EX-99.1 2 exhibit991-earningsrelease.htm EX-99.1
EXHIBIT 99.1
News Release
North American Construction Group Ltd. Announces
Results for the Third Quarter Ended September 30, 2025
ACHESON, Alberta, November 12, 2025 - North American Construction Group Ltd. (“NACG”) (TSX:NOA/NYSE:NOA) today announced results for the third quarter ended September 30, 2025. Unless otherwise indicated, financial figures are expressed in Canadian dollars, and comparisons are to the prior third quarter ended September 30, 2024.
Third Quarter 2025 Financial Highlights:
•Combined revenue was $390.8 million and increased 6% (reported revenue of $317.2 million, increased 11%)
•Combined gross profit was $57.1 million (15.7%) and decreased 23% (reported gross profit of $49.7 million (15.7%), decreased 25%)
•Adjusted EPS was $0.67 and decreased 44% (basic earnings per share of $0.59, increased 9%)
•Adjusted EBITDA was $99.0 million and decreased 12% (net income of $17.3 million, increased 19%)
•Free cash flow was an inflow of cash of $45.7 million and increased $56.3 million
•Net debt was $904.0 million and increased $7.1 million during the quarter
Third Quarter 2025 Operational Highlights:
Revenue and combined revenue for the third quarter increased, driven primarily by incremental contract wins and commissioned growth assets in the Heavy Equipment - Australia Segment.
•Heavy Equipment - Australia revenue increased 26% to $188.5 million from $149.5 million, driven by a 20% expansion in fleet size, strong operational performance under favourable weather, and higher volumes from three major Australian contracts secured over the past year.
•Heavy Equipment - Canada revenue decreased 5% to $125.7 million from $132.7 million, primarily due to reduced scopes at the Syncrude mines and lower overburden and reclamation activity in the oil sands.
•Revenue generated by joint ventures and affiliates decreased 8% to $73.5 million from $80.3 million, largely related to decreased volumes generated from the Nuna Group of Companies.
•Our portion of revenue generated by the civil-infrastructure Fargo project remained strong this year, comparable to the prior year, as the project continued strong production momentum and progressed towards 80% complete.
Compared to 2025 Q2, 2025 Q3 results demonstrated solid sequential improvement with a 5% increase in combined revenue but was highlighted by significantly improved gross profit margins.
•In Australia, strong operational execution, favourable weather, lower third-party maintenance and scale efficiencies gained from fleet expansion supported gross profit margin gains of 4.5%.
•In Canada, gross margin improved by 4.8% as steady operations replaced the temporary shutdowns experienced in the prior quarter.
•Overall combined gross margin improved 5.7%, from 8.9%1 to 14.6%, reflecting operational consistency, improved cost control across the business and enhanced heavy equipment productivities.
1 Certain prior period costs within our Fargo joint venture have been reclassified from non-operating to operating to better align with NACG classifications. This reclassification changed combined gross profit and combined gross profit margin, but has no impact on revenue, income before taxes, or net income.

EXHIBIT 99.1
Gross profit for the current quarter came in lower than the prior year. Heavy Equipment - Australia experienced higher operating costs relating primarily to the mix of contract and mine site work, offset by cost savings on parts spend relating to favourable dry weather conditions. Heavy Equipment - Canada margins were impacted by demobilization costs and investment in equipment maintenance.
Adjusted EPS of $0.67 compared to $1.19 in the prior year Q3 reflects our earnings and the impact of a higher average share count of 29.2 million (up from 26.8 million in 2024 Q3), driven by the issuance of 3.0 million shares from convertible debentures in February 2025, partially offset by share repurchases. Interest expense of $18.5 million, including contingent liability accretion, reduced EPS by approximately $0.50.
The Q3 adjusted EBITDA was lower year-over-year due to the same factors that impacted gross profit; however, we experienced a 3.7% improvement to our EBITDA margin compared to 2025 Q2, primarily due to consistent operation in the oil sands region, increased productive maintenance headcount in Australia, and steady operations within the Fargo joint ventures.
Free cash flow for the quarter was $45.7 million and was primarily based on adjusted EBITDA of $99.0 million offset by sustaining capital additions ($47.0 million) and cash interest expense ($14.5 million).
Our net debt increased $7.1 million in the quarter as free cash flow was more than offset by growth capital of $23.3 million, share purchases of $13.8 million and the unrealized impact of the higher foreign exchange rate on Australian-denominated debt (impact of approximately $10 million).
Joe Lambert, President and CEO stated "With our encouraging third quarter in the books, we are locked and loaded looking to deliver on our second half commitments and finishing the year strong. I appreciate your continued support and look forward to sharing our 2026 outlook with you in December."
Declaration of Quarterly Dividend
On November 10, 2025, the NACG Board of Directors declared a regular quarterly dividend (the “Dividend”) of twelve Canadian cents ($0.12) per common share, payable to common shareholders of record at the close of business on November 26, 2025. The Dividend will be paid on January 9, 2026, and is an eligible dividend for Canadian income tax purposes.
NACG’s outlook for 2025
The following table provides projected key measures for the remainder of 2025.

