WSP Group plc

2024
ANNUAL 
REPORT

Who we are 03
Chairman’s message 04
President and CEO’s message 06
Year in review 09
WSP today 10
Financial highlights 11
Global strategic action plan 12
Our projects 15
Corporate governance 26
Management’s discussion  
and analysis M-1
Consolidated financial statements F-1
Forward-looking statements 31
WSP 2024 Annual Report / 2

WHO  
WE  
ARE
OUR  
PURPOSE
We exist to shape 
communities to advance 
humanity.
OUR GUIDING 
PRINCIPLES
We value our people and 
our reputation /
We are locally dedicated 
with international scale / 
We are future-focused 
and challenge the 
status quo /
We foster collaboration 
and partnership in 
everything we do /
We have an empowering 
culture and hold ourselves 
accountable /
WSP 2024 
Annual Report / 3

CHAIRMAN’S
MESSAGE
Before commenting on the 
great progress made this 
past year, I am very pleased 
to share with you the 
successful completion 
of our 2022-2024 Global 
Strategic Action Plan. 
We surpassed our ambitions, 
which provides positive 
momentum and a strong 
foundation for our new Global 
Strategic Action Plan.
Reflecting on 2024, our 
operations delivered a solid 
financial performance with 
increased net revenues, mainly 
through continued elevated 
organic growth. These results 
underpin our commitment to 
drive leading performance, 
supported by our talented 
and loyal employees—our 
Visioneers—and cherished 
clients across all our 
geographies and markets. 
“We surpassed our 
ambitions, which 
provides positive 
momentum and a 
strong foundation 
for our new 
Global Strategic 
Action Plan. ”
—
Chris Cole  
Chairman of the board
WSP 2024 Annual Report / 4

I would like to sincerely thank 
our employees for this strong 
showing—under the steady 
guidance of our experienced 
leadership team. I am continually 
impressed by their level of 
excellence, and it is deeply 
rewarding to see our leaders 
acknowledged among peers. 
Notably, our President and CEO, 
Alexandre L’Heureux, was 
recognized as EFCG’s 2024 
CEO of the Year and was just 
recently named Canada’s 
Outstanding CEO of the Year 
by Bennett Jones LLP, Caldwell, 
KPMG and the National Post—
accolades that merit 
celebration. With our aspirations 
in mind, we strengthened our 
executive team even further by 
appointing Mark Naysmith as 
Global Chief Operating Officer 
to support our ambitions in 
2025 and beyond. 
The transformational acquisition 
of POWER Engineers marked  
a strategic milestone for WSP, 
anchoring our presence in the 
power and energy market. 
We received tremendous 
support for this transaction, 
with a concurrent equity raise 
of $1.15B, which included 
continued endorsements from 
our valued institutional 
shareholders. 
Our Board engaged changes 
in 2024 with the retirement of 
two valued members. On behalf 
of the Board, I express our 
appreciation for the significant, 
long-term contribution made 
by Pierre Shoiry, including 
eight years as Vice Chairman. 
We also recognize the 
contributions of Paul Raymond, 
who served as a member of the 
Audit Committee from 2019. 
As we continue to develop a 
highly qualified, experienced, 
and diverse Board to oversee 
WSP’s strategy and growth, 
we were delighted to welcome 
Martine Ferland, who also joined 
our Governance, Ethics and 
Compensation Committee. 
I would like to commend the 
Board for its dedicated 
stewardship, steadfast direction 
and ongoing commitment to 
upholding the highest standards 
of governance and risk 
management. In particular, 
I highlight our responsiveness 
and attentiveness to the 
challenging geopolitical events 
of our time—demonstrating 
the sensitivity and vigilance 
required to safeguard our 
people, our business and 
our client relationships. 
In a world where change and 
disruption are becoming normal, 
WSP has the scale, resources 
and expertise to deliver high-
impact solutions for our clients 
worldwide. We are well-
positioned to leverage the 
opportunities stemming from 
megatrends. We are at the 
forefront of advising our clients 
on all matters related to artificial 
intelligence and digitization 
as well as climate change, 
the energy transition and the 
wider sustainability agenda, 
with many independent 
international organizations 
recognizing these credentials.
Sustainability in all its facets 
remains core to WSP and 
guides how we look after 
our people and our business. 
As a Board, our motivation to 
track and encourage progress 
in this area goes well beyond 
duty. It is rooted in our deep 
commitment to good corporate 
citizenship and to doing 
what is right for the benefit 
of our people, clients 
and shareholders.  
From elevating our employee 
experience to enhancing our 
client-centric focus, we are 
continually striving to raise 
the bar and lead by example 
in everything we do. 
Looking ahead, our focus shifts 
to our 2025-2027 Global 
Strategic Action Plan ambitions, 
and I eagerly anticipate the 
dynamic journey that lies ahead. 
To complement the exciting 
release of our Plan, we have 
also received an overwhelmingly 
positive response to our newly 
refreshed brand, which 
reinforces our worldwide 
reputation and signals a bold 
and ambitious future for WSP.
I am honoured to serve as 
Chairman of WSP and remain 
grateful for the enduring trust 
and confidence of our 
employees, clients, investors, 
and other stakeholders. •
WSP 2024 Annual Report / 5

PRESIDENT AND 
CEO’S MESSAGE
This year was marked by 
consolidation, expansion, and 
stellar execution. I am incredibly 
proud of our progress and 
performance in the final year of 
our 2022-2024 Global Strategic 
Action Plan. Our team delivered 
solid organic growth, strong 
financial performance, and 
enhanced profitability, setting 
the stage for the journey ahead. 
In fiscal 2024, robust demand 
for our services and sustained 
growth in key regions enabled 
us to deliver well above 
expectations, with record 
net revenues1 and adjusted 
EBITDA2—both exceeding 
the high end of our outlook 
for the year. 
“In fiscal 2024, 
robust demand for 
our services and 
sustained growth in 
key regions enabled 
us to deliver well 
above expectations.”
—
Alexandre L’Heureux 
President and 
Chief Executive Officer
1.	 Total of segments measure. Refer to section 8.1, “Net revenues” of WSP’s Management’s Discussion and Analysis for the quarter and year ended December 31, 2024 (“MD&A”) 
for a reconciliation to revenues.
2.	 Non-IFRS financial measure without a standardized definition under IFRS, which may not be comparable to similar measures used by other issuers. Refer to section 22, “Glossary 
of segment reporting, non-IFRS and other financial measures”, of WSP’s MD&A for explanations of the composition and usefulness of this non-IFRS financial measure. Quantitative 
reconciliations of the non-IFRS financial measure to the most directly comparable IFRS measure are incorporated by reference to sections 8.3, “Adjusted EBITDA” of WSP’s MD&A. 
WSP 2024 Annual Report / 6

Staying true to our disciplined 
approach to acquisitions, we 
completed five transactions, 
welcoming approximately 
4,815 new colleagues. We 
further diversified our footprint 
and capabilities in key market 
sectors and regions, namely 
in EMEIA with the addition of 
Proxion and 1A Ingenieros, 
in the USA with AKF, and in 
Canada with Communica. 
Most significantly, we completed 
the transformational acquisition 
of POWER Engineers, realizing 
a pivotal strategic ambition and 
enabling WSP to become the 
preeminent pure-play global 
consulting firm for the world’s 
energy transition.
WSP has established a 
leading position across our 
four primary market sectors: 
Transportation & Infrastructure, 
Earth & Environment, 
Property & Buildings, and 
Power & Energy. This strategic 
positioning facilitates extensive 
cross-selling opportunities, 
thereby enhancing the value 
we deliver to our clients. 
We continue to invest in our 
operations with a focus on 
efficiency. The initiatives 
implemented have yielded 
results, contributing to 
continued margin expansion 
throughout the year. 
Additionally, we announced the 
appointment of Mark Naysmith 
as our Global Chief Operating 
Officer, effective January 2025. 
With more than 35 years of 
leadership experience at WSP, 
Mark now oversees global 
operations, promotes growth, 
drives financial performance, 
and fosters collaboration 
to further leverage our 
global scale.  
The heartbeat  
of our success
Today, we have a team of 
approximately 73,000 talented 
professionals across the globe. 
We refer to them as our 
Visioneers—recognizing 
their roles as world shapers, 
pioneers, pathfinders, and 
impact makers. They are our 
superpower, driving WSP 
forward with their innovative 
spirit and passion for addressing 
the world’s most complex 
challenges. 
We rely on them to pioneer 
change in a world undergoing 
rapid transformation. 
Megatrends, such as the energy 
transition, urbanization, and the 
digital revolution, are reshaping 
our planet and driving the 
demand for our expertise. 
Our team of professionals, 
with their diverse and profound 
knowledge, is poised to navigate 
and leverage these changes, 
ensuring WSP remains at the 
forefront of shaping sustainable 
communities. To nurture their 
efforts, we remain steadfast in 
fostering an environment where 
our people can thrive both 
professionally and personally. 
We continue to prioritize 
promoting from within and 
remain dedicated to fulfilling 
75% of our leadership roles 
internally. In 2024, we also made 
significant strides in cultivating 
our culture of ownership and 
shared success through the 
global rollout of our employee 
share purchase plan “Own It”.
2022-2024 
achievements
As we look ahead to the future, 
it is essential to acknowledge 
and celebrate the remarkable 
achievements that have 
shaped WSP.
As a leading compounder and 
value creator, we over-delivered 
on our 2022-2024 Global 
Strategic Action Plan and the 
ambitious financial targets we 
set three years ago. Our teams 
drove historic levels of organic 
growth, enhanced our client 
experience, and strengthened 
our platform with advanced 
technologies. By completing 
16 strategic acquisitions during 
the three-year cycle, we also 
expanded our talent pool and 
deepened our capabilities in 
strategic areas. 
These achievements solidified 
our position among the leaders 
in our industry and have laid 
the groundwork for accelerated 
growth. More than ever, we have 
a truly global business that is 
highly diversified on many fronts 
and poised to keep driving 
sustainable growth and leading 
financial performance. 
WSP 2024 Annual Report / 7

The future of WSP
We kicked off 2025 with much 
excitement. We unveiled a 
refreshed brand identity and 
launched our 2025-2027 Global 
Strategic Action Plan—
our roadmap for an ambitious 
three-year cycle focused 
on pioneering change for 
empowered growth. We intend 
to push boundaries even 
further, drive greater innovation, 
meaningfully invest in digital, 
and unleash the limitless 
potential of WSP. Our ambition 
is to be a catalyst of change 
in modernizing our industry. 
To support our strategic 
ambitions, we are broadening 
our reach and evolving our 
long-term vision to become 
a leading brand within the 
professional services universe.
WSP will continue to constantly 
enhance, grow, adapt, and 
unlock new opportunities. 
I must express my gratitude to 
our people for their ongoing 
dedication; our clients around 
the world for their continued 
trust and partnership; our 
shareholders and investors 
for their unwavering confidence 
in our vision; and our Board 
members for their support 
and invaluable guidance. 
With a clear strategy, a bold new 
brand, and an exceptional team, 
we believe we are uniquely 
positioned to create an enduring 
legacy of greater impact. •
“We intend to push boundaries even further, 
drive greater innovation, meaningfully invest 
in digital, and unleash the limitless potential 
of WSP.”
—
WSP 2024 Annual Report / 8

2024  
YEAR IN  
REVIEW
JANUARY 17
WSP named in Corporate Knights’ Global  
100 ranking of the most sustainable corporations	
MARCH 21
WSP acquires Communica, reinforcing its Indigenous  
and stakeholder engagement services in Canada	
MARCH 26
WSP acquires Proxion, strengthening its critical railway 
infrastructure expertise in Finland	
APRIL 3
WSP announces the appointment of Joe Sczurko  
as President of WSP in the USA	
MAY 1
WSP acquires AKF, expanding its Property & Buildings  
practice across the U.S. Northeast	
JUNE 5 
WSP completes acquisition of 1A Ingenieros, significantly  
growing its presence in Spain and in the Power sector 	
JUNE 25
WSP honoured with a record four accolades at Environment 
Analyst’s Sustainability Delivery Awards 	
JULY 29 
WSP recognized as a leader in environmental services 
consulting by independent research firm, Verdantix	
AUGUST 28 
WSP tops ENR’s international design firm ranking  
for fourth consecutive year	
OCTOBER 1 
WSP completes acquisition of POWER Engineers, a 
4,000-employee firm leading in Power & Energy and names 
Holger Peller as Global Director, Power & Energy	
NOVEMBER 6 
WSP announces the appointment of Mark Naysmith as Global 
Chief Operating Officer and Paul Reilly as President and 
Managing Director, WSP UK and Ireland	
DECEMBER 
Dean McGrail takes over leadership of Asia region,  
as President, Middle East & Asia
Kathleen McGrail is appointed Global Director, Advisory 
Services and joins the Global Leadership Team	
WSP 2024 Annual Report / 9

WSP 
TODAY
72,800 
EMPLOYEES WORLDWIDE
CANADA
AMERICAS 
United States  
and Latin America
APAC 
Asia Pacific
EMEIA 
Europe, Middle East,  
India and Africa
REVENUES BY  
MARKET SECTOR1 (%) 
For the year ended or as at December 31, 2024. 
1.	 Based on revenues for the year ended December 31, 2024, including pro forma revenues for the POWER Acquisition over twelve months. 
37%
Transportation & Infrastructure
31%
Earth & Environment
21%
Property & Buildings
11%
Power & Energy
12,600
EMPLOYEES
OF TOTAL  
REVENUES
17%
23,000
EMPLOYEES
OF TOTAL  
REVENUES
43%
11,500
EMPLOYEES
OF TOTAL  
REVENUES
13%
25,700
EMPLOYEES
OF TOTAL  
REVENUES
27%
WSP 2024 Annual Report / 10

2024
FINANCIAL 
HIGHLIGHTS
We are pleased to report solid 2024 results, driven by sustained high demand  
for our expert services leading to strong organic growth and increased profitability.  
With these results, we surpassed our financial targets for the 2022-2024 
strategic cycle. 
$16.17B 
Revenues (CAD) 
$5.40
Basic net earnings  
per share attributable  
to shareholders (CAD) 
18.0% 
Adjusted EBITDA margin2 
$1.27B 
EBIT3 (CAD) 
72
Days sales  
outstanding (DSO)1 
$15.6B 
Backlog (CAD)
$2.19B 
Adjusted EBITDA (CAD)
$12.17B 
Net revenues (CAD) 
$681M
Net earnings attributable 
to shareholders (CAD) 
7.5% 
Organic growth  
in net revenues1 
1.	 Supplementary financial measures. Net revenue organic growth represents the period-over-period change in net revenues, excluding net revenues of businesses acquired or 
divested in the twelve months following the acquisition or prior to the divestiture, expressed as a percentage of the comparable period net revenues, adjusted to exclude net 
revenues of divested businesses, all calculated to exclude the impact of foreign exchange. Days Sales Outstanding (DSO) represents the average number of days to convert the 
Corporation’s trade receivables (net of sales taxes) and costs and anticipated profits in excess of billings, net of billings in excess of costs and anticipated profits, into cash.
2.	 Non-IFRS ratio without a standardized definition under IFRS, which may not be comparable to similar ratios used by other issuers. Refer to section 22, “Glossary of segment 
reporting, non-IFRS and other financial measures”, of WSP’s MD&A for explanations of the composition and usefulness of this non-IFRS ratio. Adjusted EBITDA margin is defined as 
adjusted EBITDA expressed as a percentage of net revenues. 
3.	 EBIT is defined as earnings before net financing expense and income taxes.
WSP 2024 Annual Report / 11

2025-2027  
GLOBAL STRATEGIC 
ACTION PLAN 
On February 12, 2025, WSP released its 2025-2027 
Global Strategic Action Plan: 
PIONEERING  
CHANGE FOR  
EMPOWERED  
GROWTH
WSP 2024 Annual Report / 12

This strategic roadmap outlines four key focus areas for the next three years as well 
as their related targets1. 
01
GROW OUR KEY MARKETS 
AND SERVICES TO REMAIN 
FUTURE READY®
GEOGRAPHIES, MARKETS & SERVICES
Capitalize on key regions and expand in geographies 
with growth opportunities. Leverage our market 
leadership to evolve capabilities, offer end-to-end 
project lifecycle services and expand in select  
high-growth areas*.
DIGITAL OFFERINGS
Evolve service offerings to systematically include 
a digital component for projects and remain at the 
forefront of innovation.
ACQUISITION STRATEGY
Maintain our disciplined acquisition strategy,  
targeting opportunities that align with our criteria 
and growth objectives. 
>10% organic net revenue growth2 in selected  
high-growth areas
>90% platform in OECD countries
>$200M investments in research & development, 
innovation and digital
02
EXPAND OUR CLIENT-CENTRIC 
AND DELIVERY CULTURE
GO-TO-MARKET STRATEGY
Strengthen our WSP Client Program and develop 
thematic offerings to broaden client relationships 
with our full suite of services.
GROWTH MINDSET
Elevate our growth leaders to increase the depth and 
impact of WSP’s client-centric approach and mindset.
PROJECT DELIVERY EXCELLENCE
Enable a best-in-class project delivery experience 
to boost performance, drive efficiency and leverage 
global expertise.
Double clients generating over $100M in annual  
net revenues3
>1.5x WSP Client Program organic growth rate  
vs. rest of business
10% reduction in project margin erosion per year
*	 High-growth areas: Digital, Energy Transition, Water, Advanced Manufacturing & Mission Critical, Project & Program Management, Advisory, Mining & Metals.
1.	 Except where mentioned as an annual target, targets are expected to be achieved by December 31, 2027.
2.	 Supplementary financial measure that is forward looking. See footnote 1 on page 11 for a description of this measure. See pages 31-32 for the forward-looking statements disclaimer.
3.	 Total of segment measure that is forward looking. See pages 31-32 for the forward-looking statements disclaimer.
WSP 2024 Annual Report / 13

03
LEVERAGE OUR PLATFORM 
AND ENABLE OPERATIONS
DIGITAL TRANSFORMATION
Complete the ERP implementation and further  
leverage emerging technologies to optimize  
processes and capture the benefits of our 
transformation journey.
BUSINESS PARTNER INTEGRATION 
Bring corporate functions together to unify our  
service delivery model, drive automation and better 
support our business for growth and performance.
OPERATIONAL PERFORMANCE
Maintain a disciplined focus on driving key  
operational levers to further enhance efficiency.
30 to 50 bps increase in adjusted EBITDA margin1 
per year 
100% completion of ERP project
~$100M investments in systems and tools  
to enable operations
04
EMPOWER OUR PEOPLE FOR 
LIMITLESS OPPORTUNITIES  
AND GROWTH
PEOPLE EXPERIENCE
Empower and develop our people to reach their full 
potential by providing clear career paths, enabling 
them to take ownership of their careers and play 
to their strengths.
LIMITLESS OPPORTUNITIES
Unlock a dynamic future of internal possibilities – 
from virtual to local and global – with experiences 
and opportunities as unique and diverse as our people.
OWNERSHIP CULTURE
Make our employee share purchase plan available 
across the business, enabling our people to share  
in our collective success.
150 bps decrease in voluntary turnover
75% executive leadership roles filled internally
>30,000 employee shareholders
For a full overview of WSP’s 2025-2027 Global Strategic Action Plan, please visit wsp.com.  
LONG-TERM VISION
BECOMING A LEADING BRAND 
IN THE PROFESSIONAL 
SERVICES UNIVERSE
Our strategic ambitions support this long-term vision and our 
desire to be a catalyst of change in modernizing our industry.
1.	 Non-IFRS ratio that is forward looking. See pages 31-32 for the forward-looking statements disclaimer.
WSP 2024 Annual Report / 14

OUR
PROJECTS
We leverage our global scale and local expertise to deliver remarkable 
projects that bring positive change.
Here is a selection of our transformative projects from around the world. 
WSP 2024 Annual Report / 15

A MODERN HOME 
FOR CHILDREN’S 
HEALTHCARE
WSP played a pivotal role 
in the design of Children’s 
Healthcare of Atlanta’s 
Arthur M. Blank Hospital.
This 446-bed facility houses 
19 general operating rooms, 
in addition to the Heart Center 
and the Aflac Cancer and Blood 
Disorders Center. A special care 
unit will treat highly infectious 
diseases. The pediatric space 
incorporates innovations that 
will serve the immediate needs 
of patients and their families 
while anticipating tomorrow’s 
healthcare challenges.
Thanks to its point-of-care 
services, this facility will also 
offer patients a shorter time 
to treatment.
PROJECT — Children’s Healthcare of Atlanta -  
Arthur M. Blank Hospital 
LOCATION — USA
Read more 
446
BEDS – HOSPITAL CAPACITY
19
NUMBER OF FLOORS
2M sq. ft.
FLOOR AREA
“It has been a privilege to help one of the top 
children’s hospitals in the country quite literally 
lay the foundation for its next hundred years. 
We have been inspired by patients and staff 
to create inviting and innovative spaces.”
—
Douglas Lacy
Senior Vice-President and Senior Technical Director,  
Property and Buildings at WSP in the USA 
WSP 2024 Annual Report / 16

UNLOCKING FASTER, 
SMARTER DECISIONS 
FOR LAND USE
In partnership with Giraffe and 
Aerometrex, WSP has 
developed Land iQ for initial use 
by the Department of Planning, 
Housing and Infrastructure in 
New South Wales, Australia. 
This transformative tool aims 
to streamline land use planning 
for various agencies. Thanks 
to WSP’s Future Ready® 
approach, Land iQ is poised 
to enhance decision making 
across the whole of government.
Land iQ is used to assess 
the social, economic, 
environmental and financial 
impacts of land use changes, 
potentially leading to major 
cost savings. Benefits include: 
•	 Collaborative approach to 
land use planning. 
•	 Centralized data register 
and direct links to government 
databases. 
•	 Robust digital visualization 
planning tool. 
•	 Alignment with existing 
and future infrastructure. 
•	 Integration of 3D designs. 
Land iQ has played a crucial 
role in flood recovery efforts in 
the Northern Rivers and is 
regularly used by an array of 
NSW Government departments 
to support strategic initiatives.  
Land iQ will soon be available to 
industry users in NSW and WSP 
has the rights to commercialize 
Land iQ in other jurisdictions 
worldwide via license 
agreements with the NSW 
Government to utilize their IP. 
PROJECT — Land iQ
LOCATION — Australia
Read more 
 
40
LAND USE TYPOGRAPHIES
200
DATASETS
WSP 2024 Annual Report / 17

A SHINING STAR 
IN MONTRÉAL’S 
SKYLINE
The largest commercial real 
estate project in Montréal in 
30 years, National Bank’s 
new head office is a bold, 
40-storey project that marries 
cutting-edge design with 
eco‑friendly principles. 
Located in the city’s historic  
and rapidly transforming  
Saint-Jacques district,  
the building aims to redefine 
urban architecture while 
embodying the bank’s values 
of modernity, flexibility and 
environmental responsibility. 
It meets rigorous standards for 
sustainable development, 
climate and seismic resilience, 
and it provides a space 
tailored for hybrid work. 
With an aim to secure LEED and 
WELL v2™ Silver certifications, 
we selected locally sourced low 
carbon materials and designed 
the building for maximum 
energy efficiency. To promote 
rainwater infiltration and  
on-site retention, we integrated 
green spaces into the design, 
including a green roof.  
A 4,000 m² outdoor green  
park between the two buildings 
creates a calming natural space 
that underscores the project’s 
commitment to enhancing 
quality of life.
PROJECT — National Bank Place
LOCATION — Canada 
Read more 
132,553 m2
FLOOR AREA 
LEED and  
WELL v2
TM Silver
CERTIFICATIONS 
400
BICYCLE  
PARKING SPOTS
WSP 2024 Annual Report / 18

A FEAT OF 
TECHNICAL 
AND ECONOMIC 
FEASIBILITY
In connection with the Odra 
Energia floating offshore 
wind farm, WSP in Italy was 
commissioned to prepare 
the environmental impact 
assessment application. 
This ambitious 1,325 mW 
project will connect to the Terna 
power station via a 40 km-long 
underground cable system.  
Using a design envelope 
approach, WSP conducted 
a comprehensive technical 
and economic feasibility 
assessment. The team 
performed an extensive 
constraint analysis based 
on multi-level planning criteria, 
while developing detailed 
specifications for the floating 
foundation structures and 
electrical systems. The 
assessment encompassed 
thorough geological and 
geotechnical studies, 
alongside robust maintenance 
and operational planning 
frameworks.  
WSP’s analysis included 
critical safety considerations, 
addressing navigational hazards 
and emergency protocols, as 
well as technical requirements 
for port facilities and auxiliary 
equipment. The project’s 
environmental impact was 
carefully evaluated through 
sophisticated marine weather 
studies, oceanographic 
analysis, and specialized 
modeling of sediment 
dispersion and wave patterns. 
1,325 mW
OFFSHORE WIND PLANT
90
FLOATING WIND TURBINES
40 km
CONNECTION PIPELINE
PROJECT — Odra Energia floating offshore wind farm
LOCATION — Italy
Read more 
  
WSP 2024 Annual Report / 19

BOOSTING 
BIODIVERSITY  
IN POWER
Biodiversity is declining at an 
alarming rate: in Europe, 
80% of natural habitats are 
in poor condition as climate 
change drives biodiversity loss1. 
It has been confirmed that 
renewable-led decarbonization 
can lower risks to biodiversity 
by 75% while reverting 50% 
of climate change-induced 
land loss2. 
Mindful of the twin threats of 
climate change and biodiversity 
loss, WSP supported Eurelectric 
as a knowledge partner on its 
Power Plant 2.0 guidebook. 
In addition to setting out key 
principles for biodiversity and 
environmental protection, this 
useful guide proposes steps 
to be followed for renewable 
and grid projects. For example, 
hydropower developers 
could aim to identify and avoid 
freshwater habitats or species 
by prioritizing sites in altered 
or impaired areas.
Europe’s power system is 
undergoing transformation amid 
efforts to double renewable 
capacity by 2030. Power Plant 
2.0 will help the renewables 
industry lead the way by 
integrating biodiversity 
with a view to achieving  
nature-positive outcomes. 
PROJECT — Power Plant 2.0 guidebook
LOCATION — Europe
Read more 
18
EUROPEAN  
CASE STUDIES
12
KEY PRINCIPLES  
FOR BIODIVERSITY
“We are proud to have 
developed the Power 
Plant guidebook 
alongside Eurelectric, 
a practical framework 
for scaling up nature-
inclusive design 
and good operational 
practices across 
renewables and  
grid projects.”
—
Jonny Miller
Technical Lead, Biodiversity  
Net Gain at WSP in the UK 
1.	 Source: European Commission (2022).
2.	 Source: WWF (2023).
WSP 2024 Annual Report / 20

WORKING TOWARD 
A SUSTAINABLE  
REE SUPPLY
The International Energy 
Agency anticipates soaring 
demand for rare earth elements 
(REEs). These metals are a 
crucial component of high-tech 
products, from cell phones to 
flat screens. However, it is their 
role in the green energy 
transition that has thrust them 
into the global spotlight. With 
supply highly concentrated in 
China, end-users are eagerly 
seeking new projects to ensure 
a more sustainable supply chain.  
The Fen complex in Telemark, 
Norway may well become a 
major supplier. Reportedly 
Europe’s largest REE deposit, 
it is owned by Rare Earths 
Norway (REN). The company 
launched its first Mineral 
Resource Estimate (MRE) in 
2024, with WSP building the 
geological model and deriving 
the MRE.  
Our involvement in this project 
dates back to 2021, including 
exploration planning, on-site 
training, risk mitigation, 
and conceptual mine design. 
REN also engaged with 
WSP occupational hygienists 
on plans to mitigate 
any occupational health 
considerations linked to 
REE mining and processing.
Partnering with WSP’s 
multidisciplinary teams can help 
companies like REN as they 
seek to bring essential supplies 
of critical minerals to market. 
PROJECT — Rare earth element mineral resource estimate
LOCATION — Norway 
Read more 
10
DISCIPLINES  
OF EXPERTISE
6
INTERNATIONAL OFFICES – 
HIGH LEVEL COORDINATION
WSP 2024 Annual Report / 21

AWARD-WINNING 
STRUCTURAL DESIGN 
WSP’s award-winning structural 
design and smart solutions 
have shaped one of Hong 
Kong’s largest and most 
technically advanced logistics 
centres, located in Hong Kong 
International Airport’s South 
Cargo Precinct.
This logistics centre has 
an excellent location and is 
equipped with cutting-edge 
smart logistics technology 
to create a world-class high-
end logistics centre for major 
companies in Asia, connecting 
the Greater Bay Area and other 
international cities.
Cainiao Smart Gateway spans 
12 floors and covers a total area 
of 4,100,000 square feet. It is 
designed to cater to both air 
cargo (B2B) and e-commerce 
(B2C) logistics, dovetailing with 
the airport’s cargo development 
strategy. WSP served as the 
structural, geotechnical and civil 
engineering consultant on this 
joint venture project.
The entire structural design 
maximizes the performance of 
the structural materials and the 
use of available space enabling 
the structure and building 
layout to be better integrated, 
to meet the requirements of 
logistics functions and maximize 
warehouse storage capacity. 
12
NUMBER OF FLOORS
>300 m
LENGTH OF THE BUILDING
118 m
ABOVE GROUND HEIGHT
PROJECT — Cainiao Smart Gateway Logistics Centre
LOCATION — Hong Kong, China
Read more 
WSP 2024 Annual Report / 22

A SUSTAINABLE 
MILESTONE IN 
CHILEAN MINING
The closure of Codelco’s 
Ventanas smelter in Chile, 
operational since the 1960s, 
marks a significant transition 
in one of the country’s most 
densely populated areas, 
paving the way for improved 
environmental practices 
in mining.
Codelco’s Vice Presidency of 
Projects entrusted WSP’s team 
to develop the conceptual 
engineering for this project, 
focusing on remediation, 
waste management and 
community engagement. 
This required close 
collaboration between our 
offices in Chile, Peru, Italy 
and France. 
Thanks to rigorous risk 
management by our Health, 
Safety, Environment and 
Quality team, the project was 
completed with zero incidents 
in 2,900 hours of fieldwork—
an achievement recognized 
by our client. 
The project demonstrated 
a comprehensive approach 
to sustainability through 
environmental and social 
impact assessments.
This achievement 
demonstrates WSP’s 
leading expertise in closure 
engineering and environmental 
remediation and how we 
contribute to cleaner and 
more sustainable mining.
PROJECT — Ventanas smelter closure engineering
LOCATION — Chile 
Read more 
1st 
COMPREHENSIVE AND  
SUSTAINABLE SMELTER 
CLOSURE IN CHILE  
4
INTERNATIONAL OFFICES  – 
HIGH-LEVEL COORDINATION
WSP 2024 Annual Report / 23

PROJECT — Tackling water challenges
LOCATION — Nordics
Read more 
PIONEERING  
WATER SOLUTIONS
Heavy rainfall has affected 
the Nordic region (Denmark, 
Finland, Norway, Sweden), 
where infrastructure is 
struggling to cope with 
increased precipitation. 
WSP’s experts are devising 
sustainable solutions to manage 
cloudbursts without overloading 
wastewater systems.
Some of Denmark’s challenges 
stem from the fact that its plains 
are used for agriculture. Also, 
many areas that were originally 
wetlands have since been 
developed. WSP is supporting 
clients with solutions like 
stormwater ponds for 
above‑ground management  
to help address rising 
groundwater levels and 
increased flooding risks.  
Finland has seen torrential 
precipitation. WSP’s planners 
are now factoring in a 20% 
increase in rainwater volume— 
a key consideration when 
future-proofing infrastructure. 
Extreme weather has left its 
mark in Norway. Solutions 
include buildings with green 
roofs that collect, filter and 
reuse rainwater.
Sweden has also been hit by 
severe floods. Since its drinking 
water and wells are vulnerable 
to contamination, testing is 
underway to develop new 
intake sources. 
Our experts in the Nordic  
region are developing creative 
solutions to future-proofing 
the water supply. WSP stands 
at the forefront of planning 
and technical knowledge 
in this area.
INCREASED
FLOODING RISK IN ALL  
NORDIC COUNTRIES
EARLY
CONSIDERATION  
OF WATER MANAGEMENT 
IN PROJECTS
WSP 2024 Annual Report / 24

SAFEGUARDING 
FIORDLAND’S VITAL LINK
Linking Te Anau and Piopiotahi 
(Milford Sound), Homer 
Tunnel is the primary access 
route for visitors traveling to 
Fiordland National Park, one 
of New Zealand’s most iconic 
tourist destinations. As part 
of efforts to address safety 
concerns, WSP and its partners 
were commissioned to build 
a new avalanche shelter at 
the eastern entrance to the 
tunnel after demolishing the 
existing structure.
Under such complex 
engineering conditions, 
accelerated techniques were 
required. To save time and 
minimize traffic disruptions, 
the team decided to use 
pre-cast concrete, with no 
pilings. Due to avalanche 
risks, construction could 
only take place in the late 
spring and summer.
The new structure can 
handle huge deposits of 
snow debris and rockfall 
impacts. An embankment 
was also constructed to 
deflect avalanche flows. 
Completed in April 2024 
the shelter strengthens 
safety on this alpine route, 
built to endure Fiordland’s 
extreme conditions.
45 m
LENGTH OF THE SHELTER
157
PREFABRICATED  
CONCRETE ELEMENTS
PROJECT — Homer Tunnel avalanche shelter
LOCATION — New Zealand 
Read more 
WSP 2024 Annual Report / 25

CORPORATE
GOVERNANCE
BOARD OF DIRECTORS
01
04
07
02
05
08
03
06
09
01 / CHRISTOPHER COLE
CHAIRMAN AND MEMBER OF 
THE GOVERNANCE, ETHICS AND 
COMPENSATION COMMITTEE
Director since 2012
Independent
Professional Non-Executive Director
02 / ALEXANDRE L’HEUREUX 
PRESIDENT AND CHIEF EXECUTIVE 
OFFICER, WSP GLOBAL INC.
Director since 2016
Non-independent 
03 / LOUIS-PHILIPPE CARRIÈRE 
CHAIR OF THE AUDIT COMMITTEE
Director since 2017
Independent
Professional Non-Executive Director
04 / LINDA SMITH-GALIPEAU
CHAIR OF THE GOVERNANCE, ETHICS 
AND COMPENSATION COMMITTEE 
Director since 2019
Independent
Professional Non-Executive Director
05 / MARTINE FERLAND
MEMBER OF THE GOVERNANCE, ETHICS 
AND COMPENSATION COMMITTEE 
Director since 2024
Independent
Professional Non-Executive Director
06 / BIRGIT NØRGAARD
MEMBER OF THE GOVERNANCE, ETHICS 
AND COMPENSATION COMMITTEE  
Director since 2013
Independent
Professional Non-Executive Director
07 / SUZANNE RANCOURT
MEMBER OF THE AUDIT COMMITTEE 
Director since 2016
Independent
Professional Non-Executive Director
08 / MACKY TALL
MEMBER OF THE AUDIT COMMITTEE 
Director since 2023
Independent
Senior Advisor, Carlyle Group
09 / CLAUDE TESSIER
MEMBER OF THE AUDIT COMMITTEE 
Director since 2023
Independent  
Professional Non-Executive Director
WSP 2024 Annual Report / 26

GLOBAL LEADERSHIP TEAM
01 *
04 *
07 *
10
02 *
05 *
11
03 *
06 *
09
01 / ALEXANDRE L’HEUREUX 
PRESIDENT AND CHIEF EXECUTIVE 
OFFICER
02 / ALAIN MICHAUD  
CHIEF FINANCIAL OFFICER
03 / MARK NAYSMITH 
CHIEF OPERATING OFFICER
04 / PHILIPPE FORTIER  
CHIEF LEGAL OFFICER AND 
CORPORATE SECRETARY
05 / MEGAN VAN PELT  
CHIEF HUMAN RESOURCES OFFICER
06 / CHADI HABIB 
CHIEF TECHNOLOGY OFFICER  
AND HEAD OF BUSINESS SOLUTIONS
07 / MARC RIVARD 
GLOBAL SENIOR VICE PRESIDENT, 
OPERATIONAL PERFORMANCE;  
CHIEF OPERATING OFFICER, AMERICAS
08 / SANDY VASSIADIS 
CHIEF COMMUNICATIONS OFFICER 
09 / MARC CHABOT  
CHIEF GLOBAL CLIENTS OFFICER 
10 / JULIANNA FOX  
CHIEF ETHICS AND COMPLIANCE 
OFFICER
11 / GINO POULIN  
CHIEF INFORMATION OFFICER 
* Member of the Executive 
Leadership Team
08 *
WSP 2024 Annual Report / 27

GLOBAL LEADERSHIP TEAM
15
18
21
24
16
19
25
17
20
23
12 / IAN BLAIR 
MANAGING DIRECTOR, NEW ZEALAND 
13 / MARIE-CLAUDE DUMAS  
PRESIDENT, CANADA
14 / GREG KANE  
PRESIDENT, AUSTRALIA
15 / DEAN MCGRAIL   
PRESIDENT, MIDDLE EAST AND ASIA
16 / PETER MYERS 
PRESIDENT, LATIN AMERICA 
AND THE CARIBBEAN
17 / ANNA-LENA  
ÖBERG-HÖGSTA  
PRESIDENT, NORDICS
18 / PAUL REILLY
PRESIDENT AND MANAGING DIRECTOR, 
UK AND IRELAND
19 / JOSEPH SCZURKO
PRESIDENT, USA
20 / KEVIN BEAUCHAMP
GLOBAL DIRECTOR, 
MINING AND METALS
21 / ANDRÉ-MARTIN  
BOUCHARD  
GLOBAL DIRECTOR, 
EARTH AND ENVIRONMENT
22 / KATHLEEN MCGRAIL
GLOBAL DIRECTOR, 
ADVISORY SERVICES
23 / ERIC PEISSEL  
GLOBAL DIRECTOR, TRANSPORTATION 
AND INFRASTRUCTURE
24 / HOLGER PELLER
GLOBAL DIRECTOR, 
POWER AND ENERGY
25 / TOM SMITH  
GLOBAL DIRECTOR, PROPERTY 
AND BUILDINGS
22
13
14
12
WSP 2024 Annual Report / 28

2024 
MANAGEMENT’S 
DISCUSSION 
AND ANALYSIS
WSP Global Inc.
For the fourth quarter and year ended 
December 31, 2024

4
FINANCIAL HIGHLIGHTS     .........................................................................................................
M-6
5
EXECUTIVE SUMMARY     ............................................................................................................
M-7
6
KEY EVENTS   .................................................................................................................................
M-9
7
SEGMENT OPERATIONAL REVIEW   .....................................................................................
M-11
8
FINANCIAL REVIEW  ..................................................................................................................
M-15
9
LIQUIDITY   .....................................................................................................................................
M-23
10
SUMMARY OF QUARTERLY RESULTS    ................................................................................
M-25
11
SELECTED ANNUAL INFORMATION ...................................................................................
M-26
12
GOVERNANCE    ............................................................................................................................
M-27
13
CRITICAL ACCOUNTING ESTIMATES     ..................................................................................
M-28
14
MATERIAL ACCOUNTING POLICIES  ....................................................................................
M-28
15
FINANCIAL INSTRUMENTS   .....................................................................................................
M-29
16
RELATED PARTY TRANSACTIONS     .......................................................................................
M-29
17
OFF-BALANCE SHEET AGREEMENTS   ................................................................................
M-29
18
CONTRACTUAL OBLIGATIONS     .............................................................................................
M-29
19
FORWARD-LOOKING STATEMENTS     ..................................................................................
M-29
20
RISK FACTORS    ............................................................................................................................
M-31
21
ADDITIONAL INFORMATION    .................................................................................................
M-49
22
GLOSSARY OF SEGMENT REPORTING, NON-IFRS AND OTHER FINANCIAL 
MEASURES   ...................................................................................................................................
M-50
TABLE OF CONTENTS
1
MANAGEMENT’S DISCUSSION AND ANALYSIS   ..............................................................
M-3
2
NON-IFRS AND OTHER FINANCIAL MEASURES    ............................................................
M-3
3
CORPORATE OVERVIEW      ........................................................................................................
M-4
M-2
WSP Global Inc.
Management's Discussion and Analysis
2024

1
MANAGEMENT’S DISCUSSION AND 
ANALYSIS
The following management’s discussion and analysis 
(“MD&A”) of the consolidated financial condition and 
consolidated results of operations, dated February  26, 
2025, is intended to assist readers in understanding 
WSP Global Inc. (together with its subsidiaries, 
the 
“Corporation” 
or 
“WSP”) 
and 
its 
business 
environment, strategies, performance and risk factors. 
This MD&A should be read together with the 
Corporation's audited consolidated financial statements 
and 
accompanying 
notes 
for 
the 
year 
ended 
December 
31, 
2024. 
The 
Corporation’s 
audited 
consolidated financial statements for the year ended 
December 31, 2024 have been prepared in compliance 
with 
International 
Financial 
Reporting 
Standards 
Accounting Standards (“IFRS”). All amounts shown in 
this MD&A are expressed in Canadian dollars, unless 
otherwise indicated. All quarterly information disclosed 
in this MD&A is based on unaudited figures.
This MD&A focuses on the Corporation’s annual and 
quarterly results for the year and fourth quarter ended 
December 31, 2024. The Corporation’s second and third 
quarters are always comprised of 13  weeks of 
operations. However, the number of weeks of operations 
in the first and fourth quarters will vary as the 
Corporation has a statutory December 31 year end. The 
fourth 
quarter 
results 
include 
the 
period 
from 
September  29, 2024 to December  31, 2024 and the 
comparative fourth quarter results include the period 
from October 1, 2023 to December 31, 2023.
In this MD&A, unless otherwise noted or the context 
otherwise 
indicates, 
references 
to 
“WSP”, 
the 
“Corporation”, "it", "its", “we”, “our”, or similar expressions 
refer to WSP Global Inc. Where the context requires, 
these terms also refer to WSP's subsidiaries and 
associated companies. 
2 NON-IFRS AND OTHER FINANCIAL 
MEASURES
The Corporation's financial statements are prepared in 
accordance with IFRS. WSP uses a number of financial 
measures when assessing its results and measuring 
overall performance. Some of these financial measures 
are not calculated in accordance with IFRS. Regulation 
52-112 respecting Non-GAAP and Other Financial 
Measures 
Disclosure 
prescribes 
disclosure 
requirements that apply to the following types of 
measures used by the Corporation:
i.
non-IFRS financial measures;
ii.
non-IFRS ratios;
iii.
total of segments measures;
iv.
capital management measures; and
v.
supplementary financial measures.
In this MD&A, the following non-IFRS and other financial 
measures are used by the Corporation: net revenues; 
total adjusted EBITDA by segment; total adjusted 
EBITDA margin by segment; adjusted EBITDA; adjusted 
EBITDA margin; adjusted net earnings; adjusted net 
earnings per share; free cash flow;  trailing twelve 
months of free cash flow to trailing twelve months of net 
earnings attributable to shareholders; organic net 
revenue growth (contraction), acquisition net revenue 
growth; divestiture net revenue impact; organic backlog 
growth (contraction); days sales outstanding (“DSO”); 
and net debt to adjusted EBITDA ratio. These measures 
are defined in section 22, “Glossary of segment 
reporting, non-IFRS and other financial measures” and 
reconciliations to IFRS measures can be found in 
section 8, “Financial Review” and section 9, “Liquidity”.
Management 
of 
the 
Corporation 
(“Management”) 
believes that these non-IFRS and other financial 
measures provide useful information to investors 
regarding the Corporation’s financial condition and 
results of operations as they provide additional key 
metrics of its performance. These non-IFRS and other 
financial measures are not recognized under IFRS, do 
not have any standardized meaning prescribed under 
IFRS and may differ from similarly-named measures as 
reported by other issuers, and accordingly may not be 
comparable. These measures should not be viewed as a 
substitute for the related financial information prepared 
in accordance with IFRS. 
M-3
WSP Global Inc.
Management's Discussion and Analysis
2024

3 CORPORATE OVERVIEW
As one of the world’s leading professional services firms, 
WSP provides strategic advisory, engineering and 
design services to clients in the Transportation & 
Infrastructure, Earth & Environment, Property & Buildings 
and Power & Energy sectors. WSP's experts include 
advisors, engineers, environmental specialists, scientists, 
technicians, architects and planners, in addition to other 
design and program management professionals. With 
approximately 72,800 talented people globally, WSP is 
well positioned to deliver successful and sustainable 
projects to meet clients' needs.
The Corporation’s business model is centered on 
maintaining a leadership position in each of its end 
markets and the regions in which it operates by 
establishing a strong commitment to, and recognizing 
the needs of, surrounding communities, as well as local 
and national clients. WSP offers a variety of professional 
services throughout all project execution phases, from 
the initial development and planning studies through to 
the 
project 
and 
program 
management, 
design, 
construction 
management, 
commissioning 
and 
maintenance phases.
Under this business model, the Corporation benefits 
from regional offices with a full-service offering. 
Functionally, sector and regional leaders work together 
to develop and coordinate markets served, combining 
local knowledge and relationships with nationally 
recognized expertise. The Corporation has developed a 
multidisciplinary team approach whereby employees 
work closely with clients to develop optimized solutions.
The Corporation is confident it has the capability and the 
depth of expertise to transform visions into reality that 
are sustainable in every sense - commercially, 
technically, socially and environmentally. 
The market sectors in which the Corporation operates 
are described below.
• Transportation & Infrastructure: The Corporation’s 
experts advise, plan, design and manage projects for 
rail, transit, aviation, highways, bridges, tunnels, water, 
maritime and urban infrastructure. Public and private 
sector clients, together with construction contractors 
and other partners, seek the Corporation’s global 
expertise to undertake design services, as well as 
create medium and long-term transportation and 
infrastructure strategies, and to provide guidance and 
support throughout the lifecycle of a wide range of 
projects 
and 
assets. 
The 
Corporation 
offers 
comprehensive, 
innovative 
and 
value-oriented 
solutions to assist clients in achieving their desired 
outcomes and takes great pride in solving clients’ 
toughest problems. The Corporation offers a full range 
of services locally with extensive global experience 
and support to successfully deliver projects, helping 
clients tackle challenges and respond to emerging 
areas in intelligent mobility, resiliency, decarbonization, 
operational technology (OT) cybersecurity, social 
equity, digital project delivery, asset management and 
design.
• Earth 
& 
Environment: 
The 
Corporation 
has 
specialists working with and advising governments 
and private-sector clients on key aspects of earth 
sciences 
and 
environmental 
sustainability. 
The 
Corporation’s experts advise on matters ranging from 
clean air, water and land, to biodiversity, solutions for 
the 
energy 
transition, 
climate 
change 
and 
Environmental, Social and Governance (“ESG”) issues. 
They provide specialized services to mining, oil and 
gas, power, industrial and transportation clients, all of 
whom operate in highly regulated industries. The 
Corporation delivers a broad range of advisory and 
operational services, including due diligence, permit 
approvals, regulatory compliance, waste/hazardous 
materials management, geotechnical and mining 
engineering, 
water 
resource 
management, 
environmental/social 
impact 
assessments, 
and 
feasibility 
and 
land 
remediation 
studies. 
The 
Corporation's reputation is built on helping clients 
worldwide mitigate risk, manage and reduce impacts 
and maximize opportunities related to sustainability, 
climate change, energy use, resource extraction and 
the environment. The Corporation is able to support its 
clients through the project lifecycle, from design, 
permitting, 
planning 
and 
operations, 
to 
decommissioning and asset remediation.
• Property & Buildings: The Corporation is a world-
leading provider of technical and advisory services 
with a track record of delivering commercial real 
estate, social infrastructure, buildings, places, and 
industrial and manufacturing facilities of the highest 
quality. The Corporation is involved at every stage of 
the project lifecycle, from the business case, through 
design and construction, to asset management and 
refurbishment. The Corporation has teams of technical 
experts across the globe delivering engineering and 
consultancy services that include decarbonization 
strategies, digital building design, building engineering 
design, advisory as well as project and construction 
management. The Corporation enables its clients to 
M-4
WSP Global Inc.
Management's Discussion and Analysis
2024

maximize the outcome of their projects across all 
sectors including commercial and residential, data 
centres, government and mobility, healthcare, science, 
technology and manufacturing, hospitality and enter-
tainment.
• Power & Energy: The Corporation offers clients 
integrated solutions on all kinds of energy projects, 
including clean energy investments like renewables, 
low-carbon solutions like nuclear or natural gas, large-
scale power plants, smaller on-site power generation 
and efficiency programs, high-voltage direct current 
transmission, substation design, electrical studies, 
protection 
and 
controls, 
advanced 
distribution 
management systems, storage and distribution. The 
Corporation's experts can manage large programs, 
and advise and collaborate during every project stage, 
delivering multi-discipline engineering full lifecycle 
solutions. From pre-feasibility studies and community 
engagement 
through 
to 
operation 
and 
decommissioning, the Corporation aims to support 
clients’ transition to more efficient, reliable  and 
sustainable energy.
In addition to these sectors, the Corporation offers a 
range of highly specialized strategic advisory services:
• Planning & Technical Advisory Services: The 
Corporation helps clients, whether it is environment 
and sustainability consulting work or advising clients 
on the planning of their new developments, providing 
due diligence on transactions, evaluating an asset 
portfolio, or simply making sure every project is 
digitally enabled. The Corporation solves problems, 
delivers innovative and Future Ready® strategies, 
recommendations, and advice, helping clients to stay 
competitive and effectively manage and develop their 
infrastructure and property assets. Public and private 
sector clients are seeking access to more refined data 
and “lessons learned” from the Corporation. The 
Corporation provides local expertise and offers 
international benchmarks and best practice solutions 
based on its experience. The Corporation's team 
blends the technical skills of its global network with a 
results-oriented approach to provide effective and 
sustainable strategies that help to advance the 
communities where it is present.
• Management Consultancy & Strategic Advisory 
Services: The Corporation’s professionals advise its 
clients to assess the viability of their projects upfront
—clients who are embarking on multi-million, or even 
billion-dollar projects, that often take years before 
going into design or construction. The Corporation 
validates the client’s strategies and business cases 
through 
multiple 
assessments 
for 
example, 
environmental, organizational, technical, conceptual, 
commercial, digital and strategic. The Corporation 
draws upon the size and scale of its teams to validate 
the advice, recommendations, proposed strategies, 
and solutions formulated for clients. 
• Digital Services: The Corporation’s professionals 
work throughout the project lifecycle to design 
innovative solutions through both internal digital 
expertise 
and 
via 
collaboration 
with 
leading 
technology 
providers. 
Major 
technological 
advancements are likely to improve the way people 
live, commute and travel, but they also shed new light 
on how property and infrastructure owners need to 
adapt to and embrace change. The Corporation’s 
digital experts provide executive-level strategic 
advisory on digital adoption and transformation, and 
deliver digital services and platforms to enhance 
engineering, infrastructure, building and environmental 
projects. 
• Sustainability Services: In light of catalysts, such as 
population 
growth, 
resource 
demands 
and 
constraints, as well as challenges presented by 
extreme weather events that impact community 
resiliency, the Corporation remains committed to 
integrating sustainability principles during the planning, 
design and management stages of all its projects.
M-5
WSP Global Inc.
Management's Discussion and Analysis
2024

