Good morning, everyone, and thank you for joining us here in person today and virtually online. My name is Cheryl Ballerini. I'm the VP of Strategic Development, and I will be moderating today's event. We appreciate both your interest and support in Bird. Before commencing the event today, Bird reminds those present that certain statements which are made express management's expectations or estimates of future performance and thereby constitute forward-looking information. Forward-looking information is necessarily based on a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to business, economic, and competitive uncertainties and contingencies. Management's formal comments and responses to any questions you might ask may include forward-looking information. Therefore, the company cautions today's participants that such forward-looking information involves known and unknown risks, uncertainties, and other factors that may cause the actual financial results, performance, or achievements of the company to be materially different from the company's estimated future results, performance, or achievements expressed or implied by the forward-looking information. In addition, our presentation today includes references to a number of financial measures which do not have standardized meanings under IFRS and may not be comparable with similar measures presented by other companies and are therefore considered non-GAAP measures. With that, I am pleased to welcome Teri McKibbon, President and CEO, to the stage. Thanks, Cheryl. Good morning, everyone. Thank you to those who have joined us in person and for those who are attending virtually. This morning, we will spend time talking about our 2025- 2027 strategic plan and our vision for the future of Bird. It's an exciting day for us, as not only are we in the home stretch of our current strategic plan, which has proven to be very successful, but we're able to speak to you today about the next iteration of our plan. The 2025- 2027 plan builds off the success we have had with disciplined, diversified growth by geography and end market, and it is a plan we are confident will deliver the targets we've established. Before I begin, I want to recognize Bird's strong commitment as a positive contributor to the overall well-being of Indigenous peoples and groups within whom we interact across Canada. In the spirit of reconciliation, we wish to acknowledge that the Indigenous peoples are the traditional stewards of the lands and waters where each of us attends this session. We recognize that the Indigenous landscape of Canada is broad and encompasses many First Nations, Métis, and Inuit peoples. Further, we respect and affirm the inherent and treaty rights of all Indigenous peoples across Canada. Now, to kick off today's agenda, I will share an overview of Bird's strategic direction, including where Bird is today and where we are going. I will provide an overview of our executive leadership team, who will lead the execution of our new strategic plan and highlight how we will achieve the twenty twenty... 2027 targets we released this morning. I will then turn it over to Brian Henry, Chief People Officer, who will provide insight on the importance of our people strategy to execute our strategic direction. Following Brian will be Gilles Royer, Chief Operating Officer, who will share how we execute as One Bird and promote a strong culture of our operational excellence across our organization to expand our reach across both our core and key strategic markets. Following Gilles will be presentations from a cross-section of our senior operational leadership team, who will share insights into their business units and key strategic focus areas to secure future growth. Wayne Gingrich, Chief Financial Officer, will then share further details on our financial targets and insights into our resilient business model, our strong track record of financial performance, and how we are delivering significant shareholder value. I will then provide closing comments, and we'll open it up to questions. With that, let's get started on today's program. Many of you know who Bird is, where we operate, and our successful financial performance. For those who may be new to the Bird story, I want to briefly highlight who we are and where we are today in our journey. Bird is a leading collaborative construction and maintenance company that operates from coast to coast to coast, meaning we reach the West Coast to East Coast and deliver projects through the territories in the Far North. Operating across a number of market sectors, we have been successfully building Canada since 1920, and with that brings over one hundred years of operational excellence. Since our humble beginnings, we have grown to over 6,000 engaged employees and have established a strong presence across our infrastructure, buildings, and industrial business units. With a market cap of over CAD 1.4 billion, our strong financial performance is evident with our Q2 2024 results highlighted on the screen, our recent inclusion on the TSX Composite, and our recognition on the TSX 30 by the Toronto Stock Exchange. Bird's seventh-place ranking on the TSX 30 reflects a 245% increase in dividend-adjusted share price performance and a 209% increase in market capitalization over the three-year measurement period. Throughout today's presentations, we will share with you how Bird intends to achieve the 2027 targets we announced today, and through my presentation, I will focus on four key messages that will speak to the key focus areas of today's presentation. One, how we are building our foundation of operational excellence and safe execution, which has resulted in significant growth throughout our former strategic plan period. Two, how we're enhancing our industry-leading talent and capabilities by reinforcing our One Bird collaborative culture. Three, how we are expanding into key strategic market sectors, participating in targeted large capital investment projects by leveraging our strength in operational excellence and disciplined capital allocation. Finally, I'll introduce our 2025- 2027 financial targets, which are enabled by our One Growth- One Bird growth strategy that is reflective of the significant tailwinds with continued margin accretion... Featured on this slide is our executive leadership team that will drive the successful execution of our plan throughout the organization. Highlighted in here in orange are those representatives from our leadership team who will share insights this morning into their team strategies and outlook, which will support Bird's financial targets. The team members on this slide have extensive tenure with the organization and or the industry, bringing their strong character, commitment, and competency to our business divisions. I'm extremely proud of the team that we've assembled and the bench strength we have built across Bird, at not only the executive level, but throughout the organization. Our entire leadership team strongly believe that the strength of our team is rooted in collaboration, discipline, execution, and engagement, which we will highlight for you throughout today's presentations. The foundation for today's presentations is our 2025- 2027 Strategic Plan and how we will drive profitable growth. This plan was developed through an extensive company-wide facilitated process led by our SVP of Strategic Development, John Wright. All teams and multiple levels of their leadership were involved in this highly collaborative year-long process that included over 60 days of facilitation, extensive research, and a team of over 75 contributors and regular review by our board of directors. The result was a clear strategic direction rooted in three pillars. One team, which is grounded in culture and focused on a safe, engaged, high-performing, and collaborative One Bird team. These teams are partners of choice in both our core and strategic end markets, as well as a collaborative participant on large capital investment projects, which will be highlighted in further detail later in the presentation. One mission is focused on execution that showcases our disciplined, collaborative, data-driven operational excellence. The core of this is our diligent project selection that amplifies our One Bird opportunities, self-perform capabilities to reduce risk, and delivers accretive margins. Our final pillar focuses on one goal that drives performance and centers around profitable and accretive growth, with a focus on financial flexibility and shareholder returns. These pillars are the foundation of our financial targets for 2027 that we will achieve by leveraging our strong foundation within core markets to capture new opportunities in strategic end markets and on large capital investment projects. Our team will achieve these targets by remaining focused on operational excellence and a disciplined approach to capital allocation. While we did not share our 2022- 2024 targets during our 2021 Investor Day, I want to showcase that we're on track to achieve the targets we internally set. We successfully delivered our business across the infrastructure, buildings, and industrial sectors, and our target to achieve a revenue approaching $3.5 billion, almost $500 million over our internal target of $3 billion. Our adjusted EBITDA margin will be achieved, and we successfully completed three acquisitions with Trinity, NorCan, and Jacob Bros, joining our company within the 2022 to 2024 strategic plan period. Our base business will have also successfully transitioned into a common ERP system and project management suite to further support operational excellence in a data-driven culture. In addition, we successfully embedded the One Bird culture by increasing cross-selling and self-performed capabilities throughout the business, resulting in increased access and service offerings across our core markets, strategic end markets, and large capital investment projects. These highlights and many more were all achieved while keeping safety a top priority to ensure the safety of our teams across the country. These achievements are further supported by our foundation of a risk-balanced, highly collaborative, diverse backlog mix. We have spoken about our risk-balanced, highly collaborative, diversified backlog mix before in past earnings calls, and I want to once again share that this provides the foundation of a stable growth strategy that reduces risk and drives operational excellence across our business. After looking at where we were and the achievements from our last strategic plan that got us to where we are today, I want to shift our focus to where we're going. This morning, we shared Bird's 2025- 2027 strategic plan targets in our latest press release, where we outlined an organic revenue CAGR range of 10%+ or - 2% in growth, an 8% adjusted EBITDA margin for full year 2027, and a 33% dividend payout ratio of net income. The business also remains focused on strategically diversified end markets by client and geographic end markets. As I stated in this morning's press release, the business has considerable momentum, and we expect Bird to benefit from the significant tailwinds stemming from our strategic focus on margin accretion, disciplined project selection, and safe, collaborative operational excellence. To achieve these targets we have set forth, Bird will continue to drive strategic expansion into major and new markets to support a balanced revenue mix across our infrastructure, buildings, and industrial markets. This includes continued expansion into Canada's two largest infrastructure markets, being British Columbia and Ontario, to access a large investment from governments to address the infrastructure deficit. With our recent acquisition, Jacob Bros, based in BC, and our organic inquisitive growth with Dagmar in Ontario, we're well-positioned to leverage this investment and further grow our position in these markets. Our expanded self-perform capabilities will also be pivotal to respond to the extensive spend in the mining sector to support the global energy transition with Canada's access to critical minerals. Turning to the building sector, the business will apply its deep technical knowledge in highly strategic sectors. This includes capitalizing on the need for data centers, driven by the tremendous growth in AI, the demand for healthcare facilities across the country, and the need for a broad range of manufacturing facilities to address everything from food production to pharmaceuticals to battery facilities to support the energy transition. This strategic reach is further supported once again by our deep-rooted self-perform capabilities to provide solutions to our clients' requirements. And finally, within the industrial sector, we'll continue to leverage our national footprint and deep brand strength in highly complex projects to service blue-chip markets across the country in our major markets. With continued market stability across this sector, and with growing investments in both renewable energy and efficiency enhancement and expansion projects, the sector has a long runway of opportunity for many years to come. The achievement of our targets across our entire portfolio of business is further supported by large capital investment projects, which we define as projects that are larger than CAD 1 billion in size. Bird has successfully executed on our diligent strategy related to these projects to accelerate our participation. Today, Bird is regarded as a tier one contractor that is sought after to support construction services in a collaborative contract format, and our talented teams remain in high demand from these blue-chip clients with their large capital investments. As a result, our annual revenue has resiliency, and as we expand our base business and gain accretive margins. The growing backlog of higher-margin work, coupled with a growing volume of large capital investment projects with strong margins, supports a resilient business model and gives us confidence that we can achieve our targets. In closing, I want to leave you with four key takeaways from my presentation and to frame the presentations to come. Bird has a proven foundation of operational excellence and safe execution, which has resulted in considerable growth and the achievement of our 2022- 2024 strategic plan targets. We continue to enhance our industry-leading talent and capabilities, which are reinforced by a strong, collaborative One Bird culture that supports future growth by leveraging our self-perform and end-to-end capabilities. To achieve our 2025- 2027 targets, we will continue to expand in the strategic market sectors and participate in targeted large capital investment projects by continuing to drive operational excellence and a disciplined approach to capital allocation. And finally, you will hear more details around our 2025 to 2027 financial targets from Wayne Gingrich, our Chief Financial Officer, which are enabled by our One Bird growth strategy, reflecting a long runway with continued margin accretion. And with that, I'd like to hand it over to Brian Henry, Bird's Chief People Officer. Thank you. Hello, everyone. My name is Brian Henry. I am the Chief People Officer at Bird. I'm excited to be here today to share why people are at the core of everything that we do, and they're pivotal to the successful execution of our 2025-2027 Strategic Plan. Before I get started, I want to share some of my career background. I have almost 30 years of experience in human resources, including 20 years at the executive level. Throughout my career, I've had the privilege of working for Fortune 500 companies in the consumer packaged goods, technology, and restaurant industries. These organizations were recognized as the most admired companies, best managed, and certified best places to work. My experience with them have shaped my approach to fostering progressive and inclusive work environments. Under my leadership, our people and culture team at Bird strategically partners with business leaders to, to create progressive employee