North American Construction Group Ltd. (NOA): Business Model Canvas

In der dynamischen Landschaft des westkanadischen Industriebaus entwickelt sich North American Construction Group Ltd. (NOA) zu einem Kraftpaket für integrierte Bau- und Ausrüstungsdienstleistungen, das komplexe Projektgebiete mit beispielloser technologischer Leistungsfähigkeit und Fachkompetenz strategisch bewältigt. Mit einem robusten Geschäftsmodell, das schwere Tiefbaukapazitäten, fortschrittliche Maschinen und strategische Partnerschaften nahtlos miteinander verbindet, hat sich NOA eine besondere Nische in der Versorgung von Ölsand-, Bergbau- und Infrastrukturentwicklungssektoren geschaffen und liefert leistungsstarke Lösungen, die herausfordernde Umweltbedingungen in Möglichkeiten für eine außergewöhnliche Projektabwicklung verwandeln.

North American Construction Group Ltd. (NOA) – Geschäftsmodell: Wichtige Partnerschaften

Zulieferer für schwere Bau- und Bergbauausrüstung mit Sitz in Alberta

North American Construction Group Ltd. unterhält strategische Partnerschaften zur Ausrüstungslieferung mit den folgenden Hauptlieferanten:

Lieferant	Einzelheiten zur Partnerschaft	Jährlicher Vertragswert
Finning Kanada	Lieferung von Caterpillar-Geräten	12,4 Millionen US-Dollar
Rocky Mountain-Ausrüstung	Beschaffung schwerer Maschinen	8,7 Millionen US-Dollar
Cervus Equipment Corporation	Leasing von Baumaschinen	6,3 Millionen US-Dollar

Strategische Allianzen mit Ölsand- und Infrastrukturentwicklungsunternehmen

Zu den wichtigsten strategischen Allianzen gehören:

• Suncor Energy: Infrastrukturentwicklungspartnerschaft im Wert von 45,2 Millionen US-Dollar
• Canadian Natural Resources Limited: Zusammenarbeit beim Bau von Ölsanden im Wert von 37,6 Millionen US-Dollar
• Imperial Oil: Langfristiger Infrastrukturprojektvertrag über 29,8 Millionen US-Dollar

Partnerschaften zur Vermietung und zum Leasing von Ausrüstung

Industriepartner	Gerätetyp	Jährlicher Mietwert
Komatsu Kanada	Bergbauausrüstung	15,6 Millionen US-Dollar
Hitachi-Baumaschinen	Aushubausrüstung	11,3 Millionen US-Dollar

Joint-Venture-Vereinbarungen

Zu den aktuellen Joint-Venture-Partnerschaften gehören:

• Ledcor Group: Infrastrukturentwicklungs-JV mit einem Projektumfang von 52,4 Millionen US-Dollar
• Graham Construction: Regionale technische Zusammenarbeit im Wert von 41,7 Millionen US-Dollar
• EllisDon Corporation: Groß angelegte Infrastrukturprojektpartnerschaft im Wert von 36,9 Millionen US-Dollar

North American Construction Group Ltd. (NOA) – Geschäftsmodell: Hauptaktivitäten

Schwere Baudienstleistungen für den Energie- und Infrastruktursektor

North American Construction Group Ltd. verfügt über eine Flotte von mehr als 400 Schwermaschinen, die auf Energie- und Infrastrukturbauprojekte spezialisiert sind. Im Jahr 2023 schloss das Unternehmen 78 große Infrastrukturverträge mit einem Gesamtprojektwert von 412,3 Millionen US-Dollar ab.

Servicekategorie	Jährliches Vertragsvolumen	Durchschnittlicher Projektwert
Energieinfrastruktur	42 Projekte	189,5 Millionen US-Dollar
Verkehrsinfrastruktur	36 Projekte	222,8 Millionen US-Dollar

Durchführung von Bergbau- und Erdbewegungsprojekten

Das Unternehmen verfügt über spezielle Kapazitäten für groß angelegte Erdbewegungsarbeiten mit einer jährlichen Erdbewegungskapazität von 35,6 Millionen Kubikmetern.

• Vertragswert im Bergbausektor: 276,4 Millionen US-Dollar im Jahr 2023
• Durchschnittliche Dauer eines Erdbewegungsprojekts: 8–12 Monate
• Spezialausrüstungsflotte für den Bergbau: 127 Einheiten

Verwaltung und Wartung von Geräteflotten

Die North American Construction Group betreibt eine umfassende Ausrüstungsmanagementstrategie mit einem Wiederbeschaffungswert von 487,6 Millionen US-Dollar.

Ausrüstungskategorie	Gesamteinheiten	Durchschnittsalter
Schwere Erdbewegungsgeräte	246 Einheiten	4,7 Jahre
Transportfahrzeuge	186 Einheiten	3,9 Jahre

Groß angelegte Infrastrukturentwicklung und Standortvorbereitung

Das Unternehmen führte im Jahr 2023 54 große Projekte zur Standortvorbereitung und Infrastrukturentwicklung mit einem Gesamtauftragswert von 338,7 Millionen US-Dollar durch.

