Document

Exhibit 99.2 - Stantec Inc.'s Unaudited Interim Condensed Consolidated Financial Statements

Interim Condensed Consolidated Statements of Financial Position

(Unaudited)


		September 30, 2026	December 31, 2025
(In millions of Canadian dollars)	Notes	$	$

ASSETS
Current
Cash and cash equivalents	3a	448.1	398.1
Trade and other receivables	5	1,512.1	1,306.5
Unbilled receivables		902.4	761.6
Contract assets		147.0	111.2
Income taxes recoverable		93.8	127.5
Prepaid expenses		75.2	66.7
Other assets	7	209.4	19.2
Total current assets		3,388.0	2,790.8
Non-current
Property and equipment		310.5	308.4
Lease assets	6	532.9	545.4
Goodwill		3,371.1	3,221.8
Intangible assets		506.9	594.5

Net employee defined benefit plan asset	15	79.3	87.4
Deferred tax assets		98.0	115.4
Other assets	7	275.9	293.2
Total assets		8,562.6	7,956.9
LIABILITIES AND EQUITY
Current
Bank indebtedness	8	12.4	29.6
Trade and other payables	3a	1,235.2	1,125.3
Lease liabilities		119.7	113.6
Deferred revenue		555.9	581.7
Income taxes payable		46.1	26.5
Long-term debt	8	155.8	291.0
Provisions	9	249.7	46.5
Other liabilities	10	38.1	51.8
Total current liabilities		2,412.9	2,266.0
Non-current
Lease liabilities		596.1	585.4

Long-term debt	8	1,845.4	1,527.3
Provisions	9	184.8	191.2
Net employee defined benefit plan liability	15	21.2	18.9
Deferred tax liabilities		79.3	72.6
Other liabilities	10	50.3	55.1
Total liabilities		5,190.0	4,716.5





Total shareholders’ equity		3,372.6	3,240.4

Total liabilities and shareholders' equity		8,562.6	7,956.9

See accompanying notes


			F-1			Stantec Inc.

Interim Condensed Consolidated Statements of Income

(Unaudited)


		For the quarter ended September 30,		For the three quarters ended September 30,
		2026	2025	2026	2025

(In millions of Canadian dollars, except per share amounts)	Notes	$	$	$	$
Gross revenue		2,353.1	2,140.5	6,648.8	6,028.4
Less subconsultant and other direct expenses		488.2	435.1	1,309.0	1,173.3

Net revenue		1,864.9	1,705.4	5,339.8	4,855.1
Direct payroll costs	15	840.0	777.5	2,430.1	2,219.0

Project margin		1,024.9	927.9	2,909.7	2,636.1

Administrative and marketing expenses	12,14,15	661.4	616.0	1,957.9	1,826.3
Depreciation of property and equipment		18.6	18.9	54.4	53.8
Depreciation of lease assets		35.5	35.3	105.3	98.6
Amortization of intangible assets		38.9	35.8	121.8	95.8
Net (reversal) impairment of lease assets	6	(0.1)	(0.8)	12.8	(1.7)
Net interest expense and other net finance expense	16	27.6	28.5	78.7	71.1



Other expense (income)	17	1.4	(4.6)	(9.5)	(15.7)

Income before income taxes		241.6	198.8	588.3	507.9

Income taxes
Current		56.4	4.6	125.6	85.1
Deferred		5.6	44.2	22.0	37.3

Total income taxes		62.0	48.8	147.6	122.4






Net income for the period		179.6	150.0	440.7	385.5

Weighted average number of shares outstanding - basic and diluted		112,106,854	114,066,995	113,237,471	114,066,995



Shares outstanding, end of the period		110,676,474	114,066,995	110,676,474	114,066,995





Earnings per share - basic and diluted		1.60	1.32	3.89	3.38

See accompanying notes


			F-2			Stantec Inc.

Interim Condensed Consolidated Statements
of Comprehensive Income

(Unaudited)


		For the quarter ended September 30,		For the three quarters ended September 30,
		2026	2025	2026	2025

(In millions of Canadian dollars)	Notes	$	$	$	$
Net income for the period		179.6	150.0	440.7	385.5
Other comprehensive income (loss)

Items that may be reclassified to net income in subsequent periods:
Exchange differences on translation of foreign operations	14	5.4	61.8	143.7	(28.1)

Net unrealized (loss) gain on financial instruments	7,14	(4.9)	0.6	(10.9)	4.4
		0.5	62.4	132.8	(23.7)
Items not to be reclassified to net income:
Remeasurement loss on net employee defined benefit plans	15	—	—	(8.4)	—

Other comprehensive income (loss) for the period, net of tax		0.5	62.4	124.4	(23.7)

Total comprehensive income for the period, net of tax		180.1	212.4	565.1	361.8

See accompanying notes


			F-3			Stantec Inc.

Interim Condensed Consolidated Statements of Shareholders’ Equity

(Unaudited)


	Shares Outstanding (note 12)	Share Capital	Contributed Surplus	Retained Earnings	Accumulated Other Comprehensive Income	Total
(In millions of Canadian dollars, except shares)	#	$	$	$	$	$

Balance, December 31, 2024	114,066,995	1,271.3	5.5	1,370.4	297.9	2,945.1
Net income				385.5		385.5
Other comprehensive loss					(23.7)	(23.7)
Total comprehensive income				385.5	(23.7)	361.8





Dividends declared				(77.1)		(77.1)

Balance, September 30, 2025	114,066,995	1,271.3	5.5	1,678.8	274.2	3,229.8

Balance, December 31, 2025	114,066,995	1,271.3	5.5	1,747.0	216.6	3,240.4
Net income				440.7		440.7
Other comprehensive income					124.4	124.4
Total comprehensive income				440.7	124.4	565.1


Shares repurchased (note 12)	(3,390,521)	(44.6)	(0.2)	(305.6)		(350.4)

Dividends declared (note 12)				(82.5)		(82.5)

Balance, September 30, 2026	110,676,474	1,226.7	5.3	1,799.6	341.0	3,372.6

See accompanying notes


			F-4			Stantec Inc.

