North American Construction Group Ltd. · TSX:NOA
North American Construction — Q2 2026 Earnings Presentation
24 slides from North American Construction's earnings presentation, Aug 13, 2026
Slide 1: 2026 Q2 Earnings Presentation
2026 Q2 EARNINGS PRESENTATION August 13, 2026 NORTH AMERICAN CONSTRUCTION 1 GROUP
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 Q2 Financial Overview
2026 Q2 FINANCIAL OVERVIEW NORTH AMERICAN CONSTRUCTION 3 GROUP
Slide 4: 2026 Q2 Performance
2026 Q2 PERFORMANCE $456M $93M $3.8B $50M Combined Adjusted Combined gross revenue1 EBITDA1 Backlog1 profit1 • Record quarterly combined revenue as 1 Australia revenue increased 65% over 2025 Q2 on acquisition of IMC and continued strong execution, and commissioned growth capital • Gross profit is u
Slide 5: Combined Results
COMBINED RESULTS (figures in millions of Canadian dollars unless otherwise stated) 2026 Q2 2025 Q2 Heavy Equipment - Australia $283 $168 - Canada $122 $147 Joint ventures & other $51 $55 Combined revenue 1 $456 $371 Heavy Equipment - Australia $39 13.6% $25 15.1% - Canada $4 3.5% $6 4.4% Joint ventu
Slide 6: Adjusted EBITDA and EPS
ADJUSTED EBITDA1 AND EPS1 (figures in millions of Canadian dollars unless otherwise stated) 2026 Q2 2025 Q2 Adjusted EBITDA 1,3 $93 20.5% $80 21.6% Adjusted EBIT 1,3 $32 7.1% $19 5.3% Adjusted EPS 1 $0.32 $0.02 General & administrative expenses 2, 4 $15 3.8% $12 3.6% Net income $9 $10 Basic net inco
Slide 7: Cash Provided by Operating Activities
CASH PROVIDED BY OPERATING ACTIVITIES (figures in millions of Canadian dollars unless otherwise stated) 2026 Q2 2025 Q2 Cash provided by operations prior to WC1 $78 $64 Net changes in non-cash working capital $13 $1 Cash provided by operating activities $91 $65 Sustaining capital additions1 $62 $68
Slide 8: Balance Sheet
BALANCE SHEET (figures in millions of Canadian dollars unless otherwise stated) June 30, 2026 December 31, 2025 December 31, 2024 Cash $168 $100 $78 Cash liquidity1 497 422 171 Property, plant & equipment 1,562 1,359 1,252 Total assets 2,247 1,820 1,695 Senior secured debt1,2 $630 1.7x $510 1.4x $67
Slide 9: 2026 Q2 Highlights
2026 Q2 HIGHLIGHTS 1 2 3 Generated record revenue with Achieved year-over-year Established optimized full quarter IMC contribution, margin improvement of oil sands fleet target commissioned growth capital & over 2.0% for the of 260 multi-life strong execution second quarter in a row heavy equipment
Slide 10: Looking Forward
LOOKING FORWARD NORTH AMERICAN CONSTRUCTION 10 GROUP
Slide 11: 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 NORTH AMERICAN AMERICAN CONSTRUCTION C
Slide 12: Australia Platform Driving Growth
AUSTRALIA PLATFORM DRIVING GROWTH Benefiting from revenue momentum & market tailwinds 31% Revenue CAGR $500 2024 H1 -2026 H1 $450 31.4% 2024 H1 → 2026 H1 • National Tier 1 contractor through IMC & MacKellar Group Combined revenue CAGR1 capable of executing large comprehensive scopes in $400 • both E
Slide 13: Positioned to Win in Northern Canada
POSITIONED TO WIN IN NORTHERN CANADA Nuna’s regional foothold supports earnings growth and long-term infrastructure upside NEAR-TERM EARNINGS VISIBILITY • New equipment arriving in Nunavut during Q3, increasing capacity +20% and mechanical availability at an established mine site • Expansion is expe
Slide 14: Positioning Oil Sands Platform for Resilient Returns
POSITIONING OIL SANDS PLATFORM FOR RESILIENT RETURNS Strong customer demand met with reliable fleet means improved operating margins EQUIPMENT DEMAND INFLECTION IN THE REGION More equipment-intensive work. Longer hauls and broader requirements increase the value of reliable fleet availability 260 Mo
Slide 15: Bid Pipeline
BID PIPELINE1 Strong global pipeline. Positioned to convert opportunities into meaningful growth $3.6 billion 14 resources +$12 billion Total bid pipeline1 In active tender Diversity in global opportunities In total bid pipeline1 opportunities and procurement phase 1 See Slide 2 or 2026 Q2 Financial
Slide 16: 2026 Financial Outlook & Guidance
2026 FINANCIAL OUTLOOK & GUIDANCE Outlook • Record contractual backlog1 as of June 30, 2026 of $3.8 billion underpinning guidance FY 2026 Guidance: $1.6 – $1.8B 14% 2026 Guidance • Raised combined revenue1 midpoint to $1.7 billion from $1.6 billion based on stronger than Combined revenue1 expected r
Slide 17: Supplemental Information
SUPPLEMENTAL INFORMATION NORTH AMERICAN CONSTRUCTION 17 GROUP
Slide 18: 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 19: Company Overview
COMPANY OVERVIEW Fleet of over 1,100 heavy equipment assets • Backed by support equipment & infrastructure Current workforce of ~3,600 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 August 11, 2026 Since 2013, NOA has repurchased 50% of the shares outstanding on December 31, 2012. 27M $21.38 $592M Shares outstanding, Share price Market capitalization net of treasury shares 2.2% BB (high) BB- Dividend yield Stable Negative Mo
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 million1 Primary initiatives currently underway • Started t
Slide 22: Long-Term Contracts
LONG-TERM CONTRACTS Type Contract1 Backlog2 Queensland thermal Operations Full mine 2079 support $1.5B coal mine services Queensland metallurgical Operations Maintained 2040 support $500M coal mine rental Queensland metallurgical Operations Maintained 2037 support $370M coal mine rental Queensland m
Slide 23: Heavy Equipment Fleet
HEAVY EQUIPMENT FLEET Category 1 Australia Canada Total +200-ton haul trucks 85 95 180 Large capacity loading units 12 15 27 Large dozers and graders 116 45 161 Large capacity fleet 213 155 368 Haul trucks and articulated trucks 120 142 262 Loading units and other loaders 116 192 308 Dozers and grad
Slide 24: See Measures
1 See Slide 2 or 2026 Q2 Financial Report for Non-GAAP Financial Measures NORTH NORTH AMERICAN AMERICAN CONSTRUCTION CONSTRUCTION GROUP 24 GROUP
North American Construction Group — Q2 2026 Earnings Presentation on 6ix