"2025 was a transformative year marked by the completion of key strategic acquisitions, growth as a nuclear and power company, expansion in U.S. and international markets, and the substantial completion of legacy projects including two modern LRT systems," said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. "Aecon expects 2026 revenue to exceed 2025 levels on the strength of its record backlog, strategic positioning in sectors with attractive demand profiles, robust recurring revenue programs, and a healthy pipeline of project opportunities tied to power generation, critical resource development, mass transit infrastructure, water, and defence."
HIGHLIGHTSAll quarterly financial information contained in this news release is unaudited.
Record revenue for the year ended December 31, 2025 of $5,435 million was $1,192 million, or 28%, higher compared to 2024. Within Aecon's Construction segment, the nuclear, civil, and utilities sectors generated record revenue levels in the year ended December 31, 2025.
Operating profit of $87.1 million (operating margin(4) of 1.6%) compared to operating loss of $60.1 million in 2024 (operating margin of -1.4%). Higher year-over-year operating profit was driven by an increase in gross profit of $211.6 million primarily reflecting a decrease in losses related to fixed price legacy projects of $178.4 million (i.e. negative gross profit in 2025 of $94.4 million compared to negative gross profit in 2024 of $272.8 million). These fixed price legacy projects are discussed in Section 5 "Recent Developments", Section 10.2 "Contingencies", and Section 13 "Risk Factors" in the Company's December 31, 2025 Management's Discussion and Analysis ("MD&A").
Adjusted EBITDA(1)(2) of $234.6 million for the year ended December 31, 2025 (Adjusted EBITDA margin(3) of 4.3%) compared to Adjusted EBITDA of $82.6 million (Adjusted EBITDA margin of 1.9%) in 2024.
Profit attributable to shareholders of $15.2 million (diluted earnings per share of $0.23) for the year ended December 31, 2025 compared to loss attributable to shareholders of $59.5 million (diluted loss per share of $0.95) in 2024.
Record new contract awards of $9,487 million were booked in 2025 compared to $4,747 million in 2024, resulting in reported backlog at December 31, 2025 of $10,714 million compared to backlog of $6,662 million at December 31, 2024.
On November 12, 2025, an Aecon consortium achieved substantial completion on the Finch West Light Rail Transit ("Finch West LRT") Project in Toronto. The line opened to the public on December 7, 2025. Aecon holds a 33.3% interest in the equity and construction of the Finch West LRT and a 50% interest in the 30-year maintenance term.
On December 5, 2025, an Aecon consortium achieved substantial completion on the Eglinton Crosstown Light Rail Transit ("Eglinton Crosstown LRT") Project in Toronto. The line opened to the public on February 8, 2026. Aecon holds a 25% interest in the equity, development, construction and 30-year maintenance term of the Eglinton Crosstown LRT.
Subsequent to year-end:
On January 6, 2026 Aecon's subsidiary, Aecon Utilities Group Inc., completed the previously announced acquisition of K.P.C. Power Electrical Ltd. and K.P.C. Energy Metering Solutions Ltd. (collectively, "KPC").
On February 2, 2026 an Aecon joint venture announced the successful completion of the Darlington Nuclear Refurbishment project in Ontario, under budget and four months ahead of schedule.
Aecon was awarded a $205 million contract by the Red-Seine-Rat ("RSR") Wastewater Cooperative for the first phase of the RSR Wastewater Treatment Facility project in Manitoba. The value of the contract will be added to Aecon's Construction segment backlog in the first quarter of 2026.
An Aecon partnership executed an agreement with Defence Construction Canada to deliver the Arctic Over-the-Horizon Radar Program Stage 1 project in Ontario under a collaborative Integrated Project Delivery model. Aecon holds a 50% interest and is the lead partner in the joint venture responsible for project delivery. A validation phase will commence in the first quarter of 2026. Upon validation and the completion of a design development phase, construction is expected to commence.
On March 5, 2026 Aecon appointed Jeff Lyash to its Board of Directors. Mr. Lyash brings four decades of nuclear and power industry experience to Aecon's Board and will stand for election as a Director at the next Annual General Meeting of the Corporation on June 1, 2026.
