NORTH AMERICAN CONSTRUCTION 1
GROUP
November 5, 2026
NORTH AMERICAN CONSTRUCTION 3
GROUP
2026 Q3 FINANCIAL OVERVIEW2026 Q3 PERFORMANCE
$438M
Combined revenue1
$100M
Adjusted EBITDA1
$3.2B
Backlog1
30%
Increase in Canada fleet utilization
1
Record third quarter combined revenue1 driven by full-quarter contribution from IMC, oil sands execution and commissioned growth assets
Revenue generated by MacKellar Group continues record setting pace in Queensland and New South Wales
IMC revenue of over $70 million in line with acquisition expectations but was hampered by operational challenges
NORTH AMERICAN CONSTRUCTION GROUP
1 See Slide 2 or 2026 Q3 Financial Report for Non-GAAP Financial Measures
NORTH AMERICAN CONSTRUCTION GROUP 4
Canadian revenue exceeded the prior-year quarter by over 20% driven by strong oil sands demand and improved mechanical availability
COMBINED RESULTS
(figures in millions of Canadian dollars unless otherwise stated)
Heavy Equipment
Australia
Canada
Joint ventures & other Combined revenue1
Heavy Equipment
Australia
Canada
Joint ventures & other2 Combined gross profit1
2025 Q3
2026 Q3
$271
$146
$21
$438
$33 12.2%
$15 10.5%
$3 15.6%
$52
11.8%
$189
$132
$70
$391
$37
19.5%
$14
10.4%
$6
9.4%
$57
14.5%
Combined gross profit margin1 impacted by specific maintenance and operational challenges in Australia
In Queensland, approximately $10 million of additional labour and parts costs were incurred at a thermal coal mine during the quarter to improve and stabilize the mechanical availabilities of both customer-owned and MacKellar-owned equipment
In Western Australia, a pit wall failure at a major lithium mine site caused operational inefficiencies due to lower overall mine production and the impacts of haul road inaccessibility and reconstruction
NORTH AMERICAN CONSTRUCTION GROUP
1 See Slide 2 or 2026 Q3 Financial Report for Non-GAAP Financial Measures
NORTH AMERICAN CONSTRUCTION GROUP 5
In Canada, continuing improvements and momentum in margin reflects day-to-day focus on operational excellence coupled with higher heavy equipment mechanical availability and utilization
ADJUSTED EBITDA1 AND EPS1
(figures in millions of Canadian dollars unless otherwise stated)
2026 Q3
2025 Q3
Adjusted EBITDA 1,3
$100 22.8%
$99 25.3%
Adjusted EBIT 1,3
$31 7.0%
$44 11.2%
Adjusted EPS 1
$0.25
$0.66
General & administrative expenses 2, 4
$20
4.6%
$16 4.7%
Net income
($24)
$17
Basic net income per share
($0.90)
$0.59
Adjusted EBITDA1 stable at $100M as growth from IMC and improved Canadian utilization were offset by additional operating costs in Australia
Australian performance was affected by increased labour and parts spend primarily on a component replacement program in Queensland and operational challenges at a lithium project in Western Australia
Canadian operations benefited from stronger demand, improved equipment availability
General and administrative expenses remain below 5% target excluding acquisition and organizational realignment costs and Fargo impacts
Year-over-year increase was primarily attributable to the additional administrative headcount associated with the IMC acquisition
Adjusted earnings per share1 reflect the positive contribution from IMC, offset by higher financing costs
Cash interest expense increased by $0.20 per share, primarily reflecting acquisition and growth-capital debt