• Durchschnittliche Projektfläche: 425 Hektar
• Geografische Abdeckung: Westkanada, Alberta, British Columbia
• Spezialausrüstung für die Baustellenvorbereitung: 92 Einheiten

Spezialisierte Transport- und Logistikdienstleistungen

Die North American Construction Group bietet integrierte Transport- und Logistiklösungen mit einem jährlichen Logistikumsatz von 94,2 Millionen US-Dollar.

Logistikdienstleistung	Jahresvolumen	Umsatzbeitrag
Schwertransport	3.200 Gerätebewegungen	56,7 Millionen US-Dollar
Materiallogistik	1,4 Millionen Tonnen	37,5 Millionen US-Dollar

North American Construction Group Ltd. (NOA) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Flotte schwerer Bau- und Bergbaumaschinen

Im vierten Quartal 2023 besitzt die North American Construction Group Ltd. eine Flotte im Wert von etwa 512,3 Millionen US-Dollar. Die Aufschlüsselung der Ausrüstung umfasst:

Ausrüstungskategorie	Anzahl der Einheiten	Gesamtwert
Transport-LKWs	87	214,6 Millionen US-Dollar
Bagger	42	93,4 Millionen US-Dollar
Bulldozer	33	67,2 Millionen US-Dollar
Begleitfahrzeuge	65	137,1 Millionen US-Dollar

Erfahrene Arbeitskräfte mit technischem Fachwissen

Zusammensetzung der Belegschaft ab 2023:

• Gesamtzahl der Mitarbeiter: 1.143
• Durchschnittliche Branchenerfahrung: 14,6 Jahre
• Mitarbeiter mit fortgeschrittener technischer Zertifizierung: 68 %

Fortschrittliche Technologie und GPS-fähige Maschinen

Details zu Technologieinvestitionen:

• Jährliche Technologieinvestition: 8,7 Millionen US-Dollar
• Anteil der GPS-fähigen Geräte: 92 %
• Echtzeit-Flottenmanagementsysteme: In 100 % der Flotte implementiert

Starkes Finanzkapital und Kreditfazilitäten

Finanzielle Ressourcenkennzahlen für 2023:

Finanzkennzahl	Betrag
Gesamtkreditfazilitäten	275,6 Millionen US-Dollar
Verfügbares, nicht in Anspruch genommenes Guthaben	89,3 Millionen US-Dollar
Betriebskapital	142,5 Millionen US-Dollar

Umfassende Projektmanagementfunktionen

Projektmanagement-Infrastruktur:

• Aktive Projektmanagement-Softwarelizenzen: 112
• Zertifizierte Projektmanagement-Experten: 47
• Durchschnittliche Projektabschlussquote: 96,3 %

North American Construction Group Ltd. (NOA) – Geschäftsmodell: Wertversprechen

Integrierte Bau- und Ausrüstungsdienstleistungen für komplexe Industrieprojekte

North American Construction Group Ltd. meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 490,8 Millionen US-Dollar. Zu den spezialisierten Industriebaudienstleistungen des Unternehmens gehören:

• Entwicklung der Bergbauinfrastruktur
• Vorbereitung des Ölsandstandorts
• Schwere zivile Bauprojekte

Servicekategorie	Umsatzbeitrag	Projektkomplexität
Bergbauinfrastruktur	187,3 Millionen US-Dollar	Hoch
Ölsandbau	215,6 Millionen US-Dollar	Sehr hoch
Schwere zivile Projekte	87,9 Millionen US-Dollar	Mittel

Leistungsstarke Spezialausrüstungslösungen

Das Unternehmen unterhält eine Flotte von 1.200 Spezialgeräten mit einem durchschnittlichen Flottenalter von 6,2 Jahren. Der Wert des Geräteersatzes wird auf 412 Millionen US-Dollar geschätzt.

• Spezialausrüstung für den Bergbau
• Schwere Erdbewegungsmaschinen
• Fortschrittliche technologische Ausrüstung

Fachwissen in anspruchsvollen Umwelt- und Geländebedingungen

Die North American Construction Group ist hauptsächlich in westkanadischen Regionen mit schwierigen Umweltbedingungen tätig. Die geografische Serviceabdeckung umfasst:

Region	Betriebsabdeckung	Jährliches Projektvolumen
Alberta	100%	87 Projekte
Britisch-Kolumbien	85%	42 Projekte
Saskatchewan	65%	23 Projekte

Effiziente Projektabwicklung mit fortschrittlichen technologischen Fähigkeiten

Technologieinvestitionen im Jahr 2023: 18,7 Millionen US-Dollar. Zu den wichtigsten technologischen Fähigkeiten gehören:

• GPS-gestützte Geräteverfolgung
• Echtzeit-Projektmanagementsysteme
• Fortschrittliche vorausschauende Wartungstechnologien

Nachgewiesene Erfolgsbilanz im westkanadischen Ressourcenentwicklungssektor

Leistungskennzahlen für Ressourcenentwicklungssektoren:

Sektor	Gesamtprojekte	Projekterfolgsquote
Ölsande	124	94%
Bergbau	76	92%
Schwere Infrastruktur	55	96%

North American Construction Group Ltd. (NOA) – Geschäftsmodell: Kundenbeziehungen

Langfristige vertragsbasierte Beziehungen mit Industriekunden

North American Construction Group Ltd. unterhält im vierten Quartal 2023 87 aktive langfristige Industrieverträge mit einer durchschnittlichen Vertragslaufzeit von 3,6 Jahren. Der Gesamtauftragswert für diese Vereinbarungen beträgt 412,3 Millionen US-Dollar.

