Stantec Inc (STN) 2025 Q2 法說會逐字稿

Welcome to Stantec's second quarter 2025 results webcast and conference call. Leading the call today are Gord Johnston, President and Chief Executive Officer, and Vito Culmone, Executive Vice President and Chief Financial Officer. Stantec invites those dialling in to view the slide presentation, which is available in the Investors section at stantec.com. Today's call is also webcast. Please be advised that if you have dialled in while also viewing the webcast, you should mute your computer, as there is a delay between the call and the webcast.

歡迎參加 Stantec 2025 年第二季業績網路直播和電話會議。今天主持電話會議的是總裁兼執行長戈德·約翰斯頓和執行副總裁兼財務長維托·庫爾蒙。Stantec邀請所有撥入電話會議的與會者查看幻燈片演示文稿，該演示文稿可在stantec.com網站的「投資者」版塊中找到。今天的電話會議也提供網路直播。請注意，如果您在撥打電話的同時觀看網路直播，則應將電腦靜音，因為通話和網路直播之間存在延遲。

All information provided during the conference call is subject to the forward-looking statement qualification set out on slide two, detailed in Stantec's Management Discussion and Analysis and incorporated in full for the purpose of today's call. Unless otherwise noted, dollar amounts discussed in today's call are expressed in Canadian dollars and are generally rounded.

本次電話會議中提供的所有資訊均受第二張投影片中列出的前瞻性聲明限制的約束，該限制在 Stantec 的管理層討論與分析中有詳細說明，並已完整納入今天的電話會議中。除非另有說明，今天電話會議中討論的金額均以加元表示，並且通常會進行四捨五入。

With that, I will turn the call over to Mr. Gord Johnston.

接下來，我將把電話交給戈德·約翰斯頓先生。

Good morning. and thank you for joining us today. Before I get into our Q2 results, I'm pleased to announce that on July 31, we closed the acquisition of page. In early April, we announced the acquisition and in the interim period, we were working on various regulatory approvals prior to the formal close. Page is a very strong US-based architecture and engineering firm headquartered in Washington, D.C.

早安，感謝您今天收看我們的節目。在介紹我們第二季業績之前，我很高興地宣布，我們在 7 月 31 日完成了對 Page 的收購。4月初，我們宣布了這項收購，在此期間，我們在正式完成交易前一直在努力獲得各種監管部門的批准。Page是一家實力雄厚的美國建築和工程公司，總部位於華盛頓特區。

The acquisition complements our buildings business and helps bolster our services in key growth sectors, including health care, advanced manufacturing, data centers and mission-critical, academic science and technology and Civic markets.

此次收購是對我們建築業務的補充，有助於加強我們在關鍵成長領域的服務，包括醫療保健、先進製造業、資料中心和關鍵任務、學術科學技術以及市政市場。

In addition, I'd also like to highlight that on June 27, we acquired Cosgroves, a 90-person firm, expanding our buildings engineering capabilities in New Zealand. And as we previously announced, we acquired Ryan Hanley back in April, bolstering our offerings in the Irish water sector. I'd like to welcome the 1,500 talented individuals from page Cosgroves and Ryan Hanley to the Stantec team, which has now grown to over 34,000 employees.

此外，我還想強調，6 月 27 日，我們收購了擁有 90 名員工的 Cosgroves 公司，擴大了我們在新西蘭的建築工程能力。正如我們之前宣布的那樣，我們在四月份收購了 Ryan Hanley，從而增強了我們在愛爾蘭水務領域的實力。我謹代表斯坦泰克公司，歡迎來自 Page Cosgroves 和 Ryan Hanley 的 1500 名優秀人才加入斯坦泰克團隊。史坦泰克團隊的員工人數現已超過 34,000 人。

I'm also pleased to share that Stantec continues to earn recognition through a range of accolades from respected industry and media organizations. We are honored to be ranked the number one architecture firm in health care worldwide by Modern Healthcare's 2025 Construction & Design survey. In addition, Time Magazine ranked us fifth on its 2025 list of Canada's best companies and among the top 50 of the world's 500 most sustainable companies.

我也很高興地告訴大家，Stantec 繼續獲得來自受人尊敬的行業和媒體機構的各種讚譽。我們很榮幸在《現代醫療保健》雜誌2025年建築與設計調查中被評為全球醫療保健領域排名第一的建築公司。此外，《時代》雜誌將我們列入 2025 年加拿大最佳公司榜單第五名，並躋身全球 500 家最具永續發展能力公司前 50 名。

Now let's focus on our results. Stantec has delivered very strong results in the first half of 2025, delivering organic growth across all of our regions and business operating units. Public infrastructure spending and private investments continues to be a key driver of growth in 2025 with strong demand across the water, transportation, mining, energy transition and mission-critical sectors. In the second quarter, we delivered net revenue of $1.6 billion, up 6.9% year over year, which was primarily driven by 4.8% organic growth.

現在讓我們專注於我們的結果。Stantec 在 2025 年上半年取得了非常強勁的業績，在所有地區和業務營運部門都實現了內生成長。2025 年，公共基礎設施支出和私人投資仍將是經濟成長的關鍵驅動力，水利、交通、採礦、能源轉型和關鍵任務部門的需求強勁。第二季度，我們實現了16億美元的淨收入，年增6.9%，這主要得益於4.8%的內生成長。

Our Energy & Resources business delivered high single-digit organic growth, and water achieved 12.4% organic growth. With our focus on solid project execution and operational excellence, we grew our adjusted EBITDA by 15% with an enhanced margin of 17.8%. We also delivered EPS growth -- adjusted EPS growth of over 21% compared to Q2 2024.

我們的能源與資源業務實現了接近兩位數的有機成長，水務業務實現了 12.4% 的有機成長。我們專注於紮實的專案執行和卓越的運營，使調整後的 EBITDA 成長了 15%，利潤率提高了 17.8%。我們也實現了每股盈餘成長—與 2024 年第二季相比，調整後的每股盈餘成長超過 21%。

Looking at our results in each of our geographies. In the US, our Q2 net revenue increased by 5.7%, which was supported by organic growth of 4.4%. From a trend perspective, we saw improvements in US organic growth compared to the first quarter. Client demand for mission-critical, science and technology and civic all contributed to growth in our buildings business.

查看我們在各個地區的業績。在美國，我們第二季的淨收入成長了 5.7%，其中有機成長為 4.4%。從趨勢角度來看，與第一季相比，我們看到美國有機成長有所改善。客戶對關鍵任務、科學技術以及市政設施的需求，都促進了我們建築業務的成長。

Growth in environmental services was mainly driven by our energy transition, mining and industrial infrastructure sectors as well as a continued work scale utility provider. Growth in water was driven by large public sector water supply and wastewater treatment projects and Energy & Resources growth saw the ramp-up of a major hydropower dam project in the Southwest.

環境服務的成長主要得益於我們的能源轉型、採礦和工業基礎設施部門，以及持續的公用事業規模供應商。水務產業的成長主要得益於大型公共部門供水和污水處理項目，而能源與資源產業的成長則體現在西南部一個大型水力發電大壩計畫的加速建設。

In Canada, net revenue grew by 6.2%, underpinned completely by organic growth. The continued momentum on major wastewater projects contributing to over 30% organic growth in water. Consistent progress on major industrial process projects drove double-digit organic growth in Energy & Resources. Solid growth in infrastructure was supported by land development projects in Alberta and public sector investment in Western Canada drove growth in our buildings business, primarily in our health care and civic markets.

在加拿大，淨收入成長了 6.2%，完全由內生成長支撐。大型污水處理專案的持續推進，推動水務產業有機成長超過 30%。重大工業流程專案的持續進展推動了能源與資源產業兩位數的內生成長。阿爾伯塔省的土地開發項目和加拿大西部公共部門的投資為基礎設施的穩健成長提供了支持，推動了我們建築業務的成長，主要體現在我們的醫療保健和市政市場。

Finally, our global business delivered net revenue growth of 10.5% in the second quarter with 4.3% organic and 3.6% acquisition growth as well as positive foreign exchange impacts. Our industry-leading water business delivered double-digit organic growth across the UK, Australia and New Zealand through long-term framework agreements and public sector investment in water infrastructure.

最後，我們的全球業務在第二季度實現了 10.5% 的淨收入成長，其中有機成長 4.3%，收購成長 3.6%，且外匯匯率也產生了正面影響。我們行業領先的水務業務透過長期框架協議和公共部門對水利基礎設施的投資，在英國、澳洲和紐西蘭實現了兩位數的有機成長。

The ramp-up of new projects in Chile and Peru drove double-digit organic growth in Energy & Resources as the growing need for energy transition solutions continues to drive demand and mining for copper. And we also achieved double-digit organic growth in our German business due to continued momentum on a major public sector energy transportation project and increased volume on transit and rail projects.

