• Construction revenue of $668.2 million compared to $621.2 million, representing a 7.6% increase year-over-year.
• Net income and earnings per share were $14.5 million and $0.27, respectively, compared to $12.1 million and $0.23 in Q3 2021.
• Adjusted Earnings¹ and Adjusted Earnings Per Share¹ were $15.5 million and $0.29, respectively, compared to $13.8 million and $0.26 in Q3 2021.
• Adjusted EBITDA¹ of $31.2 million, or 4.7% of revenues, compared to $28.6 million, or 4.6% of revenues in Q3 2021.

• Construction revenue of $1,720.4 million compared to $1,622.2 million, representing a 6.0% increase year-over-year.
• Net income and earnings per share were $34.9 million and $0.65, respectively, compared to $32.9 million and $0.62 in 2021.
• Year-to-date Adjusted Earnings¹ and Adjusted Earnings Per Share¹ were $30.5 million and $0.57, respectively, compared to $37.9 million and $0.71 in 2021.
• No recoveries were recorded under the CEWS program in 2022, compared to $21.9 million of recoveries recorded year-to-date in 2021.
• Year-to-date Adjusted EBITDA¹ of $70.5 million, or 4.1% of revenues, compared to $79.7 million, or4.9% of revenues in 2021.

• The Company set a new record for its combined Backlog and Pending Backlog of future work at September 30, 2022, amounting to $2.9 billion and $2.1 billion, respectively. The Company secured $731.1 million of new contracts and change orders in Backlog and executed $668.2 million of construction revenues in the quarter, and added over $300 million of new awards to Pending Backlog.
• During the third quarter of 2022, the Company announced that it was awarded the following projects and contracts:
  • Engineering, Procurement and Construction (“EPC”) contracts for two wind farms in development by Capstone Infrastructure Corporation. The two wind farms, located in Alberta, have a combined rated capacity of 253.7 MW of renewable energy.
  • Construction of the Covenant Wellness Community - Community Health Centre, an approximately 200,000 square foot, three-storey building with a two-level underground parkade, located in Edmonton, Alberta. The Community Health Centre is the first phase of Covenant Health’s planned Wellness Community. The award is valued at approximately $95 million.
• The Board has declared an eligible dividend of $0.0325 per common share for each of November 2022, December 2022, January 2023 and February 2023.
• Subsequent to the quarter end, the Company announced that it was awarded the following projects and contracts:
  • A limited notice to proceed with early work (pre-mobilization) for a strategically important multi-year task order under the previously announced Port Hope Area Initiative Master Construction Contract by Canadian Nuclear Laboratories.
• Subsequent to the quarter end, the Company entered into a strategic delivery partnership agreements with Canadian Nuclear Laboratories (CNL) to support the delivery of CNL’s long-term corporate strategy. This includes existing work under CNL’s $1.2 billion 10-year capital program, construction of at least six major facilities representing over $2 billion, and a newly commenced multi-billion-dollar work program which includes infrastructure upgrades and ongoing environmental remediation and restoration activities as part of the Port Hope Area Initiative, as well as other longer-term opportunities.

FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this news release are based on the expectations, estimates and projections of management of Bird as of the date of this news release unless otherwise stated. The use of any of the words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intend", "continue", "may", "will", "should" and similar expressions are intended to identify forward-looking statements and information. More particularly and without limitation, this news release contains forward-looking statements concerning: anticipated financial performance; the ability to capitalize on new and emerging opportunities; and the ability to realize on the Company’s bid pipeline.

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 the Company operates in general such as: operational risks, industry and inherent project delivery risks; ability to hire and retain qualified and capable personnel; global pandemics; delays or changes in plans with respect to growth projects or capital expenditures; costs and expenses; health, safety and environmental risks; commodity price, interest rate and exchange rate fluctuations; compliance with environmental laws risks; competition, ethics and reputational risks; ability to access sufficient capital from internal and external sources; repayment of credit facility; collection of recognized revenue; performance bonds and contract security; potential for non-payment and credit risk and ongoing financing availability; regional concentration; regulations; dependence on the public sector; client concentration; labour matters; loss of key management; subcontractor performance; unanticipated shutdowns, work stoppages, strikes and lockouts; maintaining safe worksites; cyber security risks; litigation risk; corporate guarantees and letters of credit; volatility of market trading; failure of clients to obtain required permits and licenses; payment of dividends; economy and cyclicality; Public Private Partnerships project risk; design risks; completion and performance guarantees/design-build risks; ability to secure work; estimating costs and schedules/assessing contract risks; quality assurance and quality control; accuracy of cost to complete estimates; insurance risk; adjustments and cancellations of backlog; joint venture risk; internal and disclosure controls; Public Private Partnerships equity investments; failure to realize the anticipated benefits of the Transactions; and changes in legislation, including but not limited to tax laws and environmental regulations.

The forward-looking statements in this news release should not be interpreted as providing a full assessment or reflection of the unprecedented impacts of the COVID-19 pandemic ("COVID-19") and the resulting indirect global and regional economic impacts.

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, including any risk factors related to COVID-19, 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, 2021, each of which may be accessed on Bird’s SEDAR profile, at www.sedar.com and on the Company’s website at www.bird.ca.

The forward-looking statements contained in this news release 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, except as, and to the extent required by applicable securities laws.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

For further information, please contact:
T.L. McKibbon, President & CEO or
W.R. Gingrich, CFO
Bird Construction Inc.
5700 Explorer Drive, Suite 400
Mississauga, ON L4W 0C6
Phone: (905) 602-4122

ABOUT BIRD CONSTRUCTION

Bird (TSX: BDT) is a leading Canadian construction company operating from coast-to-coast and servicing all of Canada’s major markets. Bird provides a comprehensive range of construction services from new construction for industrial, commercial, and institutional and civil infrastructure markets; to industrial maintenance, repair and operations services, heavy civil construction, and mine support services; as well as vertical infrastructure including, electrical, mechanical, and specialty trades. For over 100 years, Bird has been a people-focused company with an unwavering commitment to safety and a high level of service that provides long-term value for all stakeholders. www.bird.ca