experiences that drive engaged, collaborative, and high-performing teams. The construction industry is in a unique position in that we're driven by the power of our people. Without a large, dedicated, and engaged employee base, we cannot successfully execute our projects and deliver to our clients. That is why I want to reiterate the importance of our people as the driving force behind our strategic plan. Today, I will highlight that through four key messages. First, I will share how we're building on Bird's cultural journey to provide the foundation to drive results to attract, recruit, retain, and win with the best people in the industry. Next, I will showcase how we're progressive. Our progressive, highly engaged employee experience promotes a One Bird approach to collaboration, which, as Terry mentioned, is at the core of our success. Following, I will highlight our leading culture of learning, which is focused on expanding organizational capacity and bench strength to respond to our strategic growth markets and opportunities in large capital investment projects. Finally, I will touch on our recruitment strategies to accelerate operational excellence and support the achievement of our strategic plan targets. Bird's cultural journey have been pivotal to its success since the transformational acquisition of Stuart Olson in 2021. This acquisition provided Bird with an opportunity to not only expand our market reach and diversification strategy, but to leverage the deep-rooted experience and bench strength from this organization. This also meant that while both cultures were aligned, we had the opportunity to create a new, unified culture that was developed together as one team, One Bird. Our new One Bird team came together to better understand what this new company was and how we define success, including what type of employees we want to attract, recruit, retain, and win with. In 2021, we embarked on a culture integration project to better define our organizational culture and draw from the strengths of our legacy organizations. The project conducted a full research analysis with over 160 employees in workshops and interviews, and over 750 salaried and permanent hourly employees in a mindset survey. This project identified clear themes, similar cultural beliefs, and a readiness to make our integrated One Bird culture explicit through a new purpose and values. And as we continue to grow, both organically and through acquisition, this remains key to our cultural journey. To support our ongoing growth, it is essential that our teams are aligned with a culture rooted in collaboration and operational excellence, which is a big factor throughout our M&A journey, with cultural alignment being key to the success of an acquisition. We have seen great success through the integration of Stuart Olson, Dagmar, Trinity, Norcan, and Jacob Brothers. Next, we focus on building an employee base of highly engaged employees who are empowered to drive results that are rooted in collaboration. You heard Terry speak to the importance of our One Bird end-to-end solutions, as well as our self-performed capabilities, which are all possible because of the collaborative nature of our core culture across the organization. Finally, we focus on further building capacity across our teams to increase awareness and an understanding of our services and the personal growth opportunities to build our bench strength across the organization. It is not uncommon to see employees work within different groups or functions to gain a better understanding of our business and accelerate their career. The goal of our journey is to be recognized as one of Canada's best employers, ultimately supporting our strategic plan by continuing to build a highly engaged, high-performing, and collaborative team. And at the core of our journey is our unified purpose and values, as seen on the screen. This created a united foundation rooted in how we can attract, recruit, retain, and develop a team of highly collaborative individuals who align to the ideal team player characteristics of hungry, humble, and smart. Because it's this, the right people and the right teams, that drive operational excellence rooted in safety and execution for us to achieve our strategic plan targets. The results of our cultural journey so far can be seen on the screen. This showcases a variety of highlights that encompass ESG to topics that remain a key focus of Bird. I wanna highlight a few, including our HSE statistics, which, as shared on this last slide, is our number one priority. With over 10.5 million internal work hours in 2023, our team successfully achieved zero lost time incidents and zero fatalities. And a recent achievement from our team was the award of Silver by Progressive Aboriginal Relations (PAR). This recognition showcases our commitment to Indigenous relations through our people, our projects, and our partnerships with communities across Canada. While we're proud of these successes, we have acknowledged that we have come so far. There is still work to do to enter into the next strategic planning cycle. Next, in order to continue to build capacity, we're focused on a culture of learning, to invest in our people and build capacity across our employee base. Rooted across three key themes of experience, exposure, and education, our culture of learning elevates the ability of our people to deepen their knowledge of the organization, the industry, and other topics such as technology and leadership skill sets. This culture of learning supports our focus on expanding organizational capacity and bench strength in order to respond to our strategic growth markets and opportunities in large capital investment projects. Finally, I wanna highlight our focus on continuing to build a collaborative, high-performing One Bird team. Through our cultural journey, our engagement successes, and our culture of learning, we have built a diversified and engaged workforce, which has resulted in some impressive numbers related to recruitment. We have seen our national campus program double, and our employee referrals increase by 70% since January 2022. These numbers highlight the drive of engaged employees referring high-performing and engaged people to become part of a growing team. This can be seen in our 32% increase in salary and permanent hourly hires since January 2022, which highlights the sheer growth our organization has experienced over the last two years. At the core of this is ensuring we have the right people that align to our culture and are driven by operational excellence. As we're all well aware, the construction industry is a difficult market to recruit in. However, our dedicated strategy to attract and retain top-tier talent, supported by our national campus programs and our referrals, will help build our capacity nationally. This is further supported by our investment in strategic partners with organizations across Canada, ranging from supporting women in trade to partnerships with The Whiteboard, which is a career accelerator that aims to remove barriers for marginalized groups and drive outcomes that lead to sustainable engagement, employment across Canada. It is through these strategies that we will continue to grow, expand, and accelerate our people strategy throughout our organization and across the industry. Before I hand it over, I wanna share four key takeaways that I want to leave you with today. First, Bird continues to build on our foundation of collaborative culture that drives results by attracting, retaining, and our employees who are highly engaged, high-performing, and collaborative in nature. Two, we're promoting a collaborative approach to execution across our business by showcasing a progressive employee experience that celebrates our employees' contributions and commitment to our One Bird journey. Three, Bird continues to drive a culture of learning to expand our organizational capacity and build our bench strength. This will allow us to respond to continued growth and expansion into new markets and large capital investment projects that Terry had mentioned. And finally, we believe that success breeds success, and with Bird's current momentum, we're attracting the right people and skill set that we need to achieve our strategic ambition. With that, I'd like to thank you for your time and hand it over to Gilles Royer, Chief Operating Officer. Hello, everyone. Today, I'll walk you through how we execute as One Bird. Before I get started, I do want to share a little bit about my background. I'm a graduate of the University of Alberta Civil Engineering Co-op program, and during that program, I spent most of my work terms at Bird, working across a variety of sectors, which highlighted how broad Bird's work program was even back then. That was part of the reason why, after graduating in nineteen ninety-four, I joined Bird full-time. Over the past thirty years, my experience with Bird has been very diverse. My early career was focused on pulp and paper, forestry, petrochemical, and oil and gas projects, and I spent almost ten years working on sites in Fort McMurray, where I worked closely with our superintendents and our workforce to deliver on major projects for our oil sands clients. My work experience and tenure led me to a senior management role, leading our industrial business for over a decade until I took the role of Chief Operating Officer in 2020. This experience and Bird's trajectory through my thirty years plus has set the foundation for our current growth strategy, and I'm more excited than ever to be a part of Bird. Today, you'll hear from a few of our executive operations leaders who have proven success in developing and leading teams to drive operational excellence, and they know what it takes to create a culture that drives a passion for operational excellence, a skilled workforce with the systems and knowledge that can execute to consistently solve challenges, find efficiencies that create greater margins, and deepen customer trust that wins more work, and lastly, they can safely perform in the sophisticated market in which we work to consistently hit quality, schedule, and budget commitments. Today, I'll set the stage for those of our senior operational leaders who will be speaking by focusing on four key messages. First, how Bird's deeply rooted operational excellence culture has continued to deliver to our clients across diverse end markets and geographies. I'll then highlight how we are driving future growth by leveraging our extensive bench strength and self-perform capabilities. And next, I will highlight how a strategic growth area is Canada's energy transition, with a focus on electrification and how Bird will support this. And lastly, how we are continuing to execute with a One Bird approach to drive improved profitability. Our teams have proven that strong operational excellence translates into profitable growth, as can be seen across these three pillars. We've positioned our business for continued revenue growth throughout the remainder of 2024 and into our next strategic plan cycle by diversifying across a variety of sectors with a focus on high-demand, high-margin sectors. Each of our operational leaders here today will dive into some select strategic sectors and provide insight as to how these will continue to support our Bird growth. Bird has also continued to focus on margin accretion by reducing our exposure to high-risk lump sum projects or those projects in interest-rate sensitive sectors. In addition, as Terry spoke to, we have increased our focus on higher-margin markets and collaborative contracts. This is further supported by our self-perform capabilities, which our leaders will highlight further today. Next, as Terry mentioned earlier this morning, Bird will continue to expand on our diverse collaborative backlog across expansive geographies and sectors. Our teams have seen great success over the years with almost CAD 1 billion currently in recurring revenue contracts, and they've secured multi-year work programs with large capital investment projects across different sectors and geographies, and this supports the resilient business model that we have. Turning to Bird's future growth, we will continue to build on the foundation of growth mentioned on my last slide and focus on organic growth through collaborative One Bird opportunities and building on our expansion into high-growth sectors. As you will hear from our operational leaders today, we remain focused on margin accretion through increased self-performing cross-selling opportunities across our business units. Many of the examples that they will share will include how Bird provided end-to-end solutions to clients or applied One Bird solutions to ultimately become a partner of choice to our clients. Each of our leaders today will dive into some key strategic sectors where we see opportunity based not only on their total addressable markets, but the vast work programs available for large, sophisticated contractors who are rooted in collaboration. And finally, the last pillar I will highlight today is how Bird is supporting Canada's energy transition. This strategy is supported by Bird's national ESG strategy that is embedded throughout the organization with a strong governance structure and driven by our operational teams across the country. The energy transition market continues to remain a strategic area of growth for Bird over the coming strategic planning period and beyond. Energy transition markets continue to experience significant growth and transformation, and several key trends are shaping this expansion across clean energy infrastructure, investment in renewable energy, regulatory support, and positive market projections.... Bird's proven track record of successfully executing projects for Tier One energy and power clients has secured us as a preferred partner in key markets within the clean power generation world, such as wind, hydro, nuclear, critical mineral mining, battery manufacturing, as well as other EV supply chain support infrastructure. These sectors are all necessary components to creating a clean energy system to support Canada's 2050 net zero goals. Our experience working with these Tier One clients and supporting them in their energy transition projects, and our deep electrical expertise with access to 2000 electricians, has positioned Bird for future opportunities across all of our divisions. This is further supported by nuclear certifications, expanding work programs, and our recent announcement of our collaboration in the Canadians for CANDU campaign. This initiative supports or aims to promote the use and deployment of CANDU nuclear technology at home and abroad, to not only help Canada achieve net zero emissions, but maintain a strong domestic nuclear industry. Each of these sectors provide strategic growth opportunities for Bird, and with the growing demand and the limited number of sophisticated large companies to successfully deliver these, these complex projects, clients are shifting to de-risk contracts, which aligns to both, both to Bird's disciplined project selection and our strength in collaborative contracting. As mentioned, this market is expansive, and today I'll focus on wind, hydro, and nuclear only. Clean power generation has proven itself to be dynamic and fast-growing, with the increased demand for electrification to support Canada's Net Zero target. As previously mentioned, this provides Bird with ample opportunity for growth within this sector. Supported by investment in both public and private sectors, Bird's total addressable market within this sector is estimated to be $3 billion annually. Bird's strong self-perform platform and experience working on large, complex projects in remote environments makes us an ideal partner to execute our client strategies. A key area within this sector is hydro, which produces an impressive 60% of Canada's electricity. Bird is active within this sector across the country, and today I'll focus on just one of those projects, which is for Ontario Power