Clean the exterior of the walls you plan to stucco by spraying them with a garden hose or pressure washer. Use a scrub brush dipped in soapy water to wash away any greasy spots or other debris. Rinse well and allow to dry.
Apply construction or Styrofoam adhesive to the back of each Styrofoam board with a caulk gun. Bead the adhesive on the foam, laying it out in a grid pattern with the beads about 1 inch apart.
Place each panel up on the wall and secure them with masonry nails or screws. Each panel needs at least one nail at each corner to secure it.
Trim the panels as necessary, such as around windows or outdoor outlets, with a utility knife.
Score the Styrofoam panels with a rasp before applying your stucco mixture, if you will not be using wire mesh.