4 FINANCIAL HIGHLIGHTS
Fourth quarters ended
Years ended
(in millions of dollars, except percentages, per share data, DSO and ratios)
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
Revenues
$4,664.9
$3,724.3
$16,166.8
$14,437.2
Net revenues(1)
$3,394.0
$2,756.0
$12,172.2
$10,897.0
Earnings before net financing expense and income taxes ("EBIT")
$345.4
$211.0
$1,268.6
$947.5
Adjusted EBITDA(2)
$634.3
$524.9
$2,185.7
$1,921.3
Adjusted EBITDA margin(3)
 18.7 %
 19.0 %
 18.0 %
 17.6 %
Net earnings attributable to shareholders of WSP Global Inc.
$166.9
$130.6
$681.4
$550.0
Basic net earnings per share attributable to shareholders
$1.28
$1.05
$5.40
$4.41
Adjusted net earnings(2)
$305.3
$247.8
$1,014.9
$860.0
Adjusted net earnings per share(3)
$2.34
$1.99
$8.05
$6.90
Cash inflows from operating activities
$773.3
$776.6
$1,381.9
$986.3
Free cash flow(2)
$642.5
$609.9
$884.5
$432.7
As at
December 31, 
2024
December 31, 
2023
Backlog
$15,604.0
$14,076.5
Approximate number of employees
72,800
66,500
DSO(4)
72 days
76 days
Net debt to adjusted EBITDA ratio(5)
1.8
1.5
(1)  
Total of segments measure. Refer to section 8.1, “Net revenues” for a reconciliation to revenues.
(2)
Non-IFRS financial measure without a standardized definition under IFRS, which may not be comparable to similar measures used by other 
issuers. Refer to sections 8.3, “Adjusted EBITDA”, 8.8, “Adjusted net earnings”, 9.1, “Operating activities and free cash flow”, as well as section 
22, “Glossary of segment reporting, non-IFRS and other financial measures”, for quantitative reconciliations to the most directly comparable 
IFRS measures, as well as explanations of the composition and usefulness of these non-IFRS financial measures.
(3) 
Non-IFRS ratio without a standardized definition under IFRS, which may not be comparable to similar ratios used by other issuers. Adjusted 
EBITDA margin is defined as adjusted EBITDA expressed as a percentage of net revenues. Adjusted net earnings per share is the ratio of 
adjusted net earnings divided by the basic weighted average number of shares outstanding for the period.  Refer to section 22, “Glossary of 
segment reporting, non-IFRS and other financial measures” for references to the non-IFRS financial measures which are components of these 
non-IFRS ratios, and the use of these non-IFRS ratios.
(4) 
Supplementary financial measure. Days sales outstanding (“DSO”) represents the average number of days to convert the Corporation's trade 
receivables (net of sales taxes) and costs and anticipated profits in excess of billings, net of billings in excess of costs and anticipated profits, 
into cash.
(5) 
This capital management measure is the ratio of net debt to adjusted EBITDA for the trailing twelve-month period. Net debt is defined as long-
term debt, including current portions but excluding lease liabilities, and net of cash. 
M-6
WSP Global Inc.
Management's Discussion and Analysis
2024

5 EXECUTIVE SUMMARY
WSP maintained its upward trajectory in 2024, delivering solid growth in net revenues and improved profitability in the 
fiscal year. Cash flows from operations remained strong and free cash flow more than doubled compared to the prior 
year. The Corporation achieved another record-high backlog and DSO came in at the low end of Management's 
outlook range for 2024.
Financial highlights for the fourth quarter of 2024
• 
Revenues and net revenues for the quarter reached $4.66 billion and $3.39 billion, up 25.3% and 23.1%, 
respectively, compared to the fourth quarter of 2023. Net revenue organic growth(1) of 10.0% in the quarter was 
led by the US and Canada. Net revenue organic growth would have been approximately 7.6% if normalized for the 
fact that the fourth quarter of 2024 benefitted from approximately two additional billable days.
• 
Adjusted EBITDA in the quarter grew to $634.3 million, compared to $524.9 million in the fourth quarter of 2023,
an increase of 20.8%.
• 
Adjusted EBITDA margin for the quarter stood at 18.7%, compared to 19.0% in the fourth quarter of 2023, due to
the performance in Asia and a higher mix of lower-margin emergency response services in the US.
• 
EBIT in the quarter stood at $345.4 million, up $134.4 million or 63.7%, compared to the fourth quarter of 2023. 
The increase was mainly attributable to an increase in adjusted EBITDA, as well as impairment of long-lived 
assets recognized in the fourth quarter of 2023, partially offset by higher acquisition and integration costs in the 
fourth quarter of 2024 due to the recent acquisition of POWER Engineers, Incorporated.
• 
Adjusted net earnings for the quarter reached $305.3 million, or $2.34 per share, up 23.2% and 17.6%, 
respectively,  compared to the fourth quarter of 2023. The increase is mainly attributable to higher adjusted 
EBITDA, partially offset by higher interest on long-term debt.
• 
Net earnings attributable to shareholders for the quarter reached $166.9 million, or $1.28 per share, up 27.8% and 
21.9%, respectively, compared to $130.6 million, or $1.05 per share, in the fourth quarter of 2023. The increase is 
mainly due to  higher adjusted EBITDA and impairment of long-lived assets recognized in the fourth quarter of 
2023, partially offset by higher net financing expenses.
• 
Cash flows from operating activities were $773.3 million in the quarter, and free cash flow reached $642.5 million
in the quarter.
• 
Quarterly dividend declared of $0.375 per share, or $48.9 million, which was paid subsequent to the end of the
year on January 15, 2025.
Financial highlights for fiscal year 2024
• 
Revenues and net revenues increased by 12.0% and 11.7%, respectively, compared to 2023, growing to 
$16.17 billion and $12.17 billion, respectively, with net revenue exceeding the high end of Management's updated 
outlook range for the year of $11.80 billion to $12.10 billion, largely due to higher demand for emergency response 
services following hurricanes in the US. The increase year-over-year was mainly due to organic growth of 7.5% 
and acquisition growth of 3.7%.(1) Organic growth was led by the US and Canada.
• 
Backlog as at December  31, 2024 reached a new record level of $15.6 billion, representing 10.9 months of
revenues,(2) up 10.9% in the year.
• 
Adjusted EBITDA grew to $2.186 billion, up 13.8%, compared to $1.921 billion in 2023, exceeding the high end of
Management's updated outlook range for the year, which stood at $2.155 billion to $2.175 billion.
• 
Adjusted EBITDA margin increased to 18.0%, compared to 17.6% in 2023, mainly attributable to increased
productivity, partially offset by the performance in Asia.
M-7
WSP Global Inc.
Management's Discussion and Analysis
2024

• 
EBIT stood at $1.27 billion, up 33.9% compared to 2023, mainly due to an increase in adjusted EBITDA, as well as
impairment of long-lived assets recognized in 2023.
• 
Adjusted net earnings of $1.01 billion, or $8.05 per share, increased by $154.9 million or $1.15 per share, compared 
to 2023. The respective increases of 18.0% and 16.7% in these metrics were mainly attributable to higher adjusted 
EBITDA, partially offset by higher interest on long-term debt.
• 
Net earnings attributable to shareholders reached $681.4 million, or $5.40 per share, up $131.4 million, or $0.99 
per share, compared to 2023. The increase was mainly due to higher adjusted EBITDA and impairment of long-
lived assets recognized in the fourth quarter of 2023, partially offset by higher net financing expenses.
• 
DSO as at December  31, 2024 stood at 72 days, ending at the lower end of Management's outlook range,
compared to 76 days as at December 31, 2023.
• 
Cash inflows from operating activities increased to $1,381.9 million in 2024 compared to $986.3 million in 2023. 
Free cash flow was $884.5 million for the year, more than double compared to $432.7 million in 2023. Free cash 
flow represented 1.3 times the net earnings attributable to shareholders.(3) The improvement in free cash flow was 
mainly due to higher adjusted EBITDA,  lower working capital usage, lower income taxes paid and the disposal of 
a building.
• 
Net debt to adjusted EBITDA ratio stood at 1.8x, within Management's target range of 1.0x to 2.0x. Incorporating a 
full twelve months of adjusted EBITDA of all acquired businesses, the net debt to adjusted EBITDA ratio would be 
1.7x.
• 
Full year dividend declared of $1.50 per share, or $189.2 million.
(1) 
Supplementary financial measures. Net revenue organic growth represents the period-over-period change in net revenues, excluding net
revenues of businesses acquired or divested in the twelve months following the acquisition or prior to the divestiture, expressed as a 
percentage of the comparable period net revenues, adjusted to exclude net revenues of divested businesses, all calculated to exclude the 
impact of foreign exchange.Net revenue acquisition growth represents the current period net revenues of acquired businesses in the twelve 
months following the acquisition, expressed as a percentage of the comparable period net revenues, all calculated to exclude the impact of 
foreign exchange.
(2) 
Based on revenues for the trailing twelve-month period, incorporating a full twelve months of revenues for all acquisitions.
(3) 
Non-IFRS ratio without a standardized definition under IFRS, which may not be comparable to similar ratios used by other issuers. The ratio is
defined as the trailing twelve months of free cash flow to trailing twelve months of net earnings attributable to shareholders. The ratio of free 
cash flow to net earnings attributable to shareholders for the year ended December 31, 2023 was 0.8. Refer to section 22, “Glossary of 
segment reporting, non-IFRS and other financial measures” for references to the non-IFRS financial measure which is a component of this nonI-
FRS ratio, and the usefulness of this non-IFRS ratio.
M-8
WSP Global Inc.
Management's Discussion and Analysis
2024

6 KEY EVENTS 
The following are highlights from January  1, 2024 to 
February 26, 2025, the date of this MD&A for the year 
ended December 31, 2024. 
2025-2027 Global Strategic Action Plan
In February 2025, WSP launched its 2025-2027 Global 
Strategic Action Plan, prioritizing four strategic focus 
areas: 
▪
Grow key markets and services;
▪
Expand client-centric and delivery culture;
▪
Leverage platform and enable operations; and
▪
Empower people for limitless opportunities and 
growth.
The 2025-2027 Global Strategic Action Plan lays out a 
clear and ambitious roadmap for a transformational 
three-year cycle focused on pioneering change for 
empowered growth.
Acquisition of POWER Engineers, 
Incorporated
On October 1, 2024, WSP acquired POWER Engineers, 
Incorporated (“POWER”), pursuant to an agreement and 
plan of merger announced on August 12, 2024 (the 
“POWER Acquisition”), for a purchase price of 
US$1.75 billion ($2.36 billion). POWER is a prominent US 
consulting firm with approximately 4,000 employees and 
a leading presence in the Power & Energy market 
sector. The POWER Acquisition and related transaction 
costs were financed by net proceeds of WSP's 
$1.15  billion equity offering, which closed on August 19, 
2024, $1.0  billion private offering of senior unsecured 
notes, which closed on September 12, 2024, new term 
loans under WSP's existing credit agreement, as well as 
using WSP's available cash and credit facilities. 
Equity financing 
On August 19, 2024, the Corporation completed a 
bought deal public offering (the "Public Offering") of 
subscription receipts of the Corporation (the “Offering 
Subscription Receipts”) and private placement (the 
"Concurrent Private Placement") of subscription receipts 
of the Corporation (the “Private Placement Subscription 
Receipts”) for aggregate gross proceeds of $1.15 billion, 
including full exercise of the over-allotment option and 
the additional subscription options. 
The Corporation issued 2,811,750 Offering Subscription 
Receipts, including 366,750 Offering Subscription 
Receipts issued as a result of the exercise of the over-
allotment option at a price of $204.50 per Offering 
Subscription Receipt for aggregate gross proceeds of 
$575.0 million.
In addition, the Corporation issued 2,813,178 Private 
Placement Subscription Receipts at a price of $204.50 
per Private Placement Subscription Receipt by way of 
the Concurrent Private Placement with GIC Pte. Ltd., 
Caisse de dépôt et placement du Québec, British 
Columbia Investment Management Corporation and a 
subsidiary of Canada Pension Plan Investment Board for 
aggregate gross proceeds of $575.3  million, which 
included 366,936 Private Placement Subscription 
Receipts issued pursuant to the exercise in full of the 
additional subscription options. 
On October  1, 2024, each holder of the Subscription 
Receipts 
received 
one 
common 
share 
of 
the 
Corporation for each Subscription Receipt held. The net 
proceeds of the Public Offering and the Concurrent 
Private Placement were used to fund a portion of the 
POWER Acquisition purchase price. 
Debt financing arrangements
On September 12, 2024, WSP issued senior unsecured 
notes at par for aggregate gross proceeds of $1.0 billion, 
comprised of $525 million due September 12, 2029 (the 
“2029 Notes”) and $475  million due on September 12, 
2034 (the “2034 Notes”, and together with the 2029 
Notes, the “Notes”). The 2029 Notes bear interest at a 
fixed rate of 4.12% and the 2034 Notes at 4.754% per 
annum, payable semi-annually until maturity on the 12th 
day of March and September in each year beginning on 
March 12, 2025. The Notes were assigned rating of BBB 
(high), with a stable trend, by DBRS Limited. On 
October 1, 2024, the Corporation used the net proceeds 
of the offering to fund a portion of the POWER 
Acquisition purchase price.
As part of the completion of the POWER Acquisition on 
October 1, 2024, the Corporation drew down, under an 
incremental facility supplement to the existing credit 
agreement, two term loans totalling US$350 million, with 
maturities in October 2026 and 2027.
Other acquisitions
In March 2024, WSP acquired Communica Public Affairs 
Inc. (“Communica”), one of Canada’s leading Indigenous 
and 
stakeholder 
engagement 
and 
information 
management consulting firms, with 50 highly skilled 
professionals. 
M-9
WSP Global Inc.
Management's Discussion and Analysis
2024

In March 2024, WSP acquired Proxion Plan Oy and 
Proxion Pro Oy (together “Proxion”), both Finnish 
companies and subsidiaries of Proxion Oy. With their 
combined 
workforce 
of 
150 
employees, 
these 
businesses 
form 
one 
of 
Finland's 
largest 
rail 
consultancies and offer a range of railway and railway 
system design services, including traffic and energy 
services, as well as safety and security expertise.
In May 2024, WSP acquired AKF Group LLC (“AKF”), a 
specialized mechanical, electrical, and plumbing firm that 
designs complex healthcare, science and technology, 
and mission-critical facilities. AKF's 365  professionals 
operate throughout the eastern United States, with an 
additional complementary presence in Mexico.
In May 2024, WSP acquired 1A Ingenieros, S.L. (“1A 
Ingenieros”), a 250-employee Spanish consulting firm 
operating mainly in the Power & Energy sector. 
These acquisitions were financed using WSP's available 
cash and credit facilities.
Board and leadership announcements
In May 2024, Pierre Shoiry, WSP’s then Vice Chairman, 
retired from the Board of Directors. Mr. Shoiry was 
President and Chief Executive Officer of the Corporation 
for 21 years before successfully transitioning to the role 
of Vice Chairman in 2016 and ensuring sound continuity 
and succession planning. He was instrumental in the 
direction and growth of the business and this year 
completed 35 years of dedicated service and leadership 
with WSP. 
Also in May 2024, Paul Raymond, who was a director 
and member of the Audit Committee of the Corporation 
since his election in 2019, retired from the Board of 
Directors. 
Through 
his 
skills, 
experience 
and 
commitment, Mr. Raymond has been a valuable 
contributor to the Board of Directors. 
In June 2024, Martine Ferland was appointed to the 
Board of Directors and as a member of its Governance, 
Ethics and Compensation Committee. Ms. Ferland is a 
seasoned and recognized leader in the professional 
services industry, with over 40 years of global 
experience in human resource consulting, talent 
strategy, and pension investment.
In April 2024, Joseph (Joe) Sczurko was named 
President of WSP in the USA. Mr. Sczurko joined WSP in 
2022 through the acquisition of the Environment & 
Infrastructure business of John Wood Group plc., and 
had been leading WSP’s Earth & Environment business 
in the USA since that time. Mr. Sczurko brings over 35 
years of progressive experience and management 
responsibility in consulting and engineering services. 
In October 2024, Holger Peller was appointed Global 
Director, Power & Energy after joining WSP through the 
acquisition of POWER. Mr. Peller has over 30 years of 
experience in the Power & Energy sector and in his 
previous role he served as President and Chief 
Operating Officer of POWER. 
In December 2024, Dean McGrail was appointed as 
President, Middle East & Asia. Mr. McGrail has served as 
President, Middle East since 2021, where he has 
demonstrated strong leadership, strategic vision and a 
consistent focus on quality, technical excellence and 
business performance. Prior to relocating to the Middle 
East in 2006, he spent four years with WSP in China and 
Hong Kong. 
Effective January 2025, Mark Naysmith, previously 
President, EMEIA, was appointed as Global Chief 
Operating Officer. Having served WSP in various 
leadership roles for over 35 years, Mr. Naysmith brings a 
wealth of experience and a proven track record of 
driving operational excellence and strategic growth. In 
this new role, Mr. Naysmith oversees global operations 
and promotes growth, financial performance and 
collaboration while further leveraging the global scale of 
the business. 
Also in January 2025, Paul Reilly, who was previously 
serving as Deputy CEO - UK and Ireland, was appointed 
as President and Managing Director of WSP UK and 
Ireland, and a member of the Global Leadership Team.
In January 2025, Kathleen McGrail was appointed 
Global Director for Advisory Services and joined the 
Global Leadership Team. Ms. McGrail is a transformation 
specialist with over 25 years of advisory experience, 
who joined WSP in 2021 as the Managing Director, 
Advisory Services in the Middle East. 
M-10
WSP Global Inc.
Management's Discussion and Analysis
2024

7 SEGMENT OPERATIONAL REVIEW
The Corporation’s reportable segments are: Canada, Americas (USA and Latin America), EMEIA (Europe, Middle East, 
India and Africa) and APAC (Asia Pacific, comprising Australia, New Zealand and Asia). Segment performance is 
measured using net revenues and adjusted EBITDA by segment. 
CANADA
(in millions of dollars, except percentages and number of 
employees)
Fourth quarters ended
Years ended
December 31, 
2024
December 31, 
2023
Variance
December 31, 
2024
December 31, 
2023
Variance
Net revenues
$542.8
$487.5
 11.3 % 
$2,100.3
$1,912.0
 9.8 %
Organic growth
 10.9 %
 9.1 %
Acquisition growth*
 0.4 %
 0.7 %
Adjusted EBITDA by segment
$137.7
$118.3
 16.4 %
$495.6
$433.5
 14.3 %
Adjusted EBITDA margin by segment
 25.4 %
 24.3 %
110 bps
 23.6 %
 22.7 %
90 bps
As at
December 31, 
2024
December 31,
2023
Variance
Backlog
$2,247.0
$2,444.2
 (8.1) %
Organic backlog contraction in the year**
 (8.3) %
Approximate number of employees
12,600
12,200
 3.3 %
* 
Supplementary financial measure. Net revenue acquisition growth represents the current period net revenues of acquired businesses in the 
twelve months following the acquisition, expressed as a percentage of the comparable period net revenues, all calculated to exclude the impact 
of foreign exchange.
** 
Supplementary financial measure. Organic backlog growth (contraction) represents firm order intake less revenues for the period, both 
calculated to exclude the impact of foreign exchange, and also excluding order intake through business acquisitions in the period, net of 
divestitures, expressed as a percentage of the opening backlog for the period.
bps: basis points
Net revenues
In the quarter ended December 31, 2024, net revenues 
in Canada were $542.8 million, an increase of $55.3 
million, or 11.3%, compared to the corresponding quarter 
in 2023. Organic growth and acquisition growth for the 
fourth quarter of 2024 were 10.9% and 0.4%, 
respectively. 
In the year ended December 31, 2024, net revenues in 
Canada were $2.10 billion, an increase of $188.3 million, 
or 9.8%, compared to 2023. Organic growth and 
acquisition growth in the year were 9.1% and 0.7%, 
respectively. 
In both the quarter and the year, organic growth was 
experienced across all market sectors. The fourth 
quarter of 2024 also benefitted from two additional 
billable days. 
Acquisition growth in both the quarter and year was due 
to the acquisition of Communica in March 2024, and the 
acquisition of LGT Inc., completed in May 2023, also 
contributed to acquisition growth in the year .
In 
the 
year 
ended 
December 
31, 
2024, 
the 
Transportation & Infrastructure, Earth & Environment 
and Property & Buildings market sectors accounted for 
96% of net revenues, and public sector clients 
accounted for 48% of net revenues. 
Backlog
In 2024, backlog contracted organically by 8.3%, mainly 
due to elevated net revenue growth ahead of new 
orders and the timing of some significant contracts and 
scoping changes. The market remains strong with a 
good pipeline of opportunities. 
Adjusted EBITDA margin
For both the quarter and the year ended December 31, 
2024, adjusted EBITDA margin in Canada increased 
mainly due to improved productivity. The results for the 
full year also benefitted from the favourable impact of a 
revision to estimated contract revenues on a significant 
project.
M-11
WSP Global Inc.
Management's Discussion and Analysis
2024

AMERICAS
(in millions of dollars, except percentages and number of 
employees)
Fourth quarters ended
Years ended
December 31, 
2024
December 31, 
2023
Variance
December 31, 
2024
December 31, 
2023
Variance
Net revenues
$1,476.1
$1,006.0
 46.7 %
$4,770.7
$4,087.8
 16.7 %
Organic growth*
 16.1 %
 10.7 %
Acquisition growth*
 28.1 %
 7.7 %
Divestiture impact*
 — 
 (2.9) %
Foreign currency exchange impact**
 2.5 %
 1.2 %
Adjusted EBITDA by segment
$308.4
$220.1
 40.1 %
$971.2
$808.1
 20.2 %
Adjusted EBITDA margin by segment
 20.9 %
 21.9 %
(100) bps
 20.4 %
 19.8 %
60 bps
As at
December 31,
2024
December 31,
2023
Variance
Backlog
$8,141.0
$6,473.3
 25.8 %
Organic backlog growth in the year
 2.5 %
Approximate number of employees
23,000
18,100
 27.1 %
* 
Organic growth, acquisition growth and divestiture impact are calculated based on local currencies. 
**  
Foreign currency exchange impact represents the foreign currency exchange component to convert net revenues in local currencies into the 
Canadian equivalent amount, net of organic growth, acquisition growth and divestiture impact. 
bps: basis points
Net revenues
In the quarter ended December 31, 2024, net revenues 
in the Americas reportable segment were $1.48  billion, 
an increase of $470.1 million, or 46.7%, compared to the 
corresponding quarter in 2023. Organic growth and 
acquisition growth for the fourth quarter of 2024 were 
16.1% and 28.1%, respectively, both on a constant 
currency basis. 
In the year ended December 31, 2024, net revenues in 
the Americas reportable segment stood at $4.77 billion, 
an increase of $682.9  million, or 16.7%, compared to 
2023. Organic growth and acquisition growth were 
10.7% and 7.7%, respectively, both on a constant 
currency basis. 
Strong organic growth in both the quarter and year 
ended December 31, 2024 was predominantly driven by 
the Transportation & Infrastructure and Property & 
Buildings market sectors. The fourth quarter of 2024 
also benefitted from one additional billable day and 
higher demand for emergency response services 
following hurricanes in the US. The latter contributed to 
organic growth of approximately 5% in the quarter.
In addition, net revenues in both the quarter and year 
ended December 31, 2024 were positively impacted by 
foreign exchange, principally due to the depreciation of 
the Canadian dollar against the US dollar. 
Acquisition growth in both the quarter and year 
stemmed from the acquisitions of POWER completed in 
October 2024 and AKF completed in May 2024. 
The sale of Louis Berger Services Inc. ("LBS") in August 
2023 resulted in a divestiture impact on a constant 
currency basis of 2.9% in the year ended December 31, 
2024.
In 
the 
year 
ended 
December 
31, 
2024, 
the 
Transportation & Infrastructure, Earth & Environment 
and Property & Buildings market sectors accounted for 
91% of net revenues, and public sector clients 
accounted for 48% of net revenues. 
Backlog
In 2024, backlog in the Americas reportable segment 
increased mainly due to the acquisitions of POWER and 
AKF. In addition, backlog grew organically by 2.5% and 
was positively impacted by a depreciation of the 
Canadian dollar against the US dollar. The market 
remains strong with a good pipeline of opportunities.
Adjusted EBITDA margin
In the quarter ended December  31, 2024, adjusted 
EBITDA margin for the Americas segment decreased, 
mainly due to a higher mix of lower-margin emergency 
response services and lower project performance.
M-12
WSP Global Inc.
Management's Discussion and Analysis
2024

In the year ended December 31, 2024, adjusted EBITDA 
margin for the Americas segment increased 60 bps, 
mainly due to improved productivity in the US, as well as 
better project performance and productivity in Latin 
America.
EMEIA
(in millions of dollars, except percentages and number of 
employees)
Fourth quarters ended
Years ended
December 31, 
2024
December 31, 
2023
Variance
December 31, 
2024
December 31, 
2023
Variance
Net revenues
$938.7
$830.6
 13.0 %
$3,515.2
$3,193.0
 10.1 %
Organic growth*
 8.1 %
 6.4 %
Acquisition growth*
 1.0 %
 0.7 %
Foreign currency exchange impact**
 3.9 %
 3.0 %
Adjusted EBITDA by segment
$166.6
$138.2
 20.5 %
$561.6
$489.9
 14.6 %
Adjusted EBITDA margin by segment
 17.7 %
 16.6 %
110 bps
 16.0 %
 15.3 %
70 bps
As at
December 31,
2024
December 31,
2023
Variance
Backlog
$3,680.2
$3,542.3
 3.9 %
Organic backlog growth in the year
 0.6 %
Approximate number of employees
25,700
24,200
 6.2 %
* 
Organic growth and acquisition growth are calculated based on local currencies. 
**  
Foreign currency exchange impact represents the foreign currency exchange component to convert net revenues in local currencies into the 
Canadian equivalent amount, net of organic growth, acquisition growth and divestiture impact. 
bps: basis points 
Net revenues
In the quarter ended December 31, 2024, net revenues 
in the EMEIA reportable segment were $938.7 million, 
an increase of $108.1 million, or 13.0%, compared to the 
corresponding quarter in 2023. Organic growth and 
acquisition growth for the fourth quarter of 2024 were 
8.1% and 1.0%, respectively, both on a constant currency 
basis. 
In the year ended December 31, 2024, net revenues in 
the EMEIA operating segment stood at $3.52 billion, an 
increase of $322.2 million, or 10.1%, compared to 2023. 
Organic growth and acquisition growth were 6.4% and 
0.7%, respectively, both on a constant currency basis. 
Organic growth in both the quarter and year ended 
December  31, 2024 was led by strong performance in 
the UK and Middle East. The fourth quarter of 2024 also 
benefitted from two additional billable days in some 
countries.
In addition, net revenues in both the quarter and year 
ended December 31, 2024 benefitted from the positive 
impacts of foreign exchange, principally due to the 
depreciation of the Canadian dollar against the pound 
sterling and the Swedish krona. 
Acquisition growth in the quarter and year included the 
acquisitions of Proxion in March 2024 and 1A Ingenieros 
in May 2024. 
In 
the 
year 
ended 
December 
31, 
2024, 
the 
Transportation & Infrastructure, Earth & Environment 
and Property & Buildings market sectors accounted for 
93% of net revenues, and public sector clients 
accounted for 54% of net revenues.
Backlog
In 2024, backlog in the EMEIA reportable segment 
increased principally due to the depreciation of the 
Canadian dollar, mainly against the pound sterling. In 
addition, backlog grew organically by 0.6% and 
acquisition growth was due to the acquisitions of 
Proxion in March 2024 and 1A Ingenieros in May 2024.
Adjusted EBITDA margin
In the quarter and year ended December  31, 2024, 
adjusted EBITDA margin for the EMEIA segment 
increased by 110 bps and 70 bps, respectively, as 
compared to the corresponding periods in 2023. The 
increases were mainly due to project performance and 
productivity. 
M-13
WSP Global Inc.
Management's Discussion and Analysis
2024

APAC
(in millions of dollars, except percentages and number of 
employees)
Fourth quarters ended
Years ended
December 31, 
2024
December 31, 
2023
Variance
December 31, 
2024
December 31, 
2023
Variance
Net revenues
$436.4
$431.9
 1.0 %
$1,786.0
$1,704.2
 4.8 %
Organic growth*
 (1.3) %
 0.5 %
Acquisition growth*
 — 
 3.7 %
Foreign currency exchange impact**
 2.3 %
 0.6 %
Adjusted EBITDA by segment
$56.3
$78.6
 (28.4) %
$285.4
$308.6
 (7.5) %
Adjusted EBITDA margin by segment
 12.9 %
 18.2 %
(530) bps
 16.0 %
 18.1 %
(210) bps
As at
December 31,
2024
December 31,
2023
Variance
Backlog
$1,535.8
$1,616.7
 (5.0) %
Organic backlog contraction in the year
 (5.6) %
Approximate number of employees
11,500
12,000
 (4.2) %
* 
Organic growth and acquisition growth are calculated based on local currencies. 
**  
Foreign currency exchange impact represents the foreign currency exchange component to convert net revenues in local currencies into the 
Canadian equivalent amount, net of organic growth, acquisition growth and divestiture impact. 
bps: basis points
Net revenues
In the quarter ended December 31, 2024, net revenues 
in the APAC reportable segment were $436.4 million, an 
increase of $4.5 million, or 1.0%, when compared to the 
corresponding quarter in 2023. Organic contraction for 
the fourth quarter of 2024 was 1.3%, on a constant 
currency basis.
In the year ended December 31, 2024, net revenues in 
the APAC reportable segment stood at $1.79 billion, an 
increase of $81.8 million, or 4.8%, when compared to 
2023. Organic growth and acquisition growth were 
0.5% and 3.7%, respectively, both on a constant 
currency basis. 
The organic growth in the APAC reportable segment for 
the quarter and the year was impacted by contraction in 
Asia, and subdued market conditions in New Zealand. 
Excluding the impact of Asia, the organic growth for the 
segment would have been 2.1% and 3.0%, for the 
quarter and year respectively. The fourth quarter of 
2024 benefitted from approximately two additional 
billable days.
In addition, net revenues in the quarter ended 
December 31, 2024 benefitted from the positive impacts 
of foreign exchange, principally due to the depreciation 
of the Canadian dollar against the Australian dollar. 
Acquisition growth in the year stemmed from the 
acquisition of Calibre Professional Services One Pty Ltd 
in June 2023 and Enstruct Group Pty Ltd in January 
2023.
In 
the 
year 
ended 
December 
31, 
2024, 
the 
Transportation & Infrastructure, Earth & Environment 
and Property & Buildings market sectors accounted for 
98% of net revenues, and public sector clients 
accounted for 50% of net revenues.
Backlog
In 2024, backlog for the APAC reportable segment 
contracted organically by 5.6%, mainly due to Asia and 
New Zealand. 
Adjusted EBITDA margin
In the quarter and year ended December  31, 2024, 
adjusted EBITDA margin for the APAC segment 
decreased by 530 bps and 210 bps, respectively, as 
compared to the corresponding periods in 2023. The 
decreases were due to lower performance in Asia 
resulting 
from 
difficult 
market 
conditions 
and 
restructuring activities. 
Excluding Asia, the increases in adjusted EBITDA margin 
for Australia and New Zealand combined, compared to 
the corresponding periods in 2023, would have been 
190 bps and 145  bps for the fourth quarter and year, 
respectively. 
M-14
WSP Global Inc.
Management's Discussion and Analysis
2024

8 FINANCIAL REVIEW
Fourth quarters ended
Years ended
(in millions of dollars, except number of shares and per share data)
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
Revenues
$4,664.9
$3,724.3
$16,166.8
$14,437.2
Personnel costs
$2,459.4
$2,010.6
$8,887.9
$8,047.1
Subconsultants and direct costs
$1,270.9
$968.3
$3,994.6
$3,540.2
Other operational costs
$315.4
$239.9
$1,156.1
$980.4
Depreciation of right-of-use assets
$81.9
$77.2
$310.3
$316.4
Amortization of intangible assets
$71.6
$58.7
$239.2
$221.7
Depreciation of property and equipment
$36.0
$39.7
$135.8
$135.1
Impairment of long-lived assets
—
$81.7
—
$87.1
Acquisition, integration and reorganization costs
$67.5
$26.3
$133.8
$105.0
ERP implementation costs
$21.7
$21.1
$66.8
$81.0
Exchange loss (gain)
$3.3
($1.2)
$8.1
$5.4
Share of income of associates and joint ventures, net of tax
($8.2)
($9.0)
($34.4)
($29.7)
EBIT
$345.4
$211.0
$1,268.6
$947.5
Net financing expense
$118.3
$47.4
$340.6
$202.6
Earnings before income taxes
$227.1
$163.6
$928.0
$744.9
Income tax expense
$60.2
$32.3
$246.6
$191.9
Net earnings
$166.9
$131.3
$681.4
$553.0
Net earnings attributable to:
Shareholders of WSP Global Inc.
$166.9
$130.6
$681.4
$550.0
Non-controlling interests
—
$0.7
—
$3.0
Basic net earnings per share attributable to shareholders
$1.28
$1.05
$5.40
$4.41
Diluted net earnings per share attributable to shareholders
$1.28
$1.05
$5.38
$4.40
Basic weighted average number of shares
130,208,732
124,647,422
126,104,722
124,603,768
Diluted weighted average number of shares
130,630,308
124,989,583
126,539,101
124,951,544
M-15
WSP Global Inc.
Management's Discussion and Analysis
2024

8.1  NET REVENUES
Fourth quarters of 2024 vs 2023
(in millions of dollars, except percentages)
Canada
Americas
EMEIA
APAC
Total
Net revenues - 2024
$542.8
$1,476.1
$938.7
$436.4
$3,394.0
Net revenues - 2023
$487.5
$1,006.0
$830.6
$431.9
$2,756.0
Net change %
 11.3 %
 46.7 %
 13.0 %
 1.0 %
 23.1 %
Organic growth*
$53.2
$161.8
$67.6
$(5.8)
$276.8
Acquisition growth*
$2.1
$282.2
$8.4
—
$292.7
Foreign currency exchange impact**
—
$26.1
$32.1
$10.3
$68.5
Net change $
$55.3
$470.1
$108.1
$4.5
$638.0
Organic growth*
 10.9 %
 16.1 %
 8.1 %
 (1.3) %
 10.0 %
Acquisition growth*
 0.4 %
 28.1 %
 1.0 %
 — 
 10.1 %
Foreign currency exchange impact**
 — 
 2.5 %
 3.9 %
 2.3 %
 3.0 %
Net change %
 11.3 %
 46.7 %
 13.0 %
 1.0 %
 23.1 %
Fiscal years 2024 vs 2023
(in millions of dollars, except percentages and number of employees)
Canada
Americas
EMEIA
APAC
Total
Net revenues - 2024
$2,100.3
$4,770.7
$3,515.2
$1,786.0
$12,172.2
Net revenues - 2023
$1,912.0
$4,087.8
$3,193.0
$1,704.2
$10,897.0
Net change %
 9.8 %
 16.7 %
 10.1 %
 4.8 %
 11.7 %
Organic growth*
$173.6
$422.1
$203.7
$8.0
$807.4
Acquisition growth*
$14.7
$311.9
$22.3
$62.6
$411.5
Divestiture impact*
—
$(101.9)
—
—
$(101.9)
Foreign currency exchange impact**
—
$50.8
$96.2
$11.2
$158.2
Net change $
$188.3
$682.9
$322.2
$81.8
$1,275.2
Organic growth*
 9.1 %
 10.7 %
 6.4 %
 0.5 %
 7.5 %
Acquisition growth*
 0.7 %
 7.7 %
 0.7 %
 3.7 %
 3.7 %
Divestiture impact*
 — 
 (2.9) %
 — 
 — 
 (1.1) %
Foreign currency exchange impact**
 — 
 1.2 %
 3.0 %
 0.6 %
 1.6 %
Net change %
 9.8 %
 16.7 %
 10.1 %
 4.8 %
 11.7 %
As at
Approximate number of employees - December 31, 2024
12,600
23,000
25,700
11,500
72,800
Approximate number of employees - December 31, 2023
12,200
18,100
24,200
12,000
66,500
Net change %
 3.3 %
 27.1 %
 6.2 %
 (4.2) %
 9.5 %
* 
Organic growth, acquisition growth and divestiture impact are calculated based on local currencies. 
**  
Foreign currency exchange impact represents the foreign currency exchange component to convert net revenues in local currencies into the 
Canadian equivalent amount, net of organic growth, acquisition growth and divestiture impact. 
During the fourth quarter of 2024, the Corporation 
achieved net revenues of $3.39 billion, up 23.1% 
compared to the fourth quarter of  2023. The increase 
was principally driven by organic growth of 10.0% and 
acquisition growth of 10.1%, both on a constant currency 
basis. Net revenue organic growth would have been 
approximately 7.6% if normalized for the fact that the 
fourth quarter of 2024 benefitted from approximately 
two additional billable days when compared to the same 
period in 2023.
M-16
WSP Global Inc.
Management's Discussion and Analysis
2024

In the year ended December  31, 2024, net revenues 
grew to $12.17 billion, an increase of 11.7% compared to 
2023, exceeding the high end of Management's updated 
outlook range for the year of $11.80  billion to 
$12.10  billion, mainly due to higher demand for 
emergency response services following hurricanes in 
the US. The increase was principally due to organic 
growth of 7.5% and acquisition growth of 3.7%, both on a 
constant currency basis. 
In both the quarter and year, net revenue organic growth 
was led by the US and Canada. 
The POWER Acquisition, as well as acquisitions in 
Australia, were the main drivers of acquisition growth. 
The sale of Louis Berger Services Inc. ("LBS") in August 
2023 resulted in a divestiture impact in the US in the  
year ended December 31, 2024.
The overall positive impacts of foreign exchange in both 
the quarter and the year were principally due to the 
depreciation of the Canadian dollar against the US dollar 
and pound sterling. 
In 2024, the increases in the number of employees in 
Canada, the Americas and EMEIA were partially offset 
by a decrease in APAC. The increase in headcount of 
6,300 includes approximately 4,800 employees from 
recent acquisitions, mainly in the US. 
Refer to section 7, “Segment operational review” for 
further analysis of net revenues by segment.
The Corporation’s financial performance and results should be measured and analyzed in relation to fee-based 
revenues, or net revenues, since direct recoverable costs can vary significantly from contract to contract and are 
not indicative of the performance of the professional consulting services business.
Fourth quarters ended
Years ended
(in millions of dollars)
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
Revenues
$4,664.9
$3,724.3
$16,166.8
$14,437.2
Less: Subconsultants and direct costs
$1,270.9
$968.3
$3,994.6
$3,540.2
Net revenues(1)
$3,394.0
$2,756.0
$12,172.2
$10,897.0
(1) Total of segments measure. Refer to section 22, “Glossary of segment reporting, non-IFRS and other financial measures”.
Reconciliation of net revenues
8.2  BACKLOG
(in millions of dollars)
Canada
Americas
EMEIA
APAC
Total
Backlog, as at December 31, 2023
$2,444.2
$6,473.3
$3,542.3
$1,616.7
$14,076.5
Revenues
$(2,788.1)
$(6,935.2)
$(4,385.5)
$(2,058.0)
$(16,166.8)
Organic order intake
$2,585.9
$7,082.6
$4,407.9
$1,969.2
$16,045.6
Net order intake through business acquisition
$5.0
$1,314.8
$16.5
—
$1,336.3
Foreign exchange movement
—
$205.5
$99.0
$7.9
$312.4
Backlog, as at December 31, 2024
$2,247.0
$8,141.0
$3,680.2
$1,535.8
$15,604.0
Organic backlog growth (contraction) in the year
 (8.3) %
 2.5 %
 0.6 %
 (5.6) %
 (0.9) %
Backlog as at December 31, 2024 reached a new record level of $15.6 billion, representing 10.9 months of revenues(1), 
up 10.9% in the year. The increase was mainly due to recent acquisitions. Backlog contraction in Canada and the APAC 
reportable segment was mainly due to Asia and New Zealand, as well as elevated net revenue growth ahead of new 
orders and the timing of some significant contracts and scoping changes in Canada. 
(1)
Based on revenues for the trailing twelve-month period, incorporating a full twelve months of revenues for all acquisitions.
M-17
WSP Global Inc.
Management's Discussion and Analysis
2024

8.3  ADJUSTED EBITDA
Fourth quarter ended December 31, 2024
(in millions of dollars, except percentages)
Canada
Americas
EMEIA
APAC
Total
Revenues
$747.1
$2,200.4
$1,208.0
$509.4
$4,664.9
Net revenues
$542.8
$1,476.1
$938.7
$436.4
$3,394.0
Adjusted EBITDA by segment(1)
$137.7
$308.4
$166.6
$56.3
$669.0
Adjusted EBITDA margin by segment(1)
 25.4 %
 20.9 %
 17.7 %
 12.9 %
 19.7 %
Head office corporate costs
$34.7
Adjusted EBITDA(2)
$634.3
EBIT
$345.4
Fourth quarter ended December 31, 2023
(in millions of dollars, except percentages)
Canada
Americas
EMEIA
APAC
Total
Revenues
$658.1
$1,499.4
$1,042.8
$524.0
$3,724.3
Net revenues
$487.5
$1,006.0
$830.6
$431.9
$2,756.0
Adjusted EBITDA by segment(1)
$118.3
$220.1
$138.2
$78.6
$555.2
Adjusted EBITDA margin by segment(1)
 24.3 %
 21.9 %
 16.6 %
 18.2 %
 20.1 %
Head office corporate costs
$30.3
Adjusted EBITDA(2)
$524.9
EBIT
$211.0
Year ended December 31, 2024
(in millions of dollars, except percentages)
Canada
Americas
EMEIA
APAC
Total
Revenues
$2,788.1
$6,935.2
$4,385.5
$2,058.0
$16,166.8
Net revenues
$2,100.3
$4,770.7
$3,515.2
$1,786.0
$12,172.2
Adjusted EBITDA by segment(1)
$495.6
$971.2
$561.6
$285.4
$2,313.8
Adjusted EBITDA margin by segment(1)
 23.6 %
 20.4 %
 16.0 %
 16.0 %
 19.0 %
Head office corporate costs
$128.1
Adjusted EBITDA(2)
$2,185.7
EBIT
$1,268.6
Year ended December 31, 2023
(in millions of dollars, except percentages)
Canada
Americas
EMEIA
APAC
Total
Revenues
$2,498.5
$6,024.8
$3,900.4
$2,013.5
$14,437.2
Net revenues
$1,912.0
$4,087.8
$3,193.0
$1,704.2
$10,897.0
Adjusted EBITDA by segment(1)
$433.5
$808.1
$489.9
$308.6
$2,040.1
Adjusted EBITDA margin by segment(1)
 22.7 %
 19.8 %
 15.3 %
 18.1 %
 18.7 %
Head office corporate costs
$118.8
Adjusted EBITDA(2)
$1,921.3
EBIT
$947.5
(1)  
Total adjusted EBITDA by segment and total adjusted EBITDA margin by segment, presented in the “total” column of the table, are total of 
segments measures. 
(2)  
Non-IFRS financial measure. 
Total adjusted EBITDA by segment and total adjusted 
EBITDA margin by segment stood at $669.0 million and 
19.7%, respectively, for the fourth quarter ended 
December  31, 2024, compared to $555.2  million and 
20.1%, respectively, for the corresponding quarter in 
2023. 
M-18
WSP Global Inc.
Management's Discussion and Analysis
2024

