WSP’s company performance in early 2025 reflects both challenges and resilience amid a fluid global environment. Alexandre L’Heureux, CEO of the Montreal-based engineering and consulting firm, highlighted on a recent earnings call that while uncertainties from President Donald Trump’s tariffs and global elections persist, WSP remains confident in addressing major global trends such as decarbonization, electrification, urbanization, and supply chain resilience.
WSP Company Performance and Strategic Growth
During its last three-year strategic cycle, WSP completed 15 acquisitions, expanding its workforce by approximately 20,000 employees. However, L’Heureux emphasized that the current instability and lack of future visibility have paused many merger and acquisition activities. “Many players are waiting on the sidelines for more favorable conditions,” he said, “as no one wants to sell at a discount or acquire assets in a non-prosperous environment.” WSP company performance has been impacted by these market conditions.
The integration of Power Engineers, an Idaho-based engineering and environmental consulting firm acquired in August 2024 for $1.78 billion, is progressing as planned, demonstrating WSP’s commitment to strategic growth despite market uncertainties.
Navigating Tariffs and U.S. Infrastructure Investment
Regarding U.S. tariffs imposed by the Trump administration, L’Heureux stated that he is “not overly concerned” as WSP’s model focuses on delivering local services through its country-specific teams. He noted that proposal activity in the U.S. remains solid. “The advantage of our model is that work conducted in the U.S. is carried out by U.S. citizens, who pay taxes and generate revenue domestically,” he explained. However, he acknowledged that clients, like many others, remain uncertain about future trade policies and how these will impact WSP company performance in the region.
The Infrastructure Investment and Jobs Act (IIJA) funding faces some political uncertainties, but L’Heureux is “highly confident” in the U.S. commitment to infrastructure spending, citing bipartisan support despite potential amendments by Republican lawmakers.
Diverse and Growing Market Sectors
WSP’s core infrastructure markets, including industrial, advanced manufacturing, data centers, and healthcare, continue to perform strongly. Data centers, in particular, have become a consistent growth driver. Investment in water infrastructure is also on an upward trend, contributing positively to WSP company performance across operating regions.
Defense sector demand remains robust, fueled by longstanding relationships with U.S. military branches such as the Navy, Air Force, and Army Corps of Engineers. Recently, WSP secured a $1.5 billion, 10-year contract with the U.S. Air Force to support site remediation and environmental consulting worldwide.
Financial Performance Overview
In Q1 2025, WSP reported revenues of 4.39 billion Canadian dollars ($3.15 billion), marking a 22.4% increase from Q1 2024’s CA$3.59 billion. Profits rose by 13.6% to CA$144.1 million. The firm’s backlog expanded by 16.6% to CA$16.6 billion, highlighting strong company performance in financials.
| Metric | Q1 2024 | Q1 2025 | Change |
|---|---|---|---|
| Revenue (CAD) | 3.59 billion | 4.39 billion | +22.4% |
| Profit (CAD) | Not specified | 144.1 million | +13.6% |
| Backlog (CAD) | Not specified | 16.6 billion | +16.6% |
While the Asia-Pacific region underperformed, the outlook for Australia and New Zealand remains positive. Some restructuring costs were incurred in the Europe, Middle East, India, and Africa (EMEIA) segment, but corrective measures have been implemented to prepare for future growth.
Beyond financial metrics and technical achievements, WSP’s performance is also reflected in the stories of its people. From engineers working on-site in challenging terrains to planners collaborating with local communities, WSP’s success is shaped by human dedication. As one senior project manager put it, “Our impact isn’t just measured in kilometers of road or tons of concrete, but in how we improve lives through sustainable, thoughtful design.”
WSP reaffirmed its financial guidance for 2025, expecting North America to continue leading its growth. The firm’s ability to adapt to global megatrends, optimise its operations, and maintain a diversified platform supports its strong company performance despite ongoing global uncertainties.
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