North American Construction Group Ltd. · TSX:NOA
North American Construction — Investor Presentation (August 2025)
24 slides from North American Construction's investor presentation, August 2025
Slide 1: Built to Move. Ready to Build.
Built to Move. Ready to Build. NORTH AMERICAN CONSTRUCTION GROUP 1 Investor Presentation TSX – NYSE: NOA August 2025
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: Globally Diversified in Heavy Mining & Civil Infrastructure
GLOBALLY DIVERSIFIED IN HEAVY MINING & CIVIL INFRASTRUCTURE Built to Move. Ready to Build. • Industrial contractor with global scale 15% Civil – USA • $1.4B - $1.6B estimated 2025 combined revenue from 2.5% over 50 mining and civil construction sites in Equipment Sales 3 countries • Geographical, co
Slide 4: Operational Value Drivers
HIGH EXPOSURE TO LARGE AND GROWING MARKETS Executing Strategic Growth Plan With Operational Value Drivers In Place Maximizing Expanding Fleet Australian Utilization Footprint Advancing Operational Value Drivers Civil Exposure Deepening Diversifying Use of Canadian Telematics Scope NORTH AMERICAN CON
Slide 5: Invested Capital in Place Leads to Bottom Line Growth
INVESTED CAPITAL IN PLACE LEADS TO BOTTOM LINE GROWTH Financial Catalysts On The Horizon • Invested capital provides strong foundation for organic growth • H2 2025 considered inflection point as organic growth combined with stable invested capital expected to drive EPS growth • Debt reduction projec
Slide 6: Long-Term Contracts with Near 100% Renewal Rate
LONG-TERM CONTRACTS WITH NEAR 100% RENEWAL RATE Increasing Diversification In Geography, Commodity And Project Scope Type Contract1 Backlog2 Queensland thermal 2079 Operations support Full mine services $2.0B coal mine Queensland metallurgical Operations support Maintained rental $550M 2040 coal min
Slide 7: Large and Diverse Heavy Mining Fleet Creates Moat
LARGE AND DIVERSE HEAVY MINING FLEET CREATES MOAT Winning Formula In Mining: Flexible Management Drives Global Utilization CA & AUS PAYLOAD / FLEET REPLACEMENT 75-80% Mining Fleet CAPACITY COUNT COST 1 ($M) Haul trucks +150t to 400t 235 $1,570 77% 76% up to 150t 244 722 Global Target Utilization1 74
Slide 8: Operations & Maintenance Sets Us Apart
OPERATIONS & MAINTANCE SETS US APART. WHEREVER WE GO. Experienced Crews & Smart Technology Increase Safety And Lower Cost • Equipment Operations • Industry leading safety record – corporate mission & contractual requirement • Real-time machine monitoring & haul cycle analytics – advanced telematics
Slide 9: Expanding Australian Footprint
Expanding Australian Footprint NORTH AMERICAN CONSTRUCTION GROUP 9
Slide 10: Mining Is the Cornerstone of the Australian Economy
MINING IS THE CORNERSTONE OF THE AUSTRALIAN ECONOMY Strongest Mining Contractor Market In The World • Mining is the cornerstone of the Australian economy – ACTIVE AUSTRALIAN PROJECTS – 350 mines ~15% of GDP • Strongest mining contractor market in the world – 10x size of Canada • Operating conditions
Slide 11: Inorganic Expansion Foundation for More Diversification
INORGANIC EXPANSION FOUNDATION FOR MORE DIVERSIFICATION Exceptional First Year (2024) After MacKellar Acquisition • Achieved 15% Growth in 2024 vs. 2023 Q4 run rate. • From 2019 to 2025E, MacKellar has increased over 8.0 times showcasing exceptional growth and operational excellence • Significant ne
Slide 12: Australian Operations Are Poised for Continued Success
