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WSP’s business model is in no danger of becoming obsolete as the construction industry moves from “AI euphoria to AI hysteria,” CEO Alexandre L’Heureux told investors during the company’s fourth quarter. and full-year earnings call on Thursday
The reassurance was in response to concerns about professional services firms being taken down by artificial intelligence, concerns that L’Heureux said were “top of mind” for many investors and analysts.
“In recent months, many players have painted all professional services firms with the same AI brush, worrying that we are entering an era where advanced AI will replace firms like WSP,” L’Heureux told investors. “WSP’s recent share price performance was not immune to this sentiment.”
The the company’s stock recently hit a 52-week low. It rallied modestly Thursday after the company’s earnings call.
Heureux took steps to set WSP apart from other companies in the space, both in what it’s able to offer and how it integrates AI into its workflows. He pointed to the company’s 83,000 experts who design and manage projects across the spectrum of construction and engineering: these include bridges, transit systems, water treatment plants, energy facilities and environmental remediation work.
Where WSP shines, L’Heureux said, is the company’s work in the physical world compared to the virtual domains in which other companies might find themselves operating.
“It represents service work that combines advanced domain knowledge, inherent knowledge, technical analysis, field execution and professional judgment, along with massive amounts of proprietary data, knowledge and experience that are not publicly available,” L’Heureux said. “In contrast, other industries to which WSP can be compared operate largely in the virtual sphere.”
Indeed, WSP has updated its AI statement on February 17, outlining the company’s guiding principles for technology and its commitment to human oversight.
Making it work
Heureux also emphasized the company’s “machine-in-the-middle” approach to AI, which ensures that humans have the first and last say.
“Results generated by artificial intelligence are always subject to rigorous human checks, thorough quality control and professional accountability,” L’Heureux said. “Our clients demand that we back up our advice and design with significant professional indemnity insurance and the financial strength of a strong balance sheet.”
Analysts on the call peppered L’Heureux and Chadi Habib, WSP’s chief technology officer, with questions about AI, including the company’s stance on developing solutions in-house versus hiring outside companies.
The question has become more and more frequent in construction companies. Turner Construction, for example, introduced a “wall-to-wall” partnership with OpenAI last fall, that would help the company accelerate its own use of AI and has changed the build-versus-buy calculus in the company.
Meanwhile, the American arm of Balfour Beatty hosted an AI hackathon in September aimed at helping employees develop their own solutions to common construction problems.
Habib told investors that WSP’s domain knowledge was valuable for smaller companies, which did not have access to these types of resources at scale. In fact, Habib said WSP received more calls from startups than the company started because of this domain knowledge.
“We will work with those who are willing to work with us to protect our domain experience while creating value for our customers,” Habib said. “In other cases, we’re building our own proprietary models internally that will stay within our parameters, so we can retain that IP and the value we bring to our customers.”
the numbers
WSP reported revenue of 4.85 billion Canadian dollars ($3.54 billion) for the fourth quarter ended December 31, 2025, according to a press release announcing the financial details. This figure represents an increase of approximately 4% year-over-year from CA$4.66 billion.
The company also reported a profit of CA$256 million in the quarter, an increase of about 54% from CA$167 million a year earlier.
For 2025, WSP reported revenues of CA$18.3 billion, up 13% from CA$16.2 billion in 2024. It also reported profits of US$964 million, up 42% from the previous year’s CA$681 million.
The portfolio reached a record level of CA$17.1 billion, a 10% year-over-year increase from the previous CA$15.6 billion.
“We entered the year from a position of strength. We have a resilient and diversified platform, we have a healthy portfolio and portfolio of opportunities, and we remain focused on quality growth, operational efficiency and disciplined capital allocation,” L’Heureux said.
