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<li id="mobi-nav-investors-briefcase-level3" class="level3 first"><a href="/en/investors/investor-essentials/investors-briefcase/2023"><span>Investors briefcase</span></a></li>
<li id="mobi-nav-interactive-analyst-centre-level3" class="level3"><a target="_blank" href="https://apps.indigotools.com/ir/iac/?ticker=SNC&exchange=TSX"><span>Interactive Financial and ESG data</span></a></li>
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<li id="mobi-nav-annual-report-2021-level3" class="level3 first"><a href="/en/investors/financial-information/annual-report-2021"><span>Interactive Annual Report 2021</span></a></li>
<li id="mobi-nav-quarterly-reports-level3" class="level3"><a href="/en/investors/financial-information/quarterly-reports/2023"><span>Quarterly reports</span></a></li>
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<h1>SNC-Lavalin Reports Strong First Quarter 2023 Results</h1>
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<p class="content-date"> Tuesday 09<span class="_dateordinal">th</span> May 2023 </p>
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<p><strong>MONTREAL: May 9, 2023</strong> – SNC-Lavalin Group Inc. (TSX: SNC), a fully integrated professional services and project management company with offices around the world, today announced its financial results for the first
quarter ended March 31, 2023. </p>
<p>The SNCL Services line of business continued to deliver on its “Pivoting to Growth” strategy with another quarter of strong revenue growth, particularly in the Engineering Services segment, and a significant increase in Segment
Adjusted EBIT. SNCL Services achieved record high backlog, with another record high level in the Engineering Services segment and a strong increase in the Nuclear segment. The LSTK projects exit strategy continues to progress
well. </p>
<h4>Q1 2023 Financial Highlights</h4>
<p>(All results reflect comparisons to prior-year period of Q1 2022, except otherwise indicated)</p>
<ul>
<li><em>SNCL Services revenue increased 10.8% to $1.8 billion, or 10.1% on an organic revenue growth<sup>(1)(2)</sup> basis, outperforming the Company’s 5% to 7% full year outlook range </em></li>
<ul>
<li><em>Engineering Services organic revenue growth<sup>(1)(2)</sup> of 17.5% </em></li>
</ul>
<li><em>SNCL Services Segment Adjusted EBIT increased by 23.4% to $156.3 million, representing an 8.5% margin, in line with Company’s full year outlook range</em></li>
<ul>
<li><em>Engineering Services Segment Adjusted EBIT margin and Engineering Services Segment Adjusted EBITDA to segment net revenue ratio<sup>(1)(3)</sup> of 8.4% and 14.0%, respectively</em></li>
<li><em>Nuclear Segment Adjusted EBIT margin of 13.4%</em></li>
</ul>
<li><em>SNCL Services backlog reached a record-high and totaled $12.1 billion as at March 31, 2023, an increase of 8.0%. Bookings in Q1 2023 totaled $</em><em>2.1</em><em> billion,</em><em>representing a 1.13 booking-to-revenue
ratio<sup>(1)(4)</sup></em></li>
<ul>
<li><em>Engineering Services backlog reached a record-high and totaled $4.8 billion as at March 31, 2023, an increase of 25.3%, which includes another new record-high for the United States. Bookings in Q1 2023 totaled $1.5
billion, representing a 1.13 booking-to-revenue ratio<sup>(1)(4)</sup></em></li>
<li><em>Nuclear backlog increased by 22.9%</em><em> to $985.8 million as at March 31, 2023</em></li>
</ul>
<li><em>LSTK Projects Segment Adjusted EBIT of negative </em>$<em>9.2 million, in line with expectations. LSTK Projects backlog reduced by $167.6 million sequentially from December 31, 2022 to $517.9 million as at March 31,
2023</em></li>
<li><em>Adjusted net income attributable to SNC-Lavalin shareholders from PS&PM<sup>(1)</sup> totaled $55.4 million, or $0.32 per diluted share, compared to $39.4 million, or $0.22 per diluted share in Q1 2022 </em></li>
<li><em>Net income from continuing operations attributable to SNC-Lavalin shareholders totaled $28.4 million, or $0.16 per diluted share, compared to $24.8 million, or $0.14 per diluted share in Q1 2022 </em></li>
<li><em>Net cash used for operating activities of $57.3 million</em></li>
<ul>
<li><em>Net cash generated from operating activities in SNCL Services<sup>(1)(5)</sup> of $94.1 million </em></li>
</ul>
<li><em>Net limited recourse and recourse debt to Adjusted EBITDA ratio<sup>(1)(6)</sup> of </em><em>2</em><em>.9 as at March 31, 2023</em></li>
</ul>
<p><em>“With our strong first quarter results, we believe that we are well on track to deliver the Company’s 2023 outlook,” said Ian L. Edwards, President and CEO of SNC-Lavalin Group Inc. “First quarter performance further emphasizes
that our “Pivoting to Growth” strategy is succeeding, as we become a Professional Services and Project Management company. Our continued backlog growth in SNCL Services demonstrates the resiliency of our business amid economic
pressures, and our list of prospects is strong as government and commercial clients continue to invest in infrastructure and as the world transitions to a low carbon environment.”</em></p>
<h4>First Quarter Financial Results</h4>
<p>Professional Services & Project Management are collectively referred to as “PS&PM” to distinguish them from “Capital” activities. PS&PM groups together five of the Company’s segments, namely Engineering Services,
Nuclear, Linxon, Operation & Maintenance (“O&M"), and Lump-Sum Turnkey (“LSTK”) Projects, while Capital is its own reportable segment and separate from PS&PM.</p>
<ul>
<li>The increase in net income from continuing operations attributable to SNC-Lavalin shareholders was mainly due to higher Segment Adjusted EBIT, partially offset by higher net financial expenses.</li>
</ul>
<h4>IFRS Financial Highlights</h4>
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</td>
<td style="background: #00b0f0; height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span><strong><span style="color: white;">Q1 2023<sup>A</sup></span></strong></span></p>
</td>
<td style="background: #00b0f0; height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span><strong><span style="color: white;">Q1 2022<sup>A</sup></span></strong></span></p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span><strong><span style="color: black;">Revenues</span></strong></span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;"> From PS&PM</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">2,006.7</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">1,871.7</span></p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;"> From Capital</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">16.3</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">16.4</span></p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span><strong><span style="color: black;">2,023.1</span></strong></span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span><strong><span style="color: black;">1,888.1</span></strong></span></p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="text-decoration: underline; color: black;">Attributable to SNC-Lavalin shareholders</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span><strong><span style="color: black;">Net income from continuing operations:</span></strong></span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;"> From PS&PM</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">26.0</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">16.6</span></p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;"> From Capital</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">2.4</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">8.2</span></p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span><strong><span style="color: black;">28.4</span></strong></span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span><strong><span style="color: windowtext;">24.8</span></strong></span></p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span><strong><span style="color: black;">Diluted EPS from continuing operations:</span></strong></span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;"> From PS&PM ($)</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.15</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.09</span></p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;"> From Capital ($)</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.01</span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.05</span></p>
</td>
</tr>
<tr style="height: 1.3pt;">
<td valign="top" style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span><strong><span style="color: black;">0.16</span></strong></span></p>
</td>
<td style="height: 1.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span><strong><span style="color: black;">0.14</span></strong></span></p>
</td>
</tr>
</tbody>
</table>
</div>
<h4>Non-IFRS Financial Highlights</h4>
<div class="scroll-table-container">
<table border="0" class="release-financial-tab" role="presentation">
<tbody>
<tr style="height: 0.95pt;">
<td valign="top" style="background: #00b0f0; height: 0.95pt; width: 305.75pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-top-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"> </p>
</td>
<td style="background: #00b0f0; height: 0.95pt; width: 4.5pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="background: #00b0f0; height: 0.95pt; width: 4.5pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="background: #00b0f0; height: 0.95pt; width: 76.5pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span><strong><span style="color: white;">Q1 2023<sup>A</sup></span></strong></span></p>
</td>
<td style="background: #00b0f0; height: 0.95pt; width: 76.8pt; padding: 0cm 0cm 0cm 1.45pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span><strong><span style="color: white;">Q1 2022<sup>A</sup></span></strong></span></p>
</td>
</tr>
<tr style="height: 0.95pt;">
<td valign="top" style="height: 0.95pt; width: 305.75pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="text-decoration: underline; color: black;">Attributable to SNC-Lavalin shareholders</span></p>
</td>
<td style="height: 0.95pt; width: 4.5pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 0.95pt; width: 4.5pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 0.95pt; width: 76.5pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 0.95pt; width: 76.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
</tr>
<tr style="height: 0.95pt;">
<td valign="bottom" style="height: 0.95pt; width: 305.75pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Adjusted net income from PS&PM<sup>(1)</sup></span></p>
</td>
<td valign="top" style="height: 0.95pt; width: 4.5pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 0.95pt; width: 4.5pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 0.95pt; width: 76.5pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">55.4</span></p>
</td>
<td valign="top" style="height: 0.95pt; width: 76.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">39.4</span></p>
</td>
</tr>
<tr style="height: 19.95pt;">
<td style="height: 19.95pt; width: 305.75pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Adjusted diluted EPS from PS&PM<sup>(1)(7)</sup> ($)</span></p>
</td>
<td style="height: 19.95pt; width: 4.5pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 19.95pt; width: 4.5pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="height: 19.95pt; width: 76.5pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.32</span></p>
</td>
<td style="height: 19.95pt; width: 76.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.22</span></p>
</td>
</tr>
<tr style="height: 0.95pt;">
<td valign="top" style="height: 0.95pt; width: 305.75pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Adjusted EBITDA from PS&PM<sup>(1)</sup></span></p>
</td>
<td valign="top" style="height: 0.95pt; width: 4.5pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 0.95pt; width: 4.5pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 0.95pt; width: 76.5pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">155.9</span></p>
</td>
<td valign="top" style="height: 0.95pt; width: 76.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">112.6</span></p>
</td>
</tr>
</tbody>
</table>
</div>
<h4>Segment Performance</h4>
<div class="scroll-table-container">
<table border="0" class="release-financial-tab" role="presentation">
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<p class="Text" style="text-align: center;"><strong><span style="color: white;">Q1 2023<sup>A</sup></span></strong></p>
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<p class="Text" style="text-align: center;"><strong><span style="color: white;">Q1 2022<sup>A</sup></span></strong></p>
