North American Construction Group Ltd (NOA) 2025 Q2 法說會逐字稿

Good morning ladies and gentlemen. Welcome to the North American Construction Group conference call regarding the secpnd quarter and the June 30, 2025.

女士們、先生們，早安。歡迎參加北美建築集團第二季及2025年6月30日電話會議。

(Operator Instructions)

（操作員指示）

The company wishes to confirm that today's comments contain forward-looking information and that actual results could differ from a conclusion, forecast or projection contained in that forward-looking information.

該公司希望確認今天的評論包含前瞻性訊息，並且實際結果可能與前瞻性資訊中包含的結論、預測或預期不同。

Certain material factors or assumptions were applied in drawing conclusions or in making forecasts or projections that are reflected in the forward-looking information. Additional information about those material factors is contained in the company's most recent management discussion and analysis, which is available on Cedar and Edgar, as well as on the company's website at NACG.A. I'll not turn the conference over to Mr. Jason Vinstra.

在得出結論或做出前瞻性資訊中反映的預測或預期時，應用了某些重要因素或假設。有關這些重要因素的更多信息，請參閱公司最新的管理層討論與分析，該討論與分析可在 Cedar and Edgar 以及公司網站 NACG.A 上查閱。我不會將會議交給 Jason Vinstra 先生。

Thank you. Please go ahead.

謝謝。請繼續。

Thanks, Nina, and good morning everyone. A bit of a change today as I'll start off right away with the financials and pass the call to Joel for the operational and Outlook commentary.

謝謝，妮娜，大家早安。今天稍有變化，因為我將立即開始討論財務狀況，然後將電話轉給喬爾 (Joel) 進行營運和展望評論。

Starting on slide 4, the headline EA done number of $80 million and the correlated 21.6% margin were impacted primarily by three distinct challenges in the quarter.

從投影片 4 開始，EA 的總完成金額為 8,000 萬美元，相關利潤率為 21.6%，主要受到本季三個不同挑戰的影響。

First, Based on the strong growth in Australia, we were required to incur higher than expected maintenance costs on subcontractor labor.

首先，基於澳洲的強勁成長，我們需要承擔高於預期的分包商勞動力維護成本。

The ramp up curve in Australia has resulted in a lag in recruitment of our critical heavy equipment technician personnel, and the resulting contractor costs resulted in higher expenses in the quarter.

澳洲的成長曲線導致我們關鍵重型設備技術人員的招聘滯後，由此產生的承包商成本導致本季費用增加。

Second, an abrupt stop to work in April in the oil sands region resulted in higher operational and overhead costs due to the inefficiencies associated with unplanned outages.

其次，四月油砂地區的突然停工，因計劃外停機導致效率低下，從而導致了營運和管理成本的增加。

NACG has been working in the oil sands for decades, and we understand the need to be agile, but the inconsistency experienced this quarter was abnormal and resulted in us incurring costs we normally could avoid through routine mine planning and resourcing.

NACG 在油砂領域已經工作了幾十年，我們理解敏捷的必要性，但本季經歷的不一致性是不正常的，導致我們產生了通常可以透過常規礦山規劃和資源配置避免的成本。

And thirdly, although the project team and workforce at Fargo progressed the project extremely well, they had an eventful corporate quarter as a settlement with the authority, and the finalization of an updated detailed plan to completion led to a significant margin adjustment in the quarter.

第三，儘管法戈的專案團隊和員工非常出色地完成了項目，但他們與當局的和解卻帶來了一個多事之秋，而最終確定的最新詳細完工計劃也導致本季度的利潤率大幅調整。

For those familiar with project management, adjusting margins, even slightly for a project that is 70% complete can be material.

對於熟悉專案管理的人來說，對於已完成 70% 的項目，即使只是稍微調整利潤率，也可能產生重大影響。

Excluding these items, IBIA would have been well above $100 million and at our typical margin profile of around 27 to 28%.

除去這些項目，IBIA 的利潤率將遠高於 1 億美元，並且我們的典型利潤率約為 27% 至 28%。

These three challenges drove the financial results for the quarter but have been mitigated and addressed as Joel will describe in his prepared remarks.

這三大挑戰推動了本季的財務業績，但正如喬爾在其準備好的發言中所描述的那樣，這些挑戰已經得到緩解和解決。

We included a comment here about our steady revenue growth as we posted $371 million of combined revenue, which is a 12% increase from last Q2.

我們在這裡添加了一條關於我們穩定收入成長的評論，因為我們公佈的綜合收入為 3.71 億美元，比去年第二季度增長了 12%。

Australia in particular, continues to impress with its consistent growth trajectory being up 7% from the first quarter of 2025 and 14% from last Q2.

尤其是澳大利亞，其持續的成長軌跡令人印象深刻，較 2025 年第一季成長 7%，較去年第二季成長 14%。

When we look back on Australia, the revenue of $168 million that we generated this quarter is more than double since the second quarter of 2022, 3 short years ago, which was $81 million on a pro forma basis.

回顧澳大利亞，本季我們創造的 1.68 億澳元收入是 3 年前 2022 年第二季的兩倍多，當時的備考收入為 8,100 萬美元。

The McKellar Group generated almost $60 million in June alone and set another company record for monthly revenue.

光是 6 月份，麥凱勒集團就創造了近 6,000 萬美元的收入，創下了公司月收入的新高。

June's strong top line bodes well heading into the second half of 2025, and this growth rate is indicative of the demand we see in Australia.

6 月強勁的營收預示著 2025 年下半年將迎來良好發展，這一增長率表明了我們在澳洲看到的需求。

Moving to slide 5 and our combined revenue and gross profit, Australia was up $21 million on a strong quarter which benefited from growth capital being commissioned and fairly stable operating conditions. Equipment utilization in that region of 76% was strong, but was slightly held back from rainy conditions in April that carried over from Q1.

轉到幻燈片 5 和我們的綜合收入和毛利，澳洲在本季度表現強勁，成長了 2,100 萬美元，這得益於成長資本的投入和相當穩定的營運條件。該地區的設備利用率高達 76%，但 4 月從第一季延續下來的降雨天氣略微抑制了設備利用率。

This top line positive variance was further bolstered by higher revenue quarter over quarter in the oil sands region, which compares favorably to last year's Q2, but was significantly impacted by inconsistent demand primarily in April.

油砂地區營收季增進一步增強了這項營收正向差異，與去年第二季相比有所好轉，但主要在 4 月的需求不穩定性對其產生了顯著影響。

Our share of revenue generated in the first quarter by joint ventures was down 4 million from last year, primarily due to lower scopes being completed within the Nuna Group of companies.

我們第一季合資企業創造的營收份額比去年同期下降了 400 萬美元，主要原因是 Nuna 集團公司內部完成的工作範圍較低。

Fargo was consistent quarter over quarter, but that consistency factored in an approximately $8 million reduction in recognized revenue based on the updated project plan.

法哥的業績與上一季持平，但根據更新後的項目計劃，這種持平導致確認收入減少了約 800 萬美元。

Excluding that one-time entry, Fargo scopes completed in the quarter were approximately 30% higher than that of Q2 2024.

除掉這一次性項目外，本季完成的 Fargo 範圍比 2024 年第二季高出約 30%。

Combined gross profit margin of 10.7% was impacted approximately 8% by the three factors previously mentioned subcontractor costs in Australia, operational and overhead costs in Canada from unplanned stoppages, and the Fargo settlement and updated project plan.

綜合毛利率為 10.7%，受到前面提到的三個因素約 8% 的影響：澳洲的分包商成本、加拿大因意外停工而產生的營運和管理成本以及法哥結算和更新的專案計畫。

Less prominent impacts included the continuation from Q1 into April of the rainy weather in Australia and early failures of certain components in our heavy equipment fleet in Canada.

不太明顯的影響包括澳洲從第一季持續到四月的陰雨天氣，以及我們加拿大重型設備車隊某些零件的早期故障。

Moving to slide 6, Q2, EIT and EBIT were down from their 2024 comparables as discussed. The 21.6% margin we achieved is not indicative of where we see our business operating at and well below the 28% run rate we've been on since the acquisition of the McKellar Group.

轉到幻燈片 6，正如所討論的，Q2、EIT 和 EBIT 低於 2024 年的水平。我們實現的 21.6% 的利潤率並不能代表我們的業務營運水平，而且遠低於我們自收購 McKellar 集團以來的 28% 的運作率。

Included in the EEDA is direct.

