Aecon Group Inc. ($ARE)

Well, good morning, ladies and gentlemen. Welcome to Aecon's 55th Annual General Meeting. Given that the number 5 is my favorite number, I think this as a very special occasion for a whole bunch of reasons. [Foreign Language] My name is Scott Thon, and I am the Lead Director of Aecon Group Corp. Joining me this morning is Jean-Louis Servranckx, our President and Chief Executive Officer of Aecon; Jerome Julier, Executive Vice President and Chief Financial Officer; Martina Doyle; our General Counsel, Public Company and Corporate Secretary; and Gordana Terkalas, our Senior Vice President and Chief People Officer. All right, here, I think they were waving as I was talking. In addition to our company officers at the head table, a number of Aecon's officers and senior leaders are here today as well as many of our team members. Also attending this morning's meeting are all of our director nominees. We also have Sal Bianco, there he is, thank you, Sal, and [ Archie Marenco ], he is not here, but Sal is here on behalf of PricewaterhouseCoopers LLP, the corporation's auditors, are in attendance. All of us here today are shareholders and, collectively, we can be proud to support to contribute to Aecon's role as an innovative partner in delivering critical infrastructure. These are projects that we call building what matters, and they are enabling future generations [indiscernible]. Driven by a focus on delivering long-term shareholder value, this past year has been very kind of transformative for Aecon. And later in the meeting, Jean-Louis will present some of the key highlights of an exceptional year during his presentation after the formal agenda. This meeting offers registered shareholders and duly appointed proxy holders, including those joining us online via the live webcast, an equal opportunity to participate, ask questions and vote at the meeting. For shareholders attending the meeting here in person, if you have a question or comments related to an item of business, please raise your hand when you're prompted. For those that are attending online, questions may be submitted through the webcast portal by any registered shareholder or duly appointed proxy holder. When you're asking a question, please indicate your name, which entity you represent, if any, and confirm that you are a registered shareholder or a duly appointed proxy holder. To help us address items proposed for a vote efficiently, we encourage online participants with questions about a formal item of business, including procedural matters to submit them in writing [ now ] and clearly identify the relevant item. During the course of this meeting, at the appropriate time, such questions will be addressed prior to voting on the applicable motions. Questions which do not relate to any formal item of the business will be addressed during a Q&A, question-and-answer period -- session, at the end. Now just to be clear on Q&A, I'm going to say that a few times, we're going to have a Q&A at the end about the business meeting, any procedure questions that have come up. After we close the formal business meeting, then I will turn it over to Jean-Louis and he'll talk about our business operations. So if you have business operational questions, to save them for Jean-Louis. Now as in past years, we expect that the vast majority of all of our votes have been cast in advance of this meeting and typically by proxy. That said, registered shareholders and duly appointed proxy holders can vote at this meeting in accordance with the instructions given during the course of this meeting. Those joining online will be able to vote through the webcast portal. Once the formal business of the meeting has been completed, as I said, we'll have a Q&A and then we'll have management available. We'll also have our share of our corporate governance Nominating and Compensation Committee also here available to help answer questions about anything procedurally or about the business documents. Now to keep things more -- mostly very efficient, we ask that if you do have a question, please limit it to a maximum of 2 minutes. I'm going to [indiscernible] them for 1 minute, but we'll give you 2. Okay. I would first like to acknowledge the land that we are on in this traditional territory of many nations, including the Mississaugas of the Credit, the Anishinaabe, the [ Chipewyan ], the [ Hodi], [indiscernible] peoples. And it's now home to many diverse First Nations, Inuit and Metis peoples. We also acknowledge that Toronto that is covered by Treaty 13 of the Mississauga of the Credit. The acknowledgment that I just made and the awareness of the lands that we gather on extends to how Aecon approaches all of our work, as we work to build infrastructure in collaboration with local [ unions ] that provide the lasting benefits for generations to come. Lastly, before we head into today's agenda and in alignment with our safety always culture, let's go over a quick safety moment. Whether we're on site or in an office location like we are today, nothing is more important in our work than safety. So today, in the unlikely event that there is a fire or any other kind of emergency here at Carlson Court, please exit through your closest doors, whether that's back through the hallway door, in the [indiscernible] or whether it's out the patio doors right here. And once you're outside, then we will gather and assemble in the parking lot that's behind us. So outside and then gathering in the parking. All right. Let me briefly explain the format for today's meeting. We'll first deal with administrative items and then continue our meeting's formal business, which is to receive the financial statements, to elect the directors, to hold an advisory vote on Aecon's approach to executive compensation, and to reappoint the auditors [indiscernible]. Once the formal portion of the meeting is complete, we will hold the first Q&A session that I mentioned earlier with respect to the business conducted at this meeting. Following which, Jean-Louis, our CEO, will share some remarks, and we'll open it up to questions at both the company and operations more generally. So if there are questions, I'll want to steer them depending on what they're focused on. I now call the Annual Meeting of Shareholders to order. I will act as the Chair of the meeting, and Martina Doyle will act as the Secretary of this meeting. To expedite the formal portion of the meeting, Mr. Jean-Louis Servranckx will second all of the motions. Unless there is an objection, Arlene Agnew of Odyssey Trust Company, Aecon's registered transfer agent, will act as a scrutineer for this meeting. Arlene, can you give -- there you are. Thank you. All right. Let's get going. I would ask Martina to briefly address certain administrative and legal aspects of the meeting. Martina?

