AtkinsRéalis Group Inc.

Q4 total revenue increased 13% year over year to $2.9 billion. Total segment adjusted EBIT rose 10% to $238 million, while IFRS diluted EPS increased 90% to $0.57 and adjusted EPS from PS&PM rose to $0.97 per diluted share from $0.26. For the full year, revenue increased 14% to $11 billion, total segment adjusted EBIT increased 15% to $973 million, net income was $2.6 billion or $15.41 per diluted share, and adjusted EPS from PS&PM was $3.36 per diluted share. Backlog ended the year at a record $21.2 billion, up 21% versus year-end 2024. Free cash flow was positive $199 million for the year, operating cash flow was $461 million, and capex was $177 million. For 2026, Engineering Services regions are guided to 5%-7% organic revenue growth with segment adjusted EBITDA margin of 16.5%-17.5%; Nuclear revenue is expected to be about $2.5 billion with adjusted EBIT margin of 11%-12% and segment adjusted EBITDA margin in the mid-20%. The company expects 2026 operating cash flow of about $500 million, capex of $175 million-$200 million, LSTK cash flow of negative $100 million-$150 million, SG&A of $125 million-$135 million, and an effective tax rate of 25%-30%.

Ian Edwards framed 2025 as the completion of AtkinsRealis’ transformation into a focused engineering services and nuclear company. He emphasized record backlog, strong demand, and the use of AI as an enabler for productivity, safety, quality, and lower costs rather than a disruptor. His tone was confident and expansionary, especially on nuclear, M&A, and the company’s ability to “land and expand” in the U.S., Australia, and other growth markets.

Jeff Bell highlighted the hard numbers behind the quarter and full year: Q4 revenue of $2.9 billion, adjusted segment EBIT of $238 million, and diluted EPS of $0.57; for 2025, revenue of $11 billion, adjusted segment EBIT of $973 million, and adjusted EPS of $3.36. He also pointed to lower net financial expenses of $110 million for the year versus $163 million in 2024, operating cash flow of $461 million, and free cash flow of $199 million after $177 million of capex. He outlined 2026 capital and cash expectations, including capex of $175 million-$200 million, operating cash flow of about $500 million, SG&A of $125 million-$135 million, and LSTK cash outflow of negative $100 million-$150 million as legacy projects wind down.

Analysts focused on nuclear growth, M&A, engineering organic growth, LSTK runoff, and defense. Management said Ontario new-build decisions are still pending, but it expects reads on technology selection later this year and remains optimistic that CANDU can win; outside Canada, it sees the nearest-term opportunities in Eastern Europe, especially Romania and Poland, with Asia and the U.S. also potential markets. On M&A, Ian Edwards said the company is staying disciplined but could move to larger, non-transformational deals later in 2026 and into 2027, while Jeff Bell said capital deployment will be balanced between acquisitions and share buybacks. On LSTK, Jeff Bell said the remaining cash drag is not solely REM-related and should largely resolve during 2026, with little expected beyond that. Management also said defense could be expanded through targeted acquisitions, particularly in Canada and Australia.