Interim Condensed Consolidated Statements of Cash Flows

(Unaudited)


		For the quarter ended September 30,		For the three quarters ended September 30,
		2026	2025	2026	2025
(In millions of Canadian dollars)	Notes	$	$	$	$
OPERATING ACTIVITIES
Net income		179.6	150.0	440.7	385.5
Add (deduct) items not affecting cash:



Depreciation and amortization		93.0	90.0	281.5	248.2
Net (reversal) impairment of lease assets	6	(0.1)	(0.8)	12.8	(1.7)
Deferred income taxes		5.6	44.2	22.0	37.3

Share-based compensation	12	13.2	8.3	32.8	31.9
Provisions		19.1	21.4	59.4	53.2
Other non-cash items		0.4	(6.0)	4.7	(0.7)
		310.8	307.1	853.9	753.7
Trade and other receivables		(63.5)	(28.3)	(181.5)	185.5
Unbilled receivables		(70.0)	(90.8)	(138.7)	(207.6)
Contract assets		(13.2)	(3.4)	(35.8)	(15.2)
Prepaid expenses		17.4	16.3	(7.6)	3.3
Income taxes net recoverable		41.3	(7.2)	56.8	(63.6)
Trade and other payables and other accruals		170.1	131.6	(23.8)	(79.0)
Deferred revenue		(0.6)	(9.4)	(14.7)	(26.5)
		81.5	8.8	(345.3)	(203.1)


Net cash flows from operating activities		392.3	315.9	508.6	550.6
INVESTING ACTIVITIES
Business acquisitions, net of cash acquired	4	(54.2)	(417.1)	(54.2)	(453.9)
Purchase of investments held for self-insured liabilities	7	(10.4)	(15.0)	(71.0)	(73.8)
Proceeds from sale of investments held for self-insured liabilities	7	9.3	15.2	92.3	63.4
Purchase of property and equipment and intangible assets		(19.7)	(14.3)	(61.2)	(49.4)
Other		0.1	0.4	1.7	2.0
Net cash flows used in investing activities		(74.9)	(430.8)	(92.4)	(511.7)
FINANCING ACTIVITIES
Net proceeds from issue of senior unsecured notes	8	—	—	—	422.9
Net proceeds (repayment) from revolving credit facility	8	90.0	190.3	438.4	(65.7)
Repayment of term loan credit facility	8	—	—	(100.0)	—
Repayment of notes payable and other financing obligations	8	(93.5)	—	(181.4)	(75.1)
Net (repayment) proceeds of bank indebtedness		(8.9)	—	(17.2)	9.1
Net lease payments		(34.0)	(40.8)	(115.0)	(111.4)
Repurchase of shares for cancellation	12	(174.5)	—	(350.4)	—

Payment of dividends to shareholders	12	(27.6)	(25.7)	(81.2)	(75.3)

Net cash flows (used in) from financing activities		(248.5)	123.8	(406.8)	104.5
Foreign exchange gain (loss) on cash held in foreign currency		1.9	8.1	27.6	(10.4)
Net increase in cash and cash equivalents		70.8	17.0	37.0	133.0
Cash and cash equivalents, December 31, 2025 as originally presented		—	—	398.1	—
Impact of change in accounting policy on January 1, 2026	3a	—	—	13.0	—
Revised cash and cash equivalents, beginning of the period		377.3	344.5	411.1	228.5
Cash and cash equivalents, end of the period		448.1	361.5	448.1	361.5

See accompanying notes


			F-5			Stantec Inc.

Index to the Notes to the Unaudited Interim Condensed Consolidated Financial Statements

Note

Page

Corporate Information

F-7

Basis of Preparation

F-7

Recent Accounting Pronouncements and Changes to Accounting Policies

F-7

Business Acquisitions

F-8

Trade and Other Receivables

F-10

F-10

F-10

F-11

F-12

F-13

F-13

F-13

Fair Value Measurements

F-14

Financial Instruments

F-16

Employee Costs

F-16

Net Interest Expense and Other Net Finance Expense

F-17

Other Expense (Income)

F-17

Cash Flow Information

F-18

Segmented Information

F-19

Event after the Reporting Period

F-21


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-6			Stantec Inc.

Notes to the Unaudited Interim Condensed
Consolidated Financial Statements

1.Corporate Information

The interim condensed consolidated financial statements (consolidated financial statements) of Stantec Inc., its subsidiaries, and its structured entities (the Company) for the three quarters ended September 30, 2026, were authorized for issuance in accordance with a resolution of the Company’s Audit and Risk Committee on November 12, 2026. The Company was incorporated under the Canada Business Corporations Act on March 23, 1984. Its shares are traded on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) under the symbol STN. The Company’s registered office is located at Suite 300, 10220 - 103 Avenue, Edmonton, Alberta. The Company is domiciled in Canada.