CONSOLIDATED FINANCIAL HIGHLIGHTS(1)
Three months ended
Year ended
$ millions (except per share amounts)
December 31
December 31
2025
2024
2025
2024
Revenue
$
1,541.2
$
1,267.0
$
5,434.7
$
4,242.7
Gross profit
144.1
107.2
394.1
182.5
Marketing, general, and administrative expense
(63.0
)
(57.1
)
(234.0
)
(213.2
)
Income from projects accounted for using the equity method
2.0
1.6
7.8
21.2
Other income
11.1
4.1
25.4
37.3
Depreciation and amortization
(30.1
)
(26.2
)
(106.2
)
(87.8
)
Operating profit (loss)
64.2
29.6
87.1
(60.1
)
Finance income
3.9
1.9
8.9
8.6
Finance cost
(32.8
)
(8.3
)
(71.2
)
(25.1
)
Profit (loss) before income taxes
35.3
23.1
24.8
(76.5
)
Income tax (expense) recovery
(14.2
)
(9.0
)
(9.3
)
17.1
Profit (loss)
21.1
14.1
15.5
(59.4
)
Non-controlling interests
(0.4
)
(0.1
)
(0.4
)
(0.1
)
Profit (loss) attributable to shareholders
$
20.7
$
14.0
$
15.2
$
(59.5
)
Gross profit margin(4)
9.3
%
8.5
%
7.3
%
4.3
%
MG&A as a percent of revenue(4)
4.1
%
4.5
%
4.3
%
5.0
%
Adjusted EBITDA(2)
$
97.3
$
76.3
$
234.6
$
82.6
Adjusted EBITDA margin(3)
6.3
%
6.0
%
4.3
%
1.9
%
Operating margin(4)
4.2
%
2.3
%
1.6
%
(1.4
)%
Adjusted profit (loss) attributable to shareholders(2)
$
34.6
$
15.2
$
26.6
$
(66.8
)
Earnings (loss) per share, basic
$
0.33
$
0.22
$
0.24
$
(0.95
)
Earnings (loss) per share, diluted
$
0.31
$
0.21
$
0.23
$
(0.95
)
Adjusted earnings (loss) per share, basic(3)
$
0.54
$
0.24
$
0.42
$
(1.07
)
Adjusted earnings (loss) per share, diluted(3)
$
0.52
$
0.23
$
0.40
$
(1.07
)
Backlog (at end of period)
$
10,714
$
6,662
(1)
This press release presents certain non-GAAP and supplementary financial measures, as well as non-GAAP ratios to assist readers in understanding the Company's performance (GAAP refers to Canadian Generally Accepted Accounting Principles). Further details on these measures and ratios are included in the "Non-GAAP and Supplementary Financial Measures" and "Reconciliations and Calculations" sections of this press release.
(2)
This is a non-GAAP financial measure. Refer to the "Non-GAAP and Supplementary Financial Measures" and "Reconciliations and Calculations" sections of this press release for more information on each non-GAAP financial measure.
(3)
This is a non-GAAP ratio. Refer to the "Non-GAAP and Supplementary Financial Measures" section of this press release for more information on each non-GAAP ratio.
(4)
This is a supplementary financial measure. Refer to the "Non-GAAP and Supplementary Financial Measures" section of this press release for more information on each supplementary financial measure.
Revenue for the year ended December 31, 2025 of $5,435 million was $1,192 million, or 28%, higher compared to 2024. Revenue was higher in the Construction segment ($1,200 million) with increases in nuclear ($559 million), industrial ($337 million), urban transportation solutions ($128 million), civil ($111 million), and utilities operations ($65 million). Higher revenue in the Construction segment was primarily driven by an increase in the volume of refurbishment, new build, and engineering services work at nuclear generating stations in Ontario and the U.S., and by a higher volume of field construction work at industrial facilities in western Canada. In the Concessions segment, revenue was $4 million lower in 2025 compared to the prior year primarily from a decrease in revenue from maintenance operations related to LRT projects. Revenue was also lower in Corporate and Other after inter-segment revenue eliminations by $4 million.