EEDA 中包含的是直接的。

General administrative expenses of $12 million and equivalent to 3.6% of reported revenue, which is below the 4% target we set for ourselves.

一般管理費用為 1,200 萬美元，相當於報告收入的 3.6%，低於我們為自己設定的 4% 的目標。

Going from Ebi to Ebi, we again ex expect depreciation equivalent to approximately 16% of combined revenue, which is higher than the 13% posted in 20,242, and reflects the component issues we are experiencing in Canada.

從 Ebi 到 Ebi，我們再次預期折舊相當於合併收入的約 16%，高於 20,242 年公佈的 13%，反映了我們在加拿大遇到的組件問題。

Again, the 16% is higher than our expected run rate moving forward, given historically we've been between 13% and 14%.

再次，16% 高於我們預期的未來運行率，因為歷史上我們的運行率一直在 13% 到 14% 之間。

Adjusted earnings per share for the quarter of $0.02 reflects the significant bottom line impact of the challenges we faced with interest expense identical to last year and tax rates consistent as well.

本季調整後每股收益為 0.02 美元，反映了我們面臨的挑戰對底線的重大影響，即利息支出與去年相同，稅率也保持一致。

The average cash interest rate for Q2 was 6.4%. Moving to slide 7, I'll briefly summarize our cash flow.

第二季平均現金利率為6.4%。轉到第 7 張投影片，我將簡要總結我們的現金流。

Net cash provided by operations prior to working capital of $64 million was generated by the business, reflecting even that performance.

該業務產生的營運資本前的淨現金為 6,400 萬美元，反映了這一業績。

Net of cash interest paid.

扣除已支付的現金利息。

Free cash flow was neutral for the quarter based on the sustaining capital spending.

由於持續的資本支出，本季的自由現金流保持中性。

Moving to slide 8, net debt levels ended the quarter at $897 million an increase of $29 million in the quarter as gross spending required debt financing.

轉到投影片 8，本季末的淨債務水準為 8.97 億美元，由於總支出需要債務融資，本季增加了 2,900 萬美元。

Net debt and senior secured debt leverage ended at 2.2 times and 1.5 times respectively.

淨債務和優先擔保債務槓桿率分別為2.2倍和1.5倍。

With those brief comments, I'll pass the call to Joe.

聽完這些簡短的評論後，我將把電話轉給喬。

Thanks, Jason.

謝謝，傑森。

Morning, everyone. I'm going to start with a brief overview of our Q2 2025 operational performance, and then I'll conclude with our second half outlook, our growth opportunities in Australia and the infrastructure markets, and our expanding bid pipeline before taking your questions.

大家早安。我將首先簡要概述我們 2025 年第二季度的營運業績，然後總結一下我們的下半年展望、我們在澳洲和基礎設施市場的成長機會以及我們不斷擴大的投標管道，然後再回答您的問題。

On slide 10, our Q2 trailing 12 month total recordable rate of 0.42 remains better than our industry leading target frequency of 0.5.

在投影片 10 上，我們第二季過去 12 個月的總可記錄率為 0.42，仍然高於我們行業領先的目標頻率 0.5。

We continue to advance our systems and training with key focus on increased high risk task awareness and serious accident prevention.

我們繼續改進我們的系統和培訓，重點是提高高風險任務意識和嚴重事故預防。

A lot of people in our business claim safety is part of their core beliefs and culture, but when you look at their history, their promises don't match the facts. Unlike others, NACG can demonstrate 10 years of industry leading results from 2016 to now while showing simultaneously increasing exposure hours by more than 4 times.

我們這個行業的許多人都聲稱安全是他們核心信念和文化的一部分，但當你回顧他們的歷史時，你會發現他們的承諾與事實不符。與其他公司不同的是，NACG 可以展示從 2016 年至今 10 年的行業領先成果，同時曝光時間增加了 4 倍以上。

Importantly for investors, these facts readily show our customers what a strong safety culture looks like and differentiate us from our competitors. This translates to contract wins, lower downtime, higher revenue, and lower costs.

對於投資者來說，重要的是，這些事實很容易向我們的客戶展示強大的安全文化是什麼樣的，並使我們與競爭對手區分開來。這意味著贏得合約、減少停機時間、增加收入並降低成本。

Moving to slide 11. I want to highlight some of the major achievements of Q2.

移至投影片 11。我想強調第二季的一些主要成就。

The trailing 12 month revenue set another company record with Australia leading the way and containing an impressive 3 year growth rate of 28%.

過去 12 個月的收入創下了該公司的另一項紀錄，其中澳洲領先，三年成長率高達 28%。

Just as impressive, if not more so, our business in Australia is growing at that rate and continues to improve on fleet utilization.

同樣令人印象深刻的是，我們在澳洲的業務正以這樣的速度成長，車隊利用率不斷提高。

Our Fargo flood diversion project, a highlight for our diversification efforts, enters the last year of major construction and remains on track for scheduled completion and handover to operations and maintenance teams. Soon Fargo and the surrounding communities will have flood protection in place to quell those annual spring feeders.

我們的法戈防洪工程是我們多元化努力的一大亮點，目前已進入主要建設的最後一年，並預計將按計劃完成並移交給營運和維護團隊。法戈及其周邊社區很快就會建立防洪設施，以平息每年春季的洪水。

Our discipline management approach kept administrative costs of 3.6%, showcasing our ability to grow and support top line revenue without adding to our overheads.

我們的紀律管理方法將管理成本保持在 3.6%，顯示了我們在不增加管理費用的情況下增加和支援營業收入的能力。

Our ability to handle large civil infrastructure projects with the same operational and financial success is the key to our expansion in this segment.

我們能夠以同樣的營運和財務成功來處理大型民用基礎設施項目，這是我們在這一領域擴張的關鍵。

On the corporate front, we won the biggest contract in company history last week shortly after our Q2 close, which drove record backlog and continued our trend of 100% renewal rate in Australia.

在公司方面，我們在第二季度結束後不久於上週贏得了公司歷史上最大的合同，這推動了創紀錄的積壓訂單，並延續了我們在澳大利亞 100% 續約率的趨勢。

Continuing another Australian trend, this contract renewal was achieved more than 2 years before the previous contract expiration.

延續澳洲的另一個趨勢，這項續約比上一份合約到期提前了兩年多。

On the topic of renewals in the US, we also renewed our Texas thermal coal mine management contract out to 2028.

關於美國續約問題，我們也將德州動力煤礦管理合約續約至 2028 年。

Lastly, on the financial front, we completed a $225 million offering of senior unsecured notes providing liquidity for our future growth opportunities.

最後，在財務方面，我們完成了 2.25 億美元的無擔保優先票據發行，為我們未來的成長機會提供了流動性。

We ended Q2 with what I believe are two critical additions to our senior team. We've hired a VP of asset management and a VP of infrastructure and growth.

我們在第二季結束時，我認為我們的高階團隊有了兩位關鍵的補充。我們聘請了一位資產管理副總裁和一位基礎設施與成長副總裁。

Stuart and Melanie are industry tops in their respective fields and will play major roles in leading our growth and diversification strategies.

史都華和梅蘭妮是各自領域的行業頂尖人物，將在領導我們的成長和多元化策略方面發揮重要作用。

I expect to be sharing their accomplishments with you frequently in the coming quarter.

我希望在接下來的一個季度經常與大家分享他們的成就。

On slide 12.

在第 12 張投影片上。

We've combined the Australian Canadian fleets to form a global utilization rate as measuring our global utilization becomes more and more important to our decision making.

我們將澳洲和加拿大的船隊合併起來，形成全球利用率，因為衡量全球利用率對我們的決策越來越重要。

A 7,525 Australian to Canada waiting was chosen as its roughly proportionate to our respective earnings expectations.

選擇 7,525 澳元到加拿大的等待時間為，因為這與我們各自的收入預期大致成比例。

Despite our Q2 setbacks, our global utilization rate is trending up, and our continued prudent fleet management is expected to deliver utilization in the second half of the year in our target range of 75% to 80%.

儘管我們在第二季度遭遇挫折，但我們的全球利用率呈上升趨勢，我們持續審慎的船隊管理預計將使下半年的利用率達到我們目標範圍的 75% 至 80%。

Moving on to our outlook for the remains of the year, sliding, 14 highlights the three steps which are mainly cost related that bridge our Q2 margin results to our H-2 expectations.

