North American Construction Group Ltd. · TSX:NOA
North American Construction — Investor Presentation (January 2026)
31 slides from North American Construction's investor presentation, January 2026
Slide 1: Built to Move. Ready to Build.
Built to Move. Ready to Build. NORTH AMERICAN CONSTRUCTION GROUP 1 Investor Presentation TSX – NYSE: NOA January 2026
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. 15.0% • Industrial contractor with global scale Mining - Western • 2026E revenue midpoint of $1.6 billion from over 7.5% Australia 60 mining & civil construction sites in three countries Civil – USA • Geograph
Slide 4: Established Platforms in Large and Growing Markets
ESTABLISHED PLATFORMS IN 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 Infrastructure Develop & Diversifying Implement Canadian Technology Scope N
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: Large and Diverse Heavy Mining Fleet Creates Moat
LARGE AND DIVERSE HEAVY MINING FLEET CREATES MOAT Winning Formula In Mining: Strong, Consistent Equipment 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% 74% 7
Slide 7: Operations & Maintenance Sets Us Apart. Wherever We Go.
OPERATIONS & MAINTANCE SETS US APART. WHEREVER WE GO. Experienced Crews & Smart Technology Lowers Cost • Equipment Operations • Real-world experience over decades of project execution brings operational excellence • Real-time machine monitoring & haul cycle analytics – increased efficiency, reduced
Slide 8: Expanding Australian Footprint
Expanding Australian Footprint NORTH AMERICAN CONSTRUCTION GROUP 8
Slide 9: National Platform Established in Australia
NATIONAL PLATFORM ESTABLISHED IN AUSTRALIA Exceptional growth since entry in 2021 • Consistently high equipment utilization • Remarkable performance since initial entry and commissioning of growth assets • Significant new and extended contracts • Extensions, with scope increases, and new contracts r
Slide 10: Mining Is the Cornerstone of the Australian Economy
MINING IS THE CORNERSTONE OF THE AUSTRALIAN ECONOMY Strongest Mining Contractor Marketplace 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 with our market share
Slide 11: Australian Operations Are Poised for Continued Success
AUSTRALIAN OPERATIONS ARE POISED FOR CONTINUED SUCCESS Consistent Top & Bottom-Line Growth • 2026 revenue projected to continue growth profile • Primarily from acquisition of Iron Mine Contracting • Incremental equipment utilization gains expected Australia Quarterly Revenue • Equipment commissionin
Slide 12: 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 13: Iron Mine Contracting
Iron Mine Contracting NORTH AMERICAN CONSTRUCTION GROUP 13
Slide 14: Iron Mine Contracting at a Glance
Iron Mine Contracting at a Glance Western Australia-based diversified mining services contractor On December 18, 2025, we agreed to acquire Iron Mine Contracting (“IMC”) 2015 +40% CAGR(1) 10+ ~500 Iron Ore, Gold, Lithium, Nickel Founding Year Sales CAGR Since Inception Ongoing Projects Employees End
Slide 15: Transaction Overview
Transaction Overview Compelling opportunity and financial profile • Strategic Rationale • Immediate step-change in Western ~C$115M Australia market share, opening up Enterprise value estimate(1) opportunities as a Tier 1 contractor • Accelerates stated objective of increasing unit-rate work across a
Slide 16: Origination, Integration, Optimization
Origination, Integration, Optimization Announcement is the culmination of prudent sourcing and diligence Transaction Origination Integration & Optimization Plan • IMC owners known by MacKellar Group and had a direct • Systems and processes are already in place for working relationship with Western P
Slide 17: Catalyst for Further Growth in Australia
Catalyst for Further Growth in Australia Immediately achieve nation-wide Tier 1 contractor status National Mining Contractor Footprint in Australia • Immediately equip NACG’s Australia operations with Tier 1 capabilities and over $1.0 billion in annual revenues • Compete with other Tier 1 contractor
Slide 18: Western Australia's Mining Pipeline is Massive
Western Australia’s Mining Pipeline is Massive Driver of growth for Australia’s mining sector A$49 billion Projects under construction and committed ~A$10B worth of projects being tracked by IMC +$100 billion Planned and possible projects over the medium and long-term 62% Of total Australian mining
Slide 19: Combined Business has Significant Global Reach
Combined Business has Significant Global Reach Building critical scale in favourable mining jurisdictions Australia is an Excellent Mining Jurisdiction High growth opportunities in both Western Australia & Queensland Northern Mining friendly region with Territory continued government support Queensl
Slide 20: End Market Composition
End Market Composition Increased exposure to critical minerals U.S. U.S. Civil Civil Northern Northern Canada Canada 7.5% 7.5% 5.0% Met Coal 5.0% Met Coal Canadian Oil 30.0% 32.5% Sands Canadian Oil 12.5% Sands 17.5% 2026E 2026E Run-Rate1 Run-Rate1 5.0% Lithium 5.0% 5.0% Gold 5.0% Iron Ore 5.0% 5.0%
Slide 21: Advancing Civil Infrastructure
Advancing Civil Infrastructure NORTH AMERICAN CONSTRUCTION GROUP 21
Slide 22: 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 infrastructure projects • Positioned for awards during 2026, commencement in 2027 • Strong forecasted
Slide 23: Built to Move. Ready to Build.
BUILT TO MOVE. READY TO BUILD. Advancing Infrastructure Based On Core Competencies • Building on rich history in complex civil projects Project Characteristics Focused on • Civil infrastructure experience dates back to 1950s Core Competencies • Positioned to be project lead/general contractor or ded
Slide 24: Infrastructure Progress
BUILT TO MOVE. READY TO BUILD. Infrastructure Progress • Major projects in Northern Canada • NACG and Nuna are teamed and in position to advance on northern nation-building projects • Across three defined projects, the partnership is progressing to multiple tenders anticipated in early 2026 • Mass C
Slide 25: Diversifying Canadian Scope
Diversifying Canadian Scope NORTH AMERICAN CONSTRUCTION GROUP 25
Slide 26: Canadian Opportunities Rising
CANADIAN OPPORTUNITIES RISING Continued Growth Based On Critical Minerals and Production Increases • Mining opportunities in critical minerals • Critical mineral development is a key element of Canada’s OIL SANDS PRODUCTION Major Projects Office strategy to fast-track strategic nation- 4,000 buildin
Slide 27: Supplemental Materials
SUPPLEMENTAL MATERIALS NORTH AMERICAN CONSTRUCTION GROUP 27
Slide 28: 2026 Outlook
2026 OUTLOOK • Adjusted EBITDA is estimated to be fairly consistent across the quarters, reflecting a diversified business model Combined revenue1 $1.5 to $1.7 billion • Reflects first quarter close of IMC acquisition • Second-half contribution from growth capital commissioned in Australia Adjusted
Slide 29: 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 30: NOA by the Numbers
NOA BY THE NUMBERS Operations 3 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 28M structure 1 Cu
Slide 31: Everyone Gets Home Safe
EVERYONE GETS HOME SAFE NORTH AMERICAN CONSTRUCTION GROUP 31
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