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TORONTO, March 05, 2026 (GLOBE NEWSWIRE) — Aecon Group Inc. (TSX: ARE) (“Aecon” or the “Company”) today reported results for the fourth quarter and year-end 2025, including record full year revenue of $5.4 billion. Aecon’s Board of Directors approved an increase to the quarterly dividend to 19.25 cents per share from 19 cents per share previously.
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“2025 was a transformative year marked by the completion of key strategic acquisitions, growth as a nuclear and power company, expansion in U.S. and international markets, and the substantial completion of legacy projects including two modern LRT systems,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “Aecon expects 2026 revenue to exceed 2025 levels on the strength of its record backlog, strategic positioning in sectors with attractive demand profiles, robust recurring revenue programs, and a healthy pipeline of project opportunities tied to power generation, critical resource development, mass transit infrastructure, water, and defence.”
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HIGHLIGHTS
All quarterly financial information contained in this news release is unaudited.
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- Record revenue for the year ended December 31, 2025 of $5,435 million was $1,192 million, or 28%, higher compared to 2024. Within Aecon’s Construction segment, the nuclear, civil, and utilities sectors generated record revenue levels in the year ended December 31, 2025.
- Operating profit of $87.1 million (operating margin(4) of 1.6%) compared to operating loss of $60.1 million in 2024 (operating margin of -1.4%). Higher year-over-year operating profit was driven by an increase in gross profit of $211.6 million primarily reflecting a decrease in losses related to fixed price legacy projects of $178.4 million (i.e. negative gross profit in 2025 of $94.4 million compared to negative gross profit in 2024 of $272.8 million). These fixed price legacy projects are discussed in Section 5 “Recent Developments”, Section 10.2 “Contingencies”, and Section 13 “Risk Factors” in the Company’s December 31, 2025 Management’s Discussion and Analysis (“MD&A”).
- Adjusted EBITDA(1)(2) of $234.6 million for the year ended December 31, 2025 (Adjusted EBITDA margin(3) of 4.3%) compared to Adjusted EBITDA of $82.6 million (Adjusted EBITDA margin of 1.9%) in 2024.
- Profit attributable to shareholders of $15.2 million (diluted earnings per share of $0.23) for the year ended December 31, 2025 compared to loss attributable to shareholders of $59.5 million (diluted loss per share of $0.95) in 2024.
- Record new contract awards of $9,487 million were booked in 2025 compared to $4,747 million in 2024, resulting in reported backlog at December 31, 2025 of $10,714 million compared to backlog of $6,662 million at December 31, 2024.
- On November 12, 2025, an Aecon consortium achieved substantial completion on the Finch West Light Rail Transit (“Finch West LRT”) Project in Toronto. The line opened to the public on December 7, 2025. Aecon holds a 33.3% interest in the equity and construction of the Finch West LRT and a 50% interest in the 30-year maintenance term.
- On December 5, 2025, an Aecon consortium achieved substantial completion on the Eglinton Crosstown Light Rail Transit (“Eglinton Crosstown LRT”) Project in Toronto. The line opened to the public on February 8, 2026. Aecon holds a 25% interest in the equity, development, construction and 30-year maintenance term of the Eglinton Crosstown LRT.
- Subsequent to year-end:
- On January 6, 2026 Aecon’s subsidiary, Aecon Utilities Group Inc., completed the previously announced acquisition of K.P.C. Power Electrical Ltd. and K.P.C. Energy Metering Solutions Ltd. (collectively, “KPC”).
- On February 2, 2026 an Aecon joint venture announced the successful completion of the Darlington Nuclear Refurbishment project in Ontario, under budget and four months ahead of schedule.
- Aecon was awarded a $205 million contract by the Red-Seine-Rat (“RSR”) Wastewater Cooperative for the first phase of the RSR Wastewater Treatment Facility project in Manitoba. The value of the contract will be added to Aecon’s Construction segment backlog in the first quarter of 2026.
- An Aecon partnership executed an agreement with Defence Construction Canada to deliver the Arctic Over-the-Horizon Radar Program Stage 1 project in Ontario under a collaborative Integrated Project Delivery model. Aecon holds a 50% interest and is the lead partner in the joint venture responsible for project delivery. A validation phase will commence in the first quarter of 2026. Upon validation and the completion of a design development phase, construction is expected to commence.
- On March 5, 2026 Aecon appointed Jeff Lyash to its Board of Directors. Mr. Lyash brings four decades of nuclear and power industry experience to Aecon’s Board and will stand for election as a Director at the next Annual General Meeting of the Corporation on June 1, 2026.
