JV) $1.1 billion contract to replace steam generators at Units 3, 4, 5, 7 and 8. Execution phase for Units 3 and 4 currently underway. Execution phase for units 5,7 and 8 beginning in 2027 and completion anticipated by 2033 Winnipeg North End Sewage Treatment Plant (33% JV) Cost under development; ~5-year project to be started in 2025 Howard A. Hanson Dam Passage Facility (40% JV) Cost under development; ~4-year project to be started in 2026 Scarborough Subway Extension SRS (50% JV) $2.8 billion; the implementation phase started in 2025 and is expected to be completed in 2032 GO Rail Expansion – On-Corridor Cost under development; 50% interest in construction JV Darlington New Nuclear Project (SMR) (IPD) $1.3 billion for the execution phase; completion expected in 2030 Eglinton Crosstown West Extension Elevated Guideway $290 million; ~5-year project started in 2023 Darlington Nuclear Refurbishment (50% JV) $2.75 billion; ~10-year project started 2016 Contrecoeur Terminal (40% JV) $244 million; ~5-year project to be started in 2025 Deerfoot Trail Improvements Project $615 million; ~4-year project started in 2023 North Anna Power Station (Condensers & Feedwater Heater) US$200 million; ~3-year project started in 2024 John Hart Dam Seismic Upgrade (60% JV) $245 million; ~3-year project started in 2023 Giant Mine Remediation Water Treatment Plant Project $215 million; ~3-year project to be started in 2023 REM LRT Montreal (24% JV) / REM LRT Airport Station (50% JV) $6.9 billion; ~8-year project started 2018 Pattullo Bridge Replacement (50% JV) $968 million; ~5-year project started 2020 Eglinton Crosstown West Extension Tunnel (40% JV) $729 million; ~4-year project started 2021 2054 2053 2051 2049 2050 6 Major Projects & Concessions Provide Stability 2047 Construction Equity & Maintenance Equity, Operations & Maintenance Progressive Design-Build 2033 Progressive Design, Build, Finance Operations & Maintenance 2064 Collaborative Development Phase Transition Phase 2032 2032 2030s
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Overview of Aecon Utilities 7 Diversified Business Across Key End Markets Electrical Transmission & Distribution Services for substations, tower assembly and installation, including high-voltage transmission Telecom Turnkey fibre installation, legacy network and 5G network expansion Renewables / In-Home Services Battery storage, geoexchange, smart home, hybrid heating, solar and HVAC Pipeline Distribution Natural gas gathering systems, distribution services maintenance, facilities construction, water distribution 1 After Construction segment intercompany eliminations for Aecon Utilities 2 This is a non-GAAP financial measure. Refer to page 2 in this presentation. Q3 2025 TTM Adjusted EBITDA excludes corporate indirect allocation of $9.2M. 3 Represents the implied $750M enterprise value for Aecon Utilities divided by Q2 2023 TTM Adj. EBITDA of $80.4M. Excludes corporate indirect allocation of $8.8M 4 Excludes preferred shares of Aecon Utilities. Net debt of $189.0M calculated as long-term debt of $54.9M plus bank indebtedness of $146.9M less core cash of $12.7M Large and diverse utility infrastructure provider in Canada with a growing U.S. presence 35% 22% 16% 27% Financial Highlights 19%1 of Aecon’s Construction Segment Revenue in Q3 2025 TTM $695M1 Q3 2025 TTM Recurring Revenue (70% of Total Aecon Utilities Revenue) $365M1 Backlog at Q3 2025 $97M2 Q3 2025 TTM Adjusted EBITDA Oaktree Power Opportunities Fund’s Minority Investment in Aecon Utilities Investment Amount & Overview • $150 million Preferred Equity ($750 million enterprise value resulting in an as-converted ownership of 27.5%) • The Preferred Equity carries a 12% dividend rate (payable in kind or cash at Aecon’s option) for the first 3 years, increasing to 14% thereafter Aecon Utilities Rights • Aecon has the option to redeem the Preferred Equity for cash at any time at a value equivalent to the greatest of: (a) the as-converted value of the Preferred Equity, (b) the accreted value of the Preferred Equity, and (c) 1.5x the Net Investment Amount less all cash dividends and distributions paid to Oaktree • Aecon has four board members on Aecon Utilities’ six-person Board Strategic Rationale • Creates a vehicle to accelerate Aecon Utilities’ growth • Leverages Oaktree’s network of industry relationships and extensive resources to continue growing in the U.S. • Standalone capital structure provides the financial flexibility to capitalize on attractive M&A opportunities • Highlights and unlocks the value of Aecon Utilities at $750M enterprise value and ~9.3x TTM Adjusted EBITDA multiple3 $550 $647 $810 $918 $904 $944 $986 2019 2020 2021 2022 2023 2024 Q3 2025 TTM Revenue ($M) $189M4 Net Debt at Q3 2025
