North American Construction Group Ltd. · TSX:NOA
North American Construction — Q3 2025 Earnings Presentation
26 slides from North American Construction's earnings presentation, Nov 13, 2025
Slide 1: 2025 Q3 Earnings Presentation
2025 Q3 EARNINGS PRESENTATION November 13, 2025 1
Slide 2: Forward-looking statements & non-GAAP financial measures
Forward-looking statements & non-GAAP financial measures This presentation contains forward-looking information which reflects the current plans This presentation presents certain non-GAAP financial measures because and expectations of North American Construction Group Ltd. (the “Company”) with mana
Slide 3: 2025 Q3 Financial Overview
2025 Q3 Financial Overview Z ee | Oa an CONSTRUCTION GROUP
Slide 4: 2025 Q3 Performance
2025 Q3 Performance $391M $99M 14.6% 100% Combined Adjusted Combined Renewal rate on revenue1 EBITDA1 gross profit Australian contracts margin1 • Combined revenue1 of $391 million sets Combined revenue 1 record for Q3 top-line $500 • Australia posts 26% revenue increase on contract wins and growth a
Slide 5: Combined Results
Combined Results (figures in millions of Canadian dollars) 2025 Q3 2024 Q3 2025 Q2 Heavy Equipment - Australia $189 $150 $168 - Canada $126 $133 $147 Joint ventures & other $76 $85 $56 Combined revenue 1 $391 $367 $371 Heavy Equipment - Australia $37 19.6% $37 24.9% $25 15.1% - Canada $12 9.2% $26 1
Slide 6: Adjusted EBITDA and EPS
Adjusted EBITDA1 and EPS1 (figures in millions of Canadian dollars) 2025 Q3 2024 Q3 2025 Q2 Adjusted EBITDA 1,3 $99 25.3% $113 30.7% $80 21.6% Adjusted EBIT 1,3 $44 11.2% $63 17.1% $19 5.3% Adjusted EPS 1 $0.67 $1.19 $0.02 General & administrative expenses 2 $13 4.1% $9 3.2% $12 3.6% Net income $17
Slide 7: Cash Provided by Operating Activities
Cash Provided by Operating Activities (figures in millions of Canadian dollars unless otherwise stated) 2025 Q3 2024 Q3 2025 Q2 Cash provided by operations prior to WC1 $72 $87 $64 Net changes in non-cash working capital $20 ($31) $1 Cash provided by operating activities $92 $55 $65 Sustaining capit
Slide 8: Balance Sheet
Balance Sheet (figures in millions of Canadian dollars unless otherwise stated) September 30, 2025 June 30, 2025 December 31, 2024 Cash $102 $79 $78 Total cash liquidity1 334 364 171 Property, plant & equipment 1,387 1,350 1,252 Total assets 1,872 1,827 1,695 Senior secured debt1,2 $626 1.6x $599 1.
