North American Construction Group (NOA) Investor presentation summary

Strategic positioning and operations

• Operates as a global leader in mining services and heavy civil infrastructure, with a presence since 1953 and a diversified platform across multiple commodities and geographies.

• Provides full mine site operations, equipment supply, and infrastructure contracting, including bridges, dams, roads, and water management systems.

• Maintains a global operating platform with 23 sites, 4,108 employees, and over 1,250 heavy equipment assets.

Diversification and growth initiatives

• Revenue is diversified across mining services (80%) and infrastructure (20%), with significant exposure in Australia (75%) and North America (25%).

• Major acquisitions, including Iron Mine Contracting and MacKellar Group, have established a Tier 1 contractor platform in Australia.

• Strategic focus on expanding mining services in Canada and the U.S., and securing infrastructure awards across North America.

Financial performance and outlook

• Combined revenue CAGR of 20% from 2018 to 2025, with adjusted EBITDA CAGR also at 20%.

• 2026 guidance targets $1.5–1.7 billion in combined revenue and $380–420 million in adjusted EBITDA.

• Pro forma contractual backlog stands at $3.9 billion, with a $12.6 billion bid pipeline and $4.6 billion in active tenders.

• Free cash flow for 2026 is expected to be $110–130 million.