-Substantial completion reached on Finch West LRT project-
Toronto, Ontario – November 21, 2025: Aecon Group Inc. (TSX: ARE) (“Aecon”) announced today that Mosaic Transit Group has reached substantial completion on the Finch West Light Rail Transit (“Finch West LRT”) project, delivering the first modern LRT system in Toronto.
The milestone builds on the successful completion of the 30-day Revenue Service Demonstration (“RSD”) period, announced by the Ontario government on October 23, 2025. Mosaic Transit Group has transferred full operational control of the 10.3-kilometre, 18-stop LRT line and the operator will determine a public opening date.
“We are incredibly proud to have delivered this transformative project – improving mobility, providing a sustainable transit system, and creating a vital connection to Toronto’s subway system and local transit hubs to meet the needs of growing populations,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “Driven by the dedication of our world-class, multidisciplinary teams working in collaboration with our partners, this milestone underscores Aecon’s purpose-built expertise to develop, finance, build and maintain critical transit infrastructure and we look forward to bringing the momentum of this milestone to the maintenance term.”
Aecon holds a 33.3% interest in equity and construction of the Finch West LRT and a 50% interest in the 30-year maintenance term. The project was delivered alongside Mosaic Transit Group consortium partners ACS Infrastructure Canada Inc. and CRH Canada Group Inc., working with Metrolinx and Infrastructure Ontario. The parties continue to work collaboratively to finalize commercial matters on the project.
“Our teams demonstrated relentless determination, navigated complexity, and persevered throughout the project lifecycle and I would like to thank everyone that contributed to achieving this milestone for their commitment and tenacity,” said Manuel Rivaya, Senior Vice President, Urban Transportation Solutions, Aecon Group Inc. “We are pleased to play an integral role in connecting communities for generations to come.”
The Finch West LRT will provide frequent and reliable transit from Humber College Station on the west end of the line to Finch West Station in the east. The line will integrate with Toronto’s transit network and feature connections to Peel and York Region’s local transit services, as well as to GO Transit’s regional network. The state-of-the-art maintenance and storage facility that will house and service 18 Light Rail Vehicles received LEED Silver certification, and throughout the duration of the project, the project’s community benefits program created job opportunities, provided training to enable sustainable employment, and focused on providing local economic benefits.
Further information about the 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 & 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 anticipated benefits of the subway system 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.