• Strong free cash flow generation
• Robust margin expansion with an 80 basis points increase in adjusted EBITDA margin
• Enhanced financial outlook with profitability now expected to reach the higher end of the range

MONTREAL, QUEBEC – August 6, 2025 – WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”), one of the world’s leading professional services firms, today announced financial results for the second quarter and six-month period ended June 28, 2025.

WSP delivered strong performance in Q2 2025 including an 80 basis points increase in adjusted EBITDA margin⁽²⁾, when compared to Q2 2024. Free cash inflow increased significantly over the prior year while days sales outstanding (“DSO”) reached a historical best for a second quarter of any of the Corporation’s fiscal years. The 2025 financial outlook for adjusted EBITDA is now expected to reach the higher end of the range.

	Second quarters ended		Six-month periods ended
(in millions of dollars, except percentages, per share data, DSO and ratios)	June 28, 2025	June 29, 2024	June 28, 2025	June 29, 2024
Revenues	$4,508.3	$3,932.9	$8,897.2	$7,518.0
Net revenues(1)	$3,476.0	$2,988.0	$6,823.3	$5,781.3
Earnings before net financing expense and income taxes (EBIT)	$396.7	$327.2	$684.8	$571.5
Adjusted EBITDA(2)	$632.8	$519.9	$1,166.7	$966.0
Adjusted EBITDA margin(2)	18.2 %	17.4 %	17.1 %	16.7 %
Net earnings attributable to shareholders of WSP Global Inc.	$279.4	$184.1	$423.5	$310.9
Basic net  per share attributable to shareholders	$2.14	$1.48	$3.25	$2.49
Adjusted net earnings(2)	$306.6	$236.0	$535.7	$429.8
Adjusted net earnings per share(2)	$2.35	$1.89	$4.10	$3.45
Cash inflows from operating activities	$583.9	$203.5	$821.7	$193.1
Free cash inflow (outflow)(2)	$456.6	$75.4	$572.5	$(49.8)
As at			June 28, 2025	June 29, 2024
			$16,313.0	$14,715.1
Approximate number of employees			73,000	69,300
DSO(3)			69 days	79 days
As		June 28, 2025		December 31, 2024
Net debt to adjusted EBITDA ratio(3)			1.5	1.8

_{(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 second quarter and six-month period ended June 28, 2025, 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) 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 second quarter and six-month period ended June 28, 2025, filed on SEDAR+ at www.sedarplus.ca, which explains the composition of the supplemental financial measures, as well as the usefulness of the net debt to adjusted EBITDA ratio, which is a capital management measure composed of the ratio of net debt to adjusted EBITDA for the trailing twelve-month period. Net debt is defined as long-term debt, including current portions but excluding lease liabilities, and net of cash, and was $3.65 billion as at June 28, 2025. Adjusted EBITDA for the trailing twelve-month period ended June 28, 2025 was $2.39 billion.} 

Financial highlights for the second quarter and six-month period ended June 28, 2025

• Revenues and net revenues for the quarter reached $4.51 billion and $3.48 billion, up 14.6% and 16.3%, respectively, compared to the second quarter of 2024. The increase was mainly attributable to acquisition growth(1) of 10.4% and net revenue organic growth(1) of 3.5%.  The POWER Engineers, Incorporated (“POWER”) business has experienced organic growth in the mid-teens in the first six months of 2025, as compared to its results in the corresponding period prior to the acquisition by WSP. Canada, the UK, and the US (including POWER) generated high single-digit growth in net revenue in the quarter.
• Backlog as at June 28, 2025 reached $16.3 billion, up 10.9% in the twelve-month period, and representing 11.0 months of revenues.⁽²⁾Backlog increased in the Nordics, Australia and New Zealand with a positive trend in pipeline of opportunities.
• Adjusted EBITDA in the quarter grew to $632.8 million, compared to $519.9 million in the second quarter of 2024, representing an increase of 21.7%. Adjusted EBITDA margin for the quarter stood at 18.2%, compared to 17.4% in Q2 2024, an increase of 80 bps, mainly due to a continued focus on productivity. Optimization and right-sizing costs impacted adjusted EBITDA by 50 bps in the quarter.
• EBIT in the quarter stood at $396.7 million, up $69.5 million or 21.2%, compared to the second quarter of 2024. This  improvement was mainly attributable to an increase in adjusted EBITDA, partially offset by higher integration costs in the second quarter of 2025, principally due to the acquisition of POWER in 2024.
• Adjusted net earnings for the quarter reached $306.6 million, or $2.35 per share, up 29.9% and 24.3%, respectively,  compared to the second quarter of 2024. The increase was mainly attributable to higher adjusted EBITDA.
• Net earnings attributable to shareholders for the quarter reached $279.4 million, or $2.14 per share, up 51.8% and 44.6%, respectively, compared to $184.1 million, or $1.48 per share, in the second quarter of 2024. The increase was mainly due to  higher adjusted EBITDA, as well as unrealized gains on derivative financial instruments compared to losses in the comparable periods.
• DSO as at June 28, 2025 stood at 69 days, compared to 79 days as at June 29, 2024. This level of DSO marks a historical best for a second quarter of any of the Corporation’s fiscal years.
• Cash inflows from operating activities were $821.7 million in the six-month period ended June 28, 2025, an increase compared to $193.1 million in the corresponding period in 2024. Free cash inflow was $572.5 million for the six-month period ended June 28, 2025, representing an improvement of $622.3 million compared to free cash outflow of $49.8 million in the corresponding period in 2024. The trailing twelve months of free cash flow amounted to $1,506.8 million, representing 1.9 times the net earnings attributable to shareholders(3) (the trailing twelve months of cash inflows from operating activities was $2,010.5 million).
• Net debt to adjusted EBITDA ratio stood at 1.5x, within Management’s target range of 1.0x to 2.0x. 
• Quarterly dividend declared of $0.375 per share, or $48.9 million, which was paid subsequent to the end of the second quarter on July 15, 2025. 
• The adjusted EBITDA outlook is now expected to reach the higher end of the $2.50 billion to $2.55 billion range issued as part of WSP’s financial outlook on February 12, 2025. This is due to continued performance in Canada, the Americas, and EMEIA while net revenues in the APAC reportable segment are expected to conclude the year with low- to-mid single digit organic contraction. Management’s net revenues outlook range stands unchanged between $13.5B to $14.0B. WSP’s other 2025 financial target ranges set forth in the press release dated February 12, 2025 remain unchanged. The 2025 financial outlook excludes the expected contribution of acquisitions that are not completed as of August 6, 2025 such as Ricardo plc.

“Our second-quarter results reflect the strength of our diversified platform and the disciplined execution of our strategic plan. As we continue to navigate the evolving geopolitical environment, our teams remain positive and focused on delivering value to our clients and shareholders. With a healthy backlog, strong free cash flow generation, and solid fundamentals across key markets, we are moving ahead into the second half of the year with an enhanced outlook,” said Alexandre L’Heureux, President and CEO of WSP.

Dividend

The Board of Directors of WSP declared a dividend of $0.375 per share. This dividend will be payable on or about October 15, 2025, to shareholders of record at the close of business on September 30, 2025.

Financial Report

This release incorporates the financial reports for the second quarter of 2025, including the Corporation’s unaudited interim condensed consolidated financial statements for the six-month period ended on June 28, 2025 and MD&A for the second quarter and six-month period ended on June 28, 2025, which are available on our website at www.wsp.com. These documents are also available on SEDAR+ at www.sedarplus.ca.