Northwire Canada EditionSaturday, July 11, 2026
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Earnings

Bird Reports 2025 Fourth Quarter Results; $11 Billion Combined Backlog and Pending Backlog

By The Northwire Desk — AI Analysis Mar 11, 2026 · 17:05 BDT · 32.14 BIRD CONSTRUCTION INC.
BDT · Price

Executive Summary

  • Bird Construction reported FY 2025 revenue of C$3.40 bn (flat YoY) and a net loss of C$13.96 m for Q4 2025, reversing a Q4 2024 profit.
  • Full‑year 2025 adjusted EBITDA was C$222.1 m (6.5% of revenue), up from C$212.8 m in 2024; gross profit margin improved to 10.5% YoY.
  • The company completed the acquisition of Fraser River Pile & Dredge for C$84.6 m, financed by a new C$212.5 m term loan, and announced a pipeline of new contracts worth ~C$1.2 bn plus a DBFM school project valued at ≈C$323 m.

Key Details

  • Financial Performance – FY 2025 vs 2024
  • Construction revenue: C$3,396.8 m (down 0.01%).
  • Net income: C$47.4 m vs C$100.1 m prior year.
  • Adjusted earnings: C$107.7 m vs C$111.3 m.

  • Adjusted EBITDA: C$222.1 m (6.5% of revenue) vs C$212.8 m (6.3%).

  • Q4 2025 vs Q4 2024

  • Revenue: C$877.0 m vs C$936.7 m.
  • Net loss: C$13.96 m vs net profit of C$32.5 m.
  • Adjusted earnings: C$31.8 m vs C$37.3 m.

  • Adjusted EBITDA: C$66.2 m (7.5% margin) vs C$71.9 m (7.7%).

  • Backlog & Pending Backlog

  • Contracted backlog year‑end 2025: C$5.1 bn (record).

  • Pending backlog (awarded, not yet contracted): >C$6.0 bn, including >C$1.5 bn of multi‑year MSA contracts.

  • Liquidity

  • Cash & cash equivalents: C$167.0 m.

  • Available under syndicated credit facility: C$399.5 m.

  • Acquisition – Fraser River Pile & Dredge (FRPD)

  • Purchase price: C$84.6 m cash.

  • Financing: New term loan of C$212.5 m used to repay existing debt, fund the acquisition, and reduce revolving facility balances.

  • Impairment

  • Recognized $62.2 m impairment on receivables & contract assets tied to a single customer; project substantially complete, no further costs expected.

  • New Contract Awards (≈C$1.2 bn)

  • Five‑year MSA for mechanical services with major oil & gas client.
  • Extensions and new MSAs covering electrical, mechanical maintenance, and turnarounds.
  • Fabrication & construction of five non‑process buildings at BHP’s Jansen potash project (2Nations partnership).

  • Critical process work contract for Dow’s Path2Zero ethane cracking unit in Fort Saskatchewan.

  • DBFM School Project

  • Selected by Alberta Infrastructure as preferred proponent for design‑build‑finance‑maintain of six elementary/junior high schools.

  • Total combined contract value ≈ C$323 m; project has reached financial close.

  • Dividends

  • Board declared eligible dividends of $0.07 per common share for March 2026 and April 2026.

  • Conference Call

  • Scheduled for Thursday, March 12 2026 at 10:00 a.m. ET; webcast link provided in release.

Notable Quotes

“Bird remains strongly positioned for Canada’s long‑duration nation‑building investment cycle… With record liquidity and a strong balance sheet, Bird enters 2026 with flexibility, visibility, and momentum.” – Teri McKibbon, President & CEO

All non‑material boilerplate, forward‑looking disclaimer text, and “About the Company” sections have been omitted.

Read the original news release →

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