|  | Actual results for the six months ended |  | Outlook for the six months ended
|  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2025
|  |  | Current |  | Previous
Key measures |  |  |  |  |  |  |  |
Combined revenue(i) |  | $740M |  | $762M |  | $700 - $750M |  | No Change
Adjusted EBITDA(i) |  | $202M |  | $180M |  | $190 - $210M |  | No Change
Adjusted EPS(i) |  | $2.15 |  | $0.54 |  | $1.40 - $1.60 |  | No Change
Sustaining capital(i) |  | $69M |  | $158M |  | $60 - $70M |  | No Change
Free cash flow(i) |  | $68M |  | ($42M) |  | $95 - $105M |  | No Change
Capital allocation |  |  |  |  |  |  |  |
Growth spending(i) |  | $45M |  | $53M |  | Approx. $25M |  | No Change
Net debt leverage(i) |  | 2.2x |  | 2.2x |  | Targeting 2.2x |  | Targeting 2.1x

(i)See “Non-GAAP Financial Measures”.

EXHIBIT 99.1
Results for the three and nine months ended September 30, 2025
Consolidated Financial Highlights

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
(dollars in thousands, except per share amounts) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue |  | $ | 317,248 |  |  | $ | 286,857 |  |  | $ | 978,715 |  |  | $ | 860,197 |
Cost of sales(i) |  | 218,033 |  |  | 177,041 |  |  | 690,554 |  |  | 555,515 |
Depreciation(i) |  | 49,492 |  |  | 43,902 |  |  | 164,717 |  |  | 134,915 |
Gross profit(i) |  | $ | 49,723 |  |  | $ | 65,914 |  |  | $ | 123,444 |  |  | $ | 169,767 |
Gross profit margin(i)(ii) |  | 15.7 | % |  | 23.0 | % |  | 12.6 | % |  | 19.7 | %
General and administrative expenses (excluding stock-based compensation)(ii) |  | 13,026 |  |  | 9,291 |  |  | 35,814 |  |  | 32,609 |
Stock-based compensation (benefit) expense |  | (156) |  |  | 1,332 |  |  | (2,600) |  |  | 3,081 |
Operating income(i) |  | 35,747 |  |  | 54,621 |  |  | 89,118 |  |  | 132,496 |
Interest expense, net |  | 15,265 |  |  | 15,003 |  |  | 42,904 |  |  | 44,939 |
Net income(i) |  | 17,296 |  |  | 14,489 |  |  | 33,709 |  |  | 40,503 |
Comprehensive income(i) |  | 28,449 |  |  | 15,604 |  |  | 44,781 |  |  | 42,256 |
Adjusted EBITDA(i)(ii) |  | 99,039 |  |  | 112,876 |  |  | 278,928 |  |  | 301,246 |
Adjusted EBITDA margin(i)(ii)(iii) |  | 25.3 | % |  | 30.7 | % |  | 24.2 | % |  | 28.9 | %
Per share information |  |  |  |  |  |  |  |
Basic net income per share |  | $ | 0.59 |  |  | $ | 0.54 |  |  | $ | 1.17 |  |  | $ | 1.51 |
Diluted net income per share |  | $ | 0.56 |  |  | $ | 0.48 |  |  | $ | 1.11 |  |  | $ | 1.36 |
Adjusted EPS(ii) |  | $ | 0.67 |  |  | $ | 1.19 |  |  | $ | 1.20 |  |  | $ | 2.77 |

