Mr. Jean-Louis Servranckx reports

AECON UTILITIES EXPANDS ELECTRICAL SERVICES AND POWER SYSTEMS CAPABILITIES WITH ACQUISITION OF AINSWORTH'S POWER CONSTRUCTION BUSINESS

Aecon Group Inc.'s subsidiary, Aecon Utilities Group Inc., has acquired Ainsworth Power Construction (APC), an electrical services and power systems business unit of Ainsworth, headquartered in Toronto, Ont., from GDI Integrated Facility Services. APC's management and operational teams are joining Aecon Utilities through the transaction, which is being financed through Aecon Utilities' stand-alone committed revolving credit facility.

APC has over 80 employees and 80 years of experience as a comprehensive technical services contractor for electrical utility clients, primarily in Ontario. The majority of APC's revenues are recurring in nature and are conducted under long-term master service agreements. Aecon Utilities and APC are collaboratively engaged as joint venture partners delivering programs to utility- and private-sector clients to expand electricity distribution infrastructure across Ontario.

"The acquisition of APC builds on our strong collaborative partnership, strengthens relationships with key clients and further diversifies our comprehensive self-perform utility infrastructure expertise," said Jean-Louis Servranckx, president and chief executive officer, Aecon Group.

"Along with our strategic partner, Oaktree, we are pleased to welcome the experienced APC team to Aecon Utilities as we continue to advance our growth and evolve our business to harness the significant opportunities linked to the energy transition," said Eric MacDonald, executive vice-president, Aecon Utilities.

"Building on over a decade-long relationship, the acquisition of APC is the next natural step to expand our market share and capacity, and allows us to offer a scalable, purpose-built, turnkey solution for our valued utility customers," said Chris Manielly, vice-president, electrical, Aecon Utilities.

About Aecon Group Inc.

Aecon 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.

About Aecon Utilities Group Inc.

Aecon Utilities is a leading provider of utility infrastructure solutions in Canada, with a growing presence in the United States, 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 LP, through its power opportunities strategy, invested in a net $150-million convertible preferred equity investment in October, 2023, which is convertible into a 27.5-per-cent ownership interest in Aecon Utilities.

About Ainsworth Power Corp.

APC is a comprehensive electrical services and power systems contractor, providing on-demand emergency response and power line repair services, as well as a full range of engineering, servicing and construction services for electrical utility clients. With over 80 years of experience, and with licensed electricians, power line workers and engineers, APC is a diverse technical services provider that can deliver power system projects as either stand-alone work or integrated into a larger scope.

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