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North American Construction Group (NOA) investor relations material
North American Construction Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 delivered record combined revenue of CAD 391 million, up 6–7% year-over-year, driven by strong growth in Australia and steady Canadian operations.
Adjusted EBITDA was CAD 99 million (25.3% margin), up 17% sequentially but down 12% year-over-year; adjusted EPS was $0.67, with basic EPS at $0.59.
Gross margin improved to 14.6% from Q2, reflecting better execution and demand, especially in Australia.
Australia posted a 26% year-over-year revenue increase, with a 100% contract renewal rate and a $2.0B contract win in Queensland.
Trailing twelve-month combined revenue reached CAD 1.5 billion, a company record.
Financial highlights
Gross margin improved to 14.6% (combined), up 5.7 percentage points from Q2, though down year-over-year.
Free cash flow was CAD 46 million, with cash from operations before working capital at CAD 72 million.
Net income for Q3 was $17 million; basic EPS $0.59, adjusted EPS $0.67.
Cash provided by operating activities was $92 million, up from the prior quarter.
Interest expense was $15.3 million; higher interest and share count reduced EPS by ~$0.50.
Outlook and guidance
H2 2025 guidance reiterated: combined revenue $700–$750 million, adjusted EBITDA $190–$210 million, adjusted EPS $1.40–$1.60, free cash flow $95–$105 million.
Net debt leverage target revised to 2.2x due to share repurchases.
2026 outlook to be provided in early to mid-December, pending major tender results.
Strategic focus on Australian growth, infrastructure expansion, and indigenous partnerships in Canada.
Asset redeployment strategy for capital returns?
Infrastructure revenue target by 2028?
Mitigate external maintenance cost impact?
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Next North American Construction Group earnings date
Q4 202519 Mar, 2026
Next North American Construction Group earnings date
Q4 202519 Mar, 2026
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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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