Canada · Delayed Price · Currency is CAD North American Construction Group Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 results were impacted by a Fargo project adjustment and weather in Australia, but annual revenue grew 10% year-over-year. 2026 guidance targets record revenue and EBITDA, with strong backlog and bid pipeline, and IMC acquisition set to boost growth.
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Q3 2025 saw strong operational execution, with revenue up 6% sequentially and significant growth in Australia, which posted a 26% year-over-year increase. Gross margin and EBITDA improved from Q2, and a record bid pipeline positions the business for continued expansion.
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Q2 2025 results were impacted by one-time costs in Australia, oil sands, and the Fargo project, but revenue grew 12% year-over-year. H2 2025 and 2026 are expected to see normalized margins, strong free cash flow, and continued growth in Australia and infrastructure.
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Q1 2025 delivered record trailing 12-month revenue of $1.5B, despite severe weather impacts in Canada and Australia that reduced margins. Guidance for 2025 remains unchanged, with backlog expected to hit $4B mid-year and strong growth anticipated in infrastructure and Australian markets.
Fiscal Year 2024
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Record annual revenue and backlog were achieved in 2024, driven by strong Australian growth and major contract wins. 2025 guidance projects continued revenue and EBITDA growth, with a focus on asset utilization, debt reduction, and infrastructure expansion.
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Focus remains on resource-rich markets with long-term contracts and blue-chip clients, leveraging in-house maintenance and proprietary technology for cost leadership. The MacKellar acquisition accelerates diversification and growth in Australia, while capital allocation targets debt reduction and share buybacks.
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Record Q3 results driven by Australia, with strong EBITDA and margin performance. Backlog remains above CAD 3 billion, and 2025 is expected to see further growth, supported by a robust bid pipeline and improved fleet utilization.
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Q2 delivered record EBITDA and strong margins, led by Australian operations, despite weather-related disruptions in Canada. Backlog remains robust at CAD 2.8 billion, with 2024 guidance unchanged and 2025 set to benefit from growth capital and improved utilization.