#1bid bird 725C HEAVY RENTALS 1877-487-53355 730 CAT 20 bird Q4 and Full Year 2023 Investor Presentation March 6, 2024 Bird Construction Inc. (TSX:BDT)#2Disclaimer This presentation contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this presentation are based on the expectations, estimates and projections of management of Bird Construction Inc. ("Bird" or "The Company") as of the date of this presentation unless otherwise stated. The use of any of the words "believe", "expect", "anticipate", "contemplate", "target", "plan", "outlook", "potential", "estimated", "intend", "consensus", "future", "may", "will", "should" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this MD&A contains forward-looking statements concerning: anticipated financial performance; the outlook for 2024; expectations for Adjusted EBITDA Margins in 2024 and beyond; dividend rates, their sustainability, and expected dividend payout ratios; expectations with respect to anticipated revenue growth and seasonality, growth in earnings, cash flow, earnings per share and adjusted EBITDA in 2024 and beyond, and margin improvements; the ability of the Company to further leverage its cost structure; the Company's ability to capitalize on opportunities and grow profitably; the robustness of near to medium term demand in core markets; the sufficiency of working capital and liquidity to support growth and finance future capital expenditures; and with respect to Bird's ability to convert Pending Backlog to Backlog and the timing of conversions. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which Bird operates in general such as: ability to hire and retain qualified and capable personnel, maintaining safe work sites, economy and cyclicality, ability to secure work, performance of subcontractors, accuracy of cost to complete estimates, estimating costs and schedules/assessing contract risks, adjustments and cancellations of backlog, global pandemics, joint arrangement risk, information systems and cyber-security risk, litigation/potential litigation, work stoppages, strikes and lockouts, acquisition and integration risk, competitive factors, potential for non-payment, climate change risks and opportunities, access to capital, quality assurance and quality control, design risks, insurance risk, access to surety support and other contract security, completion and performance guarantees, ethics and reputational risk, compliance with environmental laws, and internal and disclosure controls. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of the parties, and the combined company, are included in reports on file with applicable securities regulatory authorities, including but not limited to Bird's Annual Information Form and Management's Discussion and Analysis for the year ended December 31, 2023, each of which may be accessed on Bird's SEDAR+ profile, at www.sedarplus.ca and on the Company's website at www.bird.ca. The forward-looking statements contained in this presentation are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward- looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Q4 and Full Year 2023 Investor Presentation bird 1#3Disclaimer TERMINOLOGY AND NON-GAAP & OTHER FINANCIAL MEASURES Throughout this presentation, management uses certain terminology and financial measures that do not have standard meanings under IFRS and are considered specified financial measures. These include non-GAAP financial measures, non-GAAP financial ratios, and supplementary financial measures. These measures may not be comparable with similar measures presented by other companies. Further information on these financial measures can be found in the "Terminology and Non-GAAP & Other Financial Measures" section in Bird's most recently filed Management's Discussion & Analysis for the period ended December 31, 2023, prepared as of March 5, 2024. This document is available on Bird's SEDAR+ profile, at www.sedarplus.ca and on the Company's website at www.bird.ca. "Backlog" is a term representing the total value of all contracts awarded to the Company, less the total value of work completed on these contracts as of the date of the most recently completed quarter. The Company's Backlog equates to the Company's remaining performance obligations as disclosed in the Company's most recent notes to the financial statements filed on SEDAR+. Additions