Protest targets engineering firm hired by Ontario to work on bike lane removal
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With Ontario poised to begin demolishing bike lanes in Toronto within days, advocacy groups are trying to pressure the engineering firm taking on part of the work to rip up its provincial contract.
On Tuesday morning, a group of protesters gathered at the offices of Stantec Consulting Ltd., the engineering firm hired by the province to undertake a portion of the bike lane removal work.
Demonstrators entered the building and presented Stantec with their demand to cancel the contract, which prompted Stantec to call the police, said Marcel Jansen, a member of Friday for Future Toronto, one of the groups behind the protest.
Alex Lam, outreach co-ordinator for the same group, said they were one of two people were briefly detained by police and issued a $65 ticket — a price they say is well worth it.
"We're talking about people's lives here," Lam said. "I think this action was good for highlighting this terrible thing that Stantec is doing. Agreeing to rip out bike lanes, put people at risk, increase congestion, increase emissions."
The protest follows a similar campaign launched by advocacy group Cycle Toronto, which is urging people to email Stantec to demand they stop working on the plan.
WATCH | Protesters rally against plan to remove Toronto bike lanes:
Cyclists protest against removal of Toronto bike lanes
2 hours ago
Duration 4:15
In an emailed statement, a spokesperson for Stantec wrote that they "respect the right of community to voice their opinions through peaceful protest."
"Moreover, we also appreciate that our team members —also local Toronto residents—were able to safely enter their workplace," said Colin Nekolaichuk, a public relations manager for Stantec.
The statement went on to say Stantec is working on developing technical drawings for "a small section" of the bike corridors, representing about 1.5 kilometres in total. After those drawings are complete, the firm will no longer be involved, Nekolaichuk said.
City manager says Toronto still committed to cycling program
Toronto City Manager Paul Johnson spoke to CBC Radio's Metro Morning on Tuesday about Ontario's plan — billed repeatedly by the province in the leadup to last month's election as necessary to reduce congestion.
"This is their operation, this is their legislation," Johnson said.
"The city will comply with this, but I just want to assure everybody that the cycling program in Toronto is strong. We are committed to cycling as an important mode of transportation."
Last week, an Ontario court denied an injunction request from a group of cyclists, including Cycle Toronto, hoping to press pause on removal work until after their court challenge is heard in mid-April.
WATCH | Internal documents reveal removing bike lands may not decrease congestion:
Ontario's bike lane removal plan may not reduce congestion: internal documents
5 days ago
Duration 2:39
New internal documents reveal that Ford's government is aware of many of the risks associated with removing bike lanes in Toronto. As CBC's Lane Harrison explains, the report shows the move may not have an impact on congestion and could increase collisions for everyone who uses roads.
That means that the province could begin the process of undoing sections of cycle lanes on Bloor Street, Yonge Street, and University Avenue in Toronto as soon as Thursday.
As part of that court process, a trove of internal provincial documents related to the plan were made public.
Those document revealed that the province was warned that there was a "medium risk" that the changes will not achieve the "desired outcomes" of faster-moving traffic.
They also included a report prepared for the Ministry of Transportation that estimated that collisions for all road users could spike by 54 per cent when the lanes are gone.
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CTV News
2 days ago
- CTV News
Time Magazine ranks Stantec one of the world's most sustainable companies, listed top for Canadian companies
Time Magazine has listed Edmonton-based company Stantec among the world's most sustainable companies. Time Magazine has named Stantec as one of the world's most sustainable companies. The Edmonton-based company ranked 44 on the list of 500 companies, which was decided by Time Magazine in partnership with a data firm after looking at each company's public commitment and progress toward sustainability goals in 2023. Stantec was founded by Dr. Don Stanley in Edmonton in 1954 and has expanded globally with offices on six continents. Its headquarters remains in downtown Edmonton and the company was part of major projects in the city including the southeast leg of Anthony Henday Drive, Stantec Tower, the Keystone pipeline, and a Panama Canal expansion. According to the company overview on their website, Stantec's focus is in 'sustainable engineering, architecture and environmental consulting.' Two other Canadian companies made the top 100, with WSP ranked 62 and Telus at 83 on the list. The first-ranked company on Time's list was Scheider Electric which is based in France.