智利和秘魯新項目的加速推進推動了能源與資源產業兩位數的有機成長，因為對能源轉型解決方案日益增長的需求繼續推動對銅的需求和開採。此外，由於一項大型公共部門能源運輸項目的持續推進以及公共交通和鐵路項目業務量的增加，我們在德國的業務也實現了兩位數的有機增長。

Now I'll turn the call over to Vito to review our Q2 financial results in more detail.

現在我將把電話交給維托，讓他更詳細地回顧我們第二季的財務表現。

Thank you, Gord, and good morning, everyone. Stantec's positive momentum continues as seen with our second quarter results, positioning us to deliver another exceptional year. In Q2, we achieved gross revenue of approximately $2 billion and net revenue of $1.6 billion, an increase of 6.9% compared to Q2 2024. This was primarily driven by 4.8% organic growth. As a percentage of net revenue, our projects margins remained in line with our expectations at 54.2%.

謝謝你，戈爾德，大家早安。從第二季業績可以看出，Stantec 的發展勢頭依然強勁，這使我們能夠再創佳績，實現又一個卓越的年份。第二季度，我們的總營收約為 20 億美元，淨收入為 16 億美元，比 2024 年第二季成長了 6.9%。這主要得益於 4.8% 的有機成長。以淨收入的百分比計算，我們的專案利潤率與預期一致，為 54.2%。

We achieved a very strong adjusted EBITDA margin of 17.8% in the quarter, a 120 basis points increase compared to last year. The increase in margin primarily reflects lower admin and marketing expenses as a percentage of net revenue, due to lower claim provisions and discretionary spending. And our adjusted EPS in the quarter increased over 21% to $1.36.

本季我們實現了非常強勁的調整後 EBITDA 利潤率，達到 17.8%，比去年同期成長了 120 個基點。利潤率的提高主要反映了由於理賠準備金和可自由支配支出減少，導致管理和行銷費用佔淨收入的比例下降。本季調整後每股收益成長超過 21%，達到 1.36 美元。

Our Q2 results build on a strong first quarter, and on a year-to-date basis, our adjusted EBITDA margin is 17%, a full 1% ahead of the first half of 2024. In addition, our adjusted EPS is up a very robust 24.9%. With our year-to-date performance and the closure of the page acquisition, we are very well positioned to increase guidance across various metrics, which Gordon will speak to shortly.

第二季業績建立在第一季強勁成長的基礎上，年初至今，我們的調整後 EBITDA 利潤率為 17%，比 2024 年上半年高出整整 1%。此外，我們調整後的每股盈餘也強勁成長了 24.9%。憑藉我們今年迄今的業績以及頁面收購的完成，我們完全有能力提高各項指標的預期，戈登稍後將對此進行闡述。

Turning to our cash flow, liquidity and capital resources. Year-to-date operating cash flows are up 100% compared to 2024, from $117 million to $235 million, reflecting continued strong revenue growth, operational performance and continued strong collection efforts. DSO at the end of the second quarter was 73 days, a decrease of four days compared to the first quarter. This is well below our internal target of 80 days or lower. Our net debt to adjusted EBITDA ratio at June 30 was 1.1 times, essentially in line with where we closed out the first quarter and remaining well within our internal target range of 1 time to 2 times.

接下來談談我們的現金流、流動性和資本資源。今年迄今的經營現金流比 2024 年成長了 100%，從 1.17 億美元增至 2.35 億美元，反映出持續強勁的收入成長、良好的營運表現和持續強勁的收款努力。第二季末的應收帳款週轉天數為 73 天，比第一季減少了 4 天。這遠低於我們內部設定的 80 天或更短的目標。截至 6 月 30 日，我們的淨債務與調整後 EBITDA 比率為 1.1 倍，與第一季末的水平基本一致，並且仍然遠低於我們 1 倍至 2 倍的內部目標範圍。

I'd like to take a minute to highlight some recent financing transactions we completed in Q2. I characterize these as being in the normal course of our business and reflecting the significant growth in our operations over the last few years. On June 10, we issued $425 million senior unsecured notes bearing an interest rate of [4.374%] per annum for a seven year term. These notes were assigned an investment-grade rating -- investment-grade credit rating of BBB by DBRS Limited. Also in mid-June, we increased our unsecured revolver credit facility to $1.2 billion, up from $800 million and we extended the maturity date out to June 30.

我想花一點時間重點介紹我們在第二季完成的一些融資交易。我認為這些都屬於我們業務的正常發展過程，反映了我們過去幾年業務的顯著成長。6 月 10 日，我們發行了 4.25 億美元的優先無擔保票據，年利率為 [4.374%]，期限為 7 年。這些票據被DBRS Limited評為投資級信用評等－BBB級投資等級信用評等。同樣在 6 月中旬，我們將無擔保循環信貸額度從 8 億美元增加到 12 億美元，並將到期日延長至 6 月 30 日。

Both of these financing transactions were well oversubscribed and reflect the credit community's deep understanding and confidence in our sector and company. We appreciate the continued support. As Gord noted, we closed the page acquisition on July 31 and post closing, our remaining credit capacity is just over $1 billion, and our balance sheet remains very strong.

這兩筆融資交易都獲得超額認購，反映出信貸界對我們產業和公司的深刻理解和信心。感謝大家一直以來的支持。正如戈爾德所指出的，我們在 7 月 31 日完成了對 Page 的收購，收購完成後，我們剩餘的信貸額度略高於 10 億美元，我們的資產負債表仍然非常強勁。

Gord, I'll now hand the call back to you.

戈爾德，現在我把電話交還給你。

Thanks, Vito. At the end of the second quarter, our contract backlog stood at $7.9 billion, reflecting approximately 12 months of work. Our backlog underscores the continued strong demand to support our clients' most pressing challenges. year over year, backlog has grown by almost 10% reflecting robust organic growth of 9% across each of our geographies and most notably, double-digit growth in our Water and Energy & Resources businesses. I'd also note that our US organic backlog is up 9.8% year over year. This reflects the positive trend in organic growth and continued strength of our business in the region.

謝謝你，維托。第二季末，我們的合約積壓額為 79 億美元，相當於約 12 個月的工作量。我們的積壓訂單凸顯了市場對支持客戶應對最緊迫挑戰的持續強勁需求。與去年同期相比，積壓訂單成長了近10%，反映出我們各個地區均實現了9%的強勁內生成長，尤其值得一提的是，我們的水務和能源資源業務實現了兩位數的成長。我還想指出，我們美國的有機產品積壓訂單年增了 9.8%。這反映了該地區有機成長的積極趨勢以及我們業務的持續強勁勢頭。

Growth within our global operations was driven by new project awards in our Infrastructure and Environmental Services business in Europe and AMP8 project awards in our UK Water business. This growth is partially offset by a retraction in our Australian business -- buildings operations as well as high burn rates in our Water business.

全球業務成長主要得益於歐洲基礎設施和環境服務業務的新項目中標以及英國水務業務的 AMP8 項目中標。這一成長部分被我們在澳洲的業務萎縮所抵消，包括樓宇營運業務以及水務業務的高消耗率。

I'll now highlight a few of the projects that Stantec has recently been awarded. A Stantec joint venture was recently awarded a $150 million single-award contract supporting the US Navy shipyard infrastructure optimization program focusing on the modernization of the Portsmouth Naval Shipyard in Maine. US Navy shipyards were originally designed and built in the 19th and 20th centuries and this program will support the upgrade of facilities, utilities, dry docks equipment and information technology infrastructure.

接下來，我將重點介紹Stantec近期獲得的幾個項目。Stantec 的一家合資企業最近獲得了價值 1.5 億美元的單一授予合同，以支持美國海軍造船廠基礎設施優化計劃，該計劃的重點是緬因州朴茨茅斯海軍造船廠的現代化改造。美國海軍造船廠最初設計建造於 19 世紀和 20 世紀，該計劃將支援設施、公用設施、乾船塢設備和資訊技術基礎設施的升級。

In the UK, our infrastructure team was awarded a four year framework with Transport for Greater Manchester, where we will deliver a range of transport, design, engineering and analysis services as well as program and project management support. And lastly, Stantec's Water and Environmental services teams are collaborating on Google's water replenishment project sourcing in Taiwan. This project is part of Google's global water replenishment initiative. It also highlights Stantec's use of nature-based solutions, which includes a gravel contact oxidation process for sustainable water treatment and watershed restoration.