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<p class="Text"><strong><span style="color: black;">Segment revenues</span></strong></p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text"><span style="color: black;"> Engineering Services</span></p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"><span style="color: black;">1,344.2</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">1,138.2</span></p>
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<p class="Text"><span style="color: black;"> Nuclear</span></p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"><span style="color: black;">244.3</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">232.1</span></p>
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<p class="Text"><span style="color: black;"> O&M</span></p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"><span style="color: black;">125.9</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">136.5</span></p>
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<p class="Text"><span style="color: black;"> Linxon</span></p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"><span style="color: black;">121.5</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">150.5</span></p>
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<p class="Text"><span style="color: black;">SNCL Services</span></p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"><span style="color: black;">1,835.9</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">1,657.3</span></p>
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<p class="Text"><span style="color: black;">LSTK Projects</span></p>
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<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"><span style="color: black;">170.8</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">214.4</span></p>
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<p class="Text"><span style="color: black;">Capital</span></p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"><span style="color: black;">16.3</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">16.4</span></p>
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<p class="Text"> </p>
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<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
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<p class="Text" style="text-align: center;"><strong><span style="color: black;">2,023.1</span></strong></p>
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<p class="Text" style="text-align: center;"><strong><span style="color: black;">1,888.1</span></strong></p>
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<p class="Text"> </p>
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<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
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<tr style="height: 1.4pt;">
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<p class="Text"><strong><span style="color: black;">Segment Adjusted EBIT</span></strong><strong><sup></sup></strong></p>
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<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
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<tr style="height: 1.4pt;">
<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;"> Engineering Services</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">113.5</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">85.2</span></p>
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<p class="Text"><span style="color: black;"> Nuclear</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">32.7</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">34.3</span></p>
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<p class="Text"><span style="color: black;"> O&M</span></p>
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<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">9.4</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">11.7</span></p>
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<p class="Text"><span style="color: black;"> Linxon</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.8</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">(4.5)</span></p>
</td>
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<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">SNCL Services</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">156.3</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">126.7</span></p>
</td>
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<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">LSTK Projects</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
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<p class="Text" style="text-align: center;"><span style="color: black;">(9.2)</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">(30.5)</span></p>
</td>
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<p class="Text"><span style="color: black;">Capital</span></p>
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<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">11.6</span></p>
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<p class="Text" style="text-align: center;"><span style="color: black;">12.4</span></p>
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<p class="Text"> </p>
</td>
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<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">158.8</span></strong></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: windowtext;">108.6</span></strong></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><strong><span style="color: black;">Backlog as at March 31</span></strong></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;"> Engineering Services</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">4,837.0</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">3,861.1</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;"> Nuclear</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">985.8</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">802.2</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;"> O&M</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">5,262.2</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">5,598.4</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;"> Linxon</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">994.4</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">920.4</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">SNCL Services</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">12,079.3</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">11,182.1</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">LSTK Projects</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">517.9</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">956.6</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Capital</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="top" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">29.3</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">35.0</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">12,626.5</span></strong></p>
</td>
<td valign="bottom" style="height: 1.4pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">12,173.7</span></strong></p>
</td>
</tr>
</tbody>
</table>
</div>
<p><em>All figures in millions of dollars, except otherwise indicated</em><br>
<em>Certain totals and subtotals may not reconcile due to rounding </em><br>
<em><sup>A </sup></em><em>For the three-month period ended March 31</em>
</p>
<h4>Quarterly Dividend</h4>
<p>The Board of Directors today declared a cash dividend of $0.02 per share, unchanged from the previous quarter. The dividend is payable on June 6, 2023, to shareholders of record on May 23, 2023. This dividend is an “eligible
dividend” for Canadian federal and provincial income tax purposes.</p>
<h4>First Quarter 2023 Conference Call / Webcast</h4>
<p>SNC-Lavalin will hold a conference call and audio webcast today at 8:30 a.m. (Eastern Time) to discuss and present its first quarter financial results. The live audio webcast of the conference call can be accessed through a link
posted on the Company’s website, as well as an accompanying slide presentation, at <em><a href="http://www.investors.snclavalin.com">www.investors.snclavalin.com</a></em>. The call will also be accessible by telephone, please dial
toll free at 1 800 319 4610 in North America or dial 1 604 638 5340 outside North America. You can also use the following numbers: 416 915 3239 in Toronto, 514 375 0364 in Montreal, or 0808 101 2791 in the United Kingdom. A
recording and a transcript of the conference call will be available on the Company’s website within 24 hours following the call.</p>
<h4>Annual Meeting of Shareholders</h4>
<p>SNC-Lavalin’s Annual Meeting of Shareholders (the “Meeting”) will be held on Thursday, May 18, 2023, at 11:00 a.m. (Eastern Time). Registered shareholders as of the close of business on March 20, 2023 and duly appointed
proxyholders of record are entitled to participate in the Meeting virtually at
<a rel="noopener noreferrer" href="https://urldefense.proofpoint.com/v2/url?u=https-3A__web.lumiagm.com_414721330&d=DwMFAw&c=ukT25UmkSFgENae3bmQPWw&r=GhdBO6cRGTV-WRQMEw-83At88Bb1LDpvnDssN68zk1U&m=y5iNQQoPMhl4gH-QjOqE-ISY3HiR5VhIb7gjOLLL_Jn70O52n1UAuvD1YXCg2Gub&s=qBGE6jLF2QlioAIf48S-o6tlgi6OZaWU5-nI5ril5Ag&e=" target="_blank"><em>https://web.lumiagm.com/414721330</em></a>,
regardless of geographic location, and will have the opportunity to ask questions and vote, all in real time, provided they are connected to the internet and comply with all of the requirements set out in the proxy materials.
Whether or not a shareholder plans to attend the Meeting, the Company urges all shareholders to vote and submit their proxy in advance of the Meeting by one of the methods described in the proxy materials provided to shareholders.
</p>
<p>Additional information related to the Meeting can also be found in SNC-Lavalin’s 2023 Management Proxy Circular which is available on SEDAR at
<a rel="noopener noreferrer" href="http://www.sedar.com" target="_blank"><em>www.sedar.com</em></a> and on the Company’s website at <a href="http://www.snclavalin.com"><em>www.snclavalin.com</em></a> under “Investors”/”Investor’s
Briefcase”.</p>
<h4>About SNC-Lavalin<strong> </strong></h4>
<p>Founded in 1911, SNC-Lavalin is a fully integrated professional services and project management company with offices around the world dedicated to engineering a better future for our planet and its people. We create sustainable
solutions that connect people, technology and data to design, deliver and operate the most complex projects. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of
an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance,
decommissioning and capital. – and delivered to clients in key strategic sectors such as Engineering Services, Nuclear, Operations & Maintenance and Capital. News and information are available at
<a href="https://www.snclavalin.com/en"><em>snclavalin.com</em></a> or follow us on <a rel="noopener noreferrer" href="https://www.linkedin.com/company/snc-lavalin_2/mycompany/" target="_blank"><em>LinkedIn</em></a> and
<a rel="noopener noreferrer" href="https://twitter.com/SNCLavalin" target="_blank"><em>Twitter</em></a>. </p>
<h4>Non-IFRS Financial Measures and Ratios, Supplementary Financial Measures and Non-Financial Information</h4>
<p>The Company reports its financial results in accordance with IFRS. However, the following non‑IFRS financial measures and ratios, supplementary financial measures and non-financial information are used by the Company in this press
release: Organic revenue growth (contraction), EBITDA, Adjusted EBITDA, Adjusted net income (loss) attributable to SNC-Lavalin shareholders, Adjusted diluted EPS, Booking-to-revenue ratio, Segment Adjusted EBITDA to segment net
revenue ratio, Segment net revenue, Net limited recourse and recourse debt to Adjusted EBITDA ratio, Net limited recourse and recourse debt and Net cash generated from (used for) operating activities on a line of business/segment
basis. Additional details for these non-IFRS financial measures and ratios, supplementary financial measures and non-financial information can be found below and in Sections 4, 6 and 9 of the Company’s MD&A for the first quarter
of 2023, which sections are incorporated by reference into this press release, filed with the securities regulatory authorities in Canada, available on SEDAR at
<em><a rel="noopener noreferrer" href="http://www.sedar.com" target="_blank">www.sedar.com</a></em> and on the Company’s website at <a href="http://www.snclavalin.com"><em>www.snclavalin.com</em></a> under the “Investors” section.
