SCHEDULE 13G/A 0001085146-25-003443 0000927971 XXXXXXXX LIVE 1 Common Shares 12/31/2025 0001368519 North American Construction Group Ltd. 656811106 27287 100 AVENUE ACHESON A0 T7X 6H8 Rule 13d-1(b) Bank of Montreal Z4 2869602.00 2807.00 2870352.00 2807.00 2873159.00 N 9.76 HC BANK OF MONTREAL HOLDING INC. Z4 2869602.00 2807.00 2870352.00 2807.00 2873159.00 N 9.76 BK BMO NESBITT BURNS INC. WEALTH MANAGEMENT Z4 2791402.00 2807.00 2792152.00 2807.00 2794959.00 N 9.49 BD BMO ASSET MANAGEMENT INC. A6 2483004.00 0.00 2483004.00 0.00 2483004.00 N 8.43 IA BMO NESBITT BURNS SECURITIES LTD. Z4 0.00 0.00 0.00 750.00 750.00 N 0 BD BMO NESBITT BURNS INC. Z4 78200.00 0.00 78200.00 0.00 78200.00 N 0.26 BD North American Construction Group Ltd. 27287 100 AVENUE, ACHESON, ALBERTA, CANADA T7X 6H8 Bank of Montreal BANK OF MONTREAL HOLDING INC. BMO NESBITT BURNS INC. WEALTH MANAGEMENT BMO ASSET MANAGEMENT INC. BMO NESBITT BURNS SECURITIES LTD. BMO NESBITT BURNS INC. 1 First Canadian Place Toronto, Ontario, Canada M5X1A1 Bank of Montreal - CANADA (FEDERAL LEVEL) BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL) BMO NESBITT BURNS INC. WEALTH MANAGEMENT - CANADA (FEDERAL LEVEL) BMO ASSET MANAGEMENT INC. - ONTARIO, CANADA BMO NESBITT BURNS SECURITIES LTD. - CANADA (FEDERAL LEVEL) BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL) N BD BK IA HC 2,873,159 9.76 Bank of Montreal - 2,869,602 BANK OF MONTREAL HOLDING INC. - 2,869,602 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 2,791,402 BMO ASSET MANAGEMENT INC. - 2,483,004 BMO NESBITT BURNS SECURITIES LTD. - 0 BMO NESBITT BURNS INC. - 78,200 Bank of Montreal - 2,807 BANK OF MONTREAL HOLDING INC. - 2,807 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 2,807 BMO ASSET MANAGEMENT INC. - 0 BMO NESBITT BURNS SECURITIES LTD. - 0 BMO NESBITT BURNS INC. - 0 Bank of Montreal - 2,870,352 BANK OF MONTREAL HOLDING INC. - 2,870,352 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 2,792,152 BMO ASSET MANAGEMENT INC. - 2,483,004 BMO NESBITT BURNS SECURITIES LTD. - 0 BMO NESBITT BURNS INC. - 78,200 Bank of Montreal - 2,807 BANK OF MONTREAL HOLDING INC. - 2,807 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 2,807 BMO ASSET MANAGEMENT INC. - 0 BMO NESBITT BURNS SECURITIES LTD. - 750 BMO NESBITT BURNS INC. - 0 Y N 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. N See Documents N Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer. N Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer. N By signing below I certify that, to the best of my knowledge and belief, 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 and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Bank of Montreal Kathryn Cenac 01/08/2026 BANK OF MONTREAL HOLDING INC. Kathryn Cenac 01/08/2026 BMO NESBITT BURNS INC. WEALTH MANAGEMENT Kathryn Cenac 01/08/2026 BMO ASSET MANAGEMENT INC. Kathryn Cenac 01/08/2026 BMO NESBITT BURNS SECURITIES LTD. Kathryn Cenac 01/08/2026 BMO NESBITT BURNS INC. Kathryn Cenac 01/08/2026