Fargo project significantly impacted basic EPS resulting from the increase in estimated project costs
Revised forecast included a 9% increase in overall project costs resulting in a contract loss position
Forecast is not expected to be revised by the joint venture executive committee as project is near physical completion
NORTH AMERICAN CONSTRUCTION GROUP
1 See Slide 2 or 2026 Q3 Financial Report for Non-GAAP Financial Measures
2 Excludes stock-based compensation
3 Adjusted EBIT and EBITDA percentages shown are calculated as percentages of combined revenue
4 Excludes Canadian organizational realignment costs and acquisition and integration costs and Fargo impacts
NORTH AMERICAN CONSTRUCTION GROUP 6
Added back for adjusted net earnings1 as project is non-core and we will only enter future arrangements which provide operational control
CASH PROVIDED BY OPERATING ACTIVITIES
(figures in millions of Canadian dollars unless otherwise stated)
2026 Q3
2025 Q3
Cash provided by operations prior to working capital1
$52
$72
Net changes in non-cash working capital1
($5)
$20
Cash provided by operating activities
$47
$92
Sustaining capital additions1
$77
$47
Free cash flow 1
($28)
$46
Improved oil sands performance supported operating cash flow, offset by temporary working capital1 impacts in Australia Sustaining capital1 additions reflects the continued investment in our core fleets and strong demand in the oil sands region
MacKellar additions1 driven by major maintenance projects and replacement fleet purchases scheduled during the quarter
Canada spending was incurred in response to strong demand in the oil sands region and in direct support of our equipment utilization targets
NORTH AMERICAN CONSTRUCTION GROUP
1 See Slide 2 or 2026 Q3 Financial Report for Non-GAAP Financial Measures
NORTH AMERICAN CONSTRUCTION GROUP 7
The addition of IMC modestly increased sustaining capital1 requirements in Western Australia
BALANCE SHEET
(figures in millions of Canadian dollars unless otherwise stated)
September 30, 2026
December 31, 2025
Cash
$112
$100
Cash liquidity1
412
422
Property, plant & equipment
1,606
1,359
Total assets
2,224
1,820
Senior secured debt1,2
$646
1.7x
$510 1.4x
Net debt1,2
1,123
3.0x
878 2.4x
December 31, 2024
$78
171
1,252
1,695
$677 856
1.6x
2.1x
Cash liquidity1 remains strong following IMC investment; deleveraging is the near-term capital allocation priority
Cash liquidity of $412M provides financial flexibility and remains broadly consistent with pre-acquisition levels
Net debt1 levels remain consistent with Q2 balance following the acquisition of IMC
Management is prioritizing cash conversion, disciplined capital spending and debt reduction
NORTH AMERICAN CONSTRUCTION GROUP
1 See Slide 2 or 2026 Q3 Financial Report for Non-GAAP Financial Measures.
2 Leverage ratios calculated on a trailing twelve-month basis
NORTH AMERICAN CONSTRUCTION GROUP 8
Near-term deleveraging is expected to be supported by operating cash flow and normalization of working capital
DEBT COMPOSITION & MATURITY PROFILE
Debt structure provides interest-rate stability and a manageable maturity profile
More than 80% of debt is fixed-rate, providing predictability in a changing interest-rate environment
Long-term fixed instruments create consistent and predictable interest costs
In addition, over 80% of debt matures in 2028 or later, supporting financial stability and flexibility through the deleveraging period