to remaining performance obligations are also referred to by the Company as "Securements". "Pending Backlog" is a supplementary financial measure representing the total potential revenue of awarded but not contracted projects including where the Company has been named preferred proponent, where a contract has not been executed and where the letter of intent or agreement received is non-binding. It may also include amounts for agency relationship construction management projects, pre-construction activities and estimated future work orders to be performed as part of multi-year MSA, maintenance, task order, and similar contractual arrangements. "Gross Profit Percentage" is a supplementary financial measure representing the percentage derived by dividing gross profit by construction revenue. "Adjusted Earnings" is a non-GAAP financial measure defined as IFRS net income excluding asset impairments, acquisition, integration and restructuring (as defined in accordance with IFRS) costs and the income tax effect of these costs. "Adjusted Earnings Per Share" is a non-GAAP financial ratio calculated by dividing Adjusted Earnings by the basic weighted average number of shares. "Adjusted EBITDA" is a non-GAAP financial measure representing earnings before taxes, interest, depreciation and amortization, finance and other costs, finance income, asset impairment charges, gain or loss on sale of property and equipment, restructuring and severance costs outside of normal course, and acquisition, integration and restructuring (as defined in accordance with IFRS) costs. "Adjusted EBITDA Margin" or "Adjusted EBITDA Percentage" is a non-GAAP financial ratio representing the percentage derived by dividing Adjusted EBITDA by construction revenue. "Current Ratio" is a supplementary financial measure representing the percentage derived by dividing total current assets by total current liabilities. "General and Administrative expenses as a percentage of revenue" is a supplementary financial measure representing the percentage derived by dividing general and administrative expenses by construction revenue. "Adjusted Net Debt" is a non-GAAP financial measure defined as current and long-term loans and borrowings as disclosed in the Company's statement of financial position, less accessible cash, as disclosed in the Company's notes to the financial statements. Management uses this as a measure of financial leverage and is part of its assessment of the Company's capital structure. At December 31, 2023, Adjusted Net Debt of $(6,958) is calculated as: Loans and borrowings (non-current) $64,621 plus Current portion of loans and borrowings $8,305 minus Accessible cash $79,884. "Adjusted Net Debt to TTM Adjusted EBITDA" is a non-GAAP financial ratio calculated by dividing Adjusted Net Debt by the Company's trailing twelve-month Adjusted EBITDA. Management uses this as a measure of financial leverage and is part of its assessment of the Company's capital structure. "LT Loans & Borrowings to Equity" is a supplementary financial measure calculated as non-current loans and borrowings divided by total shareholders' equity, as disclosed in the Company's consolidated statement of financial position. Q4 and Full Year 2023 Investor Presentation bird 2#4bird Unlocking Shareholder Value Bird is positioned for growth and profitability improvements through 2024 and beyond. As one of Canada's leading collaborative construction and maintenance companies with a strong reputation for operational excellence on complex projects, Bird competes effectively in all of its core markets. The Company's diversified business model, with significant self-perform capabilities, establishes Bird as a partner of choice across its core markets of industrial, buildings, and infrastructure. → A healthy and safe work environment with a collaborative, inclusive team culture Disciplined growth strategy driving margin accretion and revenue growth → Organic and acquisitive growth delivering diverse services and self-perform scopes for complex projects with improving margins Trusted reputation with clients and partners in core markets: Industrial, Buildings and Infrastructure Strong financial and risk management Balanced capital allocation strategy with a healthy dividend and flexibility to pursue growth TSX: BDT Team of over 5,000 Led by an experienced management team Strong $ operational cash flows ~75% of combined backlog has a collaborative delivery model Significant risk-balanced combined backlog and recurring revenue MSA's Q4 and Full Year 2023 Investor Presentation#5Positioned for the Future Our Foundation Purpose and Values We bring life to vision Creating great things with you WE PUT SAFETY FIRST WE LEAD WITH HONESTY WE ARE STRONGER TOGETHER WE ARE DRIVEN TO DO GREAT WORK WE CREATE OPPORTUNITY Our Team Experienced Multidisciplinary Team Strong Team of Constructors Highly engaged, high-performance team Deep bench strength, the Company is attracting talent and recruiting for the future Industry-leading people programs supporting continuous learning and developing and promoting a culture of hungry, humble, and smart Continuous improvement and innovation focus Collaborative and inclusive culture Our Strategy 2024 Strategic Priorities (2025-2027 Strategic Planning underway) - Be a top employer in Canada with a world-class safety culture, attracting and retaining the best of the industry Focus on further margin accretion Continue growth of self perform and cross-selling opportunities Pursue organic and M&A diversification and growth Maintain financial flexibility Deliver superior shareholder returns Promote positive relationships with Indigenous partners and communities Enhance ESG framework Q4 and Full Year 2023 Investor Presentation bird 4#6A continued focus on organic growth and M&A to further enhance diversification Q4 and Full Year 2023 Investor Presentation bird Operations Overview Over the past six years, Bird has diversified its revenue and transitioned to a highly collaborative and risk-balanced mix of projects, enhancing profitability and Adjusted EBITDA margins through its specialized services and delivery of complex projects across industrial, infrastructure, and buildings. With a continued focus on organic and M&A growth and diversification, especially in the underweighted infrastructure market, Bird sees a significant runway for continued growth and margin improvement in 2024 and beyond. Industrial Buildings Infrastructure 39% O 48% 13% сл 5#7Bird delivers its capabilities, services and innovative solutions across a range of sectors. Q4 and Full Year 2023 Investor Presentation Wind Solar Nuclear/ SMR Power Plant Future Energy Biogas & RNG Solutions Hydroelectric & Pumped Storage Carbon Capture Utilization and Storage (CCUS) Hydrogen Production & Blending Battery Storage Power District Energy/Cogen/Substation Downstream & Petrochemical Oil & Gas, Petrochemical Organic Waste/Biosolids Water & Wastewater Warehousing & Logistics Port Rail Transportation Bridge Manufacturing Horizontal Infrastructure Light Rail Transportation Commercial & Retail Transmission Lines Mature Living Telecom Water/Sewer/Gas Pipeline Utilities Midstream (Conveyance & Storage) Upstream (Extraction) Healthcare Vertical Infrastructure Data Centres Food & Beverage Manufacturing bird Mining Nitrogen, Phosphate & Potash Residential Education Hospitality Public Spaces Public Safety Pulp, Paper, Forestry Products Military/Defence 60#8bird Business Strategy Profitability. Discipline. Diversification and Growth. The Company plans to retain in excess of two-thirds of net income to support continued growth beyond 2024. Profitability Margin Accretion Strategy The Company remains focused on margin accretion by leveraging the following: Disciplined project selection Risk-balanced mix of projects Collaborative contracts Improving margins in core businesses M&A in sectors with accretive margin profiles Growth in higher margin sectors (more complex work) Increase self-perform and cross-selling of additional Bird scopes and services Growing recurring revenue at accretive margins Gaining leverage on cost structure Diversification and Growth Organic Growth Strategy Bird continues to leverage its strong reputation as a partner of choice for complex projects to support growth. Industrial growth in Ontario and BC Grow mechanical and electrical nationally Grow to a national, full-service civil infrastructure and utilities provider Expand nuclear portfolio Growth in energy transition and electrification-related projects Data-related facilities and infrastructure M&A Strategy M&A targets sectors with specialized capabilities and higher-margin potential, with a strong cultural fit. Expanding full-service offering and