Stantec Inc. (STN) 2026 Q1 法說會逐字稿

Welcome to Stantec's First Quarter 2026 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 dialing in to view the slide presentation, which is available in the Investors section at stantec.com.

歡迎收聽 Stantec 2026 年第一季業績網路直播與電話會議。今天主持會議的是總裁兼執行長 Gord Johnston，以及執行副總裁兼財務長 Vito Culmone。Stantec 邀請撥入的與會者觀看投影片簡報，該簡報可於 stantec.com 的投資人專區取得。

Today's call is also being webcast. (Operator Instructions) Please be advised that also all information provided during this conference call is subject to the forward-looking statements qualification set out on Slide 2, detailed in Stantec's management discussion and analysis and incorporated in full for the purposes of today's call.

今天的會議亦同步進行網路直播。（接線員指示）敬請注意，本次電話會議中提供的所有資訊，均受投影片第 2 頁所載之前瞻性陳述限定條款所規範；相關內容已於 Stantec 的管理階層討論與分析中詳述，並為本次會議之目的完整納入。

Unless otherwise noted, dollar amounts discussed in today's call are expressed in Canadian dollars and are generally rounded. With that, I'll turn the call over to Gord Johnston. Please go ahead, sir.

除非另有說明，今天會議中討論的金額均以加幣表示，且通常已四捨五入。接下來把會議交給 Gord Johnston。先生，請開始。

Good morning, everyone, and thank you for joining us today. Our first quarter results reflect a solid start to the year, underpinned by continued strong execution and our diversified platform. We are well positioned to continue building momentum through the balance of the year.

各位早安，感謝今天加入我們。我們第一季的業績反映出今年穩健的開局，主要受惠於持續強勁的執行力以及我們多元化的平台。我們已做好準備，在今年剩餘期間持續累積動能。

Macro trends across water, aging infrastructure, mission-critical facilities and the energy transition continue to support strong long-term demand for our services. While the operating environment remains dynamic, we remain focused on execution, prioritizing the right work and continually driving strong operational performance.

水務、老化基礎設施、關鍵任務設施以及能源轉型等宏觀趨勢，持續支撐我們服務的長期強勁需求。儘管營運環境仍具動態性，我們仍專注於執行，優先承接合適的工作，並持續推動強勁的營運表現。

In the first quarter, we grew our net revenue to $1.7 billion, up over 9% compared to Q1 2025, driven by 3.6% organic and 7.2% acquisition growth. Organic growth was achieved in all of our regional operating units. Our Water and Energy & Resources businesses achieved over 14% and almost 9% organic growth, respectively.

第一季，我們的淨營收成長至 17 億美元，較 2025 年第一季成長逾 9%，其中 3.6% 來自有機成長、7.2% 來自併購成長。有機成長在我們所有區域營運單位均有達成。我們的水務與能源與資源業務分別達成超過 14% 與接近 9% 的有機成長。

Adjusted EBITDA increased close to 14% year-over-year, and our adjusted EBITDA margin increased to 16.9%, a year-over-year increase of 70 basis points. Adjusted EPS grew almost 15% compared to Q1 2025.

調整後 EBITDA 年增接近 14%，調整後 EBITDA 利潤率提升至 16.9%，較去年同期增加 70 個基點。調整後每股盈餘（EPS）較 2025 年第一季成長近 15%。

Looking at our results in each of our geographies. In the first quarter, U.S. net revenue increased 11%, driven by 12.5% acquisition growth from Page and almost 3% organic growth. Our Water business achieved double-digit organic growth, primarily due to activities on large wastewater treatment projects.

接著看各地區的表現。第一季，美國淨營收成長 11%，主要由 Page 帶來的 12.5% 併購成長以及接近 3% 的有機成長所帶動。我們的水務業務達成雙位數有機成長，主要來自大型污水處理專案的相關活動。

In Energy & Resources, work on a major hydropower dam project contributed to solid organic growth, and our Infrastructure business continued to deliver growth through data center projects in the North Central region. We're seeing a number of our major clients consolidating work and awarding larger, more integrated programs to a smaller set of trusted providers like Stantec.

在能源與資源方面，一項大型水力發電大壩專案的工作帶動穩健的有機成長；而我們的基礎設施業務則透過北中部地區的資料中心專案持續交付成長。我們看到多家主要客戶正在整合工作內容，並將更大型、更整合的計畫授予較少數、值得信賴的供應商，例如 Stantec。

Activity is beginning to ramp up across these programs, and we expect this to continue throughout 2026. In Canada, first quarter net revenue grew just over 1% organically. Strong organic net revenue growth in our Water business was driven by biosolids projects and continued momentum on wastewater projects.

這些計畫的活動正開始加速，我們預期此趨勢將延續至 2026 年全年。在加拿大，第一季淨營收有機成長略高於 1%。我們水務業務的強勁有機淨營收成長，主要由生物固體（biosolids）專案以及污水專案的持續動能所帶動。

Robust organic net revenue growth was also achieved in both our Energy & Resources and Buildings businesses through consistent progress on major industrial process projects and public sector investments, primarily in civic markets, respectively. While our Infrastructure business experienced the wind down of certain transit and roadway projects in the quarter, we expect a ramp-up of new projects to commence in Q2.

我們的能源與資源以及建築業務也分別達成強勁的有機淨營收成長，前者來自重大工業製程專案的穩定推進，後者則主要受惠於公共部門投資，尤其是在市政市場。雖然本季我們的基礎設施業務因部分運輸與道路專案進入收尾而有所影響，但我們預期新專案將於第二季開始加速。

Lastly, our Global business delivered over 13% net revenue growth in the first quarter, driven by almost 8% organic and 3% acquisition growth as well as positive foreign exchange impacts. Our industry-leading Water business delivered 15% organic growth this quarter through long-term framework agreements and public sector investments in water infrastructure across the U.K., Australia and New Zealand.

最後，我們的全球業務第一季淨營收成長超過 13%，主要由接近 8% 的有機成長、3% 的併購成長，以及正向匯率影響所帶動。我們業界領先的水務業務本季達成 15% 的有機成長，受惠於長期框架協議以及英國、澳洲與紐西蘭公共部門對水務基礎設施的投資。

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

智利與秘魯新專案的加速推進，帶動能源與資源業務的強勁有機成長；隨著對能源轉型解決方案的需求增加，採礦業對銅的需求持續推升。我們德國的基礎設施業務也達成雙位數有機成長，主要因一項重大公共部門電力輸電專案持續推進，以及運輸與鐵路專案量增加。

Before handing the call over to Vito, I want to briefly highlight our 19th Annual Sustainability Report, which we released in April. Accomplishments from the report include: approximately $5.5 billion or 68% of total revenue was generated from work aligned with the UN Sustainable Development Goals.

在把電話交給 Vito 之前，我想簡要提及我們於 4 月發布的第 19 份年度永續報告。報告中的成果包括：約 55 億美元（或占總營收 68%）來自與聯合國永續發展目標一致的工作。

We achieved operational carbon neutrality for the fourth consecutive year while continuing progress towards our net zero commitments under Canada's net zero challenge. And we maintained an A- CDP climate score for the eighth consecutive year, reflecting sustained external recognition of our climate action efforts.

我們連續第四年達成營運碳中和，同時持續推進在加拿大「淨零挑戰」下的淨零承諾。我們也連續第八年維持 CDP 氣候評分 A-，反映外部對我們氣候行動努力的持續肯定。

Sustainability is a core driver of Stantec's strategy, shaping the markets we serve, the projects we pursue and how we deliver work, all of which support long-term growth. I'll now turn the call over to Vito to review our first quarter financial results in more detail.

