Earnings release
Page 1
1 FOR IMMEDIATE RELEASE AtkinsRéalis Reports Third Quarter 2025 Results • Total revenue of $2.8 billion, up 15% over Q3 2024 • AtkinsRéalis Services revenue(1) and Segment Adjusted EBIT(1) both up 17% • Diluted EPS from PS&PM of $0.84, up 68%, and Adjusted diluted EPS from PS&PM(2) of $1.06, up 68% over Q3 2024 • Net cash generated from operating activities of $123 million • Total backlog of $21.0 billion, a new record high MONTREAL: November 13, 2025 – AtkinsRéalis Group Inc. (TSX: ATRL), a world-class engineering services and nuclear company with offices around the world, today announced its financial results for the third quarter ended September 30, 2025. AtkinsRéalis reports strong Q3 results, delivering yea r-over-year increases of 15% in revenue , 9% in Segment Adjusted EBIT, including a 50 basis points increase in Adjusted EBITDA from PS&PM to PS&PM revenue ratio from PS&PM(2)(6), and 68% in diluted earnings per share (“Diluted EPS”) from PS&PM. Net cash generation from operating activities was also strong in the quarter, generating $123 million, while the Company’s total backlog increased 20% compared to December 31, 2024, to a new record high. “Our third quarter performance highlights our ability to both grow and operate more efficiently across the business, with AtkinsRéalis Services revenue organically increasing approximately 11% and a record high Adjusted EBITDA margin of 10% from PS&PM,” said Ian L. Edwards, President and CEO of AtkinsRéalis. “The combination of our Engineering Services and Nuclear businesses provides us with a unique competitive mix, which we believe should continue to enable strong growth. We are also very pleased to have announced the acquisition of C2AE, advancing our Land and Expand strategy in the U.S. I remain proud of our 40,000 colleagues who have worked tirelessly to position AtkinsRéalis to meet the growing demand for our services in addressing an aging infrastructure and global shift towards a cleaner energy future.” Q3 2025 Financial Highlights (All results reflect comparisons to prior-year period of Q3 2024, except as otherwise indicated) (Engineering Services Regions is comprised of the following reportable segments: Canada, United Kingdom & Ireland (“UKI”), United States & Latin America (“USLA”) and Asia, Middle East & Australia (“AMEA”)) • AtkinsRéalis Services revenue (1) totaled $2.8 billion, an increase of 17.5%, or 10.7% on an organic revenue growth(2)(3) basis - Engineering Services Regions revenue(1) totaled a quarterly record high of $1.9 billion, an increase of 8.2%, or 0.1% on an organic revenue growth(2)(3) basis - Nuclear revenue totaled a quarterly record high of $596.5 million, an increase of 61.7%, or 59.9% on an organic revenue growth(2)(3) basis
Page 2
2 - Linxon revenue totaled $224.5 million, an increase of 18.8%, or 15.4% on an organic revenue growth(2)(3) basis • AtkinsRéalis Services Segment Adjusted EBIT(1) increased by 17.1% to $279.3 million - Segment Adjusted EBIT for Engineering Services Regions (1) increased by 7.6% to a quarterly record high of $200.5 million, representing a Segment Adjusted EBIT to segment revenue ratio of 10.3%. Segment Adjusted EBITDA to segment net revenue ratio(2)(4) was 17.2%, an increase of 30 basis points - Segment Adjusted EBIT for Nuclear increased by 44.2% to a quarterly record high of $66.0 million, representing a Segment Adjusted EBIT to segment revenue ratio of 11.1% - Segment Adjusted EBIT for Linxon almost doubled t o $12.8 million, representing a Segment Adjusted EBIT to segment revenue ratio of 5.7% • LSTK Projects Segment Adjusted EBIT was negative $19.3 million • Adjusted EBITDA from PS&PM (2) increased by 20.7% to $ 281.5 million, representing a record high Adjusted EBITDA from PS&PM to PS&PM revenue ratio(2)(6) of 10.1%, an increase of 50 basis points • Backlog reached a new record high totaling $21.0 billion as at September 30, 2025, an increase of 20.2% from December 31, 2024 and 23.1% from September 30, 2024 • Net income attributable to AtkinsRéalis shareholders increased by 41.5% to $146.7 million, or $0.88 per diluted share, compared to $103.7 million, or $0.59 per diluted share in Q3 2024 • Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM (2) increased by 60.0% to $176.1 million, or $1.06 per diluted share, compared to $110.1 million, or $0.63 per diluted share in Q3 2024 • Net cash generated from