Good day, everybody. Dear shareholders, let me introduce myself, Christopher Cole, President of the Board of Directors of WSP.
Welcome to the two thousand and twenty-five Annual Shareholder Meeting of WSP. Again, this year, we are happy to hold today's meeting in a hybrid format, giving shareholders the option to participate either in person or virtually via live webcast. I'd now like to introduce our speakers. First, Alexandre L'Heureux, President and Chief Executive Officer of WSP. Alain Michaud, Chief Financial Officer of WSP, and Philippe Fortier, our Chief Legal Officer and Corporate Secretary of WSP. Also joining us today are the following board members, who I'd just like to stand and acknowledge. First, Martine Ferland, Birgit Nørgaard, Linda Smith-Galipeau, and Macky Tall. I'd like to provide you with some general remarks on the conduct of the meeting. As always, the meeting will be conducted in both English and French.
You may choose to follow the meeting in bilingual formats presented in English or in French, and we have simultaneous translation for in-person and remote participants. Also, questions may be submitted in either language. The meeting agenda contains five matters to be voted on during the business part of the meeting, as set out in the Corporation's Management Information Circular, dated March the twenty-fifth, two thousand and twenty-five. At the meeting, shareholders will, one, receive the audited, consolidated financial statements of WSP for the year ending December the thirty-first, twenty twenty-four, and the independent auditor's report thereon. Two, to elect each of the director nominees who will serve until the end of the next annual general meeting of shareholders or until their successors are appointed. And three, appoint the independent auditor of WSP for the forthcoming year and authorize the directors to fix their remuneration.
Four, consider a non-binding advisory resolution on the corporation's approach to executive compensation, and five, consider such other business, if any, that may have properly come before this meeting. Please note that we have until 12:00 P.M. Eastern Time to conclude all the matters on today's agenda. We will begin with the formal part of the meeting, followed by brief presentations by our CEO and our CFO, and conclude with question time. Please note that you will be able to vote on each matter throughout the formal part of the meeting by using the voting device if you are present in this room, or on the left-hand side of the screen, if you are participating through the webcast. After we complete the formal business, the polls will close.
If you have voted your shares prior to the start of the meeting, your vote has been received by the corporation's scrutineers, and there is no need to vote those shares during the meeting, unless you wish to revoke or change your vote. Duly identified registered shareholders and proxy holders can submit their questions at any time during the meeting by entering them in the appropriate tab on the webcast platform or through the voting device. Please note, however, that questions pertaining to any item of business conducted in the meeting will be read aloud at the time such item is presented. All other general questions, including any questions related to the annual financial statements of the company, will be addressed during the question period at the end of the meeting.
If we receive similar questions through the web portal, we will combine them into one question. If you are attending our meeting in person and would like to ask a question verbally, kindly proceed to the microphone in the center of the room when we will open the floor for questioning. Please ensure to identify yourself as a registered shareholder or proxy holder before proceeding with your question. If you were not identified as a registered shareholder or proxy holder and would like to ask a question, please access the registration table at the entrance to the room. Any questions that we do not answer during the meeting will be addressed on our company website at wsp.com in the twenty twenty-five Annual Meeting of Shareholders page found in the Investor section.
To hold the formal part of this meeting in French, I've asked Alex to chair that part of the annual shareholder meeting. Before I ask Alex to come forward, please allow me to make a few comments. It is a privilege to stand before you as Chairman of this remarkable company. As I reflect on WSP's journey in the past year, I'm filled with pride in the progress we have made, the challenges and achievements we have taken on, and the momentum and resilience we are building for the future.... In twenty twenty-four, WSP continued to show agility, connection, and foresight across its global activities that are so critical in today's complex and fast-changing world. Our performance, both financially and operationally, speaks to the strength of our strategy, as well as the exceptional talent and dedication of our leadership team and all of our employees.
We successfully completed our 2022-2024 Global Strategic Action Plan, and met our ambitions, providing us with a strong foundation to push forward with confidence. WSP continues to lead with innovative services and solutions that help solve the world's complex challenges and create value for our clients and our communities. By actively embracing the opportunities brought by digital transformation, climate change, sustainability, and energy transition, we are shaping the ways the world adapts and thrives amongst and amid today's global mega trends. These endeavors reflect both the direction of our business and our purpose to shape the assets and lives of all the communities. A strategic milestone for WSP in 2024 was the transformational acquisition of POWER Engineers that truly anchored our presence in the power and transmission market.
