Mr. Jean-Louis Servranckx reports

AECON PARTNERSHIP EXECUTES AGREEMENT FOR THE MACTAQUAC LIFE ACHIEVEMENT PROJECT IN NEW BRUNSWICK

Mactaquac Improvement Partnership, a general partnership in which Aecon Group Inc. holds a 33.3-per-cent interest, has executed a development-phase agreement with New Brunswick Power Corp. to deliver civil works on the Mactaquac life achievement project at the 672-megawatt Mactaquac generating station.

Under an early contractor involvement approach, Mactaquac Improvement Partnership, composed of Aecon, FlatironDragados and Green Infrastructure Partners, will advance design, schedule and cost estimates of various elements of the project with N.B. Power during a collaborative 12-month development phase. Upon successful completion of the development phase, the construction phase is expected to commence in the second quarter of 2027, under a target price model, with completion anticipated in 2039.

The Mactaquac life achievement project will rehabilitate the Mactaquac generating station to ensure the station can operate to its intended 100-year lifespan. The civil works scope includes rehabilitation of the powerhouse and spillways, the replacement of six turbines, upgrading electrical and mechanical components, and enhancing upstream and downstream water storage and environmental infrastructure to support the Saint John River ecosystem. Built in 1968, the Mactaquac generating station provides approximately 12 per cent of New Brunswick's electricity and is integrated into the electricity grid of surrounding regions.

"The Mactaquac generating station is a vital power generation facility, and Aecon's world-class experience executing some of the most complex hydroelectric, dam and water management infrastructure projects will be integral in safely delivering this formidable project," said Jean-Louis Servranckx, president and chief executive officer, Aecon. "Working alongside N.B. Power and our partners, we look forward to advancing the progressive phases of this project to optimize benefits for all parties -- extending the facility's operating life while ensuring the supply of clean and reliable energy for future generations."

"Aecon has been building critical infrastructure for over 150 years and brings decades of proven expertise delivering top-tier hydroelectric and water management projects -- providing integrated solutions for our clients on large-scale new-build facilities and refurbishment programs," said Thomas Clochard, executive vice-president and chief operating officer, Aecon. "We are pleased to add another landmark hydroelectric dam to our dynamic portfolio of power generation projects while expanding our footprint in Atlantic Canada and strengthening our position to benefit from strong opportunities ahead."

Aecon's significant hydroelectric dam experience includes, in British Columbia, the Site C generating station and spillways civil works project, the Ladore spillway seismic upgrade, the Waneta dam expansion, and the John Hart dam seismic upgrade and generating station replacement projects with BC Hydro. Aecon also delivered Ontario Power Generation's Lower Mattagami hydroelectric complex and the Peter Sutherland Sr. generating station project -- facilities that continue to support Ontario's energy needs. In the United States, Aecon is executing the Howard A. Hanson dam facility project in Washington State for the U.S. Army Corps of Engineers, in addition to a growing portfolio of work across its diverse operating sectors with a strategic focus on power infrastructure.

Further information about the project is available on N.B. Power's website.

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.

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