繼續我們對今年剩餘時間的展望，下滑，14 突出了主要與成本相關的三個步驟，這些步驟將我們的第二季度利潤率結果與我們的下半年預期聯繫起來。

To start, the Fargo settlement that is now behind us is one time in nature, and we have high confidence in the forecast that estimated to complete as we have thoroughly reviewed the forecast, as have our other partners.

首先，我們現在已經完成的法戈和解案本質上是一次性的，我們對預計完成的預測充滿信心，因為我們和其他合作夥伴一樣已經徹底審查了該預測。

In Australia we expect lower costs as we reduce our reliance on contract subcontracted skilled trades and importantly, we're ahead of schedule on those reductions through July.

在澳大利亞，我們預計成本會降低，因為我們減少了對合約分包技術工種的依賴，而且重要的是，我們在 7 月之前已經提前完成了這些削減計劃。

And lastly, in our oil sands business, we expect more consistent operations as our customers have no planned plant outages in the second half of the year has historically lower weather exposure.

最後，在我們的油砂業務中，我們預計營運將更加穩定，因為我們的客戶在下半年沒有計劃的工廠停工，而且歷史上受天氣影響較低。

On slide 15, we provided an outlook for the second half of 2025 and highlighted any variants to previous H2 expectations.

在第 15 張投影片上，我們提供了 2025 年下半年的展望，並強調了與先前下半年預期的任何變更。

As I said in my letter to shareholders, we remain confident in delivering second half year results consistent with our original expectations aside from our oil sands business.

正如我在致股東的信中所說，除了油砂業務外，我們仍然有信心實現符合我們最初預期的下半年業績。

Although these oil fence changes negatively impact our second half EA and EPS, the unchanged combined revenue and free cash flow expectation reaffirms a strong finish to the year and sets us up to be back on historical growth trends for 2026.

儘管這些石油圍欄變化對我們下半年的年度盈利和每股收益產生了負面影響，但保持不變的綜合收入和自由現金流預期再次證明了今年的強勁收官，並為我們在 2026 年重回歷史增長趨勢奠定了基礎。

On slide 16, we highlight why our long-term growth targets remain intact with anticipated organic revenue growth of 5 to 10% annually underpinned by ongoing Australian growth, new infrastructure projects which I detail further on the next slide, and new mining projects and opportunities to displace higher cost contractors in Australia and Canada that will further enhance fleet utilization and operational diversification.

在第 16 張投影片上，我們強調了為什麼我們的長期成長目標保持不變，預計每年有機收入成長率為 5% 至 10%，這得益於澳洲的持續成長、新的基礎設施項目（我將在下一張投影片中詳細介紹）以及新的採礦項目和取代澳洲和加拿大高成本承包商的機會，這將進一步提高車隊利用率和營運多樣化。

On slide 17, we detail the growing civil infrastructure opportunities in North America.

在第 17 張投影片上，我們詳細介紹了北美不斷增長的民用基礎設施機會。

Aging infrastructure, energy transition, climate resiliency, and tariff threats pushing nations to seek more resource independence, all fueled by federal stimulus, are driving what we believe is a vastly growing opportunity in the civil infrastructure markets, with spending uptick kicking off in 2026.

基礎設施老化、能源轉型、氣候適應力以及關稅威脅促使各國尋求更多的資源獨立，所有這些都受到聯邦刺激的推動，我們認為，民用基礎設施市場將迎來巨大的成長機遇，支出將在 2026 年開始上升。

This infrastructure growth is coming off a major previous uptick in 2023 and position positions us well to support major general contractors who are at capacity as either a partner or a subcontractor.

這項基礎設施成長源於 2023 年的大幅上漲，這使我們能夠很好地支持作為合作夥伴或分包商滿載運作的主要總承包商。

We expect to have secured two strong project teams to pursue our TOP10 projects before year end and maintain our plans to increase infrastructure to around 25% of our overall business by 2028.

我們預計在年底之前將擁有兩個強大的項目團隊來執行我們的 TOP10 項目，並維持我們的計劃，到 2028 年將基礎設施增加到我們整體業務的 25% 左右。

As I mentioned earlier, our VP of infrastructure and growth is now in place, and although she has only been with us a bit over a month, she's hit the ground running and has already shown the skills and tenacity that fit right in at NACG. This gives me confidence in our ability to achieve our infrastructure goals.

正如我之前提到的，我們的基礎設施和成長副總裁現已到位，儘管她只加入我們一個多月，但她已經開始工作，並已展現出適合 NACG 的技能和韌性。這讓我對我們實現基礎設施目標的能力充滿信心。

Flight 18 highlights a strong bid pipeline, including our TOP20 infrastructure projects totaling around $2 billion.

第 18 批項目重點突出了強大的投標管道，其中包括總額約 20 億美元的 TOP20 基礎設施項目。

The big blue spot in the middle is now gone, as that is the $2 billion dollar contracted win at the Queensland coal mine we announced last week.

中間的大藍點現在已經消失了，因為那是我們上周宣布的昆士蘭煤礦 20 億美元的合約勝利。

The remainder of the bid pipeline remains essentially unchanged as no other significant bids.

由於沒有其他重要投標，其餘投標管道基本保持不變。

Inactive procurement have been awarded.

非活躍採購已得標。

Although not a sizable enough project to warrant a press release, it should also be noted that our mine management contract extension at the Texas coal mine never entered the bid pipeline, and we are able to negotiate that extension directly with our customer.

雖然該項目規模不大，不值得發布新聞稿，但也應該注意到，我們在德克薩斯煤礦的礦山管理合約延期從未進入招標渠道，我們可以直接與客戶協商延期事宜。

Lastly, regarding capital allocation going forward, we've been active in our NCIB, having purchased and canceled around 680,000 shares since inception to quarter end, demonstrating our commitment to shareholder-focused allocation.

最後，關於未來的資本配置，我們一直積極參與 NCIB，自成立至本季度末已購買並註銷了約 680,000 股，表明了我們對以股東為中心的配置的承諾。

We have increased liquidity with our high yield rates and an expected midpoint $100 million in free cash flow for the second half of the year, which gives us confidence to continue investing in shareholder friendly ways, provides us funds should we need to settle our remaining convertible debt with cash, which is now a current liability due the end of Q12026.

我們的高收益率提高了流動性，預計下半年自由現金流中位數為 1 億美元，這使我們有信心繼續以對股東友好的方式進行投資，並在我們需要以現金償還剩餘可轉換債務時提供資金，這筆債務目前是 2026 年第一季末到期的流動負債。

And provides additional funding should we need letters of credit for future infrastructure bids or find other high return investment opportunities.

並且如果我們需要信用證來進行未來的基礎設施投標或尋找其他高回報的投資機會，它將提供額外的資金。

In summary, while Q2 was not an easy time for us, we're looking forward to a strong back half of the year and excited to share more operational updates with you as we move towards the end of the year. With that, I'll open up for any questions you may have.

總而言之，雖然第二季對我們來說並不輕鬆，但我們期待下半年業績強勁成長，並很高興在年底前與您分享更多營運更新。這樣，我就可以回答你們的任何問題了。

Thank you. We will now begin the question-and-answer question. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Erin McNeil from TD Cowen. Please go ahead.

Erin McNeil 的 TD Cowen。請繼續。

Hey, morning. Thanks for taking my question.

嘿，早安。感謝您回答我的問題。

Aaron.

亞倫。

Jason, you sort of alluded to it in the prepared remarks. I'm hoping you can help us a bit with sort of future free cash flow generation. I know there's no guidance out for 2026 yet, but I'm hoping you can just quantify the challenges this year, including the Fargo settlement, the margins in Australia and Canada. At least to the extent that you don't expect them to recur next year and then just give us a sense of what you expect will be the big moving pieces on free cash flow generation. I'm thinking about, again, Australian margins, sustaining growth capital or anything else you think is relevant and again, like, not to put too fine a point on it, I just want to think about sort of the moving pieces there and and if you can give any visibility to an improvement in free cash flow in 206.