This transaction was met with tremendous support from all stakeholders, a clear reflection of their confidence in our strategy and long-term vision. As we move into 2025/2027 strategic cycle, I know I speak for the entire board when I say we are excited by the opportunities that lie ahead. With the unique strengths and experience of our teams, our unwavering commitment to innovation, and the trust of our clients, we are confident in WSP reinforcing our position as a leading brand in the professional services universe. I would like to highlight a few changes to our board. Firstly, we are truly grateful for the leadership and invaluable contributions of Louis-Philippe Carrière and Birgit Nørgaard, both of whom will be retiring from the board after many years of distinguished service.
Louis-Philippe has provided steady, experienced leadership as chair of the Audit Committee for eight years, and Birgit has made a lasting impact on the board for 12 years, including chair and member of the Governance, Ethics, and Compensation Committee. On behalf of the entire board, thank you both for your wisdom, guidance, and commitment to WSP's success. At the same time, we are also pleased to welcome Eric Lamarre to the board, subject to shareholder approval at today's meeting. Eric's extensive experience will be incredibly valuable to us in digital technology and operational excellence, as the board contributes to guiding WSP forward in the next phase of its strategic journey in harnessing the power of digital transformation. As a board, our commitment to strong governance and the highest levels of ethical leadership are non-negotiable.
We will continue to ensure that our diligent oversights support the company's long-term success and resilience in all matters, including those related to sustainability. While the landscape may shift around us, WSP's character as a responsible corporate citizen will endure. Our board plays a crucial role in supporting our executive team to navigate the challenging geopolitical events of our time, always demonstrating the sensitivity and vigilance required to safeguard our people, business, and client relationships. I am confident with the strength of our leadership, both on the board and throughout the company, WSP is well positioned to leverage current trends and continue to shape the future of our industry. In closing, I would like to express my heartfelt gratitude to our employees, clients, shareholders, and partners.
Your contributions and confidence in us are the foundation upon which we build our ongoing business, and we look forward to continuing this incredible journey together. Thank you. Alex?
Thanks, Chris. Bonjour, madame, monsieur. Good day, gentlemen. The AGM of shareholders of WSP is now open. On behalf of the request that I got, I am part of the formal part, so we have Philippe Fortier, our Chief Legal Counsel of WSP, will be Secretary of the Assembly and will ensure that the procedures are followed. And documented. Now we're going to go to the procedures of the assembly. For your information, representatives of Computershare will be scrutineers in this assembly. Their role is to make sure that they consider all the votes that have been received, also those by proxy, during this AGM. I would like to ask Mr. Philippe Fortier, secretary, to confirm if all the procedures have been followed, to declare this AGM fully constituted, to make sure that we can carry out with our business.
Thank you. Thank you, Alexandre. Yes, I have received the confirmation from scrutineers that all of the shareholders have received the relevant documents before this AGM. So the about documents, also proxies, and all of the required forms have been received on 25 March 2025 , according to the reference. So the financial statements have also been audited by WSP before December thirty-first, twenty twenty-four and have been sent to the people to check all of this. This is available on SEDAR+ on our website, just like the Canadian authorities mentioned. So our company all of the documents have also been sent to the right people, as well as the audited financial statements for our company for December thirty-first, twenty twenty-four.
The report of the independent auditor and the management report has been sent as well. So, all of this has been explained, how to get the documents online and how to ask for a copy that is printed, has been sent. A copy of all of those, all these documents, as well as the fiduciary will be kept in the registry of WSP. The scrutineers have also the list of all of the stakeholders of our company, dated March twenty-fifth, twenty twenty-five, which is the reference date, to determine who are the shareholders that can vote at this assembly. The shareholders can see the list during the AGM, sending us an email at the email address, which is on the screen right in front of you.
Before we start this assembly, scrutineers have told me of the number of registrations of shareholders and proxies, and I confirm that we have reached a quorum for this assembly. The scrutineers report will also be part of the minutes of the assembly. I declare that this AGM has been called and has reached a quorum in order to address all of the business of our AGM. Thank you, Philippe. Now, I would like to present the consolidated and audited financial results for the year ending on December 31, 2024 . This was made by the independent auditor. A copy of this annual twenty twenty-four report has been sent to the auditors that have requested it.