Generation, or OPG, the Kakabeka Falls Generating Station, and it's a life extension project located near Thunder Bay. This project was recently secured because of our proven self-perform capabilities, technical expertise, collaborative contracting experience, and our track record with OPG. By leveraging our self-perform capabilities in concrete, earthworks, and process mechanical and electrical services, Bird will deliver this project with our JV partner. Once delivered, the project will enhance the longevity and efficiency of the station, ensuring sustainable and reliable electricity for the next 90 years. Another area, and a key area in clean power generation, is wind. This area continues to gain strength, with the national wind energy capacity growing by 11% in 2022, with more significant forecasted growth. BC, Alberta, Ontario are slated to invest a combined CAD 16 billion on wind in the next ten years, while Atlantic Canada is estimating approximately CAD 8 billion for onshore wind by 2030. Similar to hydro, a driving force behind our achievements in wind is our full-service, self-perform capabilities and our strong Indigenous relationships. This is further supported by our proven experience as a repowering contractor to upgrade facilities and increase capacity. We use our geographical footprint and our One Bird mindset to support the wide Canadian footprint of wind projects. The recently awarded Higgins Mountain Wind Project in Nova Scotia is a prime example where these strategies have been implemented, and this 100 megawatt wind development will bring new, clean electricity, helping Nova Scotia transition from coal to renewable energy. With the ever-growing need for a variety of renewable energy sources to fuel Canadians' growing need for electricity, we have responded by providing our clients with our One Bird solutions. Turning to another major strategic area of growth within the energy transition market, nuclear boasts an estimated total addressable market of CAD 9 billion annually. A critical component of Canada's decarbonization strategy, the nuclear market opportunity will be significant over the next decade and anticipates more work than it has qualified contractors to perform. This provides Bird with an opportunity to leverage its expanded service offerings, including fabrication, maintenance, and specialized self-perform works, both inside and outside of the protected nuclear areas. The market's requirement for contractors who are able to work on sophisticated and highly complex projects with the proven technical expertise and end-to-end capabilities, make this a key sector for Bird's growth strategy. As you can see on the screen, Bird's nuclear designations, collaborative contracting experience, and our proven Indigenous relations and community engagement experience makes us a key partner for clients and their long-term work programs. Bird has a long-term strategic delivery partnership agreement with Canadian Nuclear Laboratories, or CNL, and supports their mission to develop innovative nuclear science and technology. Our work program with CNL includes a CAD 800 million state-of-the-art research facility that is being delivered under a collaborative IPD contract in a joint venture. This facility will include a modern, globally recognized laboratory and co-located hot cell facility. In demonstrating a robust risk management, Bird has fabricated the hot cell modules off-site to reduce the risk of rework. Another portion of the CNL work program is the Port Hope Area Initiative, which is a multi-billion dollar work program on one of the most significant nuclear and environmental cleanup efforts in North America. Our long-term strategic support extends to the decommissioning of the Whiteshell facility in Manitoba as well. Since late 2022, Bird has worked closely with an industry-leading manufacturing company to test system functionality and train operators to use remote tooling and equipment. Once on site, operators will manage the removal of nuclear waste, so it can be relocated to secure facilities. Finally, I want to briefly reference our Bruce Power and OPG nuclear work programs as well. They encompass a diverse range of capabilities and expertise in delivering construction and installation services in various areas of Bruce Power and OPG. These projects are just a snapshot of the vast work programs available within the expansive nuclear sector and highlight our track record of handling complex and multifaceted projects effectively. The undersaturation of this market, coupled with Bird's end-to-end capabilities, including civil construction, mechanical and electrical installations, and specialized facility construction, provides Bird with a long runway of opportunity. Throughout our presentations today, you will hear common themes of discipline and collaboration. I really want to reiterate the importance of these and how it's driving our accretive margin growth. On the left, you will see a collaboration mindset and behaviors reel that is part of our collaboration playbook, a document developed to illustrate how to effectively model One Bird behaviors throughout all phases of our projects, and these behaviors have resulted in tangible results across our organization, including profitable growth. At Bird, we're very focused on collaboration, and as Terry mentioned, approximately 75% of our backlog and pending backlog are in collaborative delivery models. Coupled with diversification into higher-margin sectors, these are helping to improve the overall margins in our backlog. Internally, our teams across the business focus on disciplined project selection, and this is rooted in ensuring the right financial and schedule conditions, access to labor, the right leadership team, and that the project is aligned to Bird's capabilities and expertise to provide value add to our clients. We use centers of excellence that are made up of technical experts that are leveraged throughout the business to provide the necessary expertise to support our teams. This ability to collaborate and self-perform allows Bird to retain profit within the organization and leverages cross-divisional bench strength to allow areas of our business to secure profitable revenue growth with accretive margins. To close out, I want to reiterate four key takeaways to leave you with today. First, we are delivering to clients across diverse markets and geographies that five years ago didn't comprise a significant portion of our business. Now they are key contributors to our current results and are expected to continue to grow to be further accretive to our margins. Second, Bird is continuing to drive future growth by leveraging One Bird's extensive bench strength and self-perform capabilities. Three, we are solving complex issues for our clients, including supporting their energy transition strategies, which give us longevity and on project sites, and develop even deeper client relationships, which in turn helps us secure repeat work. And lastly, we are continuing to execute with a One Bird approach, rooted in disciplined project selection, to drive improved profitability. Thank you for your time, and with that, I'd like to hand it over to Denis Bigioni, our EVP for Infrastructure East. Thanks a lot, Gilles. Good morning. My name is Denis Bigioni, and I'm Executive Vice President of the Infrastructure East Division at Bird. I've been in the infrastructure space for over 25 years since I graduated from engineering and law school, but having grown up in the Dagmar family business, I also have 40 years of experience, starting out as a laborer, working as a site superintendent and project manager, and up to president of the business. This breadth of experience has set me up well for my current role by giving me intimate detail of what's required to create a culture that drives a passion for operational excellence, develop a workforce with the skills, systems, and knowledge that can execute to consistently solve challenges, find efficiencies that create greater margins, and deepen customer trust that wins more work. And then to perform in the sophisticated market in which we work to consistently hit quality, schedule, and budget commitments. Today, I'd like to leave you with four key messages. First, the infrastructure business is building on a deep well of historic infrastructure experience to deliver technically complex work programs. Second, the infrastructure division at Bird is leveraging extensive expertise and self-perform capabilities to capitalize on strategic end markets. Third, we're attracting, engaging, and retaining the appropriate talent with the technical expertise to deliver on our growth strategy. And finally, Bird's infrastructure division is driving a collaborative One Bird approach to accelerate profitable growth and market expansion across the infrastructure division. So a quick bit of insight on infrastructure. Infra means below, comes from a Latin root. Infrastructure is traditionally defined as the underlying structure or foundation of a country and its economy, the physical structures that facilitate commerce, transportation, and quality of life. These typically refer to roads, bridges, dams, water and sewer systems, power lines, railways and subways, airports and harbors, any part of the physical structure that facilitates the commerce and quality of life in our nation.... Bird has a rich history of delivering this infrastructure across Canada's power, mining, transportation, and utilities markets. Currently, the infrastructure division contributes about 16% of Bird's total revenue and is fairly evenly split geographically, with about 45% in the West, with the recent addition of Jacob Bros in Vancouver in our 2024 forecast, and 55% of our infrastructure business in the East. Both geographies are experiencing strong government spends for the foreseeable future as we renovate and grow our country. For the purpose of today's discussion, I'll focus on four strategic end markets. Two are in civil transportation, roads and bridges, or roads and rail, and then airports and mining. So infrastructure is highly attractive to Bird for several reasons. First, with an annual total addressable market of CAD 120 billion, there's a lot of exciting work. Second, all research strongly suggests that this strong market will continue due to government's commitment to address the significant infrastructure deficit and the deterioration of our current infrastructure. We only have to look at Calgary's water supply issues this past summer to see the potential consequences of not addressing this. Third, in addition, there's a need to address the Indigenous infrastructure gap of over CAD 100 billion in infrastructure, roads, and connectivity by 2030. Finally, the infrastructure market is largely driven by safe, secure government funding. So Bird's focused on four specific end markets that we believe are particularly attractive because of our unique ability to serve these markets as a high-performing contractor. The first end market that I'll highlight is the rail sector. So as Canada's population grows, about 10%-15% growth is expected over the next 10 years, major population centers look to public transit to keep communities connected and congestion to a minimum. Further, as the world strives to reduce our greenhouse gas emissions, governments at all levels are turning to rail and light rail and electrification of these systems as greener alternatives. Metrolinx alone is looking to have its assets grow from CAD 20 billion in 2023 to over CAD 60 billion in 2030. So why does Bird see this as a strategic end market? So beyond the potential for higher margins, market stability, and a total addressable market of CAD 15 billion-CAD 20 billion annually, there's a technical complexity that makes the market difficult to enter. This is exemplified on our Metrolinx East Harbour Transit Hub project in downtown Toronto. In short, the hub serves as a mini Union Station, connecting both GO rail lines and TTC subway lines on the east side of the Don River. The complexities relate to scheduling, staging, and the ability to work safely in an active rail environment, meaning that we're working on a site with six active rail lines while we're building a bridge over an adjacent roadway. This kind of sophisticated skill set that Bird's providing, similar to the LNG project that Terry mentioned earlier, is giving us a long-term, five-year platform with which to attract, engage and retain experienced talent and develop younger talent to build a stronger reputation, to undertake larger, more complex projects and achieve our future financial commitments. Bird wins these kinds of projects, as Gilles alluded to, because of our ability to self-perform grading, drainage, concrete foundations, and rail work. So similar to rail, Canada's population is growing, and so are the number of cars on our roadways. Moreover, as our population seeks more affordable housing, people are living further from their urban workplace centers, and we need to adjust our road systems to accommodate for this increase in traffic. So why does Bird see roads as a strategic end market? Once again, beyond the CAD 35 billion annual total addressable market, secure government money, and high barriers to entry, success in this market is reliant on experience and high levels of collaboration with other stakeholders, such as electrical, gas, and water utilities. Bird has a very successful track record of building roadways in complex, highly congested urban project sites. This is demonstrated on the Consumers Drive Extension project, which consisted of over 4 kilometers of road reconstruction, widening, and extension in downtown Oshawa. This required complex staging and cooperation with adjacent businesses. Further, with the recent acquisition of Jacob Brothers, Bird acquires the same competency in the Vancouver area, with a strong track record on projects like the Highway 1 interchange at 264th Street, which is part of BC Highway's CAD 15.5 billion work program over the next three years. These two projects highlight Bird's ability to deliver successful outcomes in both the highway and urban environments. So similar to rail and roads, with growing travel populations, Canada's airports need constant attention. As a result, many of our airports in Canada are embarking on capital projects, most notably Toronto Pearson in the GTA. We see the total addressable market within the airports market around CAD 2-3 billion per year, spread over general maintenance, small refurbishment projects, and large, complex projects such as the Pearson LIFT Program, which is a large-scale upgrade and revitalization endeavor. So again, why does Bird see this as a strategic market? Airports bring another level of complexity into the transportation construction space. Due to significant spatial and scheduling rigor and extensive planning to ensure that work fronts are available, safe, and secure, there's limited competition in this market. Through Jacob Bros' recent work on the YVR South Airfield projects, where the team has built over one kilometer of new taxiways and extensions, we demonstrate that we bring a full suite of self-performed capabilities, a proven resume, and the applicable security clearances to access this highly restricted airport market. We at Bird feel a lot of excitement about this unique end market. So our fourth strategic end market is mining. We see the total addressable market in this strategic end market ranging between CAD 12 billion and CAD 18 billion annually. The range is due to the nature of fluctuations in commodity and mineral markets. So again, why does Bird see this as a strategic end market? Well, Canada has reserves of over 60 minerals and metals, ranking among the top 10 global producers for 26 of these 60 commodities. So combined with Canada's stable political environment and well-established mining regulations, we're a very strong market. Further, mining is essential to the global energy transition process, and Canada boasts significant reserves in various