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Aecon Group Inc. TSX: ARE October 30, 2026 THIRD QUARTER 2026 RESULTS a e c o n . c o m
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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, 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 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. 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 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. 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 Q3 2026 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 4, 8, 16, and 17 of 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. N o n -G A A P & S u p p le m e n ta ry F in a n c ia l M e a s u re s 2 THIRD QUARTER 2026 | AECON GROUP INC. F o r w a r d - L o o k i n g I n f o r m a t i o n
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$ R e c o r d B a c k l o g Solidifying Position as Canada’s Nuclear Builder Aecon was awarded contracts in JVs with an aggregate value of $3 billion ($1.75 billion share) for the Pickering Nuclear Generating Station Refurbishment Execution Phase Acquiring additional fabrication capacity in Ontario, extending Aecon’s capabilities to support new opportunities across North America Adjusted EBITDA Improvement1 Adjusted EBITDA improved significantly in the quarter to $130 million versus $93 million last year, an increase of 40% 1 Improved year-over-year margin performance in Construction 3 THIRD QUARTER 2026 | AECON GROUP INC. Third Quarter 2026 Highlights O u t l o o k Aecon expects double digit revenue growth in 2026 Supported by strategic positioning in sectors with attractive demand profiles, growing recurring revenue programs, and project pipeline Record backlog of $14.6B, up 39% over last quarter, underpinned by a diversified mix of projects with appropriate risk balance Over 80% of backlog tied to non-fixed price or collaborative contract models New contract awards of $6.0B in Q3 2026 1 T h i s i s a n o n - G A A P f i n a n c i a l m e a s u r e . R e f e r t o p a g e 2 i n t h i s p r e s e n t a t i o n . Record Quarterly Revenue with Growth in all Sectors Record Q3 revenue of $1.9B, an increase of $390 million, or 26%, over the same period last year Revenue increased across all operating sectors in the Construction segment led by utilities and nuclear R e c o g n i t i o n a n d S t r a t e g i c G r o w t h I n i t i a t i v e s The first construction company with nationwide operations to achieve Partnership Accreditation in Indigenous Relations (PAIR) Gold status Launched Maple Fibre through Concessions, a majority-controlled strategic telecommunications alliance to finance, design, build, and own network infrastructure
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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 4 Q3 2026 Financial Results THIRD QUARTER 2026 | AECON GROUP INC. Revenue 1,921 1,530 26% 6,350 5,161 23% Gross Profit 201.6 131.3 54% 600.8 357.2 68% Gross Profit Margin % 4 10.5% 8.6% 190 bps 9.5% 6.9% 260 bps Adjusted EBITDA 2 130.2 92.7 40% 341.8 213.7 60% Adjusted EBITDA Margin % 3 6.8% 6.1% 70 bps 5.4% 4.1% 130 bps Operating Profit (Loss) 83.1 61.4 35% 175.6 52.5 234% Profit (Loss) attributable to shareholders 52.9 40.0 32% (52.4) 8.5 nmf Earnings (Loss) per share - diluted 0.74 0.60 23% (0.79) 0.13 nmf Adjusted profit (loss) attributable to shareholders 2 61.7 33.1 86% 106.8 7.2 1383% Adjusted earnings (loss) per share - diluted 3 0.86 0.49 76% 1.54 0.11 1300% New Awards 5,988 1,561 284% 10,132 9,958 2% Backlog (at end of period) 2 14,559 10,777 35% 14,559 10,777 35% $ Millions (except per share amounts) Three Months Ended September 30 Trailing Twelve Months Ended September 30 2026 2025 Change1 2026 2025 Change1
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N e w A w a r d s ( C $ M ) Q3 2025 Q3 20260 500 1,000 1,500 2,000 1,528 1,938 Q3 2025 TTM Q3 2026 TTM0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 5,136 6,363 Q3 2025 Q3 20260 1,000 2,000 3,000 4,000 5,000 6,000 7,000 1,559 6,005 Q3 2025 TTM Q3 2026 TTM0 2K 4K 6K 8K 10K 12K 9,940 10,142 $184M in utilities operations driven by a higher volume of electrical transmission and distribution work in Canada and the U.S., as well as from an increase in telecommunications, gas distribution, and battery energy storage systems work $130M in nuclear operations due to a higher volume of refurbishment, decommissioning, and engineering services work at nuclear generating stations in Ontario and the U.S. $45M in civil operations 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 $42M in industrial operations primarily from a higher volume of field construction work at industrial manufacturing facilities in the U.S. $9M in urban transportation solutions driven by a higher volume of subway and commuter rail system work, partially offset by a lower volume of work on LRT projects in Ontario and Québec Revenue up by $410M, or 27%, period-over-period New awards of $6,005M in Q3 2026 1 T o t a l s a n d v a r i a n c e s m a y n o t a d d d u e t o r o u n d i n g a n d e l i m i n a t i o n s Revenue (C$M) R e v e n u e ( C $ M ) + 2 4 % + 2 7 % New Awards (C$M) 5 Q 3 2 0 2 6 1 Q 3 2 0 2 6 T T M 1 Construction Q3 2026 Results THIRD QUARTER 2026 | AECON GROUP INC.
