As part of our 2022-2024 Global Strategic Action Plan, we aim to reach a 5% increase in the number of promotions per year, as well as a 5% year-over-year increase in the representation of women and underrepresented groups1. In 2022, we exceeded our annual promotion target and are on track in terms of increasing the representation of women and underrepresented groups in our workforce.
As we continue to build on WSP’s strong foundations, we will focus on integrating, developing, and caring for our people; leveraging our collective expertise; optimizing our ways of working; and enhancing our working environment. In so doing, we will preserve the entrepreneurial spirit that has always underpinned our culture, growth, and success. Meanwhile, our “non-negotiables”—health & safety, inclusion & diversity, and ethics & compliance—will remain top priorities.
Enhancing our client experience
It is rewarding for our people to work with like-minded public and private clients who share our goal of moving towards an inclusive, equitable and net zero world. For that reason, we strive to collaborate on projects that reflect our core beliefs and principles.
Since we aim to become the undisputed leader in our industry, we are committed to elevating our client partnership to a new level by fully embracing our role as a trusted partner.
To ensure we are our clients' number one choice, we continue to focus and make headway on our Global Client Program and Client Feedback initiatives. In 2022, we grew our key accounts and boosted client satisfaction. As part of our 2022-2024 Global Strategic Action Plan, we aim for a 5% increase in our client satisfaction rating each year.
Through our Future Ready® innovation program, we are leading a mindset shift towards developing client solutions while focusing on long-term resilience and adaptability. With about 150,000 active projects in a variety of sectors, we view each one as an opportunity to contribute to a low-carbon world and to speed the green transition.
Delivering on our financial ambitions
Thanks to our collective efforts in 2022, we delivered strong results that exceeded our expectations, including our highest organic growth in net revenues in the last decade, and a strong backlog level with substantial order intake.
Revenues and net revenues2 reached $11.93 billion and $8.96 billion respectively, up 16% and 14% compared to 2021. At $1.53 billion, our adjusted EBITDA3 surpassed expectations for the year, and we recorded a 30 bps increase in our adjusted EBITDA margin3.
Based on 2022 financial metrics, we are well on track to reach our 2024 financial ambitions. I am also pleased to report that we have exceeded our SDG-Linked Revenues4 targets, with an estimated 59% of our revenues earned from services that contribute to the UN Sustainable Development Goals.
During the year, we successfully gained access to capital through equity markets to support our growth strategy and continued to diversify our shareholder base.
We are grateful for the support of our strong institutional investors who believe in our long-term strategic vision and are equally passionate about driving the green transition, setting us up on the right path for success.
Pursuing purpose-driven growth
Looking back on 2022, I take pride in our collective achievements, as we reinforced the solid foundation of our diversified and resilient platform.
Despite the challenging macroeconomic context, we are well positioned to meet the challenges we will face in 2023. We are strengthened by a healthy backlog reflecting the high demand for our services, and a dedicated workforce to deliver on our client projects around the globe. While we remain disciplined, we can be optimistic about our future as we focus on profitable and sustainable growth.
Upon this second year of our strategic cycle, we will continue our journey, by forging ahead with an aligned strategy to optimize our business and leverage our scale and scope.
I would like to thank everyone who supported us throughout this eventful year. I am grateful to our clients for entrusting us with their business, to our Board for providing invaluable guidance and to our shareholders for subscribing to our vision. I also wish to express my appreciation to our talent, who delivered successful outcomes across the globe.
I look forward to the year ahead and am excited about what we can achieve together.
Global President and Chief Executive Officer