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Q2 CONFERENCE CALL PRESENTATION August 7, 2025
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Forward-Looking Statements, Forward-Looking Financial Information and Outlook References in this presentation to the “Company”, “AtkinsRéalis”, “we”, us” and “our” mean, as the context may require, AtkinsRéalis Group Inc. or all or some of its subsidiaries or joint arrangements or associates. Statements made in this presentation that describe the Company’s or management’s budgets, estimates, expectations, forecasts, objectives, predictions, projections of the future or strategies may be “forward-looking statements”, which can be identified by the use of the conditional or forward-looking terminology such as “aims”, “anticipates”, “assumes”, “believes”, “cost savings”, “estimates”, “expects”, “forecasts”, “goal”, “intends”, “likely”, “may”, “objective”, “outlook”, “plans”, “projects”, “should”, “synergies”, “target”, “vision”, “will”, or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. Forward-looking statements in this presentation include statements relating to the Company’s future economic performance and financial condition. Forward-looking statements also include statements relating to the following: i) future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses, project or contract-specific cost reforecasts and claims provisions, future prospects, and potential future significant contract opportunities, including those in the Nuclear segment; and ii) business and management strategies and the expansion and growth of the Company’s operations. All such forward-looking statements are made pursuant to the “safe-harbour” provisions of applicable Canadian securities laws. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions and/or results could differ materially from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company’s current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. This presentation also provides, on slides 13, 18, 19 and 24, the Company’s outlook regarding expectations of the Company’s performance with respect to certain financial metrics and measures. Forward-looking statements made in this presentation are based on a number of assumptions believed by the Company to be reasonable as at August 6, 2025. The assumptions are set out throughout the Company’s 2024 Annual Management’s Discussion and Analysis (“MD&A”) (particularly in the sections entitled “Critical Accounting Judgements and Key Sources of Estimation Uncertainty” and “How We Analyze and Report Our Results”) filed with the securities regulatory authorities in Canada, available on SEDAR+ at www.sedarplus.com and on the Company’s website at www.atkinsrealis.com under the “Investors” section. If these assumptions are inaccurate, the Company’s actual results could differ materially from those expressed or implied in such forward-looking statements. In addition, important risk factors could cause the Company’s assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by these forward-looking statements. Those risks are identified in the Company’s 2024 Annual MD&A (particularly in the sections entitled “Risk and Uncertainties”), as may be updated from time to time in the Company’s 2025 interim quarterly MD&A, and are not exhaustive. The forward-looking statements herein reflect the Company’s expectations as at the date of this presentation and are subject to change after this date. The Company does not undertake to update publicly or to revise any written or oral forward-looking information or statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement. The Company reports its financial results in accordance with IFRS® Accounting Standards (“IFRS”). However, the following non-IFRS financial measures and ratios, supplementary financial measures, total of segment measures and non-financial information are used by the Company to analyze and evaluate its results and are included in this presentation: Organic revenue growth (contraction), Segment Adjusted EBITDA to segment net revenue ratio, Net cash generated from (used for) operating activities on a line of business / segment basis, Segment Adjusted EBITDA, Adjusted Diluted EPS, Net limited recourse and recourse debt to Adjusted EBITDA ratio, Net limited recourse and recourse debt, Adjusted EBITDA, Free cash flow (usage), and Free cash flow to Adjusted net income (loss) attributable to AtkinsRéalis shareholders ratio, as well as certain measures for various reportable segments that are grouped together, such as Revenue, Net Revenue, Segment Adjusted EBIT and Backlog for the various Engineering Services Regions segments and the various segments that comprise