Financials Aecon Group Inc.

Equities

ARE

CA00762V1094

Construction & Engineering

Market Closed - Toronto S.E. Other stock markets 21:00:00 19/01/2026 GMT			5-day change	1st Jan Change
34.18 ^CAD	+1.09%		+5.30%	+9.27%

01-06	Aecon Utilities Acquires High-voltage Testing, Metering Solutions Contractor KPC	MT
01-06	Aecon Utilities completes acquisition of high-voltage testing, commissioning and metering solutions contractor KPC	RE

Projected Income Statement: Aecon Group Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	3,644	3,977	4,696	4,644	4,243	5,252	5,533	5,906
Change	-	9.16%	18.08%	-1.12%	-8.64%	23.79%	5.34%	6.75%
EBITDA ¹	264.5	238.9	219.2	143.4	82.6	215.7	334.9	363.1
Change	-	-9.68%	-8.25%	-34.58%	-42.4%	161.11%	55.29%	8.4%
EBIT ¹	149.9	118.8	97.15	240.9	-60.05	73.2	201.5	219.3
Change	-	-20.72%	-18.23%	147.97%	-124.93%	221.89%	175.22%	8.84%
Interest Paid ¹	-25.89	-45	-54.17	-63.37	-16.48	-46.97	-46.8	-55.45
Earnings before Tax (EBT) ¹	124	-	-	-	-	19	127	155
Change	-	-	-	-	-	-	568.42%	22.05%
Net income ¹	88.03	49.68	30.38	161.9	-59.52	12.49	114.5	125.7
Change	-	-43.56%	-38.85%	432.87%	-136.77%	120.98%	816.85%	9.83%
Announcement Date	25/02/21	01/03/22	28/02/23	05/03/24	05/03/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	1,077	754	971.3	1,163	1,089	985.9	1,123	1,321	1,267	1,107	1,167	1,240	1,130	846.6	853.8	1,275	1,267	1,062	1,302	1,530	1,388	1,132	1,394	1,544	1,458	-	-	-
Change	-	-30%	28.81%	19.78%	-6.44%	-9.43%	13.93%	17.56%	-4.07%	-12.6%	5.4%	6.23%	-8.83%	-25.09%	0.85%	49.38%	-0.65%	-16.21%	22.6%	17.57%	-9.32%	-18.43%	23.11%	10.79%	-5.58%	-	-	-
EBITDA ¹	83.6	20.8	61.3	95.5	61.3	20.6	38.5	92.6	67.5	24.6	16.7	32	70.2	32.9	-153.5	126.9	76.3	3.6	41.1	92.7	77.79	36.73	79.58	117.7	101.8	38.8	94.5	131.1
Change	-	-75.12%	194.71%	55.79%	-35.81%	-66.39%	86.89%	140.52%	-27.11%	-63.56%	-32.11%	91.62%	119.38%	-53.13%	-566.57%	182.67%	-39.87%	-95.28%	1,041.67%	125.55%	-16.08%	-52.78%	116.66%	47.91%	-13.53%	-61.88%	143.56%	38.73%
EBIT ¹	53.5	-10.22	34.64	63.65	30.74	-9.635	5.072	61.03	40.69	5.594	55.64	140.1	39.57	-4.181	-166.3	80.9	29.55	-40.69	2.257	61.37	53.71	0.541	65.24	93.06	74.38	-	-	-
Change	-	-119.11%	438.8%	83.78%	-51.71%	-131.34%	152.64%	1,103.25%	-33.33%	-86.25%	894.64%	151.81%	-71.76%	-110.57%	-3,877.92%	148.64%	-63.47%	-237.68%	105.55%	2,619.23%	-12.49%	-98.99%	11,958.78%	42.65%	-20.08%	-	-	-
Charge d'intérêts	-	-10.65	-10.93	-11.68	-11.8	-	-	-14.53	-14.93	-	-	-	-	-2.513	-4.434	-3.124	-	-8.472	-	-11.69	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	51.97	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	31.98	-	17.59	38.43	12.07	-17.44	-6.351	34.49	19.69	-9.438	28.21	133.4	9.695	-6.117	-123.9	56.46	14.02	-37.93	-7.625	40	21.3	-6.526	29.38	61.01	39.65	-	-	-
