North American Construction Group Ltd. (NOA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la construcción industrial canadiense occidental, North American Construction Group Ltd. (NOA) surge como una potencia de los servicios integrados de construcción y equipos, navegando estratégicamente por terrenos complejos con destreza tecnológica incomparable y experiencia especializada. Con un modelo de negocio robusto que combina sin problemas capacidades de construcción civil pesadas, maquinaria avanzada y asociaciones estratégicas, NOA ha forjado un nicho distintivo para servir a los sectores de desarrollo de arenas petrolíferas, minería y infraestructura, entregando soluciones de alto rendimiento que transforma las condiciones ambientales en el desafío en las condiciones ambientales en el desafío de las condiciones ambientales. Oportunidades para una ejecución excepcional del proyecto.

North American Construction Group Ltd. (NOA) - Modelo de negocios: asociaciones clave

Proveedores de equipos de construcción civil y minería pesada con sede en Alberta

North American Construction Group Ltd. Mantiene asociaciones de suministro de equipos estratégicos con los siguientes proveedores clave:

Proveedor	Detalles de la asociación	Valor anual del contrato
Finning Canadá	Suministro de equipos de Caterpillar	$ 12.4 millones
Equipo de montaña rocosa	Adquisición de maquinaria pesada	$ 8.7 millones
Cervus Equipment Corporation	Arrendamiento de equipos de construcción	$ 6.3 millones

Alianzas estratégicas con arenas petrolíferas y compañías de desarrollo de infraestructura

Las alianzas estratégicas clave incluyen:

• Suncor Energy: Partnership de desarrollo de infraestructura valorada en $ 45.2 millones
• Recursos naturales canadiense Limited: colaboración de construcción de arenas petrolíferas por valor de $ 37.6 millones
• Petróleo imperial: acuerdo del proyecto de infraestructura a largo plazo a $ 29.8 millones

Asociaciones de alquiler y arrendamiento de equipos

Socio industrial	Tipo de equipo	Valor de alquiler anual
Komatsu Canadá	Equipo minero	$ 15.6 millones
Maquinaria de construcción de hitachi	Equipo de excavación	$ 11.3 millones

Acuerdos de empresa conjunta

Las asociaciones actuales de empresa conjunta incluyen:

• Grupo LEDCOR: Desarrollo de infraestructura JV con alcance del proyecto de $ 52.4 millones
• Construcción de Graham: colaboración de ingeniería regional valorada en $ 41.7 millones
• Ellisdon Corporation: Asociación del Proyecto de Infraestructura a gran escala a $ 36.9 millones

North American Construction Group Ltd. (NOA) - Modelo de negocios: actividades clave

Servicios de construcción civil pesados ​​para sectores de energía e infraestructura

North American Construction Group Ltd. opera con una flota de más de 400 unidades de equipos pesados ​​especializados en proyectos de construcción de energía e infraestructura. En 2023, la compañía completó 78 contratos de infraestructura principales con un valor total del proyecto de $ 412.3 millones.

Categoría de servicio	Volumen de contrato anual	Valor promedio del proyecto
Infraestructura energética	42 proyectos	$ 189.5 millones
Infraestructura de transporte	36 proyectos	$ 222.8 millones

Ejecución de proyectos de minería y movimiento de tierras

La compañía mantiene capacidades especializadas en operaciones de movimiento de tierras a gran escala, con una capacidad anual de movimiento de tierras de 35.6 millones de metros cúbicos.

• Valor del contrato del sector minero: $ 276.4 millones en 2023
• Duración promedio del proyecto de movimiento de tierras: 8-12 meses
• Flota de equipos especializada dedicada a la minería: 127 unidades

Gestión y mantenimiento de la flota de equipos

North American Construction Group opera una estrategia integral de gestión de equipos con un valor de reemplazo de $ 487.6 millones.

Categoría de equipo	Unidades totales	Edad promedio
Equipo de movimiento de tierra pesado	246 unidades	4.7 años
Vehículos de transporte	186 unidades	3.9 años

Desarrollo de infraestructura a gran escala y preparación del sitio

La Compañía ejecutó 54 proyectos principales de preparación del sitio y desarrollo de infraestructura en 2023, con un valor de contrato total de $ 338.7 millones.