Stantec is a global leader in sustainable engineering, architecture, and environmental consulting. Our professionals deliver the expertise, technology, and innovation communities need to manage aging infrastructure, demographic and population changes, the energy transition, and more. The Company’s services include engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics, from initial project concept and planning through to design, construction administration, commissioning, maintenance, decommissioning, and remediation.

2.Basis of Preparation

These consolidated financial statements for the three quarters ended September 30, 2026 were prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. These consolidated financial statements do not include all information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Company’s December 31, 2025 annual consolidated financial statements. These consolidated financial statements are presented in Canadian dollars and all values are rounded to the nearest million, except where otherwise indicated.

The accounting policies applied when preparing the Company’s consolidated financial statements are consistent with those followed when preparing the annual consolidated financial statements for the year ended December 31, 2025, except as described in note 3.

The preparation of these consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of revenues, expenses, assets, and liabilities. The significant judgments made by management when applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Company’s December 31, 2025 annual consolidated financial statements.

3.Recent Accounting Pronouncements and Changes to Accounting Policies

a) Recent adoptions

On January 1, 2026, the Company adopted the International Accounting Standards Board (IASB) issued Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) on a retrospective basis. The amendments clarify that financial liabilities are derecognized on the settlement date, subject to an accounting policy choice for certain financial liabilities settled through an electronic payment system; clarify the classification and measurement requirements for financial assets with Environmental, Social, and Governance linked and non-recourse features; and add certain disclosure requirements.

Adopting the amendments resulted in a change in the accounting policy for derecognition of liabilities settled with cash. Previously, the Company derecognized liabilities settled with cash on payment instruction. Under the new policy, the Company has elected to apply the optional exception to derecognize financial liabilities settled through


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-7			Stantec Inc.

qualifying electronic payment systems on payment instruction, while financial liabilities settled through other methods are derecognized on settlement.

The amendments apply retrospectively; however, the Company was not required to restate prior periods to reflect their application under transitional provisions. The adjustment to cash and cash equivalents and trade and other payables at January 1, 2026 is reflected in the consolidated statements of cash flows. The amendments did not have any other material effects on the consolidated financial statements of the Company.

b) Future adoptions

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1 Presentation of Financial Statements and will be accompanied by limited amendments to IAS 7 Statement of Cash Flows, IAS 33 Earnings per Share, and IAS 34 Interim Financial Reporting. IFRS 18 will introduce a defined structure for the statement of profit or loss and add disclosures about management-defined performance measures (MPMs) and new principles for aggregation and disaggregation of information. The standard will be effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted.

The Company is currently assessing the impact of these new and amended accounting standards on its presentation and disclosure. The most significant expected impacts identified through its preliminary assessment are described below:

•Statement of Income or Loss: Although the adoption of IFRS 18 will have no impact on the Company’s net income or loss, the presentation of the Company’s consolidated statements of income or loss will change, including the reclassification of income and expenses into operating, investing, and financing categories and the presentation of two new subtotals, ‘operating profit or loss’ and ‘profit or loss before financing and income taxes’.

•Statement of Cash Flows: The consequential amendments to IAS 7 will result in a change to the starting point for determining cash flows from operations from ‘net income or loss’ to ‘operating profit or loss’, as well as the reclassification of interest and dividends received and interest paid from operating activities to investing and financing activities, respectively.

•Notes to the Financial Statements: Certain financial measures and related information currently reported as ‘Non-IFRS and Other Financial Measures’ in the Company’s management discussion & analysis are expected to be MPMs under IFRS 18, resulting in additional disclosures in the notes to the consolidated financial statements.

The actual impacts of adopting the new and amended accounting standards on January 1, 2027 may change as the Company has not finalized its assessment.

4.Business Acquisitions

Niche

As of August 6, 2026, the Company acquired all of the issued and outstanding shares of Niche Environment and Heritage Pty Ltd and Ausecology Pty Ltd (collectively Niche). Niche is a 200-person engineering and environmental consultancy firm with locations in the Australian states of Queensland, New South Wales, and Victoria. This acquisition provides additional capacity and market presence for the Company's Environmental Services operations in Australia and in the Global group of cash generating units.


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-8			Stantec Inc.

Details of the consideration transferred and the fair value of the identifiable assets acquired and liabilities assumed at the date of acquisition were as follows:


	Notes	Total $

Cash consideration		55.2
Notes payable	8	0.4
Consideration		55.6

Cash consideration		55.2
Cash acquired		1.0
Net cash paid		54.2

Assets and liabilities acquired
Cash		1.0
Non-cash working capital
Trade and unbilled receivables		4.1

Trade and other payables		(8.5)





Intangible assets		16.3


Long-term debt		(3.5)

Deferred tax liabilities		(4.0)
Other		1.0
Total identifiable net assets at fair value		6.4
Goodwill arising on acquisition		49.2

Notes payable consists of deferred consideration payable to the sellers and is recognized at fair value at the acquisition date.

Goodwill consists of the value of expected synergies arising from an acquisition, the expertise and reputation of the assembled workforce acquired, and the geographic location of the acquiree.

Niche's gross revenue since the acquisition date was $5.1. If the acquisition of Niche had taken place at the beginning of the year, gross revenue from the combined continuing operations would have been $6,671.7.

Management's preliminary estimates with the most significant aspects remaining to be finalized relate to the valuation of unbilled receivables, intangible assets and consideration. Once the outstanding information is received, reviews are completed, and approvals are obtained, the valuation of acquired assets and liabilities will be finalized.