在英國，我們的基礎設施團隊獲得了與大曼徹斯特交通局簽訂的為期四年的框架協議，我們將提供一系列交通、設計、工程和分析服務，以及專案和專案管理支援。最後，Stantec 的水務和環境服務團隊正在與Google合作，為Google在台灣的水資源補充計畫提供水源。該項目是谷歌全球水資源補充計劃的一部分。報告還重點介紹了 Stantec 對基於自然的解決方案的使用，其中包括用於可持續水處理和流域修復的礫石接觸氧化過程。

On the strength of our performance year-to-date, the completion of two acquisitions within the second quarter and with the recent closure of page we're increasing our outlook for 2025. We now expect to achieve net revenue growth of 10% to 12%, up from our previous guidance of 7% to 10%. Given our strong diversification across geographies, we continue to expect mid- to high single-digit organic growth across the businesses.

憑藉今年迄今的良好業績、第二季完成的兩項收購以及最近關閉的頁面，我們提高了 2025 年的展望。我們現在預計淨收入成長將達到 10% 至 12%，高於先前 7% 至 10% 的預期。鑑於我們在地域上的強大多元化，我們繼續預期各業務將實現中高個位數的內生成長。

In Canada and in global, we continue to expect organic net revenue growth in the mid- to high single digits. We continue to see strong momentum in both these regions with elevated backlog levels in Canada, particularly in Infrastructure and Energy & Resources and through high levels of activity in our global Water business.

在加拿大和全球範圍內，我們繼續預期有機淨收入將實現中高個位數成長。我們看到這兩個地區持續保持強勁的成長勢頭，加拿大的積壓訂單水平較高，尤其是在基礎設施和能源與資源領域，而我們的全球水務業務也保持著較高的活躍度。

AMP8 continues to ramp up in the UK and other water frameworks in Australia and New Zealand are ramping up as well. In the US, we expect organic growth to accelerate in the second half of the year, and we've moderated our outlook slightly to mid-single digits. The US administration has significant shifts in policy, funding priorities, tariffs and regulatory frameworks and most notably with the recent passage of the One Big Beautiful Bill Act.

英國的 AMP8 計畫正在持續推進，澳洲和紐西蘭的其他水務框架也在加速推進。在美國，我們預計下半年有機成長將加速，因此我們將預期略微下調至個位數中段。美國政府在政策、資金優先事項、關稅和監管框架方面發生了重大變化，最顯著的變化是最近通過了《一項偉大的美麗法案》。

The ultimate driver of these initiatives is to stimulate investment in the US across all sectors and to strengthen the US economy. In fact, we're already seeing momentum starting to wrap up again. Furthermore, we're also encouraged by our healthy backlog, which positions us for continued positive growth.

這些措施的最終目的是刺激美國各產業的投資，並增強美國經濟實力。事實上，我們已經看到勢頭開始再次收斂。此外，我們健康的訂單儲備也令我們倍感鼓舞，這為我們持續實現積極成長奠定了基礎。

On the strength of our operations year-to-date, we've also increased and narrowed the range for adjusted EBITDA margin to 17% to 17.4%, up from 16.7% to 17.3%. This reflects solid project execution and continued discipline in cost management. With this, we actually expect to hit our strategic plan target of 17% to 18% a year early with the ability to continue building on this performance. We now expect to deliver 18.5% to 21.5% growth in adjusted EPS compared to 2024, up from 16% to 19%. Once again, driving earnings well above net revenue growth.

憑藉今年迄今的良好營運狀況，我們也提高了調整後 EBITDA 利潤率的預期範圍，並將其縮小至 17% 至 17.4%，高於先前的 16.7% 至 17.3%。這體現了專案執行的穩健性和成本管理方面的持續嚴謹性。這樣一來，我們實際上有望提前一年實現 17% 至 18% 的戰略計劃目標，並有能力繼續在此基礎上取得更大成就。我們現在預計，與 2024 年相比，調整後每股盈餘將成長 18.5% 至 21.5%，高於先前的 16% 至 19%。再次實現獲利遠超淨收入成長。

And finally, adjusted ROIC is now expected to be greater than 12.5%. As we enter the second half of 2025, we remain firmly on track to deliver another record year. Macro trends of aging infrastructure, data centers, energy security, water and wastewater treatment, health care and reshoring all continue to drive our business. We will remain focused on delivering strong project execution and operational excellence.

最後，調整後的 ROIC 預計將大於 12.5%。進入2025年下半年，我們依然穩定地朝著另一個創紀錄的年份邁進。基礎設施老化、資料中心、能源安全、水和廢水處理、醫療保健和產業回流等宏觀趨勢都在持續推動我們的業務發展。我們將繼續專注於實現強有力的專案執行和卓越的營運。

And while we have already completed three acquisition line of opportunities remains full, and we are extremely well positioned, both from an integration and a financing standpoint to do more. It's an exciting time for our industry and for Stantec, and we'll continue to deliver compounded growth as we drive towards our 2024 to 2026 strategic plan goals.

雖然我們已經完成了三項收購，但收購機會仍然很多，而且無論從整合或融資的角度來看，我們都處於非常有利的地位，可以做更多的事情。對於我們所在的產業和 Stantec 來說，這是一個令人興奮的時刻，我們將繼續實現複合成長，朝著 2024 年至 2026 年的策略計畫目標邁進。

And with that, I'll turn the call back to the operator for questions. Operator.

好了，接下來我會把電話轉回接線生，回答大家的問題。操作員。

(Operator Instructions) Christa Friesen, CIBC.

（操作說明）克里斯塔·弗里森，加拿大帝國商業銀行。

Thanks for taking my question. I was wondering if maybe you can just provide us with a little bit of additional color on what you're hearing from your US customers, specifically in the private sector, as you called out, maybe an elevated level of caution right now.

謝謝您回答我的問題。我想問一下，您能否再詳細說說您從美國客戶那裡聽到的情況，特別是私營部門的情況，正如您所指出的，他們目前可能比較謹慎。

Yeah, great question, Krista. What we're seeing is in the first half of the year, there was a little bit of trepidation to make that final investment decision and to move forward. But as we said in the prepared remarks, we really are looking to see our forecasting, our US organic growth to accelerate in the second half of this year. Our US backlog is up 9% -- 9.8% organically year over year, and it's actually particularly strong in water, energy and data centers, some of those private sector type work that you're talking about.

是啊，克麗絲塔，問得好。我們看到的是，在今年上半年，大家在做出最終投資決策和推動專案時都有些猶豫不決。但正如我們在準備好的演講稿中所說，我們確實希望看到我們的預測，即我們美國的自然成長在今年下半年加速。我們的美國積壓訂單年增 9% 至 9.8%，在水務、能源和資料中心等領域表現尤為強勁，這些都是你提到的私部門類型的工作。

So in the private sector, interestingly, data centers, mission-critical and so on, we're currently working on over 100 data center projects. And so it's interesting. We see from -- even from our July results, we saw an increase in our US organic growth to that even at that high single-digit range. But we also interestingly saw continued acceleration even on an organic backlog in the July period.

有趣的是，在私部門，資料中心、關鍵任務型資料中心等等，我們目前正在進行 100 多個資料中心專案。所以這很有意思。從我們7月的業績來看，美國有機成長率甚至達到了個位數高點。但有趣的是，我們也看到，即使在 7 月份，自然成長的訂單量也持續加速成長。

So we're actually feeling pretty good about that acceleration in organic growth, both in public and in the private sector in the second half of the year.

因此，我們對今年下半年公共和私營部門的有機成長加速感到非常樂觀。

Okay. Great. And then maybe just on the acquisition front, you guys have been busy with a couple of acquisitions recently. How are you feeling on the integration? I appreciate page was just two weeks ago here, but just any update there?

好的。偉大的。然後，或許只是在收購方面，你們最近也忙著幾項收購。你對整合工作有何感想？我知道這個頁面兩週前才更新過，但那邊有任何更新嗎？

Yeah. So the Ryan Hanley is a firm -- a smaller firm, a couple of hundred people in Ireland. We've been working with them for years. So that integration is going very well. We actually anticipated, I think, to be completed by the end of this year, the financial integration.

是的。所以 Ryan Hanley 是一家公司——一家規模較小的公司，在愛爾蘭有數百名員工。我們與他們合作多年了。所以整合工作進展非常順利。我們原本預計，財務整合工作將在今年底前完成。

Cosgrove, similarly, 90-person firm, 100-person firm down in New Zealand. That one is continuing page is really interesting.1,400, 1,500 people, but we've worked with them for a long time. And we've -- over the last number of months, we've been working on how do we align leadership, starting to look already at the financial transformation.

