North American Construction Group Ltd. (NOA): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da Western Canadian Industrial Construction, o North American Construction Group Ltd. (NOA) surge como uma potência de serviços integrados de construção e equipamentos, navegando estrategicamente terrenos complexos de projetos com proezas tecnológicas incomparáveis ​​e experiência especializada. Com um modelo de negócios robusto que combina perfeitamente com pesadas capacidades de construção civil, máquinas avançadas e parcerias estratégicas, a NOA criou um nicho distinto em servir areias petrolíferas, mineração e setores de desenvolvimento de infraestrutura, fornecendo soluções de alto desempenho que transformam condições ambientais que desafiam em condições ambientais em em Oportunidades de execução excepcional do projeto.

North American Construction Group Ltd. (NOA) - Modelo de negócios: Parcerias -chave

Fornecedores de equipamentos civis e de mineração pesados ​​baseados em Alberta

O North American Construction Group Ltd. mantém parcerias estratégicas de fornecimento de equipamentos com os seguintes fornecedores -chave:

Fornecedor	Detalhes da parceria	Valor anual do contrato
Finning Canada	Fornecimento de equipamentos de lagarta	US $ 12,4 milhões
Equipamento Rocky Mountain	Compras de máquinas pesadas	US $ 8,7 milhões
Cervus Equipment Corporation	Leasing de equipamentos de construção	US $ 6,3 milhões

Alianças estratégicas com areias petrolíferas e empresas de desenvolvimento de infraestruturas

As principais alianças estratégicas incluem:

• SunCor Energy: Parceria de Desenvolvimento de Infraestrutura, avaliada em US $ 45,2 milhões
• Canadian Natural Resources Limited: Colaboração de construção de areias petrolíferas no valor de US $ 37,6 milhões
• Oil Imperial: Contrato de Projeto de Infraestrutura de Longo Prazo a US $ 29,8 milhões

Aluguel de equipamentos e parcerias de leasing

Parceiro industrial	Tipo de equipamento	Valor anual de aluguel
Komatsu Canadá	Equipamento de mineração	US $ 15,6 milhões
Máquinas de construção de Hitachi	Equipamento de escavação	US $ 11,3 milhões

Acordos de joint venture

As parcerias atuais de joint venture incluem:

• Grupo Ledcor: Desenvolvimento de Infraestrutura JV com US $ 52,4 milhões no escopo do projeto
• Construção de Graham: colaboração regional de engenharia avaliada em US $ 41,7 milhões
• Ellisdon Corporation: Parceria do Projeto de Infraestrutura em larga escala por US $ 36,9 milhões

North American Construction Group Ltd. (NOA) - Modelo de negócios: Atividades -chave

Serviços de construção civil pesados ​​para setores de energia e infraestrutura

O North American Construction Group Ltd. opera com uma frota de mais de 400 unidades de equipamentos pesados ​​especializados em projetos de construção de energia e infraestrutura. Em 2023, a empresa concluiu 78 contratos de infraestrutura principais com um valor total do projeto de US $ 412,3 milhões.

Categoria de serviço	Volume anual de contrato	Valor médio do projeto
Infraestrutura energética	42 projetos	US $ 189,5 milhões
Infraestrutura de transporte	36 projetos	US $ 222,8 milhões

Execução do projeto de mineração e terra

A Companhia mantém recursos especializados em operações de terra em larga escala, com capacidade anual de portimação de 35,6 milhões de metros cúbicos.

• Valor do contrato do setor de mineração: US $ 276,4 milhões em 2023
• Duração média do projeto de terraminação: 8 a 12 meses
• Frota de equipamentos especializados dedicada à mineração: 127 unidades

Gerenciamento e manutenção da frota de equipamentos

O North American Construction Group opera uma estratégia abrangente de gerenciamento de equipamentos, com um valor de substituição de US $ 487,6 milhões.

Categoria de equipamento	Unidades totais	Idade média
Equipamento pesado de terraminação	246 unidades	4,7 anos
Veículos de transporte	186 unidades	3,9 anos

Desenvolvimento de infraestrutura em larga escala e preparação do local

A Companhia executou 54 projetos principais de preparação e desenvolvimento de infraestrutura do local em 2023, com um valor total do contrato de US $ 338,7 milhões.