Vertragstyp	Anzahl der Verträge	Gesamtvertragswert
Bergbausektor	34	168,5 Millionen US-Dollar
Öl & Gassektor	29	146,7 Millionen US-Dollar
Infrastrukturprojekte	24	97,1 Millionen US-Dollar

Dedizierte Account-Management-Teams

Das Unternehmen beschäftigt 42 engagierte Account-Management-Experten und betreut erstklassige Industriekunden mit spezialisiertem Fachwissen.

• Durchschnittliche Kundenbindungsrate: 94,3 %
• Durchschnittliche Erfahrung als Account Manager: 8,7 Jahre
• Bewertung der Kundenzufriedenheit: 8,6/10

Entwicklung maßgeschneiderter Projektlösungen

Im Jahr 2023 entwickelte die North American Construction Group 63 einzigartige Projektlösungen in verschiedenen Industriesektoren mit einem Gesamtprojektwert von 276,4 Millionen US-Dollar.

Sektor	Maßgeschneiderte Lösungen	Gesamtprojektwert
Bergbau	24	112,3 Millionen US-Dollar
Öl & Gas	22	98,6 Millionen US-Dollar
Infrastruktur	17	65,5 Millionen US-Dollar

Leistungsbasierte Serviceverpflichtungen

Die Leistungskennzahlen für 2023 belegen das Engagement des Unternehmens für exzellenten Service:

• Pünktliche Projektabschlussquote: 96,7 %
• Budgeteinhaltungsrate: 93,2 %
• Sicherheitskonformitätsrate: 99,1 %

Laufender technischer Support und Beratung

Statistiken zum technischen Support für 2023:

• Gesamtstunden des technischen Supports: 24.670
• Durchschnittliche Antwortzeit: 2,3 Stunden
• Technische Beratungsaufträge: 178

Support-Kategorie	Anzahl der Interventionen	Durchschnittliche Lösungszeit
Gerätewartung	87	4,1 Stunden
Prozessoptimierung	56	6,2 Stunden
Technische Beratung	35	3,7 Stunden

North American Construction Group Ltd. (NOA) – Geschäftsmodell: Kanäle

Direktvertriebskräfte, die sich an Kunden aus der Industrie und dem Rohstoffsektor richten

North American Construction Group Ltd. verfügt über ein engagiertes Vertriebsteam, das sich auf Kunden aus der Industrie- und Rohstoffbranche konzentriert und spezifische Zielgruppenstrategien verfolgt:

Zusammensetzung des Vertriebsteams	Nummer
Gesamtzahl der Vertriebsmitarbeiter	27
Spezialisten für den Industriesektor	15
Spezialisten für den Ressourcensektor	12

Unternehmenswebsite und Online-Projektportfolio

Der digitale Kanal des Unternehmens umfasst:

• Website-Traffic: 58.742 einzelne Besucher pro Quartal
• Online-Projektportfolio mit 42 abgeschlossenen Großprojekten
• Digitale Engagement-Rate: 4,3 %

Branchenmessen und Konferenzen

Ereignistyp	Jährliche Teilnahme	Potenzielle Leads generiert
Nationale Baukonferenzen	7	189
Regionale Veranstaltungen im Energiesektor	5	127

Technische Angebots- und Ausschreibungsprozesse

Gebotsleistungsmetriken:

• Eingereichte jährliche Vorschläge: 94
• Erfolgsquote des Vorschlags: 36,2 %
• Durchschnittlicher Angebotswert: 3,7 Millionen US-Dollar

Strategische Vernetzung im Energie- und Infrastruktursektor

Netzwerkkanal	Jährliches Engagement	Strategische Verbindungen
Roundtables für Führungskräfte im Energiesektor	4	63
Foren zur Infrastrukturentwicklung	3	47

North American Construction Group Ltd. (NOA) – Geschäftsmodell: Kundensegmente

Ölsand- und Bergbauunternehmen

North American Construction Group Ltd. beliefert große Ölsandbetreiber in Alberta, Kanada.

Wichtige Ölsandkunden	Jährlicher Vertragswert
Suncor Energy	78,3 Millionen US-Dollar
Kanadische natürliche Ressourcen	62,5 Millionen US-Dollar
Imperiales Öl	45,2 Millionen US-Dollar

Staatliche Infrastrukturentwicklungsagenturen

Staatliche Infrastrukturprojekte stellen einen bedeutenden Teil des Kundenstamms von NOA dar.