傑森，你在準備好的發言中提到了這一點。我希望您能在未來自由現金流的產生方面給我們一些幫助。我知道目前還沒有針對 2026 年的指導，但我希望您能能量化今年的挑戰，包括法哥和解、澳洲和加拿大的利潤。至少在某種程度上，您不希望它們明年再次發生，然後讓我們了解您預期自由現金流產生的主要推動因素是什麼。我再次考慮澳洲的利潤率、維持成長資本或您認為相關的任何其他內容，再次，例如，不要對此進行過分強調，我只是想考慮一下那裡的移動部分，以及您是否可以證明 206 年自由現金流有所改善。

Yeah, as far as it relates to the second half, we see about a $20 million dollar working capital good guy in the second half from collections that slipped from June into July. So that sort of reconciles the, reduction in EAD but the consistency and free cash flow. And as far as the first half goes, the the difference from expectation to actual fell to free cash flow, essentially, so CapEx came in slightly higher than expectation, about $10 million higher, but the primary driver of the free cash flow difference is the difference in EBITDA.

是的，就下半年而言，我們看到下半年的營運資金約為 2,000 萬美元，而 6 月至 7 月的收款額有所下降。因此，這在某種程度上協調了 EAD 的減少以及一致性和自由現金流。就上半年而言，預期與實際之間的差異基本上下降到了自由現金流，因此資本支出略高於預期，高出約 1000 萬美元，但自由現金流差異的主要驅動因素是 EBITDA 的差異。

JV the Fargo settlement and the $8 million dollar impact we do collect from Fargo on a percentage of completion basis, so that does have an impact on free cash flow as well. So essentially impact does fall to free cash flow for the first half.

我們將法哥和解協議與我們根據完成百分比從法哥收取的 800 萬美元影響力結合起來，因此這也會對自由現金流產生影響。因此，本質上影響確實會落在上半年自由現金流上。

Right, I'm just thinking more about 2026 like I guess not to put too fine a point on it, but like, the sustaining capital is higher growth capital is higher. Are those sort of the right.

是的，我只是更多地考慮 2026 年，我想不要對此進行太過詳細的闡述，但是，維持資本更高，增長資本更高。這些是正確的嗎？

Is the run rate this year something that we should think about into next year?

我們是否應該考慮今年的運行率以及明年的情況？

No, we would expect 2026 sustaining CapEx range to be the 180 to 200 that we had for this year. Some of the component issues we experienced in Canada we're driving that overage, and we don't expect those to happen again in 2026, so we would expect.

不，我們預計 2026 年的維持資本支出範圍將達到今年的 180 到 200。我們在加拿大遇到的一些組件問題導致了這種超額現象，我們預計這些問題不會在 2026 年再次發生，這是我們可以預料到的。

A similar free cash flow target, call it 130 to 150 for 2026, when we die in in October.

類似的自由現金流目標，到 2026 年（也就是我們 10 月去世時）將達到 130 到 150。

Got it. And then Joe, one for you. I'm just looking at not the Q2 presentation, but the August investor presentation that just hit your website. You speak to 15% Australia growth in 2024, 2025, 25% in 2025, and then a consolidated, long term growth rate of 5 to 10%. So you know I can realize that the top line. Target, but how's the Australian labor strategy evolving and what do you think is a practical sort of ceiling on your potential revenue growth in Australia before you start to get into, the negative margin outcomes that we saw with Q2?

知道了。然後喬，給你一個。我正在看的不是第二季度的演示文稿，而是剛剛發佈在您網站上的八月份投資者演示文稿。您提到，2024 年、2025 年澳洲的成長率將達到 15%，2025 年將達到 25%，之後的長期綜合成長率將達到 5% 至 10%。所以你知道我可以意識到這一點。目標，但澳洲的勞動力策略是如何發展的？在您開始討論我們在第二季度看到的負利潤結果之前，您認為您在澳洲的潛在收入成長的實際上限是什麼？

Well, I think managing a 5 to 10% growth rate is very reasonable. Obviously we've had a bit higher than that, we also started the copper mine up in New South Wales. That wasn't an area we've been operating in previously.

嗯，我認為保持5%到10%的成長率是非常合理的。顯然，我們的目標比這要高一些，我們還在新南威爾斯州啟動了銅礦開採。那不是我們之前開展業務的領域。

This, skilled trades is an is an issue that always rises its head in our business at certain times. We react to it fairly quickly, I think we, we've been through this before.

這是我們業務中在某些時候總是會遇到的問題。我們對此的反應相當快，我想我們以前經歷過這種情況。

They're reoccurring items and, we've addressed it. I feel very comfortable that we'll worked our way out of this in the second half of the year down there. I like I said, I think we already had a good head start on it in July, and then at a lower growth rate, it's much easier to manage. And the higher the growth rate in any particular area, the more pressure it puts on any kind of hard to get trades like that.

這些都是重複出現的問題，我們已經解決了。我非常有信心，我們將在今年下半年解決這個問題。就像我說的，我認為我們在七月就已經取得了良好的開端，而且在較低的成長率下，管理起來會容易得多。任何特定領域的成長率越高，對任何難以實現的交易的壓力就越大。

Gotcha. Okay, thanks. I'll turn it back.

明白了。好的，謝謝。我會把它轉回去。

Thank you.

謝謝。

Thank you. And your next question comes from the line of Kevin Genie from Thomas and Davis. Please go ahead.

謝謝。您的下一個問題來自托馬斯和戴維斯的凱文·吉尼。請繼續。

Good morning, Joe, Jason. It's Kevin on for Adam.

早安，喬，傑森。凱文 (Kevin) 代替亞當 (Adam)。

This, despite the shutdown, revenue growth in Canada was still strong, I think about 20% year to year. But, revenue have been even stronger without the shutdown, or did the shutdown impact cost on the sales?

儘管關閉，加拿大的收入成長仍然強勁，我認為同比增長約為 20%。但是，即使沒有停工，收入反而更強勁，還是停工影響了銷售成本？

Rev revenue but it was a direct relationship to revenue and the cost, the inefficiency is when you have those kind of abrupt shutdowns.

但它與收入和成本有直接關係，當你遇到這種突然關閉時，效率就會降低。

Laying people off and hiring them back on takes time and money and carryover of overheads, you don't want to lay off your entire staff and then TRY and bring them back 3 weeks later or a month later. So yeah, those are direct impacts and we don't see that happening again because it's predominantly related to their timing of a of a turnaround, a major turnaround in their plants.

解僱員工並重新僱用他們需要時間和金錢，而且還會產生管理費用，您不會想解僱所有員工，然後在三週或一個月後再嘗試讓他們回來。是的，這些都是直接影響，我們不會再看到這種情況發生，因為這主要與他們的工廠扭虧為盈的時機、重大轉變有關。

Do you think, do you guys think that the that turnaround was just a one time off turnaround or and that oil sands will be smoother in H2?

你們認為，你們認為這種轉變只是一次性的轉變，還是油砂在下半年會比較順利？

And they generally do those about every 3 or 4 years, but you know we actually met with them early in May and had discussions on what those impacts were to us and how it negatively impacted them, and I think we've got a good understanding of relationship that hopefully the next one that happens to be 3 years down the road or whatever that we've got plans in place to schedule around it to where you don't have an as abrupt.

他們通常每 3 到 4 年進行一次這樣的活動，但您知道，我們實際上在 5 月初與他們會面，討論了這些活動對我們的影響以及對他們的負面影響，我認為我們對這種關係有了很好的了解，希望下一次活動是在 3 年後，或者我們已經制定了計劃來安排時間，這樣就不會出現那麼突然的情況。

A shut down of work and then bring it back online. So that's very expensive and it creates issues across the board, operationally safety costs, and so you know we've had those discussions and I think our clients understand it. It was an unfortunate situation in Q2 and hopefully we can plan our way around it in the future.

關閉工作然後重新上線。所以這非常昂貴，並且會引發各種問題，包括營運安全成本，所以你知道我們已經進行過這些討論，我認為我們的客戶也理解這一點。這是第二季的一個不幸的情況，希望我們能夠在未來制定解決方案。

I appreciate the color on that. And then maybe for you, Jason, on the guidance, how are you guys looking at Q3 versus Q4? Are you expecting strong results in Q4 or Q3, and then, or should they look relatively similar from an IEDO standpoint?

