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    Michael Tupholme • TD Cowen

    Michael Tupholme's questions to Stantec Inc (STN) leadership

    Michael Tupholme's questions to Stantec Inc (STN) leadership • Q2 2025

    Question

    Michael Tupholme sought clarity on whether the headwinds affecting U.S. growth have been resolved and asked about the company's confidence in its multi-year organic growth targets through 2026.

    Answer

    President and CEO Gord Johnston explained that the U.S. headwinds are 'diminishing' but not fully resolved. Both he and EVP and CFO Vito Culmone expressed strong confidence in achieving the multi-year growth targets, citing robust, long-term macro drivers like global infrastructure funding programs and increased defense spending.

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    Michael Tupholme's questions to Stantec Inc (STN) leadership • Q1 2025

    Question

    Michael Tupholme asked about the impact of macro uncertainty on the M&A landscape, the drivers behind the strong turnaround in the Energy & Resources business, and the sustainability of the quarter's strong margin performance.

    Answer

    Executive Gordon Johnston stated that Stantec's long-term M&A view is unaffected by short-term uncertainty. He attributed the 8.3% organic growth in Energy & Resources to mining, energy transition, and grid projects. Executive Vito Culmone explained the 70 bps margin improvement resulted from solid project execution, lower administrative costs, and operational efficiencies, expressing pleasure with the strong start to the year.

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    Michael Tupholme's questions to Stantec Inc (STN) leadership • Q4 2024

    Question

    Michael Tupholme from TD Cowen asked about the factors that could drive performance to the high or low end of the organic growth guidance, the expected cadence of growth in the Global region, and the quarterly run-rate for intangible amortization in 2025.

    Answer

    Executive Gordon Johnston stated the factors influencing the guidance range are consistent with the past, with the company's diversification model providing stability. Executive Vito Culmone suggested Global's growth would likely build through the year, being more back-half loaded as the AMP8 program ramps up. He offered to take the specific question on intangible amortization offline for a more defined range.

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    Michael Tupholme's questions to Nutrien Ltd (NTR) leadership

    Michael Tupholme's questions to Nutrien Ltd (NTR) leadership • Q4 2024

    Question

    Michael Tupholme asked for more detail on the 2025 potash sales volume guidance, specifically what tariff-related assumptions were made to account for the noted uncertainty.

    Answer

    CEO Kenneth Seitz framed it as a question of timing and buyer behavior, before passing to CFO Mark Thompson. Thompson explained that the midpoint of their 13.6 to 14.4 million tonne guidance assumes a relatively limited impact from potential tariffs and no material supply chain disruptions. The upper end of the range assumes no impact at all. The lower end of the guidance is where the tariff risk is factored in, primarily reflecting potential timing-related impacts on demand in North America should tariffs be implemented.

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