Cision Canada
16-06-2025
- Cision Canada
FuelPositive Announces Strategic Partnership with Stantec
WINNIPEG, MB, June 16, 2025 /CNW/ - FuelPositive Corp. (TSXV: NHHH) (OTCQB: NHHHF) is pleased to announce substantial progress in the final certification and commissioning of the world's first farmer-owned, decentralized Green Ammonia production system. As the company nears the completion of its certification process, FuelPositive has formalized a strategic partnership with Stantec, one of the most respected and impactful engineering and environmental consulting firms globally. Working collaboratively, the two teams are now focused on completing the final approvals before the company's first decentralized, farmer-owned green ammonia system can be powered on. To read Stantec's news release, Click Here A Strategic Collaboration for Final Certification Over the past few months, Stantec has been instrumental in validating the technical and regulatory documentation necessary for certification in Manitoba. Founded and headquartered in Edmonton, Stantec brings extensive expertise in sustainable engineering, infrastructure, and regulatory compliance. Their deep understanding of Manitoba-specific environmental and safety frameworks, combined with a proven track record in scaling clean technologies, makes them the ideal partner to guide FuelPositive through the final approvals. With Stantec's multi-faceted support and in partnership with Wescan, FuelPositive has successfully finalized pressure vessel certification through Manitoba's Inspection and Technical Services department (ITS. Navigating the technical and regulatory requirements demanded precision and experience, and Stantec's expert guidance was essential in effectively completing the process. Stantec also played a critical role in supporting FuelPositive through the environmental compliance process with Manitoba Environment and Climate Change. This approval confirms that on-farm use of the FP300 system aligns with provincial regulatory standards, validating its readiness for activation and creating a clear path for the certification of future FP1500 commercial systems throughout Manitoba. Stantec: A Transformational Partner Alongside their support for FuelPositive, Stantec plays a key role in advancing a variety of other impactful initiatives. With 32,000 employees across over 450 offices worldwide, Stantec is a recognized global leader in sustainable infrastructure and design. Its award-winning work and consistent recognition for innovation and excellence in environmental, social, and governance (ESG) practices align closely with FuelPositive's mission, strengthening both the credibility and real-world potential of the project. "Partnering with FuelPositive on this demonstration project exemplifies our commitment to advancing decarbonization in industrial applications," said Ameya Bhandarkar, Industrial Buildings Lead at Stantec. "We're proud to be part of their vision and support this important project through commissioning, startup, and beyond." Stantec is very active in Manitoba, having led numerous high-profile projects, including the Manitoba Museum, North End Sewage Treatment Plant Upgrade, and Fort Whyte Alive Buffalo Crossing Visitor Centre. Their 60,000-square-foot, LEED Gold-certified Winnipeg Centrepoint office serves as a hub for local development and community engagement. "The depth and rigour of Manitoba's certification process cannot be overstated," added André Mech, BEng, MBA – Advisor, Carbon Credits and Emissions Reduction and Independent Director. "Stantec's independent validation brings a high level of assurance. Their involvement confirms that the system is built to meet and exceed strict environmental and safety standards." Completing the final sequence of approvals FuelPositive is now entering the final sequence of regulatory approvals, with Stantec overseeing the process. These final steps include essential yet minor system modifications to meet jurisdiction-specific requirements, a three-day electrical compliance review by Intertek, and a provincial utility inspection, a final step required before the system can be powered on. "FuelPositive remains firmly committed to realizing our vision of commercializing Dr. Dincer's technology," said Ian Clifford, Co-Founder, Chair, and CEO of FuelPositive. "Over the past year, we've brought the system significantly closer to that goal, advancing its design, integration, and regulatory readiness. Stantec's involvement is helping FuelPositive finalize the essential technical and regulatory elements, as our broader vision continues to take shape." FuelPositive is also working closely with Wescan, Intertek, and other stakeholders to complete the remaining regulatory steps. These involve final system refinements and inspections, which will commence as soon as further operational funding is secured. With the system already integrated with Manitoba's hydroelectric