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CTV 0.110 −4.3% III 7.58 +5.3% NAM 0.240 −2.0% MOG 0.540 +8.0% LUG 79.10 +2.9% TWR 0.165 +3.1% LALI 0.050 +0.0% NFG 2.02 +3.1% APMI 0.145 +0.0% CDE 21.58 +8.3% NVLH 0.075 −11.8% PHNM 0.345 +4.5% AEC 6.71 +11.5% IAU 1.90 +7.3% LOD 0.295 +0.0% FVL 0.990 +8.8% CTV 0.110 −4.3% III 7.58 +5.3% NAM 0.240 −2.0% MOG 0.540 +8.0% LUG 79.10 +2.9% TWR 0.165 +3.1% LALI 0.050 +0.0% NFG 2.02 +3.1% APMI 0.145 +0.0% CDE 21.58 +8.3% NVLH 0.075 −11.8% PHNM 0.345 +4.5% AEC 6.71 +11.5% IAU 1.90 +7.3% LOD 0.295 +0.0% FVL 0.990 +8.8%
Earnings

North American Construction Group Ltd. Announces Results for the Third Quarter Ended September 30, 2025

By The Northwire Desk — AI Analysis Nov 12, 2025 · 17:00 NOA · 20.17 NORTH AMERICAN CONSTRUCTION GROUP LTD.
NOA · Price

Executive Summary

  • North American Construction Group Ltd. (NACG) reported Q3 2025 combined revenue of C$390.8 M (up 6% YoY) but adjusted EPS fell 44% to C$0.67, reflecting a material earnings decline.
  • Adjusted EBITDA decreased 12% YoY to C$99.0 M; free cash flow turned positive at C$45.7 M after a C$47.0 M sustaining‑capital outlay.
  • Net debt rose modestly to C$904.0 M (+C$7.1 M) despite strong operating cash generation, driven by growth capital spending and share repurchases.

Key Details

  • Revenue: Combined revenue C$390.8 M (6% YoY increase); Heavy‑Equipment Australia segment $188.5 M (+26%), Canada segment $125.7 M (‑5%).
  • Gross Profit: Combined gross profit C$57.1 M (15.7% margin), down 23% YoY; margin improvement of 5.7 percentage points year‑to‑date due to cost controls and fleet expansion efficiencies.
  • Adjusted EPS: C$0.67 vs. C$1.19 prior year; diluted EPS $0.56 vs. $1.36 prior year. Decline driven by higher share count (29.2 M vs. 26.8 M) from convertible debenture conversion and interest expense of C$18.5 M.
  • Adjusted EBITDA: C$99.0 M, down 12% YoY; EBITDA margin improved to 25.3% versus 30.7% in Q2 2025.
  • Free Cash Flow: Positive C$45.7 M (adjusted EBITDA less sustaining capital C$47.0 M and cash interest C$14.5 M).
  • Net Debt: End‑quarter net debt C$904.0 M, up C$7.1 M; composition includes senior‑secured debt C$625.5 M, equipment financing C$334.1 M, convertible debentures C$55.0 M, and a credit facility of C$264.5 M.
  • Capital Allocation (Q3): Growth spending C$45.0 M; share repurchases C$13.8 M; growth capital additions C$23.3 M.
  • Dividend: Board declared quarterly dividend of C$0.12 per share, payable 9 Jan 2026.
  • Outlook (2025): Projected combined revenue $700‑$750 M for full year; adjusted EBITDA $190‑$210 M; net debt leverage targeted at ~2.1‑2.2×.

Notable Quotes

“With our encouraging third quarter in the books, we are locked and loaded looking to deliver on our second half commitments and finishing the year strong,” – Joe Lambert, President & CEO.

Read the original news release →

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