cross-selling additional services and scopes to existing clients Growing recurring revenue opportunities Target capabilities: Civil infrastructure (specialized and light civil), process mechanical, electrical, MRO services, utilities (telecom, advanced wireless, underground), nuclear, and renewables Q4 and Full Year 2023 Investor Presentation 7#9Full Year Financial Highlights Growth Profitability +18% +37% +44% 7 $1.33 5.0% $2,799 $139 $72 $101 Adj. EBITDA Margin (2) EPS $50 $2,369 Revenue ($M) Adj. EBITDA ($M) 2022 2023 2022 2023 Cash +26% Operations +26%7 Net Income ($M) 12022 2023 >$3.6B Securements ~$1.1B $3.0 $144 Pending Backlog(2) in 2023 $2.5 $114 $2.6 $3.4 Backlog(2) Operating Cash Flow 2022 (3) 2022 2023 Recurring Revenue MSAs 2023 1.29x Book to Bill Ratio(4) Key Performance Drivers Developing and attracting Top Talent bird Track record of accretive M&A, four in past four years Risk-balanced, highly collaborative Backlog and Pending Backlog with accretive embedded margins Significant momentum for continued 0000 revenue and earnings growth Balance sheet positioned to support continued growth and sustainable returns to shareholders (1) Adjusted Earnings and Adjusted EBITDA are non-GAAP financial measures. Refer to the Disclaimer slides for more information on Terminology and Non-GAAP & Other Financial Measures. (2) Refer to the Disclaimer slides for more information on Terminology and Non-GAAP & Other Financial Measures. (3) Operating Cash Flow - Refer to the consolidated statement of cash flows - "Cash flows from operations before changes in non-cash working capital". (4) Book to Bill is a supplementary financial measure representing the ratio of total bookings in the period to total revenue for the period. 00 8#10Risk Balanced, Highly Collaborative, Diverse Backlog Mix Future performance visibility supported by the robust combined backlog, characterized by accretive embedded margins and significant multi-year recurring revenue MSAs 62% Backlog expected to convert into Revenue over the ~75% Collaborative delivery models in Backlog and Pending Backlog next 12 months in millions of Canadian dollars $6,000 $5,000 -24% 5 Year CAGR $1,100 • $900 $1,907 $800 $4,000 $600 $825 $1,590 $1,036 $3,000 $2,000 $625 $3,448 $3,003 $2,682 $2,637 $1,000 $1,547 $0 2019 2020 2021 2022 2023 ■Backlog ■Pending Backlog ■Recurring Revenue Q4 and Full Year 2023 Investor Presentation bird ~$1.1B in Recurring Revenue Contracts: MSAs and other multi-year recurring contracts represent a recurring revenue stream over the next one to seven years. • Supports longer-term visibility to profitability and growth outlook Diversified in oil & gas, energy, nuclear, and mining sectors Added $130 million through January 2024 NorCan acquisition (subsequent to the year-end) Benefits of Collaborative Delivery Models Reduce Risk Increase Value Build Better Full transparency on project costs Project costs not at risk Upfront work drives quality, efficiency and reduces constructability risk Improved project efficiency, bringing schedule and cost value to the client Incentivizes all partners to achieve project goals Higher quality outcomes from combined expertise • • Gain share, pain share driving high performance and innovation solutions Better conflict resolution/collaborative problem solving Stronger relationships 9#11Project Pursuits and Recent Project Awards Positioned for growth with a significant pipeline of projects with accretive embedded EBITDA margins and a robust bidding environment for disciplined pursuit of new work. . . Bird continues to pursue new work selectively, ensuring strategic alignment between capabilities, project type and delivery model. Strong focus on early contractor involvement and collaborative opportunities drives a larger share of negotiated work and improves project delivery and outcomes for all parties. Sustained demand in Bird's core markets - industrial, buildings and infrastructure - continues to be supported by a robust bid pipeline. Bird's focus on energy transition and electrification, nuclear expansion, multi-year industrial and mining projects, infrastructure development for growing populations, and building upgrades for decarbonization aligns us with the futures demand. Over +$3.6B Securements in 2023 Industrial: Bird bolsters capabilities, capacity, and recurring revenue with agreement to acquire