Aecon consortium reaches substantial completion on the Eglinton Crosstown LRT project in Toronto

Aecon Group Inc. (TSX: ARE) (“Aecon”) announced that Crosslinx Transit Solutions (“Crosslinx”) has reached substantial completion on the Eglinton Crosstown Light Rail Transit (“LRT”) project in Toronto.

Crosslinx transferred full operational control of the 19-kilometre, 25-stop LRT line following successful completion of the 30-day Revenue Service Demonstration (“RSD”) period. The operator will then determine an opening date. With the Finch West LRT open to the public, the milestone represents the second modern LRT system delivered by an Aecon consortium in Toronto.

“Reaching substantial completion on a project of this magnitude requires relentless determination, perseverance, and sacrifices both on and off the job site,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “I would like to thank everyone on our world-class teams that contributed to the development, financing, construction and maintenance of this formidable project for their significant efforts. Working together with our partners, we overcame complexity and always remained focused on safely delivering a modern transit line that will benefit communities for generations.” 

Aecon holds a 25% interest in the equity, development, construction and 30-year maintenance term of the Eglinton Crosstown LRT. The project was delivered alongside Crosslinx consortium partners ACS Infrastructure Canada, AtkinsRéalis and EllisDon, working with Metrolinx and Infrastructure Ontario. The parties continue to work collaboratively to finalize commercial matters on the project. 

“This major milestone is a tremendous achievement for the Aecon and Crosslinx team, and we are primed to carry our unwavering commitment, tenacity, grit and dedication to safety, to the maintenance term,” said Manuel Rivaya, Senior Vice President, Urban Transportation Solutions, Aecon Group Inc.

“The fortitude of Aecon’s multidisciplinary teams across the entire project lifecycle propelled us through this journey to deliver one of the most transformative transit projects of this generation that will connect communities from east to west across Toronto,” said Steve Nackan, Executive Vice President and President, Aecon Concessions.

From Kennedy Station in the east to Mount Dennis Station in the west, the Eglinton Crosstown LRT connects with more transit across midtown Toronto than ever before – providing safe, fast and reliable service along Eglinton Avenue while serving surrounding regions. The 19-kilometre line connects to three subway stations and GO lines, the UP Express, and 54 bus routes, with more than 10 kilometres running underground. An Aecon consortium also successfully delivered the Eglinton Crosstown West Extension (“ECWE”) Advance Tunnel from Mount Dennis Station to Renforth Drive and Aecon is currently delivering the ECWE Elevated Guideway that will run from east of Jane to just west of Scarlett Road. 

Further information about the Eglinton Crosstown LRT 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.

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 anticipated opening date of the project; involvement in the continued maintenance of the project and the anticipated benefits of the project on local communities and growing populations. 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 execute the maintenance term 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 2024 Management’s Discussion and Analysis for the fiscal year ended December 31, 2024 and Aecon’s Management’s Discussion and Analysis for the fiscal quarter ended September 30, 2025, 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.

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