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• 30-year maintenance concessions on Eglinton, Finch and Waterloo LRTs • Availability-based payments with revenue risk mitigated by provincial transit counterparties • Experienced team currently bidding on other Canadian transit projects Canadian LRTs • 30-year operations and maintenance concession • Availability-based payments with revenue risk mitigated by Canadian Federal Government Gordie Howe International Bridge International Airport Portfolio 1 % of Aecon equity ownership in Infrastructure Project Companies and Operators; Aecon Concessions retains the management contract for the airport and joint control of Skyport with a 50.1% retained interest 2 Projects accounted for using the equity method as of September 30, 2025 8 Valuable Concessions and O&M Portfolio • 20-year agreement with IESO (with additional 5 years of uncontracted revenue) for electricity storage services • Availability-based payments for capacity services, as well as revenue from energy sold into Ontario electricity grid and operating reserve Oneida Energy Storage Facility Bermuda LF. Wade International Airport • 50.1% equity ownership and concession 1 • New terminal opened in December 2020 • 30-year operations and maintenance concession to 2047 • International Airport with exclusive rights to serve all commercial, private and cargo air traffic in Bermuda Cyril E. King Airport and Henry E. Rohlsen Airports (Currently in Development) • 50% equity interest • Announced in March 2024 • 40-year concession following close • Comprehensive airport redevelopment initiative for two US Virgin Islands airports Portfolio Net Book Value of $233M 2
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9 1 bps = basis point 2 This is a non-GAAP financial measure. Refer to page 2 in this presentation 3 This is a non-GAAP financial ratio. Refer to page 2 in this presentation 4 This is a supplementary financial measure. Refer to page 2 in this presentation 5 Excludes impacts of legacy projects and divestitures. Refer to Section 5 “Recent Developments”, Section 10.2 “Contingencies” and Section 13 “Risk Factors” in the September 30, 2025 MD&A for more information on legacy projects Refer to page 20 for further information and reconciliation. Q3 2025 Financial Results Revenue 1,530 1,275 20% 1,491 1,198 24% Gross Profit 131.3 150.4 13% 152.2 150.4 1% Gross Profit Margin % 4 8.6% 11.8% 320 bps 10.2% 12.6% 235 bps Adjusted EBITDA 2 92.7 126.9 27% 113.6 126.9 10% Adjusted EBITDA Margin % 3 6.1% 10.0% 390 bps 7.6% 10.6% 297 bps Operating Profit 61.4 80.9 24% Profit attributable to shareholders 40.0 56.5 29% Earnings per share - diluted 0.60 0.85 29% Adjusted earnings attributable to shareholders 2 35.7 57.5 38% Adjusted earnings per share - diluted 2 0.53 0.86 38% New Awards 1,561 1,069 46% Backlog (at end of period) 2 10,777 5,980 80% $ Millions (except per share amounts) Three Months Ended September 30 (As Reported) Three Months Ended September 30 (As Adjusted)2,5 2025 2024 Change1 2025 2024 Change1
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10 1 Excludes Preferred Shares of Aecon Utilities 2 Net debt calculated as long-term debt plus bank indebtedness less core cash 3 Net Working Capital is a capital management measure that management uses to analyze and evaluate Aecon’s liquidity and its ability to generate cash to meet its short-term financial obligations. Management also believes this measure is commonly used by the investment community for valuation purposes. Refer to page 18 in this presentation for the composition of Net Working Capital and a quantitative reconciliation to the most comparable financial measure 4 Debt to capitalization percentage is considered by the Company to be the most important metric in measuring the strength and flexibility of its consolidated balance sheets. Calculated as debt of $158.0 million divided by capitalization of $1,239.4 million, which is comprised of shareholders’ equity of $1,081.4 million (including $165.3 million for Preferred Shares of Aecon Utilities) plus debt of $158.0 million, to equal 13%. • The