WSP Global Inc.

Good day and thank you for standing by. Welcome to the WSP Global Inc. Third Quarter 2025 Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, please press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please know that today's conference is being recorded. I would now like to turn the conference over to your first speaker, Quentin Weber from Investor Relations. Please go ahead.

Thank you, and thank you for joining our call today. We will discuss our Q3 2025 performance, followed by a Q&A session. Alexandre Le Reu, our President and CEO, and Alain Michaud, our CFO, are joining us this morning. Please note that this call is also accessible via webcast on our website. During the call, we will make forward-looking statements. actual results could differ from those expressed or implied. We undertake no obligation to update or revise any of these statements. Relevant factors that could cause actual results to differ materially from those forward-looking statements are listed in the MD&A for the quarter ended September 27, 2025, which can be found on CEDAR Plus and on our website. In addition, during the call, we may refer to specific non-IFRS measures. These measures are also defined defined in the MD&A for the year ending December 31, 2024. Our MD&A includes reconciliations of non-IFRS measures to the most directly comparable IFRS measures. 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 additional critical metrics of its performance. These non-IFRS measures are not recognized under IFRS, do not have any standardized meaning, prescribed under IFRS and may differ from similarly named measures reported by other issuers and accordingly may not be comparable. These measures should not be considered as a substitute for the related financial information prepared by IFRS. With that, I will now turn the call over to Alexandre.

Thank you, Quentin, and thank you all for joining us today. Let me start by saying that WSP underlying performance was strong in the quarter. Net revenues, adjusted EBITDA, and adjusted net earnings increased by approximately 16%, 20%, and 32%, respectively, despite continued fluid market dynamics. Among other things, our results highlight very robust margin improvement, strong free cash flow generation, and exceptional performance from power engineers as we celebrate the first year of the closing of the acquisitions. Let me now expand on three key highlights. First, a few comments on our top line performance. If you turn to page five in today's investor presentation, we highlight a healthy underlying business performance with mid single digit organic growth for the quarter. In fact, across our three largest segments, Canada, the Americas, and EMEA, we delivered mid to high single-digit organic growth when isolating the impact of a significant project upside in Canada in Q3 2024 and the historical high level of storm-related assignment in the U.S. in Q3 2024 versus the historical low level of such assignments in Q3 2025. In Asia Pacific, we are observing early signals of improvement, including healthy growth and backlog, and in New Zealand, delivering modest organic growth in net revenue, a first in the last five quarters. Second, on profitability, adjusted EBITDA increased by almost 20% in dollar terms during the quarter. we reach a record high margin at 20.2%, representing an improvement of 70 basis point for the quarter and 50 basis point over the nine-month period, supported by continued focus on productivity. In addition, our solid results reflect the absorption of optimization and right-sizing costs, which impacted margin by 30 basis point in the third quarter and 40 basis point year to date. Third, I am very pleased with our cash performance, a continuation of our first two quarters. Free cash flow reached almost $900 million for the nine-month period, an increase of $645 million compared to last year. DSO stood at 71 days within our targeted range at historical low level for a third quarter. We are well on track to exceed our 100% conversion target of annual free cash flow to net earnings. Let's now review a regional operation. Starting with Canada, net revenue organic growth reached 6% for the quarter when adjusted to exclude the impact of a favorable project in Q3 2024. Looking at the year-to-date performance, the region delivered a healthy net revenue organic growth of 7%. Canada delivered an impressive margin of 27.8%, representing a 100 basis point increase compared to Q3 2024 and leading margins across our global platform. Lastly, Canada's backlog grew 15% organically since the beginning of the year. In the Americas, net revenue organic growth stood at 6.6% when adjusting for the lower level of emergency response services in the United States. A standout contributor to our performance in the U.S. and not included in the 6.6% just stated has been Power Engineers, which posted net revenue organic growth in the mid-teens in both the third quarter and the first nine months of 2025. Moving to EMEA, performance exceeded expectations in the U.K. with 11% net revenue organic growth driven by strong positioning as a tier one player in the country. The Nordics showed encouraging signs of improvement supported by growing backlog specifically in Sweden. Overall, EMEA delivered 6.4% net revenue organic growth for the quarter and 4.8% year to date. Turning to APAC, New Zealand posted modest growth in the quarter and the backlog has increased significantly year to date. In Australia, we are seeing the backlog trending upward, although some clients' decisions are affecting its accessibility. Now let's move to M&A. On October 9th, we closed the acquisition of Ricardo, a milestone that marks an important step that moves us closer to our strategic ambitions. Ricardo brings world-class expertise in advisory, energy addition and transition, air quality, water solutions, and rail strengthening our position in the UK, Australia, and the Netherlands. Our teams are actively engaged in integration activities, including setting up different workstreams. Of importance, our clients' teams are coming together to assess net revenue opportunities. Moving on to power engineers, Q3 marked the first anniversary of our firms coming together a milestone defined by exceptional results, strong execution, and accelerating demand for power and energy services. Over the past year, Power Engineers has delivered organic growth in net revenue in the mid-teens and is now contributing to WSP margins expansion. From the outset, we recognized a significant potential for revenue synergies since the acquisition that potential has translated in action. Together, we have built a robust pursuit pipeline exceeding $1.4 billion, actively tracking synergies across more than 300 opportunities. One year later, we are proud of the remarkable progress we have made together. Now, let's briefly discuss our end markets. Our overall power and energy business is performing very well, and our backlog has grown steadily over the past two years, reflecting strong market demand for power and energy-related services. This momentum extends to our property and buildings business, which delivered strong results in the AI and the cloud infrastructure sectors. In Q3 2025, we secured data center project WINS, across the USA, Canada, Chile, Sweden, Norway, Thailand, Australia, and Singapore, underscoring our leadership in the global data center market. At the same time, in the commercial real estate market, we are gaining traction in refurbishment and retrofit projects driven by rising office occupancy and the urgent need to upgrade assets at risk of becoming stranded. further reinforcing our premier position in this space. Meanwhile, our earth environment business continues to see strong demand globally for permitting new energy assets, including power lines, nuclear facilities, and hydrogen pipelines. In contrast, some clients have chosen to defer capital projects, which influence the pace of our field season, specifically in Canada and in the U.S. On the transportation and infrastructure front, aviation continues to experience a strong post-pandemic recovery, with airports worldwide investing heavily in the expansion program. And we recently secured a significant mandate to expand Heathrow Airport, which is operating at capacity and undertaking an extensive improvement to meet the mid-21st century air transport demand. And a key win during the quarter was WSP confirmed participation in the Toronto Pearson Airport's accelerator program, which delivers vital upgrades and airport assets. I'm sorry. Rail and transit remain in demand, and we celebrate two major wins this quarter, the Anglinton Crosstown West Extension Station rail and system contract in Canada, and the Upsala light rail project in Sweden. a 17-kilometer new line valued at $1 billion that supports the City Climate Neutral Initiative. In the United States, investment in asset renewal continues, highlighted by a recent mandate to modernize the Briarcliff Peak Scale Parkway in Westchester County, New York. This environmental assessment aims to enhance safety and resilience for this 13-kilometer corridor amid evolving climate requirements. Overall, we see continued momentum and positive momentum, but let me state the obvious. We are currently evolving in fluid market dynamics, including, amongst other things, shifting time priorities and evolving geopolitical context. Despite this reality, our key markets are performing well, industry trends remain current, and our performance underscores the resilience of our diversified platform and the strength of our execution. Now over to you, Ana.