Mr. Chair, I would like to report that proper notice of this meeting, together with a form of proxy and the management information circular dated April 29, 2026, have been sent to each registered shareholder of record as of April 9, 2026, the record date for this meeting, and have also been sent to all other persons entitled thereto. The mailing of materials has been certified by Odyssey Trust Company. Additional copies of these materials are also available on our website and under our profile on SEDAR+. Accordingly, unless there is an objection, I will dispense of the reading of the notice of meeting. A copy of the notice of meeting and proof of service shall be annexed to the minutes of the meeting. The scrutineer has provided a report on attendance, and it shows that there are 418 shareholders or proxy holders presently holding 39,987,703 common shares, or 58.4% of the issued and outstanding shares eligible to vote represented at this meeting. And accordingly, I declare that the requisite quorum of shareholders is present in person and on live webcast, or represented by proxy. And therefore, the meeting is properly [indiscernible] transaction of business. Scrutineer's report on attendance will be annexed to the minutes of the meeting. Before moving forward with the transaction of business and any subsequent discussion of Aecon's future and in light of the regulatory environment that all Canadian companies currently face, as General Counsel, Public Company and Corporate Secretary of the corporation, I would like to remind everyone that certain information discussed here today, whether as part of remarks or in response to questions, may constitute forward-looking information and is, therefore, subject to important risks, assumptions and uncertainties. Actual results could differ materially from the conclusions, forecasts and projections discussed during this meeting as certain material factors and assumptions were applied in drawing conclusions, forecasts and projections set out in the forward-looking information. Additional information about these and other important risks and uncertainties and material factors and assumptions that could cause results to materially differ from any forward-looking information can be found in the Management Information Circular for this meeting and at Aecon's public disclosure record, particularly in our annual and quarterly MD&A, filed under our profile on SEDAR+ www.sedarplus.ca. Except as required by applicable securities laws, forward-looking information discussed at the meeting today speaks only as of today, and Aecon undertakes no obligation to publicly update or revise any forward-looking information whether as a result of new information, future events or other [indiscernible]. For the purposes of this meeting, voting on all items of business will be conducted by ballot, both online and in person. If you have already submitted a completed proxy, it is not necessary to also vote online or cast a separate ballot since your vote will be recorded in accordance with your proxy instructions. Registered shareholders and duly appointed proxy holders who have not already voted or would like to change their vote may vote on each business item at any time when the polls are open for voting. The polls will be open until the end of the formal portion of this meeting. For those joining us through live webcast, when you are asked to vote, the business items will be voted and your available voting options will be visible on the voting panel. To submit a vote, please click on one of the voting choices displayed on your screen. You will only have a certain amount of time to vote once the polls are open. In order to keep this meeting moving efficiently, we have arranged for certain shareholders [indiscernible] the resolutions to be considered at this meeting and to be seconded. Of course, any registered shareholder or duly appointed proxy holder may comment on any resolution prior to the vote, but should hold any comments on general matters until following the formal portion of the meeting. I have the minutes of the last meeting of shareholders of the corporation. Unless there is an objection, I will dispense with the reading of the minutes of such meeting. Scott Thon will now transact the business of this meeting.