永續是 Stantec 策略的核心驅動力，形塑我們服務的市場、追求的專案以及交付工作的方式，並共同支持長期成長。接下來我把電話交給 Vito，請他更詳細地說明第一季財務結果。

Thank you, Gord, and good morning, everyone. As Gord noted, we achieved solid financial results in the first quarter. Sustained demand across a diverse multi-sector platform, combined with strong operational execution continues to support these strong results.

謝謝你，Gord，各位早安。如 Gord 所提，我們第一季取得穩健的財務成果。多元跨產業平台的持續需求，加上強勁的營運執行力，持續支撐這些亮眼表現。

In the first quarter, we achieved gross revenue of $2.1 billion and net revenue of $1.7 billion, an increase of 9.1% compared to Q1 of 2025. This growth was driven by 3.6% organic and 7.2% acquisition growth.

第一季，我們的總營收為 21 億美元，淨營收為 17 億美元，較 2025 年第一季增加 9.1%。此成長由 3.6% 的有機成長與 7.2% 的併購成長所帶動。

Project margins as a percentage of our net revenue once again remained in line with our expectations at 54%. We achieved an adjusted EBITDA margin of 16.9% in the quarter, a 70 basis point increase compared to Q1 of 2025.

以淨營收為基礎計算的專案毛利率再次符合我們的預期，為 54%。本季調整後 EBITDA 利潤率為 16.9%，較 2025 年第一季提升 70 個基點。

The growth in margin was primarily due to lower admin and marketing expenses as a percentage of our net revenue and reflects ongoing disciplined management of our operations. And our adjusted EPS in the first quarter increased 14.7% to $1.33.

利潤率的提升主要來自行政與行銷費用占淨營收比重下降，反映我們持續以紀律方式管理營運。此外，我們第一季調整後每股盈餘（EPS）成長 14.7% 至 1.33 美元。

Turning to our cash flow, liquidity and capital resources, during the first quarter, our net operating cash outflows totaled $2.3 million. The first quarter is typically a seasonally lower quarter for cash flow generation.

接著談現金流、流動性與資本資源。第一季，我們的淨營運現金流出合計 230 萬美元。第一季通常是現金流產生較具季節性偏低的一季。

Further, the Q1 results reflect the expected transitory disruption associated with the financial migration of Page and the higher investment in working capital funding the elevated organic growth in our global region required. Our DSO at the end of the first quarter was 74 days, an improvement of 3 days compared to Q1 of the prior year and below our internal target of 75 days.

此外，第一季結果反映了 Page 財務系統移轉所伴隨的預期短期性干擾，以及為支應全球區域較高的有機成長所需而增加的營運資金投入。第一季末，我們的應收帳款週轉天數（DSO）為 74 天，較去年第一季改善 3 天，且低於我們內部 75 天的目標。

Our net debt-to-adjusted EBITDA ratio remained at 1.3 times, and this is within our internal target range of 1times to 2 times. And our balance sheet remains very strong, leaving us well positioned for future acquisition growth.

我們的淨負債對調整後 EBITDA 比率維持在 1.3 倍，位於我們內部 1 倍至 2 倍的目標區間內。我們的資產負債表仍非常強健，使我們在未來併購成長方面具備良好條件。

I'll now hand the call back over to Gord to discuss our backlog, our recent project wins and our outlook for 2026.

接下來我把電話交回給 Gord，請他說明我們的在手訂單、近期得標專案，以及對 2026 年的展望。

Thanks, Vito. At the end of Q1 2026, our contract backlog reached a record of $9 billion, a 13.2% increase year-over-year, representing approximately 13 months of work. Acquisitions completed in 2025 contributed to backlog growth of over 9%, primarily within our Buildings business. Backlog grew 5.4% organically year-over-year.

謝謝你，Vito。截至 2026 年第一季末，我們的合約在手訂單達到創紀錄的 90 億美元，年增 13.2%，約相當於 13 個月的工作量。2025 年完成的併購對在手訂單成長貢獻超過 9%，主要來自我們的建築業務。在手訂單年對年有機成長 5.4%。

Most notable year-over-year organic growth was achieved in our Global region, which delivered double-digit growth of 22%. We also saw strong backlog growth in our Water and Buildings businesses, both achieving nearly 10% organic growth. I'll note that in the U.S., we continue to see procurement cycle activity picking up as we delivered another quarter of consecutive organic backlog growth.

年對年最顯著的有機成長來自全球區域，達成 22% 的雙位數成長。我們也看到水務與建築業務的在手訂單強勁成長，兩者皆達成接近 10% 的有機成長。我也要指出，在美國，我們持續看到採購週期活動升溫，因為我們又交出一季連續的有機在手訂單成長。

When compared to Q4 2025, backlog increased over 3% organically, which follows the 3% organic growth that we saw from Q3 to Q4 of last year. I'll now highlight a few projects Stantec secured over the quarter. These wins help demonstrate the breadth of opportunities we're capturing, varying in size, scope and complexity.

與 2025 年第四季相比，在手訂單有機成長超過 3%，延續了去年第三季至第四季所見的 3% 有機成長。接下來我將重點介紹本季 Stantec 取得的幾個專案。這些得標案有助於展現我們所掌握機會的廣度，涵蓋不同規模、範疇與複雜度。

Drawing upon extensive experience in advanced manufacturing, our Buildings team was selected to provide design services during the construction phase of a multibillion-dollar semiconductor manufacturing and research and development facility in Idaho. This project includes on-site water treatment facilities and 5 ancillary support buildings.

憑藉在先進製造領域的豐富經驗，我們的建築團隊獲選在愛達荷州一座造價數十億美元的半導體製造及研發設施施工階段提供設計服務。本專案包含場內水處理設施及 5 棟附屬支援建築。

Our Infrastructure team as part of a joint venture, was selected to lead the design of the first fully electric light rail system in Austin, Texas. This project includes a 10-mile 15-station transit corridor, where we will deliver full multidisciplinary design across tracks, stations, bridges, systems, utilities, drainage, and streetscape improvements.

我們的基礎設施團隊作為合資企業的一部分，獲選主導德州奧斯汀首個全電動輕軌系統的設計。本專案包含一條 10 英里、15 座車站的運輸走廊，我們將就軌道、車站、橋梁、系統、公用事業、排水及街景改善等提供完整的跨專業設計。

In Chile, our Energy & Resources team was selected to provide oversight and quality review for a tailings management facility, reflecting our continued strength in supporting complex mining infrastructure projects. Our scope spans earthmoving, civil, piping, geosynthetics and electromechanical systems.

在智利，我們的能源與資源團隊獲選為一座尾礦管理設施提供監督與品質審查，展現我們持續支援複雜礦業基礎設施專案的實力。我們的工作範疇涵蓋土方工程、土木、管線、土工合成材料以及機電系統。

And our work will continue through construction and commissioning, including tailings pumps, water systems, piping and electrical components. As we look toward the remainder of the year, we are reaffirming our 2026 financial targets, including net revenue growth, which is expected to be in the range of 8.5% to 11.5% with organic net revenue growth in the mid- to high single digits, driven by strong demand across all geographic reporting segments and business units.

我們的工作也將持續至施工與試運轉階段，包括尾礦泵浦、水系統、管線與電氣元件。展望今年剩餘時間，我們重申 2026 年財務目標，包括淨營收成長；預期淨營收成長介於 8.5% 至 11.5%，其中有機淨營收成長預期為中至高個位數，主要受各地理報告分部與業務單位的強勁需求所帶動。

In the U.S., organic growth is expected to accelerate, supported by the demand across all 5 of our business verticals. We are also encouraged by the growing demand in key areas such as data centers and defense as well as in advanced manufacturing.

