North American Construction Group Ltd (FRA:N5Z)

Q3 2025 North American Construction Group Ltd Earnings Call Transcript

Nov 13, 2025 / 02:00 PM GMT

Release Date Price: €12.3 (+1.65%)

Transcript

Key Points

Positve

North American Construction Group Ltd (NOA) reported a strong operational quarter with a 14.6% gross margin, significantly improved from the previous quarter.
The company achieved a 6% sequential revenue increase, reaching $390 million, despite seasonally low demand in the oil sands region.
Australia showed impressive growth with a 12% sequential increase and a 26% year-over-year increase, driven by significant contracts and growing customer production.
The McKellar Group set a company record for monthly revenue in September, indicating strong performance heading into the fourth quarter.
NOA's safety management systems continue to perform well, with a recordable rate of 0.45, bettering their industry-leading target frequency of 0.50.

Negative

EBITDA and EBIT were down from their 2024 comparables, although in line with guidance for the second half of 2025.
The company experienced challenges in the oil sands region, with a gross margin of 9.2%, although improved from the previous quarter.
There is uncertainty regarding the timing of critical mineral projects in Canada, with expectations pushed to 2027.
NOA is still in the process of right-sizing its Canadian equipment fleet, awaiting bid results to determine future allocations.
The company faces ongoing challenges in reducing reliance on subcontractors, particularly in Australia, where skilled trades workforce development is needed.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NOA.TO - North American Construction Group Ltd
Q3 2025 North American Construction Group Ltd Earnings Call
Nov 13, 2025 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning ladies and gentlemen. Welcome to the North American Construction Group conference call regarding the 3rd quarter ended September 30th, 2025.

At this time, all participants are in a listen-only mode. Following management's prepared remarks, there will be an opportunity for analysts, shareholders, and bondholders to ask questions. The media may monitor this call in listen-only mode. They are free to quote any member of the management, but they are asked not to quote remarks from any other participant without that participant's permission.

The company wishes to confirm that today's comments contain forward-looking information and that actual results could differ materially

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