the AtkinsRéalis Services line of business. Additional details for these non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information can be found in Sections 4, 6 and 9 of the Company’s second quarter 2025 MD&A, which sections are incorporated by reference into this presentation, filed with the securities regulatory authorities in Canada, available on SEDAR+ at www.sedarplus.com and on the Company’s website at www.atkinsrealis.com under the “Investors” section, including the various reconciliations of non-IFRS measures to the most directly comparable IFRS measures in Sections 4, 6 and 9 (which sections in the Company’s second quarter 2025 MD&A are incorporated by reference into this presentation). Non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information do not have any standardized meaning under IFRS and other issuers may define these measures differently and, accordingly, they may not be comparable to similar measures prepared by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS financial measures and ratios, and certain supplementary financial measures, total of segments measures and non-financial information, provide additional insight into the Company’s financial results and certain investors may use this information to evaluate the Company’s performance from period to period. However, these measures, ratios and non-financial information have limitations and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Furthermore, certain non-IFRS financial measures and ratios, certain additional IFRS measures and ratios, certain supplementary financial measures, certain total of segments measures and other non-financial information are presented separately for PS&PM, by excluding components related to Capital, as the Company believes that such measures are useful as these PS&PM activities are usually analyzed separately by the Company. CANDU® is a registered trademark of Atomic Energy of Canada Limited (“AECL”), used under exclusive license by Candu Energy Inc., a subsidiary of AtkinsRéalis Group Inc. MONARKTM is a trademark of Candu Energy Inc., a subsidiary of AtkinsRéalis Group Inc. Non-IFRS Financial Measures and Ratios, Supplementary Financial Measures, Total of Segment Measures and Non-Financial Information 2
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▪ Significant organic revenue growth ▪ AtkinsRéalis Services revenue increased 15%1,2 (9% on an organic revenue growth3 basis) ▪ Strong increase in Adjusted EBITDA from PS&PM and Adjusted EPS from PS&PM ▪ Record-high total backlog ▪ Engineering Services Regions and Nuclear reached new record-high levels ▪ 2025 revenue outlook revised ▪ Completed the acquisition of a majority stake in David Evans ▪ Completed sale of Company’s remaining interest in Highway 407 ETR for ~$2.6B ▪ Bought back over 9M shares ▪ Robust balance sheet underpinned by debt leverage-neutral position 1Variances reported are as compared to Q2 2024. 2Total of segments measure. Please refer to endnote 11 on slide 25 of this presentation for details on total of segments measures. 3Organic revenue growth is a non-IFRS ratio. Please refer to endnote 1 on slide 25 of this presentation for details on this non-IFRS ratio. Second Quarter Highlights 3
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Delivering on our Capital Allocation Framework Deliberate actions taken to improve balance sheet, return capital to shareholders and invest for growth 4 Our Industry-leading Balance Sheet Distinctly Positions us to Capture Significant Growth Opportunities Maintain Strong Balance Sheet Repaid a significant amount of debt and improved net debt leverage ratio to achieve investment grade Return Capital to Shareholders Significant share buyback YTD Invest in the Business Accelerate strategy through organic and inorganic investments Going Forward Focus: • Accretive M&A to build out white space within our chosen geographies and customer end markets • Continued organic growth investment into internal strategic initiatives in key growth areas ✓ ✓
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Selected Q2 Bookings ▪ Execution contract for the first of four planned small modular reactor (SMR) units at the Darlington New Nuclear Project in Canada ▪ Delivery Partner for technical and project management for Phase 1 of the Calgary Green Line LRT ▪ Planning and execution of maintenance works for systems within Heathrow Airport Main Tunnel ▪ Florida’s Turnpike Enterprise contract for transportation development supporting the annual work program for Florida’s 500-mile toll network ▪ Investigation, design and multidisciplinary services contract for the Hong Kong section of Hong Kong-Shenzhen Western Rail Link (Hung Shui Kiu–Qianhai) AtkinsRéalis Services Backlog1 15,617 16,837 17,198 20,184 20,767 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 +33.0% in $M 1Total of segments measure. Please refer to endnote 11 on slide 25 of this presentation for details on total of segments measures. 5