(i)The prior year amounts are adjusted to reflect a change in policy. See "Change in significant accounting policy".
(ii)See "Non-GAAP Financial Measures".
(iii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.
Free cash flow

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Consolidated Statements of Cash Flows |  |  |  |  |  |  |  |
Cash provided by operating activities(i) |  | $ | 91,824 |  |  | $ | 55,278 |  |  | $ | 207,916 |  |  | $ | 140,668 |
Cash used in investing activities(i) |  | (65,862) |  |  | (65,857) |  |  | (231,466) |  |  | (218,969) |
Effect of exchange rate on changes in cash |  | 2,278 |  |  | (73) |  |  | 2,118 |  |  | (1,047) |
Add back of growth and non-cash items included in the above figures: |  |  |  |  |  |  |  |
Growth capital additions(ii) |  | 23,275 |  |  | 8,985 |  |  | 75,804 |  |  | 60,987 |
Capital additions financed by leases(ii) |  | (5,845) |  |  | (8,985) |  |  | (50,653) |  |  | (30,054) |
Free cash flow(i) |  | $ | 45,670 |  |  | $ | (10,652) |  |  | $ | 3,719 |  |  | $ | (48,415) |

(i)The prior year amounts are adjusted to reflect a change in policy. See "Change in significant accounting policy".
(ii)See "Non-GAAP Financial Measures".
Net debt

(dollars in thousands) |  | September 30, 2025 |  | June 30, 2025 |  | December 31, 2024
Credit Facility(i) |  | $ | 264,519 |  |  | $ | 257,536 |  |  | $ | 395,844 |
Equipment financing(i) |  | 334,057 |  |  | 314,414 |  |  | 253,639 |
Mortgage(i) |  | 26,959 |  |  | 27,175 |  |  | 27,600 |
Senior-secured debt(ii) |  | 625,535 |  |  | 599,125 |  |  | 677,083 |
Senior unsecured notes |  | 225,000 |  |  | 225,000 |  |  | — |
Contingent obligations(i) |  | 100,090 |  |  | 96,837 |  |  | 127,866 |
Convertible debentures(i) |  | 55,000 |  |  | 55,000 |  |  | 129,106 |
Cash |  | (101,637) |  |  | (79,025) |  |  | (77,875) |
Net debt(ii) |  | $ | 903,988 |  |  | $ | 896,937 |  |  | $ | 856,180 |

(i)Includes current portion.
(ii)See "Non-GAAP Financial Measures".

EXHIBIT 99.1
Conference Call and Webcast
Management will hold a conference call and webcast to discuss our financial results for the quarter ended September 30, 2025, tomorrow, Thursday, November 13, 2025, at 7:00 am Mountain Time (9:00 am Eastern Time).
The call can be accessed by dialing:
Toll Free: 1-800-717-1738
Conference ID: 98296
A replay will be available through December 13, 2025, by dialing:
Toll Free: 1-888-660-6264
Conference ID: 98296
Playback Passcode: 98296
The 2025 Q3 earnings presentation for the webcast will be available for download on the company’s website at www.nacg.ca/presentations/
The live presentation and webcast can be accessed at:
https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=1232A1F2-254A-427C-99C4-C518946DF7BB
A replay will be available until December 13, 2025, using the link provided.
About the Company
North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.
For further information contact:
Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
(780) 960-7171
IR@nacg.ca
www.nacg.ca
Basis of Presentation
We have prepared our consolidated financial statements in conformity with accounting principles generally accepted in the United States ("US GAAP"). Unless otherwise specified, all dollar amounts discussed are in Canadian dollars. Please see the Management’s Discussion and Analysis (“MD&A”) for the quarter ended September 30, 2025, for further detail on the matters discussed in this release. In addition to the MD&A, please reference the dedicated 2025 Q3 Results Presentation for more information on our results and projections which can be found on our website under Investors - Presentations.
Change in significant accounting policy - Classification of heavy equipment tires
Effective in the first quarter of 2025, we have changed our accounting policy for the classification of heavy equipment tires. These tires are now recognized as property, plant, and equipment on the Consolidated Balance Sheets and are amortized through depreciation on the Consolidated Statements of Operations and Comprehensive Income. Previously, all tires were classified as inventories and expensed through cost of sales when placed into service. This change in accounting policy provides a more accurate reflection of the role of tires as components of the heavy equipment in which they are utilized, aligning the accounting treatment with the economic substance of their use.
We have applied this change retrospectively in accordance with Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections, by restating the comparative period. For further details regarding the retrospective adjustments, refer to Note 16 in the consolidated financial statements for the period ended September 30, 2025.