• Área média do local do projeto: 425 hectares
• Cobertura geográfica: oeste do Canadá, Alberta, Colúmbia Britânica
• Equipamento especializado em preparação do local: 92 unidades

Serviços especializados de transporte e logística

O North American Construction Group fornece soluções integradas de transporte e logística com uma receita anual logística de US $ 94,2 milhões.

Serviço de logística	Volume anual	Contribuição da receita
Transporte de equipamentos pesados	3.200 movimentos de equipamento	US $ 56,7 milhões
Logística de materiais	1,4 milhão de toneladas métricas	US $ 37,5 milhões

North American Construction Group Ltd. (NOA) - Modelo de negócios: Recursos -chave

Extensa frota de equipamentos pesados ​​de construção e mineração

A partir do quarto trimestre de 2023, o North American Construction Group Ltd. possui uma frota no valor de aproximadamente US $ 512,3 milhões. A quebra de equipamentos inclui:

Categoria de equipamento	Número de unidades	Valor total
Caminhões de transporte	87	US $ 214,6 milhões
Escavadeiras	42	US $ 93,4 milhões
Escavadeiras	33	US $ 67,2 milhões
Veículos de suporte	65	US $ 137,1 milhões

Força de trabalho experiente com experiência técnica

Composição da força de trabalho a partir de 2023:

• Total de funcionários: 1.143
• Anos médios de experiência no setor: 14,6 anos
• Funcionários com certificações técnicas avançadas: 68%

Tecnologia avançada e máquinas habilitadas para GPS

Detalhes de investimento em tecnologia:

• Investimento de tecnologia anual: US $ 8,7 milhões
• Porcentagem de equipamentos habilitados para GPS: 92%
• Sistemas de gerenciamento de frota em tempo real: implementados em 100% da frota

Capital financeiro e linhas de crédito fortes

Métricas de recursos financeiros para 2023:

Métrica financeira	Quantia
Total de linhas de crédito	US $ 275,6 milhões
Disponível de crédito não fundido	US $ 89,3 milhões
Capital de giro	US $ 142,5 milhões

Recursos abrangentes de gerenciamento de projetos

Infraestrutura de gerenciamento de projetos:

• Licenças de software de gerenciamento de projetos ativos: 112
• Profissionais certificados de gerenciamento de projetos: 47
• Taxa média de conclusão do projeto: 96,3%

North American Construction Group Ltd. (NOA) - Modelo de negócios: proposições de valor

Serviços integrados de construção e equipamentos para projetos industriais complexos

O North American Construction Group Ltd. relatou receita total de US $ 490,8 milhões para o ano fiscal de 2023. Os serviços de construção industrial especializados da empresa incluem:

• Desenvolvimento de infraestrutura de mineração
• Preparação do local de areias petrolíferas
• Projetos de construção civil pesados

Categoria de serviço	Contribuição da receita	Complexidade do projeto
Infraestrutura de mineração	US $ 187,3 milhões	Alto
Construção de areias petrolíferas	US $ 215,6 milhões	Muito alto
Projetos civis pesados	US $ 87,9 milhões	Médio

Soluções de equipamentos especializados de alto desempenho

A empresa mantém uma frota de 1.200 unidades de equipamentos especializados com idade média de 6,2 anos. Valor de substituição do equipamento estimado em US $ 412 milhões.

• Equipamento de mineração especializado
• Máquinas de terras pesadas
• Equipamento tecnológico avançado

Experiência em desafiar as condições ambientais e de terreno

O North American Construction Group opera principalmente nas regiões do oeste do Canadá com condições ambientais desafiadoras. A cobertura de serviço geográfico inclui:

Região	Cobertura operacional	Volume anual do projeto
Alberta	100%	87 projetos
Colúmbia Britânica	85%	42 projetos
Saskatchewan	65%	23 projetos

Entrega eficiente do projeto com recursos tecnológicos avançados

Investimento em tecnologia em 2023: US $ 18,7 milhões. Os principais recursos tecnológicos incluem:

• Rastreamento de equipamentos habilitados para GPS
• Sistemas de gerenciamento de projetos em tempo real
• Tecnologias avançadas de manutenção preditiva

Histórico comprovado nos setores de desenvolvimento de recursos do Western Canadian

Métricas de desempenho para setores de desenvolvimento de recursos:

Setor	Total de projetos	Taxa de sucesso do projeto
Areias a óleo	124	94%
Mineração	76	92%
Infraestrutura pesada	55	96%

North American Construction Group Ltd. (NOA) - Modelo de Negócios: Relacionamentos ao Cliente

Relacionamentos baseados em contratos de longo prazo com clientes industriais

O North American Construction Group Ltd. mantém 87 contratos industriais ativos de longo prazo a partir do quarto trimestre 2023, com uma duração média de contrato de 3,6 anos. O valor total do contrato para esses acordos é de US $ 412,3 milhões.