在美國，有機成長預期將加速，並受我們 5 大業務垂直領域的需求支撐。我們也對資料中心、國防以及先進製造等關鍵領域日益增長的需求感到鼓舞。

In Canada, we expect to see growth driven by public sector spending plans and continued demand in energy and resources. We continue to see good momentum in defense and other nation-building efforts following the recent announcements by the Canadian government.

在加拿大，我們預期成長將由公共部門支出計畫以及能源與資源領域的持續需求所帶動。隨著加拿大政府近期公告，我們在國防及其他國家建設相關工作上持續看到良好動能。

While still in early stages, these programs are expected to contribute to growth well beyond 2026. Related to defense, Stantec has completed work on 16 national defense and Canadian forces bases across Canada and is currently supporting projects that advance national sovereignty from coast to coast to coast.

雖仍處於早期階段，這些計畫預期將在 2026 年之後很長一段時間持續貢獻成長。就國防而言，Stantec 已完成加拿大各地 16 個國防與加拿大武裝部隊基地的工作，目前也正支援推動全國主權、從東岸到西岸再到北岸的專案。

And the Canadian Defense Review recently named Stantec within its list of top 100 defense companies in 2026. Lastly, Global is expected to maintain strong organic net revenue growth, driven by continued high level of activities in our Water business under AMP8 and other framework agreements, strong demand in Energy & Resources and positive demand fundamentals across other Global business units.

此外，《Canadian Defense Review》近期也將 Stantec 列入其 2026 年百大國防公司名單。最後，Global（全球）預期將維持強勁的有機淨營收成長，主要受我們水務業務在 AMP8 與其他框架協議下持續高水準活動、能源與資源的強勁需求，以及其他 Global 業務單位正向的需求基本面所帶動。

With our continued focus on operational excellence, we expect our adjusted EBITDA margin will continue to expand to a record range of 17.6% to 18.2%. And we expect to deliver 15% to 18% growth in adjusted EPS compared to 2025.

在我們持續聚焦營運卓越之下，我們預期調整後 EBITDA 利潤率將持續擴張至創新高區間 17.6% 至 18.2%。同時，我們預期相較 2025 年可交付調整後 EPS 成長 15% 至 18%。

I would note that these targets do not include any assumptions related to additional acquisitions, given the unpredictable nature of the timing and size of such transactions. On M&A, we are starting to see more buyers in the market, particularly private equity.

我想指出，鑑於此類交易的時點與規模具有不可預測性，這些目標未納入任何與額外併購相關的假設。就併購（M&A）而言，我們開始看到市場上出現更多買方，尤其是私募股權。

We remain active evaluating opportunities while maintaining our disciplined approach. We continue to see a healthy pipeline of firms coming to market, and we remain confident that M&A represents the best use of our capital.

我們在維持嚴謹紀律的同時，仍積極評估各項機會。我們持續看到有健康的公司供給管線進入市場，並且仍然有信心，併購是我們資本的最佳運用。

As we close out the final year of our 2024 to 2026 strategic plan, we continue to be grounded in disciplined execution while preparing Stantec for what comes next. We are confident in our positioning and our ability to continue delivering strong performance and long-term value for years to come.

在我們即將結束 2024 至 2026 年策略計畫的最後一年之際，我們仍以紀律化執行為根基，同時為 Stantec 的下一階段做好準備。我們對自身定位以及持續交付強勁表現與長期價值的能力充滿信心，並將在未來多年持續如此。

With that, let me turn the call over to the operator for questions. Operator?

接下來，我把電話交給接線員進行提問。接線員？

Frederic Bastien, Raymond James.

Frederic Bastien，Raymond James。

Good morning.

早安。

Good morning.

早安。

How are you?

你好嗎？

We're doing good.

我們很好。

Thank you, Frederick. How are you? Good.

謝謝你，Frederick。你呢？很好。

Thanks, guys. Listen, investors have come to expect Stantec to direct its next dollar of investment towards M&A. And Gord, you just said as much in your prepared remarks.

謝謝，各位。聽著，投資人已經習慣 Stantec 把下一塊投資的每一美元都導向併購。而 Gord，你在事先準備的發言中也確實這麼說了。

How do you think about share purchases as the current dynamic around AI and just the pressure on public valuation, this narrative and that this dynamic evolves?

在目前圍繞 AI 的動態，以及對公開市場估值的壓力、這種敘事與動態演變之下，你們如何看待買回股份？

How do you think about share buybacks in this light?

在這樣的背景下，你們如何看待庫藏股回購？

Yes. Thank you, Frederic. Maybe I'll take that one. You're absolutely right.

是的。謝謝你，Frederic。也許這題我來回答。你說得完全正確。

I mean, at the end of the day, fundamentally, we really continue to believe that strategic acquisitions present the highest value creation opportunity for our organization going forward.

我的意思是，歸根結底，從基本面來看，我們仍然堅信策略性併購在未來將為我們組織帶來最高的價值創造機會。

Stock buybacks are definitely a tool in our capital structure optimization toolbox, if you will.

股票回購當然也是我們資本結構最佳化工具箱中的一項工具。

And as you are describing and insinuating, I think, frankly, at these valuation levels, it's becoming increasingly hard to ignore not getting into the market and buying back stock.

而如你所描述與暗示的，我坦白說，在目前這樣的估值水準下，越來越難忽視不進場回購股票這件事。

So look out for that as we move into our open windows here post the quarter.

因此，隨著我們在本季結束後進入可交易的開放窗口，請留意相關動向。

Having said that, the quantums and values contemplated, if you take into account our 2% approved NCIB, and the scope of our balance sheet is not overly significant and in no way would impede our M&A strategies.

話雖如此，若考量我們已核准的 2% NCIB（正常發行人買回）以及資產負債表的承載能力，所規劃的回購規模與金額並不算大，且絕不會妨礙我們的併購策略。

So thank you for the question.

所以謝謝你的提問。

I Appreciate the answer, Vito. Thinking more higher level on -- I guess, on the organic growth front, are you still the most excited about the opportunities in the US?

謝謝你的回答，Vito。從更高層次來看——我想就有機成長而言，你們是否仍然對美國的機會最感到興奮？

Or I mean, based on your comment around Canada and defense spending and nation building initiatives, it sounds like Canada could be a great area for growth on a go-forward basis.

或者說，根據你對加拿大、國防支出與國家建設倡議的評論，聽起來加拿大在未來可能會是很好的成長區域。

I think we see great opportunities, both north and south of the border. But you're right, Canada started the year a little bit slow on the organic growth side. But what's interesting, and we talked in the prepared remarks about how infrastructure pulled back on a couple of transportation projects that we had, but we see that filling those being filled up here again in Q2.

我認為我們在邊境以北與以南都看到很好的機會。不過你說得對，加拿大今年在有機成長方面開局稍微慢一些。但有趣的是，我們在事先準備的發言中提到，基礎設施業務在我們手上有幾個交通運輸專案有所回落，但我們看到在第二季又開始補回來。

But other than that, every one of our businesses came into that mid- to high single organic growth for the quarter, just pulled down a little bit by Infrastructure.

除此之外，我們每一項業務在本季都達到中至高個位數的有機成長，只是被基礎設施業務稍微拉低了一點。

So -- and we're lapping a high comp. It was 12% in Q1 of '25. But if you look at the Canadian business, backlog up 6% organically over the year. But then when you look at the opportunities, as you've said, with the federal government in the North, our first defense industrial strategy, the arctic Infrastructure plan, the Build Communities Strong Fund, there's just so much good directional activity going in Canada.