</p>
<p> Non-IFRS financial measures and ratios, supplementary financial measures and non-financial information do not have any standardized meaning under IFRS and other issuers may define these measures differently and, accordingly, they
may not be comparable to similar measures prepared by other issuers. Such non-IFRS financial measures and ratios, supplementary financial measures and non-financial information have limitations and should not be considered in
isolation or as a substitute for measures of performance prepared in accordance with IFRS. </p>
<p> However, management believes that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS financial measures and ratios and supplementary financial measures and non-financial information provide
additional insight into the Company’s operating performance and financial position and certain investors may use this information to evaluate the Company’s performance from period to period. Furthermore, certain non-IFRS financial
measures and ratios, certain additional IFRS measures and ratios, certain supplementary financial measures and other non-financial information are presented separately for PS&PM, by excluding components related to Capital, as
the Company believes that such measures are useful as these PS&PM activities are usually analyzed separately by the Company. Reconciliations and calculations of non-IFRS measures and ratios to the most comparable IFRS measures
and ratios are set forth below in the section “Reconciliations and Calculations” of this press release.</p>
<p><em><sup>(1) </sup></em><em>Non-IFRS financial measure or ratio or supplementary financial measure. </em></p>
<p><em><sup>(2) </sup></em><em>Organic revenue growth (contraction) is a non-IFRS rati</em><em>o comparing organic revenue (which excludes foreign exchange and acquisition and disposal impacts), itself a non-IFRS financial measure,
between two periods.</em></p>
<p><em><sup>(3)</sup></em><em> Segment Adjusted EBITDA to segment net revenue for the Engineering Services segment is a non-IFRS ratio based on Segment Adjusted EBITDA and segment net revenue, both of which are non-IFRS financial
measures.</em></p>
<p><em><sup>(4) </sup></em><em>Booking-to-revenue ratio is a non-IFRS ratio based on contract bookings.</em></p>
<p><em> <sup>(5)</sup></em><em> Net cash generated from (used for) operating activities on a line of business/segment basis is a supplementary financial measure and is identical in composition to net cash generated from (used for)
operating activities as reported in the financial statements, except that it is provided on a line of business/segment basis as opposed to on a consolidated basis.</em></p>
<p><em><sup>(6)</sup></em><em> Net limited recourse and recourse debt to Adjusted EBITDA ratio is a non-IFRS ratio based on net limited recourse and recourse debt at the end of a given period and Adjusted EBITDA of the corresponding
trailing twelve-month period, both of which are non-IFRS financial measures.</em></p>
<p><em><sup>(7)</sup></em><em> Adjusted diluted EPS is a non-IFRS ratio based on adjusted net income (loss) attributable to SNC-Lavalin shareholders from continuing operations, itself a non-IFRS financial measure.</em></p>
<h4>Reconciliations and Calculations</h4>
<p><strong>Reconciliation of Adjusted net income attributable to SNC-Lavalin shareholders from PS&PM to IFRS net income attributable to SNC-Lavalin shareholders from continuing operations</strong></p>
<div class="scroll-table-container">
<table border="0" class="release-financial-tab" role="presentation">
<tbody>
<tr style="height: 22.95pt;">
<td valign="top" style="background: #00b0f0; height: 22.95pt; width: 106.15pt; padding: 0cm 5.4pt; border-style: solid; border-width: 0pt; text-align: left;">
<p style="margin: 12pt 0cm 0cm;"> </p>
</td>
<td colspan="4" style="background: #00b0f0; height: 22.95pt; width: 185.8pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: white;">Q1 2023</span></strong></span></p>
</td>
<td colspan="4" style="background: #00b0f0; height: 22.95pt; width: 181.2pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: white;">Q1 2022</span></strong></span></p>
</td>
</tr>
<tr>
<td style="width: 106.15pt; padding: 0cm 5.4pt; border-top: none; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"> </p>
</td>
<td style="width: 42.85pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>Before Taxes</span></p>
</td>
<td style="width: 42.7pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>Taxes</span></p>
</td>
<td style="width: 51.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>After Taxes</span></p>
</td>
<td valign="top" style="width: 48.65pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>Diluted EPS</span></p>
<p style="margin-bottom: 0cm; text-align: center;"><span>(In $)</span></p>
</td>
<td style="width: 42.3pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>Before Taxes</span></p>
</td>
<td style="width: 38.4pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>Taxes</span></p>
</td>
<td style="width: 51.35pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>After Taxes</span></p>
</td>
<td valign="top" style="width: 49.15pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>Diluted EPS</span></p>
<p style="margin-bottom: 0cm; text-align: center;"><span>(In $)</span></p>
</td>
</tr>
<tr style="height: 28.3pt;">
<td style="background: #d4e1ec; height: 28.3pt; width: 106.15pt; padding: 0cm 5.4pt; border-top: none; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span><strong><span style="color: black;">Net income attributable to SNC-Lavalin shareholders from continuing operations</span></strong></span></p>
<p style="margin-bottom: 0cm;"><span><strong><span style="color: black;">(IFRS)</span></strong></span></p>
</td>
<td valign="top" style="background: #d4e1ec; height: 28.3pt; width: 42.85pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="background: #d4e1ec; height: 28.3pt; width: 42.7pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="background: #d4e1ec; height: 28.3pt; width: 51.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">28.4</span></strong></span></p>
</td>
<td style="background: #d4e1ec; height: 28.3pt; width: 48.65pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">0.16</span></strong></span></p>
</td>
<td valign="top" style="background: #d4e1ec; height: 28.3pt; width: 42.3pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="background: #d4e1ec; height: 28.3pt; width: 38.4pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="background: #d4e1ec; height: 28.3pt; width: 51.35pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">24.8</span></strong></span></p>
</td>
<td style="background: #d4e1ec; height: 28.3pt; width: 49.15pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">0.14</span></strong></span></p>
</td>
</tr>
<tr style="height: 28.65pt;">
<td style="height: 28.65pt; width: 106.15pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-right-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span>Restructuring and transformation costs</span></p>
</td>
<td style="height: 28.65pt; width: 42.85pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>14.5</span></p>
</td>
<td style="height: 28.65pt; width: 42.7pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>(1.7)</span></p>
</td>
<td style="height: 28.65pt; width: 51.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>12.8</span></p>
</td>
<td valign="top" style="height: 28.65pt; width: 48.65pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="height: 28.65pt; width: 42.3pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>6.7</span></p>
</td>
<td style="height: 28.65pt; width: 38.4pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>(1.6)</span></p>
</td>
<td style="height: 28.65pt; width: 51.35pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>5.1</span></p>
</td>
<td valign="top" style="height: 28.65pt; width: 49.15pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
</tr>
<tr style="height: 28.65pt;">
<td style="height: 28.65pt; width: 106.15pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-right-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span>Amortization of intangible assets related to business combinations </span></p>
</td>
<td style="height: 28.65pt; width: 42.85pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>20.6</span></p>
</td>
<td style="height: 28.65pt; width: 42.7pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>(4.0)</span></p>
</td>
<td style="height: 28.65pt; width: 51.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>16.5</span></p>
</td>
<td valign="top" style="height: 28.65pt; width: 48.65pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="height: 28.65pt; width: 42.3pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>22.3</span></p>
</td>
<td style="height: 28.65pt; width: 38.4pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>(4.7)</span></p>
</td>
<td style="height: 28.65pt; width: 51.35pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>17.7</span></p>
</td>
<td valign="top" style="height: 28.65pt; width: 49.15pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
</tr>
<tr style="height: 25.85pt;">
<td style="height: 25.85pt; width: 106.15pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-right-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span>Gain on disposal of a Capital investment</span></p>
</td>
<td style="height: 25.85pt; width: 42.85pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td style="height: 25.85pt; width: 42.7pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td style="height: 25.85pt; width: 51.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td valign="top" style="height: 25.85pt; width: 48.65pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="height: 25.85pt; width: 42.3pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>(4.3)</span></p>
</td>
<td style="height: 25.85pt; width: 38.4pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>(0.1)</span></p>
</td>
<td style="height: 25.85pt; width: 51.35pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>(4.4)</span></p>
</td>
<td valign="top" style="height: 25.85pt; width: 49.15pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
</tr>
<tr style="height: 13.4pt;">
<td style="background: #ededed; height: 13.4pt; width: 106.15pt; padding: 0cm 5.4pt; border-style: solid; border-width: 0pt; text-align: left;">
<p style="margin-bottom: 0cm;"><span style="color: black;">Total adjustments</span></p>
</td>
<td style="background: #ededed; height: 13.4pt; width: 42.85pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">35.1</span></p>
</td>
<td style="background: #ededed; height: 13.4pt; width: 42.7pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">(5.7)</span></p>
</td>
<td style="background: #ededed; height: 13.4pt; width: 51.6pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">29.4</span></p>
</td>
<td style="background: #ededed; height: 13.4pt; width: 48.65pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">0.17</span></p>
</td>
<td style="background: #ededed; height: 13.4pt; width: 42.3pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">24.7</span></p>
</td>
<td style="background: #ededed; height: 13.4pt; width: 38.4pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">(6.4)</span></p>
</td>
<td style="background: #ededed; height: 13.4pt; width: 51.35pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">18.4</span></p>
</td>
<td style="background: #ededed; height: 13.4pt; width: 49.15pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">0.10</span></p>
</td>
</tr>
<tr style="height: 25.85pt;">
<td style="background: #d4e1ec; height: 25.85pt; width: 106.15pt; padding: 0cm 5.4pt; border-top: none; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span><strong><span style="color: black;">Adjusted net income attributable to SNC-Lavalin shareholders</span></strong></span></p>
<p style="margin-bottom: 0cm;"><span><strong><span style="color: black;">(non-IFRS)</span></strong></span></p>
</td>
<td valign="top" style="background: #d4e1ec; height: 25.85pt; width: 42.85pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="background: #d4e1ec; height: 25.85pt; width: 42.7pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="background: #d4e1ec; height: 25.85pt; width: 51.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">57.8</span></strong></span></p>
</td>
<td style="background: #d4e1ec; height: 25.85pt; width: 48.65pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">0.33</span></strong></span></p>
</td>
<td valign="top" style="background: #d4e1ec; height: 25.85pt; width: 42.3pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="background: #d4e1ec; height: 25.85pt; width: 38.4pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="background: #d4e1ec; height: 25.85pt; width: 51.35pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">43.1</span></strong></span></p>
</td>
<td style="background: #d4e1ec; height: 25.85pt; width: 49.15pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">0.25</span></strong></span></p>
</td>
</tr>
<tr style="height: 13.05pt;">
<td style="height: 13.05pt; width: 106.15pt; padding: 0cm 5.4pt; border-top: none; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"> </p>
</td>
<td valign="top" style="height: 13.05pt; width: 42.85pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="height: 13.05pt; width: 42.7pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="height: 13.05pt; width: 51.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="height: 13.05pt; width: 48.65pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="height: 13.05pt; width: 42.3pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="height: 13.05pt; width: 38.4pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="height: 13.05pt; width: 51.35pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="height: 13.05pt; width: 49.15pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
</tr>
<tr style="height: 13.05pt;">
<td style="background: #deeaf6; height: 13.05pt; width: 106.15pt; padding: 0cm 5.4pt; border-top: none; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span><strong><span style="color: black;">Net income attributable to SNC-Lavalin shareholders from Capital</span></strong></span></p>
</td>
<td valign="top" style="background: #deeaf6; height: 13.05pt; width: 42.85pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="background: #deeaf6; height: 13.05pt; width: 42.7pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="background: #deeaf6; height: 13.05pt; width: 51.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">2.4</span></p>
</td>
<td style="background: #deeaf6; height: 13.05pt; width: 48.65pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">0.01</span></p>
</td>
<td valign="top" style="background: #deeaf6; height: 13.05pt; width: 42.3pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="background: #deeaf6; height: 13.05pt; width: 38.4pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="background: #deeaf6; height: 13.05pt; width: 51.35pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">8.2</span></p>
</td>
<td style="background: #deeaf6; height: 13.05pt; width: 49.15pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">0.05</span></p>
</td>
</tr>
<tr style="height: 27.85pt;">
<td style="height: 27.85pt; width: 106.15pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-right-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span>Gain on disposal of a Capital investment</span></p>
</td>
<td style="height: 27.85pt; width: 42.85pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td style="height: 27.85pt; width: 42.7pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td style="height: 27.85pt; width: 51.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td valign="top" style="height: 27.85pt; width: 48.65pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="height: 27.85pt; width: 42.3pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>(4.3)</span></p>
</td>
<td style="height: 27.85pt; width: 38.4pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>(0.1)</span></p>
</td>
<td style="height: 27.85pt; width: 51.35pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>(4.4)</span></p>
</td>
<td valign="top" style="height: 27.85pt; width: 49.15pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
</tr>
<tr style="height: 13.5pt;">
<td style="background: #ededed; height: 13.5pt; width: 106.15pt; padding: 0cm 5.4pt; border-style: solid; border-width: 0pt; text-align: left;">
<p style="margin-bottom: 0cm;"><span style="color: black;">Total adjustments</span></p>
</td>
<td style="background: #ededed; height: 13.5pt; width: 42.85pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">-</span></p>
</td>
<td style="background: #ededed; height: 13.5pt; width: 42.7pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">-</span></p>
</td>
<td style="background: #ededed; height: 13.5pt; width: 51.6pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">-</span></p>
</td>
<td style="background: #ededed; height: 13.5pt; width: 48.65pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">-</span></p>
</td>
<td style="background: #ededed; height: 13.5pt; width: 42.3pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">(4.3)</span></p>
</td>
<td style="background: #ededed; height: 13.5pt; width: 38.4pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">(0.1)</span></p>
</td>
<td style="background: #ededed; height: 13.5pt; width: 51.35pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">(4.4)</span></p>
</td>
<td style="background: #ededed; height: 13.5pt; width: 49.15pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span style="color: black;">(0.03)</span></p>
</td>
</tr>
<tr style="height: 13.5pt;">
<td style="background: #deeaf6; height: 13.5pt; width: 106.15pt; padding: 0cm 5.4pt; border-top: none; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span><strong><span style="color: black;">Adjusted net income attributable to SNC-Lavalin shareholders from Capital</span></strong></span></p>
<p style="margin-bottom: 0cm;"><span><strong><span style="color: black;">(non-IFRS)</span></strong></span></p>
</td>
<td valign="top" style="background: #deeaf6; height: 13.5pt; width: 42.85pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="background: #deeaf6; height: 13.5pt; width: 42.7pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="background: #deeaf6; height: 13.5pt; width: 51.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">2.4</span></strong></span></p>
</td>
<td style="background: #deeaf6; height: 13.5pt; width: 48.65pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">0.01</span></strong></span></p>
</td>
<td valign="top" style="background: #deeaf6; height: 13.5pt; width: 42.3pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="background: #deeaf6; height: 13.5pt; width: 38.4pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="background: #deeaf6; height: 13.5pt; width: 51.35pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">3.8</span></strong></span></p>
</td>
<td style="background: #deeaf6; height: 13.5pt; width: 49.15pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">0.02</span></strong></span></p>
</td>
</tr>
<tr style="height: 14.45pt;">
<td style="height: 14.45pt; width: 106.15pt; padding: 0cm 5.4pt; border-top: none; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"> </p>
</td>
<td valign="top" style="height: 14.45pt; width: 42.85pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="height: 14.45pt; width: 42.7pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="height: 14.45pt; width: 51.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="height: 14.45pt; width: 48.65pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="height: 14.45pt; width: 42.3pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="height: 14.45pt; width: 38.4pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="height: 14.45pt; width: 51.35pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="height: 14.45pt; width: 49.15pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
</tr>
<tr style="height: 23pt;">
<td style="background: #d4e1ec; height: 23pt; width: 106.15pt; padding: 0cm 5.4pt; border-top: none; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span><strong><span style="color: black;">Adjusted net income attributable to SNC-Lavalin shareholders from PS&PM</span></strong></span></p>
<p style="margin-bottom: 0cm;"><span><strong><span style="color: black;">(non-IFRS)</span></strong></span></p>
</td>
<td valign="top" style="background: #d4e1ec; height: 23pt; width: 42.85pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="background: #d4e1ec; height: 23pt; width: 42.7pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="background: #d4e1ec; height: 23pt; width: 51.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">55.4</span></strong></span></p>
</td>
<td style="background: #d4e1ec; height: 23pt; width: 48.65pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">0.32</span></strong></span></p>
</td>
<td valign="top" style="background: #d4e1ec; height: 23pt; width: 42.3pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td valign="top" style="background: #d4e1ec; height: 23pt; width: 38.4pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"> </p>
</td>
<td style="background: #d4e1ec; height: 23pt; width: 51.35pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">39.4</span></strong></span></p>
</td>
<td style="background: #d4e1ec; height: 23pt; width: 49.15pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: black;">0.22</span></strong></span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p><em>Note that certain totals and subtotals may not reconcile due to rounding</em><br>
<em>All figures in millions of dollars, except otherwise indicated</em>
</p>
<p><strong>Reconciliation of EBITDA and Adjusted EBITDA to IFRS net income from continuing operations</strong></p>
<div class="scroll-table-container">
<table border="0" class="release-financial-tab" role="presentation">
<tbody>
<tr style="height: 19.05pt;">
<td style="background: #00b0f0; height: 19.05pt; width: 161.35pt; padding: 0cm 5.4pt; border-style: solid; border-width: 0pt; text-align: left;">
<p style="margin: 12pt 0cm 0cm;"> </p>
</td>
<td colspan="3" style="background: #00b0f0; height: 19.05pt; width: 155.9pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Q1 2023</span></strong></p>
</td>
<td colspan="3" style="background: #00b0f0; height: 19.05pt; width: 155.95pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Q1 2022</span></strong></p>
</td>
</tr>
<tr style="height: 22pt;">
<td style="height: 22pt; width: 161.35pt; padding: 0cm 5.4pt; border-top: none; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"> </p>
</td>
<td style="height: 22pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>From PS&PM</span></p>
</td>
<td style="height: 22pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>From Capital</span></p>
</td>
<td style="height: 22pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>Total</span></p>
</td>
<td style="height: 22pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>From PS&PM</span></p>
</td>
<td style="height: 22pt; width: 49.65pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>From Capital</span></p>
</td>
<td style="height: 22pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>Total</span></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="background: #deeaf6; height: 21.6pt; width: 161.35pt; padding: 0cm 5.4pt; border-top: none; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><strong><span style="color: black;">Net income from continuing operations</span></strong></p>
</td>
<td style="background: #deeaf6; height: 21.6pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">26.1</span></strong></p>
</td>
<td style="background: #deeaf6; height: 21.6pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">2.4</span></strong></p>
</td>
<td style="background: #deeaf6; height: 21.6pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">28.5</span></strong></p>
</td>
<td style="background: #deeaf6; height: 21.6pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">13.7</span></strong></p>
</td>
<td style="background: #deeaf6; height: 21.6pt; width: 49.65pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">8.2</span></strong></p>
</td>
<td style="background: #deeaf6; height: 21.6pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">21.9</span></strong></p>
</td>
</tr>
<tr style="height: 14.5pt;">
<td style="height: 14.5pt; width: 161.35pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-right-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span>Net financial expenses</span></p>
</td>
<td style="height: 14.5pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>45.7</span></p>
</td>
<td style="height: 14.5pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>1.7</span></p>
</td>
<td style="height: 14.5pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>47.4</span></p>
</td>
<td style="height: 14.5pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>24.6</span></p>
</td>
<td style="height: 14.5pt; width: 49.65pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>1.0</span></p>
</td>
<td style="height: 14.5pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>25.6</span></p>
</td>
</tr>
<tr style="height: 13.25pt;">
<td style="height: 13.25pt; width: 161.35pt; padding: 0cm 5.4pt; border-top: none; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span>Income tax expense </span></p>
</td>
<td style="height: 13.25pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>11.1</span></p>
</td>
<td style="height: 13.25pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>0.5</span></p>
</td>
<td style="height: 13.25pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>11.6</span></p>
</td>
<td style="height: 13.25pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>3.5</span></p>
</td>
<td style="height: 13.25pt; width: 49.65pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>0.5</span></p>
</td>
<td style="height: 13.25pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>4.0</span></p>
</td>
</tr>
<tr style="height: 21.6pt;">
<td style="background: #deeaf6; height: 21.6pt; width: 161.35pt; padding: 0cm 5.4pt; border-top: none; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><strong><span style="color: black;">EBIT</span></strong></p>
</td>
<td style="background: #deeaf6; height: 21.6pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">82.9</span></strong></p>
</td>
<td style="background: #deeaf6; height: 21.6pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">4.6</span></strong></p>
</td>
<td style="background: #deeaf6; height: 21.6pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">87.5</span></strong></p>
</td>
<td style="background: #deeaf6; height: 21.6pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">41.8</span></strong></p>
</td>
<td style="background: #deeaf6; height: 21.6pt; width: 49.65pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">9.7</span></strong></p>
</td>
<td style="background: #deeaf6; height: 21.6pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">51.5</span></strong></p>
</td>
</tr>
<tr style="height: 20.45pt;">
<td style="height: 20.45pt; width: 161.35pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-right-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span>Depreciation and amortization</span></p>
</td>
<td style="height: 20.45pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>58.6</span></p>
</td>
<td style="height: 20.45pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td style="height: 20.45pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>58.6</span></p>
</td>
<td style="height: 20.45pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>64.0</span></p>
</td>
<td style="height: 20.45pt; width: 49.65pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td style="height: 20.45pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>64.0</span></p>
</td>
</tr>
<tr style="height: 20.45pt;">
<td style="background: #deeaf6; height: 20.45pt; width: 161.35pt; padding: 0cm 5.4pt; border-style: solid; border-width: 0pt; text-align: left;">
<p style="margin-bottom: 0cm;"><strong><span style="color: black;">EBITDA</span></strong></p>
</td>
<td style="background: #deeaf6; height: 20.45pt; width: 2cm; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">141.4</span></strong></p>
</td>
<td style="background: #deeaf6; height: 20.45pt; width: 49.6pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">4.6</span></strong></p>
</td>
<td style="background: #deeaf6; height: 20.45pt; width: 49.6pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">146.0</span></strong></p>
</td>
<td style="background: #deeaf6; height: 20.45pt; width: 2cm; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">105.8</span></strong></p>
</td>
<td style="background: #deeaf6; height: 20.45pt; width: 49.65pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">9.7</span></strong></p>
</td>
<td style="background: #deeaf6; height: 20.45pt; width: 49.6pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">115.5</span></strong></p>
</td>
</tr>
<tr style="height: 23.15pt;">
<td style="height: 23.15pt; width: 161.35pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-right-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span>Restructuring and transformation costs </span></p>
</td>
<td style="height: 23.15pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>14.5</span></p>
</td>
<td style="height: 23.15pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td style="height: 23.15pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>14.5</span></p>
</td>
<td style="height: 23.15pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>6.7</span></p>
</td>
<td style="height: 23.15pt; width: 49.65pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td style="height: 23.15pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>6.7</span></p>
</td>
</tr>
<tr style="height: 15.85pt;">
<td style="height: 15.85pt; width: 161.35pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-right-style: solid; border-left-style: solid; text-align: left;">
<p style="margin-bottom: 0cm;"><span>Gain on disposal of a Capital investment</span></p>
</td>
<td style="height: 15.85pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td style="height: 15.85pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td style="height: 15.85pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td style="height: 15.85pt; width: 2cm; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>-</span></p>
</td>
<td style="height: 15.85pt; width: 49.65pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>(4.3)</span></p>
</td>
<td style="height: 15.85pt; width: 49.6pt; padding: 0cm 5.4pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span>(4.3)</span></p>
</td>
</tr>
<tr style="height: 23.45pt;">
<td style="background: #d4e1ec; height: 23.45pt; width: 161.35pt; padding: 0cm 5.4pt; border-style: solid; border-width: 0pt; text-align: left;">
<p style="margin-bottom: 0cm;"><strong><span style="color: black;">Adjusted EBITDA</span></strong></p>
</td>
<td style="background: #d4e1ec; height: 23.45pt; width: 2cm; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">155.9</span></strong></p>
</td>
<td style="background: #d4e1ec; height: 23.45pt; width: 49.6pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">4.6</span></strong></p>
</td>
<td style="background: #d4e1ec; height: 23.45pt; width: 49.6pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">160.5</span></strong></p>
</td>
<td style="background: #d4e1ec; height: 23.45pt; width: 2cm; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">112.6</span></strong></p>
</td>
<td style="background: #d4e1ec; height: 23.45pt; width: 49.65pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">5.3</span></strong></p>
</td>
<td style="background: #d4e1ec; height: 23.45pt; width: 49.6pt; padding: 0cm 5.4pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: black;">117.9</span></strong></p>
</td>
</tr>
</tbody>
</table>
</div>
<p><em>Note that certain totals and subtotals may not reconcile due to rounding </em><br>
<em>All figures in millions of dollars</em>
</p>
<p><strong>Calculation of segment net revenue and Segment Adjusted EBITDA to segment net revenue ratio for the Engineering Services segment</strong></p>
<div class="scroll-table-container">
<table border="0" class="release-financial-tab" role="presentation">
<tbody>
<tr style="height: 22.95pt;">
<td valign="top" style="background: #00b0f0; height: 22.95pt; width: 417.6pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-top-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"> </p>
</td>
<td style="background: #00b0f0; height: 22.95pt; width: 57.6pt; padding: 0cm 0cm 0cm 1.45pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Q1 2023</span></strong></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 417.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Revenue – Engineering Services</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 57.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">1,344.2</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 417.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Less: Direct costs for sub-contractors and other direct expenses that are recoverable directly from clients – Engineering Services</span></p>
</td>
