WSP reports strong profitability in Q1 2026 results

• WSP Global Inc. reported Q1 2026 financial results on May 6, 2026, highlighting strong profitability and a record backlog of $19.7 billion.
• Adjusted EBITDA reached $622.2 million, hitting the high end of management's guidance range ($590M–$630M).
• The company confirmed the successful completion of the TRC Companies acquisition in February 2026, which contributed 9.0% to net revenue growth.
• Full-year 2026 Adjusted EBITDA guidance was slightly revised upward to $3.050 billion–$3.180 billion.
• Net revenues grew 10.8% year-over-year to $3,709.0 million, while total revenues increased 3.7%.
• The leverage ratio stands at 2.3x, exceeding the target range of 1.0x–2.0x due to debt issued for the TRC acquisition.
• A quarterly dividend of $0.375 per share was declared, payable July 15, 2026.

• The Q1 results confirm execution on the strategic plan announced in late 2025 regarding the TRC and Ricardo acquisitions.
• EBITDA performance at the high end of guidance is positive but largely anticipated given the financing announcements made in January and March 2026.
• The leverage ratio of 2.3x is a concern for risk-averse investors as it sits above the stated target range, though management expects deleveraging within 12 months.
• Cash inflows from operating activities decreased significantly to $102.0 million compared to $237.8 million in Q1 2025, indicating working capital pressure post-acquisition.
• The news does not introduce unexpected variables; it validates the previously disclosed financing and acquisition timeline.

• WSP Global Inc. is a leading professional services firm providing engineering and strategic consulting solutions globally.
• The company operates in over 50 countries with approximately 82,500 employees as of Q1 2026.
• Flagship projects involve large-scale infrastructure, power & energy, water, and environmental consulting.
• Recent strategic focus includes expanding the Power & Energy platform through acquisitions like TRC Companies and Ricardo plc.