Aecon Utilities Investment Overview

Construction Q3 2023 Results Revenue down by $83M, or 6%, quarter-over-quarter Q3 2023* Revenue ($M) Q3 2023 TTM* Revenue ($M) $4,692 $4,448 -6% +5% $1,299 $1,215 $106M in civil operations driven primarily by a lower volume of roadbuilding construction work in eastern Canada of $127 million as a result of the sale of ATE in the second quarter of 2023, and partially offset by an increase in major projects work in western Canada. $11M in nuclear operations from a lower volume of refurbishment work at nuclear generating stations located in Ontario. $2M in utilities operations. $30M in industrial operations driven primarily by increased activity on mainline pipeline work which offset a lower volume of field construction work primarily at chemical facilities in eastern Canada. Q3 2022 Q3 2023 Q3 2022 TTM Q3 2023 TTM $6M in urban transportation solutions primarily from an increase in rail expansion and electrification work in Ontario. New Awards ($M) New Awards ($M) $4,663 $4,612 $966 -42% -1% New awards lower by $403M, or 42%, quarter-over-quarter $563 ACCON Totals and variances may not add due to rounding and eliminations. Q3 2022 Q3 2023 Q3 2022 TTM Q3 2023 TTM 23

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