operating activities was $123.4 million. Cash and cash equivalents as at September 30, 2025, totaled $990.7 million 2025 Outlook (Further Revised) The Company is adjusting its Engineering Services Regions (1) 2025 organic revenue growth (2)(3) outlook over 2024 to low-single digit percentage, from the previous expectation of mid-single digit percentage , mainly reflecting lower than expected revenue growth in the USLA and AMEA segments, while raising its Nuclear revenue outlook for full year 2025 to between $2.2 billion and $2.3 billion, from the previous range of between $2.0 billion and $2.1 billion, reflecting continued strong backlog and revenue growth year-to- date. All other financial outlook metrics for full year 202 5, issued on March 1 3, 2025, in the Q4 202 4 press release, and as updated on May 15, 2025, in the Q1 2025 press release and on August 7, 2025, in the Q2 2025 press release, are maintained.
Page 3
3 Third Quarter Financial Results Professional Services & Project Management are collectively referred to as “PS&PM” to distinguish them from “Capital” activities. PS&PM groups together the Company’s segments, namely Engineering Services Regions (Canada, United Kingdom & Ireland ( “UKI”), United States & Latin America ( “USLA”), and Asia, Middle East, & Australia ( “AMEA”)), Nuclear, Linxon, and Lump -Sum Turnkey (“LSTK”) Projects, while Capital is its own reportable segment and separate from PS&PM. Net income attributable to AtkinsRéalis shareholders in the third quarter of 202 5 was $146.7 million, compared to $103.7 million for the corresponding period in 2024. The increase was mainly due to higher Segment Adjusted EBIT and lower net financial and income tax expenses. IFRS Financial Highlights Q3 2025 Q3 2024 2025A 2024A Revenues From PS&PM 2,794.2 2,423.9 8,018.3 7,017.7 From Capital 13.6 28.2 50.1 62.6 2,807.8 2,452.1 8,068.4 7,080.3 Attributable to AtkinsRéalis shareholders Net income From PS&PM 140.3 87.9 275.8 209.4 From Capital 6.4 15.8 2,257.5 22.0 146.7 103.7 2,533.3 231.4 Diluted EPS From PS&PM ($) 0.84 0.50 1.60 1.19 From Capital ($) 0.04 0.09 13.13 0.13 0.88 0.59 14.73 1.32 Non-IFRS Financial Highlights Q3 2025 Q3 2024 2025A 2024A Attributable to AtkinsRéalis shareholders Adjusted net income from PS&PM(2) 176.1 110.1 411.6 269.2 Adjusted diluted EPS from PS&PM(2)(5) ($) 1.06 0.63 2.39 1.53 Adjusted EBITDA from PS&PM(2) 281.5 233.2 737.6 595.6
Page 4
4 Segment Performance Q3 2025 Q3 2024 2025A 2024A Revenues AtkinsRéalis Services Engineering Services Regions 1,939.3 1,791.9 5,534.0 5,257.6 Nuclear 596.5 368.9 1,702.1 1,025.1 Linxon 224.5 189.0 664.6 534.8 Total 2,760.3 2,349.8 7,900.7 6,817.5 LSTK Projects 33.9 74.0 117.6 200.2 Capital 13.6 28.2 50.1 62.6 2,807.8 2,452.1 8,068.4 7,080.3 Segment Adjusted EBIT AtkinsRéalis Services Engineering Services Regions 200.5 186.3 522.5 489.7 Nuclear 66.0 45.7 192.4 128.2 Linxon 12.8 6.5 34.3 11.3 Total 279.3 238.5 749.2 629.1 LSTK Projects (19.3) (17.7) (52.8) (49.2) Capital 9.2 25.1 37.7 48.4 269.2 245.9 734.2 628.3 Backlog as at September 30 AtkinsRéalis Services Engineering Services Regions 13,045.2 12,031.3 Nuclear 5,424.5 3,221.1 Linxon 2,371.3 1,584.8 Total 20,841.0 16,837.3 LSTK Projects 115.9 190.1 Capital 23.0 21.7 20,979.9 17,049.0 All figures in millions of Canadian dollars, except as otherwise indicated Certain totals and subtotals may not reconcile due to rounding A For the nine-month period ended September 30 Quarterly Dividend The Board of Directors today declared a cash dividend of $0.02 per share, unchanged from the previous quarter. The dividend is payable on December 11, 2025 to shareholders of record on November 27, 2025. This dividend is an “eligible dividend” for Canadian federal and provincial income tax purposes. Third Quarter 2025 Conference Call / Webcast AtkinsRéalis will hold a webcast and conference call today at 8:00 a.m. (Eastern Time) to discuss and present its third quarter financial results. The live webcast of the conference call can be accessed through a link posted on the Company’s website at www.atkinsrealis.com/en/investors or using this link. To
Page 5
