Core Viewpoint - North American Construction Group Ltd. (NACG) plans to initiate a normal course issuer bid (NCIB) to repurchase up to 2,729,056 common shares, representing approximately 10% of the public float and 9.3% of the total issued shares as of November 10, 2025 [1][3]. Group 1: NCIB Details - The NCIB is set to begin on or around November 20, 2025, and will conclude no later than November 19, 2026 [4]. - The company aims to purchase a maximum of 1,453,727 common shares on the NYSE and alternative trading systems, which is about 5% of the issued and outstanding voting common shares [2][4]. - The average daily trading volume of common shares on the TSX for the six months preceding November 1, 2025, is 94,744 shares, allowing a maximum daily repurchase of 25% of this average, equating to 23,686 shares [4]. Group 2: Rationale for Share Repurchase - The company believes the current market price of its common shares does not reflect their underlying value, presenting an opportunity to acquire shares at attractive prices [3]. - The repurchase is viewed as an effective use of cash resources, benefiting both the company and its shareholders by enhancing liquidity for those looking to sell and increasing the proportionate interests of shareholders who wish to maintain their positions [3]. Group 3: Previous NCIB Performance - Under the previous NCIB, which expired on November 3, 2025, the company was authorized to purchase up to 2,087,577 common shares and successfully repurchased and canceled 1,781,550 shares at an average price of $21.23 per share [5]. Group 4: Automatic Share Purchase Plan (ASPP) - The company has established an automatic share purchase plan (ASPP) with its designated broker, allowing for the purchase of up to 2,729,056 common shares until the NCIB expires [6]. - The ASPP will operate under the broker's discretion, adhering to the purchasing parameters set by the company and applicable regulations [6][7]. - Purchases under the ASPP will be included in the total number of shares available for repurchase under the NCIB [9].

Core Insights - North American Construction Group Ltd. (NACG) reported its third-quarter results for the period ending September 30, 2025, highlighting a solid performance despite some challenges in gross profit margins [1][2]. Financial Highlights - Combined revenue for Q3 2025 was $390.8 million, an increase of 6% compared to the previous year, while reported revenue was $317.2 million, up 11% [8]. - Adjusted EPS for Q3 2025 was $0.67, a decrease of 44% from $1.19 in Q3 2024, attributed to a higher average share count and interest expenses [7][8]. - Adjusted EBITDA was $99.0 million, down 12% year-over-year, but showed a 3.7% improvement in EBITDA margin compared to Q2 2025 [8]. Operational Highlights - Revenue growth was primarily driven by contract wins and growth in the Heavy Equipment - Australia segment, which saw a 26% increase in revenue to $188.5 million [8]. - Heavy Equipment - Canada revenue decreased by 5% to $125.7 million, mainly due to reduced scopes at Syncrude mines [8]. - The company experienced improved gross profit margins in Australia, gaining 4.5% due to favorable weather and operational efficiencies [8]. Cash Flow and Debt - Free cash flow for the quarter was $45.7 million, a significant increase of $56.3 million compared to the previous year [9]. - Net debt rose to $904.0 million, an increase of $7.1 million during the quarter, influenced by growth capital expenditures and share purchases [10]. Dividend Declaration - The NACG Board of Directors declared a quarterly dividend of $0.12 per common share, payable on January 9, 2026, to shareholders of record as of November 26, 2025 [11]. Outlook - The company provided guidance for the remainder of 2025, projecting combined revenue between $700 million and $750 million and adjusted EBITDA between $190 million and $210 million [12].

Core Points - North American Construction Group Ltd. (NACG) has successfully closed a private placement offering of an additional $125 million of its 7.75% Senior Unsecured Notes due May 1, 2030, bringing the total outstanding amount to $350 million [1][2] - The proceeds from the offering will be used to repay existing indebtedness under its Credit Agreement and for general corporate purposes [2] - The Notes were offered on a private placement basis in Canada and to qualified institutional buyers in the U.S. under Rule 144A and Regulation S [3] Company Overview - NACG is a leading provider of heavy civil construction and mining services in Australia, Canada, and the U.S., with over 70 years of experience in the mining, resource, and infrastructure construction markets [4]