grid, a successful utility inspection is expected to clear the way for immediate activation. "Activation means proven on-farm performance, confirmed customers, and the start of revenue," Clifford added. "That's what we're focused on: delivering with discipline, direction and purpose FuelPositive is prioritizing non-dilutive funding options as part of its overall financing strategy. Securing the operational capital required to complete system activation remains critical to maintaining the Company's first-mover advantage. Fair Communication, Clear Progress This news release follows a period of limited public communication. During the extended TSXV review, FuelPositive made a deliberate decision to pause communications in order to protect the integrity of its process and avoid disadvantaging Canadian shareholders, who were temporarily unable to trade while the stock remained active in the U.S. market. "We paused public updates during the TSXV review to ensure fairness and protect Canadian investors," said Luna Charlebois Clifford, Co-Founder, Director, and Chief Impact Officer. "But behind the scenes, we never slowed down. This has been a defining chapter, one marked by vision, trust, and a deep belief in what we're building. The progress we've made reflects the unwavering dedication of our team and partners, and the transformational potential of what lies ahead." FuelPositive will continue to share focused updates as it advances toward system activation. In its upcoming news releases, the Company will provide details on the forthcoming Annual General Meeting, including key insights into its financial position and long-term strategic direction. About FuelPositive: Groundbreaking AgTech and Green Energy: FuelPositive's containerized Green Ammonia systems are redefining the ammonia industry by decentralizing production and placing control directly in the hands of farmers. This innovative model enables on-site generation of green nitrogen fertilizer and carbon-free fuel, reducing dependence on volatile supply chains and pricing. Each ton of ammonia produced by a FuelPositive system eliminates up to 2 tons of CO₂e emissions, offering both environmental and economic advantages. Designed for simplicity, reliability, and remote monitoring, the systems integrate seamlessly into farm operations, enabling farmers to produce what they need and when they need it, without added complexity. Built in Canada, Designed for Farmers The FP300 demonstration system, installed on an 11,000-acre grain farm in Sperling, Manitoba, is designed to produce 100 metric tonnes of Green Ammonia annually. This system serves as the foundation for the FP1500 commercial system, which has an annual output of 500 metric tonnes and is designed to support farms of approximately 10,000 acres. Powered by Manitoba's clean hydroelectricity, the system produces carbon-free ammonia on demand and provides a decentralized, cost-effective alternative to fossil-fuel-based fertilizers and fuels. First System Delivery: A Milestone in Sustainable Agriculture: In June 2024, FuelPositive delivered its first commercial demonstration system, the FP300, to Tracy and Curtis Hiebert's 11,000-acre grain farm near Sperling, Manitoba. This milestone marks a major advancement for both the Company and the future of sustainable agriculture. The upcoming system activation will further highlight the transformative impact of FuelPositive's technology on farming practices, supporting a more resilient and sustainable food system. Manitoba: A Global Center of Excellence: FuelPositive is positioning Manitoba at the forefront of decentralized Green Ammonia production. With a bold vision to establish a world-leading manufacturing hub in the province, the Company is set to drive economic growth, create high-value jobs in engineering, science, and skilled trades, and transform Manitoba into a global centre of excellence for sustainable agriculture and clean technology. FuelPositive Corporation is located in Ontario and Manitoba (Canada) and trades on the TSX Venture Exchange under the symbol NHHH, as well as on the OTCQB in the USA under the symbol NHHHF. Cautionary Statement Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") that are based on expectations, estimates and projections as of the date of this news release. The information in this release about future plans and objectives of the Company are forward-looking statements. These forward-looking statements are based on assumptions and estimates of management of the Company at the time they were made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking information is provided to provide information about management's expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking information or to explain any material difference between subsequent actual events and such forward-looking information, except to the extent required by applicable law. SOURCE FuelPositive Corp.
