Operator: Good day, and thank you for standing by. Welcome to the Bird Construction Second Quarter Conference Call and Webcast. We will begin with Terrance Lloyd McKibbon, President and Chief Executive Officer's presentation. Which will be followed by a question and answer session. You will then hear an automated message advising your hand is raised. Please be advised that today's conference is being recorded. And at this time, Before commencing with the conference call, the company reminds those present that certain statements which are made express management's expectations or estimates of future performance. And thereby constitute forward-looking information. Forward-looking information is necessarily based on a number of estimates and assumptions that while considered reasonable by management, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Management's formal comments and responses to any questions you might ask may include forward-looking information. Therefore, the company cautions today's participants that such forward-looking information involves known and unknown risks, uncertainties, and other factors that may cause the actual financial results, performance, or achievements of the company to be materially different from the company's estimated future results, performance or achievements expressed or implied by the forward-looking information Forward-looking information does not guarantee future performance. The company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, events, or otherwise. In addition, the presentation today includes references to a number of financial measures, which do not have standardized meanings under IFRS and may not be comparable with similar measures presented by other companies, and are therefore considered non GAAP measures. I would like to turn the call over to Terrance Lloyd McKibbon, President and CEO of Bird Construction.

Terrance Lloyd McKibbon: Good morning, everyone, and thank you for joining Bird Second Quarter 26 Conference Call. With me today is Wayne R. Gingrich, Bird's Chief Financial Officer. Bird delivered a strong second quarter converting a strong bid pipeline into backlog growth. Revenue growth, margin improvement, cash generation under our 2027 strategic plan. Revenue exceeded $1 billion for the first time in our history. Adjusted EBITDA margin expanded to 7.1% and backlog and pending backlog achieved record or near record levels. The significance of the quarter is not only the scale of the growth, but the fact that revenue EBITDA margin, backlog, and cash flow are all improving together. Our work program is distributed across multiple sectors and regions, supported by Bird's self-perform depth, labor access, technical expertise, and natural national reach, These attributes are central to how we are differentiated and reinforce Bird's position as a specialty contractor with national scale. Bird combines specialized execution capability with broad access across industrial buildings and infrastructure. This gives us resilience today in multiple paths to capture the long term growth opportunities across strategic end markets. A significant share of our work is tied to longer duration investments, recurring revenue streams, and collaborative project delivery models, improving visibility into future performance. Bird recorded revenue of $1 billion in the second quarter, up almost 23% year over year. More than 80% of the year over year growth was organic with all businesses contributing to the growth as work programs ramped up as expected during the second quarter. Infrastructure also benefited from contributions from FRPD which was acquired in October 2025. Revenue growth flowed through to improved earnings with the second quarter adjusted EBITDA margin expanding to 7.1%. Margin improvement in the quarter reflected better project mix, continued execution discipline and the operating leverage from investments we have made in people, systems, and capabilities. The first half of 26 gives us a solid base for the remainder of the year, with record backlog top line growth, and improving margin providing further line of sight towards the 2027 targets Backlog continues to provide line of sight to future revenue and margin growth. During the second quarter, securements totaled almost $1.8 billion and exceeded work executed by $707 million Contracted backlog increased to $6.1 billion at quarter end up 30.6% from a year ago. Pending backlog increased to $6 billion up 57.5% from a year ago. Combined backlog of approximately $12 billion continues to reflect a high proportion of collaborative contract structures with a favorable margin profile compared with a year ago. It also includes more than $1.4 billion of MSA and other recurring revenue expected to be earned over the next 4 years. These programs support workforce continuity, and more predictable cash flow alongside the balance of our projects. Backlog quality is as important as backlog size. Our combined backlog includes over 80% and collaborative