North American Construction Group Ltd. · TSX:NOA
North American Construction — Investor Presentation (November 2025)
24 slides from North American Construction's investor presentation, November 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 November 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 12.5% Civil – USA • $1.5B estimated 2025 revenue midpoint from over 2.5% 50 mining & civil construction sites in three countries Equipment Sales • Geographical, commod
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 Develop & Diversifying Implement Canadian Technology Scope NORTH AMERICAN
Slide 5: Capturing Structural Macro Tailwinds
CAPTURING STRUCTURAL MACRO TAILWINDS Infrastructure & Critical Minerals At the Core Of National Priorities Defining Moment For Canada • Urgent build-out of nation-critical infrastructure to accelerate energy and trade independence > Multi-year surge in civil & resource-development Australia, Strateg
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 Operations Full mine 2079 $1.9B coal mine support services Queensland metallurgical Operations Maintained $550M 2040 coal mine support renta
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 PAYLOAD / NOA FLEET COST TO ENTRY 75-80% CAPACITY COUNT (NEW EQUIPMENT IN $M) Haul trucks over 150t 235 $1,570 up to 150t 263 789 Global Target Utilization1 74% 74% 74% 74% 74%
Slide 8: Operations & Maintenance Sets Us Apart. Wherever We Go.
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 – increased efficiency
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 pro
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 new
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 • Incremental equipment utiliz
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 Opportunities for contract mining projects $22 Contract Mining Services Market in Australia • Strong growth forecast for contract mining services market $21 • Upside remains as market share st
Slide 14: Advancing Civil Exposure
Advancing Civil Exposure NORTH AMERICAN CONSTRUCTION GROUP 14
Slide 15: 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 16: 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 17: Diversifying Canadian Scope
Diversifying Canadian Scope NORTH AMERICAN CONSTRUCTION GROUP 17
Slide 18: 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 19: 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 20: 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 to 400-ton trucks and shovels • Road building/water drainage • Top cut removal/storage • Reclamation and overburden removal Owner Equipm
Slide 21: Supplemental Materials
SUPPLEMENTAL MATERIALS NORTH AMERICAN CONSTRUCTION GROUP 21
Slide 22: NOA by the Numbers
NOA BY THE NUMBERS Operations 1,245 3,200 3 Over 50 Heavy Employees Countries Operating equipment sites assets 2025 Q3 $1.4B 7.6% 14.6% 2.3x metrics 1 Invested Return on Combined Net debt capital invested gross profit Leverage 09.30.2025 capital margin2 Capital $632M $904M $1.5B 29M structure1 Curre
Slide 23: H2 2025 Outlook
H2 2025 OUTLOOK Combined revenue1 $700 - $750M • Guidance for second half of 2025 operational metrics reiterated • Australia and joint venture operations intact and consistent with original expectations Adjusted EBITDA1 $190 - $210M • Higher demand volatility and maintenance requirements in oil sand
Slide 24: Everyone Gets Home Safe
EVERYONE GETS HOME SAFE NORTH AMERICAN CONSTRUCTION GROUP 24
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