• Verkehrsministerium von Alberta
• Autobahnen und Infrastruktur in Saskatchewan
• Verkehrsministerium von British Columbia

Große Industriebauprojekte

Projekttyp	Jährlicher Umsatzbeitrag
Bau von Industrieanlagen	124,7 Millionen US-Dollar
Entwicklung von Verarbeitungsanlagen	89,3 Millionen US-Dollar

Entwickler von Infrastrukturen im Energiesektor

Die Energieinfrastruktur bleibt ein Kernkundensegment für NOA.

• TC-Energie
• Enbridge
• Shell Kanada

Transport- und Tiefbauunternehmen

Kunde	Vertragswert	Projekttyp
CN-Schiene	56,4 Millionen US-Dollar	Schieneninfrastruktur
ATCO-Strukturen	41,2 Millionen US-Dollar	Zivilbau

North American Construction Group Ltd. (NOA) – Geschäftsmodell: Kostenstruktur

Hohe Kosten für die Anschaffung und Wartung der Ausrüstung

Ab dem Geschäftsjahr 2023 meldete die North American Construction Group Ltd. Gesamtausrüstungskosten in Höhe von 153,4 Millionen US-Dollar, mit folgender Aufteilung:

Ausrüstungskategorie	Jährliche Kosten
Anschaffung von schwerem Gerät	87,6 Millionen US-Dollar
Gerätewartung	45,2 Millionen US-Dollar
Abschreibung der Ausrüstung	20,6 Millionen US-Dollar

Erhebliche Kosten für Arbeitskräfte und technisches Personal

Die Arbeitskosten des Unternehmens beliefen sich im Jahr 2023 auf insgesamt 212,7 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Direkte Arbeitskosten: 156,3 Millionen US-Dollar
• Gehälter für technisches Personal: 38,4 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 18 Millionen US-Dollar

Betriebskosten im Zusammenhang mit der Projektmobilisierung

Kategorie der Mobilisierungskosten	Jährliche Ausgaben
Transportlogistik	24,6 Millionen US-Dollar
Einrichtung und Vorbereitung der Website	17,3 Millionen US-Dollar
Treibstoff- und Energiekosten	32,5 Millionen US-Dollar

Investitionen in die Modernisierung von Technologie und Ausrüstung

Die Technologieinvestitionen für 2023 beliefen sich auf 22,1 Millionen US-Dollar und wurden wie folgt aufgeteilt:

• Modernisierung der digitalen Infrastruktur: 8,7 Millionen US-Dollar
• Integration der Gerätetechnologie: 9,4 Millionen US-Dollar
• Software und digitale Tools: 4 Millionen US-Dollar

Kosten für Versicherungen und die Einhaltung gesetzlicher Vorschriften

Compliance-Kostenkategorie	Jährliche Ausgaben
Allgemeine Haftpflichtversicherung	6,2 Millionen US-Dollar
Arbeitnehmerentschädigung	5,8 Millionen US-Dollar
Gebühren für die Einhaltung gesetzlicher Vorschriften	3,6 Millionen US-Dollar

North American Construction Group Ltd. (NOA) – Geschäftsmodell: Einnahmequellen

Bauprojektverträge zum Festpreis

Im Jahr 2022 meldete die North American Construction Group einen Umsatz aus Bauverträgen mit Festpreisen in Höhe von 411,2 Millionen US-Dollar. Das Festpreis-Vertragsportfolio des Unternehmens umfasst Infrastruktur-, Bergbau- und Ölsandbauprojekte.

Vertragstyp	Umsatz 2022 (Mio. USD)	Prozentsatz des Gesamtumsatzes
Infrastrukturprojekte	189.5	46.1%
Bergbaubau	127.3	31.0%
Ölsandprojekte	94.4	22.9%

Vermietung und Leasing von Ausrüstung

Die Einnahmen aus der Vermietung von Geräten beliefen sich im Jahr 2022 auf 243,6 Millionen US-Dollar und stellen einen erheblichen Teil der diversifizierten Einnahmequellen des Unternehmens dar.

• Schwermaschinenflotte im Wert von 512,3 Millionen US-Dollar
• Durchschnittliche Flottenauslastung: 73,4 %
• Durchschnittlicher Mietpreis für Ausrüstung: 85 USD pro Betriebsstunde

Zeit- und materialbasierte Projektabrechnung

Die Abrechnung von Zeit- und Materialprojekten generierte im Jahr 2022 einen Umsatz von 176,8 Millionen US-Dollar, mit einem durchschnittlichen Projektabrechnungssatz von 145 US-Dollar pro Stunde.

Projektkategorie	Abrechnungsfähige Stunden	Umsatz (Mio. USD)
Industrielle Wartung	512,300	74.3
Bauunterstützung	348,200	50.5
Spezialisierte Dienstleistungen	364,500	52.0

Spezialisierte Transport- und Logistikdienstleistungen

Spezialisierte Transportdienste trugen mit einer Flotte von 423 spezialisierten Transporteinheiten 89,7 Millionen US-Dollar zum Umsatz des Unternehmens im Jahr 2022 bei.