我很欣賞它的色彩。那麼 Jason，對於您來說，根據指導，您如何看待第三季與第四季？您是否預計第四季度或第三季度會有強勁的業績，或者從 IEDO 的角度來看它們應該看起來相對相似？

Yeah, there's some puts and takes, but it's basically flat quarter over quarter, with Fargo will be a little stronger in Q3, but Australia is going to be stronger in Q4, so it's, it works out to pretty much equal quarters from an EBIT and EPS perspective.

是的，有一些損失和收益，但基本上每個季度都持平，法戈在第三季度會稍微強勁一些，但澳大利亞在第四季度會更強，所以從息稅前利潤和每股收益的角度來看，這兩個季度的表現幾乎相等。

Perfect. I'll turn it over. Thanks, guys.

完美的。我把它翻過來。謝謝大家。

Thank you. And your next question comes on the line of Prem Kumar. Please go ahead.

謝謝。您的下一個問題來自 Prem Kumar。請繼續。

Hey, good morning team. I had a couple of questions, please bear with me. My first question is on, if you could expand on any changes to your OEM partnerships you mentioned in the letter that.

嘿，大家早安。我有幾個問題，請耐心等待。我的第一個問題是，您是否可以詳細說明您在信中提到的 OEM 合作夥伴關係的任何變更。

You've expanded your partnership with, OEM and dealer networks. Can you please, kind of help us, explain what those, changes are and also have you, are there any changes to your physical network in Fort Fort Mac?

您已經擴大了與 OEM 和經銷商網路的合作夥伴關係。您能否幫我們解釋一下這些變化是什麼，以及 Fort Fort Mac 的實體網路有什麼變化嗎？

Over the last quarter or so, with regard to like, these partnerships.

在過去一個季度左右，關於這些合作關係。

Thank you.

謝謝。

Yeah, we, I think this was actually something we transitioned to last year was a partnership with our Caterpillar dealer and a component remanufacturing side for a certain portion of our components that's gone very well actually that's, that was the driver switching to that was based on the component issues we're having last year we we've had some lesser component issues that Jason mentioned. Those were actually in some of the OEM products. They weren't the same components as we were talking about last year, and we do have a, we've had a very positive response from our dealer and right now it's basically making sure parts are available and on the shelf for any issues and then troubleshooting that to prevent reoccurrence. And you know those partnerships are very strong for us with our with our major caterpillar dealer.

是的，我認為這實際上是我們去年過渡到的一件事，即與我們的卡特彼勒經銷商建立合作夥伴關係，並針對我們部分零件進行零件再製造，實際上進展非常順利，這就是轉換的驅動力，基於我們去年遇到的零件問題，我們遇到了 Jason 提到的一些較小的零件問題。這些實際上存在於一些 OEM 產品中。它們與我們去年談論的部件不同，我們確實得到了經銷商的非常積極的回應，現在我們基本上要確保零件可用且在貨架上以應對任何問題，然後進行故障排除以防止再次發生。您知道，我們與主要卡特彼勒經銷商之間的合作關係非常牢固。

Okay, and so no changes to your, existing footprint in Fort Mac other than this partnership with OEMs.

好的，除了與 OEM 的合作關係之外，您在 Fort Mac 的現有足跡沒有任何變化。

Yeah, we have the same relationships with clients and our equipment dealers that we've had in the past.

是的，我們與客戶和設備經銷商之間的關係與過去一樣。

Okay, and then can you please expand on the the contract you to issues in Australia. I was a little surprised that, I guess based on your commentary from the past where you mentioned you've seen growth in Australia, I was kind of hoping you'd be prepared for for the exceptional growth in Australia. So, the labor issue took me by surprise, could you please expand on that, please?

好的，那麼您能否詳細談談您在澳洲遇到的合約問題？我有點驚訝，我想根據您過去提到看到澳洲成長的評論，我有點希望您為澳洲的異常成長做好準備。那麼，勞工問題讓我感到驚訝，可以詳細說明一下嗎？

Yeah, I, for the 40 years I've been in the industry from the certain skilled trades are always difficult with us it's heavy equipment technicians and we build systems around how we increase and develop our own mechanics and but when you have a very high growth rate, you go into new areas like we did in Australia, it's often difficult to find those guys, and we react very quickly, but in the near term you subcontract out those services, and it's not an unusual event in their industry, but it's one we learn to react to and it's much easier when you're on a 5 or 10% growth rate than when you're on a 20 to 30% growth rate, so it's not.

是的，我在這個行業工作了 40 年，某些技術行業對我們來說總是很困難，比如重型設備技術人員，我們圍繞如何增加和發展我們自己的機械師建立了系統，但是當你有非常高的增長率時，你就會進入新的領域，就像我們在澳大利亞所做的那樣，通常很難找到這些人，我們的反應非常迅速，但在短期內將你學會的分包增長率5% 或 10% 時，這要比成長率為 20% 到 30% 時容易得多，所以事實並非如此。

Something we're ill prepared for, it's just harder to do with that kind of growth than with a lower rate of growth, and it's an area where we have our our HR team focused on how we develop and access those people faster when we need to meet them for fast growth.

我們對此準備不足，與較低的成長率相比，這種成長方式更難實現，而我們的人力資源團隊則專注於如何在需要快速成長時更快地培養和接觸這些人才。

So I, we'll be.

所以我，我們會的。

It's always an issue in the industry, has been for forever.

這一直是業界的一個問題，一直都是如此。

It's the guys that react quickly and then develop long term solutions, which I think we've demonstrated we can do.

正是這些人迅速做出反應，然後制定長期解決方案，我認為我們已經證明我們可以做到這一點。

Okay, and then, on your contract backlog, any concerns about having like around 50% of the backlog coming from like one site, I think in Australia?

好的，那麼，關於您的合約積壓，您是否擔心大約 50% 的積壓來自一個站點，我想是在澳洲？

I think that's our biggest client right now and we've signed a 5 year term, so it's fresh in the books, so you know it's just the timing of things as we, when we get 2 years in on that contract, something else will be on the top, hopefully a big infrastructure project is my expectations. So I, it, it's just at this point in time just because we're only awarded that contract a week ago, it sits that high in the backlog percentages as we advance and renew and win others, you'll see that percentage drop. So no, it doesn't worry me.

我認為這是我們目前最大的客戶，我們已經簽署了一份 5 年的合同，所以這是剛剛簽訂的，所以你知道這只是事情的時機問題，當我們在合同上簽了 2 年之後，其他事情就會放在首位，我希望是一個大型基礎設施項目。所以我認為，只是因為我們一周前才獲得該合同，所以它在積壓訂單百分比中佔據很高的位置，但隨著我們推進、續約並贏得其他合同，你會看到該百分比下降。所以，我並不擔心。

Okay, I was just do more and I apologize for asking quite a few questions today. .

好的，我只是多做一點，很抱歉今天問了這麼多問題。。

So.

所以。

.

。

And I just want to ask like, so how are the prospects in infrastructure work shaping up? I think you talked about hiring the new head of infrastructure and then and the VP as well. So, could you expand on like how you're like the progress on building up the team and then, where in the process are you guys right now?

我只是想問一下，基礎設施工作的前景如何？我想您談到了聘請新的基礎設施主管以及副總裁。那麼，您能否詳細說明一下您在組建團隊方面的進展情況，以及目前您們的進展如何？

Yeah, if you look at that slide on the infrastructure actually list our TOP10 projects, and what we're seeing is a significant increase in infrastructure projects that really fit in our wheelhouse, which are ones that have major earthworks, and we're seeing it across Canada and the US seeing.

是的，如果你看一下基礎設施上的幻燈片，實際上列出了我們的 TOP10 項目，我們看到真正適合我們駕駛室的基礎設施項目顯著增加，這些項目都有大型土方工程，我們在加拿大和美國都看到了這種情況。

Just getting into the Australian side as well. So there's a lot of pumped hydro kind of earthworks stuff around the energy transition. There's a lot of stuff like Fargo, climate resiliency projects where areas that used to flood once every 20 years are flooding every 4 years, and now they want to build flood diversions or beef up their levees.

