Atkinsrealis Group Inc. · TSX:ATRL
Atkinsrealis — Q4 2025 Earnings Presentation
27 slides from Atkinsrealis's earnings presentation, Feb 27, 2026
Slide 1: Q4 Conference Call Presentation
Q4 CONFERENCE CALL PRESENTATION February 27, 2026
Slide 2: Forward-Looking Statements and Non-IFRS Financial Measures
Forward-Looking Statements, Forward-Looking Financial Information and Outlook 2 References in this presentation to the “Company”, “AtkinsRéalis”, “we”, “us” and “our” mean, as the context may require, AtkinsRéalis Group Inc. and all or some of its subsidiaries or joint arrangements or associates, or
Slide 3: 2025: A Strong Start to Delivering Excellence, Driving Growth
3 2025: A Strong Start to “Delivering Excellence, Driving Growth” AtkinsRéalis Services1 ▪ Strong revenue growth, 16.1% Revenue growth (YoY) 10.2% Organic revenue resulting in record revenue level growth2 (YoY) ▪ Margin enhancement program progressing $1.0B 9.6% well ▪ End-of-year record (19% increa
Slide 4: 2025 Accomplishments
4 2025 Accomplishments ▪ Completed the sale of remaining interest in Highway 407 ETR 2025 Revised Outlook 2025 Actual ▪ Paid down debt and achieved investment grade credit rating Engineering Services Regions ▪ Returned capital to shareholders via Organic revenue growth1 Low-Single Digit % 0.9% signi
Slide 5: Fourth Quarter Highlights
5 AtkinsRéalis Services Quarterly Revenues2 Fourth Quarter in $M Highlights 17% 2,886 2,760 2,641 2,475 2,499 ▪ Significant organic revenue growth ▪ AtkinsRéalis Services revenue increased 17%1,2 (11% on an organic revenue growth3 basis) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ▪ Quarterly record-hig
Slide 6: Engineering Services Regions
6 Engineering Services Regions Revenue1 ($M) Backlog1 ($M) Net Revenue1 Organic revenue +1%2 growth2 +8% 7,515 +12% 6,967 +9%2 +16% 11,864 13,250 1,710 1,981 4,942 5,344 1,234 1,381 Q4 2024 Q4 2025 2024 2025 31-Dec-24 31-Dec-25 Segment Adjusted EBITDA3 ($M) and Segment Adjusted EBITDA to Segment 16.
Slide 7: Canada
7 Canada Revenue ($M) Net Revenue Backlog ($M) Organic revenue (0)%1 Q4 Key Highlights growth (contraction)1 0% › Strong demand and continued backlog growth in Transportation and +9% 1,461 1,464 Power & Renewables end-markets. Currently executing several major Power & Renewables initiatives importan
Slide 8: UKI
8 UKI Revenue ($M) Net Revenue Backlog ($M) Organic revenue growth1 +6%1 Q4 Key Highlights +11% › Strong demand for services in Transportation (notably Aviation and +16% 2,760 Rail), Water, as AMP8 progresses, and Defence, which is seeing a 2,481 growing pipeline in secure government services +12%1
Slide 9: USLA
9 USLA Revenue ($M) Net Revenue Backlog ($M) Organic revenue (1)%1 Q4 Key Highlights contraction1 +18% › Strong growth year-over-year supported by Transportation, Power and +15% 2,009 Infrastructure markets as well as two acquisitions 1,708 (0)%1 › Pipeline continued to grow with backlog at a record
Slide 10: AMEA
10 AMEA Revenue ($M) Net Revenue Backlog ($M) Organic revenue (5)%1 Q4 Key Highlights growth (contraction)1 -3% › Revenue and backlog increased, mainly driven by Buildings & Places and +18% 1,318 1,281 Infrastructure markets in the Middle East › Segment Adjusted EBITDA margin increased, primarily dr
Slide 11: Nuclear
11 Nuclear Revenue ($M) Backlog ($M) Net Revenue Organic revenue +53%1 growth1 +55% 2,302 +56% +28%1 1,489 +29% 5,010 464 600 1,096 3,203 893 250 298 Q4 2024 Q4 2025 2024 2025 31-Dec-24 31-Dec-25 Segment Adjusted EBIT ($M) Segment Adjusted EBITDA2 ($M) (% of Segment Revenue) and Segment Adjusted EBI
Slide 12: Nuclear Q4 Key Highlights
12 Nuclear Q4 Key Highlights CANDU® › The final reactor in Darlington’s Refurbishment, Unit 4, was handed over to OPG. The overall refurbishment project, a 10-year AtkinsRéalis-led program, was delivered ahead of schedule and under budget1 › Active bidding and discussions underway for several large