EXHIBIT 99.1
Forward-Looking Information
The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “expect”, “should” or similar expressions.
The material factors or assumptions used to develop the above forward-looking statements include, and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the MD&A for the three and nine months ended September 30, 2025. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.com.
Non-GAAP Financial Measures
This press release presents certain non-GAAP financial measures because management believes that they may be useful to investors in analyzing our business performance, leverage and liquidity. The non-GAAP financial measures we present include "adjusted EBIT", "adjusted EBITDA", "adjusted EBITDA margin", "adjusted EPS", "adjusted net earnings", "capital additions", "capital work in progress", "cash liquidity", "cash provided by operating activities prior to change in working capital", "cash related interest expense", "combined gross profit", "combined gross profit margin", "equity investment depreciation and amortization", "equity investment EBIT", "free cash flow", "general and administrative expenses (excluding stock-based compensation)", "gross profit margin", "growth capital", "margin", "net debt", "net debt leverage", "senior-secured debt", "sustaining capital", "total capital liquidity", and "total combined revenue". A non-GAAP financial measure is defined by relevant regulatory authorities as a numerical measure of an issuer's historical or future financial performance, financial position or cash flow that is not specified, defined or determined under the issuer’s GAAP and that is not presented in an issuer’s financial statements. These non-GAAP measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Each non-GAAP financial measure used in this press release is defined and reconciled to its most directly comparable GAAP measure in the "Non-GAAP Financial Measures" section of our Management’s Discussion and Analysis filed concurrently with this press release.

EXHIBIT 99.1
Reconciliation of net income to adjusted net earnings, adjusted EBIT and adjusted EBITDA

