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Bird Construction (6LT) Q3 2026 Earnings Report

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DE:6LT Q3 2026 EPS Results

Actual EPS
EUR 0.72
Consensus EPS
EUR 0.58
Beat/Miss
Beat by +EUR 0.14
One Year Ago EPS
EUR 0.41

DE:6LT Q3 2026 Revenue Results

Actual Revenue
EUR 824.98M
Expected Revenue
EUR 737.52M
Beat/Miss
Beat by +EUR 87.46M
YoY Revenue Growth
+36.73%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/11/2026
Time
After Close
Conference Call
Wednesday, November 11, 2026
DE:6LT Upcoming Earnings

Bird Construction's next earnings date is estimated for March 9, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 11, 2026|% Change Since:0.00%|
Earnings Call Sentiment|Positive

The call was strongly positive. Bird reported substantial year-over-year growth in revenue, earnings, margins, backlog and cash flow; raised its 2027 revenue outlook; and described broad, multiyear opportunities across infrastructure, nuclear, defense, data centers, industrial services, energy and the Arctic. The main challenges were noncash accounting charges, timing and approval hurdles for some projects, and ongoing safety risk, but these were outweighed by the company's reported operating performance, financial capacity and backlog visibility.

Company Guidance

Bird anticipates full year 2026 revenue growth approaching 25%, has raised its 2027 revenue range outlook to $4.9 billion to $5.1 billion, and expects growth to be broad-based across Industrial, Buildings and Infrastructure; it expects year-to-date adjusted EBITDA margin to strengthen through the balance of this year, supporting further progress towards the full year 2027 target of 8%, with opportunities for continued margin progression beyond 2027. McKibbon said revenue growth will be regular through 2030, “Obviously, it might not be 25%,” and that margins will show accretion; the company remains committed to a targeted dividend payout of 33% of GAAP net income, while Infrastructure was expected to become 26% of the revenue mix by the end of '27.

