Aecon Q3 Revenue Rises 26% to C$1.92 Billion as Backlog Hits a Record C$14.56 Billion on the Largest Nuclear Award in Company History
TORONTO, Ontario, Canada — Construction and infrastructure company Aecon Group Inc. (TSX: ARE) on October 29 reported results for the third quarter of 2026, with revenue of C$1,921 million, up 26% from a year earlier, and a reported backlog of C$14,559 million at September 30, the highest in the company's history, compared with C$10,777 million a year earlier.
Operating profit was C$83.1 million, up from C$61.4 million in the same period of 2025. Adjusted EBITDA rose 40% to C$130.2 million, with the adjusted EBITDA margin improving to 6.8% from 6.1%. Profit attributable to shareholders was C$52.9 million, diluted earnings per share were C$0.74, and adjusted earnings per share were C$0.86. Cash flow from operations reached a record C$417 million in the quarter.
President and Chief Executive Officer Jean-Louis Servranckx said third-quarter performance demonstrated the strength of Aecon's operating model, with over 80% of backlog tied to collaborative or non-fixed-price contract models, and growth founded on expanding recurring revenue programs, advancing pre-award work on key long-term projects and a strong Concessions portfolio.
New contract awards booked in the quarter totaled C$5,988 million, compared with C$1,561 million a year earlier. They included the September 21 award by Ontario Power Generation of contracts with an aggregate value of C$3 billion for the Pickering Nuclear Generating Station Refurbishment, of which Aecon's C$1.75 billion share is the largest nuclear award in the company's history.
Other awards included the Greenlight Electricity Centre project in Alberta (Aecon's majority share C$1.7 billion), an C$815 million sewage treatment plant upgrade contract in Winnipeg (Aecon share 33.3%), and GO Expansion alliance contracts in Ontario (C$649 million added in the quarter). Aecon also agreed to acquire additional fabrication capacity in Ontario, expanding its nuclear fabrication network to four facilities, with closing anticipated in the fourth quarter of 2026.
After quarter-end, Aecon was awarded a C$155 million contract by the City of Calgary for the Green Line LRT Project and a US$89 million contract for the Anguilla Airport Redevelopment Program, both added to backlog in the fourth quarter.
Source: GSM · USA (original Chinese edition)
Photo: 图：加拿大安大略省 Pickering 核电站（资料图）。该站翻修合同 Aecon 份额达17.5亿加元，为公司史上最大核电合同。ilker 摄，CC BY 2.0，经 Wikimedia Commons。 / The Pickering Nuclear Generating Station in Ontario, Canada (file photo); Aecon's C$1.75 billion share of its refurbishment contracts is the largest nuclear award in the company's history. Photo by ilker, CC BY 2.0, via Wikimedia Commons.
