Slides
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Third Quarter 2025 Results Presentation November 14, 2025
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Colorado Springs, CO, USA 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 Q3 2025 RESULTS
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$1.7B Net revenue increased 11.8%* $323M Adjusted EBITDA1 increased 17.8%* 19.0% Adjusted EBITDA margin1 increased 100 bps* $1.53 Adjusted EPS1 increased 17.7%* 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 Q3 2025 Management’s Discussion and Analysis). Q3 2025 Net revenue profile Canada 23% US 52% Global 25% * Compared to Q3 2024 Q3 2025 Results Organic Growth1 5.6% Acquisition Growth1 5.2% 3 Q3 2025 RESULTS
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Q3 2025 Highlights • Public and private investments across most of our sectors, particularly mission critical, science and technology, and civic contributed to growth in Buildings • Growth in Water was driven by large public sector water supply and wastewater treatment projects, contributing to double-digit growth • 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.4 United States $millions, unless otherwise stated Mount Nittany Health – Toftrees Outpatient Center State College, PA, USA $776 $888 Q3 2024 Q3 2025 14.4% Net revenue ORGANIC GROWTH 4.6% ACQUISITION GROWTH 8.9% Q3 2025 RESULTS
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5 Canada $millions, unless otherwise stated West Fraser Flood Recovery Realignment Environmental Support Quesnel, BC, Canada Q3 2025 Highlights • Continued momentum on wastewater solution projects contributed to over 20% 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 supported by land development projects in Alberta, airport sector projects in Quebec, as well as transit and rail projects and bridge sector work in eastern Canada • Public sector investment in western Canada drove growth in Buildings, primarily in our healthcare and civic markets ORGANIC GROWTH 7.6% $372 $400 Q3 2024 Q3 2025 7.6% Net revenue Q3 2025 RESULTS
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$377 $418 Q3 2024 Q3 2025 10.7% Net revenue 6 Global $millions, unless otherwise stated Wentworth Point High School Wentworth Point NSW, Australia Q3 2025 Highlights • Industry-leading Water business continued to deliver double-digit organic growth through long-term framework agreements and public sector investment in water infrastructure across the UK, Australia and New Zealand. • 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 ORGANIC GROWTH 5.5% ACQUISITION GROWTH 2.8% Q3 2025 RESULTS
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Q3 2025 Financial Performance Vito Culmone Executive Vice President and Chief Financial Officer 7 Oakland University South Foundation Hall Renovation Rochester Hills, MI, USA
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$828 $928 Q3 2024 Q3 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 Q3 2025 Management’s Discussion and Analysis. Adjusted earnings per share1 Gross and net revenue Q3 2025 Financial results $millions, unless otherwise stated $1,525 $1,705 $1,929 $2,141 Q3 2024 Q3 2025 Gross Revenue Net Revenue $275 $323 Q3 2024 Q3 2025 $1.30 $1.53 Q3 2024 Q3 2025 54.3% 54.4% 18.0% 19.0% 8 Q3 2025 RESULTS
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$70 $75 YTD 2024 YTD 2025 1. Net debt to adjusted EBITDA is a non-IFRS measures (discussed in the Definitions section of Stantec’s Q3 2025 Management’s Discussion and Analysis). Note: Net debt was revised for 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 2024 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 77 80 77 77 73 73 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 1.7 1.5 1.2 1.1 1.1 1.5 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 9 Target Range 1.0x-2.0x Target < 80 days $68 Dividends $296 $551 YTD 2024 YTD 2025 Q3 2025 RESULTS
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Backlog, Major Projects & Outlook Gord Johnston President and Chief Executive Officer 10 San Fernando Groundwater Basin Remediation Project Los Angeles, CA, USA
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Backlog $billions, unless otherwise stated $1.7 $1.7 $4.2 $5.1 $1.4 $1.6 Q3 2024 Q3 2025 United States Canada Global $7.3 201 Portage Podium Redevelopment Winnipeg, MB, Canada 14.9% 11 $8.4 YEAR-OVER-YEAR GROWTH: 5.6% ORGANIC 6.8% ACQUISITION Q3 2025 RESULTS
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12 Recent major project awards Stantec selected as Owner’s Engineer for Manitoba Hydro’s C$7 billion High Voltage Direct Current Reliability Project Will provide various services including scoping and front-end engineering and design services, design reviews, witnessing tests for major equipment, monitoring site construction and commissioning, and de-commissioning and project close-out support. Stantec’s Buildings team was selected to deliver specialist engineering services for two hospital projects in Western Australia One hospital is set to be 94,500 sqm valued at nearly AU$1 billion. The second includes refurbishment and expansion work at the Osborne Park Hospital, valued at over AU$250 million. The projects will enhance healthcare for women, newborns, and families. Stantec’s Infrastructure team was selected for a US$745 million project to widen the SC-90 corridor in South Carolina Will be responsible for shaping the overall project vision and layout, focusing on traffic operations, access management, bicycle and pedestrian infrastructure, and impact minimization. Q3 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 Q3 2025 Management’s Discussion and Analysis). Framingham, MA, USA13 Previously Published Range 2025 Annual Range Net revenue growth 10% to 12% 10% to 12% Adjusted EBITDA as % of net revenue1 17% to 17.4% 17.2% to 17.5% Adjusted net income as % of net revenue1 above 8.8% above 8.8% Adjusted diluted EPS growth1 18.5% to 21.5% 18.5% to 21.5% Adjusted ROIC1 above 12.5% above 12.5% Q3 2025 RESULTS
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14 Q&A Calgary Office Calgary, AB, Canada Q3 2025 RESULTS