Aecon Group Inc. Reports Record Backlog and Strong Q3 2026 Performance

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Aecon Group Inc. announces significant growth in revenue and backlog for Q3 2026, alongside strategic acquisitions and partnerships, positioning itself strongly for future projects.

Toronto, Ontario – On October 29, 2026, Aecon Group Inc. (TSX: ARE) released its financial results for the third quarter of 2026, highlighting an unprecedented backlog of $14.6 billion. This milestone reflects the company's effective operating model, as revenue surged by 26% and Adjusted EBITDA soared by 40% compared to the previous year. "The third quarter performance showcased our robust operating model, with revenue hitting $1.921 billion, an increase of $390 million from Q3 2025," stated Jean-Louis Servranckx, President and CEO of Aecon Group Inc. He emphasized that over 80% of the backlog is linked to collaborative or non-fixed price contract models, indicating a cautious approach to risk allocation. Aecon's growth is attributed to several factors: expanding recurring revenue streams, progressing pre-award activities on key long-term projects, a solid Concessions portfolio, and a clear view of substantial opportunities aligned with its strategic focus areas. The company remains committed to disciplined execution, effective risk management, and profitable growth for its shareholders.
The highlights of the quarter include a record backlog of $14.559 billion as of September 30, 2026, compared to $10.777 billion during the same period last year. The company's operating profit reached $83.1 million, representing a year-over-year increase of $21.7 million from $61.4 million in Q3 2025. Additionally, Adjusted EBITDA for the quarter was reported at $130.2 million, translating to a margin of 6.8%, compared to 6.1% in the previous year.
Aecon also reported a remarkable cash flow from operations of $417 million, enhancing its financial stability. Among its achievements, Aecon gained Gold Partnership Accreditation in Indigenous Relations, becoming the first construction firm with nationwide operations to earn this prestigious certification from the Canadian Council for Indigenous Business.
In terms of expansion, Aecon has agreed to acquire additional fabrication capacity in Ontario, which will bolster its nuclear fabrication network to four facilities, reinforcing its position as Canada’s Nuclear Builder and supporting major nuclear refurbishment and new build projects across North America. The closing of this acquisition is anticipated in the fourth quarter of 2026.
New contract awards during the third quarter include a multi-billion-dollar contract awarded on July 2, 2026, to an Aecon consortium by Greenlight Electricity Centre Limited Partnership for the Greenlight Electricity Centre project in Alberta. Aecon's $1.7 billion share from this contract was added to its Construction segment backlog in Q3 2026.
On July 13, 2026, Aecon was selected as the preferred proponent by the Vancouver Fraser Port Authority for the development phase of the Roberts Bank Terminal 2 project, with a design-build agreement expected in Q1 2028. Additionally, on July 17, 2026, Aecon secured an $815 million contract from the City of Winnipeg for the North End Pollution Control Centre Sewage Treatment Plant Upgrade, contributing to its expanding backlog.
Other notable contract awards include a $649 million contract for the GO Expansion project in Ontario, and a historic $3 billion contract for the Pickering Nuclear Generating Station Refurbishment, which marks the largest nuclear award in Aecon's history. Aecon also initiated a strategic partnership with a Tier-1 telecommunications operator to create Maple Fibre, aimed at financing and designing next-generation network infrastructure, with construction already underway in Ontario.
Looking ahead, Aecon anticipates continued double-digit revenue growth in 2026, supported by a backlog exceeding $14 billion, recurring revenue programs, and a robust pipeline of project opportunities in various sectors including nuclear, conventional power, and mass transit. The company is focused on maintaining its disciplined capital allocation strategy, with planned capital expenditures in 2026 set to exceed those of 2025, aimed at bolstering growth initiatives and enhancing operational resilience.

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