minerals such as lithium, cobalt, graphite, and nickel, all critical for use in electric vehicle batteries. In addition, the industry trend is moving towards longer-term contracting models, which smooths out CapEx spending. And along with this being a higher margin industry, we have a lot of optimism in this area. Lastly, the Mining Association of Canada forecasts approximately 124 mining projects with a combined value approaching CAD 90 billion over the next decade. Our Bloom Lake project reflects how our experienced team, strong relationships, early contractor involvement, and value engineering enable Bird to win projects and continue to win projects in this exciting end market. The key takeaways that I'd like to leave you with today in the infrastructure division include, first, through strategic M&A, Bird's acquired a strong resume in the infrastructure business and is well-positioned to deliver technically complex work programs. Second, the infrastructure business at Bird is leveraging extensive expertise and self-perform capabilities to capitalize on strategic end markets. Third, as Brian shared, success breeds success, and we're attracting, engaging, and retaining the right talent with the technical expertise to deliver on our growth strategy. And finally, the One Bird approach is accelerating profitable growth and market expansion across the infrastructure division. Thanks a lot, and now I'd like to turn over the stage to my colleague, Paul Bergman. Good morning. My name is Paul Bergman. I am the Executive Vice President for the Buildings East Division. I've been with Bird for a little over twenty-five years, working in the institutional, commercial, and industrial sectors. After obtaining my diploma in Engineering Technology from Red River College in Winnipeg, I began my career with Bird as a project coordinator. Since that time, I've held numerous roles, including estimator, project manager, senior project manager, and operations manager in various locations across Canada. I was the vice president and district manager in Winnipeg prior to relocating to the Toronto area, where I assumed the role of Senior Vice President, and subsequently moved to the Executive Vice President role of Buildings East in 2018. This wide range of experience has set me up for my current role by giving me extensive insight as to what is required to create a culture that drives a passion for operational excellence, develop a skilled workforce with the systems and knowledge that can execute to consistently solve challenges and find efficiencies and create greater margins and deeper customer trust that wins more work and perform in the sophisticated market in which we consistently hit quality, schedule, and budget commitments. Today, I'll walk you through four key messages that illustrate how we, as a buildings division, will execute our plan to support Bird in achieving our 2025 to 2027 targets. First, I'd like to have you walk away with the understanding that we are building on a foundation of delivering excellence across our established market and sector leadership positions, followed by our continued focus on improving project margins through operational excellence, talent development, and disciplined project selection. Thirdly, we are balancing our portfolio by broadening it into high-value, higher-margin markets by leveraging our integrated capabilities and innovative solutions. Finally, understanding how we will continue to generate ongoing profitability and margin expansion by leveraging our competitive advantages and One Bird growth strategy. To set the stage, I want to share where the Buildings Division is today in our current state. As mentioned, we have built on a foundation in core markets to be a leading national general contractor providing services to the public infrastructure and private sectors. By focusing on innovation, technology, and sustainability, we have helped our clients create a design-focused build help create design-focused buildings that are operationally efficient and built to last. This has resulted in the buildings division revenue making up 43% of Bird's total revenue forecast for 2024, and we are currently split approximately 48% in the West and 52% in the East. This gives us a balanced business across Canada in a variety of sectors to manage any economic headwinds. When we look at the size of the markets that we are laser-focused on for our 2024 or sorry, 2025- 2027 strategic plan, you can see the sheer addressable market is substantial at approximately CAD 72 billion. This scale represents approximately 3% of Canada's annual GDP. There's extensive opportunity for growth in these strategic sectors alone, with macro pressures such as an extensive demand for healthcare infrastructure based on population growth, healthcare needs to respond to an aging population, and surprising to no one, a growing demand for data centers to respond to the growing, the growth of digital services and generative AI. An additional layer to this demand is the urgency for it all to happen in a relatively short period of time, lending itself to opportunities within the modular and offsite construction space. When looking at this demand, we must also recognize that there are few large, sophisticated Canadian construction companies who can respond to not only this level of demand, but the complexity and sophistication of these types of projects. This is where Bird has the ability to respond by continuing to grow in the expansive markets through our proven reputation, experience, geographical reach, and our collaborative, innovative, and unique solutions. Bird's ability to deliver these types of large, complex projects is rooted in our client-centric approach that focuses on being a partner first. I'm gonna highlight some key examples where our team has proven to be a partner of choice by not only our clients, but by our consultants and our trade partners, to deliver a truly exceptional project rooted in safety and operational excellence. Data centers are large, secure buildings filled with powerful computers that store and manage information for websites, apps, and businesses. The term cloud, when used in the IT space, often refers to these data centers in the physical world. In an increasingly interconnected world characterized by the prevalence of social media, streaming services, and the Internet of Things, virtually every device maintains constant communication with a data center. This heightened connectivity drives the growing demand for an expanded supply of data center resources. And why does Bird see this as a strategic end market? The global estimate is that the world will spend approximately 266 billion dollars on data centers over the next four years, and then likely do this again in the following four-year cycle. Although data centers are geographically agnostic, meaning they can technically be anywhere, they do, however, need to be near electrical power, which Canada has in both hydro and nuclear, and preferably near a high population center. We estimate that the Canadian total addressable market for data centers will be approximately CAD 15 billion annually over the next four to eight years. Therefore, with this high demand and the requirement for a sophisticated partner with advanced quality, safety, and scheduling requirements, and Bird's access to the resources required to build these sophisticated data centers through our One Bird focus, we see this as a strong contributor to our ability to deliver our 2025-2027 Strategic Plan. Bird has completed multiple data centers to date, although a number of these would be considered small by today's standards. For context, and to illustrate the increased size or scale of these facilities, our most recent project, the Vaughan Data Center, was 24 megawatts, whereas many of the data centers that we are currently seeing are 100 megawatts- 200 megawatts or larger. On the Vaughan Data Center project, through our One Bird entities, we self-performed a significant portion of the overall project, including the site preparation, the grading, concrete, and the electrical and mechanical. This project needed to be completed within a very tight timeline, and the Bird team finished on schedule and won several awards for our performance. This highlights the strength that our One Bird focus can deliver on time and on budget under these high-pressure conditions. Next, manufacturing is a critical component of Canada's economy and includes multiple subsectors in food production, pharmaceuticals, automotive manufacturing, fabricated metals, chemicals, mineral processing, and most recently, electric vehicle battery production. The production, sale, and distribution of finished products contribute to consumer and labor markets, and secure Canada's position as an economic leader among developed nations. Major medium-sized and small manufacturers produce goods used by Canadians and contribute to revenue gained from the export of goods to other countries. Why does Bird see this as a strategic end market? In short, this is a large sector with a total addressable market of approximately CAD 38 billion annually.... Bird has strong client relationships and the extensive experience to complete the technically complex manufacturing facilities across a broad range of industries. We win because of our deep experience and a mobile workforce that has established capabilities and a national reach to be seen as a partner of choice in many manufacturing areas. The Simplot processing plant, shown on the slide, in Manitoba, highlights many of these factors. The project was a fast-tracked design build project for a repeat client, and is a facility for the processing of potatoes, including a state-of-the-art, clean food, safe design intended for long-term, multi-decade food processing operations. The 450,000 sq ft facility was designed and built in an impressive timeline of less than two years. Projects like this have opened the door to a healthy pipeline of other opportunities that we are currently working on in the manufacturing space. The last end market that I'll highlight is healthcare. Canada's publicly funded healthcare system is informally known as Medicare. Rather than having a single national plan, healthcare is provided through thirteen provincial and territorial healthcare insurance plans. Under this system, all Canadian residents have reasonable access to medically necessary hospital and physician services without paying out of pocket. The provision of healthcare can be defined by the nature of the facility. For our purposes today, we'll focus on acute care or hospitals, due to the sophisticated nature of the build, and why does Bird see this as a strategic end market? As many of us know or have experienced, healthcare in Canada is already stretched to capacity. Therefore, with a growing population of 10%-15% over the next 10 years, compounded by an aging population, Canada needs more acute care facilities. The total addressable market in this end sector is in the CAD 10 billion range for annual spend, and this is government-funded, which makes this a secure market, and due to the urgency of the need, the margins are strong. Also, with limited competition, due to the sophisticated nature of a hospital facility, Bird is an ideal place to be a leading acute care builder in Canada, especially due to our strong presence in both BC and Ontario, where much of the hospital spend is occurring. Bird is actively in construction on the Neepawa Health Centre in Manitoba. Bird was awarded this project because of our robust collaborative contracting experience, ability to innovate, and a strong history of execution. The owner was also impressed with Bird's end-to-end service ability and our in-house technical and engineering teams, who come with complex healthcare experience, including strong commissioning and facility handover experience. Our current successes and strong future spends give us a solid confidence that this market will be a strong contributor to our 2025-2027 Strategic Plan targets. In closing, my overview of the buildings division, I trust that you will agree that, number one, Bird is already an industry leader in most of these segments and can further establish a market leadership position. Two, our continued focus on improving project margins through operational excellence, talent development, and diligent, disciplined project selection will help us ensure the buildings division is creating shareholder value. Third, that buildings is balancing our portfolio by broadening into high-value, higher-margin markets by leveraging our integrated capabilities and innovative solutions. Fourth, and finally, our ability to self-perform electrical, mechanical, and civil scopes is a competitive advantage when it comes to delivering safely, on schedule, and with a high standard of quality. With that, I'd like to hand it over to my colleague, Tanis Prew. Good morning. My name is Tanis Prew, and I am Executive Vice President of Industrial Construction and Major Projects. Over 25 years, I have grown with Bird's Industrial division. I began my career in field operations as a project engineer on a state-of-the-art camp, first of its kind for Suncor Energy in 1999. As my career progressed, I had an opportunity to work closely with a core group of clients in roles such as estimating manager, business development manager, and preconstruction manager. This eventually led me to support a major industrial client during the early planning phase on a billion-dollar project before transitioning into a broader leadership role, integrated NorCan, our process, mechanical, electrical, and fabrication business. Throughout my journey at Bird, I have had the honor of growing with this team that has diversified into new geographies, broadened our services for industrial clients. Through this experience, and with the support of the Bird team, I have learned what it takes to create a culture that has a passion of operational excellence, develop a skilled workforce equipped with systems and knowledge to execute consistently, offering innovative solutions, and finding efficiencies that create greater margins and deepen customer trust, helping us win more work, and operate in a sophisticated market with high expectations for safety, quality, schedule, and cost certainty. Over the course of this section on industrial, I want to leave you with four key messages… Bird Industrial is a highly sought-after partner of fully integrated services that extend across the entire project lifecycle, because we consistently get major projects kicked off safely, on budget, and on schedule. Bird Industrial is consistently executing with excellence to deliver exceptional value to our clients and build lasting, scalable, strategic relationships. Bird Industrial is broadening geographically and diversifying services to maximize long-term growth, and finally, Bird Industrial is leveraging a collaborative one Bird approach to drive innovation and continuous improvement to de-risk our projects. As Dennis and Paul have done, I'd like to begin by setting the stage for where Bird Industrial business is currently. Bird is currently a highly sought-after national contractor with the ability to serve the full lifecycle of industrial projects, from early planning, constructability, through construction, and to maintenance. Bird operates across a number of diverse industrial markets that include oil, gas, including LNG, and chemical and mineral processing. Bird's industrial teams also serve the power generation markets, such as nuclear and renewables, and have a significant national offering for water and wastewater and other environmentally driven markets. We have traditionally been known as the go-to partner in the area of site infrastructure and facilities, such as earthworks, foundations, utilities, camps, and administrative control buildings, because of our ability to lead safe, reliable, and well-planned work in the earliest phases that sets the stage for the rest of these major projects to be executed smoothly. We