WSP Global Inc., a Canadian consulting firm working mostly in the built environment, has announced its financial results for the first quarter ended March 29, 2025. The company reported results in line with expectations, supported by improved operating cash flow, reduced days sales outstanding (DSO), and continued strength in its backlog.
Q1 2025 performance highlights:
- Revenues: $4.39 billion (up 22.4% YoY)
- Net revenues: $3.35 billion (up 19.8% YoY)
- Organic net revenue growth: 3.7%, or approximately 5.5% adjusted for fewer billable days in the U.S.
- Backlog: A new record of $16.6 billion, representing 11.3 months of revenues and a 16.6% increase YoY
WSP posted an adjusted EBITDA of $533.9 million, a 19.7% increase from Q1 2024, with an adjusted EBITDA margin of 16.0%. EBIT rose to $288.1 million, up 17.9% year-over-year, driven by EBITDA growth partially offset by acquisition and integration costs related to the 2024 purchase of POWER Engineers, Incorporated.
Adjusted net earnings came in at $229.1 million, or $1.76 per share—up 18.2% and 13.5%, respectively. Meanwhile, net earnings attributable to shareholders reached $144.1 million, or $1.10 per share, a rise of 13.6% and 7.8% compared to the prior year.
Cash performance also improved significantly:
- Cash inflows from operating activities: $237.8 million, compared to outflows of $10.4 million in Q1 2024
- Free cash flow: $115.9 million, up $241.1 million compared to a $125.2 million outflow in the prior-year period
- Trailing twelve months of free cash flow: $1.13 billion, 1.6x net earnings attributable to shareholders
- DSO: 70 days, down from 76 days YoY
- Net debt to adjusted EBITDA: 1.8x (1.7x when including full-year EBITDA from acquisitions)
The company declared a quarterly dividend of $0.375 per share, amounting to $48.9 million, which was paid on April 15, 2025.
WSP also reaffirmed its 2025 financial outlook issued on February 12, along with key underlying assumptions.
“I am pleased to report on our first-quarter performance, kicking off our new strategic cycle. We have a good backlog and are maintaining our focus on enhancing operational efficiency—in line with our commitment to deliver sustainable financial performance. WSP continues to be driven by solid fundamentals, a clear strategy, a diversified and resilient platform, and some of the brightest professionals worldwide. I am confident in our ability to drive shareholder value as we navigate the current macro environment,” said Alexandre L’Heureux, President and CEO of WSP.
The entire financial results can be found here.