Bird Construction Inc
TSX:BDT
Bird Construction Inc
Bird Construction, Inc. is an investment holding company with interest in construction services. The company is headquartered in Etobicoke, Ontario. The company went IPO on 2006-02-22. The firm focuses primarily on projects in the industrial, commercial and institutional sectors of the general contracting industry. In the industrial sector, it constructs industrial buildings, including manufacturing, processing, distribution, and warehouse facilities, and performs civil construction operations, including site preparation, concrete foundations, metal and modular fabrication, mechanical process work, underground piping and earthwork. In the commercial sector, its operations include construction and renovation of office buildings, shopping malls and plazas, big box stores and grocery stores and hotels for retailers and developers. In the institutional sector, it constructs and renovates hospitals, post-secondary education facilities, recreation facilities, prisons, courthouses, government buildings, long term care and senior housing, as well as environmental facilities and many others.
Margin Expansion: Bird delivered improved gross profit and EBITDA margins in Q2 2025, driven by focus on higher-margin sectors, project selection, and operational execution.
Revenue Headwinds: Revenue declined 2.6% year-over-year due to client-driven project delays and deferrals amid economic uncertainty, but underlying sector demand remains strong.
Record Backlog: Backlog reached over $4.6 billion, up 36% year-over-year, with $1.2 billion in new awards in the quarter and robust diversification.
Guidance & Outlook: Management reaffirmed the 2027 EBITDA margin target of 8% but signaled 2025 EBITDA margin will likely be below 7% as previously anticipated, due to delayed project execution.
M&A & Cash Position: Bird maintains a strong balance sheet and liquidity, continues to pursue strategic M&A, and remains committed to its long-term dividend payout policy.
Demand Drivers: Key sectors such as infrastructure, health care, defense, and energy are expected to provide long-term growth, supported by legislative changes and nation-building initiatives.
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