North American Construction Group Ltd. · TSX:NOA
North American Construction — Q3 2026 Earnings Presentation
27 slides from North American Construction's earnings presentation, Nov 5, 2026
Slide 1: 2026 Q3 Earnings Presentation
2026 Q3 EARNINGS PRESENTATION November 5, 2026 NORTH AMERICAN CONSTRUCTION 1 GROUP
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 and This presentation presents certain non-GAAP financial measures because management expectations of North American Construction Group Ltd. (the “Company”
Slide 3: 2026 Q3 Financial Overview
2026 Q3 FINANCIAL OVERVIEW NORTH AMERICAN CONSTRUCTION 3 GROUP
Slide 4: 2026 Q3 Performance
2026 Q3 PERFORMANCE $438M $100M $3.2B 30% Combined Adjusted Increase in Canada revenue1 EBITDA1 Backlog1 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 Grou
Slide 5: Combined Results
COMBINED RESULTS (figures in millions of Canadian dollars unless otherwise stated) 2026 Q3 2025 Q3 Heavy Equipment - Australia $271 $189 - Canada $146 $132 Joint ventures & other $21 $70 Combined revenue1 $438 $391 Heavy Equipment - Australia $33 12.2% $37 19.5% - Canada $15 10.5% $14 10.4% Joint ve
Slide 6: Adjusted EBITDA and EPS
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
Slide 7: Cash Provided by Operating Activities
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 add
Slide 8: Balance Sheet
BALANCE SHEET (figures in millions of Canadian dollars unless otherwise stated) September 30, 2026 December 31, 2025 December 31, 2024 Cash $112 $100 $78 Cash liquidity1 412 422 171 Property, plant & equipment 1,606 1,359 1,252 Total assets 2,224 1,820 1,695 Senior secured debt1,2 $646 1.7x $510 1.4
Slide 9: Debt Composition & Maturity Profile
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 •
Slide 10: 2026 Q3 Highlights
2026 Q3 HIGHLIGHTS 1 2 3 Record Q3 combined Canadian fleet plan New five-year oil sands revenue1 driven gaining traction services contract commenced, by IMC, growth with improved mechanical adding visible, capital & execution availability and utilization capital-efficient revenue 4 5 6 IMC platform
Slide 11: Looking Forward
LOOKING FORWARD NORTH AMERICAN CONSTRUCTION 11 GROUP
Slide 12: Finishing 2026 Strong
FINISHING 2026 STRONG Execution priorities to enter 2027 with momentum 1 Safety first 2 Workforce efficiency Maintain safety-first Further optimize workforce mentality across all global mix in Australia, following operations, ensuring recent improvements Everyone Gets Home Safe 3 Cost discipline 4 I
Slide 13: Growth Drivers for 2026 and Beyond
GROWTH DRIVERS FOR 2026 AND BEYOND Strategic Building Blocks for Our Success Scaling Into a Securing Expanding Tier 1 Contractor Infrastructure Awards Mining Services Platform in Australia in Northern Canada in Canada and U.S. 23 Global Operating Sites2 NORTH NORTHAMERICAN AMERICANCONSTRUCTION CONST
Slide 14: Australia Platform Driving Growth
AUSTRALIA PLATFORM DRIVING GROWTH Scale and diversification create a larger platform for sustainable growth 36% • New executive leadership adds deep Revenue CAGR1 Australian and international mining 2024 Q1 -2026 Q3 experience • Expanded exposure to copper, gold, lithium, iron ore and nickel strengt
Slide 15: Positioned to Win in Northern Canada
POSITIONED TO WIN IN NORTHERN CANADA Q3 awards continue Nuna momentum, while major infrastructure pursuits advance 2026 Q3 JOINT VENTURE CONTRACT AWARDS $4.6B¹ • Ontario follow-on scope extends site presence from well into 2027 Pipeline supporting after successful delivery of earlier work scopes. Nu
Slide 16: Oil Sands Platform for Resilient Returns
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 30% creates additional near-term equipment-service opp
Slide 17: Bid Pipeline
BID PIPELINE1 Strong global pipeline. Positioned to convert opportunities into meaningful growth $4.5 billion 14 resources +$15 billion Total bid pipeline1 In active tender Diversity in global opportunities In total bid pipeline1 opportunities and procurement phase 1 See Slide 2 or 2026 Q3 Financial
Slide 18: New CEO: Disciplined Execution, Valuable Growth
NEW CEO: DISCIPLINED EXECUTION, VALUABLE GROWTH Brad Stronger cash generation to support deleveraging and total shareholder returns Rogers Stated Execution Priorities: 01 Accelerate growth in North America given existing opportunities Incoming President, Chief Executive Officer Seize tailwinds to ad
Slide 19: 2026 Financial Outlook & Guidance
2026 FINANCIAL OUTLOOK & GUIDANCE Outlook Confidence • Contractual backlog1 as at September 30, 2026 of $3.2 billion underpinning guidance ranges 2026 Guidance Ranges • Strategic and prudent investments in equipment fleets provide confidence for $1.7 – $1.8B reliable performance and operational exce
Slide 20: Supplemental Information
SUPPLEMENTAL INFORMATION NORTH AMERICAN CONSTRUCTION 20 GROUP
Slide 21: Company Overview
COMPANY OVERVIEW Fleet of over 1,200 heavy equipment assets • Backed by support equipment & infrastructure Current workforce of ~4,000 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 22: Capital Markets Overview
CAPITAL MARKETS OVERVIEW TSX:NOA/NYSE:NO STATS as of A November 3, 2026 Since 2013, NOA has repurchased 50% of the shares outstanding on December 31, 2012. 27M $16.63 $443M Shares outstanding, Share price Market capitalization net of treasury shares 2.9% BB (high) BB- Dividend yield Stable Negative
Slide 23: Everyone Gets Home Safe
EVERYONE GETS HOME SAFE Total Recordable Injury Rate Focused on health & safety for ourselves, our customers, our environment, & the communities we work in • Trailing twelve-month injury rate below target of 0.50 • TTM exposure hours of 6.9 million1 Primary initiatives currently underway • Advanced
Slide 24: Long-Term Contracts
LONG-TERM CONTRACTS Type Contract1 Backlog2 Queensland thermal Operations Full mine support $1.1B 2079 coal mine services Queensland metallurgical Operations Maintained support $475M 2040 coal mine rental Queensland metallurgical Operations Maintained support $350M 2037 coal mine rental Queensland m
Slide 25: Heavy Equipment Fleet
HEAVY EQUIPMENT FLEET Category 1 Australia Canada Total +200-ton haul trucks 90 95 185 Large capacity loading units 11 14 25 Large dozers and graders 127 45 172 Large capacity fleet 228 154 382 Haul trucks and articulated trucks 131 151 282 Loading units and other loaders 129 207 336 Dozers and grad
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION 2026 Q3 2025 Q3 Change (figures in millions of Canadian dollars unless otherwise stated) Revenue from wholly-owned entities per financial statements 413 317 96 Share of revenue from investments in affiliates and joint ventures 93 135 (42) IMC economic benefit - revenu
Slide 27: GAAP to Non-GAAP Reconciliation (continued)
GAAP TO NON-GAAP RECONCILIATION (continued) 2026 Q3 2025 Q3 Change (figures in millions of Canadian dollars) Revenue from wholly-owned entities per financial statements - Heavy Equipment - Australia 267 189 78 Share of revenue from investment in affiliates and joint ventures - IMC PPKPE 4 — 4 Austra
North American Construction Group — Q3 2026 Earnings Presentation on 6ix