Aecon JV executes alliance contracts on GO Expansion rail transit

TORONTO, Aug. 27, 2026 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) (“Aecon”) announced today that ONxpress Civils Contractor General Partnership (“ONxpress”), an Aecon-led 50/50 joint venture between Aecon and FCC Canada, has executed alliance contracts with Metrolinx for the multi-billion-dollar GO Expansion project in Ontario. Aecon will add $649 million to its Construction segment backlog in the third quarter of 2026, with the balance of Aecon’s share of $65 million having been added to backlog in the second quarter of 2026.

“The GO Expansion program is one of the largest infrastructure investments in Canada – transforming transit across growing regions, providing economic benefits, improving mobility, and more efficiently connecting communities for decades to come,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “Aecon’s expert teams are a cornerstone in safely delivering this project alongside our partner and client.”

The project advancement follows the completion of collaborative development work and will be executed under a target price model. Metrolinx is the project owner and ONxpress is the construction partner responsible for project delivery. Construction has started on Durham College Oshawa GO Station and other critical civil work, track improvements and enhancements along the Lakeshore East line.

“Building on the momentum of our collaborative development work, and Aecon’s strong operational depth built through the delivery of three modern LRTs in Ontario – our world-class project team is focused on steadfast safety performance and disciplined execution to deliver the next generation of transit infrastructure through this project,” said Manuel Rivaya, Senior Vice President, Urban Transportation Solutions, Aecon Group Inc.

With multidisciplinary North American expertise, Aecon’s end-to-end integrated transit solutions span LRT systems, subways and commuter rail – bringing significant experience delivering some of the most complex transit projects of this generation. In addition to delivering the Waterloo LRT, Finch West LRT, and Eglinton Crosstown LRT, the first three modern LRTs in Ontario, an Aecon consortium also successfully delivered the Eglinton Crosstown West Extension (“ECWE”) Advance Tunnel project. Aecon is playing a central role in executing the ongoing ECWE Elevated Guideway project, the Scarborough Subway Extension – Stations Rail and Systems project, and the Yonge North Subway Extension Advance Tunnel project, while advancing the alliance development phase on the Hamilton LRT Civil and Utilities Works project in Ontario. Aecon is also a key partner on the Surrey Langley SkyTrain Stations project in British Columbia, as well as the Réseau express métropolitain (“REM”) and Montréal-Trudeau International Airport REM Station projects in Québec.

Further information about the GO Expansion project is available on the Metrolinx 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 expected scope, execution and delivery of the project; the anticipated commencement, timelines and completion dates for the project; the anticipated development of future scopes of work; the anticipated economic benefits, improved mobility and enhanced connectivity resulting from the project; and the expected expansion of Aecon's role in delivering major transit infrastructure across Canada. 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 that may arise; the risks associated with a dynamic geopolitical environment; the risks associated with announced or threatened tariffs on operations; the risk of higher fuel costs and the impact therefrom on material costs and/or reduced availability, changes in the demand for Aecon’s services, as well as delays in project timelines; the risk of not being able to finalize, renew or execute future project scopes and contracts as anticipated; the risk that the annual renewal does not proceed as expected; the risk of not being able to obtain or maintain required permits, approvals, rail corridor access or operational authorizations; the risk of delays relating to construction, procurement, labour availability, specialized equipment mobilization or supply chain constraints; the risk that anticipated project milestones, commencement dates or completion dates are not achieved as scheduled; the risk that anticipated backlog additions, revenues and project benefits are not realized as expected; the risk that future electrification works, corridor upgrades or other planned project enhancements do not proceed as anticipated; and the risk of not being able to execute the construction and subsequent phases of the project as anticipated. These forward-looking statements are based on a variety of factors and assumptions including but not limited to that: required approvals, funding, rail access and project authorizations are obtained and maintained; project partners and other third parties perform their obligations; 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 June 30, 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.

GlobeNewswire

August 27, 2026 - 8:11 AM PDT

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