Cosgrove公司的情況也類似，該公司在紐西蘭有90名員工，100名員工。那個仍在更新的頁面真的很有趣。有1400到1500人，但我們和他們合作了很久。在過去的幾個月裡，我們一直在研究如何協調領導階層，並且開始著手進行財務轉型。

And in fact, that's planned for Q4 of this year. So we think we're going to be in pretty good shape, really having wrapped up the majority of the integration and the financial work by the end of the year on all three of these.

事實上，這計劃在今年第四季實現。所以我們認為情況會相當不錯，到今年年底，這三項工作的大部分整合和財務工作都將完成。

Sabahat Khan, RBC Capital.

薩巴哈特汗，加拿大皇家銀行資本市場。

Okay, great, thanks and good morning. I guess just sticking with kind of the outlook commentary. It looks like the margin guidance, the midpoint has been kicked up a little bit. Maybe if you can just get into some of the details around the progress year-to-date on the margin side? And just what are some of the contributors to the margin being pushed up higher for the full year? Thanks.

好的，太好了，謝謝，早安。我猜我還是堅持這種展望性的評論吧。看起來保證金指引的中點略有上調。或許您可以詳細介紹一下今年迄今利潤率的進展？那麼，究竟有哪些因素推動全年利潤率走高呢？謝謝。

Sabahat, yeah, we're really -- it's Vito here. Really pleased with our progression year-to-date and what we see for the balance of the year with respect to EBITDA margins. You're absolutely right. We have bumped up the EBITDA margins now from 16.7% to 17.3% to that 17% to 17.4% range. Year-to-date, we're at 17%, which is 100% -- 100 basis points ahead of where we were a year ago.

Sabahat，是的，我們真的－我是Vito。我們對今年迄今的進展以及今年剩餘時間的 EBITDA 利潤率都非常滿意。你說得完全正確。我們已將 EBITDA 利潤率從 16.7% 至 17.3% 提高到 17% 至 17.4% 的區間。今年迄今為止，我們的成長率為 17%，比一年前高出 100%——100 個基點。

I don't believe we'll be able to maintain that 100 basis points year over year improvement in H2, obviously, because the guidance reflects a moderation to the year over year side of things, but continue to see improvement in it. For us, it always starts with just strong project margins. Of course, we don't take that for granted. Your EBITDA margins always start with that, the right customer, right price, excellent execution. So just a huge shout out to the operations team's continued focus on that. Our project margins in the quarter were 54.2%, which actually is 0.2% lower than prior year, but that really reflects mix.

顯然，我不認為我們能在下半年保持同比 100 個基點的成長，因為業績指引反映出同比成長放緩，但預計仍將繼續保持成長勢頭。對我們來說，一切都始於強勁的專案利潤率。當然，我們不會把這一切視為理所當然。你的 EBITDA 利潤率總是從這一點開始：正確的客戶、正確的價格、出色的執行。所以，我要特別感謝營運團隊一直以來對這項工作的專注。本季我們的專案利潤率為 54.2%，實際上比去年同期下降了 0.2%，但這確實反映了產品組合的變化。

Global business was a higher percentage of our overall business in Q2, and they profile at a lower project margin. So in North America, project margins were actually up year over year. So it starts with strong project margins. You saw that admin and marketing costs, we target that as a lower percentage of overall net revenue. Utilization in the quarter was higher. That always contributes. Just the general nature of our operational scale and leveraging our back offices and growing that at a pace that's lower than our overall revenue growth continues to be a positive contributor, of course.

第二季度，全球業務在我們整體業務中所佔比例較高，但其專案利潤率較低。因此，在北美，專案利潤率實際上比去年同期成長了。所以，一切都始於強勁的專案利潤率。您已經看到了管理和行銷成本，我們的目標是將其佔總淨收入的比例控制在較低水準。本季利用率較高。這總是會有所幫助。當然，我們營運規模的整體性質，以及利用我們的後台部門並以低於整體收入成長的速度發展，仍然是一個積極的貢獻因素。

We did call out claims in the quarter for particularly Q2 claims is always a little bit lumpy, obviously. But in Q2, we did have favorable settlement of two claims in particular relative to the provisions we had. And that contributed, I'll call it, 30 basis points to 40 basis points in the quarter. But those are all the drivers. Very, very pleased with it. And it's a continuation of a multiyear story for us. As Gord referred to in his opening remarks, hitting the 17 -- piercing the 17% mark one year earlier than our strapline just is a strong indication of what we believe is to come here in the next several years.

我們確實指出了本季的索賠情況，特別是第二季度的索賠情況總是有些波動，這是顯而易見的。但在第二季度，我們確實就兩項索賠達成了有利的和解，這與我們已撥備的款項有關。這導致本季經濟成長了 30 到 40 個基點。但這些就是所有的驅動因素了。非常非常滿意。而這又是我們多年來故事的延續。正如戈爾德在開場白中提到的那樣，達到 17%——比我們的目標提前一年突破 17% 的關口，這有力地表明了我們相信未來幾年這裡將會發生的事情。

Great, thanks for the colour. And then maybe the second one for Gord. On the water side, it looks like about a 12.5% organic growth this quarter. And the interesting thing there being it's been several years of good strength in the water market. So maybe if you can just help us think through what drove that, the near-term demand drivers.

太好了，謝謝你提供的色彩。然後，或許還有第二個是給戈爾德的。水務方面，本季有機成長率約為 12.5%。有趣的是，水務市場已經連續幾年保持強勁勢頭。所以，或許您能幫我們思考一下是什麼因素導致了這種情況，也就是近期需求的驅動因素。

It sounds like AMP8 might still be at the early stages. So assuming some of the other work is driving. So maybe just give us a perspective on what's driving the strong growth there and maybe the opportunities in the data center side if some of those are tied to water as well. Thanks.

聽起來 AMP8 可能還處於早期階段。所以假設其他一些工作是開車。所以，或許您可以為我們介紹一下推動該地區強勁成長的因素，以及資料中心方面的機會（如果其中一些也與水有關的話）。謝謝。

Right. No, great perspective. As we've talked about before, and I think everyone on the call is aware, like we've had strong organic growth in water back to 2019. And every quarter, it just continues to get stronger with our overall water business. And so you're right, we're still early days with AMP8 ramping up, although we are already sort of at a level roughly about 50% higher this time of year than we were a year ago.

正確的。不，這是個很棒的視角。正如我們之前討論過的，而且我認為電話會議上的每個人都知道，自 2019 年以來，我們在水務領域實現了強勁的自然成長。每個季度，我們的整體水務業務都在持續成長。所以你說得對，AMP8 的推廣仍處於早期階段，儘管我們目前的水平已經比一年前同期高出約 50%。

So we're -- that is already coming, and we're actively hiring people in the UK, expanding our delivery centers in Pune, India to continue to service that demand. But I think we talked about like even in Canada, we had 30% organic growth on top of more and more strong quarters year over year. So there's just an enormous amount of work that we see in water treatment, wastewater treatment, advanced manufacturing facilities. You mentioned the data centers. But also as we're talking to clients about reshoring some of their facilities, it all starts with water. So while our water business continues to strengthen, our backlog is even up even further.

所以，這種情況已經出現了，我們正在積極在英國招募員工，並擴大我們在印度浦那的交付中心，以繼續滿足這一需求。但我認為我們討論過，即使在加拿大，我們也實現了 30% 的有機成長，而且每年的季度業績都越來越強勁。因此，我們在水處理、廢水處理、先進製造設施等領域看到了大量的工作。你提到了資料中心。但當我們與客戶討論將部分設施遷回國內時，一切都始於水。因此，儘管我們的水務業務持續成長，但我們的積壓訂單卻進一步增加。

So we see continued strength in that water business for the remainder of '25 and really for the years to come. No slowing down in the water space whatsoever.

因此，我們預計水務業務在 2025 年剩餘時間以及未來幾年將繼續保持強勁勢頭。在水域中絲毫沒有放慢速度。

Chris Murray, ATB Capital Markets.

Chris Murray，ATB Capital Markets。

Yeah, thanks folks Gordon, maybe turning back to thinking about the US business maybe longer term. I mean, I guess it feels like a bit of a blip in the quarter because you're talking about again, like high single-digit type growth in the backlogs and your commentary a little bit about recovery. If I go back a couple of quarters, sort of the discussion has been how long could the US market continue to support, frankly, what are kind of above average single-digit organic growth levels.