Toronto Stock Exchange approved the renewal of Aecon’s normal course issuer bid (“NCIB”); repurchased approximately 0.3 m illion common shares pursuant to the NCIB in the quarter • No debt or working capital credit facility maturities until 2029, except equipment and property loans and leases in the norma l course Financial Position, Liquidity and Capital Resources 5 Net JV Impact represents the difference between Equity Project EBITDA included in Adjusted EBITDA (Equity Project EBITDA as defined in the September 30, 2025 MD&A) and distributions from projects accounted for using the equity method 6 Excludes $5.9 million incremental proceeds on minority sale of Bermuda Airport in Q3 2025 TTM and $11.5 million incremental proceeds on the sale of ATE in Q3 2024 TTM. Excludes $87.1 million outflow (net of cash acquired) in Q3 2025 TTM and $114.2 million outflow (net of cash acquired) in Q3 2025 TTM related to strategic business acquisitions 7 Free Cash Flow is a capital management measure that management uses to analyze and evaluate the cash generated after taking into consideration cash outflows that support its operations and maintain its capital assets. Management also believes this measure is commonly used by the investment community for valuation purposes. Refer to page 18 in this presentation for a quantitative reconciliation to the most comparable financial measure, being Cash Flow From Operations & Investing Activities 8 This is a non-GAAP financial measure or non-GAAP ratio. Refer to page 2 in this presentation Sep 30, 2025 Q3 2025 TTM Q3 2024 TTM Core Cash 21.2 Operating Profit (Loss) 52.5 (50.0) Bank Indebtedness (293.6) Cash in Joint Operations 369.7 Depreciation and amortization 102.3 76.2 Total Cash 97.3 (Gain) on sale of assets (9.1) (34.1) Costs related to business acquisitions 3.0 5.6 Net Working Capital 3 146.9 Income from projects accounted for using the equity method (7.3) (25.1) Equity Project EBITDA8 72.3 103.8 Long-Term Debt1 Adjusted EBITDA 8 213.7 76.4 - Finance Leases 123.0 - Equipment & Other Asset Loans 35.0 Cash Interest Expense (net) (26.4) (17.3) LT Debt1 157.9 Capital Expenditures (net of disposals) (35.5) (24.6) Income Taxes Paid (76.6) (37.6) Change in Working Capital (99.8) 201.8 Total LT Debt1 157.9 Net JV Impact5 (66.0) (72.4) Net Debt2 430.3 Non-cash items in Adjusted EBITDA 49.2 49.6 Long-Term Debt to Q3 2025 TTM Adjusted EBITDA 2,8 0.7x Free Cash Flow 6,7 (41.4) 175.9 Net Debt to Q3 2025 TTM Adjusted EBITDA1,2,8 2.0x Debt (excluding Preferred Shares of Aecon Utilities) to capitalization percentage 4 13% Cash Flow From Operations (33.7) 147.1 Cash Flow From Investing Activities (110.6) (101.1) Cash Flow From Operations & Investing Activities (144.3) 46.0 Balance Sheet ($M) Free Cash Flow ($M)
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Environmental Leadership Our People and Communities Responsible Governance Targeting 50% emission reduction by 2032 and net zero Scope 1,2, and 3 by 2050 One of Canada’s Greenest Employers 2025 (Canada’s Top 100 Employers Project) One of the Corporate Knights 2025 Best 50 Corporate Citizens in Canada 34% reduction in Scope 1 and 2 emissions from 2020 baseline – surpassing interim GHG Reduction goal of 30% in Direct CO2 Emissions by 2030 on an Intensity Basis1 GOLD Participation Tie for Government of Canada’s Net- Zero Challenge Science Based Targets initiative approved near and long- term science-based emission reduction targets Piloted new technology, including low emission equipment, low carbon concrete & carbon negative pre-cast concrete. Continue to adopt recognized environmental standards including the Envision framework Social Responsibility Award Gordie Howe International Bridge (International Bridge, Tunnel and Turnpike Association) Partnership Accreditation in Indigenous Relations (PAIR) Silver Certification (Canadian Council of Indigenous Business) Partnerships to achieve goals • Aecon Women In Trades (AWIT) • Aecon-Golden Mile (A-GM) • Aecon-Mohawk Networks (U.S.) • Operating joint ventures with 9 First Nations across Canada Aecon’s Reconciliation Action Plan • Engaging in reconciliation by working in unison with Indigenous Peoples • $1 billion+ in goods & services procured from the Indigenous economy over the past 5 years 2024 Sustainability & Disclosure Report Released in April 2025 (prepared in accordance with Canadian Sustainability Disclosure Standards (CSDS) 1 and 2) Limited