North American Construction Group Ltd. · TSX:NOA
North American Construction — Q2 2025 Earnings Presentation
24 slides from North American Construction's earnings presentation, Aug 14, 2025
Slide 1: 2025 Q2 Earnings Presentation
2025 Q2 EARNINGS PRESENTATION August 14, 2025 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 This presentation presents certain non-GAAP financial measures because and expectations of North American Construction Group Ltd. (the “Company”) with mana
Slide 3: 2025 Q2 Financial Overview
.2025Q2 —— Financial ~*~ | =< NORTH | ) AMERICAN ~ CONSTRUCTION GROUP
Slide 4: 2025 Q2 Performance
2025 Q2 Performance $371M $80M 21.6% 100% Combined Adjusted Adjusted Renewal rate on revenue1 EBITDA1 EBITDA margin1 Australian contracts 1 • Quarter-over-quarter revenue growth in Australia & Canada, increase from 2024 Q2 of 12% • Australia - Temporary high subcontractor costs from rapid growth and
Slide 5: Combined Results
Combined Results (figures in millions of Canadian dollars) 2025 Q2 2024 Q2 Variance Heavy Equipment - Australia $168 $147 $21 - Canada $147 $123 $24 Joint ventures & other $56 $60 ($4) Combined revenue 1 $371 $330 $41 Heavy Equipment - Australia $25 15.1% $38 25.5% ($13) - Canada $6 4.4% $9 7.7% ($3
Slide 6: Adjusted EBITDA and EPS
Adjusted EBITDA1 and EPS1 (figures in millions of Canadian dollars) 2025 Q2 2024 Q2 Variance Adjusted EBITDA 1,3 $80 21.6% $91 27.6% ($11) Adjusted EBIT 1,3 $19 5.3% $47 14.4% ($28) Adjusted EPS 1 $0.02 $0.80 ($0.78) General & administrative expenses 2 $12 3.6% $12 4.5% $— Net income $10 $15 ($5) Ba
Slide 7: Cash Provided by Operating Activities
Cash Provided by Operating Activities (figures in millions of Canadian dollars unless otherwise stated) 2025 Q2 2024 Q2 Variance Cash provided by operations prior to WC1 $64 $78 ($14) Net changes in non-cash working capital $1 ($12) $13 Cash provided by operating activities $65 $66 ($1) Sustaining c
Slide 8: Balance Sheet
Balance Sheet (figures in millions of Canadian dollars unless otherwise stated) June 30, 2025 December 31, 2024 December 31, 2023 Cash $79 $78 $89 Total cash liquidity1 313 171 293 Property, plant & equipment 1,350 1,252 1,143 Total assets 1,827 1,695 1,546 Senior secured debt1,2 $599 1.5x $677 1.7x
Slide 9: Operational
2025.02 1d Operational ———— wee oa > o Se 1S SRE A
Slide 10: Everyone Gets Home Safe
Everyone Gets Home Safe Total Recordable Focused on health & safety for ourselves, our customers, Injury Rate our environment, & the communities we work in • Trailing twelve-month injury rate of below target of 0.50 • Primary initiatives in the second quarter of 2025 • Launched STCKY (Stuff That Can
Slide 11: 2025 Q2 Accomplishments
2025 Q2 Accomplishments • Signed $2.0 billion contract in Queensland, increasing backlog1 and continuing 100% renewal rate for Australian contracts • Achieved trailing-twelve month combined revenue1 of $1.5 billion, setting another all-time company record • Australia continues to lead the company in
Slide 12: Equipment Utilization & Hours
Equipment Utilization & Hours 1 Target range (75% to 80%) Global utilization steady in 2025 despite challenging conditions in the first half 1 Trailing twelve-month wholly-owned, large capacity heavy equipment fleet weighted based on earnings profile. See Slide 21. 12
Slide 13: 2025 Outlook
NORTH ©) AMERICAN CONSTRUCTION GROUP Jer Fie 2025 Outlook
Slide 14: Stronger Second Half Outlook
Stronger Second Half Outlook Fargo dispute settled Updated project plan provides clear path to completion with claims settlement resolving disputes dating back to 2021 providing stability Favourable seasonal trends Historically, second half of the year is more stable, supporting uninterrupted, consi
Slide 15: 2025 H2 Outlook
2025 H2 Outlook EBITDA guidance for second half of 2025 revised to reflect increased costs Key Metrics Current Prior • Australia and joint venture operations intact and consistent with original expectations Combined revenue1 $700M - $750M No change • Higher demand volatility and maintenance requirem
Slide 16: Organic Growth
Organic Growth FOCUS AREAS Three key areas of opportunity 1. Displacing higher cost contractors in Australia Company level 2. Infrastructure projects in United States & Canada • Annual growth target of 5% to 10% 3. Mining projects in Ontario & Northern Canada • Improved equipment utilization • Consi
Slide 17: Infrastructure Projects
Infrastructure Projects • Confident in securing two memorandums of understanding projects by end of year, positioning us for meaningful near-term wins • $2.0 billion bid pipeline with over twenty high- potential projects that match our proven execution capabilities including but not limited to: ◦ Si
Slide 18: Bid Pipeline
Bid Pipeline 2025 2026 2027 2028 + Projects in active procurement Potential contract extensions & expansions Upcoming bid opportunities Bid pipeline1 contains well over $10 billion of specific scopes of work Diversified resources & infrastructure • Australia – consistent strong demand across key com
Slide 19: Supplemental Information
Supplemental Information 19
Slide 20: Company Overview
Company Overview Fleet of over 1,200 heavy equipment assets • Backed by support equipment & infrastructure Current workforce of ~3,000 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 21: Current Diversified Run-Rate
Current Diversified Run-Rate1 Australian operations now generating over 60% of earnings before interest and taxes Sustained growth from the MacKellar Group has led to it generating approximately 60% of earnings before interest and taxes Enhanced geographic and commodity diversification, positioning
Slide 22: Long-Term Contracts
Long-Term Contracts Type Contract1 Backlog2 Queensland thermal Operations Full mine 2079 support $2.0B coal mine services Queensland metallurgical Operations Maintained 2040 support $550M coal mine rental Queensland metallurgical Operations Maintained 2037 support $350M coal mine rental Queensland m
Slide 23: Heavy Equipment Fleet
Heavy Equipment Fleet • As of June 30, 2025, approximately 1,200 heavy equipment assets provide scale and operational flexibility • Managed on an individual asset basis and deployed with sole objective of maximum operating utilization • Replacement value1 of heavy equipment fleet estimated at $4.0 b
Slide 24: GAAP to Non-GAAP reconciliation
GAAP to Non-GAAP reconciliation 2025 Q2 2024 Q2 Change (figures in millions of Canadian dollars unless otherwise stated) Net income $ 10 $ 15 $ (5) Stock-based compensation expense (benefit) 1 (2) 3 Loss on derivative financial instruments 1 — 1 Change in fair value of contingent obligations from ad
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