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1,245 1,334 1Revenue, Net Revenue, Segment Adjusted EBIT and Backlog for the Engineering Services Regions segment are total of segments measures. Please refer to endnote 11 on slide 25 of this presentation for details on total of segments measures. 2Organic revenue contraction and Segment Adjusted EBITDA to segment net revenue for the Engineering Services Regions segment are non-IFRS ratios. Please refer to endnotes 1 and 2 on slide 25 of this presentation for details on these non-IFRS ratios. 3Segment Adjusted EBITDA is a non-IFRS financial measure. Please refer to endnote 4 on slide 25 of this presentation for details on this non-IFRS financial measure. Segment Adjusted EBITDA3 ($M) and Segment Adjusted EBITDA to Segment Net Revenue (%)2 Revenue1 ($M) Backlog1 ($M) -1%2 Organic revenue contraction2 Q2 2024 Q2 2025 1,747 1,858 +6% 12,214 13,000 30-Jun-24 30-Jun-25 +6% 157 171 Q2 2024 Q2 2025 190 209 Net Revenue1 Segment Adjusted EBIT1 Engineering Services Regions 6 15.2% 15.7%
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Canada Q2 Key Highlights and Wins Continued backlog growth in Power & Renewables and Transportation markets Revenue decrease mainly driven by a major project contract that ended in Q2 2024 Margin improvement initiatives positively impacting results Growing opportunities across all markets fueled by Bill C-5 (Building Canada Act) Key wins: Seven-year contract with Rio Tinto for the refurbishment of the Isle- Maligne hydropower plant in Alma; expanded mandate with TESCanada for Projet Mauricie hydrogen hub with wind and solar farms; additional engineering design for Site C 7,603 7,966 30-Jun-24 30-Jun-25 +5% 17 26 Q2 2024 Q2 2025 24 33 7 220 215 Q2 2024 Q2 2025 372 366 -2% Net Revenue 1Organic revenue contraction and Segment Adjusted EBITDA to segment net revenue for the Canada segment are non-IFRS ratios. Please refer to endnotes 1 and 2 on slide 25 of this presentation for details on these non-IFRS ratios. 2Segment Adjusted EBITDA is a non-IFRS financial measure. Please refer to endnote 4 on slide 25 of this presentation for details on this non-IFRS financial measure. Backlog ($M)Revenue ($M) Organic revenue contraction1 Segment Adjusted EBITDA2 ($M) and Segment Adjusted EBITDA to Segment Net Revenue (%)1 Segment Adjusted EBIT Calgary Green Line LRT groundbreaking -1%1 15.1% 10.8%
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UKI Q2 Key Highlights and Wins Strong demand in Water following the commencement of the new funding cycle AMP8, in Transportation driven by capital programs in Aviation and Rail Signaling, and in Defence end markets Significant opportunities with UK government's 10-Year Infrastructure Strategy committing to over $1.3T in infrastructure investment, spanning our key sectors Strong operational margin continued in the quarter Recognition of health and safety excellence through RoSPA Gold Award for the 16th consecutive year Key wins: Partnership with BWT Alpine Formula One Team; SPaTS 3 Framework with National Highways; AMP8 UU Network Modelling with United Utilities and Main tunnel preventative maintenance works for systems within Heathrow Airport, both strategic wins in our targeted growth markets 1,721 1,937 30-Jun-24 30-Jun-25 +13% 68 78 Q2 2024 Q2 2025 80 92 8 479 534 Q2 2024 Q2 2025 603 670 +11% Net Revenue 1Organic revenue growth and Segment Adjusted EBITDA to segment net revenue for the UKI segment are non-IFRS ratios. Please refer to endnotes 1 and 2 on slide 25 of this presentation for details on these non- IFRS ratios. 2Segment Adjusted EBITDA is a non-IFRS financial measure. Please refer to endnote 4 on slide 25 of this presentation for details on this non-IFRS financial measure. Backlog ($M)Revenue ($M) Organic revenue growth1 Segment Adjusted EBITDA2 ($M) and Segment Adjusted EBITDA to Segment Net Revenue (%)1 Segment Adjusted EBIT Heathrow Airport +5%1 17.2% 16.8%
