WSP Global Inc.

Good day and thank you for standing by. Welcome to the WSP Global fourth quarter and fiscal 2025 results. 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 you will need to 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 be advised, today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, Quentin Weber, Investor Relations. Please go ahead.

Thank you, Sarah. Good day. Thank you for joining our call. Today, we will discuss our Q4 2025 results and performance, followed by a Q&A session. Alexandre Heureux, our President and CEO, Alain Michaud, our CFO, and Shadi Abib, our CTO, are joining us this morning. Please note that this call is also accessible via webcast on the 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 our MD&A for the quarter ended December 31, 2025, which can be found on CDAR Plus and on our website. In addition, during the call, we may refer to specific non-IFRS measures. These measures are also defined in our MD&A for the year ending December 31st, 2025. 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 operation 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 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, this quarter marks the end of a year of strong execution for the company. In early 2025, we unveiled a three-year strategic plan called Pioneer Change for Empowered Growth. We completed strategic acquisitions, including Ricardo and TRC, and delivered margin improvements with organic growth and strong cash flow generation. Let me highlight key points relating to our performance for the fourth quarter and the year 2025. First, as outlined on page 5 of the investor presentation, net revenue organic growth for the quarter stood at 5.9% when excluding the impact of much lower volume of emergency response services in the U.S. versus the prior year and revision to significant projects in Canada in 2024. For the year, net revenues reached the I.N. of our outlook and, referring to page 5 again, We delivered strong performance with combined mid to high single-digit organic net revenue growth in Canada, the Americas, EMEA, while the APAC regions continued to improve throughout 2025. Celebrating the first year of Power Engineers under WSP, we are also very pleased with the company's performance with organic growth in the mid-teens in 2025. Second, on profitability, adjusted EBITDA for the year exceeded the high end of our revised outlook range for the year. We continue to execute on our margin expansion journey, delivering approximately 40 basis point improvement for the year. Third, I am especially pleased with our cash performance. We delivered a record high free cash flow of $1.7 billion in 2025, representing 1.8 times net earnings attributable to shareholders and significantly exceeding our 100% conversion target. Additionally, DSO at year end stood at a record low level of 63 days, well below the lower end of our outlook. Before I turn to 2026, let me state how excited I am about welcoming TRC, a premier U.S. power and energy brand founded in 1969 long recognized for technical excellence and one of the most significant players in the U.S. with approximately 8,000 professionals. This combination will supercharge our power and energy sector by expanding our offerings across the entire value chain, adding amongst others significant advisory, digital and program management capabilities and providing unmatched leadership in the U.S. Now turning to 2026, let me start by saying that we entered a year with more optimism and confidence than when we entered 2025. This statement is supported by a few key factors and our strong outlook for 2026. First, with the closing of TRC and the recent acquisition of Power Engineers, we have deployed approximately 7 billion CAD over the last 15 months and the high growth high profitability, power, and energy sector, making us the leading pure play firm in that space in the U.S. and globally. Second, the market trends continue to provide a strong tailwind and demand for our services. Governments around the world continue to spend extensively on infrastructure, mass transit, airports, ports, water, and environmental services, data centers, health care, power generation, transmission, distribution, and we expect the demand for our services to be robust in 2026. Third, and to complement my comments on market trends, we have finished the year 2025 in better shape than we started. The proposal activity level is strong across the business, and our backlog, master service agreement, and self-backlog are growing steadily. Let me now give you a few comments on our regions, further supporting our sentiment about 2026. Starting with Canada, we expect the region to remain an important growth driver in 2026, supported by strong market fundamentals and federal strategic investment that will all contribute to an already healthy backlog, which grew by 13.5% in 2025, an equally strong pipeline of opportunity in the years the year ahead we are well positioned to execute on the broad mix of mandates with major clients such hydro quebec toronto hydroelectric rio tinto ontario power and eco eagle mines while continuing to capitalize on significant transportation assignments including our role on the bradford bypass expressway project and the recent announcement of the federal government and defense With that foundation, Canada is positioned to deliver solid performance with mid to high single digit organic growth expected in 2026. In the Americas, we expect strong growth in 2026, supported by robust activity across the U.S. We are very pleased with the closing of the TRC acquisition on Tuesday this week, which combined with our existing power and energy business, offers continued high growth, high profitability potential in the sector, which now represent approximately a third of our U.S. presence. Overall, our sentiment towards our U.S. is positive. Our hard backlogs stand at approximately 10 months of revenues, and our sub-backlog amounts to approximately $8 billion, of which 85% comes from MSAs and framework contracts. Our pipeline of opportunities is also trending positively, up approximately 15%, 1.5% I said, versus last year. We continue to strongly focus on our global client program, which is developing a healthy pipeline of opportunities, up more than 50% versus last year. Of interest, our win rates increased by approximately 10% year over year, especially on top opportunities with the highest impact reflecting a clear focus on securing high quality needle mover mandates. We also see AI and cloud infrastructure as a durable multi-year tailwind. Here, our global footprint and breadth of services are positioning WSP as a preferred partner, notably for campus master planning, permitting, design, and data center delivery. According to the most engineering news record global source book, WSP holds the number one position globally in data center design. Separately, in Latin America, the mining industry is providing healthy growth opportunities as well. Overall, the Americas are positioned to be key contributor with mid to high single digit organic growth expected in 2026. Moving to EMEA, we expect the regions continue contributing solid growth in 26, supported by healthy backlog and ongoing demand across priority markets, specifically in the UK. Our pipeline of opportunities is also growing significantly, representing an increase of more than 25% since the beginning of 2025. Book to burn in the UK ended above one, even as the regions delivered robust growth. Our wind rate increased by about 25% versus 24%, with new work secured in energy, water and defense, in line with our strategic ambitions. Our global climate program also demonstrated success in the regions, especially in energy, and more specifically in the transmission space in electric and gas. Our backlog is supported by a steady flow of mandates, including major programs with national grid in the UK, recent win with hair grid and EFG energy in Europe, and a growing backlog in the Nordics. With healthy momentum across the regions, EMEA is well-positioned to deliver continued success in the year with mid-single-digit organic growth expected in 26. Turning to APAC, we continue to see improving market condition in 25 and healthy backlog growth especially in Australia and New Zealand, and our focus is on a return to growth as we progress through the year. We are entering 26 with tangible catalysts, including the Sydney Metro Westline-wide contract, the Anderson Precinct infrastructure mandate in Western Australia, and momentum in New Zealand under the Roads of National Significance program. Taking together the pipelines in Australia and New Zealand support a gradual return to organic growth in 26, and we expect APAC to provide an improving contribution to overall performance as the year progresses. In summary, we are confident about 26, and just after the first year of our 2025-2027 strategic cycle, we are already on track to meet or exceed several of our 27 targets. This early progress reinforces our confidence in the strategy the strength of our platform, and our ability to deliver leading financial performance across the cycle. With that, I will now turn it over to Alain, who will talk you through our financial results and our 2026 outlook in more detail.