NorCan, leading Alberta electrical service provider Infrastructure: Alliance Development Agreement for East Harbour Transit Hub in Toronto January 2024 Energy, power, manufacturing, and multi-storey modular contracts > $530M December 2023 Growing Institutional and Nuclear portfolio in Ontario with Seneca Health and Wellness Centre and new task order Port Hope Area MSA - >$130M November 2023 Industrial: Contracts for early site works awarded at LNG Export Facility in Western Canada >$150M October 2023 Industrial: Added industrial recurring revenue master service agreements in Ontario and Alberta $100M over 3 years Institutional: Two state-of-the-art post- secondary projects (UVIC & VCC)- $280M September 2023 Mining: Additional work packages at Mont Wright for ArcelorMittal and at BHP's Jansen Potash Project $110M August 2023 Q4 and Full Year 2023 Investor Presentation 10#12Canada's Energy Transition and Electrification Partner www. bird Clean Power . Generation • • Wind and solar projects Hydro: New construction + refurbishments Nuclear: New construction + SMnR + remediation PROJECTS Wind projects in AB & NB Kakabeka Falls Life Extension & Rehabilitation work on various hydro structures, ON Advance Nuclear Materials Research Centre, ON • PHAI Environmental Remediation, ON Power Distribution & Electrified Systems • Energization & startup services Advanced high voltage technical services EV installation services (electrification & communications): Canem + Trinity PROJECTS Electrical capabilities further bolstered with NorCan acquisition High voltage industrial electrical relocations, AB One Pass Trenching of electrical & fiber optic cable management for wind and solar 2,500+ Electrical personnel(1) Low Carbon & Green Infrastructure Solutions Water & wastewater treatment Organic/waste to energy processing Deep energy retrofits Net-zero certification & Passive House new builds Building monitoring & optimization through Bird's Center for Building Performance Leveraging sustainable building products PROJECTS MacKimmie Tower Zero Carbon Redevelopment, AB Toronto Western Hospital Waste to Heat, ON Humber College Building NX, Deep Energy Retrofit, ON Calgary Composting Facility, AB the Ccentre for building performance Critical, Rare & Battery Minerals Heavy civil mineral mining & processing Mine infrastructure development PROJECTS Bird's heavy civil capacities are supporting large industrial projects at all stages, from development to operation and expansion. Heavy civil works at Bloom Lake Iron Ore, QC (1) The company through its affiliated subsidiaries has up to 2500 electricians, linemen, technologists and technicians and access to other personnel through a variety of labour platforms. Transportation, Manufacturing & Logistics Public transit Manufacturing Center of Excellence EV battery plant, EV manufacturing & other infrastructure PROJECTS • East Harbour Hub, ON Ottawa LRT, Stage 2, ON#13bird Longer Cycle, Significant Demand Trends Public and Private Clients Government programs supporting investments in transportation, energy, water and wastewater, telecommunications, and public facilities include the Investing in Canada Plan, Canada Infrastructure Bank, Canada Growth Fund, and other federal and provincial budget commitments. The Investing in Canada Plan, launched in 2016, laid out federal government commitments to invest more than $180 billion over 12 years (2016-2028) in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities -$150 billion invested to date. $125 to $140 billion Double Electricity Supply $110 to $270 billion +$70 billion >$40 billion 2022 Federal Budget estimated the investment in net-zero transition requires $125 billion to $140 billion annually through 2050. Canada needs to roughly double its electricity supply. Electrification requires investment in energy generation projects, including expanding clean energy and improving power distribution and transmission systems. Estimates of Canada's "infrastructure deficit" range from $110- $270 billion. Additional investments are required to improve energy efficiency - residential and commercial buildings are Canada's third-largest source of greenhouse gases. Public transportation opportunities include Ontario's planned $70 billion for transit investments over the next ten years, Canada's $15 billion for public transit over the next eight years, as well as significant spending across the balance of provinces. Nuclear opportunities are significant, notably the recently proposed Bruce Nuclear Expansion, the Pickering Refurbishment, and SMR Infrastructure initiatives. Q4 and Full Year 2023 Investor Presentation 12#14bird Environmental, Social, Governance Bird's Environmental, Social, and Governance (ESG) program remains aligned to business, client, and industry demands. 