是的，謝謝大家，戈登，也許我應該重新考慮美國業務的長期發展。我的意思是，我覺得這感覺像是本季度的一個小波動，因為你又提到了積壓訂單的個位數增長，而且你的評論也稍微談到了復甦。如果我回顧一下前幾季，當時的討論焦點在於，美國市場究竟能維持多久高於平均水準的個位數有機成長。

And just any thoughts on how you're viewing kind of the next couple of years on what the spending pace looks like and your comfort level on where we're going. And with that, is there any particular sectors that you think that you need to add in order to be able to accomplish or achieve some of that?

那麼，您對未來幾年的消費速度有何看法？您對未來的發展方向有何信心？那麼，您認為為了實現這些目標，還需要增加哪些特定領域呢？

Yeah, great question. So as we look forward in the remainder of this year and the rest of next year, we mentioned already that we're [10%] organic growth in backlog in the US. But then you look at some of the other drivers. We've done a lot of talking before in the industry about IIJA, only about 40% of that -- less than 40% of that has been spent.

嗯，問得好。展望今年剩餘時間和明年剩餘時間，我們已經提到，我們在美國積壓訂單的有機成長率為 10%。但再看看其他一些司機。我們之前在業界對 IIJA 進行了很多討論，但只有大約 40% 的討論——不到 40% 的討論資金得到了落實。

So there's a lot of opportunity to continue to come there in the next couple of years to allocate some of those funds before it's -- they're not eligible for allocation at the end of 2026. So that part feels strong. When you look at the One Big Beautiful Bill, and there's some additional support for infrastructure, state and local government there. Data centers, mission-critical, those continue to grow.

因此，在接下來的幾年裡，還有很多機會繼續去那裡分配一些資金，因為到 2026 年底，這些資金將不再有資格分配。所以那部分感覺很紮實。當你查看《一個美好的大法案》時，你會發現其中對基礎設施、州和地方政府提供了一些額外的支持。資料中心，尤其是那些任務關鍵型資料中心，仍在不斷發展壯大。

And it's interesting there. I mentioned to Chris' comments, we've been -- we're working on over 100 data center projects right now from 20 megawatts up to 1 gigawatt in size. And now the addition of page to our team even strengthens our already strong group there. So there's -- so just a lot of opportunity across whether it's transportation or water, buildings, energy, the transition, mining, they're just -- we see really, really strong strength going forward. I think that what we've seen in the first couple of quarters of this year, not just us, but the industry overall.

那裡很有意思。我回應了 Chris 的評論，我們目前正在進行 100 多個資料中心項目，規模從 20 兆瓦到 1 吉瓦不等。現在，Page 的加入進一步增強了我們團隊的實力，使我們原本就強大的團隊更加強大。所以，無論是交通運輸、水利、建築、能源、轉型、採礦等領域，都蘊藏著許多機會，我們看到它們未來發展勢頭非常強勁。我認為，今年前兩季我們所看到的，不僅是我們公司，而是整個產業。

It's just a little bit transitory, and we see good fundamentals going forward. So we did lower our organic guidance for the year to 5%, but that's really just a function of mathematics. Like we're sitting at 3.3% year-to-date and so we're 3.4% year-to-date.

這只是暫時的，我們預期未來基本面良好。因此，我們將今年的有機成長預期下調至 5%，但這實際上只是數學上的一個結果。例如我們今年迄今的成長率是 3.3%，所以我們今年迄今的成長率是 3.4%。

So as we thought about just wanting to be clear and state our expectations just when we were saying mid- to high single digits, everyone goes to 6% to 8%. And if we're at 3.4% for the first half of the year, that means we'd almost have to be double-digit organic growth in Q3 and Q4 in order to get into that range. We see continued acceleration, but not sure that we're getting it to 10% double-digit organic growth in both quarters. So we just wanted to be clear with everyone to confirm our expectations. But just to confirm, though, we expect acceleration of organic growth in the US for the second half of the year and through 2026 and beyond.

所以，當我們考慮明確並陳述我們的期望時，我們原本說的是中高個位數，結果大家都說是 6% 到 8%。如果上半年成長率為 3.4%，那就意味著第三季和第四季的有機成長率幾乎必須達到兩位數才能達到該目標範圍。我們看到成長勢頭持續加速，但不確定能否在兩個季度都實現 10% 的兩位數有機成長。所以，我們只是想跟大家確認一下我們的期望。但需要確認的是，我們預計美國下半年以及 2026 年及以後的自然成長將會加速。

Yeah. And Gord, I'll just add maybe a couple of things in there, and Chris asked whether there was any particular areas of potential gaps for us in the market or areas of focus. Chris, we remain incredibly bullish about the US market. I just -- aging infrastructure, US remains incredibly behind in that building resiliency to weather events, so on and so forth.

是的。戈爾德，我可能還要補充幾點。克里斯問我們，市場上是否存在任何潛在的空白領域或需要重點關注的領域。克里斯，我們依然非常看好美國市場。我只是覺得——基礎設施老化，美國在增強應對極端天氣事件的能力方面仍然嚴重落後，等等等等。

The macro factors are just continue to be extremely buoyant. And when you look at this administration's focus frankly and what they're investing in and what their areas of policy enforcement are with the OBBA and what not. It just speaks to increased focus and support for much of what we're describing. Thanks Chris.

宏觀經濟因素依然非常強勁。坦白說，看看本屆政府的關注點、他們的投資方向以及他們在OBBA等方面的政策執行領域。這正好說明人們對我們所描述的大部分內容給予了更多的關注和支持。謝謝克里斯。

Yeah thanks, and then one other question I just had on margins, and this maybe goes back to the Investor Day and talking about sort of the implementation of technology across the platform. And I'm kind of listening to some of the comments about SG&A leverage. But can you just talk to some of the AI and other technologies you guys were referencing and how they're playing into this margin profile at this point?

好的，謝謝。另外，我還有一個關於利潤率的問題，這可能與投資者日以及我們討論的平台技術實施有關。我正在關註一些關於銷售、一般及行政費用槓桿作用的評論。但是，您能否談談你們提到的AI和其他技術，以及它們目前是如何影響利潤率的？

Are you actually seeing them have any sort of impact or change, I guess, in the trend on revenue per head type metrics or earnings per head metrics at this particular point? Or is it still kind of too early to be able to point to anything definite?

您是否實際看到它們對目前的人均收入指標或人均收益指標的趨勢產生了任何影響或變化？或者說，現在下任何定論都為時過早？

Yeah, I think overall in the industry and Stantec included, we're still early days in so how far we can push this. Interestingly though, our entire C-suites went down to the Microsoft campus in Redmond there a couple of weeks ago, spent a day with their technology folks and our folks really talking about their journey, our journey, what are some of the areas that we believe that we could make use of AI, and other digital tools and so we're working very, very closely with them on some of some co-investment sort of ideas there. But as we look at our -- inside of Stantec, we've deployed over 10,000 licenses of Copilot throughout the organization. And so we're looking at it from a number of perspectives, Chris.

是的，我認為整個產業，包括 Stantec 在內，都還處於起步階段，我們還能把這項技術推向什麼程度還很難說。不過有趣的是，幾週前我們所有的高階主管都去了位於雷德蒙德的微軟園區，與他們的技術人員和我們自己的人員一起花了一天時間，認真地討論了他們的發展歷程、我們的發展歷程，以及我們認為可以在哪些領域利用人工智慧和其他數位工具。因此，我們正在與他們非常密切地合作，探討一些共同投資的想法。但當我們審視我們——在 Stantec 內部，我們已經在整個組織內部署了超過 10,000 個 Copilot 許可證。所以，克里斯，我們要從多個角度來看這個問題。

One is like what can we do to make our back office more efficient, whether that's HR or accounts payable, expense account review, those sorts of things that we can make the back of house more efficient in reducing some of the SG&A costs. Proposal writing, how can we speed -- get speed to market on those sorts of things. And then also thinking about on the design side, where we can start optimizing and automating some of the design processes. So I think it's still early days. I'm not sure that you're seeing it too much in that margin expansion yet.

其中一個問題是，我們可以做些什麼來提高後台部門的效率，無論是人力資源部門、應付帳款部門、費用報銷審核部門，或是其他一些可以提高後台部門效率、降低銷售、一般及行政費用的部門。提案撰寫，我們如何加快速度──如何讓這類事情盡快推向市場？此外，也要考慮設計方面，我們可以從哪些方面開始優化和自動化一些設計流程。所以我覺得現在下結論還太早。我不太確定你是否已經從利潤率的擴張中充分看到了這一點。

But certainly, I think we'll see it playing more of a factor in the years to come.

但可以肯定的是，我認為在未來的幾年裡，它將發揮更大的作用。

Yuri Lynk, Canaccord Genuity.