As you have read it, I'm asking the secretary to join to the minutes of this AGM, the Annual Report, including the Consolidated Financial Statements for WSP for the year ending December thirty-first, 2024, as well as the Independent Auditor's Report. And before we proceed with the adoption of the resolutions, I would like to comment briefly the procedures of the vote. Each of the actions of WSP give to shareholders one voice regarding all of the matters to be debated at the assembly. The results of points have to be submitted to the vote, will be determined by the majority of voices expressed at the AGM, by proxy as well, during the assembly, by, those shareholders. As the notification explained it, the limit date was May 6th, 2025 at 11:00 A.M.
Scrutineer told me that based on what we have received before the AGM, around 83% of actions will be voted at the assembly today. The majority of shareholders or proxies that have not yet voted by proxy, if you want to change your vote, you can do it during the formal part of the assembly through the voting mechanism. If you are in person or if you are in the Lumi platform remotely, virtually, you can also do it. Shareholders that have already voted, that do not want to change their vote, can simply wait the end of the vote period today. What else? Please note that the results of the final votes will be sent, on, and also be available on SEDAR+ during the next 24 hours.
In order to accelerate the procedures, we have asked to participants, shareholder, to present each of these proposals of today. Let me remind you that if you are registered as a shareholder or if you're a proxy, if you want to ask a question regarding one of the items of the agenda, you can do it during the formal part of the assembly by presenting your question through the Lumi platform, or if you are in person, you can go to the microphone, which is at the center of this room. You need to identify yourself as a shareholder or as a proxy before asking a question. We will hold another Q&A session at the end of the assembly for any other matter of general nature, including any question in relation to the financial statements of our company.
Now, let's go to the election of administrators, or directors, rather. So the number of directors is eight at this assembly. So every candidate has a description of their experience on the circular dated March 21 , 2025 . There you have a list of eight candidates for the election as directors. Here we have them, Christopher Cole, Martine Ferland, Eric Lamarre, myself, Alexandre L'Heureux, Suzanne Rancourt, Linda Smith-Galipeau, Macky Tall, and Claude Tessier. Quentin Weber, a shareholder, will propose the five or the eight candidates, rather, for the positions of directors of our company. Thank you, Mr. L'Heureux. I am Quentin Weber. I am shareholder. I would like to present the candidacy of the eight following persons as directors of WSP Global Inc., Christopher Cole, Martine Ferland, Eric Lamarre, Alexandre L'Heureux, Suzanne Rancourt, Linda Smith-Galipeau, Macky Tall, and Claude Tessier. Thank you, Quentin.
So now I declare that the candidacy period is closed. I confirm that every candidate has confirmed to be ready to be at the Board Of Directors, and every person is eligible as director by virtue of the Canadian Law on Corporations. The voting period will be happening during the formal period of time of the assembly. Shareholders or proxies that want to vote can do it using the mechanisms. You can also vote through the Lumi platform if you are present remotely. The proposal has been done, and based on the preliminary vote, I declare this proposal adopted. Every director has been elected until the next AGM, until the elections of their substitutes.
Now, the second resolution is about the nomination of the independent auditor for the financial year, according to the authorization of the Board Of Directors, which is to establish the remuneration. So the Board Of Directors of WSP think that PricewaterhouseCoopers can be the independent auditor of WSP until the next AGM. Joëlle El-Feghali, the shareholder of WSP, is ready to make this proposal relative to the nomination of PricewaterhouseCoopers.
Thank you, Mr. L'Heureux. I am Joëlle El-Feghali. I am shareholder of this society. I propose that PricewaterhouseCoopers will be the independent auditor of WSP until the next AGM, and that the Board Of Directors of WSP will be authorized to establish its remuneration.
Thank you, Joëlle. Let me remind to the proxies and shareholders that you are still able to vote using the mechanism of voting or the Lumi platform.
Now, proposal has been made based on the preliminary vote. I declare that this is adopted, so that this is the independent auditor for WSP, PricewaterhouseCoopers, until the next AGM, and the Board Of Directors of WSP is authorized to establish their remuneration. Now, let's go to the proposal about the consultative vote, non-binding, about the remuneration of the higher management. This has been detailed in the circular that was sent to shareholders before this AGM. Quentin Weber, a shareholder, is ready to make this proposal regarding the adoption of the resolution, non-binding, regarding the remuneration of members of the higher management. Let's go.
