WSP

WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”) today announced financial and operating results for the fourth quarter and year ended on December 31, 2021.

	Fourth quarters ended				Years ended
(in millions of dollars, except percentages, per share data, DSO and ratios)	December 31,2021	December 31,2020	Variance		December 31,2021		December 31,2020		Variance
Revenues	$2,891.0	$2,248.3	28.6	%	$10,279.1		$8,803.9		16.8	%
Net revenues(1)	$2,147.4	$1,688.3	27.2	%	$7,869.6		$6,859.1		14.7	%
Earnings before net financing expense and income taxes	$185.2	$105.3	75.9	%	$724.6		$459.4		57.7	%
Adjusted EBITDA(2)	$361.2	$262.1	37.8	%	$1,322.5		$1,053.7		25.5	%
Adjusted EBITDA margin(2)	16.8%	15.5%	130bps			16.8%		15.4%	140bps
Net earnings attributable to shareholders of WSP Global Inc.	$126.7	$68.9	83.9	%	$473.6		$276.0		71.6	%
Basic net earnings per share attributable to shareholders	$1.08	$0.61	77.0	%	$4.07		$2.51		62.2	%
Adjusted net earnings(2) (3)	$171.7	$93.0	84.6	%	$592.9		$394.6		50.3	%
Adjusted net earnings per share(2) (3)	$1.46	$0.82	78.0	%	$5.09		$3.59		41.8	%
Cash inflows from operating activities	$513.2	$381.8	34.4	%	$1,060.1		$1,125.1		(5.8	%)
Free cash flow(2)	$369.9	$264.5	39.8	%	$646.1		$735.3		(12.1	%)
As at					December 31,2021		December 31,2020		Variance
Backlog(4)					$10,425.6		$8,421.3		23.8	%
Days sales outstanding (“DSO”)(4)					66 days		63 days		3 days
Net debt to adjusted EBITDA ratio(4)						0.6		0.1	n/a

(1)		Quantitative reconciliations of net revenues to revenues are presented below under the caption "Non-IFRS and other financial measures".
(2)		Non-IFRS financial measure or non-IFRS ratio 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 to the most directly comparable IFRS measures are presented below under the caption "Non-IFRS and other financial measures". 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. This earnings release incorporates by reference section 22, “Glossary of segment reporting, non-IFRS and other financial measures”, of WSP’s Management's Discussion and Analysis (“MD&A”) for the year ended December 31, 2021, which is filed on SEDAR at www.sedar.com, which includes explanations of the composition and usefulness of these non-IFRS financial measures and non-IFRS ratios.
(3)		Management has amended its definition of adjusted net earnings, effective January 1, 2021, to exclude amortization of intangible assets related to acquisitions. The comparative periods have been restated.
(4)		This earnings release 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, 2021, filed on SEDAR at www.sedar.com, which explains the composition of the supplemental financial measures, as well as the usefulness of the net debt to adjusted EBITDA ratio, which is a capital management measure composed of the ratio 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.

FOURTH QUARTER 2021 FINANCIAL HIGHLIGHTS

• Revenues and net revenues for the quarter reached $2.9 billion and $2.1 billion, up 28.6% and 27.2%, respectively, compared to Q4 2020. Organically, net revenues grew 9.7% in the quarter.
• Backlog as at December 31, 2021 stood at $10.4 billion, with substantial order intake of $3.3 billion in the quarter.
• Adjusted EBITDA in the quarter of $361.2 million, up 37.8%, compared to $262.1 million in Q4 2020.
• Adjusted EBITDA margin for the quarter reached 16.8%, compared to 15.5% in Q4 2020, an increase of 130 basis points, attributable to the strong performance of the platform and solid contribution from recent acquisitions.
• Earnings before net financing expense and income taxes in the quarter of $185.2 million, up $79.9 million, or 75.9%, compared to Q4 2020, mainly attributable to higher adjusted EBITDA.
• Adjusted net earnings for the quarter of $171.7 million, or $1.46 per share, up $78.7 million and $0.64, respectively, compared to Q4 2020. The respective increases of 84.6% and 78.0% in these metrics are mainly attributable to higher adjusted EBITDA.
• Net earnings attributable to shareholders for the quarter of $126.7 million, or $1.08 per share, up 83.9% and 77.0%, respectively, when compared to Q4 2020. The increase is mainly attributable to higher adjusted EBITDA, partially offset by higher amortization of intangible assets and net financing expense.
• Quarterly dividend declared of $0.375 per share, or $44.2 million, with a 51.5% Dividend Reinvestment Plan (“DRIP”) participation.

