North American Construction : NOA - Q2 2023 Earnings Presentation

Q2 2023

EARNINGS PRESENTATION

July 27, 2023

NOA

TSX - NYSE

Forward-looking statements & non-GAAP financial measures

Q 2 2 0 2 3

2

This presentation contains forward-looking information which reflects the current plans and expectations of North American Construction Group Ltd. (the "Company") with respect to future events and financial performance. Examples of such forward-looking information in this document include, but are not limited to, statements with respect to the Company's targets for percentage of Adjusted EBIT to be generated outside Canadian oil sands; the Company's 2023 targets and guidance related to Adjusted EBITDA, Adjusted EPS, Sustaining Capital, Free Cash Flow, Growth Capital, Deleveraging, Leverage Ratios and share purchases; and the Company's liquidity and capital allocation expectations for 2023, including expectations regarding improvements in cash flow, decreases in capital additions and decrease in senior debt leverage.

Forward-looking information is based on management's plans, estimates, projections, beliefs and opinions as at the date of this presentation, and the assumptions related to those plans, estimates, projections, beliefs and opinions may change; therefore, they are presented for the purpose of assisting the Company's security holders in understanding management's views at such time regarding those future outcomes and may not be appropriate for other purposes. While the Company anticipates that subsequent events and developments may cause the Company's views to change, the Company does not undertake to update any forward-looking information, except to the extent required by applicable securities laws.

Actual results could differ materially from those contemplated by the forward-looking information in this presentation as a result of any number of factors and uncertainties, many of which are beyond the Company's control. Important factors that could cause actual results to differ materially from those in the forward-looking information include success of business development efforts, changes in prices of oil, gas and other commodities, availability of government infrastructure spending, availability of a skilled labour force, general economic conditions, weather conditions, performance and strategic decisions of our customers, access to equipment, changes in laws and ability to execute work.

For more complete information about the Company and the material factors and assumptions underlying our forward-looking information please read the most recent disclosure documents posted on the Company's website www.nacg.caor filed with the SEC and the CSA. You may obtain these documents by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedar.com.

This presentation 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 EPS", "backlog", "cash provided by operating activities prior to change in working capital", "combined revenue", "free cash flow", "growth capital", "invested capital", "EBITDA margin", "net debt", "senior debt" and "sustaining capital". 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 of the above referenced non-GAAP financial measure 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 presentation.

Other non-GAAP financial measures used in this presentation are "combined gross profit margin", "replacement value", "liquidity", "return on invested capital" and "senior debt leverage". We believe these non-GAAP financial measures are commonly used by the investment community for valuation purposes and provide useful metrics common in our industry.

"Combined gross profit margin" is calculated as combined gross profit divided by combined revenue.

"Replacement value" represents the cost to replace our fleet at market price for new equivalent equipment.

"Liquidity" is calculated as unused borrowing availability under the credit facility plus cash.

"Net debt leverage" is calculated as net debt at period end divided by the trailing twelve-month adjusted EBITDA.

"Senior debt leverage" is calculated as senior debt at period end divided by the trailing twelve-month EBITDA as defined by our Credit Facility Agreement.

NOA

TSX - NYSE

Q 2 2 0 2 3

3

Everyone Gets

Home Safe

Trailing twelve-month recordable injury rate below target consistent with positive trends in late 2022 & first half 2023

Maintaining focus on health & safety through initiatives

• Utilization of drone technology to improve hazard identification in remote locations
• Focus on critical task audits, targeting safe operating trends
• Implementation of "Acts of Safety" to promote peer to peer recognition engaging workers in safe behaviors
• High potential injury reduction program which allocates resources to events that have a serious potential outcome and subsequently perform detailed root cause analysis
• Continuing to research & test collision avoidance technology on large capacity haul trucks
• New competency programs rolled out for field supervisors
• Noise exposure assessments and audiometric testing underway

1 In millions, exposure hours relate to direct NACG employees and are the number of employment hours including overtime & training but excluding leave, sickness & other absences

5.2

4.8 4.9

Exposure Hours 1	4.2
3.4	3.4
3.1

	2.7
2.3	2.1
	1.6

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q2

2023 TTM

Total Recordable

Injury Rate

2012

2014

2016

2018

2020

2022

NOA

TSX - NYSE

Equipment Utilization1

100%

80% Target range of 75% to 85%

60%

61%

59%

Q 2 2 0 2 3

4

60%	52%

46%

40%

27%

27%

24%

20%

8%

0%

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

2015

2016

2017

2018

2019

2020

2021

2022

2023

Q2 impacted by weather in June and equipment mobilization to the Fort Hills mine

1 NACG fleet only, data labels reflect Q2 performances, graph line reflects monthly performance

2023 Q2 FINANCIAL OVERVIEW

5