So I am Quentin Weber. I am shareholder. I propose that the consultative resolution will be adopted.
It is resolved as a consultative, yes, that the shareholders will accept the remuneration of the higher management as explained in our circular that was sent on March 25 2025 , sent before the AGM of shareholders for twenty twenty-five.
Thank you, Quentin. Let me remind to the shareholders and proxies that the vote is ongoing through the current mechanism or through the Lumi platform. Now, the proposal has been made. Looking at the preliminary vote, I declare that this proposal is, carried, adopted. Now, questions, matters rather, about the agenda are finished. Joëlle El-Feghali proposes the end of the formal part of this assembly.
I am Joëlle El-Feghali. I propose the end of the, formal part of this AGM.
Thank you, Joëlle. The proposal to end the formal part of the assembly has been done. I declare this carried.
So the formal part of the AGM twenty twenty-five of shareholders of Group WSP is closed. I want to thank the shareholders for these elections and for electing the board members, board directors, rather. Thank you for your confidence.
Before I begin, I want to echo Chris's tribute to Louis-Philippe Carrière and Birgit Nørgaard, who are both retiring from our Board Of Directors. Louis-Philippe, Birgit, your contributions have been truly invaluable to our progress, and we will always be grateful for your guidance and support. I now speak for all of us at WSP when I wish you the very best in your future endeavors. L'année deux mille vingt-quatre fut marquée par la consolidation, l'expansion for the year was the consolidation and expansion and execution at high level. On ending last year, our strategic plan, Global Strategic Plan 2025-2027, our teams have really worked for more growth. We have strong results, and we have more profitability. Now, this has allowed a strong foundation for the future. Robust throughout 2024, enabling us to surpass our financial guidance for the year.
We achieved record, record net revenues and adjusted EBITDA, both exceeding the high end of our outlook for the year. An accomplishment made possible by the unwavering dedication and passion of our teams worldwide. This success is a testament to our disciplined approach, our ability to seize opportunities, and our relentless focus on delivering values, value, I'm sorry, to our clients. In line with our 2024 strategic objectives, we continue to expand our footprint and capabilities through organic growth and five acquisitions across key end markets and regions, welcoming over 4,800 new colleagues. In March 2024, we have acquired the Communica company. This has allowed us to increase our capacity to improve our practices in terms of consultations before indigenous peoples and stakeholders.
In the same month, we have reinforced our expertise in battery infrastructure, critical for northern countries, with the Proxion Finnish company that was acquired, so that WSP is a leader in Finland. In May, we have welcomed 365 experts of AKF, a U.S. company specialized in the designing of complex installations in terms of health sector, science, and technology, including data centers. This transaction is really part of our growth strategy for diversification of our expertise in terms of building in the U.S. The next month, we have reinforced our presence in Europe by acquiring the Spanish group, 1A Ingenieros. This company of 250 employees, that has allowed us to better answer to the needs of our clients in terms of energy, which opens new opportunities for WSP in this strategic sector.
In October, we completed the transformational acquisition of POWER Engineers, a move that has positioned us as a leading pure-play global consulting firm, driving the world's energy transition. This acquisition represents a pivotal step in our long-term strategy, further reinforcing our leadership across power and energy sectors, and enabling even greater cross-selling opportunities across our primary markets. Welcoming our new colleagues has enhanced the capabilities of our talented team, making our approximately 73,000 visionaries more prepared than ever to help solve the challenges of tomorrow. At WSP, we often say that our people are the heartbeat of our success, and we mean it. Our world is rapidly evolving, driven by mega trends such as energy transition, urbanization, and the digital revolution. Our teams are at the forefront, pioneering change and delivering sustainable solutions with expertise, innovation, and impact.
To support their success, we continue to foster a work environment that encourages both professional and personal growth. We are committed to internal talent development, and in fact, 78% of our leadership roles were filled from within last year. In 2024, we also strengthened our culture of partnership and ownership through the expansion of Own It, our global employee share purchase plan. In the next three years, we intend to become the largest employee shareholders base by head count in our industry, with a target of over 30,000 employee owning WSP shares, which is something for which we can be extremely proud. These commitments recognize our talent, preserve the entrepreneurial fabric within the company, and are designed to empower our people to build the most fulfilling career with us. With 2025 now well underway, we are moving forward with a renewed ambition and energy.
