This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. Award: Shipyard infrastructure Value: $150 million Location: Kittery, Maine Client: Naval Facilities Engineering Systems Command As the U.S. Navy pushes forward with shipyard modernization, it is once again turning to familiar contractors to get the job done. The Naval Facilities Engineering Systems Command selected a joint venture of Dallas-based AECOM a ...

Core Viewpoint - Stantec, a leader in sustainable design and engineering, is set to release its fourth quarter and full year 2025 financial results on February 25, 2026, followed by a conference call on February 26, 2026, to discuss the company's performance [1]. Group 1: Financial Results Announcement - Stantec will announce its financial results for Q4 and the full year 2025 after market close on February 25, 2026 [1]. - A webcast and conference call will be held on February 26, 2026, at 7:00 AM Mountain Time (9:00 AM Eastern Time) to discuss the results [2]. Group 2: Company Overview - Stantec is recognized as a global leader in sustainable architecture, engineering, and environmental consulting, providing expertise to address challenges such as aging infrastructure and energy transition [4]. - The company emphasizes the importance of community engagement, considering diverse perspectives to tackle critical issues like climate change and digital transformation [5]. - Stantec's professionals include designers, engineers, scientists, and project managers who work collaboratively to innovate and redefine possibilities for communities [6].

Core Insights - Stantec has been named a preferred bidder for the Scottish Water Enterprise, which is the largest investment program in Scottish Water's history, aimed at transforming Scotland's water and wastewater networks [1][2] - The initiative will enhance public assets to improve drinking water quality, increase water resilience, and protect the environment [1] Group 1: Project Overview - The Scottish Water Enterprise will manage high-value, complex construction and engineering projects across Scotland [2] - Stantec will provide design and technical services throughout the construction process, with a project timeline potentially extending to 2039 [3] - The improvements will include sewer networks, treatment facilities, blue-green infrastructure, water mains, and combined sewer overflows [3] Group 2: Company Experience and Commitment - Stantec has over 30 years of experience working with Scottish Water, which will support the delivery of innovative solutions for water resilience [4] - The company has a track record of delivering nature-based, low-carbon projects globally, which will be applied to enhance Scotland's water and wastewater networks [5] - Stantec's leadership emphasizes the importance of their talented workforce and impactful culture in achieving meaningful community and environmental outcomes [6] Group 3: Future Outlook - The procurement process for the project is expected to be completed by March 2026 [6]

Core Insights - The U.S. Stormwater Management Market is projected to grow from USD 8.25 billion in 2025 to USD 15.05 billion by 2033, with a CAGR of 7.8% [1][6] Market Growth Drivers - There is an increasing demand for eco-friendly stormwater management solutions due to a growing emphasis on sustainability in urban design and construction [1][2] - Local governments are seeking robust infrastructure solutions to comply with environmental regulations, driving market expansion and innovation [2] Market Segmentation By Service Type - In 2024, Installation Services accounted for approximately 43% of total revenue, driven by urban development and infrastructure renewal [7] - The Annual Maintenance Services segment is expected to grow at the largest CAGR during the forecast period [7] By Solution Type - The Detention & Infiltration segment held the largest market share in 2024, essential for managing stormwater runoff [8] - Biofiltration systems are projected to experience the largest CAGR, utilizing vegetation and microorganisms for stormwater treatment [8] By End-user - The Community, Government & Military segment captured the largest market share in 2024, influenced by stringent regulations and environmental mandates [9] - The Commercial segment is expected to grow at the largest CAGR, as businesses adopt stormwater management systems to meet environmental standards [10] Regional Insights - The U.S. held the largest market share in 2024 due to significant infrastructure needs, urbanization, and strict environmental regulations [11] Recent Developments - A survey by Advanced Drainage Systems revealed that over half of Americans are concerned about flooding, with 64% believing stormwater negatively impacts their communities [12] Key Market Players - Leading companies in the U.S. stormwater management market include Advanced Drainage Systems, Contech Engineered Solutions, and Hydro International among others [5]

Core Insights - Stantec has been awarded the second phase of the European Commission's Global Technical Assistance Facility (TAF) for Sustainable Energy, valued at €27.7 million (C$45.4 million), which will extend until October 2028 [1][2] - The Global TAF is the European Commission's largest initiative aimed at supporting sustainable energy access and accelerating the global energy transition across various regions [2][4] - Stantec's role includes providing technical assistance, policy support, investment planning, and capacity building in multiple regions including Africa, Latin America, Asia, and the EU's Eastern Neighborhood [2][4] Company Overview - Stantec is recognized as a global leader in sustainable design and engineering, with over 15 years of experience in supporting the EU's energy and climate objectives [1][6] - The company emphasizes an integrated approach that tailors technical solutions to local contexts while adhering to international best practices [5][6] - Stantec's operations will be coordinated from Belgium, leveraging a global network of specialists in energy, climate, and infrastructure development [5][6] Strategic Goals - The second phase of the Global TAF will enhance support for energy sector reforms, governance, and strategic partnerships, aiming to create enabling environments for investment [3][4] - Stantec is committed to sharing lessons learned across regions and institutions through knowledge management and training activities [4][5] - The company aims to contribute to a just and sustainable energy transition, reflecting the trust placed in its capabilities to manage complex, multi-country energy programs [3][4]

