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FEBRUARY 2025 PIONEERING CHANGE FOR EMPOWERED GROWTH 2025-2027 GLOBAL STRATEGIC ACTION PLAN
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN TABLE OF CONTENTS MESSAGE FROM OUR CEO 03 Who we are 05 Our long-term vision 07 Driving forces 10 2025-2027 GLOBAL STRATEGIC ACTION PLAN 11 Financial targets 13 01 GROW 14 Geographies 16 Markets and services 17 Advisory services 18 Digital: The next frontier 19 02 EXPAND 22 03 LEVERAGE 24 04 EMPOWER 26 AT A GLANCE 28 Non-IFRS and other financial measures 29 Forward-looking statements 31
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN MESSAGE FROM OUR CEO 03 We are driven by our determination to push boundaries, find innovative solutions in partnership with our clients, and unleash the full potential of WSP. We are not merely looking ahead to tomorrow; we seek to lead from the front. In this rapidly changing world, influenced by demographic shifts, climate imperatives, and advances in technology like AI, we see significant opportunities to deliver deep expertise to help shape the communities of tomorrow to advance humanity. This is where WSP and our people excel. Today, we are looking beyond undisputed leadership in our industry; we are evolving our long-term vision, broadening our reach, and now aspire to be a leading brand within the professional services universe. With this in mind, we have now reached a new milestone in our evolution. This being an extremely pivotal time for us as an organization, we have elevated the role of the WSP brand as a key component in the long- term future of our business. Our exciting new direction is centered on our talented people and reflects everything about WSP – who we are at our very core, and what we want to become known for. It is how we leave our mark as Visioneers. To our valued employees, clients, and investors, I am thrilled to share with you our strategic direction that sets a clear and ambitious path for our organization over the next three years. Our commitment to growth and innovation forms the foundation of our 2025-2027 Global Strategic Action Plan, reflecting our purpose and aspirations for the future. Over the past three years, we have achieved numerous accomplishments that we can take pride in. We surpassed our 2022-2024 financial ambitions, we strengthened our platform with advanced technologies and continued to build a united team of approximately 73,000 talented professionals around the world. These milestones have laid a strong foundation for our next chapter of growth and have solidified our position among the leaders in our industry. For us, being a leader means embracing a journey of constant evolution. While we celebrate how far we have come, our sights are set on the future. ALEXANDRE L’HEUREUX President and Chief Executive Officer
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 2025-2027: PIONEERING CHANGE FOR EMPOWERED GROWTH With clear aspirations and renewed energy, we are ready to embrace the next phase of our journey. To achieve our ambitions, our new Global Strategic Action Plan is anchored by bold moves to pioneer change and empower growth. It is the right time for us to unlock further potential. 03 LEVERAGE OUR PLATFORM AND ENABLE OUR OPERATIONS To unlock growth, we intend to embrace change. We plan to continue to refine our platform, with a focus on integration and automation on a global scale, as we aim to make our operations more resilient, technologically advanced, and adaptable for the future. 04 EMPOWER OUR PEOPLE FOR LIMITLESS OPPORTUNITIES AND GROWTH To deliver on these ambitions, our people are our superpower, and they share in our collective success through our global employee share purchase plan. We plan to keep fostering a unique environment of continuous learning and development where our people can reach their full potential and seize the limitless opportunities for growth available at WSP. We strive to offer a fulfilling work experience with a clear path for professional growth. Through it all, our commitment to sustainability is non-negotiable. At our core, we exist to shape our communities to advance humanity. We aspire to be a catalyst of change in modernizing our industry. With this Global Strategic Action Plan, we intend to lead with passion and purpose to shape our society and help build a more resilient and sustainable world. We are excited about the path ahead and invite you to join us in exploring our ambitious 2025-2027 Global Strategic Action Plan. We are enthusiastic about what lies ahead and the opportunities this next chapter brings for us to make a lasting impact. We invite you to join us on this exciting journey as we leverage our strengths, embrace change, and work together to achieve our ambitious goals. Sincerely, Our strategic priorities reflect our long-term vision and the expectations of our stakeholders to be: — The preferred home for engineers, advisors, and scientists, attracting