North American Construction Group (NOA) Investor presentation summary

Strategic positioning and operations

• Operates as a global, diversified heavy mining and civil infrastructure contractor with a presence in North America and Australia, offering full mine site operations, equipment supply, and infrastructure construction services.

• Exposure spans multiple commodities including metallurgical and thermal coal, gold, copper, lithium, iron ore, and Canadian oil sands, with 80% of revenue from mining services and 20% from infrastructure.

• Maintains a global workforce of over 4,100 employees and operates 23 sites with more than 1,250 heavy equipment assets.

Growth strategy and recent acquisitions

• Acquired Iron Mine Contracting (IMC) in April 2026, establishing a Tier 1 contractor platform in Australia and expanding exposure to critical minerals and large-scale projects.

• Combined IMC and MacKellar Group operations provide national reach in Australia, with a $1.0B contractual backlog and 120 heavy equipment assets from IMC.

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

Financial performance and outlook

• 2026 guidance targets $1.6B in combined revenue and $400M in adjusted EBITDA at the midpoint, with free cash flow expected around $120M.

• Pro forma contractual backlog stands at $3.9B entering 2026, with a $12.6B bid pipeline and $4.6B in active tenders.

• Revenue and EBITDA have shown strong CAGRs since 2018, with valuation multiples lagging peers, suggesting an attractive entry point.