For the year ended December 31, 2024, total adjusted 
EBITDA by segment and total adjusted EBITDA margin 
by segment stood at $2.31  billion and 19.0%, 
respectively, compared to $2.04  billion and 18.7%, 
respectively, in 2023. 
The variance explanations by segment are described in 
section 7, “Segment operational review”.
Head office corporate costs for the fourth quarter and 
year ended December  31, 2024 stood at $34.7  million 
and $128.1  million, respectively, higher than in the 
corresponding periods in 2023, and within the range of 
Management's outlook for the year of $120  million to 
$135 million.
Reconciliation of adjusted EBITDA
Management analyzes the Corporation’s financial performance in relation to adjusted EBITDA as it believes this 
metric allows comparability of operating results from one period to another. These measures exclude the effects of 
items that primarily reflect the impact of long-term investment and financing decisions, rather than the results of 
day-to-day operations. The following table reconciles this metric to the most comparable IFRS measure:
Fourth quarters ended
Years ended
(in millions of dollars)
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
EBIT
$345.4
$211.0
$1,268.6
$947.5
Acquisition, integration and reorganization costs
$67.5
$26.3
$133.8
$105.0
ERP implementation costs
$21.7
$21.1
$66.8
$81.0
Depreciation of right-of-use assets
$81.9
$77.2
$310.3
$316.4
Amortization of intangible assets
$71.6
$58.7
$239.2
$221.7
Depreciation of property and equipment
$36.0
$39.7
$135.8
$135.1
Impairment of long-lived assets
—
$81.7
—
$87.1
Share of depreciation and taxes of associates and joint 
ventures
$4.3
$4.5
$16.4
$14.9
Interest income
$5.9
$4.7
$14.8
$12.6
Adjusted EBITDA*
$634.3
$524.9
$2,185.7
$1,921.3
* Non-IFRS financial measure.
M-19
WSP Global Inc.
Management's Discussion and Analysis
2024

8.4  EARNINGS BEFORE NET FINANCING EXPENSE AND INCOME 
TAXES
The following table summarizes selected operating results expressed as a percentage of net revenues.
Fourth quarters ended
Years ended
(percentage of net revenues)
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
Revenues
 137.4 %
 135.1 %
 132.8 %
 132.5 %
Subconsultants and direct costs
 37.4 %
 35.1 %
 32.8 %
 32.5 %
Net revenues
 100.0 %
 100.0 %
 100.0 %
 100.0 %
Personnel costs
 72.5 %
 73.0 %
 73.0 %
 73.9 %
Other operational costs
 9.3 %
 8.7 %
 9.5 %
 9.0 %
Exchange losses (gains) and interest income
 (0.1) %
 (0.2) %
 (0.1) %
 (0.1) %
Share of earnings of associates and joint ventures                 
before depreciation and income taxes
 (0.4) %
 (0.5) %
 (0.4) %
 (0.4) %
Adjusted EBITDA margin
 18.7 %
 19.0 %
 18.0 %
 17.6 %
Depreciation of right-of-use assets
 2.4 %
 2.8 %
 2.6 %
 2.9 %
Depreciation of property and equipment
 1.1 %
 1.4 %
 1.1 %
 1.3 %
Amortization of intangible assets
 2.1 %
 2.1 %
 2.0 %
 2.0 %
Impairment of long-lived assets
 — 
 3.0 %
 — 
 0.8 %
Acquisition, integration and reorganization costs                          
and ERP implementation costs
 2.6 %
 1.7 %
 1.6 %
 1.7 %
Share of depreciation and taxes of associates
 0.1 %
 0.1 %
 0.1 %
 0.1 %
Deduct: Interest income
 0.2 %
 0.2 %
 0.1 %
 0.1 %
EBIT
 10.2 %
 7.7 %
 10.4 %
 8.7 %
Net financing expense
 3.5 %
 1.7 %
 2.8 %
 1.9 %
Income tax expense
 1.8 %
 1.2 %
 2.0 %
 1.7 %
Net earnings
 4.9 %
 4.8 %
 5.6 %
 5.1 %
In the fourth quarter of 2024, adjusted EBITDA reached 
$634.3 million, up 20.8% compared to $524.9 million in 
Q4  2023. As a percentage of net revenues, adjusted 
EBITDA margin for the quarter decreased to 18.7%, 
compared to 19.0% in Q4 2023, a decrease of 30 bps. 
The decrease in the quarter is due to lower  
performance in Asia. 
In the year ended December 31, 2024, adjusted EBITDA 
grew to $2.186  billion, exceeding the high end of 
Management's updated outlook range for the year of  
$2.155  billion to $2.175  billion. This represents an 
increase of 13.8%, compared to $1.921 billion in 2023. As 
a percentage of net revenues, adjusted EBITDA margin 
increased to 18.0%, compared to 17.6% in 2023, an 
increase of 40  bps. The improvement in adjusted 
EBITDA margin was mainly attributable to increased 
productivity, partially offset by the performance in Asia 
and a higher mix of lower-margin emergency response 
services in the US. 
In the fourth quarter ended December  31, 2024, EBIT 
was $345.4 million, up 63.7% compared to $211.0 million 
in Q4  2023. EBIT as a percentage of net revenues 
increased to 10.2%, compared to 7.7% in Q4 2023. The 
increase was mainly attributable to an increase in 
adjusted EBITDA, as well as impairment of long-lived 
assets recognized in the fourth quarter of 2023, partially 
offset by higher acquisition and integration costs in the 
fourth quarter of 2024 due to the recent acquisition of 
POWER. 
In the year ended December  31, 2024, EBIT was 
$1,268.6 million, up 33.9% compared to $947.5 million in 
2023. EBIT increased as a percentage of net revenues 
to 10.4%, compared to 8.7% in 2023. The increase was 
mainly attributable to  an increase in adjusted EBITDA, 
as well as impairment of long-lived assets recognized in 
2023.
These variances are explained in further detail below.
M-20
WSP Global Inc.
Management's Discussion and Analysis
2024

Personnel costs
Personnel costs include payroll costs for all employees 
related to the delivery of consulting services and 
projects, as well as administrative and corporate staff. 
For the quarter and year ended December  31, 2024, 
personnel costs decreased as a percentage of net 
revenues, as compared to the corresponding periods in 
2023, mainly due to increased productivity. In the year, 
these improvements were partially offset by higher 
expenses related to long-term incentive plans.
Other operational costs 
Other operational costs include fixed costs such as, but 
not limited to, non-recoverable client service costs, 
technology costs, professional indemnity insurance 
costs and office space related costs (mainly utilities and 
maintenance costs). 
Other operational costs for the quarter and year ended 
December  31, 2024, as a percentage of net revenues, 
were higher compared to the corresponding periods in 
2023, mainly due to higher information technology and 
travel costs. 
Exchange gains and losses and interest 
income
Operational foreign exchange impacts and interest 
income were largely stable in both the quarter and year 
ended 
December 
31, 
2024, 
compared 
to 
the 
corresponding periods in 2023. 
Depreciation, amortization and impairment of 
long-lived assets
Depreciation of right-of-use assets and property and 
equipment, as a percentage of net revenues, decreased 
in the quarter and year ended December 31, 2024 when 
compared to the corresponding periods in 2023, mainly 
due to lease terminations and lease modifications in 
connection with office closures and downsizing, as the 
Corporation achieves synergies with newly acquired 
businesses and leverages a hybrid workplace model. 
Depreciation of right-of-use assets, property and 
equipment and software was within Management's 
outlook range for the year. Amortization of intangible 
assets related to acquisitions exceeded Management's 
outlook range for the year mainly due to the acquisitions 
of POWER and AKF. 
In 2023, the Corporation recorded charges against 
certain leased assets and leasehold improvements 
resulting from ongoing optimizations as part of its real 
estate strategy to review its footprint, realize synergies 
and reduce costs. 
Acquisition, integration and reorganization 
costs and ERP implementation costs
Acquisition, integration and reorganization costs include, 
if and when incurred, transaction and integration costs 
related to business acquisitions, gains or losses on 
disposals of non-core assets, outsourcing program 
costs pertaining mainly to redundancy and transition 
costs resulting from the outsourcing of the Corporation’s 
infrastructure or other functions, restructuring costs, and 
severance costs stemming from adjustments to cost 
structures. In the table above, these costs are combined 
with ERP implementation costs.
Acquisition, integration and reorganization costs and 
ERP implementation costs are components of financial 
performance which the Corporation believes should be 
excluded in understanding its underlying operational 
financial performance, and are therefore presented 
separately in the consolidated statement of earnings.
In the quarter and year ended December 31, 2024, the 
Corporation 
incurred 
acquisition, 
integration 
and 
reorganization costs of $67.5 million and $133.8 million, 
respectively, 
compared 
to 
$26.3 
million 
and 
$105.0 million, respectively, in the corresponding periods 
in 2023. The level of expenditures was within 
Management's outlook range for the year of $120 million 
to $135 million and was higher than the corresponding 
periods, mainly due to the POWER Acquisition.
In the quarter and year ended December 31, 2024, the 
Corporation incurred ERP implementation costs of 
$21.7 million and $66.8 million, respectively, compared to 
$21.1  million and $81.0  million in the corresponding 
periods in 2023. While 2023 marked the migration of the 
Canadian business into the Corporation's global cloud-
based ERP solution, design and implementation costs 
continue, related to the migration of the US and UK 
operations in 2024, as well as future rollouts to other 
countries. The level of ERP implementation costs in 
2024 was within Management's outlook range for the 
year of $60 million to $80 million.
8.5  FINANCING EXPENSES
Net financing expenses for the quarter and year ended 
December  31, 2024 were higher than the comparable 
periods in 2023. The increases were mainly due to 
losses from derivative financial instruments compared to 
gains in the corresponding periods, as well as higher 
interest on long-term debt. 
M-21
WSP Global Inc.
Management's Discussion and Analysis
2024

8.6  INCOME TAXES
In the fourth quarter of 2024, an income tax expense of 
$60.2 million was recorded on earnings before income 
taxes of $227.1 million, representing an effective income 
tax rate of 26.5%.
For the year ended December 31, 2024, an income tax 
expense of $246.6 million was recorded on earnings 
before income taxes of $928.0 million, representing an 
effective income tax rate of 26.6%, in line with 
Management's outlook range of 25% to 29%.
In 2024, Canada enacted legislation to implement the 
Pillar Two model rules published by the Organisation for 
Economic Co-operation and Development (OECD). The 
enactment of this legislation in Canada and application 
of the International Accounting Standards Board's 
International Tax Reform – Pillar Two Model Rules - 
Amendments to IAS 12 – Income Taxes have not had a 
material 
impact 
on 
the 
Corporation's 
financial 
statements. 
8.7  NET EARNINGS
In the fourth quarter of  2024, the Corporation’s net 
earnings attributable to shareholders were $166.9 
million, or $1.28 per share, compared to $130.6 million, or 
$1.05 per share in the comparable quarter in 2023. 
For the year ended December  31, 2024, the 
Corporation’s net earnings attributable to shareholders 
increased to $681.4  million, or $5.40 per share, 
compared to $550.0 million, or $4.41 per share in the 
corresponding period in 2023. 
The increases in both periods were mainly due to higher 
adjusted EBITDA and impairment of long-lived assets 
recognized in the fourth quarter of 2023, partially offset 
by higher net financing expenses.
8.8  ADJUSTED NET EARNINGS
Management believes that adjusted net earnings and 
adjusted net earnings per share should be taken into 
consideration 
in 
assessing 
the 
Corporation's 
performance against its peers. In the context of highly 
acquisitive companies or consolidating industries such 
as engineering and construction, this non-IFRS measure 
isolates amortization of intangible assets related to 
acquisitions (created from the allocation of purchase 
price between goodwill and intangible assets) as well as 
other 
charges 
directly 
or 
indirectly 
related 
to 
acquisitions. In addition, this non-IFRS financial measure 
is adjusted for certain non-cash items related to market 
volatility, which are inherently unpredictable. 
Adjusted net earnings stood at $305.3 million, or $2.34 
per share, in the fourth quarter of  2024, compared to 
$247.8 million, or $1.99 per share, in Q4 2023. 
In the year ended December  31, 2024, adjusted net 
earnings stood at $1,014.9  million, or $8.05 per share, 
compared to $860.0 million, or $6.90 per share, in the 
corresponding period in 2023. 
The increases in these metrics were mainly attributable 
to higher adjusted EBITDA, partially offset by higher 
interest on long-term debt.
M-22
WSP Global Inc.
Management's Discussion and Analysis
2024

Reconciliation of adjusted net earnings
The following table reconciles this metric to the most comparable IFRS measure:
Fourth quarters ended
Years ended
(in millions of dollars, except per share data)
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
Net earnings attributable to shareholders
$166.9
$130.6
$681.4
$550.0
Amortization of intangible assets related to acquisitions
$59.2
$47.2
$194.6
$181.7
Impairment of long-lived assets
—
$81.7
—
$87.1
Acquisition, integration and reorganization costs
$67.5
$26.3
$133.8
$105.0
ERP implementation costs
$21.7
$21.1
$66.8
$81.0
Gains on investments in securities related to deferred 
compensation obligations
$(0.4)
$(10.4)
$(17.8)
$(18.1)
Unrealized losses (gains) on derivative financial instruments
$35.9
$(8.9)
$65.5
$(27.4)
Income taxes related to above items
$(45.5)
$(39.8)
$(109.4)
$(99.3)
Adjusted net earnings*
$305.3
$247.8
$1,014.9
$860.0
Adjusted net earnings per share*
$2.34
$1.99
$8.05
$6.90
* Non-IFRS financial measure or non-IFRS ratio.
9 LIQUIDITY
Fourth quarters ended
Years ended
(in millions of dollars)
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
Cash inflows from operating activities
$773.3
$776.6
$1,381.9
$986.3
Cash inflows from (outflows used in) financing activities
$722.6
$(604.2)
$1,307.8
$(597.4)
Cash outflows used in investing activities
$(2,218.0)
$(57.8)
$(2,436.6)
$(510.4)
Effect of exchange rate change on cash 
$2.4
$1.8
$4.3
$(7.6)
Change in net cash and cash equivalents
$(719.7)
$116.4
$257.4
$(129.1)
Dividends paid to shareholders of WSP Global Inc.
$(46.8)
$(46.7)
$(187.1)
$(162.2)
Net capital expenditures*
$(28.9)
$(70.4)
$(121.7)
$(178.5)
* Capital expenditures pertaining to property and equipment and intangible assets, net of proceeds from disposal and lease incentives received.
9.1  OPERATING ACTIVITIES AND FREE CASH FLOW
Cash flows from operating activities
Cash inflows from operating activities of $1,381.9 million 
in the year ended December  31, 2024, increased by 
$395.6  million compared to 2023. The improvement 
was  mainly attributable to higher adjusted EBITDA,  
lower working capital usage and lower income taxes 
paid. 
Free cash flow
Free cash inflow for the year ended December 31, 2024 
was $884.5 million, compared to $432.7 million in 2023. 
Free cash flow represented 1.3  times the net earnings 
attributable to shareholders. The improvement in free 
cash flow was mainly due to higher adjusted EBITDA,  
lower working capital usage, lower income taxes paid, 
and the disposal of a building. 
M-23
WSP Global Inc.
Management's Discussion and Analysis
2024

Reconciliation of free cash flow
Free cash flow is an indication of the Corporation’s continuing capacity to generate discretionary cash from 
operations.  It represents cash flows for the period available to the suppliers of capital, which are the Corporation’s 
creditors and shareholders. The free cash flow metric should be reviewed year-over-year as opposed to quarter-to-
quarter as the timing of investments in capital expenditure initiatives and management of working capital can have 
an impact in the shorter term.
Fourth quarters ended
Years ended
(in millions of dollars)
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
Cash inflows from operating activities
$773.3
$776.6
$1,381.9
$986.3
Lease payments in financing activities
$(101.9)
$(96.3)
$(375.7)
$(375.1)
Net capital expenditures*
$(28.9)
$(70.4)
$(121.7)
$(178.5)
Free cash flow**
$642.5
$609.9
$884.5
$432.7
*   Capital expenditures pertaining to property and equipment and intangible assets, net of proceeds from disposal and lease incentives received.
** Non-IFRS financial measure.
9.2  FINANCING ACTIVITIES
In the fourth quarter ended December  31, 2024, cash 
inflows from financing activities of $722.6  million were 
mainly attributable to the issuance of common shares, 
partially offset by net repayment of borrowings under 
credit facilities and lease payments. 
In the year ended December 31, 2024, cash inflows from 
financing activities of $1,307.8  million were mainly 
attributable to issuance of common shares and senior 
unsecured notes, partially offset by lease payments, net 
financing expenses paid, and dividends paid to 
shareholders of the Corporation.
9.3  INVESTING ACTIVITIES
In the fourth quarter and year ended December  31, 
2024, cash outflows used in investing activities of 
$2,218.0  million and $2,436.6  million, respectively, 
related mainly to the POWER Acquisition.
9.4  NET DEBT TO ADJUSTED 
EBITDA RATIO
As at December 31, 2024, the Corporation’s statement 
of financial position remained strong, with long-term debt 
of $4.60 billion and a net debt position of $3.98 billion, 
resulting in a net debt to adjusted EBITDA ratio of 1.8x, 
within Management's target range of 1.0x to 2.0x. 
The increase in the net debt to adjusted EBITDA ratio 
compared to 1.5x as at December 31, 2023 is mainly due 
to the issuance of long-term debt used to finance the 
POWER Acquisition, while the trailing twelve-month 
adjusted EBITDA does not yet include the full results of 
recently acquired businesses. Incorporating a full twelve 
months of adjusted EBITDA of all acquired businesses, 
the net debt to adjusted EBITDA ratio would be 1.7x. 
9.5  CAPITAL RESOURCES
As at
(in millions of dollars)
December 31, 
2024
December 31, 
2023
Cash and cash equivalents
 
$623.5  
$378.0 
Available syndicated credit facility
 
$1,836.0  
$1,467.8 
Other operating credit facilities
 
$267.3  
$193.0 
Available short-term capital 
resources
 
$2,726.8  
$2,038.8 
The Corporation believes that its cash flows from 
operating activities, combined with its available short-
term capital resources, will enable it to support its 
continued 
growth 
strategy, 
its 
working 
capital 
requirements, and planned capital expenditures.
9.6  CREDIT FACILITIES
The Corporation had in place, as at December 31, 2024, 
unsecured credit facilities and term loans:
•
unsecured 
revolving 
credit 
facilities 
with 
a 
syndicate of financial institutions providing for a 
maximum amount of US$1.5  billion with maturities 
up to June 2029, comprised of two tranches; and
•
unsecured term loans totalling US$1,575  million 
with maturities up to October 2027. 
M-24
WSP Global Inc.
Management's Discussion and Analysis
2024

The US$1.5-billion revolving credit facilities are available 
for general corporate purposes and for financing 
business acquisitions. 
As at December  31, 2024, the US$1,575-million 
unsecured term loans were fully drawn, whereas the 
US$1.5-billion revolving credit facility had an available 
balance of US$1,274.7 million.
Under these credit facilities, the Corporation is required, 
among other conditions, to respect certain covenants 
calculated on a consolidated basis. The financial 
covenants are in regard to its consolidated net debt to 
consolidated adjusted EBITDA and the fixed charge 
coverage ratios. These terms and ratios are defined in 
the credit agreement and do not correspond to the 
Corporation’s metrics described in section 22, “Glossary 
of segment reporting, non-IFRS and other financial 
measures”, or to other terms used in this MD&A. 
Management reviews compliance with these covenants 
on a quarterly basis. The Corporation was in compliance 
with the covenants as at December 31, 2024.
9.7  DIVIDENDS
On November  6, 2024, the Corporation declared a 
quarterly dividend of $0.375 per common share to 
holders of common shares on record as of December 31, 
2024, which was paid subsequent to the end of the year 
on January 15, 2025. The total amount of the dividend for 
the fourth quarter of 2024 was $48.9 million. 
The Board of Directors (the "Board") has determined that 
the current level of quarterly dividend is appropriate 
based on the Corporation’s current earnings and 
operational financial requirements. The dividend is 
currently expected to remain at this level subject to the 
Board’s ongoing assessment of the Corporation’s future 
cash requirements, financial performance, liquidity, and 
other factors that the Board may deem relevant. The 
actual amount of any dividend, as well as each 
declaration date, record date and payment date, is 
subject to the discretion of the Board. Some of the 
information in this section constitutes forward-looking 
information. Please refer to section 19, “Forward-Looking 
Statements”, of this MD&A.
10 SUMMARY OF QUARTERLY RESULTS
2024
2023
Fiscal 
year
 2024
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
(in millions of dollars, except per share data)
Fourth quarter 
ended 
December 31
Third quarter 
ended 
September 28
Second 
quarter ended 
June 29
First quarter 
ended 
March 30
Fourth quarter 
ended 
December 31
Third quarter 
ended 
September 30
Second quarter 
ended July 1
First quarter 
ended April 1
Results of operations
Revenues
 $16,166.8  $4,664.9  $3,983.9  $3,932.9  $3,585.1  $3,724.3  $3,597.4  $3,626.0  $3,489.5 
Net revenues
 $12,172.2  $3,394.0  $2,996.9  $2,988.0  $2,793.3  $2,756.0  $2,734.8  $2,739.1  $2,667.1 
Adjusted EBITDA*
 $2,185.7  
$634.3  
$585.4  
$519.9  
$446.1  
$524.9  
$521.5  
$461.6  
$413.3 
Net earnings attributable to shareholders
 
$681.4  
$166.9  
$203.6  
$184.1  
$126.8  
$130.6  
$156.2  
$150.7  
$112.5 
Basic net earnings per share**
 
$5.40  
$1.28  
$1.63  
$1.48  
$1.02  
$1.05  
$1.25  
$1.21  
$0.90 
Diluted net earnings per share**
 
$5.38  
$1.28  
$1.63  
$1.47  
$1.01  
$1.05  
$1.25  
$1.21  
$0.90 
Backlog
 $15,604.0  $14,838.7  $14,715.1  $14,233.7  $14,076.5  $14,276.4  $14,311.6  $13,833.7 
Dividends
Dividends declared
 
$189.2  
$48.9  
$46.8  
$46.8  
$46.8  
$46.8  
$46.7  
$46.7  
$46.7 
Dividends declared, per share
 
$1.50  
$0.375  
$0.375  
$0.375  
$0.375  
$0.375  
$0.375  
$0.375  
$0.375 
* 
Non-IFRS financial measure.
** 
Quarterly net earnings per share are not additive and may not equal the annual net earnings per share reported. This may be a result of the 
effect of shares issued on the weighted average number of shares, as well as the impact of dilutive options.
The Corporation's quarterly earnings and revenue measures are, to a certain degree, affected by seasonality. The third 
and fourth quarters historically generate the largest contribution to net revenues and adjusted EBITDA, and the first 
quarter the least. The Corporation's cash flows from operations are also, to a certain degree, subject to seasonal 
fluctuations, with the fourth quarter historically generating a higher amount of cash flows from operations.
M-25
WSP Global Inc.
Management's Discussion and Analysis
2024

11 SELECTED ANNUAL INFORMATION
For the years ended December 31
2024
2023
2022
(in millions of dollars, except per share data)
Revenues
 
$16,166.8  
$14,437.2  
$11,932.9 
Net revenues
 
$12,172.2  
$10,897.0  
$8,957.2 
Net earnings attributable to shareholders of WSP Global Inc.
 
$681.4  
$550.0  
$431.8 
Net earnings per share attributable to shareholders of WSP Global Inc.
Basic
 
$5.40  
$4.41  
$3.59 
Diluted
 
$5.38  
$4.40  
$3.58 
As at December 31
2024
2023
2022
Total assets
 
$20,199.2  
$15,583.1  
$14,841.7 
Non-current financial liabilities (1)
 
$4,801.7  
$3,802.9  
$3,637.9 
Dividends declared per share to holders of common shares of WSP Global Inc.
 
$1.50  
$1.50  
$1.50 
(1) 
Financial liabilities consist of long-term debt and lease liabilities, excluding current portions.
In 2023, revenues and net revenues grew by 21.0% and 
21.7%, respectively, compared to 2022. The increase in 
net revenue was principally due to healthy organic 
growth of 7.3% which was achieved across all 
reportable segments, and to sizeable acquisition growth 
of 12.3%.
In 2024, revenues and net revenues increased by 12.0% 
and 11.7%, respectively, compared to 2023, with net 
revenue exceeding the high end of Management's 
updated outlook range for the year of $11.80  billion to 
$12.10  billion, mainly due to higher demand for 
emergency response services following hurricanes in 
the US. The increase year-over-year was mainly due to 
organic growth of 7.5% and acquisition growth of 3.7%. 
Organic growth was led by the US and Canada.
Net earnings attributable to shareholders and net 
earnings 
per 
share 
attributable 
to 
shareholders 
increased from 2022 to 2023, mainly due to higher 
adjusted EBITDA, partially offset by impairment of long-
lived assets resulting from ongoing optimizations as part 
of the Corporation's real estate strategy to review its 
footprint, realize synergies and reduce costs. 
Net earnings attributable to shareholders and net 
earnings 
per 
share 
attributable 
to 
shareholders 
increased from 2023 to 2024 mainly due to higher 
adjusted EBITDA and impairment of long-lived assets 
recognized in the fourth quarter of 2023, partially offset 
by higher net financing expenses.  
From December  31, 2022 to December  31, 2023, total 
assets increased, mainly due to business acquisitions 
and increased contract balances, while non-current 
financial 
liabilities 
remained 
largely 
stable. 
From 
December 31, 2023 to December 31, 2024, total assets 
increased, mainly due to business acquisitions and 
increased contract balances, while non-current financial 
liabilities increased mainly due to the issuance of $1.0 
billion of senior unsecured notes to fund part of the 
POWER Acquisition.
M-26
WSP Global Inc.
Management's Discussion and Analysis
2024

12 GOVERNANCE
Internal controls over financial reporting
The Corporation’s Chief Executive Officer (“CEO”) and 
Chief Financial Officer (“CFO”) are responsible for 
establishing and maintaining disclosure controls and 
procedures (“DC&P”) and have caused them to be 
designed under their supervision to provide reasonable 
assurance that:
• Material information related to the Corporation is 
made known to them by others, particularly during 
the period in which the annual filings are being 
prepared; and
• Information required to be disclosed by the 
Corporation in its annual filings, interim filings or 
other reports filed or submitted by it under securities 
legislation is recorded, processed, summarized and 
reported within the time periods specified in 
securities legislation.
The CEO and CFO have evaluated or caused to be 
evaluated under their supervision, the effectiveness of 
the Corporation’s DC&P and based on the evaluation, 
the CEO and CFO have concluded that the design and 
operation of the Corporation’s DC&P were effective as 
at December 31, 2024.
The CEO and CFO are also responsible for establishing 
and maintaining internal controls over financial reporting 
(“ICFR”) and have designed ICFR or have caused ICFR 
to be designed under their supervision using the Internal 
Control - Integrated Framework issued by the 
Committee 
of 
Sponsoring 
Organizations 
of 
the 
Treadway Commission (2013 COSO Framework), to 
provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of financial 
statements for external purposes in accordance with 
IFRS.
The CEO and CFO have evaluated or caused to be 
evaluated under their supervision, the effectiveness of 
the Corporation’s ICFR and based on their evaluation, 
the CEO and CFO have concluded that ICFR were 
designed and operated effectively as at December  31, 
2024.
Due to the inherent limitations of DC&P and ICFR, 
Management does not expect that DC&P and ICFR can 
prevent or detect all errors or intentional misstatements 
resulting from fraudulent activities.
The CEO and the CFO have limited the scope of their 
design of DC&P and ICFR to exclude controls, policies 
and procedures of POWER, which was acquired on 
October 1, 2024, as permitted by the Canadian 
Securities 
Administrators’ 
Regulation 
52-109 
- 
Certification of Disclosure in Issuers' Annual and Interim 
Filings for 365 days following an acquisition. Note  5, 
Business Acquisitions, of the Corporation's audited 
consolidated financial statements for the year ended 
December  31, 2024 presents summary financial 
information with respect to POWER.
There were no changes in the Corporation’s ICFR that 
occurred during the period beginning on September 29, 
2024 and ended on December  31, 2024 that have 
materially affected, or are reasonably likely to materially 
affect, the Corporation’s ICFR. 
During the first half of 2024, the Corporation's US and 
UK operations and remaining Canadian operations 
completed the implementation of a new global 
enterprise resource planning (ERP) system. This ERP 
implementation has not resulted in any significant 
changes in internal controls. Management employed 
appropriate procedures to ensure internal controls over 
financial reporting were in place during and after the 
conversion. The Corporation regularly monitors and 
assesses its DC&P and ICFR, while reiterating the 
importance of internal controls and maintaining frequent 
communication across the organization at all levels, in 
order to maintain a strong control environment. 
Responsibilities of the Board of Directors
The Board has oversight responsibilities for reported 
financial information. Accordingly, the Board has 
reviewed and approved, upon recommendation of the 
Audit Committee of the Corporation, this MD&A and the 
audited consolidated financial statements for the year 
ended December 31, 2024, before their publication.
M-27
WSP Global Inc.
Management's Discussion and Analysis
2024

13 CRITICAL ACCOUNTING ESTIMATES
The preparation of the financial statements requires 
Management to make judgments, assumptions and 
estimates in applying the Corporation's accounting 
policies. Critical accounting estimates are those which 
are highly uncertain at the time they are made and where 
different reasonably likely estimates, or reasonably likely 
changes in estimates from period to period, would have 
a material impact on the Corporation's financial condition 
or results of operations.
Estimates and assumptions are continually evaluated 
and are based on historical trends and other factors, 
including expectations of future events that are likely to 
materialize under reasonable circumstances. Actual 
results will differ from estimates used, and such 
differences could be material.
The Corporation's most critical accounting estimates are 
discussed in note 4, "Critical accounting estimates and 
judgments",  to the Corporation's audited consolidated 
financial statements for the year ended December  31, 
2024.
14 MATERIAL ACCOUNTING POLICIES
CHANGES IN ACCOUNTING 
POLICY EFFECTIVE IN 2024
Classification of liabilities as current or non-
current
In January 2020, International Accounting Standards 
Board (“IASB”) issued a narrow-scope amendment to 
IAS  1 - Presentation of Financial Statements, which 
clarifies that the classification of liabilities as current or 
non-current is based on rights that are in existence at 
the end of the reporting period. Classification is 
unaffected by expectations about whether an entity will 
exercise its right to defer settlement of a liability or 
events after the reporting date. The amendment also 
clarifies what IAS 1 means when it refers to the 
‘settlement’ of a liability. This amendment was adopted 
by the Corporation on January  1, 2024 and had no 
impact on the Corporation’s audited consolidated 
financial statements for the year ended December 31, 
2024. 
Long-term debt covenants
In October 2022, the IASB issued amendments to IAS 1 - 
Presentation of Financial Statements, which specify that 
for long-term debt with covenants to be complied with 
after the reporting date, such covenants do not affect 
the classification of debt as current or non-current at the 
reporting date, but do require disclosures in the notes to 
the financial statements. These amendments were 
adopted by the Corporation on January 1, 2024 and had 
no impact on the Corporation’s audited consolidated 
financial statements for the year ended December 31, 
2024. 
Segment Reporting
In July 2024, the IFRS Interpretations Committee  
(“IFRIC”) issued an agenda decision clarifying certain 
disclosure requirements under IFRS 8 – Operating 
Segments. The decision highlights the need to disclose 
certain specified income and expense items if these are 
included in the measure of segment profit or loss 
reviewed by the Chief Operating Decision Maker 
("CODM") or are otherwise regularly provided to the 
CODM, even if not included in that measure of segment 
profit or loss. As a result, the Corporation has made 
changes to reflect these requirements in note 6, 
"Operating segments", to the Corporation's audited 
consolidated financial statements for the year ended 
December 31, 2024.
RECENT STANDARDS, 
AMENDMENTS AND 
INTERPRETATIONS NOT YET 
EFFECTIVE AND NOT APPLIED
Refer to note 3, “Accounting policy developments”, to 
the 
Corporation's 
audited 
consolidated 
financial 
statements for the year ended December 31, 2024, for 
further details.
M-28
WSP Global Inc.
Management's Discussion and Analysis
2024

15 FINANCIAL INSTRUMENTS
The Corporation’s financial assets include cash, trade 
receivables and other receivables. The Corporation's 
financial liabilities include accounts payable and accrued 
liabilities, dividends payable to shareholders, lease 
liabilities, and long-term debt. 
The Corporation uses derivative financial instruments to 
manage its exposure to fluctuations of foreign currency 
exchange rates. It does not hold or use any derivative 
instruments for trading or speculative purposes. Refer to 
note 13, “Financial instruments”, to the Corporation's 
audited consolidated financial statements for the year 
ended December  31, 2024 for a description of the 
Corporation's hedging activities.
The Corporation's financial instruments expose the 
Corporation primarily to foreign exchange, credit, 
liquidity and interest rate risks. Refer to section 20, “Risk 
factors” , as well as note 13 “Financial instruments”, to the 
Corporation's audited consolidated financial statements 
for the year ended December 31, 2024, for a description 
of these risks and how they are managed, as well as for a 
description of how fair values are determined.
16 RELATED PARTY TRANSACTIONS
The Corporation's related parties, as defined by IFRS, are its joint operations, joint ventures, associates and key 
management personnel. A description of any material transactions with these related parties is included in note 29, 
“Related party transactions", to the Corporation's audited consolidated financial statements for the year ended 
December 31, 2024.
17 OFF-BALANCE SHEET AGREEMENTS
The Corporation does not engage in the practice of off-balance sheet financing, except for the use of letters of credit.
18 CONTRACTUAL OBLIGATIONS
The Corporation is committed under the terms of 
contractual obligations with various expiration dates, 
primarily for long-term debt and the rental of office 
space and computer equipment. The following table 
provides a summary of the timing of the Corporation’s 
undiscounted long-term contractual obligations as at 
December 31, 2024:
(in millions of dollars)
2025  
2026 
2027 and 
thereafter
Total
Long-term debt
 
$925.0  $1,042.0 
$3,489.0
$5,456.0
Lease liabilities
 
$358.8  
$282.1 
$846.9
$1,487.8
Management expects the Corporation's cash flows from 
its operations and amounts available under credit 
facilities will be sufficient to meet its contractual 
obligations in the future.
19 FORWARD-LOOKING STATEMENTS
In addition to disclosure of historical information, the 
Corporation may make or provide statements or 
information in this MD&A that are not based on historical 
or current facts and which are considered to be forward-
looking information or forward-looking statements  
(collectively, 
“forward-looking 
statements”) 
under 
Canadian 
securities 
laws. 
These 
forward-looking 
statements relate to future events or future performance 
and reflect the expectations of Management regarding, 
without limitation, the growth, results of operations, 
performance and business prospects and opportunities 
of the Corporation, including the achievement of its 
2025-2027 Global Strategic Action Plan, or the trends 
affecting its industry.
Forward-looking statements can typically be identified 
by terminology such as “may”, “will”, “should”, “expect”, 
“plan”, 
“anticipate”, 
“believe”, 
“estimate”, 
“predict”, 
“forecast”, 
“project”, 
“intend”, 
“target”, 
“potential”, 
“continue” or the negative of these terms or terminology 
of a similar nature. More specifically, this MD&A contains 
the following forward-looking statements: the impact of 
M-29
WSP Global Inc.
Management's Discussion and Analysis
2024

order intake on our backlog and the state of our backlog  
and pipeline of opportunities in various reportable 
segments; our belief that our cash flows from operating 
activities, combined with our available short-term capital 
resources, will enable us to support our continued 
growth strategy, working capital requirements and 
planned capital expenditures; our expected level of 
dividend declaration and payment on the Corporation’s 
common shares. Forward-looking statements, by their 
very nature, are subject to inherent risks and 
uncertainties and are based on several assumptions, 
both general and specific, which give rise to the 
possibility that actual results or events could differ 
materially from our expectations expressed in, or implied 
by, such forward-looking statements and that our 
business outlook, objectives, plans and strategic 
priorities may not be achieved. These statements are not 
guarantees of future performance or events, and we 
caution readers against relying on any of these forward-
looking statements.
Forward-looking statements made by the Corporation 
are based on a number of operational and other 
assumptions believed by the Corporation to be 
reasonable as at the date such statements were made, 
including assumptions set out through this MD&A and 
including, without limitation, the following principal 
assumptions about general economic and political 
conditions; the state of the global economy and the 
economies of the regions in which the Corporation 
operates; the state of and access to global and local 
capital and credit markets; interest rates; working capital 
requirements; the collection of accounts receivable; the 
Corporation obtaining new contract awards; the type of 
contracts entered into by the Corporation; the 
anticipated margins under new contract awards; the 
utilization of the Corporation’s workforce; the ability of 
the Corporation to attract new clients; the ability of the 
Corporation to retain current clients; changes in contract 
performance; 
project 
delivery; 
the 
Corporation’s 
competitors; 
the 
ability 
of 
the 
Corporation 
to 
successfully integrate businesses; the acquisition and 
integration of businesses in the future; the Corporation’s 
ability to manage growth; external factors affecting the 
global operations of the Corporation; the state of the 
Corporation’s backlog; the joint arrangements into which 
the Corporation has entered or will enter; the capital 
investments made by the public and private sectors; 
relationships 
with 
suppliers 
and 
subconsultants; 
relationships with management, key professionals and 
other employees of the Corporation; the maintenance of 
sufficient insurance; the management of environmental, 
social and health and safety risks; the sufficiency of the 
Corporation’s current and planned information systems, 
communications technology and other technology; the 
sufficiency of the Corporation’s cybersecurity measures;  
compliance with laws and regulations; future legal 
proceedings; the sufficiency of internal and disclosure 
controls; the regulatory environment; impairment of 
goodwill; foreign currency fluctuation; the expected 
benefits of acquisitions and the expected synergies to 
be realized as a result thereof; the tax legislation and 
regulations to which the Corporation is subject and the 
state of the Corporation’s benefit plans. If any of these 
assumptions prove to be inaccurate, the Corporation’s 
actual results or events could differ materially from those 
expressed or implied in forward-looking statements.
In 
evaluating 
these 
forward-looking 
statements, 
investors should specifically consider various risk 
factors, which, if realized, could cause the Corporation's 
actual results or events to differ materially from those 
expressed or implied in forward-looking statements. 
Such risk factors include, but are not limited to, the failure 
to 
implement 
sufficient 
corporate 
and 
business 
initiatives; increases in real estate costs; acquisitions of 
companies with higher health and safety risk exposure 
compared to WSP; failure to collect feedback from our 
clients on our performance; failure to identify climate-
related opportunities as well as assess and manage 
climate-related risks; changes made to regulations that 
may affect the Corporation’s business; failure to audit 
suppliers,  as well as other risks detailed from time to 
time in reports filed by the Corporation with securities 
regulators 
or 
securities 
commissions 
or 
other 
documents that the Corporation makes public, which 
may cause actual results or events to differ materially 
from the results expressed or implied in any forward-
looking statement. 
These and other risk factors that could cause actual 
results or events to differ materially from our 
expectations expressed in, or implied by, our forward-
looking statements are discussed in greater detail in 
section 20, "Risk factors".
Actual results and events may be significantly different 
from what we currently expect because of the risks 
associated with our business, industry and global 
economy and of the assumptions made in relation to 
these risks. As such, there can be no assurance that 
actual results will be consistent with forward-looking 
statements. The forward-looking statements contained 
in this MD&A describe the Corporation’s expectations as 
of the date of this MD&A and, accordingly, are subject to 
change after such date. Except as required under 
Canadian securities legislation, the Corporation does not 
assume any obligation to publicly update or to revise any 
forward-looking statements made in this MD&A or 
otherwise, whether as a result of new information, future 
M-30
WSP Global Inc.
Management's Discussion and Analysis
2024

events or otherwise. The forward-looking statements 
contained in this MD&A are expressly qualified in their 
entirety by this cautionary statement. The Corporation 
may also make oral forward-looking statements from 
time to time. The Corporation advises that the above 
paragraphs and the risk factors set forth in section 20, 
“Risk factors”  should be read for a description of certain 
factors that could cause the actual results of the 
Corporation to differ materially from the results 
expressed or implied in any oral forward-looking 
statements. Readers should not place undue reliance on 
forward-looking statements. 
20 RISK FACTORS
The Corporation is subject to a number of risks and 
uncertainties and is affected by a number of factors 
which could have a material adverse effect on, among 
other things, the Corporation’s business, financial 
condition, future liquidity and profitability, accounts 
receivable, 
assets, 
liabilities, 
revenues, 
expenses, 
goodwill, backlog, earnings, cash flows, results of 
operations, 
reputation, 
brand, 
growth, 
future 
competitiveness, ability to deliver services to clients, 
ability to secure future projects, future prospects, ability 
to maintain existing business relationships or retain key 
employees, or its business strategies, including the 
achievement of its 2025-2027 Global Strategic Action 
Plan. These risks should be considered when evaluating 
an investment in the Corporation and may, among other 
things, cause a decline in the price of the Corporation's 
shares or adversely affect the Corporation’s ability to 
declare and/or pay dividends on the shares.
This section describes the risks Management considers 
as the most material to the Corporation's business. This 
is not, however, a comprehensive list of the potential 
risks the Corporation currently faces, or could eventually 
face. Risks and uncertainties not presently known to the 
Corporation or that the Corporation currently considers 
as not material could become material in the future or 
impair its business operations, cause a decline in the 
price of shares or adversely affect the Corporation’s 
ability to declare and/or pay dividends on the shares.
RISKS RELATED TO THE 
BUSINESS
Health, safety, environment and security 
hazards and risks
The Corporation’s Health, Safety, Environment & Quality 
(“HSEQ”) systems, processes and policies are aimed at 
reducing risks to employees, subconsultants and others; 
however, services and activities to be performed on 
work sites can put employees, subconsultants and 
others in challenging or remote locations which may 
increase the risk to health and safety from hazards 
related to heavy mobile equipment, working at height, 
energy sources, working near water and ground stability. 
On some project sites, the Corporation may be 
responsible for safety and, accordingly, it has an 
obligation to implement effective safety procedures. The 
Corporation has exposure to health and safety risks on 
project sites primarily due to the nature of services 
rendered which often include activities to be performed 
directly on project sites or in remote locations. Failure to 
implement or follow appropriate safety procedures by 
the Corporation or others could result in personal injury, 
illness or loss of life to people, environmental damage or 
other damage to the Corporation’s property or the 
property of others. In addition, failure to comply with 
such procedures or health and safety regulations could 
subject the Corporation to losses and liability.
In the ordinary course of the Corporation’s business, the 
Corporation's employees frequently make professional 
judgments and recommendations about environmental 
and engineering conditions of project sites for the 
Corporation's clients. The Corporation may be deemed 
to be responsible for these professional judgments and 
recommendations if they are later determined to be 
inadequate or result in injury or damage. Health and 
safety incidents may also impact employee turnover, 
increasing project and operating costs and could 
negatively impact the awarding of new contracts. The 
Corporation could also be exposed to substantial 
security costs in order to maintain the safety of its 
personnel, to civil and/or statutory liability to employees 
and to reputational harm arising from injuries or deaths 
because of inadequate health and safety policies and 
practices. The Corporation cannot fully protect against 
all these risks, nor are all these risks insurable. The 
Corporation may become liable for damages arising 
from events against which it cannot insure or against 
which it may elect not to insure for various reasons.
The Corporation operates in regions across the world in 
a global capacity, working in some very high risk and 
challenging environments and geographies, which 
present numerous risks including security issues, health, 
safety and environmental risks, political unrest, country 
stability and varying degrees of medical risk to 
personnel, all combined with differing cultures, regional 
legislative 
requirements 
and 
regional 
operating 
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WSP Global Inc.
Management's Discussion and Analysis
2024

standards. Acts of terrorism, including domestic 
terrorism, and threats of armed conflicts in or around 
various regions in which the Corporation operates could 
limit or disrupt markets and its operations, including 
disruptions resulting from the evacuation of personnel, 
cancellation of contracts, or the loss of key employees, 
contractors or assets. Furthermore, the Corporation 
risks incurring additional costs on projects that have 
sustained environmental, health, and safety hazards 
because they may require additional time to complete or 
because employee time may be lost due to injury.  
Non-compliance with laws or regulations
The Corporation faces risks relating to non-compliance 
with laws, regulations, rules and other current, new or 
changing legal requirements enforced by governments 
or other authorities, including with respect to trade 
restrictions, sanctions, export control, false claims, 
protection of classified information, lobbying or similar 
activities, 
securities, 
antitrust, 
data 
privacy, 
tax, 
environmental, social and governance (“ESG”) matters, 
labour relations, artificial intelligence (“AI”) as well as laws 
related to corruption, anti-competitive acts, illegal 
political contributions, human rights, including modern 
slavery and ethics-related issues. In particular, the 
regulatory landscape surrounding ESG matters is 
evolving at a rapid pace in multiple jurisdictions and 
there is a significant degree of uncertainty regarding the 
scope of future requirements. As a result, we may be 
required to rapidly adapt data collection and assurance 
processes, with the risk that information will not be 
available to the Corporation to respond to the relevant 
requirements in a timely manner. 
Although the Corporation has control measures and 
policies to mitigate these risks, including an anti-
corruption compliance program, these control measures 
and policies have inherent limitations, including human 
error, and could be intentionally circumvented or 
become inadequate as conditions change. Moreover, 
the coordination of the Corporation’s activities to 
address the broad range of complex legal and regulatory 
environments in which it operates presents significant 
challenges. The Corporation's control measures may not 
be sufficiently effective to protect it from the 
consequences of acts committed by its current and 
former directors, officers, employees, consultants, 
agents and/or partners, corruption in connection with its 
operations and ethics-related issues. Accordingly, fraud, 
corruption and other reckless or criminal acts may occur 
and remain undetected, resulting in a loss of assets and/
or 
misstatement 
in 
the 
Corporation’s 
financial 
statements and related public disclosure. Moreover, 
fraud, corruption, illegal political contributions, non-
compliance with previously enacted or proposed laws or 
regulations, anti-competitive or other reckless acts or 
criminal acts or misconduct by the Corporation’s current 
or former directors, officers, employees, consultants, 
agents and/or partners, including those of businesses 
acquired by the Corporation, could subject the 
Corporation to fines and penalties, criminal, civil and 
administrative legal sanctions and suspension from its 
ability to bid, enter into or perform public or private 
contracts, resulting in reduced revenues and profits. The 
institution of formal charges with respect to any such 
circumstances by appropriate governmental authorities 
may have to be immediately accounted for in the results 
of the Corporation.
As part of its global business dealings with different 
governmental bodies, entities and agencies in each of 
the countries in which the Corporation operates, WSP 
must also comply with complex public procurement laws 
and regulations aimed at ensuring that public sector 
bodies award and manage contracts in a transparent, 
competitive, efficient and non-discriminatory manner in 
these jurisdictions. In certain jurisdictions in which the 
Corporation operates, the Corporation is also subject to 
legislation 
that 
grants 
governmental 
authorities 
exceptional measures for the reimbursement and 
recovery of amounts improperly obtained as a result of 
fraud or fraudulent tactics in the course of the tendering, 
awarding or management of public contracts. In 
connection with a reimbursement or settlement under 
such legislation, a number of conditions may be imposed 
on the Corporation and the Corporation may be required 
to undergo certain changes to its business practices 
which could impose additional costs on the Corporation 
and adversely affect its ability to pursue business 
opportunities.
The services provided by the Corporation are also 
subject to numerous environmental protection laws and 
regulations that are complex and stringent, and may 
include criminal liability exposure for the Corporation’s 
current and former directors, officers, employees, 
consultants, agents and/or partners. Significant fines, 
penalties and other sanctions may be imposed for non-
compliance with environmental laws and regulations, 
and some environmental laws provide for joint and 
several strict liabilities for remediation of releases of 
hazardous substances, rendering a person liable for 
environmental damage, without regard to negligence or 
fault on the part of such person. These laws and 
regulations may expose the Corporation to liability 
arising out of the conduct of operations or conditions 
caused by others, and in certain cases for acts of the 
Corporation that were in compliance with all applicable 
laws at the time these acts were performed.
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WSP Global Inc.
Management's Discussion and Analysis
2024