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USLA Q2 Key Highlights and Wins US business growth supported by Transportation, Infrastructure and Industrial markets, offset by lower volume in Minerals & Metals market outside of the US Advancement of U.S. expansion strategy with the April acquisition of David Evans, supported by a robust pipeline of joint opportunities Margin improvement initiatives underway for annual year-over-year improvement Some delays in procurement due to current macro environment, but insulated by strong client relationships and relatively limited exposure to Federal agencies Key wins: New Jersey Turnpike Authority engineering on call mandate; Strategic asset management contract to provide facility condition assessment services to the Pennsylvania Dept. of General Services; Central Federal Lands Highway Division contract to provide better access to national parks, recreational areas, national monuments and national forests across 14 states 1,521 1,779 30-Jun-24 30-Jun-25 +17% 36 43 Q2 2024 Q2 2025 44 54 9 335 397 Q2 2024 Q2 2025 436 512 +18% Net Revenue 1Organic revenue contraction and Segment Adjusted EBITDA to segment net revenue for the USLA segment are non-IFRS ratios. Please refer to endnotes 1 and 2 on slide 25 of this presentation for details on these non-IFRS ratios. 2Segment Adjusted EBITDA is a non-IFRS financial measure. Please refer to endnote 4 on slide 25 of this presentation for details on this non-IFRS financial measure. Backlog ($M)Revenue ($M) Segment Adjusted EBITDA2 ($M) and Segment Adjusted EBITDA to Segment Net Revenue (%)1 Segment Adjusted EBIT LA Metro -3%1 13.7% 13.1% Organic revenue contraction1
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AMEA Q2 Key Highlights and Wins Revenue and backlog decreased, mainly driven by a large project reaching completion of phase 1 at the end of 2024 and lower volume on major Buildings & Places projects in the Middle East Segment Adjusted EBITDA margin in line with other regions, mainly attributable to changes in business margin mix from the Middle East Long-term growth outlook remains strong in Saudi Arabia and UAE Growing pipeline of opportunities being pursued across AMEA in Buildings & Places, Transportation and Defence end markets, supported by quarterly sequential increase in backlog Key wins: Investigation and array of technical services for Northern Metropolis Highway in Hong Kong; infrastructure mandate for developing a district cooling plant in Dammam, Saudi Arabia 1,369 1,318 30-Jun-24 30-Jun-25 -4% 36 24 Q2 2024 Q2 2025 42 31 210 188 Q2 2024 Q2 2025 336 309 -8% Net Revenue 1Organic revenue contraction and Segment Adjusted EBITDA to segment net revenue for the AMEA segment are non-IFRS ratios. Please refer to endnotes 1 and 2 on slide 25 of this presentation for details on these non-IFRS ratios. 2Segment Adjusted EBITDA is a non-IFRS financial measure. Please refer to endnote 4 on slide 25 of this presentation for details on this non-IFRS financial measure. Backlog ($M)Revenue ($M) Organic revenue contraction1 Segment Adjusted EBITDA2 ($M) and Segment Adjusted EBITDA to Segment Net Revenue (%)1 Segment Adjusted EBIT -9%1 16.3% 19.8% Hong Kong’s Greater Bay Area 10
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Segment Adjusted EBIT ($M) (% of Segment Revenue) 1Organic revenue growth and Segment Adjusted EBITDA to segment net revenue are non-IFRS ratios. Please refer to endnotes 1 and 2 on slide 25 of this presentation for details on these non-IFRS ratios. 2Segment Adjusted EBITDA is a non-IFRS financial measure. Please refer to endnote 4 on slide 25 of this presentation for details on this non-IFRS financial measure. Revenue ($M) Backlog ($M) +56%1 Nuclear Organic revenue growth1 11 224 272 Q2 2024 Q2 2025 358 567 +59% 1,748 5,648 30-Jun-24 30-Jun-25 +223% 43 64 Q2 2024 Q2 2025 +47% 12.1% 11.2% Segment Adjusted EBITDA2 ($M) and Segment Adjusted EBITDA to Segment Net Revenue (%)1 49 69 Q2 2024 Q2 2025 +42% 21.8% 25.4% Net Revenue
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CANDU® Canadians for CANDU campaign continues to gain support Expanded strategic partnership between AtkinsRéalis and France’s EDF1 through nuclear collaboration agreement Bidding and discussions continue for several large new Nuclear projects in Canada In discussions with several countries globally for new builds Nuclear Q2 Key Highlights and Wins 12 Services Awarded $450M execution contract by OPG2, for the first of four planned 300- megawatt BWRX-300 SMR units at the Darlington New Nuclear Project New build support (Hinkley Point C, Sizewell C) and decommissioning services (Sellafield) continue to drive growth in UK region U.S. Department of Energy has provided notice to proceed to AtkinsRéalis JV for the operation and maintenance of Portsmouth and Paducah Gaseous Diffusion Plants AtkinsRéalis part of a new pioneering partnership with the Nuclear Decommissioning Authority (UK) which will see innovative technology deployed for the first time on a nuclear site to remotely and autonomously sort and segregate radioactive waste Darlington New Nuclear Project site, Canada Cernavoda, Romania 1Electricité de France. 2Ontario Power Generation.
