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North American Construction Group Ltd. filed its Annual Report on Form 40-F including an Annual Information Form, audited consolidated financial statements and Management’s Discussion and Analysis for the fiscal year ended December 31, 2025.
The report states 28,821,481 common shares outstanding and includes the auditor’s attestation by KPMG LLP (Edmonton). The report is signed by Barry Palmer, President & CEO and lists exhibits including the compensation recovery policy and officer certifications.
North American Construction Group Ltd. announced timing and access details for its upcoming fourth-quarter 2025 financial results and investor call. The company will release results for the quarter ended December 31, 2025 on March 11, 2026 after markets close.
NACG will host a conference call and webcast on March 12, 2026 at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time). Investors can join via toll-free phone lines using conference ID 33259, or through an online webcast with a downloadable slide deck from the company’s website. A replay of the call and webcast will be available until April 10, 2026.
North American Construction Group Ltd. received an amended Schedule 13G/A from Polar Asset Management Partners Inc., a Canadian investment manager, reporting its beneficial ownership in the company’s common stock as of December 31, 2025.
Polar reports beneficial ownership of 1,384,290 common shares, representing 4.6% of the class. This amount includes 856,954 shares issuable upon conversion of debentures, meaning part of the position is currently in convertible debt rather than common stock.
Polar has sole voting and dispositive power over these 1,384,290 shares and no shared power. It certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
Mawer Investment Management Ltd. has filed an amended Schedule 13G reporting its beneficial ownership in North American Construction Group Ltd. common shares.
Mawer reports beneficial ownership of 2,038,058 common shares, representing 7.01% of the class, based on 29,074,539 common shares outstanding as of November 10, 2025 as disclosed in the issuer's 6-K. Mawer has sole voting power over 1,371,470 shares and sole dispositive power over 2,038,058 shares, with no shared voting or dispositive power. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
North American Construction Group Ltd. announced that Joe Lambert has resigned as President and Chief Executive Officer to pursue other opportunities. Effective immediately, Chief Operating Officer Barry Palmer has taken over as President and CEO, while the company evaluates internal and external candidates for a permanent appointment.
Board Chairman Martin Ferron credited Lambert with expanding NACG’s geographic and commodity reach and guiding the business through difficult conditions, saying the company is well positioned in civil construction, mining, and earthworks across North America and Australia. Palmer, who has been with NACG for over 40 years, emphasized continued focus on safety, operational excellence, and growth based on the company’s existing foundation.
The company also noted that closing activities for its acquisition of Iron Mine Contracting remain on schedule with a targeted closing this quarter, and that it expects to announce the release date for its 2025 Annual Report in the coming weeks.
Bank of Montreal and affiliates report a large ownership stake in North American Construction Group Ltd. common shares. The filing shows beneficial ownership of 2,873,159 common shares, representing 9.76% of the class, as of the stated date. These shares are attributed across several related entities, including Bank of Montreal, Bank of Montreal Holding Inc., BMO Nesbitt Burns Inc. Wealth Management, BMO Asset Management Inc., BMO Nesbitt Burns Securities Ltd., and BMO Nesbitt Burns Inc.
The reporting persons have significant sole voting and dispositive power over most of these shares, with smaller amounts subject to shared voting and dispositive power. The securities are held in the ordinary course of business, primarily in prime brokerage and asset management accounts for clients who may have the right to receive dividends or sale proceeds. The group explicitly states the holdings are not intended to change or influence control of the issuer.
North American Construction Group Ltd. submitted a foreign issuer report that includes a news release about a growth move in Australia. The company states it is strengthening its presence in Western Australia through the acquisition of Iron Mine Contracting, described as a diversified mining services contractor. This indicates North American Construction Group is adding a mining services business in that region to broaden its operations and capabilities.
North American Construction Group Ltd. reported a significant shareholder update through a Schedule 13G/A filing. Polar Asset Management Partners Inc., an Ontario-based investment manager, disclosed beneficial ownership of 1,618,476 common shares of North American Construction Group, representing 5.3% of the outstanding common stock. This total includes 856,954 shares issuable upon the conversion of debentures, meaning part of the position is tied to convertible securities rather than only existing shares.
Polar has sole voting and dispositive power over all of these shares and reports that the holdings are made in the ordinary course of business as an investment advisor to several Polar-branded funds. It also states that the position was not acquired for the purpose of changing or influencing control of North American Construction Group, underscoring that this is being reported as a passive, non‑control investment.
North American Construction Group Ltd. (NOA) filed a Form 6-K as a foreign private issuer, reporting that it has furnished an exhibit titled “North American Construction Group Ltd. Announces Normal Course Issuer Bid and Automatic Share Purchase Plan.” This indicates the company has announced a normal course issuer bid, alongside an automatic share purchase plan, with the detailed terms contained in Exhibit 99.1 to the report.
North American Construction Group (NOA) reported Q3 2025 results. Revenue was $317.2 million, up from $286.9 million a year ago, as Australian operations expanded. Total combined revenue reached $390.8 million. Gross profit margin was 15.7% versus 23.0% last year, reflecting contract mix and higher subcontractor use, especially in Australia, and demobilization and maintenance in Canada.
Adjusted EBITDA was $99.0 million with a 25.3% margin (30.7% last year). Net income was $17.3 million, or $0.59 per basic share. Free cash flow improved to an inflow of $45.7 million from a use of $10.7 million a year ago, supported by stronger working capital and disciplined sustaining capital. Liquidity rose to $334.3 million (cash plus undrawn revolver). Combined backlog was $3.276 billion, down from $3.521 billion at year-end; the Fargo-Moorhead project was about 80% complete.
Australia revenue increased to $188.5 million; Canada revenue was $125.7 million. The company repurchased 725,000 shares in Q3 and 1.8 million shares under its NCIB through November 3. Management reaffirmed second-half 2025 ranges, including combined revenue of $700–$750 million and adjusted EBITDA of $190–$210 million.