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    Chris Murray • ATB Capital Markets

    Chris Murray's questions to Stantec Inc (STN) leadership

    Chris Murray's questions to Stantec Inc (STN) leadership • Q2 2025

    Question

    Chris Murray questioned the long-term outlook for the U.S. business and the current impact of AI and technology on the company's margin profile.

    Answer

    President and CEO Gord Johnston and EVP and CFO Vito Culmone expressed a bullish long-term view on the U.S., citing unspent IIJA funds and strong macro trends, viewing the recent slowdown as transitory. Regarding technology, Gord Johnston stated it is still 'early days' for AI to have a material impact on margins, though the company has deployed over 10,000 Copilot licenses and is actively exploring efficiency gains.

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    Chris Murray's questions to Stantec Inc (STN) leadership • Q1 2025

    Question

    Chris Murray asked for an update on the U.S. government business amid political uncertainty and questioned the integration progress and growth strategy for the ZETCON acquisition in Germany.

    Answer

    Executive Gordon Johnston stated there has been no appreciable impact from U.S. political uncertainty, aside from a brief, now-resolved slowdown in procurement cycles. Regarding ZETCON, Johnston confirmed it is performing ahead of expectations, driven by Germany's robust infrastructure market. He noted the integration is intentionally slower due to complexities but serves as a platform for future German acquisitions.

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    Chris Murray's questions to Stantec Inc (STN) leadership • Q4 2024

    Question

    Chris Murray of ATB Capital Markets questioned the 2025 EPS guidance, seeking clarity on any unusual items like the Q4 step-down in intangible amortization and whether stock buybacks were included.

    Answer

    Executive Vito Culmone clarified that the EPS guidance is driven by strong business fundamentals, including revenue growth and margin expansion. He confirmed the guidance does not model any future acquisitions or additional stock buybacks but does reflect some benefit from lower interest expenses due to reduced debt levels.

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    Chris Murray's questions to Stantec Inc (STN) leadership • Q2 2024

    Question

    Chris Murray of ATB Capital Markets questioned why Stantec's performance seems unaffected by the sub-50 Architectural Billings Index (ABI) in the U.S. He also asked about the opportunity pipeline in the traditional oil and gas energy business.

    Answer

    CEO Gordon Johnston attributed the company's resilience to its business mix, which has strong bipartisan support in areas like infrastructure (IIJA), healthcare, and mission-critical facilities, offsetting the slow commercial sector. CFO Theresa B. Jang stated that traditional oil and gas work remains muted, with growth shifting to power transmission, grid hardening, and critical minerals mining.

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    Chris Murray's questions to GFL Environmental Inc (GFL) leadership

    Chris Murray's questions to GFL Environmental Inc (GFL) leadership • Q2 2025

    Question

    Chris Murray from ATB Capital Markets Inc. asked for the expected rollover revenue contribution in 2026 from M&A completed this year. He also inquired about the future capital allocation strategy, particularly regarding dividend increases, given maturing cash flow and potential proceeds from the GIP sale.

    Answer

    Executive VP & CFO Luke Pelosi explained that M&A in the back half of the year will create a significant rollover revenue contribution for 2026. Founder, Chairman, President & CEO Patrick Dovigi confirmed that increasing the dividend to normalize with peers is part of the capital allocation plan over the next 12-24 months, enabled by deleveraging and repatriated funds.

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    Chris Murray's questions to GFL Environmental Inc (GFL) leadership • Q1 2025

    Question

    Chris Murray sought clarification on the drivers of strong price growth in Canada and asked if EPR opportunities are now emerging in the U.S. as the Canadian model proves successful.

    Answer

    Executive Luke Pelosi clarified that while most EPR impact is volumetric, a portion of Canada's strong pricing came from re-pricing long-term contracts to current market rates. CEO Patrick Dovigi confirmed that U.S. states are looking to the Canadian model, with legislation advancing in several states. He noted GFL is advocating for efficient models that consolidate volume under a single entity.

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    Chris Murray's questions to GFL Environmental Inc (GFL) leadership • Q2 2024

    Question

    Chris Murray asked for an update on core margin enhancement initiatives, the supply chain for new vehicles, and any operational complexities involved in a potential sale of the Environmental Services (ES) business.

    Answer

    CFO Luke Pelosi confirmed that initiatives like in-truck tablets are progressing well and will be a key future margin lever, alongside RNG and EPR. CEO Patrick Dovigi stated that truck supply has significantly improved to 85-90% of their needs. Both executives affirmed that separating the ES business would be operationally simple, with minor overlaps in HR and Treasury, and less complex than prior divestitures.

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