所以——而且我們正面臨高基期。2025 年第一季是 12%。但如果你看加拿大業務，有機口徑的在手訂單（backlog）年增 6%。再看你提到的機會：北方聯邦政府的首個國防產業策略、北極基礎設施計畫、Build Communities Strong Fund（強化社區建設基金）等，加拿大正有非常多正向的方向性活動在推進。

So we do feel very good about it. We've talked before about the Arctic Over-The-Horizon award, Grays Bay that we're working on, but there's a lot of opportunities coming up in the North, Frederic, that we feel really good about. Not to discount the US at all.

因此我們確實感到非常樂觀。我們之前談過 Arctic Over-The-Horizon 的得標案、我們正在進行的 Grays Bay，但北方還有很多即將出現的機會，Frederic，我們對此感覺非常好。同時也完全不是要低估美國。

And so we saw that in the U.S., you've seen our backlog sort of that momentum continue to build in backlog, a little over 3% organic backlog growth this quarter, building on about 3% organic backlog growth in the last quarter. So I think we see that coming and strengthening as well. But -- so we feel pretty good about North America overall.

因此我們也看到在美國，你已經看到我們的在手訂單動能持續累積，本季有機在手訂單成長略高於 3%，是在上一季約 3% 有機在手訂單成長的基礎上再往上。這股趨勢我認為也會持續到來並進一步增強。所以——整體而言，我們對北美的展望相當樂觀。

Thank you. That's all I have.

謝謝。以上就是我所有問題。

Thanks, Gary.

謝謝，Gary。

Krista Friesen, CIBC.

Krista Friesen，CIBC。

Hi. Thanks for my question.

嗨，謝謝讓我提問。

I'm just wondering if you can give a little bit more color in terms of what you're seeing from the Canadian government. Like a lot of announcements been made. Are we seeing that translate into awards at that point in time? And do you feel like some of the red tape has been cut here in terms of what we've historically seen from the government?

我想請問你是否能再多補充一些你們從加拿大政府那邊看到的情況。因為已經有很多公告發布了。就目前來看，這些是否已經轉化為得標/授標？另外，你是否覺得在政府一向的流程上，某些繁文縟節已經有所減少？

We certainly have seen some awards. Of course, we've all talked about Arctic Over-The-Horizon. But there's a number of additional either proposals that are just -- that we're waiting for. In fact, what's interesting as we look at the amount of opportunities, I think you'll see us being pretty discerning as to which ones we pursue because there's so many coming that we'll be looking at it pretty closely.

我們確實看到一些授標。當然，我們都談過 Arctic Over-The-Horizon。不過還有一些其他的提案——我們正在等待結果。事實上，有趣的是，當我們看機會的數量時，我想你會看到我們在追逐哪些案子上會相當謹慎、具選擇性，因為機會實在太多了，我們會非常仔細地評估。

So great opportunities there. You saw that we are named 42 in the top 100 Defense Canada's ranking. So just a lot of opportunity coming there, Krista. In terms of has red tape been reduced? Do we see a difference in the permitting process at this point?

所以那裡有很大的機會。你也看到我們在《Defense Canada》前 100 名排名中名列第 42 名。所以那邊有很多機會正在到來，Krista。就「繁文縟節是否已減少」而言？就目前來看，我們在許可核發流程上是否看到差異？

I think that's still evolving, and we'll see more. But we also note that Prime Minister Carney is coming to Alberta on Friday. So we'll see what he has to say there, certainly has some expectations of an announcement as well, which would be directionally positive for us.

我認為那仍在演變中，我們會看到更多進展。不過我們也注意到，Carney 總理將於週五前往亞伯達省。所以我們會看看他在那裡會說些什麼；當然也有人預期會有相關宣布，這在方向上對我們是正面的。

Indeed.

確實。

Okay. That's great. And then just on the M&A side, can you comment what you're seeing in terms of multiples out there for the private companies? And how much of a dislocation, I guess, there is between that market and the public markets and what we're seeing? Thank you.

好的。很棒。接著就併購（M&A）方面，你能否評論一下你們看到的私人公司估值倍數大概是什麼情況？以及我想問，該市場與公開市場之間的落差（dislocation）有多大、我們目前看到的是什麼？謝謝。

Yes. And I'll take that one, maybe, Gordon. I mean we definitely see -- when you talk valuations on the M&A side, it's obviously very specific to sectors.

好的。我來回答這題吧，Gordon。我的意思是，我們確實看到——當你談到併購端的估值時，顯然會非常取決於產業別。

You've seen some transactions occur, obviously, over the last several weeks and largely on the power side that has you in the high teens sort of area. So if you look at that compared to, obviously, where we're trading, there's significant sort of dislocation there, but that's the power assets.

你也看到過去幾週有一些交易發生，主要是在電力端，倍數大概落在十幾倍的高段。因此若拿那個與我們目前的交易水準相比，顯然存在相當大的落差，但那是電力資產。

I'd say right now with what's going back to almost Benoit's question -- excuse me, Frederic's question around valuations, we are seeing a dislocation of valuation that I think over time, obviously, there'll be some convergence. But valuations overall are obviously very company sector specific, and we'll continue to monitor that and be disciplined as we make our way through.

我會說，就目前而言，回到幾乎是 Benoit 的問題——不好意思，是 Frederic 關於估值的問題——我們確實看到估值上的落差，我認為隨著時間推移，顯然會有一些收斂。但整體估值仍然非常取決於公司與產業別；我們會持續監測，並在推進過程中保持紀律。

Thank you. Appreciate the color.

謝謝。很感謝這些補充說明。

Great. Thank you, Krista.

很好。謝謝你，Krista。

Benoit Poirier, Desjardins.

Benoit Poirier，Desjardins。

Yes, good morning, Gord. Good morning, Vito.

是的，早安，Gord。早安，Vito。

Just to come back on the U.S., obviously, you've talked about the softer start with 2.8% organic growth. I was wondering, any weaker contribution from emergency response? And is the retraction in Building that we saw, given the completion of certain projects, going to impact Q2 as well?

回到美國的部分，顯然你們提到以 2.8% 的有機成長作為較疲弱的開局。我想問一下：緊急應變（emergency response）的貢獻是否較弱？另外，我們看到建築（Buildings）因部分專案完工而出現回落，這是否也會影響第二季（Q2）？

I'm just trying to get some thoughts where there's a slowdown on [ IIJA ] fund flows or anything else would be appreciated.

我只是想了解是否有任何 IIJA 資金流入放緩之類的情況；任何想法都很感謝。

Yes. So in the Buildings business, we did have a soft start to the year in Q1. That said, the backlog in our Buildings business year-over-year and actually even quarter -- over Q1 of this year over Q4 of last year, we're seeing some positive growth in Buildings momentum.

是的。在建築業務方面，我們第一季（Q1）確實有一個較疲弱的開局。不過，我們建築業務的在手訂單（backlog）年對年，以及其實就本年第一季相較去年第四季（Q4），我們都看到一些正向成長，顯示建築動能正在改善。

Similar to in Canada, where infrastructure was the only group that we had that retracted because of some project wind downs, it was the same in the States that Buildings was the only group we had that retracted a bit organically. Everything else grew.

類似加拿大的情況——我們唯一出現回落的是基礎建設（infrastructure）團隊，因為有些專案收尾——在美國也是一樣：建築是我們唯一有機成長略為回落的團隊，其他都成長。

And so as Buildings sort of strengthens here in Q2 and the last half of the year, I think that will be generally supportive to our overall growth there in the organic growth in the US. Overall, backlog growth, we talked about sequential growth in this quarter and the previous quarter.