contract structures, recurring revenue programs and work in high demand sectors where Bird can apply its technical expertise, and self-perform capabilities. This improves line of sight to future revenue while supporting the margin and cash flow profile we are targeting under the 2027 plan. We continue to be selective in the work we pursue with a focus on scope. Partners, and contract structures that support margin, cash flow, and risk objectives. Bird is not simply exposed to attractive margins, markets. We have intentionally built a platform where work is distributed across end markets, geographies, customers, programs, and funding sources. This reduces reliance on any single end market or region while positioning Bird to participate across Canada's priority investment themes. What stands out is the depth of opportunities ahead. Each of our targeting markets offers substantial long term demand that is aligned with our capabilities, creating multiple pathways for future growth beyond the current plan period. Over the past few years, Bird has expanded our labor platform capabilities and delivery capacity needed to support a larger, more diversified work program. This has strengthened Bird's position as a specialty contractor with national scale. Pairing self-perform execution and the broader market access of an integrated contractor. Few firms can provide this combination of scale, and our continued securements reflect the value clients place on this operating model. In industrial, Bird's opportunity set is aligned with investment across oil, gas, and LNG, chemicals, and power, including renewables and nuclear. Buildings, Bird is organized around data centers, defense, Arctic, and remote and social infrastructure. In infrastructure, Bird's target end markets include mining, critical minerals, transportation infrastructure, utilities, transmission, and distribution. Subsequent to quarter end, we announced approximately $1 billion of project awards across project awards and agreements across nuclear, civil, marine, and mine infrastructure. Industrial facilities, industrial maintenance, and buildings. The diversity of these awards reinforces the distributed load across broad end markets and shows how our teams continue to win work in areas where client investment remains active. The load is distributed today. The opportunity is distributed ahead. And Bird is built for both. Turning to execution, our major work programs progressed as expected during the quarter. Large capital investment projects are an important point of our strategy. Projects highlighted here demonstrate how Bird creates value, earlier in the project life cycle through early contractor involvement and then expands its role as work moves into execution through our self-perform capabilities. This strengthens client relationships, creates opportunities, expand scope, and improves line of sight to future revenue. These projects are also important from a risk management perspective. Early involvement gives Bird insight into future scope constructability, sequencing, and resource requirements before execution ramps up, which supports better outcomes and more disciplined participation in complex work. We remain confident in our progress against our 2027 strategic plan including our target of an 8% adjusted EBITDA margin. Second quarter demonstrated progress with revenue increasing 22.6% year over year and trailing 12-month adjusted EBITDA margin reaching 6.7%, up from 6.5% in the prior period. The path toward our 8% adjusted EBITDA margin target is supported by drivers already embedded in the business today. Margins have moved higher over recent quarters as the business benefits from improving buildings performance infrastructure growth, and increased self perform participation operating leverage, and the return of industrial work programs to fuller utilization. These improvements reflect the same priorities we have been executing against. Disciplined project selection, higher quality backlog, greater exposure to higher margin sectors. 1 Bird collaboration and continued investment in data driven operational intelligence. Together these drivers support further margin expansion and strengthen our visibility into future earnings and cash flow. All 3 businesses are focused on margin expansion, but I will highlight buildings. Margins have improved steadily, supported by our strategic market sectors, and continued cross selling across Bird, which helps increase self-perform content and retain more margin within the business. Buildings is a much different business today and is an important source of 1 Bird opportunities. Our primary commitment remains execution of the 2027 plan However, as we begin the 2028 to 2030 strategic planning process, we are the work we are winning, the partnerships we are forming, and the sectors we are pursuing give us greater visibility to Bird's growth runway beyond 2027. With that, I will pass it over to Wayne to discuss the quarter's results in more detail.