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CONSOLIDATED FINANCIAL HIGHLIGHTS(1)
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| Three months ended | Year ended | |||||||||||||
| $ millions (except per share amounts) | December 31 | December 31 | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Revenue | $ | 1,541.2 | $ | 1,267.0 | $ | 5,434.7 | $ | 4,242.7 | ||||||
| Gross profit | 144.1 | 107.2 | 394.1 | 182.5 | ||||||||||
| Marketing, general, and administrative expense | (63.0 | ) | (57.1 | ) | (234.0 | ) | (213.2 | ) | ||||||
| Income from projects accounted for using the equity method | 2.0 | 1.6 | 7.8 | 21.2 | ||||||||||
| Other income | 11.1 | 4.1 | 25.4 | 37.3 | ||||||||||
| Depreciation and amortization | (30.1 | ) | (26.2 | ) | (106.2 | ) | (87.8 | ) | ||||||
| Operating profit (loss) | 64.2 | 29.6 | 87.1 | (60.1 | ) | |||||||||
| Finance income | 3.9 | 1.9 | 8.9 | 8.6 | ||||||||||
| Finance cost | (32.8 | ) | (8.3 | ) | (71.2 | ) | (25.1 | ) | ||||||
| Profit (loss) before income taxes | 35.3 | 23.1 | 24.8 | (76.5 | ) | |||||||||
| Income tax (expense) recovery | (14.2 | ) | (9.0 | ) | (9.3 | ) | 17.1 | |||||||
| Profit (loss) | 21.1 | 14.1 | 15.5 | (59.4 | ) | |||||||||
| Non-controlling interests | (0.4 | ) | (0.1 | ) | (0.4 | ) | (0.1 | ) | ||||||
| Profit (loss) attributable to shareholders | $ | 20.7 | $ | 14.0 | $ | 15.2 | $ | (59.5 | ) | |||||
| Gross profit margin(4) | 9.3 | % | 8.5 | % | 7.3 | % | 4.3 | % | ||||||
| MG&A as a percent of revenue(4) | 4.1 | % | 4.5 | % | 4.3 | % | 5.0 | % | ||||||
| Adjusted EBITDA(2) | $ | 97.3 | $ | 76.3 | $ | 234.6 | $ | 82.6 | ||||||
| Adjusted EBITDA margin(3) | 6.3 | % | 6.0 | % | 4.3 | % | 1.9 | % | ||||||
| Operating margin(4) | 4.2 | % | 2.3 | % | 1.6 | % | (1.4 | )% | ||||||
| Adjusted profit (loss) attributable to shareholders(2) | $ | 34.6 | $ | 15.2 | $ | 26.6 | $ | (66.8 | ) | |||||
| Earnings (loss) per share – basic | $ | 0.33 | $ | 0.22 | $ | 0.24 | $ | (0.95 | ) | |||||
| Earnings (loss) per share – diluted | $ | 0.31 | $ | 0.21 | $ | 0.23 | $ | (0.95 | ) | |||||
| Adjusted earnings (loss) per share – basic(3) | $ | 0.54 | $ | 0.24 | $ | 0.42 | $ | (1.07 | ) | |||||
| Adjusted earnings (loss) per share – diluted(3) | $ | 0.52 | $ | 0.23 | $ | 0.40 | $ | (1.07 | ) | |||||
| Backlog (at end of period) | $ | 10,714 | $ | 6,662 | ||||||||||
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| (1) | This press release presents 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). Further details on these measures and ratios are included in the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release. |
| (2) | This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release for more information on each non-GAAP financial measure. |
| (3) | This is a non-GAAP ratio. Refer to the “Non-GAAP and Supplementary Financial Measures” section of this press release for more information on each non-GAAP ratio. |
| (4) | This is a supplementary financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” section of this press release for more information on each supplementary financial measure. |
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Revenue for the year ended December 31, 2025 of $5,435 million was $1,192 million, or 28%, higher compared to 2024. Revenue was higher in the Construction segment ($1,200 million) with increases in nuclear ($559 million), industrial ($337 million), urban transportation solutions ($128 million), civil ($111 million), and utilities operations ($65 million). Higher revenue in the Construction segment was primarily driven by an increase in the volume of refurbishment, new build, and engineering services work at nuclear generating stations in Ontario and the U.S., and by a higher volume of field construction work at industrial facilities in western Canada. In the Concessions segment, revenue was $4 million lower in 2025 compared to the prior year primarily from a decrease in revenue from maintenance operations related to LRT projects. Revenue was also lower in Corporate and Other after inter-segment revenue eliminations by $4 million.
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Operating profit of $87.1 million for the year ended December 31, 2025 compares to operating loss of $60.1 million for the year ended December 31, 2024, an improvement of $147.2 million.
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The higher year-over-year operating profit in 2025 was driven by an increase in gross profit of $211.6 million. In the Construction segment, gross profit increased by $220.9 million primarily reflecting a decrease in losses related to fixed price legacy projects of $178.4 million (i.e. negative gross profit in 2025 of $94.4 million compared to negative gross profit in 2024 of $272.8 million). These fixed price legacy projects are discussed in Section 5 “Recent Developments”, Section 10.2 “Contingencies”, and Section 13 “Risk Factors” in the December 31, 2025 MD&A. In addition to the impacts from the fixed price legacy projects, gross profit in the balance of the Construction segment was higher by $42.6 million. This increase in gross profit was primarily driven by higher volume in nuclear, industrial, and utilities operations, partially offset by lower gross profit margin in urban transportation solutions from mass transit projects nearing completion or transitioning from development phase work to early construction works in the implementation phase, and from lower gross profit margin in civil western operations. In the Concessions segment, gross profit in 2025 decreased by $0.7 million compared to 2024 primarily from lower O&M fees, and in Corporate and Other where gross profit decreased by $8.7 million as a result of lower inter-segment cost recoveries from projects.
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Marketing, general and administrative expense (“MG&A”) in 2025 increased by $20.8 million compared to 2024. The increase in MG&A was primarily due to MG&A from recently acquired businesses, and higher personnel costs supporting revenue growth in the current year, largely in the nuclear and civil operations. These amounts were partially offset by lower business acquisition related costs of $8.2 million, largely related to changes in the fair value of contingent consideration and lower advisory, legal, and other transaction fees. MG&A as a percentage of revenue decreased from 5.0% in 2024 to 4.3% in 2025.
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Reported backlog at December 31, 2025 of $10,714 million compares to backlog of $6,662 million at December 31, 2024. New contract awards of $9,487 million were booked in 2025 compared to $4,747 million in 2024. The reported 2025 awards include $42 million of backlog acquired at the time the acquisitions of Bodell Construction Company (“Bodell”) and Trinity Industrial Services (“Trinity”) closed.
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REPORTING SEGMENTS
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Aecon reports its financial performance on the basis of two segments: Construction and Concessions, which are described in the Company’s December 31, 2025 MD&A.
