WSP Global Inc. said its third-quarter net revenue climbed 22.1% and its backlog reached a record C$20.268 billion, while leverage remained above management’s target range after borrowing to fund an acquisition.
For the quarter ended Sept. 25, 2026, total revenue rose 16.6% to C$5.286 billion. Adjusted EBITDA, a non-IFRS measure, increased 23.4% to C$864.6 million. Net earnings attributable to WSP shareholders were C$333.7 million, or C$2.48 in basic earnings per share, compared with C$284.5 million, or C$2.18 per share, a year earlier.
WSP reported net revenue acquisition growth of 15.3% and organic growth of 5.1% as separate measures. It linked most of the acquisition growth to TRC Companies and Ricardo plc. Organic growth was 10.2% in Canada and 10.5% in EMEIA (Europe, Middle East, India and Africa), compared with 0.6% in the Americas and 1.6% in APAC. WSP said slower U.S. project conversion affected parts of its Transport & Infrastructure and Earth & Environment businesses.
The backlog rose 23.5% over 12 months, while organic backlog growth was 5.0%; acquisitions and foreign-exchange movements also lifted the total. WSP said the backlog represented 11.6 months of revenue. Its measure estimates future revenue from signed customer agreements and firm orders; variable consideration is counted only when it is highly probable. The company said organic growth had topped 5% for a second consecutive quarter and described the backlog as another record.
WSP’s leverage ratio was 2.2x on Sept. 25, above its 1.0x to 2.0x target range and up from 0.9x on Dec. 31, 2025. The company linked the increase mainly to long-term debt used to finance the TRC acquisition. Management’s forecast puts leverage back inside the target band by Dec. 31.
The company maintained its revised 2026 targets of C$16.3 billion to C$16.65 billion in net revenue and C$3.11 billion to C$3.15 billion in adjusted EBITDA. Its Q4 targets are C$4.10 billion to C$4.45 billion in net revenue and C$810 million to C$850 million in adjusted EBITDA. WSP scheduled a results call for 8 a.m. to 9 a.m. ET Thursday, Nov. 5.
