1. Q4 and fiscal 2017 results
March 15, 2018

2. Q4 and F2017 Results
Key
Highlights
Very strong Q4 results with all regions posting organic growth in net revenues and consolidated record high backlog.
Met or exceeded all 2017 outlook metrics.
Optimistic about 2018 and confident we will deliver on our strategic plan 2

3. Q and F17 Performance

4. Q4 2017 Net revenues were $1.5 billion, up 11.4% year over year.
Q4 and F2017 Results
Q4 2017
Net revenues were $1.5 billion, up 11.4% year over year.
Organic growth in net revenues amounted to 8.1%.
Adjusted EBITDA was $140 million with adjusted EBITDA margin of 9.5%.
Backlog reached its highest level ever at $6.4 billion, representing approximately 10.1 months of revenues. 4

5. 10 Acquisitions added over 5,000 employees
Q4 and F2017 Results
10 Acquisitions added over 5,000 employees
Finland 40 employees
ISS Proko Oy
Finland
135 employees
Sweden 27 employees
United States 10 employees
United States 25 employees 5
Switzerland 25 employees
United States 150 employees
(Latin America
1,000 employees
New Zealand
3,000 employees
Latin America
730 employees
Financed using balance-sheet

6. Canada Fiscal 2017 2.1% organic growth in net revenues
Q4 and F2017 Results
Canada Fiscal 2017
2.1% organic growth in net revenues
12.3% adjusted EBITDA margin before global corporate costs
Backlog increased organically 10.9% compared to same period in 2016.
Significant project wins
Rehabilitation of Canada's Parliament Hill's Centre Block
4Transit joint-venture Metrolinx contract for Regional Express Rail Program (Toronto) 6

7. Q4 and F2017 Results
Americas Fiscal 2017
10.4% organic growth in net revenues (positive impact of FEMA-related revenues)
13.3% adjusted EBITDA margin before global corporate costs
Significant project wins
Giant Magellan Telescope in Chile 7

8. EMEIA Fiscal 2017 4.6% organic growth in net revenues
Q4 and F2017 Results
EMEIA Fiscal 2017
4.6% organic growth in net revenues
12% organic growth in net revenues in the Nordics
4% organic growth in net revenues in the UK
9.9% adjusted EBITDA margin before global corporate costs
Significant project wins
Leader for the development of two of the four new stations as part of the High Speed 2 rail network 8

9. Q4 and F2017 Results
APAC Fiscal 2017
7.1% organic growth in net revenues Recent acquisition of Opus is expected to generate cost synergies which should positively impact the performance of the region in 2018 9

10. Financial Performance
Q4 and F2017
Financial Performance

11. Revenues* and Net Revenues*
Q4 and F2017 Results
Revenues* and Net Revenues*
Revenues*
Net Revenues*
+8.8%
+9.4%
+8.7%
+11.4%
8.1% organic growth in net revenues
* Non-IFRS measure

12. Adjusted EBITDA* and Adjusted EBITDA margin*
Q4 and F2017 Results
Adjusted EBITDA* and Adjusted EBITDA margin*
+11.3%
+3.5%
10.4% adjusted EBITDA margin
9.5% adjusted EBITDA margin
* Non-IFRS measure

13. Adjusted net earnings* and adjusted net earnings per share*
Q4 and F2017 Results
Adjusted net earnings* and adjusted net earnings per share*
Adjusted Net Earnings*
Adjusted Net Earnings per share*
+4.6%
+2.7%
(42.7%)
(44.1%)
Negatively impacted by multiple non-cash expenses such as US Tax Cuts and Jobs Act and 4 less billable days
Negatively impacted by multiple non-cash expenses such as US Tax Cuts and Jobs Act
* Non-IFRS measure

14. Free Cash Flow: Long-term progression through seasonality
Q4 and F2017 Results
Free Cash Flow: Long-term progression through seasonality
$296.1M or % of net earnings

15. Financial position and net debt/TTM adjusted EBITDA* ratio
Q4 and F2017 Results
Financial position and
net debt/TTM adjusted EBITDA* ratio
(in $M, CAD)
Q4 2017
Financial liabilities
$1,229.9
Less: Cash
($185.1)
Net debt
$1,044.8
TTM adjusted EBITDA*
$555.2
Net debt / TTM adjusted EBITDA* (adjusted for 12-month net revenues for all acquisitions)
1.8x 15
Adequate flexibility to pursue our acquisition growth strategy
* In millions CAD – Non-IFRS measures

16. Q4 and F2017 Results
Stable DSO*
Non-IFRS measures

17. 2018 Outlook

18. 2018 Outlook Net revenues* Between $5,700 million and $5,900 million
Q4 and F2017 Results
2018 Outlook
Net revenues*
Between $5,700 million and $5,900 million
Adjusted EBITDA*
Between $610 million and $660 million
Seasonality and adjusted EBITDA* fluctuations
Q1: 18% to 21%
Q2: 25% to 28%
Q3: 26% to 29%
Q4: 24% to 27%
Tax rate
23% to 25%
DSO*
80 to 85 days
Amortization of intangible assets related to acquisitions
Between $60 and $70 million
Capital expenditures
Between $115 and $125 million
Net debt to adjusted EBITDA*
1.5x to 2.0x
Acquisition and reorganization costs*
Between $40 million and $50 million 1) 18
* Non-IFRS measure.
1) Due mainly to personnel and real estate integration costs related to the acquisition of Opus completed in Q4 2017, and to real estate integration costs pertaining to the Mouchel acquisition completed in Q4 2016

19. 2018 Regional operational outlook
Q4 and F2017 Results
2018 Regional operational outlook
NORDICS
Significant increase in headcount should translate into higher utilization rates
CANADA
Solid backlog and good prospects UK
Large public sector work
Continuing concerns over Brexit
ASIA
Continued slowdown in buildings market
AMERICAS
Strong US Transportation and Infrastructure spending
Integration of POCH and ConCol expected to deliver synergies and improvement in operating margins
MIDDLE EAST
Difficult economic conditions
SOUTH AFRICA
Difficult economic conditions
AUSTRALIA
Transportation is the fastest growing segment of all our businesses worldwide