WSP continued its strong growth momentum in the first quarter of 2026, with CEO Alexandre L'Heureux telling investors on the company's Q1 earnings call on Thursday (April 23) that the firm is continuing to leverage its resources in artificial intelligence (AI) and mergers and acquisitions to drive development.

L'Heureux noted that these two areas have recently been key drivers for the company. He said WSP is facing a large number of AI-related opportunities, including data center and power generation projects, with power generation projects accounting for about one-third of its U.S. revenue.

Momentum in power generation projects is strengthening, as the data center construction boom is forcing property owners and municipalities to address the strain these facilities place on local power grids. Amid legislative and community opposition, power constraints have become one of the main reasons for delays in data center projects.

L'Heureux said WSP's business in the power generation sector has been supported by the company's acquisition of power infrastructure firm TRC, completed in December 2025. He said, "We are very proud to have completed the strategic and timely acquisition of TRC, and our power and energy service capabilities are now second to none."

To that end, M&A activity has been a key component of WSP's growth strategy. Last year, the company acquired life sciences consulting firm Lexica in June and UK-based engineering consultancy Ricardo in October.

When answering an analyst's question about future M&A plans, L'Heureux reviewed this history while acknowledging that the company has invested approximately C$6 billion to C$7 billion (US$4.4 billion to US$5.1 billion) in M&A over the past two years.

"So, I think it's completely normal that we are currently at the upper end of our target range from a leverage perspective. That said, I have always been and continue to be in formal and informal discussions with our pipeline of potential opportunities. This remains central to our strategy, and we intend to take advantage of the current environment," L'Heureux said.

AI advantages

In addition to M&A activity, WSP's use of AI was also a topic of discussion for L'Heureux. The company recently concluded its biennial global Technology Excellence Conference, where more than 400 WSP employees gathered to discuss how the company uses AI within the organization. L'Heureux said these use cases are primarily focused on improving quality and decision-making capabilities while reducing risk.

He specifically mentioned the company's use of Nature Vista, WSP's environmental management platform that leverages AI and other technologies to help asset owners understand the environmental impact of their projects.

These remarks came after WSP's fourth-quarter and full-year earnings call in February. On that call, L'Heureux warned investors not to succumb to what he called "AI hysteria," or concerns that AI might replace the services WSP provides.

"In summary, by staying client-focused, investing in our people and smart partnerships, we are leveraging AI to drive growth, enhance our technical excellence and create value for our clients," L'Heureux said on Thursday's call.

To that end, one analyst asked L'Heureux whether WSP has any metrics showing the growth in AI usage over the past one to two years. L'Heureux said the company does not track this data, but he guessed that the number of employees using AI would be a very large figure.

"I can tell you that this year we have rolled out AI tools to more than 30,000 of our 80,000 employees. But I would also say that I would bet that far more than 30,000 employees in our business are using AI tools," L'Heureux said.

WSP is not the only company committed to integrating AI into its workflows. Contractors of all sizes are using the technology, which is far from its nascent stage and is now widely applied across front-office and back-office functions, on job sites and in boardrooms.

Key figures

In the first quarter of 2026, WSP generated revenue of approximately C$4.55 billion, up 4% year-over-year, compared with C$4.39 billion in the first quarter of 2025. The company also reported flat profit, at C$144.1 million in both the first quarters of 2026 and 2025.

WSP's backlog is one of the company's strongest indicators, reaching a record C$19.7 billion, up approximately 19% year-over-year from C$16.6 billion in 2025.

The contractor is benefiting from the AI boom. L'Heureux told investors that some of the company's key areas, such as power and energy, data centers, mining and digital solutions, are all experiencing high growth. These areas account for about one-third of WSP's net revenue.

"Our record backlog and strong pipeline of opportunities continue to highlight the resilience of our globally diversified platform, and we are investing in talent and technology to deliver results in a high-demand environment," L'Heureux said.