Dear Fellow
Shareholders


We are pleased to write to you about a watershed year for Aecon – a year which marked further progress on revenue growth in each of our operating segments, improved margin performance, and saw further strengthening of our balance sheet.


The year was capped by the successful completion of the sale of Aecon’s interest in the Quito airport and a new record year-end backlog position of $3.3 billion. For the fifth consecutive year, Aecon’s Board of Directors approved an increase in the annual dividend to 46 cents per share from 40 cents per share.

This success has been driven by a focus on both the pursuit of large-scale, sophisticated projects with key clients in our core end-markets, as well as continued execution performance with a seamless operating platform – which brings us to Aecon NOW.

Through challenging market conditions, Aecon’s share price has demonstrated resiliency as we saw Aecon’s diversification strategy take hold. Aecon has unparalleled turnkey capabilities in the diverse markets we serve, as profiled in the following pages, where the significant breadth of projects our talented teams are working on for our clients are showcased. These projects include two of the largest contract awards in Aecon’s history – the Darlington Nuclear Refurbishment project (as seen on the cover) and the Eglinton Crosstown Light Rail Transit (LRT) project, both in Ontario.

For the upcoming year, our strategy remains focused on execution and operational excellence with five particular approaches to make our company all the more prepared to deliver strong results:

  • SAFETY FIRST: We are committed to further improving our industry-leading safety program with a focus on evolving our behaviour-based initiatives.
  • SHAREHOLDER VALUE: Targeting world-class margins through efficiencies and discipline to drive improved returns for our shareholders.
  • INNOVATION: Exploring the next frontier in emerging technology accelerators through our newly formed Innovation Council.
  • PARTNERING: Building partnerships and alliances to increase Aecon’s participation in larger, more complex projects.
  • SUSTAINABILITY: Delivering sustainable integrated services and solutions to meet our clients’ needs including the expansion of our green energy capabilities – all the while being sensitive to the communities and environments in which we operate.

Aecon remains ready to build the key projects that are critical to Canada’s future, as all levels of government commit to increased infrastructure investment for public transit, roads and bridges, water and wastewater projects and green infrastructure. In the Energy segment, we expect solid demand for our utilities, gas distribution and compression, and nuclear services to offset the weaker oil market. Through 2016, our Mining segment has a strong backlog profile secured in process installations, as well as continued recurring revenue in contract mining. Our Concessions segment continues to focus on the significant number of Public-Private Partnership opportunities in Canada and internationally.

On June 7, we hope you can attend our Annual General Meeting, either in person or virtually, to be hosted in Vancouver in celebration of the opening of our new Pacific Headquarters.

As we move forward, Aecon’s record backlog position, improving margins, and strong balance sheet provide confidence in our continued progress, while our diverse, flexible, and resilient business model has solidly aligned Aecon to respond to the robust opportunities before us.


John M. Beck Signature John M. Beck Executive Chairman
Terrance L. McKibbon Signature Terrance L. McKibbon President and CEO