Furthermore, a portion of the Corporation’s professional 
services business is generated directly or indirectly as a 
result of laws and regulations. Changes in such laws or 
regulations could affect the Corporation’s business more 
significantly than they would affect other professional 
services firms. Accordingly, changes to the number or 
scope of these laws and regulations could significantly 
reduce the size of its market sector in such market. The 
rising complexity of the geopolitical landscape and 
macro-economic 
developments 
have 
increased 
uncertainty surrounding the extent of these changes, 
which could lead to the need for the Corporation to 
make changes and adjustments to its operations to 
ensure compliance with such laws and regulations.
Across its global operations and in connection with its 
M&A activities, the Corporation must comply with 
numerous privacy and data protection laws and 
regulations applicable in multiple jurisdictions designed 
to protect privacy rights and personal information. The 
global data protection landscape continues to evolve, 
and the Corporation is required to navigate distinct 
obligations and compliance risks in various countries 
and regions it operates in. The impact and cost of 
ensuring compliance and protecting the data and 
privacy rights of individuals in line with the specifics of 
each applicable legislation continues to grow each year.  
Failing to protect privacy rights and personal information 
in compliance with those laws, including the EU and UK 
General Data Protection Regulation, the Canadian 
federal Personal Information Protection and Electronic 
Documents Act (and other substantially similar provincial 
laws), the California Consumer Privacy Act as amended 
by the California Privacy Rights Act, Brazil’s General 
Personal Data Protection law and other emerging global 
privacy laws, could result in the Corporation being 
subject to significant regulatory penalties, legal liability 
and remediation costs and negatively impact its 
reputation.
Information technology and information 
security
In order to operate properly, ensure adequate service 
delivery to its clients and meet its business objectives, 
the 
Corporation 
relies 
heavily 
on 
information 
technologies. Within these technologies, the Corporation 
processes proprietary information relating to its 
business, personal information of employees and other 
individuals it engages with, client information and 
information in relation to other third parties including in 
connection with its M&A activities. This may include 
proprietary, 
sensitive, 
confidential, 
and 
personal 
information limited to the nature of professional services 
it or third parties provide.
The Corporation faces numerous threats that are 
constantly evolving, increasingly sophisticated and 
difficult to detect and successfully defend against. These 
include 
cyber 
threats 
from 
criminal 
hackers, 
ransomware, denial of service and other forms of 
malicious 
attacks, 
hacktivists, 
state 
sponsored 
organizations and industrial espionage, phishing and 
other social engineering techniques, physical or 
electronic 
security 
breaches, 
computer 
viruses, 
unauthorized access, employee misconduct, human or 
technological errors, or similar events or disruptions. In 
addition, AI is increasingly being incorporated into cyber 
attacks, for example through system reconnaissance 
and social engineering. Any of these threats may lead to 
system interruptions, delays, and loss of critical data and 
expose the Corporation, clients, or other third parties to 
potential liability, litigation and regulatory action, as well 
as the loss of client and investors’ confidence, loss of 
existing or potential clients, loss of sensitive government 
contracts, damage to brand and reputation, loss of share 
value, financial reporting capabilities and other financial 
loss. The current geopolitical instability has exacerbated 
these threats, which could lead to increased risk and 
frequency of cybersecurity incidents. The Corporation’s 
information technologies and operations could also be 
interrupted or damaged by natural disasters, failures, 
acts of war or terrorism, or other events beyond the 
Corporation’s control. 
The Corporation relies on industry-accepted security 
measures and technical and organizational controls to 
protect its information and information technology 
systems, and there can be no assurance that our efforts 
will prevent all threats to our systems. The Corporation 
may be required to allocate increasingly significant 
resources, and additional security measures, to protect 
against the cyber threats referenced above. 
Compliance with information security standards such as 
NIST, DFAR and ISO27001, among others, are 
increasing the requirements to bid for projects. Inability 
to meet such requirements would limit our ability to 
pursue certain business opportunities. Further, the 
Corporation provides services that may be highly 
sensitive or that may relate to critical national security 
matters; if a security breach were to occur, our ability to 
procure future government contracts could be severely 
limited. The precautions the Corporation takes to 
prevent and detect these activities may not be effective 
and the Corporation could face unknown material risks 
or losses.  
The Corporation’s operations could be interrupted or 
delayed if the Corporation is unable to continually and 
adequately maintain its information technologies, to 
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WSP Global Inc.
Management's Discussion and Analysis
2024

scale and add software and hardware, to effectively 
upgrade its systems and network infrastructure, to 
maintain key information technology personnel, and take 
other steps to improve the efficiency and protection of 
its systems. Existing business continuity plans may not 
be sufficient to enable the Corporation to recover from 
material information technology disruptions.
The Corporation’s ability to meet its objectives and 
deliver on its strategic plan depend on its capacity to 
transform the organization as it continues to implement 
its new enterprise resource planning platform, while 
maintaining an adequate level of service to clients and 
protecting profitability. The Corporation may not be able 
to properly review critical changes within the business 
before and during the implementation and deployment 
of key technological systems or to align client 
expectations with its client commitments and operating 
capabilities.
The Corporation relies on third-party software and 
services to support its delivery of professional services 
to clients such as design, collaboration and project 
management, 
and 
to 
support 
the 
Corporation’s 
accounting and financial information systems. While the 
Corporation selects third-party vendors carefully, it does 
not control their actions. Any technology services 
provided by a third party, including contractors, business 
partners, vendors and other third parties, may be subject 
to 
breakdowns, 
disruption 
in 
information 
and 
communication services, inability to handle current or 
higher volumes, cyber-attacks, security and data 
breaches. Furthermore, the Corporation may incur 
additional costs to remediate errors or failures by third 
parties.   
The Corporation’s employees are provided with systems 
and infrastructure that facilitate secure remote working, 
including from their place of residence, public spaces 
and sites owned or managed by third parties and 
clients. However, these locations may not have the same 
level of physical security controls as the Corporation’s 
offices which could increase the risk of a physical 
security event, such as device theft, which may disrupt 
operations.   
The Corporation’s digital services are permanently in an 
evolving 
state 
and 
increasingly 
utilize 
emerging 
technologies such as cloud computing, machine learning 
and AI, including generative AI. These technologies 
come with additional risks, such as the risk of data loss, 
hallucination (AI services unknowingly providing false 
information), loss of intellectual property rights or 
unintentional 
intellectual 
property 
infringement. 
In 
addition, our client deliveries increasingly use innovative 
technologies such as smart buildings and automated 
robotics that require investment to protect their use. Any 
cybersecurity incident of these technologies or systems 
may expose the Corporation and its clients to 
remediation and litigation costs.  
The Corporation processes personal information of 
employees and individuals working for clients, suppliers, 
business 
partners 
and 
other 
third 
parties 
the 
Corporation engages with. If a data breach were to 
compromise this information, the Corporation could be 
exposed to regulatory fines, claims and litigation 
including class actions from affected individuals, 
reputational damage and financial costs associated with 
remediation. If, in connection with any such breach, 
deficiencies are identified in the Corporation’s privacy 
and information governance program, the financial and 
reputational impacts on the Corporation may be 
exacerbated. 
Furthermore, cybersecurity and privacy insurance is 
becoming more challenging to procure and is unlikely to 
cover all cybersecurity or privacy related losses. The 
insurance available may not fully indemnify and 
compensate the Corporation for all damages it may 
suffer, including reputational losses. 
Geopolitical risks
The Corporation is exposed to various geopolitical risks 
as it operates across the world in an increasingly 
interconnected global economy. In addition, the 
geopolitical landscape is becoming more complex as the 
world continues to face more and more crises and 
tensions between competing nations and alliances. The 
Corporation has a geographically dispersed client base 
which it serves with local presence and through a 
network of operations located around the globe. 
Escalating conflicts and unrest can affect particular 
regions and may also have severe repercussions in 
other parts of the world. As such, the Corporation may 
be adversely affected by deteriorating uncertainties 
arising from political, economic, military or social 
conditions emerging from domestic or international 
political tensions, conflicts and crises.
The potential impacts on the Corporation depend on the 
extent and depth of geopolitical issues and conflicts as 
they materialize and may include consequences such as 
delays or cancellation of contracts, changes in 
regulatory practices, impact to tariffs and taxes, 
restrictions to global mobility, restrictions to contracting 
capabilities, productivity slowdowns, inability to deliver 
projects in the affected region, deterioration of local and 
global economies as well as consequences on the 
health, safety and well-being of employees.
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WSP Global Inc.
Management's Discussion and Analysis
2024

The military hostilities or conflicts in Eastern Europe and 
the Middle East continue to significantly affect the global 
economy and have deepened their negative effects on 
certain regions, including our operations and employees 
in the affected regions. Although shortages of specific 
materials in the construction industry have resulted in 
certain of our projects being postponed or cancelled, the 
Corporation has suffered limited impacts and continues 
to adjust its operations and practices to minimize 
potential impacts. There can be no certainty as to the 
continuity of our operations in the affected regions if 
these conflicts persist or escalate. 
The Corporation deploys as necessary a crisis 
management team to closely monitor these conflicts and 
mitigate any impact on our employees and operations. 
However, these conflicts could persist or escalate 
further with the active participation of other interested 
countries.
The Corporation is also exposed to the risks related to 
the rise of domestic political tensions in certain countries 
where key elections are underway. The volatile, 
uncertain and unpredictable nature of external factors 
related to geopolitical risks cannot be easily managed. 
The Corporation has established a process and 
business continuity plans to assess and monitor regional 
conditions and has defined appropriate policies and 
controls to engage in work that aligns with its risk 
tolerance levels, however these conditions may change 
through time and potentially render these controls 
ineffective. 
Adequate utilization of workforce
The cost of providing its services, including the extent to 
which the Corporation utilizes its workforce, affects its 
profitability. The rate at which the Corporation utilizes its 
workforce is affected by a number of factors, including:
• its ability to transition employees from completed 
projects to new assignments and to hire and 
integrate timely new employees, including those 
coming from newly acquired entities; 
• its ability to forecast demand for its services and 
thereby maintain an appropriate headcount in each of 
its geographies; 
• its ability to adequately plan succession to ensure 
leadership roles, critical positions and technical 
capabilities are properly maintained, developed and 
timely prepared to carry on the Corporation’s 
business objectives and its future growth;
• its ability to manage attrition; its need to devote time 
and resources to training, recruitment, business 
development, professional development, and other 
non-chargeable activities; 
• its ability to match the skill sets of its employees to 
the needs of the marketplace; and
• its ability to adapt its organizational structure to 
support and meet the needs of its clients while 
optimizing its resources to meet its margin objectives. 
If the Corporation does not utilize its workforce 
effectively, or if laws and regulations restrict its ability to 
do so, its utilization rates could be reduced.  
Availability, and retention and well-being of 
qualified professional staff
There is strong competition for qualified technical and 
management personnel in the sectors in which the 
Corporation operates. The Corporation’s success 
depends in part on its continued ability to attract and 
retain 
qualified 
and 
skilled 
engineers, 
scientists, 
planners, technical experts and other professional staff 
and to establish and execute an effective succession 
plan. Over the years, a significant shortage of engineers 
and other professionals serving our industry has 
developed in some markets which has resulted in 
continued 
upward 
pressure 
on 
professional 
compensation packages and has resulted in high 
turnover rates, adding pressure on employee retention. 
Competition in the industry today largely involves the 
competition for talent. Considering longer-term trends in 
the industry including demographics, scarcity of talent 
relative to demand and the pace of technological 
advances, the Corporation expects this risk to remain 
significant to its business. There can be no assurance 
that the Corporation will be able to attract, hire and retain 
sufficient qualified management personnel, engineers 
and other professional staff necessary to continue to 
maintain and grow its business. Furthermore, some of 
the Corporation’s personnel hold government granted 
clearance in certain regions that may be required in 
order to work on specific government projects. If the 
Corporation were to lose some or all of these personnel, 
such staff may be difficult to replace. Loss of the 
services of, or failure to recruit, qualified technical and 
leadership personnel with governmental clearances 
could limit the Corporation’s ability to successfully 
complete existing projects and/or compete for new 
projects requiring such clearances.
When the Corporation fails to retain key personnel or 
when such personnel retire or otherwise depart the 
Corporation, the roles and responsibilities of such 
employees need to be filled, which requires that the 
Corporation devote time and resources to identify, hire 
and integrate new employees. If the Corporation's 
succession plan fails to identify those individuals with 
high potential or to develop these key individuals, it may 
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WSP Global Inc.
Management's Discussion and Analysis
2024

be unable to replace key members who retire or leave 
the Corporation and may be required to expend 
significant time and resources to recruit and/or train new 
employees. The inability to attract, hire and retain 
enough qualified management personnel, engineers and 
other professional staff as well as to establish and 
execute an effective succession plan could limit the 
Corporation’s ability to successfully complete existing 
projects and compete for new projects, which could 
adversely affect the Corporation’s ability to sustain and 
increase revenues and its future results.
In addition, the Corporation strives to protect, support 
and promote the well-being of its people through 
workplace practices and well-being programs. Failure to 
meet those goals may lead to deteriorating work-life 
balance, reduction in productivity, decline in workforce 
mental and physical health, increase in absenteeism, 
voluntary turnover, work incidents and accidents. This 
may impact the delivery of our professional services
Over the past several years, as attention to issues of 
societal inequity and racial injustice have increased 
globally, the Corporation has continued to emphasize its 
commitment to inclusion, diversity and equity. The 
Corporation is committed to promoting a culture that 
empowers its people through a work environment where 
inclusion, diversity and equity are expected and valued. 
Although the Corporation has set inclusion, diversity and 
equity standards that are to be observed by its 
employees when conducting business, the Corporation 
remains subject to the risk of misconduct, non-
compliance or other improper behaviour by its 
employees, agents or partners. 
Competition in the industry
In a people-based industry, the Corporation operates in 
highly 
competitive 
markets 
and 
has 
numerous 
competitors for all of the services it offers. Size and 
characteristics of competitors vary widely with the type 
of service they provide, the geographic area and the 
industry. Some of the Corporation’s competitors have 
longer operating histories, greater brand recognition, 
larger customer bases and have achieved substantially 
more market penetration in certain of the areas or 
locations in which the Corporation competes.
In the midst of rapid technological development, 
including advances in AI,  the Corporation must continue 
to anticipate changes in its clients’ expectations and to 
do so, must adapt its services so that it maintains and 
improves its competitive advantage. 
In addition, the competitive landscape within which the 
Corporation operates is evolving as the Corporation is 
increasingly facing new competitors in many of its end-
markets and others are emerging as a result of 
advances in technology. It is critical that the Corporation 
adjust to these changes and adapt its compensation 
models to maintain its competitive positioning in those 
markets.
Moreover, the technical and professional aspects of 
some of the Corporation’s services generally do not 
require 
large 
upfront 
capital 
expenditures. 
The 
Corporation’s competitors may also consolidate or 
establish 
teaming 
or 
other 
relationships 
among 
themselves or with third parties to increase their ability to 
address customers’ needs.
We obtain most of our contracts through competitive 
bidding processes. Significant costs and managerial 
time are required to prepare certain bids and proposals 
for contracts that may not ultimately be awarded to the 
Corporation. In addition, some of the Corporation’s 
competitors may allocate substantially more financial or 
marketing resources to particular competitive bidding 
processes and/or benefit from greater financial flexibility 
than the Corporation in certain markets or they may be 
willing to take greater risks or accept terms and 
conditions that the Corporation may not deem to be 
acceptable. Other competitors are smaller and may be 
more specialized and concentrate their resources in 
particular areas of expertise. Competitive pressures may 
result in the Corporation being successful in a lesser 
number of competitive bids than budgeted for. 
Moreover, we may not be awarded contracts because of 
existing government policies designed to promote 
locally 
based 
businesses 
and 
under-represented 
minority contractors.
All of these competitive forces may result in our inability 
to win bids for future projects, increased margin 
pressure and loss of revenue, profitability and market 
share. 
Global operations
The Corporation's operations are global, which subjects 
the Corporation to a variety of risks, including: 
• general social, economic and political conditions or 
instability in one or more specific markets and/or 
globally, including recessions, political changes or 
disruptions and other economic crises in one or more 
markets in which the Corporation operates;
• risks related to complying with a wide variety of local, 
national, and international laws, regulations and 
policies, together with potential adverse or significant 
changes in laws and regulatory framework and 
practices; 
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WSP Global Inc.
Management's Discussion and Analysis
2024

• changes in local government trade laws, regulations 
and 
policies 
affecting 
the 
markets 
for 
the 
Corporation’s 
services, 
including 
applicable 
international sanctions; 
• international hostilities, civil unrest, force majeure, 
war, terrorism, including domestic terrorism, and 
other armed conflict;  
• difficulty or expense in enforcing contractual rights 
due to a lack of a developed legal system or other 
factors in certain jurisdictions; 
• difficulties and costs of staffing and managing global 
operations and changes in labour conditions; 
• difficulties, delays and expenses that may be 
experienced or incurred in connection with the 
movement of personnel through the customs and 
immigration authorities of various jurisdictions; 
• a greater risk of uncollectible accounts and longer 
collection cycles; 
• fluctuations in exchange rates; 
• changes in regulatory practices, tariffs and taxes, 
which could also result in a trade war and trade 
restrictions; 
• foreign ownership restrictions with respect to 
operations in certain countries or the risk that such 
restrictions will be adopted or increase in the future; 
• multiple and possibly overlapping tax structures; 
• exchange controls and other funding restrictions and 
limitations on the Corporation’s ability to repatriate 
cash, funds or capital invested or held in certain 
jurisdictions where the Corporation operates; and 
• cultural, logistical and communications challenges.
Professional services contracts
A substantial proportion of the Corporation’s revenues 
come from fixed-price contracts, cost-plus contracts 
with ceilings and time and material contracts with fixed 
rates. Under fixed-price contracts, the Corporation 
agrees to perform either all or a specified portion of work 
under the contract for a fixed fee which could expose 
the Corporation to a greater risk of cost overruns. Fixed-
price contracts, cost-plus contracts with ceilings and 
time and material contracts with fixed rates are 
established in part on partial or incomplete designs, cost 
and scheduling estimates that are based on a number of 
assumptions, including those about future economic 
conditions (including inflation and interest rates), 
commodity and other materials pricing (including 
construction costs) and availability of labour, equipment 
and materials and other requirements. There is a risk, 
particularly 
for 
multi-year 
contracts, 
that 
these 
assumptions may prove inaccurate. If these assumptions 
prove inaccurate or if unexpected changes arise, then 
cost overruns could occur and result in losses for 
projects. In certain instances, the Corporation may 
provide a guarantee to a client that it will complete a 
project by a certain date. As such, the Corporation may 
incur additional costs should the project be managed 
ineffectively or should it subsequently fail to meet the 
scheduled completion date for any other reason. 
Projects that are not completed on schedule further 
reduce profitability. Staff must continue to work on such 
projects for longer than anticipated; this may prevent 
them from pursuing and working on new or other 
projects. Projects that are over budget or not on 
schedule may also lead to client dissatisfaction and legal 
proceedings, which can be costly and detrimental to and 
adversely impact the Corporation’s reputation. A 
project’s revenues could also be reduced should the 
Corporation be required to pay liquidated damages in 
connection with contractual penalty provisions. Such 
damages can be substantial and can accrue on a daily 
basis. 
In addition, the Corporation sometimes partners with 
construction delivery professionals on engineering, 
procurement and construction projects. In such cases, 
the Corporation may be required to assume design risks, 
certain procurement and construction risks, except for 
any risks that are contractually assumed by the client, 
which any assumption thereof could result in financial 
losses to the Corporation. 
The Corporation may have pending claims made to 
clients under some of its contracts for payment of work 
performed beyond the initial contractual requirements. In 
general, the Corporation cannot guarantee that such 
claims will be approved by its clients in whole, in part, or 
at all. If these claims are not approved, the Corporation’s 
revenues may be reduced in future periods or a dispute 
(including legal proceedings) could arise which could be 
detrimental to the Corporation.
In addition, certain contract bidding frameworks are 
inherently stringent and inflexible, which limits the ability 
of a bidder or tenderer to negotiate certain contractual 
terms and conditions. These types of contracts could 
potentially expose the Corporation to significant 
additional risks or costs, including making any pricing 
adjustment difficult in a highly inflationary environment, 
that could lead to lower margins and adversely affect the 
profitability of the Corporation’s projects. 
Economic environment
Demand for the Corporation’s services can be impacted 
by economic factors and events. Global and local capital 
and credit markets and global and local economies may 
experience significant uncertainty, characterized by the 
bankruptcy, failure, collapse or transactions in one or 
more market sectors, including financial institutions, and 
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WSP Global Inc.
Management's Discussion and Analysis
2024

a considerable level of intervention from governments 
and international organizations around the world. 
Economic conditions in any of the markets in which the 
Corporation operates may be weak and may remain 
weak or become weaker in the future. In addition, many 
governments used, or continue to use, significant levels 
of fiscal stimulus in an attempt to avoid recessions and 
now have significant and growing debts and deficits that 
may require actions such as spending cuts and higher 
taxes. Any of these conditions may impact demand for 
the Corporation’s services by public and private entities 
or impact our cost of doing business. Demand for the 
Corporation’s services may also be vulnerable to 
reductions in private industry spending resulting from 
sudden economic downturns or changes in commodity 
prices such as oil, natural gas or metals, which may 
result in clients delaying, curtailing or cancelling 
proposed and existing projects, in some cases with little 
or no prior notice. Any of these conditions may adversely 
affect the demand for the Corporation’s services.
In addition, currency and interest rate fluctuations, 
financial market volatility or credit market disruptions 
may limit the Corporation’s access to capital and may 
also negatively affect the ability of the Corporation’s 
customers to obtain credit to finance their businesses on 
acceptable terms. If the operating and financial 
performance 
of 
the 
Corporation’s 
customers 
deteriorates or if they are unable to make scheduled 
payments or obtain credit, the Corporation’s customers 
may not be able to pay the Corporation. Any inability of 
customers to pay the Corporation for its services may 
adversely affect its backlog, earnings and cash flows.
Lastly, inflation, interest rates and construction costs 
could reduce the demand for the Corporation’s services 
in the markets in which it operates or may operate in the 
future. The Corporation also generally bears the risk of 
rising inflation in connection with fixed-price contracts 
and may also bear inflation risk in relation to cost-plus 
contracts with ceilings or contracts on a time and 
material basis where hourly rates are fixed. In addition, if 
the Corporation expands its business into markets or 
geographic areas in which fixed-price work is more 
prevalent, inflation may have a larger impact on the 
Corporation’s results of operations. The impact of 
inflation could also subject the Corporation to significant 
cost pressure, including increasing costs of borrowing, 
or lead to a decrease in the liquidity of capital markets. 
Working with Government Agencies
The demand for the Corporation’s services is affected by 
the level of government funding that is allocated for 
rebuilding, improving, and expanding infrastructure 
systems. The Corporation derives a significant portion of 
its revenues from governments or government-funded 
projects and expects to continue to do so in the future. 
The level of government funding received by the 
Corporation can be adversely affected by the residual 
impacts of the COVID-19 pandemic (including future 
budgetary constraints, concerns regarding deficits, 
inflation and a recession), economic crisis, changes in 
political priorities, changes in governments or delays in 
projects caused by political deadlock.
The 
success 
and 
further 
development 
of 
the 
Corporation’s business depend, in part, on the continued 
funding of these government programs and on the 
Corporation’s ability to participate in these programs. 
However, 
governments 
may 
not 
have 
available 
resources to fund these programs or may decide not to 
fund these programs for diverse political reasons.  
Most government contracts are awarded through a 
rigorous competitive process which may result in the 
Corporation 
facing 
significant 
additional 
pricing 
pressure, uncertainties, and additional costs. As such: 
• Government contracts in most regions are based on 
strict regulatory and statutory foundations of public 
procurement. Non-compliance with these regulatory 
requirements by the Corporation may result in 
termination of contracts, suspension or debarment 
from future governmental projects and/or other 
sanctions including the imposition of penalties or 
fines. The rising complexity of the geopolitical 
landscape and macro-economic developments have 
increased 
uncertainty 
surrounding 
regulatory 
requirements as well as funding for government 
projects, which could negatively impact existing 
government contracts or future contract awards to 
the Corporation.
• Government contracts are typically subject to 
renewal or extensions over a defined period, and thus 
the Corporation cannot be assured of its continued 
work under these contracts in the future. Government 
budgetary approval procedures take place annually, 
which may result in partial contract funding where 
contract performance is expected to take more than 
one year.  Moreover, those budgetary processes may 
also result in defunding where multi-year contracts 
were partially funded in the early stages of 
implementation.  
• Government agencies can typically terminate these 
contracts at their convenience or render the 
Corporation 
ineligible 
to 
contract 
with 
such 
government agencies in the future. The Corporation 
may incur costs in connection with the termination of 
these contracts and suffer a loss of business.  
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WSP Global Inc.
Management's Discussion and Analysis
2024

• In certain markets, contracts with government 
agencies are subject to substantial regulation and 
audit of the actual costs incurred. These audits can 
result in a determination that a rule or regulation has 
been violated or that adjustments are necessary to 
the amount of contract costs the Corporation 
believes are reimbursable by the agencies and the 
amount of overhead costs allocated to the agencies. 
Consequently, there may be a downward adjustment 
to the Corporation’s revenues if costs already 
recognized exceed the contractual entitlements, as 
audited by the relevant government agency. 
There can be no assurance that the Corporation will be 
able to win new contracts or be awarded additional work 
under existing contracts. 
In addition, as part of its global business dealings with 
different governmental bodies, entities and agencies in 
each of the countries in which the Corporation operates, 
WSP must comply with complex public procurement 
laws and regulations aimed at ensuring that public 
sector bodies award and manage contracts in a 
transparent, 
competitive, 
efficient 
and 
non-
discriminatory manner in these jurisdictions. These rules 
can also provide for verification processes and 
disclosure requirements, as well as address national 
security concerns, among other matters. WSP can be 
subject to audits and investigations by government 
departments and agencies with respect to compliance 
with 
these 
rules. 
Non-compliance 
with 
these 
requirements may result in the Corporation incurring 
penalties and sanctions, including contract termination, 
suspension of payments, suspension or debarment from 
doing business with the government, and fines. In 
addition, WSP may be required to obtain authorizations 
or certifications in order to enter into contracts with 
governmental bodies, entities and agencies in certain 
jurisdictions, which authorizations or certifications may 
be revoked in a variety of circumstances, including at the 
discretion of a governmental authority or if the 
Corporation or its affiliates or directors or officers are 
convicted of an offense. If the Corporation fails to 
comply with these laws and regulations or the terms of 
these 
authorizations 
or 
certifications 
or 
if 
the 
Corporation, its directors, officers, employees or agents 
commit legal violations or misconduct specified in any of 
these rules, the Corporation could be subject to 
mandatory or discretionary exclusion or suspension, on 
a permanent or temporary basis, from contracting with 
these governmental bodies, entities and agencies or 
within certain jurisdictions, in addition to termination of 
certain government contracts, fines, penalties and other 
sanctions that could be imposed on the Corporation. 
Upon conviction of an offense, the Corporation could be 
debarred from participating in procurements with 
governmental bodies, entities and agencies for extended 
periods of time and suffer significant damage to its 
reputation. The disqualification of the Corporation from 
public contracts, the conviction of the Corporation with 
respect to certain offenses or the institution of formal 
charges with respect to such offenses in any jurisdiction 
in which it has operations or carries out business 
activities could impact its ability to bid, enter into or 
perform public contracts or subcontracts in that and 
other jurisdictions. 
Challenges associated with size
In recent years, the Corporation has significantly 
increased in size and, as at December  31, 2024, had 
approximately 
72,800 
employees 
globally. 
The 
Corporation must effectively communicate, monitor and 
manage its culture, values, standards, internal controls 
and policies throughout the larger organization. The 
Corporation may not be able to achieve its strategic 
objectives if it does not overcome the challenges 
associated with managing cultural diversity and the 
particularities of local markets. Cultural differences in 
various countries may also present barriers to 
introducing new ideas or aligning WSP’s vision and 
strategy throughout the organization. 
In addition, the size and scope of the Corporation’s 
operations heighten the possibility that it will have 
employees who engage in unlawful or fraudulent activity, 
or otherwise expose it to business or reputational risks, 
despite the Corporation's efforts to provide training and 
maintain controls to prevent such instances. If the 
Corporation cannot overcome these obstacles, it may 
not be able to achieve its growth and profitability 
objectives and/or it may suffer reputationally. In addition, 
from time to time, the Corporation has made, and may 
continue to make, changes to its operating model, 
including how it is organized, to adapt to the needs and 
size of its business evolution.There can be no assurance 
that the Corporation will implement any such changes 
successfully and in a timely manner .
Growth by acquisitions
A key part of our growth strategy is through M&A 
activities; that is, acquiring firms that align with our 
strategic objectives and/or that operate in geographies 
and/or specialties that are complementary to our 
existing operations. Management believes that growth 
through acquisitions can enhance the Corporation’s 
value proposition and can accelerate our ability to 
achieve our strategic goals, including those outlined in 
our 2025-2027 Global Strategic Action Plan. However, a 
variety of factors may adversely affect the anticipated 
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WSP Global Inc.
Management's Discussion and Analysis
2024

benefits of a given acquisition or prevent these from 
materializing to the extent envisaged or at all, or from 
occurring within the time periods forecasted by the 
Corporation. Implementation of any strategic direction 
presents 
various 
managerial, 
organizational, 
administrative, operational and other challenges. In 
addition, entities the Corporation acquires may have 
liabilities, 
contingencies, 
incompatibilities 
or 
other 
obstacles to successful integration that the Corporation 
failed to discover or was unable to accurately quantify in 
the due diligence conducted prior to completion of an 
acquisition.
Although we seek to complete a thorough due diligence 
process in connection with any acquisition or related 
transaction we pursue, there remains a level of risk 
regarding the accuracy and completeness of the 
information provided to the Corporation or our ability to 
discover or accurately quantify certain liabilities, 
deficiencies, contingencies or other obstacles to a 
successful 
integration, 
particularly 
in 
competitive 
processes, such as auction-style processes, where we 
may not have access to all material information prior to 
submitting a binding offer. While we strive to obtain 
adequate indemnification rights from the sellers of 
acquired businesses and/or insurance that could 
mitigate certain of these risks, such rights may be 
difficult to enforce, the losses may exceed any dedicated 
escrow funds or holdbacks and the indemnitors may not 
have the ability to financially support the indemnity, or 
the insurance coverage may be unavailable or 
insufficient to cover all losses. 
In addition, as there is strong competition among 
acquirers in our industry, it may prove increasingly 
challenging to identify attractive targets for acquisitions, 
and such firms may not be available on terms and 
conditions, including pricing, that are acceptable to us, 
which may negatively impact our ability to successfully 
pursue our growth strategy. Existing cash balances and 
cash flow from operations, together with borrowing 
capacity under our credit facilities, may be insufficient to 
make acquisitions. Future acquisitions may require us to 
obtain additional equity or debt financing, which may not 
be available on attractive terms, or at all.
Further, the Corporation may enter into new markets or 
take on new activities as a result of its acquisitions. This 
carries the risk that the Corporation may struggle to 
efficiently or effectively exploit such new markets or 
services, and/or to comply with laws and regulations 
applicable thereto, or it may misjudge or inefficiently 
mitigate the risks associated with these new markets or 
activities.
The Corporation may not be able to successfully 
execute on any or all of the initiatives contemplated 
under its strategic direction, including those outlined in 
its 2025-2027 Global Strategic Action Plan. Even if the 
Corporation successfully implements this strategic 
direction, there can be no guarantee that it will achieve 
its intended objectives. Modifications to this strategic 
direction may also be required to achieve such 
objectives, which could delay or temporarily pause its 
implementation.
Consummation of acquisitions may be subject to the 
satisfaction of customary closing conditions, including 
the receipt of any required regulatory approvals. One or 
more of these conditions may not be fulfilled and, 
accordingly, the transaction may not be consummated 
or may be significantly delayed. If the transaction is not 
consummated, we will have incurred costs, often 
substantial, without realizing the expected benefits of the 
acquisition. In addition, there may be challenges 
associated with obtaining adequate insurance coverage 
for the target’s operations prior to closing. To the extent 
the market price of our shares reflects a market 
assumption that the transaction will be consummated or 
will be consummated within a particular timeframe, the 
market price of our shares may decline. The 
announcement of the transaction or its pendency can 
cause uncertainty among clients and employees about 
the effect of the transaction which could have an 
adverse effect on the Corporation’s ability to maintain 
existing business relationships or retain key employees. 
The pursuit of the transaction will also require 
management attention and use of internal resources that 
would otherwise be focused on general business 
operations. The Corporation may experience the failure 
or delay in consummating a transaction, including the 
diversion of management attention or loss of other 
opportunities during the pendency of the transaction.
Furthermore, as we regularly review our global business 
and operations,  we may wish to  divest certain of the 
Corporation’s businesses that do not align with its 
current and future strategy. Divestitures involve risks and 
uncertainties and may take longer or be costlier than 
expected, are subject to market conditions and may not 
be completed at all. We may also retain liabilities related 
to divested businesses post-disposal. 
Acquisition integration and management
Achievement of the benefits of acquisitions depends in 
part on successfully consolidating functions, integrating 
and leveraging operations, procedures, systems, and 
personnel in a timely and efficient manner, as well as the 
Corporation’s ability to share knowledge and realize 
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WSP Global Inc.
Management's Discussion and Analysis
2024

revenues, synergies and other growth opportunities 
from combining acquired businesses and operations 
with those of the Corporation. There is no assurance that 
the Corporation will be able to successfully integrate its 
acquisitions. Failure by the Corporation to effectively and 
timely integrate acquired businesses, including the 
integration of personnel, culture, values, operations, 
standards, controls, procedures, policies and systems, 
including IT systems, could lead to, among other matters: 
a failure to realize anticipated benefits of one or more 
acquisitions, including cost savings, synergies, business 
opportunities and growth opportunities; unanticipated 
operational 
problems 
resulting 
in 
inefficiencies, 
expenses, including higher than anticipated integration 
costs, liabilities and claims; an increase in our risk profile; 
the loss or disengagement of certain key personnel; and 
an increase in the risks to which the Corporation is 
subject.
The successful integration of an acquired business is 
subject to the risk that personnel and professionals from 
the acquired business and the Corporation may not be 
able to work together successfully, which could affect 
morale and the Corporation’s operations. Cultural 
differences, including but not limited to differences in 
corporate cultures, may also present barriers to the 
successful integration of businesses acquired by the 
Corporation. Among other things, the Corporation may 
seek to require as a condition of completion of one or 
more acquisitions that key personnel and professionals 
from the acquired business enter into employment 
agreements for specified post-acquisition periods and/
or non-competition undertakings; however, there are 
risks that such commitments will not be respected or 
that the personnel and professionals subject to same or 
other 
personnel 
and 
professionals 
will 
not 
be 
successfully integrated as productive contributors to the 
Corporation’s business. In addition, all acquisitions carry 
the risk of the potential loss of key clients or key 
personnel from either the Corporation’s current business 
or the acquired businesses or that key personnel from 
the acquired businesses may compete with the 
Corporation’s business post-closing which would hinder 
our ability to protect the goodwill acquired in connection 
with 
the 
transaction, 
impact 
the 
Corporation’s 
performance of its services or the delivery of projects.
While in transition, the integration of information 
technology systems and financial management systems 
of acquired firms may expose us to information security 
risks, cyber security risks, and gaps in internal controls, 
in particular where there may be gaps in the security 
protections implemented in target firms relative to the 
standards implemented in the Corporation.
There may also be gaps in the standard contracts terms 
implemented 
in 
target 
firms 
relative 
to 
those 
implemented in the Corporation, resulting in less 
favourable terms and conditions post-acquisition. The 
implementation of WSP's contracting standards and 
guidelines following completion may require significant 
time and resources and correspondingly, result in 
increased risk during the transition period.
Integration requires the dedication of substantial 
management effort, time and resources, which may 
divert Management’s focus and resources from other 
strategic 
opportunities 
(including 
other 
potential 
acquisitions) and from operational matters during the 
integration process. The acquisition integration process 
may also result in the disruption or loss of ongoing 
business, client, employee and other relationships that 
may adversely affect the Corporation’s ability to achieve 
the anticipated benefits of a given acquisition. In 
particular, major clients of the acquired businesses may 
not be retained following the acquisition of such 
businesses. The Corporation may not ever realize the full 
benefits of an acquisition, including the synergies, cost 
savings, or sales or growth opportunities.
Current or future legal proceedings
In the ordinary course of conducting its business, the 
Corporation is, from time to time, threatened with, or 
becomes subject to, various legal proceedings. Such 
proceedings (which may include civil suits, demands for 
arbitration or class actions) often allege professional 
errors and omissions or other incidents that may occur 
during the Corporation’s performance of its services or 
the delivery of projects, or commercial or regulatory 
disputes involving clients, service providers, partners, 
project owners, contractors, or the Corporation’s 
employees. 
As part of its service offerings, the Corporation also 
issues reports and opinions to clients based on its 
professional engineering expertise, as well as its other 
professional credentials, in compliance with applicable 
laws, regulations and professional standards. The 
Corporation could be liable to third parties who use or 
rely upon such reports or opinions even if the 
Corporation is not contractually bound to those third 
parties. In particular, such third-party liability could 
include expert liability under applicable laws. The 
Corporation may not always have the ability to control 
the manner in which its reports and work produced for 
clients may be released, quoted from, or summarized in 
the public domain. As a result, the Corporation could 
attract liability if its clients reproduce such work products 
to solicit funds from investors without appropriate 
M-41
WSP Global Inc.
Management's Discussion and Analysis
2024

disclaimers or context, or the information proves to be 
incorrect, misleading, or incomplete.
In addition, legal proceedings may result from the 
business historically carried on by the Corporation’s 
predecessors as well as employees’ or former 
employees’ failure to comply with applicable laws and 
regulations.
On December 27, 2019, over 100 plaintiffs filed suit in the 
US District Court for Washington, DC against a number 
of US government contractors, including The Louis 
Berger Group, Inc. and Louis Berger International, Inc. 
(collectively, “LB”) which the Corporation acquired in 
December 2018, alleging that between 2009 and 2017, 
LB had violated the Anti-Terrorism Act. The Corporation 
is of the view that LB has a strong defense on both the 
legal aspects of the litigation and the factual 
underpinnings in this complex and rarely litigated statute. 
Preliminary motions to dismiss the proceedings have 
been filed by the Defendants. However, the Corporation 
cannot, at this preliminary stage, predict the outcome of 
this suit, potential losses or the impact on its reputation.
Defending lawsuits of this nature or arising out of any of 
the services provided by the Corporation could require 
substantial attention from Management, necessitate 
financial resources to defend such claims and/or result 
in significant attorney fees, damage awards and the 
imposition of significant fines, penalties or injunctive 
relief for which the Corporation may not be fully insured 
and which could harm its reputation, thereby affecting its 
ability to bid on and/or secure future projects and retain 
qualified employees. Even if the Corporation is 
successful or if it is fully indemnified or insured, such 
lawsuits could damage the Corporation’s reputation and 
make it more difficult to compete effectively or obtain 
adequate insurance in the future. In addition, the 
institution of proceedings against the Corporation may 
have to be immediately accounted for in the results of 
the Corporation, the magnitude of which the Corporation 
may not predict. 
Reputation
To remain competitive, the Corporation depends to a 
large extent on its relationships with its clients and its 
reputation for high-quality professional services and as a 
professional services firm that complies with the highest 
ethical standards. This positive reputation plays an 
important role in the Corporation’s long-term success 
and is crucial for it to continue to compete effectively 
and maintain its goodwill. The Corporation may not be 
able to meet its clients’ expectations in the course of a 
project, or the occurrence of events outside of the 
control of the Corporation including the possibility of a 
catastrophic failure or incident affecting such a project, 
which could have a negative impact on how it is 
perceived in the market. Further, the Corporation’s 
failure to comply with applicable laws, regulations or 
generally recognized and accepted guidelines on 
corporate, environmental, social (including health and 
safety), and governance responsibilities, failure to 
adequately report on or meet its environmental, social 
and governance objectives, human rights standards or 
commitment of any acts of misconduct or corruption, 
illegal political contributions, alleged or proven non-
compliance with laws or regulations, anti-competitive or 
criminal acts or other ethics-related acts or omissions by 
its 
officers, 
directors, 
employees, 
subconsultants, 
contractors, agents, clients, third party suppliers and/or 
partners could negatively impact the Corporation’s 
reputation. Harm to the Corporation’s reputation could 
also arise from a number of other factors, including 
questions surrounding competence, data breaches, 
actual or alleged quality, timing or performance issues 
on its projects, a poor health and safety record or the 
accuracy and quality of financial reporting and public 
disclosure. Any negative publicity about, or significant 
damage to, the Corporation’s reputation and image 
could have an adverse impact on client, employee and 
investor perception and confidence and may result in the 
cancellation of current projects and adversely impact its 
ability to secure future projects, affect the Corporation’s 
ability to attract or retain qualified personnel, or 
negatively impact the Corporation’s relationship with its 
investors 
and 
potential 
investors. 
Also, 
the 
pervasiveness and viral nature of social media could 
exacerbate any negative publicity with respect to the 
Corporation's business.
Insurance limits
The Corporation maintains comprehensive insurance 
coverage for various aspects of its business and 
operations, to provide indemnity for its losses and 
liabilities. The Corporation’s insurance programs are 
subject to varying coverage limits, retentions as well as 
exclusions that are customary or reasonable given the 
cost 
of 
procuring 
insurance, 
current 
operating 
conditions, and other relevant considerations. As a 
result, the Corporation may be subject to future liability 
for which it is only partially insured, or completely 
uninsured. The Corporation is of the view that its 
insurance program addresses all material insurable risks 
and provides coverage that is in accordance with what 
would be maintained by a prudent operator of a similar 
business. However, there can be no guarantee that such 
insurance will continue to be offered on economically 
feasible terms, that all events that could give rise to a 
loss or liability are or will be insurable, or that the 
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WSP Global Inc.
Management's Discussion and Analysis
2024

amounts of insurance will always be sufficient to cover 
every loss or claim that may occur involving the 
Corporation’s assets or operations.
Risks related to AI and other emerging 
technologies
The digital transformation and the adoption of emerging 
technologies, such as AI and Quantum Computing, 
require continued focus and investment. While not 
adopting such technologies could be a threat to the 
Corporation’s ability to adapt and evolve in its 
competitive markets, the adoption of such technologies 
poses certain risks including: 
• Accuracy  and bias: AI tools may generate inaccurate 
or unreliable output which may be biased or 
discriminatory, include unethical or inappropriate 
content. If AI output is relied upon with insufficient 
human validation, there may be an increased risk of 
errors and omissions in the Corporation’s services 
and work products, and consequently, increased risk 
of litigation and claims and erosion of trust with 
clients. 
• Data privacy and confidentiality of client, personal 
and corporate data: information provided to public AI 
services may be stored and re-used in the tool. In the 
event the Corporation provides data to these 
services it would not be protected against disclosure 
and may be permanently available to third parties, 
increasing compliance risks with data protection 
laws, 
AI 
regulation 
and 
client 
contractual 
requirements. 
• Regulation: 
failure 
to 
comply 
with 
emerging 
regulations, data protection laws or contractual 
obligations relating to AI may lead to additional 
compliance risks for the Corporation. 
• Intellectual property: AI service providers may pose 
aggressive terms and conditions on the ownership 
and use of information provided by or to the tool, 
raising the risk of losing intellectual property 
protection and infringing clients’ or other third parties’ 
intellectual property rights. 
• Human 
resources: 
The 
effective 
adoption, 
integration, and leveraging of existing and emerging 
technologies, including AI and machine learning 
systems, into our operations can present operational 
risks, impact utilization rates, and require significant 
investment of time and resources to train our 
employees to successfully leverage a broad range of 
technological advances to perform their work and 
ensure adequate delivery of services to our clients. 
Although the Corporation has established internal 
controls and processes regarding AI, these may not be 
sufficient to adequately protect against all associated 
risks. This may result in fines, penalties, litigation and 
impact 
our 
reputation 
and 
client 
confidence. 
Furthermore, 
there 
can 
be 
no 
assurance 
that 
investments made in these technologies and related 
processes and tools will provide a valuable return to the 
Corporation.
Controls and disclosure
Inherent limitations to the Corporation’s internal or 
disclosure 
controls 
could 
result 
in 
a 
material 
misstatement of financial information or other metrics 
disclosed by the Corporation, which could cause the 
Corporation to incur incremental compliance costs, fail 
to meet its public reporting requirements or require a 
restatement of its financial statements. The Corporation 
maintains accounting systems and internal controls over 
its financial reporting and disclosure controls and 
procedures. The Corporation is also implementing 
controls and procedures for its ESG information. There 
are inherent limitations to any control framework, as 
controls 
can 
be 
circumvented 
by 
individuals 
(intentionally or otherwise), collusion of two or more 
individuals, management override of controls, lapses in 
judgment, and breakdowns resulting from human error. 
There are no systems or controls that can provide 
absolute assurance that all fraud, errors, circumvention 
of controls or omission of disclosures are prevented or 
detected. Such fraud, errors, circumvention of controls 
or omission of disclosure could result in a material 
misstatement of financial information or other metrics 
disclosed by the Corporation. Also, projections of any 
evaluation of the effectiveness of controls to future 
periods are subject to the risk that controls may become 
inadequate because of changes in conditions or that the 
degree of compliance with the policies or procedures 
may deteriorate. Inadequate controls could also result in 
fraud and inappropriate decision-making based on non-
current internal information. 
Increasing requirements and stakeholder 
expectations regarding ESG matters
The Corporation and its clients are facing increasing 
ESG risk management and reporting expectations driven 
by stakeholders including clients, investors, employees 
and communities as well as by an increasing number of 
regulatory requirements globally. These expectations 
and obligations are expected to continue to evolve in the 
near future.
Through its designs and advisory services, as well as 
through its own actions, WSP is committed to helping 
address and solve some of the most pressing 
environmental and social issues. The Corporation has 
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WSP Global Inc.
Management's Discussion and Analysis
2024

