Aecon Group Q1 Earnings Call Highlights Aecon Group logo MarketBeat May 2, 2026 7 min read ARE.TO ARE.NE Key Points Record backlog of CAD 10.9 billion and record Q1 revenue of CAD 1.3 billion (up 18% YoY), with adjusted EBITDA improving to CAD 32 million from CAD 4 million a year earlier. Construction drove the turnaround—Construction adjusted EBITDA was CAD 42 million versus a CAD 1 million loss a year ago—though results were still impacted by legacy projects that produced a CAD 4 million negative gross profit. Balance sheet and outlook strengthened: Aecon generated CAD 212 million of free cash flow (TTM), completed a CAD 172.5 million share offering and holds CAD 81 million of core cash plus CAD 425 million of joint-ops cash, and expects 2026 revenue to exceed 2025 with major opportunities including a $691 million Howard Hanson Dam contract and an Arctic radar JV.
Interested in Aecon Group Inc.? Here are five stocks we like better. Aecon Group (TSE:ARE) reported a stronger start to fiscal 2026, pointing to record backlog, higher revenue across all operating sectors, and improved profitability metrics versus the prior-year period, while continuing to work through negative impacts from legacy projects.
Record backlog and first-quarter revenue growth Senior Vice President of Corporate Development and IR Adam Borgatti said Aecon recorded a record backlog of CAD 10.9 billion as of March 31, 2026, supported by "a diversified mix of long-term projects with appropriate risk balance." Borgatti also noted the quarter included the addition of the Howard Hanson Dam facility project to backlog following an 18-month integrated design phase. → Roblox Stock Slides to New Low as Safety Changes Weigh on Outlook Aecon posted record first-quarter revenue of CAD 1.3 billion, up 18% from the same period a year earlier, with revenue increases across all operating sectors. Borgatti said adjusted EBITDA "improved significantly" to CAD 32 million from CAD 4 million in the prior-year quarter, driven by improved year-over-year margin performance in the Construction segment. Financial results show improved operating performance, legacy project drag remains Executive Vice President and CFO Jerome Julier said first-quarter revenue rose by CAD 195 million year over year to CAD 1.3 billion.
Adjusted EBITDA improved to CAD 32 million from CAD 4 million a year ago, while operating loss narrowed to CAD 8 million from an operating loss of CAD 41 million in the prior-year period. Julier attributed the improvement primarily to higher gross profit of CAD 59 million. → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches Story Continues Adjusted diluted loss per share was CAD 0.21 compared with an adjusted diluted loss per share of CAD 0.55 in the first quarter of last year. Julier added that results were impacted by negative gross profit of CAD 4 million from legacy projects.
Backlog rose to the highest level in the company's history, surpassing the prior record of CAD 10.8 billion set in the third quarter of 2025. Julier said Aecon booked CAD 1.4 billion in new contract awards in the quarter, compared with CAD 4.1 billion in the prior-year period. Segment performance: Construction improves; Concessions EBITDA declines → 2 Stocks to Watch as the Quantum Space Gets More Crowded In Construction, Julier said revenue increased 19% year over year to CAD 1.3 billion, with growth across all sectors.
He highlighted several operational drivers: Nuclear: The largest increase, driven by higher volume of refurbishment, new build, and engineering services work in Ontario and the U.S. Utilities: Higher electrical transmission and distribution work in Canada and the U.S., contributions from first-quarter acquisitions, and higher telecom and gas distribution work. Civil: Higher civil components of power and rail projects and international work, partially offset by lower foundations work and lower highway, road, and bridge-building activity.
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