Slide 13: CANDU Delivers Revenue Today and into the Future
13 CANDU Delivers Revenue Today and into the Future Strong Present Total $0.9B $1.9B $3.2B $5.0B Nuclear Dec. 31 Dec. 31 Dec.31 Dec. 31 Bright Future Backlog 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Darlington 1 to 4 Life Extension Bruce 3 to 8 Projects Canada Pickering 5 to 8 Pha
Slide 14: All Other Segments
14 All Other Segments Linxon LSTK Projects Capital Revenue ($M) Segment Segment Segment Organic revenue +12%1 Adjusted EBIT ($M) Adjusted EBIT ($M) Adjusted EBIT ($M) growth (contraction)1 (% of Segment Revenue) +16% 5.7% 107 3.7% 58 (2)%1 7.0% 46 970 6.4% 56 -59 +2% 836 -84 31 -112 19 21 9 301 306
Slide 15: Financial Performance
15 FINANCIAL PERFORMANCE
Slide 16: Q4 Selected Financial Metrics
16 Q4 Selected Financial Metrics in $M, except otherwise indicated Q4 2025 Q4 2024 Change Revenues PS&PM 2,921 2,524 16% Capital 13 63 (79)% Total Revenues 2,934 2,588 13% Segment Adjusted EBIT – Total 238 217 10% Corporate SG&A expenses (35) (56) (38)% Restructuring and transformation costs (32) (3
Slide 17: 2025 Selected Financial Metrics
17 2025 Selected Financial Metrics in $M, except otherwise indicated 2025 2024 Change Revenues PS&PM 10,939 9,542 15% Capital 63 126 (50)% Total Revenues 11,003 9,668 14% Segment Adjusted EBIT – Total 973 845 15% Corporate SG&A expenses (145) (183) (21)% Restructuring and transformation costs (112)
Slide 18: Free Cash Flow
18 Free Cash Flow1 in $M Q4 2025 2025 Q4 2024 2024 Segment Adjusted EBIT2 from AtkinsRéalis Services 289 1,038 243 872 Segment Adjusted EBITDA1 from AtkinsRéalis Services 333 1,210 283 1,024 Change in working capital and other items from AtkinsRéalis Services 204 (72) 163 165 Net cash generated from
Slide 19: 2026 Outlook
19 2026 Outlook1 Growth Pillars Other Metrics Corporate Selling, General Acquisition of property and 5% – 7% 16.5% – 17.5% and Administrative equipment and additions to Organic Segment Adjusted Expenses intangible assets Revenue Growth2 EBITDA to Segment 2025 vs 2024: 0.9% Net Revenue Ratio2 $125M –
Slide 20: Revised 2025-2027 Financial Targets
20 Revised 2025-2027 Financial Targets1 Revised 2025 – 2027 Targets 2025 Actual Engineering Services Regions3 Between 5% and 7% Organic revenue growth4 CAGR 2025 – 2027 0.9% Initial: >8% Segment Adjusted EBITDA to segment net revenue ratio4 by 2027 Between 17% and 18% 16.3% Nuclear Between $2.6B to
Slide 21: 2025 Results under New 2026 Segment Reporting and Presentation
21 2025 Results under New 2026 Segment Reporting and Presentation (Effective January 1, 2026) in $M Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Revenues Canada $ 325.7 $ 366.1 $ 352.0 $ 420.6 $ 1,464.4 UKI 660.9 670.3 714.1 715.0 2,760.1 USLA 432.1 512.1 540.4 524.3 2,008.9 AMEA 318.1 309.4 332.9 321.0
Slide 22: Conclusion
22 CONCLUSION
Slide 23: Conclusion
223 3 Conclusion ▪ Strong fourth quarter and full year performance ▪ 2025 was a pivotal year as it marked the completion of the transformation of our business. We are now very much focused on being a world-class engineering services and nuclear company ▪ Global energy transition and infrastructure r
Slide 24: Questions & Answers
24 QUESTIONS & ANSWERS
Slide 25: Appendix
25 APPENDIX
Slide 26: Endnotes
Endnotes 26 (See also the cautionary statement regarding non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information at slide 2 of this presentation.) 1. Organic revenue growth (contraction) ratio is a non-IFRS ratio comparing or
Slide 27: Contact us
Contact us Denis Jasmin CPA, F.CIRI Vice-President, Investor Relations +1 514 393 8000 ext. 57553 Send Investor Relations an email: Book an introduction call with Investor Relations: www.atkinsrealis.com/investors