Operating profit of $87.1 million for the year ended December 31, 2025 compares to operating loss of $60.1 million for the year ended December 31, 2024, an improvement of $147.2 million.
The higher year-over-year operating profit in 2025 was driven by an increase in gross profit of $211.6 million. In the Construction segment, gross profit increased by $220.9 million primarily reflecting a decrease in losses related to fixed price legacy projects of $178.4 million (i.e. negative gross profit in 2025 of $94.4 million compared to negative gross profit in 2024 of $272.8 million). These fixed price legacy projects are discussed in Section 5 "Recent Developments", Section 10.2 "Contingencies", and Section 13 "Risk Factors" in the December 31, 2025 MD&A. In addition to the impacts from the fixed price legacy projects, gross profit in the balance of the Construction segment was higher by $42.6 million. This increase in gross profit was primarily driven by higher volume in nuclear, industrial, and utilities operations, partially offset by lower gross profit margin in urban transportation solutions from mass transit projects nearing completion or transitioning from development phase work to early construction works in the implementation phase, and from lower gross profit margin in civil western operations. In the Concessions segment, gross profit in 2025 decreased by $0.7 million compared to 2024 primarily from lower O&M fees, and in Corporate and Other where gross profit decreased by $8.7 million as a result of lower inter-segment cost recoveries from projects.
Marketing, general and administrative expense ("MG&A") in 2025 increased by $20.8 million compared to 2024. The increase in MG&A was primarily due to MG&A from recently acquired businesses, and higher personnel costs supporting revenue growth in the current year, largely in the nuclear and civil operations. These amounts were partially offset by lower business acquisition related costs of $8.2 million, largely related to changes in the fair value of contingent consideration and lower advisory, legal, and other transaction fees. MG&A as a percentage of revenue decreased from 5.0% in 2024 to 4.3% in 2025.
Reported backlog at December 31, 2025 of $10,714 million compares to backlog of $6,662 million at December 31, 2024. New contract awards of $9,487 million were booked in 2025 compared to $4,747 million in 2024. The reported 2025 awards include $42 million of backlog acquired at the time the acquisitions of Bodell Construction Company ("Bodell") and Trinity Industrial Services ("Trinity") closed.
REPORTING SEGMENTS
Aecon reports its financial performance on the basis of two segments: Construction and Concessions, which are described in the Company's December 31, 2025 MD&A.
CONSTRUCTION SEGMENT
Financial Highlights
Three months ended
Year ended
$ millions
December 31
December 31
2025
2024
2025
2024
Revenue
$
1,537.3
$
1,252.5
$
5,420.7
$
4,220.5
Gross profit
$
142.3
$
96.1
$
394.5
$
173.6
Adjusted EBITDA(1)
$
93.4
$
65.0
$
220.4
$
34.2
Operating profit (loss)
$
72.1
$
33.0
$
127.4
$
(55.0
)
Gross profit margin(3)
9.3
%
7.7
%
7.3
%
4.1
%
Adjusted EBITDA margin(2)
6.1
%
5.2
%
4.1
%
0.8
%
Operating margin(3)
4.7
%
2.6
%
2.3
%
(1.3
)%
Backlog (at end of period)
$
10,694
$
6,551
(1)
This is a non-GAAP financial measure. Refer to the "Non-GAAP and Supplementary Financial Measures" and "Reconciliations and Calculations" sections of this press release for more information on each non-GAAP financial measure.
(2)
This is a non-GAAP ratio. Refer to the "Non-GAAP and Supplementary Financial Measures" and "Reconciliations and Calculations" sections of this press release for more information on each non-GAAP ratio.
(3)
This is a supplementary financial measure. Refer to the "Non-GAAP and Supplementary Financial Measures" section of this press release for more information on each supplementary financial measure.