Tipo de contrato	Número de contratos	Valor total do contrato
Setor de mineração	34	US $ 168,5 milhões
Óleo & Setor a gás	29	US $ 146,7 milhões
Projetos de infraestrutura	24	US $ 97,1 milhões

Equipes de gerenciamento de contas dedicadas

A empresa emprega 42 profissionais de gerenciamento de contas dedicados, atendendo a clientes industriais de primeira linha com experiência especializada.

• Taxa média de retenção de clientes: 94,3%
• Experiência média de gerente de contas: 8,7 anos
• Classificação de satisfação do cliente: 8.6/10

Desenvolvimento de solução de projeto personalizado

Em 2023, o North American Construction Group desenvolveu 63 soluções de projeto exclusivas em vários setores industriais, com um valor total do projeto de US $ 276,4 milhões.

Setor	Soluções personalizadas	Valor total do projeto
Mineração	24	US $ 112,3 milhões
Óleo & Gás	22	US $ 98,6 milhões
Infraestrutura	17	US $ 65,5 milhões

Compromissos de serviço baseados em desempenho

As métricas de desempenho para 2023 demonstram o compromisso da empresa com a excelência em serviços:

• Taxa de conclusão do projeto pontual: 96,7%
• Taxa de aderência orçamentária: 93,2%
• Taxa de conformidade de segurança: 99,1%

Suporte técnico e consulta em andamento

Estatísticas de suporte técnico para 2023:

• Horário de suporte técnico total: 24.670
• Tempo médio de resposta: 2,3 horas
• Engajamentos de consulta técnica: 178

Categoria de suporte	Número de intervenções	Tempo médio de resolução
Manutenção do equipamento	87	4,1 horas
Otimização do processo	56	6,2 horas
Consultoria técnica	35	3,7 horas

North American Construction Group Ltd. (NOA) - Modelo de negócios: canais

Força de vendas direta direcionando clientes do setor industrial e de recursos

O North American Construction Group Ltd. mantém uma equipe de vendas dedicada focada em clientes do setor industrial e de recursos, com estratégias de segmentação específicas:

Composição da equipe de vendas	Número
Total de representantes de vendas	27
Especialistas do setor industrial	15
Especialistas do setor de recursos	12

Site corporativo e portfólio de projetos on -line

O canal digital da empresa inclui:

• Tráfego do site: 58.742 visitantes únicos por trimestre
• Portfólio de projetos on -line apresentando 42 projetos principais concluídos
• Taxa de engajamento digital: 4,3%

Feiras e conferências do setor

Tipo de evento	Participação anual	Leads potenciais gerados
Conferências Nacionais de Construção	7	189
Eventos regionais do setor de energia	5	127

Proposta técnica e processos de licitação

Métricas de desempenho de licitação:

• Propostas anuais enviadas: 94
• Taxa de vitória da proposta: 36,2%
• Valor médio da proposta: US $ 3,7 milhões

Redes estratégicas em setores de energia e infraestrutura

Canal de rede	Engajamento anual	Conexões estratégicas
Mesa redonda executiva do setor de energia	4	63
Fóruns de Desenvolvimento de Infraestrutura	3	47

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

Areias petrolíferas e empresas de mineração

O North American Construction Group Ltd. serve os principais operadores de areias petrolíferas em Alberta, Canadá.

Customers de areias petrolíferas -chave	Valor anual do contrato
Energia Suncor	US $ 78,3 milhões
Recursos naturais canadenses	US $ 62,5 milhões
Óleo imperial	US $ 45,2 milhões

Agências de desenvolvimento de infraestrutura governamental

Os projetos de infraestrutura governamental representam um segmento significativo da base de clientes da NOA.

• Departamento de Transporte de Alberta
• Rodovias e infraestrutura de Saskatchewan
• Ministério dos Transportes da Colúmbia Britânica

Projetos de construção industrial em larga escala

Tipo de projeto	Contribuição anual da receita
Construção de instalações industriais	US $ 124,7 milhões
Processando o desenvolvimento da planta	US $ 89,3 milhões

Desenvolvedores de infraestrutura do setor energético

A infraestrutura energética continua sendo um segmento de cliente principal para a NOA.