Globe and Mail
14-05-2025
- Globe and Mail
Stantec reports strong first quarter 2025 results, with 29% increase in adjusted earnings per share and record backlog of $7.9 billion
Highlights Record net revenue of $1.6 billion, an increase of 13.3% compared to Q1 2024 Adjusted EBITDA¹ increase of 19.1% to $252.3 million and adjusted EBITDA margin¹ of 16.2%, a 70 basis point increase over Q1 2024 Diluted EPS of $0.88 and adjusted EPS¹ of $1.16, up 29.4% and 28.9%, respectively, compared to Q1 2024 Confirms full-year guidance and achieved record backlog of $7.9 billion, up 12.8% over Q1 2024 Acquired Ryan Hanley, a 150-person engineering and environmental consultancy firm in Ireland, strengthening Stantec's offering in the Irish water sector Entered into a definitive purchase agreement to acquire Page, a 1,400-person US-based design, architecture and engineering firm. The acquisition will position Stantec to become the second largest architecture firm in the US. EDMONTON, Alberta and NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) -- Stantec (TSX, NYSE:STN), a global leader in sustainable engineering, architecture and environmental consulting, released its first quarter 2025 results today showcasing continued strong demand and solid project execution. During the quarter, net revenue increased 13.3% year-over-year to $1.6 billion, primarily driven by 5.9% organic and 3.2% acquisition growth¹. The Company achieved organic growth in each of Stantec's regional and business operating units, most notably in Canada which achieved 12.2% organic growth. Adjusted EBITDA for the first quarter of 2025 increased 19.1% or $40.4 million, and adjusted EBITDA margin was 16.2%, up 70 basis points compared to the first quarter of 2024. Stantec delivered diluted earnings per share (EPS) of $0.88 and adjusted EPS of $1.16. 'Stantec delivered solid first quarter results, supported by strong project execution and operational performance,' said Gord Johnston, President and CEO. 'Amid a dynamic market environment, we remain confident in our outlook and reaffirm our 2025 guidance. With a record-high backlog of $7.9 billion and a robust pipeline of growth opportunities ahead of us, we are well-positioned to build on our momentum and deliver another record year for Stantec.' Mr. Johnston continued, 'We also started off the year strong on the M&A front, entering into a definitive agreement to acquire Page and with the acquisition of Ryan Hanley. Combined, these two firms will add more than 1,500 team members to Stantec and greatly contribute to the targets we set in our 2024-2026 Strategic Plan. We remain very optimistic and are well on track to successfully deliver this plan.' In early April 2025, Stantec entered into a definitive purchase agreement to acquire all the issued and outstanding membership interests of Page, a 1,400-person architecture and engineering firm headquartered in Washington, DC. The acquisition will deepen Stantec's expertise and resources in key growth areas such as advanced manufacturing, data centers, and healthcare, while adding new capabilities in cleanroom design and fabrication facilities. Stantec also acquired Ryan Hanley, a 150-person engineering and environmental consultancy firm in Ireland, expanding Stantec's presence in the country. 2025 Outlook Stantec reaffirms the following outlook for 2025: In setting Stantec's targets and guidance, the Company assumed an average value for the US dollar of $1.41, GBP of $1.80, and AU of $0.90. For all other underlying assumptions, see the Q1 2025 MD&A. These targets do not include any assumptions for additional acquisitions, including Page and Ryan Hanley, or the impact of revaluing our share-based compensation, as further described below. note: Adjusted EBITDA, adjusted net income, adjusted EPS, and adjusted ROIC are non-IFRS measures discussed in the Definitions section. Stantec continues to expect to achieve net revenue growth of 7% to 10% in 2025, with net revenue organic growth in the mid- to high- single digits. Organic growth in both US and Canada is expected to be in the mid- to high- single digits, driven by continuing strong momentum as reflected in the Company's record-high backlog between the two countries. Organic growth in Global is also expected to achieve mid to high single-digit growth driven by continued high levels of activity in Stantec's Water business under the ongoing Asset Management Program and frameworks and positive demand fundamentals in other Global business units. Stantec continues to anticipate adjusted EBITDA margin will be in the range of 16.7% to 17.3%, reflecting strong project margins driven by solid project execution and continued discipline and enhanced strategies in the management of administration and marketing costs. These strategies include expanding the use of our high value centers, optimizing digital strategies, and increased efficiencies from improving scale in certain geographies. Stantec expects adjusted EBITDA margin in Q2 and Q3 2025 to be near or above the high end