North American Construction Group Raises 2026 Revenue Guidance
Combined revenue rose 23% to $456.1 million in the second quarter ended June 30, 2026
North American Construction Group Ltd. (NOA), a provider of heavy civil construction and mining services, raised its full year 2026 combined revenue guidance following record top-line performance in the second quarter.
Combined revenue for the period ended June 30, 2026, reached $456.1 million, an increase of $85.5 million over the same period in 2025. Reported revenue rose 25% to $401.0 million. Adjusted EBITDA increased 17% to $93.5 million.
The company's Australian operations drove a revenue increase of approximately 65% year-over-year. This growth was primarily supported by the April 7, 2026, acquisition of Iron Mine Contracting (IMC), which includes DCL Corp Pty Ltd. and Iron Hire Pty Ltd.. The company is entitled to the economic benefit of IMC starting January 1, 2026, and said the acquisition establishes it as a national Tier 1 contractor in Australia.
Organic growth in Australia also came from the MacKellar and DGI businesses, which the company attributed to project execution, prior-period growth asset investments, and favorable foreign exchange translation rates. Gross profit in the Australian segment remained strong, though margins declined modestly as depreciation increased on recently commissioned equipment.
In Canada, the company said margin performance benefited from a fleet optimization strategy. This included the divestiture of ultra-class haul trucks in the fourth quarter of 2025, which resulted in depreciation as a percentage of revenue declining year-over-year.
Adjusted net earnings for the second quarter rose $7.7 million to $8.5 million. Net income fell 9% to $9.4 million. Free cash flow shifted to a $23.0 million inflow, an increase of $23.4 million compared to the prior year.
The company expects the IMC acquisition to broaden its client base across precious metals, base metals, and critical and rare earth minerals. The company said the acquisition is expected to reduce its exposure to regional seasonality.