North American Construction Group CEO Barry Palmer says record quarterly revenue of more than C$450 million underlines the growing scale of the business and rising demand across key markets.
“The inflection point of the second quarter is not simply greater scale but our ability to translate that scale into improved performance and durable value,” Palmer said.
“We believe the combination of near-term earnings drivers and a substantial, qualified growth pipeline positions NACG for a stronger second half and continued momentum into 2027.”
NACG’s Q2 revenue of $456.1 million was up $85.5 million or 23% year-on-year. Adjusted EBITDA of $93.5 million was 17% higher than the same time last year.
Post its April acquisition of Iron Mine Contracting in Australia, the combination with existing subsidiary MacKellar Group positioned NACG as a “national tier-one contractor” in the country.
“Our Australian operations delivered robust revenue growth of approximately 65% year-over-year, with the majority of the increase reflecting IMC’s contribution following the April 7, 2026, acquisition,” Palmer said.
“The MacKellar and DGI businesses also delivered organic growth driven by strong project execution, prior-period growth asset investments and favourable foreign exchange translation rates. Gross profit in the Australian business remained strong, with a modest year-over-year decline in the margin as depreciation increased on recently commissioned equipment.”
NACG said its Canadian margin performance benefited from its ongoing fleet optimisation strategy, including the sale of ultra-class haul trucks, but revenue dipped with the reduction in operating capacity, lower activity at the Syncrude oil sands mines, spring break-up seasonal impacts, and adverse weather conditions, partially offset by increased support at the Millennium mine and the ramp-up of the Kearl project.
The company lifted its 2026 revenue guidance range to $1.6-to-1.8 billion, raising the midpoint to $1.7 billion from $1.6 billion. Adjusted EBITDA and free cash flow guidance remain $380-420 million and $110 to $130 million, respectively.
