Mr. Adam Borgatti reports

AECON JOINT VENTURE AWARDED CONTRACT FOR THE REFURBISHMENT OF FOUR UNITS AT THE PICKERING NUCLEAR GENERATING STATION IN ONTARIO

A joint venture between Aecon Group Inc. and AtkinsRealis has been awarded a collaborative contract by Ontario Power Generation (OPG), which includes the definition phase work for the retube, feeder and boiler replacement of units 5, 6, 7 and 8 at the Pickering nuclear generating station in Ontario. Aecon holds a 50-per-cent interest in the joint venture and its share of the approximately $1.1-billion early works portion of the contract was added to its construction segment backlog in the fourth quarter of 2024. The remaining portion of the contract is valued at approximately $1-billion, and Aecon will add its share to backlog in the first quarter of 2025.

The scope of work is for definition phase activities including engineering, procurement of long-lead components and construction planning for the multiunit refurbishment. Planning and early works are under way, and completion of this phase is expected in 2026.

"This contract award builds on the success of our joint venture on the Darlington refurbishment project and signifies OPG's continued confidence in our team to refurbish their reactor fleet on time, within budget, and with an unwavering commitment to safety and quality," said Jean-Louis Servranckx, president and chief executive officer, Aecon Group.

"Leveraging unit-over-unit lessons learned, Aecon is proud to be playing an important role as the constructor on North America's three largest nuclear refurbishment projects -- providing future generations with clean, safe, reliable and affordable electricity while stimulating the economy and further expanding Ontario's strong nuclear supply chain. We look forward to successfully executing this project with our long-standing client and partner," said Thomas Clochard, executive vice-president, nuclear and civil, Aecon Group.

"Refurbishing Pickering secures decades more of the low-carbon, reliable baseload electricity Ontario needs to meet forecasted soaring demand," said Nicolle Butcher, president and chief executive officer, OPG. "Drawing on our shared experience on the on-time, on-budget Darlington refurbishment project, working with trusted partners like Aecon and AtkinsRealis sets the stage for similar project excellence as we refurbish units 5 to 8 at the Pickering nuclear generating station."

Currently executing OPG's four-unit Darlington refurbishment project, Aecon and AtkinsRealis have successfully completed the refurbishment of three units ahead of schedule. The project is over 85-per-cent complete in its 10-year execution phase and the joint venture continues to achieve strong safety, quality, schedule and cost performance.

About Aecon Group Inc.

Aecon Group 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.