the brightest minds to help solve the most complex challenges and setting the highest quality standards; — Expert advisors to deliver transformative solutions, redefining possibilities and driving innovation with and for our clients; — A value creator for our shareholders, driving sustainable growth and leading financial performance through our strong business model, solid capital allocation, stellar leadership team and strategic direction. Our growth, both organic and through acquisitions, has always been disciplined and strategic, serving the best interests of our people, clients, and investors. This approach will remain the north star of our three-year plan. The potential of what we can achieve lies before us, and now it is up to us to capture it. We believe WSP is uniquely positioned to create an enduring legacy of greater impact. 04 01 GROW KEY MARKETS AND SERVICES TO REMAIN FUTURE READY® We plan to strategically expand our presence in key markets, adjacent revenue streams, and geographies while continuously evolving our services to meet future demands. We aim to significantly accelerate the deployment of capital in our digital offering. We plan to bring digital to the forefront of how we deliver projects for our clients, providing innovative solutions that complement our engineering and science services. 02 EXPAND OUR CLIENT-CENTRIC AND DELIVERY CULTURE We remain committed to offering clients a best-in-class experience, leading with the full suite of what WSP has to offer and ensuring consistent project delivery to foster deeper partnerships. Having a client-centric culture is a mindset. Now is the time for us to leverage the full capabilities of our platform as we seek to generate top-tier organic growth in our industry. KEY FOCUS AREAS ALEXANDRE L’HEUREUX President and Chief Executive Officer
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN WE ARE VISIONEERS 05 PIONEERS & PATHFINDERS / IMPACT MAKERS / WORLD SHAPERS / We dream big. Have audacious and innovative ideas. Our collective brilliance is coupled with unwavering determination to help positively shape our world. We are pioneering a Future Ready® world one precious location and community at a time. We challenge conventions and carve our own paths. We envision future possibilities matched with the technical expertise to make those visions a reality. We are smart, science-based explorers crossing new frontiers. Humanity is at the heart of everything we do. We care about the needs of individuals, communities and the environment, believing that all have a right to thrive. We inspire, we guide, we collaborate and we deliver.
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 06 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 /
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707 WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN LONG-TERMVISION
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 08 We celebrate past successes, with our focus firmly on the future. While our timeline remains fluid, we have confidence in our path as we strive to lead from the front, redefine possibilities, and create a sustainable legacy of growth. Our journey to achieve our long-term vision is ongoing, and being a leader means constantly evolving. ALWAYS EVOLVING
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 09 VALUE CREATORS Driving sustainable growth and leading financial performance HOME OF ENGINEERS, ADVISORS AND SCIENTISTS Attracting the brightest minds to help solve the most complex challenges EXPERT ADVISORS At the forefront of innovation, finding solutions with and for our clients Top tier organic2 and total net revenue2 growth1 NINE-MONTH4: 6.6% Highest number of employee shareholders1 Leading cash conversion Best-in-class employee retention and attraction1 1 In our industry 2 Non-IFRS financial measure, non-IFRS ratio or other financial measure without a standardized definition under IFRS, which may not be comparable to similar measures or ratios used by other issuers. Quantitative reconciliations of non-IFRS financial measures and total of segment measures to the most directly comparable IFRS measures are presented below on pages 29-30. These are also forward-looking information. 3 Trailing twelve months ended September 28, 2024. 4 Nine-month period ended September 28, 2024. TO BECOMEA LEADING BRAND IN THE PROFESSIONAL SERVICES UNIVERSE WSP as a catalyst of change in modernizing our industry A digital leader 1 22% Adjusted EBITDA margin2 TTM3: 18.0% OUR LONG-TERM VISION Double in size (in net revenues2) TTM3: 11.5B TTM3 REVENUE: 15.2B
