North American Construction Group Ltd (NOA) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to the North American Construction Group conference call regarding the fourth quarter ended December 31, 2025. At this time, all participants are in a listen-only mode. Following management's prepared remarks, there will be an opportunity for analysts, shareholders, and bondholders to ask questions. The media may monitor this call in listen-only mode. They are free to quote any member of management, but they are asked not to quote remarks from any other participant without that participant's permission. The company wishes to confirm that today's comments contain forward-looking information and that actual results could differ materially from a conclusion, forecast, or projection contained in that forward-looking information. Certain material factors or assumptions were applied in drawing conclusions or in making forecasts or projections that are reflected in the forward-looking information. Additional information about those material factors is contained in the company's most recent management discussion and analysis, which is available on CDAR and EDGAR, as well as the company's website at nacg.ca. I will now turn the conference over to Jason Beanstra, CFO. Please go ahead. Thanks, Joanna, and good morning, everyone. We've shortened the deck this quarter, and I'll start off with brief commentary on the financials and pass the call to Barry for his operational and forward-looking remarks. Starting on slide four, the headline EBITDA number of $78 million was significantly impacted by a $13 million retroactive life-to-date adjustment for the Fargo project, which we'll discuss on the next slide. Australia revenue for the quarter of $176 million was a Q4 record for the region, despite the wet weather, and the oil sands region a...