5 participate to the conference call, please pre-register using this link. Registrants will receive a confirmation email with dial-in details and a unique access code required to join the live call. A recording of the webcast and a transcript of the conference call will be available on the Company’s website within 24 hours following the call. About AtkinsRéalis Created by the integration of long-standing organizations dating back to 1911, AtkinsRéalis is a world-class engineering services and nuclear company dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, data and technology to transform the world’s infrastructure and energy systems. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital. The breadth and depth of our capabilities are delivered to clients in strategic sectors such as Engineering Services, Nuclear and Capital. News and information are available at www.atkinsrealis.com or follow us on LinkedIn. Non-IFRS Financial Measures and Ratios, Supplementary Financial Measures, Total of Segments Measures and Non-Financial Information 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 segments measures and non -financial information are used by the Company in this press release: Organic revenue growth (contraction), EBITDA, Adjusted EBITDA, Segment Adjusted EBITDA, Adjusted net income (loss) attributable to AtkinsRéalis shareholders, Adjusted diluted EPS, Segment Adjusted EBITDA to segmen t net revenue ratio , Adjusted EBITDA from PS&PM to PS&PM revenue ratio and Segment net revenue , as well as certain measures for various reportable segments that are grouped together, such as 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 below and in Sections 4 and 9 of the Company’s Management’s Discussion and Analysis (“ MD&A”) for the third quarter of 2025 , which sections are incorporated by reference into this press release, 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. 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 . Such non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures 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. However, management believes that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non -financial information provide additional insight into the Company’s operating
Page 6
6 performance and financial position, and certain investors may use this information to evaluate the Company’s performance from period to period. 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. Reconciliations and calculations of non-IFRS measures and ratios, supplementary financial measures, total of segments measures and non- financial information to the most comparable IFRS measures and ratios are set forth below in the section “Reconciliations and Calculations” of this press release. (1) Total of segments measure. (2) Non-IFRS financial measure or ratio or supplementary financial measure. (3) Organic revenue growth (contraction) ratio is a non-IFRS ratio comparing organic revenue (which excludes foreign exchange and acquisitions and disposals impacts), itself a non-IFRS financial measure, between two periods. See “Calculation of organic revenue growth (contraction)” in the section “Reconciliations and Calculations” of this press release for each non-IFRS financial measure used as a component of this non-IFRS ratio. (4) Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services Regions is a non-IFRS ratio based on Segment Adjusted EBITDA and segment net revenue , both of which are non-IFRS financial measure s. See “Calculation of Segment net revenue and Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services Regions ” in the section “Reconciliations and Calculations” of this press release for each non-IFRS financial measure used as a component of this non-IFRS ratio. (5) Adjusted diluted EPS is a non-IFRS ratio based on adjusted net income (loss) attributable to AtkinsRéalis shareholders , itself a non -IFRS financial measure. See “ Reconciliation of Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM to IFRS net income attributable to AtkinsRéalis shareholders ” in the section “Reconciliations and Calculations” of this press release for each non -IFRS financial measure used as a component of this non-IFRS ratio. (6) Adjusted EBITDA from PS&PM to PS&PM revenue ratio is a non-IFRS ratio based on Adjusted EBITDA from PS&PM and revenue from PS&PM, of which the Adjusted EBITDA from PS&PM is a non -IFRS financial measure. See “Reconciliation of EBITDA and Adjusted EBITDA to IFRS net income and calculation of Adjusted EBITDA to revenue ratio” in the section “Reconciliations and Calculations” of this press r elease for the non- IFRS financial measure used as a component of this non-IFRS ratio.