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CONSTRUCTION SEGMENT
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Financial Highlights
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| Three months ended | Year ended | |||||||||||||
| $ millions | December 31 | December 31 | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Revenue | $ | 1,537.3 | $ | 1,252.5 | $ | 5,420.7 | $ | 4,220.5 | ||||||
| Gross profit | $ | 142.3 | $ | 96.1 | $ | 394.5 | $ | 173.6 | ||||||
| Adjusted EBITDA(1) | $ | 93.4 | $ | 65.0 | $ | 220.4 | $ | 34.2 | ||||||
| Operating profit (loss) | $ | 72.1 | $ | 33.0 | $ | 127.4 | $ | (55.0 | ) | |||||
| Gross profit margin(3) | 9.3 | % | 7.7 | % | 7.3 | % | 4.1 | % | ||||||
| Adjusted EBITDA margin(2) | 6.1 | % | 5.2 | % | 4.1 | % | 0.8 | % | ||||||
| Operating margin(3) | 4.7 | % | 2.6 | % | 2.3 | % | (1.3 | )% | ||||||
| Backlog (at end of period) | $ | 10,694 | $ | 6,551 | ||||||||||
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| (1) | This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release for more information on each non-GAAP financial measure. |
| (2) | This is a non-GAAP ratio. Refer to the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release for more information on each non-GAAP ratio. |
| (3) | This is a supplementary financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” section of this press release for more information on each supplementary financial measure. |
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For the year ended December 31, 2025, revenue in the Construction segment of $5,421 million was $1,200 million, or 28%, higher than in 2024. Revenue was higher in all sectors with the largest increase occurring in nuclear operations ($559 million), driven by an increase in the volume of refurbishment, new build, and engineering services work at nuclear generating stations located in Ontario and the U.S. Higher revenue in industrial ($337 million) was driven by an increase in field construction work at industrial mining facilities in western Canada, incremental revenue in the U.S. from the Bodell and Trinity acquisitions completed in the third quarter of 2025, and a favourable impact on the revenue comparison from the Coastal GasLink Pipeline Project settlement agreement in 2024. Revenue was also higher in urban transportation solutions ($128 million), primarily from an increase in subway and commuter rail system projects. In civil operations, higher revenue ($111 million) was mainly due to an increase in the civil infrastructure component of power and rail projects, and from major project work performed internationally, partially offset by a lower volume of highway, road, and bridge building activity. In utilities operations, higher revenue ($65 million) was due to a higher volume of gas distribution work in Canada and electrical work in the U.S., partially offset by a lower volume of battery energy storage systems and telecommunications work.
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Operating profit in the Construction segment of $127.4 million in 2025 compares to an operating loss of $55.0 million in 2024, for an improvement in operating profit of $182.4 million. The largest driver of this increase was lower losses from the fixed price legacy projects in 2025 which contributed a net favourable year-over-year impact on operating profit of $178.4 million (i.e. negative gross profit of $94.4 million in 2025 compared to negative gross profit of $272.8 million in 2024). The fixed price legacy projects are discussed in Section 5 “Recent Developments”, Section 10.2 “Contingencies”, and Section 13 “Risk Factors” of the December 31, 2025 MD&A. In the balance of the Construction segment, operating profit increased by $4.0 million in 2025. This operating profit increase resulted primarily from a volume driven increase in gross profit in nuclear, industrial, and utilities operations, as well as from a decrease in costs related to business acquisitions of $20.3 million. Costs related to business acquisitions include a decrease in costs related to advisory, legal, and other transaction fees ($0.8 million); changes in the fair value of contingent consideration ($12.4 million); and decreases in contingent consideration classified as compensation expense ($7.1 million). These increases were partially offset by lower operating profit in civil due to lower gross profit margin in western operations, and in urban transportation solutions due to lower gross profit from mass transit projects nearing completion and the impact on gross profit margin of progressive design-build transit scopes transitioning from development phase work to early construction works. Other items impacting operating profit in 2025 include a decrease in gains on the sale of equipment ($9.4 million, largely in industrial operations), and higher amortization expense related to acquisition-related intangible assets ($13.1 million).
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Construction segment backlog at December 31, 2025 was $10,694 million, an increase of $4,143 million compared to the same time last year. Backlog increased year-over-year in urban transportation solutions ($2,716 million), civil ($804 million), nuclear ($528 million), utilities ($90 million), and industrial operations ($5 million). New contract awards in 2025 totaled $9,472 million compared to $4,732 million in 2024. The reported awards in 2025 include $42 million of backlog acquired at the closing of the Bodell and Trinity acquisitions. In 2025, Aecon-led consortiums reached commercial close on a progressive design-build project for the Scarborough Subway Extension and reached financial close on the Yonge North Subway Extension Advance Tunnel project, both in Ontario; a joint operation in which Aecon is a participant was awarded a contract for the definition phase of refurbishment work on four units at the Pickering Nuclear Generating Station in Ontario, and an Aecon-led partnership was awarded an alliance construction contract for the execution phase of the Darlington New Nuclear Project in Clarington, Ontario.
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CONCESSIONS SEGMENT
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Financial Highlights
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| Three months ended | Year ended | ||||||||||||
| $ millions | December 31 | December 31 | |||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Revenue | $ | 1.8 | $ | 4.2 | $ | 7.6 | $ | 12.0 | |||||
| Gross profit (loss) | $ | (0.2 | ) | $ | 0.6 | $ | (2.2 | ) | $ | (1.5 | ) | ||
| Income from projects accounted for using the equity method | $ | 1.9 | $ | 0.8 | $ | 7.9 | $ | 20.8 | |||||
| Adjusted EBITDA(1) | $ | 13.1 | $ | 17.4 | $ | 56.8 | $ | 86.9 | |||||
| Operating profit | $ | 1.0 | $ | 1.6 | $ | 3.2 | $ | 24.2 | |||||
| Backlog (at end of period) | $ | 20 | $ | 111 | |||||||||
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| (1) | This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release for more information on each non-GAAP financial measure. |
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Aecon holds a 50.1% interest in Skyport, the concessionaire responsible for the Bermuda airport’s operations, maintenance, and commercial functions, and the entity that will manage and coordinate the overall delivery of the Bermuda International Airport Redevelopment Project over a 30-year concession term that commenced in 2017. Aecon’s concession participation in the Eglinton Crosstown LRT, Finch West LRT, Gordie Howe International Bridge, Waterloo LRT, and the GO Expansion On-Corridor Works projects are joint ventures that are also accounted for using the equity method.
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For the year ended December 31, 2025, revenue in the Concessions segment of $8 million was $4 million lower than in 2024. The decrease was primarily due to lower revenue from maintenance.
