1. Q results
November 8, 2018

2. Forward-Looking Statements and Non-IFRS Measures
Certain information regarding WSP contained herein may constitute forward-looking statements. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. 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. WSP's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The complete version of the cautionary note regarding forward-looking statements as well as a description of the relevant assumptions and risk factors likely to affect WSP's actual or projected results are included in the Management's Discussion and Analysis for the year ended December 31, 2017, which is available on SEDAR at The forward-looking statements contained in this presentation 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. WSP reports its financial results in accordance IFRS. However, in this presentation, the following non-IFRS measures are used by WSP: net revenues, adjusted EBITDA, adjusted EBITDA margin, free cash flow, days sales outstanding (DSO) and EBITDA. These measures are defined at the end of the « Glossary section » of WSP’s MD&A dated November 7, 2018 and a reconciliation to IFRS measures can be found in the MD&A. Management of WSP believes that these non-IFRS measures provide useful information to investors regarding WSP’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 meaning prescribed under IFRS and may differ from similar computations as reported by other issuers, and accordingly may not be comparable. Organic growth is a measure of net revenues growth in local currencies. WSP believes it is helpful to adjust net revenues to exclude the impact of net revenues related to acquisitions and foreign currency fluctuations in order to facilitate comparable period operating segment business performance. All of the aforementioned measures should not be viewed as a substitute for the related financial information prepared in accordance with IFRS.

3. Q Highlights

4. Q3 2018
Results
Q3 2018
Highlights
Solid Q3 18 financial results, with organic growth in net revenues and strong trailing twelve-month free cash flow
Launch of the “WSP Global Cities Index”
Significant strides in our Strategic Plan that will be released at the end of January 3

5. Net revenues were $1.5 billion, up 14.2%
Organic growth in net revenues was strong at 4.1%
Adjusted EBITDA at $187.5 million
Adjusted EBITDA at 12.7%
Backlog, stood at $6.5 billion, representing approximately 9.8 months of revenues Backlog organic growth amounted to 2.7%

6. 2018 WSP Global Cities Index
Q Results
2018 WSP Global Cities Index
We turned our lens to the future and explored how cities are identifying and responding to the challenges they will face in the coming two decades, and beyond.
Insights about how cities are preparing for a future of urban transitions

7. Financial Performance
Q3 2018
Financial Performance

8. Q3 2018 Financial Highlights
4.1% organic growth in net revenues
12.7% Adjusted EBITDA margin
76 days end-of-period DSO
$555.6 million trailing twelve- month free cash flow (236.3% of net earnings attributable to shareholders)
1.4 times net-debt-to-adjusted EBITDA ratio

9. Revenues and Net Revenues*
+17.8%
+14.2%
4.1% organic growth in net revenues
REVENUES
NET REVENUES
Q3 2017
Q3 2018
* In millions CAD – Non-IFRS measures

10. Adjusted EBITDA* and Adjusted EBITDA margin
+16.9%
12.5% margin
12.7% margin
* In millions CAD – Non-IFRS measures

11. Adjusted Net Earnings*
+24.9%
$0.77/share
$0.95/share
* In millions CAD – Non-IFRS measures

12. Backlog* 9.8 months of revenues
Q3 2018
Results
Backlog*
9.8 months of revenues
Q COMPARED TO Q and Q4 2017
(in millions of dollars, except percentages)
Total
Hard Backlog Q3 2018
$6,509.1
Hard Backlog Q3 2017
$5,963.9
Net change ($)
$545.2
Organic growth compared to Q3 2017
2.7%
Organic growth compared to Q4 2017
1.9% 13
* In millions CAD – Non-IFRS measures

13. Canada 1.2% Organic growth in net revenues
Q3 2018
Results
Canada
1.2% Organic growth in net revenues
15.9% Adjusted EBITDA margin before Global Corporate costs
Contract with the Toronto Transit Commission for the Yonge Subway Extension project in Markham 5

14. Americas 3.7% organic growth in net revenues
Q3 2018
Results
Americas
3.7% organic growth in net revenues
18.1% adjusted EBITDA margin before Global Corporate costs
Significant project extension in the state of California) 6

15. EMEIA 4.5% organic growth in net revenues
Q3 2018
Results
EMEIA
4.5% organic growth in net revenues
10.5% Adjusted EBITDA margin before Global Corporate costs
Substantial multi-disciplinary scope of work contract on the new commercial landmark at 100 Leadenhall Street, which is slated to become the third tallest building in London 7

16. Q3 2018
Results
APAC
7.8% organic growth in net revenues
14% Adjusted EBITDA margin before Global Corporate costs
Key role in bringing the biggest investment in public school infrastructure in NSW to life 8

17. Stable DSO*
*Non-IFRS measures

18. Financial position and net debt/TTM adjusted EBITDA* ratio
(in $M, CAD)
Q3 2018
Financial liabilities
$1,078.3
Less: Cash
($173.9)
Net debt
$904.4
TTM adjusted EBITDA*
$630.5
Net debt / TTM adjusted EBITDA* (adjusted for 12-month net revenues for all acquisitions)
1.4x
* In millions CAD – Non-IFRS measures

19. 2018 Outlook Reiterated
Net revenues*
Between $5,700 million and $5,900 million
Adjusted EBITDA*
Between $610 million and $660 million
Seasonality and adjusted EBITDA* fluctuations
Q1: 18% to 21%
Q2: 25% to 28%
Q3: 26% to 29%
Q4: 24% to 27%
Tax rate
23% to 25%
DSO*
80 to 85 days
Amortization of intangible assets related to acquisitions
Between $60 and $70 million
Capital expenditures
Between $115 and $125 million
Net debt to adjusted EBITDA*
1.5x to 2.0x1)
Acquisition and reorganization costs*
Between $40 million and $50 million 2)
Net revenues and adjusted EBITDA expected to be in the higher end of ranges
* Non-IFRS measure.
1) Target excluding any debt required to finance acquisitions
2) Due mainly to personnel and real estate integration costs related to the acquisition of Opus completed in Q4 2017, to real estate integration costs pertaining to the Mouchel acquisition completed in Q and IT outsourcing program costs.