也剛剛進入澳洲那邊。因此，在能源轉型過程中，有許多抽水蓄能之類的土方工程。有許多類似法哥的項目，氣候適應性項目，以前每 20 年發生一次洪水的地區現在每 4 年就會發生一次洪水，現在他們想要建造洪水分流設施或加固堤防。

And then we see a lot of infrastructure building access into, like in Canada. Access up to the ring of fire or the Grays Bay Arctic port. There's opportunities and those fit into our wheelhouse as far as building that infrastructure, those roadways, those access ways. Through remote Arctic areas, so you can see the project list on that slide, but if you go look at it, what you'll find is they're they're very much earthworks oriented. Historically we never saw this level of earthworks side in the infrastructure and where we sit right now is putting together project teams. So we're going to look at partners. Similar like the guys we have at Fargo, they actually and Shaun and Benui, we'll look at partners that fit those particular projects well that we think have the highest rating, if you would, in teams, and then we're going to look to team with them by the end of the year, have two of them and then take those teams and we expect to win a couple of projects and have 25% of our work in the next couple of years.

然後我們看到很多基礎建設進入，例如在加拿大。可抵達火環或格雷灣北極港。在建設基礎設施、道路和通道方面，我們有機會，而這些都符合我們的職責。穿過偏遠的北極地區，您可以在幻燈片上看到項目列表，但如果您去看一下，您會發現它們非常注重土方工程。從歷史上看，我們從未在基礎設施建設中看到過這種程度的土方工程，我們現在正在組建專案團隊。因此，我們將尋找合作夥伴。與我們在法哥的伙伴類似，他們實際上和肖恩和貝努伊一樣，我們會尋找適合這些特定項目的合作夥伴，我們認為這些合作夥伴的評級最高，如果你願意的話，我們會在團隊中尋找，然後我們會在年底前與他們合作，選出兩個這樣的團隊，然後帶領這些團隊，我們預計將贏得幾個項目，並在未來幾年內完成 25% 的工作。

Okay, thank you. I'll ask my last question. So, for my, I mean with regard to free cash flow, I think Jason mentioned normalized for maybe like next year free cash flow would be about 120 to 150 million. Looking at some of your older presentation like some 2023, what you were guiding just for the Canadian division was around 100 to 115 million free cash flow, and then.

好的，謝謝。我要問最後一個問題。所以，就我的自由現金流而言，我認為 Jason 提到的正常化可能例如明年的自由現金流將在 1.2 億到 1.5 億左右。看看您以前的一些演示文稿，例如 2023 年，您為加拿大分部提供的指導是大約 1 億到 1.15 億的自由現金流，然後。

The McKellar acquisition, so I'm a little surprised that your combined normalized free cash flow for next year or for a normalized year is almost as close to your upward guidance for just the Canadian division just about 1.5, 2 years ago.

由於收購了 McKellar，所以我有點驚訝，你們明年或全年的綜合正常自由現金流幾乎與你們大約 1.5 到 2 年前對加拿大分部的上調預期一樣接近。

And also considering the fact that over the last 12 months you've had free cash flow of 20 million for a company with a Replaceable asset value of over 4 billion.

並且考慮到這樣一個事實：在過去 12 個月中，對於一家可替換資產價值超過 40 億美元的公司來說，你們的自由現金流已經達到 2000 萬美元。

That's, in my opinion, pretty poor returns for a high, $4 billion asset, and I think the the market agrees too, like especially with regard to where the share price is now.

在我看來，對於高達 40 億美元的資產來說，這樣的回報相當差，而且我認為市場也同意這一點，尤其是考慮到目前的股價。

Can you expand, like, can you help me with regard to like the free cash flow, what what's the team doing to like improve that.

您能否詳細說明一下，例如，您能否幫助我了解自由現金流，團隊正在做什麼來改善它。

And and I guess.

而且我猜。

Does the team also like have the same notion on on.

團隊是否也抱持著同樣的想法呢？

The free cash flow being low right now.

目前自由現金流很低。

Absolutely we think it's slow and that's, but you know we see it coming back that midpoint of 100 million over the next 6 months.

當然，我們認為這個速度很慢，但你知道，我們預計它將在未來 6 個月內回到 1 億的中點。

You know there's a lot more questions than that than I can answer, but yeah, we're very confident in our free classlow projections and it growing going into and going back to normal in 2026.

你知道，還有很多問題我無法回答，但是，是的，我們對我們的免費課堂預測非常有信心，而且它會在 2026 年增長並恢復正常。

Okay.

好的。

Thank you so much. I'll end it with that.

太感謝了。我就以此結束吧。

No worries thank you.

不用擔心，謝謝。

Thank you. And your next question comes from the line of Sean Jack from Raymond James. Please go ahead.

謝謝。您的下一個問題來自雷蒙德詹姆斯公司的肖恩傑克。請繼續。

Morning guys.

大家早安。

Just wanted to ask one question on Australia. Just wondering how we should be thinking about ghost margin moving into the back half here. Seems like efforts have definitely been taken to mitigate the skilled trade stuff, but are we going to be looking at a more gradual improvement, kind of a step change in the third quarter? Any color would be great.

只想問一個關於澳洲的問題。只是想知道我們應該如何考慮將鬼邊緣移到後半部分。看來確實已經採取了一些措施來緩解技術貿易問題，但我們是否會看到第三季出現更漸進的改善，或者說是一種階躍式的變化？任何顏色都很好。

I don't know what the number was Jason will have to answer that, but we expect to be back to what we originally projected in our original guidance.

我不知道傑森必須回答的數字是多少，但我們預計將回到我們最初指導中預測的水平。

Yeah, so we're in the low 20% for gross profit margins, Sean, and as Joel mentioned his prepared remarks, the subcontractor issue is rectifying quickly, we got through most of it in July, so we expect to be.

是的，肖恩，我們的毛利率處於 20% 以下，正如喬爾在他的準備好的發言中提到的那樣，分包商問題正在迅速糾正，我們在 7 月解決了大部分問題，因此我們預計會如此。

A percentage up in Q4 over Q3, but yeah, low 20% is the is the expectation for for Australia.

第四季的百分比比第三季有所上升，但對於澳洲來說，預期是低於 20%。

Okay, perfect. One more for me, so you guys also just talked about kind of putting the project teams together on the infrastructure side, and kind of getting the right people in place, wondering if you guys have any visibility on what that sort of bid pipeline looks like right now from a timing perspective, how early can investors see, realistically new projects you know from the infrastructure side coming into the fold.

好的，完美。再問我一個問題，你們剛才也談到了在基礎設施方面組建專案團隊，並安排合適的人員，想知道從時間角度來看，你們對目前的投標管道有什麼了解嗎？投資者什麼時候能看到基礎設施方面的新項目真正進入市場？

Well, there are actually some that are on very fast tracks and additionally, in looking at ones that we may not be part of the bid team, but we can look at from a subcontractor standpoint, those opportunities could be as early as summer of 2026.

嗯，實際上有一些專案進展非常快，此外，在考察那些我們可能不是投標團隊的一部分，但我們可以從分包商的角度來看，這些機會最早可能在 2026 年夏天出現。

Most of the other ones where where you're actually bidding as a team, a design build kind of thing I'd say probably more out into the 2027.

在其他大多數專案中，你實際上是作為一個團隊進行競標，設計建造之類的事情，我認為可能要到 2027 年才能完成。

Standpoint and if like if you look at the bid pipeline, those light blue dots in the very bottom line, those are where those projects are expected to start, but some of them are starting with just engineering and design, and that construction could be out so you could win a project.

立場，如果你看一下投標渠道，最底線的那些淺藍色點就是那些項目預計開始的地方，但其中一些只是從工程和設計開始，而施工可能會結束，所以你可能會贏得一個項目。

In 2026, but it might just be engineering and design. You don't start the construction until 2027. So there is some op opportunity for 2026, but I think the biggest ones are in 2027.

2026 年，但它可能只是工程和設計。直到 2027 年才開始施工。因此 2026 年有一些營運機會，但我認為最大的機會在 2027 年。

Perfect, that's all from me guys, thanks.

太好了，夥計們，我說的就這些，謝謝。

Thanks Sean.

謝謝肖恩。

Thank you. And your next question comes from the line of Kasim Naqvi from National Bank Financial. Please go ahead.

謝謝。您的下一個問題來自國家銀行金融公司的 Kasim Naqvi。請繼續。

Good morning guys. Kasin here on for maxim.

大家早安。卡辛​​ (Kasin) 在此代表格言。

No.

不。

Just, most of the questions I've been asked. I just was wondering like what the JB forecast adjustment for Fargo means for the future profitability of that JB.

只是，我被問到的大多數問題。我只是想知道法哥的 JB 預測調整對 JB 未來的獲利能力意味著什麼。

Do you guys expect it to be profitable for the year and like what should we expect going forward for 2026?

