Business strategy

• Deliver, for the 2025 – 2027 period, organic revenue Compound Annual Growth Rate (“CAGR”)^1,2 of greater than 8% in Engineering Services Regions³, with a Segment Adjusted EBITDA to segment net revenue ratio^1,4 of between 17% and 18% by 2027
• Deliver, by 2027, between $1.8 and $2.0 billion of annual revenue in Nuclear, with a Segment Adjusted EBIT to segment revenue ratio of between 12% and 14%
• Maintain, on an annual basis, a Net limited recourse and recourse debt to Adjusted EBITDA ratio^1,5 of between 1.0 and 2.0 times and between ~80% and 90% Free cash flow to Adjusted net income ratio^1,6
• Sell, before the end of 2027, AtkinsRéalis’ interest in Highway 407 ETR
  
  

⁽¹⁾ Non-IFRS financial measure or ratio or supplementary financial measure. For more information please refer to the section “Non-IFRS Financial Measures and Ratios, Supplementary Financial Measures, Total of Segments Measures and Non-Financial Information”, in the Company’s Management’s Discussion and Analysis (“MD&A”) for the second quarter of 2024, available on SEDAR+ at www.sedarplus.com and on the Company's website at www.atkinsrealis.com under the “Investors” section.

⁽²⁾ Organic revenue growth (contraction) is a non-IFRS ratio comparing organic revenue (which excludes foreign exchange and acquisition and disposal impacts), itself a non-IFRS financial measure, between two periods.The organic revenue growth for Engineering Services Regions for 2023 vs 2022 was 20.9% or $1,085.2M.

⁽³⁾ Total of segments measure.

⁽⁴⁾ Segment Adjusted EBITDA to segment net revenue ratio for the Engineering Services Regions is a non-IFRS ratio based on Segment Adjusted EBITDA and segment net revenue, both of which are non-IFRS financial measures. The Segment Adjusted EBITDA to segment net revenue ratio for the Engineering Services Regions for 2023 was 15.0%.

⁽⁵⁾ 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. The Net limited recourse and recourse debt to Adjusted EBITDA ratio at the end of 2023 was 1.8.

⁽⁶⁾ Free cash flow to Adjusted net income 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. Free cash flow to Adjusted net income ratio at the end of 2023 was (8.2)%.

References in this webpage 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 webpage 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 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, and future prospects; 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.

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 “Risks and Uncertainties”, “How We Analyze and Report Our Results” and “Critical Accounting Judgements and Key Sources of Estimation Uncertainty” in the Company’s 2023 Annual MD&A and as updated in the second quarter 2024 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.