FINANCIAL HIGHLIGHTSBird's fourth quarter of 2025 saw strong execution on the Company's work programs, with continued accretion of Gross Profit margins compared to the prior year driven by the Company's strategic focus on key sectors with long-term demand drivers and disciplined project selection. As anticipated, revenue for the quarter was lower than 2024 driven by the ongoing impact of previously disclosed delays in the start of certain contracted projects, resulting in full-year revenue in line with last year. The Company's Backlog remained at record levels of $5.1 billion at year-end, and Pending Backlog grew to over $6.0 billion with the renewal and award of several recurring revenue master service agreement ("MSA") contracts and award of collaborative contracts in the quarter. Bird's risk-balanced combined backlog reflects higher margins than a year ago, and along with the robust bidding environment in Bird's key sectors gives the Company confidence in achieving growth and further profitability enhancement in 2026 and 2027.
During the quarter, Bird also completed the acquisition of Fraser River Pile & Dredge ("FRPD"), adding marine construction and land foundation self-perform capabilities to the Company's comprehensive portfolio of services and scopes. The addition of FRPD's experienced team complements Bird's experience in delivering complex infrastructure, industrial and institutional projects, and expands the Company's opportunities to participate in upcoming nation building initiatives and infrastructure investments.
The Company also recognized an impairment loss of $62.2 million on accounts receivable and contract assets related to a single customer during the quarter based on concerns around the customer's creditworthiness and ability to collect the amounts. As previously disclosed, the sole project for this customer is substantially complete and no further costs are expected to be incurred.
Full-Year 2025 compared to Full-Year 2024
Construction revenue of $3,396.8 million was earned in 2025, compared to $3,397.3 million earned in 2024.
Net income and earnings per share for the year ended December 31, 2025 were $47.4 million and $0.86, compared to $100.1 million and $1.84 in 2024.
Adjusted Earnings1 and Adjusted Earnings Per Share were $107.7 million and $1.94 for full-year 2025, compared to $111.3 million and $2.04 in the prior year.
Adjusted EBITDA1 for the year ended December 31, 2025 was $222.1 million, or 6.5% of revenues, compared to $212.8 million, or 6.3% of revenues in 2024.
Fourth Quarter 2025 compared to Fourth Quarter 2024
Construction revenue of $877.0 million was earned in Q4 2025 compared to $936.7 million earned in the fourth quarter of 2024.
Net loss and loss per share were $14.0 million and $0.25 in Q4 2025, compared to $32.5 million net income and $0.59 earnings per share in Q4 2024.
Adjusted Earnings1 and Adjusted Earnings Per Share were $31.8 million and $0.57 in Q4 2025, compared to $37.3 million and $0.67 in Q4 2024.
Adjusted EBITDA1 of $66.2 million, or 7.5% of revenues in Q4 2025, compared to $71.9 million, or 7.7% of revenues in Q4 2024.
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1 Adjusted Earnings and Adjusted EBITDA are non-GAAP financial measures. See "Terminology and Non-GAAP & Other Financial Measures."
Financial Results
(in thousands of Canadian dollars, except per share amounts)
Three months endedDecember 31,
Twelve months endedDecember 31,
2025
2024
2025
2024
Construction revenue
$
877,009
$
936,666
$
3,396,766
$
3,397,346
Net income
(13,956
)
32,505
47,411
100,099
Basic and diluted earnings per share
(0.25
)
0.59
0.86
1.84
Adjusted Earnings Per Share
0.57
0.67
1.94
2.04
Adjusted EBITDA1
66,155
71,942
222,087
212,793
Cash flows from operations before changes in non-cash working capital
$
67,527
$
77,503
$
230,191
$
228,501
(1) Adjusted EBITDA is a non-GAAP financial measure. See "Terminology and Non-GAAP & Other Financial Measures."
HIGHLIGHTS
Full year construction revenue of $3,396.8 million was comparable year-over-year, reflecting the impacts of previously disclosed delays in the self-perform Industrial work programs during the year. Revenue growth in Infrastructure delivered strong contributions for the year, benefitting from organic growth in the Company's mining work programs and the commencement of construction on the East Harbour Transit Hub, in addition to contributions from recent acquisitions, including a full year of Jacob Bros results and the acquisition of FRPD in October 2025.
The Company's margin profile in the fourth quarter of 2025 continued to improve compared to last year, with Gross Profit Percentage increasing to 11.1% compared to 10.3%. Adjusted EBITDA Margin decreased slightly to 7.5% compared to 7.7% in 2024. On a full-year basis, Gross Profit Percentage was 10.5% compared to 9.7% in 2024, and Adjusted EBITDA Margin was 6.5% compared to 6.3%.
The Company's Backlog of contracted work grew to $5.1 billion at year end, benefiting from over $932.3 million in securements and other additions in the fourth quarter ($4.7 billion year-to-date), including new awards and conversions of Pending Backlog. Bird's Pending Backlog of work awarded but not yet contracted was $6.0 billion at quarter-end and includes over $1.5 billion of recurring revenue contracts, primarily consisting of multi-year MSA, maintenance, task order, and similar contractual arrangements to be earned over the next five years.
Bird generated $67.5 million in operating cash flow before investments in non-cash working capital in the fourth quarter. Seasonal unwinding of non-cash working capital balances in the quarter generated a further $122.3 million of cash, bringing total cash flows from operating activities to $189.9 million for the quarter and $113.1 million for the full year.
The Company's liquidity position remains strong at December 31, 2025, with $167.0 million of cash and cash equivalents, and an additional $399.5 million available under the Company's Syndicated Credit Facility, to support ongoing investments in non-cash working capital, project-driven capital expenditures, and potential acquisitions to further expand service offerings and self-perform capabilities.
On October 10, 2025, Bird completed the previously disclosed acquisition of British Columbia based FRPD for cash consideration of $84.6 million. The acquisition of FRPD adds expertise in marine infrastructure, land foundations and dredging to Bird's self-perform capabilities, and broadens the solutions that Bird delivers to clients.
In connection with the closing of the FRPD acquisition on October 10, 2025, the Company borrowed $212.5 million under a new term loan facility, which was used to repay the existing term loan, fund the acquisition of FRPD, and repay amounts outstanding under the Company's revolving credit facility.
During the fourth quarter of 2025, the Company announced the award of multiple projects and agreements totaling approximately $1.2 billion, spanning major industrial capital investment projects and a series of significant new and renewed multi-year MSA contracts with both new and existing clients. The awards included: a new five-year recurring revenue MSA for complex critical scope mechanical services with a major long-standing Oil and Gas client; multiple MSA extensions and new awards, including a two-year extension to a significant existing electrical services agreement, a three-year renewal with scope expansion with an existing customer, a three-year renewal for mechanical maintenance, turnarounds, and projects with a long-term client, and a new three-year mechanical services MSA; through the Company's 2Nations Bird partnership, fabrication, delivery, ...
