#1ACCON Investor Presentation THIRD QUARTER 2021 AECON GROUP INC. (TSX: ARE) 3 ఈ#2Forward-Looking Information Non-GAAP and Supplementary Financial Measures The information in this presentation includes certain forward-looking statements. Although these forward-looking statements are based on currently available competitive, financial and economic data and operating plans, they are subject to risks and uncertainties. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including risks associated with an investment in the common shares of Aecon and the risks related to Aecon's business. Such factors include but are not limited to: the timing of projects, unanticipated costs and expenses, the ability to recognize and adequately respond to climate change concerns or public and governmental expectations on climate matters, Aecon's assessment of the risks and opportunities related to its industry's transition to a lower-carbon economy, Aecon's expectations regarding legal proceedings to which Aecon is a party, general market and industry conditions and operational and reputational risks, including large project risk and contractual factors and risks relating to the COVID 19 pandemic. Risk factors are discussed in greater detail in Section 13 - "Risk Factors" in the 2020 Annual MD&A dated February 25, 2021 and in the Annual Information Form filed on February 26, 2021, both of which are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. Other important factors, in addition to those discussed in this document, could affect the future results of Aecon and could cause its results to differ materially from those expressed in any forward-looking statements. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon. Forward-looking statements may in some cases be identified by words such as "will", "plans", "believes", "expects", "anticipates", "estimates", "projects", "intends", "should" or the negative of these terms, or similar expressions. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. ACCON The presentation contains certain non-GAAP and supplementary financial measures, as well as non- GAAP ratios to assist readers in understanding the Company's performance (GAAP refers to Canadian Generally Accepted Accounting Principles). These measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Management uses these non-GAAP and supplementary financial measures, as well as certain non- GAAP ratios to analyze and evaluate operating performance. Aecon also believes the financial measures defined below are commonly used by the investment community for valuation purposes, and are useful complementary measures of profitability, and provide metrics useful in the construction industry. Throughout this presentation, the following terms are used, which are not found in the Chartered Professional Accountants of Canada Handbook and do not have a standardized meaning under GAAP: "Adjusted EBITDA", "Equity Project EBITDA", "Backlog", "Adjusted EBITDA margin", "Gross Profit Margin". Refer to Section 4 “Non-GAAP and Supplementary Financial Measures" in the Company's Q3 2021 Management's Discussion and Analysis ("MD&A") available through SEDAR at www.sedar.com for the definitions of non-GAAP and supplementary financial measures as well as non-GAAP ratios used in this presentation. Refer to Section 9 “Quarterly Financial Data" in the Company's Q3 2021 MD&A for a quantitative reconciliation of the above-mentioned measures to the most comparable financial measures presented in the primary financial statements of the Company. 2#3Why Invest in Aecon? Unprecedented Demand $6.0B BACKLOGⓇ $40B+ ACTIVE BID PIPELINE • Record level of infrastructure investment underway across Aecon's focus areas • * THE #1 CANADIAN INFRASTRUCTURE COMPANY Diversified & Resilient Business Model $4.0B $241M TOTAL CONSTRUCTION $63M CONCESSIONS REVENUE* EBITDA *+@ EBITDA *+@ • Diversified by geography, sector, contract size and type in Construction segment Government investment in infrastructure is a key source of economic stimulus as part of COVID-19 recovery plans Strong private sector, multi-year capital programs Positive population and immigration dynamics driving long-term, sustainable demand • • Over 900 discrete projects typically underway with average project size <$25 million Valuable and growing Concessions portfolio Strong recurring revenue base adds further stability and growth opportunity to business mix • Partner of choice for international and domestic players Strong track record of growth and margin improvement • . ~41% of TTM revenue from unit price/cost plus contracts • Well positioned in growth markets linked to sustainability * Q3 2021 Trailing Twelve Months ("TTM") + Before corporate costs and eliminations ^ Compound Annual Growth Rate ("CAGR") of annual dividend from 2012 to 2021 # CAGR of full year Diluted EPS from 2015 to 2020 & December 31, 2015 to December 31, 2020 @ This is a non-GAAP financial measure. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3 2021 MD&A. ACCON ~ Sustainability projects help to preserve and protect the environment, but also help to preserve the ability of society to sustain itself. Including but not limited to, projects that: reduce emissions, support the transition to a net-zero economy, support clean water use and conservation, and reduce/recycle waste. 13% 10 YEAR DIVIDEND CAGR Sustainable Shareholder Value Creation 23% 5 YEAR EPS CAGR# 25% 5 YEAR TOTAL SHAREHOLDER RETURN & Disciplined, balanced and diverse capital allocation program and strategy • History of consistent dividend increases . Growth in Concessions portfolio provides future value creation options Focused on sustainability, including a 30% GHG reduction target by 2030 and a net zero target by 2050 Over 50% of 2020 revenue tied to sustainability projects Current valuation multiple provides attractive upside potential First Canadian construction company to incorporate a sustainability-linked credit facility tied to ESG objectives 3#4Diverse & Resilient Business Model Construction Q3 2021 TTM Revenue Q3 2021 TTM EBITDA $3,907 M + $241 M +@ Concessions Q3 2021 TTM Revenue $104 M Q3 2021 TTM EBITDA + $63 M +@ Roads and Highways 13%* Heavy Civil 14%* +4 Urban Transportation Systems 18%* M ACCON PINN HOP Utilities 17%* SKYPORT BERMUDA AIRPORT 100%^ MOSAIC FINCH WEST LRT 33%^ TRANSIT GROUP CROSSLIN TRANSIT SOLUTIONS EGLINTON LRT 25%^ Industrial 23%* BRIDGING NORTHAMERICA GORDIE HOWE INTERNATIONAL BRIDGE GRANDLINQ CONTRACTORS Nuclear Power 15%* Before corporate costs and eliminations * % of Q3 2021 TTM Revenue ^% of Aecon equity ownership in the concessionaire This is a non-GAAP financial measure. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3 2021 MD&A. 20%^ WATERLOO 10%^ LRT 4#5Strong Backlog & Recurring Revenue Profile $667 Total Backlog* ($M) As at September 30 Backlog Duration* ($M) As at September 30 Recurring Revenue* ($M) $6,557 $6,664 $6,043 $6,557 $6,664 $6,043 $558 $477 $50 $68 $78 $2,317 $2,449 $2,006 $112 $37 $1,316 $1,758 $1,378 $6,507 $6,596 $5,965 2019 2020 2021 Construction Concessions 68% Fixed Price Backlog Contract Type As at September 31, 2021 $57 $610 $446 $440 $2,899 $2,482 $2,659 2019 2020 ■12 Months 13-24 Months 2021 Beyond 24 Months 32% Cost Plus/ Unit Price 59% Fixed Price 2021 Q3 TTM Revenue+ * Recurring revenue is not included in backlog and is, therefore, revenue over and above work to be performed from contracts in backlog + TTM Revenue contract mix reflects inclusion of recurring revenue (Cost Plus/Unit Price) and timing of backlog work off ACCON This is a non-GAAP financial measure. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3 2021 MD&A. Q3 2019 TTM Q3 2020 TTM ■Construction Q3 2021 TTM ■Concessions 41% Cost Plus/Unit Price LO#6Major Projects & Concessions Provide Stability Bermuda Airport Waterloo LRT Project Timeline (Starting from 2021) 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2047 2049 2052 2053 2054 >>> 2033 Eglinton LRT Finch West LRT Gordie Howe Bridge Bruce Power Darlington Refurbishment Pattullo Bridge Eglinton West Tunnel Winnipeg North End REM Montreal Kicking Horse Canyon Site C Hwy 401 Expansion Construction Equity and Maintenance Equity, Operations and Maintenance Opportunity P3 Concessions* Bermuda Airport US$274 million; construction started 2017 and completed 2020; 100% equity stake and 30 year concession began in 2017 Waterloo LRT $583 million; construction started 2014 and completed 2019; 10% equity stake and 30 year concession began in 2019 Eglinton LRT $5.3 billion; construction started 2015 and target completion 2022; 25% equity stake and 30 year concession post construction Finch West LRT $2.5 billion; construction started 2018 and target completion 2023; 33% equity stake and 30 year concession construction Gordie Howe Bridge post $5.7 billion; construction started 2018 and target completion 2024; 20% equity stake and 30 year concession post construction Other Major Projects* Bruce Power Nuclear Refurbishment ~$900 million for the first two of six total units for fuel channel and feeder replacement (FCFR). First unit (U6) started in 2020 and second unit (U3) to be started in 2022. Aecon consortium has a Preferred Supplier Agreement with Bruce Power for subsequent four units; total potential project duration to ~2033. Aecon JV was also awarded the first three of six steam generator unit replacements (SGR). Darlington Nuclear Refurbishment $2.75 billion; 10 year project started 2016 Pattullo Bridge Replacement $968 million; 5 year project started 2020 Eglinton Crosstown West Extension Tunnel $729 million; 4 year project started 2021 Winnipeg North End Sewage Plant $272 million; 4 year project started 2021 REM LRT Montreal $6.9 billion; 6 year project started 2018 Kicking Horse Canyon - Phase 4 $441 million; 4 year project started 2020 Site C Generating Station & Spillways $1.6 billion; 5 year project started 2018 HWY 401 Expansion $640 million; 3 year project started 2019 ACCON Dates above are general estimates of completion and may not reflect final completion date * Values reflect total project size, not necessarily Aecon's share, as all projects listed are with partners except Bermuda Airport 6#7Unparalleled Demand Aligned with Aecon's Strengths^ Federal Infrastructure Programs $180B Invest in Canada Plan* 12-year Federal investment plan 2016 to 2028 $15B for public transit projects between 2021 and 2028 with $6B available from 2021 and $3B per year in 2026, 2027 and 2028 $2.75B investment in Universal Broadband Fund over six years $2.2B one-time investment in roads, bridges, water and wastewater plants in municipalities and First Nations communities $8B investment in the Net Zero Accelerator over seven years $15B Invest in Climate Action* $35B Canada Infrastructure Bank $10B investments between 2020 and 2023 announced in October 2020 including i) $1.5B for Zero Emission Buses ii) $2.5B for Clean Power iii) $2B for Broadband iv) $1.5B for Agriculture infrastructure and v) $500M for project acceleration to expedite due diligence and early works construction $1.7B for Lake Erie Connector underwater transmission project between Ontario and Pennsylvania $7.6B BC Budget $7B $0.5B $6B $0.6B $101B $86B Transportation investment over 3 years from 2021 and $147M for broadband $6B Alberta Budget Transportation and public transit investment over 3 years from 2020 plus investment in Edmonton and Calgary LRTS; $1.3B accelerated capital maintenance and renewal budget for 2021; $221M funding for municipalities for transportation and water $101B Quebec Budget Investment in road and transit infrastructure over 10 years from 2021 including $49B investment in road network $86B Ontario Budget Transit and Transportation investment over 10 years from 2020, including $21B in road and highways and $62B in transit. $2.8B additional investment for broadband infrastructure $0.5B Manitoba Budget Transportation investment in 2021 $0.6B Saskatchewan Budget Transportation investment in 2021 ACCON Source: Infrastructure Canada, Canada Infrastructure Bank Investing in New Infrastructure Growth Plan 2020, Ontario Budget 2021, BC Budget 2021, Alberta Budget 2021, Quebec Budget 2021, Manitoba Budget 2021, Saskatchewan Budget 2020 Source: https://www.canada.ca/en/environment-climate-change/news/2020 #Source: Federal Budget 2021 7#8Strong Public and Private End Market Demand Diversified series of pursuits by sector and geography | Opportunities strongly correlate with Aecon's experience, expertise and sustainability goals $40+ Billion * IN MAJOR PROJECT PURSUITS Strong Multi-Year Capital Programs^ PRIVATE SECTOR DEMAND Canadian Telecom Capex Programs VIA Rail Maintenance Facilities Modernization (Montreal) QC 12,000 REM Airport Station - Montreal Trudeau Metrolinx Regional Express Rail (RER) Program QC 10,000 P3 ON Ontario Line Subway (Civil, Rolling Stock and O&M) VIA Rail Maintenance Facilities Modernization (Toronto) P3 ON ON $ millions 8,000 6,000 4,000 Hydro One Power Downtown Toronto Tunnel Oneida Energy Storage Project Highway 3 Expansion Project Deerfoot Trail Improvements (Calgary) Annacis Water Supply Tunnel ON 2,000 " Bell ■Telus ■Rogers ON 0 ON 2018 2019 2020 2021 2022 I-90/SR 18 Interchange to Deep Creek I-10 Calcasieu River Bridge Kingstown Port Modernization Project (St. Vincent) 23 23 P3 AB Canadian Gas & Power Utilities Capex&^ BC WA P3 LA SVG $ millions * Total project size, not necessarily Aecon's share, as most major projects bid with partners. ^ Source: Factset and Company reports ACCON & Companies include: Fortis Inc., Emera Inc., Hydro One Ltd., Canadian Utilities Ltd., Enbridge Gas. Excludes nuclear power. 6,000 5,000 4,000 3,000 2,000 1,000 2018 2019 2020 2021 2022 8 00#9Well Positioned to Capture Emerging Growth in Key Sectors Utilities and Industrial . Extensive capabilities in various stages of the value chain levered towards building the resilient, low carbon and connected infrastructure of tomorrow Nationwide presence and long-term relationships with key clients in areas of telecommunications, gas and electric utilities, alternative energy and industrials Opportunity to lead in sustainability and technological advancements Nuclear Current multi-year programs with OPG and Bruce Power Future opportunities in small modular reactors and waste management US growth from current niche platform Grid Modernization/Hardening Geothermal & District Energy Fibre and Broadband Telecom Infrastructure & 5G ACCON 誉。 Electricity Distribution/ Transit Electrification Water Distribution & Management Hydrogen & Renewable Natural Gas Carbon Capture and Storage Nuclear Waste Management Refurbishment & Decommissioning Maintenance & Fabrication Services Small Modular Reactors#10Valuable Concessions Portfolio Passenger departures, billions per year 15 10 L 0 Bermuda L.F. Wade International Airport 100% equity ownership and concession New terminal opened on December 9, 2020 Global Air Passenger Departure Forecast^ 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 30 year operations and maintenance concession to 2047 Canadian LRTS 30 year maintenance concessions on Eglinton, Finch and Waterloo LRTS Availability-based payments with no revenue risk from provincial transit counterparties Proven team currently bidding on Canadian transit projects in procurement Pre-COVID baseline forecast New Baseline forecast -Pre-COVID departures 2021 DFNI Americas Award for the Most Supportive Approach to Retail for Skyport* Bermuda and key US and UK source markets' vaccination timelines are ahead of the global average State-of-the-art airport allows for best-in-class health protocols and US pre-clearance for safe and predictable travel experience More stable domestic and corporate travel base with less than 50% of traffic linked to tourism specifically ACCON ^ Source: www.iata.org Skyport is responsible for the Bermuda L.F. Wade International Airport's operations, maintenance and commercial functions and is 100% owned by Aecon Concessions • • Gordie Howe International Bridge 30 year operations and maintenance concession Availability-based payments with no revenue risk from Canadian Federal Government P3 Bulletin GOLD award for 2020 ESG Performance of the Year 10#11Concessions Leadership in Infrastructure Development CAPABILITI CAPABILITIES GROWTH GROWTH OPPORTUNITIES Proven capability to develop, construct, finance and operate diverse infrastructure concessions in Canada and internationally Solutions-based, partner of choice to international construction firms, governments and financial institutions Leader in technology and systems integration in transit, tolling, airport infrastructure and innovative financing models Provides for stable, long-term cash flow opportunity with flexibility to monetize interests for future development projects ✓ Opportunity to build on expertise to target innovative development and concession opportunities in industrial, power, cleantech, and other related markets P3 PUBLIC PRIVATE PARTNERSHIPS STRATEGIC PARTNERING PROJECT DEVELOPMENT PROJECT FINANCING مال CANADIAN TRANSPORTATION & TRANSIT P3S RENEWABLE ENERGY UTILITIES INDIGENOUS PARTNERSHIPS OPERATIONS & MAINTENANCE INTERNATIONAL (AIRPORTS & OTHER) ACCON 11#12Q3 2021 Financial Results Results in Q3 2020 included net benefit from the Canada Emergency Wage Subsidy ("CEWS") program of $69 million $ Millions (except per share amounts) Three Months Ended September 30 Trailing Twelve Months Ended September 30 2021 2020 Change+ 2021 2020 Change+ Revenue 1,163 1,040 ▲ 12% 3,966 3,484 ▲ 14% Gross Profit 123.3 162.2 ▼ 24% 396.5 381.1 4% Gross Margin %& 10.6% 15.6% $500 bps 10.0% 10.9% 90 bps Adjusted EBITDAⓇ 95.5 137.2 ▼ 30% 261.3 242.4 8% Adjusted EBITDA Margin %* 8.2% 13.2% 500 bps 6.6% 7.0% 40 bps Operating Profit 63.7 106.8 ▼ 40% 141.7 127.5 11% Profit 38.4 73.6 48% 69.6 76.2 9% Earnings per share - diluted 0.56 0.99 ▼ 43% 1.07 1.14 6% New Awards 682 448 ▲ 52% 3,345 3,591 7% BacklogⓇ 6,043 6,664 9% 6,043 6,664 9% ACCON +bps basis point This is a non-GAAP financial measure. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3 2021 MD&A. *This is a non-GAAP financial ratio. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3 2021 MD&A. & This is a supplementary financial measure. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3 2021 MD&A. 12#13• Financial Position, Liquidity and Capital Resources Balance Sheet ($M) Free Cash Flow ($M) September 30, 2021 Q3 2021 2020 Core Cash Bank Indebtedness Cash in Joint Operations 7.4 TTM Y/E (50.0) Adjusted EBITDAⓇ 261.1 264.5 544.4 Total Cash^ 501.8 Cash Interest Expense (net) (40.2) (41.9) Net Working Capital* Long-Term Debt 166.4 Capital Expenditures (net) (22.7) (34.6) Income Taxes Paid (67.8) (20.4) - Finance Leases 170.1 Free Cash Flow Before W/C and net JV Impact 130.4 167.6 Equipment & Other Asset Loans 55.3 Change in Working Capital (22.6) 80.5 00 LT Debt excluding Convertible Debentures 225.4 Net JV Impact* (49.3) (43.9) Convertible Debentures (Face Value) due Dec. 2023 (5.0%) 184.0 FREE CASH FLOW ~# 58.5 204.2 Total LT Debt plus Convertible Debentures 409.4 LT Debt to Q3 2021 TTM Adjusted EBITDA &@ - Excluding Convertible Debentures - Including Convertible Debentures 0.9 x 1.6 x 1.7 x Net Debt to Q3 2021 TTM Adjusted EBITDA • $1.5 billion total committed credit facilities for working capital and letter of credit requirements • No debt or working capital credit facility maturities until the second half of 2023, except equipment loans and leases in the normal course During 2021, Aecon completed a two-year extension of its revolving credit facility (to June 30, 2025) and incorporated a sustainability-linked facility which is tied to the Company's ESG objectives ^ Excludes restricted cash associated with Bermuda Airport Project Excludes non-recourse project debt associated with Bermuda Airport Project + Net debt calculated as long-term debt (including convertible debentures) plus bank indebtedness less core cash & Calculations based on face value of convertible debentures ◆ Net Working Capital is a Capital Management measure that management uses to analyze and evaluate Aecon's liquidity and its ability to generate cash to meet its short-term financial obligations. Management also believes this measure is commonly used by the investment community for valuation purposes. Refer to page 22 in this presentation for the composition of Net Working Capital and a quantitative reconciliation to the most comparable financial measure. ACCON *Net JV Impact represents the difference between Equity Project EBITDA included in Adjusted EBITDA (Equity Project EBITDA as defined in Aecon's Q3 2021 MD&A) and distributions from projects accounted for using the equity method. Excludes $30 million purchase of Voltage Power in February 2020 and final $12 million proceeds from sale of Contract Mining business in May 2020 # Free Cash Flow is a Capital Management measure that management uses to analyze and evaluate the cash generated after taking into consideration cash outflows that support its operations and maintain its capital assets. Management also believes this measure is commonly used by the investment community for valuation purposes. Refer to page 22 in this presentation for a quantitative reconciliation to the most comparable financial measure. This is a non-GAAP financial measure. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3 2021 MD&A. 13#14° • • Diverse Capital Allocation Program Focus on Profitable Growth and Risk Management to drive Shareholder Returns Profitable Growth Preserve Financial Strength M$ Enhance Shareholder Returns Support capital expenditures and investments in new projects, technology and equipment Investment in value creating Concessions portfolio Tuck-in acquisitions to expand capabilities and geographic end markets • Strong and liquid balance sheet to support pursuit and execution of major projects and concessions • . Lead joint ventures, attract the right partners and achieve desired project credit ratings Demonstrate resiliency and capacity to absorb working capital and risk management requirements Balanced and Diversified Capital Allocation ACCON Capital Expenditures & Investments & $525 million over the last 5 years+ Dividends $ $167 million over the last 5 years+ • • Dividends have increased 9 of the last 10 years with 13% CAGR* Diluted Earnings per Share has grown at 23% CAGR over the last 5 years# 5 year Total Shareholder Return of 25% M&A >$35 million over the last three years for five strategic, tuck-in acquisitions NCIB >$23 million between November 2019 and March 2020 2011 to 2021 annual dividend # CAGR of full year Diluted EPS from 2015 to 2020; excludes one-time gain on sales of Quito International Airport & IST in 2015 & Includes investments in plant property and equipment, technology and equity investments in concessions projects @December 31, 2015 to December 31, 2020 + Q4 2016 to Q3 2021 14#15Outlook • • • • Through the first nine months of 2021, new awards of $2.4 billion were similar to the same period last year and resulted from steady demand for Aecon's services across Canada in smaller and medium sized projects, and also incorporated a number of multi-year projects in the nuclear, civil, urban transportation, and industrial sectors. Aecon is also pre-qualified on a number of large project bids due to be awarded over the next two years. Recurring revenue is expected to continue to grow in both the utilities sector, based on the capital investment plans of a number of key clients, particularly in telecommunications and power-related work, and the Concessions segment as airport traffic in Bermuda continues its recovery from the impact of the COVID-19 pandemic. Aecon expects that demand for its services will remain healthy for the foreseeable future as the federal government and provincial governments across Canada have identified investment in infrastructure as a key source of stimulus as part of economic recovery plans. While the COVID-19 pandemic is expected to continue to have some impact in moderating overall revenue and profitability growth expectations, Aecon is encouraged by the generally positive trend in the lifting of social and economic restrictions in recent months in Canada. Although the operating environment continues to be impacted by the requirement to follow client decisions related to schedules or operating policies or due to broader government directives to modify work practices to meet relevant health and safety standards, the impact on revenue is expected to continue to lessen going forward if the current trend continues. In the Concessions segment, commercial operations at the Bermuda International Airport continue to be challenged by COVID-19 related travel restrictions, which have significantly impacted the aviation industry. An increase in vaccination rates and the easing of travel restrictions during the year have provided signs of a rebound, from very low levels, in passenger traffic for the aviation industry. An ongoing increase in vaccination rates and further easing of travel restrictions are expected to lead to a corresponding gradual improvement in travel through the Bermuda airport during the remainder of the year and into 2022. ACCON 15#16Building Better Together We actively manage and improve our own environmental, social and governance performance & identify opportunities in sustainability that drive growth for the business Principles Environmental Leadership We are a catalyst to achieving the sustainability goals of our clients and minimizing our own environmental impact Social Contribution We are proud of our dynamic, diverse & inclusive workforce and our contributions to, and partnerships with, the communities in which we live and work Responsible Governance A strong governance structure ensures transparency, stewardship and accountability at Aecon Key Focus Areas Track and disclose our carbon footprint to measure progress against our targets Develop Innovations to help our clients build resilient infrastructure in more sustainable and cost-effective ways Safety