Core Viewpoint - North American Construction Group Ltd. (NACG) has announced a private placement offering to sell an additional $125 million of its 7.75% senior unsecured notes due May 1, 2030, increasing the total outstanding notes to $350 million [1][3]. Group 1: Offering Details - The additional notes will be issued at a price of 103% of their face value, with a yield to worst of 6.778% [2]. - The offering is being led by National Bank Capital Markets and includes several other financial institutions [1]. Group 2: Use of Proceeds - NACG plans to use the net proceeds from the offering to repay existing indebtedness and for general corporate purposes [3]. Group 3: Company Background - NACG is a leading provider of heavy civil construction and mining services in Australia, Canada, and the U.S., with over 70 years of experience in the mining, resource, and infrastructure construction markets [6].

Core Points - North American Construction Group Ltd. (NACG) has entered into an underwriting agreement to sell an additional $125 million of its 7.75% senior unsecured notes due May 1, 2030, as part of a private placement offering [1][2] - The total outstanding amount of these notes, including the initial issuance of $225 million on May 1, 2025, will reach $350 million after the closing of the offering [1][3] - The notes will be issued at a price of 103% of their face value, with a yield to worst of 6.778% [2] Financial Details - The net proceeds from the offering will be used to repay existing indebtedness and for general corporate purposes [3] - The offering is expected to close on or about October 22, 2025, subject to customary closing conditions [3] Regulatory Information - The notes are being offered on a private placement basis in Canada and are not registered under the U.S. Securities Act, being sold only to qualified institutional buyers [4]

Core Viewpoint - North American Construction Group Ltd. (NACG) reported its second quarter financial results for 2025, highlighting a mixed performance with increased revenues but significant declines in profitability metrics due to one-time disruptions and adjustments related to specific projects [1][2][5]. Financial Highlights - Combined revenue for Q2 2025 was $370.6 million, a 12% increase from the previous year, while reported revenue was $320.6 million, up 16% [8]. - Gross profit for the quarter was $39.8 million, down 37% year-over-year, with a reported gross profit of $35.8 million, a decrease of 29% [8]. - Adjusted EPS fell to $0.02, a 98% decrease, while basic EPS was $0.35, down 35% [8]. - Adjusted EBITDA was $80.1 million, a 12% decline compared to the previous year [8]. - Free cash flow showed a cash use of $0.4 million, an increase of $10.2 million from the prior year [8]. Operational Highlights - Global equipment utilization remained stable at 74%, consistent with the previous year, contributing to revenue growth in both Heavy Equipment - Australia and Heavy Equipment - Canada segments [3]. - Heavy Equipment - Australia revenue increased by 14% to $168.1 million, driven by an expanded fleet and production at a new copper mine [8]. - Heavy Equipment - Canada revenue rose by 20% to $147.4 million, attributed to increased reclamation activities [8]. - Revenue from joint ventures and affiliates decreased by 6% to $50.0 million, primarily due to lower contributions from the Nuna joint venture [8]. Management Outlook - The company maintains a positive outlook for the second half of 2025, expecting to meet original revenue expectations despite increased costs in the oil sands business due to demand volatility [7]. - Long-term growth targets remain intact, with anticipated organic revenue growth of 5% to 10% annually, supported by ongoing growth in Australia and new infrastructure projects [7]. Dividend Declaration - On August 12, 2025, NACG's Board of Directors declared a quarterly dividend of $0.12 per common share, payable on October 3, 2025 [9]. Debt and Capital Management - Net debt increased to $896.9 million, up $29.5 million from the previous quarter, primarily due to growth capital expenditures of $24.5 million [6][8]. - The company’s guidance for EBITDA and EPS for the second half of 2025 has been adjusted to reflect increased near-term costs, while revenue guidance remains unchanged [10]. Changes in Accounting Policy - NACG has changed its accounting policy regarding the classification of heavy equipment tires, now recognizing them as property, plant, and equipment, which aligns the accounting treatment with their economic use [20][21].