Yuri Lynk，Canaccord Genuity。

Good morning guys. Just back, Gord, on the acceleration in organic growth in the back half of the year. The comps are kind of interesting in terms of what you're lapping there. Q3 is 5.5% and then a 10% comp in Q4. So fair to say that, that should help shape our expectations for more organic growth and bigger organic growth improvement in Q3 versus Q4?

各位早安。戈爾德，我剛回來，談到了下半年有機成長加速的情況。就你在那裡跑的圈速而言，這些比賽還挺有趣的。第三季成長 5.5%，第四季成長 10%。所以可以這樣說，這應該有助於我們預期第三季將出現更多內生成長，而內生成長較第四季有更大幅度的提升？

I think that's exactly right. And when you look at the Q4 comp, already up 10% and that's again, one of the reasons why we lowered our guidance to that mid-5% type range. It's just because the comp in Q4 is a bit tough, and we just wanted to set reasonable expectations of where we saw it. But we do see -- I think we mentioned like in July, and of course, one period -- one does not make a quarter, but it's a very, very positive trend that we saw high single-digit organic growth in the US in the quarter -- sorry, in the period in July as well as backlog -- organic backlog acceleration as well.

我覺得完全正確。而第四季同業比較數據已經成長了 10%，這也是我們將業績預期下調至 5% 左右的原因之一。只是因為第四季的比較情勢比較嚴峻，我們只是想讓大家對我們預測的業績有合理的預期。但我們確實看到——我想我們在7月份提到過，當然，一個時期——一個時期不能算作一個季度，但這是一個非常非常積極的趨勢，我們看到美國在7月份的季度實現了高個位數的有機增長，積壓訂單——有機積壓訂單也在加速增長。

So we're still feeling really good about that. And then, of course, consolidated, we still have mid- to high single digits. It's just we only made that one adjustment on the US side.

所以我們對此仍然感到非常滿意。當然，綜合來看，我們仍然有中高個位數的增幅。我們只是在美國方面做了那個調整。

Yeah. And just -- I mean, I think the fact that obviously, the US represents half of our business. But on the consolidated, we're still at mid- to high, just reflects, I think, Gord, and our listeners, the diversity and the strength of our global business including, of course, North America.

是的。而且——我的意思是，很明顯，美國占我們業務的一半。但就綜合而言，我們仍然處於中高水平，我認為這反映了戈爾德和我們的聽眾所看到的，我們全球業務的多樣性和實力，當然也包括北美。

Okay. Just thinking about the US Water business and one of your customers in financial difficulties there. Wondering if that might have any impact over the next year or so?

好的。我正在考慮美國水務業務，以及你們在那裡的一位客戶遇到的財務困難。想知道這是否會在未來一年左右產生任何影響？

Yeah. And so in particular, you're thinking -- talking about Thames Water in the UK?

是的。所以，你具體指的是英國的泰晤士水務公司嗎？

Yeah, exactly, yeah.

對，沒錯。

Yeah. No, exactly. And that's pretty public, I think, for everyone to see that they are in financial difficulty. But what's interesting with Thames Water is we've worked for Thames Water and their predecessor organizations for almost 200 years in the UK And so discussions that we're having is whether the government -- and we have no indication of anything would happen.

是的。沒錯，正是如此。我認為這已經很明顯地公開了，每個人都能看到他們遇到了財務困難。但泰晤士水務公司有趣的地方在於，我們在英國為泰晤士水務公司及其前身機構工作了近 200 年。因此，我們正在討論的是政府是否會——而且我們沒有任何跡象表明會發生什麼。

But if that were to be nationalized for some period of time, the work still needs to be done. And so we -- all of our discussions with our client are -- the work needs to be done, continue. We're having no payment issues at this point. So we don't see that really as an impact to our business from a negative perspective. Yeah, not at all.

但即便在一段時間內實行國有化，這項工作仍需完成。因此，我們與客戶的所有討論都是——這項工作需要繼續進行。目前我們沒有遇到任何付款問題。所以從角度來看，我們並不認為這會對我們的業務產生負面影響。不，完全不是。

Michael Tupholme, TD Cowen.

Michael Tupholme，TD Cowen。

Thank you. Good morning. Gord, it's pretty clear from your comments that you expect an acceleration in US organic growth, which is great to hear. I guess my question is the factors that you called out that, I guess, in the shorter near term here have been weighing on organic growth. So in the public sector side, you talked about some slower procurement on the private sector side, some of the issues in the larger capital project side within private sector. I guess, like have you overcome all of these?

謝謝。早安.戈爾德，從你的評論中可以很明顯地看出你預期美國有機成長將會加速，這真是個好消息。我想問的是，您提到的那些因素，我認為在短期內可能對有機增長造成了壓力。所以，在公共部門方面，您談到了私部門採購速度較慢的問題，以及私部門大型資本項目的一些問題。我想問的是，你是否克服了所有這些困難？

Or are you seeing pickups in other areas that are allowing you to offset those headwinds? And just trying to get a sense if you've sort of fully moved past all those issues and those are now behind you and behind the industry or if those are still there, but you're seeing strength elsewhere?

或者您是否在其他領域看到成長，從而能夠抵消這些不利因素？我只是想了解一下，你是否已經徹底克服了所有這些問題，這些問題現在都已成為過去，成為你和整個行業過去的事情了，還是這些問題仍然存在，但你在其他方面看到了優勢？

Yeah, I think what we're seeing is that the issues are diminishing a little bit. I don't think that we've -- that they're passed. Michael, it's interesting. One thing that we've been hearing from some of our business leaders is that from some of the agencies that we're working with, particularly in the US, a number of people took early retirement when it was offered and those sorts of things.

是的，我認為我們看到的是這些問題正在逐漸減少。我不認為我們已經——他們已經通過了。邁克爾，這很有意思。我們從一些企業領導人那裡了解到，在我們合作的一些機構中，尤其是在美國，許多人在獲得提前退休的機會後選擇了提前退休等等。

So it's taking a little bit longer, sometimes for them to get new people in those roles, to get the projects out the door and such. But we see that diminishing. I think we saw not just us with the industry overall, a little slower organic growth in the US, Q1, Q2 as we're working through some of these items. But I think that they're diminishing but in no way would I say that they're all solved. But as we think about acceleration of organic growth in the US going forward, we still feel very positive about it, even with the diminishing issues that we've called out there previously.

所以，有時候他們需要更長的時間才能找到合適的新人來擔任這些職位，才能把專案推進出去等等。但我們看到這種情況正在減少。我認為我們不僅在公司內部，而且在整個行業中都看到了這種現象，美國第一季和第二季的有機成長速度略有放緩，因為我們正在處理一些問題。但我認為這些問題正在減少，但我絕不認為所有問題都已解決。但展望未來美國有機成長的加速，我們仍然感到非常樂觀，即使先前我們指出的一些問題正在逐漸減少。

Yeah, Michael, five sectors, I mean, thousands of projects, thousands of clients across multiple industries, obviously. So I just echo 100% of what Gord has described you still see pockets of it, but overall, diminishing as we move forward. And very few cancellations, if any, right, Gord. I mean these aren't cancellations we're talking about. We're just talking about some delays and pausing.

是的，邁克爾，五個行業，數千個項目，數千個客戶，涵蓋多個行業，這很顯然。所以我完全同意戈爾德的描述，雖然仍然可以看到一些零星的現象，但總體而言，隨著時間的推移，這種情況正在減少。而且幾乎沒有取消，對吧，戈爾德？我的意思是，我們討論的不是取消訂單。我們只是在討論一些延誤和暫停的事情。

Right. That's very helpful. And then I guess, as we look beyond this year, maybe you can just comment on how you're feeling about the multiyear organic growth guidance you put out for over 7% organic growth that extends through 2026. And then is this level of activity that you're seeing here, including the pickup in the US, how does that make you feel about sort of the period beyond 2026 as your -- we're getting closer, I guess, to the point you're going to start to think about your next three year plan?