NORTH AMERICAN CONSTRUCTION GROUP
NORTH AMERICAN CONSTRUCTION GROUP
1 See Slide 2 or 2026 Q3 Financial Report for Non-GAAP Financial Measures.
2 Leverage ratios calculated on a trailing twelve-month basis
NORTH AMERICAN CONSTRUCTION GROUP
9
Scheduled equipment-financing repayments and discretionary revolver reduction provide a clear mechanisms to lower debt
10
2026 Q3 HIGHLIGHTS
1 Record Q3 combined revenue1 driven by IMC, growth capital & execution | 2 Canadian fleet plan gaining traction with improved mechanical availability and utilization | 3 New five-year oil sands services contract commenced, adding visible, capital-efficient revenue |
4 IMC platform continues growth trajectory as active bid pipeline pursuits increase | 5 Capitalizing on increasing oil sands activity as equipment demand increases | 6 Recognized with the 2025 Alberta Mine Safety Association Safety Excellence Award, reflecting NACG's strong safety culture |
NORTH AMERICAN CONSTRUCTION 11
GROUP
LOOKING FORWARDFINISHING 2026 STRONG
Execution priorities to enter 2027 with momentum
Safety first
Maintain safety-first mentality across all global operations, ensuring Everyone Gets Home Safe
Workforce efficiency Further optimize workforce mix in Australia, following recent improvements
Cost discipline Following major growth in Queensland, reduce discretionary operating
costs while fully maintaining customer requirements
IMC integration Seamlessly integrate and commission the expanded IMC fleet in Western Australia to support growth and operational scale
Fleet availability Enhance mechanical availability and reliability of the heavy equipment fleet in the oil sands
Leadership continuity Execute an orderly CEO transition with continuity in strategy, customer focus and capital allocation
NORTH AMERICAN CONSTRUCTION GROUP
NORTH AMERICAN CONSTRUCTION GROUP 12
GROWTH DRIVERS FOR 2026 AND BEYOND
g Into a
NORTH AMERICAN CONSTRUCTION GROUP
NORTH AMERICAN CONSTRUCTION GROUP 13
Expanding Mining Services
in Canada and U.S.
Securing Infrastructure Awards in Northern Canada
Scalin
Tier 1 Contractor Platform in Australia
Strategic Building Blocks for Our Success
AUSTRALIA PLATFORM DRIVING GROWTH
Scale and diversification create a larger platform for sustainable growth
New executive leadership adds deep Australian and international mining experience
Expanded exposure to copper, gold, lithium, iron ore and nickel strengthens geographic & commodity diversification
Tier 1 contractor through MacKellar & IMC capable of executing large scopes across the country
Targeting increased lower-capital unit-rate projects
Strong market supports demand over next 5 years
A$278B2 public infrastructure spend
NORTH AMERICAN CONSTRUCTION GROUP
NORTH AMERICAN CONSTRUCTION GROUP
A$242B2 major project pipeline
Revenue CAGR1 2024 Q1 -2026 Q3
$2.6BContractual Backlog1
as of September 30, 2026
$8.2BTotal Bid Pipeline1
as of September 30, 2026
1 See Slide 2 or 2026 Q3 Financial Report for Non-GAAP Financial Measures
2 Sources: Infrastructure Partnerships Australia; Infrastructure Australia
NORTH AMERICAN CONSTRUCTION GROUP 14
POSITIONED TO WIN IN NORTHERN CANADA
Q3 awards continue Nuna momentum, while major infrastructure pursuits advance
2026 Q3 JOINT VENTURE CONTRACT AWARDS
Ontario follow-on scope extends site presence from well into 2027 after successful delivery of earlier work scopes. Nuna also secured a multi-year extension at a legacy Northwest Territories project and a new Yukon project, expanding its northern footprint
INDIGENOUS PARTNERSHIPS
A new Yukon community collaboration agreement supports Indigenous training, employment and business opportunities, adding to Nuna's active partnerships across Canada
INFRASTRUCTURE PURSUITS
Port and road: dedicated subcontractor to a team pursuing a progressive design-build project
Northern corridor: four-way partnership in place as the project advances through government and First Nations processes
Defense infrastructure: dedicated subcontractor to a shortlisted construction management team
$4.6B¹
Pipeline supporting long-term growth
+260Nuna heavy equipment assets
+20NORTH AMERICAN CONSTRUCTION GROUP
Entities established throughout Nuna's history in multiple jurisdictions across Northern Canada