2022 Sustainability Overview For more information, please refer to the Sustainability portion of Bird's website. The four pillars of the Bird ESG program embed sustainability within the business to optimize our positive social and environmental impact by utilizing a strong corporate governance framework that ensures accountability and stewardship across all our operations. Bird's ESG program remains aligned to business, client, and industry demands. bird BUILD GREEN Sustainable Construction • Future Energy Stack Modular Prefabrication Q4 and Full Year 2023 Investor Presentation WORK GREEN • Digital Construction Centre for Building Performance • Supply Chain Management • Waste Management LIVE GREEN • Health, Safety & Environment Indigenous Relations Community investment • People & Culture • DEI Stakeholder Engagement • COMMITMENT TO GOVERNANCE Risk Management Oversight ° Board Independence Board Diversity 13#15Q4 and Full Year 2023 Financial Highlights bird Three Months Ended December 31, 2023 Y/Y Change Twelve Months Ended December 31, 2023 Y/Y Change $ Millions (except per share amounts) Revenue $792.1 22.1% $2,798.8 18.1% $73.2 26.1% $240.5 19.2% Gross Profit 9.2% of Revenue (1) 8.6% of Revenue (1) $40.5 17.3% General and Administrative $142.8 5.1% of Revenue (1) 7.9% 5.1% of Revenue (1) Adjusted EBITDA (2) $43.9 43.2% 5.5% of Revenue (1) $138.7 5.0% of Revenue (1) 37.1% $23.9 59.9% $71.5 43.5% Net Income $0.44 EPS $1.33 EPS Adjusted Earnings (2) $24.3 $0.45 Adj. EPS(1) 56.9% $74.2 61.3% $1.38 Adj. EPS(1) (1) Refer to the Disclaimer slides for more information on Terminology and Non-GAAP & Other Financial Measures. (2) Adjusted Earnings and Adjusted EBITDA are non-GAAP financial measures. Refer to the Disclaimer slides for more information on Terminology and Non-GAAP & Other Financial Measures. Q4 and Full Year 2023 Investor Presentation#16Sustained, Strong Financial Foundation with Flexibility for Continued Growth + Very positive return and capital efficiency metrics in millions of Canadian dollars December 31, 2023 Operating Cash Flow(4) Accessible cash $ 80 Held in joint operations accounts $ 63 Restricted cash $35 140 Cash and cash equivalents $ 178 Loans and borrowings -37% 120 (current and long-term) $ 73 5 Year Adjusted Net Debt(2) CAGR $ (7) Working Capital $ 234 100 Shareholders' equity $ 322 80 20% Long-term Loans & Borrowings to Equity(1) 27% Return on Equity(3) 1.26 Current Ratio(1) (0.05x) Adjusted Net Debt/ TTM Adjusted EBITDA (1) Syndicated Credit Facility 60 Committed Revolving Credit Facility $ 250 Non-committed Accordion Feature $ 50 40 Committed Non-revolving Term Debt Facilities $ 61.5 20 Syndicated Credit Facility Maturity December 15, 2026 (1) Refer to the Disclaimer slides for more information on Terminology and Non-GAAP & Other Financial Measures. (2) (3) (4) Adjusted Net Debt is a non-GAAP financial measure. Refer to the Disclaimer slides for more information on Terminology and Non-GAAP & Other Financial Measures. "Return on Equity" (ROE) is a supplementary financial measure representing adjusted earnings as a percentage of opening total shareholders equity. Operating Cash Flow - Refer to the consolidated statement of cash flows - "Cash flows from operations before changes in non-cash working capital". bird 0 2019 2020 2021 2022 2023 15#172024 Capital Allocation Priorities Strong cash flows and significant liquidity to support a balanced approach to capital allocation, investing in excess of two thirds of Net Income to support profitable long-term growth and enhancing shareholder value. Balanced Approach to Capital Allocation Shareholder Returns Healthy dividend an important part of total shareholder return strategy. 2023: 10% increase to monthly dividend effective March 2023. 