1. Q results
November 8, 2017

2. Q Performance

3. Q
Results
Q3 2017
Highlights
Organic growth across all operating segments, both for the quarter and year to date
Year-to-date adjusted EBITDA margin above 10.5%
Several acquisitions during the quarter, in geographies we believe will be drivers of growth in the mid to long term. 3

4. Canada Organic growth in net revenues strong at 6.8% percent
Q3 2017
Results
Canada
Organic growth in net revenues strong at 6.8% percent
Led by transportation & infrastructure and property & buildings market segments
Backlog at a record high $1 billion (6.3% year over year organic growth)
Adjusted EBITDA margin before global corporate costs strong at 13%
Higher utilization rates
Improved project delivery 5

5. Americas Flat organic growth in net revenues
Q3 2017
Results
Americas
Flat organic growth in net revenues
US operations, on a standalone basis: approx. 1%
Adjusted EBITDA margin before Global Corporate costs at 17.8%
Backlog organic growth: 11.3% compared to prior quarter
Significant contracts signed for work in Texas, California and Illinois 6

6. EMEIA Organic growth in net revenues of 5.4%
Q3 2017
Results
EMEIA
Organic growth in net revenues of 5.4%
Adjusted EBITDA margin of 11 %
Nordic operations delivered organic growth in the low double digits
The UK operations posted moderate organic growth in net revenues of 1.6%. 7

7. APAC Organic growth in net revenues of 7.8%
Q3 2017
Results
APAC
Organic growth in net revenues of 7.8%
Australian operations posted significant organic growth in net revenues.
Asian operations continued to suffer from a significant slowdown in China's property & buildings segment. 8

8. Financial Performance
Q3 2017
Financial Performance

9. Revenues and Net Revenues*
Q3 2017
Results
Revenues and Net Revenues*
+5.4%
4.4% organic growth in net revenues
+8.1% 10
* In millions CAD – Non-IFRS measures
Q3 2016
Q3 2017

10. Adjusted EBITDA* and Adjusted EBITDA* margin
Q3 2017
Results
Adjusted EBITDA* and Adjusted EBITDA* margin
+9.0% 11
12.4%
margin
12.5%
margin
* In millions CAD – Non-IFRS measures
Q3 2016
Q3 2017

11. Adjusted Net Earnings*
Q3 2017
Results
Adjusted Net Earnings*
+18.8% 12
$0.66/share
$0.77/share
Q3 2016
Q3 2017
* In millions CAD – Non-IFRS measures

12. Backlog* 10.2 months of revenue Q3 2017 COMPARED TO Q3 2016 Total
Results
Backlog*
10.2 months of revenue
Q COMPARED TO Q3 2016
(in millions of dollars, except percentages)
Total
Hard Backlog Q3 2017
$5,963.9
Hard Backlog Q3 2016
$5,371.2
Net change ($)
$592.6
Organic Growth
9.0%
Acquisition Growth
3.7%
Foreign Currency Impact
(1.7% )
Net change % Q vs. Q3 2016
11.0%
* In millions CAD – Non-IFRS measures

13. Q3 2017
Results
Stable DSO*
Non-IFRS measures

14. FCF: Long-Term Progression Through Seasonality
Q3 2017
Results
FCF: Long-Term Progression Through Seasonality
$251.3M or % of net earnings
On the free cash flow front, three things to keep in mind:
First, we generated a healthy progression over the years, moving from () back in 2013 to over 207 M in the second quarter of this year.
The second thing to keep in mind is that our free cash flow is very seasonal, generally peaking in the fourth quarter (with client paying their invoices before financial year0-end). This momentum generally carries over in the first of quarter of the year, and then FCF trends downwards for the following two quarters, with the low point being the third quarter, which is impacted by the summer vacations in the Western hemisphere.
The third thing to keep in mind is to be careful with single quarter variations. One more pay period or tax pre-payments can have an impact on the results of a single quarter (…)
Net net, we are still aiming for an earnings conversion ratio of over 100% -- something we have achieved in year 2013 (116%), 2014 (155%), 2015 (104%) & 2016 (123%). We also expect to achieve it in In Q all-time Q1 DSO low at 77days + positive 2015 year-end (TTM), no PB cash drain as per Q1 2015
2017 TARGET
> 100% Cash Flow / Net Earnings

15. Financial position and net debt/TTM adjusted EBITDA* ratio
Q3 2017
Results
Financial position and
net debt/TTM adjusted EBITDA* ratio
(in $M, CAD)
Q3 2017
Financial liabilities
$1,164.0
Less: Cash
($180.7)
Net debt
$983.3
TTM adjusted EBITDA*
$550.5
Net debt / TTM adjusted EBITDA*
1.8x 15
Adequate flexibility to pursue our acquisition growth strategy including healthy available short-term capital resources over $850M CAD
* In millions CAD – Non-IFRS measures

16. 2017 Outlook reiterated Net revenues*
Q3 2017
Results
2017 Outlook reiterated
Net revenues*
Between $5,000 million and $5,300 million
Adjusted EBITDA* range
Between $510 million and $560 million
Seasonality and adjusted EBITDA* fluctuations
Q1: 20% to 22%
Q2: 24% to 26%
Q3: 28% to 30%
Q4: 24% to 26%
Tax rate
27% to 29%
DSO*
80 to 85 days
Amortization of intangible assets related to acquisitions
Between $65 and $75 million
Capital expenditures
Between $120 and $130 million
Net debt to adjusted EBITDA*
1.5x to 2.0x
Acquisition and reorganization costs*
Between $15 million and $25 million 1) 20
* Non-IFRS measure.
1) Due mainly to personnel and real estate integration costs related to the acquisition of Mouchel completed in Q and to real estate integration costs pertaining to the MMM acquisition completed in Q

17. Acquisitions

18. Q3 2017 Acquisitions Financed using balance-sheet
Results
Q Acquisitions
United States 150 employees 18
Latin America 730 employees
(completed after end of Q3)
Latin America 1,000 employees
(to be completed in Q4)
New Zealand
3,000 employees
Financed using balance-sheet
Additional skill-sets within our network