AtkinsRéalis Group Inc.

Good day, and welcome to the Atkins Realist fourth quarter 2025 conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question, please press star-1-1 on your touchstone telephone. As a reminder, this call is being recorded. I would like to turn the call over to Dennis Jasmine, Vice President, Investor Relations. Please go ahead.

Thank you, Michelle. Bonjour tout le monde. Good morning, everyone, and thank you for joining us today. For those dialing in, we invite you to do the slide presentation that we have posted in the investors section of our website, which we will refer to during this call. So this call is also webcast. With me today are Ian Edwards, Chief Executive Officer, and Jeff Bell, Chief Financial Officer. Before we begin, I would like to ask everyone to limit themselves to one or two questions to ensure that all analysts have an opportunity to participate. You are welcome to return to the queue for any follow-up questions. I would like to draw your attention to slide two. Comments made on today's call may contain forward-looking information. This information, by its nature, is subject to assumption, risks, and uncertainties, and as such, actual results may differ materially from the views expressed today. For further information on these assumptions, risks, and uncertainties, please consult the company's relevant findings on CEDAW+. These documents are also available on our website. Also during the call, we may refer to certain non-IFRS financial measures. Reconciliation of these amounts to the corresponding IFRS financial measures are reflected in our earnings relief and MD&E, which can be found on SEDAR Plus and our website. And now I'll pass the call over to Ian Edwards. Ian?

Thank you, Denis. Good morning, everyone, and thanks for joining us today. I'm going to begin today's call by providing an overview of our performance for the fourth quarter and the full year. Before I pass it to Jeff to provide more detail on our financial results and our 2026 outlook, we will then open it up for questions. But before getting started, I wanted to highlight just how far we have come over the last several years. We set out in 2019 to transform Atkins Realis into a world-class engineering services and nuclear-focused company. We have now achieved that. We did this because we fundamentally believe that our capabilities and competitive advantage in these two areas will create the most value for shareholders. And just as importantly, we've built a world-class culture and have attracted and retained exceptional talent that is vital for the long-term growth of the company. 2025 was a pivotal year for Atkins Realis, and I'm proud of what we've accomplished and excited to share those highlights with you today. So let's get started on slide three. We concluded the first year of our delivering excellence and driving growth strategy with strong results. We remain focused on delivering for our clients and expanding our foothold in key growth markets, both organically and through strategic acquisitions. This resulted in strong revenue growth, continued progress on our margin enhancement program and a record-breaking backlog. Our diversified portfolio enables us consistent performance across our primary business segments and regions through the economic cycle. This year, for Atkins Realist Services, we generated a record high revenue of $11 billion, representing 16% organic growth and close to 10% segment-adjusted EBIT, to segment revenue ratio. Our record-breaking backlog for Atkins Realis services now sits at 21 billion as at the end of 2025, which represents growth of 23% versus the end of 2024. It was an excellent first year of our three-year strategy, and the progress we made in 2025 is setting us up for continued growth across our regions and in markets for the foreseeable future. On slide four, we outlined our success against our 2025 financial outlook and related strategic accomplishments. We completed the sale of our remaining interest in Highway 407 for $2.6 billion, which enabled debt repayment and ultimately led to achieving an investment-grade credit rating. We generated $461 million in net cash from operating activities, well above our target, highlighting the cash-generating nature of Atkins Realis. We deployed our advantaged financial position to return significant capital to shareholders via accretive share repurchases and accelerated our strategy with three acquisitions. We won several major nuclear contracts including the Pickering refurbishment and the Darlington SMR execution phase, leading to an end-of-year record-breaking backlog for our nuclear business. And we continue to focus on building our culture. We achieved a top quartile benchmark employee engagement score of 86%, while increasing our headcount by 1,800 employees. 2025 also marks the completion of the transformation of our business, focused on being a world-class engineering services and nuclear business. And our financial reporting will be adjusted to reflect this. Our fourth quarter performance on slide five highlights our ability to both grow and operate more efficiently across the business. We delivered another strong quarter of Atkins Realis services revenue growth. up 17% year-over-year or 11% on an organic basis. Engineering Services Region's revenue reached a quarterly record high of approximately $2 billion, while nuclear revenue organically grew 28% to a quarterly record high of $600 million. We also improved our Engineering Services Region's EBITDA margin, highlighting the work we have done across the business including leveraging technology and innovative delivery models such as artificial intelligence to improve productivity, safety, quality and predictability. These new productivity enhancement technologies enabled us to find more innovative solutions and deliver more work for our clients. Our total backlog reached a new record high this quarter as our expertise across engineering services and nuclear