AtkinsRéalis Group (ATRL) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $11B in 2025, with 16% organic growth in services and a 23% increase in backlog to $21B year-over-year.

• Completed transformation to a focused engineering services and nuclear company, with strong performance across all regions and segments, and executed significant M&A activity.

• Major project milestones delivered, including Darlington nuclear refurbishment ahead of schedule and under budget, and substantial completion of the Eglinton rail project.

• Returned capital to shareholders through share buybacks and paid down debt, achieving investment-grade credit rating.

• Record employee engagement and headcount growth, supporting long-term business objectives.

Financial highlights

• Q4 revenue up 13% year-over-year to $2.9B; full-year revenue up 14% to $11B.

• Segment adjusted EBIT up 10% in Q4 to $238M; full-year segment adjusted EBIT up 15% to $973M.

• IFRS diluted EPS in Q4 up 90% to $0.57; adjusted EPS from PS&PM up 273% to $0.97.

• Net income for the year $2.6B, or $15.41 per share, including Highway 407 gain; adjusted EPS up 88% to $3.36.

• Free cash flow for the year at $199M after CapEx of $177M; Q4 free cash flow at $319M.

Outlook and guidance

• 2026 organic revenue growth expected at 5%-7% for engineering services regions; Nuclear segment revenue expected to reach ~$2.5B in 2026, with EBIT margin 11%-12%.

• Nuclear annual revenue target raised to $2.6B-$3B by 2027; long-term EBIT margin expected at 12%-14%.

• CapEx guidance for 2026: $175M-$200M; net cash from operations expected at ~$500M.

• Adjusted EBITDA expected to be more weighted to H2 2026 due to seasonality.

• Quarterly dividend maintained at $0.02 per share.