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Operating profit in the Concessions segment of $3.2 million for the year ended December 31, 2025 decreased by $21.0 million compared to an operating profit of $24.2 million in 2024. The decrease in operating profit was primarily driven by lower operating results from Skyport due to a gain on sale of $5.9 million related to incremental proceeds from the partial sale of Skyport and one-time recoveries in Skyport of $5.9 million, both reported in 2024. In the balance of the segment, the decrease in operating profit resulted from lower income from O&M activities, including the impact of an O&M contract that ended in the first half of 2025, and a decrease in management and development fees related to various concession projects nearing or achieving substantial completion of construction activities in 2025.
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DIVIDEND
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Aecon’s Board of Directors approved an increase to the quarterly dividend of 19.25 cents per share from 19 cents per share previously. The dividend will be paid on April 2, 2026, to shareholders of record on March 23, 2026. Unless indicated otherwise, all common share dividends paid by Aecon to shareholders are designated as “eligible” dividends for the purpose of the Income Tax Act (Canada) and any similar provincial legislation.
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OUTLOOK
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Aecon expects 2026 revenue to exceed 2025 levels on the strength of its record backlog, strategic positioning in sectors with attractive demand profiles, robust recurring revenue programs, and a healthy pipeline of project opportunities tied to power generation, critical resource development, mass transit infrastructure, water, and defence.
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In the Construction segment, demand for Aecon’s services across Canada and in select U.S. and international markets continues to be strong with opportunities across all sectors. During 2025, an Aecon-led consortium completed the collaborative development phase and reached commercial close on the Scarborough Subway Extension progressive design-build transit project. The implementation phase of the project has commenced under a target price contract. In addition, an Aecon joint operation was awarded a collaborative contract by Ontario Power Generation which includes the definition phase work for the retube, feeder and boiler replacement of four units at the Pickering Nuclear Generating Station in Ontario. An Aecon-led partnership was awarded an alliance construction contract by Ontario Power Generation for the execution phase of the Darlington New Nuclear Project in Ontario, the first Small Modular Reactor project in the G7. An Aecon partnership completed the collaborative development phase and reached financial close on a contract with the Montreal Port Authority for the Port of Montreal Expansion in-water works project in Contrecoeur, Québec.
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In the Concessions segment, there are several opportunities to add to the existing portfolio of Canadian and international concessions in the next 6 to 12 months to support trends in aging infrastructure, mobility, connectivity, energy, and population growth.
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Operating profitability in recent years was negatively impacted by the fixed price legacy projects. Two of the remaining three legacy projects achieved substantial completion in 2025, and construction on the remaining legacy project is significantly progressed but substantial completion has not been achieved due to delays relating to subcontracted work and operational commissioning. The remaining project is expected to be substantially complete in the first half of 2026. Until all projects are complete and the related claims have been resolved, there is a risk that profitability could also be negatively impacted by these projects in future periods – see Section 5 “Recent Developments”, Section 10.2 “Contingencies”, and Section 13 “Risk Factors” in the December 31, 2025 MD&A regarding the risk on certain large fixed price legacy projects entered into in 2018 or earlier by joint operations in which Aecon is a participant. As such, the completion and satisfactory resolution of claims on the three remaining fixed price legacy projects with the respective clients remains a critical focus for the Company and its partners. The finalization of these projects is anticipated to lead to improved profitability and margin predictability going forward.
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Beyond the fixed price legacy projects, Aecon believes that the deliberate shift towards a greater weighting of improved risk-adjusted programs, in combination with a strong focus on operational excellence, is anticipated to support a stabilization and gradual improvement of Adjusted EBITDA margins in the Construction segment in 2026.
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Management will continue to monitor the impact of a dynamic political environment as well as announced or threatened tariffs and non-tariff measures on the Company’s operations. The introduction of these measures could cause increased purchased material costs and/or reduced availability, downward or upward changes to the level of demand for Aecon’s services, as well as delays by some private clients in moving forward with projects.
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Aecon plans to maintain a disciplined capital allocation approach focused on long-term shareholder value through acquisitions and divestitures, organic growth, dividends, capital investments, and share repurchases on an opportunistic basis. Aecon is also focused on making strategic investments in its operations to support the growth of its concessions portfolio, provide access and entry into new markets and increase operational effectiveness. Aecon expects capital expenditures in 2026 to exceed 2025 levels to support growth initiatives and systems investments designed to enhance execution resiliency and enable the ambitions of key sectors in a disciplined manner.
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CONSOLIDATED RESULTS
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The consolidated results for the three months and years ended December 31, 2025 and 2024 are available at the end of this news release.
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CONSOLIDATED BALANCE SHEET
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| December 31 | December 31 | |||
| $ thousands | 2025 | 2024 | ||
| Cash and cash equivalents | $ | 486,019 | $ | 438,025 |
| Other current assets | 2,388,844 | 1,790,589 | ||
| Property, plant and equipment | 399,910 | 360,022 | ||
| Other long-term assets | 715,453 | 637,588 | ||
| Total Assets | $ | 3,990,226 | $ | 3,226,224 |
| Current portion of long-term debt | $ | 43,903 | $ | 40,765 |
| Preferred Shares of Aecon Utilities | 188,840 | 160,300 | ||
| Other current liabilities | 2,374,027 | 1,742,363 | ||
| Long-term debt | 110,560 | 110,804 | ||
| Other long-term liabilities | 344,141 | 209,556 | ||
| Total Equity | 928,755 | 962,436 | ||
| Total Liabilities and Equity | $ | 3,990,226 | $ | 3,226,224 |
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CONFERENCE CALL
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A conference call and live webcast has been scheduled for 9 a.m. (Eastern Time) on Friday, March 6, 2026. A live webcast of the conference call can be accessed using this link and will be available at www.aecon.com/InvestorCalendar. Participants can also dial-in to the conference call and pre-register using this link. After registering, an email will be sent, including dial-in details and a unique access code required to join the live call. Please ensure you have registered at least 15 minutes prior to the conference call time.
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An accompanying presentation of the fourth quarter and year-end 2025 financial results will also be available after market close on March 5, 2026 at www.aecon.com/investing. For those unable to attend, a replay will be available within one hour following the live webcast and conference call at the same webcast link above.
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ABOUT AECON
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Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility, and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc.