Fair value of net assets for prior year acquisitions

The preliminary fair values of the net assets recognized in the Company’s consolidated financial statements were based on management’s best estimates of the acquired identifiable assets and liabilities at the acquisition date. Management finalized the fair value assessments of assets and liabilities purchased from Page, Cosgroves and Ryan Hanley.

Measurement period adjustments for the Page acquisition completed in 2025, decreased deferred revenue by $12.9, lease assets by $8.8, intangible assets by $2.6, and other net assets by $1.5. No measurement period adjustments were made for Cosgroves and Ryan Hanley.


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-9			Stantec Inc.

5.Trade and Other Receivables


		September 30, 2026	December 31, 2025
	Notes	$	$
Trade receivables, net of expected credit losses of $4.0 (2025 – $3.0)		1,456.5	1,260.2

Holdbacks and other		43.1	31.8
Insurance receivables	9	12.5	14.5
Trade and other receivables		1,512.1	1,306.5

The aging analysis of gross trade receivables is as follows:


	Total	1–30	31–60	61–90	91–120	121+
	$	$	$	$	$	$
September 30, 2026	1,460.5	814.3	336.0	113.9	66.0	130.3
December 31, 2025	1,263.2	741.2	274.7	106.1	41.0	100.2

Remaining performance obligations (backlog)

The aggregate amount of estimated revenue related to performance obligations that were unsatisfied (or partially unsatisfied) as at December 31, 2025 was revised from $8,570.2 to $8,399.4 and December 31, 2024 was revised from $7,823.9 to $7,713.4, following the identification of certain reporting adjustments.

6.Lease Assets

As part of the Company’s strategic plan and acquisition integration activities, the real estate portfolio is evaluated for opportunities to generate positive returns from subleasing otherwise underutilized office space. During the three quarters ended September 30, 2026, the Company executed certain subleasing agreements that resulted in a net impairment of the related lease assets of $12.8 primarily in the Canada reportable segment (September 30, 2025 - net impairment reversal of $1.7 primarily in the United States reportable segment).The impairment charges were calculated based on the value-in-use method.

7.Other Assets


		September 30, 2026	December 31, 2025
	Notes	$	$
Financial assets
Investments held for self-insured liabilities	13	203.1	215.1
Holdbacks on long-term contracts		25.3	26.1
Derivative financial instruments	13,14	4.1	16.2
Insurance recovery assets	9	195.5	5.1
Other		39.7	33.8
Non-financial assets

Other		17.6	16.1
		485.3	312.4
Less current portion - financial		207.8	17.6
Less current portion - non-financial		1.6	1.6
Long-term portion		275.9	293.2


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-10			Stantec Inc.

Financial assets — Other primarily includes sublease receivables and deposits. Non-financial assets — Other primarily includes transaction costs on long-term debt, investment tax credits, and investments in joint ventures and associates.

Investments held for self-insured liabilities include government and corporate bonds that are classified as fair value through other comprehensive income with unrealized gains (losses) recorded in other comprehensive income. Investments also include equity securities that are classified as fair value through profit and loss with gains (losses) recorded in net income.

8.Long-Term Debt


		September 30, 2026	December 31, 2025
	Notes	$	$
Senior unsecured notes	13	972.2	971.6
Revolving credit facilities		455.0	16.0
Term loan and bilateral facilities		308.0	407.5
Notes payable	13	238.4	364.7
Other financing obligations		27.6	58.5
		2,001.2	1,818.3
Less current portion		155.8	291.0
Long-term portion		1,845.4	1,527.3

Senior unsecured notes

The Company's senior unsecured notes (the notes) consist of:

•$300 of notes that mature on October 8, 2027, bearing interest at a fixed rate of 2.048% per annum;

•$250 of notes that mature on June 27, 2030, bearing interest at a fixed rate of 5.393% per annum; and

•$425 of notes that mature on June 10, 2032, bearing interest at a fixed rate of 4.374% per annum.

The notes rank pari passu with all other debt and future indebtedness of the Company.

Revolving credit, term loan, and bilateral facilities

The Company has syndicated senior credit facilities consisting of an unsecured senior revolving credit facility in the maximum amount of $1.2 billion, an unsecured senior term loan of $310 in two tranches (comprised of $150 tranche B and $160 tranche C), and access to additional funds of $600 subject to approval and under the same terms and conditions. The senior revolving credit and term loan facilities may be repaid from time to time at the option of the Company.

The funds available under the senior revolving credit facility are reduced by overdrafts and outstanding letters of credit issued pursuant to the facility agreement. At September 30, 2026, $726.0 (December 31, 2025 - $1,164.1) was available under the senior revolving credit facility.

The Company also has an unsecured revolving bilateral credit facility of US$100 which remained undrawn as at September 30, 2026. The Company's unsecured term bilateral credit facility of $100 matured on June 26, 2026.

The average interest rate for the revolving credit facilities and term loan facilities at September 30, 2026, was 3.95% (December 31, 2025 – 3.77%).

The Company is subject to restrictive covenants related to its revolving credit facility, term loan and bilateral facilities, and senior unsecured notes, which are measured quarterly. These covenants are consistent with those disclosed in the Company’s annual consolidated financial statements for the year ended December 31, 2025. The Company was in compliance with these covenants as at and throughout the three quarters ended September 30, 2026.


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-11			Stantec Inc.

