#11 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Stantec ella's Investor Presentation March 2020 Joint Venture with Snøhetta Temple University - Charles Library Philadelphia, Pennsylvania, USA Photo credit: Michael Grimm EVENTS PEOPL CELLENCE H 1 M 0 ୪ ଦ NOVATION#22 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Cautionary Note Regarding Forward-Looking Statements Certain statements contained in this presentation constitute forward-looking information and statements within the meaning of applicable securities law (collectively, "forward-looking statements"). Forward-looking statements in this presentation include, but are not limited to: our financial targets (including our annual net revenue growth, adjusted EBITDA, and net income targets; employee count; and ROIC target), our anticipated business and geographical mix, our expectations regarding economic and industry trends in the sectors and regions in which we operate, our acquisition strategy, our capital deployment strategy, and our overall growth strategy. These statements provide information about management's current expectations and plans relating to the future. Readers are cautioned that this information may not be appropriate for other purposes. Stantec does not undertake any obligations to publicly update or revise any forward-looking statements except as required by law. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. Readers are cautioned not to place undue reliance on our forward-looking statements since a number of factors could cause actual future results, conditions, actions, or events to differ materially from the targets, expectations, estimates, or intentions expressed in these forward- looking statements. Risk factors include, but are not limited to, the risk of an economic downturn, decreased spending in the private and/or public sectors, 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 about our company. For more information about how other material risk factors could affect our results, please refer to the Risk Factor section in our 2019 Annual Report incorporated herein by reference. Readers can access our Annual Report online by visiting EDGAR on the SEC website at sec.gov or by visiting the CSA website at sedar.com or on Stantec's website at stantec.com. In determining our forward-looking statements, we consider material factors including assumptions about the performance of the Canadian, US, and global economies in 2020 and beyond and their effect on our business. These key factors and assumptions are outlined thoroughly in our press release dated December 3, 2019. Unless otherwise indicated, all amounts expressed in Canadian dollars.#33 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Stantec at a glance (1) FY 2019 (2) As of March 12, 2020 STN TSX & NYSE 350 Locations Worldwide (2) CDN $3.9B2 Market Cap 22,000 CDN $3.7B Employees Globally Annual Net Revenue (1) 65 YEARS Of Uninterrupted Profitability#44 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Where we are Distribution of Net Revenue 52% $3.7B FY 2019 30% ■ Global ■ Canada ■ United States 18%#5STN TSX NYSE What we do Design & Engineering Services For everything from small local projects to iconic mega projects BUSINESS OPERATING UNITS (FY 2019 Net Revenue) EXCELLENCE PEOPLE INNOVATION GROWTH INFRASTRUCTURE BUILDINGS $1,055M 5 HERERE WATER ENVIRONMENTAL SERVICES ENERGY & RESOURCES $828M $736M $567M $525M#66 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Infrastructure Organic net revenue growth Net revenue growth Q4 19 YTD 7.5% 6.4% 7.2% 12.8% International Ave Pedestrian Realm Calgary, Alberta 29% of Consolidated Net Revenue C ■ Private Net revenue by sector ■Bridges ■ Transit & Rail ■Community Development ■ Roadways ■ Public Net revenue by geography ■ Global ■ Canada ■ United States#77 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Buildings Organic net revenue growth Net revenue growth 22% of Consolidated Net Revenue Q4 19 YTD 1.3% 1.7% 15.0% 15.3% Google Midwest Headquarters Phase IV Chicago, IL, USA Net revenue by sector Science & Technology ■Airports & Aviation Net revenue by geography ■ Global C ■ Private ■ Public ■Civic ■ Education ■ Industrial ■ Healthcare ■Commercial ■ Canada ■ United States#88 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Water Q4 19 YTD Organic net revenue growth 4.7% 3.1% Net revenue growth 4.3% 4.0% Hyperion Advanced Water Purification Facility Del Mar, Playa del Rey, CA, USA 20% of Consolidated Net Revenue C ■ Private ■ Public Net revenue by sector ■Client Enterprise Systems ■Water Treatement ■Stormwater ■Water Resources ■ Wastewater Treatment ■Conveyance Net revenue by geography ■ Global ■ Canada ■ United States#99 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Environmental Services Q4 19 YTD Organic net revenue growth 13.2% 13.1% Net revenue growth 15% of Consolidated Net Revenue 12.9% 18.1% Lower Powers Creek West Kelowna, British Columbia Net revenue by sector ■Transportation Mining ■Community Development ■ Buildings Net revenue by geography ■ Global ■ Canada ■ Power ■ Water ■ Private ■ Public ■ Oil & Gas ■ United States#1010 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Energy & Resources Q4 19 YTD Organic net revenue growth (retraction) 0.1% Net revenue growth (retraction) 14% of Consolidated Net Revenue (1.6%) (0.9%) 2.3% Dokie Wind Energy Project British Columbia Net revenue by sector C ■ WaterPower & Dams ■ Mining ■ Power ■ Oil & Gas ■ Private ■ Public Net revenue by geography ■ Global ■ Canada ■ United States#1111 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Our vision To be a top 10 global design firm that maximizes long-term, sustainable value Pure play design Strong alignment focus Earnings growth with shareholders Disciplined capital allocation Peace River Regional Reservoir Bradenton/DeSoto County, Florida, United States#12STN TSX NYSE PEOPLE GROWTH Our opportunity Key Market Trends Climate change, Urbanization, Geopolitics and breakthrough technology STRATEGIC GROWTH OPPORTUNITIES EXCELLENCE INNOVATION COASTAL RESILIENCE US $300B1 12 ECOSYSTEM RESTORATION JUL TUI BUL US$24T TOTAL SPEND IN THE NEXT DECADE SMART CITIES AND URBAN PLACES ENERGY REMIX US $9,000B1 US $1,700B2 US$2T ADDRESSABLE ENGINEERING AND DESIGN SPEND US $13,040B3 1) United Nations by 2030 2) Navigant Research by 2030 3) IEA by 2025#1313 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Our strategy To grow and diversify sustainably for the benefit of our clients, employees and shareholders. DESIGN WITH COMMUNITY/ PEOPLE EXCELLENCE CLIENTS GROWTH INNOVATION BATING COMMUNITIE We will do this through Strong execution, efficient operations, and disciplined capital allocation while delivering a great client experience. We will measure our success through Strong earnings per share growth, improved returns on invested capital, balance sheet stability, employee engagement and client satisfaction.#1414 EXCELLENCE PEOPLE INNOVATION GROWTH STN TSX NYSE Our 2022 Targets Ruwais Marina District Rumais, Abu Dhabi, UAE Net revenue >10% CAGR Adjusted EBITDA margin 16-17% Of net revenue Adjusted earnings per share >11% CAGR Return on invested capital >10%#15EXCELLENCE INNOVATION PEOPLE GROWTH Bhote Koshi Hydropower Project Bhoti Koshi River, Sindhulpalchok District, Nepal STN TSX NYSE Capital Allocation#16160 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Capital allocation strategy has evolved More than $500M Returned to shareholders since 2010 We are driven to achieve 25 -30% Dividend pay out ratio Capital Returned to Shareholders (millions C$) Significant Events 30 60 150 120 ■Share Repurchases ■ Dividends 90 0 10 11 12 13 14 15 16 17 18 19 3-year plan ↑ Dividend initiated Stock option program cancelled TSR adopted as a long-term incentive plan metric Continued focus on disciplined capital allocation: Moderated growth CAGR; commitment to more rigorous pursuit of small & medium sized acquisitions >11% Adjusted EPS CAGR >10% Return on invested capital by 2022#1717 EXCELLENCE INNOVATION STN TSX NYSE Our capital allocation philosophy Focused on achieving the best risk adjusted returns PEOPLE GROWTH Operating cash flow Our core commitments Maintaining