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For further information:
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Adam Borgatti
SVP, Corporate Development and Investor Relations
416-297-2600
[email protected]
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Nicole Court
Vice President, Corporate Affairs and Communications
416-297-2600
[email protected]
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NON-GAAP AND SUPPLEMENTARY FINANCIAL MEASURES
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The press release presents 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 IFRS Accounting Standards). 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.
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Throughout this press release, the following terms are used, which do not have a standardized meaning under GAAP.
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Non-GAAP Financial Measures
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A non-GAAP financial measure: (a) depicts the historical or expected future financial performance, financial position, or cash flow of the Company; (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most comparable financial measure presented in the primary consolidated financial statements; (c) is not presented in the financial statements of the Company; and (d) is not a ratio.
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Non-GAAP financial measures and ratios presented and discussed in this press release are as follows:
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- “Adjusted EBITDA” represents operating profit (loss) adjusted to exclude depreciation and amortization, the gain (loss) on sale of assets and investments, costs related to business acquisitions including: costs related to advisory, legal and other transaction fees; changes in the fair value of contingent consideration; and contingent consideration classified as compensation per IFRS Accounting Standards; costs associated with the remediation of properties sold; and net income (loss) from projects accounted for using the equity method, but including “Equity Project EBITDA” from projects accounted for using the equity method (refer to the “Reconciliations and Calculations” section of this press release for a quantitative reconciliation to the most comparable financial measure). The most directly comparable measure presented in the consolidated statements of income is operating profit.
- “Equity Project EBITDA” represents Aecon’s proportionate share of the earnings or losses from projects accounted for using the equity method before depreciation and amortization, finance income, finance cost and income tax expense (recovery) (refer to the “Reconciliations and Calculations” section of this press release for a quantitative reconciliation to the most comparable financial measure).
- “Adjusted Profit (Loss) Attributable to Shareholders” represents profit (loss) attributable to shareholders adjusted where applicable to exclude unrealized gains or losses on derivative financial instruments, costs related to business acquisitions including: amortization of acquisition-related intangible assets; costs related to advisory, legal and other transaction fees; changes in the fair value of contingent consideration; and contingent consideration classified as compensation per IFRS Accounting Standards; costs associated with the remediation of properties sold; and where applicable the income tax effect of these adjustments (refer to the “Reconciliations and Calculations” section of this press release for a quantitative reconciliation to the most comparable financial measure). The most comparable IFRS Accounting Standards measure for Adjusted Profit (Loss) Attributable to Shareholders is Profit (Loss) Attributable To Aecon Shareholders.
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Management uses the above non-GAAP financial measures to analyze and evaluate operating performance. Aecon also believes the above financial measures 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. These non-GAAP financial measures exclude items which management believes will allow investors a consistent way to analyze Aecon’s financial performance, allow for better analysis of core operating income and business trends, and improve comparability of companies within the industry.
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Primary Financial Statements
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Primary financial statement means any of the following: the consolidated balance sheets, the consolidated statements of income, the consolidated statements of comprehensive income, the consolidated statements of changes in equity, and the consolidated statements of cash flows.
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Key financial measures presented in the primary financial statements of the Company and discussed in this press release are as follows:
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- “Gross profit” represents revenue less direct costs and expenses. Not included in the calculation of gross profit are marketing, general and administrative expense (“MG&A”), depreciation and amortization, income (loss) from projects accounted for using the equity method, other income (loss), finance income, finance cost, income tax expense (recovery), and non-controlling interests.
- “Operating profit (loss)” represents the profit (loss) from operations, before finance income, finance cost, income tax expense (recovery), and non-controlling interests.
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The above measures are presented in the Company’s consolidated statements of income and are not meant to be a substitute for other subtotals or totals presented in accordance with GAAP, but rather should be evaluated in conjunction with such measures.
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- “Backlog” (Remaining Performance Obligations) means the total value of work that has not yet been completed that: (a) has a high certainty of being performed as a result of the existence of an executed contract or work order specifying job scope, value and timing; or (b) has been awarded to Aecon, as evidenced by an executed binding letter of intent or agreement, describing the general job scope, value and timing of such work, and where the finalization of a formal contract in respect of such work is reasonably assured. Operations and maintenance (“O&M”) activities are provided under contracts that can cover a period of up to 30 years. In order to provide information that is comparable to the backlog of other categories of activity, Aecon limits backlog for O&M activities to the earlier of the contract term and the next five years.
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Remaining Performance Obligations, i.e. Backlog, is presented in the notes to the Company’s annual consolidated financial statements and is not meant to be a substitute for other amounts presented in accordance with GAAP, but rather should be evaluated in conjunction with such GAAP measures.
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Non-GAAP Ratios
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A non-GAAP ratio is a financial measure presented in the form of a ratio, fraction, percentage or similar representation, and that has a non-GAAP financial measure as one of its components and is not disclosed in the financial statements of the Company.
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A non-GAAP ratio presented and discussed in this press release is as follows:
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- “Adjusted EBITDA margin” represents Adjusted EBITDA as a percentage of revenue.
- “Adjusted Earnings Per Share – Basic” and “Adjusted Earnings Per Share – Diluted” are calculated by dividing Adjusted Profit (Loss) Attributable to Shareholders (defined above) by the basic and diluted weighted average number of shares outstanding, respectively.
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Management uses the above non-GAAP ratio to analyze and evaluate operating performance.
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Supplementary Financial Measures
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A supplementary financial measure: (a) is, or is intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company; (b) is not presented in the financial statements of the Company; (c) is not a non-GAAP financial measure; and (d) is not a non-GAAP ratio.
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Key supplementary financial measures presented in this press release are as follows:
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- “Gross profit margin” represents gross profit as a percentage of revenue.
- “Operating margin” represents operating profit (loss) as a percentage of revenue.
- “MG&A as a percent of revenue” represents marketing, general and administrative expense as a percentage of revenue.
