Q1 2026 Aecon Group Inc Earnings Call Transcript
Key Points
- Aecon Group Inc (AEGXF) reported a record backlog of $10.9 billion as of March 31, 2026, supported by a diversified mix of long-term projects.
- The company achieved record first-quarter revenue of $1.3 billion, marking an 18% increase over the same period last year.
- Adjusted EBITDA improved significantly to $32 million from $4 million in the previous year, driven by better margin performance in the Construction segment.
- Strategic acquisitions, such as KPC Power Electrical and Energy Metering Solutions, have strengthened Aecon's Utility Services capabilities in Canada and the US.
- Aecon maintains a strong liquidity position with core cash and cash equivalents of $81 million and committed revolving credit facilities of $1 billion.
- The company reported an adjusted diluted loss per share of $0.21, although this was an improvement from a loss of $0.55 in the previous year.
- Financial results were negatively impacted by a gross profit loss of $4 million from legacy projects.
- New contract awards in the quarter were $1.4 billion, a decrease from $4.1 billion in the prior period.
- Concessions adjusted EBITDA for the quarter decreased to $6 million from $13 million in the same period last year.
- The company faces challenges in the regulatory environment affecting telecom and natural gas distribution work.
Good day, and thank you for standing by. Welcome to the Q1 2026 Aecon Group, Inc. earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Mr. Adam Borgatti, Senior Vice President of Corporate Development and IR. Please go ahead.
Thank you, Shannon. Good morning, everyone, and thanks for participating in our Q1 2026 results conference call. Joining me are Jean-Louis Servranckx, President and CEO; Jerome Julier, Executive Vice President, and CFO; and Alistair MacCallum, Senior Vice President, Finance.
Our earnings announcement was released yesterday evening, and we have posted a slide presentation on our website, which we will refer to during this call. Following our comments, we'll be glad to take questions from analysts, and we ask that you keep to one question and a follow-up if necessary before getting back into the queue.
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