因此，隨著建築在第二季以及下半年走強，我認為這將整體上支撐美國的有機成長。我們也談到本季與前一季的在手訂單序列成長（sequential growth）。

And both in Canada and the US, we actually have a considerable amount of notified awards that hasn't yet been contracted also that we'll see that going into backlog here in Q2 and beyond. So we actually feel pretty good about where we are and how the year is going to shape up.

而且在加拿大與美國，我們其實還有相當多已通知得標（notified awards）但尚未簽約的案子；我們會在第二季及之後看到它們轉入在手訂單。所以我們對目前的位置以及今年的走勢其實感覺相當不錯。

The only other thing I'd add to that, Gord, is, Benoit, with respect to the Buildings practice, we're really excited about the Page acquisition. And obviously, our Page revenue and business is being reported through our acquisition sort of reporting. But year-on-year, some really nice healthy organic growth in the Page business.

我另外補充一點，Gord。Benoit，就建築業務而言，我們對 Page 併購案感到非常興奮。當然，Page 的營收與業務目前是透過我們的併購相關揭露來呈現。但年對年來看，Page 業務的有機成長非常健康、表現很好。

So those Page and our reported organic Building sector are working hand-in-hand, and we're very pleased with how that is evolving as we look for the year.

因此，Page 與我們所揭露的建築部門有機成長是相互配合、攜手合作的；我們對其發展非常滿意，並以此展望今年。

And maybe I'd just add on with Page, I think our revenue synergies are even exceeding what we had hoped that we would see there. It's -- the two groups together are very, very strong.

我也補充一下 Page：我認為我們的營收協同效益甚至超出原先的期待。兩個團隊結合在一起非常、非常強。

Okay. That's great color. And on the Global side, you were able to achieve 15% organic growth that was pretty impressive. You called out the strong performance on Water, but also the ramp up of projects in Chile and Peru.

好的。這些補充很有幫助。再來全球（Global）方面，你們達成了 15% 的有機成長，這相當令人印象深刻。你們提到水務（Water）表現強勁，也提到智利與秘魯專案的加速推進。

So just wondering about the sustainability of the double-digit performance going forward. Thank you.

所以我想問，往後維持雙位數表現的可持續性如何？謝謝。

When we look at the Water segment in the -- with the AMP8, we've been talking about that for some time, and that just continues to ramp up. So we feel really good about that. actively hiring everyone we can get our hands on in the U.K., you would have seen that finally now we're able to talk openly about Scottish Water because they press released it now, how we're one of the primary design partners there.

當我們看水務部門——在 AMP8 的帶動下——我們談這件事已經有一段時間了，而它仍在持續加速推進，所以我們感覺非常好。我們在英國正積極招募能招到的每一位人才；你也會看到，現在我們終於可以公開談 Scottish Water，因為他們已經發布新聞稿，說明我們是那裡的主要設計合作夥伴之一。

So that's going to continue to ramp up, active hiring there. We're hiring a lot in India to support these groups as well. So that's very, very sustainable.

所以那會持續加速推進，我們也在那裡積極招募。同時我們在印度也招募很多人來支援這些團隊。因此這是非常、非常可持續的。

When you look into our South American operations, again, primarily supporting copper with the continued run-up and need for copper to support energy transition and such, we're seeing really, really strong growth in our Mining segment there, actively hiring there. Interestingly, we're also starting to even more use our Indian -- our delivery centers to support our Latin American operations as well just because of the -- with the growth there, it's easier to get some folks elsewhere. So we're feeling good about that, really good about our Global delivery center as well.

再看我們南美的營運，主要是支援銅產業；隨著能源轉型等因素帶動對銅的持續上升需求，我們在當地的礦業（Mining）部門看到非常、非常強勁的成長，也在積極招募。有趣的是，我們也開始更大量運用印度——我們的交付中心（delivery centers）——來支援拉丁美洲的營運，因為在那邊成長很快，從其他地方補足人力更容易。所以我們對此很有信心，也對我們的全球交付中心非常有信心。

Okay. And where would you be right now in terms of employees in those global centers, Gord?

好的。Gord，就目前而言，你們在那些全球中心的人數大概是多少？

Yes. So we're sitting just shy right around 2,000 people, which is where we wanted to be sort of by the end of this year. So we might achieve that goal even a little bit early. And so what's interesting is that we targeted about 2,000 people.

是的。我們目前略低於、約 2,000 人左右，這正是我們原本希望在今年年底前達到的規模。所以我們可能會稍微提前達成目標。有趣的是，我們原本的目標大約就是 2,000 人。

And as we continue to grow there, we've actually taken a second office in [ Pune ] as well. We've expanded within our existing office until there's no more space available. Now we've taken additional real estate.

而隨著我們持續成長，我們也在 Pune 開了第二個辦公室。我們在既有辦公室內部擴充到已經沒有更多空間可用，現在又承租了額外的不動產。

So -- and we're starting to hire some people in some other cities as well to support our continued growth. So more to come there.

所以——我們也開始在其他城市招募一些人，以支援我們持續的成長。後續還會有更多進展。

Yes. And just a shout out to that team. They're extraordinary, and we thank them for their commitment. They are part of Stantec.

是的，也特別向那個團隊致意。他們非常出色，我們感謝他們的投入。他們是 Stantec 的一部分。

Very interesting comments. Thank you very much for your time.

非常有意思的分享。非常感謝你們撥冗。

Thank you.

謝謝。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，RBC Capital Markets。

Hi, good morning, guys. This is Patty on the line for Saba. I was wondering if I could just maybe get a bit more color on the kind of puts and takes and drivers of the pretty good margin expansion in the quarter. It looks like you're tracking at this rate pretty positively against your full-year guidance.

嗨，大家早安。我是 Patty，代 Saba 上線。我想請問是否可以再多提供一些關於本季相當不錯的利潤率擴張的拉抬與抵銷因素（puts and takes）以及驅動因素的說明？看起來以目前的進度，你們相對於全年指引的表現相當正面。

So it looks like some leverage on the administrative and marketing expenses. And I was wondering if you could kind of give color on that as well as some of the more mix driven contractions, I guess, in project margins across the business and maybe the timeline or how you expect those to play out through the rest of the year?

看起來行政與行銷費用有一些槓桿效益。我也想請你們就此提供一些說明；另外，關於我想是由組合（mix）所驅動、導致各業務專案毛利率收縮的部分，以及你們預期這些因素在今年剩餘期間會如何演變、時間軸大概如何？

Yeah, Patty, thanks for the question. It's Vito here. I'll take that one. When we talk about margin, it always starts with obviously the right project, the right customer, the right pricing mechanics and then strong operational execution.

好的，Patty，謝謝你的問題。我是 Vito，我來回答。談到利潤率時，一開始永遠是：正確的專案、正確的客戶、正確的定價機制，然後是強而有力的營運執行。

And I always go straight to the project margin line as the first line of sight there. Project margins were steady this quarter year-over-year, 54%, I think, was the number, just slightly lower than prior year, and that was largely mix related. Our Global business continues to grow, which is wonderful.

而我總是先直接看專案毛利率（project margin）這條線作為第一個觀察點。本季專案毛利率年對年持平，54%——我想數字是這個——比去年同期略低，主要是組合因素所致。我們的全球業務持續成長，這非常好。

The margin profile there in some certain sectors just a bit below maybe other areas. We've talked a little bit about the Water business and incredible volume year-over-year, slightly lower margins as expected. Obviously, very, very pleased with that business and the work the teams are doing.