are rapidly gaining a similar reputation as a go-to partner in all scopes of work throughout the entire project lifecycle. Currently, Bird Industrial accounts for 41% of Bird's total business, with 65% in the West and 35%, and growing, in the East. Similar to Paul, while we operate across many sectors, I will primarily focus on three segments of our business: oil, gas, chemical, and mineral processing. Gilles has already covered off nuclear and renewables, and David will expand on Bird's maintenance capabilities. So when we look at the size of the markets that we are focused on for our 2025-2027 Strategic Plan, you can see that CAD 67 billion is substantial. This number excludes maintenance, nuclear, and renewable and addressable markets, which are covered elsewhere in this presentation. Some of you may be asking why there could be so much spend in a market that is supposed to be shrinking due to the growth of electrification, emission reductions, and decarbonization. Great question. The answer lies in the global transition to clean energy. While we are shifting towards carbon-free energy, we still rely on carbon-based resources. As the world transitions, there are still opportunities to enhance the efficiency and sustainability of oil and gas production. Our clients, our energy clients are focused on decarbonizing and demottlenecking existing assets, which results in more sustainable and efficient facilities and leads to many projects with our core industrial clients. In addition, with growing demand for critical minerals such as lithium, copper, and nickel, due to the global push for batteries and renewable technologies, is driving an increase in mineral processing projects. Mining clients are turning to Bird to help them scale their operations in a sustainable and efficient manner. The oil market spans a broad spectrum of activities, from exploration and extraction to refining, distribution of oil products. In construction, this involves. It includes everything from process facilities, pipelines, and pump stations to large-scale refineries. The current addressable market remains significant, with CAD 26 billion in annual spending, largely driven by growing low-carbon businesses and debottlenecking initiatives. As the industry transitions towards cleaner energy, new opportunities arise to enhance existing assets and create a more sustainable energy landscape. This market is strategically important to us, as we have built strong client relationships and earned a reputation of a trusted partner. Focusing specifically on upstream clients, Bird has grown its brand for fifty years in this market, enhancing our service offering and relationships with long-term clients who are making ongoing investments to support energy transition, e.g., operational expansions, and efficiency enhancements for existing facilities. Bird is positioned to win in the oil market because we have proven long-term relationships that set us apart as a trusted partner. These relationships include strategic and thoughtful partnering with indigenous entities and impacted communities. Leveraging our long-standing relationship and Bird's proven track record, we have been entrusted to provide solutions that will improve the integrity of our clients' current processing facilities while increasing the capacity. The gas industry is similar to the oil industry and encompasses activities from exploration to production to processing, transportation, and distribution. In construction, this includes everything from natural gas processing facilities, pipelines, compressor stations, to storage and distribution. The market spend is estimated at CAD 14 billion annually, with a significant portion focused on projects aimed at distributing natural gas to international markets using LNG. As the industry evolves with a focus on cleaner energy solutions, there are growing opportunities for fuel switching and optimizing existing assets. This sector is strategically important to us because our national footprint and complete service offering help Bird establish long-term relationships with clients who recognize the value that we bring to the full project life cycle. Bird's experience at LNG Canada demonstrates our ability to deliver on our commitments and execute safely and effectively to meet the high standards of our global leaders. Denis talked about extraction process in his section of mining. Once the minerals, oil, potash, or other materials that are extracted from the ground must be processed. The processing system is similar for many extracted products. For one example, potash. Once extracted, ore is fed into large crushers to make smaller pieces more uniform in size and to separate the potassium chloride and sodium chloride crystals. The final product can be produced following the stages of scrubbing, conditioning, flotation, and/or debrining. Again, this process is fundamentally similar for all minerals. Canada holds approximately 20% of the world's potash, and it is currently extracted at a rate of 22.5 million tons per year, with known reserves for 50 years. With a total addressable market of CAD 27 billion, we are positive about the mineral processing market. Why does Bird see this as a strategic end market? As Denis pointed out, Canada is internationally known as a resource-rich country. We have not even begun to go full force on some of the minerals, such as lithium, cobalt, and nickel, that are critical for the energy transition. Once Denis's teams support the extraction of the minerals, they need to be processed, and that's where we come in. As the demand continues to grow for end market products, additional and further processing facilities are required, as Paul stated. An example of success in this market is BHP Jansen Mine. Building on our reputation as a contractor of choice for consistently getting large, complex projects out of the ground on time and on budget, combined with our proven ability to build strong, positive Indigenous partnerships, such as Two Nations Bird, we secured this work. The project encompasses concrete foundations, storage and processing facilities, tailings ponds, and support services such as wastewater treatment and utilities. There are more opportunities to come in the current and future phases. This type of project highlights our expertise, and with a large number of capital-intensive projects, we see this market as a strong contributor to our 2025 to 2027 strategic plan. Therefore, I trust that you will agree that Bird Industrial is a highly sought-after partner of choice because we consistently get project, major projects kicked off safely, on budget, and on schedule. Bird Industrial continues to build long-term, scalable, and strategic relationships based on our ability to execute and deliver value. Bird Industrial continues to support the organization's future growth strategy, highlighted by Terry, by broadening geographically and diversifying services. And finally, we continue to de-risk our projects by leveraging a collaborative One Bird approach to drive innovation and continuous improvement. Thank you, and I'd like to introduce my colleague, David Keep. Good morning. My name is David Keep. I am an Executive Vice President of Maintenance, Repair, and Operations, MRO, and Commercial Systems and Utilities, CSU. I have over twenty-nine years' experience in the construction and maintenance industry, starting as an electrician and advancing through roles as project manager, site manager, operations manager, SVP, and now serving in senior leadership as EVP of MRO and CSU. I've spent my career with construction and maintenance organizations, as well as a large global OEM, leading low, medium, and high voltage installation and maintenance, large rotating machine installation and maintenance, and repair facilities that supported those business lines. I have consistently held customer-facing business and leadership positions, where client alignment has been integral to our success. These leadership roles have set me up well for my current role by giving an intimate detail of what is required to create a culture of it internally that drives a passion for operational excellence, a skilled workforce with systems and knowledge that can execute to consistently solve challenges, find efficiencies that create greater margins, deepen customer trust that wins more work, and perform in the sophisticated market in which we work to consistently hit quality, schedule, and budget commitments. Over the course of this section, I want to leave you with four key messages to why I feel confident in delivering this strategic plan. One, MRO and CSU are both leaders in the maintenance and electrification markets across all scopes where clients prioritize self-performed capabilities. Number two, MRO and CSU are driving a culture deeply rooted in safety and operational excellence. Number three, MRO and CSU are providing One Bird execution experience with multi-disciplined technical expertise throughout a project life cycle. And number four, MRO and CSU are enabling future profitability by leveraging strong client relationships built on exceptional performance and value through data-driven execution. Industrial maintenance operates across three main facets: maintenance, turnarounds, and sustaining capital. In maintenance, we focus on preventative maintenance and repairs to ensure continuous operation of our clients' plants. Turnarounds involve strategically pausing production to execute defined scopes of work. Sustaining capital integrates construction within maintenance and turnarounds to perform plant upgrades or enhancements. By maximizing operational efficiencies and reducing non-productive activities, we continue to prove that our diverse approach to optimizing process goes beyond the day-to-day deliverables. Our clients experience the tangible benefits of the embedded value, leading to longer-term relationships and additional scopes of work. The MRO team currently consists of 35% electrical, 49% mechanical, and 17% specialty services, which includes offerings such as high voltage testing and commissioning, heat exchanger services, and rope access, for example. Why does Bird see this as a strategic end market? For more than 50 years, we have consistently provided support to our valued clients. MRO has established long-standing partnerships, with an average client relationship spanning over 18 years across various sites. These clients have multiple assets across our country, which enables us to geographically expand with them. When you think of brownfield live plant operations, MRO is one of the leaders in executed hours of experience in the country. This expertise is fully interchangeable within the One Bird platform nationally. This will bring further credibility to our full-service, self-perform capabilities. I think there will also be an obvious demand for this brownfield expertise, given some of the growth numbers we've seen here today, many sectors, as we support the energy transition. To build on that, thinking about our Commercial Systems and Utilities division, this large group of electrical and mechanical expertise, combined with that of MRO, provides us with a full lifecycle service offering of construction and maintenance that extends from producer to the end user. With a national presence across Canada and access to all markets through One Bird collaboration, we can access complementary markets such as power generation, healthcare, and large-scale urban projects to play to our core competencies. Our Commercial Systems and Utilities team is composed of approximately 77% electrical, 12% mechanical, and 11% specialty services, well-equipped and scalable to respond to the growing demand in Canada's energy transition journey and key sectors of our strategic plan. Why does Bird see this as a strategic end market? As Gilles mentioned earlier, our experience with Tier One clients in electrification to energy transition and continued strong operational performance has positioned Bird well for repeat business. Gilles also highlighted Bird's active involvement in the hydro sector, providing Ontario Power Generation with our technical expertise in electrical and mechanical services. This partnership highly impacts the delivery of sustainable and reliable electricity for the next 90 years. Complementing this industry, we are equipped with over 2,000 electrical personnel to participate in this growing market. Looking at the size of this accessible market being in excess of CAD 9 billion and our impressive Bird portfolio, not only construction capabilities, but the operations and maintenance of similar facilities makes this sector an obvious complement to our core competencies and gives us confidence in delivering this strategic plan. With a strong margin profile, robust customer base, large scalable workforce, and our reach into all sectors, we feel confident that the total addressable market, which complements our service offering, is approximately CAD 25-30 billion annually. Our comprehensive delivery model across multiple industries and combined ability to self-perform 98% of the work positions us well to capture a significant share of this market. This large available spend directly supports our strategic growth plan, enabling us to scale operations efficiently and capitalize on emerging opportunities. We continue to build momentum with both existing new, and new clients by delivering maximum value through our multi-discipline capabilities across electrical, mechanical, and specialty services. With a focus on facility optimization and value creation, we offer access to an abundant skilled labor pool, streamlined workflows, and advanced reporting tools to enhance project efficiency and outcomes. This value sets us apart as an innovative industry leader. MRO is heavily centered in Alberta due to long-standing relationships spanning over decades with blue-chip clients, participating in both energy solutions and transitions. One of our key focuses is expanding with these long-term clients, as they have assets in additional regions, such as Eastern Canada and the United States. This growth strategy is heavily centered around the premise of geographic, organic growth, which poses a lower barrier to entry and overall risk profile. A great example of this is our relationship with a Tier One blue-chip client that has upstream, midstream, and downstream assets that cover coast-to-coast operations within Canada and into the USA. This aligns with our growth strategy of organic geographical expansion due to the fact this relationship is built off a fifty-plus year history with this client. Going back, this started as one asset, one service offering that now has expanded into multiple assets and the full suite of One Bird offerings. You've heard me mention our value proposition through this presentation. There are a couple examples in the first half of 2024 that demonstrate the impact we've had for our clients. The first one was an early completion of a multi-discipline turnaround. The other was an emergency repair to a critical piece of infrastructure that upset an operating plant. Together, our ability to act quickly, access Bird's vast labor pool, execute safely while staying ahead of schedule and reducing the downtime, this client recognized our operational performance and value add to them in excess of $100 million, amplifying why we continue to be our client's partner of choice. Turning to our Commercial Systems and Utilities team, our 2025 through 2027 strategic plan will continue to drive. We will continue to drive our disciplined approach to project selection, focusing on delivering sophisticated, high-margin infrastructure, utilities, power, and light industrial projects. With our One Bird approach to joint project pursuits, we can expand capacity while bringing our self-perform expertise to the forefront and add value to the complexity of the projects we pursue. As Paul revealed, that combination of a growing and aging population is increasingly straining demand for more acute care facilities. In