Mr. Jean-Louis Servranckx reports

AECON CONSORTIUM REACHES FINANCIAL CLOSE ON THE YONGE NORTH SUBWAY EXTENSION ADVANCE TUNNEL PROJECT IN ONTARIO

North End Connectors, a consortium in which an Aecon Group Inc. holds a 33.3-per-cent interest, has reached the financial close with Infrastructure Ontario and Metrolinx on the Yonge North subway extension advance tunnel project in Ontario. The contract is valued at $1.4-billion and Aecon's $477-million share of the contract will be added to its construction segment backlog in the third quarter of 2025. Aecon previously disclosed this addition to backlog in its second quarter 2025 financial results, released on July 31, 2025.

North End Connectors, comprising Aecon, FCC Construccion and Ghella, will design and construct an approximately 6.3-kilometre tunnelled segment, launch and extraction shafts, and headwalls for emergency exit buildings and stations. The scope of work also includes the supply of tunnel boring machines, the installation of tunnel liners and other supporting activities. The project will extend the TTC's Line 1 subway service approximately eight kilometres from the existing terminus at Finch Station in Toronto to York region, serving communities in Markham, Vaughan and Richmond Hill.

"This transformative subway extension will improve access to transit for local residents, reduce travel times, support economic growth and help to meet the needs of growing populations along the alignment," said Jean-Louis Servranckx, president and chief executive officer, Aecon Group.

"Together with our partners, we look forward to bringing our expertise in safely and successfully delivering major transit tunnelling projects to connect communities in the Greater Toronto Area while working collaboratively with Infrastructure Ontario and Metrolinx," said Thomas Clochard, executive vice-president, civil and nuclear, Aecon Group.

Further information about the project is available on the Infrastructure Ontario and Metrolinx websites.

About Aecon Group Inc.

Aecon is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private- and public-sector clients through its construction segment in the civil, urban transportation, nuclear, utility and industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its concessions segment.

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