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Second Quarter 2025 Results Presentation August 14, 2025
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Calgary, AB, Canada This presentation contains non-IFRS and other financial measures and forward-looking statements, including a discussion of our business targets, expectations, and outlook. We caution readers not to place undue reliance on our forward- looking statements since a number of factors could cause actual future results to differ materially from the targets and expectations expressed. Non-IFRS and other financial measures do not have a standardized meaning under IFRS, and therefore, may not be comparable to similar measures presented by other issuers. For a discussion of risk factors and non-IFRS measures and other financial measures, see our 2024 Annual Report available on SEDAR+, EDGAR, and Stantec.com. 2 Cautionary statement Q2 2025 RESULTS
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3 Delivering on acquisition growth Q2 2025 RESULTS July 31, 2025 – Page acquisition closed • 1,400-person US-based architecture and engineering firm headquartered in Washington, DC June 27, 2025 – Acquired Cosgroves • 90-person firm in New Zealand, expanding our buildings engineering capabilities in the region April 8, 2025 – Acquired Ryan Hanley • 150-person engineering and environmental consultancy firm in Ireland, strengthening our offering in the Irish water sector With the acquisitions of Page, Cosgroves and Ryan Hanley, the Stantec team grows to over 34,000
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4 Recent awards Q2 2025 RESULTS Arthur J.E. Child Comprehensive Cancer Centre Calgary, AB, Canada #1 Top Architecture Firm Modern Healthcare’s 2025 Construction & Design survey #5 Time Magazine – Canada’s Best Companies 2025
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$1.6B Net revenue increased 6.9%* $284M Adjusted EBITDA1 increased 15.0%* 17.8% Adjusted EBITDA margin1 increased 120 bps* $1.36 Adjusted EPS1 increased 21.4%* 1. Adjusted EBITDA, adjusted EBITDA margin, and adjusted EPS are non-IFRS measures, and organic and acquisition net revenue growth are other financial measures (discussed in the Definitions section of Stantec’s Q2 2025 Management’s Discussion and Analysis). Q2 2025 Net revenue profile Canada 25% US 51% Global 24% * Compared to Q2 2024 Q2 2025 Results Organic Growth1 4.8% Acquisition Growth1 0.8% 5 Q2 2025 RESULTS
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Q2 2025 Highlights • Public and private sector investments across most of our sectors, particularly mission critical, science and technology, and civic contributed to growth in Buildings. • Growth in Environmental Services was primarily driven by our energy transition, mining and infrastructure sectors, as well as the continued work for a large-scale utility provider. • Growth in Water was driven by large public sector water supply and wastewater treatment projects6 United States $millions, unless otherwise stated North Platte River Master Plan and Restoration Casper, WY, USA $776 $820 Q2 2024 Q2 2025 5.7% Net revenue Q2 2025 RESULTS ORGANIC GROWTH 4.4%
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7 Canada $millions, unless otherwise stated Geotechnical engineering services for proposed railway crossing Port Edward, BC, Canada Q2 2025 Highlights • Continued momentum on wastewater solution projects contributed to over 30% organic growth in Water • Consistent progress on major power-intensive industrial process projects drove double-digit organic growth in Energy & Resources • Solid growth in Infrastructure was primarily supported by land development projects in Alberta, and year-to-date growth from transit and rail projects in eastern Canada, and airport sector projects in Quebec • Public sector investment in western Canada drove growth in Buildings, primarily in our healthcare and civic markets Q2 2025 RESULTS ORGANIC GROWTH 6.2% $371 $394 Q2 2024 Q2 2025 6.2% Net revenue
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$347 $383 Q2 2024 Q2 2025 10.5% Net revenue 8 Global $millions, unless otherwise stated Waverley Brownfield Redevelopment Rotherham, United Kingdom Q2 2025 Highlights • Industry-leading Water business delivered double-digit organic growth across the UK, Australia and New Zealand through long-term framework agreements and public sector investments in water infrastructure • The ramp up of new projects in Chile and Peru drove double-digit growth in Energy & Resources as the growing need for energy-transition solutions continue to drive demand in mining for copper • Achieved double-digit organic growth in our German Infrastructure business due to continued momentum on a major public sector energy transportation project and increased volume on transit and rail projects Q2 2025 RESULTS ORGANIC GROWTH 4.3% ACQUISITION GROWTH 3.6%