正確的。那很有幫助。然後我想，展望今年之後，您或許可以談談您對您發布的多年有機增長指導意見有何感想，該指導意見預計有機增長率將超過 7%，並將持續到 2026 年。那麼，您目前看到的這種活躍程度，包括美國市場的復甦，讓您對 2026 年以後的時期有何感想？我想，我們離您開始考慮下一個三年計畫的時間點越來越近了。

Yeah, And Michael, maybe I'll chime in and then Gord, you can add your sentiments on that. Obviously, we'll come out with our three year plan, our updated three year plan post 2026 in due course. But there is absolutely nothing that we are seeing that it would be fundamental in nature. And I think across all of our markets, including, of course, the US, those macro factors that we're describing support that level of growth activity for what we believe at this point in several years to come

是的，邁克爾，也許我會插幾句，然後戈德，你也可以發表一下你的看法。顯然，我們會在適當的時候公佈我們的三年計劃，也就是2026年後的更新版三年計劃。但我們目前絕對沒有看到任何表明這會是根本性問題的東西。我認為，在我們所有的市場中，當然也包括美國，我們所描述的這些宏觀因素都支撐著未來幾年我們目前所預期的成長水準。

And when you look at some of their recent funding programs that have been announced around the world, the UK put out another 10-year infrastructure plan, GBP725 billion, very supportive, an additional tailwind for us. In Ireland, where we just acquired Ryan Hanley, another GBP102 billion -- GBP100 billion to GBP200 billion there from infrastructure. So again, very, very supportive. So we feel when you look at the One Big Beautiful Bill and some of the support that, that does, certainly, the increase in defense spending around the world.

當你看看他們最近在世界各地宣布的一些資助計劃時，英國又推出了一項為期 10 年的基礎設施計劃，金額高達 7250 億英鎊，這非常支持我們，對我們來說是一個額外的順風。在愛爾蘭，我們剛剛收購了 Ryan Hanley，那裡還有價值 1,020 億英鎊——1,000 億至 2,000 億英鎊的基礎設施項目。所以再次表示非常、非常支持。因此，我們認為，當你審視《一項宏偉法案》及其一些支持時，你會發現，這確實會促進世界各地國防開支的增加。

And again, for everyone on the line, we don't do anything related to hot weapons but the work that we do would be infrastructure in support of hangers for aircraft, docks and ports and improvements to barracks and hospitals and such. So again, whether it's defense spending increases or just increased infrastructure spending around the world, that all point to a pretty solid multiyear macro for the overall industry.

再次強調，對於所有在崗人員來說，我們不做任何與熱武器有關的事情，我們所做的工作是為飛機機庫、碼頭和港口提供基礎設施支持，以及改善營房和醫院等設施。所以，無論是國防開支增加還是世界各地基礎設施支出增加，都預示著整個產業未來幾年將呈現相當穩健的宏觀經濟態勢。

Maxim Sytchev, NBF.

馬克西姆·西切夫，NBF。

Morning. But it was -- If it's possible to get a bit more of an update in terms of what you guys are seeing on the ground when it comes to FEMA and whether -- I mean, some of the federal work is just being shifted to kind of state and local? Just trying to get your perspective there. Thank you.

早晨。但是——如果可以的話，能否提供一些關於你們在聯邦緊急事務管理署（FEMA）一線工作中看到的最新情況，以及——我的意思是，一些聯邦工作是否只是轉移到了州和地方層面？我只是想了解一下你的看法。謝謝。

Yeah, absolutely, as you look at some of the disaster preparedness work, in particular, Max, that is looking to be shifted to some of the states and local governments. So we had a number of those on calls with FEMA at a national level, and we absolutely are in discussions now with a number of other local state and local government agencies about how we could respond to support them. But that still is in a transition phase, but we're absolutely engaged in those discussions.

是的，沒錯，特別是當你檢視一些災害防備工作時，Max，你會發現這些工作似乎正在轉移到一些州和地方政府。因此，我們與聯邦緊急事務管理局 (FEMA) 在國家層級進行了多次通話，我們現在也正在與許多其他地方州政府機構討論如何回應並支持他們。但這仍處於過渡階段，但我們絕對會參與這些討論。

Okay. That's great to hear. And then is it possible to provide a bit more of an update when it comes to the M&A landscape? I mean, obviously, you mentioned your capital capacity, but what are you guys sort of seeing on the ground from a seller's perspective, et cetera? Thank you.

好的。聽到這個消息真是太好了。那麼，能否再提供一些關於併購領域的最新資訊呢？我的意思是，很顯然，你們提到了你們的資金能力，但是從賣方的角度來看，你們在實際情況中看到了什麼等等？謝謝。

Yeah, the environment is actually, I would say, becoming increasingly active over the last quarter and I think will be for the second half of the year. Certainly within North America, but we're seeing globally as well. So there's a number of assets that we've been talking for a while that we thought we're going to be coming to market in kind of a 12-month to 18-month time frame. And I think those are probably shortened by half a year now, probably in the next six months to one year, some of these assets will be coming to market.

是的，我認為環境在過去一個季度變得越來越活躍，我認為下半年也會如此。當然，這種情況在北美地區普遍存在，但在全球範圍內也是如此。所以，我們一直在討論一些資產，我們認為這些資產將在 12 到 18 個月的時間範圍內推向市場。我認為這些時間現在可能會縮短半年，可能在未來六個月到一年內，其中一些資產將會上市。

And wherever possible, we're having proactive meetings with individuals before a process would start just to be sure that we're well positioned. So I think you'll see increased activity over the next 6 to 12 months.

而且，只要有可能，我們都會在任何流程開始之前主動與相關人員會面，以確保我們做好充分準備。所以我認為在接下來的 6 到 12 個月裡，你會看到活動增加。

Benoit Poirier, Desjardin.

貝努瓦·波瓦里耶，德斯雅爾丹。

Yeah, thank you. Good morning, Gordon. Good morning, Vito. We saw an update on Section 174 being removed following the approval of the Big Beautiful Bill. Vito, could you talk a little bit about the boost we might expect on free cash flow going forward? And with respect to the delays that we are seeing temporarily in the US I'm just wondering if customers were waiting for interest rates to decline and whether, lower interest rates that could come could accelerate spending when talking to customers?

是啊，謝謝。早上好，戈登。早安，維托。我們看到，隨著《宏偉法案》的通過，第 174 條已被刪除。Vito，可以談談我們未來自由現金流可能出現的成長嗎？關於目前美國出現的暫時性延誤，我想知道客戶是否在等待利率下降，以及未來可能出現的較低利率是否會加速客戶的消費支出？

Thank you. Yeah, no, with respect to the recent changes, Benoit, with the tax deductibility on R&D, I believe that's what you're referring to. That's overall a positive factor. Of course, these are domestic R&D expenses incurred in the United States that basically effective for 2025 and now are 100% deductible in the year incurred. And actually, the provisions allow you to go back to 2022 through to 2024 and accelerate that deduction as well.

謝謝。是的，不，關於最近的變化，Benoit，研發費用的稅收抵扣，我相信你指的是這個。總體而言，這是一個積極因素。當然，這些是在美國發生的國內研發費用，基本上從 2025 年開始生效，現在在發生當年可以 100% 扣除。實際上，相關規定允許您追溯至 2022 年至 2024 年，並加速該項扣除額。

So overall, positive too early to tell at this point on our end what the impact would be from a timing perspective for the cash flow. We're modeling that through. There are some complexity, particularly being obviously a foreign jurisdiction and other taxes such as BEAT taxes and whatnot that we need to work our way through. But I would say neutral at worse than positive from a cash flow perspective for us, Benoit.

所以總的來說，目前來看是正面的，但從時間角度來看，現在判斷這對現金流的影響還為時過早。我們正在進行建模。其中存在一些複雜因素，特別是由於顯然屬於外國司法管轄區，以及其他稅種，例如 BEAT 稅等等，我們需要逐一解決。但從現金流的角度來看，我認為對我們來說，情況至少是中性的，比積極的要差，Benoit。

Okay. And just for a follow-up with respect to the global technology center in Pune, could you maybe provide an update on how many employees right now? And maybe how do you track and whether there is a potential to exceed the target of 2,000 people by the three year period?

好的。另外，關於位於浦那的全球技術中心，能否提供目前有多少員工的資訊？那麼，如何追蹤並確定三年內是否有可能超過 2000 人的目標呢？

Yeah, we're about 1,400, 1,500 people right now, Benoit. We're really pleased with the progress. We see huge opportunity, such an engaged knowledgeable, motivated team over there working across not only supporting our corporate functions, but importantly, obviously, supporting our operations as well. We see huge opportunity, continued opportunity across both those layers and both those segments.

是的，我們現在大約有 1400 到 1500 人，貝努瓦。我們對所取得的進展非常滿意。我們看到了巨大的機遇，那裡有一支積極投入、知識淵博、充滿幹勁的團隊，他們不僅支持我們的公司職能，而且顯然也支持我們的營運。我們看到了巨大的機遇，這兩個層次和這兩個細分市場都存在著持續的機會。

In fact, we've got trips planned for the business here in the back half of this year where they'll get up and close in personal. So optimistic, continue to be optimistic about the growth of the global delivery centers and in servicing. And obviously, that continues to be a lever not only in margin expansion, but importantly, in high-quality delivery for our customers on a timely basis as we continue to see across several of our markets, very robust demand. I'll stop short of whether we're going to hit the 2,000 and what not because I don't have that at the tip of my fingers. But overall, obviously, it continues to be a very important strategic part of our efforts.