Group 1 - North American Construction Group Ltd. (NACG) held its Annual Meeting of Shareholders on May 14, 2025, where shareholders elected directors and approved KPMG LLP as independent auditors [1] - The election results showed strong support for the directors, with Martin R. Ferron receiving 93.39% of votes in favor, and Joseph C. Lambert receiving 99.78% [1] - A non-binding advisory vote on the company's approach to executive compensation was approved with 79.59% of votes in favor [1] Group 2 - NACG is a leading provider of heavy civil construction and mining services in Australia, Canada, and the U.S., with over 70 years of experience in the mining, resource, and infrastructure construction markets [2]

Core Insights - North American Construction Group Ltd. (NACG) reported strong financial results for Q1 2025, with combined revenue of $391.5 million, marking a 13% increase from the previous year, driven by higher equipment utilization in Canada and increased fleet capacity in Australia [5][12][15] - The company faced operational challenges due to severe weather conditions, particularly excessive rainfall in Australia and cold weather in Canada, which impacted overall performance and margins [3][16][17] Financial Performance - Revenue for Q1 2025 was $340.8 million, a 15% increase from $297.0 million in Q1 2024, with heavy equipment segments in Australia and Canada growing by 18% and 13% respectively [12][23] - Adjusted EBITDA increased slightly to $99.9 million, a 3% rise from $97.4 million in the same quarter last year, despite weather-related operational challenges [5][16] - Net income decreased to $6.2 million from $11.5 million in Q1 2024, reflecting higher depreciation and interest expenses [6][23] Operational Highlights - The Fargo-Moorhead flood diversion project surpassed 65% completion, and early development work commenced at a copper mine in New South Wales [5] - The company successfully converted $73 million of debentures into common shares, enhancing its equity position [5] - A new $225 million senior unsecured financing was completed to bolster liquidity for ongoing infrastructure and mining projects [5][31] Strategic Focus - NACG aims to leverage its strong reputation in heavy civil infrastructure and mining sectors in Australia and North America, with a focus on securing new contracts and expanding existing scopes [3][29] - The company is committed to maintaining high safety standards, operational excellence, and sustainability in its projects [29] Liquidity and Capital Structure - As of March 31, 2025, NACG reported net debt of $867.5 million, reflecting an increase due to cash flow usage and growth spending [5][28] - Total available capital liquidity stood at $198.5 million, providing a solid foundation for funding organic growth and working capital investments [28][30] Future Outlook - NACG projects combined revenue for 2025 to be between $1.4 billion and $1.6 billion, with adjusted EBITDA expected to reach $445 million [32] - The company plans to focus on organic growth, diversification of customers, and strategic partnerships to enhance its market position [29][32]

Core Viewpoint - North American Construction Group Ltd. (NACG) has successfully closed a private placement offering of $225 million in Senior Unsecured Notes with a 7.75% interest rate, maturing on May 1, 2030, to repay existing debt and for general corporate purposes [1][2]. Group 1: Offering Details - The offering consists of $225 million aggregate principal amount of 7.75% Senior Unsecured Notes due May 1, 2030 [1]. - The Notes were sold in Canada under private placement exemptions and were not registered under the U.S. Securities Act, being offered only to qualified institutional buyers [2]. - The offering was underwritten by several financial institutions, including National Bank Financial Inc. and its U.S. affiliates [3]. Group 2: Company Overview - North American Construction Group Ltd. is a leading provider of heavy civil construction and mining services in Australia, Canada, and the U.S., with over 70 years of experience in the mining, resource, and infrastructure construction markets [4].

Core Points - North American Construction Group Ltd. (NACG) announced a private placement offering of $225 million aggregate principal amount of 7.75% Senior Unsecured Notes due May 1, 2030 [1] - The Notes will accrue interest at a rate of 7.75% per annum, with semi-annual payments starting November 1, 2025 [1] - The net proceeds from the Offering will be used to repay existing indebtedness and for general corporate purposes [2] Offering Details - The Notes are being conditionally offered for sale in Canada and are not registered under the U.S. Securities Act [3] - The Offering is led by National Bank Financial Inc. and several other financial institutions, with expected closing on or about May 1, 2025 [4] Company Overview - NACG is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S., with over 70 years of experience in the mining, resource, and infrastructure construction markets [6]