Mr. Teri McKibbon reports

BIRD CONSTRUCTION INC. ANNOUNCES 2023 FIRST QUARTER FINANCIAL RESULTS

"Bird [Construction Inc.]'s first quarter results reflect a return to normal seasonal patterns and were consistent with management's expectations, setting the stage for significant growth in earnings per share and adjusted [earnings before interest, taxes, depreciation and amortization] for full-year 2023. Combined backlog reached a new record with favourable embedded margins, and the company added new specialized self-perform capabilities through the acquisition of Trinity Communications Ltd. in February, expanding Bird's capabilities in the utilities market," stated Teri McKibbon, president and chief executive officer of Bird Construction. "Our One Bird team remains committed to delivering innovative and sustainable solutions to our clients across the country and multiple industries while maintaining the highest standards for safety and client satisfaction."

Financial highlights

Continuing the company's momentum from the end of 2022, Bird Construction achieved a significant increase in construction revenue for the first quarter of 2023, with healthy seasonal margins reflecting strong execution across work programs. At the same time, Bird Construction grew its backlog and pending backlog to record combined levels, including recurring revenue awards now exceeding $1.1-billion. The company's growth continues to be driven by a diversified and risk-balanced business model with expanding cross-selling opportunities across its diversified service offerings, and robust, accretive performance from recent acquisitions. Bird Construction generates the vast majority of revenues from lower-risk contract types, and has limited exposure to lump sum turnkey projects and minimal work in residential construction markets.

During the quarter, Bird Construction acquired Trinity Communications Ltd., an Ontario-based diversified telecommunications and utility infrastructure contractor with specialized self-perform capabilities that can be leveraged and expanded across the company's sizable national client base. The acquisition exemplifies Bird Construction's approach to accretive tuck-in acquisitions and the benefits of the company's strong financial position and disciplined capital allocation strategy.

First quarter 2023 compared with first quarter 2022:

• Construction revenue of $536.5-million compared with $475.5-million, representing a 12.8-per-cent increase year over year;
• Net income and earnings per share were $5.1-million and 10 cents, respectively, compared with $6.4-million and 12 cents in Q1 2022;
• Adjusted earnings (1) and adjusted earnings per share (1) were $5.3-million and 10 cents, respectively, compared with $6.5-million and 12 cents in Q1 2022;
• Adjusted EBITDA (1) of $16.1-million, or 3.0 per cent of revenues, compared with $17.8-million, or 3.8 per cent of revenues, in Q1 2022.

(1) This news release contains terminology and financial measures that do not have standard meanings under international financial reporting standards and may not be comparable with similar measures presented by other companies.

Conference call and webcast

Bird Construction will host an investor webcast to discuss the quarterly results on Wednesday, May 10, 2023, at 10 a.m. ET, to discuss the company's results. Analysts and investors may connect to the webcast. They may also dial 1-855-328-1925 for audio only or to enter the question queue. Attendees are asked to be on the line 10 minutes prior to the start of the call. The presentation can also be found on the company's website.

The company's financial statements and management's discussion and analysis will be filed and available on SEDAR and on the company's website.

About Bird Construction Inc.

Bird Construction (Toronto Stock Exchange: BDT) is a leading Canadian construction company operating from coast to coast and servicing all of Canada's major markets. Bird Construction provides a comprehensive range of construction services from new construction for industrial, commercial, and institutional and civil infrastructure markets; to industrial maintenance, repair and operations services, heavy civil construction, and mine support services; and vertical infrastructure, including: electrical, mechanical and specialty trades. For over 100 years, Bird Construction has been a people-focused company with an unwavering commitment to safety and a high level of service that provides long-term value for all stakeholders.

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