Research analysts who have asked questions during North American Construction Group earnings calls.
AM
Aaron MacNeil
TD Cowen
3 questions for NOA
Also covers: BLDP, EFXT, ENB +3 more
AT
Adam Thalhimer
Thompson, Davis & Company, Inc.
3 questions for NOA
Also covers: ACM, AZZ, CX +17 more
MS
Maxim Sytchev
National Bank Financial, Inc.
3 questions for NOA
Also covers: ATS, CIGI, RBA +1 more
Christopher Thompson
CIBC
2 questions for NOA
DS
Devin Schilling
Ventum Financial Corp.
2 questions for NOA
Sean Jack
Raymond James Financial
2 questions for NOA
Also covers: FSV, STN, ZDCAF
YL
Yuri Lynk
Canaccord Genuity Group Inc.
2 questions for NOA
Also covers: STN
John Gibson
BMO Capital Markets
1 question for NOA
Also covers: PDS
KN
Kazim Naqvi
National Bank Financial
1 question for NOA
KG
Kevin Gainey
Thompson, Davis & Company, Inc.
1 question for NOA
Also covers: GLDD, GXO, NX +2 more
TM
Tim Monachello
ATB Capital Markets
1 question for NOA
Also covers: EFXT
Wil Wutherich
Wutherich & Company
1 question for NOA
Recent press releases and 8-K filings for NOA.
North American Construction Group to Acquire Iron Mine Contracting
NOA
M&A
Guidance Update
New Projects/Investments
- North American Construction Group Ltd. (NACG) announced it has entered into a definitive share purchase agreement to acquire Iron Mine Contracting (IMC), a diversified mining services contractor in Western Australia, for approximately $115 million (Canadian dollars).
- The acquisition is expected to be significantly accretive, increasing NACG's incremental earnings per share by approximately 20% in 2026, and is valued at approximately 2.5x of IMC's expected EBITDA in 2026.
- The transaction, expected to close in the first quarter of 2026, will be funded by 65% senior-secured bank financing and 35% vendor-provided debt financing.
- This acquisition is strategically important, as it is expected to increase NACG's exposure to rare earth and critical minerals in Western Australia, with the region's contribution to total earnings projected to grow from 5% to 15%.
- NACG also provided its 2026 financial outlook, with combined revenue guidance of $1.5 to $1.7 billion and adjusted earnings per share guidance of $2.85 to $3.15.
Dec 18, 2025, 10:05 PM
North American Construction Group Acquires Iron Mine Contracting and Provides 2026 Outlook
NOA
M&A
Guidance Update
New Projects/Investments
- North American Construction Group Ltd. (NACG) announced the acquisition of Iron Mine Contracting (IMC), a Western Australian diversified mining services contractor, for approximately $115 million (Canadian dollars).
- The acquisition is expected to be significantly accretive, increasing NACG's incremental earnings per share by approximately 20% in 2026, and is anticipated to close in the first quarter of 2026.
- This strategic move expands NACG's presence in the Western Australian market, enhancing its exposure to rare earth and critical minerals, and solidifying its position as a Tier 1 contractor in Australia.
- The transaction will be fully funded by 65% senior-secured bank financing and 35% vendor-provided debt financing.
- NACG also provided its 2026 financial outlook, projecting combined revenue of $1.5 to $1.7 billion, adjusted EBITDA of $380 to $420 million, and adjusted earnings per share of $2.85 to $3.15.
Dec 18, 2025, 10:05 PM
North American Construction Group Ltd. Announces New Share Buyback Program
NOA
Share Buyback
- North American Construction Group Ltd. (NACG) announced a new Normal Course Issuer Bid (NCIB) to repurchase up to 2,729,056 common shares for cancellation, representing approximately 10% of the public float and 9.3% of its issued and outstanding shares as of November 10, 2025.
- The NCIB is expected to commence on or about November 20, 2025, and will terminate no later than November 19, 2026.
- An Automatic Share Purchase Plan (ASPP) has been established and will be effective as of November 20, 2025, to facilitate purchases under the NCIB.
- The company believes the current market price of its common shares does not fully reflect their underlying value, making the repurchase an effective use of cash resources and beneficial for shareholders.
- Under the previous NCIB, which expired on November 3, 2025, NACG purchased and cancelled 1,781,550 common shares at a volume weighted average price of $21.23 per share.
Nov 19, 2025, 1:00 AM
North American Construction Group Reports Strong Q3 2025 Results with Revenue and Margin Growth
NOA
Earnings
Revenue Acceleration/Inflection
New Projects/Investments
- North American Construction Group (NOA) reported strong Q3 2025 results, with combined revenue of CAD 390 million, a 6% sequential increase, and EBITDA of CAD 99 million. The combined gross profit margin improved significantly to 14.6% from a restated 8.9% in Q2 2025.
- Australia was a key driver, generating CAD 188 million in revenue, marking a 12% sequential increase and 26% growth compared to Q3 2024, with a gross margin of 19.6%.
- The company generated CAD 46 million in free cash flow and reported adjusted earnings per share of $0.67. Net debt increased slightly to CAD 904 million, with senior secured leverage at 1.6 times, decreasing to 1.3 times after a CAD 125 million reopener in October.