那裡在某些特定產業的利潤率結構，可能比其他領域略低一些。我們稍微談過水務業務，年對年量能非常驚人，利潤率如預期略低。顯然，我們對這項業務以及團隊所做的工作感到非常、非常滿意。

So I would describe project margins evolving in a normal expanding sort of continuum there. So nothing unusual with that activity. What you're seeing as far as overall margin expansion, then really comes down to the admitted marketing.

所以我會形容專案利潤率是在一個正常、逐步擴張的連續過程中演進。因此那方面的活動沒有任何異常。至於你看到的整體利潤率擴張，主要就取決於我們的可計費行銷費用（admitted marketing）。

And you referenced that our admitted marketing in Q1 was 38.3% of our net revenue, and that was just over 100 basis points lower than prior year. And the drivers there really are we had improved utilization. That's very, very important.

你也提到我們第一季的可計費行銷費用占淨營收的 38.3%，比去年同期低了略高於 100 個基點。背後的驅動因素主要是我們的利用率提升了，這非常、非常重要。

So as the teams look to obviously hire and you heard Gord describe the strong demand environment as we move forward, while obviously putting people to work and obviously continuing to invest and billable hours and leveraging our back office as appropriate. So we're really pleased with how the operations as it continues to evolve in that regard and managing overall utilization.

因此，當團隊著眼於招募——你也聽到 Gord 描述我們往前走時強勁的需求環境——同時也讓人員投入工作，並持續投資於可計費工時，並在適當情況下槓桿運用我們的後勤支援部門。我們對營運在這方面持續演進、以及整體利用率的管理方式感到非常滿意。

And then we're getting scale from our operations. So -- and that's our continued expectations of that. And it's been several quarters that you've been seeing that in effect, and Q1 just continued to manifest that.

另外，我們也從營運中取得規模效益。所以——這也是我們持續的預期。你已經連續好幾季看到這個效果在發揮，而第一季只是持續呈現出來。

I think it's the sixth or seventh consecutive quarter perhaps of year-over-year margin expansion for us bottom line. So very, very pleased with our margin performance.

我想這可能是我們在最終獲利（bottom line）上連續第六或第七季的年對年利潤率擴張。所以我們對利潤率表現非常、非常滿意。

And obviously, you see that reflected, obviously, in our full year guidance where we guided to no changes in the guidance, too early to make any changes, but 17.6% to 18.2% is a real step forward, building on the 90 basis point improvement in 2025 versus 2024.

而且你也可以看到這反映在我們的全年指引上：我們指引維持不變，現在要調整還太早，但 17.6% 到 18.2% 是一個實質的進步，是建立在 2025 年相較 2024 年改善 90 個基點的基礎之上。

All right. That's helpful color. And then maybe just kind of going back to the demand environment in the U.S. good to hear your updated thoughts on the outlook for IIJA funding and maybe some of the new or the more emerging tailwinds.

好，這些補充很有幫助。接著也許回到美國的需求環境：很想聽聽你對 IIJA 資金展望的最新看法，以及一些新的或正在浮現的利多因素。

I think you had recently mentioned that you're working on a handful of kind of hyperscaler data centers representing more than a couple of gigawatts of capacity. So just kind of your updated thoughts on that and how you feel about the region going forward, that would be helpful.

我記得你最近提到，你們正在推進少數幾個超大規模（hyperscaler）資料中心案子，合計代表超過數 GW 的容量。想請你更新一下看法，以及你對該地區未來的感受，會很有幫助。

Absolutely. Yes. So for IIJA, what we've talked about before and you've heard others talk that the that bill for new awards expires in September of this year. So we're seeing more and more people talking about trying to get out ahead of time, make sure they get their allocations before September.

當然可以。是的，關於 IIJA，我們之前談過，你也聽到其他人提到，該法案的新獎補（new awards）期限在今年 9 月到期。因此我們看到越來越多人在談要提前布局，確保在 9 月前拿到配額。

So we often get asked, do you think it will all be allocated by September? That's hard to say because it's harder to get some of the data than it would. But of course, important to note that with those IIJA-funded projects, even though that program ends at the end of September for new awards, revenue will continue to be generated on that project for the next three to five years.

所以我們常被問：你覺得 9 月前會全部分配完嗎？這很難說，因為取得某些資料並不容易。但當然要注意的是，對於這些由 IIJA 資助的專案，即使該計畫在 9 月底停止新的獎補，該專案在接下來 3 到 5 年仍會持續產生營收。

That's the sort of the dynamic, the period of time it takes to process those transportation projects. Parallel with that, the new Surface Transportation Act reauthorization, which will provide stable funding for the next 5 years, is still in process, anticipated to be in that $500 billion to $600 billion range.

這就是其動態：運輸類專案從核定到推進需要一段時間。與此同時，新的《地面運輸法》（Surface Transportation Act）再授權案仍在進行中，將為未來 5 年提供穩定資金，預計規模約在 5,000 億到 6,000 億美元之間。

We're expecting the draft bill from the House is coming. The Senate version is not expected until June. And so it's not expected to pass before the end of the year.

我們預期眾議院的草案即將出爐。參議院版本預計要到 6 月才會出來。因此預計不會在年底前通過。

But certainly, we see -- there'll be good bipartisan support for that. You mentioned that the data center is mission-critical. Absolutely.

但我們確實看到——它會獲得良好的兩黨支持。你提到資料中心屬於關鍵任務（mission-critical）。完全正確。

That work continues to go. We're working still with the top -- for five of the top hyperscalers and up to and well over 1 gigawatt. We talked about in the prepared remarks about this multibillion-dollar semiconductor manufacturing and research and development facility in Idaho that we're working on now.

這方面的工作仍在持續。我們仍與前五大超大規模業者合作，容量達到並且遠超過 1 GW。我們在事先準備的發言中也提到，我們目前正在參與愛達荷州一座數十億美元規模的半導體製造與研發設施。

So we do see a lot of still great opportunities coming in the US. We feel -- you see backlogs are -- the momentum is coming there, 3% growth per quarter over the last couple. So we feel good about the US.

所以我們確實看到美國仍有很多很好的機會。我們覺得——你也看到積壓訂單的動能正在形成，過去幾季每季成長 3%。因此我們對美國市場感覺良好。

All right. That's very helpful. Thanks again.

好，這非常有幫助。再次感謝。

Thanks, Betty.

謝謝你，Betty。

(Operator Instructions)

（接線員指示）

Maxim Sytchev, NBCM.

Maxim Sytchev，NBCM。

Hi, good morning, gentlemen.

各位先生早安。

I just wanted to circle back to Environmental Services. Like obviously, I realize that very often that segment acts as a sub to other verticals. But how should we think about sort of the inflection point there, especially as Energy & Resources is showing some pretty strong organic growth?

我想回到環境服務（Environmental Services）。顯然，我知道那個部門很多時候是其他垂直領域的分包支援。但我們應該如何看待那裡的轉折點，特別是在能源與資源（Energy & Resources）呈現相當強勁的有機成長之際？

Yes. Interestingly, we've seen some good projects come into that Environmental Services group, some with the US federal government, some with other groups just looking to continue to push that forward. You're right, they do support a lot of newer projects, but they're also engaged in everything from the first part of pipelines that we've seen some significant organic backlog growth in Canada in that space.

是的。有趣的是，我們看到環境服務團隊接到一些不錯的專案，有些來自美國聯邦政府，有些來自其他團隊，都是希望持續推進相關工作。你說得對，他們確實支援許多新專案，但他們也參與從管線前期工作等各個環節；在加拿大該領域我們也看到顯著的有機積壓訂單成長。

So there's some good things happening in the ES space. You see organic growth in Q1, a little bit lighter at 1.2%, 1.5% last year, but I think we'll see that begin to continue to increase as we go through the year.