Bank indebtedness

The Company has an uncommitted unsecured multicurrency credit facility of up to £20 and an overdraft facility of up to AU$5, repayable on demand. Bank indebtedness also includes overdrafts drawn under the terms of the Company’s syndicated senior credit facilities.

Notes payable and other finance obligations

Notes payable consists primarily of amounts issued to sellers for acquisitions and are due at various times from 2026 to 2028. Repayment is contingent on selling shareholders complying with the terms of the acquisition agreements.

The Company has other financing obligations for software (included in intangible assets), equipment, and leasehold improvements. These obligations expire at various dates before February 2029.

Letter of credit and surety facilities

The Company issues letters of credit within its revolving credit facility and has separate facilities outside of its revolving credit facility that provide letters of credit. The Company also enters into bonds for certain projects.

9.Provisions


	Self-insured liabilities	Claims	Lease restoration	Onerous contracts	Total
	$	$	$	$	$
January 1, 2026	119.1	63.9	35.5	19.2	237.7
Current period provisions	39.5	214.5	4.1	3.2	261.3

Paid or otherwise settled	(39.2)	(18.8)	(2.2)	(10.8)	(71.0)
Impact of foreign exchange	3.3	2.3	0.8	0.1	6.5
	122.7	261.9	38.2	11.7	434.5
Less current portion	13.2	225.7	4.9	5.9	249.7
Long-term portion	109.5	36.2	33.3	5.8	184.8

The provision for claims includes amounts for legal claims where the estimated settlement amount exceeds the respective amounts covered by the Company’s captive insurance policies. These amounts are eligible for reimbursement under the Company’s third-party insurance coverage, subject to contractual limits. As at September 30, 2026, the Company has recorded $208.0 within accounts receivable (note 5) and other assets (note 7) based on management's judgment that reimbursement of these provisions is virtually certain upon settlement of the obligation.

During the quarter ended September 30, 2026, the Company recognized a provision in respect of deficiencies identified in the performance of past services rendered. The provision reflects management’s best estimate of the expenditure required to settle these matters and is subject to significant estimation uncertainty. Settlement is currently expected within the next 12 months. The amount and timing of ultimate settlement will depend on the outcome of ongoing dispute resolution efforts and, if necessary, subsequent legal proceedings. The Company has also recognized a receivable within other assets related to third-party insurance coverage associated with this matter. Management has determined that reimbursement from third-party insurers is virtually certain upon the Company’s settlement of the provision. The estimated amount of the provision does not exceed the applicable insurance coverage, and these amounts have been presented on a net basis within administrative and marketing expenses.


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-12			Stantec Inc.

10. Other Liabilities


	September 30, 2026	December 31, 2025
	$	$
Cash-settled share-based compensation	61.8	81.1


Other	26.6	25.8
	88.4	106.9
Less current portion	38.1	51.8
Long-term portion	50.3	55.1

11. Contingencies

The Company's services can result in substantial injury or damages that may expose it to legal proceedings, investigations and disputes. The nature of the Company’s legal claims and the provisions recorded for these claims are described in notes 4, 5 and 21 of the annual consolidated financial statements for the year ended December 31, 2025. Although the Company accrues adequate provisions for probable legal claims, it has contingent liabilities relating to probable claims for which a range of possible outcomes cannot be reasonably estimated or relating to reported legal incidents that, based on current known facts, are not probable to result in future cash outflows. The Company is monitoring these incidents and will not accrue any provision until further information results in a situation in which the criteria required to record a provision is met. Due to the nature of these incidents, such as the range of possible outcomes and the possibility of litigation, it is not practicable for management to estimate the financial effects of these incidents, the amount and timing of future outflows, and the possibility of any reimbursement of these outflows.

12. Share Capital


Authorized
Unlimited						Common shares, with no par value
Unlimited						Preferred shares issuable in series, with attributes designated by the board of directors

Common shares

During the quarter, the Company amended its Normal Course Issuer Bid (NCIB), increasing the maximum number of common shares available for repurchase from 2,281,339, originally approved in the first quarter of 2026, to 5,703,349 during the period March 12, 2026 to March 11, 2027. The Automatic Share Purchase Plan (ASPP) was also amended for the increase in the maximum number of common shares available for repurchase. The ASPP permits a designated broker, in its sole discretion and based on the parameters established by the Company, to purchase common shares for cancellation under the NCIB at any time during predetermined trading blackout periods. During the first three quarters of 2026, 3,390,521 common shares were repurchased for cancellation, pursuant to the NCIB, at a cost of $350.4 (September 30, 2025 - no shares were repurchased for cancellation). As at September 30, 2026 and December 31, 2025, no liability was recorded in the Company’s consolidated statements of financial position in connection with the ASPP.


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-13			Stantec Inc.

Dividends

Holders of common shares are entitled to receive dividends when declared by the Company’s board of directors. The table below describes the dividends paid in 2026:

Dividend per Share

Paid

Date Declared

Record Date

Payment Date

November 13, 2025

December 31, 2025

January 15, 2026

0.225

25.7

February 25, 2026

March 31, 2026

April 15, 2026

0.245

27.9

May 13, 2026

June 30, 2026

July 15, 2026

0.245

27.6

August 12, 2026

September 29, 2026

October 15, 2026

0.245

—

At September 30, 2026, trade and other payables included $27.0 related to the dividends declared on August 12, 2026.

Share-based payment transactions

During the third quarter of 2026, the Company recognized a net share-based compensation expense of $13.2 (September 30, 2025 - $8.3) in administrative and marketing expenses in the consolidated statements of income.