  • Strong Third-Quarter Revenue and Earnings GrowthThird-quarter revenue increased 36.7% year over year to $1.3 billion, with almost 90% of the increase coming from organic growth. Adjusted EBITDA rose 58.8% to $106.3 million, adjusted earnings increased 77% to $62.6 million, or $1.13 per share, and net income increased 61.2% to $51.1 million, or $0.92 per share.
  • Margin Expansion and Operating LeverageAdjusted EBITDA margin expanded to 8.2% from 7% a year ago, while gross profit increased 50.1% to $153 million and gross profit percentage improved to 11.8% from 10.7%. General and administrative expenses declined to 5.4% of revenue from 5.7%, reflecting operating leverage as the business scaled.
  • Record Backlog and Strong BookingsBird added more than $1.6 billion to backlog during the quarter, exceeding work executed by $329.3 million. Record backlog reached $6.4 billion, pending backlog was $6.6 billion, and combined backlog was approximately $13 billion, including approximately $1.5 billion of recurring revenue programs expected over the next 4 years.
  • Raised 2027 Revenue OutlookBird raised its 2027 revenue range to $4.9 billion to $5.1 billion, representing the upper end of its original strategic target. Management said the company has the work in hand and does not need to win a large major project to deliver the guidance.
  • Positive 2026 Revenue Growth OutlookBased on performance through the first 9 months and visibility from the record combined backlog, management anticipates full-year 2026 revenue growth approaching 25%.
  • Improved Nine-Month Financial PerformanceFor the first 9 months of 2026, revenue increased 24.1% to $3.13 billion, with more than 80% of the increase coming from organic growth. Gross profit rose 29.1% to $335.1 million, adjusted EBITDA increased 39.4% to $217.3 million, adjusted EBITDA margin improved to 6.9% from 6.2%, and adjusted earnings increased 51.8% to $115.2 million, or $2.08 per share.
  • Strong Cash GenerationCash flow from operating activities improved by $199.5 million to $122.8 million in the first 9 months of 2026. Trailing-12-month free cash flow increased to $267 million, or $4.82 per share, and management said higher earnings are translating into cash generation.
  • Solid Liquidity and Investment-Grade Balance SheetAt quarter end, adjusted net debt to trailing-12-month adjusted EBITDA was 0.76x, gross debt including right-of-use liabilities was 1.38x, and the current ratio was 1.35. Bird had $268 million of total cash and $476.5 million available under its committed revolving credit facility.
  • Path Toward the 8% EBITDA Margin TargetTrailing-12-month adjusted EBITDA margin reached 7.1%, leaving approximately 90 basis points to reach the full-year 2027 target of 8% with over a year remaining. Management cited business mix, recurring industrial services, higher-margin sectors, increased self-perform participation, One Bird collaboration, equipment and specialty revenue, overhead leverage and operational intelligence as margin drivers.
  • Diversified Business ModelBird said its work is diversified across sectors, regions and customers, with each strategic sector contributing approximately 5% to 15% of revenue and no single market determining the company's growth trajectory. Approximately 80% of the portfolio comprises collaborative delivery, and the company participates in 10 strategic end markets across Industrial, Buildings and Infrastructure.
  • Long-Term Historical GrowthOver the past 6 years, revenue has increased at approximately 20% annually, while adjusted EBITDA has grown at approximately 30%. Management said the performance across multiple construction cycles demonstrates the resilience of its distributed work program and organic and acquisitional growth strategy.
  • More Than $1.1 Billion of Recent AwardsRecent awards and multiyear agreements totaling more than $1.1 billion expanded Bird's recurring maintenance portfolio and included a significant electrical scope for a major health care development in Alberta, public infrastructure projects in British Columbia, and industrial awards supporting Ontario's nuclear sector, wind energy in Eastern Canada and District Energy in Western Canada.
  • Broad Multiyear Project PositioningBird identified Woodfibre LNG, LNG Canada Phase 2, BHP Jansen, East Harbour Transit Hub, Peel Memorial, Dow Path2Zero, Ontario's Ring of Fire and Ontario's nuclear programs as multiyear client investments that can generate work across development, construction and successive execution phases, with potential opportunities in commissioning, maintenance, turnarounds and sustaining capital work.
  • Expanded Ring of Fire RoleThrough Piinahzii LP, Bird's role in the Ring of Fire expanded from community readiness and infrastructure work to construction of the 184-kilometer Marten Falls Community Access Road. Management said the recent federal commitment to match Ontario's investment of up to $1 billion in Ring of Fire infrastructure improved funding visibility, and teams are on the ground with work fully funded and underway.
  • Government-Supported Infrastructure OpportunityManagement cited Federal Budget 2026 measures including defense spending targeted to reach $157 billion annually by 2030, $52 billion in new electricity and grid commitments, and a $25 billion Canada Strong Fund for co-investment in major projects. The budget also identified nuclear, AI and data-center infrastructure as growth drivers.
  • Data Center Pipeline and Sovereign Infrastructure FocusManagement said Canada's data-center market has approximately 1.6 gigawatts of installed capacity versus approximately 47 gigawatts in the U.S., with a proposed Canadian pipeline of approximately 19 gigawatts across more than 150 facilities. Data centers represent less than 10% of Bird's combined backlog, and the opportunity spans power generation, transmission, site development, fabrication, facility construction, electrical and mechanical work, commissioning and long-term maintenance.
  • Growing Industrial Services PortfolioBird's recurring industrial services portfolio has grown at approximately 20% annually since the Stuart Olson acquisition in 2020, expanding from an Alberta-based business into a national service offering. Recent awards included renewals and expanded services with 6 existing clients under agreements extending up to 5 years.
  • Fabrication and Modularization CapabilitiesBird operates 4 fabrication and modularization facilities, including N285-certified nuclear capacity in Ontario. The facilities produce structural skids, pipe spools, package systems, mechanical buildings and electrical panels, supporting more efficient site construction, schedule and quality control, and lower on-site labor requirements.
  • Infrastructure Expected to Lead GrowthManagement expects growth to be broad-based across Industrial, Buildings and Infrastructure, with Infrastructure expected to lead growth. Infrastructure was expected to reach 26% of the revenue mix by the end of 2027, with management describing a potential longer-term mix approaching one-third each across Buildings, Industrial and Infrastructure.
  • National Labor Mobility PlatformBird's national labor program includes thousands of electrical and mechanical tradespeople. Management said planning, local hiring, union relationships and workforce mobility allow qualified teams to be matched to major turnarounds and large projects, with teams able to move between regions and types of work as demand changes.
  • Nuclear and Defense Market PositioningBird said it has multidisciplinary self-perform capabilities, certified nuclear quality systems and experience across operating facilities, decontamination, remediation, maintenance and enabling infrastructure. Defense was described as a long-duration market spanning facilities, training, infrastructure, accommodations and Arctic and remote North development.
  • Active and Disciplined M&A StrategyBird remains active in evaluating M&A opportunities and has a strong pipeline of strategic companies at varying stages of discussion. The company is focused on targets that expand service offerings and self-perform capabilities, strengthen positions in attractive markets and bring experienced teams that fit Bird's culture, with transactions required to meet strategic-fit, returns, cross-selling and balance-sheet-discipline requirements.
  • Balanced Capital AllocationSince 2022, Bird has deployed approximately $498 million toward reinvestment in the business, strategic acquisitions and direct shareholder returns. Capital expenditures were approximately $28 million through the first 9 months of 2026 versus $23 million in the prior-year period, and the company remains committed to a targeted dividend payout of 33% of GAAP net income.
  • Improving Canadian Competitive PositionManagement said tension with the United States has increased preferences for Canadian companies and created new opportunities and preferred status in many situations. Bird also said it remains disciplined on contract structures and will not participate when risk transfer is unsuitable for the opportunity.
  • Faster-Paced Arctic and Sector OpportunitiesManagement said the Arctic development opportunity, including the Grays Bay deepwater port and Mackenzie Valley Highway to Inuvik, is advancing faster than expected, with Grays Bay in procurement. Management also cited accelerating activity in oil production discussions, mining, LNG, Dow Path2Zero, defense, data centers, social infrastructure and the Ring of Fire.

DE:6LT Earnings History

DE:6LT earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 09, 20272026 (Q4)0.56-0.36――
Nov 11, 20262026 (Q3)0.580.720.4176.56% (+0.31)
Aug 12, 20262026 (Q2)0.370.440.3240.00% (+0.13)
May 13, 20262026 (Q1)0.130.160.158.70% (+0.01)
Mar 11, 20262025 (Q4)0.330.360.42-14.93% (-0.06)
Nov 12, 20252025 (Q3)0.370.410.44-7.25% (-0.03)
Aug 13, 20252025 (Q2)0.320.320.2719.05% (+0.05)
May 14, 20252025 (Q1)0.120.150.1315.00% (+0.02)
Mar 12, 20252024 (Q4)0.430.420.2948.89% (+0.14)
Nov 05, 20242024 (Q3)0.430.440.3427.78% (+0.10)

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