Q4 and Full-Year 2020 Financial Performance

STN TSX-NYSE Balance sheet strength Net debt to adjusted EBITDA Q4 2020 14 - 2.5 2.0 1.5 1.0 10 59 Net debt to adjusted EBITDA(1) 0.7X at Dec 31, 2020 Target range 1.0 - 2.0x 1.3 1.1 1.0 0.8 0.7 0.5 0.0 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 79 Q4 2019 Days sales outstanding 86 Q1 2020 62 82 Q2 2020 22 82 Q3 2020 75 Q4 2020 (1) Net debt to adjusted EBTIDA and days sales outstanding are non-IFRS measures discussed in the Definitions section of Stantec's 2020 Annual Report. Net debt to adjusted EBITDA is calculated using debt at the end of the period divided by adjusted EBITDA for the trailing twelve months. 100 Days sales outstanding (1) 90 75 days at Dec 31, 2020 80 70 0 Target 90 days

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