ATRL/ARE/ATS-related: Incremental details from the official Nuclear Energy Strategy for Canada

研报英文原文证据摘录

ATRL/ARE/ATS-related: Incremental details from the official Nuclear Energy Strategy for Canada

RBC Dominion Securities Inc.

Sabahat Khan (Analyst)

(416) 842-7880,

sabahat.khan@rbccm.com

Arthur Nagorny, CFA

(Analyst)

(416) 842-9988,

arthur.nagorny@rbccm.com

June 22, 2026 Padraig Murphy (Associate)

(416) 842-3770,

padraig.murphy@rbccm.com ATRL/ARE/ATS-related: Incremental details from the Bhaven Shah (AVP)

(416) 842-8152,RESEARCH official Nuclear Energy Strategy for Canada bhaven.shah@rbccm.com

Our view: Following the official release of the Federal government's Nuclear Energy Strategy for Canada,

our positive view on the implications for the domestic/CANDU supply chain players within our coverage

(AtkinsRéalis, Aecon, and ATS) is reinforced. Our high-level takeaways are: 1) the Federal government

is intent on accelerating the growth of Canada's nuclear industry; and, 2) the Federal government is

supporting Canadian technology in the pursuit of these ambitions (our read is that CANDU technology

is the leading candidate, particularly in Ontario).EQUITY

We highlight some of the incremental information from the Nuclear Energy Strategy below, along with

our high-level analysis for each point (underlined):

• Regulatory streamlining — The Canadian Nuclear Safety Commission ("CNSC") was designated as the

responsible authority for impact assessments on all nuclear projects under the Impact Assessment

Act, removing duplication with other federal entities. The Government is also committing to reviewing

the broader regulatory/legislative framework for further efficiency gains beyond the two-year review

target. Accelerates timelines for nuclear projects; positive.

• Technology selection — Where provinces select foreign-controlled technologies, Ottawa will: 1)