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Earnings

Aecon reports second quarter 2025 results with record backlog of $10.7 billion

By The Northwire Desk — AI Analysis Jul 31, 2025 · 16:17 ARE · 18.75 AECON GROUP INC.
ARE · Price

Executive Summary

  • Aecon Group Inc. reported Q2 2025 financial results, showing a significant turnaround in profitability compared to the prior year, driven by a record backlog of $10.7 billion and reduced losses on fixed-price legacy projects.
  • Revenue surged 52% year-over-year to $1,302 million, while the company moved from an operating loss of $166.3 million in Q2 2024 to an operating profit of $2.3 million in Q2 2025.
  • The company announced a quarterly dividend of 19 cents per share and highlighted major project milestones, including the commencement of the Darlington New Nuclear Project execution phase and the commercial operation of the Oneida Energy Storage Project.

Key Details

  • Q2 2025 Financial Performance (Three Months Ended June 30, 2025):
    • Revenue: $1,301.6 million (up 52% from $853.8 million in Q2 2024).
    • Operating Profit: $2.3 million (vs. operating loss of $166.3 million in Q2 2024).
    • Adjusted EBITDA: $41.1 million (vs. Adjusted EBITDA loss of $153.5 million in Q2 2024); Margin of 3.2%.
    • Net Loss: $7.6 million attributable to shareholders (vs. $123.9 million loss in Q2 2024); Diluted loss per share of $0.12.
    • Gross Profit: $76.9 million (vs. gross loss of $137.9 million in Q2 2024).
  • Six Months 2025 Performance (Year-to-Date):
    • Revenue: $2,363.2 million (up from $1,700.4 million in H1 2024).
    • Operating Loss: $(38.4) million (vs. $(170.5) million in H1 2024).
    • Adjusted EBITDA: $44.6 million (vs. $(120.7) million in H1 2024).
    • Net Loss: $45.6 million attributable to shareholders (vs. $130.0 million loss in H1 2024).
  • Backlog and Contract Awards:
    • Total Backlog: $10,746 million at June 30, 2025 (highest in company history), up from $6,186 million at June 30, 2024.
    • New Contract Awards (Q2 2025): $2,351 million (vs. $766 million in Q2 2024).
    • New Contract Awards (YTD 2025): $6,447 million (vs. $1,729 million in YTD 2024).
    • Construction Segment Backlog: $10,726 million.
    • Concessions Segment Backlog: $20 million.
  • Operational Highlights & Major Projects:
    • Darlington New Nuclear Project: An Aecon-led partnership was awarded an alliance construction contract for the execution phase; Aecon’s share valued at approximately $1.3 billion.
    • Oneida Energy Storage Project: Officially commenced commercial operations; largest grid-scale battery energy storage facility in Canada.
    • Scarborough Subway Extension: Aecon-led consortium reached commercial close on the progressive design-build project.
    • Pickering Nuclear Generating Station: Joint operation awarded contract for definition phase of refurbishment work on Units 5, 6, 7, and 8.
    • Civil Project: Aecon-led consortium reached financial close on a civil project valued at $477 million (subsequent to quarter-end).
  • Segment Performance:
    • Construction: Revenue of $1,298.1 million (up 52%); Operating profit of $14.9 million (vs. loss of $185.0 million in Q2 2024). Improvement largely driven by a $198.2 million decrease in losses on fixed-price legacy projects.
    • Concessions: Revenue of $1.8 million; Operating profit of $2.9 million (down from $16.8 million in Q2 2024, primarily due to one-time gains in the prior year).
  • Dividend:
    • Board approved a quarterly dividend of 19 cents per common share.
    • Payment date: October 2, 2025.
    • Record date: September 22, 2025.
  • Outlook:
    • 2025 revenue expected to be stronger than 2024, driven by record backlog, recurring revenue programs, and strategic acquisitions.
    • Three remaining fixed-price legacy projects expected to reach substantial completion by end of 2025.
    • Capital expenditures in 2025 expected to be moderately higher than 2024.

Notable Quotes

  • “Driven by record backlog of $10.7 billion, solid recurring revenue programs, a robust bid pipeline, and the impact of strategic acquisitions in 2024, revenue in 2025 is expected to be stronger than last year,” said Jean-Louis Servranckx, President and Chief Executive Officer. “Aecon is pleased to be delivering North America’s three largest nuclear refurbishments, executing and pursuing a growing set of nuclear opportunities in the U.S. and globally, and leading the construction of North America’s first commercial, grid-scale Small Modular Reactor (SMR) for Ontario Power Generation following commencement of the execution phase on the Darlington New Nuclear Project in the second quarter.”
Read the original news release →

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