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Total Nuclear Backlog $0.9B Dec. 31 $1.9B Dec. 31 $3.2B Dec.31 CANDU® Delivers Revenue Today and into the Future 13 Bright Future Strong Present Under Contract MonarkTM Potential MarketIn Discussion / Development Life Extension Projects New Builds International Canada MonarkTM Development Life Extension Projects New Builds 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 $5.6B June 30 Qinshan 3 and 4 Wolsong 2 to 4 Qinshan 3-2 Qinshan 3-1 Cernavoda 1 E C 6 Phase 1 Phase 1 Phase 2 Phase 2 Phase 2 Phases 1 – 2 Phase 1 Phase 2 Bruce 3 to 8 Darlington 1 to 4 Opportunities to sign MonarkTM /CANDU® Newbuilds Cernavoda 3 and 4 Pickering 5 to 8 Ontario | Opportunities to sign MonarkTM /CANDU® Newbuilds Rest of Canada | Opportunities to sign MonarkTM /CANDU® Newbuilds Alberta | Opportunities to sign MonarkTM /CANDU® Newbuilds Phase 1
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Linxon, LSTK Projects & Capital 14 Linxon ▪ Backlog increased 28% to $2.1B since the end of Q2 2024 ▪ Operational performance significantly strengthened ▪ Demand for Transmission & Distribution services continues to be strong LSTK Projects Capital ▪ Commissioning and testing on Ontario Eglinton project progressing well ▪ Continuing to pursue all claims receivables ▪ Backlog decreased 40% since the end of Q2 2024, and consists mainly of the REM project ▪ Sale of remaining interest in Highway 407 ETR completed in first half of June 20252 ▪ Last dividend received of $13.5M in April 2025, vs $11.8M in Q2 2024 ▪ Other assets performing well Segment Adjusted EBIT ($M) Segment Adjusted EBIT ($M) (% of Segment Revenue) Revenue ($M) Segment Adjusted EBIT ($M) Organic revenue growth1 1Organic revenue growth is a non-IFRS ratio. Please refer to endnote 1 on slide 25 of this presentation for details on this non-IFRS ratio. 2Reference is made to the Company's press release dated June 6, 2025. 187 216 Q2 2024 Q2 2025 +16% 3 11 Q2 2024 Q2 2025 1.6% 5.2% +11%1 22 19 Q2 2024 Q2 2025-18 -19 Q2 2024 Q2 2025
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FINANCIAL PERFORMANCE 15
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Q2 Selected Financial Metrics in $M, except otherwise indicated Q2 2025 Q2 2024 Change Revenues PS&PM 2,692 2,336 15% Capital 23 28 (18)% Total Revenues 2,715 2,364 15% Segment Adjusted EBIT – Total 246 208 18% Corporate SG&A expenses – from PS&PM (30) (39) (23)% Restructuring and transformation costs (34) 0 (100)% Gain on disposal of a Capital investment 2,570 - 100% Income tax expense (352) (14) N/A Net income attributable to AtkinsRéalis shareholders 2,317 82 N/A Diluted EPS ($) 13.32 0.47 N/A Adjusted diluted EPS from PS&PM1 ($) 0.78 0.49 59% Backlog AtkinsRéalis Services2 20,767 15,617 33% Capital 23 22 5% LSTK Projects 150 251 (40)% Total backlog as at June 30 20,940 15,891 32% Note that certain totals and sub-totals may not reconcile due to rounding. 1Adjusted diluted EPS from PS&PM is a non-IFRS financial ratio. Please refer to endnote 5 on slide 25 of this presentation for details on this non-IFRS financial ratio. 2Backlog for AtkinsRéalis Services is a total of segments measure. Please refer to endnote 11 on slide 25 of this presentation for details on total of segments measures . 16
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Free Cash Flow1 17 in $M Q2 2025 Six months ended June 30, 2025 Q2 2024 Six months ended June 30, 2024 Segment Adjusted EBIT2 from AtkinsRéalis Services 246 470 204 391 Segment Adjusted EBITDA1 from AtkinsRéalis Services 291 554 242 465 Change in working capital and other items from AtkinsRéalis Services (206) (241) (131) (83) Net cash generated from operating activities – AtkinsRéalis Services3 85 313 111 382 Income taxes paid (31) (40) (27) (39) Interest paid (from PS&PM) (53) (77) (37) (63) Corporate costs and other costs paid4 (72) (195) (97) (188) Net cash generated from operating activities – Capital3 15 16 21 16 (57) 17 (29) 109 Net cash used for operating activities – LSTK Projects3 (46) (80) (60) (161) Net cash used for operating activities (102) (63) (89) (52) Payment of provincial and federal charges settlement included in operating activities - - 12 12 Acquisition of property and equipment and additions to intangible assets (including CANDU® MONARK development costs) (37) (68) (38) (63) Payment of lease liabilities (24) (45) (19) (41) Free cash flow (usage) 1 (163) (176) (134) (145) Note that certain totals and sub-totals may not reconcile due to rounding. 