Wayne R. Gingrich: Thanks, Terry, and good morning, everyone. Revenue was $1.043 billion in the quarter, up 22.6% year-over-year. More than 80% of the year over year growth was organic, led by continued strength in buildings, with all 3 businesses contributing to organic growth in the quarter. Infrastructure also benefited from the contribution of FRPD acquired in October 2025. Revenue growth accelerated faster than originally expected, supported by seasonal activity in buildings and the ramp up of industrial work programs that had been delayed through much of 2025 and into early 26. As these programs return to their fuller capacity, we expect them to contribute more meaningfully to second half revenue. Gross profit increased to $109.8 million and gross profit percentage was 10.5%. The margin reflects disciplined project selection, improving project mix and increasing self-perform participation across the business. With further support expected as industrial programs return to full capacity through the second half. Together, these elements reinforce the margin progression embedded in Bird's specialty contractor positioning. Adjusted EBITDA increased 34.6% to $73.9 million, and adjusted EBITDA margin expanded to 7.1% up 60-basis points from the prior year. We also realized operating leverage in the business with G&A declining to 5.4% of revenue compared to 6.4% in the prior year period. Adjusted earnings increased 40% to $38.6 million or $0.70 per share Net income was $30.3 million or $0.55 per share. As noted in our disclosure, net income includes non cash warrant related impacts from a strategic customer arrangement as well as a non cash expense related to shares issued to another strategic partner. Finally, cash flows from operating activities were $58.4 million in the quarter, an improvement of $133.8 million compared with the prior year period. Through the first 6 months of 2026, revenue increased 16.5% to $1.83 billion and adjusted EBITDA increased 24.8% to $111 million with margin improving to 6.1%. Net income increased 40.5% to $41.7 million Adjusted earnings increased 29.8% to $52.5 million and cash flows from operating activities improved by $188.8 million year-over-year to $64.5 million These results demonstrate continued progress toward Bird's 2027. Targets. Cash generation and financial flexibility continue to be important strengths for Bird. Our performance through the first half of 26 shows how the financial profile of the business is maturing alongside the operating platform. On a trailing 12-month basis, Bird generated $262 million in free cash flow or $4.73 of free cash flow per share. These metrics demonstrate the business' ability to convert earnings into cash, and support a larger work program. Ended the quarter with substantial liquidity, including $264.3 million cash and $446.5 million available under our syndicated credit facility. During the quarter, Bird achieved an important milestone by achieving an investment-grade triple-B low rating from DBRS and the completion of our inaugural $250 million senior unsecured notes offering. Together with the amended credit facility, these actions do more than diversify our funding source They strengthen Bird's financial position with clients, partners, lenders, and surety providers reflecting how far the business has progressed in recent years. They also provide Bird with direct access to the debt capital market as needed in the future supporting our ability to pursue and execute our growing work program without compromising balance sheet discipline. Additional capacity was added to support growth while preserving a conservative balance sheet. Adjusted net debt to TTM adjusted EBITDA was 0.96x. The current ratio was 1.32x. These metrics reflect financial flexibility to execute a record work program support growth, and pursue selective strategic opportunities while maintaining balance sheet strength. Combined with our investment grade credit rating, inaugural senior notes offering, expanded credit facilities, Bird enters the second half of 26 with broader access to capital, substantial liquidity, and the flexibility to support working capital needs, equipment needs, and selective growth opportunities. Our capital allocation approach remains focused and disciplined as demonstrated by how we have deployed capital since 2022 across the priorities that support Bird's strategy. We continue to allocate capital to equipment, technology, and productivity initiatives, that improve project execution and support margin growth while providing direct returns to shareholders through our dividend and preserving flexibility. Strategic M&A remains selective, and aligned with opportunities that expand self-perform capability, deepen technical expertise, or broaden our geographic and service offering. FRPD is a good example of the type of acquisition that strengthens Bird's ability to deliver complex infrastructure work. Overall, our capital allocation approach is consistent with Bird's broader strategy. Deploying capital where it strengthens execution, expands capability, supports margin progression, and generate cash flow while preserving financial discipline, and creating long term value for shareholders. With that, I will turn the call back to Terry.

Terrance Lloyd McKibbon: Thanks, Wayne. Looking ahead, we are focused on converting backlog executing our current work program and progressing towards our 2027 targets. And $12 billion of combined backlog provides strong revenue visibility supported by a distributed mix of sectors, regions, collaborative delivery models, recurring revenue, and strategic partnerships. We expect revenue growth to continue through the balance of the year with full year growth that may exceed 20% compared with 2025. We also expect further adjusted EBITDA margin accretion as our industrial program returns to full capacity in the second half moving us closer to our 8% margin target in 2027. The second quarter reinforced the key elements of our plan. A distributed work program, broad based demand, higher quality backlog, improving margins, cash generation, and a balance sheet that supports continued growth. It also reinforces Bird's specialty contractor positioning where scale, self-perform capability, labor access, and technical execution provide further opportunity for margin progression. Together these factors strengthen our confidence in the 2027 plan and provide stronger foundation for the next phase of Bird's growth. With that, I will turn the call back to the operator to open the line for questions.

