WSP Global (WSPOF) AI Stock Analysis

Company Guidance

Management reiterated an upgraded 2026 financial outlook, now targeting net revenue of $16.2–$17.0 billion and adjusted EBITDA of $3.10–$3.18 billion, with Q3 2026 guidance of $4.15–$4.35 billion net revenue and $850–$890 million adjusted EBITDA; acquisition integration and reorganization costs are now expected to be $285–$305 million. They reiterated the 2025–2027 ambition of a 19–20% adjusted EBITDA margin (saying a path exists to reach that as early as 2026) after reporting Q2 adjusted EBITDA of $815 million (up ~29% YoY) and a Q2 margin of 19.1% (their best Q2 ever), adjusted net earnings of $389 million ($2.88/share, +23% YoY) and net revenue growth of ~23% (organic net revenue +5% in Q2). Backlog hit a record $20.1 billion (11.6 months of revenue), up ~23% YoY with 12‑month organic backlog growth of 5.7%; TRC hard and soft backlog were up ~30%/35% YoY. Cash metrics cited include trailing 12‑month free cash flow of $1.4 billion (1.5x net earnings), six‑month free cash flow of $255 million, operating cash inflows of $554 million for the six months, DSO of 71 days, and management expects leverage (currently slightly above target after TRC) to return to target by year‑end.