Canada · Delayed Price · Currency is CAD North American Construction Group Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw strong sequential earnings and margin growth, with Australia and IMC driving record revenues. Guidance for 2026 is reaffirmed, with a robust backlog and bid pipeline supporting growth, while leverage reduction remains a key focus.
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 impacting margins and utilization in both Australia and Canada. Guidance for 2025 remains unchanged, with strong backlog growth, robust bid pipeline, and continued focus on operational efficiency and capital returns.
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. Q4 EBITDA margin rose to 27.8%, with 2025 guidance targeting up to CAD 1.6 billion in revenue and continued focus on debt reduction and diversification.
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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 and joint ventures, with EBITDA up 75% year-over-year and strong operational performance. Backlog exceeds CAD 3 billion, outlook remains positive for 2024 and 2025, and capital allocation focuses on debt reduction and shareholder returns.
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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.