Bird Announces 2025 Second Quarter Results; Delivers Strong Margin Accretion and Record Backlog
MISSISSAUGA, Ontario, Aug. 13, 2025 (GLOBE NEWSWIRE) -- "Bird continues to execute on its 2025-2027 Strategic Plan, focusing on sectors that have long-term demand drivers, and maintaining a risk balanced and highly collaborative work program that will drive growth and continued margin accretion. Even though the Company's second quarter was impacted by temporary project delays as our clients adapted to rapidly changing market conditions, these same clients awarded us additional scopes and work packages, giving us confidence that the work programs will proceed in the future once there is greater clarity on cost and economic conditions," stated Teri McKibbon, President and CEO of Bird Construction. "While Bird's third quarter is expected to be impacted by similar delays, the Company is well positioned to capitalize on our record $4.6 billion Backlog once near-term market uncertainty resolves. Based on the strength of our record combined backlog with accretive embedded margins, and the sheer scale of opportunities in front of us, our 2027 Strategic Plan targets remain solidly intact."
FINANCIAL HIGHLIGHTS
In the second quarter, Bird continued to enhance its margin profile compared to the prior year, increasing Gross Profit Percentage to 10.6% from 8.6%, and Adjusted EBITDA Margin to 6.5% from 5.3%. Pragmatic decisions by a number of clients to delay specific work programs or postpone the start of specific projects, driven by ongoing economic uncertainty had a negative impact on areas of Bird's business in the quarter, resulting in revenue being slightly below amounts reported last year. Despite some work programs being delayed in the quarter due to the uncertainty, demand remained robust with Bird securing almost $1.2 billion of additional work across its businesses, including additional awards related to the delayed work programs, increasing the Company's record backlog to $4.6 billion. Bird's combined backlog of contracted and awarded work remains risk-balanced and highly collaborative in nature, providing good visibility into future growth and continued margin accretion. The Company's healthy balance sheet continues to provide flexibility for Bird to support its growth strategy through capital investment to support future work programs and the ability to pursue attractive M&A opportunities that may arise in the current active market.
Second Quarter 2025 compared to Second Quarter 2024
Construction revenue of $850.8 million was earned in Q2 2025 compared to $873.5 million earned in the prior year quarter, representing a 2.6% decrease year-over-year.
Net income and earnings per share were $20.3 million and $0.37 in Q2 2025, compared to $21.4 million and $0.40 in Q2 2024.
Adjusted Earnings1 and Adjusted Earnings Per Share were $27.6 million and $0.50 in Q2 2025, compared to $23.4 million and $0.43 in Q2 2024, representing increases of 18% and 15%, respectively.
Adjusted EBITDA1 of $54.9 million, or 6.5% of revenues in Q2 2025, compared to $46.6 million, or 5.3% of revenues in Q2 2024, representing an increase of 18%.
____________________1 Adjusted Earnings and Adjusted EBITDA are non-GAAP financial measures. See "Terminology and Non-GAAP & Other Financial Measures."
Year-to-Date 2025 compared to Year-to-Date 2024
Construction revenue of $1,568.3 million was earned in the first six months of 2025, compared to $1,561.7 million earned in 2024.
Net income and earnings per share for the first half of 2025 were $29.7 million and $0.54, compared to $31.4 million and $0.58 in 2024.
Adjusted Earnings2 and Adjusted Earnings Per Share2 were $40.5 million and $0.73 year-to-date in 2025, compared to $34.7 million and $0.64 in the prior year, representing increases of 17% and 13%, respectively.
Adjusted EBITDA2 for the first six months of 2025 was $89.0 million, or 5.7% of revenues, compared to $70.7 million, or 4.5% of revenues in 2024, representing an increase of 26%.
____________________2 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 endedJune 30,
Six months endedJune 30,
2025
2024
2025
2024
Construction revenue
$
850,772
$
873,541
$
1,568,325
$
1,561,741
Net income
20,275
21,399
29,663
31,383
Basic and diluted earnings per share
0.37
0.40
0.54
0.58
Adjusted Earnings Per Share
0.50
0.43
0.73
0.64
Adjusted EBITDA1
54,908
46,562
88,992
70,746
Cash flows from operations before changes in non-cash working capital
$
54,483
$
47,477
$
92,833
$
78,665
(1) Adjusted EBITDA is a non-GAAP financial measure. See "Terminology and Non-GAAP & Other Financial Measures."
HIGHLIGHTS
Bird continued to improve its margin profiles in the second quarter of 2025 compared to the prior year, with Gross Profit Percentage increasing to 10.6% compared to 8.6%, and Adjusted EBITDA Margin increasing to 6.5% from 5.3%.
The Company added almost $1.2 billion in securements to its record Backlog of contracted work in the second quarter, including new awards and conversions of Pending Backlog, significantly exceeding work executed and increasing the balance to $4.6 billion at quarter end. On a year-to-date basis, securements totalled $2.5 billion, almost $1.0 billion higher than securements in the prior year. Bird's Pending Backlog of work awarded but not yet contracted was $3.8 billion at quarter-end and continues to include over $800 million of master service agreement ("MSA") and other recurring revenue to be earned over the next five years.
Operational cash flow generation remained strong in the second quarter, generating $54.5 million before investments in non-cash working capital, a 14.8% increase over the second quarter of 2024. Seasonal investments in non-cash working capital, driven by the ramp up of the Company's work programs and increasing self-perform work, are expected to unwind over the second half of 2025 as experienced in prior years.
The Company's liquidity position remains strong at June 30, 2025, with $142.6 million of cash and cash equivalents, and an additional $231.7 million available under the Company's Syndicated Credit Facility, to support ongoing investments in growth-related working capital, project-driven capital expenditures, and potential acquisitions to further diversify service offerings and self-perform capabilities.
During the second quarter of 2025, the Company announced that it was awarded the following projects and contracts:
Bird was awarded five projects with a combined value exceeding $650 million across its infrastructure, industrial and buildings businesses. These projects include an award with Defence Construction Canada to design and construct 200 new residential housing units in Ontario, an award for the multi-phase expansion and renovation of a long-term care facility in British Columbia, additional project awards with Ontario Power Generation supporting ongoing nuclear operations, expanded scope on Dow's Path2Zero project in Alberta, and a contract extension for early site development on the Woodfibre LNG project in British Columbia.
Bird was awarded three projects with a combined value of over $525 million across its buildings and infrastructure businesses. The projects include the delivery of the Transportation Safety and Technology Science (TSTS) Hub in Ottawa, Ontario, the Beverly Heights Seniors Housing project in Edmonton, Alberta, and a 4-year program to upgrade mining infrastructure with an existing client.
The Board has declared eligible dividends of $0.07 per common share for each of August 2025, September 2025 and October 2025.
CONFERENCE CALL AND WEBCAST
Bird will host an investor webcast to discuss the quarterly results on Thursday, August 14, 2025 at 10:00 a.m. ET, to discuss the Company's results. Analysts and investors may connect to the webcast at https://edge.media-server.com/mmc/p/pjpp886i. Participants are invited to register for expedited access to the conference call: Registration Link. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Attendees are asked to be on the line 10 minutes prior to the start of the call. The presentation can also be found on our website at https://www.bird.ca/investors.
The Company's Financial Statements and Management's Discussion & Analysis ("MD&A") will be filed and available on the System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.ca and on the Company's website at www.bird.ca.
TERMINOLOGY AND NON-GAAP & OTHER FINANCIAL MEASURES
Throughout this News Release, certain terminology and financial measures are used that do not have standard meanings under IFRS and are considered ...
