AtkinsRealis Group: Sovereignty Meets Strategy: Canada’s Nuclear Plan Favors Its Homegrown Champion

研报英文原文证据摘录

AtkinsRealis Group: Sovereignty Meets Strategy: Canada’s Nuclear Plan Favors Its Homegrown Champion

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

23 June 2026

AtkinsRealis Group Overweight

ATRL.TO, ATRL CN

Sovereignty Meets Strategy: Canada’s Nuclear Plan Price (22 Jun 26):C$93.42

Favors Its Homegrown Champion

North America Small and Mid Cap

Canada’s inaugural Nuclear Energy Strategy, launched June 22, 2026, explicitly Industrials

commits to “ensuring the availability of an updated CANDU design,” positioning Tomohiko Sano AC

indigenous reactor technology as central to energy sovereignty. The policy (1-212) 622-1099

environment favors CANDU selection for next-generation builds, supported by tomohiko.sano@jpmorgan.com

supply chain localization and natural uranium advantages. AtkinsRéalis’s ~$5 Brendan Shea, CFA

billion nuclear backlog is pivoting from life extensions toward new-build bookings (1-212) 622-0770

brendan.shea@jpmorgan.com

as refurbishment work tapers. Ontario’s technology decision, expected by year-

Liam Glass

end 2026, represents the most significant near-term catalyst.

(1-212) 464-5541

• AtkinsRéalis Holds One of Only Six Large-Reactor OEM Positions liam.glass@jpmorgan.com

Globally, And Canada’s Only Domestic Option: AtkinsRéalis’s CANDU Ethan Coyle

(1-212) 270-0613

technology places it alongside Westinghouse, EDF, KEPCO, Rosatom, and ethan.coyle@jpmchase.com

CNNC as the world’s exclusive large-reactor designers. This position grants J.P. Morgan Securities LLC

sole domestic OEM access to Canadian new-build programs. Beyond reactor

design, AtkinsRéalis layers services revenue through SMR developer support,

fusion projects, and a growing waste/decommissioning business tied to aging

global fleets. Please see our GEMBA Series nuclear industry report (here).