Operator: We will now begin the question and answer session. As a reminder, analysts who wish to ask a question may press Our first question comes from Chris Murray of ATB Core Mark Capital Markets.

Chris Murray: Yes. Thanks, folks. Good morning. I guess, Terry, going back to your discussion around potential to see revenue growth this year, 1 of the questions I think we have got is just your confidence in the industrial business. You go back a couple of years ago, I think it came in as a bit of a surprise when the industrial business that work, you know, went away, if you will, for a bit and caused the dislocation. I am just wondering, your confidence level is in the timing of those projects. I know there is a lot of demand right now. A lot of the energy space just for production. So what are your thoughts around kind of your comfort level with execution over the next couple of quarters would be great.

Terrance Lloyd McKibbon: Yeah. So I think when you think about what our industrial business, you know, obviously constructs You know, we have got some strong demand continuing to evolve on the chemical side. Obviously, we got a large project underway up at Sherwood Park. Or Fort Saskatchewan that is, you know, is scaling up, and we have got a large assignment there. We have got oil loading facilities that we are building. So, you know, when you think about, you know, oil specifically, some strength. If you look at our maintenance business, we have some significant turnarounds that are planned now for Q3 and Q4. So that is certainly a strong sense of strong level of confidence you know, in the overall business. And then you start looking at some of the other sectors You know, we have got renewable work underway. And then ultimately continue to see continued growth on the nuclear side. So if you if you think of our industrial business, you know, it is certainly lots of lots of strength in the current load that we have, and there is probably other areas that I am not thinking of right now. And then longer term, you know, we certainly are seeing the confidence returning to, you know, future oil production and future LNG production. So that takes us, you know, certainly you know, into the longer cycle and then ultimately, lots of confidence in nuclear as well.

Chris Murray: Okay. And then my other question is just looking at where the backlog has already come to, which is pretty impressive. But can you talk a little bit I mean, there is some discussion around the fact that the government in September is going to hold a conference, maybe talk a lot about additional infrastructure Can you just talk about your outlook on some of these larger programs, be that Northern Defense or even some of the AI stuff and the and the data center stuff. And just trying to get a sense of, you know, even where the backlog's gone, what is still out there in the pipeline that you think is realistic to be able to book as you go into later 2026-2027? I guess with a view to, you know, how you think 2028 through 2030 could evolve, I know it is still early days, but you know, any view on that would be helpful.

Terrance Lloyd McKibbon: Yeah. I think, you know, you have hit on certainly from our lens, it is it is really exciting. I think if you think of the 3 divisions that we have, you know, with industrial buildings and infrastructure and you think about where how those businesses fit, You know, we sort of think about it as a 10 cylinder engine and we have a, you know, what I refer to as a distributed load across, you know, those 10 sectors right now. it is pretty exciting because you would not typically have all cylinders firing, you know, at any time, but it is certainly feels that way right now. And expect that is going to continue We start to look at the larger you know, larger scale initiatives that are more in the longer term. You know, I think it is gonna take a few years, but certainly confidence in oil production. I think the LNG, you know, confidence that will continue to evolve. You know, in those areas. Nuclear is a pretty exciting area for the future. In the types of, you know, capabilities that we have developed. So that is on the on the industrial side. And you go into know, on the on the building side, our defense program. The defense program is just daunting the number of projects that are going through procurement right now. We have not seen a sector that has this kind of demand, I do not think, in our history. Wayne, go back to the oil booms, you know, in the 15, 20 years ago, but that sector has a lot of a lot of tailwinds behind it. And then, you know, you sort of look at on the data center evolving. Like, Canada is in the early stages, you know, of a data center build And the inbounds that we have, you know, in our organization today from numerous clients is high, but we are we are obviously very focused on our partnership with Bell. And that program continues to mature. We have had a great start out in Regina on their 100 megawatt facility, and that is certainly evolving at a pace that even we did not expect. So, yeah, lots of excitement. And then on the infrastructure side with the dynamics of the transportation side, you know, certainly the marine transportation ports, you know, that whole dynamic. has a lot of tailwinds and many of areas for growth, the timing of our FRPD acquisition was impeccable, you know, considering all the opportunities we are opening up now. And but longer term, certainly some strength there, obviously, the overall infrastructure that is needed. We are we are utilizing our infrastructure business As we move forward now, you know, on-site developments for things like data centers, site developments for defense. So it is a big integrated business now, and certainly has all the makings of, you know, an investment community of what you would refer to as a specialty contractor. And we are excited about that. Thanks. I will pass along.