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 10 DRIVING FORCES Our world is rapidly transforming, and as Visioneers, we are continually anticipating the needs of our people, clients and communities. AGING INFRASTRUCTURE CLIMATE CHANGE AND RESILIENCE URBANIZATION WATER MANAGEMENT DIGITAL AND AI REVOLUTION ENERGY TRANSITION FUTURE OF MOBILITY INNOVATION TO ZERO EVOLVING GEOPOLITICAL REALITY WE HAVE THE SOLUTIONS Most diversified platform with industry- leading positions in core market sectors: — Transport & Infrastructure — Earth & Environment — Property & Buildings — Power & Energy Global footprint and talent ecosystem. Future Ready® mindset positions us to be the advisor of choice for our clients. Recognized leadership in sustainability. Strong brand with a reputation for excellence. We believe WSP is well-positioned to tackle these megatrends: NEW INDUSTRIAL PARADIGM
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1111 WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 2025-2027 GLOBAL STRATEGIC ACTION PLAN
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 01 02 03 04 12 We aim to reach our long-term vision by embracing change, leveraging our strengths, seizing new opportunities and pushing boundaries. GROW / Grow key markets and services to remain Future Ready® EXPAND / Expand our client- centric and delivery culture LEVERAGE / Leverage our platform and enable our operations EMPOWER / Empower our people for limitless opportunities and growth PIONEERING CHANGE FOR EMPOWERED GROWTH KEY FOCUS AREAS
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 13 1 Trailing twelve months ended September 28, 2024. 2 Non-IFRS financial measure, non-IFRS ratio or other financial measure without a standardized definition under IFRS, which may not be comparable to similar measures or ratios used by other issuers. Quantitative reconciliations of non-IFRS financial measures and total of segment measures to the most directly comparable IFRS measures are presented below on pages 29-30. These are also forward-looking information. 3 Nine-month period ended September 28, 2024. 4 EBIT means earnings before net finance expenses and income taxes. NEASPS means net earnings attributable to shareholders per share. CFOA means cash flow from operating activities. 2027 TARGETS >$17B Net revenues (CAD) We drive sustainable growth and leading financial performance +40% Net revenues2 (vs 2024) +50% Adjusted EBITDA2 (vs 2024) +60% Adjusted net earnings per share2 (vs 2024) +70% Free cash flow2 (vs 2024) 1.0x to 2.0x Net debt to TTM1 adjusted EBITDA ratio2 SEPTEMBER 28, 2024: 1.5x TTM1: $11.5B TTM1: $2.1B TTM1 EBIT4: $1.1B TTM1: $7.68 TTM1 NEASPS4: $5.18 TTM1: $852.3M TTM1 CFOA4: $1.4B >10% Annual net revenue growth ORGANIC2 Mid-to-high single digit NINE-MONTH3: 6.6% 19-20% Adjusted EBITDA margin2 TTM1: 18.0% >100% Free cash flow to net earnings attributable to shareholders TTM1: 130%
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 01 14 We plan to continue to grow our position in key geographies and services, both organically and through M&A. Driven by our Future Ready® mindset, we intend to leverage the strengths of our diversified platform to proactively address future needs and drive sustainable growth on a global scale. We are dedicated to developing new capabilities and delivering a comprehensive range of distinctive, and cutting-edge solutions that bring value and set high standards for expertise. Most notably, digital investments are poised to transform the way we deliver projects in this strategic cycle and beyond, driving further innovation within our industry. GROW EXPAND LEVERAGE EMPOWER GROW KEY MARKETS AND SERVICES TO REMAIN FUTURE READY®
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KEY PRIORITIES 15GROW EXPAND LEVERAGE EMPOWER 15 WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN >10% Organic net revenue growth1 in select high-growth areas* >90% Platform in OECD countries (net revenues) >$200M Investments in research & development, innovation and digital 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 our 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. *High-growth areas: Digital, Energy Transition, Water, Advanced Manufacturing & Mission Critical, Project & Program Management, Advisory, Mining & Metals. 1 Supplemental financial measure that is forward looking. See pages 29 and 30. 2027 TARGETS
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN GROW EXPAND LEVERAGE EMPOWER 16 GEOGRAPHIES We will continue to nurture our entire platform and aim to strengthen our leadership position / We strive to deliver with the same level of excellence, collaboration and effectiveness across the globe. EMEIA CAPITALIZE United Kingdom, Sweden, Middle East APAC CAPITALIZE Australia (New South Wales, Queensland and Victoria), New Zealand 16 CANADA CAPITALIZE Quebec, Ontario DRIVE GROWTH France, Spain, Netherlands, Switzerland, Denmark, Italy, Norway, Finland DRIVE GROWTH South, Western, and Northern Australia DRIVE GROWTH Western Canada, Northern Canada and Atlantic DRIVE GROWTH Texas-Louisiana, Florida/Southeast, California, Midwest GROW EXPAND LEVERAGE EMPOWER 16 AMERICAS CAPITALIZE Northeast, Mid-Atlantic, Mountain Pacific, Chile, Peru, Brazil