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net income(i) |  | $ | 17,296 |  |  | $ | 14,489 |  |  | $ | 33,709 |  |  | $ | 40,503 |
Adjustments: |  |  |  |  |  |  |  |
Stock-based compensation (benefit) expense |  | (156) |  |  | 1,332 |  |  | (2,600) |  |  | 3,081 |
Loss (gain) on disposal of property, plant and equipment |  | 740 |  |  | 348 |  |  | (344) |  |  | 641 |
Unrealized foreign exchange loss |  | 845 |  |  | 114 |  |  | 689 |  |  | 9 |
Change in FV of contingent obligations - estimate adjustments |  | (2,771) |  |  | 17,727 |  |  | (21,573) |  |  | 26,585 |
Loss on derivative financial instruments |  | 1,684 |  |  | 572 |  |  | 9,346 |  |  | 845 |
Equity investment loss on derivative financial instruments |  | 855 |  |  | 1,836 |  |  | 2,766 |  |  | 2,806 |
Equity investment restructuring costs |  | — |  |  | — |  |  | — |  |  | 4,517 |
Depreciation expense relating to early component failures |  | — |  |  | — |  |  | 4,274 |  |  | — |
Post-acquisition asset relocation and integration costs |  | — |  |  | — |  |  | 1,640 |  |  | — |
Write-down on assets held for sale |  | — |  |  | — |  |  | — |  |  | 4,181 |
Tax effect of the above items |  | 988 |  |  | (4,489) |  |  | 6,761 |  |  | (8,974) |
Adjusted net earnings(i)(ii) |  | 19,481 |  |  | 31,929 |  |  | 34,668 |  |  | 74,194 |
Adjustments: |  |  |  |  |  |  |  |
Tax effect of the above items |  | (988) |  |  | 4,489 |  |  | (6,761) |  |  | 8,974 |
Income tax expense |  | 6,229 |  |  | 6,996 |  |  | 16,244 |  |  | 16,809 |
Equity investment EBIT(ii) |  | 5,690 |  |  | 4,365 |  |  | 3,943 |  |  | 7,152 |
Equity loss (earnings) in affiliates and joint ventures |  | (5,232) |  |  | (4,428) |  |  | (3,382) |  |  | (9,545) |
Change in FV of contingent obligations - interest accretion |  | 3,276 |  |  | 4,262 |  |  | 11,870 |  |  | 12,360 |
Interest expense, net |  | 15,265 |  |  | 15,003 |  |  | 42,904 |  |  | 44,939 |
Adjusted EBIT(i)(ii) |  | 43,721 |  |  | 62,616 |  |  | 99,486 |  |  | 154,883 |
Adjustments: |  |  |  |  |  |  |  |
Depreciation(i) |  | 49,492 |  |  | 43,902 |  |  | 164,717 |  |  | 134,915 |
Amortization of intangible assets |  | 366 |  |  | 322 |  |  | 1,456 |  |  | 940 |
Depreciation expense relating to early component failures |  | — |  |  | — |  |  | (4,274) |  |  | — |
Write-down on assets held for sale |  | — |  |  | — |  |  | — |  |  | (4,181) |
Equity investment depreciation and amortization(ii) |  | 5,460 |  |  | 6,036 |  |  | 17,543 |  |  | 14,689 |
Adjusted EBITDA(i)(ii) |  | $ | 99,039 |  |  | $ | 112,876 |  |  | $ | 278,928 |  |  | $ | 301,246 |
Adjusted EBITDA margin(i)(ii)(iii) |  | 25.3 | % |  | 30.7 | % |  | 24.2 | % |  | 28.9 | %

(i)The prior year amounts are adjusted to reflect a change in policy. See "Change in significant accounting policy".
(ii)See "Non-GAAP Financial Measures".
(iii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.
Reconciliation of equity earnings in affiliates and joint ventures to equity investment EBIT

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Equity (loss) earnings in affiliates and joint ventures |  | $ | 5,232 |  |  | $ | 4,428 |  |  | $ | 3,382 |  |  | $ | 9,545 |
Adjustments: |  |  |  |  |  |  |  |
(Gain) loss on disposal of property, plant and equipment |  | (44) |  |  | (183) |  |  | 113 |  |  | (358) |
Income tax expense (benefit) |  | 431 |  |  | 738 |  |  | 223 |  |  | (698) |
Interest expense (income) |  | 71 |  |  | (618) |  |  | 225 |  |  | (1,337) |
Equity investment EBIT(i) |  | $ | 5,690 |  |  | $ | 4,365 |  |  | $ | 3,943 |  |  | $ | 7,152 |

(i)See "Non-GAAP Financial Measures".
Reconciliation of total reported revenue to total combined revenue

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue from wholly-owned entities per financial statements |  | $ | 317,248 |  |  | $ | 286,857 |  |  | $ | 978,715 |  |  | $ | 860,197 |
Share of revenue from investments in affiliates and joint ventures |  | 134,946 |  |  | 144,574 |  |  | 392,686 |  |  | 382,789 |
Elimination of joint venture subcontract revenue |  | (61,417) |  |  | (64,276) |  |  | (218,832) |  |  | (200,395) |
Total combined revenue(i) |  | $ | 390,777 |  |  | $ | 367,155 |  |  | $ | 1,152,569 |  |  | $ | 1,042,591 |

(i)See "Non-GAAP Financial Measures".