All right. Thank you, Martina. Well done. First item of business is the presentation of the consolidated financial statements of the corporation and the report of PricewaterhouseCoopers, the auditors of the corporation. These include the consolidated balance sheet, the consolidated statement of income, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flow, all for the year ended December 31, 2025, and the report of the auditors [ thereon ]. These financial statements were publicly available and are obviously available and were mailed to shareholders earlier this year. Our financial statements are available on our website or under our profile on SEDAR+ for anyone who did not receive a copy. I would ask the Secretary to formally place the financial statements, including the report of the auditors before the meeting. Thank you. The next item of business is the election of directors. Before we move on with the election process though, I want to pause and recognize a very defining moment in Aecon's history. Aecon's Chairman, Founder, Former CEO and Executive Chairman, John M. Beck, will not stand for reelection to the Board of Directors. John has overseen Aecon's strategic direction and operations for over 6 decades, in fact, 63 years. His vision has delivered some of the most remarkable landmark projects of this generation. Through his award-winning career, John has established Aecon as a world-class company. And John's legacy will forever be linked to Aecon's success. Both personally and on behalf of the entire Board of Directors and our management team, I want to thank John for his vast contributions to our customers, to our employees and to our shareholders. Now in recognition of his dedicated service and his contribution to Aecon's success over the 63 years, the Board will confer John -- upon John the title of Chairman Emeritus. And John, I was thinking this morning actually at breakfast about great team captains, which you have been. And in my lifetime, I've seen Jean Beliveau, Montreal, strong, skilled [indiscernible]. I've seen [indiscernible] is from Saskatchewan -- oh. [ Wendell Clark]. I grew up like an hour from the guy. A man of big heart [indiscernible]. And then Wayne Gretzky, a man who can see where the puck was going. And all of those, I think, you have been [indiscernible] and you have done it well. And John, let's have a little fun. In recognition of being our captain and continuing to be connected, I'd love to make a presentation to you, John, right now. Let's just see if we can bring it up. There we are. Team Aecon. There we go. [Presentation]

John, say a few words to your shareholders.

Well, it's an emotional moment. Everybody has been talking [indiscernible] the 55 years that feels like just a moment in time. I remember that [indiscernible] all of you, things really move quickly. Yes, this is July 55th AGM. My first one was in 1971. As I reflect on these annual meetings with my fellow shareholders, what has touched to me the most during all this time has been the patience and the loyalty of all of you, my dear shareholders. Thank you for sharing what has been a wonderful run. And now for the future, with this amazing executive team and this powerful Board, the best is yet to come. Onwards and upwards, my dear Aecon.

[indiscernible] John, you -- Aecon is a little bit like Hotel California, you can check out, but you never leave. Thank you for your commitment and service. Now formally, as part of the transition, after serving as Lead Director since 2024, I have been put forth by the Board of Directors to step into the role of Independent Chair of the Board, assuming my reelection to the Board by the shareholders. And John, I can say that this is a big step for me because I could never fill your shoes. But what I will commit to you is that we as the Board will live by the principles and the values that you have so established as the cornerstone of Aecon success. So thank you for that. Jean-Louis will have more to say about John a little bit later, so I'll leave the rest [indiscernible]. So let's now proceed to completing the voting on the items of business of the meeting. As we mentioned, voting today will be conducted by ballot, both in person and online. Please open the online balloting to registered holders and duly appointed proxy holders. All right. If you have already submitted a proxy, it's not necessary to complete and submit a ballot. If you are a registered shareholder or proxy holder joining in person, you should have been provided a ballot when you arrived at the meeting. If you did not and you would like a ballot, please raise your hand now and the scrutineer will provide you one. The scrutineer will collect the ballots after all our matters to be conducted by ballot have been dealt with. Now for those joining online, the polls are now open. And at this point, all the registered shareholders and duly appointed proxy holders who have properly logged in to this meeting, with their control number or user name, and wish to vote, will be able to see all of the business items to be voted on at the meeting on the voting panel of your screen. Okay. The number of directors to be elected at this meeting has been fixed by a resolution of the Board at 10. The corporation's nominees, namely myself, Susan Wolburgh Jenah, Leslie Kass, Stuart Lee, Jeffrey Lyash; Rod Phillips, Eric Rosenfeld, Jean-Louis Servranckx, Deborah Stein and Scott Stewart, are each to be elected to hold office until the close of the 2027 Annual Meeting of Shareholders of the corporation or until their successors are duly elected or appointed in accordance with the articles and bylaws of the corporation. I would ask Gordana Terkalas to nominate each of the previously named individuals for your information, proxies submitted prior to this meeting, representing approximately [ 58.35% ] of the shares of the corporation were voted, with each of the nominees receiving votes in favor, ranging from approximately 87% to 99%. Thank you.