During the first three quarters of 2026, the Company recognized a net share-based compensation expense of $32.8 (September 30, 2025 - $31.9) in administrative and marketing expenses in the consolidated statements of income.

During the first three quarters of 2026, the Company granted 159,593 Performance Share Units (PSUs) at a fair value of $16.4 (September 30, 2025 - 112,609 units for $20.0) and 162,822 Restricted Share Units (RSUs) at a fair value of $17.2 (September 30, 2025 - 110,985 units for $15.7) under the same terms, conditions, and vesting requirements as the units issued in 2025.

During the first three quarters of 2026, 168,086 PSUs were paid at a value of $23.6 (September 30, 2025 - 238,114 PSUs were paid at a value of $35.4) and 101,718 RSUs were paid at a value of $11.6 (September 30, 2025 - 131,316 RSUs were paid at a value of $18.3).

13. Fair Value Measurements

All financial instruments carried at fair value are categorized into one of the following:

•Level 1 – quoted market prices

•Level 2 – valuation techniques (market observable)

•Level 3 – valuation techniques (non-market observable)

When forming estimates, the Company uses the most observable inputs available for valuation purposes. If a fair value measurement reflects inputs of different levels within the hierarchy, the financial instrument is categorized based on the lowest level of significant input.

When determining fair value, the Company considers the principal or most advantageous market in which it would transact and the assumptions that market participants would use when pricing the asset or liability. The Company measures certain financial assets and liabilities at fair value on a recurring basis.

For financial instruments recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorizations at the end of each reporting period.

In the first three quarters of 2026, no changes were made to the method of determining fair value and no transfers were made between levels of the hierarchy.


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-14			Stantec Inc.

The following tables summarize the Company’s fair value hierarchy for those assets and liabilities measured and adjusted to fair value on a recurring basis:


		Carrying Amount	Level 1	Level 2	Level 3
At September 30, 2026	Notes	$	$	$	$
Assets
Investments held for self-insured liabilities	7	203.1	—	203.1	—

Derivative financial instruments	7,14	4.1	—	4.1	—

Liabilities
Notes payable	8	238.4	—	—	238.4
Derivative financial instruments	10,14	9.2	—	9.2	—

At December 31, 2025
Assets
Investments held for self-insured liabilities	7	215.1	—	215.1	—
Derivative financial instruments	7,14	16.2	—	16.2	—
Liabilities
Notes payable	8	364.7	—	—	364.7
Derivative financial instruments	10,14	3.8	—	3.8	—

Investments held for self-insured liabilities consist of government and corporate bonds and equity securities. Fair value of bonds is determined using observable prices of debt with characteristics and maturities that are similar to the bonds being valued. Fair value of equities is determined using the reported net asset value per share of the investment funds. The funds derive their value from observable quoted prices of the equities owned that are traded in an active market.

The fair value of notes payable includes a forfeiture assumption which is not based on observable market data and as such, the valuation method is classified as level 3 in the fair value hierarchy. The forfeiture assumption is based on historical forfeiture experience, which has not been significant. For payments with terms greater than one year, the estimated liability is discounted using market rates of interest.

The following tables summarize the Company’s fair value hierarchy for those liabilities that were not measured at fair value but are required to be disclosed at fair value on a recurring basis:


		Carrying Amount	Level 1	Level 2	Level 3
At September 30, 2026	Note	$	$	$	$
Senior unsecured notes	8	972.2	—	976.1	—



At December 31, 2025
Senior unsecured notes	8	971.6	—	979.4	—

The fair value of senior unsecured notes is determined by calculating the present value of future payments using observable benchmark interest rates and credit spreads for debt with similar characteristics and maturities.


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-15			Stantec Inc.

14. Financial Instruments

This note disclosure should be read in conjunction with the financial instruments section (note 24) in the annual consolidated financial statements for the year ended December 31, 2025.

Total return swaps on share-based compensation units

The Company has total return swap (TRS) agreements with financial institutions to manage its exposure to changes in the fair value of the Company's shares for certain cash-settled share-based payment obligations. The Company has designated the TRSs related to its restricted share units (RSUs) as a cash flow hedge, with a notional amount of $38.6 maturing between 2027 and 2029. The fair value of the TRSs are based on the difference between the hedged price and the fair value of the Company’s common shares and are recorded in other assets and other liabilities (notes 7 and 10).

As at September 30, 2026, the TRSs related to the Company's RSUs were a net liability with a fair value of $6.9 (December 31, 2025 - net asset with a fair value of $6.1). During the first three quarters of 2026, a loss of $9.8 ($7.3 net of tax) (September 30, 2025 - gain of $11.1 ($8.2 net of tax)) was recognized in other comprehensive income and a loss of $5.4 (September 30, 2025 - gain of $9.3) was reclassified to share-based compensation expense included in administrative and marketing expenses. The TRSs related to the Company's performance share units (PSUs) and deferred share units (DSUs), for which hedge accounting was not applied, was a net asset with an aggregate fair value of $1.9 at September 30, 2026 (December 31, 2025 - $7.0) and a net unrealized loss of $11.5 (September 30, 2025 – net unrealized gain of $16.3) which was recognized in share-based compensation expense included in administrative and marketing expenses.

Foreign exchange risk

Foreign exchange risk is the risk that the fair value of the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Foreign exchange gains or losses in net income arise on the translation of foreign currency-denominated assets and liabilities (such as trade and other receivables, bank indebtedness, trade and other payables, and long-term debt) held in the Company's Canadian operations and foreign subsidiaries. The Company manages its exposure to foreign exchange fluctuations on these items by matching foreign currency assets with foreign currency liabilities and through the use of foreign currency forward contracts.