EXHIBIT 99.1
Reconciliation of reported gross profit to combined gross profit

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross profit from wholly-owned entities per financial statements |  | $ | 49,723 |  |  | $ | 65,914 |  |  | $ | 123,444 |  |  | $ | 169,767 |
Share of gross (loss) profit from investments in affiliates and joint ventures |  | 7,423 |  |  | 7,860 |  |  | 10,783 |  |  | 18,624 |
Combined gross profit(i)(ii)(iii) |  | $ | 57,146 |  |  | $ | 73,774 |  |  | $ | 134,227 |  |  | $ | 188,391 |
Combined gross profit margin(i)(ii)(iii) |  | 14.6 | % |  | 20.1 | % |  | 11.6 | % |  | 18.1 | %

(i)See "Non-GAAP Financial Measures".
(ii)The prior year amounts are adjusted to reflect a change in policy. See "Change in significant accounting policy".
(iii) Certain prior period costs within the Fargo joint venture have been reclassified from non-operating to operating to better align with NACG classifications. This reclassification has no impact on revenue, income before taxes, or net income.
Reconciliation of basic net income per share to adjusted EPS

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net income(i) |  | $ | 17,296 |  |  | $ | 14,489 |  |  | $ | 33,709 |  |  | $ | 40,503 |
Interest from convertible debentures (after tax) |  | 624 |  |  | 1,509 |  |  | 2,352 |  |  | 4,490 |
Diluted net income available to common shareholders(i) |  | $ | 17,920 |  |  | $ | 15,998 |  |  | $ | 36,061 |  |  | $ | 44,993 |
Adjusted net earnings(i)(ii) |  | $ | 19,481 |  |  | $ | 31,929 |  |  | $ | 34,668 |  |  | $ | 74,194 |
Weighted-average number of common shares |  | 29,166,135 |  |  | 26,823,124 |  |  | 28,798,450 |  |  | 26,762,439 |
Weighted-average number of diluted common shares |  | 32,283,751 |  |  | 33,087,074 |  |  | 32,588,696 |  |  | 33,087,074 |
Basic net income per share |  | $ | 0.59 |  |  | $ | 0.54 |  |  | $ | 1.17 |  |  | $ | 1.51 |
Diluted net income per share |  | $ | 0.56 |  |  | $ | 0.48 |  |  | $ | 1.11 |  |  | $ | 1.36 |
Adjusted EPS(ii) |  | $ | 0.67 |  |  | $ | 1.19 |  |  | $ | 1.20 |  |  | $ | 2.77 |

(i)The prior year amounts are adjusted to reflect a change in policy. See "Change in significant accounting policy".
(ii)See "Non-GAAP Financial Measures".

EXHIBIT 99.1
Interim Consolidated Balance Sheets
(Expressed in thousands of Canadian Dollars)
(Unaudited)

|  | September 30, 2025 |  | December 31, 2024(i)
Assets |  |  |  |
Current assets |  |  |  |
Cash |  | $ | 101,637 |  |  | $ | 77,875 |
Accounts receivable |  | 175,933 |  |  | 166,070 |
Contract assets |  | 12,168 |  |  | 4,135 |
Inventories |  | 74,229 |  |  | 69,027 |
Prepaid expenses and deposits |  | 8,674 |  |  | 7,676 |
Assets held for sale |  | 112 |  |  | 683 |
|  | 372,753 |  |  | 325,466 |
Property, plant and equipment, net of accumulated depreciation of $576,366 (December 31, 2024 – $500,303) |  | 1,386,512 |  |  | 1,251,874 |
Operating lease right-of-use assets |  | 11,051 |  |  | 12,722 |
Investments in affiliates and joint ventures |  | 85,365 |  |  | 84,692 |
Intangible assets |  | 10,657 |  |  | 9,901 |
Other assets |  | 5,509 |  |  | 9,845 |
Total assets |  | $ | 1,871,847 |  |  | $ | 1,694,500 |
Liabilities and shareholders’ equity |  |  |  |
Current liabilities |  |  |  |
Accounts payable |  | $ | 122,699 |  |  | $ | 110,750 |
Accrued liabilities |  | 77,434 |  |  | 78,010 |
Contract liabilities |  | 22,878 |  |  | 1,944 |
Current portion of long-term debt |  | 152,439 |  |  | 84,194 |
Current portion of contingent obligations |  | 31,424 |  |  | 39,290 |
Current portion of operating lease liabilities |  | 1,576 |  |  | 1,771 |
|  | 408,450 |  |  | 315,959 |
Long-term debt |  | 746,894 |  |  | 719,399 |
Contingent obligations |  | 68,666 |  |  | 88,576 |
Operating lease liabilities |  | 9,923 |  |  | 11,441 |
Other long-term obligations |  | 27,759 |  |  | 44,711 |
Deferred tax liabilities |  | 139,067 |  |  | 125,378 |
|  | 1,400,759 |  |  | 1,305,464 |
Shareholders' equity |  |  |  |
Common shares (authorized – unlimited number of voting common shares; issued and outstanding – September 30, 2025 - 29,449,960 (December 31, 2024 – 27,704,450)) |  | 288,524 |  |  | 228,961 |
Treasury shares (September 30, 2025 - 873,970 (December 31, 2024 - 1,000,328)) |  | (14,743) |  |  | (15,913) |
Additional paid-in capital |  | 7,727 |  |  | 20,819 |
Retained earnings |  | 179,610 |  |  | 156,271 |
Accumulated other comprehensive income (loss) |  | 9,970 |  |  | (1,102) |
Shareholders' equity |  | 471,088 |  |  | 389,036 |
Total liabilities and shareholders’ equity |  | $ | 1,871,847 |  |  | $ | 1,694,500 |

