Mr. Teri McKibbon reports

BIRD INCREASES MONTHLY DIVIDEND 30.2% ON OUTLOOK FOR 2024 REVENUE AND EARNINGS GROWTH AND MARGIN EXPANSION

Bird Construction Inc. has approved a 13-cent or 30.2-per-cent increase in its dividend effective for the March 29, 2024, dividend, payable on April 19, 2024. The dividend increase follows the board's approval of the 2024 annual business plan, which anticipates continued accretion in earnings per share and EBITDA (earnings before interest, taxes, depreciation and amortization) through 2024.

The increased monthly dividend will be 4.67 cents per share, corresponding to an annual dividend rate of 56 cents per share.

"The dividend increase approved by the board reflects the company's outlook for significant further improvements in earnings and cash flow in 2024 over 2023. Based on the margins embedded in the company's current record combined backlog, and the significant volume of attractive opportunities being pursued, stronger performance is expected throughout the coming year, with seasonal patterns favouring the second half of the year as usual," commented Teri McKibbon, president and chief executive officer of Bird. "The expected improvements in financial performance will support both the increased dividend while allowing the company to retain in excess of two-thirds of net income to support continued growth beyond 2024."

Bird remains focused on balancing investment in profitable long-term growth with sustainable distributions to shareholders. The company remains committed to a balanced approach to capital allocation, including our tuck-in mergers and acquisitions strategy, which is essential to facilitate continued business growth with increasing profitability, and to maximize total shareholder returns over the long term. The company maintains a healthy balance sheet, with low levels of debt outstanding, and ample liquidity to support strategic growth initiatives. Bird further strengthened its liquidity position through the renewal of its three-year credit agreement with favourable terms, effective Dec. 1, 2023, which included the expansion of its revolving credit facility to $250-million from $220-million, and expanded access to letters of credit. Together with the company's robust cash flow profile, Bird has a solid foundation for continued success and growth.

About Bird Construction Inc.

Bird is a leading Canadian construction company operating from coast-to-coast and servicing all of Canada's major markets. Bird provides a comprehensive range of construction services from new construction for industrial, infrastructure and buildings markets to industrial maintenance, repair and operations services, heavy civil construction, and mine support services, as well as vertical infrastructure, including electrical, mechanical and specialty trades. For over 100 years, Bird 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.