Assurance on Scope 1 and 2 emissions Alignment to UN Sustainable Development Goals Sustainability 100% completion rating for Aecon’s Code of Conduct 87% ESG screening for preferred suppliers 11 1 Intensity based targets are based on economic output and represent tonnes of CO2 per million dollars of revenue 2 Sustainability projects help to preserve and protect the environment and help to preserve the ability of society to sustain itself. Including but not limited to projects that: reduce emissions, support the transition to a net-zero economy, support clean water use and conservation, and reduce/recycle waste 5 9 % o f 2 0 2 4 R e v e n u e T i e d To S u s t a i n a b i l i t y P r o j e c t s2
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1212 Outlook • Revenue in 2025 is expected to be stronger than 2024, driven by record reported backlog of $10.8 billion at the end of the third quarter of 2025, recurring revenue programs continuing to see solid demand, a strong bid pipeline, and the impact of strategic acquisitions completed in 2024 and 2025. Aecon believes it is positioned to achieve further revenue growth in 2026. • In the Construction segment, demand for Aecon’s services across Canada and in select U.S. and international markets continues to be strong with opportunities across all sectors. In the first quarter of 2025, an Aecon-led consortium completed the collaborative development phase and reached commercial close on the Scarborough Subway Extension progressive design-build transit project. The implementation phase of the project has commenced under a target price contract. In addition, an Aecon joint operation was awarded a collaborative contract by Ontario Power Generation which includes the definition phase work for the retube, feeder and boiler replacement of Units 5, 6, 7 and 8 at the Pickering Nuclear Generating Station in Ontario. In the second quarter of 2025, an Aecon-led partnership was awarded an alliance construction contract by Ontario Power Generation for the execution phase of the Darlington New Nuclear Project in Ontario. After the end of the third quarter, an Aecon partnership completed the collaborative development phase and reached financial close on a contract with the Montreal Port Authority for the Port of Montreal Expansion in-water works project in Contrecoeur, Québec. • 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, and population growth. An Aecon-led consortium was selected by the U.S. Virgin Islands Port Authority to redevelop the Cyril E. King Airport in St. Thomas and the Henry E. Rohlsen Airport in St. Croix under a collaborative Design, Build, Finance, Operate, and Maintain Public-Private Partnership model, pending financial close. • Operating profitability in recent years was negatively impacted by the four fixed price legacy projects. Of the remaining three projects, two are currently expected to be substantially complete by the end of 2025 and the final project is expected to be construction complete by the end of 2025 and substantially complete as soon as early 2026.The finalization of these projects is anticipated to lead to improved profitability and margin predictability. Until the three remaining projects are complete and the related claims have been resolved, there is a risk that profitability could also be negatively impacted by these projects in future periods – see Section 5 “Recent Developments” and Section 10.2 “Contingencies” in the September 30, 2025 MD&A and Section 13 “Risk Factors” in the 2024 Annual MD&A regarding the risk on certain large fixed price legacy projects entered into in 2018 or earlier by joint operations in which Aecon is a participant. As such, the completion and satisfactory resolution of claims on the three remaining legacy projects with the respective clients remains a critical focus for the Company and its partners. • Management will continue to monitor the impact of a dynamic political environment as well as announced or threatened tariffs or non-tariff measures on the Company’s operations. The introduction of these measures could cause increased purchased material costs and/or reduced availability, 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 investments, and common share buybacks on an opportunistic basis. Aecon is also focused on making strategic investments in its operations to support access and entry into new markets and increase operational effectiveness.
