STANTEC (STN)

• Stantec reported record net revenue of $6.5 billion in 2025, an 11% increase over 2024, driven by 5% organic growth and 3.9% acquisition growth. Adjusted EBITDA increased 17%, and Adjusted EPS grew 20% to CAD 5.30.
• The company achieved a record Adjusted EBITDA margin of 17.9% for the full year 2025, reaching its 2024-2026 strategic plan target range a year early, and operating cash flow increased 43.1% to CAD 863 million.
• Stantec's contract backlog reached a new high of CAD 8.6 billion at the end of 2025, a 9.5% increase year-over-year, representing approximately 13 months of work. The board approved an 8.9% dividend increase, raising the annualized dividend to CAD 0.98 per share.
• For 2026, Stantec expects strong net revenue, primarily driven by improved organic net revenue growth across all geographies in the mid to high single-digit range, with key drivers including water, mission-critical facilities (especially data centers), energy transition, and infrastructure. M&A remains a fundamental driver, and AI is seen as an opportunity amplifier for efficiency and new service lines.

• Stantec reported a record year in 2025, with full-year net revenue reaching $6.5 billion, an increase of 10.7% compared to 2024, and adjusted EPS growing 19.9% to CAD 5.30.
• The company achieved a full-year adjusted EBITDA margin of 17.9%, a 90 basis point increase year-over-year, and its contract backlog reached CAD 8.6 billion, representing approximately 13 months of work.
• For 2026, Stantec anticipates net revenue growth in the range of 8.5%-11.5%, an adjusted EBITDA margin between 17.6%-18.2%, and adjusted EPS growth of 15%-18% compared to 2025.
• The board approved an 8.9% dividend increase, raising the annualized dividend to CAD 0.98 per share.
• Strategic growth is driven by global trends in water, mission-critical facilities, transportation, and energy transition, with AI identified as an "opportunity amplifier" for efficiency and new revenue streams.

• Stantec reported a record year in 2025, with net revenue increasing almost 11% to $6.5 billion, adjusted EBITDA growing close to 17%, and adjusted EPS rising 19.9% to CAD 5.30.
• For 2026, the company expects net revenue growth of 8.5%-11.5%, an adjusted EBITDA margin between 17.6%-18.2%, and adjusted EPS growth of 15%-18% compared to 2025.
• The board approved an 8.9% dividend increase to an annualized CAD 0.98 per share, and while M&A remains the first priority, Stantec will renew its NCIB and consider share buybacks more actively given its valuation and strong balance sheet.
• The company's contract backlog reached a new high of CAD 8.6 billion, representing approximately 13 months of work, with organic growth achieved across all regions and business operating units, particularly in water and buildings.

• Stantec reported record 2025 results, with net revenue growing 10.7% to $6.5 billion and adjusted EPS increasing 19.9% to $5.30.
• The company achieved an adjusted EBITDA margin of 17.6% for the full year 2025, a 90 basis point increase over 2024.
• Operating cash flows increased 43.1% to $862.9 million in 2025, and the backlog reached a record $8.6 billion, up 9.5% from December 31, 2024.
• Stantec's Board of Directors declared a dividend of $0.245 per share, payable on April 15, 2026.
• For 2026, Stantec targets net revenue growth of 8.5% to 11.5% and adjusted EPS growth of 15% to 18%, with an anticipated adjusted EBITDA margin range of 17.6% to 18.2%.

• Stantec reported record 2025 net revenue of $6.5 billion, an increase of 10.7% over 2024, and adjusted EBITDA of $1,143.7 million, up 16.7% year-over-year, achieving an adjusted EBITDA margin of 17.6%.
• Adjusted EPS for 2025 was $5.30, marking a 19.9% increase over the prior year.
• The company's backlog reached a new record high of $8.6 billion as of December 31, 2025, representing a 9.5% increase from December 31, 2024.
• For 2026, Stantec targets net revenue growth of 8.5% to 11.5% and adjusted EPS growth of 15% to 18% compared to 2025.
• Stantec's Board of Directors declared a dividend of $0.245 per share, payable on April 15, 2026.

• Stantec has been named a preferred bidder by Scottish Water to be a primary designer for a multibillion-pound transformation of Scotland's water and wastewater networks.
• This initiative represents the largest program of investment in Scottish Water's history, aiming to enhance drinking water quality, increase water resilience, and protect the environment.
• Stantec will provide design and technical services for the construction process, with a project timeline potentially extending to 2039.
• The procurement process is expected to be fully completed by March 2026.

• Stantec has been named a preferred bidder to be a primary designer for the multibillion-pound Scottish Water Enterprise.
• This enterprise is set to transform Scotland’s water and wastewater networks, aiming to improve drinking water quality, increase water resilience, and protect the environment.
• Stantec will provide design and technical services for the project, with a potential timeline extending to 2039.
• The procurement process for this project is expected to be fully completed by March 2026.

Revival Gold Inc. reported significant accomplishments in 2025, including securing strategic investments and advancing its gold development projects.

• Revival Gold secured strategic investments from Dundee Corporation and EMR Capital, contributing to its total equity financing in 2025.
• The Mercur Preliminary Economic Assessment (PEA) delivered compelling economics, projecting significant after-tax NPV and IRR, along with an average annual gold production over a 10-year mine life.
• The company advanced the Mercur project by completing a drilling program, initiating mine permit planning, and consolidating its entire 7,200-hectare land position.
• Revival Gold also reported promising metallurgical test results for Beartrack-Arnett high-grade sulphides and mobilized an ongoing core drilling program at Beartrack-Arnett.

• Stantec Inc. has been awarded the second phase of the European Commission’s Global Technical Assistance Facility (TAF) for Sustainable Energy.
• The new assignment is valued at €27.7 million (C$45.4 million) and extends Stantec’s contract until October 2028.
• This initiative, described as one of the largest of its kind awarded by the EU, involves Stantec providing technical assistance, policy and regulatory support, investment planning, and capacity building to accelerate the global energy transition across multiple regions.

• Stantec delivered robust performance in Q3 2025, with net revenue growing almost 12% to CAD 1.7 billion, driven by over 5% organic and acquisition growth.
• The company achieved strong profitability, with adjusted EBITDA growing close to 18% year over year, reaching a record 19% margin, and adjusted EPS increasing 17.7% to $1.53.
• Year-to-date operating cash flows significantly increased by 86% to CAD 551 million, and the contract backlog grew almost 15% year over year to CAD 8.4 billion, representing approximately 13 months of work.
• Stantec maintained its full-year net revenue growth guidance while increasing its adjusted EBITDA margin outlook to 17.2%-17.5% and expecting adjusted EPS growth between 18.5%-21.5% for the year.
• The company anticipates strong momentum into 2026 across all regions, driven by continued demand in water, energy transition, and infrastructure sectors, with expectations for positive organic growth in the U.S..