事實上，我們已經為今年下半年的業務部門安排了行程，讓他們有機會親自前來深入了解情況。所以，要保持樂觀，繼續對全球交付中心和服務業的成長保持樂觀。顯然，這不僅是擴大利潤率的槓桿，更重要的是，正如我們在多個市場持續看到的強勁需求一樣，這還能確保我們及時為客戶提供高品質的產品。我不打算透露我們是否能達到 2000 場等等，因為我無法立即給出確切答案。但總的來說，顯然，它仍然是我們戰略努力中非常重要的一部分。

Devin Dodge, BMO Capital Markets.

Devin Dodge，BMO資本市場。

Alright thank you good morning, I wanted to start with a question on page. The purchase price was, I think, a bit more than we had expected. Just wondering if you could provide a bit of color on say, the revenue the business generates. Organic revenue growth, it's been having in the last couple of years and how maybe margins stack up to the Stantec company average?

好的，謝謝，早安。我想先問一個關於第 頁的問題。我認為，購買價格比我們預期的要高一些。我想請您介紹一下貴公司的收入狀況。該公司近幾年的有機收入成長如何？其利潤率與 Stantec 公司的平均水平相比如何？

Yeah, you would see us disclose. We disclosed the purchase price as [USD5.25]. You saw that in the notes to our financial statements. I'm surprised to hear you say it was a little more than you had expected. I think when the reports of what the analyst community sort of reported out, I think it was in that range, obviously, translated to Canadian dollars.

是的，你會看到我們透露相關資訊。我們披露了收購價格。[5.25 美元]。您在我們的財務報表附註中已經看到了這一點。聽到你說這比你預想的要多一些，我感到很驚訝。我認為，當分析師們公佈相關報告時，很明顯，價格就在這個範圍內，換算成加幣也是如此。

We'll stop short about also just speaking to what are revenue did page bring to the table. Obviously, we closed the deal July 31, the teams are incredibly excited about the strategic value. We're happy with the multiple and the value that, that business will bring forward to us.

我們就不贅述 Page 為公司帶來了哪些收入了。顯然，我們在7月31日完成了這筆交易，雙方團隊都對這筆交易的戰略價值感到無比興奮。我們對這項業務將帶來的收益倍數和價值感到滿意。

Gord, I don't know if you had much more to add to that.

戈爾德，我不知道你是否還有什麼要補充的。

Yeah, there are roughly USD300 million in net revenue company. High average net revenue generation per employee. And we also are really impressed with them in terms of just the amount of synergy that we've already seen from a client perspective and a project perspective, certainly on track or even a little bit better than we thought we were going to see. So particularly pleased with that one.

是的，這家公司的淨收入約為3億美元。員工平均淨收入高。而且，從客戶角度和專案角度來看，他們展現的綜效也給我們留下了深刻的印象，這絕對符合預期，甚至比我們預想的還要好。對此我特別滿意。

Okay, thanks for that. Second question, Gord, I think you mentioned in the past about capping your exposure to the more cyclical end markets? I think it was around 15% of revenues. Historically, I think that cyclical exposure has been more focused on oil and gas and mining. But I think you've also hinted that maybe data centers could be part of that cyclical basket.

好的，謝謝。第二個問題，戈爾德，我記得你之前提到要控制對週期性較強的終端市場的投資敞口？我認為大約佔收入的15%。從歷史上看，我認為週期性風險敞口更集中在石油天然氣和採礦業。但我認為你也暗示過，資料中心或許也屬於這個週期性產業的一部分。

Just wondering if you could provide an update on where you view your cyclical market exposure now? And just based on backlog and bidding activity, where you think this could be over the next couple of years?

請問您能否更新一下您目前對週期性市場風險敞口的看法？僅根據積壓訂單和投標活動來看，你認為未來幾年情況會如何？

Yeah, great question. Our data centers for us are a 2% to 3% of net revenue. And are they increasing? Yes, they're going up. But I think that we still feel really comfortable that we're that sub-15% when you look at mining, you said as you say, oil and gas.

嗯，問得好。我們的資料中心收入佔淨收入的 2% 到 3%。它們的數量還在增加嗎？是的，它們正在上漲。但我認為，正如你所說，當我們審視採礦業、石油和天然氣產業時，我們仍然感到非常有信心，因為我們的佔比低於 15%。

And data centers like right now, we're seeing pretty continuous growth there, but again, it's only 2% to 3% of the overall. So I think that we're still well within that 15% range that we've talked about and yes, I think we're comfortable where we're at.

而像現在這樣的資料中心，我們看到它正持續成長，但同樣，它只佔整體的 2% 到 3%。所以我認為我們仍然在之前討論過的 15% 的範圍內，是的，我認為我們對目前的狀況感到滿意。

Jonathan Goldman, Scotiabank.

喬納森‧戈德曼，加拿大豐業銀行。

Hi, good morning team and thanks for taking my questions. Maybe just to start off, is there any risk with the slower growth environment in the US, even if it does prove temporarily that there could be some pressure on pricing?

大家好，早安，感謝各位回答我的問題。首先，美國經濟成長放緩的環境是否有風險？即使這種放緩只是暫時的，是否可能會對價格造成一些壓力？

We haven't really seen that yet. Even though things are organic growth has been a little bit slower for industry over the first half of the year, we haven't seen a deterioration in pricing in any way. Now should it go on for a couple of years? We might see that, but we're not expecting that to be the case. As we said, we see accelerated organic growth going forward.

我們還沒真正看到這種情況。儘管今年上半年行業有機成長速度有所放緩，但我們並未看到價格有任何惡化。那麼，這種情況應該持續幾年嗎？我們可能會看到這種情況，但我們並不預期會發生這種情況。正如我們所說，我們預計未來有機成長將加速。

We're still actively hiring as are others in the industry. So, yes, we haven't seen pricing pressure at this point, which would then translate to project margin pressure. But as Vito said, that's really been holding up well for us.

我們和業內其他公司一樣，仍在積極招募。所以，是的，目前我們還沒有看到價格壓力，因此也不會對專案利潤率帶來壓力。但正如維託所說，這對我們來說確實效果很好。

Now we very much see a market -- a strong demand market where frankly, we're picking our customers and many of them have been with us for, obviously, several decades and what not. So I don't anticipate that at all.

現在我們看到了一個強勁的市場需求——坦白說，我們正在挑選我們的客戶，其中許多客戶顯然已經和我們合作了幾十年等等。所以我完全不預料到這種情況。

Okay. That's good color. And you did talk about the M&A environment levels previously on the call, about activity levels. But on valuations, have you seen any change in multiples whether higher or lower?

好的。顏色真好看。您在先前的電話會議上也談到了併購環境水準和活動水準。但是就估值而言，您是否看到估值倍數有任何變化，無論是上升還是下降？

I think it's very similar to how we've seen in the market for the last little while that if larger firms have a little bit of a higher multiple firms and power and data centers have a little bit of a higher multiple. But in general, we haven't seen trends either moving higher or unfortunately, lower over the last little bit. So pretty -- we're seeing some -- just really things being stable really from where I would say that they were even a year ago.

我認為這與我們最近一段時間在市場上看到的情況非常相似，即規模較大的公司，以及電力和資料中心，其估值倍數往往較高。但總的來說，在過去的這段時間裡，我們既沒有看到上漲的趨勢，也沒有看到下跌的趨勢。太好了——我們看到一些——情況真的穩定了，比一年前的情況好多了。

And just to add Gord, that just reflects the continued strength of the overall markets and the macro factors that we've been speaking to.

戈爾德，我還要補充一點，這正反映了整體市場的持續強勁以及我們一直在討論的宏觀因素。

Thank you, and I'm showing no further questions at this time. And I would like to hand the conference to Gord Johnston for closing remarks.

謝謝，我暫時沒有其他問題了。接下來，我將把會議交給戈德·約翰斯頓，請他致閉幕詞。

Great. Well, thank you, operator, and thank you to everyone for joining us this morning. If you have any follow-up questions after call, please reach out to Jess Nieukerk, our VP of Investor Relations. So thanks again for your time and look forward to connecting with many of you soon.

偉大的。好的，謝謝接線員，也謝謝今天早上收看我們節目的各位。通話結束後如有任何後續問題，請聯絡我們的投資人關係副總裁 Jess Nieukerk。再次感謝各位抽出時間，期待很快能與大家再次聯繫。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。祝大家今天過得愉快。