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APPENDIX
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14 Q3 2025 Financial Results (As Adjusted) 1 Includes sale of Aecon Transportation East Business (“ATE”) to Green Infrastructure Partners Inc. (“GIP”), which closed in Q2 2023 (May 1, 2023) and CC&L Infrastructure’s acquisition of a 49.9% interest in the Bermuda Airport concessionaire, which closed in Q3 2023 (September 20, 2023). Aecon Concessions retains the management contract for the airport and joint control of Skyport with a 50.1% retained interest. In Q2 2024, one-time recoveries of $5.9M related to the Bermuda Airport were recognized. 2 bps = basis point 3 This is a non-GAAP financial measure. Refer to page 2 in this presentation 4 This is a non-GAAP financial ratio. Refer to page 2 in this presentation 5 Refer to page 20 for further information and reconciliation 2025 2024 Change2 2025 2024 Change2 Revenue 1,530 1,275 20% 5,161 4,106 26% Legacy Projects (39) (77) (141) (153) Divestiture Impacts1 - - - - Revenue (As Adjusted) 3 1,491 1,198 24% 5,020 3,953 27% Adjusted EBITDA 3 92.7 126.9 27% 213.7 76.4 nmf Legacy Projects Loss / (Profit) 20.9 - 124.1 277.0 Divestiture Impacts1 - - - (5.9) Adjusted EBITDA (As Adjusted) 3 113.6 126.9 10% 337.8 347.5 3% Margin % 4 7.6% 10.6% 297 bps 6.7% 8.8% 206 bps Additional Information: Construction (As Adjusted) 5 Revenue3 1,489 1,195 25% 4,995 3,942 27% Adjusted EBITDA 3 109.3 114.1 4% 316.1 311.2 2% Margin % 4 7.3% 9.5% 220 bps 6.3% 7.9% 157 bps Concessions (As Adjusted) 5 Revenue3 2.3 2.6 12% 9.9 10.8 8% Adjusted EBITDA 3 14.5 22.3 35% 61.1 83.2 27% Corporate Adjusted EBITDA 3 (10.3) (9.5) 8% (39.5) (46.9) 16% $ Millions Three Months Ended Sep 30 Twelve Months Ended Sep 30
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$1,068 $1,559 Q3 2024 Q3 2025 New Awards ($M) +46% Construction Q3 2025 Results 15 $1,195 $1,489 Q3 2024 Q3 2025 Revenue ($M) $1,273 $1,528 Q3 2024 Q3 2025 Revenue ($M) +20% +25% New awards higher by $491M, or 46%, period-over-period $145M in nuclear operations from an increased volume of refurbishment, new build, and engineering services work at nuclear generating stations located in Ontario and the U.S. $74M in industrial from a higher volume of field construction work at industrial facilities in western Canada as well as revenue growth in the U.S. associated with the Bodell acquisition $24M in urban transportation solutions primarily from an increase in mass transit project work driven by a progressive design-build transit project moving from the development phase in 2024 to the implementation phase in 2025, partially offset by a lower volume of LRT work in Ontario and Québec as these projects near completion $9M in utilities operations from higher volume of gas distribution work in Canada and electrical transmission work in the U.S., partially offset by a lower volume of battery energy storage and telecommunications work $3M in civil operations primarily from a higher volume of major projects work internationally, partially offset by a lower volume of roadbuilding work in western Canada Revenue up by $255M, or 20%, period-over-period 1 Totals and variances may not add due to rounding and eliminations 2 Excludes impacts of legacy projects and divestitures. Refer to page 20 for further information and reconciliation 3 This is a non-GAAP financial measure. Refer to page 2 in this presentation Q3 20251 Q3 20251,2 (As Reported) (As Adjusted)3