你們預計它今年會獲利嗎？我們對 2026 年的前景有何期待？

Yeah, that that change is made for the for the end result of the project. So yeah, we expect to maintain that margin, hopefully improve upon it, but we're very confident where that margin sits. We reviewed that forecast.

是的，這個改變是為了專案的最終結果。是的，我們希望維持這個利潤率，並希望能有所提高，但我們對這個利潤率非常有信心。我們審查了該預測。

This is also, part of the overall agreement we made with the authority that settled all the old claims. So we don't have anything hanging over us from the past now, and we're just looking forward to complete it and we're in the last kind of quartile of that work and expect to hand it over to kind of operations and maintenance at the end of next construction season next year.

這也是我們與當局達成的解決所有舊索賠的整體協議的一部分。所以現在我們沒有任何過去的事情困擾著我們，我們只是期待著完成它，我們正處於這項工作的最後四分位數，並希望在明年下一個施工季節結束時將其移交給營運和維護部門。

Great, thank you, and I think and it.

太好了，謝謝你，我想也是。

It did, where it wasn't a major loss of margin, it's just the fact that you're 70% complete that it made a big impact in Q2.

確實如此，雖然利潤損失不大，但已經完成了 70%，這對第二季產生了很大的影響。

Great, so it's just more like a one time thing and.

太好了，所以這更像是一次性的事情。

Absolutely.

絕對地。

Okay. Great.

好的。偉大的。

And now like, I think you already touched upon this about the Australian labor issues, but should we assume that this will not continue on in 2026, or is this the new Steady state margin given that, labor costs have gone up.

現在，我想您已經談到了澳洲的勞工問題，但我們是否應該假設這種情況不會在 2026 年繼續下去，或者這是新的穩定狀態利潤率，因為勞動力成本已經上升。

No, we wouldn't expect this in 2026. This is, it's always cyclical and skilled trades are always an issue in our industry. They just come up. It just, it puts more pressure on you when you have a high growth rate and, but adapting and growing and building our own development processes in our HR, we've demonstrated this in the past. We've felt these pressures before and we know how to deal with it, so I don't expect this to reoccur in 2026, no.

不，我們預計 2026 年不會出現這種情況。這是因為，它總是週期性的，熟練的行業始終是我們行業的一個問題。它們剛剛出現。只是，當你擁有高成長率時，它會給你帶來更大的壓力，但在我們的人力資源中調整、發展和建立我們自己的發展流程，我們過去已經證明了這一點。我們以前也感受到這些壓力，我們知道如何應對，所以我不認為這種情況會在 2026 年再次發生，不會。

Thank you. That's it for me.

謝謝。對我來說就是這樣。

Okay.

好的。

Thank you. And your next question comes from the line ofrince Thompson from Bank of Commerce. Please go ahead.

謝謝。您的下一個問題來自商業銀行的湯普森先生。請繼續。

Hey, good morning, guys. Yeah, I'll start on the the core guidance for the oil sands. It looks like you lowered your margin expectation there for H2, but I'm just a bit confused because I was under the impression that the Q2 turnaround activity was really the cause of that impact, this quarter and that that was behind us, but it feels like that that may not be the case. And then how should we think about that for 2026 margins and all.

嘿，大家早安。是的，我將開始介紹油砂的核心指導。看起來您降低了下半年的利潤預期，但我有點困惑，因為我的印像是第二季的扭虧為盈活動才是造成這種影響的真正原因，而這一影響已經過去了，但感覺情況可能並非如此。那我們該如何考慮 2026 年的利潤率等等呢？

It that is behind us, but I do think we had some issues with some of components and different components, and so we, and we have lower revenue projections in the second half we always did, so there's not the same efficiency and then these component issues which we, we've rectified as far as the impact to us operationally our dealers have responded by putting parts on the shelf. But it's probably another 6 months before we get the solutions in place to prevent reoccurrence, but I wouldn't expect that to continue on into 2026, and I would expect we're back at, normal margins, very similar I guess to what we started the year with as far as our expectations.

這些都已經過去了，但我確實認為我們的一些零件和不同的零件存在一些問題，因此，我們下半年的收入預測較低，效率也不一樣，至於這些零件問題，我們已經糾正了，至於對我們營運的影響，我們的經銷商已經將零件上架。但我們可能還需要 6 個月的時間才能找到解決方案來防止再次發生，但我預計這種情況不會持續到 2026 年，我預計我們會回到正常的利潤率，我想這與我們今年年初的預期非常相似。

Okay, so the impact for H2 margin Joe is purely parts related.

好的，所以對 H2 利潤的影響 Joe 純粹與零件有關。

Well, it's We have a lower revenue per month if you would than we did in H1 and so there's a little bit of loss of efficiency and overheads in that but but there is still some some component related issues, and they're different than what we had last year and we have the OEMs involved in this where previous ones I spoke about last year were actually part.

嗯，如果你願意的話，我們每個月的收入會比上半年低，因此效率和管理費用會有所損失，但仍然存在一些與組件相關的問題，這些問題與去年的情況不同，我們有原始設備製造商參與其中，我去年談到的原始設備製造商實際上也是其中的一部分。

We had to work with OEMs or OEM dealers and so they've already reacted. We have what we would call stage one which is containment of an issue and then we're going to resolve to to prevent it and put a solution in place and they're actively working on that with our team.

我們必須與 OEM 或 OEM 經銷商合作，所以他們已經做出了反應。我們處於所謂的第一階段，即控制問題，然後我們將決心防止問題發生並製定解決方案，他們正在與我們的團隊積極合作。

Okay, and then take back to the the oil sands contract that you that you'd won in late 2024, the committed spend was $500 million and you'd expected that represents a third of the total work to be performed across the mine site. So how much of that $500 million committed spend have you already worked through and how confident are you in that 13 assumption that you originally went in with?

好的，然後回到您在 2024 年底贏得的油砂合同，承諾的支出為 5 億美元，您預計這佔整個礦場總工作的三分之一。那麼，您已經完成了 5 億美元承諾支出中的多少，並且您對最初提出的 13 個假設有多大信心？

I'm confident that 1/3 as far as the amount of work that gets done every year, the amount that comes to backlog at any one time and it's the same for us that their commitment to us is the same as our commitment to them. I actually don't think the backlog burn changes the the total amount of revenue we do with those clients, but I don't know, Jason, what's the number we've gone through 150 or so.

我相信，就每年完成的工作量而言，任何時候積壓的工作量都是 1/3，對我們來說，他們對我們的承諾與我們對他們的承諾是一樣的。我實際上並不認為積壓訂單的消耗會改變我們與這些客戶的總收入，但我不知道，傑森，我們已經經歷了 150 個左右的數字。

Yeah, so it's somewhere in that $150 to $200 million dollar range, it, I talked about it the backlog will probably consume faster, and we look at that as a good opportunity going forward to to talk to our clients about increasing those commitments over these four years.

是的，大約在 1.5 億到 2 億美元之間，我說過，積壓訂單可能會消耗得更快，我們認為這是一個很好的機會，可以與我們的客戶討論在這四年內增加這些承諾。

Okay.

好的。

And then in terms of the In terms of maybe just addressing the volatility that you've experienced with with your oil sands work, I mean going forward is there a way to shift the way these contracts are structured, to help guard against this volatility, I guess like what's the long-term solution to TRY and manage this.

然後就可能只是解決您在油砂工作中遇到的波動性而言，我的意思是，未來有沒有辦法改變這些合約的結構方式，以幫助防範這種波動，我想嘗試並管理這種波動的長期解決方案是什麼。

The amount of the amount of volatility we've seen in in that contract.

我們在該合約中看到的波動量。

I, for us it's really maintaining a good open relationship with our clients so we can communicate and plan together that didn't occur in this instance very well we had discussions afterwards and I think we've reset that and and then you know from a contracting standpoint it's.

對我們來說，這實際上是與我們的客戶保持良好開放的關係，以便我們能夠溝通和共同計劃，而這在這次事件中並沒有發生得很好，之後我們進行了討論，我認為我們已經重新設定了這一點，然後你知道從承包的角度來看是這樣。

For contractors to get more leverage is when we have higher demand and then supply and and then you can get stronger in your your terms and conditions you know it's just a matter of where that sits in the market at the time like like any other contracting business.