FISCAL YEAR 2021 FINANCIAL HIGHLIGHTS

• Revenues and net revenues for the year reached $10.3 billion and $7.9 billion, up 16.8% and 14.7%, respectively, compared to 2020. The Golder Acquisition was the main contributor to the acquisition growth in net revenues of 15.3%, while net revenue organic growth of 3.3% was in line with Management's previously disclosed outlook.
• Backlog as at December 31, 2021 stood at $10.4 billion, representing 11.8 months of revenues, up 23.8% in the year. On a constant currency basis, backlog grew organically by 10.1% compared to backlog as at December 31, 2020.
• Adjusted EBITDA in the year of $1.32 billion, up 25.5%, compared to $1.05 billion in 2020. Adjusted EBITDA exceeded the higher end of Management's most recent outlook range.
• Adjusted EBITDA margin increased to 16.8% in 2021, compared to 15.4% in 2020. The improvement in adjusted EBITDA margin is attributable to the strong performance of the platform and solid contribution from recent acquisitions.
• Earnings before net financing expense and income taxes in 2021 of $724.6 million, up 57.7% compared to 2020, mainly due to higher adjusted EBITDA and lower acquisition, integration and reorganization costs.
• Adjusted net earnings in 2021 of $592.9 million, or $5.09 per share, up $198.3 million or $1.50 per share, compared to 2020. The increases in these metrics are mainly attributable to higher adjusted EBITDA.
• Net earnings attributable to shareholders of $473.6 million in 2021, or $4.07 per share, up $197.6 million, or $1.56 per share, compared to 2020. The increase was mainly due to higher adjusted EBITDA and lower acquisition, integration and reorganization costs, partially offset by higher amortization and depreciation expense.
• DSO as at December 31, 2021 stood at 66 days, compared to 63 days as at December 31, 2020, significantly outperforming Management's most recent outlook range of 73 to 77 days.
• Free cash flow of $646.1 million for the year, representing 1.4 times net earnings attributable to shareholders.
• Cash inflows from operating activities of $1.06 billion in the year ended December 31, 2021, compared to $1.13 billion in 2020. The variance is mainly due to the fact that 2020 benefitted from a deferral of income tax and other remittances in some jurisdictions.
• The net debt to adjusted EBITDA ratio stood at 0.6x, compared to 0.1x as at December 31, 2020, increasing mainly due to the acquisition of Golder Associates. The ratio is well below Management's target of 1.0 to 2.0, due to strong free cash flow in 2021.
• Full year dividend declared of $1.50 per share, or $174.9 million, with cash payout of $81.9 million or 46.8% as a result of the DRIP participation.

“I am proud of our performance in the fourth quarter, capping off a solid year of achievements to close our three-year strategic cycle. Thanks to the diligent work of our people, we delivered on our 2019-2021 financial ambitions, while maximizing the potential of our acquisitions and achieving the leading position in Earth and Environment,” said Alexandre L’Heureux, President and CEO of WSP. “Our clients have continued to rely on WSP for our innovative solutions, resulting in a sustained and healthy backlog that, combined with favorable market trends, represent a solid foundation on which to build our next strategic cycle. We are excited about our 2022-2024 strategic action plan that will be the first step in our journey to achieve our long-term vision to create an enduring legacy of greater impact.”

OUTLOOK FOR 2022This outlook is provided as at March 9, 2022, to assist analysts and shareholders in formalizing their respective views on the year ending December 31, 2022. The reader is cautioned that using this information for other purposes may be inappropriate. This information constitutes forward-looking information, based on multiple estimates and assumptions about future events. Actual results may differ, and such differences may be material. Please refer to section 19, "Forward-looking statements", of the Corporation's MD&A for the year ended December 31, 2021 for the full disclaimer.