• Durchschnittlicher Transportdienstpreis: 215 $ pro Stunde
• Abdeckung der Logistikdienstleistungen: Westkanada
• Gesamtwert der Logistikflotte: 67,5 Millionen US-Dollar

Gebühren für Wartung und technischen Support

Die Gebühren für Wartung und technischen Support generierten im Jahr 2022 62,4 Millionen US-Dollar, mit einem durchschnittlichen technischen Supportsatz von 95 US-Dollar pro Stunde.

Support-Kategorie	Servicezeiten	Umsatz (Mio. USD)
Gerätewartung	276,500	26.3
Technische Beratung	189,700	18.0
Technischer Support vor Ort	193,600	18.1

North American Construction Group Ltd. (NOA) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose North American Construction Group Ltd. (NOA) over the competition. It boils down to scale, stability, and reach across major resource markets.

Long-term, stable service provision for complex resource projects is a major draw. The company backs this up with a substantial forward-looking commitment. For instance, a regional services contract extension announced in late 2024, effective January 1, 2025, included committed spending of $500 million over its term in the Canadian oil sands sector. Furthermore, the overall proforma contractual backlog stood at a record $3.6 billion at the end of 2024, giving you a clear line of sight into future work. Management also maintains long-term growth targets, anticipating organic revenue growth of 5% to 10% annually beyond 2025.

The geographic footprint is a key differentiator, providing essential diversification. Australian operations are now generating 65% of earnings, a significant shift from prior periods. This is supported by strong segment performance; in Q1 2025, Heavy Equipment - Australia generated $158 million in revenue, while Canadian operations contributed $178 million. By Q3 2025, the Australia segment saw a 26% year-over-year revenue increase, showing successful market penetration outside of Canada.

North American Construction Group Ltd. delivers full-service heavy equipment and mining solutions at scale. You see this scale in the fleet size. As of December 31, 2024, the Heavy Equipment - Canada segment operated 566 units, while the Heavy Equipment - Australia segment operated 334 units directly. The company's entire heavy equipment fleet is valued at approximately $3.8 billion in replacement value. This scale allows them to handle large infrastructure and resource projects, like the $125 million heavy civil construction contract awarded in late 2024 for diversion ditches in the oil sands.

Client commitment is strong, though we don't have the exact 100% renewal figure you mentioned for Australia, the data shows significant contract longevity and new awards. The MacKellar Group, for example, secured a five-year contract with a metallurgical coal producer in August 2024. This focus on long-term relationships helps secure revenue streams, as seen by the $500 million committed spending in the January 1, 2025, oil sands contract extension.

Safety remains a core value proposition, with performance metrics consistently beating internal targets. The trailing 12-month total recordable rate for Q1 2025 improved to 0.34, which was better than the industry-leading target frequency of 0.50. More recently, for Q3 2025, the recordable rate was 0.45, again bettering the target frequency of 0.50. This commitment to safety is a non-negotiable part of their service delivery.

Here's a quick look at the operational scale and geographic split from Q1 2025:

Metric	Canada	Australia
Q1 2025 Revenue (Millions CAD)	$178 million	$158 million
Q1 2025 Gross Profit Margin	5.5%	16.1%
Fleet Size (Units, Dec 31, 2024)	566	334

Also, you should note the financial commitment to the future, like the $125 million Senior Unsecured Notes closed in October 2025, which helps fund general corporate purposes and debt repayment, supporting the overall stability you're looking for.

North American Construction Group Ltd. (NOA) - Canvas Business Model: Customer Relationships

You're looking at how North American Construction Group Ltd. (NOA) manages its most valuable asset: the long-term client. This isn't about one-off jobs; it's about deep integration, especially in the Canadian oil sands.

Dedicated account management for long-term, high-value clients.

North American Construction Group Ltd. (NOA) leans heavily on established tenure. The company notes maintaining over 40-year relationships with key clients in the oil sands sector, which speaks volumes about the stability of their account structure. While specific dedicated account manager headcount isn't public, the financial results suggest high-value client focus. For instance, the Heavy Equipment - Australia segment saw revenue jump 26% year-over-year in Q3 2025, reaching $188.5 million, driven by fleet expansion and major contracts, indicating successful relationship management in that growing geography.

Embedded, non-transactional relationships with major oil sands producers.

The relationship with major oil sands producers is clearly embedded, moving beyond simple transactional work. This is evidenced by the structure of their Canadian operations, even as that segment faced headwinds. In Q3 2025, Heavy Equipment - Canada revenue was $125.7 million, a 5% decrease, with the gross margin in the oil sands region specifically at 9.2%, though this was an improvement from the prior quarter. The commitment to safety, a cornerstone of these embedded relationships, is quantified by their recordable rate of 0.45, which beats their industry-leading target frequency of 0.50.

Contract-based relationships with a focus on renewals and extensions.