Change	-	-	-	118.46%	-68.58%	-244.48%	63.59%	643.05%	-42.92%	-147.94%	398.88%	373%	-92.73%	-163.09%	-1,925.4%	145.57%	-75.16%	-370.45%	79.9%	624.55%	-46.75%	-130.64%	550.18%	107.65%	-35.01%	-	-	-
Announcement Date	25/02/21	22/04/21	22/07/21	28/10/21	01/03/22	27/04/22	28/07/22	26/10/22	28/02/23	25/04/23	26/07/23	25/10/23	05/03/24	24/04/24	24/07/24	31/10/24	05/03/25	23/04/25	31/07/25	29/10/25	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Aecon Group Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	69.8	247	532	-228	26.7	667	427	654
Change	-	253.87%	115.38%	-142.86%	111.71%	2,398.97%	-35.98%	53.16%
Announcement Date	25/02/21	01/03/22	28/02/23	05/03/24	05/03/25	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Aecon Group Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	37.74	35.38	32.71	18.52	51.73	42	53.75	51.33
Change	-	-6.25%	-7.55%	-43.39%	179.39%	-18.81%	27.98%	-4.5%
Free Cash Flow (FCF) ¹	235.2	-66.79	-145.6	32.56	-125	-122	66.5	89
Change	-	-128.39%	-117.95%	122.36%	-484.05%	2.42%	154.51%	33.83%
Announcement Date	25/02/21	01/03/22	28/02/23	05/03/24	05/03/25	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Aecon Group Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	7.26%	6.01%	4.67%	3.09%	1.95%	4.11%	6.05%	6.15%
EBIT Margin (%)	4.11%	2.99%	2.07%	5.19%	-1.42%	1.39%	3.64%	3.71%
EBT Margin (%)	3.4%	-	-	-	-	0.36%	2.3%	2.62%
Net margin (%)	2.42%	1.25%	0.65%	3.49%	-1.4%	0.24%	2.07%	2.13%
FCF margin (%)	6.46%	-1.68%	-3.1%	0.7%	-2.95%	-2.32%	1.2%	1.51%
FCF / Net Income (%)	267.21%	-134.43%	-479.14%	20.11%	210.05%	-977.09%	58.09%	70.78%
Profitability
ROA	2.75%	1.51%	-	-	-1.85%	0.5%	2.5%	3.4%
ROE	10.16%	5.56%	3.25%	16.04%	-5.87%	1.97%	10.03%	12.27%
Financial Health
Leverage (Debt/EBITDA)	0.26x	1.03x	2.43x	-	0.32x	3.09x	1.28x	1.8x
Debt / Free cash flow	0.3x	-3.7x	-3.65x	-	-0.21x	-5.47x	6.42x	7.35x
Capital Intensity
CAPEX / Current Assets (%)	1.04%	0.89%	0.7%	0.4%	1.22%	0.8%	0.97%	0.87%
CAPEX / EBITDA (%)	14.27%	14.81%	14.92%	12.91%	62.63%	19.47%	16.05%	14.14%
CAPEX / FCF (%)	16.04%	-52.97%	-22.47%	56.87%	-41.38%	-34.43%	80.83%	57.68%
Items per share
Cash flow per share ¹	3.206	1.337	1.138	0.3181	-1.113	-0.5678	2.826	3.301
Change	-	-58.3%	-14.9%	-72.03%	-449.85%	48.98%	597.76%	16.8%
Dividend per Share ¹	0.64	0.7	0.74	0.74	0.76	0.76	0.8	0.76
Change	-	9.37%	5.71%	0%	2.7%	0%	5.26%	-5%
Book Value Per Share ¹	14.52	12.37	14.85	17.25	-	-	-	-
Change	-	-14.77%	20.04%	16.13%	-	-	-	-
EPS ¹	1.29	0.78	0.47	2.1	-0.95	0.24	1.51	1.8
Change	-	-39.53%	-39.74%	346.81%	-145.24%	125.26%	529.17%	19.21%
Nbr of stocks (in thousands)	59,880	60,321	61,012	61,787	62,366	64,093	64,093	64,093
Announcement Date	25/02/21	01/03/22	28/02/23	05/03/24	05/03/25	-	-	-