Operator: Our next question comes from Krista Friesen with CIBC.

Krista Friesen: Hi, thanks for taking my question and congrats on the quarter here. Wayne just thinking about the margins, obviously, good margins in the quarter, seeing good year over year improvement despite the fact you called out just some mix there with buildings being a little bit greater. Anything that we should be considering or keeping in mind on the mix front as we look out at the back half of the year?

Wayne R. Gingrich: Yeah. I can take that 1. So buildings has had a very strong start to the year for us, and the sectors that the buildings team is focused on are moving them in into higher margin complex work as well, and that is certainly driving strength in our margins. As we look into the second half, I think what you are going to see is our industrial work program really ramp up. We started to see that here in late Q2, but we will we will get a full quarter's benefit of in Q3 and another 1 in Q4 and going into early 27 as well. As the work programs we kinda called out in 2025. Return to the levels that we expect them to be at. And then as well, infrastructure is gonna contribute meaningfully to the second half as well. So we see good strength there, not only on the revenue growth side, but also on the on the margin strength side too.

Krista Friesen: Okay. that is great. that is really helpful. Then I was also just wondering if you can maybe give us a little bit of an update on your partnership with the Martin Falls First Nations group in the Ring Of Fire and kind of the work that you are seeing there and when you would expect that to start to meaningfully contribute to your earnings? Thank you.

Terrance Lloyd McKibbon: So the first phase of that partnership was the work in the community, and that work continues to evolve and that is, you know, the anticipated plan for the balance of 2026. Obviously, lots of motivation to get know, future work underway to be able to access you know, the large opportunity with the various mines that are in the ring of fire, and, obviously, we are know, certainly anticipating that we will be well into that potentially in 2027, but early days. there is, you know, lots of work to do on design and permitting and things like that all needs to be done in advance of that activity. But the feeling is we have a fair amount of work to build you know, related to the community of Martin Falls and some of the infrastructure that is needed longer term. So we are focused on that currently. Thanks. I appreciate the comments, sir, and I will jump back in the queue.

Operator: Thank you. Our next question comes from Michael Tupholme with TD Cowen.

Michael Tupholme: Thank you. Good morning. Good morning, Michael. Good morning.

Terrance Lloyd McKibbon: Wayne just to pick up on that last question there about Martin Falls. So appreciate what you just said there, Terry, about how the work program kind of looks in 2026 and then maybe building into 2027. How do we think about the addition to backlog from that opportunity? Is that when do you think we start to see some contributions come in from the Yeah.

Wayne R. Gingrich: I think early days, but, you know, I would be you know, I would think of it as evolving in 2027. Like, there is still some uncertainty around you know, timing and permitting and things like that. So it is lots of work going on, but I would say it is early days on be able to put a pin on exactly when we would see that evolving.

Terrance Lloyd McKibbon: But we are very focused on all the community infrastructure right now. So Okay.

Michael Tupholme: Makes sense. With respect to the data center work in Saskatchewan, just got going in the quarter, and it is, you know, a fairly tight compressed schedule in terms of, you know, executing all of this work. So how do we think about the step up from that opportunity in Q3 versus Q2? And then just sort of how we think about that as we look out a little bit here, the contribution from that. Just trying to get a sense for that.

Terrance Lloyd McKibbon: Yeah. So the work at with Bell and in Regina, yeah, certainly was a contributor in Q2, but it was only, you know, 1, you know, mid quarter and was ramping up through the quarter. But coming into Q3 here, we have a lot of momentum on that site. We have a lot of people mobilized, and we are making great progress. So, you know, we think that is gonna be a strong contributor in both Q3 and Q4 and Q1 and Q2.

Wayne R. Gingrich: I think you are about 50% of the labor loading right now. Just to give you a sense.

Terrance Lloyd McKibbon: So I do not think we will hit our 100% targets until Q4, but yeah. Give you a sense of the evolution.