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Project and Program Management (PPM) Advisory Mining & Metals 17GROW EXPAND LEVERAGE EMPOWER 17 MARKETS AND SERVICES SCALE IN SELECT HIGH-GROWTH AREAS We are committed to maintaining the strong technical excellence WSP is recognized for while taking our offering to the next level with new value- added capabilities and integrated services that encompass the full scale of our expertise. By pioneering new and innovative solutions that address global megatrends, we are poised to seize growth opportunities in select high-growth markets. Digital Energy Transition Water Advanced Manufacturing & Mission Critical across the project lifecycle to offer end-to-end services EXPAND OUR REACH / LEVERAGE OUR LEADING MARKET SECTORS Transportation & Infrastructure Earth & Environment Property & Buildings Power & Energy Advisory Design PPM Asset ManagementPlanning WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN GROW EXPAND LEVERAGE EMPOWER 1818GROW EXPAND LEVERAGE EMPOWER 18 StrategicThinking TechnicalSubstance Digital Advisory Development, Planning & Economics Advisory Investor & Transactions Advisory Carbon & Climate Change Advisory Asset & Business Transformation Advisory WSP STRATEGIC ADVISORY SERVICES ADVISORY SERVICES Our unique differentiator in the market is offering Advisory services that combine strategic thinking and technical substance, with deep market knowledge and expertise across multiple domains. Projects often take years before they go into design or construction. During that period, our clients rely on our Advisory teams to assess project viability through environmental, organizational, technical, conceptual, commercial, digital and strategic lenses. Our approach enables clients to make more effective decisions that favour better project outcomes. Our Advisory teams work across all our market sectors and operating regions to deliver a complete client experience. We provide innovative strategies, recommendations and advice, with the added ability to leverage WSP’s full scale and depth of expertise to validate our approach as needed. From the ‘art of the possible’ to ‘making the possible happen’ /
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HOW WE EMBRACE INNOVATION THROUGH DIGITAL THE NEXT FRONTIER From data to AI, digital has and continues to transform our world in countless ways, bringing new and evolving change each day. We see the opportunity and greater value digital can bring for our clients and our people. Our engineers, advisors and scientists are innovating every day. Building on their great work, digital becomes an enabler in support of our collective efforts to help solve the world's biggest challenges for today and tomorrow, from climate change to biodiversity to the energy transition and so much more. Global Innovation Platform Future Ready® Program Design Tools Sustainable Technologies DIGITAL OFFERINGS Research Projects FOCUS AREA INNOVATION AT WSP 19GROW EXPAND LEVERAGE EMPOWER 19GROW EXPAND LEVERAGE EMPOWER 19 WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN LONG-TERM VISION Achieve organic digital net revenue growth at >2x the rate of WSP's overall organic net revenue growth. Significantly increase our recurring digital revenues, encompassing both service and platform fees. Establish ourselves as a recognized digital leader in our industry. After defining our digital strategy last cycle, we are taking a leap forward in how we leverage technology to help accelerate innovation and elevate our digital leadership and services. GROW EXPAND LEVERAGE EMPOWER 20 Strategic investments and ecosystem partnerships will enable us to build on our existing capabilities and deepen the integration of our digital offerings in every aspect of our services. We also aim to harness the power of data to drive better decision-making and insights, both internally and for our clients. POTENTIAL REDEFINED
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21GROW EXPAND LEVERAGE EMPOWER 21 OUR DIGITAL LEADERSHIP IN ACTION By delivering digital solutions across advisory, services and platforms, we aim to be the global firm of choice at the intersection of digital expertise and deep experience across our market sectors. We categorize our digital offerings into eight areas of expertise, each crafted to enhance asset performance, strengthen infrastructure resilience, and boost operational efficiency. They work in tandem, ensuring a holistic client experience. We intend to evolve our service offerings to systematically bring digital solutions to the table as we seek to deliver client value and grow digital revenues. Intelligent Mobility Environmental Intelligence Modern Methods of Construction Location Intelligence WSP DIGITAL OFFERINGS Operational Technology Cybersecurity Lifecycle Digital Twins Smart Places Asset Intelligence GROW EXPAND LEVERAGE EMPOWER 21 WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 02 22 We remain dedicated to offering best-in-class experiences, working alongside our clients and becoming an integral part of their teams