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$114 $109 Q3 2024 Q3 2025 Adj. EBITDA ($M) -1% -4% $114 $88 Q3 2024 Q3 2025 Adj. EBITDA ($M) -23% 1 Totals and variances may not add due to rounding 2 This is a non-GAAP financial measure. Refer to page 2 in this presentation 3 See Section 5 “Recent Developments”, Section 10.2 “Contingencies” and Section 13 “Risk Factors” in the September 30, 2025 MD&A 4 Excludes impacts of legacy projects and divestitures. Refer to page 20 for further information and reconciliation Adjusted EBITDA2 down by $26M period-over-period and Operating Profit down by $19M period-over-period Negative operating profit of $20.9 million from the fixed price legacy projects3 (i.e. negative gross profit from the fixed price legacy projects of $20.9 million in the third quarter of 2025 compared to gross profit of $nil in the third quarter of 2024) Higher volume in nuclear operations Higher volume in utilities operations Higher volume in industrial operations Decrease in costs related to business acquisitions of $11.6 million Lower operating profit in civil operations from weaker gross profit margin in western operations Lower operating profit in urban transportation solutions where higher volume was more than offset by lower gross profit margin on mass transit projects nearing completion or completed Q3 20251 Q3 20251,4 $90 $70 Q3 2024 Q3 2025 Operating Profit ($M) (7.0% margin) (4.6% margin) 16 (9.0% margin) (5.8% margin) (7.3% margin)(9.5% margin) (As Reported) (As Adjusted)2 Construction Q3 2025 Results (continued) -21%
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$22 $15 Q3 2024 Q3 2025 Adj. EBITDA ($M) -35% $22 $15 Q3 2024 Q3 2025 Adj. EBITDA ($M) -35% $3 $2 Q3 2024 Q3 2025 Revenue ($M) -12% Revenue was largely unchanged period-over-period Adjusted EBITDA2 down by $8M, or 35%, period-over-period and Operating Profit down by $4M, or 79%, period-over-period Lower operating profit driven by lower operating results from Skyport Lower management and development fees 1 Totals and variances may not add due to rounding and eliminations 2 This is a non-GAAP financial measure. Refer to Refer to page 2 in this presentation 3 Excludes impact of divestiture. Refer to page 20 for further information and reconciliation $3 $2 Q3 2024 Q3 2025 Revenue ($M) -12% 17 $5 $1 Q3 2024 Q3 2025 Operating Profit ($M) --79% Q3 20251 Q3 20251,3 (As Reported) (As Adjusted)2 Concessions Q3 2025 Results
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18 1 This is a non-GAAP financial measure. Refer to page 2 in this presentation 2 Totals may not add due to rounding Non-GAAP Measures Quantitative Reconciliation Sep 30, 2025 Q3 2025 TTM Q3 2024 TTM Q3 2025 TTM Q3 2024 TTM Trade and Other Receivables 1,190.1 Profit (loss) Before Income Taxes 12.7 (79.3) Free Cash Flow (41.4) 175.9 Unbilled Revenue 867.1 Finance cost 46.7 38.2 Stock-based compensation settlements and receipts (15.2) (6.4) Inventories 20.4 Finance income (6.9) (8.9) Decrease (Increase) in long-term financial assets (0.1) (5.1) Prepaid Expenses 140.3 Operating Profit (Loss) 52.5 (50.0) Proceeds on sale of a subsidiaries 5.9 11.5 Less Depreciation and amortization 102.3 76.2 Net cash outflow on acquisition of a business (87.1) (114.2) Trade and Other Payables 1,363.0 Gain on sale of assets (9.1) (34.1) Costs related to business acquisitions (3.0) (5.6) Provisions 17.3 Costs related to business acquisitions 3.0 5.6 Provision for expected credit losses 1.2 0.4 Deferred Revenue 690.8 Income from projects accounted for using