1Free cash flow (usage) and Segment Adjusted EBITDA are non-IFRS financial measures. Please refer to endnotes 4 and 9 on slide 25 of this presentation for details on these non-IFRS financial measures. 2Segment Adjusted EBIT from AtkinsRéalis Services is a total of segments measure. Please refer to endnote 11 on slide 25 of this presentation for details on total of segments measures. 3Net cash generated from (used for) operating activities on a line of business/segment basis is a supplementary financial measure. Please refer to endnote 3 on slide 25 of this presentation for details on this supplementary financial measure. 4Includes corporate costs, corporate adjustments from PS&PM, and restructuring expenses.
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18 Maintain strong balance sheet ▪ Achieved investment grade ▪ Upgraded to BBB (low) by DBRS with positive trends ▪ Upgraded to BBB- by S&P with stable outlook ▪ Sale of remaining interest in Highway 407 ETR resulted in ~$2.6B proceeds3 ▪ Repayment of debt ▪ Repaid in full $400M3 La Caisse limited recourse debt ▪ Repaid in full $500M non-revolving term loan Invest in the business ▪ Acquisition of majority stake (70%) in David Evans Enterprises, completed in April 2025 for $404M4 ▪ $68M YTD in acquisition of property and equipment and additions to intangible assets Return capital to shareholders ▪ YTD buybacks of ~9M shares or $791M ▪ Repurchased 7M shares for $636M5 from La Caisse ▪ Repurchased ~2M shares or $155M within NCIB ▪ Paid $7M in dividends YTD Capital Allocation Status Update As at June 30, 2025: • Cash and cash equivalents $953M • Total recourse debt $695M1 • Revolving credit facility available $1.6B Net Limited Recourse & Recourse Debt to Adjusted EBITDA Ratio2: 1Consists of Series 7 and 8 debentures. 2Net limited recourse and recourse debt to Adjusted EBITDA ratio is a non-IFRS ratio. Please refer to endnote 6 on slide 25 of this presentation for details on this non-IFRS ratio. 3Reference is made to the Company’s press release dated June 6, 2025. 4Reference is made to the Company’s press releases dated April 14, 2025 and February 18, 2025. 5Reference is made to the Company’s press release dated June 25, 2025 . 6Refer to slide 24 of this presentation for the long-term financial targets. Jun. 30, 2024 Sep. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 Jun. 30, 2025 Dec. 31, 2025E Dec. 31, 2026E 1.9x 1.4x 1.1x 1.1x (0.3)x 2025-2027 Target6 1.0 – 2.0x
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Revised Outlook 2025 19 Growth Pillars Nuclear Engineering Services Regions1 16% – 17% Segment Adjusted EBITDA to Segment Net Revenue Ratio2 11% – 13% Segment Adjusted EBIT to Segment Revenue Ratio Mid-Single Digit % Previous: 7% – 9% Organic Revenue Growth2 $2.0B – $2.1B Previous: $1.9B – $2.0B Revenue Other Metrics Net cash generated from operating activities 1Total of segments measure. Please refer to endnote 11 on slide 25 of this presentation for details on total of segments measures. 2Organic revenue growth and Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services Regions are non-IFRS ratios. Please refer to endnotes 1 and 2 on slide 25 of this presentation for details on these non-IFRS ratios. In excess of $300M 2024 vs 2023: 8.4% 2024: 15.9% 2024: $1.5B 2024: 12.4% Corporate Selling, General and Administrative Expenses $120M – $130M From PS&PM ~$30M From Capital 2024: $155M 2024: $28M Amortization of Intangible Assets Related to Business Combinations ~$85M 2024: $81M Acquisition of property and equipment and additions to intangible assets $150M – $200M 2024: $160M 2024: $526M
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CONCLUSION 20
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vv 21 ▪ Strong second quarter results • Solid organic revenue growth for AtkinsRéalis Services • Record-high total backlog ▪ Continued strong demand for our Engineering Services and Nuclear capabilities ▪ Strategic internal actions taken to strengthen our capital structure ▪ Distinctly positioned through our strong balance sheet to capitalize on opportunities that may arise in this current macroeconomic landscape ▪ Continue to execute our long-term strategy “Delivering Excellence, Driving Growth” Conclusion
