AtkinsRealis Group 1Q Results: Nuclear Power, AI Partnerships, and International Scale Fuel a Strong Start

Research evidence excerpt

AtkinsRealis Group 1Q Results: Nuclear Power, AI Partnerships, and International Scale Fuel a Strong Start

Tomohiko Sano AC North America Equity Research

(1-212) 622-1099 15 May 2026 J P M O R G A N

tomohiko.sano@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

AtkinsRéalis (ATRL CN) is a leading engineering and nuclear

services provider, uniquely positioned to benefit from the global

nuclear super-cycle and North American infrastructure

investment. The company’s cultural transformation under new

leadership has fostered a collaborative, high-performing

workforce, supporting both organic growth and seamless M&A

integration. Robust nuclear backlog, targeted US acquisitions,

and operational efficiencies are driving margin expansion.

Trading at a discount to intrinsic value, ATRL in our view offers

YTD 1m 3m 12m compelling upside as market recognition of its growth and

Abs -3.7% -7.4% -5.6% 12.3% stability improves.

Rel -12.4% -14.3% -14.5% -14.0%

Valuation

Company Data

Our C$120 Dec. 2026 price target is based on a 17x EV/EBITDA

Shares O/S (mn) 166

52-week range (C$) 106.82-74.58 multiple, representing an average of its respective E&C and

Market cap ($ mn) 10,340.45 Nuclear peers. The multiple is above where the stock currently

Exchange rate 1.37 trades and its historical ranges, reflecting our confidence that, as

Free float (%) 99.6%

3M ADV (mn) 0.93 AtkinsRéalis continues to implement portfolio changes to better

3M ADV ($ mn) 62.6 align its risk profile and sees increasing contributions from its

Volatility (90 Day) 41 Nuclear business, shares may re-rate higher, providing an

Index S&P 500

BBG ANR (Buy | Hold | Sell) 14|0|0 attractive risk/reward profile.

Key Metrics (FYE Dec)

Performance DriversC$ in millions FY25A FY26E FY27E