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Earnings

North American Construction Group Ltd. Announces Results for the Fourth Quarter and Year Ended December 31, 2025

By The Northwire Desk — AI Analysis Mar 11, 2026 · 17:52 NOA · 22.8 NORTH AMERICAN CONSTRUCTION GROUP LTD.
NOA · Price

Executive Summary

  • North American Construction Group Ltd. reported Q4 2025 combined revenue of C$344.0 M (‑7.7% YoY) and adjusted EBITDA of C$77.6 M (‑28.7% YoY), with a net loss of C$0.14 per share.
  • The company announced the acquisition of Iron Mine Contracting (IMC) in Western Australia, positioning NACG as a Tier 1 contractor in that market and adding a pro‑forma backlog of $3.9 B.
  • Management projected 2026 combined revenue of $1.5–$1.7 B, adjusted EBITDA of $380–$420 M and free cash flow of $110–$130 M, supported by a secured $1.2 B of contracted revenue.

Key Details

  • Financial Highlights (Q4 2025)
  • Combined revenue: C$344.0 M (‑7.7% YoY).
  • Reported revenue: C$305.6 M (flat YoY).
  • Adjusted EBITDA: C$77.6 M (‑28.7% YoY).
  • Adjusted EPS: $(0.14) vs. $1.01 prior year.
  • Free cash flow: +C$57.4 M (up C$7.0 M QoQ).

  • Net debt: C$878.5 M (‑C$25.5 M YoY).

  • Segment Performance

  • Heavy Equipment – Australia revenue up 10% to C$175.9 M; gross margin 15.5%.
  • Heavy Equipment – Canada revenue down 10% to C$127.9 M; margins pressured by mechanical availability.

  • Joint ventures/affiliates net of eliminations fell 43% to C$38.4 M, driven by a $12.9 M cost‑to‑complete adjustment on the Fargo project and lower JV activity.

  • Operational Highlights

  • Fargo‑Moorhead flood diversion project ~85% complete; $50 M cost increase for structures/railroads/aqueducts, with NACG’s share of $13 M (one‑time catch‑up).
  • Australian operations posted record Q4 revenue (+10% YoY) despite wet weather impacts in Queensland.

  • Oil sands operations stable; minor mechanical availability issues noted.

  • Acquisition

  • Share purchase agreement signed on 18 Dec 2025 to acquire Iron Mine Contracting (IMC), a Western Australian mining services contractor.

  • Transaction expected to create a national Tier 1 contractor in Australia, broaden client base and support long‑term capital‑intensive mining programs.

  • 2026 Outlook & Guidance

  • Pro‑forma contractual backlog: $3.9 B (incl. $1.2 B for 2026).
  • Projected 2026 combined revenue: $1.5–$1.7 B.
  • Adjusted EBITDA guidance: $380–$420 M.
  • Free cash flow guidance: $110–$130 M.

  • Key priorities: safety, Australian workforce optimization, cost reduction, IMC integration, completion of Fargo project, and mechanical availability improvements in oil sands.

  • Dividend

  • Board declared a quarterly dividend of C$0.12 per share (record date 26 Mar 2026; payable 9 Apr 2026).

  • Conference Call

  • Management call scheduled for 12 Mar 2026, 9:00 am ET (7:00 am MT); replay available until 10 Apr 2026.

Notable Quotes

“We are entering 2026 with a very different, significantly more positive and stable outlook based on clear operational priorities and strong demand across our markets,” – Barry Palmer, President & CEO.

“Our 2026 outlook is supported by strong visibility, with approximately $1.2 B of revenue already secured, representing roughly 75% of our midpoint revenue guidance,” – Jason Veenstra, CFO.

Read the original news release →

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