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North American Construction Group (NOA) investor relations material
North American Construction Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Combined revenue reached $371M in Q2 2025, up 12% year-over-year, led by Australia and Canada, with Australia contributing $168M and achieving 76% fleet utilization.
Adjusted EBITDA was $80M with a 21.6% margin, down from 27.6% last year, impacted by higher subcontractor costs, unplanned oil sands outages, and a one-time Fargo project margin adjustment.
The company signed its largest-ever $2.0B contract in Queensland, maintaining a 100% renewal rate in Australia and increasing backlog.
Safety performance remains industry-leading, supporting contract wins and operational efficiency.
Fargo project progressed past 70% completion, with claims settlement providing project stability.
Financial highlights
Gross profit margin fell to 10.7%-11.2%, down from 18.2%-19.2% last year, due to higher costs in Australia, oil sands inefficiencies, and the Fargo settlement.
Adjusted EPS dropped to $0.02 from $0.80 last year; net income was $10M, down from $15M.
Net cash from operations was $64M-$65M; free cash flow was neutral or slightly negative due to sustaining capital spending.
Net debt ended at $897M, up $29M; leverage ratios were 2.2x net debt/EBITDA and 1.5x senior secured debt/EBITDA.
General and administrative expenses remained stable at $12M, or 3.6% of revenue.
Outlook and guidance
H2 2025 expected to deliver stronger results, with EBITDA margin anticipated to recover to H2 2024 levels as one-time impacts subside.
Combined revenue guidance for 2025 is $700M–$750M; adjusted EBITDA $190M–$210M; adjusted EPS $1.40–$1.60.
Free cash flow guidance for H2 2025 is $95M–$105M, with majority of cash generation expected in H2.
2026 sustaining CapEx expected in the $180M-$200M range, with normalized free cash flow guidance of $120M-$150M.
Long-term organic revenue growth target of 5-10% annually, driven by Australian growth and infrastructure projects.
What actions mitigate subcontractor labor issues?
Why was there a customer-requested work shutdown?
What are the updated EBITDA and EPS guidance?
Quantify the impact of component issues in Canada.
Detail the strategy for infrastructure project teams.
What's driving the lower H2 oil sands revenue?
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Next North American Construction Group earnings date
Q3 202530 Oct, 2025
Next North American Construction Group earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
North American Construction Group Ltd provides heavy civil construction and mining services to resource-based industries. The company offers earthworks, mine construction, and maintenance services to customers in the oil sands, gold, and other mineral sectors. The company is headquartered in Acheson, Canada, and its shares are listed on the TSX.
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