Institutional Holder Mackenzie Reports 6.17M Stantec Shares (5.41%)

Rhea-AI Filing Summary

Mackenzie Financial Corporation reports beneficial ownership of 6,166,496 common shares of Stantec Inc., representing 5.41% of the class. Mackenzie states it has sole voting and dispositive power over these shares, and certifies the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. The filing identifies the security class as common shares (CUSIP 85472N109) and lists the filer and issuer principal offices. The statement is submitted under the Schedule 13G reporting framework for institutional investors.

Positive

• Disclosure of material stake: The filing transparently reports a 5.41% position, improving market transparency.
• Sole voting/dispositive power: The filer clearly states sole authority over voting and disposition for the reported shares.
• Certification of passive intent: Mackenzie certifies the holdings were not acquired to change or influence control, consistent with Schedule 13G treatment.

Negative

• None.

Insights

Financial Analyst

TL;DR Mackenzie holds a >5% passive stake with full voting control of those shares; disclosure clarifies no control intent.

The filing discloses a material passive equity position of 6,166,496 shares, equal to 5.41% of Stantec's common shares. Because the filer checked the Schedule 13G route and certified the holdings are held in the ordinary course and not to influence control, the market implication is limited to increased transparency rather than an active takeover or governance change. The sole voting and dispositive power reported means Mackenzie can vote these shares but asserts it will not use them to seek control. For investors, this is a notable institutional ownership disclosure but not a strategic move announced by the holder.

Corporate Governance Expert

TL;DR Institutional disclosure of a >5% stake signals stakeholder visibility but the filer affirms passive intent.

Mackenzie Financial Corporation's Schedule 13G filing meets regulatory requirements for reporting an over-5% ownership while asserting passive investor status. The report specifies sole voting and dispositive powers for 6,166,496 shares and includes the mandatory certification that the position was not acquired to change or influence control. From a governance perspective, this increases institutional ownership visibility and may be referenced by proxy advisors and the issuer's investor relations, yet the certification limits immediate governance concerns absent subsequent filings indicating active involvement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 12)

STANTEC INC

(Name of Issuer)

Common Shares

(Title of Class of Securities)

85472N109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 85472N109

1

Names of Reporting Persons

MACKENZIE FINANCIAL CORP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,166,496.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,166,496.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,166,496.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: STANTEC INC
(b)	Address of issuer's principal executive offices: 300 10220 103 AVENUE NW, EDMONTON ALBERTA T5J 0K4 CANADA, EDMONTON, ALBERTA, CANADA, 00000
Item 2.
(a)	Name of person filing: Mackenzie Financial Corporation
(b)	Address or principal business office or, if none, residence: 180 Queen Street West, Toronto, Ontario M5V 3K1
(c)	Citizenship: Organized in Toronto, Ontario, Canada
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 85472N109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6,166,496
(b)	Percent of class: 5.41 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6,166,496
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6,166,496
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MACKENZIE FINANCIAL CORP

Signature:	Gillian Seidler
Name/Title:	Vice-President & Chief Compliance Officer
Date:	08/14/2025

FAQ

What stake does Mackenzie Financial Corporation hold in Stantec (STN)?

Mackenzie Financial Corporation beneficially owns 6,166,496 common shares, representing 5.41% of the class.

Does Mackenzie have voting control over the Stantec shares?

Yes. The filing reports sole voting power and sole dispositive power for all 6,166,496 shares.

Is this filing a Schedule 13G or 13D and what does that mean?

This is a Schedule 13G filing, indicating the filer reports as a passive institutional investor and certifies the position is not held to influence control.

Was the stake reported on behalf of another person or subsidiary?

No. Item 6 and Item 7 are marked Not Applicable, indicating the position is not reported as held on behalf of another person or by a subsidiary.

Who signed the filing on behalf of Mackenzie Financial Corporation?

The filing is signed by Gillian Seidler, identified as Vice-President & Chief Compliance Officer for Mackenzie Financial Corp.