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QUESTIONS & ANSWERS 22
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APPENDIX 23
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Financial Targets 2025-20271 set in 2024, updated May 15, 20252 2025 – 2027 Target Engineering Services Regions3 Organic revenue growth4 CAGR 2025 – 2027 >8% Segment Adjusted EBITDA to segment net revenue ratio4 by 2027 Between 17% and 18% Nuclear Annual revenue by 2027 Between $2.2B to $2.5B Previous: Between $1.8B to $2.0B Segment Adjusted EBIT to segment revenue ratio Between 12% and 14% Net limited recourse and recourse debt to Adjusted EBITDA ratio4 Between 1.0 and 2.0 Free cash flow to Adjusted net income ratio4 Between ~80% and 90% 24 1Reference is made to the Company's press release dated June 13, 2024, for details of the limitations of and assumptions underlying these financial targets. 2The Nuclear annual revenue by 2027 financial target was updated with the Q1 2025 earnings. Refence is made to the Company’s press release dated May 15, 2025. 3Total of segments measure. Please refer to endnote 11 on slide 25 of this presentation for details on total of segments measures. 4Organic revenue growth, Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services Regions, Net limited recourse and recourse debt to Adjusted EBITDA ratio, and Free cash flow to Adjusted net income (loss) attributable to AtkinsRéalis shareholders ratio are non-IFRS ratios. Please refer to endnotes 1, 2, 6 and 10 on slide 25 of this presentation for details on these non-IFRS ratios.
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Endnotes (See also the cautionary statement regarding non-IFRS financial measures and ratios, supplementary financial measures, total of segment measures and non-financial information at slide 2 of this presentation.) 1. Organic revenue growth (contraction) ratio is a non-IFRS ratio comparing organic revenue, itself a non-IFRS financial measure, between two periods and does not have a standardized definition within IFRS and therefore may not be comparable to similar measures presented by other issuers. Further details, including an explanation of the composition and usefulness of this ratio, as well as a calculation of this ratio, are provided at Sections 4 and 9 of the Company’s second quarter 2025 MD&A, available on SEDAR+ at www.sedarplus.com, which sections are incorporated by reference into this presentation. 2. Segment Adjusted EBITDA to segment net revenue is a non-IFRS ratio based on Segment Adjusted EBITDA and Segment net revenue, both of which are non-IFRS financial measures, and do not have a standardized definition within IFRS and therefore may not be comparable to similar measures presented by other issuers. Further details, including an explanation of the composition and usefulness of this ratio, as well as a calculation of this ratio, is provided at Sections 4 and 9 of the Company’s second quarter 2025 MD&A, available on SEDAR+ at www.sedarplus.com, which sections are incorporated by reference into this presentation. 3. Net cash generated from (used for) operating activities on a line of business / segment basis is a supplementary financial measure. Further details, including an explanation of the composition and usefulness of this supplementary financial measure are provided at Sections 6 and 9 of the Company’s second quarter 2025 MD&A, available on SEDAR+ at www.sedarplus.com, which sections are incorporated by reference into this presentation. 4. Segment Adjusted EBITDA is a non-IFRS financial measure that does not have a standardized definition within IFRS and therefore may not be comparable to similar measures presented by other issuers. Further details, including an explanation of the composition and usefulness of this measure, as well as a reconciliation to the most directly comparable IFRS financial measure, are provided at Sections 4 and 9 of the Company’s second quarter 2025 MD&A, available on SEDAR+ at www.sedarplus.com, which sections are incorporated by reference into this presentation. 