of this range because of increased seasonal activities in the northern hemisphere, offset by lower expected margins in Q4 of 2025 due to seasonal effects. Overall, Stantec expects to drive adjusted net income to a margin of greater than 8.8% of net revenue and to deliver 16% to 19% growth in adjusted EPS in comparison to 2024. The above targets do not include any assumptions for additional acquisitions, including Page and Ryan Hanley, or the impact from share price movements subsequent to December 31, 2024 and the relative total shareholder return components on Stantec's share-based compensation programs. Q1 2025 Financial Highlights Net revenue increased 13.3% or $182.9 million, to $1.6 billion, primarily driven by 5.9% organic growth and 3.2% acquisition growth, as well as from the positive impact of foreign exchange. Stantec achieved organic growth in all of its regional and business operating units, most notably in Canada with double-digit organic growth. Project margin increased 13.6% or $101.0 million, to $843.5 million. As a percentage of net revenue, project margin increased by 10 basis points to 54.3%, reflecting solid project execution. Adjusted EBITDA increased 19.1% or $40.4 million, to $252.3 million. Adjusted EBITDA margin was 16.2%, an increase of 70 basis points compared to Q1 2024. The quarter-over-quarter change in margin primarily reflects consistent project margins and lower administrative and marketing expenses as a percentage of net revenue, due in part to lower share-based compensation costs and discretionary spending. Net income increased 29.8% or $23.0 million, to $100.1 million, and diluted EPS increased 29.4%, or $0.20, to $0.88, mainly due to strong net revenue growth and overall lower costs as a percentage of net revenue. Adjusted net income grew 28.9% or $29.8 million, to $132.8 million, achieving 8.6% of net revenue—an increase of 110 basis points. Adjusted EPS increased 28.9% or $0.26, to $1.16. Contract backlog increased to $7.9 billion at March 31, 2025, achieving 12.8% overall growth year over year, which includes 7.5% organic growth. Organic growth was achieved in all of Stantec's regional operating units. Contract backlog represents approximately 12 months of work. Operating cash flows increased $58.0 million or 135.8%, with cash inflows of $100.7 million, reflecting continued strong cash flow generation, growth and strong operational performance. DSO was 77 days, remaining within Stantec's target of 80 days. Net debt to adjusted EBITDA (on a trailing twelve-month basis) at March 31, 2025 was 1.1x, remaining within the Company's internal target range of 1.0x to 2.0x. On April 2, 2025, Stantec entered into a definitive purchase agreement to acquire all the issued and outstanding membership interests of Page. Page is a 1,400-person architecture and engineering firm headquartered in Washington, DC that strategically complements the Company's Buildings business and serves the advanced manufacturing, healthcare, mission critical, academic, civic, aviation, science and technology, and commercial markets. On April 8, 2025 Stantec acquired Ryan Hanley, a 150-person engineering and environmental consultancy firm in Ireland, bolstering Stantec's offering in the Irish water sector. On May 14, 2025, Stantec's Board of Directors declared a dividend of $0.225 per share, payable on July 15, 2025, to shareholders of record on June 30, 2025. Q1 2025 Financial Highlights For the quarter ended March 31, 2025 2024 (In millions of Canadian dollars, except per share amounts and percentages) $ % of Net Revenue $ % of Net Revenue Gross revenue 1,923.6 123.9 % 1,721.4 125.6% Net revenue 1,553.0 100.0 % 1,370.1 100.0% Direct payroll costs 709.5 45.7% 627.6 45.8% Project margin 843.5 54.3 % 742.5 54.2% Administrative and marketing expenses (note 1) 612.0 39.4% 545.9 39.8% Depreciation of property and equipment 17.6 1.1% 15.8 1.2% Depreciation of lease assets 32.2 2.1% 31.5 2.3% Amortization of intangible assets 28.7 1.8% 31.0 2.3% Net interest expense and other net finance expense 21.4 1.4% 24.2 1.8% Other expense (income) 1.6 0.2% (5.3) (0.4%) Income taxes (note 1) 29.9 1.9% 22.3 1.6% Net income (note 1) 100.1 6.4 % 77.1 5.6% Basic and diluted earnings per share (EPS) (note 1) 0.88 n/m 0.68 n/m Adjusted EBITDA (note 2) 252.3 16.2 % 211.9 15.5% Adjusted net income (note 2) 132.8 8.6 % 103.0 7.5% Adjusted EPS (note 2) 1.16 n/m 0.90 n/m Dividends declared per common share 0.225 n/m 0.210 n/m note 1: Results for the quarter ended March 31, 2024 have been retrospectively revised for the change in accounting policy related to the treatment of deferred payments from our historical acquisitions. Refer to the Critical Accounting Developments, Estimates, and Measurements section of the Q1 2025 MD&A further details. note 2: Adjusted EBITDA, adjusted net income, and adjusted EPS are non-IFRS measures (discussed in the Definitions section of the Q1 2025 MD&A). n/m = not meaningful Net Revenue by Reportable Segment (In millions of Canadian dollars, except percentages) Q1 