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Aecon Group Inc. (TSX: ARE) Investor Presentation Forward-Looking Information

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Aecon Group Inc. (TSX: ARE) Investor Presentation Forward-Looking Information March 2021 Aecon Group Inc. (TSX: ARE) Investor Presentation Forward-Looking Information The information in this presentation includes certain forward-looking Risk factors included here are not exhaustive and are discussed in greater statements. Although these forward-looking statements are based on detail in the section “Risk Factors” included in the Management currently available competitive, financial and economic data and operating Discussion and Analysis filed on February 25, 2021 and in the Annual plans, they are subject to risks and uncertainties. In addition to events Information Form filed on February 26, 2021, both of which are available beyond Aecon’s control, there are factors which could cause actual or on SEDAR at www.sedar.com. Other important factors, in addition to those future results, performance or achievements to differ materially from those discussed in this document, could affect the future results of Aecon and expressed or inferred herein including risks associated with an investment could cause its results to differ materially from those expressed in any in the common shares of Aecon and the risks related to Aecon's business. forward-looking statements. Such factors include but are not limited to: the timing of projects, unanticipated costs and expenses, the ability to recognize and adequately Forward-looking statements may include, without limitation, statements respond to climate change concerns or public and governmental regarding the operations, business, financial condition, expected financial expectations on climate matters, Aecon’s assessment of the risks and results, performance, prospects, ongoing objectives, strategies and outlook opportunities related to its industry’s transition to a lower-carbon economy, for Aecon. Forward-looking statements may in some cases be identified by Aecon’s expectations regarding legal proceedings to which Aecon is a words such as “will”, “plans”, “believes”, “expects”, “anticipates”, party, general market and industry conditions and operational and “estimates”, “projects”, “intends”, “should” or the negative of these terms, reputational risks, including large project risk and contractual factors and or similar expressions. Except as required by applicable securities laws, risks relating to the COVID 19 pandemic. forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. 2 Why Invest in Aecon? The #1 Canadian Infrastructure Company Unprecedented Diversified & Resilient Focus on Shareholder Infrastructure Demand Business Model Value Creation $6.5B $40B+ $3.6B $262M $42M 13% 23% 25% Backlog Active Bid Pipeline Total Construction Concessions 10 year 5 year 5 year Revenue* EBITDA*+ EBITDA*+ Dividend EPS Total Shareholder CAGR^ CAGR# Return& • Record level of infrastructure investment underway • Diversified by geography, sector, contract size and • Disciplined, balanced and diverse capital allocation and committed across Aecon’s focus areas type in Construction segment strategy • Government investment in infrastructure is a key • Over 900 discrete projects typically underway with • History of consistent dividend increases source of economic stimulus as part of the COVID-19 average project size <$25 million • Growth in Concessions portfolio provides future recovery plan • Valuable and growing Concessions portfolio value creation options • Positive population and immigration dynamics • Solid recurring revenue base adds further stability • Current valuation multiple provides attractive driving long-term, sustainable demand and growth opportunity to business mix upside potential • Partner of choice for international and domestic • ~40% of TTM revenue from unit price/cost plus players contracts • Strong track record of growth and margin • Financial position, liquidity and capital resources improvement remain strong to support growth and reduce risk * 2020 Full Year + Before corporate costs and eliminations ^ Compound Annual Growth Rate (“CAGR”) of annual dividend from 2011 to 2021 # CAGR of full year Diluted EPS from 2015 to 2020; excludes one-time gain on sales of Quito International Airport & IST in 2015 & December 31, 2015 to December 31, 2020 3 Diverse & Resilient Business Model 2020 Revenue $3,614 M + 2020 Revenue $98 M + Construction 2020 EBITDA $262 M + Concessions 2020 EBITDA $42 M + Roads and Highways 17%* BERMUDA Heavy Civil AIRPORT 100%^ 14%* Utilities 16%* FINCH WEST LRT 33%^ EGLINTON LRT 25%^ GORDIE HOWE Urban Transportation INTERNATIONAL BRIDGE 20%^ Systems 18%* Industrial 25%* WATERLOO LRT 10%^ Nuclear Power 10%* + Before corporate costs