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Higher in civil and nuclear operations driven by higher volume and an improvement in gross profit margin Lower operating profit in utilities operations after a volume-driven improvement in gross profit was more than offset by higher MG&A, higher D&A, and lower gains related to changes in the fair value of contingent consideration from recent business acquisitions Lower in industrial operations due to lower gross profit margin Adjusted EBITDA up by $43M period-over-period2 Operating Profit up by $30M period-over-period 1 T o t a l s a n d v a r i a n c e s m a y n o t a d d d u e t o r o u n d i n g 2 T h i s i s a n o n - G A A P f i n a n c i a l m e a s u r e . R e f e r t o p a g e 2 i n t h i s p r e s e n t a t i o n Adjusted EBITDA (C$M)2 Adjusted EBITDA (C$M)2 Q3 2025 TTM Q3 2026 TTM0 100 200 300 400 192 357 Operating Profit (C$M) Q3 2025 Q3 20260 20 40 60 80 100 120 140 88 132 ( 5 . 8 % m a r g i n ) ( 6 . 8 % m a r g i n ) ( 3 . 7 % m a r g i n ) ( 5 . 6 % m a r g i n ) Q3 2025 Q3 20260 20 40 60 80 100 120 70 101 ( 4 . 6 % m a r g i n ) ( 5 . 2 % m a r g i n ) Operating Profit (C$M) Q3 2025 TTM Q3 2026 TTM0 50 100 150 200 250 89 243 ( 1 . 7 % m a r g i n ) ( 3 . 8 % m a r g i n ) 6 Q 3 2 0 2 6 1 Q 3 2 0 2 6 T T M 1 Construction Q3 2026 Results (continued) THIRD QUARTER 2026 | AECON GROUP INC. + 4 9 % + 8 6 % + 4 3 % + 1 7 5 %
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1 T o t a l s a n d v a r i a n c e s m a y n o t a d d d u e t o r o u n d i n g a n d e l i m i n a t i o n s 2 T h i s i s a n o n - G A A P f i n a n c i a l m e a s u r e . R e f e r t o p a g e 2 i n t h i s p r e s e n t a t i o n Adjusted EBITDA down by $3M2 Operating Profit up by $0.3M A d j u s t e d E B I T D A ( C $ M ) 2 A d j u s t e d E B I T D A ( C $ M ) 2 O p e r a t i n g P r o f i t ( C $ M ) Q3 2025 Q3 20260 5 10 15 20 14.5 11.5 Q3 2025 TTM Q3 2026 TTM0 10 20 30 40 50 60 70 61.1 42.2 O p e r a t i n g P r o f i t ( C $ M ) Q3 2025 Q3 20260 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.0 1.3 Q3 2025 TTM Q3 2026 TTM 0 -1 0 1 2 3 4 3.8 -0.1 7 Q3 20261 Q3 2026 TTM1 Concessions Q3 2026 Results THIRD QUARTER 2026 | AECON GROUP INC. Higher operating profit 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
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1 Includes Preferred Shares of Aecon Utilities and Long-Term Debt 2 Net debt calculated as long-term debt plus Preferred shares of Aecon Utilities + 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. 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 $524.2 million divided by capitalization of $1,520.2 million, which is comprised of shareholders’ equity of $996.0 million plus debt of $524.2 million (including $320 million Preferred shares of Aecon Utilities), to equal 34%. 5 Net JV Impact represents the difference between Equity project EBITDA included in Adjusted EBITDA (Equity project EBITDA as defined in the Q3 2026 MD&A) and distributions from projects accounted for using the equity method 6 Excludes $5.9 million incremental proceeds on the minority sale of Bermuda Airport in Q3 2025 TTM. Excludes $106.0 million outflow (net of cash acquired) in Q3 2026 TTM and $87.1 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 16 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 No debt or working capital credit facility maturities until 2029, except equipment and property loans and leases in the normal course 8 Financial Position, Liquidity and Capital Resources THIRD QUARTER 2026 | AECON GROUP INC. Sep 30, 2026 528.7 Operating Profit (Loss) Q3 2026 TTM 175.6 Q3 2025 TTM 52.5 (342.3) 537.0 116.8 102.3 723.4 (4.5) (9.1) (8.7) (7.3) Core Cash Bank Indebtedness Cash in Joint Operations Total Cash Net Working Capital 3 (426.5) 58.6 72.3 9.0 0.0 Long-Term Debt Depreciation and amortization (Gain) on sale of assets Income from projects accounted for using the equity method Equity project EBITDA8 ERP implementation costs Costs (gains) related to business acquisitions (5.0) 3.0 160.1 Adjusted EBITDA 8 341.8 213.7 44.1 - Leases - Equipment & Other Asset Loans LT Debt 204.2 (24.5) (26.4) (112.4) (35.5) Preferred shares of Aecon Utilities 320.0 Cash Interest Expense (net) Capital Expenditures (net of disposals) Income Taxes Paid (50.8) (76.6) Change in Working Capital 456.5 (99.8) Net JV Impact5 (55.7) (66.0) Key Metrics (all include Preferred Shares of Aecon Utilities) 89.8 49.2 524.2 644.7 (41.4) 337.8 1.5x 729.4 (33.7) 1.0x (218.3) (110.6) Total Debt1 Net Debt2 Total Debt to Q3 2026 TTM Adjusted EBITDA1,8 Net Debt to Q3 2026 TTM Adjusted EBITDA1,2,8 Debt to capitalization percentage 4 34% Non-cash items in Adjusted EBITDA Free Cash Flow 6,7 Cash Flow From Operations Cash Flow From Investing Activities Cash Flow From Operations & Investing Activities 511.1 (144.3) Balance Sheet ($M) Free Cash Flow ($M)
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Q 3 2 0 2 6 T T M R e v e n u e S i m c o e B a t t e r y E n e r g y S t o r a g e S y s t e m S I M C O E B A T T E R Y E N E R G Y S T O R A G E S Y S T E M 9 S e p t 3 0 , 2 0 2 6 n e t b o o k v a l u e o f e q u i t y i n v e s t m e n t s a n d l o n g - t e r m f i n a n c i a l a s s e t s Q 3 2 0 2 6 T T M A d j . E B I T D A Q 3 2 0 2 6 T T M A d j . E B I T D A Q 3 2 0 2 6 T T M I n d u s t r i a l C i v i l U t i l i t i e s U r b a n T r a n s p o r t a t i o n S o l u t i o n s N u c l e a r 1 4 % 2 2 5 % 2 2 1 % 2 1 2 % 2 2 8 % 2 C $ 6 , 3 6 3 M 1 C $ 2 5 6 M C $ 3 5 7 M 1 , 6 C $ 4 2 M 1 , 6 C O N S T R U C T I O N C O N C E S S I O N S B e r m u d a I n t e r n a t i o n a l A i r p o r t F i n c h W e s t L R T E g l i n t o n L R T W a t e r l o o L R T O n e i d a E n e r g y S t o r a g e L . P . G o r d i e H o w e I n t e r n a t i o n a l B r i d g e 1 B e f o r e c o r p o r a t e c o s t s a n d e l i m i n a t i o n s 2 % o f Q 3 2 0 2 6 T T M C o n s t r u c t i o n r e v e n u e 3 % o f A e c o n e q u i t y o w n e r s h i p i n I n f r a s t r u c t u r e P r o j e c t C o m p a n i e s a n d O p e r a t o r s 4 A e c o n C o n c e s s i o n s r e t a i n s t h e m a n a g e m e n t c o n t r a c t f o r t h e a i r p o r t a n d j o i n t c o n t r o l o f S k y p o r t w i t h a 5 0 . 1 % r e t a i n e d i n t e r e s t 5 A e c o n C o n c e s s i o n s i s t h e d e v e l o p m e n t l e a d a n d w i l l h o l d a 5 0 % e q u i t y i n t e r e s t i n t h e p r o j e c t ’ s 4 0 - y e a r c o n c e s s i o n , a n d A e c o n i s t h e d e s i g n - b u i l d l e a d 6 T h i s i s a n o n - G A A P f i n a n c i a l m e a s u r e . R e f e r t o p a g e 2 i n t h i s p r e s e n t a t i o n 3 3 . 3 % 3 5 0 . 0 % 5 5 0 . 1 % 3 , 4 1 0 . 0 % 3 2 5 . 0 % 3 2 0 . 0 % 3 8 . 3 5 % 3 U . S . V i r g i n I s l a n d s A i r p o r t s S t . T h o m a s & S t . C r o i x 5 8 % 2 2 . 5 % 3 R e l a t e d t o P o w e r & U t i l i t i e s S e r v i c e s Operational Diverse Business Model Maple Fibre 8 1 . 1 % 3 THIRD QUARTER 2026 | AECON GROUP INC. In-Development