5. Adjusted diluted EPS is a non-IFRS ratio based on adjusted net income (loss) attributable to AtkinsRéalis shareholders from continuing operations, itself a non-IFRS financial measure, and does not have a standardized definition within IFRS and therefore may not be comparable to similar measures presented by other issuers. Further details, including an explanation of the composition and usefulness of this ratio, as well as a calculation of this ratio, are provided at Sections 4 and 9 of the Company’s second quarter 2025 MD&A, available on SEDAR+ at www.sedarplus.com, which sections are incorporated by reference into this presentation. 6. Net limited recourse and recourse debt to Adjusted EBITDA ratio is a non-IFRS ratio based on net limited recourse and recourse debt at the end of a given period and Adjusted EBITDA of the corresponding trailing twelve-month period, both of which are non-IFRS financial measures, and does not have a standardized definition within IFRS and therefore may not be comparable to similar measures presented by other issuers. Further details, including an explanation of the composition and usefulness of this ratio, as well as a calculation of this ratio, are provided at Sections 6 and 9 of the Company’s second quarter 2025 MD&A, available on SEDAR+ at www.sedarplus.com, which sections are incorporated by reference into this presentation. 7. Net limited recourse and recourse debt is a non-IFRS financial measure that does not have a standardized definition within IFRS and therefore may not be comparable to similar measures presented by other issuers. Further details, including a reconciliation of this non-IFRS financial measure to the most directly comparable financial measure, are provided at Sections 6 and 9 of the Company’s second quarter 2025 MD&A, available on SEDAR+ at www.sedarplus.com, which sections are incorporated by reference into this presentation. 8. Adjusted EBITDA is a non-IFRS financial measure that does not have a standardized definition within IFRS and therefore may not be comparable to similar measures presented by other issuers. Further details, including an explanation of the composition and usefulness of this measure, as well as a reconciliation to the most directly comparable IFRS financial measure, are provided at Sections 4 and 9 of the Company’s second quarter 2025 MD&A, available on SEDAR+ at www.sedarplus.com, which sections are incorporated by reference into this presentation. 9. Free cash flow (usage) is a non-IFRS financial measure that does not have a standardized definition within IFRS and therefore may not be comparable to similar measures presented by other issuers. Further details, including an explanation of the composition and usefulness of this measure, as well as a reconciliation to the most directly comparable IFRS financial measure, are provided at Sections 6 and 9 of the Company’s second quarter 2025 MD&A, available on SEDAR+ at www.sedarplus.com, which sections are incorporated by reference into this presentation. 10. Free cash flow to Adjusted net income (loss) attributable to AtkinsRéalis shareholders ratio is a non-IFRS ratio based on free cash flow and Adjusted net income (loss) attributable to AtkinsRéalis shareholders, both non- IFRS financial measures, and does not have a standardized definition within IFRS and therefore may not be comparable to similar measures presented by other issuers. Further details, including an explanation of the composition and usefulness of this ratio, as well as a calculation of this ratio, are provided at Sections 6 and 9 of the Company’s second quarter 2025 MD&A, available on SEDAR+ at www.sedarplus.com, which section is incorporated by reference into this presentation. 11. National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) defines a “total of segments measure” as a financial measure disclosed by an issuer that is a subtotal or total of two or more reportable segments of an entity, is not a component of a line item disclosed in the primary financial statements of the entity, is disclosed in the notes to the financial statements of the entity, and is not disclosed in the primary financial statements of the entity. Revenues, Backlog and Segment Adjusted EBIT for each of Engineering Services Regions and AtkinsRéalis Services are total of segments measures, as defined in NI 52-112. Further details, including calculations and reconciliations to the most directly comparable IFRS financial measure, are provided at Sections 4 and 9 of the Company’s second quarter 2025 MD&A, available on SEDAR+ at www.sedarplus.com, which sections are incorporated by reference into this presentation. 25