at every step. We intend to further embed our client-centric approach across our business, supported by advanced technologies, training and WSP’s longstanding culture of innovation. Building on our reputation for technical excellence, we are shifting our focus to celebrate and deepen our growth mindset. We are committed to being proactive, full-service partners and advisors to our clients, working collaboratively to identify and help solve the world’s most pressing challenges with integrated, cutting- edge solutions. From anticipating their needs to enhancing our offering and consistently delivering impactful projects, we take pride in fostering a foundation of trust with our clients and putting a comprehensive suite of services at their disposal. GROW EXPAND LEVERAGE EMPOWER EXPAND OUR CLIENT-CENTRIC AND DELIVERY CULTURE
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KEY PRIORITIES 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 our 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. 23GROW EXPAND LEVERAGE EMPOWER 23 Double Clients generating over $100M in annual net revenues1 >1.5x WSP Client Program organic growth rate vs. rest of business 10% Reduction in project margin erosion per year WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 2027 TARGETS 1 Total of segment measure that is forward looking. See page 29 and 30.
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 03 24 GROW EXPAND LEVERAGE EMPOWER LEVERAGE OUR PLATFORM AND ENABLE OUR OPERATIONS We have experienced remarkable growth in the last few years, supported by strong financial performance. We are continuing our transformation journey to foster integration by significantly investing in digital technology, applying best practices and enhancing commonality across our business. Over the next three years, we intend to fully leverage our platform and the technological levers at our disposal to further optimize and empower our operations for growth and performance. We aim to further enhance integration, collaboration, and alignment for our client-facing teams. We intend to be a global team with a common methodology and data, combining our scale with a local touch. By unifying our expertise and continuing digitization efforts across all areas, we aim to build operations that are more effective, resilient, and adaptable to future challenges. We expect this step change to help us grow smarter, innovate faster, and respond more efficiently to the needs of our people and clients.
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KEY PRIORITIES DIGITAL TRANSFORMATION Complete our 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 the business for growth and performance. OPERATIONAL PERFORMANCE Maintain a disciplined focus on driving key operational levers to further enhance our efficiency. 25GROW EXPAND LEVERAGE EMPOWER 25 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 WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 2027 TARGETS 1 Non IFRS ratio that is forward looking. See page 29 and 30.
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 04 26 Our people are the heartbeat of our success, and they are the drivers of change as we put this three-year plan into action. As we continue to transform into a truly dynamic people organization, our goal is to empower every individual to reach their full potential and seize the limitless opportunities for growth available at WSP. We believe in nurturing our talent and promoting from within, creating unique career paths for our experts and professionals. Through a culture of continuous learning, innovation and inclusivity, we seek to provide an inspiring and supportive environment for personal and professional development. This includes using technology as an enabler, equipping our people with the right tools and opportunities to achieve their greatest impact. Believing in the power of ownership and shared success, we are rolling out our employee share purchase program across the globe as we aim to have the greatest number of employee shareholders in our industry. GROW EXPAND LEVERAGE EMPOWER EMPOWER OUR PEOPLE FOR LIMITLESS OPPORTUNITIES AND GROWTH
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KEY PRIORITIES 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. 27GROW EXPAND LEVERAGE EMPOWER 27 150 bps Decrease in voluntary turnover 75% Executive leadership roles filled internally >30,000 Employee shareholders WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 2027 TARGETS