所以在 ES 領域確實有一些好事正在發生。你看到第一季有機成長稍微輕一些，為 1.2%，去年是 1.5%，但我認為隨著今年推進，我們會看到它開始持續走升。

Okay. That's good to hear. And then maybe a question for Vito. So Page obviously delayed some of the working capital kind of normalization. When should we see kind of full run rate kind of similar to Stantec's sort of standards? Can you maybe comment there, please?

好的，很高興聽到。接著可能問 Vito 一個問題：Page 顯然延後了部分營運資金的正常化。那我們何時會看到完整的常態化運行水準，回到類似 Stantec 的標準？能否請你評論一下？

Yes. Financial migration was completed here in Q1. So our expectations would be that we are back in line and pretty well on pace here as we move through Q2 and Q3, Maxim. So not concerned about that or don't expect any significant impact moving forward.

好的。財務系統移轉在第一季已完成。因此我們的預期是，隨著進入第二季與第三季，我們會回到一致水準並且進度良好，Maxim。所以我們不擔心這件事，也不預期未來會有任何重大影響。

Of course. Yes, makes sense. And then just more sort of a general question around AI and procurement methodologies. Are you seeing any pushback or demands from your customer set around sharing costs or sharing maybe upside from faster design? Do you mind maybe providing any color in terms of how these conversations are going or maybe not? Thank you.

當然。是的，合理。最後是一個比較一般性的問題，關於 AI 與採購方法論：你是否看到客戶群對於成本分攤，或是因設計加速而產生的上行利益分配，有任何反彈或要求？你介意提供一些這類對話進展的補充嗎？謝謝。

Yes. So a couple of things there. We've actually partnered with a number of our clients for the co-creation of some AI applications. An example that is down in the US, [WSSC] water in Prince William County. We're kind of partnering with them for the co-development of some AI-enabled wastewater operations space. We're working with some on digital twin development.

是的，這裡有幾點。其實我們已經與多位客戶合作，共同創建（co-creation）一些 AI 應用。舉例來說，在美國，Prince William County 的 [WSSC] 水務單位。我們正與他們合作共同開發一些 AI 賦能的污水營運應用。我們也與一些客戶合作進行數位孿生（digital twin）開發。

Interesting, we're seeing AI -- our usage continue to expand with our client base. And what we find is it's providing us with some new service opportunities. So I'll give you an example of that. In Taiwan, we recently worked with our client there and developed a digital twin of a water treatment plant, and we integrated it with some AI-driven operational models.

很有意思的是，我們看到 AI——我們在客戶端的使用持續擴大。而我們發現這也為我們帶來一些新的服務機會。我舉個例子：在台灣，我們最近與當地客戶合作，建立了一座淨水廠的數位孿生，並把它與一些 AI 驅動的營運模型整合。

So it's -- so Taiwan, of course, very mountainous area. When you get a heavy rain, not only does the water flow down towards the rivers, but so does the sediments. And so that increases turbidity in the water. And so what we do that is using our AI models, we simulate not just the water, but the turbidity. Then we've simulated how could the plant operations be varied in order to deal with this water.

所以——台灣當然是地形非常多山的地區。當遇到豪雨時，不只是水往河川流，泥砂也會一起往下沖，因而提高水的濁度。我們所做的是運用 AI 模型，不僅模擬水量，也模擬濁度；接著再模擬淨水廠的操作如何調整，以因應這樣的水質狀況。

The beautiful part of it is while we absolutely -- the AI system could control the operation of the plant from there, there's always a person in the middle. This is a public water supply. So we give all that information to the operator, they make their decision.

最棒的部分是，雖然 AI 系統確實可以在那裡控制淨水廠的運轉，但中間永遠會有人。這是公共供水系統，所以我們把所有資訊提供給操作員，由他們做決策。

And then using the digital twin, we can watch the dosing of the chemicals change. We can watch how the plant operations changes. So that sort of that getting into the operational phase as a new service offering for us. We consult on that often, but providing this product is new for us. We consult on that often, but providing this product is new for us.

然後透過數位孿生，我們可以觀察加藥量的變化，也可以看到廠內操作如何改變。因此，這種切入營運階段的能力，對我們而言是一項新的服務提供方式。我們過去常就此提供顧問服務，但提供這樣的產品對我們來說是新的。我們過去常就此提供顧問服務，但提供這樣的產品對我們來說是新的。

Interestingly, it's working really well. And it's one of the reasons that we were recently awarded a really large water treatment plant design in the Middle East. And so the beauty of that is that we're getting new work from it. But there's others and maybe where we've used AI on a -- we designed a beach club on the Caribbean Island recently.

有趣的是，這運作得非常好。而且這也是我們最近在中東獲得一個非常大型的水處理廠設計案的原因之一。所以它的好處在於，我們因此獲得了新的工作。不過還有其他案例，也許是在我們以某種方式使用 AI 的地方——我們最近在加勒比海的一座島嶼上設計了一個海灘俱樂部。

And that was a fixed-fee job. And so there, we had our fixed fee. We were able to do the design a bit quicker. And we did not see -- we don't see clients at this point asking for a reduction in that fixed percentage of capital costs.

那是一個固定費用的案子。所以在那裡，我們有固定費用。我們能夠把設計做得更快一些。而且我們沒有看到——目前我們也沒有看到客戶要求降低那個以資本成本固定百分比計算的費用。

Might that come at some point in the future, perhaps, but we're not seeing it yet, Max. So we're seeing some good things happening there.

未來某個時間點是否可能會發生，也許會，但我們目前還沒有看到，Max。所以我們看到一些正面的進展。

Absolutely. That's great. Thank you so much. Great.

完全同意。太好了。非常感謝。很好。

Thanks.

謝謝。

Michael Tupholme, TD Cowen.

Michael Tupholme，TD Cowen。

Thank you. Good morning.

謝謝。早安。

Good morning. Just a question about the overall organic growth and the progression from here. Obviously, maintaining the mid- to high single-digit organic growth guidance for full year. Just if you can help maybe us think through how that progression will play out over coming quarters? Like will Q2 get you right into that range? Or is this more of a building process throughout the year?

早安。我想問一個關於整體內生成長以及接下來走勢的問題。顯然你們維持全年中到高個位數的內生成長指引。能否幫我們理解一下，這個進程在接下來幾個季度會如何展開？例如第二季就會直接進入那個區間嗎？還是說這會是全年逐步累積的過程？

Yes. Sorry, no, we expect a sequential organic growth improvement. I mean it's obviously hard to time quarters and what that might look like. But definitely, as we move into the back half of the year and set ourselves up for 2027, our expectations would be that you'd see a ramp through the organic, particularly off the Q1 levels.

是的。抱歉，不是，我們預期內生成長會逐季改善。我的意思是，季度的時間點以及會呈現什麼樣子，當然很難精準掌握。但可以確定的是，當我們進入下半年並為 2027 年做好準備時，我們的預期是你會看到內生成長的爬升，尤其是相較於第一季的水準。

Perfect. That's helpful. And then there was some commentary just a few moments ago about data centers. Gord, I know you've been asked this in the past, but can you give us an update on sort of what percentage of the business that is today, given the growth you're seeing?

很好，這很有幫助。然後剛才有一些關於資料中心的評論。Gord，我知道你過去被問過這個問題，但你能否更新一下，考量到你們目前看到的成長，這部分今天大概占業務的百分比是多少？

And how you maybe see that looking as we maybe look out to, say, next year, 2027, just a percentage of overall revenue?