Core Insights - Analysts at the Bank of Nova Scotia have expanded their list of stock recommendations following the announcement of six new major infrastructure projects by Prime Minister Mark Carney, adding to an initial five projects [1] Group 1: New Infrastructure Projects - The new projects include an electricity transmission corridor, a floating liquefied natural gas (LNG) terminal in northern British Columbia, a critical mineral mine in New Brunswick, a nickel mine in Ontario, a graphite mine in Quebec, and a hydro line to the Arctic [1] Group 2: Beneficiary Companies - Snowline Gold Corp. (TSX:SGD) may benefit from lower energy costs due to the B.C. electricity project [1] - Enbridge Inc. (TSX:ENB) is expected to play a role in the LNG terminal, potentially assisting in building a pipeline for the project [1] - Alberta gas companies such as AltaGas Ltd. (TSX:ALA), Keyera Corp. (TSX:KEY), and Pembina Pipeline Corp. (TSX:PPL) could also benefit from the LNG terminal [1] - TC Energy Corp. (TSX:TCL) may be involved in further large-scale pipeline investments in the region [1] Group 3: Engineering and Construction Stocks - Several engineering and construction companies have been highlighted, including AtkinsRealis Group Inc. (TSX:ATRL), Stantec Inc. (TSX:STN), and WSP Global Inc. (TSX:WSP) [1] - Equipment dealers such as Finning International Inc. (TSX:FTT) and Toromont Industries Ltd. (TSX:TIH) are also noted as potential beneficiaries [1] Group 4: Transportation Companies - Transportation companies like Canadian National Railway Co. (TSX:CNR) and Canadian Pacific Kansas City Ltd. (TSX:CP) may see upside from these infrastructure developments [1]

Core Viewpoint - Stantec Inc. has shown strong financial performance and growth potential, leading to an upgrade in stock rating by RBC Capital, despite a recent decline in stock price [2][3][4]. Financial Performance - Stantec reported a net revenue of $1.7 billion for Q3 2025, representing an 11.8% increase compared to the same period in 2024 [3][6]. - The adjusted EBITDA for the same quarter rose by 17.8% to $323.4 million, with an EBITDA margin improvement to 19.0% [3][6]. Contract Backlog and Future Outlook - The company's contract backlog increased to $8.4 billion, marking a 14.9% year-over-year rise, indicating a strong pipeline of projects [4][6]. - Stantec has raised its full-year adjusted EBITDA margin guidance, reflecting positive expectations for the remainder of 2025 [4]. Stock Performance - On November 17, 2025, RBC Capital upgraded Stantec's stock to "Outperform," with a price target increase from C$153 to C$168 [2][6]. - Despite the positive outlook, Stantec's stock price decreased by 6.75% on the same day, closing at $98.76, with a market capitalization of approximately $11.27 billion [5].