Management expects the Corporation's results for the year ending December 31, 2022 will fall within the following ranges:

	2022 TARGET RANGE(1)
Net revenues	Between $8.25 billion and $8.75 billion
Adjusted EBITDA	Between $1.43 billion and $1.49 billion
Seasonality and adjusted EBITDA fluctuations	Q1 2022 : between 21% to 23% Q2 2022 : between 22% to 24% Q3 2022 : between 27% to 29% Q4 2022 : between 26% to 28%
DSO	Between 70 to 75 days
Net capital expenditures	Between $160 million and $180 million
Acquisition, integration and reorganization costs	Between $50 million and $60 million
ERP implementation costs	Between $45 million and $55 million

Underlying Assumptions(1)The Corporation cautions that the assumptions used to prepare the 2022 outlook could prove to be incorrect or inaccurate. Accordingly, the Corporation’s actual results could differ materially from the Corporation’s expectations as set out in this press release.

The target ranges were prepared assuming no fluctuations in foreign exchange rates in markets in which the Corporation operates. The Corporation did not consider any dispositions, mergers, business combinations or other transactions that may occur after the publication of this press release. In the 2022 target ranges, the Corporation considered numerous economic and market assumptions regarding the competition, political environment and economic performance of each region where it operates.

The forecasts were prepared using tax rates enacted as of December 31, 2021, in the countries in which the Corporation currently operates. The Corporation anticipates that the effective tax rate in 2022 will fall between 25% and 29%.

The Corporation anticipates depreciation of right-of-use assets, property and equipment and amortization of software to range between $450 million and $470 million.

The Corporation anticipates amortization of intangible assets related to acquisitions to range between $85 million and $95 million.

The Corporation intends to manage its capital structure to maintain a net debt to adjusted EBITDA ratio between 1.0 and 2.0.

For 2022, the Corporation anticipates net revenue organic growth, calculated on a constant currency basis, ranging between 3% to 6%, with no significant variances from a reportable segment to the other. Head office corporate costs for 2022 are expected to range between $95 million and $110 million.

The Corporation initiated the design and implementation of a global cloud-based ERP solution with broad capabilities. Due to recent developments in accounting standards, customization and configuration costs in a cloud computing arrangement that do not meet the definition of an asset or a lease, along with implementation costs, will be expensed as incurred. Implementation costs for 2022 are expected to range between $45 million and $55 million based on the current deployment schedule.

DIVIDENDThe Board of WSP declared a dividend of $0.375 per share. This dividend will be payable on or about April 15, 2022, to shareholders of record at the close of business on March 31, 2022.

UPDATE ON UKRAINEWSP is deeply troubled by the conflict in Ukraine and has been closely monitoring the situation, including the sanctions which have been recently imposed. The Corporation can confirm that WSP has no employees or offices in Russia, Ukraine, and Belarus but has a limited number of ongoing assignments for projects in Russia. WSP has decided to exit such assignments and will no longer be pursuing assignments in Russia and Belarus. WSP’s overall economic exposure under these assignments is not material and is expected to be under one million dollars.

The Corporation has pledged an initial donation of $50,000 to UNICEF and of $50,000 to the UNHCR in support of their work in assisting refugees in Ukraine and neighboring regions.

FINANCIAL REPORTThis release includes, by reference, the 2021 financial reports, including the consolidated financial statements and the MD&A of the Corporation for the year ended December 31, 2021, which are available on our website at www.wsp.com. These documents are also available on SEDAR at www.sedar.com.

CONFERENCE CALLWSP will hold a conference call and webcast from 8:00 a.m. to 9:00 a.m. (Eastern Time) on March 10, 2022 to discuss these results.To participate in the conference call, dial 1-409-216-6433 or 1-855-385-1271 (toll free).A live webcast of the conference call will also be available at www.wsp.com/investors.

For those unable to attend, a replay will be available within 24 hours following the call.A presentation of the 2021 fourth quarter and fiscal highlights and results will be accessible on March 9, 2022 after market close under the “Investors” section of the WSP website.

