Mr. Gord Johnston reports

STANTEC ANNOUNCES A $250 MILLION PUBLIC OFFERING OF COMMON SHARES

Stantec Inc. has entered into an agreement with National Bank Financial Inc. and CIBC Capital Markets, acting as co-bookrunners, on behalf of a syndicate of underwriters, pursuant to which the corporation will issue from treasury, and the underwriters shall purchase on a bought deal basis, 2,703,000 common shares at a price of $92.50 (the offer price) for gross proceeds to the corporation of approximately $250-million.

Stantec intends to use the net proceeds of the offering to repay balances outstanding on its revolving credit facility with the intention of creating additional capacity to finance future acquisition opportunities and growth initiatives, as well as for general corporate purposes.

On Dec. 5, 2023, Stantec will release its 2024 to 2026 strategic plan laying out its overall objectives for the next three years. The offering will be an integral part of the 2024 to 2026 strategic plan, positioning Stantec to achieve its new growth objectives. Stantec continues to see significant acquisition opportunities in all its sectors and remains committed to executing on its expansion plans by capitalizing on accretive opportunities that enhance its operational profile.

"We continue to believe that deploying capital towards strategic, accretive growth creates the best long-term value for our stakeholders," said Gord Johnston, Stantec's president and chief executive officer. "This offering signals our confidence in the robustness of the acquisition landscape and, when combined with our strong balance sheet, positions us to be opportunistic for continued growth."

The underwriters have been granted an overallotment option, exercisable in whole or in part on the same terms as the offering for a period of 30 days from the closing of the offering, to purchase additional shares, representing up to 15 per cent of the size of offering, for additional gross proceeds of up to $37,504,125.

The shares to be issued pursuant to the offering and overallotment option will be offered in all provinces and territories of Canada by way of a prospectus supplement to the short form base shelf prospectus of the corporation dated Nov. 18, 2022. The shares will also be offered in the United States by way of private placement. The offering is made only under the shelf prospectus and the prospectus supplement, which contain important detailed information about the shares. Before investing, prospective purchasers should read the shelf prospectus, the prospectus supplement and the documents incorporated by reference therein for more complete information about Stantec and the offering.

The issuance of the shares is subject to customary approvals of applicable securities regulatory authorities, including the Toronto Stock Exchange and the New York Stock Exchange (NYSE). Closing of the offering is expected to occur on or about Nov. 29, 2023.

About Stantec Inc.

Communities are fundamental. Whether around the corner or across the globe, they provide a foundation, and a sense of place and of belonging. That is why at Stantec, it always designs with community in mind.

It cares about the communities it serves because they are its communities too. This allows it to assess what is needed and connect its expertise, to appreciate nuances and envision what has never been considered, and to bring together diverse perspectives so it can collaborate toward a shared success.

It consists of designers, engineers, scientists and project managers, innovating together at the intersection of community, creativity and client relationships. Balancing these priorities results in projects that advance the quality of life in communities across the globe.

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