WSP Reports Q3 2025 results
Executive Summary
- WSP Global reported strong Q3 2025 results, with net revenues up 15.6% YoY to C$3.46 bn and adjusted EBITDA up 20.0% YoY to C$700.4 m, reflecting robust organic growth and acquisition contributions (POWER Engineers, Ricardo plc).
- Free cash flow surged to C$887.4 m for the nine‑month period (up 267% YoY), and net debt/adjusted EBITDA improved to 1.4×, well within target range.
- The Board declared a quarterly dividend of $0.375 per share (C$49.0 m) payable Jan 15 2026; the 2025 financial outlook was revised upward, projecting net revenues C$13.8‑14.0 bn and adjusted EBITDA C$2.54‑2.56 bn.
Key Details
- Financial Highlights – Q3 2025 vs. Q3 2024
- Revenues: C$4,533.7 m vs. C$3,983.9 m (+13.8%)
- Net revenues: C$3,463.1 m vs. C$2,996.9 m (+15.6%)
- Adjusted EBITDA: C$700.4 m vs. C$585.4 m (+20.0%) – margin 20.2% vs. 19.5%
- Adjusted net earnings: C$368.8 m (US$2.82 eps) vs. C$279.8 m (US$2.24 eps) (+31.8%)
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Net earnings attributable to shareholders: C$284.5 m (US$2.18 eps) vs. C$203.6 m (US$1.63 eps) (+39.7%)
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Nine‑Month Highlights
- Net revenues: C$10,286.4 m vs. C$8,778.2 m (+17.2%)
- Adjusted EBITDA: C$1,867.1 m vs. C$1,551.4 m (+20.3%) – margin 18.2% vs. 17.7%
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Free cash flow: C$887.4 m vs. C$242.0 m (+267%)
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Backlog & Workforce
- Backlog as of Sep‑27‑2025: C$16.41 bn (up 10.6% YoY), representing ~10.9 months of revenue.
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Employees: 72,400 (up from 69,900).
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Acquisition Impact
- POWER Engineers contributed mid‑teens net‑revenue organic growth in FY 2025.
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Completion of Ricardo plc acquisition on Oct 9 2025 incorporated into revised outlook.
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Dividend
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Board declared $0.375 per share (C$49.0 m); payable ~Jan 15 2026 to shareholders of record Dec 31 2025.
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Revised 2025 Outlook (as of Nov 5 2025)
- Net revenues: C$13.8‑14.0 bn (previously $13.5‑14.0 bn)
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Adjusted EBITDA: C$2.540‑2.560 bn (previously $2.50‑2.55 bn)
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Conference Call / Webcast
- Scheduled for Nov 6 2025, 8:00‑9:00 a.m. ET; replay available within 24 h.
Notable Quotes
“WSP delivered solid third‑quarter results with robust growth in net revenues, adjusted EBITDA, adjusted net earnings per share, and free cash flow… We remain steadfastly focused on our strategic ambitions including seizing market opportunities and delivering long‑term value for our shareholders,” – Alexandre L’Heureux, President & CEO.