AUSTRALIAN OPERATIONS ARE POISED FOR CONTINUED SUCCESS Consistent Top & Bottom-Line Growth • 2025 revenue estimated to grow over 25% from 2024 • Primarily from contracts won in second half of 2024 • Trucks from Canada commissioned in 2024 Q4 Australia Quarterly Revenue (in thousands of dollars) • In
Slide 13: Strong Market Growth and Room for Market Share Growth
STRONG MARKET GROWTH AND ROOM FOR MARKET SHARE GROWTH Significant Upside To Expanding In Key Mining Regions Significant opportunities for contract mining projects $22 Total Contract Mining Services Market in Australia • Strong growth forecast for contract mining services market $21 • Upside remains
Slide 14: Diversifying Canadian Scope
Diversifying Canadian Scope NORTH AMERICAN CONSTRUCTION GROUP 14
Slide 15: Canadian Production Levels at Record High
CANADIAN PRODUCTION LEVELS AT RECORD HIGH Continued Growth Based On Further Production Increases OIL SANDS PRODUCTION 4,000 • Oil Sands production continues to grow • Record production levels achieved during 2024 3,500 • All producers planning production increases through 2026 • Life of mine project
Slide 16: Operating the Largest Heavy Equipment Contractor Fleet
OPERATING THE LARGEST HEAVY EQUIPMENT CONTRACTOR FLEET Continued Growth In The Oil Sands & Hard Rock Mining • Oil Sands producer’s growth plans directly translate into increased long-term demand for NACG • Additional 100 x 400T trucks1 plus loading and support fleets required for 110,000 barrels per
Slide 17: Providing Essential Capabilities to Expand Oil Production
PROVIDING ESSENTIAL CAPABILITIES TO EXPAND OIL PRODUCTION Built To Move – Operated Every Day In Fort McMurray Since The 1970s Owner equipment NACG Equipment: • 200 – 400 ton trucks and shovels • Road building/water drainage • Top cut removal/storage • Reclamation and overburden removal NACG haul tru
Slide 18: Advancing Civil Exposure
Advancing Civil Exposure NORTH AMERICAN CONSTRUCTION GROUP 18
Slide 19: Built to Move. Ready to Build.
BUILT TO MOVE. READY TO BUILD. Advancing Infrastructure Exposure Based On Core Competencies • Building on rich history in complex civil projects Project Characteristics Focused on Core • Civil infrastructure experience dates back to 1950s Competencies • Positioned to be project lead/general contract
Slide 20: Targeting 25% of Total Revenue from Civil Projects by 2028
TARGETING 25% OF TOTAL REVENUE FROM CIVIL PROJECTS BY 2028 Strong And Growing Bid Pipeline With High-Potential Projects • Targeting 25% of total revenue by 2028 • Confident in securing two MOUs for additional infrastructure projects by end of year 2025 • Positioning now for 2026-2027. Strong forecas
Slide 21: Supplemental Materials
SUPPLEMENTAL MATERIALS NORTH AMERICAN CONSTRUCTION GROUP 21
Slide 22: NOA by the Numbers
NOA BY THE NUMBERS Operations 1,254 3,200 3 Over 50 Heavy Employees Countries Operating equipment sites assets 2025 Q2 $1.4B 8.7% 15% 2.2x metrics 1 Invested Return on Combined Net debt capital invested gross profit Leverage 06.30.2025 capital margin3 Capital $661M $897M $1.6B 30.2M structure Curren
Slide 23: H2 2025 Outlook
H2 2025 OUTLOOK • EBITDA guidance for second half of 2025 revised to reflect increased costs Combined revenue1 $700 - $750M • Higher demand volatility and maintenance requirements have increased operating costs Adjusted EBITDA1 $190 - $210M • Sustaining capital programs for 2025 considered routine i
Slide 24: Everyone Gets Home Safe
EVERYONE GETS HOME SAFE NORTH AMERICAN CONSTRUCTION GROUP 24
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