Mr. Chairman, my name is Gordana Terkalas. I'm a shareholder of Aecon, and I'm pleased to nominate each of the aforementioned and individuals as directors of the corporation for the team -- for the term previously stated.

Thank you, Gordana. And as the corporation did not previously receive timely notice of any further nominations of persons for election as directors of corporation as required by bylaw of the corporation, I now declare the nominations closed. May I have a motion that each of the 10 persons nominated as directors of the corporation be so elected?

Mr. Chair, I so move.

I will second the motion.

Thank you. Martina, are there any questions on the motion from the registered shareholders or proxy holders present?

Mr. Chair, we have not received any questions on this motion. If any questions on this motion is subsequently received, they will be addressed at the end of the meeting.

Okay. On the online. Thank you. Thank you, Martina. Are there no questions? We'll continue with the next item of business. The next item of business is the approval on an advisory basis of the resolution relating to Aecon's approach to executive compensation disclosed in the Management Information Circular dated April 29, 2026. I believe that Gordana has a motion in this regard.

Mr. Chair, I move that the corporation's shareholderss approve on an advisory basis and not to diminish the role and responsibilities of the Board the approach to executive compensation disclosed in the Management Information Circular dated April 29, 2026. .

I will second the motion.

Martina, are there any questions on this motion from the registered shareholders or proxy holders present?

Mr. Chair, we have not received any questions on this motion. If any questions on this motion are subsequently received, they will be addressed at the end of the meeting.

It looks like we're clear online as well. Thank you, Martina. As there are no further questions, we'll now continue with the next item of business. Next item of business is the reappointment of PricewaterhouseCoopers LLP as the auditors of the corporation. And I believe that Gordana has a motion regarding this item.

I do. Mr. Chair, I move that PricewaterhouseCoopers LLP, Chartered Accountants of the City of Toronto in the Province of Montreal be reappointed as auditors of the corporation until close of the 2027 Annual General Meeting of Shareholders of the corporation, or until a successor is appointed at the remuneration to be fixed by the Board, and that the Board be authorized to fix that remuneration.

I will second the motion.

Martina, any questions on this motion from the registered shareholders or proxy folders present?

Mr. Chair, we have not received any questions on this motion. If any questions are subsequently received, they will be addressed at the end of the meeting.

Okay. If you've not already done so, we invite you to submit your votes on all the items on the agenda. We will provide the registered shareholders and duly appointed proxy holders approximately 1 more minute to complete their ballots. For those that are with us here today in person, please provide your completed ballots to the scrutineer now if you've not already done so. For those joining online, once the online voting closes, the voting page will disappear on your screen and your votes will automatically be submitted. The scrutineer will now proceed to collect any ballots from the registered shareholders and duly appointed proxies present in the room. [Voting]

Polls are now closed. And that concludes the voting at today's meeting. I call on Martina to report on the proxies deposited prior to the meeting and the preliminary results based on the ballots cast at the meeting.

Based on the preliminary report from the scrutineer, based on proxies received in advance of the meeting and the preliminary results of the ballots cast at the meeting, all director nominees have been elected and the reappointment of PricewaterhouseCoopers as the auditors of the corporation has been approved, and the Board has been authorized to fix their remuneration. The final report on voting will be included in the minutes of the meeting and filed on SEDAR+. Accordingly, I declare that each of the 10 nominees have been elected as directors of the corporation to serve until the 2027 Annual Meeting of Shareholders of the corporation or until their successors are appointed. I declare that the reappointment of PricewaterhouseCoopers as the auditors of the corporation has been approved. And the Board has been authorized to fix their remuneration. The advisory votes on the resolution on the corporation's approach to executive compensation received the majority of votes cast in support of the resolution based on proxies received in advance of this meeting. While the resolution is an advisory resolution, the Board of Directors of Aecon will nevertheless take the results of the vote into account as appropriate when considering future compensation policies, procedures and decisions and in determining whether there is a need to increase Aecon's [ engagement ] with shareholders on compensation and related matters. The final results of individual votes for each director, the advisory resolution on executive compensation and reappointment of the auditors will be reported in a press release and as part of the voting results [indiscernible] in accordance with applicable securities legislation.