response to this pressing need, we have demonstrated our capability to deliver technical power distribution systems and communications integration, establishing ourselves as a leading contender for future healthcare projects. The Calgary Cancer Centre is a great example of a highly technical, complex project with significant electrical distribution systems and highly integrated communication platforms, where the client relied on our healthcare project experience and capacity to execute. Given our One Bird approach, you heard Paul reference the accessible data center market of approximately $15 billion annually over the next four to eight years. He also spoke to an example of a successful project where we delivered a data center with a One Bird execution approach. This was a great example of how our collective expertise complements our offering, providing value and certainty to the project delivery for our clients. Our CSU group has an extensive data center experience with both general contractors and directly for large national telecoms. They continue to see us as a reliable partner with the capacity to provide electrical, mechanical, and sophisticated systems. We feel this is a key strategic sector that will contribute to delivering our 2025 through 2027 strategic plan. I think you would agree that given our combined experience, we should be able to further capitalize and increase our market share in this rapidly growing sector. In closing, I hope you see my enthusiasm and confidence in our role of delivering the 2025 through 2027 One Bird strategy. I want to reiterate a few key points. Number one, MRO and CSU have established themselves as industry leaders where clients prioritize self-perform. Number two, MRO and CSU continue to keep safety and operational excellence at the forefront. Number three, MRO and CSU delivers the One Bird growth strategy throughout the project life cycle with multi-discipline technical expertise. And finally, number four, this team enables future profitability through their exceptional performance and value through data-driven execution, MRO's recurring revenue, and CSU's skill set that can be leveraged across the entire Bird work program. Thank you, and I will turn things over to Wayne for the financial insights. Good morning. I'm Wayne Gingrich, and I've been the Chief Financial Officer for Bird for the last eight and a half years. It's my pleasure to recap our progress over the 2022 to 2024 strategic plan and share with you the forward-looking financial aspects of our 2025 to 2027 strategic plan. If there's four things you should take away from this presentation, they'd be that, number one, Bird has transformed itself over the past several years, and at the beginning of the pandemic, we completed a transformational acquisition that has helped diversify and build the strengths of the company. Since that time, we've built a resilient business model with unique and specialized services that will be in demand by our clients in any market environment. Much of our work program is not subject to the ups and downs of normal economic cycles. Number two, the current strategic plan, which concludes this year, was heavily focused on developing the One Bird culture, operational excellence, and project delivery solutions that saw us invest in new technologies to help support One Bird projects, which you've heard all of our presenters discuss. We're gonna continue to build on our strong track record of financial performance, and with the significant organic and acquisitive growth of the business, the company generates healthy operating cash flows and maintains a disciplined approach to capital allocation priorities. The company's balance sheet remains strong, which still gives us a flexibility for potential future M&A. And lastly, execution of our current strategic plan has generated significant shareholder value, as shown by a recent inclusion in the TSX 30 and the TSX Composite Index. With our 2025 to 2027 strategic plan, we expect to continue to deliver significant shareholder value over the coming years. Let's recap our financial performance over the last three years. Recognize that 2024 figures represent the latest consensus estimates, and the CAGR shown on the graph used, 2021 as the base year. So revenue has grown at a CAGR of 16%, with revenues expected to approach CAD 3.5 billion in 2024, while adjusted EBITDA has grown at a CAGR of 24% over the same time period, generating over CAD 200 million in EBITDA, for the projection this year. One of our big strategic priorities for Bird has been to improve the overall margin profile of the business, and consistent with comments from the last earnings call, we expect EBITDA, margin to be at 6% for the year. That means over the past two years alone, we've improved EBITDA margin by 170 basis points. And note that 2024 only includes five months of Jacob Brothers in our results for the year. We use 2022 as the comparison year, as there is no impact from COVID or from the Canadian Emergency Wage Subsidy in that year. EPS is also a great story. In 2024, Bird expects to more than double the EPS we delivered just two years ago and has seen a 35% CAGR since twenty twenty-one. What you've heard from our presenters so far helps explain these strong results in details where we're focusing our efforts that will help us continue to deliver strong and consistent results going forward. Since the beginning of the current three-year strategic plan, Bird has delivered a total shareholder return of approximately 195%, outpacing the TSX Composite by 181%, and increased our market cap capitalization by over CAD 900 million. Since January first, 2022, the company has announced three dividend increases, including this morning's announcement. These three dividend increases have been approximately 10%, 30%, and now 50%, and have over doubled the annual dividend from $0.39 to $0.84 on an annualized basis. We've also completed three acquisitions during the strategic plan, adding new services, capabilities, and geographic reach that position us to add more value for our clients, build deeper relationships, and cross-sell our services, allowing us to retain more margin in-house and better control on our project schedules. Most recently, the company was added to the TSX Composite Index and was recognized in the TSX 30 as the seventh highest total shareholder returning firm on the TSX over the last three years. Looking forward, with the strength of our balance sheet and focus on appropriately risk-balanced collaborative work program, the company is well-positioned to continue to deliver strong shareholder value. Looking ahead, we will remain laser-focused on profitable revenue growth, primarily organic, but as always, we'll remain open to opportunistic, M&A as, as opportunities may arise. Margin accretion remains a key priority for the company, and as you saw on the prior slide, we've added a hundred and seventy basis point improvement over the past two years, and we have visibility to a path that can deliver another two hundred basis points over the next three years based on executing our strategic plan as laid out today. Critical to this margin accretion is ensuring that the business sustains a diversified and risk-balanced work program and remains disciplined in future project selection. We'll explore in more detail in the coming slides, the other priorities. Following the acquisition of Stuart Olson, the company's been working hard on designing and implementing a common ERP platform, including a full project management and project delivery suite of tools, with most of the businesses moving to the new platform in 2024. With the exception of any new potential acquisitions, we expect to have the company on the new platform, the entire company on the new platform by the end of 2025, and the migration is being implemented on time and is on budget. Over time, the common platform will provide us with a large data pool to analyze and gain insights from. And while this is a natural evolution for the company, we're not waiting for the new dataset to develop over time. With the help of data scientists and our technology team, we're already moving historical data into a data lakehouse to analyze and gain insights from. We're developing predictive analytics, which we expect to further enhance margins in the company by strengthening project execution and enabling greater talent sharing across divisions. Operating cash flows before changes in non-cash working capital are projected to grow at a CAGR of 25% over the current strategic planning time horizon. Cash flow fuels our capital allocation strategy, and with an efficient capital structure and strengthening margins that continue to grow, the company is projecting a return on equity CAGR of approximately 12% when using opening equity each year, with 2024 reaching approximately 33%. Looking ahead, the company is still aiming to be a capital-light business with CapEx requirements around 1.5% of revenue, and working capital requirements should range between 7%-10% of trailing twelve-month revenue. Over the current strategic planning time horizon, we've talked a lot about having a balanced approach to capital allocation. Looking at the cash flows from 2022 and projecting to the end of 2024, you can see that the company has committed approximately CAD 300 million of cash between CapEx, acquisitions, and dividends. 37% was allocated to capital investments, including project-related equipment, and advancing efficiency and productivity through technology. Another 37% was allocated to acquisitions, with the remaining 26% paid out as dividends. The philosophy of a balanced approach is expected to continue through 2027. Looking a bit closer at the dividend, with today's announcement, we've increased the monthly dividend from CAD 0.0325 per month to CAD 0.07 per month, a 215% increase over the 2022- 2024 strategic plan period. As part of our strategic plan, we will seek to maintain a payout ratio of 33% of net income each year. We often get asked how we evaluate M&A. These are the criteria we've used to date and will continue to help us evaluate potential future targets. I won't touch on all the strategic filters, but I will call out the importance of having a cultural fit and retaining the leadership team, which we have successfully done to date with the past five acquisitions. Generally speaking, we have a preference towards negotiating a deal with the seller outside of a formal process. This allows us to take the time to develop a relationship with the owners and establish whether there is a cultural fit between the firms. In terms of the financial criteria, we look for acquisitions that are accretive to EPS and our long-term capital structure, and it needs to be accretive to our adjusted EBITDA margins. With every acquisition, we take the opportunity to reset our capital structure to a level that we're comfortable with. And to date, we've used a combination of term debt, cash on hand, along with issuing equity to the sellers to align interests. The combined term debt we have today is repayable at a rate of 10% per year of the original value. And while this is a use of our capital, we don't call it out as a key capital allocation priority because it's relatively small compared to the other three priorities, and the company maintains a relatively low level of debt. Since 2020, we've completed five acquisitions, and we're proud to say that all are performing very well. We've developed a reputation in the market as a good acquirer with other potential firms that are considering a transaction, and we see a very active pipeline of potential targets, but nothing is considered imminent. With approximately $100 million in cash and almost $200 million available in our committed syndicated credit facility, the company has access to ample liquidity to support our growth objectives. Each year, we typically renew our credit facility, and with a $100 million uncommitted accordion feature, we can quickly ramp up the amount of credit available to us as needed outside of our normal cycle. Our net debt ratio remains healthy, leaving us flexibility for future opportunities that may arise. and use 2023 and 2024 as points of comparison. So 2023 figures are actuals, and 2024 represent the current consensus estimates for revenue, which I'll use as the baseline, so 2023 figures are actuals, and 2024 represent the current consensus estimates for revenue, which I'll use as the baseline. The middle bar on the graph represents, 2025, and that orange bar in 2025 represents the added growth we'll receive from recognizing a full year of Jacob Brothers revenues in 2025 compared to the five months in 2024. In addition to this 5% added growth, we expect to see an additional 10% organic growth next year, along with 10% organic growth in each subsequent year, as shown by the light green bars. The dotted bars represent the range of outcomes we see, which are quantified as plus or - 2% from the 10% growth target or a range of 8%- 12% each year. By 2027, we estimate our revenues to be CAD 4.8 billion, with a range of CAD 4.6 billion on the low end and CAD 5.1 billion at the high end of the range. So what's driving this growth? Well, we have a strong backlog coming into 2025, with good visibility to recurring revenue streams, and the business is much more diversified and participates in sectors that are more economically resilient. We continue to see a strong pipeline of opportunities that allows us to be selective in aligning our resources to the best projects suited for us. Our ability to participate and expand our scopes of work in targeted large capital investment projects by continuing to drive operational excellence, gives us a solid base in which to continue to grow from. We see above-market growth potential in both the infrastructure and industrial businesses, with our buildings business growing in line with the market, but with a focus on higher-margin opportunities. By 2027, we see our industrial business growing to approximately the same revenue size as our buildings business, and with infrastructure continuing to grow in its total share of revenue, stemming from our two acquisitions in this sector, Dagmar and most recently, Jacob Bros. Looking at the projection for Adjusted EBITDA margins, you can see that in twenty twenty-three, we delivered a 5% EBITDA margin and are projecting to be at 6% for 2024. By 2027, we see further EBITDA margin accretion to 8%. The 200 basis point improvement over the next three years will build up annually, compounding, with 2025 results getting an additional uplift from a full year of Jacob Brothers being included, in addition to other organic margin improvement. In all three years, we expect the organic margin improvement to be realized from disciplined project selection, continued improvement in our backlog and pending backlog margins, targeted market sector diversification, efficiencies gained from being on a common IT platform, data analytics, and leverage on our G&A cost structure. By 2027, we're projecting our EBITDA to be approximately CAD 390 million, with a targeted range of CAD 370 million-CAD 410 million, based on the +/- 2% in our organic revenue growth target. As evidenced by the increase to our 50% dividend increase announced this morning, our intention is to maintain a payout ratio of net income of approximately 33% each year in the strategic plan timeframe. Which means that by 2027, we'd expect to have five successive years of dividend increases. So just to recap, there's four insights you can take away in addition to the strong projected financial performance we just reviewed. Bird has transformed itself and has built a resilient business model with unique and specialized services that will be in demand by our clients in any economic environment. Much of our work program is not subject to the same ups and downs of normal economic cycles. As Terry said in his introduction, the business has considerable momentum, and we expect Bird to benefit from the significant tailwinds stemming from