Foreign exchange fluctuations may also arise on the translation of foreign subsidiaries, where the functional currency is different from the Canadian dollar, and are recorded in other comprehensive income. During the first three quarters of 2026, the Company recorded exchange differences on translation of foreign operations of $143.7 through other comprehensive income (loss), of which $100.1 related to goodwill. The Company does not hedge for this foreign exchange risk.

15. Employee Costs


		For the quarter ended September 30,		For the three quarters ended September 30,
		2026	2025	2026	2025
	Notes	$	$	$	$
Wages, salaries, and benefits		1,311.4	1,219.2	3,810.0	3,503.6

Pension costs		35.5	33.1	112.8	103.0
Net share-based compensation	12	13.2	8.3	32.8	31.9
Total employee costs		1,360.1	1,260.6	3,955.6	3,638.5
Direct labor		840.0	777.5	2,430.1	2,219.0
Indirect labor		520.1	483.1	1,525.5	1,419.5
Total employee costs		1,360.1	1,260.6	3,955.6	3,638.5

Direct labor costs include salaries, wages, and related fringe benefits (including pension costs) for labor hours directly associated with the completion of projects. Bonuses, share-based compensation, termination payments, and salaries,


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-16			Stantec Inc.

wages, and related fringe benefits (including pension costs) for labor hours not directly associated with the completion of projects are included in indirect labor costs. Indirect labor costs are included in administrative and marketing expenses in the consolidated statements of income.

Employee defined benefit plans - bulk annuities

In February 2026, the Company converted its bulk buy-in annuity policy for a section of the UK pension scheme into buy-out annuity contracts. This conversion settled $103.1 of the Company’s defined benefit obligation and reduced the related plan assets by an equal amount. As a result, there was no net impact on the Company’s net employee defined benefit asset, net income, other comprehensive income, or cash flows.

In April 2026, the Company entered into a bulk buy-in annuity policy for a separate section of the UK pension scheme which resulted in a remeasurement adjustment of $8.4 (net of deferred tax expense of $2.8), representing the difference between the premium paid for the annuity policy and the value of the related defined benefit obligation. Future cash flows from this bulk annuity will match the amount and timing of certain benefits payable under the scheme. The bulk buy-in annuity does not extinguish the Company's risks and obligations under the plan.

16. Net Interest Expense and Other Net Finance Expense


	For the quarter ended September 30,		For the three quarters ended September 30,
	2026	2025	2026	2025
	$	$	$	$






Total net interest expense	27.3	28.1	77.6	69.8




Other net finance expense	0.3	0.4	1.1	1.3
Net interest expense and other net finance expense	27.6	28.5	78.7	71.1

Interest expense on the Company’s long-term debt and bank indebtedness for the first three quarters of 2026 was $59.4 (September 30, 2025 – $54.1) (note 8). Interest on lease liabilities during the first three quarters of 2026 was $26.4 (September 30, 2025 - $22.7).

17. Other Expense (Income)


	For the quarter ended September 30,		For the three quarters ended September 30,
	2026	2025	2026	2025
	$	$	$	$
Realized gain on investments	(0.6)	(0.4)	(6.7)	(7.7)
Unrealized gain on equity securities	(0.2)	(4.0)	(2.1)	(3.2)



Other	2.2	(0.2)	(0.7)	(4.8)
Total other expense (income)	1.4	(4.6)	(9.5)	(15.7)


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-17			Stantec Inc.

18. Cash Flow Information

A reconciliation of liabilities arising from financing activities for the three quarters ended September 30, 2026, is as follows:


	Senior Unsecured Notes	Revolving Credit, Term Loan, Bilateral Facilities	Notes Payable	Other Financing Obligations	Lease Liabilities	Total
	$	$	$	$	$	$
January 1, 2026	971.6	423.5	364.7	58.5	699.0	2,517.3
Statement of cash flows
Net proceeds (repayments)	—	338.4	(142.0)	(39.4)	(115.0)	42.0
Repayments or payments	—	—	—	—	—	—
Transaction costs	—	—	—	—	—	—
Non-cash changes
Foreign exchange	—	—	9.9	0.7	17.6	28.2
Additions and modifications	—	—	4.6	3.6	111.9	120.1
Acquisitions	—	—	0.4	3.5	0.9	4.8
Other	0.6	1.1	0.8	0.7	1.4	4.6
September 30, 2026	972.2	763.0	238.4	27.6	715.8	2,717.0

A reconciliation of liabilities arising from financing activities for the three quarters ended September 30, 2025, is as follows:


	Senior Unsecured Notes	Revolving Credit, Term Loan, Bilateral Facilities	Notes Payable	Other Financing Obligations	Lease Liabilities	Total
	$	$	$	$	$	$
January 1, 2025	548.1	661.6	116.8	57.0	642.2	2,025.7
Statement of cash flows
Net proceeds (repayments)	422.9	(65.7)	(48.2)	(26.9)	(111.4)	170.7


Non-cash changes
Foreign exchange	—	1.4	5.0	(0.7)	1.5	7.2
Additions and modifications	—	—	—	17.3	64.0	81.3
Acquisitions	—	—	278.3	—	111.1	389.4
Other	0.4	1.4	1.6	1.3	1.8	6.5
September 30, 2025	971.4	598.7	353.5	48.0	709.2	2,680.8


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-18			Stantec Inc.


