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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.Q2 2025 earnings summary7 Aug, 2025
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.
Explain the drivers of the DSO improvement.
Assess impact of optimization costs on EBITDA.
How will APAC's contraction affect EBITDA outlook?
How will Ricardo acquisition impact net revenue?
Elaborate on dynamics driving U.K. and U.S. markets.
Quantify AI's impact on 22% EBITDA margin target?
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Next WSP Global earnings date
Q3 20256 Nov, 2025
Next WSP Global earnings date
Q3 20256 Nov, 2025
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WSP Global Inc. operates as a professional services consulting firm in the United States, Canada, the United Kingdom, Sweden, Australia, and internationally. The company provides project management, design and planning, environmental sciences, program management, construction quality assurance, and commissioning services.
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