2022-2024 GLOBAL STRATEGIC ACTION PLAN WSP will also launch its 2022-2024 Global Strategic Action Plan on March 9, 2022, after market close.

A webcast will be held on March 10, 2022, from 9:30 a.m. to 12:30 p.m. (Eastern Time) to discuss the 2022-2024 Global Strategic Action Plan. This event will include insights from several key leaders from WSP, including regional and corporate executives.

To participate in the event, register by accessing www.wsp.com/investors.

The webcast and slideshow presentation will also be archived on WSP’s website at wsp.com under the “Investors” section.

(1) This information constitutes forward-looking information, based on multiple estimates and assumptions about future events. The reader is cautioned that using this information for other purposes may be inappropriate. Actual results may differ and such differences may be material. Please refer to the "Forward-looking statements" disclaimer below.

RESULTS OF OPERATIONS

	Fourth quarters ended				Years ended
(in millions of dollars, except number of shares and per share data)	December 31,2021		December 31,2020		December 31,2021		December 31,2020
Revenues	$2,891.0		$2,248.3		$10,279.1		$8,803.9
Less: Subconsultants and direct costs	$743.6		$560.0		$2,409.5		$1,944.8
Net revenues	$2,147.4		$1,688.3		$7,869.6		$6,859.1
Earnings before net financing expense and income taxes	$185.2		$105.3		$724.6		$459.4
Net financing expense	$14.3		$1.9		$79.5		$73.5
Earnings before income taxes	$170.9		$103.4		$645.1		$385.9
Income tax expense	$44.1		$33.4		$171.0		$108.5
Net earnings	$126.8		$70.0		$474.1		$277.4
Net earnings attributable to:
Shareholders of WSP Global Inc.	$126.7		$68.9		$473.6		$276.0
Non-controlling interests	$0.1		$1.1		$0.5		$1.4
Basic net earnings per share attributable to shareholders	$1.08		$0.61		$4.07		$2.51
Diluted net earnings per share attributable to shareholders	$1.07		$0.61		$4.05		$2.50
Basic weighted average number of shares		117,661,970		113,472,584		116,479,695		110,020,798
Diluted weighted average number of shares		118,082,536		113,751,792		116,901,686		110,263,100

CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONReferences to notes refer to notes in the financial statements

As at December 31	December 31, 2021	December 31, 2020
	$	$
Assets
Current assets
Cash and cash equivalents (note 29)	927.4	437.1
Trade receivables and other receivables (note 15)	1,916.8	1,598.8
Cost and anticipated profits in excess of billings (note 16)	1,156.4	950.5
Other financial assets (note 17)	141.7	118.1
Prepaid expenses	169.6	168.7
Income taxes receivable	28.9	27.5
	4,340.8	3,300.7
Non-current assets
Right-of-use assets (note 18)	861.5	894.3
Intangible assets (note 19)	549.9	275.5
Property and equipment (note 20)	363.6	314.9
Goodwill (note 21)	4,762.3	3,731.9
Deferred income tax assets (note 13)	165.1	169.2
Other assets (note 22)	207.2	150.9
	6,909.6	5,536.7
Total assets	11,250.4	8,837.4
Liabilities
Current liabilities
Accounts payable and accrued liabilities (note 23)	2,217.3	1,718.2
Billings in excess of costs and anticipated profits (note 16)	751.1	708.5
Income taxes payable	149.8	119.1
Provisions (note 24)	77.5	71.4
Dividends payable to shareholders (note 28)	44.2	42.5
Current portion of lease liabilities (note 18)	254.2	233.1
Current portion of long-term debt (note 25)	297.4	296.9
	3,791.5	3,189.7
Non-current liabilities
Long-term debt (note 25)	1,479.3	277.3
Lease liabilities (note 18)	766.1	785.3
Provisions (note 24)	236.2	180.9
Retirement benefit obligations (note 9)	212.9	232.4
Deferred income tax liabilities (note 13)	99.2	90.4
	2,793.7	1,566.3
Total liabilities	6,585.2	4,756.0
Equity
Equity attributable to shareholders of WSP Global Inc.	4,664.5	4,080.4
Non-controlling interests	0.7	1.0
Total equity	4,665.2	4,081.4
Total liabilities and equity	11,250.4	8,837.4

