AtkinsRéalis Reports Strong First Quarter 2025 Results
Record-high backlog
Record-high Nuclear quarterly revenue and Segment Adjusted EBIT
AtkinsRéalis reports a strong start to the year, delivering Q1 year-over-year increases of 12% in revenue, 25% in Segment Adjusted EBIT and 50% in diluted earnings per share ("Diluted EPS"). The Company's total backlog also continued to be robust with a 17% increase compared to
"We had a strong start to the year, as the energy transition and aging infrastructure continue fueling our markets, where our unique end-to-end engineering expertise positions us for sustained growth. Nuclear performance was particularly strong as continued demand for our nuclear expertise and CANDU life extensions increased our Nuclear backlog above
Q1 2025 Financial Highlights
(All results reflect comparisons to prior-year period of Q1 2024, except as otherwise indicated)
(Engineering Services Regions is comprised of the following reportable segments:
-
AtkinsRéalis Services revenue(1) totaled
$2.5 billion , an increase of 14.8%, or 10.1% on an organic revenue gro wth(2)(3) basis-
Engineering Services Regions revenue(1) totaled
$1.7 billion , an increase of 1.0%, or a decrease of 3.8% on an organic revenue contraction (2)(3) basis -
Nuclear revenue totaled a quarterly record-high of
$538.3 million , an increase of 80.3%, or 76.9% on an organic revenue gro wth(2)(3) basis -
Linxon revenue totaled$223.9 million , an increase of 40.9%, or 35.8% on an organic revenue gro wth(2)(3) basis
-
Engineering Services Regions revenue(1) totaled
-
AtkinsRéalis Services Segment Adjusted EBIT(1) increased by 19.9% to
$223.9 million -
Segment Adjusted EBIT for Engineering Services Regions(1) increased by 3.3% to
$150.8 million , representing a Segment Adjusted EBIT to segment revenue ratio of 8.7%. Segment Adjusted EBITDA to segment net revenue ratio(2)(4) was 14.8% -
Segment Adjusted EBIT for Nuclear increased by 60.8% to a quarterly record high of
$62.7 million , representing a Segment Adjusted EBIT to segment revenue ratio of 11.6% -
Segment Adjusted EBIT for
Linxon was$10.4 million , representing a Segment Adjusted EBIT to segment revenue ratio of 4.6%
-
Segment Adjusted EBIT for Engineering Services Regions(1) increased by 3.3% to
-
LSTK Projects Segment Adjusted EBIT was negative
$14.9 million -
Adjusted EBITDA from PS&PM
(2)
increased by 21.0% to
$211.5 million , representing an Adjusted EBITDA from PS&PM to PS&PM revenue ratio (2)(7) of 8.4%, an increase of 70 basis points -
AtkinsRéalis Services backlog(1) totaled
$20.2 billion as atMarch 31, 2025 , an increase of 32.2% fromMarch 31, 2024 . Backlog for Engineering Services Regions, Nuclear andLinxon all reached new record-high levels - Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM(2) increased by 36.2% to $100.5 million, or
$0.57 per diluted share, compared to$73.8 million , or$0.42 per diluted share in Q1 2024 -
Net income attributable to AtkinsRéalis shareholders increased by
51.9
% to $
69.1
million, or
$0.39 per diluted share, compared to$45.5 million , or$0.26 per diluted share in Q1 2024 - The Company returned $ 25.7 million to shareholders through share repurchases in Q1 2025
- Net cash generated from operating activities of $ 39.3 million
-
Net limited recourse and recourse debt to Adjusted EBITDA ratio(2)(5) was
1.1
as at
March 31, 2025 , in line withDecember 31, 2024 and lower than the ratio of 1.7 as atMarch 31, 2024
2025 Outlook (Revised)
The Company is raising its Nuclear revenue outlook for full year 2025 to between
All other financial outlook metrics for full year 2025, issued on
2025 – 2027 Financial Targets (Revised)
At its Investor Day held on
All other financial targets for 2025 – 2027, as announced on
First 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 (
Net income attributable to AtkinsRéalis shareholders in the first quarter of 2025 was 51.9% higher than the corresponding period in 2024, mainly due to higher Segment Adjusted EBIT from AtkinsRéalis Services, partially offset by higher Restructuring and transformation costs.