a strong Sustaining CapEx balance sheet Base dividend adjusted returns Competing capital for the best risk Share buyback Excess Cash Flow EPS Growth Growth Organic and innovation Acquisitions#1818 EXCELLENCE INNOVATION STN TSX NYSE Balance sheet strength PEOPLE GROWTH Net debt to Adjusted EBITDA presented excluding the adoption of IFRS 16 Net Debt to Adjusted EBITDA (TTM) Post IFRS 16 1 0 2014 2015 2016 2017 2018 2019 0.5 2 1.5 3 2.5 3.5 1.0 - 2.0x Net debt: adjusted EBITDA With IFRS 16 1.1X at Dec. 31, 2019 When compelling, strategic opportunities arise, we are willing to flex above target range but with a line of sight to being back within the range in 12 months. Continued focus on days sales outstanding and return on net working capital#19000 DD DD STN TSX NYSE ESG leadership that drives value EXCELLENCED PEOPLE INNOVATION GROWTH Ma'Amir & North Refinery Industrial Area Sewage Treatment Plant DDD 000 ORATTANK#2020 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Environmental leadership Industry Recognition* Stewardship and innovation that drives value Stantec's recognized leadership in sustainable design helps us win projects Reducing our impact: In 2018 we achieved a 36% reduction in scope 1 and 2 emissions from our 2013 baseline - We expect to surpass our 2028 reduction target of 40% #1 Green design firm for educational facilities #1 International design firm for sewer and waste #2 #3 Design firm in power for hydro plants #7 Environmental firm Recent accolades: • Corporate Knights 2020: Ranked as Top 100 Most Sustainable Companies in the World CDP Climate Leader - 2019 CDP score of A- Top 100 Smart City Partners - Newsweek magazine Metric Tons CO₂ Equivalent 1 2 3 5 0 13 14 15 16 17 18 Emissions per Employee by Year Scope 1 and 2 Scope 3 #9 International design firm for water Design firm in power for wind power #2 #10 Green building firm Design firm in the world #3 Design firm in North America *ENR - Engineering News-Record Magazine#2121 STN TSX NYSE EXCELLENCE INNOVATION PEOPLE GROWTH Social leadership Safety Statistics by Year Embracing and engaging diverse groups 0.8 Improves the performance of our business and our ability to support clients 0.6 Safer Together: A culture of safety Indigenous Communities: Partnering and building capacity Inclusion and Diversity: Targeting > 85% engagement Inclusion in: The Bloomberg Gender-Equality Index The Jantzi Social Index 0.4 0.2 0.0 1.2 1.00 0.8 0.6 0.4 0.2 0.0 13 14 15 16 17 18 -Target TRIR A lagging indicator that tracks the number of recordable incidents that a company experiences during a year, normalized to 100 full-time employees. A low TRIR score is desirable. 13 14 15 16 17 18 Target LISI An index composed of leading indicators that measures proactive and preventative activities. Identifying leading indicators is intended to reduce the number of safety incidents that occur and to promote a proactive approach to health and safety. A high LISI score is desirable.#22STN TSX NYSE GROWTH EXCELLENCE INNOVATION PEOPLE Strong governance A diverse board and values-based leadership A board dominated by independent directors from exceptional backgrounds and leadership driven by clear values position Stantec for the future We put people f first Employer of Choice Awareness D We do what is right We are e better together Creating Opportunities Engagement We are driven to achieve 22 Business Conduct: 95% compliance with mandatory ethics training in 2019 Board Composition and Experience Environmental and Social Factors 78% highly experienced 11% general experience 11% limited experience Governance 100% highly experienced Health, Safety, and Security 67% highly experienced 33% general experience Risk Management 89% highly experienced 11% general experience#23STN TSX NYSE EXCELLENCE PEOPLE INNOVATION GROWTH 23 7 Q4 &Year-end 2019 Bridge Replacement Design for a Structure on Sturgeon Road over Sturgeon Creek Winnipeg, Manitoba, Canada#2424 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE 2019 Review 10.6% Net Revenue Growth 4.4% Organic Net Revenue Growth 5.2% Acquisition Net