Aecon Utilities Investment Overview

De-Risking Business Through Collaborative Models Sustainability linked projects currently in development phases present significant opportunities for long term growth* GO Rail Expansion On-Corridor (OnCorr) Works Project Estimated Total Capital Cost: >$10B^& Progressive Design, Build, Operate & Maintain Model ONxpress Transportation Partners (ONxpress) selected to design, build, operate and maintain the GO Expansion OnCorr Works project in Ontario Progressive and collaborative design, build, operate and maintain model ONxpress consortium comprised of Aecon, FCC, Deutsche Bahn and Alstom Aecon 50% share in a civil JV with FCC, and 28% share in a 25-year O&M partnership with Deutsche Bahn Early works and a two-year collaborative development phase commenced in Q3 2022, with O&M anticipated to commence in Q2 2024 Scarborough Subway Extension Stations, Rail and Systems (SRS) Estimated Design & Construction Cost: $2B - $4B*& Progressive Design-Build Model Scarborough Transit Connect (STC), a 50/50 consortium between Aecon (lead partner) and FCC, selected as the development partner for the Scarborough Subway Extension SRS project in Ontario Progressive and collaborative design-build model An 18-month collaborative development phase commenced in Q4 2022 to finalize the scope, cost and schedule of various elements of the project, with certain early works activities commencing during this phase Upon successful completion of the development phase, an implementation phase will commence under a target price contract Scarborough Sc Darlington New Nuclear Project (DNNP) Small Modular Reactor (SMR) Total Capital Cost Under Development Integrated Project Delivery Model Aecon, GE Hitachi and SNC-Lavalin executed a six-year alliance agreement with Ontario Power Generation (OPG) to deliver North America's first grid-scale SMR through the DNNP in Ontario Under an Integrated Project Delivery (IPD) model, OPG serves as the license holder and will maintain overall responsibility for the project, including operator training, commissioning, Indigenous engagement, stakeholder outreach and oversight Aecon is the provider of all construction services, including project management, construction planning and execution. Site preparation and related work is currently underway and SMR construction is expected to reach completion in the fourth quarter of 2028 ACCON # Projects would be added to backlog following completion of successful development phases over one to two years. Based on Infrastructure Ontario Market Update Report (January 2022); represents "Estimated Total Capital Costs" for the project, not Aecon's share in the project. *Based on Infrastructure Ontario Market Update Report (November 2022); represents "Estimated Design & Construction Cost" for the project, not Aecon's share in the project. & Estimated figures are not Aecon's shares in the projects as the work is performed in partnerships or joint ventures with other companies; Aecon's scope of work and relative value subject to change during the development phases. 10

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