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    Yuri Lynk • Canaccord Genuity Inc.

    Yuri Lynk's questions to Stantec Inc (STN) leadership

    Yuri Lynk's questions to Stantec Inc (STN) leadership • Q2 2025

    Question

    Yuri Lynk asked about the expected cadence of U.S. organic growth acceleration in the second half, given the tough Q4 comparable, and inquired about any potential business impact from Thames Water's financial issues.

    Answer

    President and CEO Gord Johnston acknowledged the difficult Q4 comparison influenced the moderated full-year U.S. guidance but highlighted a positive trend with high single-digit organic growth in July. He stated that Stantec does not anticipate a negative impact from Thames Water, as the infrastructure work is essential, and the company has had no payment issues.

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    Yuri Lynk's questions to Stantec Inc (STN) leadership • Q4 2024

    Question

    Yuri Lynk of Canaccord Genuity sought to contextualize the AMP8 water program in the U.K., asking about its potential contribution relative to AMP7, and also inquired about the unusually low Q4 CapEx.

    Answer

    Executive Gordon Johnston detailed that AMP8's budget is approximately 75% larger than AMP7's, with potential for further upside from appeals by water companies. He noted Stantec has been preparing by increasing staff and real estate. Executive Vito Culmone added that the U.K. is the largest contributor to the Global business. Regarding CapEx, Culmone attributed the low Q4 figure to timing and accounting classifications, expecting a similar pattern next year with strong free cash flow.

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    Yuri Lynk's questions to Stantec Inc (STN) leadership • Q2 2024

    Question

    Yuri Lynk of Canaccord Genuity Inc. questioned the impact of insurance claim provisions on margins, asking if the lower provisions from Q2 2023 also affected the back half of that year. He also inquired about any potential U.S. project award delays related to the upcoming election.

    Answer

    CFO Theresa B. Jang clarified that the benefit from lower insurance provisions was most pronounced in Q2 of the prior year but did continue through the rest of 2023. CEO Gordon Johnston stated that the company is not observing any election-related delays or pull-forwards in project awards from U.S. clients, describing the activity as 'steady-as-she-goes'.

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