and eliminations * % of 2020 Revenue 4 ^ % of Aecon equity ownership in the concessionaire Strong Backlog & Recurring Revenue Profile Total Backlog* ($M) Backlog Duration* ($M) Recurring Revenue*^ ($M) As at December 31 As at December 31 Full Year $6,821 $6,790 $6,454 $6,821 $6,790 $6,454 $518 $541 $529# $37 $55 $72 $80 $32 2020 saw $74 procurement $2,410 delays due to $3,038 $2,215 COVID-19 but strong pre- qualification activity expected to lead to a number of $1,550 $1,404 larger projects $6,784 $6,735 $6,382 being awarded $497 $1,771 through 2021 $461 enabling Aecon to $444 build further backlog for work-off in 2022 and $2,830 $2,835 beyond $2,012 2018 2019 2020 2018 2019 2020 2018 2019 2020 Construction Concessions 12 Months 13-24 Months Beyond 24 Months Construction Concessions Backlog Contract Type As at December 31, 2020 2020 Revenue+ Fixed Price - 66% Cost Plus / Unit Price - 34% Fixed Price – 62% Cost Plus / Unit Price - 38% * Recurring revenue is not included in backlog and is, therefore, revenue over and above work to be performed from contracts in backlog ^ Excludes contract mining recurring revenue in 2018 due to sale of business in 2018 # Decrease in 2020 recurring revenue driven by the suspension of commercial flight operations on March 20, 2020 at the Bermuda International Airport. Upon reopening of the airport on July 1, 2020, commercial flight operations have been at a significantly reduced volume compared to the prior year for reasons related to the COVID-19 pandemic. Utilities recurring revenue demonstrated solid growth again in 2020. 5 + TTM Revenue contract mix reflects inclusion of recurring revenue (Cost Plus/Unit Price) and timing of backlog work off Unparalleled Demand Aligned with Aecon’s Strengths $40+ Billion* in Project Pursuits Federal Infrastructure Programs $180B | Invest in Canada Plan Quebec City Tramway P3 QC 12 - year Federal investment plan from 2016 to 2028 Laurentia Project – Port of Quebec Deep-Water Wharf QC $15B for public transit projects between 2021 and 2028 with $6B available from 2021 and $3B per year in 2026, 2027 and 2028 VIA Rail Maintenance Facilities Modernization (Montreal) QC $35B | Canada Infrastructure Bank REM Airport Station – Montréal Trudeau QC $10B investments between 2020 and 2023 announced in October 2020 Metrolinx Regional Express Rail (RER) Program P3 ON including i) $1.5B for Zero Emission Buses ii) $2.5B for Clean Power iii) $2B for Broadband iv) $1.5B for Agriculture infrastructure and v) $500M for project Ontario Line Subway (Civil, Rolling Stock and O&M) P3 ON acceleration to expedite due diligence and early works construction VIA Rail Maintenance Facilities Modernization (Toronto) ON Key Provincial Infrastructure Programs Winnipeg North End Wastewater Treatment Plant Upgrade MB $86B | Ontario Budget Transit and Transportation investment over 10 years from 2021, including $40B Trans Mountain Pipeline (Additional Future Sections) AB in P3 and major project procurements underway through Infrastructure Ontario and $2.8B for Broadband infrastructure Calgary Green Line LRT AB $40B | Quebec Budget Annacis Water Supply Tunnel BC Investment in road and transit infrastructure over 10 years from 2020 I-90/SR 18 Interchange to Deep Creek WA $7B | BC Budget Transportation investment over 3 years from 2020 • Robust pipeline of opportunities and commitments • Diversified series of pursuits by sector and geography $5B | Alberta Budget • Opportunities strongly correlate with Aecon’s experience and expertise Roads and bridges investment over 3 years from 2020 plus investment in Edmonton and Calgary LRT; $2B accelerated capital maintenance and renewal budget for 2020; $500M of funding for municipalities for transportation and water infrastructure and an additional $612M of new infrastructure projects * Total project size, not necessarily Aecon’s share, as most major projects bid with partners Source: Infrastructure Canada, Canada Infrastructure Bank Investing in New Infrastructure Growth Plan 2020, Ontario Budget 2021, Infrastructure Ontario December 2020 P3 Market Update, BC Budget 6 2020, Alberta Budget 2020, Quebec Budget 2020 Major Projects & Concessions Provide Stability P3 Concessions* Other Major Projects* Project Timeline (Starting from 2021) Bermuda Airport Darlington Nuclear Refurbishment US$274 million; construction $2.75 billion; 10 year project started started 2017 and completed 2016 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2020; 100% equity stake and 30 year concession began in 2017 Pattullo Bridge Replacement Bermuda Airport 2047 $968 million; 5 year project started Waterloo LRT 2020 Waterloo LRT 2049 $583 million; construction started 2014 and completed REM LRT Montreal Eglinton LRT 2051 2019; 10% equity stake and 30 $6.5 billion;
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