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WSP Global (WSP) investor relations material
WSP Global Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered robust Q2 2025 results with double-digit revenue and earnings growth, strong profitability, and record free cash flow; backlog reached $16.3B, representing 11 months of revenue.
High single-digit organic growth in Canada, UK, and US; POWER Engineers posted mid-teens organic growth and successful integration.
Rightsizing in APAC largely completed, with expectations for progressive return to growth in H2 2025, though APAC saw low- to mid-single digit organic contraction.
Announced acquisitions of Lexica and Ricardo to strengthen healthcare, life sciences, and strategic advisory capabilities; Ricardo deal expected to close in early Q4 2025.
Maintained #1 position in ENR’s 2025 list of top international design firms.
Financial highlights
Revenues increased 15% to $4.51B, net revenues up 16% to $3.48B year-over-year, driven by 10.4% acquisition growth and 3.5% organic growth.
Adjusted EBITDA grew 22% to $633M, margin up 80 bps to 18.2%; adjusted net earnings reached $307M or $2.35 per share, up 30% year-over-year.
Free cash flow for the first six months was $572.5M, up over $600M year-over-year; DSO at 69 days, a historic Q2 low.
Net debt to adjusted EBITDA at 1.5x, within target range, supporting capital flexibility.
Book-to-burn ratio above 1 for four consecutive years; backlog up 10.9% year-over-year.
Outlook and guidance
Adjusted EBITDA for 2025 now expected at the higher end of the $2.50B–$2.55B range, driven by strong performance in Canada, Americas, and EMEIA.
Net revenue guidance unchanged at $13.5B–$14B; organic growth expected between 5–8% on a constant currency basis.
APAC segment to end 2025 with low- to mid-single-digit organic contraction; other regions remain strong.
2025 outlook excludes contributions from acquisitions not closed by August 6, such as Ricardo.
Backlog of $16.3B, up 10.9% year-over-year, supports 11.0 months of future revenues.
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