Slide 9: 2025 Q3 Operational Overview
2025 Q3 Operational 9 Overview
Slide 10: Everyone Gets Home Safe
Everyone Gets Home Safe Total Recordable Focused on health & safety for ourselves, our customers, Injury Rate our environment, & the communities we work in • Trailing twelve-month (TTM) injury rate below target of 0.50 • TTM exposure hours of 7.0 million is a company record and 0.45 represents an av
Slide 11: 2025 Q3 Accomplishments
2025 Q3 Accomplishments • Signed $2.0 billion contract in Queensland, increasing backlog1 and continuing 100% renewal rate for Australian contracts • Across the board, strong operational quarter with combined gross profit margin1 of 14.6% • Achieved trailing-twelve month (TTM) combined revenue1 of $
Slide 12: 2025 H2 - On plan and as expected
2025 H2 - On plan and as expected Fargo dispute settled Updated project plan provides clear path to completion with claims settlement resolving disputes dating back to 2021 providing stability Favourable seasonal trends Historically, second half of the year is more stable, supporting uninterrupted,
Slide 13: Equipment Utilization & Hours
Equipment Utilization & Hours 1 Equipment Utilization Equipment Hours 300,387 80% Target range (75% to 80%) 74% 70% 60% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Global equipment utilization 2022 2023 2024 2025 Achieving +75% equipment utilizat
Slide 14: Looking Forward
C) American CONSTRUCTION GROUP Looking Forward
Slide 15: Positioned to Capture Structural Macro Tailwinds
Positioned to Capture Structural Macro Tailwinds Infrastructure and mining of critical minerals are at the core of national priorities in the countries we are operating in: • Australia has become the strategic hub for Western allies seeking to secure critical-mineral supply chains essential to natio
Slide 16: Priorities for 2025 Q4 & 2026
PRIORITIES FOR 2025 Q4 & 2026 Drives: • Revenue Grow and expand mining and infrastructure scopes in the high demand • Diversification regions of Western Australia and New South Wales • Cost leverage • Utilization rate Maintain 2025 Q3’s consistent fleet performance and right-size oil sands • Margin
Slide 17: Organic Growth
Organic Growth FOCUS AREAS Three key areas of opportunity 1. Large mining and civil projects in Western Australia Company level 2. Infrastructure projects in United States & Canada • Annual growth target of 5% to 10% 3. Mining projects in Ontario & Northern Canada • Improved equipment utilization •
Slide 18: Infrastructure Projects
Infrastructure Projects • Maintaining target of 25% of total combined revenue1 as strong momentum in bid pipeline for US and Canada - Civil Construction infrastructure projects continues • Success on the Fargo-Moorhead project has $503 strengthened market reputation with invitations to bid in new ma
Slide 19: Bid Pipeline
Bid Pipeline 2025 2026 2027 2028 + Projects in active procurement Potential contract extensions & expansions Upcoming bid opportunities Bid pipeline1 contains well over $12 billion of specific scopes of work Diversified resources & infrastructure • Australia – consistent strong demand across key com
Slide 20: 2025 H2 Outlook
2025 H2 Outlook Guidance for second half of 2025 operational metrics reiterated Key Metrics Current Prior • 2025 Q3 performance confirmed metrics required to achieve outlook for H2 Combined revenue1 $700M - $750M No change Free cash flow reflects EBITDA and Adjusted EBITDA 1 $190M - $210M No change
Slide 21: Supplemental Information
Supplemental Information 21
Slide 22: Company Overview
Company Overview Fleet of over 1,250 heavy equipment assets • Backed by support equipment & infrastructure Current workforce of ~3,300 employees • Canada, Australia, U.S.; over 90% operational Operator of Nuna Group of Companies • Inuit-owned contractor in northern Canada PREMIER PROVIDER OF MINING
Slide 23: Current Diversified Run-Rate
Current Diversified Run-Rate1 Australian operations now generating over 60% of earnings before interest and taxes Civil - USA, 12.5% Other, 2.5% Sustained growth from the MacKellar Group has led to it generating approximately 60% of earnings before interest and taxes Enhanced geographic and commodit
Slide 24: Long-Term Contracts
Long-Term Contracts Type Contract1 Backlog2 Queensland thermal Operations Full mine 2030 2079 $1.9B coal mine support services Queensland metallurgical Operations Maintained $550M 2030 2040 coal mine support rental Queensland metallurgical Operations Maintained $350M 2029 2037 coal mine support rent
Slide 25: Heavy Equipment Fleet
Heavy Equipment Fleet • As of June 30, 2025, approximately 1,200 heavy equipment assets provide scale and operational flexibility • Managed on an individual asset basis and deployed with sole objective of maximum operating utilization • Replacement value1 of heavy equipment fleet estimated at $4.0 b
Slide 26: GAAP to Non-GAAP reconciliation
GAAP to Non-GAAP reconciliation Q3 2025 Q3 2024 Change (figures in millions of Canadian dollars unless otherwise stated) Net income $ 17 $ 14 $ 3 Loss (gain) on disposal of property, plant and equipment 1 — 1 Stock-based compensation (benefit) expense — 1 (1) Unrealized foreign exchange loss 1 — 1 L
North American Construction Group — Q3 2025 Earnings Presentation on 6ix