the equity method (7.3) (25.1) Difference between cash interest and interest expense excl. notional interest & gain on fair value of pref. shares (3.2) (8.9) Net Working Capital 146.9 Equity Project EBITDA1 72.3 103.8 Other (1.3) (1.6) Adjusted EBITDA 1 213.7 76.4 Total Reconciling Items (102.9) (129.9) Cash interest paid (33.3) (26.2) Cash interest received 6.9 8.9 Cash Flow from Operations (33.7) 147.1 Purchase of property, plant and equipment (54.4) (50.0) Cash Flow from Investing Activities (110.6) (101.1) Q3 2025 TTM Q3 2024 TTM Proceeds on sale of property, plant and equipment 20.6 26.4 Cash Flow from Operations & Investing Activities (144.3) 46.0 Operating profit of projects accounted for using the equity method 56.4 88.5 Increase in intangible assets (1.7) (1.0) D&A of projects accounted for using the equity method 15.9 15.3 Income taxes paid (76.6) (37.6) Equity Project EBITDA 72.3 103.8 Non-cash items in Adjusted EBITDA 49.2 49.6 Free Cash Flow before working capital and net JV Impact 124.4 46.5 Q3 2025 TTM Q3 2024 TTM Change in other balances related to operations (99.8) 201.8 Defined Benefit pension (0.5) (1.5) Equity Project EBITDA1 (72.3) (103.8) Concession deferred revenue 0.0 0.0 Distributions from projects accounted for using the equity method 6.3 31.4 Unrealized foreign exchange (gain) 6.7 (9.0) Free Cash Flow (41.4) 175.9 Increase in provisions 17.7 40.7 Stock-based compensation expense 25.3 19.4 Non-cash items in Adjusted EBITDA 49.2 49.6 Net Working Capital Reconciliation ($M) Free Cash Flow Reconciliation ($M) 2 Cash Flow From Operations & Investing Reconciliation ($M) 2 Non-cash items in Adjusted EBITDA Equity Project EBITDA Reconciliation ($M)
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19 Non-GAAP Measures Quantitative Reconciliation (cont’d) 1 This is a non-GAAP financial measure. Refer to page 2 in this presentation 2 Costs related to business acquisitions includes costs related to advisory, legal and other transaction fees; changes in the fair value of contingent consideration; and contingent consideration classified as compensation per IFRS ` Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 TTM Q3 2024 TTM Profit (loss) attributable to shareholders 40.0 56.5 Operating Profit (loss) 61.4 80.9 52.5 (50.0) Unrealized (gain) on derivative financial instruments (4.5) (7.3) Depreciation and amortization 24.4 23.0 102.3 76.2 Amortization of acquisition related intangible assets 4.8 3.0 (Gain) loss on sale of assets (1.7) (2.8) (9.1) (34.1) Costs related to related to business acquisitions2 (6.2) 5.6 Costs related to business acquisitions2 (6.2) 5.6 3.0 5.6 Income tax effect of the above items 1.6 (0.4) (Income) loss from projects accounted for using the equity method (2.1) (5.8) (7.3) (25.1) Adjusted profit (loss) attributable to shareholders 1 35.7 57.5 Equity Project EBITDA1 17.0 25.9 72.3 103.8 Adjusted earnings (loss) per share - basic1 0.56 0.92 Adjusted EBITDA 1 92.7 126.9 213.7 76.4 Adjusted earnings (loss) per share - diluted1 0.53 0.86 Adjusted Profit Attributable to Shareholders ($M) 1 and Adjusted Earnings Per Share 1 Reconciliation Adjusted EBITDA Reconciliation ($M) 1