IFRS Financial Highlights
|
|
|
Q1 2025A |
Q1 2024A |
Revenues |
|
|
|
|
From PS&PM |
|
|
2,531.8 |
2,257.7 |
From Capital |
|
|
13.8 |
6.6 |
|
|
|
2,545.7 |
2,264.3 |
Attributable to AtkinsRéalis shareholders |
|
|
|
|
Net income (loss) |
|
|
|
|
From PS&PM |
|
|
59.7 |
53.2 |
From Capital |
|
|
9.4 |
(7.7) |
|
|
|
69.1 |
45.5 |
Diluted EPS |
|
|
|
|
From PS&PM ($) |
|
|
0.34 |
0.30 |
From Capital ($) |
|
|
0.05 |
(0.04) |
|
|
|
0.39 |
0.26 |
Non-IFRS Financial Highlights
|
|
|
Q1 2025A |
Q1 2024A |
Attributable to AtkinsRéalis shareholders |
|
|
|
|
Adjusted net income from PS&PM(2) |
|
|
100.5 |
73.8 |
Adjusted diluted EPS from PS&PM(2)(6) ($) |
|
|
0.57 |
0.42 |
Adjusted EBITDA from PS&PM(2) |
|
|
211.5 |
174.8 |
Segment Performance
|
|
|
Q1 2025A |
Q1 2024A |
Revenues |
|
|
|
|
AtkinsRéalis Services |
|
|
|
|
Engineering Services Regions |
|
|
1,736.8 |
1,719.0 |
Nuclear |
|
|
538.3 |
298.6 |
Linxon |
|
|
223.9 |
158.8 |
Total |
|
|
2,498.9 |
2,176.4 |
LSTK Projects |
|
|
32.9 |
81.3 |
Capital |
|
|
13.8 |
6.6 |
|
|
|
2,545.7 |
2,264.3 |
|
|
|
|
|
Segment Adjusted EBIT |
|
|
|
|
AtkinsRéalis Services |
|
|
|
|
Engineering Services Regions |
|
|
150.8 |
146.0 |
Nuclear |
|
|
62.7 |
39.0 |
Linxon |
|
|
10.4 |
1.8 |
Total |
|
|
223.9 |
186.8 |
LSTK Projects |
|
|
(14.9) |
(13.0) |
Capital |
|
|
9.7 |
1.1 |
|
|
|
218.7 |
174.9 |
|
|
|
|
|
Backlog as at |
|
|
|
|
AtkinsRéalis Services |
|
|
|
|
Engineering Services Regions |
|
|
12,715.6 |
11,969.1 |
Nuclear |
|
|
5,248.1 |
1,844.2 |
Linxon |
|
|
2,220.7 |
1,457.2 |
Total |
|
|
20,184.4 |
15,270.5 |
LSTK Projects |
|
|
199.9 |
298.8 |
Capital |
|
|
22.9 |
24.5 |
|
|
|
20,407.2 |
15,593.8 |
All figures in millions of Canadian dollars, except as otherwise indicated |
Certain totals and subtotals may not reconcile due to rounding |
A
For the three-month period ended |
Quarterly Dividend
The Board of Directors today declared a cash dividend of
First Quarter 2025 Conference Call / Webcast
AtkinsRéalis will hold a webcast and conference call today at
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.
Annual Meeting of Shareholders
AtkinsRéalis will also hold its Annual Meeting of Shareholders (the "Meeting") today at
Additional information related to the Meeting can also be found in AtkinsRéalis' 2025 Management Proxy Circular which is available on SEDAR+ at www.sedarplus.com and on the Company's website at www.atkinsrealis.com.
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
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 segment net revenue ratio, Segment net revenue, Net limited recourse and recourse debt to Adjusted EBITDA ratio, and Net limited recourse and recourse debt, 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, 6 and 9 of the Company's Management's Discussion and Analysis ("MD&A") for the first quarter of 2025, which sections are incorporated by reference into this press release, filed with the securities regulatory authorities in
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 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 rati o 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 measures. 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) 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. See "Calculation of Net limited recourse and recourse debt to Adjusted EBITDA ratio" 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 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. |
(7) 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 release for the non-IFRS financial measure used as a component of this non-IFRS ratio. |
Reconciliations and Calculations
Reconciliation of Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM to IFRS net income attributable to AtkinsRéalis shareholders
|
Q1 2025 |
Q1 2024 |
||||||
|
Before Taxes |
Taxes |
After Taxes |
Diluted EPS (in $) |
Before |
Taxes |
After Taxes |
Diluted EPS (in $) |