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN OUR 2025-2027 GLOBAL STRATEGIC ACTION PLAN 28 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 our 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. GROW KEY MARKETS AND SERVICES TO REMAIN FUTURE READY® AT A GLANCE AT A GLANCE AT A GLANCE AT A GLANCE 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 our 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. EXPAND OUR CLIENT- CENTRIC AND DELIVERY CULTURE DIGITAL TRANSFORMATION Complete our 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 the business for growth and performance. OPERATIONAL PERFORMANCE Maintain a disciplined focus on driving key operational levers to further enhance our efficiency. LEVERAGE OUR PLATFORM AND ENABLE OUR OPERATIONS 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. EMPOWER OUR PEOPLE FOR LIMITLESS OPPORTUNITIES AND GROWTH >10% organic net revenue growth1 in selected high-growth areas >90% platform in OECD countries >$200M investments in research & development, innovation and digital Double clients generating over $100M in annual net revenues1 >1.5x WSP Client Program organic growth rate vs. rest of business 10% reduction in project margin erosion per year 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 150 bps decrease in voluntary turnover 01 02 03 04 1 Non-IFRS ratios, total of segment measure or supplemental financial measures that are forward looking. See page 29 and 30. 75% executive leadership roles filled internally >30,000 employee shareholders
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN NON-IFRS AND OTHER FINANCIAL MEASURES 29 The Corporation reports its financial results 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- IFRS, and Other Financial Measures Disclosure (“Regulation 52 -112”) 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) supplemental financial measures. In this document, the following non -IFRS and other financial measures are used by the Corporation: net revenues; adjusted EBITDA; adjusted EBITDA margin; adjusted net earnings; adjusted net earnings per share; free cash flow; organic growth; and net debt to adjusted EBITDA ratio. Additional details for these non-IFRS and additional financial measures can be found in section 22, “Glossary of segment reporting, non-IFRS and other financial measures” of WSP’s MD&A for the year ended December 31, 2023, and in section 19, "Glossary of segment reporting, non -IFRS and other financial measures", of WSP's MD&A for the nine -month period ended September 28, 2024, each of which is posted on WSP’s website at www.wsp.com, and filed on SEDAR at www.sedarplus.com. Also see "Reconciliation of Non -IFRS Measures to Closest IFRS Measures for the Trailing Twelve-Month Period Ended September 28, 2024" on the following page for quantitative reconciliation for the trailing twelve -month period ended September 28, 2024. Management believes that these non -IFRS measures provide useful information to investors regarding the Corporation’s financial condition and results of operations as they provide key metrics of its performance. These non-IFRS measures are not recognized under IFRS, do not have any standardized meanings prescribed under IFRS and may differ from similar computations 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. Net Revenue is a total of segment measure. Refer to section 8.1, “Net revenues’ of WSP’s Management’s Discussions and Analysis (“MD&A) for the year ended December 31, 2023. Adjusted EBITDA, free cash flow and adjusted net earnings are non IFRS measures without a standardized definition under IFRS, which may not be comparable to similar measures used by other issuers. This presentation incorporates by reference section 22, “Glossary of segment reporting, non-IFRS and other financial measures”, of WSP’s MD&A for the year ended December 31, 2023, and section 19, “Glossary of segment reporting, non-IFRS and other financial measures”, of WSP’s MD&A for the nine-month period ended September 28, 2024, each of which is posted on WSP’s website at www.wsp.com, and filed on SEDAR+ at www.sedarplus.ca, which includes explanations of the composition and usefulness of adjusted EBTIDA and free cash flow, as well as section 8.3, "Adjusted EBITDA" and section 9.1, “Operating activities and free cash flow” for quantitative reconciliation of these historical non-IFRS financial measures to the most directly comparable IFRS measures. Adjusted EBITDA Margin and adjusted net earnings per share ("Adjusted EPS") are non -IFRS ratios without a standardized definition under IFRS, which may not be comparable to similar ratios used by other issuers. This presentation incorporates by reference section 22, “Glossary of segment reporting, non-IFRS and other financial measures”, of WSP’s MD&A for the year ended December 31, 2023, and section 19, “Glossary of segment reporting, non-IFRS and other financial measures”, of WSP’s MD&A for the nine-month period ended September 28, 2024, each of which is posted on WSP’s website at www.wsp.com, and filed on SEDAR+ at www.sedarplus.ca, , which includes explanations of the composition and usefulness of these non -IFRS ratios. 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. Organic growth is a supplemental financial measure. 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 debt to adjusted EBITDA ratio is capital management measure 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.
