A de-risked, investment-grade engineering leader poised to re-rate as nuclear refurbishment, SMR work, and a record backlog replace the legacy LSTK drag.
Overview
AtkinsRéalis (formerly SNC-Lavalin) has completed a multi-year transformation into a de-risked, investment-grade global engineering and nuclear services leader. The pivotal step was the 2025 divestment of its remaining Highway 407 ETR interest, which materially strengthened liquidity, enabled debt repayment and buybacks, and allowed management to focus on higher-margin, repeatable professional services. In FY2025, revenue reached CA$11.0B (+14% YoY) and backlog hit a record CA$21.2B (+22%), providing strong multi-year visibility. The business is now overwhelmingly Services (~98% of revenue) across Engineering Services Regions, Nuclear, and Linxon, with only a small residual LSTK legacy tail. Nuclear is emerging as the key differentiated growth engine, supported by CANDU IP, refurbishment demand, Romania’s new build pipeline, and SMR participation at Darlington. Near-term volatility persists from final LSTK losses, but the strategic pivot is largely complete and the financial foundation is the strongest in the company’s history.