Americas mining contractor Stracon Group Holding is aiming to expand its record US$2.2 billion order book by about a third to support a three-year goal to generate annual earnings above $150 million and revenue exceeding $1 billion a year.
The company, now based and listed in Toronto, reported an 11% year-on-year increase in EBITDA to $88.4 million for the 2025 year, when it grew revenue 4% yoy to $748.6 million.
Free cash flow improved “substantially” to $56.9 million, CEO Steve Dixon said. Stracon’s $2.19 billion backlog provided 2.9x revenue coverage at current levels (though the company says 73% of the current total will be recognised after 2026).
New contract bookings of $1.15 billion in 2025 included the Perez Caldera tailings dam relocation award, under a build, own, operate, maintain, or BOOM, contract, from Anglo American Sur. The tailings dam is part of the Los Bronces mining operation in Chile’s Lo Barnechea district. Dixon called the project a defining milestone for the group, with its infrastructure business segment set to account for about 50% of consolidated EBITDA “within 18-to-24 months”.
Dixon said the company was well-positioned to benefit from structural tailwinds in mining, including growing demand for copper and critical minerals, tightening water and tailings management standards, and a broad shift by mining operators toward BOOM, and design build-finance-operate (DBFO) infrastructure ownership models.
Stracon’s identified pipeline of opportunities is said to exceed $17 billion, including $6.3 billion in infrastructure.
In terms of capital allocations in pursuit of new work, for paying down net debt of $179.8 million (at the end of 2025) and other priorities, including further M&A, Stracon has said it wants to get its net debt to EBITDA ratio down from the current circa-2x to “1.5x or lower” which among other things will reduce its $23 million 2025 interest bill.
That was higher than net capital expenditures of $17.2 million last year.
The company will also be looking to grow in Canada and the USA. Peru and Chile contributed 81% of Stracon’s 2025 revenues; Canada 8% and Mexico 7%. It saw “strong underground mining growth in Canada” in 2025, where underground mining unit Dumas increased revenue by $28.5 million on the back of contracts with Gowest Gold and McEwen Mining.
