Refine.Q1 2018Earnings Presentation

Cautionary StatementThis presentation contains non-IFRS measures and forward-looking statements, including a discussion of our business targets, expectations and outlook.

We caution readers not to place undue reliance on our forward-looking statements since a number of factors could cause actual future results to differ materially from the targets and expectations expressed.

For a discussion of risk factors and non-IFRS measures, see our 2017 Annual Report and Q1 2018 MD&A, which are available on SEDAR, EDGAR, and stantec.com.

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AgendaGord JohnstonHighlights

Dan LefaivreFinancial Performance

Gord JohnstonOperational HighlightsOutlook

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Q1 2018 Highlights

4thConsecutive quarter of overall gross and net organic revenue growth

Focused on 2018 strategic plan

ACQUISITIONESI Consulting Ltd.

ACQUISITIONOccam Engineers Inc.

Cost reductionsOffice consolidationsImproved utilization

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Subsequent Events

Letter of IntentNorwest Corporation

ACQUISITIONTraffic Design Group Limited (TDG)

Letter of IntentCegertec

Initiated strategic review Construction Services

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Financial Performance

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IFRS 15Retained Earnings

(In millions of Canadian dollars)Consulting

ServicesConstruction

Services Consolidated

Contracts with multiple goods or services - (2.7) (2.7)

Change orders and claims (3.0) (2.1) (5.1)

Liquidated damages - (18.0) (18.0)

Significant financing component 1.7 0.5 2.2

Deferred contract costs - (0.3) (0.3)

Total opening retained earnings impact (1.3) (22.6) (23.9)

IFRS 9 • New classification rules for financial assets and accounting rules for debt modifications• $2.7 million unrealized fair value loss on equity investments held for self-insured liabilities in Q1 18

$5.0 billion gross revenue backlog$3.8 billion Consulting Services$1.2 billion Construction Services

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Q1 18 Financial Results (In millions of Canadian dollars, except percentages)

QuarterEnded

March 31,2018

QuarterEnded

March 31,2017

TotalChange

Change Dueto Net

Acquisitions(Divestitures)

ChangeDue to

ForeignExchange

Change Dueto Organic

Growth(Retraction)

% of Organic

Growth(Retraction)

Consulting ServicesCanada 258.9 248.5 10.4 (0.3) n/a 10.7 4.3%United States 439.4 453.8 (14.4) 1.3 (19.9) 4.2 0.9%Global 110.5 102.5 8.0 0.3 1.2 6.5 6.3%

Total Consulting Services 808.8 804.8 4.0 1.3 (18.7) 21.4 Percentage growth (retraction) 0.5% 0.2% (2.4%) 2.7%

Construction Services 67.8 66.0 1.8 - 0.3 1.5 Percentage growth (retraction) 2.7% - 0.4% 2.3%

Total 876.6 870.8 5.8 1.3 (18.4) 22.9 2.6%

Consulting ServicesBuildings 183.9 187.9 (4.0) 10.5 (5.1) (9.4) (5.0%)Energy & Resources 116.9 98.0 18.9 (0.3) (2.3) 21.5 21.9%Environmental Services 110.5 111.3 (0.8) 0.8 (1.9) 0.3 0.3%Infrastructure 217.4 219.5 (2.1) - (6.7) 4.6 2.1%Water 180.1 188.1 (8.0) (9.7) (2.7) 4.4 2.3%

Total Consulting Services 808.8 804.8 4.0 1.3 (18.7) 21.4 Percentage growth (retraction) 0.5% 0.2% (2.4%) 2.7%

Net Revenue by Reportable Segments & Business Operating Units

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Q1 18 Financial Results

Q1 18 Q1 17Consulting Services

Buildings 53.2% 55.1%Energy & Resources 51.8% 53.3%Environmental Services 56.7% 56.3%Infrastructure 54.2% 53.5%Water 56.5% 58.9%

Consulting Services - Total 54.5% 55.5%

Construction Services 25.1% 33.9%

Consolidated 52.2% 53.9%

Gross Margin by Business Operating Units

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Q1 18 Financial Results

Q1 18$

Q1 17$

Administrative and marketing expenses (1) 41.3% 43.3%

Positively impacted by:

Occupancy costs

Integration costs & discretionary spending

Utilization (1) As a % of net revenue.