Revenue Growth $2.02 Adjusted EPS 11.0% Adjusted EPS Growth 8.8% Return on Invested Capital#2525 STN TSX NYSE GROWTH INNOVATION PEOPLE Q4 2019 Overview 7.8% growth in net revenue driven by: 5.3% organic growth in all business operating units 2.8% acquisition growth mainly focused in Buildings 8.2% increase in gross margin reflecting continued focus on project execution and project mix Q4 19 Organic net revenue growth (retraction) $4.3 B gross revenue backlog ■ United States ■ Canada ■Global 1.6% 9.6% (0.5%) 1.3% 0.1% 13.2% 7.5% 4.7% 5.3% EXCELLENCE 2% backlog increase from end of 2018 11 months of work 600 1,000 500 800 400 Net revenue 600 in millions CAD 300 400 200 Q4 18 Q4 19 200 100 0 0 Canada United States Global Buildings Energy & Resources Environmental Infrastructure Services Water Overall#2626 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Adoption of IFRS 16 Q4 19 (millions of Canadian dollars except where noted) as reported Q4 19 excluding IFRS 16 Increase (decrease) 2019 as reported 2019 excluding IFRS 16 Increase (decrease) Impact on income statement items Administrative and marketing expenses 348.5 385.7 (37.2) 1,433.6 1,576.6 (143.0) Depreciation of lease assets 30.6 30.6 115.8 115.8 Net interest expense 17.5 9.7 7.8 69.6 37.3 32.3 Net income 42.4 43.3 (0.9) 194.4 198.1 (3.7) Impact on non-IFRS financial measures (1) EBITDA 140.0 102.8 37.2 576.0 433.0 143.0 Adjusted EBITDA 142.8 105.6 37.2 574.4 431.4 143.0 Net debt/adjusted EBITDA 1.1x 1.5x (0.4)x (1) Non-IFRS measures are discussed in the Definitions section of our 2019 Annual Report.#2727 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Q4 & FY 2019 Results Q4 19 Q4 18 FY 2019 FY 2018 (In millions of Canadian dollars, except per share amounts and percentages) % of Net Revenue $ % of Net Revenue $ % of Net Revenue % of Net $ Revenue Gross revenue 1,210.2 134.3 1,083.9 129.7 4,827.3 130.1 4,283.8 127.7 Net revenue Gross margin Administrative and marketing expenses 901.0 100.0 835.6 100.0 3,711.3 100.0 3,355.2 100.0 486.3 54.0 449.4 53.8 2,008.4 54.1 1,815.2 54.1 348.5 38.7 382.7 45.8 1,433.6 38.6 1,438.2 42.9 EBITDA from continuing operations (1) 140.0 15.5 61.2 7.3 576.0 15.5 370.1 11.0 Net income from continuing operations 42.4 4.7 21.2 2.5 194.4 5.2 171.3 5.1 Basic and diluted earnings per share (EPS) from 0.38 0.19 1.74 1.51 continuing operations Adjusted EBITDA from continuing operations (1) 142.8 15.8 84.2 10.1 574.4 15.5 392.5 11.7 Adjusted net income from continuing operations (1) 52.3 5.8 45.5 5.4 225.0 6.1 206.6 6.2 Adjusted basic and diluted EPS from continuing operations (1) 0.47 0.40 2.02 1.82 (1) EBITDA, adjusted EBTIDA, adjusted net income, and adjusted basic and diluted EPS are non-IFRS measures (discussed in the Definition section of our 2019 Annual Report.#2828 STN TSX NYSE EXCELLENCE INNOVATION PEOPLE GROWTH 2019 Results Versus Guidance Expressed as a percent of net revenue & revised for IFRS 16 54.1% Gross Margin 49.0% 50.0% 51.0% 52.0% 53.0% 54.0% 55.0% 56.0% 57.0% 58.0% 59.0% 38.6% Admin & Marketing 33.0% 34.0% 35.0% 36.0% 37.0% 38.0% 39.0% 40.0% 41.0% 42.0% 43.0% 15.5% Adjusted EBITDA (1) 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% 19.0% 20.0% 21.0% 6.1% Adjusted Net Income (1) 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% (1) Adjusted EBITDA and adjusted net income are non-IFRS measures discussed in the Definition section of our 2019 Annual Report.#29STN TSX NYSE Liquidity and Capital Resources EXCELLENCE INNOVATION PEOPLE GROWTH 29 Sources and Uses of Cash Cash Flow from Continuing Operations (millions of Canadian 450 dollars) FY 2019 FY 2019 FY 2018 FY 2019 400 Inflow (Outflow) excluding 350 as reported IFRS 16 as reported 300 Operating 449.9 333.2 205.2 250 200 Investing (135.2) (84.8) (220.9) 150 Financing (286.0) (219.7) (23.9) Net effect 28.7 28.7 (39.6) 100 50 50 FY 2018 0 Sources Uses Sources Uses ■Cash ■Credit facility ■ Operations ■ Acquisitions Capital assets ■ Dividends ■Share repurchases Other#3030 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Leverage Net Debt to Adjusted EBITDA Internal guideline