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    Krista Friesen • CIBC

    Krista Friesen's questions to Stantec Inc (STN) leadership

    Krista Friesen's questions to Stantec Inc (STN) leadership • Q2 2025

    Question

    Krista Friesen inquired about the sentiment among U.S. private sector customers and the integration progress of recent acquisitions, including Page.

    Answer

    President and CEO Gord Johnston acknowledged some client hesitation in the first half of the year but noted that U.S. organic growth is expected to accelerate in the second half, supported by a 9.8% year-over-year increase in organic backlog. He also confirmed that the integrations of Ryan Hanley and Cosgroves are proceeding well, with the financial integration for the larger Page acquisition planned for Q4 2025.

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    Krista Friesen's questions to Stantec Inc (STN) leadership • Q1 2025

    Question

    Krista Friesen inquired about Stantec's M&A strategy, asking if the focus remains on smaller deals or includes larger transactions, and sought details on near-term acquisition priorities by business unit.

    Answer

    Executive Gordon Johnston confirmed Stantec is pursuing both small-to-medium firms and larger companies, with several in active discussion. Executive Vito Culmone emphasized that strategic fit is the primary criterion, not size. Johnston added that priorities include Water, Infrastructure, and Environmental services, while they will likely pause on architectural acquisitions following the Page deal. Geographically, the U.S., Australia, New Zealand, and the U.K. remain key.

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    Krista Friesen's questions to Stantec Inc (STN) leadership • Q4 2024

    Question

    Krista Friesen from CIBC asked for more detail on the stronger Q4 performance in the Energy & Resources segment and its outlook for 2025.

    Answer

    Executive Gordon Johnston explained that the segment returned to growth as expected in Q4 after facing difficult year-over-year comparisons earlier in the year. He highlighted a 14% year-over-year increase in the E&R backlog, driven by projects in Canada and the U.S. across power and mining. Johnston confirmed that Stantec forecasts a return to positive organic growth for the E&R segment for the remainder of 2025.

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    Krista Friesen's questions to StandardAero, Inc. (SARO) leadership

    Krista Friesen's questions to StandardAero, Inc. (SARO) leadership • Q2 2025

    Question

    Krista Friesen asked about the company's prioritization between organic growth and M&A, and inquired about the expected cadence of free cash flow between Q3 and Q4.

    Answer

    CFO Dan Satterfield explained that all capital allocation opportunities, whether organic or M&A, are evaluated on a return basis, highlighting strong recent organic investments in Dallas and Augusta. He noted that free cash flow is typically stronger in the second half due to seasonality, a trend amplified this year by the expected unwinding of working capital as high-demand engines are shipped.

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    Krista Friesen's questions to StandardAero, Inc. (SARO) leadership • Q4 2024

    Question

    Krista Friesen followed up on M&A, asking about typical integration timelines, and questioned if there were any new concerns regarding the potential impact of tariffs.

    Answer

    Executive Alex Trapp estimated M&A integration timelines range from 6 to 24 months, depending on the deal's size and complexity. CEO Russell Ford addressed the tariff question, stating that while they are monitoring the fluid situation, they do not anticipate a material impact as aircraft engines and components have historically received duty-free treatment, which they expect to continue.

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    Krista Friesen's questions to StandardAero, Inc. (SARO) leadership • Q3 2024

    Question

    Krista Friesen asked for commentary on the current M&A environment, particularly for small tuck-in acquisitions. She also inquired about the outlook for the military segment in Q4, given its year-over-year decline in Q3.

    Answer

    Executive Alex Trapp stated that while the company is always evaluating potential deals, especially in component repair, no specifics could be shared. CEO Russell Ford explained the military segment's Q3 decline was temporary, caused by the V-22 Osprey grounding, and that he expects a recovery as flight hours resume and a separate F110 contract issue is now resolved.

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    Krista Friesen's questions to RB Global Inc (RBA) leadership

    Krista Friesen's questions to RB Global Inc (RBA) leadership • Q2 2025

    Question

    Krista Friesen requested an update on the IAA business build-out in Australia and inquired about the current competitive dynamics in the North American salvage market.

    Answer

    CEO Jim Kessler announced that the Australian operation is set to process its first vehicles for sale within ten days, a key milestone with partner Suncorp. Regarding competition, he stated the company's focus is on delivering industry-leading operational performance against SLAs, which he sees as a sustainable competitive advantage.

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    Krista Friesen's questions to RB Global Inc (RBA) leadership • Q2 2024

    Question

    Krista Friesen from CIBC inquired about specific areas of weakness in the commercial business, the potential impact of election uncertainty, and whether cost synergies were achieved faster than planned or if new ones were discovered.

    Answer

    CEO Jim Kessler noted that election cycles historically create a delay effect on customer decisions. Executive Sameer Rathod added that the high interest rate environment is causing some customers to delay new equipment purchases. Regarding synergies, Kessler attributed the accelerated achievement to a management philosophy focused on continuously managing growth, margins, and expenses simultaneously.

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    Krista Friesen's questions to RB Global Inc (RBA) leadership • Q1 2024

    Question

    Krista Friesen asked for quantification of the IAA market share growth mentioned for the quarter and inquired whether the customer hesitancy seen in Q1 had shown any improvement in early Q2.

    Answer

    CEO Jim Kessler declined to provide specific figures for the market share gain, attributing it to the realization of previously announced insurance carrier wins. Regarding customer hesitancy, Kessler described the current environment as unique due to post-COVID equipment cycles, high interest rates, and tariff uncertainty, making historical comparisons difficult. He indicated that the macro environment had not changed significantly enough to alter customer behavior from the previous quarter.

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