2025 Q1 2024 Total Change Change Due to Acquisitions Change Due to Foreign Exchange Change Due to Organic Growth % of Organic Growth Canada 372.1 323.7 48.4 9.0 n/a 39.4 12.2% United States 804.9 733.9 71.0 5.6 47.6 17.8 2.4% Global 376.0 312.5 63.5 29.3 10.8 23.4 7.5% Total 1,553.0 1,370.1 182.9 43.9 58.4 80.6 Percentage Growth 13.3% 3.2% 4.2% 5.9% Backlog (In millions of Canadian dollars, except percentages) Mar 31, 2025 Dec 31, 2024 Total Change Change Due to Acquisitions Change Due to Foreign Exchange Change Due to Organic Growth (Retraction) % of Organic Growth (Retraction) Canada 1,753.1 1,687.1 66.0 — n/a 66.0 3.9% United States 4,802.1 4,722.6 79.5 — (20.5) 100.0 2.1% Global 1,376.7 1,414.2 (37.5) — 29.5 (67.0) (4.7)% Total 7,931.9 7,823.9 108.0 — 9.0 99.0 Percentage Growth 1.4% —% 0.1% 1.3% Webcast & Conference Call Stantec will host a live webcast and conference call on Thursday, May 15, 2025, at 7:00 AM Mountain Time (9:00 AM Eastern Time) to discuss the Company's first quarter performance. To listen to the webcast and view the slide presentation, please join here. If you are an analyst and would like to participate in the Q&A, please register here. The conference call and slideshow presentation will be broadcast live and archived in their entirety in the Investors section of About Stantec Stantec empowers clients, people, and communities to rise to the world's greatest challenges at a time when the world faces more unprecedented concerns than ever before. We are a global leader in sustainable engineering, architecture, and environmental consulting. Our professionals deliver the expertise, technology, and innovation communities need to manage aging infrastructure, demographic and population changes, the energy transition, and more. Today's communities transcend geographic borders. At Stantec, community means everyone with an interest in the work that we do—from our project teams and industry colleagues to our clients and the people our work impacts. The diverse perspectives of our partners and interested parties drive us to think beyond what's previously been done on critical issues like climate change, digital transformation, and future-proofing our cities and infrastructure. We are designers, engineers, scientists, project managers, and strategic advisors. We innovate at the intersection of community, creativity, and client relationships to advance communities everywhere, so that together we can redefine what's possible. Stantec trades on the TSX and the NYSE under the symbol STN. Cautionary Statements Non-IFRS and Other Financial Measures Stantec reports its financial results in accordance with IFRS. However, in this press release, the following non-IFRS and other financial measures are used by the Company: adjusted EBITDA, adjusted net income, adjusted earnings per share (EPS), adjusted return on invested capital (ROIC), free cash flow, net debt to adjusted EBITDA, days sales outstanding (DSO), margin (percentage of net revenue), organic growth (retraction), acquisition growth, and measures described as on a constant currency basis and the impact of foreign exchange or currency fluctuations, as well as measures and ratios calculated using these non-IFRS or other financial measures. Additional disclosure for these non-IFRS and other financial measures, incorporated by reference, is included in the Definitions of Non-IFRS and Other Financial Measures section of the Q1 2025 Management's Discussion and Analysis, available on SEDAR+ at EDGAR at and the Company's website at and the reconciliation of Non-IFRS Financial Measures appended hereto. These non-IFRS and other financial measures do not have a standardized meaning under IFRS and, therefore, may not be comparable similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS and other financial measures provide useful information to investors to assist them in understanding components of Stantec's financial results. These measures should not be considered in isolation or viewed as a substitute for the related financial information prepared in accordance with IFRS. Forward-looking Statements Certain statements contained in this news release constitute forward-looking statements. Forward-looking statements in this news release include, but are not limited to, (a) statements regarding the anticipated benefits and strategic positioning of Stantec after giving effect to the Page acquisition, and (b) Stantec's Outlook and Annual Targets for 2025 in their entirety, any projections related to revenue, adjusted EBITDA as a % of net revenue, adjusted net income as a % of net revenue, adjusted diluted EPS growth, adjusted ROIC, free cash flow to net income, net debt to adjusted EBITDA, effective tax rate, earnings patterns, and days sales outstanding. Any such statements represent the views of management only as of the date hereof and are presented for the purpose of assisting the Company's shareholders in understanding Stantec's operations, objectives, priorities, and anticipated financial performance as at