<td style="height: 1.4pt; width: 57.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">331.3</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="background: #deeaf6; height: 1.4pt; width: 417.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><strong><span style="color: black;">Segment net revenue – Engineering Services</span></strong></p>
</td>
<td valign="top" style="background: #deeaf6; height: 1.4pt; width: 57.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">1,012.9</span></strong></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 417.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Segment Adjusted EBITDA – Engineering Services</span><sup></sup></p>
</td>
<td valign="top" style="height: 1.4pt; width: 57.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">141.7</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="background: #deeaf6; height: 1.4pt; width: 417.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><strong><span style="color: black;">Segment Adjusted EBITDA to segment net revenue ratio – Engineering Services </span></strong></p>
</td>
<td valign="top" style="background: #deeaf6; height: 1.4pt; width: 57.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">14.0%</span></strong></p>
</td>
</tr>
</tbody>
</table>
</div>
<p><em>All figures in millions of dollars, except otherwise indicated </em></p>
<p><strong>Calculation of organic revenue growth (contraction)</strong></p>
<div class="scroll-table-container">
<table border="0" class="release-financial-tab" role="presentation">
<tbody>
<tr style="height: 1.4pt;">
<td valign="top" style="background: #00b0f0; height: 1.4pt; width: 127.6pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-top-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"> </p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 63.55pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Q1 2023 Revenue</span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 49.85pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Q1 2022<sup> </sup>Revenue</span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Variance</span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Foreign exchange impact</span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Acquisition / Disposal impact</span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Organic revenue growth (contraction)</span></strong></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 127.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Engineering Services</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 63.55pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">1,344.2</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 49.85pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">1,138.2</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">206.0</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">5.9</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">-</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">200.0</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 127.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Nuclear</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 63.55pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">244.3</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 49.85pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">232.1</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">12.2</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.8</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.7</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">10.8</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 127.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">O&M</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 63.55pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">125.9</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 49.85pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">136.5</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">(10.6)</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">2.3</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">-</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">(12.9)</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 127.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Linxon</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 63.55pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">121.5</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 49.85pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">150.5</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">(29.0)</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.7</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">-</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">(29.7)</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="background: #deeaf6; height: 1.4pt; width: 127.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><strong><span style="color: black;">Total – SNCL Services</span></strong></p>
</td>
<td style="background: #deeaf6; height: 1.4pt; width: 63.55pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">1,835.9</span></strong></p>
</td>
<td style="background: #deeaf6; height: 1.4pt; width: 49.85pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">1,657.3</span></strong></p>
</td>
<td style="background: #deeaf6; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">178.6</span></strong></p>
</td>
<td style="background: #deeaf6; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">9.7</span></strong></p>
</td>
<td style="background: #deeaf6; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">0.7</span></strong></p>
</td>
<td style="background: #deeaf6; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">168.2</span></strong></p>
</td>
</tr>
</tbody>
</table>
</div>
<br>
<div class="scroll-table-container">
<table border="0" class="release-financial-tab" role="presentation">
<tbody>
<tr style="height: 1.4pt;">
<td valign="top" style="background: #00b0f0; height: 1.4pt; width: 127.6pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-top-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"> </p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 63.55pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Q1 2023 Revenue</span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 49.85pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Q1 2022<sup> </sup>Revenue</span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Variance </span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Foreign exchange impact</span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Acquisition / Disposal impact</span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Organic revenue growth (contraction)</span></strong></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 127.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Engineering Services</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 63.55pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">1,344.2</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 49.85pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">1,138.2</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">18.1%</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">0.6%</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">-</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">17.5%</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 127.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Nuclear</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 63.55pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">244.3</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 49.85pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">232.1</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">5.3%</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.4%</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.3%</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">4.6%</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 127.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">O&M</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 63.55pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">125.9</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 49.85pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">136.5</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">(7.8)%</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">1.5%</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">-</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">(9.3)%</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 127.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Linxon</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 63.55pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">121.5</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 49.85pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">150.5</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">(19.2)%</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">0.4%</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">-</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">(19.6)%</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="background: #deeaf6; height: 1.4pt; width: 127.6pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><strong><span style="color: black;">Total – SNCL Services </span></strong></p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 63.55pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">1,835.9</span></strong></p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 49.85pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">1,657.3</span></strong></p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">10.8%</span></strong></p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">0.6%</span></strong></p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">-</span></strong></p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 2cm; padding: 0cm 0cm 0cm 1.45pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">10.1%</span></strong></p>
</td>
</tr>
</tbody>
</table>
</div>
<p><em>Note that certain totals and subtotals may not reconcile due to rounding</em><br>
<em>All figures in millions of dollars, except otherwise indicated </em>
</p>
<p><strong>Calculation of booking-to-revenue ratio</strong></p>
<div class="scroll-table-container">
<table border="0" class="release-financial-tab" role="presentation">
<tbody>
<tr style="height: 18pt;">
<td style="background: #00b0f0; height: 18pt; width: 165.15pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-top-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td colspan="5" style="background: #00b0f0; height: 18pt; width: 302.35pt; padding: 0cm 0cm 0cm 1.45pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: white;">Q1 2023</span></strong></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="background: #00b0f0; height: 1.4pt; width: 165.15pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 72.7pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Engineering</span></strong></p>
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Services</span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 58.1pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Nuclear</span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 63.45pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">O&M</span></strong></p>
</td>
<td style="background: #00b0f0; height: 1.4pt; width: 56.3pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Linxon</span></strong></p>
</td>
<td valign="top" style="background: #00b0f0; height: 1.4pt; width: 51.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Total</span></strong></p>
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">SNCL</span></strong></p>
<p style="margin-bottom: 0cm; text-align: center;"><strong><span style="color: white;">Services</span></strong></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 165.15pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Opening backlog</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 72.7pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">4,662.1</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 58.1pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">936.6</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 63.45pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">5,353.9</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 56.3pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">881.8</span></p>
</td>
<td valign="top" style="height: 1.4pt; width: 51.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">11,834.4</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 165.15pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Plus:</span></p>
<p class="Text" style="margin-left: 5.6pt;"><span style="color: black;">Contract bookings during the period</span></p>
</td>
<td style="height: 1.4pt; width: 72.7pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">1,517.8</span></p>
</td>
<td style="height: 1.4pt; width: 58.1pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">287.7</span></p>
</td>
<td style="height: 1.4pt; width: 63.45pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">34.1</span></p>
</td>
<td style="height: 1.4pt; width: 56.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">234.1</span></p>
</td>
<td style="height: 1.4pt; width: 51.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">2,073.8</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 165.15pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text" style="margin-left: 26.85pt;"><span style="color: black;">Less:</span></p>
<p class="Text" style="margin-left: 5.6pt;"><span style="color: black;">Revenues from contracts with customers recognized during the period</span></p>
</td>
<td style="height: 1.4pt; width: 72.7pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">1,342.9</span></p>
</td>
<td style="height: 1.4pt; width: 58.1pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">238.5</span></p>
</td>
<td style="height: 1.4pt; width: 63.45pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">125.9</span></p>
</td>
<td style="height: 1.4pt; width: 56.3pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">121.5</span></p>
</td>
<td style="height: 1.4pt; width: 51.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">1,828.9</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="background: #deeaf6; height: 1.4pt; width: 165.15pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-top-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><strong><span style="color: black;">Ending backlog</span></strong></p>
</td>
<td valign="top" style="background: #deeaf6; height: 1.4pt; width: 72.7pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">4,837.0</span></strong></p>
</td>
<td valign="top" style="background: #deeaf6; height: 1.4pt; width: 58.1pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">985.8</span></strong></p>
</td>
<td valign="top" style="background: #deeaf6; height: 1.4pt; width: 63.45pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-bottom: none; border-left: none; border-top-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">5,262.2</span></strong></p>
</td>
<td valign="top" style="background: #deeaf6; height: 1.4pt; width: 56.3pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-bottom: none; border-left: none; border-top-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">994.4</span></strong></p>
</td>
<td valign="top" style="background: #deeaf6; height: 1.4pt; width: 51.8pt; padding: 0cm 0cm 0cm 1.45pt; border-bottom: none; border-left: none; border-top-style: solid; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">12,079.3</span></strong></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="background: #deeaf6; height: 1.4pt; width: 165.15pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><strong><span style="color: black;">Booking-to-revenue ratio</span></strong></p>
</td>
<td valign="top" style="background: #deeaf6; height: 1.4pt; width: 72.7pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">1.13</span></strong></p>
</td>
<td valign="top" style="background: #deeaf6; height: 1.4pt; width: 58.1pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">1.21</span></strong></p>
</td>
<td valign="top" style="background: #deeaf6; height: 1.4pt; width: 63.45pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">0.27</span></strong></p>
</td>
<td valign="top" style="background: #deeaf6; height: 1.4pt; width: 56.3pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">1.93</span></strong></p>
</td>
<td valign="top" style="background: #deeaf6; height: 1.4pt; width: 51.8pt; padding: 0cm 0cm 0cm 1.45pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><strong><span style="color: black;">1.13</span></strong></p>
</td>
</tr>
</tbody>
</table>