對於承包商來說，當我們有更高的需求和供應時，他們就能獲得更大的槓桿作用，然後你的條款和條件就會變得更強，你知道這只是一個當時在市場上所處位置的問題，就像任何其他承包業務一樣。

Okay, and then, just last one on the oil sands, slide 23, you highlighted replacement value of the fleet overall. Can you break out for us what the replacement value is for your oil sands fleet?

好的，然後，關於油砂的最後一點，第 23 張幻燈片，您強調了整體船隊的替換價值。您能否向我們詳細解釋一下您的油砂船隊的重置價值是多少？

I, yeah, I'm sure Jason can get that to you, Chris. I mean, I don't know if he knows it off the top of his head, but.

是的，我相信傑森可以把它給你，克里斯。我的意思是，我不知道他是否知道這一點，但是。

Sure, no problem.

當然，沒問題。

Okay, and then last question just on Australia. When I look back at 2023, it looks like gross profit margins were pretty strong, like mid-20s to low 30s, and now for H225, we're talking about low 20s. So I'm just wondering what what's changed in the business that that has seen that.

好的，最後一個問題是關於澳洲的。當我回顧 2023 年時，看起來毛利率相當強勁，例如 25% 左右到 30% 出頭，而現在對於 H225，我們談論的是 20% 出頭。所以我只是想知道，業務中發生了哪些變化。

Margin shrink over time.

利潤率隨著時間的推移而縮小。

I don't have the exact bridge for you. I know what the difference is and you know we've expanded some of those marketplaces and added maintenance labor, so it's just a mix of work. Your highest margin, if you do a straight dry rental, I don't know if you're familiar with that term, Chris, but if you just rent a truck, does have the highest margins because that, and if you now if you rent that truck and you provide maintenance for it and the labor, the margins on labor aren't as high, so it's really just a mix of work. It's not the same work having reduced margins.

我沒有適合你的那座橋。我知道差異是什麼，你知道我們擴大了一些市場並增加了維護勞動力，所以這只是工作的混合。如果您進行直接乾租，您的最高利潤率，我不知道您是否熟悉這個術語，克里斯，但如果您只是租一輛卡車，確實有最高的利潤率，因為那樣，如果您現在租那輛卡車並提供維護和勞動力，勞動力的利潤率就沒有那麼高了，所以它實際上只是工作的混合。這不是利潤減少後的同一項工作。

Okay, that's good. Thanks for clarifying that. I'll turn it back.

好的，那很好。感謝您澄清這一點。我會把它轉回去。

Thank you.

謝謝。

Yeah.

是的。

Thank you once again. That is time and want to ask a question, and your next question comes from the line of Kevin Gay from Thompson Davis. Please go ahead.

再次感謝您。現在是時候問一個問題了，下一個問題來自湯普森戴維斯的凱文蓋伊。請繼續。

Hey guys, appreciate you let me jump back in. I just wanted to ask, has there been any thought or continuation of thought on moving more heavy equipment from Canada to Australia?

嘿夥計們，感謝你們讓我回來。我只是想問一下，有沒有想過或繼續考慮將更多的重型設備從加拿大運送到澳洲？

Absolutely, we, we've moved some small pieces actually we got 4 more trucks we're shipping over there right now. It's not a huge amount of gear. If you look at the bid pipeline, Kevin, and you'll see you'll see a big blue.on the top row. It's it's in 2027 and that's our probably our biggest opportunity to move a good chunk of fleet.

當然，我們已經運送了一些小件物品，實際上我們現在還有 4 輛卡車正在運送到那裡。這不是大量的裝備。凱文，如果你看一下投標管道，你會看到在最上面一行有一個大藍色。現在是 2027 年，這可能是我們調動大量船隊的最大機會。

That isn't committed in Canada right now and so that that would be our biggest opportunities. We we're still moving a few pieces here and there and we're bidding other work outside of oil sands that we look to use and increase our utilization of our of our smaller end fleet. Oil sands demand is still very strong and it's a business that we still see staying at that level of revenue for years to come. And but we will look to take our fleet in right sizes to maximize our utilization and return, and those kind of opportunities like that big blue dot in 2027 you'll see are the biggest ones we see and we see more of them coming up actually.

目前加拿大還沒有做出承諾，所以這將是我們最大的機會。我們仍在四處移動一些部件，並且我們正在競標油砂以外的其他工作，我們希望利用這些工作並提高我們小型終端船隊的利用率。油砂需求依然強勁，我們預計未來幾年該業務的營收仍將維持在這一水平。但我們會尋求以適當的規模來擴大我們的船隊，以最大限度地提高我們的利用率和回報，而像 2027 年那個大藍點這樣的機會是我們看到的最大的機會，實際上我們看到更多這樣的機會正在出現。

Do you guys wouldn't preemptively move it. You would wait until you win the contract?

你們不會先發制人地移動它嗎？您會等到贏得合約嗎？

Yeah, we, no, it's they're very high cost to move stuff. It's not and it takes a significant amount of time to get it overseas. So no, we would have one contract, 6 months, 8 months in advance and of one we would shift the fleet. It's roughly takes about roughly 6 months between tear down, get it over there and get it set up, we've moved 30 odd pieces over there now, so we're pretty familiar with that process.

是的，不，搬運東西的成本非常高。但事實並非如此，而且要花相當長的時間才能推廣到海外。所以不，我們會提前 6 個月或 8 個月簽訂一份合同，其中一份合約我們會轉移船隊。從拆卸、運送到安裝大約需要 6 個月的時間，我們現在已經將 30 多件物品搬到了那裡，所以我們對這個過程非常熟悉。

So we would expect that big blue dot that starts in 2027. We would expect to win that in mid 2026 such that we would have time to move equipment over.

因此我們預期大藍點將於 2027 年出現。我們期望在 2026 年中期贏得勝利，這樣我們就有時間移動設備了。

Thanks, Joe. I appreciate the call. And then Maybe just quickly on Nuna, what's the outlook for revenue at Nuna going forward?

謝謝喬。謝謝你的來電。然後也許可以快速談談 Nuna，Nuna 未來的收入前景如何？

I think you know it's pretty modest this year and I think it's but it's pretty much on plan. There's real big opportunities coming up even on the infrastructure side which we would probably partner with them on in some of these northern opportunities. So as as an example, if you're familiar with the Grays Bay Arctic port. And some of the Arctic jobs that are up there at Baffinland iron mines, those are all Nunavut and Katima territory in particular for Grays Bay, and we see great opportunities for us and for Nuna in those and and just on the northern mining side we're seeing more mines start to get permitted and expand. That's generally slow process, but any of that stuff, this was always anticipated to be kind of a trough year for Nunav just because of the way the industry dollars were looking to be spent and what we see from, 2026 out there's some great opportunities for them to continue to grow.

我想你知道今年的規模相當小，但基本上按照計劃進行。即使在基礎設施方面也存在著巨大的機遇，我們可能會在一些北方機會上與他們合作。舉個例子，如果你熟悉格雷斯灣北極港。巴芬蘭鐵礦的一些北極工作都位於努納武特和卡蒂馬地區，特別是格雷灣，我們看到這些工作對我們和努納武特來說都有很大的機會，而在北部採礦方面，我們看到越來越多的礦山開始獲得許可並進行擴建。這通常是一個緩慢的過程，但無論如何，人們一直預計今年對 Nunav 來說將是低谷的一年，因為行業資金的支出方式以及我們從 2026 年開始看到的一些很好的機會讓他們繼續增長。

Thanks guys, I appreciate the color.

謝謝大家，我很欣賞這個顏色。

Thank you.

謝謝。

Thank you. This concludes the Q&A section of the call, and I will pass the call over to Joe Lamberg, President and CEO, for closing remarks.

謝謝。本次電話會議的問答環節到此結束，我將把電話交給總裁兼執行長喬·蘭伯格 (Joe Lamberg) 作結束語。

Thanks again everyone for joining us today. We look forward to providing next update on our closing of our 3rd quarter results.

再次感謝大家今天的參加。我們期待在第三季業績結束時提供最新更新。

Thank you and this concludes the North American Construction Group conference call regarding the second quarter and the June 30, 2025. You may now all disconnect.

謝謝大家，北美建築集團關於第二季和 2025 年 6 月 30 日的電話會議到此結束。你們現在都可以斷開連結了。