pledged to reduce its greenhouse gas (“GHG”) 
emissions, create a more inclusive and diverse 
workplace, protect the health, safety and well-being of 
its workforce, and assess its impacts on biodiversity, 
among 
other 
ESG 
commitments. 
Some 
of 
the 
Corporation’s commitments have been included in its 
credit agreement, under which certain borrowing costs 
may be impacted by whether or not targets have been 
achieved. The achievement of these goals and 
objectives is subject to risks and uncertainties, notably 
for targets that are not under the Corporation’s direct 
control, such as the GHG emissions reductions of its 
business partners and suppliers (scope 3 emissions). 
The Corporation offers advisory services in relation to 
setting ESG targets and reporting on frameworks and as 
such, is subject to increased scrutiny of its corporate 
ESG disclosures. More acute generalized scrutiny also 
adds pressure to secure reliable and precise ESG data 
with clear accountability across the organization and to 
deploy robust data collection processes with effective 
controls that will allow external verification in the near 
future.  As a result, if the Corporation misses its stated 
ESG targets, or fails to accurately manage, measure or 
report on its progress in relation to such ESG targets, 
this could have financial, reputational, legal and 
regulatory 
repercussions. 
For 
example, 
the 
Corporation’s activities are rated by ESG rating 
agencies, and the resulting scores and rankings are 
used as an investment tool, notably among institutional 
investors. Failure by the Corporation to reach its ESG 
targets could potentially lead to downgrades in its 
ratings and loss of clients, partners or internal talent.
In addition, the emergence of ‘’greenwashing’’ litigation 
by various groups creates a new and evolving set of 
compliance risks. Furthermore, gaps in perception and 
acceptability of how ESG factors in shareholder value 
also call for increased vigilance when it comes to ESG 
reporting and communication. There is an increasing risk 
that any action, or inaction, by the Corporation could be 
perceived negatively by at least some stakeholders.
If the Corporation’s ESG risk management and reporting 
practices fail to achieve the expectations of its 
stakeholders, this could influence investor or client 
behaviour and negatively affect our reputation.
Challenges associated with infectious disease 
outbreaks
Infectious disease outbreaks, including epidemics, 
pandemics such as COVID-19 or similar widespread 
public health concerns, can cause serious demand, 
supply and operational challenges to the Corporation.  
These public health concerns pose the risk that our 
employees, clients, subconsultants and other business 
partners may be prevented from, or restricted in, 
conducting business activities for an indefinite period, 
including due to the transmission of the disease or to 
emergency measures or restrictions that may be 
requested or mandated by governmental authorities.  
Pathogens are constantly and rapidly evolving and they 
are impacted by climate change which also increases 
the spread of infectious diseases. 
The likelihood and magnitude of such impacts or the 
occurrence of any such infectious disease outbreaks are 
inherently difficult to predict and will depend on many 
factors 
beyond 
the 
Corporation’s 
control 
and 
knowledge. The Corporation’s business continuity plans 
may be not be sufficient to adequately mitigate any 
impacts if infectious disease outbreaks continue to 
materialize. 
Joint arrangements
As part of its business strategy, the Corporation may 
enter into certain contracts through joint arrangements 
with unaffiliated third parties such as joint ventures, 
partnerships or other strategic alliances. The success of 
the Corporation’s joint arrangements depends, in part, 
on the satisfactory performance by its partners of their 
respective obligations. The failure or unwillingness of 
any partner in a joint arrangement to perform its 
obligations or to provide the required levels of financial 
support could impose financial and performance 
obligations on the Corporation that could result in 
increased costs. If these circumstances occur, the 
Corporation may be required to pay financial penalties or 
liquidated damages, provide additional services outside 
of its responsibilities, or make additional investments to 
ensure adequate performance and delivery of the 
contracted services. Under agreements with joint and 
several (or solidary) liabilities or whereby the work to be 
delivered to our client is integrated with our contract 
partners, the Corporation could be liable for both its own 
obligations 
and 
those 
of 
its 
partners. 
These 
circumstances could also lead to disputes and litigation 
with the Corporation’s partners or clients.
Climate change and related physical and 
transition risks
As an organization providing consultancy services with 
no significant real estate assets, the Corporation 
believes its financial exposure to acute physical impacts 
from climate change is limited. However, there is the 
potential that changes in climate such as increasing 
heatwaves, sea level rise, extreme weather events, 
M-44
WSP Global Inc.
Management's Discussion and Analysis
2024

storm-related flooding or extended drought, or other 
acute or chronic changes to the climate could disrupt its 
clients’ projects, its project delivery, or the health and 
safety of its employees.  The effects of climate change 
and extreme weather events on the Corporation’s clients 
have the potential to cause negative impacts on the 
Corporation, including work stoppages, project delays, 
financial losses and additional costs to resume 
operations, including increased insurance costs or loss 
of coverage, legal liability and reputational losses. 
Existing business continuity plans may not be sufficient 
to enable the Corporation to recover from these 
negative impacts.
Generally, the Corporation occupies modern offices in 
well-connected locations. It also has significant regional, 
national and global presence to ensure that all offices 
would not be disrupted by adverse climate impacts at 
the same time. However, the health and well-being of our 
employees may be impacted if there are significant, 
region-wide events such as heatwaves or extreme 
weather, regardless of where employees are working, 
which may impact project delivery. The Corporation 
conducts outdoor field activities in the course of its 
projects, including but not limited to professional 
surveying, resident engineering services, field data 
surveys 
and 
collection, 
archeology, 
geotechnical 
investigations and exploratory geological or geo-
environmental 
drilling, 
construction 
oversight 
and 
inspection, and plant start-up, testing and operations. 
Therefore, extreme weather events could also hinder the 
ability of its field employees to perform their work, which 
may result in delays or loss of revenues, while certain 
costs continue to be incurred.
In addition to physical risks, climate change poses 
transitional risks to the Corporation such as market and 
technology shifts, which could result in decreased 
demand for some of the Corporation's services. 
Furthermore, policy changes made by governments in 
response to climate concerns could increase the costs 
or impact the viability of projects for some clients, or 
alternatively increase demand for some of our services. 
It is currently difficult to predict the outcome of climate-
related proposals and their impact on the Corporation 
and its clients.
Ecological and social impacts of projects 
WSP works in industries including energy, mining, water, 
transportation and infrastructure, where related projects 
may impact the environment or local or Indigenous 
communities or take place in regions subject to 
geopolitical tensions or with elevated human rights 
concerns. The impacts of our clients’ projects may 
include a reduction in biodiversity, deforestation, water 
pollution, displacement of local populations, otherwise 
disrupt communities or lead to the loss of territories 
claimed by certain groups. Beyond abiding by all 
applicable laws and regulations, the Corporation’s 
clients must gain social acceptance for their projects 
from a wide number of stakeholders. Failure to involve 
concerned citizens and impacted communities in 
decision-making could lead to negative publicity, 
protests, litigation, policy changes, or even cancellation 
of projects. 
Reliance on suppliers and subconsultants
The Corporation engages with a large number of third-
party suppliers and subconsultants to fulfill its obligations 
towards its clients. The proper and profitable completion 
of some contracts depends to a large extent on the 
satisfactory performance of the subconsultants that 
complete different elements of the work delivered by the 
Corporation to its clients. If these subconsultants do not 
perform to acceptable standards or fail to deliver as per 
the agreed schedule, the Corporation may have to 
replace its subconsultant to complete the subcontracted 
deliverables and the Corporation’s ability to fulfill its 
obligations may be jeopardized.  This may result in 
additional costs to the Corporation which could impact 
profitability 
on 
a 
specific 
job 
and 
in 
certain 
circumstances may lead to margin erosion, significant 
losses, dissatisfied clients and claims.
The Corporation may not be able to successfully flow 
down 
its 
contractual 
liability 
adequately 
and 
proportionately to its suppliers and subconsultants and 
ensure 
that 
any 
such 
third 
party, 
supplier 
or 
subconsultant deliver on their contractual commitments 
or meet the Corporation’s expectations set out in its 
Business Partners Code of Conduct. 
Protection of intellectual property rights 
The Corporation’s technology and intellectual property 
provide, in certain instances, a competitive advantage. 
Where appropriate, the Corporation seeks to protect its 
technology 
and 
intellectual 
property, 
including 
trademarks, patents, copyright, know-how and industrial 
designs, by relying on registration, licensing, security 
controls and other available mechanisms, as well as by 
implementing the proper legal contractual arrangement 
and non-disclosure agreements. However, there is no 
assurance that such measures will be enforceable or 
adequate. Trade secrets are generally difficult to protect. 
Our employees and contractors are subject to 
confidentiality obligations, but this protection may be 
inadequate to deter or prevent misappropriation of our 
confidential information and/or infringement of our 
M-45
WSP Global Inc.
Management's Discussion and Analysis
2024

intellectual property. If the Corporation is not able to fully 
protect its intellectual property rights or detect any 
unauthorized use of same or otherwise take appropriate 
steps to enforce its rights, they could be invalidated, 
circumvented, challenged or become obsolete which 
could adversely impact the Corporation’s capacity to 
differentiate itself from its competitors. Litigation to 
determine the scope of intellectual property rights, even 
if ultimately successful, could be costly and could divert 
management’s attention away from other aspects of our 
business.
Clients and third parties occasionally provide the 
Corporation with access to their technology and 
intellectual property, and although the Corporation takes 
reasonable steps to protect such information from 
improper use or distribution, there is a risk that it may not 
be adequately protected which could lead to claims and 
litigation and resulting liabilities, loss of contracts or other 
consequences. In addition, the Corporation publishes 
numerous articles and reports, in a variety of websites, 
journals or magazines and may, even unintentionally, 
entail copyright infringement. The Corporation may face 
allegations or claims by clients and third parties of 
infringement, misappropriation or other violations of their 
intellectual 
property 
rights. 
Any 
infringement, 
misappropriation or related claims, whether or not 
meritorious, could be time consuming, divert technical 
and management personnel, and costly to resolve and 
could substantially harm our business and overall 
reputation.   
Changes to backlog
The Corporation cannot guarantee that the revenues 
projected in its backlog will be realized or, if realized, will 
result in profits. Projects may remain in the backlog for 
an extended period of time. In addition, project delays, 
suspensions, terminations, cancellations, reductions in 
scope or other adjustments do occur from time to time in 
the Corporation’s industry due to considerations beyond 
its control and may have a material impact on the value 
of reported backlog. Future project cancellations and 
scope adjustments could further reduce the dollar 
amount of the backlog and the revenues that the 
Corporation actually receives.
In addition, most of the Corporation’s contracts contain 
“termination for convenience” or termination upon short 
notice provisions, which permit the client to terminate or 
cancel the contract at its convenience upon providing 
the Corporation with notice of a specified period of time 
before the termination date or paying the Corporation 
equitable compensation or both, depending on the 
specific contract terms. In the event a significant number 
of the Corporation’s clients were to avail themselves of 
such “termination for convenience” provisions, or if one 
or more significant contracts were terminated for 
convenience, the Corporation’s reported backlog would 
be adversely affected. Although the Corporation’s 
revenues do not materially depend on any specific client, 
there can be no assurance that the Corporation will be 
able to retain its relationships with its largest clients.
If 
a 
significant 
backlog 
adjustment 
occurs, 
the 
Corporation could incur costs resulting from reductions 
in staff that would have the effect of reducing its net 
earnings.
Work stoppage and labour disputes
As at December 31, 2024, employees predominantly 
in the Nordics, Brazil, Canada and Central Europe, 
representing approximately 11.1% of the Corporation's 
total employee population were unionized. Although 
the Corporation believes that it has good relations 
with its employees, the Corporation has in the past 
experienced labour disputes with its employees and 
could experience such conflicts in the future which 
could lead to strikes, loss of productivity, project 
interruptions, financial losses or damages to the 
Corporation’s reputation as an employer of choice. 
There is a risk that the Corporation may experience a 
lengthy strike or other work stoppage, caused by or 
involving unionized or non-unionized employees. 
There is an inherent risk that ongoing or future 
negotiations 
related 
to 
collective 
bargaining 
agreements or union representation may not be 
favourable to the Corporation. From time to time, the 
Corporation has also faced attempts to unionize the 
Corporation’s non-unionized employees. Such efforts 
can often disrupt or delay work and present risk of 
labour unrest.
RISKS RELATED TO THE 
CORPORATION'S LIQUIDITY, 
CAPITAL RESOURCES AND 
FINANCIAL POSITION
Deterioration of financial position or net cash 
position
The Corporation relies both on its cash position as well 
as on the bank, credit and capital markets to provide a 
portion of its capital requirements and it is, in certain 
instances, required to obtain bank guarantees, letters of 
credit and/or performance and payment bonds as a 
means to secure its various contractual obligations. 
M-46
WSP Global Inc.
Management's Discussion and Analysis
2024

Significant instability or disruptions of the capital 
markets, including the credit markets, or a deterioration 
in or weakening of its financial position, including its net 
cash position, due to internal or external factors, could 
restrict or prohibit the Corporation’s access to, or 
significantly increase the cost of, one or more of these 
financing sources, including credit facilities, the issuance 
of long-term debt (such as the issuance of debentures, 
bonds or notes). There can be no assurance that the 
Corporation will maintain an adequate net cash position 
and generate sufficient cash flow from operations to 
fund its operations and liquidity needs and service its 
debt.
In addition, the Corporation is often required to provide 
bank guarantees, and surety bonds to guarantee its 
contractual and project obligations.
Substantial 
drawdowns 
on 
surety 
bonds 
bank 
guarantees by one or more third parties could, among 
other things, significantly reduce the Corporation’s cash 
position.
Working capital requirements
The Corporation may have significant working capital 
requirements. In some cases, the Corporation may 
require significant working capital to finance the 
performance of engineering and other work on certain 
projects before it receives payment from clients. In other 
cases, the Corporation is contractually obligated to its 
clients to fund working capital on projects. 
Further, significant deterioration of the current global 
economic 
and 
credit 
market 
environment 
could 
challenge the Corporation’s efforts to maintain a 
diversified asset allocation with credit worthy financial 
institutions.
In addition, the Corporation may invest some of its cash 
in longer-term investment opportunities, including the 
acquisition of other entities or operations, capital 
expenditures, the reduction of certain liabilities such as 
unfunded pension liabilities and/or repurchases of the 
Corporation’s outstanding shares. To the extent the 
Corporation uses cash for such other purposes, the 
amount of cash available for the working capital needs 
described above would be reduced.
Accounts receivable
The Corporation carries a level of accounts receivable 
on its balance sheet typical of the professional services 
industry. This value is spread among numerous 
contracts and clients. While this diversification is a 
mitigating factor, the Corporation performs regular 
reviews of accounts receivable to identify clients with 
overdue payments and resolve issues causing any 
delays, including issues relating to the financial capacity 
of such clients, there can be no assurance that 
outstanding accounts receivable will be paid on a timely 
basis or at all. Concentration of credit risk from clients in 
a specific geographic area or industry could occur from 
continuing negative trends or a deterioration in the 
financial condition of specific geographic areas or 
industries. This concentration as well as significant 
changes in regulation could make us susceptible to 
disproportionately high levels of default by those clients. 
While the Corporation maintains provisions to account 
for projected collection issues, such provisions are 
based on estimates and projections which may differ 
significantly from actual results.
The Corporation’s credit risk is principally attributable to 
its trade receivables. The amounts presented in the 
balance sheet are net of expected credit losses, 
estimated by Management and based, in part, on the age 
of the specific receivable balance and the current and 
expected collection trends. Generally, although credit is 
extended following an evaluation of creditworthiness, 
the Corporation does not require collateral or other 
security from customers for trade accounts receivable. 
There is a risk that the Corporation may hold large 
balances of accounts receivable that are uncollectible.
Financial Leverage and raising capital
The Corporation has financial indebtedness as set forth 
in its Annual Information Form for the year ended 
December 31, 2024. The Corporation may draw on its 
credit facilities or may issue other debt instruments, such 
as bonds, to fund its activities, including acquisitions it 
may complete from time to time. Depending on its level 
of indebtedness, the Corporation could be required to 
dedicate an important part of its cash flow to making 
interest and capital payments on its indebtedness, which 
could have other important consequences for investors, 
including the following:
• it may limit the Corporation’s ability to make 
investments that are important to its growth and 
strategies while meeting its other cash needs or 
obtain additional financing for working capital, capital 
expenditures, debt service requirements, acquisitions 
and general corporate or other purposes;
• certain of the Corporation’s borrowings are at 
variable interest rates and expose the Corporation to 
the risk of increased interest rates;
• it may limit the Corporation’s ability to adjust to 
changing 
market 
conditions 
and 
place 
the 
Corporation at a competitive disadvantage compared 
to its competitors that have less debt;
M-47
WSP Global Inc.
Management's Discussion and Analysis
2024

• it may negatively impact the Corporation’s credit 
ratings;
• the Corporation may not be able to declare and pay 
dividends on its shares or may have to lower the 
dividends it declares and pays on its shares; and
• the Corporation may be vulnerable in a downturn in 
general economic conditions.
Under the terms of the contracts governing its 
indebtedness, the Corporation is permitted to incur 
additional debt in certain circumstances. However, doing 
so could increase the risks described above. Under its 
credit facility and trust indenture, the Corporation is 
required, among other conditions, to respect certain 
covenants on a consolidated basis. The main covenants 
are in regard to its consolidated funded debt to 
consolidated 
adjusted 
EBITDA 
and 
the 
interest 
coverage ratios, which are non-IFRS measures. 
Management reviews compliance with these covenants 
on a quarterly basis in conjunction with filing and 
reporting requirements under its credit facility and trust 
indenture. A breach of any covenant or our inability to 
comply with the required financial ratios could result in a 
default under our credit facilities and limit our ability to do 
further borrowing. In addition, the Corporation conducts 
its business through its subsidiaries and as such, its cash 
flow and ability to service its debt obligations are 
dependent upon the earnings of its subsidiaries, and the 
distribution of those earnings to the Corporation, or upon 
loans, advances or other payments made by these 
entities to the Corporation. The ability of these 
subsidiaries to pay dividends or make other loans, 
advances or payments to the Corporation is dependent 
upon their operating results and is subject to applicable 
laws.
The Corporation may not be able to obtain capital on 
acceptable terms in order to fund its growth strategy, 
and may be required to reduce the scope of its 
anticipated expansion. Using internally generated cash 
or taking on high levels of debt to complete acquisitions 
could substantially limit the Corporation’s operational 
and financial flexibility. The extent to which the 
Corporation will be able or willing to issue equity as a 
means of financing acquisitions will depend on the 
market value of its shares from time to time and the 
willingness of potential sellers to accept its shares as full 
or partial consideration. The Corporation may also be 
required to incur additional debt if it acquires another 
business, which could increase its debt repayment 
obligations.
In addition, the Corporation may also be required to raise 
additional capital in the public or private markets to 
support its strategy and operational needs in the future. 
The availability of future financing will depend on 
prevailing market conditions, and the acceptability of 
financing terms offered. There can be no assurance that 
future financing will be available, or available on 
acceptable terms, in an amount sufficient to fund its 
needs, especially during periods of economic downturn. 
Impairment of long-lived assets
Because the Corporation has grown in part through 
acquisitions, goodwill and intangible assets represent a 
substantial portion of the Corporation’s assets. As at 
December 31, 2024, the Corporation had $9.45 billion of 
goodwill, representing 47% of its total assets of 
$20.20 billion. Under IFRS, the Corporation is required to 
test goodwill and indefinite-lived intangible assets 
carried in its consolidated statement of financial position 
for possible impairment on an annual basis; the 
Corporation uses a fair value approach. The Corporation 
has chosen to perform its annual impairment review of 
goodwill on the first day of the Corporation’s fourth 
quarter of its fiscal year. The Corporation is also required 
to test long-lived assets for impairment between annual 
tests if events occur or circumstances indicate that an 
asset or Cash Generating Unit ("CGU") may be impaired. 
These events or circumstances could include a 
significant change in the business climate, including a 
significant sustained decline in a CGU’s market value, 
legal 
factors, 
operating 
performance 
indicators, 
competition, sale or disposition of a significant portion of 
its business, potential government actions toward its 
facilities, and other factors. If the recoverable amount of 
a CGU is less than its carrying value, the Corporation 
would be required to record an impairment charge. The 
amount of any impairment could be significant. 
Foreign currency exposure
Foreign currency risk is the risk that fair value of an asset 
or liability or future cash flows will fluctuate because of 
changes in foreign exchange rates, and where a change 
in exchange rates would have a direct impact on net 
earnings of the Corporation. The Corporation operates 
internationally which significantly increases its exposure 
to the foreign currency risk arising from its operating 
activities denominated in various currencies, including 
US dollars, pounds sterling, Swedish kronas and 
Australian dollars and to its net assets in foreign 
operations. A significant portion of the Corporation’s 
earnings and net assets is denominated in multiple 
foreign currencies, including US dollar, pound sterling, 
Swedish krona and Australian dollars. Accordingly, 
fluctuations in exchange rates between the Canadian 
dollar and such currencies may pose a risk to the 
Corporation. Future events that may significantly 
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WSP Global Inc.
Management's Discussion and Analysis
2024

increase or decrease the risk of future movement in the 
exchange rates for these currencies cannot be 
predicted.
In situations where revenues and costs are transacted in 
different currencies, the Corporation sometimes enters 
into foreign exchange derivatives in order to limit its 
exposure to fluctuating foreign currencies. Nonetheless, 
future cash flows in a foreign currency carry the risk that 
the foreign currency will fluctuate in value before the 
transaction in question is completed and the currency is 
exchanged into the Corporation’s functional currency. 
Income taxes
The Corporation is subject to income taxes in various 
foreign jurisdictions. The tax legislation, regulation and 
interpretation that apply to its operations are continually 
changing. In addition, deferred income tax benefits and 
liabilities are dependent on factors that are inherently 
uncertain and subject to change, including future 
earnings, future tax rates, and anticipated business mix 
in the various jurisdictions in which the Corporation 
operates. Significant judgment is required in determining 
required provision for income taxes and Management 
uses accounting and fiscal principles to determine 
income tax positions that it believes are likely to be 
sustained by applicable tax authorities. However, there is 
no assurance that the Corporation's tax benefits or tax 
liability will not materially differ from its estimates or 
expectations. In the ordinary course of business, there 
are many transactions and calculations where the 
ultimate tax determination is uncertain. The Corporation 
is regularly under audit by tax authorities. It is these tax 
authorities that will make the final determination of the 
actual amounts of taxes payable or receivable, of any 
deferred income tax benefits or liabilities and of income 
tax expense that the Corporation may ultimately 
recognize. Although Management believes that its 
income tax estimates and tax positions are reasonable, 
they could be materially affected by many factors 
including the final outcome of tax audits and related 
litigation, the introduction of new income tax accounting 
standards, 
legislation, 
regulations, 
and 
related 
interpretations, the Corporation’s global mix of earnings, 
the realizability of deferred income tax assets and 
changes in uncertain tax positions. The Corporation may 
also experience a significant increase or decrease in its 
effective income tax rate. Any of the above factors could 
affect the  operations and profitability of the Corporation, 
the availability of tax credits, the cost of the services it 
provides, and the availability of deductions for operating 
losses as the Corporation grows its business.
21 ADDITIONAL INFORMATION
Additional information regarding the Corporation is 
available on our website at www.wsp.com and on 
SEDAR+ at www.sedarplus.ca. The Corporation's 
Annual 
Information 
Form 
for 
the 
year 
ended 
December 31, 2024 is available on these websites.
The common shares of the Corporation are traded on 
the Toronto Stock Exchange under the symbol “WSP”. 
As at December  31, 2024, the Corporation had 
130,479,453 common shares outstanding. As at 
February  25, 2025, the Corporation had 130,496,318 
common shares outstanding.
The Corporation has no other shares outstanding.
As at February  25, 2025, 706,339 stock options were 
outstanding at exercise prices ranging from $41.69 to 
$210.64.
Under the Corporation's share unit plan, which forms 
part of its long-term incentive plans, vested redeemable 
share units may be redeemed for common shares of the 
Corporation or cash, at the choice of the participant. 
Subject to the achievement of specified performance 
measures and objectives, the Corporation's redeemable 
share units outstanding as at February 25, 2025, could 
be redeemed for a maximum of 395,473 common 
shares of the Corporation, when vested.
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WSP Global Inc.
Management's Discussion and Analysis
2024

22 GLOSSARY OF SEGMENT REPORTING, 
NON-IFRS AND OTHER FINANCIAL 
MEASURES
Net revenues and related measures
Net revenues is defined as revenues less direct costs 
for subconsultants and other direct expenses that are 
recoverable directly from clients. 
Net revenues is a segment reporting measure and a total 
of segments measure, without a standardized definition 
within IFRS, which may not be comparable to similar 
measures presented by other issuers. 
Management analyzes the Corporation's financial 
performance in relation to fee-based revenues, or net 
revenues, since direct recoverable costs can vary 
significantly from contract to contract and are not 
indicative of the performance of the professional 
consulting services business. Refer to section 8.1, “Net 
revenues”, for reconciliations of revenues to net 
revenues.
Net revenue organic growth (contraction) is the 
measure of period-over-period change in net revenues, 
excluding net revenues of businesses acquired or 
divested in the twelve months following the acquisition 
or prior to the divestiture, expressed as a percentage of 
the comparable period net revenues, adjusted to 
exclude net revenues of divested businesses, all 
calculated to exclude the impact of foreign exchange.
Net revenue acquisition growth is the measure of net 
revenues of acquired businesses in the twelve months 
following the acquisition, expressed as a percentage of 
the comparable period net revenues, all calculated to 
exclude the impact of foreign exchange.
Divestiture impact is the measure of net revenues of 
divested businesses in the twelve months prior to the 
divestiture, 
expressed 
as 
a 
percentage 
of 
the 
comparable period net revenues, both calculated to 
exclude the impact of foreign exchange.
These net revenue growth (contraction) measures are 
supplementary financial measures without standardized 
definitions within IFRS, used to analyze the period-over-
period variances in net revenues. Other issuers may 
define similar measures differently and, accordingly, 
these measures may not be comparable to similar 
measures used by other issuers. 
Backlog and related measures
Backlog represents future revenues stemming from 
existing signed contracts with customers, comprised of 
the value of firm orders only and excludes any variable 
consideration that is not highly probable. For public-
sector clients funded by a governmental body, funding 
has been confirmed. 
Organic backlog growth (contraction) is the firm order 
intake less revenues for the period, both calculated to 
exclude the impact of foreign exchange, and also 
excluding order intake through business acquisitions in 
the period, net of divestitures, expressed as a 
percentage of the opening backlog for the period.
Refer to section 8.2 "Backlog", for the year-to-date roll of 
backlog, including the organic order intake.
Organic 
backlog 
growth 
(contraction) 
is 
a 
supplementary 
financial 
measures 
without 
a 
standardized definitions within IFRS, used to analyze the 
period-over-period variances in backlog. Other issuers 
may 
define 
a 
similar 
measure 
differently 
and, 
accordingly, this measure may not be comparable to 
similar measures used by other issuers. 
Adjusted EBITDA and adjusted EBITDA 
margin
Adjusted EBITDA is defined as earnings before net 
financing expense (except interest income), income tax 
expense, depreciation, amortization, impairment charges 
on long-lived assets and reversals thereof, share of 
income tax expense and depreciation of associates and 
joint ventures, acquisition, integration and reorganization 
costs and ERP implementation costs. Adjusted EBITDA 
margin is defined as adjusted EBITDA expressed as a 
percentage of net revenues. 
Adjusted EBITDA is a non-IFRS financial measures. 
Adjusted EBITDA margin is a non-IFRS ratio. These 
measures have no standardized definitions under IFRS, 
and, 
accordingly, 
these 
measures 
may 
not 
be 
comparable to similar measures used by other issuers. 
Management analyzes the Corporation’s financial 
performance in relation to adjusted EBITDA as it 
M-50
WSP Global Inc.
Management's Discussion and Analysis
2024

believes this metric allows comparability of operating 
results from one period to another. These measures 
exclude the effects of items that primarily reflect the 
impact of long-term investment and financing decisions, 
rather than the results of day-to-day operations. Refer to 
section 8.3, “Adjusted EBITDA”, for reconciliations of 
EBIT to adjusted EBITDA. 
Adjusted EBITDA by segment and adjusted 
EBITDA margin by segment
Adjusted EBITDA by segment is defined as adjusted 
EBITDA excluding head office corporate costs. Head 
office corporate costs are expenses and salaries related 
to centralized functions, such as head office finance, 
human resources and technology teams, which are not 
allocated to reportable segments. Adjusted EBITDA 
margin by segment is defined as adjusted EBITDA 
before head office corporate costs expressed as a 
percentage of net revenues.
These are segment reporting and total of segments 
measures without standardized definitions within IFRS. 
Other issuers may define adjusted EBITDA by segment 
differently and, accordingly, this measure may not be 
comparable to similar measures used by other issuers. 
These metrics provide Management with comparability 
from one reportable segment to another. Refer to 
section 8.3, “Adjusted EBITDA”, for reconciliations of 
adjusted EBITDA to adjusted EBITDA by segment and of 
EBIT to adjusted EBITDA. 
Adjusted net earnings and adjusted net 
earnings per share
Adjusted net earnings is defined as net earnings 
attributable to shareholders excluding:
•
amortization of intangible assets related to 
acquisitions;
•
impairment charges on long-lived assets and 
reversals thereof;
•
acquisition, integration and reorganization costs;
•
ERP implementation costs;
•
gains or losses on investments in securities related 
to deferred compensation obligations, included in 
other financial assets; 
•
unrealized gains or losses on derivative financial 
instruments; and
•
the income tax effects related to the above-
mentioned items. 
Adjusted net earnings per share is calculated using 
the basic weighted average number of shares.
Adjusted net earnings is a non-IFRS financial measure 
and adjusted net earnings per share is a non-IFRS ratio. 
These measures have no standardized definitions under 
IFRS, and, accordingly, these measures may not be 
comparable to similar measures used by other issuers. 
The 
exclusion 
of 
acquisition, 
integration 
and 
reorganization costs, amortization of intangible assets 
related to acquisitions and impairment charges on long-
lived 
assets 
and 
reversals 
thereof 
provides 
a 
comparative measure of the Corporation’s performance 
in a context of material business combinations, in which 
the 
Corporation 
may 
incur 
material 
acquisition, 
integration and reorganization costs and as a result of 
which the Corporation's amortization expense may 
increase due to recognition of intangible assets which 
would not normally be recognized outside of a business 
combination. In addition, reorganization of the business 
in line with our real estate strategy and realization of 
synergies following acquisitions may lead to impairment 
or abandonment of certain assets in order to improve 
the Corporation's overall cost structure. Management 
also excludes ERP implementation costs as such costs 
are not representative of the operating activities of the 
business. In addition, this non-IFRS financial measure is 
adjusted for certain non-cash items related to market 
volatility, which are inherently unpredictable. In the US, 
the Corporation maintains a deferred compensation plan 
under which a portion of employees’ compensation is 
deferred and invested in financial assets held in a trust, 
included in other financial assets in the Corporation's 
statement of financial position. These financial assets 
held in a trust are for the ultimate benefit of the 
employees but are available to the Corporation’s 
creditors in the event of insolvency and are therefore not 
considered actuarial gains and losses recorded through 
other comprehensive income, and instead are recorded 
in financing expense. Finally, unrealized gains or losses 
on derivative financial instruments relate to future 
transactions and therefore are not comparable when 
included in the current period results. 
Management believes these items should be excluded in 
understanding the underlying operational financial 
performance achieved by the Corporation. Refer to 
section 8.8, “Adjusted net earnings”, for reconciliations 
of net earnings attributable to shareholders to adjusted 
net earnings. 
M-51
WSP Global Inc.
Management's Discussion and Analysis
2024

Free cash flow
Free cash flow (or outflow) is defined as cash flows 
from operating activities, plus discretionary cash 
generated by the Corporation from other activities (if 
any), less lease payments and net capital expenditures. 
Free cash flow is a non-IFRS financial measure without a 
standardized definition within IFRS. Other issuers may 
define a similar measure differently and, accordingly, this 
measure may not be comparable to similar measures 
used by other issuers. 
Free cash flow provides a consistent and comparable 
measure of discretionary cash generated by, and 
available to, the Corporation to service debt, meet other 
payment obligations and make strategic investments. 
Refer to section 9.1, “Operating activities and free cash 
flow”, for reconciliations of free cash flow to cash flows 
from operating activities. 
The ratio of trailing twelve months of free cash flow 
to net earnings attributable to shareholders is a non-
IFRS ratio without a standardized definition within IFRS, 
and, accordingly, may not be comparable to similar ratios 
used by other issuers. This ratio provides a measure of 
conversion of net earnings into cash. 
Days sales outstanding (“DSO”)
DSO represents the average number of days to convert 
the Corporation's trade receivables (net of sales taxes) 
and costs and anticipated profits in excess of billings, net 
of billings in excess of costs and anticipated profits, into 
cash. DSO is a supplementary financial measure without 
a standardized definition within IFRS. Other issuers may 
define a similar measure differently and, accordingly, this 
measure may not be comparable to similar measures 
used by other issuers. 
Net debt to adjusted EBITDA ratio
Net debt to adjusted EBITDA ratio is a capital 
management measure. Net debt is defined as long-term 
debt, including current portions but excluding lease 
liabilities, and net of cash. The Corporation uses this ratio 
as a measure of financial leverage and it is calculated 
using the trailing twelve-month adjusted EBITDA. 
M-52
WSP Global Inc.
Management's Discussion and Analysis
2024

2024 
CONSOLIDATED 
FINANCIAL 
STATEMENTS
WSP Global Inc.
For the year ended December 31, 2024

PricewaterhouseCoopers LLP 
1250 René-Lévesque Boulevard West, Suite 2500, Montréal, Quebec, Canada  H3B 4Y1 
T.: +1 514 205 5000, F.: +1 514 876 1502, Fax to mail: ca_montreal_main_fax@pwc.com 
“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. 
Independent auditor’s report 
To the Shareholders of WSP Global Inc. 
Our opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, 
the financial position of WSP Global Inc. and its subsidiaries (together, the Corporation) as at 
December 31, 2024 and 2023, and its financial performance and its cash flows for the years then ended in 
accordance with IFRS Accounting Standards. 
What we have audited 
The Corporation’s consolidated financial statements comprise: 

the consolidated statements of earnings for the years ended December 31, 2024 and 2023; 

the consolidated statements of comprehensive income for the years ended December 31, 2024 
and 2023; 

the consolidated statements of financial position as at December 31, 2024 and 2023; 

the consolidated statements of changes in equity for the years ended December 31, 2024 and 2023; 

the consolidated statements of cash flows for the years ended December 31, 2024 and 2023; and 

the notes to the consolidated financial statements, comprising material accounting policy information 
and other explanatory information. 
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our 
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of 
the consolidated financial statements section of our report. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 
opinion. 
Independence 
We are independent of the Corporation in accordance with the ethical requirements that are relevant to our 
audit of the consolidated financial statements in Canada. We have fulfilled our other ethical responsibilities 
in accordance with these requirements. 

Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the consolidated financial statements for the year ended December 31, 2024. These matters were 
addressed in the context of our audit of the consolidated financial statements as a whole, and in forming 
our opinion thereon, and we do not provide a separate opinion on these matters. 
Key audit matter 
How our audit addressed the key audit matter 
Preliminary valuation of customer relationships 
acquired in the POWER Engineers, 
Incorporated business combination 
Refer to note 2 – Material accounting policies, 
note 4 – Critical accounting estimates and 
judgments, note 5 – Business acquisitions and 
note 18 – Intangible assets to the consolidated
financial statements. 
On October 1, 2024, the Corporation acquired 
POWER Engineers, Incorporated, for a purchase 
price of US$1.75 billion ($2.36 billion). The 
preliminary fair value of the identifiable assets 
acquired included $418.6 million in customer 
relationships. Management used material estimates 
and assumptions in measuring the fair value of the 
assets acquired and the liabilities assumed. 
Management applied the excess earnings method 
using discounted cash flow model to value the 
customer relationships acquired. Management’s 
material estimates and assumptions in applying this 
methodology included forecast revenues and 
margins attributable to the customer relationships 
(in excess of backlog). As at December 31, 2024, 
the Corporation has not yet completed its fair value 
assessment of all the assets acquired and the 
liabilities assumed. 
Our approach to addressing the matter included the 
following procedures, among others: 

Tested how management determined the
preliminary fair value of the customer
relationships, which included the following:
–
Read the purchase agreement;
–
Assessed the appropriateness of the model
used to estimate the customer
relationships;
–
Tested the underlying data used by
management in the model;
–
Evaluated the reasonableness of material
assumptions and estimates such as
forecasted revenues and margins
attributable to the customer relationships
(in excess of backlog), by considering the
past performance of the acquired business;
–
Professionals with specialized skills and
knowledge in the field of valuation assisted
us in evaluating the appropriateness of the
valuation method and model used.

Key audit matter 
How our audit addressed the key audit matter 
We considered this a key audit matter due to the 
significant judgment applied by management in 
measuring the preliminary fair value of the 
customer relationships, including the development 
of material estimates and assumptions. This, in 
turn, led to a high degree of auditor judgment, 
subjectivity and effort in performing procedures and 
evaluating audit evidence relating to the material 
estimates and assumptions used by management. 
The audit effort involved the use of professionals 
with specialized skills and knowledge in the field of 
valuation. 
Revenue recognition – Estimated costs on cost-
plus contracts with ceilings and fixed-price 
contracts 
Refer to note 2 – Material accounting policies, 
note 4 – Critical accounting estimates and 
judgments and note 7 – Revenues to the
consolidated financial statements. 
The Corporation typically recognizes revenues over 
time, using an input measure, as it fulfills its 
performance obligations in line with contracted 
terms. For the year ended December 31, 2024, a 
portion of the Corporation’s total revenues of 
$16,166.8 million were generated from cost-plus 
contracts with ceilings and fixed-price contracts. For 
these contracts, revenues are recognized 
progressively based on a percentage-of-completion 
method, whereby the percentage of revenues 
earned to date is estimated using an input 
measure, usually as the ratio of contract costs 
incurred to date to total estimated costs. 
Recognition of revenues and costs and anticipated 
profits in excess of billings involves estimates of 
costs required to complete the project. On a 
periodic basis, management reviews the costs 
incurred to date and the estimated costs to 
complete for each project to determine whether the 
amount recognized as costs and anticipated profits 
in excess of billings is an accurate estimate of the 
amount that the Corporation has earned on its 
projects. 
Our approach to addressing the matter included the 
following procedures, among others: 

Tested how management determined the total 
estimated costs for a sample of contracts, as 
follows: 
– 
Obtained and read contract agreements, 
and change orders, when applicable, to 
understand contract scope and key terms; 
– 
Evaluated the timely identification of 
circumstances that may warrant a 
modification to the total estimated costs 
including, but not limited to, contracts 
subject to claims and contract 
modifications; 
– 
Interviewed operational personnel of the 
Corporation to evaluate the progress to 
date, the estimate of costs to be incurred, 
and factors impacting the amount of time 
and cost to complete the project; 
– 
Compared the original margin expected on 
the contracts to the actual margin; and 
– 
Determined an expected total estimated 
costs derived from the margin achieved for 
the contracts executed in the same region 
and compared this expectation to the 
estimated total estimated costs. 

Tested, on a sample basis, the costs incurred 
to supporting evidence. 

Key audit matter 
How our audit addressed the key audit matter 
We considered this a key audit matter due to the 
judgments made by management when developing 
the estimated costs required to complete the 
projects, which led to auditor judgments and audit 
effort in performing procedures to evaluate the total 
estimated costs, including the assessment of 
management’s judgments about its ability to 
determine the estimated costs required to complete 
the project. 
Other information 
Management is responsible for the other information. The other information comprises the Management’s 
Discussion and Analysis, and the information, other than the consolidated financial statements and our 
auditor’s report thereon, included in the annual report. 
Our opinion on the consolidated financial statements does not cover the other information and we do not 
express any form of assurance conclusion thereon. 
In connection with our audit of the consolidated financial statements, our responsibility is to read the other 
information identified above and, in doing so, consider whether the other information is materially 
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or 
otherwise appears to be materially misstated. 
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in this regard. 
Responsibilities of management and those charged with governance for the
consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial 
statements in accordance with IFRS Accounting Standards, and for such internal control as management 
determines is necessary to enable the preparation of consolidated financial statements that are free from 
material misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, management is responsible for assessing the 
Corporation’s ability to continue as a going concern, disclosing, as applicable, matters related to going 
concern and using the going concern basis of accounting unless management either intends to liquidate 
the Corporation or to cease operations, or has no realistic alternative but to do so. 
Those charged with governance are responsible for overseeing the Corporation’s financial reporting 
process. 

Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as 
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that 
an audit conducted in accordance with Canadian generally accepted auditing standards will always detect 
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered 
material if, individually or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of these consolidated financial statements. 
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise 
professional judgment and maintain professional skepticism throughout the audit. We also: 

Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Corporation’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Corporation’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Corporation to cease
to continue as a going concern.

Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the Corporation as a basis for forming an opinion on
the consolidated financial statements. We are responsible for the direction, supervision and review of
the audit work performed for purposes of the group audit. We remain solely responsible for our audit
opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope 
and timing of the audit and significant audit findings, including any significant deficiencies in internal control 
that we identify during our audit. 
We also provide those charged with governance with a statement that we have complied with relevant 
ethical requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, related 
safeguards. 
From the matters communicated with those charged with governance, we determine those matters that 
were of most significance in the audit of the consolidated financial statements of the current period and 
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or 
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we 
determine that a matter should not be communicated in our report because the adverse consequences 
of doing so would reasonably be expected to outweigh the public interest benefits of such 
communication. 
The engagement partner on the audit resulting in this independent auditor’s report is  
Jean-François Lecours. 
/s/PricewaterhouseCoopers LLP1
Montréal, Quebec 
February 26, 2025 
1 CPA auditor, public accountancy permit No. A126402 

Years ended December 31
2024
2023
$
$
Revenues (note 7)
16,166.8 
14,437.2 
Personnel costs
8,887.9 
8,047.1 
Subconsultants and direct costs
3,994.6 
3,540.2 
Other operational costs
1,156.1 
980.4 
Depreciation of right-of-use assets (note 17)
310.3 
316.4 
Amortization of intangible assets (note 18)
239.2 
221.7 
Depreciation of property and equipment (note 19)
135.8 
135.1 
Impairment of long-lived assets
— 
87.1 
Acquisition, integration and reorganization costs (note 10)
133.8 
105.0 
ERP implementation costs (note 10)
66.8 
81.0 
Exchange losses
8.1 
5.4 
Share of income of associates and joint ventures, net of tax
(34.4) 
(29.7) 
Earnings before net financing expense and income taxes
1,268.6 
947.5 
Net financing expense (note 11)
340.6 
202.6 
Earnings before income taxes
928.0 
744.9 
Income tax expense (note 12)
246.6 
191.9 
Net earnings
681.4 
553.0 
Net earnings attributable to:
Shareholders of WSP Global Inc.
681.4 
550.0 
Non-controlling interests
— 
3.0 
681.4 
553.0 
Basic net earnings per share attributable to shareholders
5.40
4.41
Diluted net earnings per share attributable to shareholders
5.38
4.40
Basic weighted average number of shares
126,104,722
124,603,768
Diluted weighted average number of shares
126,539,101
124,951,544
The accompanying notes are an integral part of these consolidated financial statements. 
WSP GLOBAL INC.
F-8
CONSOLIDATED STATEMENTS OF EARNINGS
(in millions of Canadian dollars, except number of shares and per share data)
WSP Global Inc.
Consolidated Financial Statements
2024

Years ended December 31
2024
2023
$
$
Net earnings
 
681.4  
553.0 
Other comprehensive income (loss)
Items that may be reclassified subsequently to net earnings
Currency translation adjustments
 
293.0  
(51.1) 
Translation adjustments on financial instruments designated as a net 
investment hedge
 
(8.6)  
4.2 
Gains (losses) on financial instruments designated as a cash flow hedge
 
71.1  
(28.7) 
Income tax recovery (expense) on items that may be reclassified 
subsequently to net earnings
 
(29.4)  
9.0 
Items that will not be reclassified to net earnings
Actuarial loss on pension schemes
 
(8.9)  
(11.0) 
Exchange differences on pension schemes
 
(3.4)  
0.1 
Income tax recovery on pension schemes
 
2.3  
2.5 
Total comprehensive income for the year
 
997.5  
478.0 
Comprehensive income attributable to:
Shareholders of WSP Global Inc.
 
997.5  
475.0 
Non-controlling interests
 
—  
3.0 
 
997.5  
478.0 
The accompanying notes are an integral part of these consolidated financial statements. 
WSP GLOBAL INC.
F-9
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions of Canadian dollars)
WSP Global Inc.
Consolidated Financial Statements
2024

As at December 31
2024
2023
Assets
$
$
Current assets
Cash and cash equivalents (note 28)
623.5 
378.0 
Trade receivables and other receivables (note 14)
3,390.7 
2,726.4 
Cost and anticipated profits in excess of billings (note 15)
2,390.8 
1,911.6 
Prepaid expenses
396.7 
239.4 
Other financial assets (note 16)
168.0 
123.3 
Income taxes receivable
39.2 
38.4 
7,008.9 
5,417.1 
Non-current assets
Right-of-use assets (note 17)
1,066.6 
824.2 
Intangible assets (note 18)
1,539.3 
1,104.1 
Property and equipment (note 19)
493.4 
435.3 
Goodwill (note 20)
9,451.5 
7,155.8 
Deferred income tax assets (note 12)
404.1 
429.3 
Other assets (note 21)
235.4 
217.3 
13,190.3 
10,166.0 
Total assets
20,199.2 
15,583.1 
Liabilities
Current liabilities
Accounts payable and accrued liabilities (note 22)
3,261.2 
2,738.2 
Billings in excess of costs and anticipated profits (note 15)
1,652.7 
1,158.0 
Income taxes payable (note 12)
206.3 
171.0 
Provisions (note 23)
121.4 
134.9 
Dividends payable to shareholders (note 27)
48.9 
46.8 
Current portion of lease liabilities (note 17)
285.0 
257.5 
Current portion of long-term debt (note 24)
704.9 
204.2 
6,280.4 
4,710.6 
Non-current liabilities
Long-term debt (note 24)
3,894.5 
3,058.3 
Lease liabilities (note 17)
907.2 
744.6 
Provisions (note 23)
466.3 
399.3 
Retirement benefit obligations (note 9)
202.1 
187.5 
Deferred income tax liabilities (note 12)
176.2 
149.4 
5,646.3 
4,539.1 
Total liabilities
11,926.7 
9,249.7 
Equity
Equity attributable to shareholders of WSP Global Inc.
8,272.5 
6,328.9 
Non-controlling interests
— 
4.5 
Total equity
8,272.5 
6,333.4 
Total liabilities and equity
20,199.2 
15,583.1 
Approved by the Board of Directors
(signed)   Alexandre L'Heureux
Director
(signed) Louis-Philippe Carrière
Director
The accompanying notes are an integral part of these consolidated financial statements. 
WSP GLOBAL INC.
F-10
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions of Canadian dollars)
WSP Global Inc.
Consolidated Financial Statements
2024

Attributable to Shareholders of WSP Global Inc.
Share 
capital
Contributed 
surplus
Retained 
earnings
Accumulated 
other 
comprehen- 
sive income 
(loss)
Total 
Non-
controlling 
interests
Total 
equity
$
$
$
$
$
$
$
Balance - January 1, 2023
 4,784.4  
212.4  
959.5  
49.7  6,006.0  
3.1  6,009.1 
Comprehensive income
Net earnings
 
—  
—  
550.0  
—  
550.0  
3.0  
553.0 
Other comprehensive loss
 
—  
—  
—  
(75.0)  
(75.0)  
—  
(75.0) 
Total comprehensive income
 
—  
—  
550.0  
(75.0)  
475.0  
3.0  
478.0 
Declared dividends to 
shareholders of WSP Global Inc.
 
—  
—  
(186.9)  
—  
(186.9)  
—  
(186.9) 
Common shares issued under the 
Dividend Reinvestment Plan
 
24.6  
—  
—  
—  
24.6  
—  
24.6 
Stock-based compensation 
expense
 
—  
5.0  
—  
—  
5.0  
—  
5.0 
Exercise of stock options (note 25)
 
6.3  
(1.1)  
—  
—  
5.2  
—  
5.2 
Dividends to non-controlling 
interests
 
—  
—  
—  
—  
—  
(0.4)  
(0.4) 
Purchase of non-controlling 
interests
 
—  
—  
—  
—  
—  
(1.2)  
(1.2) 
Balance - December 31, 2023
 4,815.3  
216.3  1,322.6  
(25.3)  6,328.9  
4.5  6,333.4 
Comprehensive income
Net earnings
 
—  
—  
681.4  
—  
681.4  
—  
681.4 
Other comprehensive income
 
—  
—  
—  
316.1  
316.1  
—  
316.1 
Total comprehensive income
 
—  
—  
681.4  
316.1  
997.5  
—  
997.5 
Common shares issued via bought 
deal public offering (note 25)
 
557.6  
—  
—  
—  
557.6  
—  
557.6 
Common shares issued via private 
placements (note 25)
 
557.9  
—  
—  
— 
557.9  
—  
557.9 
Declared dividends to 
shareholders of WSP Global Inc.
 
