Sean Jack's questions to North American Construction Group (NOA) leadership • Q2 2025
Question
Sean Jack from Raymond James asked for clarity on the expected trajectory of Australian gross margins in the second half of the year and inquired about the timing of potential new project wins from the infrastructure bid pipeline.
Answer
CFO Jason Veenstra projected Australian gross profit margins to be in the low 20% range for H2, with a slight improvement in Q4 over Q3 as subcontractor issues are resolved. CEO Joe Lambert explained that while some subcontractor infrastructure opportunities could materialize as early as 2026, major design-build project wins are more likely to be awarded in 2026 for construction starts in 2027.