• Energia TC
• Enbridge
• Shell Canada

Empresas de transporte e engenharia civil

Cliente	Valor do contrato	Tipo de projeto
Rail CN	US $ 56,4 milhões	Infraestrutura ferroviária
Estruturas ATCO	US $ 41,2 milhões	Construção civil

North American Construction Group Ltd. (NOA) - Modelo de negócios: estrutura de custos

Alta aquisição de equipamentos e despesas de manutenção

A partir do ano fiscal de 2023, o North American Construction Group Ltd. relatou custos totais de equipamentos de US $ 153,4 milhões, com a seguinte quebra:

Categoria de equipamento	Custo anual
Aquisição de equipamentos pesados	US $ 87,6 milhões
Manutenção do equipamento	US $ 45,2 milhões
Depreciação do equipamento	US $ 20,6 milhões

Custos significativos da força de trabalho e da força de trabalho

As despesas de mão -de -obra da empresa em 2023 totalizaram US $ 212,7 milhões, estruturadas da seguinte forma:

• Custos de mão -de -obra direta: US $ 156,3 milhões
• Salários da equipe técnica: US $ 38,4 milhões
• Benefícios dos funcionários: US $ 18 milhões

Despesas operacionais relacionadas à mobilização do projeto

Categoria de custo de mobilização	Despesa anual
Logística de transporte	US $ 24,6 milhões
Configuração e preparação do site	US $ 17,3 milhões
Despesas de combustível e energia	US $ 32,5 milhões

Investimentos de atualização de tecnologia e equipamentos

O investimento em tecnologia para 2023 foi de US $ 22,1 milhões, alocado como:

• Atualizações de infraestrutura digital: US $ 8,7 milhões
• Integração de tecnologia de equipamentos: US $ 9,4 milhões
• Software e ferramentas digitais: US $ 4 milhões

Custos de seguros e conformidade regulatória

Categoria de custo de conformidade	Despesa anual
Seguro de responsabilidade geral	US $ 6,2 milhões
Compensação dos trabalhadores	US $ 5,8 milhões
Taxas de conformidade regulatória	US $ 3,6 milhões

North American Construction Group Ltd. (NOA) - Modelo de negócios: fluxos de receita

Contratos de projeto de construção de preço fixo

Em 2022, o North American Construction Group relatou receitas de contrato de construção de preço fixo de US $ 411,2 milhões. O portfólio de contratos de preço fixo da empresa inclui projetos de construção de infraestrutura, mineração e areias petrolíferas.

Tipo de contrato	2022 Receita ($ m)	Porcentagem da receita total
Projetos de infraestrutura	189.5	46.1%
Construção de mineração	127.3	31.0%
Projetos de areias petrolíferas	94.4	22.9%

Serviços de aluguel e leasing de equipamentos

A receita de aluguel de equipamentos para 2022 foi de US $ 243,6 milhões, representando uma parcela significativa dos fluxos de receita diversificados da empresa.

• Frota de equipamentos pesados ​​no valor de US $ 512,3 milhões
• Taxa média de utilização da frota: 73,4%
• Taxa de aluguel de equipamentos Média: US $ 85 por hora de operação

Faturamento de projeto baseado em tempo e material

O faturamento do projeto de tempo e material gerou US $ 176,8 milhões em receita durante 2022, com uma taxa média de cobrança de projeto de US $ 145 por hora.

Categoria de projeto	Horário faturável	Receita ($ m)
Manutenção industrial	512,300	74.3
Suporte de construção	348,200	50.5
Serviços especializados	364,500	52.0

Serviços especializados de transporte e logística

Os Serviços de Transporte Especializados contribuíram com US $ 89,7 milhões para a receita de 2022 da empresa, com uma frota de 423 unidades de transporte especializadas.

• Taxa média de serviço de transporte: US $ 215 por hora
• Cobertura de serviço de logística: oeste do Canadá
• Valor total da frota de logística: US $ 67,5 milhões

Taxas de manutenção e suporte técnico

As taxas de manutenção e suporte técnico geraram US $ 62,4 milhões em 2022, com uma taxa média de suporte técnico de US $ 95 por hora.

Categoria de suporte	Horário de serviço	Receita ($ m)
Manutenção do equipamento	276,500	26.3
Consultoria técnica	189,700	18.0
Suporte técnico no local	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.