Page 7
7 Reconciliations and Calculations Reconciliation of Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM to IFRS net income attributable to AtkinsRéalis shareholders Q3 2025 Q3 2024 Before Taxes Taxes After Taxes Diluted EPS (in $) Before Taxes Taxes After Taxes Diluted EPS (in $) Net income attributable to AtkinsRéalis shareholders (IFRS) 146.7 0.88 103.7 0.59 Restructuring and transformation costs 17.4 (4.1) 13.3 9.2 (2.5) 6.7 Amortization of intangible assets related to business combinations 27.7 (5.7) 22.0 19.2 (3.7) 15.5 Acquisition-related costs and integration costs 0.4 - 0.4 - - - Total adjustments 45.5 (9.8) 35.8 0.21 28.4 (6.2) 22.2 0.13 Adjusted net income attributable to AtkinsRéalis shareholders (non-IFRS) 182.4 1.10 125.9 0.72 Net income attributable to AtkinsRéalis shareholders from Capital 6.4 0.04 15.8 0.09 Total adjustments - - - - - - - - Adjusted net income attributable to AtkinsRéalis shareholders from Capital (non-IFRS) 6.4 0.04 15.8 0.09 Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM (non-IFRS) 176.1 1.06 110.1 0.63
Page 8
8 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Before Taxes Taxes After Taxes Diluted EPS (In $) Before Taxes Taxes After Taxes Diluted EPS (In $) Net income attributable to AtkinsRéalis shareholders (IFRS) 2,533.3 14.73 231.4 1.32 Restructuring and transformation costs 80.0 (14.4) 65.5 13.3 (3.6) 9.7 Amortization of intangible assets related to business combinations 73.8 (14.9) 58.9 61.1 (11.9) 49.3 Acquisition-related costs and integration costs 11.3 - 11.3 0.9 - 0.9 Gain on disposal of a Capital investment (2,569.9) 333.1 (2,236.8) - - - Total adjustments (2,404.9) 303.8 (2,101.1) (12.22) 75.3 (15.5) 59.8 0.34 Adjusted net income attributable to AtkinsRéalis shareholders (non-IFRS) 432.2 2.51 291.3 1.66 Net income attributable to AtkinsRéalis shareholders from Capital 2,257.5 13.13 22.0 0.13 Gain on disposal of a Capital investment (2,569.9) 333.1 (2,236.8) - - - Total adjustments (2,569.9) 333.1 (2,236.8) (13.01) - - - - Adjusted net income attributable to AtkinsRéalis shareholders from Capital (non-IFRS) 20.6 0.12 22.0 0.13 Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM (non-IFRS) 411.6 2.39 269.2 1.53 Note that certain totals and subtotals may not reconcile due to rounding All figures in millions of Canadian dollars, except as otherwise indicated
Page 9
9 Reconciliation of EBITDA and Adjusted EBITDA to IFRS net income and calculation of Adjusted EBITDA to revenue ratio Q3 2025 Q3 2024 From PS&PM From Capital Total From PS&PM From Capital Total Revenues 2,794.2 13.6 2,807.8 2,423.9 28.2 2,452.1 Net income 144.1 6.4 150.5 90.1 15.8 105.9 Net financial expenses 21.3 0.8 22.1 39.1 1.7 40.8 Income tax expense 23.3 0.6 23.9 35.9 0.6 36.4 EBIT 188.8 7.7 196.5 165.0 18.1 183.1 Depreciation and amortization 74.9 - 74.9 59.0 - 59.0 EBITDA 263.7 7.7 271.4 224.0 18.1 242.1 Restructuring and transformation costs 17.4 - 17.4 9.2 - 9.2 Acquisition-related costs and integration costs 0.4 - 0.4 - - - Adjusted EBITDA 281.5 7.7 289.2 233.2 18.1 251.3 Adjusted EBITDA to revenue ratio 10.1% 56.8% 10.3% 9.6% 64.1% 10.2% Nine months ended September 30, 2025 Nine months ended September 30, 2024 From PS&PM From Capital Total From PS&PM From Capital Total Revenues 8,018.3 50.1 8,068.4 7,017.7 62.6 7,080.3 Net income 284.6 2,257.5 2,542.1 213.5 22.0 235.6 Net financial expenses 96.6 2.2 98.9 117.5 4.6 122.1 Income tax expense 56.4 332.4 388.8 67.5 0.6 68.1 EBIT 437.6 2,592.1 3,029.7 398.5 27.3 425.8 Depreciation and amortization 