Thank you. Is there any further business that may be properly brought before this meeting? Thank you, Martina. On behalf of the Board, I would like to express our appreciation for our shareholders' partnership, your support and involvement. Thank you, and encourage your continued participation in your AGM. As there is no further business, that concludes the formal business brought before this meeting, and I now declare the formal portion of the meeting terminated. Now before we provide a brief opportunity for the registered shareholders and proxy holders to ask questions, and then I'll turn it over to our CEO, Jean-Louis, I'd like to take an opportunity following the election of directors to welcome Jeff Lyash to the Board. Jeff, can you stand up, please? Jeff's extensive experience -- Jeff's extensive experience in nuclear and power sectors in both Canada right here in Ontario and across the United States directly aligns with Aecon's growth strategy and will augment the Board's collective expertise as we continue to deliver shareholder value. Thank you, Jeff. Okay. Now if you do have any questions on the actual formal part of the meeting, feel free to put up your hand and we'll have a brief Q&A. Okay. Well, I think we'll call it there. And as the question period, we will wrap it up. I'll now pass it over to Jean-Louis, and you can take the podium and tell us a little bit about the company and its operations over the last year. Jean-Louis, over to you.

I've been trying for the last [indiscernible] to have a quieter music, but rock and roll is still [indiscernible] at its place. I could see 80% of the [indiscernible]. Good morning, everyone. [Foreign Language] Thank you, Scott, for leading the first portion of today's meeting. Congratulations on your election to the Board of Directors and your appointment as Independent Chair of the Board. I'm personally extremely happy for this appointment. We have been working extremely well and efficiently during the last few years, especially when you were the Chair of the Risk Committee. And I'm looking forward for the next moments to come together. Thank you. I'm pleased to be here this morning with a lot of you, my fellow shareholders, members of the Board of Directors, Aecon executive management team and employees. [Foreign Language] What a year has been 2025. What a year. We've seen Aecon's transformative [indiscernible] projects spanning all our operating sectors across North America and beyond, underscores account strength, diversity and high resiliency. Reflecting on where [indiscernible] a diverse North American infrastructure leader with global expertise. I truly believe that Aecon is stronger than ever before. Every strong company has a story. And for Aecon, our story is rooted in the education and vision of John Beck. Building on what Scott said earlier, John is a true trailblazer in our industry, from growing his family's [indiscernible] business, to all the mergers, acquisition and organic growth along the way to evolve Aecon and its predecessor companies, John ensured Aecon was built to last. John didn't just build pivotal landmarks, he led project teams with integrity, nurtured career, pioneered innovative project models, formed successful joint ventures, championed safety that helped people and community flourish. John's mentorship, counsel and deep expertise have been invaluable to me. After growing Aecon together for nearly a decade, continuing to lead this exceptional company is an honor. John, moving forward with you as Chairman Emeritus, our experienced Board and leadership team are focused on continuing to execute our growth strategy to advance Aecon's evolution and make all of you Aecon proud. On behalf of Aecon's executive management team, thank you, and congratulations on your storied career. John has been at every AGM for Aecon and today marks his 55th AGM. I'm pleased to introduce this tribute to you, John. [Presentation]

I would like to say one thing. Everything that was said about me had to do with all of you, as employees, as executives, as the Board and as shareholders, all of you. It was a team effort.

We move forward delivering for our clients driven by our purpose, building what matters to [indiscernible] future generation [indiscernible]. The most important pillar of the growth remains our safety performance. During the first week of May, we marked our [ 32nd ] Annual Safety Week in support of Aecon's number one core value, safety always. As I used to say, in addition to the human beauty, safety is a precursor of performance. We cannot speak about performance of our company if we are not able to handle safety properly better than anybody else. Guided by the theme of safety starts with me. The Safety Week was a time to reflect and reaffirm personal ownership of safety for the company. Here are a few words from Thomas Clochard, Executive Vice President, and now from September 2025, Chief Operating Officer.

This year's theme, "Safety starts with me," is a powerful reminder that safety begins with individual ownership. It starts with the choices we make before work begins. It starts with speaking up when something does not look right. It starts with stopping, reassessing and doing the job the right way every time. And it starts with looking out for the people beside us. Because safety is never just personal, it is shared. As Chief Operating Officer, safely starts with me by making sure that safety remains built into how we plan and execute our projects. It means that [indiscernible] to raise concerns and take action.