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20 Non-GAAP Measures Quantitative Reconciliation (cont’d) 1 100% sale of Aecon Transportation East Business (“ATE”) to Green Infrastructure Partners Inc. (“GIP”), which closed in Q2 2023 (May 1, 2023) 2 CC&L Infrastructure acquired a 49.9% interest in the Bermuda Airport concessionaire, which closed in Q3 2023 (September 20, 2023). Aecon Concessions retains the management contract for the airport and joint control of Skyport with a 50.1% retained interest. In Q2 2024, one-time recoveries of $5.9M related to the Bermuda Airport were recognized 3 bps = basis point 4 This is a non-GAAP financial measure. Refer to page 2 in this presentation 5 This is a non-GAAP financial ratio. Refer to page 2 in this presentation Consolidated 2025 2024 Change3 2025 2024 Change3 Revenue 1,530 1,275 20% 5,161 4,106 26% Legacy Projects (39) (77) (141) (153) Divestiture Impacts1,2 - - - - Revenue (As Adjusted) 4 1,491 1,198 24% 5,020 3,953 27% Adjusted EBITDA 4 92.7 126.9 27% 213.7 76.4 nmf Legacy Projects Loss / (Profit) 20.9 - 124.1 277.0 Divestiture Impacts1,2 - - - (5.9) Adjusted EBITDA (as Adjusted) 4 113.6 126.9 10% 337.8 347.5 3% Margin % 7 7.6% 10.6% 297 bps 6.7% 8.8% 206 bps Construction Revenue 1,528 1,273 20% 5,136 4,095 25% Legacy Projects (39) (77) (141) (153) Divestiture Impacts1 - - - - Revenue (As Adjusted) 4 1,489 1,195 25% 4,995 3,942 27% Adjusted EBITDA 4 88.4 114.1 23% 192.0 34.2 nmf Legacy Projects Loss / (Profit) 20.9 - 124.1 277.0 Divestiture Impacts1 - - - - Adjusted EBITDA (As Adjusted) 4 109.3 114.1 4% 316.1 311.2 2% Margin % 5 7.3% 9.5% 220 bps 6.3% 7.9% 157 bps Concessions Revenue 2 3 12% 10 11 8% Divestiture Impacts2 - - - - Revenue (As Adjusted) 4 2 3 12% 10 11 8% Adjusted EBITDA 4 14.5 22.3 35% 61.1 89.1 31% Divestiture Impacts2 - - - (5.9) Adjusted EBITDA (As Adjusted) 4 14.5 22.3 35% 61.1 83.2 27% Corporate Adjusted EBITDA 4 (10.3) (9.5) 8% (39.5) (46.9) 16% $ Millions Three Months Ended Sep 30 Twelve Months Ended Sep 30
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ARE.TSX Statistics as of October 29, 2025 $0.40 $0.46 $0.50 $0.50 $0.58 $0.64 $0.70 $0.74 $0.74 $0.76 $0.76 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Annual Dividend History Analyst Coverage1 Firm Analyst Telephone ATB Capital Chris Murray (647) 776-8246 BMO Capital Markets Devin Dodge (416) 359-6774 Canaccord Genuity Yuri Lynk (514) 844-3708 CIBC Capital Markets Krista Friesen (416) 956-6807 Desjardins Securities Benoit Poirier (514) 281-8653 National Bank Financial Maxim Sytchev (416) 869-6517 Paradigm Capital Alexandra Ricci (416) 361-6056 Raymond James Frederic Bastien (604) 659-8232 RBC Dominion Securities Sabahat Khan (416) 842-7880 Stifel GMP Ian Gillies (416) 943-6108 TD Securities Michael Tupholme (416) 307-9389 8 Buy / Outperform Recommendations 3 Hold / Sector Perform Recommendations $26.91 Average Target Price $30.05 Share Price 63.3 Million Shares Outstanding 0.5 Million ($11.3 Million) Avg. Daily Share Volume (3 months – TSX & ATS) 2.6% Dividend Yield ~$1.9 Billion Market Capitalization $15.21 / $30.38 52 Week Low / High 21 Capital Markets Overview 1 The views of analysts do not necessarily represent the views of Aecon.
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ADAM BORGATTI Senior Vice President Corporate Development & Investor Relations aborgatti@aecon.com – STEVEN HONG Director Corporate Development & Investor Relations shong@aecon.com – MIKE SCOTCHER Senior Manager Corporate Development & Investor Relations mscotcher@aecon.com – INVESTOR RELATIONS 416.297.2600| ir@aecon.com VANCOUVER 1055 Dunsmuir Street, Suite 2124 Vancouver, BC V7X 1G4 – CALGARY 28 Quarry Park Blvd SE, Suite 310 Calgary, AB T2C 5P9 – TORONTO 20 Carlson Court, Suite 105 Toronto, ON M9W 7K6 – MONTREAL 2015 Peel Street, Suite 600 Montreal, QC H3A 1T8 aecon.com