For the year ended December 31, 2025, revenue in the Construction segment of $5,421 million was $1,200 million, or 28%, higher than in 2024. Revenue was higher in all sectors with the largest increase occurring in nuclear operations ($559 million), driven by an increase in the volume of refurbishment, new build, and engineering services work at nuclear generating stations located in Ontario and the U.S. Higher revenue in industrial ($337 million) was driven by an increase in field construction work at industrial mining facilities in western Canada, incremental revenue in the U.S. from the Bodell and Trinity acquisitions completed in the third quarter of 2025, and a favourable impact on the revenue comparison from the Coastal GasLink Pipeline Project settlement agreement in 2024. Revenue was also higher in urban transportation solutions ($128 million), primarily from an increase in subway and commuter rail system projects. In civil operations, higher revenue ($111 million) was mainly due to an increase in the civil infrastructure component of power and rail projects, and from major project work performed internationally, partially offset by a lower volume of highway, road, and bridge building activity. In utilities operations, higher revenue ($65 million) was due to a higher volume of gas distribution work in Canada and electrical work in the U.S., partially offset by a lower volume of battery energy storage systems and telecommunications work.
Operating profit in the Construction segment of $127.4 million in 2025 compares to an operating loss of $55.0 million in 2024, for an improvement in operating profit of $182.4 million. The largest driver of this increase was lower losses from the fixed price legacy projects in 2025 which contributed a net favourable year-over-year impact on operating profit of $178.4 million (i.e. negative gross profit of $94.4 million in 2025 compared to negative gross profit of $272.8 million in 2024). The fixed price legacy projects are discussed in Section 5 "Recent Developments", Section 10.2 "Contingencies", and Section 13 "Risk Factors" of the December 31, 2025 MD&A. In the balance of the Construction segment, operating profit increased by $4.0 million in 2025. This operating profit increase resulted primarily from a volume driven increase in gross profit in nuclear, industrial, and utilities operations, as well as from a decrease in costs related to business acquisitions of $20.3 million. Costs related to business acquisitions include a decrease in costs related to advisory, legal, and other transaction fees ($0.8 million); changes in the fair value of contingent consideration ($12.4 million); and decreases in contingent consideration classified as compensation expense ($7.1 million). These increases were partially offset by lower operating profit in civil due to lower gross profit margin in western operations, and in urban transportation solutions due to lower gross profit from mass transit projects nearing completion and the impact on gross profit margin of progressive design-build transit scopes transitioning from development phase work to early construction works. Other items impacting operating profit in 2025 include a decrease in gains on the sale of equipment ($9.4 million, largely in industrial operations), and higher amortization expense related to acquisition-related intangible assets ($13.1 million).
Construction segment backlog at December 31, 2025 was $10,694 million, an increase of $4,143 million compared to the same time last year. Backlog increased year-over-year in urban transportation solutions ($2,716 million), civil ($804 million), nuclear ($528 million), utilities ($90 million), and industrial operations ($5 million). New contract awards in 2025 totaled $9,472 million compared to $4,732 million in 2024. The reported awards in 2025 include $42 million of backlog acquired at the closing of the Bodell and Trinity acquisitions. In 2025, Aecon-led consortiums reached commercial close on a progressive design-build project for the Scarborough Subway Extension and reached financial close on the Yonge North Subway Extension Advance Tunnel project, both in Ontario; a joint operation in which Aecon is a participant was awarded a contract for the definition phase of refurbishment work on four units at the Pickering Nuclear Generating Station in Ontario, and an Aecon-led partnership was awarded an alliance construction contract for the execution phase of the Darlington New Nuclear Project in Clarington, Ontario.
CONCESSIONS SEGMENT
Financial Highlights
Three months ended
Year ended
$ millions
December 31
December 31
2025
2024
2025
2024
Revenue
$
1.8
$
4.2
$
7.6
$
12.0
Gross profit (loss)
$
(0.2
)
$
0.6
$
(2.2
)
$
(1.5
)
Income from projects accounted for using the equity method
$
1.9
$
0.8
$
7.9
$
20.8