First Culture is our #1 core value Commitment to diversity, inclusion and protection of human rights. Support for our people and our communities navigating through the challenges of the global COVID-19 pandemic Code of Ethics and Business Conduct & Anti-Corruption Policies and Protocols in place Reporting Standards and Guidance SUSTAINABLE DEVELOPMENT GOALS TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES USTAINABILITY ACCOUNTI ACCON 16#17Sustainability Achievements & Focus Areas Environmental Leadership First construction company in Canada to set a GHG target 2030 30% reduction in Direct CO2 Emissions 2050 Net-Zero for Direct and Social Contribution 200 Best Employers in Canada Kincentric 2020 Canada's Best Places to Work Glass Door 2020 Responsible Governance 2020 Sustainability Report aecon.com/our-company/sustainability Commitment to UN Sustainable Development Goals AFFORDABLE AND 11 CLEAN ENERGY SUSTAINABLE CITIES AND COMMUNITIES 9 INDUSTRY, INNOVATION 17 PARTNERSHIPS FOR THE GOALS AND INFRASTRUCTURE Indirect CO2 Emissions Exploring low carbon options for vehicles and construction equipment Greening our Supply Chain Partnerships to achieve goals Aecon Women In Trades (AWIT) JV's with 2 First Nations in Alberta & 1 in Ontario First Canadian construction company to incorporate a sustainability-linked credit facility tied to ESG objectives ACCON 17#18APPENDIX 18#19Adjusted EBITDA Contribution by Segment @+ Adjusted EBITDA ($ Millions)Ⓡ Q3 2021 Q3 2020 % CHANGE Adjusted EBITDA Margin %* * + Q3 2021 Q3 2020 BPS CHANGE Construction 82.1 131.3 37% Construction 7.2% 12.7% 550 Concessions 21.8 8.0 173% Concessions 100.5% 88.9% nmf# TOTAL^ 95.5 137.2 30% TOTAL^ 8.2% 13.2% 500 Q3 2021 TTM Q3 2020 TTM % CHANGE Construction 241.3 236.1 Concessions 62.5 46.9 33% 2% Construction Q3 2021 TTM Q3 2020 TTM BPS CHANGE 6.2% 6.8% 60 Concessions 60.4% 56.4% 400 TOTAL^ 261.3 242.4 8% TOTAL^ 6.6% 7.0% 40 ACCON ^ After corporate costs and eliminations #Not Meaningful + Results in Q3 2020 included net benefit from the Canada Emergency Wage Subsidy ("CEWS") program of $69 million This is a non-GAAP financial measure. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3 2021 MD&A. * This is a non-GAAP financial ratio. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3 2021 MD&A. 19#20Construction Q3 2021 Results Revenue up by $108M, or 10%, quarter-over-quarter $81M in Nuclear operations driven by higher volume of refurbishment work at the Darlington and Kincardine nuclear generating stations, both located in Ontario $49M in Utilities operations primarily due to increased volume of oil and gas distribution and telecommunications work, partially offset by lower high-voltage electrical transmission work $26M in Industrial operations driven by a higher volume of field construction work at gas and chemical facilities partially offset by decreased activity on mainline pipeline work in western Canada. $48M in Civil operations and Urban Transportation Systems driven by lower roadbuilding construction work Adjusted EBITDAⓇ down by $49M, or 37%, quarter-over-quarter Higher volume and gross profit margin in Nuclear and Utilities operations Lower volume from civil operations and urban transportation systems Impact of CEWS program in 2020 totaling $69M New awards higher by $218M, or 50%, quarter-over-quarter Driven by strong demand across Canada in smaller and medium sized projects. During the first nine months of 2021, Aecon was awarded a number of multi-year projects including the replacement of steam generators at Units 3 and 4 of the nuclear generating station in Kincardine, Ontario, construction of the Eglinton Crosstown West Extension Advance Tunnel project in Toronto, Ontario, and the North End Sewage Treatment Plant Upgrade: Headworks Facilities Project in Winnipeg, Manitoba * Totals and variances may not add due to rounding and eliminations This is a non-GAAP financial measure. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3 2021 MD&A. ACCON Q3 2021* Revenue ($M) Q3 2021 TTM* Revenue ($M) $1,142 $3,907 $1,035 $3,450 +10% +13% Q3 2020 Q3 2021 Q3 2020 TTM Q3 2021 TTM Adj. EBITDA ($M) Adj. EBITDA ($M) $131 $236 $241 -37% $82 +2% Q3 2020 (12.7% margin) Q3 2021 (7.2% margin) Q3 2020 TTM (6.8% margin) Q3 2021 TTM (6.2% margin) New Awards ($M) New Awards ($M) $657 $3,539 $3,276 $439 +50% -7% Q3 2020 Q3 2021 Q3 2020 TTM Q3 2021 TTM 20#21Concessions Q3 2021 Results Revenue higher by $13M, or 144%, quarter-over-quarter Primarily due to an increase in airport operations at the Bermuda International Airport Redevelopment Project compared to the third quarter of 2020, partially offset by lower construction revenue related to this project which was substantially completed in the fourth quarter of 2020. Q3 2021* Q3 2021 TTM* Revenue ($M) $9 +144% Revenue ($M) $22 $104 $83 +25% Q3 2020 Q3 2021 Q3 2020 TTM Q3 2021 TTM Adjusted EBITDAⓇ higher by $14M, or 175%, quarter-over-quarter Primarily related to the Bermuda International Airport Redevelopment Project and resulted from the above noted changes in airport operations Adj. EBITDA ($M) Adj. EBITDA ($M) $22 $63 $47 +175% +33% $8 Q3 2020 (88.9% margin) Q3 2021 (100.0% margin) Q3 2020 TTM Q3 2021 TTM (56.6% margin) (60.6% margin) Totals and variances may not add due to rounding and eliminations This is a non-GAAP financial measure. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3 2021 MD&A. ACCON 21 24#22Non-GAAP Measures Quantitative Reconciliation Net Working Capital Reconciliation ($M) * Free Cash Flow Reconciliation ($M) Trade and Other Receivables Unbilled Revenue Inventories Prepaid Expenses Less Trade and Other Payables Provisions September 30, 2021 870.4 674.7 26.4 69.8 Q3 2021 2020 TTM Y/E Profit Before Income Taxes Finance cost Finance income Operating Profit 101.1 124.0 41.1 26.9 (0.6) (1.1) 141.6 149.9 Depreciation and amortization 93.5 91.7 995.1 (Gain) Loss on sale of assets (12.5) (8.8) 23.4 Income from projects accounted for using the equity method (14.6) (14.2) Deferred Revenue Net Working Capital 456.4 @ Equity Project EBITDA 53.1 46.0 166.4 @ Adjusted EBITDA 261.1 264.5 Cash interest paid (40.9) (43.6) Cash interest received 0.6 1.6 Purchase of property, plant and equipment (28.1) (37.7) Equity Project EBITDA Reconciliation ($M) Proceeds on sale of property, plant and equipment Increase in intangible assets 8.1 6.3 (2.7) (3.2) Q3 2021 2020 Income taxes paid (67.8) (20.4) TTM Y/E Free Cash Flow before Working Capital and net JV 130.4 167.6 Operating profit of projects accounted for using the equity method 52.3 45.2 Impact Change in other balances related to operations Equity Project EBITDA (22.6) 80.5 (53.1) (46.0) Depreciation and amortization of projects accounted for using the equity method 0.8 0.8 Distributions from projects accounted for using the equity method 3.8 2.0 Equity Project EBITDA 53.1 46.0 FREE CASH FLOW 58.5 204.2 ACCON This is a non-GAAP financial measure. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3 2021 MD&A * Totals may not add due to rounding 22#23Capital Markets Overview ARE.TSX Statistics Analyst Coverage Firm Analyst Telephone $17.04 Price as of January 4, 2022 60.3 Million 4.2% ATB Capital Chris Murray (647) 776-8246 Dividend Yield BMO Capital Markets Devin Dodge (416) 359-6774 | Shares Outstanding 0.5 Million ($5.3 Million) Avg. Daily Share Volume (3 months TSX & ATS) ~$1.0 Billion Market Capitalization $15.95 / $22.28 52 Week Low/High Desjardins Securities Industrial Alliance Securities Canaccord Genuity Yuri Lynk (514) 844-3708 CIBC Capital Markets Jacob Bout (416) 956-6766 Benoit Poirier (514) 281-8653 Naji Baydoun (514) 375-2904 Laurentian Bank Securities Troy Sun (416) 399-7635 National Bank Financial Maxim Sytchev (416) 869-6517 Paradigm Capital Corey Hammill (416) 361-0754 $0.70 $0.64 $0.58 Raymond James Frederic Bastien (604) 659-8232 $0.50 $0.50 $0.46 $0.40 $0.36 RBC Dominion Securities Sabahat Khan (416) 842-7880 $0.32 $0.28 $0.20 Stifel GMP lan Gillies (416) 943-6108 TD Securities Michael Tupholme (416) 307-9389 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 10 Buy Outperform Recommendations ACCON Annual Dividend History 3 Hold / Sector Perform Recommendation $22.50 Average Target Price 23#24ACCON ADAM BORGATTI Senior Vice President Corporate Development & Investor Relations 416.297.2610 | [email protected] STEVEN HONG Director Corporate Development & Investor Relations 437.317.6789| [email protected] VANCOUVER 1055 Dunsmuir Street, Suite 2124 Vancouver, BC V7X 1G4 CALGARY 110-9th Avenue SW, Suite 300 Calgary, AB T2P OT1 TORONTO 20 Carlson Court, Suite 105 Toronto, ON M9W 7K6 MONTREAL 2015 Peel Street, Suite 600 Montreal, QC H3A 1T8 ACCON in of aecon.com