WSP Global continues to show resilience in the face of U.S. political and economic uncertainty, reporting strong third-quarter results while signaling ongoing expansion in North America — and dismissing speculation surrounding potential mega-acquisitions.
During a Thursday earnings call, CEO Alexandre L’Heureux said the ongoing U.S. federal government shutdown — now the longest in modern history — has had a “minimal impact” on operations so far.
But he cautioned the broader construction ecosystem could face consequences if the situation drags on.
“If it was to go on for another month or two, I mean, clearly, the entire industry will suffer from this,” L’Heureux told investors.
Federal construction approvals, environmental reviews and permitting processes could slow to a halt if agencies remain understaffed — delaying infrastructure and energy projects.
Despite those headwinds, WSP maintains a firm commitment to its largest regional market.
“Certainly, despite all the noise that we hear and the tension between our two countries, Canada and the U.S., WSP, we believe that one, if not the best place to do work and business in our space is North America,” he said. “We continue to be focused on North America.”
Investor attention turned to another closely watched topic: WSP’s growing appetite for mergers and acquisitions.
“As you can imagine, we are in a very solid position,” said L’Heureux. “I would like, obviously, to continue to use our balance sheet and use the position of strength that we’re in… to be opportunistic and continue to grow platform.”
Industry consolidation remains elevated as firms compete for high-margin technical expertise such as:
Rumors intensified in October when StreetInsider reported WSP had expressed interest in acquiring Jacobs, a major U.S. engineering player. L’Heureux acknowledged the chatter — strategically.
“I do not think anyone should be surprised because I am probably the biggest supporter and avid supporter of consolidation in our industry… Obviously, I am not going to comment on those rumors.”
WSP recently acquired:
These deals align with WSP’s push toward high-growth, sustainable infrastructure markets.
WSP posted a profitable quarter across key financial benchmarks:
MetricQ3 2025% Change YoYRevenueCA$4.53B+13.8%ProfitCA$284.5M+39.7%BacklogCA$16.4B+10.6%
Data center demand continues to contribute to backlog gains, with new wins across:
🇺🇸 U.S. • 🇨🇦 Canada • 🇨🇱 Chile • 🇸🇪 Sweden • 🇳🇴 Norway • 🇹🇭 Thailand • 🇦🇺 Australia • 🇸🇬 Singapore
L’Heureux said momentum remains solid but not without challenges.
“We are currently evolving in fluid market dynamics, including, amongst other things, shifting climate priorities and evolving geopolitical contexts. Despite this reality, our key markets are performing well.”
Analysts say WSP’s results reflect:
✅ Heavy demand from federal infrastructure funding
✅ Accelerating energy transition projects
✅ Rapid data center construction tied to AI and cloud adoption
But looming risks remain:
Still, WSP appears firmly positioned to grow through volatility — and possibly make another big acquisition move.
Originally reported by Matthew Thibault in Construction Dive.
