SCHEDULE: Bank of Montreal Discloses 9.76% Stake in North American Construction Group

Bank of Montreal and its affiliates have reported a 9.76% beneficial ownership stake in North American Construction Group Ltd. as of December 31, 2025.

Summary

• Bank of Montreal and its affiliated entities collectively beneficially own 2,873,159 common shares of North American Construction Group Ltd.
• This ownership represents 9.76% of the issuer's common shares outstanding.
• The securities are held in the ordinary course of business, primarily by Bank of Montreal acting as a prime broker on behalf of certain clients.
• The reporting persons have certified that the shares were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: Neutral. The filing is a routine disclosure of beneficial ownership by a financial institution, indicating a passive investment without intent to influence control. It provides no positive or negative operational news about the issuer.

Positives

• The presence of a major financial institution like Bank of Montreal as a significant shareholder (9.76%) can indicate institutional interest and liquidity in North American Construction Group Ltd.
• The explicit statement that the holding is for ordinary course of business and not for control suggests stability in the ownership structure and no immediate activist intentions.

Future Outlook

NA

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.
• The securities reported herein are held in the ordinary course of business of the Reporting Person acting as prime broker on behalf of certain clients who have the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities.

Industry Context

This filing indicates a significant institutional holding by a major Canadian bank in a construction group, which is a common practice for financial institutions managing client portfolios. It does not provide specific industry-related insights beyond the fact that North American Construction Group Ltd. is an investable entity for such institutions.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder, confirming a passive investment.
• Management: No direct impact on management or operations as the holding is passive and not for control.

Key Dates

Keywords

North American Construction Group Ltd., Bank of Montreal, Schedule 13G, Beneficial Ownership, Common Shares, Institutional Investor, Construction Industry, SEC Filing