	For the quarter ended September 30,		For the three quarters ended September 30,
	2026	2025	2026	2025
	$	$	$	$
Supplemental disclosure
Income taxes paid, net of recoveries	11.2	9.9	54.1	134.9
Interest paid, net of receipts	23.1	12.9	71.2	52.4

19. Segmented Information

The Company provides comprehensive professional services worldwide. It considers the basis on which it is organized, including geographic areas, to identify its reportable segments. Operating segments of the Company are defined as components of the Company for which separate financial information is available and are evaluated regularly by the chief operating decision maker when allocating resources and assessing performance. The Company’s operating segments are based on its regional geographic areas.

The Company’s reportable segments are Canada, United States, and Global. These reportable segments provide professional consulting in engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics services in the area of infrastructure and facilities.

Segment performance is evaluated by the chief operating decision maker based on project margin and is measured consistently with project margin in the consolidated financial statements. Reconciliations of project margin to net income before taxes is included in the consolidated statements of income.

Reportable segments


	For the quarter ended September 30, 2026
	Canada	United States	Global	Consolidated
	$	$	$	$


Gross revenue from external customers	492.9	1,306.4	553.8	2,353.1
Less subconsultants and other direct expenses and net revenue inter-segment allocations	77.1	321.0	90.1	488.2
Total net revenue	415.8	985.4	463.7	1,864.9
Direct payroll costs	196.6	428.3	215.1	840.0
Project margin	219.2	557.1	248.6	1,024.9


	For the quarter ended September 30, 2025
	Canada	United States	Global	Consolidated
	$	$	$	$


Gross revenue from external customers	484.5	1,177.1	478.9	2,140.5
Less subconsultants and other direct expenses and net revenue inter-segment allocations	84.9	289.1	61.1	435.1
Total net revenue	399.6	888.0	417.8	1,705.4
Direct payroll costs	183.9	401.2	192.4	777.5
Project margin	215.7	486.8	225.4	927.9


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-19			Stantec Inc.


	For the three quarters ended September 30, 2026
	Canada	United States	Global	Consolidated
	$	$	$	$

Gross revenue from external customers	1,387.6	3,671.4	1,589.8	6,648.8
Less subconsultants and other direct expenses and net revenue inter-segment allocations	192.3	869.0	247.7	1,309.0
Total net revenue	1,195.3	2,802.4	1,342.1	5,339.8
Direct payroll costs	568.3	1,238.5	623.3	2,430.1
Project margin	627.0	1,563.9	718.8	2,909.7


	For the three quarters ended September 30, 2025
	Canada	United States	Global	Consolidated
	$	$	$	$



Gross revenue from external customers	1,371.1	3,270.1	1,387.2	6,028.4
Less subconsultants and other direct expenses and net revenue inter-segment allocations	205.7	757.6	210.0	1,173.3
Total net revenue	1,165.4	2,512.5	1,177.2	4,855.1
Direct payroll costs	540.2	1,130.6	548.2	2,219.0
Project margin	625.2	1,381.9	629.0	2,636.1

The following tables disclose the disaggregation of non-current assets by geographic area and revenue by geographic area and services:

Geographic information


	Non-Current Assets		Gross Revenue
	September 30,	December 31,	For the quarter ended September 30,		For the three quarters ended September 30,
	2026	2025	2026	2025	2026	2025
	$	$	$	$	$	$
Canada	636.6	664.8	492.9	484.5	1,387.6	1,371.1
United States	2,778.2	2,766.8	1,306.4	1,177.1	3,671.4	3,270.1
United Kingdom	364.2	363.8	192.7	164.0	571.3	485.8
Australia	395.7	321.1	119.0	94.9	341.0	287.9
Other geographies	546.7	553.6	242.1	220.0	677.5	613.5
	4,721.4	4,670.1	2,353.1	2,140.5	6,648.8	6,028.4

Non-current assets consist of property and equipment, lease assets, goodwill, and intangible assets. Geographic information is attributed to countries based on the location of the assets.

Gross revenue is attributed to countries based on the location of the project.


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-20			Stantec Inc.

Gross revenue by services


	For the quarter ended September 30,		For the three quarters ended September 30,
	2026	2025	2026	2025
	$	$	$	$
Buildings	616.1	551.8	1,760.8	1,422.1
Infrastructure	565.9	537.7	1,598.0	1,575.4
Water	510.1	450.4	1,456.1	1,300.6
Environmental Services	432.6	403.1	1,172.0	1,121.1
Energy & Resources	228.4	197.5	661.9	609.2
Total gross revenue from external customers	2,353.1	2,140.5	6,648.8	6,028.4

Performance will fluctuate quarter to quarter. The first and fourth quarters historically have lower revenue generation and project activity because of holidays and weather conditions in the northern hemisphere. Despite this quarterly fluctuation, the Company has concluded that it is not highly seasonal in accordance with IAS 34.

Customers

The Company has a large number of clients in various industries and sectors of the economy. No individual customer exceeds 10% of the Company’s gross revenue.

20. Event after the Reporting Period

Dividends

On November 12, 2026, the Company declared a dividend of $0.245 per share, payable on January 15, 2027, to shareholders of record on December 31, 2026.


Notes to the Unaudited Interim Condensed Consolidated Financial Statements In millions of Canadian dollars except number of shares and per share data September 30, 2026			F-21			Stantec Inc.