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RECONCILIATIONS AND CALCULATIONS
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Set out below is the calculation of Adjusted EBITDA by segment for the three months and years ended December 31, 2025 and 2024:
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$ millions
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| Three months ended December 31, 2025 | Year ended December 31, 2025 | |||||||||||||||||||||||||
| Construction | Concessions | Other costs and eliminations | Consolidated | Construction | Concessions | Other costs and eliminations | Consolidated | |||||||||||||||||||
| Operating profit (loss) | $ | 72.1 | $ | 1.0 | $ | (8.9 | ) | $ | 64.2 | $ | 127.4 | $ | 3.2 | $ | (43.5 | ) | $ | 87.1 | ||||||||
| Depreciation and amortization | 30.3 | 0.1 | (0.3 | ) | 30.1 | 105.1 | 0.2 | 0.8 | 106.2 | |||||||||||||||||
| (Gain) on sale of assets | (1.2 | ) | – | – | (1.2 | ) | (8.6 | ) | – | – | (8.6 | ) | ||||||||||||||
| Costs (gains) related to business acquisitions(2) | (9.4 | ) | – | – | (9.4 | ) | (10.7 | ) | – | – | (10.7 | ) | ||||||||||||||
| (Income) loss from projects accounted for using the equity method | (0.1 | ) | (1.9 | ) | – | (2.0 | ) | 0.1 | (7.9 | ) | – | (7.8 | ) | |||||||||||||
| Equity Project EBITDA(1) | 1.6 | 14.0 | – | 15.6 | 7.0 | 61.3 | – | 68.3 | ||||||||||||||||||
| Adjusted EBITDA(1) | $ | 93.4 | $ | 13.1 | $ | (9.2 | ) | $ | 97.3 | $ | 220.4 | $ | 56.8 | $ | (42.7 | ) | $ | 234.6 | ||||||||
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| Three months ended December 31, 2024 | Year ended December 31, 2024 | |||||||||||||||||||||||||
| Construction | Concessions | Other costs and eliminations | Consolidated | Construction | Concessions | Other costs and eliminations | Consolidated | |||||||||||||||||||
| Operating profit (loss) | $ | 33.0 | $ | 1.6 | $ | (5.1 | ) | $ | 29.6 | $ | (55.0 | ) | $ | 24.2 | $ | (29.2 | ) | $ | (60.1 | ) | ||||||
| Depreciation and amortization | 26.1 | 0.1 | 0.1 | 26.2 | 86.9 | $ | 0.3 | $ | 0.7 | 87.8 | ||||||||||||||||
| (Gain) on sale of assets | (0.6 | ) | – | (1.1 | ) | (1.7 | ) | (17.9 | ) | $ | (5.9 | ) | $ | (10.1 | ) | (33.9 | ) | |||||||||
| Costs (gains) related to business acquisitions(2) | 4.3 | – | – | 4.3 | 9.7 | $ | 0.1 | $ | 0.1 | 9.9 | ||||||||||||||||
| (Income) from projects accounted for using the equity method | (0.8 | ) | (0.8 | ) | – | (1.6 | ) | (0.4 | ) | $ | (20.8 | ) | $ | – | (21.2 | ) | ||||||||||
| Equity Project EBITDA(1) | 3.1 | 16.5 | – | 19.6 | 11.1 | $ | 88.9 | $ | – | 100.0 | ||||||||||||||||
| Adjusted EBITDA(1) | $ | 65.1 | 17.4 | (6.1 | ) | $ | 76.3 | $ | 34.2 | $ | 86.9 | $ | (38.5 | ) | $ | 82.6 | ||||||||||
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| (1) | This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” in this press release for more information on each non-GAAP financial measure |
| (2) | Costs (gains) related to business acquisitions includes costs related to advisory, legal, and other transaction fees; changes in the fair value of contingent consideration; and contingent consideration classified as compensation per IFRS Accounting Standards |
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Set out below is the calculation of Equity Project EBITDA by segment for the three months and years ended December 31, 2025 and 2024:
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| $ millions | ||||||||||||||||||
| Three months ended December 31, 2025 | Year ended December 31, 2025 | |||||||||||||||||
| Aecon’s proportionate share of projects accounted for using the equity method(1) | Construction | Concessions | Other costs and eliminations | Consolidated | Construction | Concessions | Other costs and eliminations | Consolidated | ||||||||||
| Operating profit | $ | 1.6 | $ | 9.8 | $ | – | $ | 11.4 | $ | 7.0 | $ | 45.1 | $ | – | $ | 52.1 | ||
| Depreciation and amortization | – | 4.2 | – | 4.2 | – | 16.2 | – | 16.2 | ||||||||||
| Equity Project EBITDA(2) | $ | 1.6 | $ | 14.0 | $ | – | $ | 15.6 | $ | 7.0 | $ | 61.3 | $ | – | $ | 68.3 | ||
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| $ millions | ||||||||||||||||||
| Three months ended December 31, 2024 | Year ended December 31, 2024 | |||||||||||||||||
| Aecon’s proportionate share of projects accounted for using the equity method(1) | Construction | Concessions | Other costs and eliminations | Consolidated | Construction | Concessions | Other costs and eliminations | Consolidated | ||||||||||
| Operating profit | $ | 3.1 | $ | 12.5 | $ | – | $ | 15.6 | $ | 11.1 | $ | 73.5 | $ | – | $ | 84.6 | ||
| Depreciation and amortization | – | 4.0 | – | 4.0 | – | 15.4 | – | 15.4 | ||||||||||
| Equity Project EBITDA(2) | $ | 3.1 | $ | 16.5 | $ | – | $ | 19.6 | $ | 11.1 | $ | 88.9 | $ | – | $ | 100.0 | ||
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| (1) | Refer to Note 11 “Projects Accounted for Using the Equity Method” in Company’s audited consolidated financial statements for the year ended December 31, 2025. |
| (2) | This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” section in this press release for more information on each non-GAAP financial measure. |
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Set out below is the calculation of Adjusted Profit (Loss) Attributable to Shareholders and Adjusted Earnings (Loss) per Share for the most recent eight quarters:
$ millions
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| 2025 | 2024 | ||||||||||||||||||||||||||
| Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | ||||||||||||||||||||
| Profit (loss) attributable to shareholders | $ | 20.7 | $ | 40.0 | $ | (7.6 | ) | $ | (37.9 | ) | $ | 14.0 | $ | 56.5 | $ | (123.9 | ) | $ | (6.1 | ) | |||||||
| Unrealized (gain) loss on derivative financial instruments | 18.8 | (4.5 | ) | (4.2 | ) | (2.4 | ) | (4.3 | ) | (7.3 | ) | (3.7 | ) | (4.3 | ) | ||||||||||||
| Amortization of acquisition related intangible assets | 5.3 | 4.8 | 4.8 | 5.1 | 3.1 | 3.0 | 0.3 | 0.3 | |||||||||||||||||||
| Costs (gains) related to business acquisitions(3) | (9.4 | ) | (6.2 | ) | 2.3 | 2.7 | 4.3 | 5.6 | – | – | |||||||||||||||||
| Income tax effect of the above items | (0.8 | ) | (1.0 | ) | (1.8 | ) | (2.0 | ) | (1.9 | ) | (2.3 | ) | (0.1 | ) | (0.1 | ) | |||||||||||
| Adjusted profit (loss) attributable to shareholders(1) | $ | 34.6 | $ | 33.1 | $ | (6.6 | ) | $ | (34.6 | ) | $ | 15.2 | $ | 55.6 | $ | (127.4 | ) | $ | (10.2 | ) | |||||||
