Aecon signs Mactaquac Life Achievement Project agreement in New Brunswick

TORONTO, July 30, 2026 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) (“Aecon”) announced today that Mactaquac Improvement Partnership, a general partnership in which Aecon holds a 33.3% interest, has executed a development phase agreement with New Brunswick Power Corporation (“NB Power”) to deliver civil works on the Mactaquac Life Achievement Project at the 672 MW Mactaquac Generating Station.

Under an Early Contractor Involvement approach, Mactaquac Improvement Partnership, comprised of Aecon, FlatironDragados and Green Infrastructure Partners, will advance design, schedule and cost estimates of various elements of the project with NB 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% 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 Group Inc. “Working alongside NB 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 Group Inc. “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 NB Power’s website .

About Aecon

Aecon Group Inc. (TSX: ARE) 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.

For further information:

Adam Borgatti SVP, Corporate Development and Investor Relations 416-297-2600 ir@aecon.com

Nicole Court Vice President, Corporate Affairs and Communications 416-297-2600 corpaffairs@aecon.com

Statement on Forward-Looking Information

The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding the various phases of project and expectations regarding project timelines, and the anticipated benefits the project will have on communities. Forward-looking statements may in some cases be identified by words such as "may," "will," "expects," "target," "future," "plans," "believes," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions.

In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to, the risk of not being able to meet contractual schedules and other performance requirements, the risks associated with a third party’s failure to perform; the risk of not being able to meet its labour needs at reasonable costs; the risk of not being able to address any supply chain issues which may arise; the risk of the anticipated benefits from the project not being fully realized; and the risk of not being able to complete the collaborative development phase and construction phase as anticipated. These forward-looking statements are based on a variety of factors and assumptions including but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions, and no significant events occur outside the ordinary course of business. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While Aecon believes that such third-party sources are reliable sources of information, Aecon has not independently verified the information. Aecon has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.

Risk factors are discussed in greater detail in Section 13 - "Risk Factors" in Aecon’s 2025 Management’s Discussion and Analysis for the fiscal year ended December 31, 2025 and Aecon’s Management’s Discussion and Analysis for the fiscal quarter ended March 31, 2026, each filed on SEDAR+ (www.sedarplus.ca). Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.