208.7 - 208.7 182.9 - 182.9 EBITDA 646.3 2,592.1 3,238.5 581.4 27.3 608.7 Restructuring and transformation costs 80.0 - 80.0 13.3 - 13.3 Acquisition-related costs and integration costs 11.3 - 11.3 0.9 - 0.9 Gain on disposal of a Capital investment - (2,569.9) (2,569.9) - - - Adjusted EBITDA 737.6 22.2 759.8 595.6 27.3 622.9 Adjusted EBITDA to revenue ratio 9.2% 44.3% 9.4% 8.5% 43.7% 8.8% Note that certain totals and subtotals may not reconcile due to rounding All figures in millions of Canadian dollars, except as otherwise indicated
Page 10
10 Components of Engineering Services Regions Q3 2025 Q3 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Revenues Canada 352.0 348.4 1,043.8 1,091.7 UKI 714.1 650.4 2,045.2 1,860.3 USLA 540.4 429.1 1,484.7 1,280.5 AMEA 332.9 364.0 960.4 1,025.1 Engineering Services Regions 1,939.3 1,791.9 5,534.0 5,257.6 Segment Adjusted EBIT Canada 30.3 28.7 72.9 61.7 UKI 87.7 79.8 240.8 208.8 USLA 54.2 43.8 137.0 119.3 AMEA 28.3 34.0 71.9 99.8 Engineering Services Regions 200.5 186.3 522.5 489.7 September 30, 2025 September 30, 2024 Backlog Canada 7,833.4 7,431.4 UKI 1,904.3 1,661.6 USLA 1,786.0 1,613.2 AMEA 1,521.5 1,325.2 Engineering Services Regions 13,045.2 12,031.3 Note that certain totals and subtotals may not reconcile due to rounding All figures in millions of Canadian dollars Reconciliation of Segment Adjusted EBIT to Segment Adjusted EBITDA for Engineering Services Regions Q3 2025 Q3 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Segment Adjusted EBIT – Engineering Services Regions 200.5 186.3 522.5 489.7 Depreciation and amortization – Engineering Services Regions 38.0 31.6 109.3 94.5 Segment Adjusted EBITDA – Engineering Services Regions 238.5 217.9 631.8 584.1 Note that certain totals and subtotals may not reconcile due to rounding All figures in millions of Canadian dollars
Page 11
11 Calculation of Segment net revenue and Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services Regions Q3 2025 Q3 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 Revenue – Engineering Services Regions 1,939.3 1,791.9 5,534.0 5,257.6 Less: Direct costs for sub-contractors and other direct expenses that are recoverable directly from clients – Engineering Services Regions 553.1 503.2 1,571.7 1,548.7 Segment net revenue – Engineering Services Regions 1,386.2 1,288.7 3,962.3 3,708.9 Segment Adjusted EBITDA – Engineering Services Regions 238.5 217.9 631.8 584.1 Segment Adjusted EBITDA to segment net revenue ratio – Engineering Services Regions 17.2% 16.9% 15.9% 15.7% Engineering Services Regions comprises Canada, UKI, USLA and AMEA segments Note that certain totals and subtotals may not reconcile due to rounding All figures in millions of Canadian dollars, except as otherwise indicated Calculation of organic revenue growth (contraction) Revenues Q3 2025 Revenues Q3 2024 Variance Foreign exchange impact Acquisitions / Disposals impact Organic revenue growth Engineering Services Regions 1,939.3 1,791.9 147.4 39.7 106.7 1.0 Nuclear 596.5 368.9 227.5 6.5 - 221.1 Linxon 224.5 189.0 35.5 6.5 - 29.0 Total – AtkinsRéalis Services 2,760.3 2,349.8 410.5 52.7 106.7 251.1 Revenues Q3 2025 Revenues Q3 2024 Variance Foreign exchange impact Acquisitions / Disposals impact Organic revenue growth Engineering Services Regions 1,939.3 1,791.9 8.2% 2.2% 6.0% 0.1% Nuclear 596.5 368.9 61.7% 1.7% - 59.9% Linxon 224.5 189.0 18.8% 3.4% - 15.4% Total – AtkinsRéalis Services 2,760.3 2,349.8 17.5% 2.2% 4.5% 10.7% Revenues Q3 2024 Revenues Q3 2023 Variance Foreign exchange impact Acquisitions / Disposals impact Organic revenue growth Engineering Services Regions 1,791.9 1,632.9 159.0 31.4 (9.7) 137.3 Nuclear 368.9 270.5 98.4 4.6 - 93.8 Linxon 189.0 140.1 48.9 3.6 - 45.3 Total – AtkinsRéalis Services 2,349.8 2,043.5 306.3 39.6 (9.7) 276.3
