Mr. Jean-Louis Servranckx reports

AECON TEAMS AWARDED CONTRACTS WITH AGGREGATE VALUE OF $3 BILLION FOR THE PICKERING NUCLEAR GENERATING STATION REFURBISHMENT

Aecon Group Inc.'s joint venture with AtkinsRealis and consortium with Siemens Energy have been awarded contracts by Ontario Power Generation (OPG) for the Pickering nuclear generating station refurbishment project with an aggregate value of $3-billion. This builds on completion of previously awarded contracts for early work ahead of the project. Aecon's $1.75-billion share of the contracts will be added to its construction segment backlog in the third quarter of 2026.

Aecon will provide critical construction and major component replacement execution services for the refurbishment project, and is playing a vital role in delivering the two major scopes of work that will support the long-term operation of the Pickering nuclear generating station and Ontario's growing clean energy needs.

Prerequisite work ahead of the Pickering refurbishment project has begun, with project execution expected to begin in January, 2027, pending regulatory approval.

Retube, feeder and boiler replacement

Aecon's long-standing 50/50 joint venture with AtkinsRealis has been awarded a $1.7-billion contract for the unit 5 retube, feeder and boiler replacement (RFBR) project. The contract represents the first RFBR unit in the broader refurbishment project, with similar work anticipated on units 6, 7 and 8 in subsequent phases, pending regulatory approval. The RFBR scope of work is a critical component of the Pickering refurbishment project and includes the replacement of steam generators, fuel channels and feeders, helping extend the operating life of the generating station and supporting Ontario's growing demand for reliable, emissions-free electricity.

Turbine generator replacement

A consortium between Aecon and Siemens Energy has been awarded a $1.3-billion contract for the turbine generator replacement (TGR) project. Under this contract, Aecon holds a majority interest in the consortium and will provide construction services and material procurement. The TGR scope includes installation of 14 new steam turbine rotors, the overhaul of four generators (including stator rewinds), as well as the delivery of new auxiliary systems, and a control and monitoring system.

Both projects are currently nearing completion of collaborative development work, with further prerequisite work expected to start this month.

"Advancing the Pickering nuclear refurbishment project is another significant milestone in Ontario's clean energy future and further demonstrates the strength of Aecon's comprehensive nuclear construction expertise," said Jean-Louis Servranckx, president and chief executive officer, Aecon Group. "Building on decades of experience successfully delivering the largest and most complex nuclear projects across North America, our teams are proud to support OPG in extending the life of this important nuclear generating station while helping ensure a reliable supply of low-carbon electricity for Ontario."

The Pickering refurbishment will leverage the expertise of hundreds of Aecon's skilled nuclear and union workers, an extensive Canadian supply chain and fabrication network, and proven project delivery capabilities developed through the company's decades of work across Canada's nuclear industry.

"As Canada's nuclear constructor, Aecon's involvement in both major scopes of work highlights our unique ability to deliver complex nuclear infrastructure projects through collaborative delivery models with our trusted partners," said Aaron Johnson, senior vice-president, nuclear, Aecon Group. "Aecon played a key role in safely completing the Darlington refurbishment ahead of schedule and under budget, and we are applying the lessons learned, best practices and proven execution strategies from that project to support the successful delivery of the Pickering refurbishment."

Through its leading role on the Pickering refurbishment, Darlington refurbishment and Bruce power major component replacement program, Aecon has been integral in delivering the largest nuclear refurbishment projects completed or under way in North America. Aecon is also helping deliver the G7's first commercial grid-scale small modular reactor through the Darlington new nuclear project.

Further information about the project is available on OPG's website.

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.

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