Thanks, Thomas. Great job. In 2025, we were pleased to see again a decrease in our incident frequency, 4.50 recordable injury frequency to increase focus on further integrating safety into our work plans, continually improving our safety program and building our people's capacity and day-to-day [indiscernible]. Supporting this, we also [indiscernible] the Aecon Project Execution Framework, known as APEX, a safety excellence program to standardize and improve our [indiscernible] work, ensuring is always built in with constant evaluation for improvement. On an industry scale, we advanced key initiative as a founding company of the Canadian Construction Safety Council to elevate safety performance. In April, we joined CCSC members in following this through on our commitment of adopting Type 2 [indiscernible] remember last year [indiscernible] with integrated [indiscernible] for all subcontractors, all subcontractors, not only Aecon, effective July [ 25], 2026 [indiscernible] we are very proud to have made. This transition represents a collective step forward to protect workers, reduce serious injury and establish innovative new industry baseline. At Aecon, safety is not just a process, a program or a requirement. It's a commitment we make to ourselves and one another every day. No success is more important at Aecon than ensuring every person goes back home safe every day. With an unwavering focus on delivering long-term shareholder value, this past year, Aecon continued to grow as a power company. With the completion of key strategic acquisitions, steady growth into U.S. and international markets [indiscernible] new contract awards. Aecon's activity are now intentionally comprised of more than 70% [ collaborative ] or variable contract arrangement. With the revenue that went during the last 8 from $3 billion to $5.4 billion, we now have 55% of this revenue tied to projects -- to power projects. This is extremely important, which is our strategy, and it is also extremely important, the shift between [indiscernible] collaborative models provide benefits for all parties to optimize projects for Aecon, our clients and our communities. Turning to our 2025 year-end financial results. The year was highlighted by record full year revenue of $5.4 billion. It's a growth of 28% from last year, 85% being organic. Robust year-end backlog of $10.7 billion diversified across all our operating sectors. Growth in our U.S. and international operations of 87% over 2024. Significant new contract awards executed, the more collaborative models. Strong record [indiscernible] program in new geographies and [indiscernible]. And just over a month ago, Aecon reported results for the first quarter of 2026, with a backlog of $10.9 billion, another record level. In 2025 and early 2026, Aecon completed 4 strategic acquisitions with a focus on expanding core industrial and utilities capability and capacity across North America. Aecon acquired [indiscernible] construction company, an industrial construction contractor [indiscernible] augmenting our presence across the Western and Southern U.S.. Aecon acquired Trinity Industrial Services, an industrial services company [indiscernible], expanding our footprint in the U.S. Gulf course region, one of the most significant industrial hubs in the U.S. Aecon Utility [indiscernible] collectively known as APC, a high-voltage testing, commissioning and metering solutions contractor in Ontario. Aecon Utilities also acquired [ Ark American ] and [ CA Vents ] [indiscernible] Services and a 49% interest in [indiscernible], strengthening our underground and overhead electrical distribution, transmission, substation maintenance and emergency restoration construction services across the Midwest and Eastern United States. Two of the strategic acquisitions strengthen our [indiscernible] solutions across diverse sectors, creating opportunities for collaboration and cross saving, the [ Save as One ] Aecon strategy. We are pleased to welcome these teams to Aecon, enhancing Aecon's position to harvest significant opportunities across North America in line with our Forward Together 2024-2027 Strategic Plan. Now, project. Over the past year, Aecon has successfully secured new contract award, directly in line with our strategic plan, and have celebrated remarkable project achievements across all our sectors, demonstrating the strength of Aecon and our ability [indiscernible]. And speaking with the Darlington [indiscernible] Refurbishment Project, our expert teams will [indiscernible] all 4 units, delivering the world's largest nuclear refurbishment [indiscernible] ahead of schedule. This is an incredible success for the nuclear industry and for Aecon. Over 23 million hours of work during the past decade was completed without a single loss time incident. Remember, safety is a best precursor for [indiscernible]. We also celebrated the delivery of the first 2 modern light-rail transit system in Toronto, the [indiscernible] LRT reached substantial completion and open to the public in the fourth quarter. And the [ Eglington ] [indiscernible] LRT reached substantial completion before the end of the year and opened to the public in February. After years of talking about this project, you never hear [indiscernible] operation and maintenance. Both LRT lines will connect communities for generations to come. Our world-class project team maintained [indiscernible] commitment, grit and tenacity to deliver this project. And we are [ pleased ] to be playing a critical role with the respective 30-year maintenance terms. As we also continue our work advancing the [ Eglinton Crosstown ] West extension elevated [indiscernible] project, we probably will reach completion