our strategic focus on margin accretion, disciplined project selection, safe collaborative operational excellence in resilient sectors. Second, the current strategic plan, which ends this year, was heavily focused on developing the One Bird culture and project delivery solutions that saw us invest in new technologies to help support One Bird projects, which you've heard all of our presenters discuss. We're gonna benefit from those investments in the upcoming strategic plan. Third, the company remains focused on cash flow generation and maintains a disciplined approach to our capital allocation priorities. We have a strong balance sheet, which leaves flexibility for future, potential M&A. You will have noticed that there's no additional M&A included in these financial projections, with the exception of the full year of Jacob Brothers in 2025. We expect to be able to achieve these targets organically. And lastly, the success of our current plan has generated significant shareholder value, recognized by our recent inclusion in the TSX 30, in addition to the TSX Composite Index. We expect our 2025- 2027 strategic plan will continue to deliver significant shareholder value over the coming years. Our One Bird strategy will continue to help us grow with further margin accretion. And with that, I'll turn it back over to Terry. Thank you. Thank you, Wayne. So throughout today's presentations, you will have heard how we will deliver on our 2025 to 2027 Strategic Plan financial targets across our business. Our leaders shared details of our strategies, including how Bird continues to build off our success as a disciplined, diversified growth strategy that is rooted in safety, and how this has resulted in significant growth throughout our former strategic plan period. We've shared with you how we will continue to enhance our organizational capacity and bench strength by reinforcing our One Bird collaborative culture that drives operational excellence. Each of our operational leaders shared how they are expanding into key strategic markets and participating in large capital investment projects to drive profitable and long-term growth. And finally, we gave you a deeper understanding of our successful financial performance and how we intend to continue to deliver significant shareholder value over the coming years through our One Bird growth strategy, which is reflective of significant tailwinds, with continued margin accretion. Today's announcement of a 50% increase in our monthly dividend underscores the confidence we have in our current performance and expectations for the future. Before we open it up to Q&A, I want to reiterate how proud I am of where Bird is today in its journey. The teams we have assembled and the bench strength we have built across the organization is rooted in collaboration, disciplined project selection, execution, and engagement. So to close, why would you invest in Bird? We successfully achieved our targets from our 2022- 2024 strategic plan and achieved considerable growth through operational excellence and safe execution. We continue to enhance our industry-leading talent and capabilities to support our 2025- 2027 growth strategy. There are significant tailwinds in key strategic markets and sectors, and targeted large capital investment projects where Bird has proven expertise. It's a culmination of all of these that will drive our success and gives me confidence in our future growth strategy. Thank you for your time today, and with that, we'll get the team set up for our live Q&A session. That EBITDA margin chart you provided at 2025- 2027. So you provide a, you know, a number of buckets there, you know, mix, M&A accretion, and that operational excellence. Is any part of that EBITDA margin accretion, is it highly weighted to one of those buckets or how should we think about that? ... I can do that. I think diversification is probably has the most weight on that, because our infrastructure business, which is a high-margin business for us, is gonna grow as a proportion of the total mix, so the company's certainly gonna benefit from that. But you know, there's a lot of things that are contributing, you know, to it, and you know, things like leverage on our G&A structure. We've already had a lot of benefit from that. I don't think that we're gonna get the same degree of benefit in this draft plan as we did the last one, but you know, you will pick up the 0.1 every year of the 0.5 or 0.6 of organic margin improvement. You know, some of the other things, like predictive analytics on projects, will help us to be able to improve the general project performance of the entire portfolio. But again, you know, that's kind of in your point one. I think your biggest pickup is gonna be on the growth of the infrastructure side and also in the industrial side of the business, as well. How do we think about the pricing dynamic when it comes to margins as we enter into a deflationary environment? I think, you know, if you think of, for example, these large capital investment, you know, projects that are happening in Canada, like, you go back four or five years, it was one, which was really LNG Canada at Kitimat. But you look at the landscape today, we're involved with five or six of these. There's at least a dozen more that are evolving. So those types of projects, the bar is very high, and it's a very high standard of execution and quality and safety, and so it's a very short list of companies that can participate in those, and we're finding that those have, you know, a higher return for the company. So I think and obviously the duration of those projects as well takes a lot of ebbs and flows out of any kind of economic cycle. So that's the- you know, for me, that's the one of the most exciting things that we sort of look towards, is the evolution of these really large, you know, capital investments. And we're one of two or three or four entities that are providing the construction services. It's not like we're wrapping, you know, the entire thing. But that's what makes it exciting, I think, for us. Thank you. Yeah, thanks. Chris Murray from ATB Capital Markets. Just, maybe my first question is just around maybe revenue, and some of the descriptions of some of the projects that you folks have been doing. You know, but a lot of them, a lot of the projects in the areas of expertise seem to be, you know, kinda legacy of where the root of the business came from. So, you know, I hear about MRO in the West. Airport sounds really attractive, but that seems to be a BC-only thing, Dagmar Rail in the East. So how do you increase revenues, kinda nationally, having these different parts of a platform, and how do you translate that into larger growth, holistically? And then, the other part of the question is around contract structure. You know, you've spent a few years now in progressive design build, IPDs, different, more collaborative contracting functions. One of the things we didn't talk about was sorta backlog growth and expectations for backlog growth. Is there... As you move through those projects, is there kind of a wave that we should be expecting that helps drive that revenue number, especially in the out years, coming into backlog? Yeah, I think. Well, I'll answer that first. I think those, you know, the larger IPDs and alliances and those types of contracts. There will be certainly some waves to that as those evolve. It's clear we take a long duration of time to develop those, and that's what I think takes a lot of the risk off the table and makes it, you know, more palatable for us. Well, first of all, our costs are guaranteed, but we're designing these things to almost complete design before we even finalize an estimate, and then we're proceeding. The scale of them, you know, is, in many of these, are quite considerable, and the ones that aren't in an IPD framework, you're dealing with global Fortune 500 companies that, you know, do this kind of thing for a living, like the Shell and the Dow and companies like that. That makes it a very mature industry to be in, and the scale obviously makes such a difference. I'd say that the revenue growth, you know, if you think about where we are with our base business, and you heard a lot of talk about our base business today, it's, you know, that's had real strong demand, and we're content, you know, with that current demand that exists in that base business. There's gonna be ebbs and flows at times in certain, you know, cycles. But when you start to put the chunks of revenue that are coming from these large capital investments on top of that, that's where you're seeing the revenue growth. So it's more to do, in my mind, it's more to do with these large, you know, these very large investments in, predominantly in Canada's natural resource, you know, sector, but also, you know, in major infrastructure projects in Canada as well, as we move to more rail system densification, as Denis talked about. And then the other part of the question is, like, moving kinda sources of revenue from one area of expertise geographically across the country. Yeah, and you know, to highlight that, like, we built. You saw Denis talk about 55% of our infrastructure business in the east and 45% in the west with the Jacob Bros acquisition. Part of the growth of the infrastructure business here in the east is the acquisition of Dagmar, but a larger percentage of it is organic growth in infrastructure of what was previously industrial resources that are in the infrastructure side of Bird. So we can move those resources quite seamlessly from industrial to infrastructure, and we did that to get ourselves established here and to get into some of the larger contracts. You know, obviously, one of the projects that Denis highlighted is a significantly large contract here that's being delivered in an alliance contract, which is East Harbour. So that, to this point, has been largely Bird resources that have staffed that, as well as you know, individuals that were excited, you know, and interested in coming to work with us. So we've obviously ramped up, you know, considerably in those areas, so. Morning, everyone. Ian Gillies, Stifel. I was just curious, with respect to the collaborative contracts, do you think it's changed the floor on the margins you earn on a project compared to fixed price or some of these other projects, i.e., the risk is just lower from that perspective? You know, you would've expected, I think, if there wasn't the scale of projects that are out there, you would've expected there would've been, you know, obviously, lower, the floor would be lower. But it, it's actually, you know, and surprisingly higher than we would've anticipated, and I think part of that is just that clients are looking for a very highly sophisticated delivery and a very high-performing, you know, safety culture and performance, very high standards and quality. So there's a restrictive list of companies that can deliver in the larger ones. You know, some of the smaller ones, you often find it's a lot of work to do a collaborative contract, an alliance or IPD or that kind of thing, a target. So as they get smaller, they're not as practical to deliver in that type of model. So it's more the larger projects in general that are getting these types of models, and you know, the barrier to entry is pretty high. Like, you're getting evaluated on a resume to be selected for that type of project, and you know, there's not many companies that could've developed the resume that we have. We have the largest number of collaborative contracts, and we, you know, in the country, without question, the number we've done, so we have a very, very strong resume. That's helpful. Another key concept from today has obviously been self-perform work. Eh, is there any way to quantify where you think you might have been on that metric in 2022 as a% of total revenue, where you are today and where you'd like to go, or maybe even just% of employees? Is there any way you can help us think about that? Yeah, so when we acquired Stuart Olson, obviously, that brought a significant number of, you know, craft and field hourly employees that self-perform work, so that was a big lift. And then from there, I would say that, you know, as you've grown, we've been growing at a, probably, you know, since that time, probably 10%-15% per year, you know, in self-perform capability. So, you know, I just think of it from the hourly workforce that we employed, from where we were to where we are today, and, you know, it's doubled since we acquired, or earlier, you know, prior to Stuart Olson. It certainly has doubled. That's great, and I'll try and sneak one more in here. It was casually noted during the presentation that you've made a modest entrance into the U.S. Could you maybe define- Yeah. ... where you'd like to go on that slide? So we've been in the U.S. for a few years. I've talked about it on previous quarterly calls. So we've worked across a number of states in the U.S., doing underground utilities, and it's a specialized service offering we have. We primarily work for clients that we work with in Canada, but it's really given us a nice understanding of, you know, what it's like to work in various states, how to handle the labor organizations, learned some good lessons. Some states we prefer. You know, it's tricky to enter. I think right now there's a daunting demand for our services in Canada, so I think behooves us to stay focused in the Canadian market and take, you know, advantage. This demand has got, you know, certainly considerable teeth, so there's a long runway ahead of us here. I think if we were to enter the U.S. in any major way, it would have to be on the basis of a solid acquisition, you know, that could be a catalyst for us. Just going down there organically is. There's a long trail of companies that have tried that from Canada, and it's been, you know, it's been difficult. So I don't think that's on the horizon for us right now, but we're just, we're excited about Canada. If we were to go to the U.S., we'd have to send our best people. We'd like to keep our best people focused on the opportunities we have here, and like I said, they, they're daunting, so. Hi, Mike. Thanks. Mike Tupholme, TD Cowen. Just looking at the 2027 revenue growth target, so expecting above average market growth in infrastructure and industrial. I guess when we think about the overall organic growth range of 8%-12%, how much of that do you see coming from growth in the markets versus share gains? I think it's a mix of both, so the share gains is just the share of these larger capital investments, where the you know the size you know is significant, and you know the companies that are capable of delivering those projects is pretty short list, so I think you know that's where you're seeing you know that topping top off of the growth, and we're still seeing strong demand in our you know our core markets, so it's a mix of both, but I think you know the larger projects are making an impact, for sure. Yep. Okay, and then on the subject of recurring revenues, I think you said you're running about CAD 1 billion at present. Does that just continue to grow in line with the overall business, or do you see that expanding as a- I think it'll continue to grow 'cause we're just finding more clients that are interested in our offering, and David has done a really nice job of diversifying, you know, the business, where it was historically more predominantly electrical. He's grown it considerably on the mechanical side, and that's on the MRO side, and then obviously, the MSA type of work that we do in nuclear, it just continues to expand into new areas, and that's exciting for us as well. ... Yeah, so some of those contracts, you know, run five, six, seven years, so included in that recurring pending backlog that we report on a quarterly basis are those contracts. You know, so when you sign one of the large seven-year contracts, you do get a big spike in that number. I'd say we're probably halfway through, maybe a little bit more on some of those contract