and for the periods ended on the dates presented and may not be appropriate for other purposes. By their nature, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. Stantec's assumptions relating to the 2025 Outlook and Annual Targets are provided in the Company's 2024 Annual Report. Readers of this news release are cautioned not to place undue reliance on forward-looking statements since a number of factors could cause actual future results to differ materially from the expectations expressed in these forward-looking statements. These factors include, but are not limited to, the risk of the Page acquisition not completing, economic downturns, future pandemics or health crises that could adversely affect operations, reduced public or private sector capital spend, changing market conditions for Stantec's services, and the risk that Stantec fails to capitalize on its strategic initiatives. Investors and the public should carefully consider these factors, other uncertainties, and potential events, as well as the inherent uncertainty of forward-looking statements, when relying on these statements to make decisions with respect to the Company. Future outcomes relating to forward-looking statements may be influenced by many factors and material risks. For the three month period ended March 31, 2025, there has been no significant change in the risk factors from those described in Stantec's 2024 Annual Report. This report is accessible online by visiting EDGAR on the SEC website at or by visiting the CSA website at sedar+.com or Stantec's website, You may obtain a hard copy of the 2024 Annual Report free of charge from the investor contact noted below. Investor Contact Jess Nieukerk Stantec Investor Relations Ph: 403-569-5389 To subscribe to Stantec's email news alerts, please fill out the subscription form, which is also available on the Contact Information page of the Investors section at Design with community in mind Attached to this news release are Stantec's reconciliation of non-IFRS financial measures. Reconciliation of Non-IFRS Financial Measures For the quarter ended March 31, (In millions of Canadian dollars, except per share amounts) 2025 2024 Net income (note 1) 100.1 77.1 Add back (deduct): Income taxes (note 1) 29.9 22.3 Net interest expense 21.0 24.0 Net (reversal) impairment of lease assets (note 2) (0.1) 0.5 Depreciation and amortization 78.5 78.3 Unrealized loss (gain) on equity securities 8.7 (1.9) Acquisition, integration, and restructuring costs (note 1,5,6) 14.2 11.6 Adjusted EBITDA 252.3 211.9 For the quarter ended March 31, (In millions of Canadian dollars, except per share amounts) 2025 2024 Net income (note 1) 100.1 77.1 Add back (deduct) after tax: Net (reversal) impairment of lease assets (note 2) (0.1) 0.3 Amortization of intangible assets related to acquisitions (note 3) 15.1 18.1 Unrealized loss (gain) on equity securities (note 4) 6.7 (1.5) Acquisition, integration, and restructuring costs (note 1,5,6) 11.0 9.0 Adjusted net income 132.8 103.0 Weighted average number of shares outstanding - diluted 114,066,995 114,066,995 Adjusted earnings per share 1.16 0.90 See the Definitions section of the Q1 2025 MD&A for the discussion of non-IFRS and other financial measures used and additional reconciliations of non-IFRS financial measures. note 1: Results for the quarter ended March 31, 2024 have been retrospectively revised for the change in accounting policy related to the treatment of deferred payments from historical acquisitions. Refer to the Critical Accounting Developments, Estimates, and Measurements section of the Q1 2025 MD&A for further details. note 2: The net (reversal) impairment of lease assets includes onerous contracts associated with the impairment for the quarter ended March 31, 2025 of nil (2024 – $0.1). For the quarter ended March 31, 2025, this amount is net of tax of nil (2024 – $0.2). note 3: The add back of intangible amortization relates only to the amortization from intangible assets acquired through acquisitions and excludes the amortization of software purchased by Stantec. For the quarter ended March 31, 2025, this amount is net of tax of $4.5 (2024 – $5.3). note 4: For the quarter ended March 31, 2025, this amount is net of tax of $2.0 (2024 – $(0.4)). note 5: The add back of certain administrative and marketing costs and depreciation primarily related to acquisition and integration expenses associated with Stantec's acquisitions and restructuring costs. For the quarter ended March 31, 2025, this amount is net of tax of $3.2 (2024 – $2.6). note 6: Acquisition, integration, and restructuring cost include additional acquisition costs related to the change in accounting policy described in note 1 for the quarter ended March 31, 2025 of $0.9 (2024 – $3.0). ______________________________ ¹ Adjusted EPS, adjusted net income, adjusted EBITDA, and adjusted EBITDA margin are non-IFRS measures, and organic growth, acquisition growth and DSO are other financial measures (discussed in the Definitions section of the Q1 2025 MD&A).