December 31, 2019 " (1) Net debt/adjusted EBITDA is a non-IFRS measure discussed in the Definition section of our 2019 Annual Report. As reported 1.0x to 2.0x excluding IFRS 16 1.5x to 2.5x 1.1x (1) 1.5x#3131 GROWTH EXCELLENCE PEOPLE INNOVATION Stantec Tower Edmonton, Alberta STN TSX NYSL Geographies#3232 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Canada millions (C$) $400 $1,200 $300 $200 $100 $1,000 $800 $600 Gross Revenue $400 $200 Net Revenue 50 $0 $0 Q4 19 Q4 18 2019 2018 Quarterly Highlights Continued organic growth in Environmental Services and Transportation Some retraction in Power and Water New mining projects and TransMountain spurred growth in Energy & Resources Winnipeg City of Stories Winnipeg Une ville s University of Manitoba Museum Phase II Winnipeg, MB, Canada Q4 19 FY 2019 Net revenue growth 1.6% 2.0% Organic net revenue growth 1.6% 0.1% Backlog at December 31, 2019 $1.0B#3333 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE United States millions (C$) $700 $3,000 $600 $2,500 $500 $2,000 $400 $1,500 $300 $1,000 $200 $100 $500 $0 $0 Q4 19 Q4 18 2019 2018 Gross Revenue Net Revenue Quarterly Highlights Continued growth in Transportation, Environmental Services, and Water Ramp-up of renewable Power projects Increased midstream Oil & Gas projects Martin County, Florida Substation Lake Mary, Florida Net revenue growth Q4 19 FY 2019 9.5% 9.8% Organic net revenue growth 9.6% 7.0% Backlog at December 31, 2019 $2.6B#3434 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Global millions (C$) $250 $200 $150 $100 $50 $0 $1,000 $800 $600 $400 Gross Revenue $200 Net Revenue $0 Q4 19 Q4 18 2019 2018 Quarterly Highlights Slight organic retraction due to declining commodity prices, project wind downs and slowing UK Transportation sector Continued growth in Environmental Services Steady work in UK AMP projects Center Parcs, Longford Forest County Longford, Ireland Net revenue growth Q4 19 FY 2019 14.5% 32.7% Organic net revenue growth (retraction) (0.5%) 4.7% Backlog at December 31, 2019 $630M#35EXCELLENCE INNOVATION PEOPLE GROWTH SEVA résidences - foot bridge and marsh development Candiac, Québec STN TSX NYSE 2020 Guidance#36EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE 2020 targets and guidance Targets: Adjusted EBITDA(1) (% of net revenue) Return on Invested Capital 11.5% 12.5% 13.5% 14.5% 15.5% 16.5% 17.5% 18.5% 19.5% 20.5% (% of net revenue) Adjusted Net Income (1) 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% Guidance: Gross Margin 49.0% 50.0% 51.0% 52.0% 53.0% 54.0% 55.0% 56.0% 57.0% 58.0% 59.0% (% of net revenue) Admin & Marketing Expenses 33.0% 34.0% 35.0% 36.0% 37.0% 38.0% 39.0% 40.0% 41.0% 42.0% 43.0% (% of net revenue) Net Debt to Adjusted EBITDA 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 (1) Adjusted EBITDA, adjusted net income, and ROIC are non-IFRS measures (discussed in the Definition section of our 2019 Annual Report). 36#3737 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE 2020 Guidance Targets (In millions of Canadian dollars, unless otherwise stated) Adjusted EBITDA as % of net revenue (1) Adjusted net income as % of net revenue (1) Return on invested capital (1) Guidance Gross margin as % of net revenue Administrative and marketing expenses as % of net revenue Net debt to adjusted EBITDA (1) 2020 15.5% to 16.5% At or above 6.0% At or above 9.0% 53% to 55% 37% to 39% Capital expenditures Software additions Depreciation on property and equipment Depreciation on lease assets Amortization of intangible assets related to acquisitions All other amortization of intangible assets Effective tax rate (without discrete transactions) Earnings pattern (1) Day sales outstanding (includes deferred revenue) 1.0x to 2.0x $75 to $80 $3 to $7 $60 to $65 $113 to $118 $34 to $39 $14 to $18 27.5% to 28.5% 40% in Q1 and Q4 60% in Q2 and Q3 90 days (1) Adjusted EBITDA, and adjusted net income are non-IFRS measures and ROIC and DSO are metrics (discussed in the Definitions section of Stantec's 2019 Annual Report).#3838 EXCELLENCE INNOVATION PEOPLE GROWTH STN TSX NYSE Thank You!