SMid Cap Industrials Gemba Series Key Takeaways: Nuclear Industry Outlook and Frontline Insights

Research evidence excerpt

SMid Cap Industrials Gemba Series Key Takeaways: Nuclear Industry Outlook and Frontline Insights

J P M O R G A N North America Equity Research

22 May 2026

SMid Cap Industrials

Gemba Series Key Takeaways: Nuclear Industry

Outlook and Frontline Insights

North America Small and Mid Cap

Industrials

Tomohiko Sano AC

(1-212) 622-1099

tomohiko.sano@jpmorgan.com

We hosted our inaugural Gemba Series webinar (replay) with Joe St. Julian, Brendan Shea, CFA

President of AtkinsRéalis’ Nuclear business, exploring the forces powering the (1-212) 622-0770

brendan.shea@jpmorgan.com

global nuclear super cycle. The discussion mapped demand emergence across key

Liam Glass

geographies, examined ATRL’s exclusive position as one of only six large-reactors

liam.glass@jpmorgan.com

worldwide, and outlined the company’s growth strategy spanning CANDU

Ethan Coyle

technology, SMR support, services, and lifecycle offerings. From near-term US (1-212) 270-0613

licensing catalysts to the pivotal Ontario technology selection, the central ethan.coyle@jpmchase.com

takeaway is clear: ATRL is uniquely positioned to capitalize on a generational J.P. Morgan Securities LLC

buildout opportunity.

• A Super Cycle With Dual Engines: The nuclear super cycle started roughly

four years ago, and was initially started by net-zero commitments as

governments recognized nuclear as a strong and viable non-carbon baseload

source. A second driver has since emerged: massive energy demand from

hyperscalers, AI/automation factories, population growth, and industrial

electrification. Even as the Trump administration de-emphasized net zero,

Europe and Asia remain committed to their respective targets. Further, the

demand-side catalyst has more than compensated, sustaining global

momentum for nuclear buildout.