In February, we revealed our new branding and launched our 2025/2027 global strategic plan, a dynamic roadmap designed to propel us toward our long-term aspiration. Over the next three years, our focus will be on driving greater innovation and generating even more sustainable value. We will concentrate our efforts across four focus areas, forming a cohesive strategy that ensures we remain at the forefront of our industry today, tomorrow, and beyond. We plan to grow key markets and services, seizing more opportunities to expand our reach across the project lifecycle, and developing new and innovative capabilities in select high-growth areas, including accelerating our digital investments.
We aim to expand our client-centric and delivery culture by intensifying our growth mindset as proactive, full services partners and advisors, offering best-in-class client experiences across our business. We intend to leverage the full potential of our platform and operations, with a focus on integration and automation as we continue our transformation journey to make our operations more efficient, resilient, and adaptable. And we will empower people for limitless opportunities and growth, offering even more dynamic and unique career possibilities by fostering an exceptional workplace where our people can feel empowered to reach their full potential. Our ambition is to be the leading compounder and value creator for you, our shareholders. We have set ambitious financial targets for 2027 to increase Net Revenues by 40%, Adjusted EBITDA by 50%, and Adjusted Net Earnings by 60% compared to 2024 .
For the first time, we will also track free cash flow growth with the goal of increasing it by 70% compared to 2024. These goals are bold, and we are confident that we have the right team and the right mindset to achieve them. Our path is clear, our strategy is sound, and our collective belief in WSP's potential energizes us. With this new strategy, we are broadening our reach and evolving our long-term vision to establish WSP as a leading brand in the professional services universe, recognized not only for our expertise, but for our ability to drive transformative change and create a lasting impact in the communities we serve. This next chapter is about pushing the boundaries of what's possible and being catalysts of change in modernizing our industry.
The journey starts with our first quarter results for 2025, released yesterday. Sorry. While our CFO, Alain, who will provide more details on our financial performance, I will say that we delivered solid Q1 results in line with our expectations. Actually, slightly above our expectations. In an environment of shifting global dynamics, our performance reflects the resilience of our diversified platform. Our business is built with the flexibility to course correct, seize opportunities, and stay focused in any context. Before I handed it over to Alain, I want to take a moment to speak about our commitment to responsible growth. In our recently released 2024 Global Sustainability Report, we reiterated our commitment to being an exemplary corporate citizen and our promise to deliver lasting shareholder value. We are aware of the evolving world and the numerous external factors that may challenge our priorities.
We remain committed to operating with integrity and making meaningful contribution to our employees, our client, shareholders, and the community we serve. I am both proud and inspired by the steps we are taking, guided by a clear strategy, a refreshed brand image, and an exceptional team, as we aim to create an enduring legacy of greater impact. At WSP, we recognize that our impact reaches far beyond structures and systems. We exist to shape communities, to advance humanity. Together, let's continue building for the future, creating meaningful connections, and driving progress that touches lives.
J'aimerais maintenant inviter notre chef de direction financière, Alain, to comment right now, Alain, to comment our financial performance today.
Merci, Alexandre. Bonjour, bon matin. Good morning, everyone. So 2024 was marked by a strong performance and the conclusion of our successful three-year strategic cycle. We delivered a solid fourth quarter and full year results, surpassing the high end of the revised financial outlook. Revenues and net revenues reach approximately $16 billion and $12 billion, up 12%, respectively, compared to 2023, and exceeding our ambition. We also reported a record high backlog of $16 billion in 2024, reflecting continued positive market conditions across our key geographies. Adjusted EBITDA grew to $2.2 billion, up 14% compared to 2023, beating the high end of our 2024 outlook range.
I'm especially proud of our Adjusted EBITDA margin, which grew by 40 basis points to 18% in 2024, and over the last three strategic cycles, we have delivered over 450 basis points of margin improvement, or on average, 50 basis points per year. Adjusted net earnings were up 18%, stemming from accretive acquisitions and continued significant productivity gains. On the transformation front, we now consider the implementation of our new ERP to be largely de-risked, and have so far made the new system available to 40,000 people globally, which will further enhance employees' experience while providing greater efficiency and business insights. Last but not least, looking at the last three years within our 2022 to 2024 strategic cycle, we have increased our net revenue by 55%-
... Our Adjusted EBITDA by 65% and our Adjusted EPS by 60%. So we're extremely proud of the strong performance delivered by our team across the world.