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12 months 13-24 months Beyond 24 months 2025 2026 $0 $5,000 $10,000 $15,000 $3,713 $1,700 $5,364 $5,026 $3,554 $5,979 $10,777 $14,559 C o n t r a c t e d B a c k l o g ( C $ M ) a n d D u r a t i o n 1 A t S e p t e m b e r 3 0 10 THIRD QUARTER 2026 | AECON GROUP INC. 1 T h i s i s a n o n - G A A P f i n a n c i a l m e a s u r e . R e f e r t o p a g e 2 i n t h i s p r e s e n t a t i o n . 2 A t S e p t e m b e r 3 0 , 2 0 2 6 P o w e r I n f r a s t r u c t u r e U r b a n T r a n s p o r t a t i o n & R e d e v e l o p m e n t Defence, Port & Airport Infrastructure Execution Phases for these Awarded Contracts Not Reflected in Backlog2 P i c k e r i n g N u c l e a r R e f u r b i s h m e n t - U n i t s 6 - 8 D a r l i n g t o n N e w N u c l e a r P r o j e c t - U n i t s 2 - 4 ( S M R ) C a s c a d e A d v a n c e d E n e r g y F a c i l i t y ( S M R ) M a c t a q u a c L i f e A c h i e v e m e n t P r o j e c t A r c t i c O v e r - t h e - H o r i z o n R a d a r P r o g r a m S t a g e 1 R o b e r t s B a n k T e r m i n a l 2 - L a n d m a s s a n d W h a r f C y r i l E . K i n g A i r p o r t & H e n r y E . R o h l s e n A i r p o r t s H a m i l t o n L i g h t R a i l T r a n s i t C i v i l & U t i l i t i e s W o r k s P o r t o f C h u r c h i l l I n f r a s t r u c t u r e A d v a n c e m e n t Collaborative projects currently in development phases provide significant opportunities for long-term growth G O E x p a n s i o n C i v i l W o r k s ( F u t u r e S c o p e s ) Strong Backlog and Visibility into Future Growth
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R e c u r r i n g R e v e n u e ( C $ M ) Q 3 T T M 11 THIRD QUARTER 2026 | AECON GROUP INC. G r o w i n g a n d R e s i l i e n t R e c u r r i n g R e v e n u e P r o f i l e U t i l i t i e s R e c u r r i n g R e v e n u e P r o f i l e ~ 3 Y r s 9 9 % W e i g h t e d A v g , R e n e w a l R a t e $ 6 3 K W e i g h t e d A v g . T i c k e t P r i c e M u l t i - d e c a d e r e l a t i o n s h i p s w i t h i n v e s t m e n t g r a d e , b l u e - c h i p u t i l i t y c u s t o m e r s S t r o n g g r o w t h i n t e l e c o m a c t i v i t y f o c u s e d o n w i r e l i n e / f i b r e T i e r - o n e e x e c u t i o n p l a t f o r m i n C a n a d a w i t h s i g n i f i c a n t s e l f - p e r f o r m c a p a b i l i t y G r o w i n g v o l u m e a n d a c t i v i t y i n e n e r g y a n d g a s d i s t r i b u t i o n p o r t f o l i o E x p a n d e d e l e c t r i c a l d i s t r i b u t i o n a n d b a t t e r y s t o r a g e w o r k f o r c u s t o m e r s i n N o r t h A m e r i c a M S A r e l a t e d r e v e n u e i s e x c l u d e d f r o m c u r r e n t b a c k l o g 4 2 % E l e c t r i c a l 70% | 30% Canada | U.S. U t ilit ie s O t h e r 2 0 2 5 2 0 2 6 $ 0 $ 2 0 0 $ 4 0 0 $ 6 0 0 $ 8 0 0 $ 1 ,0 0 0 $ 1 ,2 0 0 $ 6 9 5 $ 2 4 3 $ 9 8 7 $ 1 4 6 $ 9 3 8 $ 1 ,1 3 3 + 4 2 % G r o w i n g r e c u r r i n g r e v e n u e u n d e r l o n g - t e r m M S A s a n d s t r o n g r e n e w a l r a t e s p r o v i d e s s i g n i f i c a n t m u l t i - y e a r v i s i b i l i t y b e y o n d r e p o r t e d b a c k l o g 2 9 % E n e r g y 2 9 % T e l e c o m Q3 2026 TTM Weighted Avg.MSA Contract Utilities Recurring Revenue