CONSOLIDATED STATEMENTS OF CASH FLOWSReferences to notes refer to notes in the financial statements

	Years ended
	December 31,2021		December 31,2020
	$		$
Operating activities
Net earnings	474.1		277.4
Adjustments (note 15)	436.6		416.7
Net financing expense (note 8)	79.5		73.5
Income tax expense	171.0		108.5
Income taxes paid	(134.0	)	(104.5	)
Change in non-cash working capital items (note 15)	32.9		353.5
Cash inflows from operating activities	1,060.1		1,125.1
Financing activities
Net proceeds (repayment) of borrowings under credit facilities	649.1		(857.1	)
Issuance of senior unsecured notes (note 25)	500.0		—
Repayment of long-term debt following a business acquisition	(235.0	)	—
Issuance of common shares, net of issuance costs (note 13)	308.5		550.8
Lease payments (note 18)	(303.2	)	(301.3	)
Dividends paid to shareholders of WSP Global Inc.	(80.6	)	(88.3	)
Net financing expenses paid, excluding interest on lease liabilities	(47.8	)	(49.8	)
Dividends paid to a non-controlling interest	(0.8	)	(0.6	)
Cash inflows (outflows) from financing activities	790.2		(746.3	)
Investing activities
Net disbursements related to business acquisitions	(1,244.9	)	(124.4	)
Additions to property and equipment, excluding business acquisitions	(100.7	)	(72.1	)
Additions to identifiable intangible assets, excluding business acquisitions	(20.5	)	(21.0	)
Proceeds from disposal of property and equipment	10.4		4.6
Proceeds from sale of investment in an associate	4.6		—
Repurchase of non-controlling interest	(1.4	)	—
Net increase in investments in securities	(7.1	)	—
Net cash received on a loan from associate	0.3		—
Dividends received from associates	14.4		19.4
Cash outflows from investing activities	(1,344.9	)	(185.3	)
Effect of exchange rate change on cash and cash equivalents	(13.8	)	3.9
Change in net cash and cash equivalents	491.6		197.4
Cash and cash equivalents, net of bank overdraft – beginning of period	434.7		237.3
Cash and cash equivalents, net of bank overdraft - end of period (note 15)	926.3		434.7

All amounts shown in this press release are expressed in Canadian dollars, unless otherwise indicated. All quarterly information disclosed in this press release is based on unaudited figures.

NON-IFRS AND OTHER FINANCIAL MEASURESThe 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 press release, 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; backlog; free cash flow; days sales outstanding (“DSO”); and net debt to adjusted EBITDA ratio. Additional details for these non-IFRS 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, 2021, which is posted on WSP’s website at www.wsp.com, and filed on SEDAR at www.sedar.com. Reconciliations of non-IFRS financial measures and total of segments measures to the most directly comparable IFRS measures are provided below.

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.

	Reconciliation of net revenues
	The following table reconciles net revenues to the most comparable IFRS measure:
		Fourth quarters ended				Years ended
	(in millions of dollars)	December 31,2021		December 31,2020		December 31,2021		December 31,2020
	Revenues	$2,891.0		$2,248.3		$10,279.1		$8,803.9
	Less: Subconsultants and direct costs	$743.6		$560.0		$2,409.5		$1,944.8
	Net revenues*	$2,147.4		$1,688.3		$7,869.6		$6,859.1
	* Total of segments measure.

	Reconciliation of adjusted EBITDA
	The following table reconciles this metric to the most comparable IFRS measure:
		Fourth quarters ended			Years ended
	(in millions of dollars)	December 31,2021		December 31,2020	December 31,2021		December 31,2020
	Earnings before net financing expense and income taxes	$185.2		$105.3	$724.6		$459.4
	Acquisition, integration and reorganization costs	$23.6		$30.3	$60.8		$103.4
	ERP implementation costs	$6.8		$—	$6.8		$—
	Depreciation of right-of-use assets	$65.5		$71.0	$265.8		$268.3
	Amortization of intangible assets	$46.8		$25.0	$139.1		$104.7
	Depreciation of property and equipment	$29.8		$25.2	$113.6		$103.3
	Share of depreciation and taxes of associates	$2.1		$3.7	$9.4		$9.4
	Interest income	$1.4		$1.6	$2.4		$5.2
	Adjusted EBITDA*	$361.2		$262.1	$1,322.5		$1,053.7
	* Non-IFRS financial measure.