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Financial Data and Key Metrics Changes - Net revenue grew to CAD 1.7 billion in Q3 2025, an increase of almost 12% compared to Q3 2024, driven by organic and acquisition growth, each over 5% [3][8] - Adjusted EBITDA increased by close to 18% year over year, achieving a record margin of 19% [3][8] - Adjusted EPS grew by 17.7% compared to Q3 2024, reaching CAD 1.53 [9] - Year-to-date operating cash flows increased by 86% compared to 2024, from CAD 296 million to CAD 551 million [9] Business Line Data and Key Metrics Changes - The water business delivered almost 13% organic growth, while energy and resources achieved nearly 10% organic growth [3] - In the U.S., net revenue increased over 14% in Q3, driven by 4.6% organic growth and almost 9% acquisition growth [4] - The buildings business saw net revenue increase by more than 40% in Q3, attributed to the acquisition of Page and continued organic growth [4] Market Data and Key Metrics Changes - In Canada, net revenue grew 7.6% in Q3, driven entirely by organic growth, with double-digit growth in water and energy resources [5][6] - Global business delivered net revenue growth of almost 11% in Q3, achieving 5.5% organic and 2.8% acquisition growth [7] - The U.K. and Australia saw continued double-digit organic growth in the water business due to public sector investment [7] Company Strategy and Development Direction - The company maintains its net revenue growth guidance for the full year while increasing adjusted EBITDA margin outlook to 17.2%-17.5% [13] - The company is optimistic about growth in Canada and globally, expecting mid to high single-digit organic net revenue growth [13] - The company is focused on diversifying its business and pursuing M&A opportunities to support growth [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand driven by ongoing needs and priorities of clients, despite some near-term challenges in the U.S. market [13][18] - The recent federal budget in Canada is expected to prioritize infrastructure investments, providing long-term support for the industry [13] - Management remains positive about the prospects for 2026, citing strong momentum in various sectors [19] Other Important Information - The contract backlog stood at CAD 8.4 billion at the end of Q3, an almost 15% increase year over year [11] - Significant project wins include a CAD 7 billion high-voltage project for Manitoba Hydro and a $745 million project in South Carolina [12] Q&A Session Summary Question: Thoughts on 2026 outlook - Management indicated strong momentum going into 2026, with continued support in the water business and infrastructure projects in Canada [17][18] Question: Canadian infrastructure opportunities - Management highlighted solid organic growth in Canada, particularly in land development and water projects, with no slowdown expected [22][23] Question: Concerns about U.S. market conditions - Management acknowledged some uncertainty in the U.S. but emphasized strong macro fundamentals and ongoing demand drivers [31][32] Question: Update on M&A pipeline - Management confirmed a robust M&A environment with ongoing discussions and a positive outlook for future acquisitions [35] Question: Margin sustainability into 2026 - Management expressed confidence in continued EBITDA margin expansion, driven by organic revenue activity [58][59] Question: Exposure to defense spending - Management noted limited exposure to defense but sees potential growth opportunities in related infrastructure projects [61][62] Question: Free cash flow performance - Management attributed strong free cash flow to effective working capital management and expects continued positive trends [64][65]

Financial Data and Key Metrics Changes - Net revenue grew to CAD 1.7 billion in Q3 2025, an increase of almost 12% compared to Q3 2024, driven by organic and acquisition growth, each over 5% [3][8] - Adjusted EBITDA increased by close to 18% year over year, achieving a record margin of 19% [3][8] - Adjusted EPS grew by 17.7% to CAD 1.53 compared to Q3 2024 [9] - Year-to-date operating cash flows increased by 86% compared to 2024, from CAD 296 million to CAD 551 million [9] Business Line Data and Key Metrics Changes - The water business delivered almost 13% organic growth, while energy and resources achieved nearly 10% organic growth [3] - In the U.S., net revenue increased over 14% in Q3, driven by 4.6% organic growth and almost 9% acquisition growth [4] - The buildings business saw net revenue increase by more than 40% in Q3, attributed to the acquisition of Page and continued organic growth [4] Market Data and Key Metrics Changes - In Canada, net revenue grew 7.6% in Q3, driven entirely by organic growth, with double-digit growth in water and energy resources [5][6] - Global business delivered net revenue growth of almost 11% in Q3, achieving 5.5% organic and 2.8% acquisition growth [7] - The U.K. and Australia saw continued double-digit organic growth in the water business due to public sector investment [7] Company Strategy and Development Direction - The company maintains its net revenue growth guidance for the full year while increasing adjusted EBITDA margin outlook to 17.2%-17.5% [13] - The company is optimistic about growth in Canada and globally, supported by ongoing high levels of activity in water and infrastructure sectors [14] - The company aims to deliver net revenue of CAD 7.5 billion by the end of next year, reflecting its strategic plan for 2024 to 2026 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed strong momentum going into 2026, with continued support in the water business and infrastructure investments in Canada [17][18] - There are concerns about slower procurement cycles in the U.S. but management remains optimistic about long-term demand drivers [29][32] - The company sees strong demand for defense-related infrastructure projects, although current exposure is limited [60][61] Other Important Information - The contract backlog stood at CAD 8.4 billion, an almost 15% increase year over year, representing approximately 13 months of work [11] - The integration of the Page acquisition is progressing well, with expected revenue synergies [51][52] Q&A Session Summary Question: Outlook for 2026 - Management indicated strong momentum going into 2026, with continued support in the water business and infrastructure investments in Canada [17][18] Question: Canadian Infrastructure Opportunities - Management highlighted solid organic growth in Canada, particularly in land development and water projects, with no slowdown expected [22][23] Question: Concerns about Economic Data - Management acknowledged some uncertainty in the U.S. market but emphasized strong long-term demand drivers [29][32] Question: M&A Pipeline Update - Management confirmed a robust M&A pipeline with ongoing discussions and a positive outlook for future acquisitions [35][36] Question: Margin Sustainability - Management expressed confidence in continued EBITDA margin expansion, driven by organic revenue activity [57][58] Question: Free Cash Flow Performance - Management noted strong free cash flow performance due to effective working capital management and collection efforts [63][64] Question: Data Center Activity - Management reported working on over 100 data centers, with expectations for growth in this area [82][83]