</div>
<p><em>Note that certain totals and subtotals may not reconcile due to rounding</em><br>
<em>All figures in millions of dollars, except otherwise indicated </em>
</p>
<p><strong>Calculation of net limited recourse and recourse debt to Adjusted EBITDA ratio</strong></p>
<div class="scroll-table-container">
<table border="0" class="release-financial-tab" role="presentation">
<tbody>
<tr style="height: 21.05pt;">
<td valign="top" style="background: #00b0f0; height: 21.05pt; width: 347.05pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-top-style: solid; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"> </p>
</td>
<td style="background: #00b0f0; height: 21.05pt; width: 7.1pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="background: #00b0f0; height: 21.05pt; width: 2.45pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="background: #00b0f0; height: 21.05pt; width: 3.15pt; padding: 0cm 0cm 0cm 1.45pt; border-right: none; border-left: none; border-top-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td style="background: #00b0f0; height: 21.05pt; width: 107.8pt; padding: 0cm 0cm 0cm 1.45pt; border-left: none; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p style="margin-bottom: 0cm; text-align: center;"><span><strong><span style="color: white;">March 31, 2023</span></strong></span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 347.05pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Limited recourse debt</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 7.1pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2.45pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 3.15pt; padding: 0cm 0cm 0cm 1.45pt; border: none; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 107.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">400.0</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 347.05pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom: none; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Recourse debt</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 7.1pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2.45pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 3.15pt; padding: 0cm 0cm 0cm 1.45pt; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 107.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-bottom: none; border-left: none; border-right-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">1,609.6</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 347.05pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Less: Cash and cash equivalents</span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 7.1pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2.45pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 3.15pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 107.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: black;">561.3</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="background: #deeaf6; height: 1.4pt; width: 347.05pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><span><strong><span style="color: black;">Net limited recourse and recourse debt</span></strong></span></p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 7.1pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 2.45pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 3.15pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 107.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span><strong><span style="color: black;">1,448.3</span></strong></span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="height: 1.4pt; width: 347.05pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><span style="color: black;">Adjusted EBITDA (trailing 12 months)</span><span><sup></sup></span></p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 7.1pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 2.45pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 3.15pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="height: 1.4pt; width: 107.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span style="color: windowtext;">495.7</span></p>
</td>
</tr>
<tr style="height: 1.4pt;">
<td style="background: #deeaf6; height: 1.4pt; width: 347.05pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-bottom-style: solid; border-left-style: solid; text-align: left;">
<p class="Text"><span><strong><span style="color: black;">Net limited recourse and recourse debt to Adjusted EBITDA ratio </span></strong></span></p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 7.1pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 2.45pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 3.15pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-right: none; border-left: none; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"> </p>
</td>
<td valign="bottom" style="background: #deeaf6; height: 1.4pt; width: 107.8pt; padding: 0cm 0cm 0cm 1.45pt; border-top: none; border-left: none; border-right-style: solid; border-bottom-style: solid; text-align: left;">
<p class="Text" style="text-align: center;"><span><strong><span style="color: black;">2.9</span></strong></span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p><em>All figures in millions of dollars, except otherwise indicated</em><strong><em><br clear="all">
</em></strong></p>
<h4>Forward-Looking Statements</h4>
<p><em>Reference in this press release, and hereafter, to the “Company” or to “SNC-Lavalin” means, as the context may require, SNC-Lavalin Group Inc. and all or some of its subsidiaries or joint arrangements or associates, or
SNC-Lavalin Group Inc. or one or more of its subsidiaries or joint arrangements or associates.</em></p>
<p><em>Statements made in this press release that describe the Company’s or management’s budgets, estimates, expectations, forecasts, objectives, predictions, projections of the future or strategies may be “forward-looking
statements”, which can be identified by the use of the conditional or forward-looking terminology such as “aims”, “anticipates”, “assumes”, “believes”, “cost savings”, “estimates”, “expects”, “forecasts”, “goal”, “intends”,
“likely”, “may”, “objective”, “outlook”, “plans”, “projects”, “should”, “synergies”, “target”, “vision”, “will”, or the negative thereof or other variations thereon. Forward-looking statements also include any other statements
that do not refer to historical facts. Forward-looking statements also include statements relating to the following: i) future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial
condition, losses, project- or contract-specific cost reforecasts and claims provisions, and future prospects; ii) business and management strategies and the expansion and growth of the Company’s operations; and iii) the expected
additional impacts of the ongoing COVID-19 pandemic on the business and its operating and reportable segments as well as elements of uncertainty related thereto. All such forward-looking statements are made pursuant to the
“safe-harbour” provisions of applicable Canadian securities laws. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions and/or results could differ
materially from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes. Forward-looking statements are presented for the purpose of assisting
investors and others in understanding certain key elements of the Company’s current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company’s business and anticipated
operating environment. Readers are cautioned that such information may not be appropriate for other purposes.</em></p>
<p><em>Forward-looking statements made in this press release are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The assumptions are set out throughout the Company’s 2022 Annual
MD&A (particularly in the sections entitled “Critical Accounting Judgements and Key Sources of Estimation Uncertainty” and “How We Analyze and Report Our Results”). If these assumptions are inaccurate, the Company’s actual
results could differ materially from those expressed or implied in such forward-looking statements. In addition, important risk factors could cause the Company’s assumptions and estimates to be inaccurate and actual results or
events to differ materially from those expressed in or implied by these forward-looking statements. These risks include, but are not limited to, matters relating to: (a) epidemics, pandemics, including COVID-19, and other global
health crises; (b) execution of the Company’s “Pivoting to Growth Strategy” unveiled in September 2021; (c) fixed-price contracts or the Company’s failure to meet contractual schedule, performance requirements or to execute
projects efficiently; (d) backlog and contracts with termination for convenience provisions; (e) contract awards and timing; (f) being a provider of services to government agencies; (g) international operations; (h) nuclear
liability; (i) ownership interests in investments; (j) dependence on third parties; (k) supply chain disruptions; (l) joint ventures and partnerships; (m) information systems and data and compliance with privacy legislation; (n)
qualified personnel; (o) competition; (p) professional liability or liability for faulty services; (q) monetary damages and penalties in connection with professional and engineering reports and opinions; (r) gaps in insurance
coverage; (s) health and safety; (t) work stoppages, union negotiations and other labour matters; (u) global climate change, extreme weather conditions and the impact of natural or other disasters; (v) divestitures and the sale of
significant assets; (w) intellectual property; (x) liquidity and financial position; (y) indebtedness; (z) impact of operating results and level of indebtedness on financial situation; (aa) security under the CDPQ Loan
Agreement (as defined in the Company’s 2022 Annual MD&A); (bb) dependence on subsidiaries to help repay indebtedness; (cc) dividends; (dd) post-employment benefit obligations, including pension-related obligations; (ee)
working capital requirements; (ff) collection from customers; (gg) impairment of goodwill and other assets; (hh) the impact on the Company of legal and regulatory proceedings, investigations and dispute settlements; (ii)
further regulatory developments as well as employee, agent or partner misconduct or failure to comply with anti-corruption and other government laws and regulations; (jj) reputation of the Company; (kk) inherent limitations to the
Company’s control framework; (ll) environmental laws and regulations; (mm) global economic conditions; (nn) inflation; (oo) fluctuations in commodity prices; and (pp) income taxes.</em></p>
<p><em>The Company cautions that the foregoing list of factors is not exhaustive. For more information on risks and uncertainties, and assumptions that could cause the Company’s actual results to differ from current expectations,
please refer to the sections “Risks and Uncertainties”, “How We Analyze and Report Our Results” and “Critical Accounting Judgements and Key Sources of Estimation Uncertainty” in the Company’s 2022 Annual MD&A and as updated in
the first quarter 2023 MD&A filed with the securities regulatory authorities in Canada, available on SEDAR at </em><a rel="noopener noreferrer" href="http://www.sedar.com" target="_blank"><em>www.sedar.com</em></a><em> and on
the Company’s website at </em><a href="http://www.snclavalin.com"><em>www.snclavalin.com</em></a><em> under the “Investors” section.</em></p>
<p><em>The forward-looking statements herein reflect the Company’s expectations as at the date of this press release and are subject to change after this date. The Company does not undertake to update publicly or to revise any written
or oral forward-looking information or statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation.</em><em> The forward-looking information and statements
contained herein are expressly qualified in their entirety by this cautionary statement.</em></p>
<div class="scroll-table-container">
<table width="100%" cellspacing="0" cellpadding="0" role="presentation">
<tbody>
<tr>
<td colspan="2" valign="top"><strong>For more information: </strong></td>
</tr>
<tr>
<td valign="top">
<p><strong>Media</strong><br> Harold Fortin<br> Senior Director, Global External Communications<br> 514-393-8000, ext. 56127<br>
<a href="mailto:media@snclavalin.com">media@snclavalin.com</a>
</p>
</td>
<td valign="top">
<p><strong>Investors</strong><br> Denis Jasmin<br> Vice President, Investor Relations<br> 514-393-8000, ext. 57553<br>
<a href="mailto:denis.jasmin@snclavalin.com">denis.jasmin@snclavalin.com</a>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<p>The Company’s unaudited interim condensed consolidated financial statements for the three-month periods ended March 31, 2023 and March 31, 2022, together with its MD&A for the corresponding periods, can be accessed on the
Company’s website at <a href="http://www.snclavalin.com"><em>www.snclavalin.com</em></a> and on <a rel="noopener noreferrer" href="http://www.sedar.com" target="_blank"><em>www.sedar.com</em></a>.</p>
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<p class="item-title"> 2020 Annual report </p>
<p class="item-meta"> pdf, <span class="sub-size"> 5.8MB </span>
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SNC-LAVALIN REPORTS STRONG FIRST QUARTER 2023 RESULTS
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Tuesday 09th May 2023
MONTREAL: May 9, 2023 – SNC-Lavalin Group Inc. (TSX: SNC), a fully integrated
professional services and project management company with offices around the
world, today announced its financial results for the first quarter ended March
31, 2023.
The SNCL Services line of business continued to deliver on its “Pivoting to
Growth” strategy with another quarter of strong revenue growth, particularly in
the Engineering Services segment, and a significant increase in Segment Adjusted
EBIT. SNCL Services achieved record high backlog, with another record high level
in the Engineering Services segment and a strong increase in the Nuclear
segment. The LSTK projects exit strategy continues to progress well.
Q1 2023 FINANCIAL HIGHLIGHTS
(All results reflect comparisons to prior-year period of Q1 2022, except
otherwise indicated)
* SNCL Services revenue increased 10.8% to $1.8 billion, or 10.1% on an organic
revenue growth(1)(2) basis, outperforming the Company’s 5% to 7% full year
outlook range
* Engineering Services organic revenue growth(1)(2) of 17.5%
* SNCL Services Segment Adjusted EBIT increased by 23.4% to $156.3 million,
representing an 8.5% margin, in line with Company’s full year outlook range
* Engineering Services Segment Adjusted EBIT margin and Engineering Services
Segment Adjusted EBITDA to segment net revenue ratio(1)(3) of 8.4% and
14.0%, respectively
* Nuclear Segment Adjusted EBIT margin of 13.4%
* SNCL Services backlog reached a record-high and totaled $12.1 billion as at
March 31, 2023, an increase of 8.0%. Bookings in Q1 2023 totaled $2.1
billion,representing a 1.13 booking-to-revenue ratio(1)(4)
* Engineering Services backlog reached a record-high and totaled $4.8
billion as at March 31, 2023, an increase of 25.3%, which includes another
new record-high for the United States. Bookings in Q1 2023 totaled $1.5
billion, representing a 1.13 booking-to-revenue ratio(1)(4)
* Nuclear backlog increased by 22.9% to $985.8 million as at March 31, 2023
* LSTK Projects Segment Adjusted EBIT of negative $9.2 million, in line with
expectations. LSTK Projects backlog reduced by $167.6 million sequentially
from December 31, 2022 to $517.9 million as at March 31, 2023
* Adjusted net income attributable to SNC-Lavalin shareholders from PS&PM(1)
totaled $55.4 million, or $0.32 per diluted share, compared to $39.4 million,
or $0.22 per diluted share in Q1 2022
* Net income from continuing operations attributable to SNC-Lavalin
shareholders totaled $28.4 million, or $0.16 per diluted share, compared to
$24.8 million, or $0.14 per diluted share in Q1 2022
* Net cash used for operating activities of $57.3 million
* Net cash generated from operating activities in SNCL Services(1)(5) of
$94.1 million
* Net limited recourse and recourse debt to Adjusted EBITDA ratio(1)(6) of 2.9
as at March 31, 2023
“With our strong first quarter results, we believe that we are well on track to
deliver the Company’s 2023 outlook,” said Ian L. Edwards, President and CEO of
SNC-Lavalin Group Inc. “First quarter performance further emphasizes that our
“Pivoting to Growth” strategy is succeeding, as we become a Professional
Services and Project Management company. Our continued backlog growth in SNCL
Services demonstrates the resiliency of our business amid economic pressures,
and our list of prospects is strong as government and commercial clients
continue to invest in infrastructure and as the world transitions to a low
carbon environment.”
