Mr. Jean-Louis Servranckx reports

AECON UTILITIES ACQUIRES ELECTRICAL DISTRIBUTION UTILITY CONTRACTOR XTREME POWERLINE

Aecon Group Inc.'s subsidiary, Aecon Utilities Group Inc., has acquired a majority interest in Xtreme Powerline Construction, an electrical distribution utility contractor headquartered in Port Huron, Mich., for a base purchase price of approximately $73-million (U.S.), with the potential for additional contingent proceeds (the "Transaction"). The Transaction is being financed through Aecon Utilities' standalone committed revolving credit facility. Xtreme management are committed to supporting Aecon Utilities' expansion in the U.S. and will retain a minority ownership in Xtreme as well as leadership responsibilities in the Xtreme business in partnership with Aecon Utilities' management team.

A privately-owned company founded in 2007, Xtreme is a full-service powerline constructor with approximately 300 employees. Xtreme specializes in overhead distribution line repair, maintenance and expansion services throughout the Eastern United States, and provides emergency restoration services for over 20 utility clients across the U.S. Xtreme has held a long-time overhead distribution Master Service Agreement ("MSA") with DTE Energy ("DTE").

"By expanding our self-perform electrical distribution capabilities in the U.S., Aecon Utilities is enhancing its diverse service offering and key strategic initiative to strengthen relationships with U.S. utility clients in target markets and with significant requirements to repair, upgrade, and expand grid infrastructure," said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. "Through Xtreme and its talented leadership team, we look forward to continuing to strengthen our partnership with DTE and other key clients while diversifying our portfolio of U.S. utility services."

"The acquisition of Xtreme creates opportunities to harness our collective utility infrastructure expertise and drive continued growth in priority markets," said Eric MacDonald, Executive Vice President, Aecon Utilities. "Xtreme's experienced team and strong client relationships are aligned with our business, and we, along with our strategic partner Oaktree, are pleased to welcome the Xtreme team to help advance our continued growth across North America with a focus on the energy transition."

"We are excited for the opportunities for both our customers and employees in joining the Aecon Utilities team," said Scott Sheldon, President of Xtreme. "Aecon Utilities provides a strong and diverse platform to allow us to accelerate our growth by offering new services to our existing customers while continuing to expand our footprint and capabilities in new markets."

Toronto Dominion Bank and Canadian Imperial Bank of Commerce acted as co-lead agents on behalf of a syndicate of lenders on Aecon Utilities' standalone committed revolving credit facility. Davies Ward Phillips & Vineberg LLP served as legal counsel to Aecon Utilities. The Transaction was also supported by advisory services provided by Stifel.

About Aecon

Aecon Group Inc. is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility, and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc.

About Aecon Utilities

Aecon Utilities is a leading provider of utility infrastructure solutions in Canada, with a growing presence in the U.S., operating in four end markets: electrical transmission and distribution, renewables and in-home services, telecommunications, and pipeline distribution. A significant portion of Aecon Utilities' revenues are generated from recurring revenue programs for public and leading private utility-sector clients. Funds managed by Oaktree Capital Management, L.P., through its Power Opportunities strategy, invested in a net $150 million convertible preferred equity investment in October 2023 that is convertible into a 27.5% ownership interest in Aecon Utilities.

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