—  
—  
(189.2)  
—  
(189.2)  
—  
(189.2) 
Stock-based compensation 
expense 
 
—  
6.0  
—  
—  
6.0  
—  
6.0 
Exercise of stock options (note 25)
 
15.6  
(2.7)  
—  
—  
12.9  
—  
12.9 
Purchase of non-controlling 
interests
 
—  
—  
0.9  
—  
0.9  
(4.5)  
(3.6) 
Balance - December 31, 2024
 5,946.4  
219.6  1,815.7  
290.8  8,272.5  
—  8,272.5 
The accompanying notes are an integral part of these consolidated financial statements. 
WSP GLOBAL INC.
F-11
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions of Canadian dollars)

Years ended December 31
2024
2023
$
$
Operating activities
Net earnings
 
681.4  
553.0 
Adjustments (note 28)
 
594.6  
658.9 
Net financing expense (note 11)
 
340.6  
202.6 
Income tax expense (note 12)
 
246.6  
191.9 
Income taxes paid
 
(285.4)  
(334.4) 
Change in non-cash working capital items (note 28)
 
(195.9)  
(285.7) 
Cash inflows from operating activities
 
1,381.9  
986.3 
Financing activities
Issuance of common shares, net of issuance costs (note 25)
 
1,115.8  
5.2 
Issuance of senior unsecured notes (note 24)
 
995.5  
496.2 
Net repayment of borrowings under credit facilities and other financial liabilities
 
(9.3)  
(364.5) 
Lease payments (note 17)
 
(375.7)  
(375.1) 
Net financing expenses paid, excluding interest on lease liabilities
 
(231.4)  
(196.6) 
Dividends paid to shareholders of WSP Global Inc.
 
(187.1)  
(162.2) 
Dividends paid to non-controlling interests
 
—  
(0.4) 
Cash inflows from (outflows used in) financing activities
 
1,307.8  
(597.4) 
Investing activities
Net disbursements related to business acquisitions and disposals of businesses
 
(2,340.0)  
(354.3) 
Additions to property and equipment, excluding business acquisitions
 
(148.3)  
(160.3) 
Additions to identifiable intangible assets, excluding business acquisitions
 
(15.5)  
(20.1) 
Proceeds from disposal of property and equipment
 
42.1  
1.9 
Dividends received from associates
 
28.7  
22.6 
Other
 
(3.6)  
(0.2) 
Cash outflows used in investing activities
 
(2,436.6)  
(510.4) 
Effect of exchange rate change on cash and cash equivalents
 
4.3  
(7.6) 
Change in net cash and cash equivalents
 
257.4  
(129.1) 
Cash and cash equivalents, net of bank overdraft - beginning of the year
 
361.9  
491.0 
Cash and cash equivalents, net of bank overdraft - end of the year (note 28)
 
619.3  
361.9 
The accompanying notes are an integral part of these consolidated financial statements. 
WSP GLOBAL INC.
F-12
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of Canadian dollars)
WSP Global Inc.
Consolidated Financial Statements
2024

NOTES
1 
BASIS OF PRESENTATION ........................................................................................................................................................ F-14
2 
MATERIAL ACCOUNTING POLICIES .....................................................…........................................................................... F-14
3 
ACCOUNTING POLICY DEVELOPMENTS ....................................................................................................................... F-22
4 
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS ................................................................................... F-23
5 
BUSINESS ACQUISITIONS ......................................................................................................................................................... F-25
6 
OPERATING SEGMENTS ............................................................................................................................................................. F-27
7 
REVENUES ..........................................................................................................................…...............…............…...............…........... F-30
8 
LONG-TERM INCENTIVE PLANS ("LTIPS") ...................................................................................................................... F-31
9 
PENSIONS SCHEMES ................................................................................................................................................................... F-32
10 
ACQUISITION, INTEGRATION AND REORGANIZATION COSTS
AND ERP IMPLEMENTATION COSTS................................................................................................................….............. F-35
11 
NET FINANCING EXPENSE .......................................................................................................…............…............…............... 
F-35
12 
INCOME TAXES ................................................................................................................................................................................. F-36
13 
FINANCIAL INSTRUMENTS .................................................................................................................…............…............…..... F-39
14 
TRADE AND OTHER RECEIVABLES .................................................................................................................................... F-43
15 
CONTRACT BALANCES ............................................................................................................................................................... F-44
16 
OTHER FINANCIAL ASSETS ...................................................................................................................................................... F-44
17 
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES ............................................................................…............…....... F-45
18 
INTANGIBLE ASSETS ..................................................................................................................................................................... F-47
19 
PROPERTY AND EQUIPMENT ................................................................................................................................................ 
F-48
20 
GOODWILL .............................................................................................................................................…............…............…............ 
F-49
21 
OTHER ASSETS ................................................................................................................................................................................. F-50
22 
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES ................................................................................................ F-51
23 
PROVISIONS ....................................................................................................................................................................................... 
F-51
24 
LONG-TERM DEBT ...............................................................................................................................…............…............…......... F-52
25 
SHARE CAPITAL ..................................................................................................................…................…............…............…......... F-53
26 
CAPITAL MANAGEMENT ..................................................................................................................…............…............…......... F-54
27 
DIVIDENDS ..............................................................................................................................…......…............…............….................. 
F-55
28 
STATEMENTS OF CASH FLOWS .....................................................................................................…............…............…..... F-56
29 
RELATED PARTY TRANSACTIONS ...................................................................................................................................... F-57
30 
CONTINGENT LIABILITIES ......................................................................................................................................................... F-58
WSP GLOBAL INC.
F-13
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures are in millions of Canadian dollars, unless otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

1 BASIS OF PRESENTATION
WSP Global Inc. (together with its subsidiaries, the 
“Corporation” or “WSP”) is a professional services 
consulting firm which provides technical expertise and 
strategic advice to clients in the Transportation & 
Infrastructure, Earth & Environment, Property & Buildings 
and Power & Energy market sectors. The Corporation 
also offers highly specialized services in project and 
program delivery and advisory services. The address of 
its main registered office is 1600  René-Lévesque Blvd. 
West, Montréal, Quebec, Canada.
The common shares of the Corporation are listed under 
the trading symbol “WSP” on the Toronto Stock 
Exchange (“TSX”). 
STATEMENT OF COMPLIANCE
These consolidated financial statements have been 
prepared in compliance with International Financial 
Reporting Standards Accounting Standards (“IFRS”). 
These financial statements were prepared on a going 
concern basis, on a historical cost basis, except for 
certain 
financial 
assets 
and 
liabilities 
(including 
investments in securities and derivative instruments), 
liabilities 
for 
share 
unit 
plans, 
and 
contingent 
consideration, which are measured at fair value, and 
defined benefit liabilities, which are measured as the net 
total of the present value of the defined benefit 
obligations minus the fair value of plan assets. 
These financial statements were approved by the 
Corporation’s Board of Directors on February 26, 2025.
2 MATERIAL ACCOUNTING POLICIES
The accounting policies set out below have been applied 
consistently 
to 
all 
periods 
presented 
in 
these 
consolidated financial statements, unless otherwise 
stated in note 3, Accounting policy developments.
CONSOLIDATION, JOINT 
ARRANGEMENTS AND ASSOCIATES
These consolidated financial statements include the 
accounts of the Corporation and its subsidiaries.
Non-controlling interests represent equity interests in 
subsidiaries owned by outside parties. The share of net 
assets of subsidiaries attributable to non-controlling 
interests is disclosed as a component of equity. Their 
share of net earnings and comprehensive income is 
recognized directly in equity. Changes in the parent 
Corporation’s ownership interest in subsidiaries that do 
not result in a loss of control are accounted for as equity 
transactions.
Subsidiaries
Subsidiaries are all entities over which the Corporation 
has control. The Corporation controls an entity when the 
Corporation is exposed to, or has rights to, variable 
returns from its involvement with the entity and has the 
ability to affect those returns through its power over the 
entity. Subsidiaries are fully consolidated from the date on 
which control is obtained by the Corporation. They are 
deconsolidated from the date that control ceases.  
Intercompany transactions, balances and unrealized 
gains 
and 
losses 
on 
transactions 
between 
the 
Corporation's 
companies 
are 
eliminated. 
When 
necessary, amounts reported by subsidiaries have been 
adjusted to conform to the Corporation’s accounting 
policies.
The table below lists the Corporation's most significant 
subsidiaries for each fiscal year ended December 31, 
based on revenues. The Corporation held 100% of the 
interest in all the subsidiaries listed below.
2024
Entity
Country of incorporation
WSP USA Inc.
United States
WSP Canada Inc.
Canada
WSP UK Ltd.
United Kingdom
WSP USA Environment & 
Infrastructure Inc.
United States
WSP Australia Pty Ltd.
Australia
WSP Sverige AB
Sweden
WSP USA Buildings Inc.
United States
WSP New Zealand Ltd.
New Zealand
WSP GLOBAL INC.
F-14
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

2023
Entity
Country of 
incorporation
WSP USA Inc.
United States
WSP Canada Inc.
Canada
WSP UK Ltd.
United Kingdom
WSP USA Environment & 
Infrastructure Inc.
United States
WSP Australia Pty Ltd.
Australia
WSP Sverige AB
Sweden
WSP New Zealand Ltd.
New Zealand
WSP E&I Canada Ltd.
Canada
Joint arrangements 
Joint arrangements are classified as either joint 
operations or joint ventures. The determination of 
whether an arrangement is a joint operation or joint 
venture is based on the rights and obligations arising from 
the contractual obligations between the parties to the 
arrangement. Joint arrangements that provide the 
Corporation with the rights to the individual assets and 
obligations arising from the arrangement are classified as 
joint operations; and joint arrangements that provide the 
Corporation with rights to the net assets of the 
arrangement are classified as joint ventures.
The interests in joint operations are recognized by the 
Corporation by recording its share of the assets, liabilities, 
revenues, costs and cash flows using the most recent 
financial statements of these joint operations.
The interests in joint ventures are accounted for using the 
equity method and included in other assets in the 
statements of financial position. The carrying amount of 
investments in joint ventures is tested for impairment as 
described below under the caption “Impairment of long-
lived assets”.
Associates
Associates are all entities over which the Corporation has 
significant influence but not control or joint control. 
Investments in associates are accounted for using the 
equity method and included in other assets in the 
statements of financial position. The carrying amount of 
investments in associates is tested for impairment as 
described below under the caption “Impairment of long-
lived assets”.
FOREIGN CURRENCY 
The consolidated financial statements are presented in 
Canadian dollars, which is the Corporation’s functional 
currency.
Items included in the financial statements of each of the 
Corporation’s subsidiaries are measured using the 
currency of the primary economic environment in which 
the entity operates (i.e. the functional currency). Foreign 
currency transactions are translated into the functional 
currency using the exchange rates prevailing at the dates 
of the transactions. Foreign exchange gains and losses 
resulting from the settlement of such transactions and 
from the translation of monetary assets and liabilities not 
denominated in the functional currency of an entity are 
recognized in net earnings, except when deferred in other 
comprehensive income as qualifying for net investment 
hedges. Foreign exchange gains and losses that relate to 
borrowings and cash are disclosed within net financing 
expense.
Assets and liabilities of entities with functional currencies 
other than the Canadian dollar are translated at the 
period-end exchange rates, and the results of their 
operations are translated at average exchange rates for 
the period. The resulting changes are recognized in 
accumulated other comprehensive income in equity as 
currency translation adjustments.
SEGMENT REPORTING
Segments are reported in a manner consistent with the 
internal reporting provided to the chief operating 
decision-maker. The chief operating decision-maker is 
responsible for allocating resources and assessing the 
performance of the reportable segments and has been 
identified as the global leadership team ("GLT"). The 
Corporation 
is 
managed 
through 
four 
reportable 
segments: Canada, Americas (United States of America 
("US") and Latin America), EMEIA (Europe, Middle East, 
India and Africa) and APAC (Asia Pacific – comprising 
Asia, Australia and New Zealand).
REVENUE RECOGNITION
The Corporation derives revenues from the delivery of 
engineering services. If the Corporation has recognized 
revenues, but not issued an invoice, then the entitlement 
to consideration is recognized as a contract asset 
presented as costs and anticipated profits in excess of 
billings on the Corporation’s consolidated statement of 
WSP GLOBAL INC.
F-15
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

financial position. The contract asset is transferred to 
trade receivables when the invoice is issued indicating 
that 
the 
entitlement 
to 
payment 
has 
become 
unconditional. If payments are received, or invoices are 
issued to a customer, prior to the rendering of services, 
the Corporation recognizes a contract liability under the 
caption billings in excess of costs and anticipated profits 
on the Corporation’s consolidated statement of financial 
position. The contract liability is transferred to revenues 
once related services have been rendered.
Revenues are measured based on the consideration 
specified in a contract with a customer. The Corporation 
typically recognizes revenues over time, using an input 
measure, as it fulfills its performance obligations in line 
with contracted terms.
A performance obligation is a promise in the contract to 
transfer a distinct good or service to the customer. A 
contract’s transaction price is allocated to each distinct 
performance obligation and recognized as revenues 
when, or as, the performance obligations are satisfied. 
Most of the Corporation’s contracts have a single 
performance obligation as the promise to transfer 
individual goods or services is not separately identifiable 
from other promises in the contracts and, therefore, not 
distinct. Any modifications or variations to contracts in 
progress are assessed to determine if they fall under the 
scope of the existing contract performance obligation or 
form part of a new performance obligation.
The Corporation's revenues are derived mainly from three 
types of contracts, which are described below, and the 
Corporation disaggregates its revenues by market sector 
and client category, as described below.
Revenues (and profits) from cost-plus contracts with 
ceilings and from fixed-price contracts are recognized 
progressively based on a percentage-of-completion 
method, whereby the percentage of revenues earned to 
date is estimated using an input measure, usually as the 
ratio of contract costs incurred to date to total estimated 
costs.
Revenues (and profits) from cost-plus contracts without 
stated ceilings are recognized when costs are incurred 
and are calculated based on billing rates for the services 
performed.
Certain 
costs 
incurred 
by 
the 
Corporation 
for 
subconsultants and other expenses are recoverable 
directly from customers and are billed to them. These 
charges are included in revenues and costs (under the 
caption subconsultants and direct costs) when the 
Corporation controls the goods or services before they 
are transferred to the customer. The value of goods and 
services purchased by the Corporation when acting as a 
purchasing agent for a customer are not recorded as 
revenues and costs.
The effects of revisions to estimated revenues and costs, 
including the impact from any modifications or variations 
to contracts in progress, are recorded when they 
represent enforceable rights of the Corporation and 
amounts can be reasonably estimated. These revisions 
can occur at any time and could be material. Where total 
estimated contract costs exceed total estimated contract 
revenues, the expected loss is recognized as an expense 
immediately via a provision for losses to completion, 
irrespective of the stage of completion and based on a 
best estimate of forecast results including, where 
appropriate, rights to additional income or compensation 
(e.g. award or incentive fees).
The Corporation's main market sectors, as disclosed in 
note 7, Revenues, are: Transportation & Infrastructure, 
Earth & Environment, Property & Buildings and Power & 
Energy.
The Corporation's main client categories are public and 
private 
sector 
clients. 
Revenues 
generated 
from 
contracts where the end user of services provided is 
identified to be a public sector entity are classified as 
public sector revenues. Entities controlled by any branch 
of government are considered public sector entities. 
Revenues generated from contracts where the end user 
of services provided is not identified as a public sector 
entity are classified as private sector revenues.
Revenues are shown net of value-added tax and after 
eliminating sales within the Corporation.
ACQUISITION, INTEGRATION AND 
REORGANIZATION COSTS
Acquisition, integration and reorganization costs include, 
among others, the following costs, if and when incurred:
• Transaction costs related to business acquisitions, 
successful or not;
• Costs of integrating newly acquired businesses 
following the date of acquisition;
• Gains or losses on disposals of non-core assets;
• Outsourcing program costs pertaining mainly to 
redundancy and transition costs resulting from the 
outsourcing of the Corporation's infrastructure or 
other functions;
• Restructuring costs; and
• Severance costs stemming from adjustments to cost 
structures.
WSP GLOBAL INC.
F-16
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

The above list may be adjusted, from time to time, when it 
is deemed appropriate to highlight other items under this 
caption to assist users in understanding the financial 
performance of the Corporation.
ERP IMPLEMENTATION COSTS
The Corporation is in the process of designing and 
implementing a global cloud-based ERP solution with 
broad capabilities. Customization and configuration costs 
in a cloud computing arrangement that do not meet the 
definition 
of 
an 
asset 
or 
a 
lease, 
along 
with 
implementation costs, are expensed as incurred and 
reported as ERP implementation costs. 
LEASE ACCOUNTING
The Corporation leases various office premises and 
equipment under lease agreements. Lease terms are 
negotiated on an individual basis, contain a wide range of 
terms and conditions and usually can be renewed at 
market rates. 
The majority of leases are recognized as right-of-use 
assets, with a corresponding liability, at the date at which 
the leased asset is available for use by the Corporation. 
Lease payments are allocated between the liability and 
finance cost. The finance cost is charged to the statement 
of earnings over the lease period using the effective 
interest 
rate 
method. 
The 
right-of-use 
asset 
is 
depreciated over the shorter of the asset's useful life and 
the lease term on a straight-line basis. Lease extension 
and termination options are included in the lease term 
only when it is reasonably certain that the Corporation will 
exercise the option.
Liabilities arising from a lease are initially measured on a 
present value basis. Lease liabilities include the net 
present value of the following lease payments:
• fixed 
payments 
(including 
in-substance 
fixed 
payments and fixed payments for any extension 
options included in the lease term), less any lease 
incentives receivable; 
• variable lease payments that are based on an index 
or a rate;
• amounts expected to be payable by the Corporation 
under residual value guarantees; 
• the exercise price of a purchase option if the 
Corporation is reasonably certain to exercise that 
option; and 
• payments of penalties for terminating the lease, if the 
lease term reflects the Corporation exercising that 
option.
Right-of-use assets are measured at cost comprising the 
following:
• the amount of the initial measurement of the lease 
liability; 
• any lease payments made at or before the 
commencement date, less any lease incentives 
received; 
• any initial direct costs; and
• any obligations to incur restoration costs.
The lease payments are discounted using the interest 
rate implicit in the lease or, if that rate cannot be readily 
determined, the relevant incremental borrowing rate. 
Payments associated with short-term leases and leases 
of low-value assets are recognized on a straight-line 
basis as an expense in the Corporation’s statement of 
earnings. Short-term leases have a lease term of twelve 
months or less. Low-value asset leases comprise mostly 
computer equipment and small items of office furniture.
FINANCIAL INSTRUMENTS
Classification and measurement
Financial assets and financial liabilities are initially 
recognized 
at 
fair 
value, 
and 
their 
subsequent 
measurements are dependent on their classification. 
Financial assets are classified and measured at amortized 
cost or fair value through profit or loss (“FVTPL”) based 
on 
how 
the 
Corporation 
manages 
the 
financial 
instruments and the contractual cash flow characteristics 
of the financial asset.
The table below summarizes the classification and 
measurement of the Corporation’s financial instruments:
Financial assets
Cash, cash equivalents and            
restricted cash
Amortized 
cost
Trade receivables, other receivables, 
amounts due from joint ventures and 
associates
Amortized 
cost
Investments in securities
FVTPL
Derivative financial instruments
FVTPL
WSP GLOBAL INC.
F-17
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

Financial liabilities
Accounts payables and accrued 
liabilities
Amortized cost
Dividends payable to shareholders
Amortized cost
Borrowings under credit facility and    
bank overdrafts
Amortized cost
Consideration payable related to    
business acquisitions
Amortized cost or 
FVTPL
Derivative financial instruments
FVTPL
Financial assets and liabilities classified as amortized cost 
are subsequently measured using the effective interest 
rate method less any impairment loss.
Changes in fair value are recorded in net financing 
expenses in the statement of earnings.
Financial liabilities are derecognized when the obligation 
specified in the contract is discharged, canceled or 
expired. 
Expected credit losses
The Corporation applies the simplified approach to 
measuring expected credit losses for all trade receivables 
and contract assets (costs and anticipated profits in 
excess of billings). Therefore, the Corporation does not 
track changes in credit risk, but instead recognizes a loss 
allowance at an amount equal to the lifetime expected 
credit losses at each reporting date. The factors that the 
Corporation considers to classify trade receivables as 
credit-impaired are as follows: the customer is in 
bankruptcy or under administration, payments are in 
dispute, or payments are past due.
To measure the expected credit losses, trade receivables 
and contract assets have been grouped based on shared 
credit risk characteristics. The contract assets, which are 
costs and anticipated profits in excess of billings, have 
substantially all the same risk characteristics as the trade 
receivables for the same types of contracts. The 
Corporation has therefore concluded that the expected 
loss rates for trade receivables are a reasonable 
approximation of the loss rates for the contract assets.
The Corporation considers a financial asset in default 
when contractual payments are between 0-60 days past 
due, depending on the various economic and asset-
specific factors, or if it becomes probable that a customer 
will enter bankruptcy. A financial or contract asset is 
written off when there is no reasonable expectation of 
recovering the contractual cash flows.
Determination of fair value
The fair value of a financial instrument is the amount of 
consideration that would be agreed to be received to sell 
an asset or paid to transfer a liability in an orderly 
transaction 
between 
market 
participants 
at 
the 
measurement date. Subsequent to initial recognition, the 
fair values of financial instruments that are quoted in 
active markets are based on closing prices for financial 
assets and financial liabilities. When independent prices 
are not available, fair values are determined by using 
valuation techniques that refer to observable market 
inputs and minimizing the use of unobservable inputs.
Offsetting financial instruments
Financial assets and financial liabilities are offset and the 
net amount reported in the statements of financial 
position when there is a legally enforceable right to offset 
the recognized amounts and there is an intention to settle 
on a net basis or realize the asset and settle the liability 
simultaneously.
Derivative financial instruments and hedging 
activities
Derivatives are initially recognized at fair value on the date 
a derivative contract is entered into and are subsequently 
re-measured at their fair value. The method of recognizing 
the resulting gain or loss depends on whether the 
derivative is designated as a hedging instrument, and if 
so, the nature of the item being hedged. The Corporation 
designates certain derivatives as either:
(a) hedges of the fair value of recognized assets and 
liabilities or a firm commitment (fair value hedge);
(b) hedges of a particular risk associated with a 
recognized asset or liability or a highly probable 
forecast transaction (cash flow hedge); or
(c) hedges of a net investment in a foreign operation (net 
investment hedge).
The Corporation documents at the inception of the 
transaction the relationship between hedging instruments 
and hedged items, as well as its risk management 
objectives and strategy for undertaking various hedging 
transactions. The Corporation also documents its 
assessment, both at hedge inception and on an on-going 
basis, of whether the derivatives that are used in hedging 
transactions are highly effective in offsetting changes in 
fair values or cash flows of hedged items.
WSP GLOBAL INC.
F-18
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

Fair value hedge
Changes in the fair value of derivatives that are 
designated and qualify as fair value hedges are recorded 
in net earnings together with any changes in the fair value 
of the hedged asset or liability that are attributable to the 
hedged risk.
Cash flow hedge
The effective portion of the change in the fair value of the 
derivatives that are designated and qualify as cash flow 
hedges is recognized in other comprehensive income. 
The gain or loss relating to the ineffective portion is 
recognized immediately in net earnings.
Amounts accumulated in equity are reclassified to profit 
or loss in the periods when the hedged item affects profit 
or loss. However, when a forecasted transaction that is 
hedged results in the recognition of a non-financial asset, 
the gains and losses previously deferred in equity are 
transferred from equity and included in the initial 
measurement of the cost of the asset.
When a hedging instrument expires or is sold, or when a 
hedge no longer meets the criteria for hedge accounting, 
any cumulative gain or loss existing in equity at that time 
remains in equity and is recognized when the forecasted 
transaction is ultimately recognized in net earnings. When 
a forecasted transaction is no longer expected to occur, 
the cumulative gain or loss that was reported in equity is 
immediately transferred to net earnings.
Net investment hedge
Hedges of net investments in foreign operations are 
accounted for similarly to cash flow hedges.
Any gain or loss on the hedging instrument relating to the 
effective portion of the hedge is recognized in other 
comprehensive income. The gain or loss relating to the 
ineffective portion is recognized in net earnings.
Gains and losses accumulated in equity are transferred to 
net earnings if a foreign operation is disposed of, partially 
or in its entirety.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of cash on hand and 
with banks and short-term deposits with a maturity of 
three months or less at the date of acquisition, which are 
subject to an insignificant risk of changes in value. For the 
purposes of the cash flow statement, cash and cash 
equivalents are net of bank overdraft.
TRADE RECEIVABLES
Trade receivables are amounts due from customers for 
the rendering of services in the ordinary course of 
business. Trade receivables are classified as current 
assets if payment is due within one year or less. Trade 
receivables are recognized initially at fair value and 
subsequently measured at amortized cost, less allowance 
for expected credit losses.
PROPERTY AND EQUIPMENT
Property and equipment are recorded at historical cost 
less 
accumulated 
depreciation 
and 
accumulated 
impairment losses. Historical cost includes expenditures 
that are directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying 
amount when it is probable that future economic benefits 
associated with the item will flow to the Corporation and 
the cost of the item can be measured reliably. Repairs and 
maintenance costs are charged to net earnings during 
the period in which they are incurred.
Land is not depreciated. Depreciation on other assets is 
calculated using the methods described below to allocate 
their cost to their residual values over their estimated 
useful lives. The estimated useful lives, residual values 
and depreciation methods are reviewed at each reporting 
period, with the effect of any changes in estimates 
accounted for on a prospective basis.
The following table summarizes the depreciation 
methods, rates and periods used: 
Category
Method
Rate or period
Buildings
Straight-line or 
declining balance
25 to 50 years or 
2% to 4%
Leasehold 
improvements Straight-line
Shorter of lease 
term or useful life
Furniture and 
equipment
Straight-line or 
declining balance
3 to 10 years
Computer 
equipment
Straight-line or 
declining balance
3 to 8 years
The gain or loss arising on the disposal or retirement of an 
item of property and equipment is determined as the 
difference between the sales proceeds and the carrying 
amount of the asset and is recognized in net earnings 
within other operational costs.
WSP GLOBAL INC.
F-19
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

INTANGIBLE ASSETS
Intangible 
assets 
consist 
of 
software, 
customer 
relationships, contract backlogs and trade names. 
Intangible assets acquired in business acquisitions are 
recognized separately from goodwill and are initially 
recognized at their fair value as at the acquisition date. 
Intangible assets are carried at cost less accumulated 
amortization and accumulated impairment losses. 
Software, contract backlogs, customer relationships and 
certain trade names are considered intangible assets with 
finite useful lives. Based on the strength, long history and 
expected future use, certain trade names are indefinite-
lived intangible assets. The useful life of intangible assets 
that are not being amortized is reviewed each reporting 
period to determine whether events and circumstances 
continue to support an indefinite useful life assessment. If 
not, the change in the assessment from indefinite to finite 
will be accounted for as a change in accounting estimate.
Intangible assets are amortized on a straight-line basis 
over the following periods:
Category
Period
Software
3 to 7 years
Contract backlogs
2 to 9 years
Customer relationships
3 to 15 years
Finite-lived trade names
3 to 8 years
IMPAIRMENT OF LONG-LIVED ASSETS
Long-lived assets with finite useful lives are reviewed for 
impairment when events or circumstances indicate that 
the carrying amount may not be recoverable. Indefinite-
lived assets are not subject to amortization but are tested 
for impairment on an annual basis as at the first day of the 
Corporation's fourth quarter, or more frequently if events 
or circumstances indicate that the carrying value may not 
be recoverable. Impairment exists when the recoverable 
amount of an asset is less than its carrying value. The 
recoverable amount is the higher of the asset’s fair value 
less costs to sell ("FVLCS") and value in use. For the 
purposes of assessing impairment, assets are grouped at 
the lowest levels for which there are separately 
identifiable cash inflows (a cash-generating unit or 
“CGU”). The amount of impairment loss, if any, is the 
excess of the carrying value over its recoverable amount. 
Assets other than goodwill that have suffered impairment 
are reviewed for indicators of possible reversal of the 
impairment at each reporting date.
GOODWILL
Goodwill represents the excess of the consideration 
transferred for the acquired businesses over the 
estimated fair value at the acquisition date of net 
identifiable assets acquired. Goodwill is not subject to 
amortization and is carried at cost less accumulated 
impairment loss and is tested for impairment on an annual 
basis or more frequently if events or circumstances 
indicate that it may be impaired. 
For the purpose of impairment testing, goodwill is 
allocated to each CGU or group of CGUs expected to 
benefit from the synergies of the combination. CGUs to 
which goodwill has been allocated are tested for 
impairment annually as at the first day of the 
Corporation's fourth quarter, or more frequently if events 
or circumstances indicate that the carrying value may not 
be recoverable. If the higher of the CGU's FVLCS or value 
in use is less than its carrying amount, the impairment loss 
is allocated first to reduce the carrying amount of any 
goodwill allocated to the CGU and then to the other 
assets of the CGU pro rata on the basis of the carrying 
amount of each asset. An impairment loss recognized for 
goodwill cannot be reversed in a subsequent period. 
TRADE PAYABLES
Trade payables are obligations to pay for goods or 
services that have been acquired in the ordinary course 
of business. Trade payables are classified as current 
liabilities if payment is due within one year or less. Trade 
payables are recognized initially at fair value and 
subsequently measured at amortized cost.
PROVISIONS
Provisions represent liabilities of the Corporation for 
which the amount or timing is uncertain. Provisions are 
recognized when the Corporation has a present legal or 
constructive obligation as a result of past events, it is 
probable that an outflow of resources will be required to 
settle the obligation and the amount can be reliably 
estimated. Provisions are not recognized for future 
operating losses. When the Corporation expects some or 
all of a provision to be reimbursed, for example, under an 
insurance contract, and when the reimbursement is 
virtually 
certain, 
the 
expected 
reimbursement 
is 
recognized as a separate asset. The expense relating to 
any provision is presented in the consolidated statements 
of earnings, net of any reimbursement receivable 
recognized. Provisions are measured at the present value 
WSP GLOBAL INC.
F-20
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

of the expected expenditures to settle the obligation, 
including legal fees, using a discount rate that reflects 
current market assessments of the time value of money 
and the risks specific to the obligation. The increase in the 
provision due to passage of time is recognized as interest 
expense.
LONG-TERM INCENTIVE PLANS (“LTIPs”)
The Corporation has in place LTIPs for directors and key 
employees under which stock options and the following 
types of share units can be issued: cash-settled 
performance share units (“PSUs”), cash-settled deferred 
share units (“DSUs”) cash-settled restricted share units 
(“RSUs”), performance share units redeemable for 
common shares of the Corporation or cash at the choice 
of the participant (“redeemable PSUs”), and restricted 
share units redeemable for common shares of the 
Corporation or cash at the choice of the participant 
(“redeemable RSUs”). Stock options, PSUs, RSUs, 
redeemable PSUs, and redeemable RSUs vest over time 
in accordance with the terms of the grant. DSUs vest 
when granted. The cash-settled LTIP instruments (PSUs, 
DSUs and RSUs) and redeemable PSUs and redeemable 
RSUs are measured at fair value based on the 
Corporation's share price at the end of each reporting 
period and recorded in current and non-current liabilities, 
over the vesting period. Stock options are valued at fair 
value using a Black-Scholes pricing model at grant date 
and recorded in contributed surplus over the vesting 
period.
INCOME TAXES
Income taxes are recognized in net earnings except to 
the extent related to a business combination, or items 
recognized in other comprehensive income or directly in 
equity.
Current tax expense is the expected tax payable or 
receivable on taxable income or loss for the period, 
calculated using tax rates and laws that were enacted or 
substantively enacted for the reporting period. It may also 
include adjustments for prior periods.
The Corporation follows the liability method when 
accounting for income taxes. Under this method, deferred 
income tax assets and liabilities are recognized for the 
expected future tax consequences attributable to 
temporary differences between the financial statement 
carrying values of existing assets and liabilities and their 
respective tax bases. This approach also requires the 
recording of deferred income tax assets related to 
operating losses and tax credit carry forwards. Deferred 
income tax assets and liabilities are measured using 
enacted or substantively enacted income tax rates 
applicable when temporary differences and carry 
forwards are expected to be recovered or settled. 
Deferred income taxes are not recognized for the initial 
recognition of goodwill, the initial recognition of assets or 
liabilities that affects neither accounting nor taxable profit 
or loss, and temporary differences related to investments 
in subsidiaries and joint ventures where the Corporation 
controls the reversal of the temporary difference and 
reversal is not expected in the foreseeable future. The 
Corporation has applied a temporary mandatory relief 
from deferred tax accounting for the impacts of the new 
Pillar Two top-up tax and will account for it as a current 
tax when it is incurred.
Deferred income tax assets for unused tax loss carry 
forwards and deductible temporary differences are only 
recognized when it is probable that there will be future 
taxable profits against which the assets can be utilized. 
Deferred income tax assets are reviewed at each 
reporting period and are reduced to the extent that it is no 
longer probable that the related tax benefit will be 
realized. 
Deferred income tax assets and liabilities are classified as 
non-current. They are offset when there is a legally 
enforceable right to offset current tax assets against 
current tax liabilities and they relate to income taxes 
levied by the same taxation authority on either the same 
taxable entity or different entities where there is an 
intention to settle the balance on a net basis.
As tax legislation is complex and subject to interpretation, 
in determining current and deferred income taxes, the 
Corporation takes into account the impact of uncertain 
tax positions and whether additional taxes and penalties 
may be due. The Corporation values uncertain income tax 
positions based on the probability of whether tax 
authorities with full knowledge of all relevant information 
will accept the Corporation's tax treatments. This 
assessment, based on judgment, requires estimates and 
assumptions 
considering 
facts 
and 
circumstances 
existing as at the reporting period. Estimates are 
reviewed each reporting period and updated, based on 
new information available.
INVESTMENT TAX CREDITS (ITCs)
ITCs are recognized where there is reasonable 
assurance that the ITCs will be received and all attached 
conditions will be complied with. ITCs are subject to 
WSP GLOBAL INC.
F-21
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

examination and approval by regulating authorities, and, 
therefore, the amounts granted may differ from those 
recorded. ITCs determined to be earned by the 
Corporation are recorded as a reduction of the operating 
expenses incurred.
PENSION SCHEMES
The Corporation maintains a number of defined 
contribution schemes and contributions are charged to 
net earnings in the period in which they are due. 
In addition, the Corporation operates defined benefit 
schemes which require contributions to be made to 
separately administered funds. The cost of providing 
benefits under defined benefit schemes is determined 
separately for each scheme using the projected unit 
credit actuarial valuation method. Current service costs, 
past service costs, curtailment costs and settlement 
costs along with interest costs which are based on a 
notional charge based on scheme liabilities during the 
year, less expected returns on scheme assets, are 
charged to net earnings. Actuarial gains and losses are 
fully recognized in equity through other comprehensive 
income as they arise. The consolidated statement of 
financial position reflects the schemes’ surplus or deficit 
as at the end of the reporting period.
SHARE CAPITAL
Issuance costs directly attributable to the issuance of 
shares are recognized as a deduction from equity, net of 
income tax effects.
DIVIDENDS 
Dividends on common shares of WSP Global Inc. are 
recognized in the Corporation’s consolidated financial 
statements in the period in which the dividends are 
declared.
EARNINGS PER SHARE
Basic earnings per share are determined using the 
weighted average number of shares outstanding during 
the period.
Diluted earnings per share are determined using the 
weighted average number of shares outstanding during 
the period, plus the effects of dilutive potential shares 
outstanding during the period. The calculation of diluted 
earnings per share follows the treasury stock method.
3 ACCOUNTING POLICY DEVELOPMENTS
NEW ACCOUNTING STANDARDS 
EFFECTIVE IN 2024
Classification of liabilities as current or non-current 
In January 2020, International Accounting Standards 
Board (“IASB”) issued a narrow-scope amendment to 
IAS  1 - Presentation of Financial Statements, which 
clarifies that the classification of liabilities as current or 
non-current is based on rights that are in existence at the 
end of the reporting period. Classification is unaffected by 
expectations about whether an entity will exercise its right 
to defer settlement of a liability or events after the 
reporting date. The amendment also clarifies what IAS 1 
means when it refers to the ‘settlement’ of a liability. This 
amendment was adopted by the Corporation on 
January 1, 2024 and had no impact on the Corporation’s 
audited consolidated financial statements for the year 
ended December 31, 2024.
Long-term debt
In October 2022, the IASB issued amendments to IAS 1 - 
Presentation of Financial Statements, which specify that 
for long-term debt with covenants to be complied with 
after the reporting date, such covenants do not affect the 
classification of debt as current or non-current at the 
reporting date, but do require disclosures in the notes to 
the financial statements. These amendments were 
adopted by the Corporation on January 1, 2024 and had 
no impact on the Corporation’s audited consolidated 
financial statements for the year ended December 31, 
2024.
Segment reporting
In July 2024, the IFRS Interpretations Committee  
(“IFRIC”) issued an agenda decision clarifying certain 
disclosure requirements under IFRS 8 – Operating 
Segments. The decision highlights the need to disclose 
certain specified income and expense items if these are 
WSP GLOBAL INC.
F-22
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

included in the measure of segment profit or loss 
reviewed by the Chief Operating Decision Maker 
("CODM") or are otherwise regularly provided to the 
CODM, even if not included in that measure of segment 
profit or loss. As a result, the Corporation has made 
changes to reflect these requirements in note 6, 
Operating segments.
RECENT STANDARDS, AMENDMENTS 
AND INTERPRETATIONS NOT YET 
EFFECTIVE AND NOT APPLIED
Presentation and disclosure
In April 2024, the IASB issued IFRS 18 - Presentation and 
Disclosure in Financial Statements, a new standard with a 
focus on updates to the statement of profit or loss. The 
key new concepts introduced in IFRS 18 relate to: the 
structure of the statement of earnings; required 
disclosures in the financial statements for certain profit or 
loss performance measures that are reported outside an 
entity’s financial statements; and enhanced principles on 
aggregation and disaggregation which focus on grouping 
items based on their shared characteristics. IFRS 18 will 
replace IAS 1 - Presentation of Financial Statements, and 
retains many of the existing principles in IAS 1. 
The  standard is effective for the Corporation's annual 
reporting period beginning on January 1, 2027, with earlier 
application 
permitted. 
Retrospective 
application 
is 
required. The Corporation is currently assessing the 
potential impact of the new standard. 
Financial instruments
In May 2024, the IASB issued amendments to IFRS 9 - 
Financial Instruments and IFRS 7 - Financial Instruments: 
Disclosures to (a) clarify the date of recognition and 
derecognition of some financial assets and liabilities, with 
a new exception for some financial liabilities settled 
through an electronic cash transfer system; (b) clarify and 
add further guidance for assessing whether a financial 
asset meets the solely payments of principal and interest 
(SPPI) criterion; (c) add new disclosures for certain 
instruments with contractual terms that can change cash 
flows (such as some instruments with features linked to 
the achievement of environment, social and governance 
(ESG) targets); and (d) update the disclosures for equity 
instruments designated at fair value through other 
comprehensive income (FVOCI). The amendments are 
effective for the Corporation's annual reporting period 
beginning on January  1,  2026, with earlier application 
permitted. Retrospective application is only permitted if 
possible without the use of hindsight. The Corporation 
has not yet started assessing the potential impact of 
these amendments. 
4 CRITICAL ACCOUNTING ESTIMATES AND 
JUDGMENTS
The preparation of the financial statements requires 
Management to make judgments, assumptions and 
estimates in applying the Corporation's accounting 
policies. The estimates and judgments that have a 
significant risk of causing a material adjustment to the 
carrying amounts of assets and liabilities within the next 
financial year are discussed below.
Estimates and assumptions are continually evaluated and 
are based on historical trends and other factors, including 
expectations of future events that are likely to materialize 
under reasonable circumstances. Actual results will differ 
from estimates used, and such differences could be 
material.
REVENUE RECOGNITION
The Corporation values its costs and anticipated profits in 
excess of billings based on the time and materials 
charged into each project and estimated future costs and 
total revenues. Recognition of revenues and contract 
assets involves estimates of costs required to complete 
the project. On a periodic basis, Management reviews the 
costs incurred to date and the estimated costs to 
complete for each project to determine whether the 
amount recognized as contract assets is an accurate 
estimate of the amount that the Corporation has earned 
on its projects. Where the review determines that the 
value of costs and anticipated profits in excess of billings 
exceed the amount that has been earned, adjustments 
are made to the contract assets. Changes in the estimate 
WSP GLOBAL INC.
F-23
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

of costs required to complete projects could lead to 
reversals of revenues.
IDENTIFIABLE INTANGIBLE ASSETS AND 
GOODWILL
Identifiable intangible assets and goodwill, excluding 
software, 
amounted 
to 
$10,876.2 
million 
as 
at 
December 31, 2024 ($8,127.4 million as at December 31, 
2023). These assets arise out of business combinations 
and the Corporation applies the acquisition method of 
accounting to these transactions. Management uses 
material estimates and assumptions in measuring the fair 
value of the assets acquired and the liabilities assumed 
and estimating the useful lives of identifiable intangible 
assets. Material estimates include expected cash flows, 
based on revenue and adjusted EBITDA projections, as 
well as discount rates.
Intangible assets related to business combinations and 
recognized 
separately 
from 
goodwill 
are 
initially 
recognized at their fair value at the acquisition date and 
are mostly amortized with determined finite lives. 
Management uses judgment to identify indefinite-lived 
intangible assets. If actual useful lives are shorter than 
estimated, the Corporation may be required to accelerate 
amortization. 
For the purposes of assessing impairment, Management 
exercises judgment to identify independent cash inflows 
to determine CGUs. The fair value of CGUs are 
determined using material estimates including the 
applicable discount rate and the expected future cash 
flows. The inputs used in the discounted cash flows 
model are Level 3 inputs (inputs not based on observable 
market data). Management applies judgment to identify 
indicators of possible impairment or reversal of 
impairment at each reporting date.
LEGAL CLAIMS PROVISIONS
In the normal course of business the Corporation faces 
legal proceedings for work carried out on projects.  The 
Corporation has professional liability insurance (subject to 
certain self retention thresholds) in order to manage risks 
related to such proceedings. Management uses judgment 
to assess the potential outcomes of claims and estimates 
the claims provisions, based on advice and information 
provided by its legal advisors and on its own past 
experience in the settlement of similar proceedings. 
Claims provisions include litigation costs and also take 
into account indemnities. Final settlements could have a 
material effect on the financial position or operating 
results of the Corporation.
INCOME TAX PROVISION
The Corporation is subject to income tax laws and 
regulations in multiple jurisdictions. There are many 
transactions and calculations for which the ultimate tax 
determination is uncertain. The Corporation recognizes 
liabilities for anticipated tax audit issues on the basis of 
amounts expected to be paid to the tax authorities. 
Where the final tax outcome of these matters is different 
from the amounts that were initially provisioned, such 
differences will impact the current and deferred income 
tax assets and liabilities in the period in which such 
determination 
is 
made. 
Management 
periodically 
evaluates positions taken in tax returns with respect to 
situations in which applicable tax regulation is subject to 
interpretation.
DEFERRED INCOME TAX ASSETS
Management exercises judgment in the assessment of 
the probability of future taxable income, to estimate the 
extent to which deferred income tax assets can be 
realized. Estimates are based on the Corporation’s most 
recent approved budget, which is adjusted for material 
non-taxable income and expenses and specific limits to 
the use of any unused tax loss or credit. The tax rules and 
tax planning strategies in the numerous jurisdictions in 
which the Corporation operates are carefully taken into 
consideration. Management uses judgment to assess 
specific facts and circumstances to evaluate legal, 
economic or other uncertainties.
INVESTMENT TAX CREDITS
The Corporation benefits from certain government 
assistance programs in the different jurisdictions where it 
operates, including scientific research and experimental 
development tax credit programs. In preparing claims, 
judgment is required in interpreting the regulations 
related to these programs, determining if the operations 
of the Corporation qualify, and identifying and quantifying 
eligible 
expenses. 
These 
claims 
are 
subject 
to 
examination and audit by local tax authorities, who may 
disagree with interpretations made by the Corporation. 
Management estimates the amounts receivable under 
these programs. Final settlements following examinations 
and audits could be different from amounts recorded and 
could have a material effect on the financial position or 
operating results of the Corporation.
WSP GLOBAL INC.
F-24
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

LEASES
The Corporation uses judgment to establish the lease 
term based on the conditions of the lease and whether it 
is reasonably certain that it will exercise any extension or 
termination options. When the implicit interest rate of a 
lease is not readily available, the Corporation is required 
to use its incremental borrowing rate (“IBR”), which is 
generally the case. The determination of the IBR requires 
the use of various assumptions. The Corporation uses 
judgment to determine if a lease modification which 
increases the scope of a lease should be accounted as a 
separate lease. Such determination requires the use of 
judgment to determine if the increase in lease payments 
is commensurate to the change in scope.
The Corporation applies estimates to assesses whether a 
right-of-use asset is impaired, particularly when it expects 
to vacate an office space, including the ability to sublease 
the assets or surrender the lease and recover its costs. 
The Corporation examines its lease conditions as well as 
local market conditions and estimates its recoverability 
potential for each vacated premise. 
5 BUSINESS ACQUISITIONS
Acquisitions are accounted for using the acquisition 
method, and the operating results are included in the 
consolidated financial statements from the date of 
acquisition. If the initial accounting for a business 
combination is incomplete by the end of the reporting 
period, the Corporation will report provisional amounts for 
the items for which the accounting is incomplete. Those 
provisional 
amounts 
are 
adjusted 
during 
the 
measurement period, and additional assets or liabilities 
are recognized, to reflect new information obtained about 
facts and circumstances that existed at the acquisition 
date that, if known, would have affected the amounts 
recognized at that date.
The measurement period is the period from the date of 
acquisition to the date the Corporation obtains complete 
information about facts and circumstances that existed as 
of the acquisition date, up to a maximum of one year.
2024 TRANSACTIONS
POWER Engineers, Incorporated
On October 1, 2024, WSP acquired POWER Engineers, 
Incorporated (“POWER”), pursuant to an agreement and 
plan of merger announced on August 12, 2024 (the 
“POWER 
Acquisition”), 
for 
a 
purchase 
price 
of 
US$1.75 billion ($2.36 billion). POWER is a prominent US 
consulting firm with approximately 4,000 employees and 
a leading presence in the Power & Energy market sector. 
The POWER Acquisition and related transaction costs 
were financed by net proceeds of WSP's $1.15  billion 
equity offering, which closed on August 19, 2024, 
$1.0  billion private offering of senior unsecured notes, 
which closed on September 12, 2024, new term loans 
under WSP's existing credit agreement, as well as using 
WSP's available cash and credit facilities. 
As at December  31, 2024, the Corporation has not yet 
completed its fair value assessment of all the assets 
acquired and the liabilities assumed. The most significant 
aspects remaining to be finalized relate to the valuation of 
right-of-use assets and lease liabilities, trade receivables, 
contract assets and liabilities, and intangible assets. 
Consequently, certain fair value adjustments related to 
the POWER Acquisition are included in goodwill in the 
preliminary fair value assessment, and may affect the final 
valuation of any assets acquired and liabilities assumed.
The table below presents Management's preliminary 
assessment of the fair values of the assets acquired and 
the liabilities assumed. The final determination of the fair 
WSP GLOBAL INC.
F-25
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

values will be made within 12 months of the acquisition 
date. Accordingly, the following values are subject to 
change and such changes may be material.
Recognized amounts of identifiable 
assets acquired and liabilities 
assumed
$
Assets
Cash and cash equivalents
 