Michael Tupholme: Okay. that is helpful. Just on the margins, looking at the commentary in the outlook, was not totally sure how to interpret what you are trying to get out here with the margins. I mean, it is clear you still have your 8% target the strategic plan target for 2027. You talk about expecting further progress in the margins in as we move through 2026, which is not surprising. Can you talk about moving closer to the 2027 strategic plan target of 8%. Are you trying to suggest here that we could see you deliver something in and around that 8% level in 2026, or is this just a comment that there is gonna be as you try to build toward that for 2027?

Wayne R. Gingrich: Yeah. I think the latter, Mike. there is going to be progression as we build towards the 8% in 2027. You know, we are on a TTM basis for 6.7%, you know, here right now. We expect that to continue to improve as we go through Q3, the TTM is going to increase. And as you go through Q4, TTM could increase again. And expect that trend to continue throughout 2027 as we get to 8% for the year in 2027. Okay. So the fair to say that the prior or previously communicated outlook around margins where you expect to get to in the progression, like your essentially reiterating that there is not really a Yes.

Michael Tupholme: Sure.

Wayne R. Gingrich: A that is exactly right. We are we are we are confirming what is already been kind of said out there, but know, we are indicating stronger growth in 2026. Than maybe was previously expected, and certainly that is building on the strength of Q2. But also strength in Q3 and in Q4 and you know, I think when you think about the how Q3 and Q4 balance, like, think both of those quarters are gonna be, you know, pretty equal and both be very strong. In the second half where usually maybe you might see more strength in Q3 because some of the seasonality in Q4, I think you are gonna see both be very strong.

Michael Tupholme: Okay. that is perfect. Sorry. Just to clarify that last point there. Like, equal meaning in absolute dollar terms, not a lot of difference. Between the 2. that is right. In terms of the revenue split between Q3 and Q4?

Wayne R. Gingrich: I think they will be pretty close to each other in dollar value. Okay.

Michael Tupholme: Perfect. I will leave it there and turn it over. Thank you. Okay. Thanks.

Operator: As a reminder, if you would like to ask a question at this time, please press 11 on your touch tone phone. Our next question comes from Ian Brooks Gillies with Stifel.

Ian Brooks Gillies: Good morning, everyone. Morning. The term specialty contractors come up a few times on the conference call. If you look at some of the specialty contractors in North America, many of their EBITDA margins are anywhere from 10% to 15%. So given how you are talking about Bird in that manner, would it be fair to assume that would be a good aspirational goal over some undefined period?

Terrance Lloyd McKibbon: Yes. that is helpful.

Ian Brooks Gillies: And then and then the next 1, I guess, for me is the stock's obviously done very well. And alongside that valuation expansion, Does that embolden you? Or do you feel like you are much better positioned to do larger deals now Or is there stuff out there of that size? It just seems like you are in a much better place, obviously, than you were a couple years ago.

Terrance Lloyd McKibbon: I think so, Ian. I think, you know, each time we have this strength, the balance sheet that we have, momentum we have, you know, puts you in a in a different position for sure. Okay.

Ian Brooks Gillies: And then last 1 for me. it is become less material, over time, but on the dividend, can you just remind us whether the target is set off of your new definition of adjusted EPS or GAAP EPS that obviously is going to affect the outcome and how we may think about dividend growth moving ahead.

Wayne R. Gingrich: Yes, no, it is a good point to clarify. So when we rolled out our strategic plan at the Investor Day, I think October 2024. We talked about a 33% payout ratio of gap net income being the targets, and, of course, it is it is never that clean in any given year. But, you know, over kind of the strategic plan period, that is certainly the target payout ratio. But it is it is on GAAP net income.

Ian Brooks Gillies: Okay. Thanks very much. I will turn the call back over.

Operator: This concludes the question and answer session. Will hand the call back over to Mr. McKibbon for closing remarks.

Terrance Lloyd McKibbon: Thank you to our teams across Bird for their continued commitment to safety, execution and disciplined delivery. You as well to our clients, partners and shareholders. For your continued confidence in Bird.

Operator: This concludes today's conference call and webcast. You may disconnect your lines. Thank you for participating and have a pleasant day.