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3 1 % 6 8 % 1 % 6 4 % 1 9 % 1 7 % 2 0 2 5 Q 3 2 0 2 5 Q 4 2 0 2 6 Q 1 2 0 2 6 Q 2 2 0 2 6 Q 3 3 . 5 % 4 . 0 % 4 . 5 % 5 . 0 % 5 . 5 % 6 . 0 % 66% Revenue by Contract Type September 2026 TTM2 68% 69% 69% 68% U n w a v e r i n g F o c u s o n R i s k - A d j u s t e d P r o f i t a b i l i t y C o n t r a c t e d B a c k l o g b y C o n t r a c t T y p e A t S e p t e m b e r 3 0 , 2 0 2 6 A t t r a c t i v e b a c k l o g c o n t r a c t m i x s u p p o r t i n g g r e a t e r e a r n i n g s p r e d i c t a b i l i t y g o i n g f o r w a r d 8 1 % V a r i a b l e P r i c e & C o l l a b o r a t i v e F i x e d P r i c e C o n t r a c t s 6 9 % V a r i a b l e P r i c e & C o l l a b o r a t i v e F i x e d P r i c e C o n t r a c t s THIRD QUARTER 2026 | AECON GROUP INC. Construction TTM Adjusted EBITDA margin has expanded from 3.7% to 5.6% since Q3 2025. Variable Price % of TTM Revenue2 1 Variable Price Fixed Price Collaborative Fixed Price Improving Quality of Earnings: Growing Margins Combined with a Healthier Risk-Profile Contract mix executed has been stable 12 C o n s t r u c t i o n T T M A d j u s t e d E B I T D A M a r g i n ( % ) Contract Mix (%) $6.4B $14.6B 1 C o l l a b o r a t i v e F i x e d P r i c e i n c l u d e s F i x e d P r i c e c o n t r a c t s t h a t w e r e p r e c e d e d b y a c o l l a b o r a t i v e d e v e l o p m e n t p h a s e a n d / o r s o l e n e g o t i a t i o n p h a s e 2 Q 3 2 0 2 6 T T M R e v e n u e c o n t r a c t m i x r e f l e c t s i n c l u s i o n o f r e c u r r i n g r e v e n u e ( C o s t P l u s / U n i t P r i c e ) a n d t i m i n g o f b a c k l o g w o r k o f f 3 E x c l u d e s C o l l a b o r a t i v e F i x e d P r i c e c o n t r a c t s Contract Mix 3
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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. 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. 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. The finalization of this project is anticipated to lead to improved profitability and margin predictability going forward.1 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. 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. 13 O u t l o o k THIRD QUARTER 2026 | AECON GROUP INC. 1 S e e S e c t i o n 1 0 . 2 “ C o n t i n g e n c i e s ” i n t h e Q 3 2 0 2 6 M D & A , a n d S e c t i o n 1 3 “ R i s k F a c t o r s ” i n t h e 2 0 2 5 A n n u a l M D & A r e g a r d i n g t h e r i s k o n t h e l a r g e f i x e d p r i c e l e g a c y p r o j e c t e n t e r e d i n t o p r i o r t o 2 0 1 8 b y a j o i n t o p e r a t i o n i n w h i c h A e c o n i s a p a r t i c i p a n t
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AECON-MOHAWK NETWORKS JOINT VENTURE 14 THIRD QUARTER 2026 | AECON GROUP INC. I n d i g e n o u s & T r i b a l R e l a t i o n s PAIR Gold Certification: First construction company with nationwide operations certified at the highest level by the Canadian Council for Indigenous Business independently jury-verified, enterprise-wide P r o c u r e m e n t f r o m I n d i g e n o u s b u s i n e s s e s s i n c e 2 0 2 0 C$1B+ 6 2 7 A c t i v e c r o s s - s e c t o r I n d i g e n o u s p a r t n e r s h i p s 5 i n C a n a d a , 1 i n t h e U . S . P r e f e r r e d I n d i g e n o u s S u p p l i e r G r o w t h U p 2 9 % s i n c e 2 0 2 5 Building for Future Growth Procurement Platform Indigenous procurement optimized for