| Adjusted earnings (loss) per share – basic(2) | $ | 0.54 | $ | 0.52 | $ | (0.10 | ) | $ | (0.55 | ) | $ | 0.24 | $ | 0.89 | $ | (2.04 | ) | $ | (0.16 | ) | |||||||
| Adjusted earnings (loss) per share – diluted(2) | 0.52 | 0.49 | (0.10 | ) | (0.55 | ) | 0.23 | 0.83 | (2.04 | ) | (0.16 | ) | |||||||||||||||
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| (1) | This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” in this press release for more information on each non-GAAP financial measure. |
| (2) | This is a non-GAAP ratio. Refer to the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release for more information on each non-GAAP ratio. |
| (3) | Costs (gains) related to business acquisitions includes costs related to advisory, legal and other transaction fees; changes in the fair value of contingent consideration; and contingent consideration classified as compensation per IFRS Accounting Standards. |
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Set out below is the calculation of Adjusted Profit (Loss) Attributable to Shareholders and Adjusted Earnings (Loss) Per Share for the three months and year ended December 31, 2025 and 2024:
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| $ millions | |||||||||||||||
| Three months ended | Year ended | ||||||||||||||
| December 31 | December 31 | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Profit (loss) attributable to shareholders | $ | 20.7 | $ | 14.0 | $ | 15.2 | $ | (59.5 | ) | ||||||
| Unrealized (gain) loss on derivative financial instruments | 18.8 | (4.3 | ) | 7.8 | (19.6 | ) | |||||||||
| Amortization of acquisition related intangible assets | 5.3 | 3.1 | 19.9 | 6.8 | |||||||||||
| Costs (gains) related to business acquisitions(3) | (9.4 | ) | 4.3 | (10.7 | ) | 9.9 | |||||||||
| Income tax effect of the above items | (0.8 | ) | (1.9 | ) | (5.6 | ) | (4.4 | ) | |||||||
| Adjusted profit (loss) attributable to shareholders(1) | $ | 34.6 | $ | 15.2 | $ | 26.6 | $ | (66.8 | ) | ||||||
| Adjusted earnings (loss) per share – basic(2) | $ | 0.54 | $ | 0.24 | $ | 0.42 | $ | (1.07 | ) | ||||||
| Adjusted earnings (loss) per share – diluted(2) | 0.52 | 0.23 | 0.40 | (1.07 | ) | ||||||||||
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| (1) | This is a non-GAAP financial measure. Refer to the “Non-GAAP and Supplementary Financial Measures” in this press release for more information on each non-GAAP financial measure. |
| (2) | This is a non-GAAP ratio. Refer to the “Non-GAAP and Supplementary Financial Measures” and “Reconciliations and Calculations” sections of this press release for more information on each non-GAAP ratio |
| (3) | Costs (gains) related to business acquisitions includes costs related to advisory, legal and other transaction fees; changes in the fair value of contingent consideration; and contingent consideration classified as compensation per IFRS Accounting Standards. |
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STATEMENT ON FORWARD-LOOKING INFORMATION
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The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial, and economic data and operating plans but are subject to known and unknown risks, assumptions and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, the payment of dividends, the repurchase of shares, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding: expectations regarding the financial risks and impact of the fixed price legacy projects, the expected timelines of such projects and the expected impact the completion of these projects will have on profitability and margin predictability of the Company; the delivery of critical infrastructure projects; backlog and estimated duration; the impact of certain contingencies on Aecon (see: Section 10.2 “Contingencies” in the Company’s 2025 Management’s Discussion and Analysis for the fiscal year ended December 31, 2025 (the “2025 MD&A”); the uncertainties related to the unpredictability of global economic conditions; expectations regarding the impact of announced or threatened tariffs; the sufficiency of its current liquidity position its strategy of seeking to differentiate its service offering and execution capability and the expected results therefrom; expectations regarding revenue, recurring revenue programs, and future revenue growth and the impact therefrom; expectations regarding the stabilization and improvement of Adjusted EBITDA margins; expectations regarding operational and financial performance; expectations regarding profitability and margin predictability; expectations regarding capital expenditures; expectations regarding capital allocation and the expected benefits therefrom; expectations regarding the pipeline of opportunities available to Aecon; infrastructure commitments; statements regarding the various phases of projects and expectations regarding project timelines; expectations regarding increased operational effectiveness and access to new markets through strategic investments; expectations regarding systems investments and the impact therefrom; expectations regarding opportunities to add to the existing portfolio of Canadian and international concessions in the next 6 to 12 months; expectations regarding the continuing growth of the industrial, nuclear and power markets; and expectations regarding growth, and the acceleration thereof, of Aecon in Canada and the U.S. Forward-looking statements may in some cases be identified by words such as “will,” “plans,” “schedule,” “forecast,” “outlook,” “completing,” “mitigating,” “potential,” “possible,” “maintain,” “seek,” “cost savings,” “synergies,” “strategy,” “goal,” “indicative,” “may,” “could,” “might,” “can,” “believes,” “expects,” “anticipates,” “aims,” “assumes,” “upon,” “commences,” “estimates,” “projects,” “intends,” “prospects,” “targets,” “occur,” “continue,” “should” or the negative of these terms, or similar expressions. 