	Reconciliation of adjusted net earnings
	The following table reconciles this metric to the most comparable IFRS measure:
		Fourth quarters ended					Years ended
	(in millions of dollars, except per share data)	December 31,2021			December 31,2020		December 31,2021			December 31,2020
	Net earnings attributable to shareholders	$126.7			$68.9		$473.6			$276.0
	Amortization of intangible assets related to acquisitions	$32.1			$17.8		$95.1			$77.5
	Acquisition, integration and reorganization costs	$23.6			$30.3		$60.8			$103.4
	ERP implementation costs	$6.8			$—		$6.8			$—
	Gains on investments in securities related to deferred compensation obligations	$(4.0		)	$(11.6	)	$(14.0		)	$(15.8	)
	Unrealized (gains) losses on derivative financial instruments	$(1.7		)	$(7.5	)	$7.7			$(11.5	)
	Income taxes related to above items	$(11.8		)	$(4.9	)	$(37.1		)	$(35.0	)
	Adjusted net earnings*	$171.7			$93.0		$592.9			$394.6
	Adjusted net earnings per share*	$1.46			$0.82		$5.09			$3.59
	* Non-IFRS financial measure or non-IFRS ratio.

	Reconciliation of free cash flow
	The following table reconciles this metric to the most comparable IFRS measure:
		Fourth quarters ended						Years ended
	(in millions of dollars)	December 31,2021			December 31,2020			December 31,2021			December 31,2020
	Cash inflows from operating activities	$513.2			$381.8			$1,060.1			$1,125.1
	Lease payments in financing activities	$(82.7		)	$(87.6		)	$(303.2		)	$(301.3		)
	Net capital expenditures*	$(60.6		)	$(29.7		)	$(110.8		)	$(88.5		)
	Free cash flow**	$369.9			$264.5			$646.1			$735.3
	* Capital expenditures pertaining to property and equipment and intangible assets, net of proceeds from disposal and lease incentives received.
	** Non-IFRS financial measure.

FORWARD-LOOKING STATEMENTSCertain information regarding WSP contained herein may constitute 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 made by the Corporation in this press release include statements about the payment of dividends, our proposed strategy, and our operating performance, financial outlook and prospects, including statements about the 2022-2024 Global Strategic Action Plan. These forward-looking statements are based on a number of assumptions believed by the Corporation to be reasonable as at March 9, 2022, including assumptions about general economic and political conditions; the state of the global economy and the economies of the regions in which the Corporation operates; the state of and access to global and local capital and credit markets; the anticipated impacts of the COVID-19 pandemic on the Corporation’s businesses, operating results, cash flows and/or financial condition, including the effect of measures implemented as a result of the COVID-19 pandemic; the expected benefits of the Golder Acquisition and other acquisitions, and the expected synergies to be realized as a result thereof.

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, including risks relating to the COVID-19 pandemic. WSP's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The complete version of the cautionary note regarding risk factors, which, if realized, could cause the Corporation's actual results to differ materially from those expressed or implied in forward-looking statements, are included in WSP's MD&A for the year ended December 31, 2021 which is available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and WSP does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.

ABOUT WSPAs one of the world’s leading professional services firms, WSP provides strategic advisory, engineering and design services to clients in the Transportation & Infrastructure, Earth & Environment, Property & Buildings, Power & Energy, Resources, and Industry sectors. WSP's global experts include advisors, engineers, environmental specialists, scientists, technicians, architects and planners, in addition to other design and program management professionals. Our talented people are well positioned to deliver successful and sustainable projects, wherever our clients need us. wsp.com.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Alain MichaudChief Financial OfficerWSP Global Inc.alain.michaud@wsp.com Phone: 438-843-7317