2024: 30% increase to monthly dividend effective March 2024. Dividends Paid on Shares $0.0467 per month, per share $30 $25 $20 $15 $28 $10 $21 $21 $23 $5 $- 2021 2022 2023 2024E M&A Positioned to execute on the right M&A opportunities. Track record as a strong integrator and for retention of skilled teams. Focus on margin accretive opportunities, that add capabilities and generate cash flows. Four strategic acquisitions in the past four years. stuartolson DAGMAR CONST INC. TRINITY AJAX - ONT Capital Expenditures Reinvest in the business to create value and support operations and growth. Investments guided by efficient asset utilization. Smart capital investments to support further productivity and growth. Capex(1) $40 NorCan $30 INFINITY LP $20 $28 $31 $10 $12 $- 2020 2021 2023 2024 2021 2022 2023 in millions of Canadian Dollars in millions of Canadian Dollars (1) Capital expenditures ("Capex") - Refer to the consolidated statement of cash flows - "Additions to property and equipment and intangible assets". bird 16#182024 Outlook: Sustained Profitable Growth Momentum • • • • • • Substantial 2023 organic Revenue growth and Gross Profit and Adjusted EBITDA margin accretion provide good momentum entering 2024. Backlog of contracted work exceeded $3.4 billion, an all-time high for Bird, while Pending Backlog was $3.0 billion of expected future work including a robust portfolio of recurring revenue contracts approximating $1.1 billion. Combined backlog reflects higher embedded margins resulting from Bird's disciplined project selection, diverse mix of complex projects, and focus on collaboration and cross-selling. The combination of Backlog and Pending Backlog, along with a significant volume of attractive opportunities actively being pursued, provide Bird with significant visibility into future revenues and profitability. Top line organic growth is expected to continue through 2024, with seasonal patterns favouring the second half of the year. The Company anticipates significant improvements to earnings and cashflow. Continuing strategic focus on Adjusted EBITDA margin accretion, Bird expects Adjusted EBITDA and earnings per share growth to outpace organic revenue growth in 2024. 2023 Achievements +18% Revenue Growth % 5.0% EBITDA +19% Gross Profit Growth +44% Net Income Growth $3.6B 2023 Securements Q4 and Full Year 2023 Investor Presentation 17#19bird bird Bird Bir bird bird RO IRD bird bird Appendix#20What Sets Us Apart Q4 2023 Revenue +22% Y/Y Disciplined and strategic revenue growth • Strong organic revenue growth within a wide range of sectors. o Diverse revenue streams in high- demand, higher- margin sectors, with a balanced public/private client mix. 。 Continued focus on organic and M&A growth Full Year 2024 Adj. EBITDA 5.0% Continued focus on margin accretion o Minimal exposure to high-risk lump sum turn-key projects and interest rate sensitive sectors. • Increased specialized, self- perform capabilities, focus on higher-margin potential sectors and collaborative contracts. +26% Growth in Combined Backlog Growing, diverse combined backlog o 2023 Year End Backlog $3.4B, Pending Backlog $3.0B. o Risk-balanced contracts across sectors and geographies. o ~$1.1B recurring revenue contracts, with future growth through NorCan acquisition. 2023 Working Capital +27% from Dec. 31, 2022 Strong balance sheet & financial flexibility 。 Well-positioned for capital allocation priorities. 。 Very positive return and capital efficiency metrics: Current Ratio, ROE, ROIC, ROCE(1) Track Record for Strong Integration and Retention Track record of accretive M&A o 2024 - NorCan, key market for recurring revenue growth. o 2023 - Trinity Communications, key growth market. o 2021 - Dagmar, delivered strong post-acquisition growth. 。 2020 - Transformational Stuart Olson Acquisition. Robust Backlog of Sustainability-related Projects Elevated sustainability profile 。 Delivering energy transition projects and sustainable new build and retrofit services. 。 Implemented ESG strategy, positioning for future reporting. 。 2023 ESG Overview to be released May 14, 2023. Positioned for continued revenue growth through 2024 EBITDA Margin is expected to further improve through 2024 Strong future revenue visibility with over 75% of combined backlog in a collaborative model (1) Financial metrics: Return on Equity (ROE), Return on Invested Capital (ROIC), Return on Capital Employed (ROCE). Positioned for growth and positive FCF generation Accretive, tuck-ins in key sectors; remain open to large opportunities and will be opportunistic Bird's ESG program remains aligned to business, client, and industry demands. 