(i)The prior year amounts are adjusted to reflect a change in policy. See "Change in significant accounting policy".

EXHIBIT 99.1
Interim Consolidated Statements of Operations and
Comprehensive Income
(Expressed in thousands of Canadian Dollars, except per share amounts)
(Unaudited)

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2025 |  | 2024(i) |  | 2025 |  | 2024(i)
Revenue |  | $ | 317,248 |  |  | $ | 286,857 |  |  | $ | 978,715 |  |  | $ | 860,197 |
Cost of sales |  | 218,033 |  |  | 177,041 |  |  | 690,554 |  |  | 555,515 |
Depreciation |  | 49,492 |  |  | 43,902 |  |  | 164,717 |  |  | 134,915 |
Gross profit |  | 49,723 |  |  | 65,914 |  |  | 123,444 |  |  | 169,767 |
General and administrative expenses |  | 12,870 |  |  | 10,623 |  |  | 33,214 |  |  | 35,690 |
Amortization of intangible assets |  | 366 |  |  | 322 |  |  | 1,456 |  |  | 940 |
Loss (gain) on disposal of property, plant and equipment |  | 740 |  |  | 348 |  |  | (344) |  |  | 641 |
Operating income |  | 35,747 |  |  | 54,621 |  |  | 89,118 |  |  | 132,496 |
Interest expense, net |  | 15,265 |  |  | 15,003 |  |  | 42,904 |  |  | 44,939 |
Equity earnings in affiliates and joint ventures |  | (5,232) |  |  | (4,428) |  |  | (3,382) |  |  | (9,545) |
Loss on derivative financial instruments |  | 1,684 |  |  | 572 |  |  | 9,346 |  |  | 845 |
Change in fair value of contingent obligations |  | 505 |  |  | 21,989 |  |  | (9,703) |  |  | 38,945 |
Income before income taxes |  | 23,525 |  |  | 21,485 |  |  | 49,953 |  |  | 57,312 |
Current income tax expense |  | 206 |  |  | 2,466 |  |  | 2,781 |  |  | 5,487 |
Deferred income tax expense |  | 6,023 |  |  | 4,530 |  |  | 13,463 |  |  | 11,322 |
Net income |  | $ | 17,296 |  |  | $ | 14,489 |  |  | $ | 33,709 |  |  | $ | 40,503 |
Other comprehensive income |  |  |  |  |  |  |  |
Unrealized foreign currency translation gain |  | (11,153) |  |  | (1,115) |  |  | (11,072) |  |  | (1,753) |
Comprehensive income |  | $ | 28,449 |  |  | $ | 15,604 |  |  | $ | 44,781 |  |  | $ | 42,256 |
Per share information |  |  |  |  |  |  |  |
Basic net income per share |  | $ | 0.59 |  |  | $ | 0.54 |  |  | $ | 1.17 |  |  | $ | 1.51 |
Diluted net income per share |  | $ | 0.56 |  |  | $ | 0.48 |  |  | $ | 1.11 |  |  | $ | 1.36 |

(i)The prior year amounts are adjusted to reflect a change in policy. See "Change in significant accounting policy".