1 See Slide 2 or 2026 Q3 Financial Report for Non-GAAP Financial Measures
NORTH AMERICAN CONSTRUCTION GROUP 15
OIL SANDS PLATFORM FOR RESILIENT RETURNS
Strong demand and reliable fleet availability support improved operating margins
GROWING PRESENCE IN HEAVY EQUIPMENT MAINTENANCE AND SERVICES MARKET
Continued growth with a recent $135M five-year contract creates additional near-term equipment-service opportunities. Modest growth capital requirements of $5M for twenty-five on-highway units and support equipment, alongside existing fleet
APPROVED EXECUTION PLAN & INCREASED DEMAND
Defined fleet targets give maintenance and operations teams clear objectives
Higher availability should improve financial outcomes and reduce downtime and schedule risk
Sustainable margins Investment focuses on visible demand, return thresholds, selective work and operating discipline
Equipment demand Longer hauls and broader requirements increase the value of reliable fleet availability
30%Year-over-year increase in Canadian Q3 utilization
260Identified multi-life heavy equipment assets
NORTH AMERICAN CONSTRUCTION GROUP
NORTH AMERICAN CONSTRUCTION GROUP
NORTH AMERICAN CONSTRUCTION GROUP 16
BID PIPELINE1
Strong global pipeline. Positioned to convert opportunities into meaningful growth
NORTH AMERICAN CONSTRUCTION GROUP 17
1 See Slide 2 or 2026 Q3 Financial Report for Non-GAAP Financial Measures
2 Bid pipeline in active tender and procurement phase
$4.5 billionNORTH AMERICAN CONSTRUCTION GROUP
Total bid pipeline1 In active tender and procurement phase
14 resourcesDiversity in global opportunities
+$15 billion
In total bid pipeline1 opportunities
NEW CEO: DISCIPLINED EXECUTION, VALUABLE GROWTH
Stronger cash generation to support deleveraging and total shareholder returns
Stated Execution Priorities:
Accelerate growth in North America given existing opportunities
Seize tailwinds to advance Canadian and U.S. mining and infrastructure opportunities. Convert active bids into contracts with clear returns and executable scopes.
Progress indicators: new contract awards and backlog conversion
Embed operational excellence in day-to-day performance
Translate fleet availability targets into consistent site performance.
Strengthen project oversight and cost control to improve cash conversion.
Progress indicators: fleet availability, operating margins and cash conversion
03
Maximize value of Australian investment
Build on MacKellar and IMC to broaden customer and commodity exposure. Leverage market position to win attractive work against visible demand.
Progress indicators: customer mix and return on invested capital
Brad RogersIncoming President, Chief Executive Officer and Director
Effective December 1, 2026
30+ Years of Experience
Across mining, services, infrastructure and finance
Former CEO at Jupiter Mines and Bis Industries
Chartered Accountant Previous CFO with senior leadership experience in commercial management and corporate development
NORTH AMERICAN CONSTRUCTION GROUP
NORTH AMERICAN CONSTRUCTION GROUP 18
2026 FINANCIAL OUTLOOK & GUIDANCE
Outlook Confidence
Contractual backlog1 as at September 30, 2026 of $3.2 billion underpinning guidance ranges
Strategic and prudent investments in equipment fleets provide confidence for reliable performance and operational excellence
2026 Guidance
Combined revenue1 midpoint of $1.75 billion based on increased expectations for the fourth quarter of 2026
Adjusted EBITDA1 midpoint of $385 million reflecting the operating challenges experienced in the third quarter ramping down prior to year end
Australia: Reflects continued ramp-ups of MacKellar in eastern Australia and IMC in Western Australia and a return to historical margin profiles
Canada and oil sands region: Improved utilization heading into an anticipated busy winter season
NORTH AMERICAN CONSTRUCTION GROUP
Nuna Group of Companies: Expected uplift in fourth quarter from fleet expansions in northern Canada
2026 Guidance Ranges
$1.7 - $1.8B
Combined revenue1
$370 - $400M
Adjusted EBITDA1
1 See Slide 2 or 2026 Q3 Financial Report for Non-GAAP Financial Measures
NORTH AMERICAN CONSTRUCTION GROUP 19
NORTH AMERICAN CONSTRUCTION 20
GROUP
SUPPLEMENTAL INFORMATION
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |