WSP reports strong Q3 2026 results and backlog growth
- Net revenues(1) increased by 22.1% and net revenue organic growth(3) was at 5.1%, marking a second quarter in a row above 5.0%.
- Canada and EMEIA delivered double-digit net revenue organic growth, the Americas experienced a more measured pace of project conversion, and APAC delivered a second consecutive quarter of organic growth.
- Backlog reached a record $20.3 billion with organic growth(3) of 5.0% over the last twelve months.
- Backlog in the Americas has shown sequential increases in year-over-year organic growth throughout 2026, reaching 4.9% in Q3.
- Adjusted EBITDA margin(2) expanded 70 basis points year-to-date, demonstrating a strong focus on profitability.
-
The Power & Energy business of TRC Companies ("TRC") delivered double-digit net revenue growth year-to-date, compared to the corresponding pre-acquisition period, and the TRC integration is on track.
MONTREAL, Nov. 04, 2026 (GLOBE NEWSWIRE) -- WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”), one of the world’s leading engineering, science and infrastructure solutions firms, today announced financial results for the third quarter and the nine-month period ended September 25, 2026.
In the third quarter of 2026, WSP delivered strong financial results, including solid net revenue organic growth and adjusted EBITDA margin. Net revenues and adjusted EBITDA were both within management's quarterly outlook ranges.
|
Third quarters ended |
Nine-month periods ended |
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| (in millions of dollars, except percentages, per share data, DSO and ratios) |
September 25, 2026 |
September 27, 2025 |
September 25, 2026 |
September 27, 2025 |
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| Revenues | $ | 5,285.8 | $ | 4,533.7 | $ | 15,240.9 | $ | 13,430.9 | ||||
| Net revenues(1) | $ | 4,227.0 | $ | 3,463.1 | $ | 12,208.3 | $ | 10,286.4 | ||||
| Earnings before net financing expense and income taxes ("EBIT") | $ | 572.5 | $ | 450.8 | $ | 1,366.9 | $ | 1,135.6 | ||||
| Adjusted EBITDA(2) | $ | 864.6 | $ | 700.4 | $ | 2,301.8 | $ | 1,867.1 | ||||
| Adjusted EBITDA margin(2) | 20.5 | % | 20.2 | % | 18.9 | % | 18.2 | % | ||||
| Net earnings attributable to shareholders of WSP Global Inc. | $ | 333.7 | $ | 284.5 | $ | 723.9 | $ | 708.0 | ||||
| Basic net earnings per share attributable to shareholders | $ | 2.48 | $ | 2.18 | $ | 5.37 | $ | 5.42 | ||||
| Adjusted net earnings(2) | $ | 430.8 | $ | 368.8 | $ | 1,117.1 | $ | 904.5 | ||||
| Adjusted net earnings per share(2) | $ | 3.20 | $ | 2.82 | $ | 8.29 | $ | 6.93 | ||||
| Cash inflows from operating activities | $ | 495.5 | $ | 440.3 | $ | 1,049.1 | $ | 1,262.0 | ||||
| Free cash flow(2) | $ | 333.2 | $ | 314.9 | $ | 588.0 | $ | 887.4 | ||||
| As at |
September 25, 2026 |
September 27, 2025 |
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| Backlog | $ | 20,268.0 | $ | 16,409.6 | ||||||||
| Approximate number of employees | 85,500 | 72,400 | ||||||||||
| DSO(3) | 73 days | 71 days | ||||||||||
| As at |
September 25, 2026 |
December 31, 2025 |
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| Leverage ratio(4) | 2.2 | 0.9 | ||||||||||
(1) Total of segments measure. Quantitative reconciliations of net revenues to revenues are presented below under the caption "Non-IFRS and other financial measures".
(2) Non-IFRS financial measure or non-IFRS ratio without a standardized definition under IFRS, which may not be comparable to similar measures or ratios used by other issuers. Quantitative reconciliations of non-IFRS financial measures to the most directly comparable IFRS measures are presented below under the caption "Non-IFRS and other financial measures". This press release incorporates by reference section 19, “Glossary of segment reporting, non-IFRS and other financial measures”, of WSP’s Management's Discussion and Analysis ("MD&A") for the third quarter and the nine-month period ended September 25, 2026, filed on SEDAR+ at www.sedarplus.ca, which includes explanations of the composition and usefulness of these non-IFRS financial measures and non-IFRS ratios.
(3) Supplementary financial measure. Net revenue organic growth represents the period-over-period change in net revenues, excluding net revenues of businesses acquired or divested in the twelve months following the acquisition or prior to the divestiture, expressed as a percentage of the comparable period net revenues, adjusted to exclude net revenues of divested businesses, all calculated to exclude the impact of foreign exchange. Organic backlog growth (contraction) represents firm order intake less revenues for the period, both calculated to exclude the impact of foreign exchange, and also excluding order intake through business acquisitions in the period, net of divestitures, expressed as a percentage of the opening backlog for the period. Days sales outstanding ("DSO") represents the average number of days to convert the Corporation's trade receivables (net of sales taxes) and costs and anticipated profits in excess of billings, net of billings in excess of costs and anticipated profits, into cash.
(4) This capital management measure is the ratio of net debt to annualized adjusted EBITDA for the trailing twelve-month period, including twelve months of results for all businesses acquired during the period, which was $3.11 billion for the trailing twelve-month period ended September 25, 2026. Net debt is defined as long-term debt, including current portions but excluding lease liabilities, and net of cash, and was $6.70 billion as at September 25, 2026.
Financial highlights for the third quarter and nine-month period ended September 25, 2026
- Revenues and net revenues for the quarter reached $5.29 billion and $4.23 billion, respectively, representing increases of 16.6% and 22.1%, respectively, compared to the third quarter of 2025. Net revenues were in line with management's outlook range for the quarter of $4.15 billion to $4.35 billion. Net revenue organic growth(1) of 5.1% was led by the UK and Canada, while net revenue acquisition growth(1) of 15.3% was mainly attributable to the acquisitions of TRC Companies completed in February 2026 and Ricardo plc (“Ricardo”) in October 2025. TRC's Power & Energy market sector achieved double-digit net revenue growth in the first nine months of 2026, as compared to its results in the corresponding period prior to the acquisition by WSP. The integration of TRC is progressing as planned.
- Backlog reached another record level of $20.3 billion as at September 25, 2026, up 23.5% in the twelve-month period and representing 11.6 months of revenues.(2) Organic backlog growth(1) in the twelve-month period was 5.0%. Backlog in the Americas has shown sequential increases in year-over-year organic growth throughout 2026 to reach 4.9% this quarter.
- Adjusted EBITDA in the quarter increased by 23.4% to $864.6 million, compared to $700.4 million in the third quarter of 2025, and was in line with management's quarterly outlook range. The improvement is mainly attributable to strong margins in the US and Canada.
- Adjusted EBITDA margin for the quarter increased 30 basis points ("bps") to 20.5%, compared to 20.2% in the third quarter of 2025. Adjusted EBITDA margin for the nine-month period ended September 25, 2026 increased 70 bps to 18.9%, compared to 18.2% in the nine-month period ended September 27, 2025.
- EBIT in the quarter increased to $572.5 million, up $121.7 million or 27.0%, compared to the third quarter of 2025. The increase was mainly attributable to higher adjusted EBITDA, partially offset by higher acquisition and integration costs.
- Adjusted net earnings for the quarter reached $430.8 million, or $3.20 per share, up by $62.0 million, or $0.38 per share, compared to the third quarter of 2025. The increases were mainly attributable to higher adjusted EBITDA, partially offset by higher interest on long-term debt.
- Net earnings attributable to shareholders for the quarter increased to $333.7 million, or $2.48 per share, compared to $284.5 million and $2.18 per share in the third quarter of 2025. Higher adjusted EBITDA was partially offset by increased acquisition and integration costs, higher net financing expenses and higher amortization and depreciation costs.
- DSO was 73 days as at September 25, 2026, compared to 71 days as at September 27, 2025.
- Cash inflows from operating activities were $1.05 billion in the nine-month period ended September 25, 2026, a decrease compared to $1.26 billion in the corresponding period in 2025, the latter of which benefitted from $195.0 million inflow from the sale of some eligible trade receivables under the factoring arrangement in early 2025.
- Free cash flow was $588.0 million for the nine-month period ended September 25, 2026, and the trailing twelve months of free cash flow amounted to $1.41 billion, representing 1.4 times the net earnings attributable to shareholders(3) (the trailing twelve months of cash inflows from operating activities was $2.03 billion).
- The leverage ratio stood at 2.2x, slightly above Management's target range of 1.0x to 2.0x, and is expected to return to the target range by year end.
- Quarterly dividend declared of $0.375 per share, or $50.6 million, which was paid subsequent to the end of the third quarter on October 15, 2026.
1 Supplementary financial measures. Net revenue acquisition growth represents the current period net revenues of acquired businesses in the twelve months following the acquisition, expressed as a percentage of the comparable period net revenues, all calculated to exclude the impact of foreign exchange.
2 Based on revenues for the trailing twelve-month period ended September 25, 2026, incorporating a full twelve months of revenues for all acquisitions.
3 Non-IFRS ratio without a standardized definition under IFRS, which may not be comparable to similar ratios used by other issuers. The ratio of free cash flow to net earnings attributable to shareholders for the trailing twelve months ended September 27, 2025 was 1.7. This press release incorporates by reference section 19, “Glossary of segment reporting, non-IFRS and other financial measures”, of WSP’s MD&A for the third quarter and nine-month period ended September 25, 2026, filed on SEDAR+ at www.sedarplus.ca, for explanations of the composition and usefulness of this non-IFRS ratio.
“We are pleased with our strong third-quarter results as organic growth and margin expansion, together with our record backlog, continue to demonstrate the strength of our diversified platform,” said Alexandre L'Heureux, President and CEO of WSP. “We are particularly pleased with the strong performance in Canada and EMEIA, as well as the solid progress made in integrating TRC into our operations and deleveraging our balance sheet. From a strategic standpoint, the fundamentals that fuel our business are sound and our positioning across our end markets and regions is stronger than ever.”
2026 financial outlook
The 2026 financial outlook issued on February 25, 2026 (as revised on May 6, 2026 and August 5, 2026) is reiterated with the exception of the changes below:
| 2026 initial target ranges * |
2026 revised target ranges* |
Q4 2026 target ranges * |
Fiscal 2025 results |
|
| Revenues | N/A | N/A | N/A | $18.29 billion |
| Net revenues | Between $16.0 billion and $17.0 billion | Between $16.3 billion and $16.65 billion | Between $4.10 billion and $4.45 billion | $13.96 billion |
| Adjusted EBITDA | Between $3.00 billion and $3.18 billion | Between $3.11 billion and $3.15 billion | Between $810 million and $850 million | $2.56 billion |
| Earnings before net financing expense and income taxes | N/A | N/A | N/A | $1.53 billion |
* This information constitutes forward-looking information, based on multiple estimates and assumptions about future events. This outlook is provided to assist analysts and shareholders in forming their respective views on the fourth quarter of 2026 and year ending December 31, 2026. The reader is cautioned that using this information for other purposes may be inappropriate. Actual results may differ and such differences may be material. Please read the full discussion under the section below titled "Forward-Looking Statements".
The above outlook for the full-year and fourth quarter of 2026 reflects the assumptions set forth in our press release dated February 25, 2026 (as updated on May 6, 2026 and on August 5, 2026), with low single-digit organic growth in net revenues for the Americas reportable segment and mid-to-high-single-digit organic growth in net revenues for the EMEIA reportable segment. Organic growth in the US was impacted by a more measured pace of project conversion than anticipated, particularly within parts of the Transport & Infrastructure and Earth & Environment sectors. The outlook also assumes that foreign exchange rates, inflation and interest rates as well as effective income tax rates will remain consistent throughout Q4 2026. The Corporation did not consider the financial impact of any dispositions, mergers, business combinations, or other transactions that may be announced or completed after the publication of this press release.
Dividend
The Board of Directors of WSP declared a dividend of $0.375 per share. This dividend will be payable on or about January 15, 2027, to shareholders of record at the close of business on December 31, 2026.
Financial Report
This press release incorporates by reference the financial reports for the third quarter and the nine-month period ended September 25, 2026, including the Corporation's unaudited interim condensed consolidated financial statements for the third quarter and the nine-month period ended September 25, 2026 and MD&A for the third quarter and the nine-month period ended September 25, 2026, which are available on our website at www.wsp.com. These documents are also available on SEDAR+ at www.sedarplus.ca.
Webcast
WSP will hold a conference call and webcast from 8:00 a.m. to 9:00 a.m. (Eastern Time) on November 5, 2026, to discuss these results.
To participate in the conference call, please pre-register using this link. Registrants will receive a confirmation with dial-in details. A live webcast of the conference call can be accessed using this link. For those unable to attend, a replay will be available within 24 hours following the call under the "Investors" section of the website. A presentation of the results for the third quarter and the nine-month period ended September 25, 2026 will be accessible on November 4, 2026, after market close under the “Investors” section of www.wsp.com.
Result of operations
| Third quarters ended | Nine-month periods ended | |||||||||
| (in millions of dollars, except number of shares and per share data) | September 25, 2026 |
September 27, 2025 |
September 25, 2026 |
September 27, 2025 |
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| Revenues | $5,285.8 | $4,533.7 | $15,240.9 | $13,430.9 | ||||||
| Less: Subconsultants and direct costs | $1,058.8 | $1,070.6 | $3,032.6 | $3,144.5 | ||||||
| Net revenues | $4,227.0 | $3,463.1 | $12,208.3 | $10,286.4 | ||||||
| EBIT | $572.5 | $450.8 | $1,366.9 | $1,135.6 | ||||||
| Net financing expense | $115.3 | $69.6 | $353.1 | $175.9 | ||||||
| Earnings before income taxes | $457.2 | $381.2 | $1,013.8 | $959.7 | ||||||
| Income tax expense | $123.4 | $96.8 | $289.9 | $252.0 | ||||||
| Net earnings | $333.8 | $284.4 | $723.9 | $707.7 | ||||||
| Net earnings attributable to: | ||||||||||
| Shareholders of WSP Global Inc. | $333.7 | $284.5 | $723.9 | $708.0 | ||||||
| Non-controlling interests | $0.1 | $(0.1 | ) | $— | $(0.3 | ) | ||||
| Basic net earnings per share attributable to shareholders | $2.48 | $2.18 | $5.37 | $5.42 | ||||||
| Diluted net earnings per share attributable to shareholders | $2.47 | $2.17 | $5.36 | $5.41 | ||||||
| Basic weighted average number of shares | 134,817,427 | 130,566,139 | 134,816,600 | 130,526,578 | ||||||
| Diluted weighted average number of shares | 134,961,794 | 130,905,623 | 135,017,605 | 130,885,655 | ||||||
Consolidated statements of financial position
(in millions of Canadian dollars)
| As at | September 25, 2026 | December 31, 2025 | ||
| $ | $ | |||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 651.3 | 1,561.4 | ||
| Trade receivables and other receivables | 3,568.2 | 3,083.2 | ||
| Cost and anticipated profits in excess of billings | 3,028.2 | 2,308.1 | ||
| Prepaid expenses | 252.5 | 277.6 | ||
| Other financial assets | 235.8 | 161.9 | ||
| Income taxes receivable | 56.9 | 38.6 | ||
| 7,792.9 | 7,430.8 | |||
| Non-current assets | ||||
| Right-of-use assets | 1,083.1 | 1,022.1 | ||
| Intangible assets | 2,596.6 | 1,377.3 | ||
| Property and equipment | 599.4 | 537.6 | ||
| Goodwill | 13,439.7 | 9,730.7 | ||
| Deferred income tax assets | 228.8 | 484.5 | ||
| Other assets | 296.1 | 257.0 | ||
| 18,243.7 | 13,409.2 | |||
| Total assets | 26,036.6 | 20,840.0 | ||
| Liabilities | ||||
| Current liabilities | ||||
| Accounts payable and accrued liabilities | 3,781.0 | 3,196.7 | ||
| Billings in excess of costs and anticipated profits | 1,668.1 | 1,520.8 | ||
| Income taxes payable | 108.0 | 196.1 | ||
| Provisions | 245.7 | 231.7 | ||
| Dividends payable to shareholders | 50.6 | 50.6 | ||
| Current portion of lease liabilities | 305.8 | 278.1 | ||
| Current portion of long-term debt | 910.8 | 389.4 | ||
| 7,070.0 | 5,863.4 | |||
| Non-current liabilities | ||||
| Long-term debt | 6,442.1 | 3,441.8 | ||
| Lease liabilities | 881.4 | 867.4 | ||
| Provisions | 537.9 | 405.3 | ||
| Retirement benefit obligations | 224.0 | 214.1 | ||
| Deferred income tax liabilities | 160.4 | 206.5 | ||
| 8,245.8 | 5,135.1 | |||
| Total liabilities | 15,315.8 | 10,998.5 | ||
| Equity | ||||
| Equity attributable to shareholders of WSP Global Inc. | 10,721.3 | 9,842.0 | ||
| Non-controlling interests | (0.5 | ) | (0.5 | ) |
| Total equity | 10,720.8 | 9,841.5 | ||
| Total liabilities and equity | 26,036.6 | 20,840.0 | ||
Consolidated statements of cash flow
(in millions of Canadian dollars)
|
Third quarters ended |
Nine-month periods ended |
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|
September 25, 2026 |
September 27, 2025 |
September 25, 2026 |
September 27, 2025 |
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| $ | $ | $ | $ | |||||
| Operating activities | ||||||||
| Net earnings | 333.8 | 284.4 | 723.9 | 707.7 | ||||
| Adjustments | 195.1 | 210.1 | 663.5 | 569.7 | ||||
| Net financing expense | 115.3 | 69.6 | 353.1 | 175.9 | ||||
| Income tax expense | 123.4 | 96.8 | 289.9 | 252.0 | ||||
| Income taxes paid | (138.3 | ) | (71.3 | ) | (369.8 | ) | (273.0 | ) |
| Change in non-cash working capital items | (133.8 | ) | (149.3 | ) | (611.5 | ) | (170.3 | ) |
| Cash inflows from operating activities | 495.5 | 440.3 | 1,049.1 | 1,262.0 | ||||
| Financing activities | ||||||||
| Issuance of senior unsecured notes | — | — | 3,034.0 | — | ||||
| Net change in borrowings under credit facilities and other financial liabilities | (174.1 | ) | (253.9 | ) | 324.0 | (749.4 | ) | |
| Lease payments | (103.2 | ) | (95.5 | ) | (309.8 | ) | (284.7 | ) |
| Net financing expenses paid, excluding interest on lease liabilities | (105.6 | ) | (47.5 | ) | (272.7 | ) | (176.3 | ) |
| Dividends paid to shareholders of WSP Global Inc. | (50.5 | ) | (48.9 | ) | (151.7 | ) | (146.7 | ) |
| Issuance of common shares, net of issuance costs | 0.7 | 4.8 | 2.0 | 11.7 | ||||
| Cash inflows from (outflows used in) financing activities | (432.7 | ) | (441.0 | ) | 2,625.8 | (1,345.4 | ) | |
| Investing activities | ||||||||
| Net (disbursements) proceeds related to business acquisitions and disposals of businesses | (90.2 | ) | (2.9 | ) | (3,154.2 | ) | 8.4 | |
| Repayment of long-term debt following a business acquisition | — | — | (1,360.7 | ) | — | |||
| Additions to property and equipment, excluding business acquisitions | (60.9 | ) | (27.5 | ) | (154.2 | ) | (82.3 | ) |
| Additions to identifiable intangible assets, excluding business acquisitions | (2.5 | ) | (2.9 | ) | (5.4 | ) | (10.2 | ) |
| Proceeds from disposal of property and equipment | 4.3 | 0.5 | 8.3 | 2.6 | ||||
| Dividends received from associates and joint ventures | 15.8 | 8.1 | 20.3 | 14.7 | ||||
| Increase in investments in securities | — | — | — | (98.3 | ) | |||
| Other | 28.1 | — | 28.1 | 3.0 | ||||
| Cash outflows used in investing activities | (105.4 | ) | (24.7 | ) | (4,617.8 | ) | (162.1 | ) |
| Effect of exchange rate change on cash and cash equivalents | (3.0 | ) | (0.1 | ) | 9.8 | 13.8 | ||
| Change in net cash and cash equivalents | (45.6 | ) | (25.5 | ) | (933.1 | ) | (231.7 | ) |
| Cash and cash equivalents, net of bank overdraft - beginning of the period | 657.6 | 413.1 | 1,545.1 | 619.3 | ||||
| Cash and cash equivalents, net of bank overdraft - end of the period | 612.0 | 387.6 | 612.0 | 387.6 | ||||
All amounts shown in this press release are expressed in Canadian dollars, unless otherwise indicated. All quarterly and future-oriented financial information disclosed in this press release is based on unaudited figures.
NON-IFRS AND OTHER FINANCIAL MEASURES
The Corporation's unaudited interim condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards Accounting Standards (“IFRS”), including International Accounting Standard 34 Interim Financial Reporting. WSP uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures are not calculated in accordance with IFRS. Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure prescribes disclosure requirements that apply to the following types of measures used by the Corporation: (i) non-IFRS financial measures; (ii) non-IFRS ratios; (iii) total of segments measures; (iv) capital management measures; and (v) supplementary financial measures.
In this press release, the following non-IFRS and other financial measures may be used by the Corporation: net revenues; adjusted EBITDA; adjusted EBITDA margin; adjusted net earnings; adjusted net earnings per share; free cash flow; the ratio of trailing twelve months of free cash flow to trailing twelve months of net earnings attributable to shareholders; net revenue organic growth (contraction), net revenue acquisition growth; divestiture net revenue impact; organic backlog growth (contraction); days sales outstanding (“DSO”); and leverage ratio. Additional details for these non-IFRS and other financial measures can be found in section 19, “Glossary of segment reporting, non-IFRS and other financial measures” of WSP’s MD&A for the third quarter and the nine-month period ended September 25, 2026, which is posted on WSP’s website at www.wsp.com, and filed on SEDAR+ at www.sedarplus.ca. Reconciliations of non-IFRS financial measures and total of segments measures to the most directly comparable IFRS measures are provided below.
Management believes that these non-IFRS and other financial measures provide useful information to investors regarding the Corporation’s financial condition and results of operations as they provide key metrics of its performance. These non-IFRS and other financial measures are not recognized under IFRS, do not have any standardized meanings prescribed under IFRS and may differ from similar computations as reported by other issuers, and accordingly may not be comparable. These measures should not be viewed as a substitute for the related financial information prepared in accordance with IFRS.
|
Reconciliation of net revenues | ||||||||
| The following table reconciles net revenues to the most comparable IFRS measure: | ||||||||
| Third quarters ended | Nine-month periods ended | |||||||
| (in millions of dollars) | September 25, 2026 |
September 27, 2025 |
September 25, 2026 |
September 27, 2025 |
||||
| Revenues | $5,285.8 | $4,533.7 | $15,240.9 | $13,430.9 | ||||
| Less: Subconsultants and direct costs | $1,058.8 | $1,070.6 | $3,032.6 | $3,144.5 | ||||
| Net revenues* | $4,227.0 | $3,463.1 | $12,208.3 | $10,286.4 | ||||
| * Total of segments measure. | ||||||||
| Reconciliation of adjusted EBITDA | ||||||||
| The following table reconciles this metric to the most comparable IFRS measure: | ||||||||
| Third quarters ended | Nine-month periods ended | |||||||
| (in millions of dollars) | September 25, 2026 |
September 27, 2025 |
September 25, 2026 |
September 27, 2025 |
||||
| EBIT | $572.5 | $450.8 | $1,366.9 | $1,135.6 | ||||
| Acquisition, integration and reorganization costs | $61.2 | $31.9 | $242.2 | $93.5 | ||||
| ERP implementation costs | $15.0 | $16.6 | $51.3 | $52.7 | ||||
| Depreciation of right-of-use assets | $87.5 | $88.8 | $258.5 | $248.1 | ||||
| Amortization of intangible assets | $78.2 | $67.4 | $234.0 | $208.1 | ||||
| Depreciation of property and equipment | $44.3 | $38.0 | $128.6 | $109.9 | ||||
| Share of depreciation and taxes of associates and joint ventures | $2.8 | $5.4 | $12.1 | $13.0 | ||||
| Interest income | $3.1 | $1.5 | $8.2 | $6.2 | ||||
| Adjusted EBITDA* | $864.6 | $700.4 | $2,301.8 | $1,867.1 | ||||
| * Non-IFRS financial measure. | ||||||||
| Reconciliation of adjusted net earnings | ||||||||
| The following table reconciles this metric to the most comparable IFRS measure: | ||||||||
|
Third quarters ended |
Nine-month periods ended |
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| (in millions of dollars, except per share data) | September 25, 2026 |
September 27, 2025 |
September 25, 2026 |
September 27, 2025 |
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| Net earnings attributable to shareholders | $333.7 | $284.5 | $723.9 | $708.0 | ||||
| Amortization of intangible assets related to acquisitions | $56.7 | $55.2 | $188.9 | $170.2 | ||||
| Acquisition, integration and reorganization costs | $61.2 | $31.9 | $242.2 | $93.5 | ||||
| ERP implementation costs | $15.0 | $16.6 | $51.3 | $52.7 | ||||
| Gains on investments in securities related to deferred compensation obligations | $0.8 | $(7.8 | ) | $(13.4 | ) | $(15.3 | ) | |
| Change in unrealized losses (gains) on derivative financial instruments | $(8.5 | ) | $15.4 | $44.3 | $(32.3 | ) | ||
| Income taxes related to above items | $(28.1 | ) | $(27.0 | ) | $(120.1 | ) | $(72.3 | ) |
| Adjusted net earnings* | $430.8 | $368.8 | $1,117.1 | $904.5 | ||||
| Adjusted net earnings per share* | $3.20 | $2.82 | $8.29 | $6.93 | ||||
| * Non-IFRS financial measure or non-IFRS ratio. | ||||||||
|
Reconciliation of free cash flow | ||||||||
| The following table reconciles this metric to the most comparable IFRS measure: | ||||||||
|
Third quarters ended |
Nine-month periods ended |
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| (in millions of dollars) |
September 25, 2026 |
September 27, 2025 |
September 25, 2026 |
September 27, 2025 |
||||
| Cash inflows from operating activities | $495.5 | $440.3 | $1,049.1 | $1,262.0 | ||||
| Lease payments in financing activities | $(103.2 | ) | $(95.5 | ) | $(309.8 | ) | $(284.7 | ) |
| Net capital expenditures* | $(59.1 | ) | $(29.9 | ) | $(151.3 | ) | $(89.9 | ) |
| Free cash flow** | $333.2 | $314.9 | $588.0 | $887.4 | ||||
| * Capital expenditures pertaining to property and equipment and intangible assets, net of proceeds from disposal and lease incentives received. | ||||||||
| ** Non-IFRS financial measure. | ||||||||
Forward-looking statements
Certain information contained in this press release is not based on historical or current facts and may constitute forward-looking statements or forward-looking information (collectively, “forward-looking statements”) under Canadian securities laws. Forward-looking statements may include estimates, plans, strategic ambitions, objectives, expectations, opinions, forecasts, projections, guidance, outlook or other statements that are not statements of fact, including references to assumptions.
Forward-looking statements made by the Corporation in this press release include, without limitation, statements about the financial outlook for the full year and fourth quarter of 2026, including the anticipated net revenues, adjusted EBITDA and organic growth in net revenues for the Americas and EMEIA reportable segments, and their underlying assumptions; the expected return of the leverage ratio to the target range by year-end; our strategic ambitions; our future growth and potential; our profitability; the payment of dividends; our proposed strategy and our operating performance; and our aim to capture market opportunities and deliver long-term value for our stakeholders.
Forward-looking statements made by the Corporation are based on a number of operational and other assumptions believed by the Corporation to be reasonable as at the date such statements were made, including assumptions set out through this press release and including, without limitation, the following principal assumptions about: the realization of the expected strategic, financial and other benefits of the TRC acquisition in the timeframe anticipated; general economic and political conditions; organic growth expectations; economic and market assumptions regarding the competition; the state of the global economy and the economies of the regions in which the Corporation operates; the state of and access to global and local capital and credit markets; interest rates; working capital requirements; the collection of accounts receivable; the Corporation obtaining new contract awards; the type of contracts entered into by the Corporation; the anticipated margins under new contract awards; the utilization of the Corporation’s workforce; the ability of the Corporation to attract new clients; the ability of the Corporation to retain current clients; changes in contract performance; project delivery; the Corporation’s competitors; the ability of the Corporation to successfully integrate businesses; the acquisition and integration of businesses in the future; the Corporation’s ability to manage growth; external factors affecting the global operations of the Corporation; the state of the Corporation’s backlog and pipeline of opportunities in various reportable segments; the joint arrangements into which the Corporation has entered or will enter; the capital investments made by the public and private sectors; relationships with suppliers and subconsultants; relationships with management, key professionals and other employees of the Corporation; the maintenance of sufficient insurance; the management of environmental, social and health and safety risks; the sufficiency of the Corporation’s current and planned information systems, communications technology and other technology; compliance with laws and regulations; future legal proceedings; the sufficiency of internal and disclosure controls; the regulatory environment; impairment of goodwill; foreign currency fluctuation; the expected benefits of acquisitions and the expected synergies to be realized as a result thereof; the tax legislation and regulations to which the Corporation is subject and the state of the Corporation’s benefit plans; as well as the assumptions underlying the 2025-2027 Global Strategic Action Plan issued on February 12, 2025 and the 2026 financial outlook set out in the Corporation's press releases dated February 25, 2026, May 6, 2026 and August 5, 2026.
To the extent any forward-looking statement in this press release constitutes financial outlook or future-oriented financial information within the meaning of applicable Canadian securities laws, such information is intended to provide investors with information regarding the Corporation, including the Corporation’s assessment of future financial plans, and may not be appropriate for other purposes. Financial outlook (including assumptions about future events, including economic conditions and proposed courses of action, based on the Corporation’s assessment of the relevant information currently available), as with forward-looking statements generally, is based on current estimates, expectations and assumptions and is subject to inherent risks and uncertainties and other factors.
Although WSP believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. In evaluating these forward-looking statements, investors should specifically consider various risk factors, which, if realized, could cause the Corporation's actual results or events to differ materially from those expressed or implied in forward-looking statements. Such risk factors include, but are not limited to, failure to implement sufficient corporate and business initiatives; increases in real estate costs; the deterioration of our financial position or net cash position; our working capital requirements; our accounts receivable; our increased indebtedness and raising capital; the impairment of long-lived assets; our foreign currency exposure; our income taxes; as well as other risks detailed from time to time in reports filed by the Corporation with securities regulators or securities commissions or other documents that the Corporation makes public, which may cause actual results or events to differ materially from the results expressed or implied in any forward-looking statement.
These and other risk factors that could cause actual results or events to differ materially from our expectations expressed in, or implied by, our forward-looking statements are discussed in greater detail in section 20, “Risk Factors” of the Corporation’s MD&A for the fourth quarter and year ended December 31, 2025 and as supplemented by section 17, “Risk Factors” of our MD&A for the third quarter and the nine-month period ended September 25, 2026, which are available on SEDAR+ at www.sedarplus.ca and which sections are incorporated herein by reference. Actual results and events may be significantly different from what we currently expect because of the risks associated with our business, industry and global economy and of the assumptions made in relation to these risks. As such, there can be no assurance that actual results will be consistent with forward-looking statements.
The forward-looking statements contained in this press release describe the Corporation’s expectations as of the date hereof and, accordingly, are subject to change after such date. Except as may be required under Canadian securities laws, the Corporation does not assume any obligation to publicly update or to revise any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The Corporation may also make oral forward-looking statements from time to time. The Corporation advises that the above paragraphs and the risk factors set forth in section 20, “Risk factors” of the Corporation’s MD&A for the fourth quarter and year ended December 31, 2025, and as supplemented by section 17, “Risk Factors” of our MD&A for the third quarter and the nine-month period ended September 25, 2026 should be read for a description of certain factors that could cause the actual results of the Corporation to differ materially from the results expressed or implied in any oral forward-looking statements. Readers should not place undue reliance on forward-looking statements.
About WSP
WSP is one of the world’s leading engineering, science and infrastructure solutions firms, uniting its multidisciplinary expertise to shape communities to advance humanity. From local beginnings to a globe-spanning presence today, WSP operates in over 50 countries and employs approximately 85,000 professionals, known as Visioneers. Together, they pioneer solutions and deliver innovative projects in the transportation, infrastructure, environment, building, energy, water, mining, and metals sectors. WSP is publicly listed on the Toronto Stock Exchange (TSX:WSP).
| For more information, please contact: |
| Investor contact: | Media contact: | |
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Quentin Weber Global Head, Investor Relations WSP Global Inc. quentin.weber@wsp.com Phone: 438-843-7519 |
Maxime Chagnon Global Director, External Communications and Reputation WSP Global Inc. media@wsp.com Phone: 438-843-7868 |
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