Net income attributable to AtkinsRéalis shareholders (IFRS) |
|
|
69.1 |
0.39 |
|
|
45.5 |
0.26 |
Restructuring and transformation costs |
28.5 |
(7.1) |
21.4 |
|
4.6 |
(1.1) |
3.4 |
|
Amortization of intangible assets related to business combinations |
19.5 |
(3.8) |
15.7 |
|
20.9 |
(4.1) |
16.9 |
|
Acquisition-related costs and integration costs |
3.7 |
- |
3.7 |
|
0.3 |
- |
0.3 |
|
Total adjustments |
51.7 |
(10.9) |
40.8 |
0.23 |
25.8 |
(5.2) |
20.6 |
0.12 |
Adjusted net income attributable to AtkinsRéalis shareholders (non-IFRS) |
|
|
110.0 |
0.63 |
|
|
66.1 |
0.38 |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to AtkinsRéalis shareholders from Capital |
|
|
9.4 |
0.05 |
|
|
(7.7) |
(0.04) |
Total adjustments |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted net income (loss) attributable to AtkinsRéalis shareholders from Capital (non-IFRS) |
|
|
9.4 |
0.05 |
|
|
(7.7) |
(0.04) |
|
|
|
|
|
|
|
|
|
Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM (non-IFRS) |
|
|
100.5 |
0.57 |
|
|
73.8 |
0.42 |
Note that certain totals and subtotals may not reconcile due to rounding |
All figures in millions of Canadian dollars, except as otherwise indicated |
Reconciliation of EBITDA and Adjusted EBITDA to IFRS net income and calculation of Adjusted EBITDA to revenue ratio
|
Q1 2025 |
Q1 2024 |
||||
|
From PS&PM |
From Capital |
Total |
From PS&PM |
From Capital |
Total |
Revenues |
2,531.8 |
13.8 |
2,545.7 |
2,257.7 |
6.6 |
2,264.3 |
Net income (loss) |
61.2 |
9.4 |
70.6 |
54.2 |
(7.7) |
46.6 |
Net financial expenses |
36.8 |
0.7 |
37.5 |
36.5 |
1.5 |
38.0 |
Income tax expense (recovery) |
20.7 |
(7.5) |
13.3 |
17.3 |
0.3 |
17.6 |
EBIT |
118.7 |
2.7 |
121.4 |
108.1 |
(5.9) |
102.1 |
Depreciation and amortization |
60.5 |
- |
60.5 |
61.9 |
- |
61.9 |
EBITDA |
179.2 |
2.7 |
181.9 |
169.9 |
(5.9) |
164.0 |
Restructuring and transformation costs |
28.5 |
- |
28.5 |
4.6 |
- |
4.6 |
Acquisition-related costs and integration costs |
3.7 |
- |
3.7 |
0.3 |
- |
0.3 |
Adjusted EBITDA |
211.5 |
2.7 |
214.2 |
174.8 |
(5.9) |
168.9 |
Adjusted EBITDA to revenue ratio |
8.4 % |
19.5 % |
8.4 % |
7.7 % |
(90.0) % |
7.5 % |
Note that certain totals and subtotals may not reconcile due to rounding |
All figures in millions of Canadian dollars, except as otherwise indicated |
Components of Engineering Services Regions
|
|
|
Q1 2025 |
Q1 2024 |
Revenues |
|
|
|
|
|
|
|
325.7 |
370.9 |
UKI |
|
|
660.9 |
607.0 |
USLA |
|
|
432.1 |
415.8 |
AMEA |
|
|
318.1 |
325.4 |
Engineering Services Regions |
|
|
1,736.8 |
1,719.0 |
Segment Adjusted EBIT |
|
|
|
|
Canada |
|
|
16.2 |
15.9 |
UKI |
|
|
75.1 |
61.0 |
USLA |
|
|
39.5 |
39.3 |
AMEA |
|
|
20.0 |
29.7 |
Engineering Services Regions |
|
|
150.8 |
146.0 |
|
|
|
2025 |
2024 |
Backlog |
|
|
|
|
Canada |
|
|
7,955.3 |
7,282.4 |
UKI |
|
|
1,832.2 |
1,688.3 |
USLA |
|
|
1,674.0 |
1,574.6 |
AMEA |
|
|
1,254.1 |
1,423.8 |
Engineering Services Regions |
|
|
12,715.6 |
11,969.1 |
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
|
Q1 2025 |
Q1 2024 |
Segment Adjusted EBIT – Engineering Services Regions |
150.8 |
146.0 |
Depreciation and amortization – Engineering Services Regions |
33.0 |
30.8 |
Segment Adjusted EBITDA – Engineering Services Regions |
183.8 |
176.8 |
Note that certain totals and subtotals may not reconcile due to rounding |
All figures in millions of Canadian dollars |
Calculation of Segment net revenue and Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services Regions
|
Q1 2025 |
Q1 2024 |
Revenue – Engineering Services Regions |
1,736.8 |
1,719.0 |
Less: Direct costs for sub-contractors and other direct expenses that are recoverable directly from clients – Engineering Services Regions |
495.1 |
543.4 |
Segment net revenue – Engineering Services Regions |
1,241.7 |
1,175.6 |
Segment Adjusted EBITDA – Engineering Services Regions |
183.8 |
176.8 |
Segment Adjusted EBITDA to segment net revenue ratio – Engineering Services Regions |