(In millions of Canadian dollars, except for percentages)

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Q1 18$

Q1 17$

Gross revenue 1,281.7 1,276.3

Net revenue 876.6 870.8

Adjusted EBITDA (1) 90.4 89.9

Net income 36.8 (58.0)

Adjusted net income (1) 47.8 45.8

Diluted EPS 0.32 (0.51)

Adjusted diluted EPS (1) 0.42 0.40

Cash dividends declared per common share 0.1375 0.1250

Q1 18 Financial Results

(1) Non-IFRS measure defined in our 2017 Annual Report.

(In millions of Canadian dollars, except for per share amounts)

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Q1 18 Financial Results

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First Quarter Progress on 2018 Annual Targets

Consulting Services Construction Services Total

Target Results Target Results Target Results

Gross margin as % of net revenue 53% to 55% 54.5% 30% to 33% 25.1% 52% to 54% 52.2%

Administrative and marketing expenses as a % of net revenue 41% to 43% 42.6% 25% to 27% 25.7% 41% to 43% 41.3%

EBITDA as a % of net revenue (note 1, 2) 11% to 13% 11.3% 7% to 9% (1.0%) 10% to 12% 10.3%

Net income as a % of net revenue At or above 5% 4.2%

(note 1) EBITDA as a percentage of net revenue is calculated as EBITDA, divided by net revenue(note 2) EBITDA is a non-IFRS measure (discussed in the Definition section of our 2017 Annual Report)

Met or performed better than targetDid not meet target

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Operational Highlights

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Growth driven by private sector, especially Energy & Resources. Revenue growth in the healthcare industry in BC, Saskatchewan, and Ontario

Won several projects in the midstream Oil and Gas business

Growth in Infrastructure was driven by community development work

CanadaC O N S U L T I N G S E R V I C E S

Q1 18

Organic gross revenue growth 7.9%

Organic net revenue growth 4.3%

$0$50

$100$150$200$250$300$350

Q1 17 Q1 18

Gross Revenue

Net Revenue

millions (C$)

Vancouver Convention CentreVancouver, British Columbia

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Growth in Environmental Services

Increased activity in private and public sector projects

Organic growth in Mining

New projects in WaterPower & Dams

Q1 18

Organic gross revenue growth 0.9%

Organic net revenue growth 0.9%

$0$100$200$300$400$500$600$700

Q1 17 Q1 18

Gross Revenue

Net Revenue

millions (C$)

United States

Stantec Arlington Virginia OfficeArlington, Virginia

C O N S U L T I N G S E R V I C E S

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Organic growth driven by Mining in Latin America and Water in the Middle East

Consistent revenue from UK AMP6

Q1 18

Organic gross revenue growth 3.6%

Organic net revenue growth 6.3%

$0$20$40$60$80

$100$120$140$160

Q1 17 Q1 18

Gross Revenue

Net Revenue

millions (C$)

Global

Dubai Mall UAEDubai, United Arab Emirates

C O N S U L T I N G S E R V I C E S

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Steady work on several major US water and wastewater treatment plant projects

Ongoing construction activities for AMP6

Legacy project issues continue to impact UK operations

Construction Services

$0

$50

$100

$150

$200

$250

$300

Q1 17 Q1 18

Gross Revenue

Net Revenue

millions (C$)Q1 18

Organic gross revenue retraction (3.7%)

Organic net revenue growth 2.3%

Transportation ConstructionFort Saskatchewan, Alberta

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$5.0 billion gross revenue backlog

Recent project wins

Delivering the concept design for raising the Warragamba Dam west of Sydney, Australia, to improve flood mitigation in the downstream community

Providing engineering, geotechnical, surveying and other services for the Mid-Breton Sediment Diversion project, a key component of Louisiana’s master plan for a sustainable coast

Designing the Hampstead Bypass and US 17 highway improvements in North Carolina

Providing engineering services for the $1.9B Long Island Rail road rail modernization project

Transforming tailings processing from Alberta Oil Sands for Titanium Corporation

Serving as the Strategic Planning Partner for Yorkshire Water to support the AMP7 period (2020-2025)

$3.8 billion Consulting Services$1.2 billion Construction Services

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2018 Outlook

Canada United States GlobalFederal and provincial increased infrastructure spending

Modest improvement in energy and resources sector

Moderate slow down in housing market

Economic growth

Overall Federal and state increased infrastructure spending

Growth in non-residential construction

Growth in housing market

Economic growth resulting from tax reform

New opportunities for APD

Long-term target of 15% gross revenue CAGR

Organic gross revenue growth in the low- to mid-single digits

Strong backlog and client relationships

Expand global footprint into new markets

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2017 Sustainability ReportNow available on stantec.com

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Q&A