ATRL/ARE/ATS-related: Globe & Mail article details Federal government's Nuclear Strategy

研报英文原文证据摘录

ATRL/ARE/ATS-related: Globe & Mail article details Federal government's Nuclear Strategy

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: Globe & Mail article details Bhaven Shah (AVP)

(416) 842-8152,RESEARCH Federal government's Nuclear Strategy bhaven.shah@rbccm.com

Our view: We view this development most positively for AtkinsRéalis and for the other players in

our coverage that support the domestic CANDU value chain (Aecon and ATS). Our recent investor

discussions on AtkinsRéalis have centered on its nuclear/CANDU business, with many investors viewing

the possibility of a North American CANDU new-build as a key catalyst for the stock. Overall, we

view the Federal government's likely support for CANDU as logical for several reasons (e.g., aligned

with "Build Canada" initiatives, existing installed base, unenriched uranium fueling), and today'sEQUITY forthcoming announcement, as previewed by The Globe and Mail, supports this thesis. Ultimately, we

view AtkinsRéalis as the key beneficiary here (and thus expect the stock to react positively), but we

also believe Aecon and ATS will benefit from the potential build-out of CANDU reactors given their

positioning/expertise with the reactor technology.

What happened – The Globe and Mail published an article earlier today containing unconfirmed details

of Canada’s forthcoming Federal Nuclear Strategy, which The Globe and Mail obtained ahead of its

formal release today by the Minister of Energy and Natural Resources, Tim Hodgson. According to