FIRST QUARTER FINANCIAL RESULTS
Professional Services & Project Management are collectively referred to as
“PS&PM” to distinguish them from “Capital” activities. PS&PM groups together
five of the Company’s segments, namely Engineering Services, Nuclear, Linxon,
Operation & Maintenance (“O&M"), and Lump-Sum Turnkey (“LSTK”) Projects, while
Capital is its own reportable segment and separate from PS&PM.
* The increase in net income from continuing operations attributable to
SNC-Lavalin shareholders was mainly due to higher Segment Adjusted EBIT,
partially offset by higher net financial expenses.
IFRS FINANCIAL HIGHLIGHTS
Q1 2023A
Q1 2022A
Revenues
From PS&PM
2,006.7
1,871.7
From Capital
16.3
16.4
2,023.1
1,888.1
Attributable to SNC-Lavalin shareholders
Net income from continuing operations:
From PS&PM
26.0
16.6
From Capital
2.4
8.2
28.4
24.8
Diluted EPS from continuing operations:
From PS&PM ($)
0.15
0.09
From Capital ($)
0.01
0.05
0.16
0.14
NON-IFRS FINANCIAL HIGHLIGHTS
Q1 2023A
Q1 2022A
Attributable to SNC-Lavalin shareholders
Adjusted net income from PS&PM(1)
55.4
39.4
Adjusted diluted EPS from PS&PM(1)(7) ($)
0.32
0.22
Adjusted EBITDA from PS&PM(1)
155.9
112.6
SEGMENT PERFORMANCE
Q1 2023A
Q1 2022A
Segment revenues
Engineering Services
1,344.2
1,138.2
Nuclear
244.3
232.1
O&M
125.9
136.5
Linxon
121.5
150.5
SNCL Services
1,835.9
1,657.3
LSTK Projects
170.8
214.4
Capital
16.3
16.4
2,023.1
1,888.1
Segment Adjusted EBIT
Engineering Services
113.5
85.2
Nuclear
32.7
34.3
O&M
9.4
11.7
Linxon
0.8
(4.5)
SNCL Services
156.3
126.7
LSTK Projects
(9.2)
(30.5)
Capital
11.6
12.4
158.8
108.6
Backlog as at March 31
Engineering Services
4,837.0
3,861.1
Nuclear
985.8
802.2
O&M
5,262.2
5,598.4
Linxon
994.4
920.4
SNCL Services
12,079.3
11,182.1
LSTK Projects
517.9
956.6
Capital
29.3
35.0
12,626.5
12,173.7
All figures in millions of dollars, except otherwise indicated
Certain totals and subtotals may not reconcile due to rounding
A For the three-month period ended March 31
QUARTERLY DIVIDEND
The Board of Directors today declared a cash dividend of $0.02 per share,
unchanged from the previous quarter. The dividend is payable on June 6, 2023, to
shareholders of record on May 23, 2023. This dividend is an “eligible dividend”
for Canadian federal and provincial income tax purposes.
FIRST QUARTER 2023 CONFERENCE CALL / WEBCAST
SNC-Lavalin will hold a conference call and audio webcast today at 8:30 a.m.
(Eastern Time) to discuss and present its first quarter financial results. The
live audio webcast of the conference call can be accessed through a link posted
on the Company’s website, as well as an accompanying slide presentation, at
www.investors.snclavalin.com. The call will also be accessible by telephone,
please dial toll free at 1 800 319 4610 in North America or dial 1 604 638 5340
outside North America. You can also use the following numbers: 416 915 3239 in
Toronto, 514 375 0364 in Montreal, or 0808 101 2791 in the United Kingdom. A
recording and a transcript of the conference call will be available on the
Company’s website within 24 hours following the call.
ANNUAL MEETING OF SHAREHOLDERS
SNC-Lavalin’s Annual Meeting of Shareholders (the “Meeting”) will be held on
Thursday, May 18, 2023, at 11:00 a.m. (Eastern Time). Registered shareholders as
of the close of business on March 20, 2023 and duly appointed proxyholders of
record are entitled to participate in the Meeting virtually at
https://web.lumiagm.com/414721330, regardless of geographic location, and will
have the opportunity to ask questions and vote, all in real time, provided they
are connected to the internet and comply with all of the requirements set out in
the proxy materials. Whether or not a shareholder plans to attend the Meeting,
the Company urges all shareholders to vote and submit their proxy in advance of
the Meeting by one of the methods described in the proxy materials provided to
shareholders.
Additional information related to the Meeting can also be found in SNC-Lavalin’s
2023 Management Proxy Circular which is available on SEDAR at www.sedar.com and
on the Company’s website at www.snclavalin.com under “Investors”/”Investor’s
Briefcase”.
ABOUT SNC-LAVALIN
Founded in 1911, SNC-Lavalin is a fully integrated professional services and
project management company with offices around the world dedicated to
engineering a better future for our planet and its people. We create sustainable
solutions that connect people, technology and data to design, deliver and
operate the most complex projects. We deploy global capabilities locally to our
clients and deliver unique end-to-end services across the whole life cycle of an
asset including consulting, advisory & environmental services, intelligent
networks & cybersecurity, design & engineering, procurement, project &
construction management, operations & maintenance, decommissioning and capital.
– and delivered to clients in key strategic sectors such as Engineering
Services, Nuclear, Operations & Maintenance and Capital. News and information
are available at snclavalin.com or follow us on LinkedIn and Twitter.
NON-IFRS FINANCIAL MEASURES AND RATIOS, SUPPLEMENTARY FINANCIAL MEASURES AND
NON-FINANCIAL INFORMATION
The Company reports its financial results in accordance with IFRS. However, the
following non‑IFRS financial measures and ratios, supplementary financial
measures and non-financial information are used by the Company in this press
release: Organic revenue growth (contraction), EBITDA, Adjusted EBITDA, Adjusted
net income (loss) attributable to SNC-Lavalin shareholders, Adjusted diluted
EPS, Booking-to-revenue ratio, Segment Adjusted EBITDA to segment net revenue
ratio, Segment net revenue, Net limited recourse and recourse debt to Adjusted
EBITDA ratio, Net limited recourse and recourse debt and Net cash generated from
(used for) operating activities on a line of business/segment basis. Additional
details for these non-IFRS financial measures and ratios, supplementary
financial measures and non-financial information can be found below and in
Sections 4, 6 and 9 of the Company’s MD&A for the first quarter of 2023, which
sections are incorporated by reference into this press release, filed with the
securities regulatory authorities in Canada, available on SEDAR at www.sedar.com
and on the Company’s website at www.snclavalin.com under the “Investors”
section.
Non-IFRS financial measures and ratios, supplementary financial measures and
non-financial information do not have any standardized meaning under IFRS and
other issuers may define these measures differently and, accordingly, they may
not be comparable to similar measures prepared by other issuers. Such non-IFRS
financial measures and ratios, supplementary financial measures and
non-financial information have limitations and should not be considered in
isolation or as a substitute for measures of performance prepared in accordance
with IFRS.
However, management believes that, in addition to conventional measures prepared
in accordance with IFRS, these non-IFRS financial measures and ratios and
supplementary financial measures and non-financial information provide
additional insight into the Company’s operating performance and financial
position and certain investors may use this information to evaluate the
Company’s performance from period to period. Furthermore, certain non-IFRS
financial measures and ratios, certain additional IFRS measures and ratios,
certain supplementary financial measures and other non-financial information are
presented separately for PS&PM, by excluding components related to Capital, as
the Company believes that such measures are useful as these PS&PM activities are
usually analyzed separately by the Company. Reconciliations and calculations of
non-IFRS measures and ratios to the most comparable IFRS measures and ratios are
set forth below in the section “Reconciliations and Calculations” of this press
release.
(1) Non-IFRS financial measure or ratio or supplementary financial measure.
(2) Organic revenue growth (contraction) is a non-IFRS ratio comparing organic
revenue (which excludes foreign exchange and acquisition and disposal impacts),
itself a non-IFRS financial measure, between two periods.
(3) Segment Adjusted EBITDA to segment net revenue for the Engineering Services
segment is a non-IFRS ratio based on Segment Adjusted EBITDA and segment net
revenue, both of which are non-IFRS financial measures.
(4) Booking-to-revenue ratio is a non-IFRS ratio based on contract bookings.
(5) Net cash generated from (used for) operating activities on a line of
business/segment basis is a supplementary financial measure and is identical in
composition to net cash generated from (used for) operating activities as
reported in the financial statements, except that it is provided on a line of
business/segment basis as opposed to on a consolidated basis.
(6) Net limited recourse and recourse debt to Adjusted EBITDA ratio is a
non-IFRS ratio based on net limited recourse and recourse debt at the end of a
given period and Adjusted EBITDA of the corresponding trailing twelve-month
period, both of which are non-IFRS financial measures.
(7) Adjusted diluted EPS is a non-IFRS ratio based on adjusted net income (loss)
attributable to SNC-Lavalin shareholders from continuing operations, itself a
non-IFRS financial measure.
