EarningsQ2 2026 Earnings Report
DE:2AE Q2 2026 EPS Results
Actual EPS€0.21
Consensus EPS€0.19
Beat/MissBeat by +€0.02
One Year Ago EPS-€0.06
DE:2AE Q2 2026 Revenue Results
Actual Revenue€1.02B
Expected Revenue€925.01M
Beat/MissBeat by +€91.57M
YoY Revenue Growth+25.31%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
DE:2AE Upcoming Earnings
Aecon Group Inc.'s next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple material operational and financial positives: record quarterly revenue (+25% YoY), doubled adjusted EBITDA, a strong free cash flow turnaround, meaningful recurring revenue growth (+30% in utility recurring revenue), large and diversified backlog (~$10.5B), strategic consolidation of Aecon Utilities, and the successful completion/opening of the Gordie Howe Bridge. Offsetting items included a large non-cash fair value adjustment that generated a GAAP loss per share, a legacy-project profit drag (LTM -$36M), a modest decline in concessions EBITDA, and localized margin pressure in industrial and nuclear operations. Management emphasized improving risk profile, conservative backlog reporting, and cautious, phased execution of large collaborative projects. Overall, the positive operating momentum, cash generation improvement, and strategic moves outweigh the near-term accounting and legacy project headwinds.Company Guidance
Record Quarterly Revenue
Q2 revenue of $1.6 billion, a 25% increase year-over-year — the highest revenue in any quarter in Aecon's history; ~80% of the quarter's revenue growth was organic.
Adjusted EBITDA and Operating Profit Improvement
Adjusted EBITDA improved to $82 million from $41 million a year ago (100% increase). Operating profit rose to $36 million from $2 million year-over-year.
Construction Segment Strength
Construction revenue of $1.6 billion, up $335 million (26% YoY). Construction adjusted EBITDA grew to $90 million from $40 million with margins improving to 5.5% from 3.1%.
Recurring Revenue and Backlog Scale
Trailing 12-month recurring revenue exceeded $1.0 billion; utility recurring revenue increased to $868 million from $668 million (30% growth). Backlog remains sizable at $10.5 billion with $1.3 billion of new awards in the quarter and $2.7 billion YTD.
Free Cash Flow Turnaround
Trailing 12-month free cash flow of $301 million versus negative $10 million a year earlier — a significant improvement in cash generation.
Aecon Utilities Preferred Share Purchase
Agreement to purchase Aecon Utilities preferred shares for $320 million, implying $1.2 billion equity value and $1.5 billion enterprise value — intended to simplify ownership and provide full economic/strategic control of a large utilities platform generating pro forma >$1.2 billion annual revenue (70%+ recurring).
Major Project Completions and Wins
Gordie Howe International Bridge reached substantial completion and opened to traffic (operational milestone). Significant awards and announced projects include the 932 MW Green Light Electricity Center (supporting a major Meta data center), Roberts Bank Terminal 2, Winnipeg Biosolids project, and others that strengthen multiyear growth visibility.
Liquidity and Capital Structure
Core cash of $129 million (excl. joint-op cash), committed revolving credit of $1.0 billion (only $302 million drawn), EDC performance security guarantees of $960 million; total committed facilities for working capital and LC needs ~ $2.0 billion. Net debt of $672 million and net debt / LTM adjusted EBITDA of 2.2x (2.0x excluding legacy project impact).
Shareholder Return
Board approved a quarterly dividend of $0.1925 per share (annualized $0.77 per share) to be paid Oct 2, 2026.
DE:2AE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed