AtkinsRealis Reports Fourth Quarter and Full Year 2025 Results; Introduces 2026 Outlook

Executive Summary

• AtkinsRéalis reported a strong Q4 2025 and full‑year 2025 performance, with total revenue up 13% YoY in Q4 to C$2.9 bn and 14% YoY for the year to C$11.0 bn, setting new record highs.
• Adjusted EBIT and diluted EPS showed double‑digit improvements (Adjusted EBIT +19% Q4; Adjusted diluted EPS +273% Q4), while net cash from operations reached C$461 m and backlog hit a record C$21.2 bn.
• The company announced 2026 outlook targets, raised its Nuclear revenue target to $2.6‑$3.0 bn by 2027, and disclosed a new segment reporting structure effective Q1 2026.

Key Details

• Q4 2025 Highlights
• Revenue: C$2.9 bn (+13% YoY); Services revenue +16.6%; Engineering Services Regions revenue record C$2.0 bn.
• Nuclear revenue record C$599.8 m (+29.2%).
• Segment Adjusted EBIT: C$288.7 m (+18.9%); Engineering Services Regions EBIT C$201.8 m (record); Nuclear EBIT C$65.7 m.
• Net income attributable to shareholders: C$95.0 m (+81.2%); Adjusted net income (PS&PM) C$160.9 m (+251.5%).

• Operating cash flow: C$401.0 m.

• Full‑Year 2025 Highlights

• Revenue: C$11.0 bn (+14% YoY); Services revenue C$10.8 bn (+16.1%).
• Engineering Services Regions revenue C$7.5 bn (+7.9%); Nuclear revenue C$2.3 bn (+54.6%).
• Segment Adjusted EBIT: C$1.0 bn (+19.1%); Engineering Services Regions EBIT C$724.3 m; Nuclear EBIT C$258.1 m.
• Net income attributable to shareholders: C$2.6 bn (incl. $2.2 bn gain on disposal of remaining 6.76% interest in Highway 407 ETR).
• Adjusted net income (PS&PM) C$572.5 m (+81.7%); Adjusted diluted EPS $3.36.
• Operating cash flow: C$461.3 m; Cash & equivalents C$1.2 bn.

• Backlog record C$21.2 bn (+21.5% YoY).

• 2026 Outlook (provided Feb 27, 2026)

• Engineering Services Regions organic revenue growth target: 5‑7% (vs. 0.9% FY 2025).
• Segment Adjusted EBITDA margin target: 16.5‑17.5%.
• Nuclear revenue target ~C$2.5 bn; Adjusted EBIT margin 11‑12%; Adjusted EBITDA margin mid‑20s%.
• Expected operating cash flow ≈ C$500 m.

• Capital expenditures (incl. CANDU® MONARK™ reactor development) $175‑$200 m.

• Strategic Updates

• Completed three acquisitions in FY 2025 (David Evans, C2AE, ADG) to expand U.S. and Australian markets.
• Substantial completion of the Eglinton rail project in Q4 2025.

• Revised segment reporting: effective Jan 1 2026, Linxon, LSTK Projects and Capital combined into “All other segments”; removal of separate “AtkinsRéalis Services” line.

• Dividend

• Board declared cash dividend $0.02 per share (unchanged), payable March 27 2026.

• Conference Call

• Webcast scheduled for Feb 27 2026, 8:00 a.m. ET; recording to be posted within 24 h.

Notable Quotes

“Our fourth quarter performance concluded a great year as sustained demand for our Engineering Services and Nuclear capabilities drove strong revenue growth… we made three acquisitions… and reached a major milestone with the substantial completion of the Eglinton rail project.” – Ian L. Edwards, President & CEO.