RECONCILIATIONS AND CALCULATIONS
Reconciliation of Adjusted net income attributable to SNC-Lavalin shareholders
from PS&PM to IFRS net income attributable to SNC-Lavalin shareholders from
continuing operations
Q1 2023
Q1 2022
Before Taxes
Taxes
After Taxes
Diluted EPS
(In $)
Before Taxes
Taxes
After Taxes
Diluted EPS
(In $)
Net income attributable to SNC-Lavalin shareholders from continuing operations
(IFRS)
28.4
0.16
24.8
0.14
Restructuring and transformation costs
14.5
(1.7)
12.8
6.7
(1.6)
5.1
Amortization of intangible assets related to business combinations
20.6
(4.0)
16.5
22.3
(4.7)
17.7
Gain on disposal of a Capital investment
-
-
-
(4.3)
(0.1)
(4.4)
Total adjustments
35.1
(5.7)
29.4
0.17
24.7
(6.4)
18.4
0.10
Adjusted net income attributable to SNC-Lavalin shareholders
(non-IFRS)
57.8
0.33
43.1
0.25
Net income attributable to SNC-Lavalin shareholders from Capital
2.4
0.01
8.2
0.05
Gain on disposal of a Capital investment
-
-
-
(4.3)
(0.1)
(4.4)
Total adjustments
-
-
-
-
(4.3)
(0.1)
(4.4)
(0.03)
Adjusted net income attributable to SNC-Lavalin shareholders from Capital
(non-IFRS)
2.4
0.01
3.8
0.02
Adjusted net income attributable to SNC-Lavalin shareholders from PS&PM
(non-IFRS)
55.4
0.32
39.4
0.22
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of dollars, except otherwise indicated
Reconciliation of EBITDA and Adjusted EBITDA to IFRS net income from continuing
operations
Q1 2023
Q1 2022
From PS&PM
From Capital
Total
From PS&PM
From Capital
Total
Net income from continuing operations
26.1
2.4
28.5
13.7
8.2
21.9
Net financial expenses
45.7
1.7
47.4
24.6
1.0
25.6
Income tax expense
11.1
0.5
11.6
3.5
0.5
4.0
EBIT
82.9
4.6
87.5
41.8
9.7
51.5
Depreciation and amortization
58.6
-
58.6
64.0
-
64.0
EBITDA
141.4
4.6
146.0
105.8
9.7
115.5
Restructuring and transformation costs
14.5
-
14.5
6.7
-
6.7
Gain on disposal of a Capital investment
-
-
-
-
(4.3)
(4.3)
Adjusted EBITDA
155.9
4.6
160.5
112.6
5.3
117.9
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of dollars
Calculation of segment net revenue and Segment Adjusted EBITDA to segment net
revenue ratio for the Engineering Services segment
Q1 2023
Revenue – Engineering Services
1,344.2
Less: Direct costs for sub-contractors and other direct expenses that are
recoverable directly from clients – Engineering Services
331.3
Segment net revenue – Engineering Services
1,012.9
Segment Adjusted EBITDA – Engineering Services
141.7
Segment Adjusted EBITDA to segment net revenue ratio – Engineering Services
14.0%
All figures in millions of dollars, except otherwise indicated
Calculation of organic revenue growth (contraction)
Q1 2023 Revenue
Q1 2022 Revenue
Variance
Foreign exchange impact
Acquisition / Disposal impact
Organic revenue growth (contraction)
Engineering Services
1,344.2
1,138.2
206.0
5.9
-
200.0
Nuclear
244.3
232.1
12.2
0.8
0.7
10.8
O&M
125.9
136.5
(10.6)
2.3
-
(12.9)
Linxon
121.5
150.5
(29.0)
0.7
-
(29.7)
Total – SNCL Services
1,835.9
1,657.3
178.6
9.7
0.7
168.2
Q1 2023 Revenue
Q1 2022 Revenue
Variance
Foreign exchange impact
Acquisition / Disposal impact
Organic revenue growth (contraction)
Engineering Services
1,344.2
1,138.2
18.1%
0.6%
-
17.5%
Nuclear
244.3
232.1
5.3%
0.4%
0.3%
4.6%
O&M
125.9
136.5
(7.8)%
1.5%
-
(9.3)%
Linxon
121.5
150.5
(19.2)%
0.4%
-
(19.6)%
Total – SNCL Services
1,835.9
1,657.3
10.8%
0.6%
-
10.1%
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of dollars, except otherwise indicated
Calculation of booking-to-revenue ratio
Q1 2023
Engineering
Services
Nuclear
O&M
Linxon
Total
SNCL
Services
Opening backlog
4,662.1
936.6
5,353.9
881.8
11,834.4
Plus:
Contract bookings during the period
1,517.8
287.7
34.1
234.1
2,073.8
Less:
Revenues from contracts with customers recognized during the period
1,342.9
238.5
125.9
121.5
1,828.9
Ending backlog
4,837.0
985.8
5,262.2
994.4
12,079.3
Booking-to-revenue ratio
1.13
1.21
0.27
1.93
1.13
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of dollars, except otherwise indicated
Calculation of net limited recourse and recourse debt to Adjusted EBITDA ratio
March 31, 2023
Limited recourse debt
400.0
Recourse debt
1,609.6
Less: Cash and cash equivalents
561.3
Net limited recourse and recourse debt
1,448.3
Adjusted EBITDA (trailing 12 months)
495.7
Net limited recourse and recourse debt to Adjusted EBITDA ratio
2.9
All figures in millions of dollars, except otherwise indicated
FORWARD-LOOKING STATEMENTS
Reference in this press release, and hereafter, to the “Company” or to
“SNC-Lavalin” means, as the context may require, SNC-Lavalin Group Inc. and all
or some of its subsidiaries or joint arrangements or associates, or SNC-Lavalin
Group Inc. or one or more of its subsidiaries or joint arrangements or
associates.
Statements made in this press release that describe the Company’s or
management’s budgets, estimates, expectations, forecasts, objectives,
predictions, projections of the future or strategies may be “forward-looking
statements”, which can be identified by the use of the conditional or
forward-looking terminology such as “aims”, “anticipates”, “assumes”,
“believes”, “cost savings”, “estimates”, “expects”, “forecasts”, “goal”,
“intends”, “likely”, “may”, “objective”, “outlook”, “plans”, “projects”,
“should”, “synergies”, “target”, “vision”, “will”, or the negative thereof or
other variations thereon. Forward-looking statements also include any other
statements that do not refer to historical facts. Forward-looking statements
also include statements relating to the following: i) future capital
expenditures, revenues, expenses, earnings, economic performance, indebtedness,
financial condition, losses, project- or contract-specific cost reforecasts and
claims provisions, and future prospects; ii) business and management strategies
and the expansion and growth of the Company’s operations; and iii) the expected
additional impacts of the ongoing COVID-19 pandemic on the business and its
operating and reportable segments as well as elements of uncertainty related
thereto. All such forward-looking statements are made pursuant to the
“safe-harbour” provisions of applicable Canadian securities laws. The Company
cautions that, by their nature, forward-looking statements involve risks and
uncertainties, and that its actual actions and/or results could differ
materially from those expressed or implied in such forward-looking statements,
or could affect the extent to which a particular projection materializes.
Forward-looking statements are presented for the purpose of assisting investors
and others in understanding certain key elements of the Company’s current
objectives, strategic priorities, expectations and plans, and in obtaining a
better understanding of the Company’s business and anticipated operating
environment. Readers are cautioned that such information may not be appropriate
for other purposes.
Forward-looking statements made in this press release are based on a number of
assumptions believed by the Company to be reasonable as at the date hereof. The
assumptions are set out throughout the Company’s 2022 Annual MD&A (particularly
in the sections entitled “Critical Accounting Judgements and Key Sources of
Estimation Uncertainty” and “How We Analyze and Report Our Results”). If these
assumptions are inaccurate, the Company’s actual results could differ materially
from those expressed or implied in such forward-looking statements. In addition,
important risk factors could cause the Company’s assumptions and estimates to be
inaccurate and actual results or events to differ materially from those
expressed in or implied by these forward-looking statements. These risks
include, but are not limited to, matters relating to: (a) epidemics, pandemics,
including COVID-19, and other global health crises; (b) execution of the
Company’s “Pivoting to Growth Strategy” unveiled in September 2021; (c)
fixed-price contracts or the Company’s failure to meet contractual schedule,
performance requirements or to execute projects efficiently; (d) backlog and
contracts with termination for convenience provisions; (e) contract awards and
timing; (f) being a provider of services to government agencies; (g)
international operations; (h) nuclear liability; (i) ownership interests in
investments; (j) dependence on third parties; (k) supply chain disruptions; (l)
joint ventures and partnerships; (m) information systems and data and compliance
with privacy legislation; (n) qualified personnel; (o) competition; (p)
professional liability or liability for faulty services; (q) monetary damages
and penalties in connection with professional and engineering reports and
opinions; (r) gaps in insurance coverage; (s) health and safety; (t) work
stoppages, union negotiations and other labour matters; (u) global climate
change, extreme weather conditions and the impact of natural or other disasters;
(v) divestitures and the sale of significant assets; (w) intellectual property;
(x) liquidity and financial position; (y) indebtedness; (z) impact of operating
results and level of indebtedness on financial situation; (aa) security under
the CDPQ Loan Agreement (as defined in the Company’s 2022 Annual MD&A); (bb)
dependence on subsidiaries to help repay indebtedness; (cc) dividends; (dd)
post-employment benefit obligations, including pension-related obligations; (ee)
working capital requirements; (ff) collection from customers; (gg) impairment of
goodwill and other assets; (hh) the impact on the Company of legal and
regulatory proceedings, investigations and dispute settlements; (ii) further
regulatory developments as well as employee, agent or partner misconduct or
failure to comply with anti-corruption and other government laws and
regulations; (jj) reputation of the Company; (kk) inherent limitations to the
Company’s control framework; (ll) environmental laws and regulations; (mm)
global economic conditions; (nn) inflation; (oo) fluctuations in commodity
prices; and (pp) income taxes.
The Company cautions that the foregoing list of factors is not exhaustive. For
more information on risks and uncertainties, and assumptions that could cause
the Company’s actual results to differ from current expectations, please refer
to the sections “Risks and Uncertainties”, “How We Analyze and Report Our
Results” and “Critical Accounting Judgements and Key Sources of Estimation
Uncertainty” in the Company’s 2022 Annual MD&A and as updated in the first
quarter 2023 MD&A filed with the securities regulatory authorities in Canada,
available on SEDAR at www.sedar.com and on the Company’s website at
www.snclavalin.com under the “Investors” section.
The forward-looking statements herein reflect the Company’s expectations as at
the date of this press release and are subject to change after this date. The
Company does not undertake to update publicly or to revise any written or oral
forward-looking information or statements whether as a result of new
information, future events or otherwise, unless required by applicable
legislation or regulation. The forward-looking information and statements
contained herein are expressly qualified in their entirety by this cautionary
statement.
For more information:
Media
Harold Fortin
Senior Director, Global External Communications
514-393-8000, ext. 56127
media@snclavalin.com
Investors
Denis Jasmin
Vice President, Investor Relations
514-393-8000, ext. 57553
denis.jasmin@snclavalin.com
The Company’s unaudited interim condensed consolidated financial statements for
the three-month periods ended March 31, 2023 and March 31, 2022, together with
its MD&A for the corresponding periods, can be accessed on the Company’s website
at www.snclavalin.com and on www.sedar.com.
Investors
Contact us
Icon Close
Contact us
Harold Fortin
Senior Director, Global External Communications
Montreal, Canada
Email
Denis Jasmin, CPA
Vice-President, Investor Relations
+1 514 393 8000 ext. 57553
Email
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