terms. So what you're actually seeing in that number, 'cause it's actually held pretty steady over the last few years, is just growth with new clients. So some of the larger contract values have been coming down 'cause of the time, but we've had some new contracts go in there to keep the base. So you'll actually see probably a spike in that number, in the next few years when those larger renewals, occur again. Then just one follow-up on, I guess, the earlier question about self-perform work. So looking at the drivers to the margin improvement expectations, not seeing self-perform listed there. So is the idea that self-perform as a percentage of the total sort of remains consistent as the business grows? Or do you think there's still an opportunity to expand the self-perform, which has been in the past, a driver to margin improvement? I think we'll continue to see expansion in the self-perform. We continue to hear clients, you know, in many, many settings. Gilles and I were on a large project here in Toronto yesterday, where the client was asking us to consider self-performing, which wasn't our original intent, but it's certainly nice to have a client, you know, ask you to look in that direction. So I think you're gonna continue to see self-perform as a increasing component of the business from where it is today. Hi, Max Sytchev with National Bank Financial. Teri, Wayne, thank you, and the team. The first question, I guess, pertains to what Mike was asking about kind of organic growth. When I look at the engineering consulting peers, everybody's talking about like sort of mid-single-digit projections. I'm just wondering where that potential delta, positive delta in your favor is kind of coming from, and if we are kind of closer to five, can you still achieve 8% EBITDA margin? Maybe just, like, some sensitivity thoughts from that perspective. Thank you. Well, start, Wayne? Yeah. I'd say that growth, as Teri mentioned, is coming from those large capital investment, you know, projects. And, you know, Bird has had a great track record that once we get on one of those projects, we're able to expand our scopes and win multiple work packages and stay on site for five years and those types of things. And, you know, where we used to be on, you know, one of those projects, now we're on five or six. It's a really healthy pipeline that we have in front of us right now, so we would expect the number of those projects to also grow, plus the ones we have grow in scope, and I think that's probably the biggest driver of that incremental lift in the organic growth. You know, in, in terms of revenue, too, like, if you look at how we report our backlog, you know, we've got our contracted, you know, backlog, and, you know, plus or minus CAD 3.5 billion-CAD 3.6 billion the last few quarters. But that pending backlog really gives us nice visibility as well, right? So I think at the end of Q2, we might have had, you know, CAD 900 million in recurring revenue, so we get our POs every quarter for that, which gives us good visibility. But we also have about CAD 2.8 billion in pending backlog, and all of that CAD 2.8 billion is gonna convert to backlog. So not only are we getting change orders on existing contracts, you know, winning some of the smaller contracts that, you know, we don't necessarily press release, but we get our growth every quarter. We also know, you know, when those CAD 2.8 billion worth of pending contracts are gonna convert. So again, it gives us really good visibility to what those revenue streams look like in 2025 and 2026 in particular, and obviously 2027 is a little further out, but... A good example of a project, you know, that everyone would be familiar with would be LNG Canada, where we first started on that assignment in 2017, 2018, where we had a couple hundred million dollars' worth of work, and four years later, it was two- you know, CAD 1.3 billion. So that's just the way these evolve when you're talking many billions of dollars. You know, BHP is an example, which obviously would be greater in scale of the investment than LNG. So there's just many of these in the CAD 10 billion dollar range that we're getting established on, and we expect that, you know, that momentum with the teams we have and the reception we're getting to those teams, which is very high, will be. It'll put us in a really good position. Excellent. And do you mind if I just sneak one more in? Just about EBITDA to FCF conversion, sort of, maybe any thoughts, again, kind of on a prospective basis? Because, again, like working capital has been, you know, like, it's volatile kind of by definition. Just wondering how we should be thinking about this, like, more kind of medium to, like, long term, if there's, like, any buckets we should be thinking through. I think with the growth that you're seeing in our business to date, you know, we've been investing, you know, by year-end, maybe CAD 40, 50, 60 million in non-cash working capital. It may fluctuate with seasonality in the quarters leading up to year-end. I think you're gonna see that trend going forward, and you know, probably you know, 50, 60 million dollar investment in non-cash working capital is probably reasonable. You know, so outside of that, I think you'd get a historically consistent conversion. Thank you. Hey, guys. Thanks for taking the question. I was just wondering, given that a large part of your growth strategy is driven by infrastructure developments, how do you build conviction that the spending is durable and that spending patterns will not change in the medium and long term? I think just the number of opportunities that exist on the infrastructure side, whether it's, you know, you continuously hear about new ideas in a province like Ontario, where, you know, they're putting a tremendous amount of effort into infrastructure. We haven't talked a lot about the investment that's going into Pearson Airport, which is, I don't know, something like CAD 30 billion. So that's starting to get, you know, rolling and get underway. And then you look at the same type of investments that are going into, you know, various cities in western Canada and eastern Canada. Infrastructure has got a tremendous runway ahead of it with just the demands of changing demographics for people, and identification in cities, and things like that, and travel. So it's exciting. We've, you know, we've been very focused to stand up this infrastructure component of Bird, and it's been very successful. Hey, can I bring this to the back row a little bit? Sure. I think in the infrastructure world, I think the spends that we're seeing projected and the duration of them, I think are really a compelling answer to your question. Like, they're not short-term projects, they're not sort of a brief injection. We're seeing multi-year, you know, long-term, big investment projects, so I think that'll really provide the backdrop for that. And then I think back to Ian's question, I think a lot of the questions have sort of centered around the infrastructure world and that growth. We're coming from a spot where I think we've got a lot of runway ahead of us on infrastructure, so there's almost some catching up that we can do, and so I think to Mike's question, you know, we uniquely have a lot of infrastructure growth ahead of us. And then in the collaborative sort of world, that enhances and is sort of built upon our self-perform capabilities. So we can see from the Dagmar acquisition and translating that into an East Harbour, we've already kind of proven our ability to do that. Good morning, Frederic Bastien at Raymond James. You guys have executed super well in recent years, but the market also seems as healthy as it's ever been. So wondering what has changed structurally in the past five years, to make it as good as it is? Probably competition, but wondering if you could weigh in there. I think, you know, you continue to refine your execution, you know, with experience, and you know, when you grow, and you get a broader array of clients, you're able to, continuously, you know, raise the bar. I think our experience at, you know, at, at LNG Canada, working with Shell and Fluor, was probably one of the better experiences we've ever had. Very, very high standards and, and they, you know, we, we went into that, that project assignment with, with a target of coming out of it as a great, you know, entity, and I think we largely achieved that. And they set that target for us, you know, if we worked closely with them, we would, you know, really raise the bar in terms of our overall performance, which we did, and really proud of the team. That team now is dispersed across the country in many different types of opportunities. So, the market, yeah, it's certainly there's a lot of opportunities in the market. I also think we work really hard to position ourselves in the right markets that had, you know, considerable strength and considerable runway. Being traded, you know, trading publicly, obviously, we've got to ensure that we have resiliency in the types of things we focus on. In the absence of that, we're gonna have, you know, volatility in revenue, so we specifically put a lot of effort into the strategy. This is an example of the strategic plan, which we've been working on for over a year, and a tremendous amount of research into market, you know, market dynamics was done so... Thanks. Can we drill further into the data center opportunity? Can you give us a sense of how large your business is right now and, you know, versus how that might look three, four years out? Well, the data center side ebbs and flows, so there can be... You know, having an army of twenty-five hundred plus electricians at any one given time, obviously we're in demand, you know, for that service. We, at times, will just provide electrical, you know, service to a client for that type of a project. We've done a lot of that, especially in the West. More recently, though, we've started to target some of the larger opportunities that exist, and as Paul said, they've grown tenfold. And not just tenfold in size, but the number of entities that are in Canada have grown tenfold. So there's obviously considerable growth. I'd say the evolution of it is taking a little longer than we would probably have anticipated because of the complexity of getting power. So the power side is really the. And that, you know, that connection, you know, to power and that support from the various power agencies in Canada to provide that power is certainly holding us back to a certain extent. And then scale is accelerating, as Paul said. You know, the scale of these units, we were ready to break ground on one earlier this year, and the client came to us and said, "We've got to quadruple the size of this thing, so we're gonna have to, you know, we have to go back and work on a new site and new power source." It's got, you know, certainly a lot of focus right now in the country, and AI just continues to accelerate, including our use of AI, as Wayne referenced. ... Ian Gillies again from Stifel. This follows on Fred's question. I was just curious if you could talk about whether you're seeing any of the large international construction firms come back to Canada, given the constructive outlook you just outlined, and perhaps what moat or what the key parts of the moat are up to defend against that, should they come back? I'd say the, you know, there was an influx of the European larger entities when the P3 market was really robust. I think we've seen a migration, you know, sort of since that. I don't think many of those entities are quite structured to work in a collaborative interface, 'cause they really don't have a lot of feet on the ground when they come in. They're heavily supported by their home governments, and obviously, we're focused very much on that capital investment side with the P3 structures. The American companies that have historically been here are retreating because there's so much demand in the US, so they're pulling back to move to their own markets. That makes it a pretty exciting landscape because, you know, it's a fraction of the Europeans that were historically here, and then you got the Americans, you know, and many of the Europeans as well, retreating to, you know, American opportunities, where there still is probably a bit more strength in the P3 market than there is right now in Canada. Question for Brian, just about labor availability and, you know, as we think about the growth outlook you've provided today, you know, are you confident that you're gonna be able to secure the talent you need to achieve that? And do you have to do anything differently, going forward than you've been doing in the recent past? Yeah, absolute high confidence. We have a very clear strategy and a very intentional cultural strategy. We feel like we... If we execute against that, and we expect to, that will drive an incredible employee experience, make us identified as one of the best companies to work for in Canada. We also have great relationships with other partners across Canada, to help us diversify our talent pool and get into areas that we need to continue to execute against our strategy. So we're very confident in our ability to get the talent we need. Our leadership team spends you know a significant portion of their time on the recruitment side, which is critical. And just looking back at the month of September, we added three leaders in the month of September to our team that are world-class. You know, they're on a level that will really make a difference for us. So we very much believe in having the horse before the cart when it comes to you know our focus. The idea of a build it and they will come is not in our vocabulary, so we're very disciplined around having you know the right leadership team that have the experience for the types of contracts that we're looking. And as like I said earlier, as these larger assignments come along, ensure that we've got the team. But the team's done a tremendous job overall in recruitment. Starts with the leadership, and construction is an industry that is, in my belief, it's 100% people. You know, the rest of it's peripheral. It's people that makes, you know, construction successful, and if you get the right team and the right culture and the right... You know, and we've done a really nice job of that. The team we've assembled is on another level, so. Then, question for Wayne, just about the financial leverage. Historically, Bird's had a very conservative approach to managing its balance sheet. There were several comments today about how the business is. I mean, clearly it's grown, it's much more diverse. I think you talked about sort of reduced cyclicality. How do you think about optimal leverage in the business going forward here, and any thoughts on that? Yeah. Yeah, so on the acquisitions we've done, we've put in place a term debt, so, you know, we repay 10% of it every year. But if you think about it, every time we do an acquisition, it's an opportunity for us to reset the capital structure and get the kind of the debt-to-equity ratio where we want it. And again, when we do our Q3 release coming up here, we're gonna have the Jacob Bros acquisition consolidated, and you'll see kind of a starting point of where our capital structure is. Yeah, Bird traditionally has kept a lower level of leverage, but I think it's a philosophy that served the company well. I think what we've been doing with these acquisitions, you can probably project that in the future, that if something else was to come along in the next three-year time horizon, we'd probably stay within those boundaries that we've been operating in. Thank you. Is there any other questions? Okay, well, hearing none, thank you very much for joining us today, and for those of you that are virtual as well, thank you for taking the time. It's an exciting time for the company, and we look forward to the next number of months as we engage with you in our quarterly calls. Again, thank you for your confidence in Bird and for taking the time to be here today.