North American Construction Group Ltd. · TSX:NOA
North American Construction — Q4 2025 Earnings Presentation
23 slides from North American Construction's earnings presentation, Mar 12, 2026
Slide 1: 2025 Q4 Earnings Presentation
2025 Q4 EARNINGS PRESENTATION March 12, 2026 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 Q4 Financial Overview
2025 Q4 Financial Overview NORTH C) AMERICAN CONSTRUCTION GROUP.
Slide 4: 2025 Q4 Performance
2025 Q4 Performance $344M $78M $57M $1.5B Combined Adjusted Record annual revenue1 EBITDA1 Free cash flow1 combined revenue1 • Late updates from Fargo flood diversion 1 project team related to increased structure & aqueduct costs significantly impacted EBITDA ($13 million) • Australia revenue up 10%
Slide 5: Combined Results
Combined Results (figures in millions of Canadian dollars) 2025 Q4 2024 Q4 Heavy Equipment - Australia $176 $160 - Canada $128 $142 Joint ventures & other $40 $71 Combined revenue 1 $344 $373 Heavy Equipment - Australia $27 15.5% $24 15.2% - Canada $11 8.5% $15 10.7% Joint ventures & other2 -$9 (22.
Slide 6: Adjusted EBITDA and EPS
Adjusted EBITDA1 and EPS1 (figures in millions of Canadian dollars) 2025 Q4 2024 Q4 Adjusted EBITDA 1,3 $78 22.6% $109 29.2% Adjusted EBIT 1,3 $16 4.6% $52 13.9% Adjusted EPS 1 -$0.14 $1.01 General & administrative expenses 2 $15 4.9% $13 4.3% Net income $0 $4 Basic net income per share $0.00 $0.13
Slide 7: Cash Provided by Operating Activities
Cash Provided by Operating Activities (figures in millions of Canadian dollars unless otherwise stated) 2025 Q4 2024 Q4 Cash provided by operations prior to WC1 $57 $66 Net changes in non-cash working capital $— $34 Cash provided by operating activities $56 $101 Sustaining capital additions1 $8 $54
Slide 8: Balance Sheet
Balance Sheet (figures in millions of Canadian dollars unless otherwise stated) December 31, 2025 December 31, 2024 December 31, 2023 Cash $100 $78 $89 Cash liquidity1 422 171 293 Property, plant & equipment 1,359 1,252 1,143 Total assets 1,820 1,695 1,546 Senior secured debt1,2 $510 1.4x $677 1.6x
Slide 9: Looking Forward
C) antznican CONSTRUCTION GROUP Looking Forward
Slide 10: Iron Mine Contracting
Iron Mine Contracting TRANSACTION UPDATE • Transaction is subject to customary closing conditions, including approval by the Australian Competition and Consumer Commission (ACCC) under section 51ABX of the Competition and Consumer Act 2010 • Expected to close early in the second quarter of 2026 ACQU
Slide 11: Operational Priorities
Operational Priorities 1 2 3 Maintain safety-first Optimize Australian equipment Following major growth in mentality across all global maintenance workforce mix , Queensland over two years, operations ensuring following improvements reduce discretionary operating implemented in 2025 H2 costs while f
Slide 12: Growth Drivers for 2026 and Beyond
GROWTH DRIVERS FOR 2026 AND BEYOND Strategic Building Blocks for Our Success 2018 Major revenue diversification: 49% stake in Nuna (Northern Canada) 2020 Acquisition of DGI (Australia) 2021 Fargo Infrastructure award (U.S.) 2023 MacKellar acquisition (Australia) Scaling Into a Securing Expanding 202
Slide 13: Scaling Into Tier 1 Contractor Platform in Australia
SCALING INTO TIER 1 CONTRACTOR PLATFORM IN AUSTRALIA Perfectly Positioned to Expand in the Strategic Minerals Hub of ‘The West’ Operations: Across 18 sites, operations benefit from favorable and 50% consistent operating conditions that support year-round Revenue CAGR equipment utilization. The platf
Slide 14: Securing Infrastructure Awards Across North America
SECURING INFRASTRUCTURE AWARDS ACROSS NORTH AMERICA Knowhow and Fleet Well-Suited to Benefit from Nation-building Across America 20% Operations: Fargo-Moorhead Flood Diversion Project – $600 million project, our share – our earthworks portion is progressing as planned, reinforcing execution capabili
Slide 15: Expanding Mining Services in Canada and the U.S.
EXPANDING MINING SERVICES IN CANADA AND THE U.S. 70+ Years of Expertise Supports Expanding Scope Across the Continent Operations: Mining services span from north of the arctic circle to +10% the heart of Texas, with over 70 years of operations Revenue CAGR 2020-2025 in the Canadian oil sands. One of
Slide 16: 2026 Financial Outlook & Guidance
2026 FINANCIAL OUTLOOK & GUIDANCE Outlook • Strong contractual backlog1,2 of $3.9 billion • $1.2 billion2 already secured for 2026 FY 2026 Guidance: • Total bid pipeline of $12.6 billion2 • $4.6 billion2 in active tender value and procurement process value $1.5 – $1.7B 6% 1 Combined Revenue – $1.2B
Slide 17: Supplemental Information
Supplemental Information 17
Slide 18: 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 19: 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 7.1 million is a company record and represents an average
Slide 20: Long-Term Contracts
Long-Term Contracts Type Contract1 Backlog2,3 Queensland thermal Operations Full mine support $1.6B 2079 coal mine services Queensland metallurgical Operations Maintained support $520M 2040 coal mine rental Queensland metallurgical Operations Maintained support $260M 2037 coal mine rental Queensland
Slide 21: Global, Diversified Heavy Mining & Civil Infrastructure Contractor
GLOBAL, DIVERSIFIED HEAVY MINING & CIVIL INFRASTRUCTURE CONTRACTOR Built to Move. Ready to Build. Since 1953. 2.5% 2.5% Cost Plus Non-contracted 5% 2.5% 20% Iron Ore Fixed Price Infrastructure 5% Gold 35% 25% Metallurgical North America 5% 5% Rentals Coal Copper 5% 10% Lithium Unit-rate Mining Contr
Slide 22: Heavy Equipment Fleet
Heavy Equipment Fleet • As of December 31, 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 > $
Slide 23: GAAP to Non-GAAP reconciliation
GAAP to Non-GAAP reconciliation Q4 2025 Q4 2024 Change (figures in millions of Canadian dollars unless otherwise stated) Revenue from wholly-owned entities per financial statements 306 306 — Share of revenue from investments in affiliates and joint ventures 102 134 (32) Elimination of joint venture
North American Construction Group — Q4 2025 Earnings Presentation on 6ix