North American Construction Group (NOA) Investor Presentation summary

Strategic positioning and market diversification

• Operations span over 50 mining and civil construction sites across Canada, the US, and Australia, with 62.5% of EBIT from Australian mining, 20% from Canadian mining, and 15% from US civil projects.

• Expansion in Australian mining and US civil projects has reduced reliance on Canadian mining, enhancing geographical and commodity diversification.

• Bid pipeline exceeds $10B, supporting resilient, multi-market growth and reduced earnings volatility.

Operational excellence and fleet management

• Maintains a large, diverse heavy mining fleet with a global target utilization rate of 75-80%, supporting high asset utilization and contractual outsourcing.

• Over 90% of maintenance activities are completed in-house, yielding 30-50% cost savings on machine rebuilds and enabling competitive project bids.

• Advanced telematics and real-time monitoring drive efficiency, safety, and cost reduction.

Financial performance and outlook

• Invested capital of $1.5B underpins organic growth, with H2 2025 expected as an inflection point for EPS growth driven by debt reduction and stable capital.

• 2025 H2 guidance: combined revenue of $700–$750M, adjusted EBITDA of $190–$210M, adjusted EPS of $1.40–$1.60, and free cash flow of $95–$105M.

• Net debt leverage targeted at 2.1x, with free cash generation providing capital allocation flexibility.