North American Construction Group (NOA) Investor presentation summary

Strategic positioning and diversification

• Operates as a global leader in mining services and civil infrastructure, with a presence across multiple commodities and geographies, including significant operations in Australia and North America.

• Diversified revenue streams: 80% from mining services and 20% from infrastructure, with exposure to thermal/metallurgical coal, lithium, copper, iron ore, gold, and Canadian oil sands.

• Recent acquisitions, such as Iron Mine Contracting and MacKellar Group, have established a Tier 1 contractor platform in Australia, expanding capabilities and market reach.

• Major revenue diversification achieved through strategic stakes and acquisitions, including Nuna Group and DGI Trading.

• Operations span 23 global sites with over 3,600 employees and more than 1,100 heavy equipment assets.

Growth drivers and operational highlights

• Scaling into a Tier 1 contractor in Australia, leveraging synergies from recent acquisitions and targeting high-growth opportunities in Western Australia and Queensland.

• Securing large infrastructure awards in North America, including the Fargo-Moorhead Flood Diversion Project and multiple nation-building projects in Canada and the U.S.

• Expanding mining services in Canada and the U.S., supported by a large equipment fleet and over 70 years of operational expertise.

• Strong relationships with Indigenous partners and a focus on critical minerals infrastructure projects.

• Heavy equipment fleet of approximately 1,250 assets as of March 2026, providing operational flexibility and scale.

Financial performance and outlook

• Record contractual backlog of $3.8 billion as of mid-2026 underpins strong financial guidance.

• 2026 combined revenue guidance raised to $1.6–1.8 billion, with adjusted EBITDA expected at $380–420 million and free cash flow at $110–130 million.

• Revenue and EBITDA growth driven primarily by Australian operations, improved oil sands utilization, and fleet optimization.

• Company valuation multiple lags peers despite strong operational growth and a 20% CAGR in combined revenue from 2018–2025.

• Long-term contracts in place across Australia, Canada, and the U.S., supporting revenue visibility through 2059.