- NOA's bid pipeline expanded by CAD 2 billion since Q2 to over CAD 12 billion, indicating strong future growth opportunities, particularly in Australia and infrastructure. The company expects to provide its 2026 outlook in early to mid-December.
Nov 13, 2025, 2:00 PM
North American Construction Group Ltd. Announces Q3 2025 Results and H2 2025 Outlook
NOA
Earnings
Guidance Update
Dividends
- North American Construction Group Ltd. (NOA) reported Q3 2025 combined revenue of $390.8 million, a 6% increase year-over-year, and adjusted EPS of $0.67, a 44% decrease.
- Adjusted EBITDA for Q3 2025 was $99.0 million, a 12% decrease, while free cash flow was an inflow of $45.7 million, an increase of $56.3 million compared to the prior year.
- The company's net debt stood at $904.0 million at the end of Q3 2025, increasing $7.1 million during the quarter.
- For the six months ending December 31, 2025, NOA projects combined revenue between $700 million and $750 million, Adjusted EBITDA between $190 million and $210 million, and Adjusted EPS between $1.40 and $1.60.
- A regular quarterly dividend of $0.12 Canadian cents per common share was declared on November 10, 2025, payable on January 9, 2026.
Nov 12, 2025, 10:05 PM
North American Construction Group Ltd. Announces Q3 2025 Results
NOA
Earnings
Guidance Update
Dividends
- North American Construction Group Ltd. (NACG) reported combined revenue of $390.8 million for the third quarter ended September 30, 2025, representing a 6% increase compared to the prior year, primarily driven by incremental contract wins and commissioned growth assets in the Heavy Equipment - Australia Segment.
- For Q3 2025, Adjusted EPS was $0.67, a 44% decrease year-over-year, while Adjusted EBITDA was $99.0 million, a 12% decrease.
- The company generated a free cash flow inflow of $45.7 million in Q3 2025, an increase of $56.3 million compared to the prior year.
- NACG's Board of Directors declared a regular quarterly dividend of $0.12 per common share, payable on January 9, 2026, to shareholders of record on November 26, 2025.
- The outlook for 2025 remains unchanged, with projected combined revenue for the six months ended December 31, 2025, between $700 million and $750 million, and Adjusted EPS between $1.40 and $1.60.
Nov 12, 2025, 10:00 PM
North American Construction Group Ltd. Closes Additional Senior Unsecured Notes Offering
NOA
Debt Issuance
- North American Construction Group Ltd. (NACG) has closed an additional $125 million offering of its 7.75% Senior Unsecured Notes due May 1, 2030.
- This additional issuance brings the total aggregate principal amount of these notes outstanding to $350 million.
- The proceeds from this offering will be used to repay indebtedness under its existing Credit Agreement and for general corporate purposes.
Oct 22, 2025, 8:00 PM
North American Construction Group Closes Additional Senior Unsecured Notes Offering
NOA
Debt Issuance
- North American Construction Group Ltd. (NACG) successfully closed a private placement offering of an additional $125 million aggregate principal amount of its 7.75% Senior Unsecured Notes due May 1, 2030.
- Following this offering, the total aggregate principal amount of these notes outstanding is $350 million.
- NACG intends to use the proceeds from this offering to repay indebtedness under its existing Credit Agreement and for general corporate purposes.
Oct 22, 2025, 2:28 PM
North American Construction Group Ltd. Announces Reopening of Senior Unsecured Notes
NOA
Debt Issuance
- North American Construction Group Ltd. (NACG) announced an offering to sell an additional $125 million aggregate principal amount of its 7.75% senior unsecured notes due May 1, 2030.
- This reopening will bring the total aggregate principal amount of these notes outstanding to an expected $350 million, following an initial issuance of $225 million on May 1, 2025.
- The notes are priced at 103% of their face value, with a yield to worst of 6.778%.
- NACG intends to use the net proceeds primarily to repay indebtedness under its existing credit agreement and for general corporate purposes.
- The offering is anticipated to close on or about October 22, 2025.
Oct 8, 2025, 9:10 PM
North American Construction Group Ltd Reports Q2 2025 Results and Provides H2 2025 and 2026 Outlook
NOA
Earnings
Guidance Update
New Projects/Investments
- North American Construction Group Ltd (NOA) reported Q2 2025 EBITDA of $80,000,000 with a 21.6% margin and combined revenue of $371,000,000, a 12% increase from Q2 2024. Adjusted earnings per share for the quarter was $0.02.
- The financial results were significantly impacted by higher subcontractor costs in Australia, unplanned work stoppages in the Oil Sands region, and a material margin adjustment from the Fargo project settlement.
- The company expects these challenges to be mitigated, with H2 2025 results consistent with original expectations, and anticipates an expected midpoint of $100,000,000 in free cash flow for the second half of the year. For 2026, the company projects a free cash flow target of $120,000,000 to $150,000,000.
- NOA secured the biggest contract in company history, a $2,000,000,000 win at a Queensland coal mine, contributing to a record backlog. The company maintains long-term organic revenue growth targets of 5% to 10% annually and plans to increase infrastructure work to approximately 25% of its overall business by 2028.
Aug 21, 2025, 4:27 PM
Quarterly earnings call transcripts for North American Construction Group.
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