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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 combined revenue of $390.8M, up 6% year-over-year, driven by strong Australian growth and steady demand in oil sands, with Australia posting a 26% year-over-year increase and maintaining a 100% contract renewal rate.
Adjusted EBITDA was $99.0M (25.3% margin), with gross margin at 14.6%, both improving sequentially but down year-over-year; adjusted EPS was $0.67, and net income was $17.3M.
Free cash flow rebounded to $45.7M, up significantly from the prior year, and cash from operations reached $91.8M.
Record 12-month top-line revenue of $1.5B and a bid pipeline exceeding $12B support long-term stability and future growth.
Share repurchases totaled 1.8M shares under the NCIB, and a $0.12 dividend was declared for Q3 2025.
Financial highlights
Gross profit margin was 14.6% (combined), down from 20.1% year-over-year, with adjusted EBITDA margin at 25.3%.
Net income for Q3 was $17.3M, with basic EPS of $0.59 and adjusted EPS of $0.67.
Free cash flow was $45.7M, a significant improvement from a $10.7M outflow in Q3 2024.
Net debt ended at $904M, up $7.1M; net debt leverage at 2.2x–2.3x.
Depreciation expense increased to $49.5M, reflecting fleet expansion and component write-downs.
Outlook and guidance
H2 2025 guidance: combined revenue $700M–$750M, adjusted EBITDA $190M–$210M, adjusted EPS $1.40–$1.60, free cash flow $95M–$105M; sustaining capital $60M–$70M.
2026 outlook to be provided in December, pending major project awards and tenders.
Strategic focus on Australian growth, infrastructure expansion, and leveraging 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
North American Construction Group
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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