14.8 % |
15.0 % |
Engineering Services Regions comprises |
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 Q1 2025 |
Revenues Q1 2024 |
Variance |
Foreign exchange impact |
Acquisitions / Disposals impact |
Organic revenue growth (contraction) |
Engineering Services Regions |
1,736.8 |
1,719.0 |
17.8 |
76.8 |
7.1 |
(66.1) |
Nuclear |
538.3 |
298.6 |
239.7 |
10.2 |
- |
229.5 |
|
223,9 |
158.8 |
65.0 |
8.1 |
- |
56.9 |
Total – AtkinsRéalis Services |
2,498.9 |
2,176.4 |
322.5 |
95.1 |
7.1 |
220.3 |
|
Revenues Q1 2025 |
Revenues Q1 2024 |
Variance |
Foreign exchange impact |
Acquisitions / Disposals impact |
Organic revenue growth (contraction) |
Engineering Services Regions |
1,736.8 |
1,719.0 |
1.0 % |
4.5 % |
0.4 % |
(3.8) % |
Nuclear |
538.3 |
298.6 |
80.3 % |
3.4 % |
- |
76.9 % |
|
223.9 |
158.8 |
40.9 % |
5.1 % |
- |
35.8 % |
Total – AtkinsRéalis Services |
2,498.9 |
2,176.4 |
14.8 % |
4.4 % |
0.3 % |
10.1 % |
|
Revenues Q1 2024 |
Revenues Q1 2023 |
Variance |
Foreign exchange impact |
Acquisitions / Disposals impact |
Organic revenue growth |
Engineering Services Regions |
1,719.0 |
1,470.1 |
249.0 |
21.4 |
(35.5) |
263.0 |
Nuclear |
298.6 |
244.3 |
54.3 |
3.2 |
- |
51.1 |
|
158.8 |
121.5 |
37.3 |
1.1 |
- |
36.2 |
Total – AtkinsRéalis Services |
2,176.4 |
1,835.9 |
340.5 |
25.8 |
(35.5) |
350.3 |
|
Revenues Q1 2024 |
Revenues Q1 2023 |
Variance |
Foreign exchange impact |
Acquisitions / Disposals impact |
Organic revenue growth |
Engineering Services Regions |
1,719.0 |
1,470.1 |
16.9 % |
1.5 % |
(2.4) % |
17.9 % |
Nuclear |
298.6 |
244.3 |
22.2 % |
1.3 % |
- |
20.9 % |
|
158.8 |
121.5 |
30.7 % |
0.9 % |
- |
29.7 % |
Total – AtkinsRéalis Services |
2,176.4 |
1,835.9 |
18.5 % |
1.4 % |
(1.9) % |
19.1 % |
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 Net limited recourse and recourse debt to Adjusted EBITDA ratio
|
2025 |
2024 |
2024 |
Limited recourse debt |
399.1 |
399.0 |
398.5 |
Recourse debt |
1,194.0 |
1,193.4 |
1,491.4 |
Less: Cash and cash equivalents |
627.2 |
666.6 |
557.8 |
Net limited recourse and recourse debt |
965.9 |
925.8 |
1,332.1 |
Adjusted EBITDA (trailing 12 months) |
871.7 |
826.5 |
771.0 |
Net limited recourse and recourse debt to Adjusted EBITDA ratio |
1.1 |
1.1 |
1.7 |
Note that certain totals and subtotals may not reconcile due to rounding |
All figures in millions of Canadian dollars, except as otherwise indicated |
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
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. 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.
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 crises; * 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 indebtedness on financial situation; (ff) security under the CDPQ Loan Agreement (as defined in the Company's 2025 first quarter MD&A); (gg) dependence on subsidiaries to help repay indebtedness; (hh) dividends; (ii) post-employment benefit obligations, including pension-related obligations; (jj) working capital requirements; (kk) collection from customers; (ll) impairment of goodwill and other non-current intangible and tangible assets; (mm) the impact on the Company of legal and regulatory proceedings, investigations and dispute settlements; (nn) employee, agent or partner misconduct or failure to comply with anti-corruption and other government laws and regulations; (oo) reputation of the Company; (pp) inherent limitations to the Company's control framework; (qq) regulatory framework; (rr) global economic conditions; (ss) inflation; (tt) fluctuations in commodity prices; and (uu) 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 "Risks 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
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.
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The Company's unaudited interim condensed consolidated financial statements for the three-month periods ended
SOURCE AtkinsRéalis