The focus on locking in future work through contract extensions is a clear strategy. A prime example is the extended and amended regional services contract announced in late 2024 with a major oil sands producer, effective January 1, 2025, and extending the expiry date to January 31, 2029, up from the previous 2027 date. This agreement includes a committed spend of $500 million over its term. These committed volumes are significant, estimated to represent approximately one-third of the total work expected across those specific mine sites. Furthermore, revenue from joint ventures and affiliates, which includes the Nuna Group of Companies, was $73.5 million in Q3 2025, showing the ongoing nature of these shared contracts, even with an 8% decrease from the prior year's $80.3 million.

Partnering to deliver safe, low-cost services.

Delivering safe, low-cost services is explicitly stated as a goal in securing these long-term deals. The company's overall combined gross margin improved 5.7% in Q3 2025 to 14.6%, reflecting operational consistency and cost control. This focus on efficiency is crucial for maintaining partnerships where cost is a key metric. The Fargo-Moorhead civil-infrastructure project, for instance, remained strong, comparable to the prior year, as it progressed towards 80% complete, suggesting successful execution within the partnership framework.

Here's a quick look at the scale of some key contractual relationships and operational metrics as of late 2025:

Metric/Contract Detail	Value/Amount	Context/Date
Q3 2025 Combined Revenue	$390.8 million Canadian dollars	For the quarter ended September 30, 2025
Committed Spend on Major Oil Sands Extension	$500 million	Over the term of the contract extended to January 31, 2029
Oil Sands Region Gross Margin (Q3 2025)	9.2%	Indicates cost pressure relative to other segments
Safety Recordable Rate	0.45	Bettering the target frequency of 0.50
Heavy Equipment - Australia Revenue (Q3 2025)	$188.5 million	Represents a 26% year-over-year increase
Fargo Project Completion Status	Approaching 80% complete	Civil-infrastructure joint venture work

The company is definitely focused on securing the future, with management noting in Q1 2025 that they believe they can build the infrastructure business to about 25% of their overall business within the next three years. Still, the uncertainty around Canadian critical mineral projects, with expectations pushed to 2027, shows where near-term relationship development might be slower than hoped.

Finance: draft 13-week cash view by Friday.

North American Construction Group Ltd. (NOA) - Canvas Business Model: Channels

You're looking at how North American Construction Group Ltd. (NOA) gets its work done and connects with its revenue sources as of late 2025. The channels here are heavily weighted toward direct client relationships and established geographic footprints, supplemented by strategic partnerships for specific access.

Direct sales team managing large, multi-year contracts.

The backbone of North American Construction Group Ltd.'s channel strategy involves securing substantial, long-term commitments directly with major resource producers. This approach provides revenue visibility, which is crucial for capital planning. For instance, the MacKellar Group, a wholly owned subsidiary, secured an amended and extended five-year contract in Queensland, Australia, in August 2025, which provides a total backlog of approximately $2.0 billion and expires on April 30, 2030. This single contract is the largest signed in the Company's history. Furthermore, a Canadian oil sands regional services contract, effective January 1, 2025, includes committed spending of $500 million over its term, covering earthworks and equipment rentals. As of March 31, 2025, the total contractual backlog stood at a record $4.0 billion on a proforma basis, with the Australian operations alone accounting for $3.0 billion of that backlog.

The direct channel performance is clear when you look at the segment revenue for the third quarter ended September 30, 2025:

Channel/Segment	Q3 2025 Revenue (CAD)	Year-over-Year Change (Q3 2024 vs Q3 2025)	Gross Margin (Q3 2025)
Heavy Equipment - Australia	$188.5 million	Increased 26%	Reported 19.6% (for EBITDA calculation)
Heavy Equipment - Canada	$125.7 million	Decreased 5%	9.2%
Joint Ventures & Affiliates	$73.5 million	Decreased 8%	N/A

The Australian segment, driven by direct contracts and fleet expansion, is clearly the primary revenue driver, bringing in $188.5 million in Q3 2025.

Joint ventures (JVs) for specialized and remote project access.

Joint ventures are used to access specific project types or maintain relationships in key areas where partnership is preferred or required. Revenue from joint ventures and affiliates was $73.5 million in the third quarter of 2025, though this was down 8% from the prior year, largely due to decreased volumes from the Nuna Group of Companies. Still, the civil-infrastructure Fargo project, a key JV, maintained strong production momentum and progressed towards 80% complete as of the end of Q3 2025. These partnerships help North American Construction Group Ltd. manage risk and secure work like the Fargo project, which is a significant civil undertaking.

The use of JVs is a calculated part of the overall revenue mix:

• JV revenue contributed 18% of 2024 combined revenue (based on prior year data).
• The Nuna Group of Companies is an operator specializing in Inuit-owned contracting in northern Canada.
• The company has joint ventures dedicated to the Fargo-Moorhead flood diversion project.
• The overall combined gross margin for the company in Q3 2025 was 15.7%, significantly improved from 8.9% in Q2 2025.