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Q2 2025 Financial Performance Vito Culmone Executive Vice President and Chief Financial Officer 9 University of Manitoba – Stanley Pauley Engineering Building Winnipeg, MB, Canada
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$812 $865 Q2 2024 Q2 2025 Adjusted EBITDA and margin as % of NR1 Project margin and % of NR 1. Adjusted EBITDA, adjusted EBITDA margin and adjusted earnings per share are non-IFRS measures discussed in the Definitions section of Stantec’s Q2 2025 Management’s Discussion and Analysis. Adjusted earnings per share1 Gross and net revenue Q2 2025 Financial results $millions, unless otherwise stated $1,493 $1,597 $1,890 $1,964 Q2 2024 Q2 2025 Gross Revenue Net Revenue $247 $284 Q2 2024 Q2 2025 $1.12 $1.36 Q2 2024 Q2 2025 54.4% 54.2% 16.6% 17.8% 10 Q2 2025 RESULTS
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$46 $50 YTD 2024 YTD 2025 1. Net debt to adjusted EBITDA is a non-IFRS measures (discussed in the Definitions section of Stantec’s Q2 2025 Management’s Discussion and Analysis). Note: Net debt was revised for Q1 2024 and Q2 2024 for the impact from the revised guidance by the IFRS Interpretations Committee (discussed in the Critical Accounting Developments, Estimates, and Measurements section of Stantec’s Q2 2025 Management’s Discussion and Analysis). Cash flow, liquidity and capital resources $millions, unless otherwise stated Days sales outstandingCapital returned to shareholders Operating cash flow Net debt to adjusted EBITDA1 79 77 80 77 77 73 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 1.5 1.7 1.5 1.2 1.1 1.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 11 Target Range 1.0x-2.0x Target < 80 days $68 Dividends $117 $235 YTD 2024 YTD 2025 Q2 2025 RESULTS
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Revised capital structure Stantec Vancouver Dunsmuir Office Vancouver, BC, Canada12 Q2 2025 RESULTS • Successful bond offering issuing $425 million senior unsecured notes for a 7-year term • Increased unsecured revolver credit facility to $1.2 billion (previously $800 million) and extended the maturity date to 2030 • Increased to reflect growth of Stantec over recent years
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Backlog, Major Projects & Outlook Gord Johnston President and Chief Executive Officer 13 LA Metro Division 14 Expo Line Light Rail Operations & Maintenance Santa Monica, CA, USA
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Backlog $billions, unless otherwise stated $1.7 $1.8 $4.2 $4.6 $1.3 $1.5 Q2 2024 Q2 2025 United States Canada Global $7.2 Gila River Indian Irrigation & Drainage District Gila River, AZ, USA 9.9% 14 Q2 2025 RESULTS $7.9 YEAR-OVER-YEAR ORGANIC GROWTH 9.0%
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15 Recent major project awards Stantec JV awarded US$150 million contract supporting the US Navy’s Shipyard Infrastructure Optimization Program Selected by the Naval Facilities Engineering Systems Command Atlantic to lead multidiscipline architect-engineer and consulting services as part of a five-year single award contract. Stantec’s Water and Environmental Services teams collaborating on Google’s Water Replenishment Project Sourcing in Taiwan The project highlights Stantec’s use of nature-based solutions for sustainable water treatment and watershed restoration. Stantec won a four-year framework with Transport for Greater Manchester Will deliver a range of transport, design, engineering and analysis services as well as program and project management support. Q2 2025 RESULTS
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Revised 2025 financial targets 1. Adjusted EBITDA, adjusted net income, adjusted EPS, and adjusted ROIC are non-IFRS and other financial measures (discussed in the Definition section of Stantec’s Q2 2025 Management’s Discussion and Analysis). Technology Client 5th Floor Madison Madison, MI, USA16 Q2 2025 RESULTS Previously Published Range 2025 Annual Range Net revenue growth 7% to 10% 10% to 12% Adjusted EBITDA as % of net revenue1 16.7% to 17.3% 17% to 17.4% Adjusted net income as % of net revenue1 above 8.8% above 8.8% Adjusted diluted EPS growth1 16% to 19% 18.5% to 21.5% Adjusted ROIC1 above 12% above 12.5%
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17 Q&A Pikeview Quarry Mine Closure Canal Colorado Springs, CO, USA Q2 2025 RESULTS