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, but not limited to: the risk of not being able to drive a higher margin mix of business by participating in more complex projects, achieving operational efficiencies and synergies, and improving margins; the risk of not being able to meet contractual schedules and other performance requirements on large, fixed priced contracts; the risks associated with a third party’s failure to perform; the risk of not being able to meet its labour needs at reasonable costs; possibility of gaps in insurance coverage; the risk of not being able to address any supply chain issues which may arise and pass on costs of supply increases to customers; the risks associated with international operations and foreign jurisdiction factors; the risks associated with a dynamic political environment; the risks associated with announced or threatened tariffs on operations; the risk of not being able, through its joint ventures or joint operations, to enter into implementation phases of certain projects following the successful completion of the relevant development phase; the risk of not being able to execute its strategy of building strong partnerships and alliances; the risk of not being able to execute its risk management strategy; the risk of not being able to grow backlog across the organization by winning major projects; the risk of not being able to maintain a number of open, recurring, and repeat contracts; the risk of not being able to identify and capitalize on strategic operational investments; the risk of not being able to oversee, and where appropriate, respond to known and unknown environmental risks; the risks of nuclear liability; the risks of cyber interruption or failure of information systems; the risks associated with the strategy of differentiating its service offerings in key end markets; the risks associated with undertaking initiatives to train employees; the risks associated with the seasonal nature of its business; the risks associated with changing levels of demand for Aecon’s services; the risks associated with being able to participate in large projects; the risks associated with legal proceedings to which it is a party; the ability to successfully respond to shareholder activism; the risk the increase in energy demand does not continue; risks associated with future pandemics, epidemics and other health crises and Aecon’s ability to respond to and implement measures to mitigate the impact of such pandemics or epidemics; the risk that the strategic partnership with Oaktree Capital Management, L.P.’s (“Oaktree”) will not realize the expected results and may negatively impact the existing business of Aecon Utilities Group Inc. (“Aecon Utilities”); the risk that Aecon Utilities will not realize the anticipated balance sheet flexibility with the completion of the Oaktree investment; the risk that Aecon Utilities will not realize opportunities to expand its geographic reach and range of services in the U.S; the risk of the anticipated benefits and synergies from strategic acquisition transactions not being fully realized or taking longer than expected to realize; the risk of being unable to retain key personnel; the risk of being unable to maintain relationships with customers, suppliers or other business partners; and various other risk factors described in Aecon’s filings with the securities regulatory authorities, which are available under Aecon’s profile on SEDAR+ (www.sedarplus.ca), including the risk factors described in Section 13 – “Risk Factors” in the 2025 MD&A and in other filings made by Aecon with the securities regulatory authorities in Canada.
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Forward-looking statements are presented for the purpose of helping investors and others in understanding certain key elements of Aecon’s current objectives, strategic priorities, expectations and plans, and to gather a better understanding of Aecon’s business and operating environment. These forward-looking statements are based on a variety of factors and assumptions including, but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions and no significant events occur outside the ordinary course of business and assumptions regarding the outcome of the outstanding claims in respect of the fixed price legacy projects being performed by joint ventures in which Aecon is a participant. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While the Company believes that such third-party sources are reliable sources of information, the Company has not independently verified the information. The Company has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.
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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 statement, whether as a result of new information, future events or otherwise.
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| CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2025 AND 2024 | ||||||||||||||||
| For the three months ended | For the years ended | |||||||||||||||
| December 31 | December 31 | December 31 | December 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 1,541,228 | $ | 1,267,013 | $ | 5,434,678 | $ | 4,242,731 | ||||||||
| Direct costs and expenses | (1,397,114 | ) | (1,159,770 | ) | (5,040,593 | ) | (4,060,184 | ) | ||||||||
| Gross profit | 144,114 | 107,243 | 394,085 | 182,547 | ||||||||||||
| Marketing, general and administrative expense | (62,969 | ) | (57,133 | ) | (234,049 | ) | (213,249 | ) | ||||||||
| Depreciation and amortization | (30,060 | ) | (26,237 | ) | (106,166 | ) | (87,849 | ) | ||||||||
| Income from projects accounted for using the equity method | 1,998 | 1,566 | 7,794 | 21,210 | ||||||||||||
| Other income | 11,072 | 4,111 | 25,435 | 37,288 | ||||||||||||
| Operating profit (loss) | 64,155 | 29,550 | 87,099 | (60,053 | ) | |||||||||||
| – | ||||||||||||||||
| Finance income | 3,919 | 1,920 | 8,878 | 8,637 | ||||||||||||
| Finance cost | (32,800 | ) | (8,326 | ) | (71,153 | ) | (25,114 | ) | ||||||||
| Profit (loss) before income taxes | 35,274 | 23,144 | 24,824 | (76,530 | ) | |||||||||||
| Income tax (expense) recovery | (14,184 | ) | (9,042 | ) | (9,279 | ) | 17,089 | |||||||||
| Profit (loss) for the period | $ | 21,090 | $ | 14,102 | $ | 15,545 | $ | (59,441 | ) | |||||||
| Profit (loss) attributable to: | ||||||||||||||||
| Aecon shareholders | 20,721 | 14,024 | $ | 15,162 | $ | (59,525 | ) | |||||||||
| Non-controlling interests | 369 | 78 | 383 | 84 | ||||||||||||
| 21,090 | 14,102 | $ | 15,545 | $ | (59,441 | ) | ||||||||||
| Basic earnings (loss) per share | $ | 0.33 | $ | 0.22 | $ | 0.24 | $ | (0.95 | ) | |||||||
| Diluted earnings (loss) per share | $ | 0.31 | $ | 0.21 | $ | 0.23 | $ | (0.95 | ) | |||||||
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