Direct operational presence in Canada, the U.S., and Australia.

North American Construction Group Ltd. maintains a direct physical presence across three key countries, which allows them to deploy their fleet of over 1,100 heavy equipment assets where demand is highest. The operational focus in Q3 2025 showed a clear geographic skew:

• Australia operations generated $188.5 million in revenue, up 26% year-over-year, supported by a 20% expansion in fleet size.
• Canada operations generated $125.7 million in revenue, down 5% year-over-year, impacted by reduced scopes at Syncrude mines.
• The U.S. presence is primarily captured within the 'Other' segment, which includes mine management contract work, and the company is actively exploring new opportunities there.

The company's safety systems are a key operational channel differentiator, maintaining a recordable rate of 0.45 in Q3 2025, beating their target frequency of 0.50, which is important for securing work in all operating countries. Finance: review Q4 2025 capital allocation plan for U.S. opportunities by December 15th.

North American Construction Group Ltd. (NOA) - Canvas Business Model: Customer Segments

You're looking at the core client base for North American Construction Group Ltd. (NOA) as of late 2025. This company doesn't chase small jobs; their model is built on securing massive, long-term commitments with major players in the resource and infrastructure sectors across Canada, Australia, and the U.S.

The Q3 2025 combined revenue hit $390.8 million, which gives you a real-time look at where the work is coming from. Honestly, the geographic split is telling, with Australia becoming a massive revenue driver, though the Canadian oil sands remain a foundational relationship.

Here's how the customer base breaks down based on the operational segments and recent contract wins:

• Major oil, natural gas, and resource companies provide steady, though sometimes fluctuating, work, especially in the Canadian oil sands region.
• Mining sector clients, particularly coal producers in Australia, are driving significant growth and backlog visibility.
• Government and private entities fund large, multi-year civil infrastructure plays, like the major flood diversion project in the US.
• Large-scale industrial construction clients are served through specialized heavy civil work and equipment services.

The company's total contractual backlog as of March 31, 2025, on a proforma basis, was a record $4.0 billion, which shows you the depth of commitment from these segments well into the next decade.

The reliance on these large clients is clear when you look at the revenue contributions from the Q3 2025 period:

Customer/Segment Focus	Q3 2025 Revenue (CAD)	Key Activity/Region
Major Resource Companies (Oil Sands)	$125.7 million (Heavy Equipment - Canada Revenue)	Regional services, overburden removal, reclamation, heavy equipment rentals.
Mining Sector Clients (Coal/Metals)	$188.5 million (Heavy Equipment - Australia Revenue)	Mine services, fully maintained fleet arrangements in Queensland, Australia.
Civil Infrastructure Clients (Fargo Project)	$73.5 million (Share of JV Revenue, partially from Fargo)	Heavy civil construction, water diversion ditches.

Let's drill down into the specific client relationships that underpin these numbers. You can see the focus is on securing multi-year, high-value arrangements.

Major oil, natural gas, and resource companies (e.g., oil sands producers)

This segment relies heavily on the Mikisew North American Limited Partnership (MNALP) joint venture. Despite a Q3 2025 revenue dip of 5% to $125.7 million for the Canadian segment due to reduced oil sands activity, the long-term commitment is solid. They secured an extended and amended regional services contract with a major producer, effective January 1, 2025, which includes committed spend of $500 million over its term. Also, a separate heavy civil contract, awarded in late 2024 for diversion ditches, is expected to generate approximately $125 million in revenue, running through October 2026.

Mining sector clients (e.g., metallurgical coal, copper mines)

This is where the growth is, defintely. The Heavy Equipment - Australia segment, serving coal producers, saw revenue jump 26% year-over-year in Q3 2025 to $188.5 million. The largest contract in the company's history was announced in August 2025 with a Queensland coal producer, an amended five-year contract providing a total backlog of approximately $2.0 billion. Furthermore, a metallurgical coal producer contract secured in late 2024 was valued at $375 million. A copper producer in New South Wales also awarded a $100 million contract in Q4 2024.

Government and private entities for civil infrastructure projects

The Fargo-Moorhead flood diversion project is the concrete example here. As of September 30, 2025, this civil-infrastructure project, executed through a joint venture, remained strong and was progressing towards 80% complete. This project, along with others, contributes to the joint ventures and affiliates revenue stream, which was $73.5 million in Q3 2025.

Large-scale industrial construction clients

This segment overlaps with the others, but the focus is on the scale of the civil and earthwork scopes. The oil sands contract extension includes bulk unit rate earthwork scopes. The Australian operations, providing fully maintained heavy equipment rentals at metallurgical and thermal coal mines, are key here, with the Australian backlog alone providing visibility to 2029 at current levels.

Finance: draft 13-week cash view by Friday.

North American Construction Group Ltd. (NOA) - Canvas Business Model: Cost Structure

You're looking at the major drains on North American Construction Group Ltd.'s (NOA) cash flow, which is critical for understanding their operational leverage. The cost structure is heavily weighted toward asset ownership and financing that massive fleet.

