North American Construction Group Hits Record Revenue in Q4 2025 Amid Strong Operational Momentum
North American Construction Group (NACG) has reported a record revenue for its fourth quarter ended December 31, 2025, with combined revenue reaching CAD 344 million. This achievement marks a significant milestone for the company as it continues to experience strong operational momentum in key regions.
In a conference call held on March 12, 2026, Jason Veenstra, CFO of NACG, highlighted the impressive results achieved by the company during Q4 2025. Notably, Australia revenue reached AUD 176 million, a record high for the region, despite the challenges posed by wet weather conditions.
The oil sands region also demonstrated solid top-line numbers, with combined revenue from both Canada and Australia increasing by 10% on a net basis compared to the same period in 2025. This growth is attributed to the company's steady expansion of its workforce, which has reached 3,300 employees as of Q4 2025.
NACG's CFO, Jason Veenstra, noted that employee exposure hours have increased by 15% year-over-year, with a total of 7.1 million hours recorded in 2025. This metric underscores the company's growing workforce and its ability to deliver on projects despite operational complexities.
The Q4 2025 results were also impacted by the strategic divestiture of NACG's ultra-class fleet, which was effective December 1, 2025. However, this move is expected to have a positive impact on the company's cash flow and overall financial performance in the long term.
Despite these factors, NACG's gross profit remained steady at around 15% on a combined basis for Q4 2025. This run rate metric provides a reasonable indication of where the company's business is currently operating and aligns with its more routine third quarter performance in 2025.
The conference call also provided insight into NACG's cash flow, with net cash provided by operations prior to working capital reaching CAD 56 million for Q4 2025. This achievement reflects the company's EBITDA performance net of cash interest and demonstrates its ability to generate strong cash flows even in a challenging quarter.
NACG's record revenue in Q4 2025 is a testament to the company's operational momentum and its commitment to delivering high-quality projects despite operational complexities. As the company continues to grow and expand, investors and stakeholders can expect further positive developments from this leading construction group."
