WSP successfully closes $977.5 million equity offering

MONTREAL, Dec. 22, 2025 (GLOBE NEWSWIRE) — WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”), is pleased to announce that it has completed today its previously announced bought deal public offering (the “Offering”) of common shares of the Corporation (the “Offering Common Shares”) and private placement (the “Concurrent Private Placement”) of common shares of the Corporation (the “Placement Common Shares” and collectively with the Offering Common Shares, the “Common Shares”) for aggregate gross proceeds of approximately $977.5 million, including full exercise of the over-allotment option and the additional subscription option.

The Corporation issued 3,616,750 Offering Common Shares, including 471,750 Offering Common Shares issued as a result of the exercise of the over-allotment option granted to the syndicate of underwriters co-led by CIBC Capital Markets, BMO Capital Markets and National Bank Capital Markets, as joint bookrunners at a price of $232.80 (the “Offer Price”) per Offering Common Share for aggregate gross proceeds of approximately $842 million.

In addition, the Corporation issued 582,328 Placement Common Shares at the Offer Price by way of a Concurrent Private Placement with Caisse de dépôt et placement du Québec (“La Caisse”) for aggregate gross proceeds to the Corporation of approximately $136 million, which includes 75,955 Placement Common Shares issued pursuant to the exercise in full of the additional subscription option by La Caisse. Following the completion of the Offering and the Concurrent Private Placement, La Caisse will beneficially own, or exercise control or direction over, directly or indirectly, an aggregate of 18,695,055 Common Shares representing approximately 13.9% of the issued and outstanding Common Shares.

WSP intends to use the net proceeds from the Offering and the Concurrent Private Placement to fund in part the purchase price payable in respect of its previously announced acquisition (the “Acquisition”) of TRC Companies (“TRC”), and accordingly reduce amounts to be drawn on the closing of the Acquisition under the new commitments for senior unsecured non-revolving term loans made available to the Corporation.

The Acquisition is expected to be completed in the first quarter of 2026, subject to the satisfaction of certain customary closing conditions, including applicable regulatory approvals.

No securities regulatory authority has either approved or disapproved the contents of this press release. The Offering Common Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws. Accordingly, the Offering Common Shares may not be offered or sold within the United States unless registered under the 1933 Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the 1933 Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the Offering Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT WSP
WSP is one of the world’s leading professional services firms, uniting its engineering, advisory and science-based expertise to shape communities to advance humanity. From local beginnings to a globe-spanning presence today, WSP operates in over 50 countries and employs approximately 75,000 professionals, known as Visioneers. Together they pioneer solutions and deliver innovative projects in the transportation, infrastructure, environment, building, energy, water, and mining and metals sectors. WSP is publicly listed on the Toronto Stock Exchange (TSX: WSP).

ABOUT LA CAISSE
At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development. As a global investment group, we are active in the major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, 2025, La Caisse’s net assets totalled CAD 496 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.

FORWARD-LOOKING STATEMENTS
In addition to disclosure of historical information, WSP may make or provide statements or information in this press release that are not based on historical or current facts and which are considered to be forward-looking information or forward-looking statements (collectively, “forward-looking statements”) under Canadian securities laws. These forward-looking statements relate to future events or future performance and reflect the expectations of management of WSP (“Management”) regarding, without limitation, the growth, results of operations, performance and business prospects and opportunities of WSP or the trends affecting its industry.

This press release may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation, including about the pending Acquisition by WSP of TRC, the expected use of proceeds of the Offering and the Concurrent Private Placement, the expected timing for the closing of the Acquisition, the new commitments for senior unsecured non-revolving term loans to be made available to the Corporation in connection with the Acquisition, and other statements that are not historical facts. Forward-looking statements can typically be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “forecast”, “project”, “intend”, “target”, “potential”, “continue” or the negative of these terms or terminology of a similar nature. Such forward-looking statements reflect current beliefs of Management and are based on certain factors and assumptions, which by their nature are subject to inherent risks and uncertainties. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that they will prove to be correct. These forward-looking 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. These risks and uncertainties are discussed in section 20, “Risk Factors”, of WSP’s Management Discussion and Analysis for the fourth quarter and year ended December 31, 2024, and in section 17, “Risk Factors”, of WSP’s Management Discussion and Analysis for the third quarter and nine-month period ended September 27, 2025 and filed on SEDAR+ at www.sedarplus.ca, as well as other risks detailed from time to time in reports filed by the Corporation with securities regulators or securities commissions or other documents that the Corporation makes public, which may cause events or results to differ materially from the results expressed or implied in any forward-looking statement. The completion of the Acquisition is subject to customary closing conditions, termination rights and other risks and uncertainties, including, without limitation and as applicable, regulatory approvals, and there can be no assurance that the Acquisition will be completed. There can also be no assurance that if the Acquisition is completed, the strategic and financial benefits expected to result from the Acquisition will be realized.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as of the date of this press release, and the Corporation undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent or otherwise, unless required by applicable securities laws.

NOT FOR RELEASE, PUBLICATION, OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES, OR THE DISTRICT OF COLUMBIA.