North American Construction Group Ltd. · TSX:NOA
North American Construction — Q1 2026 Earnings Presentation
24 slides from North American Construction's earnings presentation, May 14, 2026
Slide 1: 2026 Q1 Earnings Presentation
2026 Q1 EARNINGS PRESENTATION May 14, 2026 NORTH AMERICAN CONSTRUCTION GROUP 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 and This presentation presents certain non-GAAP financial measures because management expectations of North American Construction Group Ltd. (the “Company”
Slide 3: 2026 Q1 Financial Overview
2026 Q1 FINANCIAL OVERVIEW NORTH AMERICAN CONSTRUCTION GROUP 3
Slide 4: 2026 Q1 Performance
2026 Q1 PERFORMANCE $423M $99M $37M $58M Combined Adjusted Free cash flow Combined gross revenue1 EBITDA1 before change in profit working capital1 • Australia revenue up 17% over 2025 Q1 on strong execution, commissioned growth capital, improved utilization • Including Iron Mine Contracting, another
Slide 5: Combined Results
COMBINED RESULTS (figures in millions of Canadian dollars unless otherwise stated) 2026 Q1 2025 Q1 Heavy Equipment - Australia $185 $158 - Canada $132 $178 IMC economic benefit - revenue $65 $— Joint ventures & other $41 $56 Combined revenue 1 $423 $392 Heavy Equipment - Australia $31 16.7% $25 16.1
Slide 6: Adjusted EBITDA and EPS
ADJUSTED EBITDA1 AND EPS1 (figures in millions of Canadian dollars unless otherwise stated) 2026 Q1 2025 Q1 Adjusted EBITDA 1,3 $99 23.5% $100 25.5% Adjusted EBIT 1,3 $35 8.3% $36 9.3% Adjusted EPS 1 $0.37 $0.52 General & administrative expenses 2 $14 4.3% $11 3.3% Net income $6 $6 Basic net income
Slide 7: Cash Provided by Operating Activities
CASH PROVIDED BY OPERATING ACTIVITIES (figures in millions of Canadian dollars unless otherwise stated) 2026 Q1 2025 Q1 Cash provided by operations prior to WC1 $63 $76 Net changes in non-cash working capital ($34) ($25) Cash provided by operating activities $30 $51 Sustaining capital additions1 $34
Slide 8: Balance Sheet
BALANCE SHEET (figures in millions of Canadian dollars unless otherwise stated) March 31, 2026 December 31, 2025 December 31, 2024 Cash $121 $100 $78 Cash liquidity1 386 422 171 Property, plant & equipment 1,384 1,359 1,252 Total assets 1,877 1,820 1,695 Senior secured debt1,2 $604 1.7x $510 1.4x $6
Slide 9: Looking Forward
LOOKING FORWARD NORTH AMERICAN CONSTRUCTION GROUP 9
Slide 10: Iron Mine Contracting
IRON MINE CONTRACTING Establishing a Tier 1 Platform in the Overall Australian Market $840M TRANSACTION UPDATE • Transactions closed April 7, 2026, with an economic effective date of January 1, 2026 Contractual backlog1 as of March 31, 2026 ACQUISITION HIGHLIGHTS • Combining IMC & MacKellar Group pr
Slide 11: 2026 Operational Priorities
2026 OPERATIONAL PRIORITIES 1 2 3 Maintain safety-first mentality Further optimize workforce mix in Following major growth in across all global operations, Australia, following the Queensland, reduce discretionary ensuring improvements implemented in operating costs while fully EVERYONE GETS HOME SA
Slide 12: Growth Drivers for 2026 and Beyond
GROWTH DRIVERS FOR 2026 AND BEYOND Strategic Building Blocks for Our Success Scaling Into a Securing Expanding Tier 1 Contractor Infrastructure Awards Mining Services Platform in Australia Across North America in Canada and U.S. 23 Global Operating Sites2 NORTH AMERICAN CONSTRUCTION GROUP 12
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’ 50% Operations Across 18 sites, operations benefit from favourable and consistent operating conditions that support year-round equipment utilization. The platform provides
Slide 14: Securing Infrastructure Awards in North America
SECURING INFRASTRUCTURE AWARDS IN NORTH AMERICA Know-how and Fleet Well-Suited for Nation-building Projects Across Canada & U.S. 20% Operations • Fargo-Moorhead Flood Diversion Project Of global operations Bid Pipeline (Infrastructure – Global) • Northern nation-building projects in Canada for the N
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 +10% Operations Mining services span from north of the arctic circle to the heart of Texas, with over 70 years of operations in the Canadian oil sands. One of North America’s largest
Slide 16: Bid Pipeline
BID PIPELINE1 Strong global pipeline. Positioned to convert opportunities into meaningful growth $4.6 billion $14.5 billion 13 Resources Total bid pipeline1 In active tender In total bid pipeline1 opportunities Diversity in global opportunities and procurement phase 1 See Slide 2 or 2026 Q1 Financia
Slide 17: 2026 Financial Outlook & Guidance
2026 FINANCIAL OUTLOOK & GUIDANCE Outlook • Strong contractual backlog1,2 of $3.9 billion FY 2026 Guidance: • Annual revenue of $1.5 billion2 already secured for 2026 • Total bid pipeline of $14.5 billion2 • $4.6 billion2 in active tender value and procurement process value $1.5 – $1.7B 6% Combined
Slide 18: Supplemental Information
SUPPLEMENTAL INFORMATION NORTH AMERICAN CONSTRUCTION GROUP 18
Slide 19: 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 20: Capital Markets Overview
CAPITAL MARKETS OVERVIEW TSX:NOA/NYSE:NOA STATS as of May 12, 2026 28M $19.94 $558M Shares outstanding Share price Market capitalization 2.4% 1.2M 1.6M Dividend yield Shares repurchased Share capacity under current NCIB remaining under current NCIB BB (high) BB- EIGHT Stable Stable Analysts covering
Slide 21: Everyone Gets Home Safe
EVERYONE GETS HOME SAFE Total Recordable Injury Rate Focused on health & safety for ourselves, our customers, our environment, & the communities we work in • Trailing twelve-month injury rate below target of 0.50 • TTM exposure hours of 7.0 million • Primary initiatives currently underway • Training
Slide 22: 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 $392M 2037 coal mine support rental Queensland
Slide 23: Heavy Equipment Fleet
HEAVY EQUIPMENT FLEET • As of March 31, 2026 approximately 1,250 heavy equipment assets provide scale and operational flexibility • Managed on an individual asset basis and deployed with sole objective of maximum operating utilization 1 See Slide 2 or 2026 Q1 Financial Report for Non-GAAP Financial
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION 1 See Slide 2 or 2026 Q1 Financial Report for Non-GAAP Financial Measures. NORTH AMERICAN CONSTRUCTION GROUP 24
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