19#21Revenue, Net Income, and Adjusted Earnings Revenue Net Income $80 $3,000 +18% $2,500 $2,000 $1,500 $2,799 $2,378 $2,220 $1,000 $500 $70 $60 $0.93 $50 $0.80 $40 $30 +22% $50 $43 $20 $792 $10 $649 Adjusted Earnings(1) $1.33 $1.40 $80 $72 $70 $1.20 $60 $0.96 $1.00 $0.86 $50 $0.80 $40 $0.60 $0.44 $30 $0.28 $51 $0.40 $46 $20 $24 $0.20 $10 $15 bird $1.50 $1.38 $1.30 $1.10 $0.90 $0.70 $74 $0.45 $0.50 $0.29 $0.30 $24 $0.10 $15 $0.00 $0 $(0.10) 2021A 2022A 2023A 2022 Q4 2023 Q4 2021A 2022A 2023A 2022 Q4 2023 Q4 2021A 2022A 2023A 2022 Q4 2023 Q4 (1) Adjusted Earnings is a non-GAAP financial measure and Adjusted EPS is a non-GAAP financial ratio. Refer to the Disclaimer slides for more information on Terminology and Non-GAAP & Other Financial Measures. Adj. Earnings Net Income EPS -Adj. EPS Q4 and Full Year 2023 Investor Presentation 20 20#22Risk Balanced Business Model Generating Growth and Profitability Growing revenue and EBITDA 5-Year Revenue and Adjusted EBITDA (1) $3,000 in millions of Canadian dollars $2,500 $2,000 $1,504 $1,500 $1,376 $1,000 $500 $0 2019 $2,799 $300 $2,369 $250 $2,220 $200 $139 $150 $108 5.0% $82 4.9% $101 4.3% $100 5.5% $32 $50 2.3% TTM EBITDA Margin includes CEWS recoveries 2020 2021 Revenue (TTM) (1) Refer to the Disclaimer slides for more information on Terminology and Non-GAAP & Other Financial Measures. Q4 and Full Year 2023 Investor Presentation 2022 Adj. EBITDA (TTM) $- 2023 bird 21 24#23Core Markets 2023 Today, Bird is known for delivering complex and sophisticated projects across the industrial, buildings and infrastructure markets. We continue to grow across all markets as we have been able to achieve sustainable profitability improvements. Infrastructure, currently underweighted in size, will see the highest growth and is one of the focus areas for M&A. Q4 and Full Year 2023 Investor Presentation 100% 90% 80% 49% 51% 48% 70% 60% 50% 12% 13% 15% 40% 30% 39% 39% 20% 34% 10% 0% 2021 2022 2023 bird Industrial Infrastructure Buildings 22#24Over the past six years, Bird has strategically diversified its revenue sources while shifting to a risk-balanced mix of work. Throughout this transition, Bird has enhanced its profitability and adjusted EBITDA margins. - Wayne Gingrich, Chief Financial Officer bird#25Diversifying Risk - Revenue by Contract Type Higher risk $29 $15 $55 • Public Private Partnership $102 $59 (PPP) $101 $121 $177 bird in millions of Canadian dollars $123 $150 • Design-Build-Finance Complex Design-Build $1,236 $1,276 $1,334 $943 $792 • Stipulated Sum Unit Price • Specified Design-Build $910 $1,250 $860 • Construction Management Lower risk $432 • Integrated Project Delivery $305 • Cost-Plus 2019A 2020A 2021A 2022A 2023A Increased diversification across services, end-markets and geographies; well-balanced portfolio of low-to-medium risk projects Over 90% of 2023 revenue is considered low-to-medium risk and supports the company balanced revenue mix target Focus on maintaining balanced risk profile and driving a higher share of collaborative contracting methods with our clients to balance the risk transfer between parties Q4 and Full Year 2023 Investor Presentation 24 24#26Capital Markets Overview Firm ATB Capital Canaccord Genuity CIBC Capital Markets Laurentian Bank Securities National Bank Financial Raymond James Stifel GMP TD Securities Analyst $17.50 Share Price (1) 3.20% Dividend Yield(2) $943 M Market Capitalization (1) $8.01/$17.60 52 Week Low/High (1) 53,891,909 Shares Outstanding (1) Chris Murray 416.520.0267 [email protected] Yuri Lynk 514.844.3708 [email protected] Jacob Bout Jonathan Lamers Maxim Sytchev Frederic Bastien Ian Gillies Michael Tupholme (1)Figures as of close of market March 1, 2024. (2)Dividend yield based on the March 2024 dividend of $0.0467 per share. Contact Organic and M&A Revenue Growth bird 416.956.6766 [email protected] 416.577.1755 [email protected] 416.869.5617 [email protected] 604.659.8232 [email protected] 416.943.6108 [email protected] 416.307.9389 [email protected] Sustainable Margin Accretion Long-term Shareholder Value Strong Cash Flow, Balanced Capital Allocation Experienced & Dedicated Team Operating Safely Disciplined Risk and Financial Management 25 25#27bird Q4 and Full Year 2023 Investor Presentation Bird Construction Inc. (TSX:BDT)