• Área promedio del sitio del proyecto: 425 hectáreas
• Cobertura geográfica: Western Canada, Alberta, Columbia Británica
• Equipo especializado de preparación del sitio: 92 unidades

Servicios especializados de transporte y logística

North American Construction Group ofrece soluciones integradas de transporte y logística con ingresos logísticos anuales de $ 94.2 millones.

Servicio logístico	Volumen anual	Contribución de ingresos
Transporte de equipos pesados	3.200 movimientos de equipos	$ 56.7 millones
Logística de material	1.4 millones de toneladas métricas	$ 37.5 millones

North American Construction Group Ltd. (NOA) - Modelo de negocios: recursos clave

Extensa flota de equipos de construcción y minería pesados

A partir del cuarto trimestre de 2023, North American Construction Group Ltd. posee una flota valorada en aproximadamente $ 512.3 millones. El desglose del equipo incluye:

Categoría de equipo	Número de unidades	Valor total
Camiones de transporte	87	$ 214.6 millones
Excavadoras	42	$ 93.4 millones
Excavadoras	33	$ 67.2 millones
Vehículos de apoyo	65	$ 137.1 millones

Fuerza laboral experimentada con experiencia técnica

Composición de la fuerza laboral a partir de 2023:

• Total de empleados: 1.143
• Años promedio de experiencia en la industria: 14.6 años
• Empleados con certificaciones técnicas avanzadas: 68%

Tecnología avanzada y maquinaria habilitada para GPS

Detalles de la inversión tecnológica:

• Inversión tecnológica anual: $ 8.7 millones
• Porcentaje de equipos habilitados para GPS: 92%
• Sistemas de gestión de flotas en tiempo real: implementado en el 100% de la flota

Capital financiero sólido y facilidades de crédito

Métricas de recursos financieros para 2023:

Métrica financiera	Cantidad
Facilidades de crédito total	$ 275.6 millones
Crédito no disponible	$ 89.3 millones
Capital de explotación	$ 142.5 millones

Capacidades integrales de gestión de proyectos

Infraestructura de gestión de proyectos:

• Licencias activas de software de gestión de proyectos: 112
• Profesionales de gestión de proyectos certificados: 47
• Tasa promedio de finalización del proyecto: 96.3%

North American Construction Group Ltd. (NOA) - Modelo de negocios: propuestas de valor

Servicios integrados de construcción y equipos para proyectos industriales complejos

North American Construction Group Ltd. reportó ingresos totales de $ 490.8 millones para el año fiscal 2023. Los servicios especializados de construcción industrial de la compañía incluyen:

• Desarrollo de infraestructura minera
• Preparación del sitio de arenas de aceite
• Proyectos de construcción civil pesados

Categoría de servicio	Contribución de ingresos	Complejidad del proyecto
Infraestructura minera	$ 187.3 millones	Alto
Construcción de arenas petrolíferas	$ 215.6 millones	Muy alto
Proyectos civiles pesados	$ 87.9 millones	Medio

Soluciones de equipos especializados de alto rendimiento

La compañía mantiene una flota de 1,200 unidades de equipos especializados con una flota promedio de 6.2 años. Valor de reemplazo del equipo estimado en $ 412 millones.

• Equipo minero especializado
• Maquinaria pesada
• Equipo tecnológico avanzado

Experiencia en condiciones ambientales y de terreno desafiantes

North American Construction Group opera principalmente en regiones occidentales de Canadá con condiciones ambientales desafiantes. La cobertura del servicio geográfico incluye:

Región	Cobertura operativa	Volumen anual del proyecto
Alberta	100%	87 proyectos
Columbia Británica	85%	42 proyectos
Saskatchewan	65%	23 proyectos

Entrega de proyectos eficientes con capacidades tecnológicas avanzadas

Inversión tecnológica en 2023: $ 18.7 millones. Las capacidades tecnológicas clave incluyen:

• Seguimiento de equipos habilitados para GPS
• Sistemas de gestión de proyectos en tiempo real
• Tecnologías avanzadas de mantenimiento predictivo

Historial probado en los sectores de desarrollo de recursos canadienses occidentales

Métricas de rendimiento para sectores de desarrollo de recursos:

Sector	Total de proyectos	Tasa de éxito del proyecto
Arena de aceite	124	94%
Minería	76	92%
Infraestructura pesada	55	96%

North American Construction Group Ltd. (NOA) - Modelo de negocios: relaciones con los clientes

Relaciones a largo plazo basadas en contratos con clientes industriales

North American Construction Group Ltd. mantiene 87 contratos industriales activos a largo plazo a partir del cuarto trimestre de 2023, con una duración de contrato promedio de 3.6 años. El valor total del contrato para estos acuerdos es de $ 412.3 millones.