Page 12
12 Revenues Q3 2024 Revenues Q3 2023 Variance Foreign exchange impact Acquisitions / Disposals impact Organic revenue growth Engineering Services Regions 1,791.9 1,632.9 9.7% 1.9% (0.6)% 8.4% Nuclear 368.9 270.5 36.4% 1.7% - 34.7% Linxon 189.0 140.1 34.9% 2.6% - 32.3% Total – AtkinsRéalis Services 2,349.8 2,043.5 15.0% 1.9% (0.5)% 13.5% Revenues Nine months ended September 30, 2025 Revenues Nine months ended September 30, 2024 Variance Foreign exchange impact Acquisitions / Disposals impact Organic revenue growth (contraction) Engineering Services Regions 5,534.0 5,257.6 276.4 163.1 197.2 (83.8) Nuclear 1,702.1 1,025.1 676.9 24.8 - 652.1 Linxon 664.6 534.8 129.9 22.7 - 107.2 Total – AtkinsRéalis Services 7,900.7 6,817.5 1,083.2 210.5 197.2 675.5 Revenues Nine months ended September 30, 2025 Revenues Nine months ended September 30, 2024 Variance Foreign exchange impact Acquisitions / Disposals impact Organic revenue growth (contraction) Engineering Services Regions 5,534.0 5,257.6 5.3% 3.1% 3.8% (1.6)% Nuclear 1,702.1 1,025.1 66.0% 2.4% - 63.6% Linxon 664.6 534.8 24.3% 4.2% - 20.0% Total – AtkinsRéalis Services 7,900.7 6,817.5 15.9% 3.1% 2.9% 9.9% Revenues Nine months ended September 30, 2024 Revenues Niner months ended September 30, 2023 Variance Foreign exchange impact Acquisitions / Disposals impact Organic revenue growth Engineering Services Regions 5,257.6 4,668.0 589.5 79.2 (77.8) 588.2 Nuclear 1,025.1 766.0 259.1 11.5 - 247.6 Linxon 534.8 403.9 130.9 7.7 - 123.2 Total – AtkinsRéalis Services 6,817.5 5,837.9 979.6 98.4 (77.8) 959.0 Revenues Nine months ended September 30, 2024 Revenues Nine months ended September 30, 2023 Variance Foreign exchange impact Acquisitions / Disposals impact Organic revenue growth Engineering Services Regions 5,257.6 4,668.0 12.6% 1.7% (1.7)% 12.6% Nuclear 1,025.1 766.0 33.8% 1.5% - 32.3% Linxon 534.8 403.9 32.4% 1.9% - 30.5% Total – AtkinsRéalis Services 6,817.5 5,837.9 16.8% 1.7% (1.3)% 16.4% Note that certain totals and subtotals may not reconcile due to rounding All figures in millions of Canadian dollars, except as otherwise indicated
Page 13
13 Forward-Looking Statements References in this press release, and hereafter, to the “Company”, “AtkinsRéalis”, “we”, “us” and “our” mean, as the context may require, AtkinsRéalis Group Inc. and all or some of its subsidiaries or joint arrangements or associates , or AtkinsRéalis Group Inc. or one or more of its subsidiaries or joint arrangements or associates. Statements made in this press release 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 press release 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, indebtedn ess, 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. Forward-looking statements made in this press release are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The assumptions are set out throughout the Company’s 2024 Annual MD&A (particularly in the sections entitled “Critical Accounting Judgements and Key Sources of Estimation Uncertainty” and “How We Analyze and Report Our Results” ). 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. These risks include, but are not limited to , matters relating to : (a) contract awards and timing ; (b) contract liability and execution risk; (c) backlog and contracts with termination for convenience provisions; (d) competition; (e) qualified personnel; (f) international operations; (g) risks relating to the Company’s Nuclear segment; (h) research and development activities and related investments; (i) acquisition and integration of businesses; (j) divestitures and the sale of significant assets; (k) dependence on third parties; ( l) supply chain disruptions; ( m) joint arrangements and partnerships; (n) cybersecurity, information systems and data and compliance with privacy legislation ; (o) Artificial Intelligence ( “AI”) and other innovative technologies; ( p) being a provider of services to government agencies; (q) strategic direction; (r) professional liability or liability for faulty services; (s) monetary damages and penalties in connection with professional and engineering reports and opinions; ( t) gaps in insurance coverage; ( u) health and safety; ( v) work stoppages, union negotiations and other labour matters; (w) epidemics, pandemics and other health cris es; (x) global climate change, extreme weather conditions and the impact of natural or other disasters; ( y) Environmental, Social and Governance (“ESG”); (z) intellectual property; (aa) ownership interests in investments; (bb) Lump-sum turnkey (“LSTK”) contracts; (cc) liquidity and financial position; (dd) indebtedness; (ee) impact of operating results and level of
Page 14
14 indebtedness on financial situation; ( ff) dependence on subsidiaries to help repay indebtedness; (gg) dividends; (hh) post-employment benefit obligations, including pension-related obligations; (ii) working capital requirements; ( jj) collection from customers; ( kk) impairment of goodwill and other non-current intangible and tangible assets; ( ll) the impact on the Company of legal and regulatory proceedings, investigations and dispute settlements ; (mm) employee, agent or partner misconduct or failure to comply with anti -corruption and other government laws and regulations; (nn) reputation of the Company; (oo) inherent limitations to the Company’s control framework; (pp) regulatory framework; (qq) global economic conditions; (rr) inflation; (ss) fluctuations in commodity prices; and (tt) income taxes. The Company cautions that the foregoing list of factors is not exhaustive. For more information on risks and uncertainties, and assumptions that could cause the Company’s actual results to differ from current expectations, please refer to the sections “Ris ks and Uncertainties”, “How We Analyze and Report Our Results” and “Critical Accounting Judgements and Key Sources of Estimation Uncertainty” in the Company’s 2024 Annual MD&A and as may be updated from time to time in the Company’s 2025 interim quarterly MD&A 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. The forward -looking statements herein reflect the Company’s expectations as at the date of this press release 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. For More Information: Media Investors Laurence Myre Leroux Denis Jasmin Manager, External Communications and Media Relations Vice President, Investor Relations 514-393-8000 ext. 57553 media@atkinsrealis.com denis.jasmin@atkinsrealis.com The Company’s unaudited interim condensed consolidated financial statements for the three-month and nine-month periods ended September 30, 2025 and 2024, together with its Management’s Discussion and Analysis for the corresponding periods, can be accessed on the Company’s website at www.atkinsrealis.com and on www.sedarplus.com.