以及如果我們展望到例如明年、2027 年，作為整體營收的百分比，你們可能會怎麼看？

Yes. It's sitting in and around that 3% range, and it's certainly growing quickly. So we could see a doubling to the 5%, 6% range. But one of the things that we've talked about before is that I would never want to see it for our company to get up in 15%, 20% because while it's good work and it's high-margin work, we just wouldn't want to have -- be so exposed to one line of business.

是的。目前大約在 3% 左右，而且確實成長很快。所以我們可能會看到它翻倍到 5%、6% 的區間。但我們之前也談過一點：我永遠不希望它在我們公司占比上升到 15%、20%，因為雖然這是很好的業務、也是高毛利的業務，但我們不希望在單一業務線上曝險過高。

So we'll take the good questions. It's good work. And yes, I could see it doubling to that 5%, 6% range.

所以我們會接受這些好的機會。這是很好的工作。是的，我可以看到它翻倍到 5%、6% 的區間。

Yeah, that's helpful. I will leave it there. Thanks.

是的，這很有幫助。我就問到這裡。謝謝。

Thanks, Michael.

謝謝你，Michael。

Jonathan Goldman, Scotiabank.

Jonathan Goldman，Scotiabank。

Hey, good morning, team. Thanks for taking my questions. Just one for me. The larger projects that you're booking in the US, is it possible to quantify or maybe directionally talk about how big those projects are relative to the average size project you do in the US? And maybe also if you can talk about how the delivery kind of period or the conversion of those projects would compare to an average size order. And is this part of a bigger trend moving to more complex and larger projects than in the past?

嗨，早安，各位。謝謝回答我的問題。我只有一個問題。你們在美國承接的較大型專案，是否可以量化一下，或至少方向性地談談，這些專案相對於你們在美國做的平均專案規模有多大？另外也想請你談談，這些專案的交付期間或轉換（落地）速度，與平均規模訂單相比會如何？這是否是朝向比過去更複雜、更大型專案的一個更大趨勢的一部分？

We are absolutely seeing a number of clients, both in Canada and in the US that are sort of bundling large packages of projects together in part because rather than having to run 10 projects, they run two, for example. And so -- but they're much larger.

我們確實看到不少客戶，無論在加拿大或美國，都在把大型的專案包打包在一起，部分原因是他們不必同時管理 10 個專案，而是例如管理 2 個。於是——但這些專案就大得多。

So we are seeing -- the competitive set on those is much different because it's really only the big majors that can pursue those. And so the competitive set is different, which allows a little bit of pricing power in a number of instances. But it's while an average project size might be in the $100,000, couple of hundred thousand dollar range, these ones could be in the $100 million to a couple of hundred million dollar range.

所以我們看到——這類案子的競爭組合非常不同，因為基本上只有大型的主要業者才有能力追這些案子。因此競爭態勢不同，在不少情況下也帶來一些定價能力。但如果平均專案規模可能在 10 萬美元、幾十萬美元的範圍，這些案子可能在 1 億美元到幾億美元的範圍。

Like these are -- there are some big projects out there. And for us, it changes the way that we manage them. Like we have -- there's a smaller number of people within Stantec and the industry overall that can manage projects of that size. We're fortunate to have more than our fair share of them. So yes, we do see that being a growing part of the business.

也就是說——外面確實有一些大型專案。對我們而言，這改變了我們管理它們的方式。像是——在 Stantec 以及整個產業中，能管理這種規模專案的人其實不多。我們很幸運擁有超過我們應得份額的這類人才。所以是的，我們確實看到這會成為業務中日益成長的一部分。

What's interesting about those projects is that they do typically take a little longer to ramp up. They go at a high level for multiple years, three, four, five years and then before they ramp down. So the magic in the Stantec model is being able to service those long-duration projects.

這些專案有趣的地方在於，它們通常需要更長時間才能拉升。它們會在高水準上維持多年，三年、四年、五年，然後才會開始回落。所以 Stantec 模式的關鍵在於能夠服務這些長週期的專案。

But as they're ramping up and ramping down, you use your smaller projects to fill in those ramp-up and ramp-down projects. So that's a little bit of the beauty of the Stantec model, is that we can service both the smaller projects and the larger projects, keeping our utilization rates up, keeping our people engaged sort of at all phases.

但當它們在拉升與回落時，你會用較小的專案來填補這些拉升與回落的空檔。所以這就是 Stantec 模式的一個優勢：我們可以同時服務小型專案與大型專案，維持我們的利用率，讓我們的人員在各個階段都保持投入。

And Gord, all I'd add there is I love the way that's evolving from a competitive perspective for reasons you described. But in no way shape or form from a diversification perspective or from a concentration perspective, does this create an issue for us in any way.

而且 Gord，我在這裡補充的是，從競爭角度來看，我很喜歡這樣的演變，原因如你所描述。但從多元化或集中度的角度來看，這完全不會以任何形式對我們造成問題。

The organization is so large across both our sectors and across our geographies that no single project in any way, shape or form is -- makes it problematic from a cycling perspective and overall exposure perspective.

我們的組織在兩大部門以及各個地理區域都非常龐大，因此沒有任何單一專案會以任何形式——在景氣循環或整體曝險角度——讓我們面臨問題。

Interesting. And then, Gord, your comment about maybe bundling projects together from -- is this multiple projects from a single customer that are flowing to kind of single sourced or one rather than a bunch? Or is it multiple phases of a project that they used to be outsourcing to a broader set of suppliers?

了解。然後，Gord，你提到把專案打包在一起——這是指同一個客戶的多個專案，從原本分散流向多家供應商，改為比較單一來源或集中給一家嗎？還是指一個專案的多個階段，以前會外包給更廣泛的供應商組合？

Yes, it's more a series of projects that they would bring together where they used to maybe issue two, three or four requests for proposals, run two, three or four concurrent projects. We're seeing sort of some bundling of multiple sort of independent projects. But also, to your point, in other cases, it's bundling all the phases together just so -- because for them to go and procure takes a lot of time and effort as well.

是的，更多是指一系列專案被整合在一起；過去他們可能會發出兩、三或四份提案徵求（RFP），同時跑兩、三或四個並行專案。我們看到的是把多個相對獨立的專案做某種程度的打包。但也如你所說，在其他情況下，則是把所有階段一起打包，因為對他們而言，採購流程本身也需要投入大量時間與精力。

So the less times you can go to have to procure, then the better it is for them, better it is for us actually as well.

所以需要進行採購的次數越少，對他們越好，對我們其實也更好。

Interesting. Sounds like a good trend. Thanks for taking my question. I'll get back. Thank you.

了解。聽起來是個不錯的趨勢。謝謝回答我的問題。我先回到隊列。謝謝。

Great. Thank you.

很好。謝謝。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Gord Johnston for any further remarks.

今天節目的問答環節到此結束。我想把節目交回給 Gord Johnston，請他做任何進一步的補充。

Well, only to say thanks to everyone for joining us this morning. I know it's a busy morning there.

好的，我只想說，感謝大家今天早上加入我們。我知道今天早上大家都很忙。

And if you have any follow-up questions following today's call, please reach out to Jess Nieukerk, our VP of Investor Relations, and enjoy the rest of your day.

如果在今天的電話會議之後你們有任何後續問題，請聯繫我們的投資人關係副總裁 Jess Nieukerk，也祝各位今天剩下的時間愉快。

Thank you.

謝謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

謝謝各位女士、先生參與今天的會議。本節目到此結束。您現在可以斷線。祝您有美好的一天。