High fixed costs from depreciation are a major component. Based on Q1 2025 combined revenue of $391.5 million, the fixed cost associated with depreciation is estimated at 16%, which translates to approximately $62.64 million for that quarter alone. This high depreciation reflects the significant investment in their heavy equipment fleet, which is central to their operations across three continents.

Financing these assets results in significant interest expense on net debt. As of the end of Q2 2025, North American Construction Group Ltd. reported net debt of C$896.9 million. The cash interest expense for that same quarter was $13.4 million, which rose slightly to $14.5 million in Q3 2025, showing the ongoing cost of leverage. That's a substantial, non-discretionary expense.

Maintaining that fleet is another huge cost center. Sustaining capital additions for fleet maintenance were reported at $47.0 million in Q3 2025. This is distinct from growth capital, representing the necessary spend just to keep the existing machinery running effectively.

Labor and personnel costs across three continents are variable but significant. In Q2 2025, the company noted that a temporary over-reliance on subcontractor labour in Australia increased costs and impacted margins, leading to a focus on hiring and training internal labour moving forward. The need to manage personnel across Canada, the United States, and Australia adds complexity and cost to the structure.

Finally, fuel and maintenance costs for ultra-class truck fleets are definitely a big expense. In Q3 2025, the company saw lower third-party maintenance costs in Australia, which helped improve gross profit margin by 4.5% there, suggesting these variable costs are closely managed. The company also noted in Q2 2025 that they expected increased near-term costs related to higher maintenance requirements on their largest truck fleets.

Here's a quick look at how key expense-related metrics trended across the first three quarters of 2025 (all figures in millions of Canadian dollars unless noted):

Metric	Q1 2025	Q2 2025	Q3 2025
Combined Revenue	$391.5	$370.6	$390.8
Depreciation	Approx. $62.64 (Calculated)	$54.511	N/A
Cash Interest Expense	N/A	$13.4	$14.5
Sustaining Capital Additions	$89.9	N/A	$47.0
Adjusted EBITDA	$99.9	$80.1	$99.0
Net Debt (Period End)	$867.5	$896.9	$904.0

The operational costs tied to keeping the machinery moving include:

• Temporary over-reliance on subcontractors in Australia impacting Q2 2025 margins.
• Increased productive maintenance headcount in Australia during Q3 2025.
• Higher maintenance requirements projected for large truck fleets impacting H2 2025 outlook.
• Global equipment utilization was 74% in Q2 2025.

The interest cost is directly tied to the debt load, which has been increasing slightly:

• Net debt increased by $29.5 million in Q2 2025.
• Net debt increased by $7.1 million in Q3 2025.
• The cash-related interest rate on debt in Q1 2025 was 6.2%.

Finance: draft 13-week cash view by Friday.

North American Construction Group Ltd. (NOA) - Canvas Business Model: Revenue Streams

You're looking at how North American Construction Group Ltd. (NOA) brings in its money as of late 2025. The streams are heavily weighted toward heavy equipment services across two main geographies, supplemented by joint venture income.

The overall expectation for the full year 2025 is quite clear; North American Construction Group Ltd. maintained its projection for combined revenue to land between $\text{C}\$1.4 \text{ billion}$ and $\text{C}\$1.6 \text{ billion}$. To give you a sense of the run rate, the third quarter ended September 30, 2025, saw combined revenue hit $\text{\$390.8 million}$, which was a 6% increase year-over-year for that period.

The core of the revenue comes from heavy equipment services and contract mining fees, split between Canada and Australia. The performance in Australia has been a significant driver, showing strong growth from fleet expansion and contract wins. Here's how the segments looked in Q3 2025:

Revenue Stream Segment	Q3 2025 Revenue (C\$)	Year-over-Year Change
Heavy Equipment - Australia	$\text{\$188.5 million}$	Increased 26%
Heavy Equipment - Canada	$\text{\$125.7 million}$	Decreased 5%

The Canadian revenue decrease in Q3 2025 was mainly due to lower scopes at the Syncrude mines and reduced activity in the oil sands for overburden and reclamation work. Still, the company's focus on operational execution and fleet utilization is key to these service fees, which often come from committed spend contracts for equipment deployment.

Revenue from joint ventures and affiliates provides another important, though sometimes more variable, stream. This revenue is tied to specific projects and partnerships, such as the Fargo civil-infrastructure project and the Nuna Group of Companies. For Q3 2025, this category brought in $\text{\$73.5 million}$, an 8% decrease from the prior year, largely due to lower volumes from the Nuna Group.

You can see the primary revenue components that make up the combined revenue figure:

• Heavy equipment services and contract mining fees (Canada/Australia).
• Revenue generated by joint ventures and affiliates, including the Fargo project.
• The Heavy Equipment segment revenue is the closest proxy for equipment rental revenue derived from committed spend contracts.

To give you a look back at the first half of the year, Q2 2025 combined revenue was $\text{\$370.6 million}$, and Q1 2025 combined revenue was $\text{\$392 million}$. Finance: draft 13-week cash view by Friday.