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN RECONCILIATION OF NON-IFRS MEASURES TO CLOSEST IFRS MEASURES FOR THE TRAILING TWELVE-MONTH PERIOD ENDED SEPTEMBER 28, 2024 Reconciliation of net revenues Nine-month period ended September 28, 2024 Three-month period ended December 31, 2023 Trailing Twelve-month period ended September 28, 2024 (in millions of dollars) Revenues 11,501.9 3724.3 15,226.2 Less: Subconsultants and direct costs 2,723.7 968.3 3,692.0 Net revenues 8,778.2 2,756.0 11,534.2 Reconciliation of adjusted EBITDA Nine-month period ended September 28, 2024 Three-month period ended December 31, 2023 Trailing Twelve-month period ended September 28, 2024 (in millions of dollars) Earnings before net financing expense and income taxes 923.2 211.0 1,134.2 Acquisition, integration and reorganization costs 66.3 26.3 92.6 ERP implementation costs 45.1 21.1 66.2 Depreciation of right-of-use assets 228.4 77.2 305.6 Amortization of intangible assets 167.6 58.7 226.3 Depreciation of property and equipment 99.8 39.7 139.5 Impairment of long-lived assets - 81.7 81.7 Share of depreciation and taxes of associates and joint ventures 12.1 4.5 16.6 Interest income 8.9 4.7 13.6 Adjusted EBITDA 1,551.4 524.9 2,076.3 Adjusted EBITDA margin 17.7% 19.0% 18.0% Reconciliation of adjusted net earnings Nine-month period ended September 28, 2024 Three-month period ended December 31, 2023 Trailing Twelve-month period ended September 28, 2024 (in millions of dollars, except per share data) Net earnings attributable to shareholders 514.5 130.6 645.1 Amortization of intangible assets related to acquisitions 135.4 47.2 182.6 Impairment of long-lived assets 0 81.7 81.7 Acquisition, integration and reorganization costs 66.3 26.3 92.6 ERP implementation costs 45.1 21.1 66.2 (Gains) losses on investments in securities related to deferred compensation obligations -17.4 -10.4 -27.8 Unrealized (gains) losses on derivative financial instruments 29.6 -8.9 20.7 Income taxes related to above items -63.9 -39.8 -103.7 Adjusted net earnings 709.6 247.8 957.4 Adjusted net earnings per share 5.69 1.99 7.68 Basic net earnings per share attributable to shareholders 4.13 1.05 5.18 Reconciliation of free cash flow Nine-month period ended September 28, 2024 Three-month period ended December 31, 2023 Trailing Twelve- month period ended September 28, 2024 (in millions of dollars) Cash flow from operating activities 608.6 776.6 1,385.2 Lease payments in financing activities -273.8 -96.3 -370.1 Net capital expenditures -92.8 -70.0 -162.8 Free cash flow 242.0 610.3 852.3 30
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WSP 2025-2027 GLOBAL STRATEGIC ACTION PLAN 31 FORWARD-LOOKING STATEMENTS Certain information regarding WSP contained herein are not based on historical facts and may constitute forward-looking statements or forward-looking information under Canadian securities laws (collectively, “forward-looking statements”). 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 in this 2025-2027 Global Strategic Action Plan include, without limitation, statements about the 2025-2027 Global Strategic Action Plan, the proposed four strategic focus areas (including the 2025-2027 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, and our aim to leverage our global scale, culture of innovation, and unified approach to optimize our operations further and elevate our client-centric experience. These forward-looking statements are based on a number of assumptions believed by the Corporation to be reasonable at the date of this document, including but not limited to: 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 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 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 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. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks discussed in the “Risk Factors” section of WSP’s Management’s and Discussion Analysis for the fourth quarter and year ended December 31, 2023, and WSP’s Management’s Discussion and Analysis for the third quarter and nine-month period ended September 28, 2024 and filed on SEDAR+ at www.sedarplus.ca, as well as other risks detailed from time to time in reports filed by the Corporation with securities regulators or securities commissio ns or other documents that the Corporation makes public, which may cause events or results to differ materially from the results expressed or implied in any forward-looking statement. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward- looking information contained herein is made as of the date hereof, and the Corporation undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
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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 across sectors: Transportation & Infrastructure, Property & Buildings, Earth & Environment, Water, Power & Energy and Mining & Metals. WSP is publicly listed on the Toronto Stock Exchange (TSX:WSP). wsp.com All logos and marks depicted herein are the property of WSP Global Inc. and may not be reproduced without the prior written consent of WSP Global Inc. 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.