Yesterday, we have published Q1, and we have started 2025 very well with strong results. This is a strong result with many more requests for projects. This means a very positive direction for our activities, so we have many more opportunities, and our growth is sound. These results mean that we are confident for the future in our capacity to generate value for our shareholders, even though in this macroeconomic context, that means that we need to remain agile and resilient. Thank you very much. Thank you, Alain. In the current context, so we really want to be disciplined, thanks to the flexibility of our platform and our capacity to act in a decisive manner by seizing opportunities at the right timing, by being focused on what we can control.
We are well positioned to navigate in the current changes, continuing to create value for our shareholders. Our strategy, our resilient platform-
-of expertise, keep driving our business in the right direction, and we move forward with confidence. I want to once again express my gratitude to our people for their deep dedication, to our clients, for their trust and their partnership, to our shareholders, for their confidence in our vision, and to our board members for their guidance and support. Mr. Chairman?
Now, we would like to open things up for shareholder questions. We will start by answering the questions our shareholders and duly appointed proxy holders sent through the web portal in the order that they were received. If you are a duly identified registered shareholder or proxy holder and wish to ask your question verbally, you can do so by using the microphone located in the center of the room. Please note that we will answer as many questions as possible within the allotted time. Any questions that we do not get to during the time available will be addressed on our company website, wsp.com, under the 2025 Annual Meeting of Shareholders page in the investor section. If we receive similar questions, we will combine them together. Your questions should be addressed to our CEO, who will answer the questions or redirect them as is needed. Thank you.
Okay. I'd like to start by asking if there are any questions from the shareholders that are in person in the room today. Yes, sir?
I am Lucien Savard. Hello,
Mr. Savard.
Two comments. Congratulations for these results. Excellent results. Amazing results, taking into account that numbers count. So we have reached a level, 40% is not 40% of a small figure, but of large numbers, large figure. So congratulations. Kudos. I am proxy, and there's a question about tariffs. I take for granted that so far, in what I have read, tariffs apply mostly on products. Mr. Trump thinks that this should also apply on services—for services. That could be potentially possible. Now, are we ready for that, tariffs for services?
This is a great question. An analyst this morning asked me a similar question, but so far, as you've said, as you've mentioned, tariffs only apply on goods. In January and February, I was a little bit nervous like other people, because Canada...
According to my own perspective, I thought that Canada was not very well positioned compared to other partners of the U.S. And I see today that things have really changed. And of course, the meeting between Mr. Trump and Mr. Carney this week has been quite encouraging, and we have no certainty, Mr. Savard, however, so far. Please remember that Mr. Trump, every day, he's talking about—how do we say this in French?—the trade deficit. I was looking for the words in French. Okay, trade deficit, as being something which is in absolute values. Remember that if Mr. Trump adds the commercial surplus that the U.S. has regarding each of these trade partners, regarding services, then there will be a big surplus. This is what we have to remember.
In the last century, the U.S. economy has been changing from an economy based on manufacturing. Today it is based on the third level of the economy, lots of services in there. So if we include the trade surplus of services in the U.S., then the discussion would be much more difficult for Mr. Trump to impose these tariffs for services, because that would be bad for the U.S. So do we have to remain vigilant? Of course, something to our advantage now, which is amazing in the WSP business plan. Today, we have 22,000 employees in the U.S. These employees are working for WSP USA Incorporated first, but then these employees are also doing local work, meaning that these employees are servicing local clients, rather, in the U.S. They are generating services in the U.S. at a level of 99%.
Same thing in Canada, and also in Great Britain and in Australia. So we have our model, which is somehow protected. Well, not fully, because we never know what will happen with Mr. Trump. But let me tell you that I'm quite confident that WSP will be able to face these tariffs if they happen. Thank you.
Thank you for your support. Thank you very much for asking.
Any other questions in the room? No? No other questions online. So, ladies and gentlemen, it appears that there are no questions from the online platform. I will now turn it over to our Chairman to conclude this meeting. And I once again thank you all for your continued support. Thank you very much.
Well, we thank you very much for attending the twenty twenty-five Annual Shareholder Meeting of WSP. I believe we have everything it takes to build on this tremendous legacy and further deliver value for our clients, our employees, the communities, and all shareholders. I therefore, for now, thank you very much for attending the meeting this morning. Have a great day. Thank you.