of the [indiscernible] advanced tunnel project [indiscernible] delivering the [ 26.3 ] kilometer tunnel long on time and on budget, for the future expansion of the [indiscernible]. [indiscernible] Metropolitan [indiscernible] Montreal's automated [indiscernible] opened 2 key segments in 2025, the [ Demoltine ] branch in the north, and just 2 weeks ago, the [ Honsalon ] branch in Montreal's West Island. These 2 segments combined have delivered 18 new stations and over 60 kilometers of new metro connecting Greater Montreal. Commercial operations commenced on the Oneida Energy Storage project in Ontario, one of the largest battery energy storage projects in Canada, 450 megawatts. This [indiscernible] a success story for Aecon, with our utility and industrial teams working in collaboration to deliver the project, once again, on time and on budget, alongside our Aecon [ six-nation ] indigenous-led joint venture. The new [indiscernible] bridge opened to the public on [indiscernible] project in British Columbia, providing a modernized connection between [ Surrey and New Westminster]. Finishing activities are ongoing, including the removal of the existing [indiscernible] bridge. On the [ Golinao ] International Bridge project, we look forward to celebrating the delivery of the first Canada-U.S. land border crossing in [indiscernible] with the bridge's historic opening in the near future. Aecon also completed key international projects and achieved key milestones. The Kingston [indiscernible] modernization project in [indiscernible] reached completion in October 2025. The new world-class terminal [indiscernible] international airport [indiscernible] opened to the public in December, delivering a gateway for [indiscernible] and the Caribbean. The main runway was resurfaced and reopened to [indiscernible] on the [ VC Bird ] International Airport project in [indiscernible]. Substantial completion is expected in the third quarter of the year 2026. The last piece of structural steel was placed, also known as [indiscernible] hotel and residences project in Barbados, with completion on track for 2027. We further diversified our portfolio of work in [indiscernible] international regions with the commencement of the Santa Rosa Bridge project in Lima, Peru. This project will connect the City of Lima and [ Callao ] with the new [indiscernible] International Airport tunnel. I just want to take some time here to thank our resilient and talented teams for their commitment and perseverance on this project going back to international [indiscernible]. Building on the momentum of key achievements, Aecon partnerships continue to advance ongoing projects across North America with a strategic focus on projects delivered under the collaborative model. In Canada, that Aecon partnership executed a collaborative agreement to deliver the Arctic over the Horizon Radar program Stage 1 project in Ontario. This is an essential Canadian [indiscernible] project with national importance, and Aecon is trying to play a key role in [indiscernible] defense infrastructure moving forward. It was very important for Aecon to come back to this market. We wanted it and we did it. Aecon partnership was awarded [indiscernible] contract for the execution of the Darlington nuclear project in Ontario. The team just hit a major milestone in May on this nation-building project with the successful [indiscernible] for the first [indiscernible] modular reactor [indiscernible] foundation of the reactor building. Aecon was awarded a contract for the definition phase work [indiscernible] at the [ Pickering ] nuclear generating station [indiscernible] from here, in Ontario, with the execution phase expected to commence later in [indiscernible]. After completing the development phase, financial [indiscernible] will achieve on the Board of Montreal expansion in waterworks project in [indiscernible]. Once complete, it will be the largest container board in Eastern Canada, another nation-building projects for Aecon that's building a stronger economy. An Aecon-Reliance executive agreement as a development partner for the [indiscernible] LRT civil [indiscernible] project in Ontario. Aecon is a construction partner for [indiscernible] project delivery. This is the first phase of the [indiscernible] LRT project, which will bring 14 kilometers LRT service across [ Eglinton ] downtown [indiscernible]. The [indiscernible] has reached completion and commercial [indiscernible] was successfully achieved of this [indiscernible] progressive design build project in Ontario. This was the first transit project to reach commercial [indiscernible] under this new PDB model in Ontario. [indiscernible] expansion civil work project in Ontario, work is underway across [indiscernible] in the Greater [indiscernible]. Important track works have been advanced to transform transit across these growing regions. Aecon reached financial close of the [indiscernible] subway extension [indiscernible] project in Ontario. The project will deliver 6.6 kilometers of tunnel to the north of Toronto [indiscernible] Line 1 [indiscernible]. On the Winnipeg [indiscernible] facilities upgrade project in Manitoba, the team continues to work towards the commissioning of [indiscernible] station, progressing towards substantial completion later in the year 2026. Now in the U.S. With the conclusion of the development phase, the construction contract was finalized with [indiscernible] dam facility project in [indiscernible]. This project leverages Aecon's extensive civil and dam infrastructure capabilities while advancing Aecon's steady growth across the United States. An Aecon joint venture was selected to deliver the first 4 of 12 XP100 SMR at Energy [indiscernible] Advanced Energy facility in Washington State under our Progressive Design Build model. We are pleased to continue finalizing negotiation as we expand our role in delivering the next generation of nuclear energy plants to one of the first SMR projects in the United States. Yes, Gabriel, a lot of people talk about [indiscernible]. Significant progress has been made to advance the transition phase of the U.S. [indiscernible] Ports Authority Airport Phase 3 project. The team continues work to advance to the next stage of the project. which will deliver critical upgrades to the [indiscernible] King Airport in [ St. Thomas ] at the Henry Walton Airport in St. Croix. As we deliver some critical projects across North America and [indiscernible] our dedicated teams are proving the positive difference that infrastructure can make for people and communities. We remain steadfast in our commitment to safety, profitably and sustainably deliver integration services, products and solutions to meet the needs of clients and future generations. This past year, guided by our Reconciliation Action Plan, we built on our progress in deepening relationships with indigenous community, expanding cultural awareness across our organization and taking tangible steps to embed truth and reconciliation into our business practices. And called by our commitment to advancing meaningful indigenous engagement and reconciliation, working in partnership with [indiscernible] Aecon [indiscernible] $240 million of goods and services from the indigenous community in 2025. Turning now to Aecon's outlook. We expect 2026 revenue to exceed 2025 levels on the strength of our record backlog, strategic positioning in sectors with attractive demand profiles, robust recurring revenue progress and a strong, very strong pipeline of project opportunities into power generation, critical [indiscernible] development, mass transit infrastructure, water and defense. With our legacy projects reaching substantial completion, this is anticipated to lead to improved profitability and margin predictability going forward. In the construction segment, demand for Aecon services continue to be strong with opportunities across all sectors. And in the concession segment, there are several opportunities to grow our portfolio and create opportunities across our diverse business. Beyond the project, we are focused on delivering shareholder through a disciplined capital allocation approach, strategic investments in our operation designed to support growth in new markets, an ongoing shift towards project with appropriate risk-adjusted return and continued emphasis on operational excellence. Looking ahead, our people, processes and capabilities will continue to support our growth at Aecon. Backed by 11,000-strong employees across North America and around the world, our team are at the heart of everything we do. Driven by our dedicated leadership team, we are focused on investing in our people to position Aecon to harness growth opportunities and prosper in the years ahead. This year, we were pleased to welcome experienced team to Aecon through acquisitions while supporting organic growth and the development of all our people. We truly have some of the most talented [indiscernible] team in the industry and around the world here at Aecon. Through our work on small and medium-sized project as well as complex megaproject, Aecon's diversity and resiliency is purpose-built not only to deliver for communities and clients, but also to provide progressive opportunities to grow rewarding long-term [indiscernible] for everybody within the company. I want to thank all of our employees for the hard work they do every day to drive our success. Together, anchored by our safety [indiscernible] structure, we are focused on meeting the expectation of our valued clients while continuing to execute some of the most formidable projects of this generation, with cost and schedule [indiscernible]. On behalf of Scott Thon, John Beck, the Board of Directors and management, thank you to all our shareholders for your continued support. We now open the floor to questions.

I think you touched on this a little bit earlier, but maybe you can speak a little bit more about how Aecon achieved record revenue and backlog in 2025 and what do you see as the biggest drivers on this performance and how it positions Aecon for continued growth?

Obviously, [indiscernible] of the market, and we -- you have realized that Aecon revenue, in addition to grow as [indiscernible] we were a few years ago [indiscernible] company, we have now become a power company, more than 55% [indiscernible] we are with the executive team extremely careful about staying [indiscernible] within our activities. We want to be strong in power, I mean, nuclear power [indiscernible] transmission, distribution opportunity. But we also want to stay strong in industrial. We want to stay strong also [indiscernible] not all the way via civil, but we cannot be a great infrastructure company if we are not able to [indiscernible] an urban transportation system because [indiscernible] is quite important. So [indiscernible] and the balance between our activities is extremely important to ensure our resiliency. Construction is about cycles, goes up and down, but this sector very strong, very well positioned where we have a leadership in each of the different sectors [indiscernible] to be more resilient. On other side, where I commented about the fact that we went within those few years from 75% of fixed price [indiscernible] to 70% of collaborative project will give us much more margin predictability, and this is why it is important for all of us.

It's very thorough.

Thank you very much.