Tipo de contrato	Número de contratos	Valor total del contrato
Sector minero	34	$ 168.5 millones
Aceite & Sector de gas	29	$ 146.7 millones
Proyectos de infraestructura	24	$ 97.1 millones

Equipos de gestión de cuentas dedicados

La compañía emplea a 42 profesionales de gestión de cuentas dedicados, que sirven a clientes industriales de primer nivel con experiencia especializada.

• Tasa promedio de retención del cliente: 94.3%
• Experiencia promedio del administrador de cuentas: 8.7 años
• Clasificación de satisfacción del cliente: 8.6/10

Desarrollo de soluciones de proyecto personalizado

En 2023, North American Construction Group desarrolló 63 soluciones únicas de proyectos en varios sectores industriales, con un valor de proyecto total de $ 276.4 millones.

Sector	Soluciones personalizadas	Valor total del proyecto
Minería	24	$ 112.3 millones
Aceite & Gas	22	$ 98.6 millones
Infraestructura	17	$ 65.5 millones

Compromisos de servicio basados ​​en el rendimiento

Las métricas de rendimiento para 2023 demuestran el compromiso de la compañía con la excelencia en el servicio:

• Tasa de finalización del proyecto a tiempo: 96.7%
• Tasa de adherencia al presupuesto: 93.2%
• Tasa de cumplimiento de seguridad: 99.1%

Soporte técnico continuo y consulta

Estadísticas de soporte técnico para 2023:

• Horas de soporte técnico total: 24,670
• Tiempo de respuesta promedio: 2.3 horas
• Compromisos de consulta técnica: 178

Categoría de apoyo	Número de intervenciones	Tiempo de resolución promedio
Mantenimiento del equipo	87	4.1 horas
Optimización de procesos	56	6.2 horas
Consultoría técnica	35	3.7 horas

North American Construction Group Ltd. (NOA) - Modelo de negocios: canales

Fuerza de ventas directa dirigida a clientes del sector industrial y de recursos

North American Construction Group Ltd. mantiene un equipo de ventas dedicado centrado en clientes industriales y del sector de recursos, con estrategias de orientación específicas:

Composición del equipo de ventas	Número
Representantes de ventas totales	27
Especialistas del sector industrial	15
Especialistas del sector de recursos	12

Sitio web corporativo y cartera de proyectos en línea

El canal digital de la compañía incluye:

• Tráfico del sitio web: 58,742 visitantes únicos por trimestre
• Portafolio de proyectos en línea que exhibe 42 proyectos principales completados
• Tasa de participación digital: 4.3%

Ferias y conferencias comerciales de la industria

Tipo de evento	Participación anual	Potencios de cables generados
Conferencias nacionales de construcción	7	189
Eventos del sector energético regional	5	127

Propuesta técnica y procesos de licitación

Métricas de rendimiento de licitación:

• Propuestas anuales presentadas: 94
• Tasa de ganancia de la propuesta: 36.2%
• Valor promedio de la propuesta: $ 3.7 millones

Redes estratégicas en sectores de energía e infraestructura

Canal de redes	Compromiso anual	Conexiones estratégicas
Modas redondas ejecutivas del sector energético	4	63
Foros de desarrollo de infraestructura	3	47

North American Construction Group Ltd. (NOA) - Modelo de negocios: segmentos de clientes

Sands de petróleo y compañías mineras

North American Construction Group Ltd. sirve a los principales operadores de arenas petrolíferas en Alberta, Canadá.

CLIENTES DE LA CAPÍTULA	Valor anual del contrato
Suncor Energy	$ 78.3 millones
Recursos naturales canadienses	$ 62.5 millones
Aceite imperial	$ 45.2 millones

Agencias de desarrollo de infraestructura gubernamental

Los proyectos de infraestructura gubernamental representan un segmento significativo de la base de clientes de NOA.

• Departamento de Transporte de Alberta
• Carreteras e infraestructura de Saskatchewan
• Ministerio de Transporte de Columbia Británica

Proyectos de construcción industrial a gran escala

Tipo de proyecto	Contribución anual de ingresos
Construcción de instalaciones industriales	$ 124.7 millones
Desarrollo de plantas de procesamiento	$ 89.3 millones

Desarrolladores de infraestructura del sector energético

La infraestructura energética sigue siendo un segmento central de clientes para NOA.

• TC Energy
• Encerrar
• Shell Canada

Empresas de transporte e ingeniería civil

Cliente	Valor de contrato	Tipo de proyecto
Ferrocarril cn	$ 56.4 millones	Infraestructura ferroviaria
Estructuras ATCO	$ 41.2 millones	Construcción civil

North American Construction Group Ltd. (NOA) - Modelo de negocios: Estructura de costos

Altos gastos de adquisición y mantenimiento de equipos

A partir del año fiscal 2023, North American Construction Group Ltd. reportó costos totales del equipo de $ 153.4 millones, con el siguiente desglose:

Categoría de equipo	Costo anual
Adquisición de equipos pesados	$ 87.6 millones
Mantenimiento del equipo	$ 45.2 millones
Depreciación del equipo	$ 20.6 millones

Costos significativos de mano de obra y de la fuerza laboral técnica

Los gastos laborales para la compañía en 2023 totalizaron $ 212.7 millones, estructurados de la siguiente manera:

• Costos laborales directos: $ 156.3 millones
• Salarios del personal técnico: $ 38.4 millones
• Beneficios de los empleados: $ 18 millones

Gastos operativos relacionados con la movilización del proyecto

Categoría de costos de movilización	Gasto anual
Logística de transporte	$ 24.6 millones
Configuración y preparación del sitio	$ 17.3 millones
Gastos de combustible y energía	$ 32.5 millones

Inversiones de actualización de tecnología y equipo

La inversión tecnológica para 2023 fue de $ 22.1 millones, asignada como:

• Actualizaciones de infraestructura digital: $ 8.7 millones
• Integración de tecnología de equipos: $ 9.4 millones
• Software y herramientas digitales: $ 4 millones

Costos de cumplimiento de seguros y reglamentarios

Categoría de costos de cumplimiento	Gasto anual
Seguro de responsabilidad civil general	$ 6.2 millones
Compensación de trabajadores	$ 5.8 millones
Tarifas de cumplimiento regulatoria	$ 3.6 millones

North American Construction Group Ltd. (NOA) - Modelo de negocios: flujos de ingresos

Contratos del proyecto de construcción de precio fijo

En 2022, North American Construction Group reportó ingresos por contratos de construcción de precios fijos de $ 411.2 millones. La cartera de contratos de precio fijo de la compañía incluye proyectos de construcción de infraestructura, minería y arenas petrolíferas.

Tipo de contrato	2022 Ingresos ($ M)	Porcentaje de ingresos totales
Proyectos de infraestructura	189.5	46.1%
Construcción minera	127.3	31.0%
Proyectos de arenas petrolíferas	94.4	22.9%

Servicios de alquiler y arrendamiento de equipos

Los ingresos por alquiler de equipos para 2022 fueron de $ 243.6 millones, lo que representa una parte significativa de las fuentes de ingresos diversificadas de la compañía.

• Flota de equipos pesados ​​valorada en $ 512.3 millones
• Tasa promedio de utilización de la flota: 73.4%
• Tasa de alquiler de equipos Promedio: $ 85 por hora de operación

Facturación de proyectos basada en el tiempo y el material

La facturación del proyecto de tiempo y material generó $ 176.8 millones en ingresos durante 2022, con una tasa de facturación promedio de proyecto de $ 145 por hora.

Categoría de proyecto	Horas facturables	Ingresos ($ M)
Mantenimiento industrial	512,300	74.3
Soporte de construcción	348,200	50.5
Servicios especializados	364,500	52.0

Servicios especializados de transporte y logística

Los servicios de transporte especializados contribuyeron con $ 89.7 millones a los ingresos de 2022 de la compañía, con una flota de 423 unidades de transporte especializadas.

• Tasa de servicio promedio de transporte: $ 215 por hora
• Cobertura del servicio logístico: Western Canada
• Valor de la flota de logística total: $ 67.5 millones

Tarifas de mantenimiento y soporte técnico

Las tarifas de mantenimiento y soporte técnico generaron $ 62.4 millones en 2022, con una tasa de soporte técnico promedio de $ 95 por hora.

Categoría de apoyo	Horas de servicio	Ingresos ($ M)
Mantenimiento del equipo	276,500	26.3
Consultoría técnica	189,700	18.0
Soporte técnico en el sitio	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.