Aecon Utilities Investment Overview

Construction Q3 2023 Results (continued) Q3 2022 TTM results include net benefit from the Canada Emergency Wage Subsidy ("CEWS") program of $4.1M Q3 2023* Adjusted EBITDAⓇ down by $65M, or 80%, quarter-over-quarter and Operating Profit down by $62M, or 98%, quarter-over-quarter Lower gross profit in civil operations due to negative gross profit of $41.6 million in the third quarter of 2023 from one of the four fixed price legacy projects versus a gross profit of $1.0 million in the same period in 2022 from the same project.+ Negative gross profit of $49.5 million from one of the four fixed price legacy projects in urban transportation solutions compared to a negative gross profit of $22.5 million in the same period last year from the same project.+ ACCON * Totals and variances may not add due to rounding. This is a non-GAAP financial measure. Refer to page 2 in this presentation. See Section 5 "Recent Developments" and Section 10.2 "Contingencies" in the Q3 2023 MD&A and Section 13 "Risk Factors" in the 2022 Annual MD&A. Q3 2023 TTM* Adj. EBITDA ($M) Adj. EBITDA ($M) -80% -52% $82 $192 $92 $17 Q3 2022 (6.3% margin) Q3 2023 (1.4% margin) Q3 2022 TTM Q3 2023 TTM (4.3% margin) (2.0% margin) Operating Profit ($M) Operating Profit ($M) $116 $63 -98% -54% $54 $1 Q3 2022 TTM Q3 2023 TTM Q3 2022 (4.9% margin) Q3 2023 (0.1% margin) (2.6% margin) (1.1% margin) 24

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