growth through policy, an enhanced Preferred Indigenous Supplier Program and 2026 Supply Change™ requalification Northern Canada 2026 MOU with Arctic Gateway Group, owned by 29 First Nations and 12 northern communities, to strengthen Canada's northern trade corridor via Churchill Reconciliation Action Plan Updated in 2025, embedding reconciliation across leadership, employment, business development and community relationships Concessions Co-developments Indigenous participation at every stage, from equity ownership and co-development through construction: Oneida and Simcoe BESS S I M C O E B A T T E R Y ENERGY STORAGE SYSTEM Six Indigenous Partnerships spanning Nuclear, Utilities, Industrial, Telecom and Infrastructure markets Verified practices and long-standing partnerships supporting growth in Canada and the U.S.
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Appendix THIRD QUARTER 2026 | AECON GROUP INC. 15
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THIRD QUARTER 2026 | AECON GROUP INC . 1 This is a non -GAAP financial measure. Refer to page 2 in this presentation 2 Totals may not add due to rounding Sep 30, 2026 Q3 2026 TTM Q3 2025 TTM Q3 2026 TTM Q3 2025 TTM Trade and Other Receivables 1,670.4 Profit (loss) Before Income Taxes (7.6) 12.7 Free Cash Flow 644.7 (41.4) Unbilled Revenue 708.2 Finance cost 193.7 46.7 Stock-based compensation settlements and receipts (8.5) (15.2) Inventories 19.2 Finance income (10.4) (6.9) Decrease (increase) in restricted cash balances (5.5) 0.0 Prepaid Expenses 91.5 Operating Profit (Loss) 175.6 52.5 Decrease (Increase) in long-term financial assets 2.7 (0.1) Other current financial assets 36.7 Depreciation and amortization 116.8 102.3 Proceeds on sale of a subsidiaries 0.0 5.9 Less Gain on sale of assets (4.5) (9.1) Net cash outflow on acquisition of a business (106.0) (87.1) Trade and Other Payables 1,768.3 Income from projects accounted for using the equity method (8.7) (7.3) ERP implementation costs (9.0) 0.0 Provisions 31.8 Equity project EBITDA1 58.6 72.3 (Costs) gains related to business acquisitions 5.0 (3.0) Deferred Revenue 1,152.4 ERP implementation costs 9.0 0.0 Fair value (gain) on contingent consideration (13.7) 0.0 Net Working Capital (426.5) Costs (gains) related to business acquisitions (5.0) 3.0 Provision for expected credit losses 1.0 1.2 Adjusted EBITDA 1 341.8 213.7 Difference between cash interest and interest expense excl. notional interest & gain on fair value of pref. shares 1.6 (3.2) Cash interest paid (35.0) (33.3) Other (1.1) (1.3) Cash interest received 10.5 6.9 Total Reconciling Items (133.6) (102.9) Purchase of property, plant and equipment (125.1) (54.4) Q3 2026 TTM Q3 2025 TTM Proceeds on sale of property, plant and equipment 14.1 20.6 Cash Flow from Operations 729.4 (33.7) Operating profit of projects accounted for using the equity method 42.3 56.4 Increase in intangible assets (1.4) (1.7) Cash Flow from Investing Activities (218.3) (110.6) D&A of projects accounted for using the equity method 16.3 15.9 Income taxes paid (50.8) (76.6) Cash Flow from Operations & Investing Activities 511.1 (144.3) Equity project EBITDA 58.6 72.3 Non-cash items in Adjusted EBITDA 89.8 49.2 Free Cash Flow before working capital and net JV Impact 243.9 124.4 Change in other balances related to operations 456.5 (99.8) Equity project EBITDA1 (58.6) (72.3) Q3 2026 TTM Q3 2025 TTM Distributions from projects accounted for using the equity method 2.9 6.3 Defined Benefit pension (0.7) (0.5) Free Cash Flow 644.7 (41.4) Concession deferred revenue 0.0 0.0 Unrealized foreign exchange (gain) (15.0) 6.7 Increase in provisions 54.7 17.7 Stock-based compensation expense 50.8 25.3 Non-cash items in Adjusted EBITDA 89.8 49.2 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 ($M) 16 Non-GAAP Measures Quantitative Reconciliation