163.8 
Trade receivables and other receivables  
191.2 
Cost and anticipated profits in excess of 
billings (note 15)
 
108.6 
Prepaid expenses
 
20.3 
Other financial assets
17.5
Right-of-use assets (note 17)
80.7
Intangible assets other than software 
(note 18)
 
569.6 
Software (note 18)
 
6.1 
Property and equipment (note 19)
 
60.1 
Other assets
 
5.4 
Liabilities
Accounts payable and accrued liabilities  
(179.5) 
Billings in excess of costs and 
anticipated profits (note 15)
 
(37.6) 
Income taxes payable
 
(9.1) 
Lease liabilities (note 17)
 
(80.0) 
Long-term debt
 
(149.8) 
Deferred income tax liabilities (note 12)
 
(130.3) 
Fair value of identifiable assets and 
liabilities assumed
 
637.0 
Goodwill (note 20)
 
1,725.5 
Total purchase consideration
 
2,362.5 
Cash acquired
 
(163.8) 
Net cash disbursements
 
2,198.7 
Preliminary goodwill is attributable to the workforce of the 
acquired business and the synergies expected to arise 
with the Corporation after the acquisition. Goodwill is 
allocated to the US CGU. None of the goodwill 
recognized as at December 31, 2024 is expected to be 
deductible for income tax purposes. Intangible assets are 
mainly attributable to customer relationships, contract 
backlog and trade names. Management applied the 
excess earnings method using a discounted cash flow 
model to preliminarily value customer relationships and 
backlogs acquired. Management's material estimates and 
assumptions in applying this methodology included 
forecast revenues and margins attributable to the 
customer relationships (in excess of backlog).
The trade receivables acquired had a gross contractual 
amount equal to preliminary fair value of $170.0 million.
The acquired POWER business contributed revenues of 
$324.4 million and net earnings of $2.4  million from 
October 1, 2024 to December  31, 2024. If the POWER 
Acquisition had occurred at the beginning of the year, the 
Corporation's revenues and net earnings would have 
been $16.96 billion and $699.7 million, respectively. 
Other acquisitions in 2024 
In March 2024, WSP acquired Proxion Plan Oy and 
Proxion Pro Oy (together “Proxion”), both Finnish 
companies and subsidiaries of Proxion Oy. With their 
combined workforce of 150 employees, these businesses 
offer a range of rail consultancy services, as well as 
railway and railway system design services, including 
traffic and energy services, as well as safety and security 
expertise.
In March 2024, WSP acquired Communica Public Affairs 
Inc. (“Communica”), a 50-employee Canadian firm 
specializing in Indigenous and stakeholder engagement 
and information management consulting. 
In May 2024, WSP acquired AKF Group LLC (“AKF”), a 
specialized mechanical, electrical, and plumbing firm that 
designs complex healthcare, science and technology, 
and mission-critical facilities. AKF's 365  professionals 
operate throughout the eastern United States, with an 
additional complementary presence in Mexico.
In May 2024, WSP acquired 1A Ingenieros, S.L. (“1A 
Ingenieros”), a 250-employee Spanish consulting firm 
operating mainly in the Power & Energy sector. 
These acquisitions were financed using WSP's available 
cash and credit facilities.
These acquisitions were not individually material, 
therefore the Corporation has chosen to disclose the 
required information in aggregate. The table below 
presents the fair values of the assets acquired and the 
liabilities assumed as at December  31, 2024. The fair 
values 
represent 
Management's 
preliminary 
assessments, with the most significant aspects remaining 
to be finalized relating to the valuation of trade 
receivables and contract assets and liabilities. 
WSP GLOBAL INC.
F-26
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

Recognized amounts of identifiable 
assets acquired and liabilities 
assumed
$
Assets
Cash and cash equivalents
 
7.1 
Trade receivables and other receivables  
42.5 
Cost and anticipated profits in excess of 
billings (note 15)
 
3.7 
Prepaid expenses
 
2.7 
Income taxes receivable
 
0.4 
Right-of-use assets (note 17)
 
35.3 
Software (note 18)
 
1.3 
Property and equipment (note 19)
 
2.6 
Liabilities
Accounts payable and accrued liabilities  
(24.5) 
Provisions (note 23)
 
(2.8) 
Lease liabilities (note 17)
 
(35.3) 
Long-term debt
 
(3.6) 
Deferred income tax liabilities (note 12)
 
(0.6) 
Fair value of identifiable assets and 
liabilities assumed
 
28.8 
Goodwill (note 20)
 
110.0 
Total purchase consideration
 
138.8 
Cash acquired
 
(7.1) 
Consideration payable
 
(4.6) 
Net cash disbursements
 
127.1 
Goodwill is attributable to the workforce of the acquired 
businesses and the synergies expected to arise with the 
Corporation 
after 
the 
acquisitions. 
Approximately 
$61 million of the goodwill recognized as at December 31, 
2024 is expected to be deductible for income tax 
purposes.
The trade receivables acquired had a fair value of 
$39.5 
million 
and 
gross 
contractual 
amount 
of 
$40.8 million.
The acquired businesses contributed revenues of 
$96.1  million and net earnings of $4.7  million from their 
respective acquisition dates to December 31, 2024.
6 OPERATING SEGMENTS
SEGMENTED INFORMATION
The Corporation manages its business by geographic 
region. The Corporation's operating segments represent 
countries, or groups of countries, in which it operates. The 
Corporation has four reportable segments: Canada, 
Americas (US and Latin America), EMEIA (Europe, Middle 
East, India and Africa) and APAC (Asia Pacific, comprising 
Asia, Australia and New Zealand). Management has 
applied the following judgments to aggregate certain 
operating segments:
• Americas - The operating segments of US and Latin 
America are in the same geographic region of the 
Americas and have been aggregated as the Latin 
America operating segment does not meet any of the 
quantitative thresholds to be reported separately.
• EMEIA - The operating segments of the United 
Kingdom "UK" and Ireland, Nordic European countries 
and 
Central 
European 
countries 
have 
been 
aggregated as these segments have similar products 
and services, the same types of customers and 
operate in similar economies. The Middle East, India 
and Africa operating segments have also been 
aggregated in EMEIA as they do not meet any of the 
quantitative thresholds to be reported separately.
• APAC - The operating segments of Australia and New 
Zealand have been aggregated as these segments 
have similar products and services, the same types of 
WSP GLOBAL INC.
F-27
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

customers and operate in similar economies. The Asia 
operating segment has also been aggregated in APAC 
as it does not meet any of the quantitative thresholds 
to be reported separately and it is part of the same 
geographic region.
The Corporation's global leadership team (“GLT”) 
assesses the performance of the reportable segments 
based on net revenues and adjusted EBITDA by 
segment. Adjusted EBITDA by segment excludes items 
such 
as 
business 
acquisition, 
integration 
and 
reorganization costs, ERP implementation costs and head 
office corporate costs, which are not considered when 
assessing the underlying financial performance of the 
reportable segments. Head office corporate costs are 
expenses and salaries related to centralized functions, 
such as global finance, legal and human resources teams, 
which are not allocated to segments. This measure also 
excludes the effects of financing expenses, depreciation, 
amortization, impairment and income taxes.
Sales between segments are carried out on terms 
equivalent to arm's length transactions and are eliminated 
upon consolidation.
The net revenues reported to the GLT are derived from 
revenues net of subconsultant and direct costs, which are 
measured in a similar manner as in the consolidated 
statements of earnings, and exclude intersegmental net 
revenues.
The tables below present the Corporation’s operations based on reportable segments, for the years ended 
December 31:
2024
Canada
Americas
EMEIA
APAC
Total
$
$
$
$
$
Revenues
 
2,788.1  
6,935.2  
4,385.5  
2,058.0  
16,166.8 
Less: Subconsultants and direct costs
 
(687.8)  
(2,164.5)  
(870.3)  
(272.0)  
(3,994.6) 
Net revenues
 
2,100.3  
4,770.7  
3,515.2  
1,786.0  
12,172.2 
Adjusted EBITDA by segment
 
495.6  
971.2  
561.6  
285.4  
2,313.8 
Head office corporate costs
 
(128.1) 
Depreciation and amortization
 
(685.3) 
Acquisition, integration and reorganization costs
 
(133.8) 
ERP implementation costs
 
(66.8) 
Net financing expenses, excluding interest income
 
(355.4) 
Share of depreciation, financing expenses and 
taxes of associates and joint ventures
 
(16.4) 
Earnings before income taxes
 
928.0 
Other information:
Personnel costs of segments
 
1,481.5  
3,327.8  
2,592.7  
1,336.8  
8,738.8 
WSP GLOBAL INC.
F-28
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

2023
Canada
Americas
EMEIA
APAC
Total
$
$
$
$
$
Revenues
 
2,498.5  
6,024.8  
3,900.4  
2,013.5  
14,437.2 
Less: Subconsultants and direct costs
 
(586.5)  
(1,937.0)  
(707.4)  
(309.3)  
(3,540.2) 
Net revenues
 
1,912.0  
4,087.8  
3,193.0  
1,704.2  
10,897.0 
Adjusted EBITDA by segment
 
433.5  
808.1  
489.9  
308.6  
2,040.1 
Head office corporate costs
 
(118.8) 
Depreciation and amortization
 
(673.2) 
Impairment of long-lived assets
 
(87.1) 
Acquisition, integration and reorganization costs
 
(105.0) 
ERP implementation costs
 
(81.0) 
Net financing expenses, excluding interest income
 
(215.2) 
Share of depreciation, financing expenses and 
taxes of associates and joint ventures
 
(14.9) 
Earnings before income taxes
 
744.9 
Other information:
Personnel costs of segments
 
1,356.9  
2,896.2  
2,396.9  
1,270.0  
7,920.0 
GEOGRAPHIC INFORMATION
The Corporation's revenues are allocated to geographic 
regions based on the country of operation, as follows, for 
the years ended December 31: 
2024
2023
$
$
US
 
6,551.9  
5,655.2 
Canada
 
2,788.1  
2,498.5 
UK
 
1,781.4  
1,583.2 
Australia
 
1,241.3  
1,155.2 
Sweden
 
685.2  
664.2 
Other
 
3,118.9  
2,880.9 
 
16,166.8  
14,437.2 
Right-of-use assets, property and equipment, goodwill 
and intangible assets are allocated in the following 
countries, as at December 31: 
2024
2023
$
$
US
 
7,340.0  
4,415.9 
Canada
 
2,247.7  
2,268.6 
UK
 
806.5  
703.6 
Australia
 
705.4  
705.0 
Other
 
1,451.2  
1,426.3 
 
12,550.8  
9,519.4 
WSP GLOBAL INC.
F-29
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

7 REVENUES
The tables below present the Corporation’s disaggregated revenues by market sector and client category, for the years 
ended December 31:
2024
Canada
Americas
EMEIA
APAC
Total
$
$
$
$
$
Market sector
Transportation & Infrastructure
 
825.9  
2,826.5  
1,808.8  
849.5  
6,310.7 
Earth & Environment
 
1,290.8  
2,343.6  
792.2  
685.6  
5,112.2 
Property & Buildings
 
568.1  
1,075.4  
1,484.6  
467.6  
3,595.7 
Power & Energy
 
103.3  
689.7  
299.9  
55.3  
1,148.2 
 
2,788.1  
6,935.2  
4,385.5  
2,058.0  
16,166.8 
Client category
Public sector
 
1,323.8  
3,656.4  
2,378.6  
1,024.1  
8,382.9 
Private sector
 
1,464.3  
3,278.8  
2,006.9  
1,033.9  
7,783.9 
 
2,788.1  
6,935.2  
4,385.5  
2,058.0  
16,166.8 
2023
Canada
Americas(1)
EMEIA
APAC
Total
$
$
$
$
$
Market sector
Transportation & Infrastructure
 
593.2  
2,638.6  
1,675.8  
993.6  
5,901.2 
Earth & Environment
 
1,302.5  
2,183.1  
709.3  
484.0  
4,678.9 
Property & Buildings(2)
 
494.5  
827.9  
1,262.9  
485.0  
3,070.3 
Power & Energy
 
108.3  
375.2  
252.4  
50.9  
786.8 
 
2,498.5  
6,024.8  
3,900.4  
2,013.5  
14,437.2 
Client category
Public sector
 
1,091.2  
3,379.9  
2,049.0  
1,059.8  
7,579.9 
Private sector
 
1,407.3  
2,644.9  
1,851.4  
953.7  
6,857.3 
 
2,498.5  
6,024.8  
3,900.4  
2,013.5  
14,437.2 
(1) For the year ended December 31, 2023, the disaggregated revenues by market sector in the Americas reportable segment have been restated to 
conform with current year market sector classification. 
(2) As at January 1, 2024, the Industry market sector was combined with the Property & Buildings market sector. The disaggregated revenues for the 
year ended December 31, 2023 have been restated to align to the new presentation. 
The Corporation's remaining performance obligations that are unsatisfied or partially unsatisfied, on all contracts with 
customers, amounted to $15.6 billion as of December 31, 2024 ($14.1 billion as at December 31, 2023). This measure 
represents future revenues stemming from existing signed contracts with customers, comprised of the value of firm 
orders only and excludes any variable consideration that is not highly probable. For public sector clients funded by a 
governmental body, funding has been confirmed.
WSP GLOBAL INC.
F-30
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

8 LONG-TERM INCENTIVE PLANS ("LTIPs")
STOCK OPTIONS
Options granted under the stock option plan, to officers and employees, may be exercised during a period not exceeding 
ten years from the grant date. Options vest, at latest, three years after the grant date. Any unexercised options expire at 
the earlier of one month after the date a beneficiary ceases to be an employee or the expiration date of the stock option. 
2024
2023
Number of stock options exercised during the year ended December 31
 
190,575  
62,374 
Exercise price range of stock options exercised during the year ended 
December 31
$41.69 to $180.65
$57.98 to $180.65
Stock options outstanding as at December 31
 
723,204  
782,722 
Vested stock options outstanding as at December 31
 
544,844  
651,150 
Exercise price range of stock options outstanding as at December 31
$41.69 to $210.64
$41.69 to $180.65
The fair value of stock options at grant date was 
measured using the Black-Scholes option pricing model. 
The historical share price of the Corporation’s common 
shares is used to estimate expected volatility, and 
government bond rates are used to estimate the risk-free 
interest rate. For options granted during the years ended 
December  31, 2024 and 2023, the following table 
illustrates the inputs used in the measurement of the 
grant date fair values of the stock options:
2024
2023
Expected stock price 
volatility
22%-26%
 24 %
Dividend
0.71%- 
0.82%
0.88%- 
0.96%
Risk-free interest rate
3.37%-3.91% 3.33%-3.70%
Expected option life
6.05-6.13
5.8
Fair value – weighted 
average of options issued
$49.31
$39.93
During the year ended December  31, 2024, the 
Corporation 
recorded 
stock-based 
compensation 
expense of $6.0 million ($5.0 million in 2023) in personnel 
costs.
PSUs, RSUs, DSUs, redeemable PSUs and 
redeemable RSUs
The PSUs are settled in cash and vest after three years if 
the Corporation meets certain performance targets. The 
RSUs are settled in cash and vest after three years. The 
DSUs are settled in cash and vest immediately when 
granted but their settlement is deferred until employment 
with the Corporation is terminated for any reason other 
than for cause. Redeemable PSUs vest after three years, 
subject 
to 
performance-based 
vesting 
conditions. 
Redeemable RSUs vest after three years. Redeemable 
PSUs and redeemable RSUs may be redeemed by the 
participant at any time after vesting but prior to the tenth 
anniversary of the grant date for common shares of the 
Corporation or cash, or any combination of them, at the 
choice of the participant.
The compensation expense and corresponding liability 
for the share unit plan awards are measured using the 
market value of the Corporation's share price, the 
Corporation's expected performance vis-a-vis targets, 
and other factors, as applicable, and the expense is 
recorded over the vesting period for PSUs, RSUs, 
redeemable PSUs and redeemable RSUs and as granted 
for DSUs. 
At the end of each financial reporting period, changes in 
the Corporation’s payment obligation due to changes in 
the market value of the Corporation's common shares on 
the TSX, or changes in the number of units based on the 
Corporation’s expected performance and other factors, 
as applicable, are recorded as an expense or recovery.
The 
Corporation 
recorded 
personnel 
costs 
of 
$94.8 million during 2024 ($60.2 million in 2023) related 
to the share unit plans. As at December 31, 2024, there 
were 753,298 PSUs, RSUs, DSUs, redeemable PSUs and 
redeemable RSUs outstanding and the cumulative 
WSP GLOBAL INC.
F-31
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

obligation liability stood at $160.7  million (742,377 units 
and $120.9  million, respectively, as at December 31, 
2023). The intrinsic value of the liability for all share unit 
plans for which the participants' right to cash had vested 
as at December 31, 2024 was $107.0 million ($87.3 million 
as at December 31, 2023).
The 
Corporation 
enters 
into 
derivative 
financial 
instruments with Canadian financial institutions to limit the 
Corporation's exposure to the variability of LTIP-based 
units caused by fluctuations in its common share price. 
The value of the derivative financial instruments fluctuates 
in accordance with the movement of the Corporation's 
common share price and these instruments are classified 
as FVTPL. As such, they are measured at fair value on the 
consolidated statement of financial position and the mark-
to-market gain or loss pertaining to derivative financial 
instruments is recorded in personnel costs and financing 
expense. In 2024, the mark-to-market gain recorded in 
personnel costs and financing expense amounted to 
$38.6  million (a $17.2  million gain in 2023). As at 
December  31, 2024 and 2023, the Corporation had 
derivatives outstanding for 660,000 of its common 
shares. 
9 PENSIONS SCHEMES
The Corporation operates both defined contribution and 
defined benefit pension schemes. Pension costs included 
in personnel costs and net financing expense on pension 
liabilities consist of the following for the years ended 
December 31:
2024
2023
$
$
Employer contributions to defined 
contribution pension schemes
 
169.9  
208.7 
Current service cost
 
10.8  
10.0 
Past service cost
 
—  
(0.6) 
Administration cost
 
—  
1.3 
Defined benefit pension scheme 
expense
 
10.8  
10.7 
Interest expense
 
13.9  
19.2 
Expected return on plan assets
 
(7.6)  
(12.9) 
Net financing expense on pension 
liabilities
 
6.3  
6.3 
Overview of defined benefit plans
In the UK, there are several defined benefit schemes, all 
of which are closed to new members. The assets of the 
schemes are held separately from those of the 
Corporation in independently administered funds. The 
combined employee and employer contributions to be 
paid in the year ending December 31, 2025, pertaining to 
the Corporation’s defined benefit pension schemes in the 
UK, are expected to be nil.
In Sweden, a portion of a multi-employer and collectively-
bargained defined benefit plan is recognized on the 
Corporation’s consolidated statement of financial position 
as a defined benefit plan. Accrual of service costs under 
this arrangement ceased in 2008 when the Corporation 
began insuring new accruals with an insurance company. 
This portion of the plan accounted for as a defined benefit 
plan relates to the historical accruals prior to 2008, which 
are unfunded. 
The benefits within the collectively-bargained plan in 
Sweden which are insured with an insurance company 
are considered a multi-employer plan. Since the 
insurance company is not able to specify the portion of 
their insurance assets which are set aside to meet each 
and every individual employers’ share of pension 
obligation, it is treated as a defined contribution scheme 
in the Corporation's consolidated financial statements. 
In the US, the Corporation maintains a deferred 
compensation plan under which a portion of employees’ 
compensation is deferred and invested in financial assets 
held in a trust (included in financial assets as disclosed in 
note 16, Other financial assets). The financial assets held 
in a trust are for the ultimate benefit of the employees but 
are available to the Corporation’s creditors in the event of 
insolvency. Therefore this plan is reported as an unfunded 
plan.
In the US, the Corporation also maintained a funded 
defined benefit scheme, which was settled and closed in 
2024. The assets of the scheme were held separately 
from those of the Corporation in independently 
administered funds and have been entirely paid out to the 
members.
WSP GLOBAL INC.
F-32
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

In August 2024, the Corporation wound-up the funded 
defined benefit scheme in the US. As a result, $11.6 million 
was paid in cash in settlement of the remaining net 
obligation and is presented on the statement of cash flow 
as a component of cash contribution to defined benefit 
pension schemes. 
Accounting policies
Defined contributions are charged to net earnings as 
incurred.
For funded and unfunded defined benefit plans, any 
deficit of the fair value of plan assets over the present 
value of the defined benefit obligation is recognized as a 
liability in the consolidated statement of financial position. 
Actuarial gains and losses are recognized in full as they 
arise in other comprehensive income. These gains and 
losses reflect changes in actuarial assumptions, and 
differences between actuarial assumptions and what has 
actually occurred.
The actuarial costs charged to the consolidated 
statements of earnings in respect of defined benefit plans 
may consist of current service cost, net interest on 
defined benefit liability (asset), past service costs and 
costs of curtailments.
The liabilities of the Corporation arising from defined 
benefit obligations and their related current service cost 
are determined using the projected unit credit method. 
Valuations are performed annually. Actuarial advice is 
provided by both external consultants and actuaries. The 
actuarial assumptions used to calculate the benefit 
obligations vary according to the economic conditions of 
the country in which the plan is located and are set out 
below. 
Fair value of plan assets
The following table presents, the fair values by major 
categories of plan assets pertaining to the funded UK 
defined benefits pension schemes as at December 31, 
2024, and pertaining to the funded US and UK defined 
benefits pension schemes as at December 31, 2023:
2024
2023
$
%
$
%
Equities
 
14.2 
 9 
13.1
 6 
Bonds
 36.4 
 23 
85.4
 38 
Liability-driven 
investments
 63.4 
 40 
62.0
 28 
Cash and cash 
equivalents
 
— 
 — 
13.4
 6 
Other
 44.4 
 28 
48.5
 22 
 158.4 
 100 222.4
 100 
Reconciliations
Amounts recognized in the statements of financial 
position are as follows, as at December 31: 
2024
2023
$
$
Fair value of plan assets (UK)
 
158.4  
156.0 
Present value of funded obligations 
(UK)
 
(136.8)  
(140.8) 
Net asset of funded plans (UK)
 
21.6  
15.2 
Fair value of plan assets (US)
 
—  
66.4 
Present value of funded obligations 
(US)
 
—  
(78.6) 
Deficit of funded plans (US)
 
—  
(12.2) 
Present value of unfunded 
obligations (US)
 
(165.8)  
(137.7) 
Present value of unfunded 
obligations (Sweden)
 
(36.3)  
(37.6) 
Net pension liability
 
(180.5)  
(172.3) 
WSP GLOBAL INC.
F-33
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

Changes in the fair value of plan assets are as follows, as 
at December 31:
2024
2023
$
$
Fair value of plan assets – 
beginning balance
 
222.4  
252.8 
Expected return on plan assets
 
7.6  
12.9 
Contributions from employer
 
4.4  
9.8 
Benefits paid
 
(8.1)  
(16.9) 
Payments in respect of settlements  
(67.7)  
(44.7) 
Administration costs
 
—  
(1.3) 
Actuarial gain (experience)
 
(11.9)  
6.6 
Exchange differences
 
11.7  
3.2 
Fair value of plan assets – ending 
balance
 
158.4  
222.4 
Changes in the present value of the defined benefit 
obligation 
are 
as 
follows 
for 
the 
years 
ended 
December 31:
2024
2023
$
$
Present value of obligation – 
beginning balance
 
394.7  
415.1 
Present value of obligation – 
acquisitions
 
—  
4.2 
Current service cost
 
10.8  
10.0 
Past service cost
 
—  
(0.6) 
Benefits paid
 
(21.7)  
(28.1) 
Payments in respect of settlements  
(79.4)  
(44.7) 
Interest expenses
 
13.9  
19.2 
Actuarial losses - changes in 
assumptions
 
(2.3)  
14.8 
Actuarial losses - changes in 
experience adjustments
 
(0.7)  
2.8 
Exchange differences
 
23.6  
2.0 
Present value of obligation – 
ending balance
 
338.9  
394.7 
Net retirement obligations deficit summary, as at 
December 31:
2024
2023
$
$
Fair value of scheme assets
 
158.4  
222.4 
Present value of scheme liabilities
 
(338.9)  
(394.7) 
Deficit
 
(180.5)  
(172.3) 
Actuarial assumptions and risks
The main assumptions used to calculate the liabilities 
related to defined benefit obligations and their related 
current service cost were as follows as at and for the 
years ended December 31:
2024
2023
UK
Rate of increase in 
pension payments
2.00% to 
3.00%
2.05% to 
2.95%
Discount rate
 5.50 %
 4.75 %
Inflation assumption
2.80% to 
3.15%
2.75% to 
3.10%
Life expectancy at age 
65 (for member 
currently aged 65)
–    Men
 
87.1 
 
87.2 
–    Women
 
89.7 
 
89.6 
Sweden
Discount rate
 3.50 %
 3.25 %
Inflation assumption
 1.80 %
 1.60 %
Life expectancy at age 
65 (for member 
currently aged 65)
–    Men
 
86.9 
 
86.9 
–    Women
 
88.9 
 
88.9 
US
Discount rate (unfunded 
plans)
4.90% to 
5.25%
4.75% to 
4.80%
Discount rate (funded 
plans)
Not applicable
 4.91 %
WSP GLOBAL INC.
F-34
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

The Corporation’s defined benefit plans expose it to 
interest risk, inflation risk, longevity risk, currency risk and 
market investment risk. Sensitivity analysis of the overall 
pension deficit as at December  31, 2024 to changes in 
principal assumptions is shown in the following table:
Assumption
Change in basis 
points / years
Increase in 
pension deficit
$
Discount rate
- 10 bps  
2.7 
Inflation rate(1)
+ 10 bps  
1.3 
Mortality(1)
+ 1 year  
7.1 
(1) Impact on pension deficit of defined benefit plans in UK and Sweden 
only.
10 ACQUISITION, INTEGRATION AND 
REORGANIZATION COSTS AND ERP 
IMPLEMENTATION COSTS
The table below presents the composition of acquisition, integration and reorganization costs:
2024
2023
$
$
Business acquisition costs
 
37.6  
12.5 
Integration costs of acquired businesses
 
96.2  
92.5 
 
133.8  
105.0 
Included in acquisition, integration and reorganization 
costs in 2024 are employee benefit costs of $40.2 million 
($41.2 million in 2023). Other than employee benefit costs, 
costs relate mainly to legal and professional fees and 
early contract termination costs. 
Included in ERP implementation costs in 2024 are 
employee benefit costs of $41.1  million ($22.5  million in 
2023). Other than employee benefit costs, costs relate 
mainly to professional fees.
11 NET FINANCING EXPENSE 
2024
2023
$
$
Interest expense related to credit facilities and senior unsecured notes
 
231.5  
185.1 
Interest expense on lease liabilities
 
46.8  
40.9 
Net financing expense on pension obligations
 
6.3  
6.3 
Exchange (gains) losses on assets and liabilities denominated in foreign currencies
 
(4.8)  
4.7 
Unrealized losses (gains) on derivative financial instruments
 
65.5  
(27.4) 
Other interest and bank charges
 
27.9  
23.7 
Gains on investments in securities
 
(17.8)  
(18.1) 
Interest income
 
(14.8)  
(12.6) 
 
340.6  
202.6 
WSP GLOBAL INC.
F-35
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

12 INCOME TAXES 
INCOME TAX EXPENSE AND TAX RATE RECONCILIATION
The components of the income tax expense for the years ended December 31, 2024 and 2023 were as follows:
2024
2023
$
$
Current income tax expense
Current income tax expense on earnings for the year
 
341.7  
304.1 
Global minimum top-up tax expense
 
4.8  
— 
Adjustments in respect of prior years
 
(42.7)  
(50.6) 
 
303.8  
253.5 
Deferred income tax recovery
Origination and reversal of temporary differences
 
(80.9)  
(100.1) 
Impact of changes in substantively enacted income tax rates
 
—  
0.1 
Adjustments in respect of prior years
 
23.7  
38.4 
 
(57.2)  
(61.6) 
Income tax expense
 
246.6  
191.9 
The reconciliation of the difference between the income tax expense using the combined Canadian federal and 
provincial statutory income tax rate of 26.5% in 2024 and in 2023 and the actual effective income tax rate is as follows 
for the years ended December 31:
2024
2023
$
%
$
%
Earnings before income taxes
 
928.0 
 
744.9 
Income tax expense at the combined Canadian federal   
and provincial statutory income tax rate
 
245.9 
 26.5 %  
197.4 
 26.5 %
Changes resulting from:
Foreign income tax rate differences
(0.4)
 — 
(12.1)
 (1.6) %
Current tax expense related to global minimum top-up 
tax
 
4.8 
 0.5 %  
— 
 — 
Non-deductible expenses, net of non-taxable income
 
(0.3) 
 — 
5.3
 0.7 %
Net unrecognized income tax benefits
 
15.5 
 1.7 %  
13.3 
 1.8 %
Adjustments in respect of prior years
 
(19.0) 
 (2.1) %
(12.2)
 (1.6) %
Other items
 
0.1 
 — 
0.2
 — 
 
246.6 
 26.6 %  
191.9 
 25.8 %
In 2024 and 2023, net unrecognized income tax benefits represented the impact of unrecognized current and prior 
years income tax benefits related mostly to foreign subsidiaries where recovery is not considered probable, partly offset 
by the recognition of previously unrecognized deferred income tax assets related to certain subsidiaries that generated 
profits in the current year. 
WSP GLOBAL INC.
F-36
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

TEMPORARY DIFFERENCES
The significant components of deferred income tax assets and liabilities were as follows, as at December 31:
2024
As at  
January 1
Credited 
(charged) 
to
statement
of 
earnings
Credited 
(charged)  
to other 
compre- 
hensive 
income
Credited 
directly 
to equity
Business 
acquisi- 
tions and 
disposals
Exchange   
differences
As at  
December 
31
$
$
$
$
$
$
$
Deferred income tax assets
Deductible provisions upon 
settlement
 
231.2  
4.6  
—  
—  
26.5  
9.6  
271.9 
Tax loss carry forwards
 
47.5  
(16.2)  
—  
—  
—  
0.3  
31.6 
Pension schemes
 
43.8  
6.7  
2.3  
—  
—  
3.7  
56.5 
Deferred issuance-related costs
 
9.2  
(7.0)  
—  
12.6  
—  
—  
14.8 
Property and equipment
 
20.4  
(8.9)  
—  
—  
—  
0.8  
12.3 
Lease liability
 
222.2  
1.3  
—  
—  
29.8  
7.7  
261.0 
Research and development 
expenses
 
230.8  
61.5  
—  
—  
31.4  
26.0  
349.7 
Derivative financial instruments
 
—  
14.7  
—  
—  
—  
—  
14.7 
Other temporary differences
 
33.7  
(3.5)  
1.2  
—  
0.3  
1.0  
32.7 
 
838.8  
53.2  
3.5  
12.6  
88.0  
49.1  
1,045.2 
Deferred income tax liabilities
Costs and anticipated profits in 
excess of billings
 
(125.5)  
2.8  
—  
—  
—  
(0.2)  
(122.9) 
Holdbacks
 
(16.9)  
0.6  
—  
—  
—  
—  
(16.3) 
Property and equipment
 
(20.7)  
4.0  
—  
—  
(9.5)  
(1.1)  
(27.3) 
Right-of-use assets
 
(182.9)  
(8.9)  
—  
—  
(30.0)  
(6.5)  
(228.3) 
Intangible assets
 
(118.7)  
45.6  
—  
—  
(144.3)  
(9.9)  
(227.3) 
Goodwill
 
(44.8)  
(28.7)  
—  
—  
—  
(5.2)  
(78.7) 
Derivative financial instruments
 
(6.8)  
1.2  
(18.8)  
—  
—  
—  
(24.4) 
Prepaid expenses
 
(11.6)  
(5.2)  
—  
—  
—  
(1.3)  
(18.1) 
Other temporary differences
 
(31.0)  
(7.4)  
(0.1)  
—  
(32.2)  
(3.3)  
(74.0) 
 
(558.9)  
4.0  
(18.9)  
—  
(216.0)  
(27.5)  
(817.3) 
 
279.9  
57.2  
(15.4)  
12.6  
(128.0)  
21.6  
227.9 
WSP GLOBAL INC.
F-37
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

2023
As at
January 1
Credited 
(charged) 
to
statement
of 
earnings
Credited 
(charged)  
to other 
compre- 
hensive 
income
Credited 
directly 
to equity
Business 
acquisi- 
tions and 
disposals
Exchange   
differences
As at  
December 
31
$
$
$
$
$
$
$
Deferred income tax assets
Deductible provisions upon 
settlement
 
213.7  
(4.1)  
—  
—  
25.6  
(4.0)  
231.2 
Tax loss carry forwards
 
22.9  
22.9  
—  
—  
1.7  
—  
47.5 
Pension schemes
 
42.8  
(2.1)  
2.5  
—  
1.4  
(0.8)  
43.8 
Deferred issuance-related 
costs
 
14.1  
(4.9)  
—  
—  
—  
—  
9.2 
Property and equipment
 
19.7  
0.4  
—  
—  
—  
0.3  
20.4 
Lease liability
 
209.0  
14.3  
—  
—  
1.9  
(3.0)  
222.2 
Research and development 
expenses
 
159.1  
71.7  
—  
—  
5.0  
(5.0)  
230.8 
Derivative financial instruments
 
6.4  
(6.4)  
—  
—  
—  
—  
— 
Other temporary differences
 
49.2  
(12.5)  
—  
—  
(2.2)  
(0.8)  
33.7 
 
736.9  
79.3  
2.5  
—  
33.4  
(13.3)  
838.8 
Deferred income tax liabilities
Costs and anticipated profits in 
excess of billings
 
(103.2)  
(21.9)  
—  
—  
(0.2)  
(0.2)  
(125.5) 
Holdbacks
 
(18.9)  
2.0  
—  
—  
—  
—  
(16.9) 
Property and equipment
 
(24.4)  
6.3  
—  
—  
(3.6)  
1.0  
(20.7) 
Right-of-use assets
 
(181.2)  
(0.4)  
—  
—  
(3.7)  
2.4  
(182.9) 
Intangible assets
 
(128.3)  
43.1  
—  
—  
(33.3)  
(0.2)  
(118.7) 
Goodwill
 
(16.6)  
(30.3)  
—  
—  
1.3  
0.8  
(44.8) 
Derivative financial instruments
 
(9.1)  
(5.4)  
7.7  
—  
—  
—  
(6.8) 
Prepaid expenses
 
(6.3)  
(5.5)  
—  
—  
—  
0.2  
(11.6) 
Other temporary differences
 
(25.9)  
(5.6)  
1.3  
—  
(0.5)  
(0.3)  
(31.0) 
 
(513.9)  
(17.7)  
9.0  
—  
(40.0)  
3.7  
(558.9) 
 
223.0  
61.6  
11.5  
—  
(6.6)  
(9.6)  
279.9 
WSP GLOBAL INC.
F-38
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

The deferred income taxes are presented as follows on 
the consolidated statements of financial position, as at 
December 31:
2024
2023
$
$
Deferred income tax assets
 
404.1  
429.3 
Deferred income tax liabilities
 
(176.2)  
(149.4) 
 
227.9  
279.9 
As at December  31, 2024, the Corporation had 
recognized deferred income tax assets of $31.6  million 
($47.5  million as at December  31, 2023) related to tax 
losses of the current and prior years. The deferred 
income tax assets are recognized, as the Corporation 
believes it is probable that taxable profits will be available 
in the future against which the tax loss carry forwards can 
be utilized.
As at December  31, 2024, the Corporation had 
$212.1 million ($186.1 million as at December 31, 2023) of 
unrecognized deferred income tax assets. Of these, a 
portion 
relates 
to 
tax 
loss 
carry 
forwards 
of 
$463.5  million, of which $115.0 million expire between 
2025 and 2036 and the remainder of which having no 
expiry ($436.3 million and $75.8 million, respectively, as at 
December  31, 2023) and a portion relates to gross 
temporary differences with no expiry of $197.3 million 
($169.2 million as at December  31, 2023). Additionally, 
$58.2 million of unrecognized deferred income tax assets 
relate to tax credits that expire between 2025 and 2034 
($42.9 million as at December 31, 2023). The Corporation 
considers the recovery of those unrecognized deferred 
income tax assets as not probable.
As at December 31, 2024, a deferred income tax liability 
relating to $1,306.4 million of taxable temporary 
differences associated with the undistributed earnings of 
subsidiaries, has not been recognized as the Corporation 
controls the timing of the reversal of these temporary 
differences and does not expect they will reverse in the 
foreseeable future ($1,070.1 million as at December  31, 
2023). Upon distribution of these earnings in the form of 
dividends or otherwise, the Corporation may be subject 
to corporate or withholding income taxes.
OECD PILLAR TWO RULES
The Corporation is subject to the global minimum top-up 
tax under Pillar Two tax legislation. The Corporation 
recognized a current income tax expense of $4.8 million 
related to the top-up tax (nil in 2023). 
The Corporation has applied a temporary mandatory 
relief from deferred tax accounting for the impacts of the 
new Pillar Two top-up tax and will account for it as a 
current income tax expense when it is incurred.
13 FINANCIAL INSTRUMENTS  
FAIR VALUE 
Cash, trade and other receivables, accounts payable, 
dividends payable to shareholders, bank overdrafts, long-
term debt related to credit facilities and other financial 
liabilities are financial instruments whose fair values 
approximate their carrying values due to their short-term 
maturity, variable interest rates or current market rates for 
instruments with fixed rates. 
The fair value hierarchy under which the Corporation’s 
financial instruments are valued is as follows: 
• Level  1 includes unadjusted quoted prices in active 
markets for identical assets or liabilities;
• Level  2 includes inputs other than quoted prices 
included in Level 1 that are observable for the assets 
or liability, either directly or indirectly;
• Level  3 includes inputs for the assets or liability that 
are not based on observable market data. 
The Corporation's senior unsecured notes are financial 
liabilities carried at amortized costs. As at December 31, 
2024, the fair value of the $2.0 billion of senior unsecured 
notes, which is based on unadjusted quote prices (Level 
1), was $2,030.9 million ($987.9 million for the $1.0 billion 
of senior unsecured notes as at December 31, 2023).  
As at December 31, 2024 and 2023, fair values of other 
financial assets and hedges of the Corporation's common 
shares are determined under Level  1. Fair values of 
foreign currency risk based financial instruments, notably 
foreign currency forward contracts and options, cross 
currency swap agreements and cross currency interest 
rate swap agreements, are determined under Level 2.
WSP GLOBAL INC.
F-39
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

FINANCIAL RISK MANAGEMENT
The Corporation is exposed to credit risk, foreign 
currency risk, interest rate risk and liquidity risk. The 
following analyses provide a portrait of those risks as at 
December 31, 2024 and 2023.
Credit risk
Credit risk is the risk that a counterparty will not meet its 
obligations under a financial instrument or customer 
contract, leading to a financial loss.
Financial instruments which potentially subject the 
Corporation to significant credit risk consist principally of 
cash, trade receivables, other receivables, derivative 
financial instruments, investments in securities and 
amounts due from joint ventures and associates. Costs 
and anticipated profits in excess of billings are also 
evaluated for credit risk using the same model. The 
Corporation’s maximum amount of credit risk exposure is 
limited to the carrying amount of these financial 
instruments and contract assets, which is $6,572.7 million 
as at December  31, 2024 ($5,139.1  million as at 
December 31, 2023).
The Corporation’s cash is held with investment-grade 
financial institutions. Therefore, the Corporation considers 
the risk of non-performance on these instruments to be 
minimal.
The Corporation’s credit risk is principally attributable to 
its trade receivables and costs and anticipated profits in 
excess of billings. The amounts disclosed in the 
consolidated statements of financial position are net of an 
allowance for expected credit losses, estimated by 
Management and based, in part, on the age of the specific 
receivable balance and the current and expected 
collection trends. Generally, the Corporation does not 
require collateral or other security from customers for 
trade accounts receivable; however, credit is extended 
following an evaluation of creditworthiness. In addition, 
the Corporation performs ongoing credit reviews of all its 
customers and establishes an allowance for expected 
credit losses when the likelihood of collecting the account 
has significantly diminished. The Corporation believes 
that the credit risk of trade accounts receivable is limited. 
During the year ended December  31, 2024, the 
Corporation recognized net credit losses of $9.6  million 
($18.8 million in 2023).
The Corporation mitigates its credit risk by providing 
services to diverse clients in various market sectors, 
countries and sectors of the economy.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future 
cash flows of a financial instrument will fluctuate because 
of changes in foreign exchange rates.
The Corporation operates internationally and is exposed 
to currency risks arising from its operating activities 
denominated in US dollars, pounds sterling, Australian 
dollars, Swedish krona, New Zealand dollars, euros, and 
other currencies as well as from its net assets in foreign 
operations. These risks are partially offset by purchases 
and operating expenses incurred in these currencies.
The Corporation has investments in foreign operations, 
whose net assets are exposed to foreign currency risk. 
This risk is partly offset through borrowings denominated 
in the relevant foreign currency. The exchange gains or 
losses on the net equity investment of these operations 
are reflected in the accumulated other comprehensive 
income account in shareholders’ equity, as part of the 
currency translation adjustment.
The Corporation enters into foreign currency forward 
contracts and options to hedge the variability in the 
foreign currency exchange rates of certain currencies 
against the Canadian dollar. As at December 31, 2024, the 
net fair market value loss of these forward contracts and 
options amounted to $55.5  million, and losses of 
$76.8 million were recorded in net earnings in 2024. The 
largest hedged currency outstanding as at December 31, 
2024 represents a nominal amount of $1,011.7 million US 
dollars.
The Corporation holds cross-currency interest rate swap 
agreements for a nominal amount of $2.0 billion Canadian 
dollars to hedge the variability in the USD/CAD currency 
risk of the Corporation’s net investment in foreign entities 
having the USD as their functional currency. The fair 
market value loss of these cross-currency interest rate 
swaps agreements as at December 31, 2024 amounted 
to $79.6 million and the change in fair value was recorded 
in other comprehensive loss.
The Corporation holds cross-currency interest rate swap 
agreements to hedge the variability in multiple currencies 
to the Canadian dollar, as well as the variability in interest 
rates of multiple foreign currency-denominated debts. 
The cross-currency component and interest rate 
WSP GLOBAL INC.
F-40
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

component of each of these financial instruments are 
bifurcated and each component designated as either a 
net investment hedge or cash flow hedge, respectively. 
The fair market value net loss of these cross-currency 
interest rate swaps agreements as at December 31, 2024 
amounted to $2.7  million and the changes in fair value 
were recorded in other comprehensive income.
The Corporation holds interest rate collar agreements for 
a nominal amount of $300.0 million US dollars to hedge 
the 
variability 
in 
interest 
rates 
of 
its 
US-dollar 
denominated debt. The fair market value of these interest 
rate collar agreements as at December  31, 2024 
amounted to nil and the change in fair value was recorded 
in other comprehensive loss. 
The Corporation holds cross-currency interest rate swap 
agreements for a nominal amount of $92.0  million 
Australian dollars to hedge the variability in the Australian 
dollar to the US dollar, as well as variability in interest 
rates. These financial instruments are not designated in a 
hedging relationship. The fair market value gain of these 
cross-currency interest rate swaps agreements as at 
December  31, 2024 amounted to $3.8  million and the 
change in fair value was recorded in net earnings.
The 
Corporation 
enters 
into 
derivative 
financial 
instruments with Canadian financial institutions to limit the 
Corporation's exposure to the variability of cash-settled 
long-term incentive plan (“LTIP”) share unit compensation 
plans caused by fluctuations in its common share price. 
The value of the derivative financial instruments fluctuates 
in accordance with the movement of the Corporation's 
common share price and are classified as fair value 
through profit or loss. As such, they are measured at fair 
value on the consolidated statement of financial position 
and the mark-to-market gain or loss pertaining to 
derivative financial instruments is recorded in personnel 
costs and financing expense as an offset of the 
revaluation of the LTIP liability. As at December 31, 2024, 
the Corporation had hedges outstanding for 660,000 of 
its common shares, with total fair value gain of 
$14.0  million (for 660,000 shares, with a gain of 
$8.9 million as at December 31, 2023). In 2024, mark-to-
market variations on LTIP hedging instruments, recorded 
in personnel costs and financing expense, totalled a gain 
of $38.6 million (a gain of $17.2 million in 2023). 
Taking into account the amounts denominated in foreign currencies and presuming that all of the other variables remain 
unchanged, a fluctuation in exchange rates would have an impact on the Corporation’s net earnings and equity. 
Management believes that a 10% change in exchange rates could be reasonably possible. The table below summarizes 
the impacts on net earnings and other comprehensive income of a 10% weakening or strengthening in exchange rates 
against the Canadian dollar, for the years ended December 31:
2024
US dollar
Pound 
sterling
Australian 
dollar
Swedish 
krona
$
$
$
$
Net earnings
 
24.9  
8.5  
6.9  
2.8 
Other comprehensive income
 
615.1  
78.7  
59.6  
22.5 
2023
US Dollar
Pound 
sterling
Australian 
Dollar
Swedish 
krona
$
$
$
$
Net earnings
 
25.3  
6.7  
5.2  
3.2 
Other comprehensive income
 
342.7  
63.2  
62.7  
20.9 
WSP GLOBAL INC.
F-41
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

Interest risk
Interest rate risk is the risk that the fair value of future 
cash flows of a financial instrument will fluctuate because 
of changes in market interest rates. The Corporation’s 
exposure to the risk of changes in market interest rates 
relates primarily to its long-term debt and other non-
current financial liabilities with floating interest rates. This 
risk is partially offset by cash held at variable rates.
Management believes a 100-basis point change in 
interest rates is reasonably possible. A 100-basis point 
increase in interest rates, all other variables held constant, 
would decrease the Corporation’s net earnings by $13.8 
million. A 100-basis point decrease in interest rates, all 
other variables held constant, would increase the 
Corporation’s net earnings by $15.7 million. 
Liquidity risk 
Liquidity risk is the risk that the Corporation will encounter 
difficulties in meeting its obligations as they fall due. 
A centralized treasury function ensures that the 
Corporation maintains funding flexibility by assessing 
future cash flow expectations and by maintaining 
sufficient headroom on its committed borrowing facilities. 
Borrowing limits, cash restrictions and compliance with 
debt covenants are also taken into account.
The Corporation watches for liquidity risks arising from 
financial instruments on an ongoing basis. Management 
monitors the liquidity requirements to ensure it has 
sufficient cash to meet operational needs while 
maintaining 
sufficient 
headroom 
on 
its 
undrawn 
committed borrowing facilities at all times. WSP has 
access to committed lines of credit with banks, as 
described in note 24, Long-term debt.
The tables below presents the contractual maturities of financial liabilities as at December  31, 2024 and 2023. The 
amounts disclosed are contractual undiscounted cash flows.
2024
Carrying 
amount
Contractual 
cash flows
Less than 
a year
Between 
1 - 2 years
More than 
2 years
$
$
$
$
$
Accounts payable and accrued liabilities
 
3,261.2  
3,261.2  
3,261.2  
—  
— 
Dividends payable to shareholders
 
48.9  
48.9  
48.9  
—  
— 
Lease liabilities
 
1,192.2  
1,487.8  
358.8  
282.1  
846.9 
Long-term debt
 
4,599.4  
5,456.0  
925.0  
1,042.0  
3,489.0 
 
9,101.7  
10,253.9  
4,593.9  
1,324.1  
4,335.9 
2023
Carrying 
amount
Contractual 
cash flows
Less than 
a year
Between 
1 - 2 years
More than 
2 years
$
$
$
$
$
Accounts payable and accrued liabilities
 
2,738.2  
2,738.2  
2,738.2  
—  
— 
Dividends payable to shareholders
 
46.8  
46.8  
46.8  
—  
— 
Lease liabilities
 
1,002.1  
1,162.5  
319.5  
244.1  
598.9 
Long-term debt
 
3,262.5  
3,858.7  
743.7  
734.8  
2,380.2 
 
7,049.6  
7,806.2  
3,848.2  
978.9  
2,979.1 
As at December  31, 2024, the Corporation had amounts available under the credit facility of $1,836.0 million 
($1,467.8  million as at December  31, 2023), net of outstanding letters of credit of  $121.5  million  ($148.9 million as at 
December 31, 2023). The Corporation's cash and cash equivalents, net of bank overdraft, as at December 31, 2024 was 
$619.3 million ($361.9 million as at December 31, 2023).
WSP GLOBAL INC.
F-42
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

14 TRADE AND OTHER RECEIVABLES
As at December 31
2024
2023
$
$
Net trade receivables
 
2,913.1  2,364.2 
Other receivables
 
444.4  
328.5 
Derivative financial instruments
 
28.8  
25.9 
Amounts due from joint ventures 
and associates
 
4.4  
7.8 
 3,390.7  2,726.4 
In applying the simplified approach to measuring 
expected credit losses, the Corporation does not track 
changes in credit risk and therefore does not assign 
credit risk rating grades to trade receivables. The 
Corporation does track the aging of gross trade 
receivables past due, which was as follows:
As at December 31
2024
2023
$
$
Current
 
1,503.1  
907.7 
Past due 0-30 days
 
623.7  
714.0 
Past due 31-60 days
 
304.0  
306.0 
Past due 61-90 days
 
138.5  
182.3 
Past due 91-180 days
 
197.5  
182.4 
Past due over 180 days
 
341.9  
241.8 
Trade receivables
 3,108.7  2,534.2 
Allowance for expected credit loss
 
(195.6)  
(170.0) 
Net trade receivables
 
2,913.1  2,364.2 
The Corporation is exposed to credit risk with respect to 
its trade receivables and maintains provisions for 
potential credit losses. Potential for such losses is 
mitigated 
because 
customer 
creditworthiness 
is 
evaluated before credit is extended and no single 
customer represented more than 10% of revenues. 
During the year ended December  31, 2024, the 
Corporation recognized net credit losses of $9.6  million 
($18.8 million in 2023).
Subsequent to the end of the year, in January 2025, the 
Corporation entered into a factoring arrangement to sell 
eligible trade receivables, with a facility limit of 
US$150 
million. 
Either 
party 
may 
terminate 
the 
arrangement at any time subject to a notice period. As 
eligible trade receivables are sold, the Corporation 
derecognizes 
the 
factored 
receivables 
from 
the 
consolidated statement of financial position. Cash flows 
from the factoring arrangement are presented as 
operating activities in the consolidated statement of cash 
flows.
WSP GLOBAL INC.
F-43
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

15  CONTRACT BALANCES
Changes in costs and anticipated profits in excess of billings (contract assets) and in billings in excess of costs and 
anticipated profits (contract liabilities) are as follows:
2024
2023
Costs and 
anticipated 
profits in excess 
of billings
Billings in 
excess of costs 
and anticipated 
profits
Costs and 
anticipated 
profits in excess 
of billings
Billings in 
excess of costs 
and anticipated 
profits
$
$
$
$
Balance - As at January 1
 
1,911.6  
(1,158.0) 
 
1,626.2  
(973.1) 
Increases due to cash received or amounts 
invoiced prior to rendering of services
 
—  
(4,370.1) 
 
—  
(3,339.6) 
Transfers to revenues once related services 
have been deemed rendered
 
—  
3,979.5 
 
—  
3,167.5 
Additions to contract assets through revenues 
recognition
 
12,187.3  
— 
 
11,269.7  
— 
Transfers from costs and anticipated profits in 
excess of billings to trade receivables
 
(11,931.4)  
— 
 
(10,978.0)  
— 
Changes due to business acquisitions and 
disposals (note 5)
 
114.2  
(39.5) 
 
15.8  
(25.6) 
Effect of exchange rate changes
 
109.1  
(64.6) 
 
(22.1)  
12.8 
Balance - As at December 31
 
2,390.8  
(1,652.7) 
 
1,911.6  
(1,158.0) 
In the year ended December 31, 2024, revenue recognized that was included in contract liability as at January 1, 2024 
amounted to $988.7 million ($819.7 million in 2023). In the year ended December 31, 2024, revenue recognized from 
performance obligations satisfied or partially satisfied in previous years amounted to $101.6 million ($86.2 million in 2023).
16  OTHER FINANCIAL ASSETS
As at December 31
2024
2023
$
$
Investments in securities
 
167.7  
123.1 
Other
 
0.3  
0.2 
 
168.0  
123.3 
Investments in securities include investments in a 
multitude of mutual funds, based on employees’ 
investment elections, with respect to the deferred 
compensation obligations of the Corporation in the US as 
disclosed in note  9, Pension schemes. The fair value of 
these investments is $167.2 million ($122.6 million in 
2023), determined by the market price of the funds at the 
reporting date, which are Level  1 inputs (unadjusted 
quoted prices in active markets for identical assets).
WSP GLOBAL INC.
F-44
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

17 RIGHT-OF-USE ASSETS AND LEASE 
LIABILITIES
RIGHT-OF-USE ASSETS
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Real 
estate
Equipment
Total
Real 
estate
Equipment
Total
$
$
$
$
$
$
Balance - Beginning of year
 
780.2  
44.0  
824.2 
 
935.7  
43.2  
978.9 
Additions through business 
acquisitions and measurement 
period adjustments
 
116.0  
—  
116.0 
 
43.1  
2.0  
45.1 
Additions
 
101.2  
53.0  
154.2 
 
97.3  
22.1  
119.4 
Lease renewals, reassessments 
and modifications
 
234.6  
2.2  
236.8 
 
65.9  
0.1  
66.0 
Disposal of a business
 
—  
—  
— 
 
(5.7)  
—  
(5.7) 
Depreciation expense
 
(277.5)  
(32.8)  
(310.3)  
(293.5)  
(22.9)  
(316.4) 
Impairment
 
—  
—  
— 
 
(65.1)  
—  
(65.1) 
Utilization of lease inducement 
allowances
 
10.6  
—  
10.6 
 
8.9  
—  
8.9 
Exchange differences
 
33.0  
2.1  
35.1 
 
(6.4)  
(0.5)  
(6.9) 
Balance - End of year
 
998.1  
68.5  
1,066.6 
 
780.2  
44.0  
824.2 
In 2023, the Corporation recorded impairment charges against certain real estate right-of-use assets, in the context of 
on-going reorganizations as part of its real estate strategy.
WSP GLOBAL INC.
F-45
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

LEASE LIABILITIES
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Real 
estate
Equipment
Total
Real 
estate
Equipment
Total
$
$
$
$
$
$
Balance - Beginning of year
 
962.5  
39.6  
1,002.1 
 
1,089.9  
39.9  
1,129.8 
Additions through business 
acquisitions and measurement 
period adjustments
 
115.3  
—  
115.3 
 
36.1  
1.5  
37.6 
Additions
 
101.2  
53.0  
154.2 
 
97.3  
22.1  
119.4 
Lease renewals, reassessments 
and modifications
 
205.6  
2.3  
207.9 
 
64.3  
—  
64.3 
Disposal of a business
 
—  
—  
— 
 
(6.0)  
—  
(6.0) 
Interest expense on lease liabilities 
(note 11)
 
43.0  
3.8  
46.8 
 
39.0  
1.9  
40.9 
Payments
 
(339.0)  
(36.7)  
(375.7)  
(349.6)  
(25.5)  
(375.1) 
Exchange differences
 
39.6  
2.0  
41.6 
 
(8.5)  
(0.3)  
(8.8) 
Balance - End of year
 
1,128.2  
64.0  
1,192.2 
 
962.5  
39.6  
1,002.1 
Current portion of lease liabilities
 
258.0  
27.0  
285.0 
 
239.7  
17.8  
257.5 
Non-current portion of lease 
liabilities
 
870.2  
37.0  
907.2 
 
722.8  
21.8  
744.6 
WSP GLOBAL INC.
F-46
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

18 INTANGIBLE ASSETS 
Software
Contract 
backlogs
Customer 
relation- 
ships
Trade  
names 
Total
$
$
$
$
$
Balance as at January 1, 2023
Cost
 
217.9  
266.6  
972.5  
104.2  
1,561.2 
Accumulated amortization
 
(171.2)  
(56.0)  
(218.8)  
(12.6)  
(458.6) 
Net value
 
46.7  
210.6  
753.7  
91.6  
1,102.6 
Additions
 
123.3  
—  
—  
—  
123.3 
Additions through business acquisitions and 
measurement period adjustments (note 5)
 
2.6  
20.6  
77.2  
10.1  
110.5 
Disposals through business disposals
 
—  
(1.0)  
(2.7)  
—  
(3.7) 
Amortization for the year
 
(40.0)  
(88.7)  
(84.2)  
(8.8)  
(221.7) 
Exchange differences
 
(0.1)  
(1.5)  
(6.5)  
1.2  
(6.9) 
Balance as at December 31, 2023
 
132.5  
140.0  
737.5  
94.1  
1,104.1 
Balance as at December 31, 2023
Cost
 
320.4  
234.2  
1,028.6  
115.3  
1,698.5 
Accumulated amortization
 
(187.9)  
(94.2)  
(291.1)  
(21.2)  
(594.4) 
Net value
 
132.5  
140.0  
737.5  
94.1  
1,104.1 
Additions
 
15.5  
—  
—  
—  
15.5 
Additions through business acquisitions and 
measurement period adjustments (note 5)
 
7.4  
83.2  
418.6  
65.5  
574.7 
Amortization for the year
 
(44.6)  
(80.2)  
(105.2)  
(9.2)  
(239.2) 
Exchange differences
 
3.8  
10.4  
61.2  
8.8  
84.2 
Balance as at December 31, 2024
 
114.6  
153.4  
1,112.1  
159.2  
1,539.3 
Balance as at December 31, 2024
Cost
 
332.6  
336.2  
1,531.1  
190.4  
2,390.3 
Accumulated amortization
 
(218.0)  
(182.8)  
(419.0)  
(31.2)  
(851.0) 
Net value
 
114.6  
153.4  
1,112.1  
159.2  
1,539.3 
The carrying amount of intangible assets assessed as having an indefinite useful life, which consists of the WSP trade 
name, is $51.4 million as at December 31, 2024 ($48 million as at December 31, 2023). 
In 2024, the Corporation acquired intangible assets amounting to $590.2 million ($233.8 million in 2023), all of which are 
subject to amortization. 
WSP GLOBAL INC.
F-47
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

19 PROPERTY AND EQUIPMENT
Freehold 
land and 
buildings
Leasehold 
improve- 
ments
Furniture 
and
equipment
Computer
equipment
Total
$
$
$
$
$
Balance as at January 1, 2023
Cost
 
26.2  
299.6  
340.3  
363.6  
1,029.7 
Accumulated depreciation
 
(6.7)  
(168.0)  
(230.0)  
(226.1)  
(630.8) 
Net value
 
19.5  
131.6  
110.3  
137.5  
398.9 
Additions
 
—  
27.4  
44.8  
87.7  
159.9 
Additions through business acquisitions and 
measurement period adjustments (note 5)
 
32.2  
0.2  
0.4  
0.8  
33.6 
Disposals, including through business disposals  
—  
(1.2)  
(4.3)  
(0.1)  
(5.6) 
Depreciation
 
(1.1)  
(32.1)  
(30.7)  
(71.2)  
(135.1) 
Impairment
 
—  
(16.1)  
(1.6)  
—  
(17.7) 
Exchange differences
 
3.2  
(1.3)  
(0.3)  
(0.3)  
1.3 
Balance as at December 31, 2023
 
53.8  
108.5  
118.6  
154.4  
435.3 
Balance as at December 31, 2023
Cost
 
61.8  
319.7  
366.7  
443.1  
1,191.3 
Accumulated depreciation
 
(8.0)  
(211.2)  
(248.1)  
(288.7)  
(756.0) 
Net value
 
53.8  
108.5  
118.6  
154.4  
435.3 
Additions
 
—  
27.7  
42.7  
78.0  
148.4 
Additions through business acquisitions and 
measurement period adjustments (note 5)
 
8.1  
9.2  
34.9  
10.5  
62.7 
Disposals
 
(33.7)  
(0.7)  
(0.7)  
(0.3)  
(35.4) 
Depreciation
 
(1.6)  
(31.5)  
(30.9)  
(71.8)  
(135.8) 
Exchange differences
 
2.2  
4.6  
5.0  
6.4  
18.2 
Balance as at December 31, 2024
 
28.8  
117.8  
169.6  
177.2  
493.4 
Balance as at December 31, 2024
Cost
 
35.8  
374.1  
421.3  
530.8  
1,362.0 
Accumulated depreciation
 
(7.0)  
(256.3)  
(251.7)  
(353.6)  
(868.6) 
Net value
 
28.8  
117.8  
169.6  
177.2  
493.4 
In 2023, the Corporation recorded impairment charges against certain leasehold improvements and furniture & 
equipment, in the context of on-going reorganizations as part of its real estate strategy.
WSP GLOBAL INC.
F-48
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

20 GOODWILL
2024
2023
$
$
Balance – As at January 1
 7,155.8  6,792.2 
Goodwill resulting from business 
acquisitions
 1,835.5  
296.4 
Measurement period adjustments
 
(0.6)  
163.6 
Disposal of a business
 
—  
(28.4) 
Exchange differences
 
460.8  
(68.0) 
Balance – As at December 31
 9,451.5  7,155.8 
Goodwill is allocated to the Corporation’s CGUs. The 
carrying value of goodwill by CGU is identified in the table 
below:
As at December 31
2024
2023
Goodwill allocated to CGUs
$
$
US
 5,782.9  3,566.3 
Canada
 1,722.4  
1,712.8 
UK
 
479.3  
448.2 
Nordic Europe
 
372.3  
344.4 
Australia
 
482.5  
488.9 
New Zealand
 
173.7  
180.6 
Central Europe
 
214.3  
201.5 
Asia
 
91.0  
84.0 
Latin America
 
74.6  
75.3 
Middle East
 
58.5  
53.8 
 9,451.5  7,155.8 
IMPAIRMENT TEST OF LONG-LIVED 
ASSETS
The Corporation performed its annual impairment test for 
goodwill and other indefinite-lived intangible assets as at 
September 30, 2024 in accordance with its policy 
described in note  2, Material accounting policies. The 
material assumptions used to determine the fair value of 
each CGUs for 2024 are discussed below. The 
Corporation has not identified any indicators of 
impairment at any other date and as such has not 
completed an additional impairment calculation. 
VALUATION TECHNIQUE
Fair value less costs to sell ("FVLCS")
The recoverable amount of a CGU is determined based 
on the FVLCS. Fair value measurement is a market-based 
measurement 
rather 
than 
an 
entity-specific 
measurement. The fair value of a CGU must be measured 
using the assumptions that market participants would use 
rather than those related specifically to the Corporation. 
In determining the FVLCS, an income approach using the 
discounted cash flow methodology was utilized. The 
inputs used in the discounted cash flows model are Level 
3 inputs (inputs not based on observable market data). In 
addition, the market approach was employed in 
assessing the reasonableness of the conclusions 
reached.
Income approach
Management has determined that the discounted cash 
flow (“DCF”) technique provides the best assessment of 
what a CGU could be exchanged for in an arm’s length 
transaction. Fair value is represented by the present value 
of expected future cash flows of the business together 
with the terminal value of the business at the end of the 
forecast period. The DCF technique was applied on an 
enterprise-value basis, where the after-tax cash flows 
prior to interest expense are discounted using a weighted 
average cost of capital (“WACC” or “discount rate”). This 
approach requires assumptions regarding revenue 
growth rates, adjusted EBITDA margins, level of working 
capital, capital expenditures, tax rates and discount rates.
Market approach
It is assumed under the market approach that the value of 
a CGU reflects the price at which comparable companies 
in the same industry are purchased under similar 
circumstances. A comparison of a CGU to similar 
companies in the same industry whose financial 
information is publicly available may provide a reasonable 
basis to estimate fair value. Fair value under this approach 
is calculated based on an adjusted EBITDA multiple 
compared to the average median multiple based on 
publicly available information for comparable companies 
and transaction prices.
WSP GLOBAL INC.
F-49
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

MATERIAL ESTIMATES USED IN 
DETERMINING THE FVLCS
Cash flow projections
The cash flow projections are based on the financial 
forecast approved by Management and the Board of 
Directors. These projections use assumptions that reflect 
the Corporation’s most likely planned course of action, 
given Management’s judgment of the most probable set 
of 
economic 
conditions, 
adjusted 
to 
reflect 
the 
expectations of a market participant. Adjusted EBITDA 
margin is based on budgeted values in the first year of the 
five-year projection period (“projection period”), with 
increases over the projection period using an estimated 
revenue growth rate. The revenue growth rates applied 
following the first year's projections ranged from 2.0% to 
9.4%. The adjusted EBITDA margin ranged from 8.1% to 
23.5%. 
Management 
considered 
past 
experience, 
economic trends as well as industry and market trends in 
assessing reasonableness of financial projections used.
Discount rate
The discount rate reflects the current market assessment 
of the risk specific to comparable companies. The 
discount rate was based on the weighted average cost of 
equity and cost of debt for comparable companies within 
the industry. The discount rate represents the after-tax 
WACC. Determining the WACC requires analyzing the 
cost of equity and debt separately, and takes into account 
a risk premium that is based on the applicable CGU. The 
discount rate applied ranged from 8.0% to 11.0%.
Terminal growth rate
Growth rates used to extrapolate the Corporation’s 
projection were determined using published industry 
growth rates in combination with inflation assumptions 
and the input of each CGU’s management group based 
on historical trend analysis and future expectations of 
growth. The terminal growth rate applied was 2.0%.
SENSITIVITY TO CHANGES IN 
ASSUMPTIONS
The following analyses are presented in isolation from 
one another, i.e. all other estimates left unchanged:
A 5% decrease, evenly distributed over future periods, in 
the expected future net cash inflows would not have 
resulted in an impairment of goodwill in any CGU.
An increase of 50 basis points in the discount rates used 
to perform the impairment tests would not have resulted 
in an impairment of goodwill in any CGU.
A decrease of 25 basis points in the terminal growth rates 
used to perform the impairment tests would not have 
resulted in an impairment of goodwill in any CGU.
 21 OTHER ASSETS
As at December 31
2024
2023
$
$
Investments in associates
 
99.1  
89.8 
Investments in joint ventures 
 
38.8  
35.6 
Receivables from insurance companies
 
72.3  
70.7 
Retirement benefit assets (note 9)
 
21.6  
15.2 
Other
 
3.6  
6.0 
 
235.4  
217.3 
WSP GLOBAL INC.
F-50
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

22 ACCOUNTS PAYABLE AND ACCRUED 
LIABILITIES
As at December 31
2024
2023
$
$
Trade payables
 
871.3  
1,107.7 
Employee benefits payable
 
1,097.6  
944.4 
Accrued expenses and other payables
 
996.5  
525.6 
Sales taxes payable
 
144.1  
128.6 
Derivative financial instruments
 
151.7  
25.9 
Amounts due to joint ventures and associates
 
—  
6.0 
 
3,261.2  
2,738.2 
23 PROVISIONS
Claims
provisions
Other
provisions
Total
$
$
$
Balance as at January 1, 2024
 
423.3  
110.9  
534.2 
Additions through business acquisitions
 
3.5  
2.8  
6.3 
Additional provision recognized
 
112.2  
113.0  
225.2 
Utilized or reversed
 
(95.4)  
(97.1)  
(192.5) 
Exchange differences
 
11.6  
2.9  
14.5 
Balance as at December 31, 2024
 
455.2  
132.5  
587.7 
Current portion
 
101.3  
20.1  
121.4 
Non-current portion
 
353.9  
112.4  
466.3 
Some of the claims provisioned qualify under the Corporation's insurance coverage for reimbursement and as such 
receivables from insurance companies are recorded for certain claims in other receivables (note 14) for current claims 
and in other assets (note 21) for long-term claims.
WSP GLOBAL INC.
F-51
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

24 LONG-TERM DEBT 
As at December 31
2024
2023
$
$
Borrowings under credit facilities
 
2,470.5  
2,124.7 
Senior unsecured notes
 
1,992.5  
996.2 
Bank overdraft
 
4.2  
16.1 
Other financial liabilities 
 
132.2  
125.5 
 
4,599.4  
3,262.5 
Current portion
 
704.9  
204.2 
Non-current portion
 
3,894.5  
3,058.3 
The table below presents the contractual maturities of long-term debt as at December 31, 2024. The amounts disclosed 
are contractual principal repayments and exclude interest payments.
Carrying 
amount
Less than 
a year
Between 
1 - 2 years
Between 
2 - 3 years
More than 
3 years
$
$
$
$
$
US$1.5-billion revolving credit facility
 
203.1  
—  
—  
115.2  
87.9 
US$1,575-million term loans
 
2,267.4  
612.1  
827.7  
827.6  
— 
Senior unsecured notes
 
1,992.5  
—  
—  
—  
1,992.5 
Bank overdraft
 
4.2  
4.2  
—  
—  
— 
Other financial liabilities 
 
132.2  
88.3  
25.6  
18.3  
— 
 
4,599.4  
704.6  
853.3  
961.1  
2,080.4 
CREDIT FACILITIES
WSP has in place a US$1.5-billion revolving credit facility 
with a syndicate of financial institutions comprised of:
- a senior unsecured revolving credit facility to a 
maximum amount of US$500.0 million maturing in 
June 2027; and
- a senior unsecured revolving credit facility to a 
maximum amount of US$1.0 billion maturing in 
June 2029. 
The amount available under the US$1.5-billion revolving 
credit facility was $1,836.0 million (US$1,274.7 million) as 
at December 31, 2024. 
WSP has in place a fully-committed US$325-million term 
loan maturing in April 2025, which has been fully drawn as 
at December 31, 2024.
WSP has in place fully-committed US$900.0-million term 
loans with various tenors of up to 3.0 years. As at 
December 31, 2024, these were fully drawn.
WSP has in place two term loans totalling US$350 million, 
with maturities in October 2026 and 2027, fully drawn 
under an incremental facility agreement.
The US$1.5-billion credit facility and the US$1,575-million 
term loans bear interest at Canadian prime rate, US-
based rate, Bankers’ acceptances rate or Term SOFR 
(Secured Overnight Financing Rate) plus an applicable 
margin of up to 2.00% that will vary depending on the 
type of advances. The Corporation pays a commitment 
fee on the available unused credit facility.
Under the US$1.5-billion, the US$325-million, the 
US$900-million and the US$350-million credit facilities, 
the Corporation is required, among other conditions, to 
WSP GLOBAL INC.
F-52
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

respect certain covenants on a consolidated basis. The 
main covenants are in regard to its consolidated funded 
debt to consolidated adjusted EBITDA and the interest 
coverage ratios. Management reviews compliance with 
these covenants on a quarterly basis in conjunction with 
filing requirements under its credit facilities. All covenants 
have been met as at December 31, 2024 and December 
31, 2023. Borrowings under these credit facilities were 
mostly denominated in US dollars as at December  31, 
2024 and December 31, 2023.
Under the US$1.5-billion credit facility and other facilities, 
as at December  31, 2024, the Corporation may issue 
irrevocable letters of credit up to $1,144.6 million 
($936.0  million as at December  31,  2023). As at 
December  31, 2024, the Corporation issued irrevocable 
letters of credit totaling $703.0 million ($597.6 million as 
at December 31, 2023).
As at December 31, 2024, the Corporation had available 
other operating lines of credit amounting to $274.0 million 
($216.6  million as at December  31, 2023), of which 
$267.3 million were unused at year end ($193.0 million as 
at December 31, 2023).
SENIOR UNSECURED NOTES
WSP has senior unsecured notes outstanding, issued at par (the “Notes”), with a book value of $1,992.5 million. The table 
below describe the key terms of the Notes.  
Issuance 
date
Face 
value
Fixed interest 
rate per annum
Maturity date
Semi annual interest payment dates
April 19, 2021
 $500.0 
 2.408 %
April 19, 2028
19th day of April and October in each year
November 22, 2023  $500.0 
 5.548 %
November 22, 2030 22nd day of May and November in each year
September 12, 2024  
$525.0 
 4.120 %
September 12, 2029
12th day of March and September in each 
September 12, 2024  
$475.0 
 4.754 %
September 12, 2034
12th day of March and September in each 
The Notes are senior unsecured obligations of WSP, ranked pari passu with all other unsecured and unsubordinated 
indebtedness of WSP, issued pursuant to a Trust Indenture, as supplemented by a first and second supplemental 
indenture, each dated April 19, 2021 and November 22, 2023, respectively, as well as a third and fourth supplemental 
indenture both dated September 12, 2024.
INTEREST-RATE HEDGING
The Corporation uses a combination of interest swaps and fixed rate debt to hedge its exposure to interest rate 
fluctuations. As at December  31, 2024, 61% of the Corporation's long-term debt is protected against interest rate 
fluctuations either through the usage of interest rate swaps, options and/or fixed rate debt.
25 SHARE CAPITAL 
AUTHORIZED
An unlimited number of common shares without par value, voting and participating.
An unlimited number of preferred shares without par value, participating, issuable in series.
WSP GLOBAL INC.
F-53
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

ISSUED AND PAID
Common shares
Common shares
Number
$
Balance as at January 1, 2023
 
124,453,717  
4,784.4 
Shares issued under the Dividend Reinvestment Plan
 
147,859  
24.6 
Shares issued upon exercise of stock options
 
62,374  
6.3 
Balance as at December 31, 2023
 
124,663,950  
4,815.3 
Shares issued related to bought deal public offering
 
2,811,750  
557.6 
Shares issued related to private placements
 
2,813,178  
557.9 
Shares issued upon exercise of stock options
 
190,575  
15.6 
Balance as at December 31, 2024
 
130,479,453  
5,946.4 
In 2024, the Corporation completed a bought deal public 
offering (the "Public Offering") of subscription receipts of 
the Corporation (the “Offering Subscription Receipts”) 
and 
private 
placement 
(the 
"Concurrent 
Private 
Placement") of subscription receipts of the Corporation 
(the “Private Placement Subscription Receipts”) for 
aggregate gross proceeds of $1.15  billion, including full 
exercise of the over-allotment option and the additional 
subscription options. 
The Corporation issued 2,811,750 Offering Subscription 
Receipts, 
including 
366,750 
Offering 
Subscription 
Receipts issued as a result of the exercise of the over-
allotment option at a price of $204.50 per Offering 
Subscription Receipt for aggregate gross proceeds of 
$575.0 million.
In addition, the Corporation issued 2,813,178 Private 
Placement Subscription Receipts at a price of $204.50 
per Private Placement Subscription Receipt by way of the 
Concurrent Private Placement with GIC Pte. Ltd., Caisse 
de dépôt et placement du Québec, British Columbia 
Investment Management Corporation and a subsidiary of 
Canada Pension Plan Investment Board for aggregate 
gross proceeds of $575.3  million, which included 
366,936 Private Placement Subscription Receipts issued 
pursuant to the exercise in full of the additional 
subscription options. 
On October  1, 2024, each holder of the Subscription 
Receipts received one common share of the Corporation 
for each Subscription Receipt held. The net proceeds of 
the Public Offering and the Concurrent Private Placement 
were used to fund a portion of the POWER Acquisition 
purchase price.  
Preferred shares
As at December  31, 2024, no preferred shares were 
issued.
26 CAPITAL MANAGEMENT
The Corporation’s primary objectives when managing 
capital structure are as follows:
• maintain financial flexibility in order to meet financial 
obligations, to provide dividends, to execute growth 
plan and to continue growth through business 
acquisitions; 
• manage the Corporation’s activities in a responsible 
way in order to provide an adequate return for its 
shareholders; and
• comply with financial covenants required under the 
credit agreement.
For capital management, the Corporation has defined its 
capital as the combination of borrowings under credit 
facilities, 
shareholders’ 
equity 
and 
non-controlling 
interest, net of cash (net of bank overdraft). 
WSP GLOBAL INC.
F-54
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

As at December 31
2024
2023
$
$
Borrowings under credit facilities
 2,470.5  2,124.7 
Senior unsecured notes
 1,992.5  
996.2 
Equity attributable to shareholders 
of WSP Global Inc.
 8,272.5  6,328.9 
Non-controlling interests
 
—  
4.5 
 12,735.5  9,454.3 
Less: Cash and cash equivalents, 
net of bank overdraft
 
(619.3)  
(361.9) 
 12,116.2  9,092.4 
The Corporation’s financing strategy is to maintain a 
flexible structure consistent with the objectives stated 
above, to respond adequately to changes in economic 
conditions and to allow growth organically and through 
business acquisitions. The Corporation monitors its 
capital structure using the consolidated net debt to 
consolidated adjusted EBITDA ratio. This ratio is used to 
determine what the maximum debt level could be.
Adjusted EBITDA is defined as earnings before net 
financing expense (except interest income), income tax 
expense, depreciation, amortization, impairment charges 
on long-lived assets and reversals thereof, share of 
income tax expense and depreciation of associates and 
joint ventures, acquisition, integration and reorganization 
costs and ERP implementation costs. Net debt is defined 
as long-term debt, including current portions but 
excluding lease liabilities, and net of cash. These 
measures have no standardized definitions under IFRS, 
and, 
accordingly, 
these 
measures 
may 
not 
be 
comparable to similar measures used by other issuers.
As at December 31
2024
2023
Long-term debt(1)
 4,599.4  3,262.5 
Less: Cash and cash equivalents 
(note 28)
 
(623.5)  
(378.0) 
Net debt
 3,975.9  2,884.5 
For the years ended December 31     2024 
2023 
Adjusted EBITDA 
2,185.7 
1,921.3
Net debt to adjusted EBITDA ratio 
 
1.8 
1.5 
(1) 
Including current portion.
In order to maintain and adjust its capital structure, the 
Corporation may issue new shares in the market, contract 
bank loans and negotiate new credit facilities.
27 DIVIDENDS 
In 2024, the Corporation declared dividends of 
$189.2 million or $1.50 per share ($186.9 million or $1.50 
per share in 2023).
Subsequent to the end of the year, on February 26, 2025, 
the Board of Directors of the Corporation declared a 
quarterly dividend of $0.375 per common share of the 
Corporation, payable on or about April 15, 2025, to 
shareholders of record as at the close of business on 
March 31, 2025. The final aggregate amount of the 
dividend payment will depend on the number of issued 
and outstanding common shares at the close of business 
on March  31, 2025, and has not been recognized as a 
liability as at December 31, 2024. 
DIVIDEND REINVESTMENT PLAN (DRIP)
Under the DRIP, the holders of common shares could 
elect to have cash dividends reinvested into additional 
common shares. The shares to be delivered could be 
purchased on the open market or issued from treasury at 
the discretion of Management. The shares issued from 
treasury could be issued at a discount of up to 5.0% of 
the applicable average market price. 
In 2023, the Board approved the termination of the DRIP 
in accordance with its terms, effective May 10, 2023 (the 
“Effective Date”). Upon the termination of the DRIP, all 
cash dividends or distributions on the Corporation's 
common shares with a record date for payment of such 
dividend or distribution after the Effective Date are being 
paid in cash rather than in shares of the Corporation.
Following the payment of dividends declared on 
November 9, 2022 and March 8, 2023, $24.6 million was 
reinvested in 147,859 common shares under the DRIP 
during the year ended December 31, 2023. Shares issued 
under the DRIP in 2023 applied a 2% discount of the 
applicable average market price.
WSP GLOBAL INC.
F-55
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

28 STATEMENTS OF CASH FLOWS
CASH AND CASH EQUIVALENTS, NET OF BANK OVERDRAFT
As at December 31
2024
2023
$
$
Cash on hand and with banks
 
623.5  
378.0 
Less: Bank overdraft (note 24)
 
(4.2)  
(16.1) 
Cash and cash equivalents, net of bank overdraft
 
619.3  
361.9 
In 2024, cash disbursed related to acquisitions made prior to January 1, 2024 amounted to $14.2 million.
ADJUSTMENTS
For the years ended December 31
2024
2023
$
$
Depreciation, amortization and impairment of long-lived assets
 
685.3  
760.3 
Non-cash movements in investment tax credits
 
(27.2)  
(28.5) 
Share of income of associates and joint ventures, net of tax
 
(34.4)  
(29.7) 
Defined benefit pension scheme expense
 
10.8  
10.7 
Cash contribution to defined benefit pension schemes
 
(16.1)  
(9.8) 
Foreign exchange and non-cash movements
 
(16.1)  
(2.5) 
Gains on disposal of property and equipment
 
(5.5)  
(1.0) 
Other
 
(2.2)  
(40.6) 
 
594.6  
658.9 
CHANGE IN NON-CASH WORKING CAPITAL ITEMS
For the years ended December 31
2024
2023
$
$
Decrease (increase) in:
Trade, prepaid and other receivables
 
(441.0)  
(119.9) 
Costs and anticipated profits in excess of billings
 
(255.8)  
(291.7) 
Increase (decrease) in:
Accounts payable and accrued liabilities
 
110.4  
(46.2) 
Billings in excess of costs and anticipated profits
 
390.5  
172.1 
 
(195.9)  
(285.7) 
WSP GLOBAL INC.
F-56
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
Long-term 
debt
Lease 
liabilities
Dividends 
payable to 
shareholders
Total 
$
$
$
$
Balance as at January 1, 2023
 
2,954.5  
1,129.8  
46.7  
4,131.0 
Changes from financing cash flows
 
131.7  
(334.2)  
(162.2)  
(364.7) 
Addition through business acquisitions and measurement 
period adjustments, net of business disposals
 
0.2  
31.6  
—  
31.8 
New leases, renewals, modifications
 
—  
183.7  
—  
183.7 
Net proceeds of bank overdraft
 
11.5  
—  
—  
11.5 
Foreign exchange rate adjustments
 
8.3  
(8.8)  
—  
(0.5) 
Other non-cash changes
 
156.3  
—  
162.3  
318.6 
Balance as at December 31, 2023
 
3,262.5  
1,002.1  
46.8  
4,311.4 
Changes from financing cash flows
 
986.2  
(328.9)  
(187.1)  
470.2 
Addition through business acquisitions and measurement 
period adjustments, net of business disposals
 
156.8  
115.3  
—  
272.1 
New leases, renewals, modifications
 
—  
362.1  
—  
362.1 
Net repayment of bank overdraft
 
(11.9)  
—  
—  
(11.9) 
Foreign exchange rate adjustments
 
126.4  
41.6  
—  
168.0 
Other non-cash changes
 
79.4  
—  
189.2  
268.6 
Balance as at December 31, 2024
 
4,599.4  
1,192.2  
48.9  
5,840.5 
29 RELATED PARTY TRANSACTIONS
KEY MANAGEMENT PERSONNEL
Key management includes the Board of Directors, the 
President and Chief Executive Officer and the members 
of the GLT. The following table shows the compensation 
paid or payable to key management included in personnel 
costs for the years ended December 31:
2024
2023
$
$
Short-term employee benefits
 
29.3  
27.9 
Share-based awards
 
43.7  
35.6 
 
73.0  
63.5 
JOINT VENTURES AND ASSOCIATES
The Corporation related parties include its joint ventures 
and associates. Refer to note 14, Trade and other 
receivables, and note 22, Accounts payables and 
accrued liabilities, for balances receivable and payable 
from and to these entities.
INVESTORS WITH SIGNIFICANT 
INFLUENCE
Caisse de dépôt et placement du Québec and a 
subsidiary of Canada Pension Plan Investment Board, 
both related parties of the Corporation beneficially 
owning, or having control or direction over, directly or 
indirectly, more than 10% of the issued and outstanding 
common shares of the Corporation, participated in the 
Concurrent Private Placement as described in note 25, 
Share capital.
WSP GLOBAL INC.
F-57
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

30 CONTINGENT LIABILITIES
LEGAL PROCEEDINGS
In the ordinary course of conducting its business, the 
Corporation is, from time to time, threatened with, or 
becomes subject to, various legal proceedings. Such 
proceedings (which may include civil suits, demands for 
arbitration or class actions) often allege professional 
errors and omissions or other incidents that may occur 
during the Corporation’s performance of its services or 
the delivery of projects, or commercial or regulatory 
disputes involving clients, service providers, partners, 
project owners, contractors, or the Corporation’s 
employees. While properly defending such proceedings, 
the Corporation also adopts appropriate mitigation 
measures to proactively resolve and prevent such 
disputes. Furthermore, the Corporation secures a 
comprehensive insurance program (which includes 
general and professional liability insurance) in order to 
manage 
the 
risks 
related 
to 
such 
proceedings. 
Management uses judgment to assess the potential 
outcome of these proceedings and estimates the 
provisions, based on advice and information provided by 
its legal advisors and on its own experience in the 
resolution of similar proceedings. Note that provisions 
include defence and litigation costs, as well as an 
indemnity for potential exposure. Such legal proceedings, 
and their outcome, may have a material effect on the 
Corporation’s financial condition or results of operations.
The claims provision recognized as at December  31, 
2024 amounted to $455.2 million ($423.3 million as at 
December 31, 2023). The movements in this provision are 
described in note 23, Provisions. 
REGULATORY INVESTIGATION AND 
ACTION
As a government contractor, the Corporation may be 
subject to laws and regulations that are more restrictive 
than those applicable to non-government contractors. 
Government scrutiny of contractors’ compliance with 
those 
laws 
and 
regulations 
through 
audits 
and 
investigations is inherent in government contracting, and, 
from time to time, Management receives inquiries and 
similar demands related to the Corporation's ongoing 
business with government entities. Violations could result 
in civil or criminal liabilities as well as suspension or 
debarment from eligibility for awards of new government 
contracts or option renewals.
On December 27, 2019, over 100 plaintiffs filed suit in the 
US District Court for Washington, DC against a number of 
US government contractors, including The Louis Berger 
Group 
Inc. 
and 
Louis 
Berger 
International 
Inc. 
(collectively, “LB”), which the Corporation acquired in 
December 2018, alleging that between 2009 and 2017 
they had violated the Anti-Terrorism Act. The Corporation 
is of the view that LB has a strong defense to offer on 
both the legal aspects of the litigation and the factual 
underpinnings in this complex and rarely litigated statute. 
The Corporation intends to vigorously defend this matter 
and has filed Preliminary motions to dismiss.  It is too early 
to predict the outcome of this suit. 
WSP GLOBAL INC.
F-58
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
(Tabular figures in millions of Canadian dollars, except the number of shares and per share data and when otherwise stated)
WSP Global Inc.
Consolidated Financial Statements
2024

FORWARD-LOOKING 
STATEMENTS
Certain information contained in this 
Annual Report are not based on 
historical or current facts and may 
constitute forward-looking statements 
or forward-looking information 
(collectively, “forward-looking 
statements”) under Canadian 
securities laws. Forward-looking 
statements may include estimates, 
plans, strategic ambitions, objectives, 
expectations, opinions, forecasts, 
projections, guidance, outlook or 
other statements that are not 
statements of fact. 
Forward-looking statements can 
typically be identified by terminology 
such as “may”, “will”, “should”, 
“expect”, “plan”, “anticipate”, “believe”, 
“estimate”, “predict”, “forecast”, 
“project”, “intend”, “target”, “potential”, 
“continue” or the negative of these 
terms or terminology of a similar 
nature. Forward-looking statements 
made by the Corporation in this 
Annual Report include, without 
limitation, statements about our 
ambitions; our development of 
innovation; our future growth and 
potential; our results of operations and 
profitability; our proposed strategy 
and operating performance; business 
prospects and opportunities; the 
statements about the 2025-2027 
Global Strategic Action Plan, including 
the proposed four strategic focus 
areas and related financial targets;  
the long-term aspirations of the 
Corporation; anticipated levels of 
organic and acquisition growth; our 
intention to strategically expand our 
presence in select high-growth 
markets and to capitalize on emerging 
opportunities and drive sustainable 
growth; our expectation that 
advanced technologies will play a 
central role in our activities; our plans 
to establish digital alliances and 
enhance our capabilities and boost 
efficiency through automation; our aim 
to leverage our global scale, culture of 
innovation, and unified approach to 
optimize our operations further and 
elevate our client-centric experience; 
our anticipation of future healthcare 
challenges and patient care; 
our aspiration of redefining urban 
architecture and our anticipation 
of future water challenges.
Forward-looking statements made 
by the Corporation are based on a 
number of operational and other 
assumptions believed by the 
Corporation to be reasonable as at the 
date such statements were made, 
including assumptions set out through 
this Annual Report and including, 
without limitation, the following 
principal assumptions about the 
absence of significant adverse 
changes to the competition; 
political environment and economic 
performance of each region where 
the Corporation operates; the accuracy 
of management’s estimates and 
judgments regarding the duration, 
scope and impacts of new or 
continuing global health, geopolitical 
or military events, on the economy 
and financial markets, and on the 
Corporation’s business, operations, 
revenues, liquidity, financial condition, 
margins, cash flows, prospects and 
results in future periods; the accuracy 
of management’s assessment of 
anticipated growth drivers and global 
megatrends; the Corporation’s ability 
to access global and local capital and 
credit markets on acceptable terms, 
as needed or opportunistically; the 
stability of interest rates at or near 
current levels; working capital 
requirements; the collection of 
accounts receivable; the Corporation’s 
ability to anticipate and respond to 
client and market needs, enhance and 
leverage capabilities and optimize 
offering and client experiences to 
drive market demand, secure new 
contract awards and drive growth in 
key markets, geographies and 
services; the type of contracts 
entered into by the Corporation; 
the anticipated margins under new 
contract awards; the realization of 
leading growth and performance 
through operational efficiencies and 
initiatives leveraging the Corporation’s 
platform, scale and digital capabilities, 
with a focus on integration and 
automation on a global scale; 
utilization of the Corporation’s 
workforce; the ability of the 
Corporation to attract and maintain 
new clients; anticipated level of 
activities from current or new clients; 
absence of significant changes in 
contract performance and consistent 
project delivery within projected 
timeframes and budget; the 
Corporation’s ability to seize growth 
opportunities and expand in select 
high-growth areas and markets by 
pioneering new and innovative 
solutions, expanding its reach across 
the project lifecycle and elevating 
digital offering to the forefront of 
project delivery; continued 
competitive intensity from the 
Corporation’s competitors consistent 
with levels currently experienced; 
the Corporation’s ability to 
successfully identify and complete 
the accretive acquisition and 
integration of businesses in the future; 
the Corporation’s ability to retain and 
attract new business, achieve 
synergies and other benefits and 
maintain market positions arising from 
successful integration plans relating to 
acquisitions; the Corporation’s ability 
to otherwise successfully integrate 
WSP 2024 Annual Report / 31

acquisitions within anticipated time 
periods and at expected cost levels; 
the Corporation’s ability to manage 
growth; the normal execution and 
delivery of the Corporation’s current 
and future backlog without significant 
adjustment; the Corporation’s ability to 
seize opportunities and foster 
collaboration and partnerships 
through joint arrangements into which 
the Corporation has entered or may 
enter; capital investments made by 
the public and private sectors; 
maintenance of satisfactory 
relationships with suppliers and 
subconsultants; the Corporation’s 
ability to recruit and retain highly 
skilled resources; maintenance of 
satisfactory relationships with 
management, key professionals and 
other employees of the Corporation; 
the maintenance of sufficient 
insurance; the management of 
environmental, social and health and 
safety risks; the sufficiency of the 
Corporation’s current and planned 
information systems, communications 
technology and other technology; 
compliance with laws and regulations; 
the Corporation’s ability to 
successfully defend itself against 
ongoing and future legal proceedings; 
the sufficiency of internal and 
disclosure controls; no significant 
changes to the regulatory 
environment; foreign currency 
fluctuation; no significant changes to 
the tax legislation and regulations to 
which the Corporation is subject and 
no significant decline in the state of 
the Corporation’s benefit plans. 
The 2025-2027 financial targets are 
more specifically based on the 
following assumptions: (i) revenues 
and profits projected in the 
Corporation’s current backlog in its 
various reportable segments will be 
realized without any significant 
adjustment, with the remaining 
projected growth to be generated by 
executing our growth strategy through 
organic growth and mergers and 
acquisitions activities consistent with 
past practice; (ii) there will be no 
significant adverse changes to the 
competition, political and regulatory 
environment affecting the 
Corporation’s business and economic 
conditions of each region where it 
operates, the state of general market 
conditions and access to global 
and local capital and credit markets 
remaining substantially stable 
(iii) the effective tax rate in 2025, 
2026 and 2027 will fall between 
25% and 29%; forecasts were 
prepared using tax rates enacted 
as of December 31, 2024, in the 
countries in which the Corporation 
currently operates.
Although WSP believes that the 
expectations reflected in such 
forward-looking statements are 
reasonable, it can give no assurance 
that such expectations will prove to 
have been correct. In evaluating these 
forward-looking statements, investors 
should specifically consider various 
risk factors, which, if realized, could 
cause the Corporation’s actual results 
or events to differ materially from 
those expressed or implied in 
forward-looking statements. Such risk 
factors include, but are not limited to, 
failure to implement sufficient 
corporate and business initiatives; 
increases in real estate costs; the 
deterioration of our financial position 
or net cash position; our working 
capital requirements; our accounts 
receivable; our increased 
indebtedness and raising capital; the 
impairment of long-lived assets; our 
foreign currency exposure; our 
income taxes; underfunded defined 
benefits obligations, as well as other 
risks detailed from time to time in 
reports filed by the Corporation with 
securities regulators or securities 
commissions or other documents that 
the Corporation makes public, which 
may cause actual results or events to 
differ materially from the results 
expressed or implied in any forward-
looking statement.
These and other risk factors that 
could cause actual results or events to 
differ materially from our expectations 
expressed in, or implied by, 
our forward-looking statements 
are discussed in greater detail in 
section 20, “Risk Factors” of the 
Corporation’s MD&A for the 
fourth quarter and year ended 
December 31, 2024 which is available 
on SEDAR+ at www.sedarplus.ca  
(the “MD&A”). Actual results and 
events may be significantly different 
from what we currently expect 
because of the risks associated with 
our business, industry and global 
economy and of the assumptions 
made in relation to these risks. 
As such, there can be no assurance 
that actual results will be consistent 
with forward-looking statements.
The forward-looking statements 
contained in this Annual Report 
describe the Corporation’s 
expectations as of the date hereof 
and, accordingly, are subject to 
change after such date. Except as 
required under Canadian securities 
legislation, the Corporation does not 
assume any obligation to publicly 
update or to revise any forward-
looking statements made in this 
Annual Report or otherwise, whether 
as a result of new information, future 
events or otherwise. The forward-
looking statements contained in this 
Annual Report are expressly qualified 
in their entirety by this cautionary 
statement. The Corporation may also 
make oral forward-looking statements 
from time to time. The Corporation 
advises that the above paragraphs 
and the risk factors set forth in  
section 20, “Risk factors” of the MD&A 
should be read for a description of 
certain factors that could cause the 
actual results of the Corporation to 
differ materially from the results 
expressed or implied in any oral 
forward-looking statements. Readers 
should not place undue reliance on 
forward‑looking statements.
WSP 2024 Annual Report / 32

WSP is one of the world’s leading professional services 
firms, uniting its engineering, advisory and science-
based expertise to shape communities to advance 
humanity. From local beginnings to a globe-spanning 
presence today, WSP operates in over 50 countries  
and employs approximately 73,000 professionals, 
known as Visioneers. Together they pioneer solutions 
and deliver innovative projects in the transportation, 
infrastructure, environment, building, energy, water, 
and mining and metals sectors. WSP is publicly listed 
on the Toronto Stock Exchange (TSX:WSP).
wsp.com
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All Rights Reserved. 
Future Ready® is a registered trademark of WSP Global Inc. in Canada, Colombia, the United States and New Zealand. WSP Future Ready (logo)® is a registered 
trademark of WSP Global Inc. in Europe, Australia and the United Kingdom.