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THIRD QUARTER 2026 | AECON GROUP INC . 1 This is a non -GAAP financial measure. Refer to page 2 in this presentation 2 This is a non -GAAP financial ratio. Refer to page 2 in this presentation 3 Costs (gains) related to business acquisitions includes costs related to advisory, legal and other transaction fees; changes in the fair value of contingent consideration; and contingent consideration classified as compensation per IFRS Accounting Standards. (continued) Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 TTM Q3 2025 TTM Profit (loss) attributable to shareholders 52.9 40.0 Operating Profit (loss) 83.1 61.4 175.6 52.5 0.0 (4.5) Depreciation and amortization 30.2 24.4 116.8 102.3 4.8 0.0 ERP implementation costs 4.8 0.0 9.0 0.0 6.0 4.8 (Gain) loss on sale of assets (1.0) (1.7) (4.5) (9.1) 1.0 (6.2) Costs (gains) related to business acquisitions3 1.0 (6.2) (5.0) 3.0 (3.1) (1.0) (Income) loss from projects accounted for using the equity method (6.7) (2.1) (8.7) (7.3) Adjusted profit (loss) attributable to shareholders 1 61.7 33.1 Equity project EBITDA1 18.9 17.0 58.6 72.3 Adjusted earnings (loss) per share - basic2 0.90 0.52 Adjusted EBITDA 1 130.2 92.7 341.8 213.7 Adjusted earnings (loss) per share - diluted2 0.86 0.49 Adjusted Profit Attributable to Shareholders ($M) 1 and Adjusted Earnings Per Share 2 Reconciliation Adjusted EBITDA Reconciliation ($M) 1 17 Non-GAAP Measures Quantitative Reconciliation (continued) Unrealized (gain) loss on derivative financial instruments ERP implementation costs Amortization of acquisition related intangible assets Costs (gains) related to business acquisitions3 Income tax effect of the above items
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a e c o n . c o m CONTACT S V P , C o r p o r a t e D e v e l o p m e n t & I n v e s t o r R e l a t i o n s a b o r g a t t i @ a e c o n . c o m A d a m B o r g a t t i 1 0 5 5 D u n s m u i r S t r e e t , S u i t e 2 1 2 4 V a n c o u v e r , B C V 7 X 1 G 4 V a n c o u v e r 2 8 Q u a r r y P a r k B l v d S E , S u i t e 3 1 0 C a l g a r y , A B T 2 C 5 P 9 C a l g a r y 2 0 1 5 P e e l S t r e e t , S u i t e 6 0 0 M o n t r e a l , Q C H 3 A 1 T 8 M o n t r e a l 2 0 C a r l s o n C o u r t , S u i t e 1 0 5 T o r o n t o , O N M 9 W 7 K 6 T o r o n t o a e c o n . c o m I N V E S T O R R E L A T I O N S | 18 M i k e S c o t c h e r S e n i o r M a n a g e r , C o r p o r a t e D e v e l o p m e n t & I n v e s t o r R e l a t i o n s m s c o t c h e r @ a e c o n . c o m I n v e s t o r R e l a t i o n s 4 1 6 . 2 9 7 . 2 6 0 0 | i r @ a e c o n . c o m i r @ a e c o n . c o m 1 0 0 3 E l l w o o d R o a d S W E d m o n t o n , A B T 6 X 0 B 3 E d m o n t o n 3 6 0 0 A r c o C o r p o r a t e D r i v e , S u i t e 2 1 0 C h a r l o t t e , N C 2 8 2 7 3 C h a r l o t t e 5 8 6 F i n e D r i v e S a l t L a k e C i t y , U t a h 8 4 1 1 5 S a l t L a k e C i t y E d i s o n C h e u n g D i r e c t o r , C o r p o r a t e D e v e l o p m e n t & I n v e s t o r R e l a t i o n s e c h e u n g @ a e c o n . c o m