Le Lézard
Classified in: Business
Subject: ERN

AtkinsRéalis Reports Strong Fourth Quarter Results and Positive Operating Cash Flows; Introduces 2024 Outlook


MONTREAL, March 1, 2024 /CNW/ - AtkinsRéalis [SNC-Lavalin Group Inc.] (TSX: ATRL), a fully integrated professional services and project management company with offices around the world, today announced its financial results for the full year and fourth quarter ended December 31, 2023, and introduces its 2024 outlook.

AtkinsRéalis delivered strong Q4 and full year results in 2023, with significant year over year increases in revenue, Segment Adjusted EBIT and EPS. The Company's operating cash flow was positive for a second consecutive quarter, with a significant increase year over year, strengthening the Company's balance sheet and lowering the debt leverage ratio to within the Company's target range. The Company's backlog continued to achieve record highs with strong increases in the Engineering Services, Nuclear and Linxon segments.

"We are extremely proud of our performance in 2023 with exceptional results across our businesses and in our core geographies," said Ian L. Edwards, President and CEO of AtkinsRéalis. "We ended the year on a high note with strong fourth quarter financial results, including significant positive operating cash flows. Consequently, our balance sheet achieved our targeted debt leverage ratio a year earlier than expected. Our operational focus and the continued demand for our capabilities, coupled with a stronger balance sheet, provide us with the financial flexibility to drive further value creation in the coming year. This past year proved again that our strategy is working. We have the right people in place to achieve our goals in 2024 and beyond, and I would like to thank them for their loyalty and diligence."

Q4 2023 Financial Highlights
(All results reflect comparisons to prior-year period of Q4 2022, except as otherwise indicated)

Full Year 2023 Financial Highlights
(All results reflect comparisons to full year 2022, except as otherwise indicated)

2024 Financial Reporting ? New Operational Structure to Sustain Growth

Beginning in 2024, AtkinsRéalis has evolved and implemented a new operational structure to unify and simplify the Company in the regions where it operates. Under the new structure, the Engineering Services and O&M segments will be merged and managed by region. Therefore, the Segment disclosure in the Company's 2024 financial statements and Management's Discussion and Analysis will include, under Engineering Services Regions: Canada, United Kingdom & Ireland ("UKI"), United States & Latin America ("USLA"), and Asia, Middle East, & Australia ("AMEA").

In addition, to drive margin expansion and operational excellence through the development, optimization, and deployment of AtkinsRéalis' global capabilities, a permanent Chief Operating Officer ("COO") office has been created.

"Our new operational structure will produce a more effective deployment of our global capabilities locally to all stakeholders. This change will yield even greater value creation for our clients and strengthens our ability to capture key wins," added Mr. Edwards. "We enter 2024 confident that the recent foundational changes we have made ? our new operational structure, our new brand ? coupled with the strong demand for our global services should further drive sustainable profitable growth and shareholder value creation."

In 2024, the Company will restate its 2023 comparative information of segment results to conform with its new reporting structure. As such, reconciliations of the segment results under the current reporting structure and the new reporting structure for the four quarters of 2023 and the year ended December 31, 2023 are provided in Section 13.5 of the Company's 2023 Annual Management's Discussion and Analysis (the "Annual MD&A").

2024 Outlook

Fourth Quarter Financial Results

Professional Services & Project Management are collectively referred to as "PS&PM" to distinguish them from "Capital" activities. PS&PM groups together five of the Company's segments, namely Engineering Services, Nuclear, Linxon, Operation & Maintenance ("O&M"), and Lump-Sum Turnkey ("LSTK") Projects, while Capital is its own reportable segment and separate from PS&PM.

IFRS Financial Highlights


Q4 2023

Q4 2022

2023A

2022A

Revenues





   From PS&PM

2,215.5

1,850.7

8,495.6

7,439.9

   From Capital

64.1

49.4

138.7

109.2


2,279.6

1,900.1

8,634.3

7,549.0

Attributable to AtkinsRéalis shareholders





Net income (loss) from continuing operations:





   From PS&PM

46.2

(90.6)

213.0

(45.0)

   From Capital

43.8

36.3

74.2

61.6


90.0

(54.4)

287.2

16.6

Diluted EPS from continuing operations:





   From PS&PM ($)

0.26

(0.52)

1.21

(0.26)

   From Capital ($)

0.25

0.21

0.42

0.35


0.51

(0.31)

1.64

0.09






Net loss from discontinued operations

-

-

-

(6.9)

Net income (loss)

90.0

(54.4)

287.2

9.8

Non-IFRS Financial Highlights


Q4 2023

Q4 2022

2023A

2022A

Attributable to AtkinsRéalis shareholders





Adjusted net income (loss) from PS&PM(1)

79.5

(32.5)

274.1

112.8

Adjusted diluted EPS from PS&PM(1)(6) ($)

0.45

(0.19)

1.56

0.64

Adjusted EBITDA from PS&PM(1)

186.5

20.2

678.2

387.9

Segment Performance


Q4 2023

Q4 2022

2023A

2022A

Segment revenues





   Engineering Services

1,568.9

1,242.9

5,897.3

4,686.2

   Nuclear

278.1

223.6

1,044.1

896.0

   O&M

129.9

131.6

469.6

497.2

   Linxon

173.9

133.9

577.8

561.2

AtkinsRéalis Services

2,150.9

1,732.1

7,988.8

6,640.6

LSTK Projects

64.6

118.6

506.7

799.3

Capital

64.1

49.4

138.7

109.2


2,279.6

1,900.1

8,634.3

7,549.0






Segment Adjusted EBIT





   Engineering Services

149.9

119.2

519.6

397.7

   Nuclear

41.2

40.6

145.5

144.0

   O&M

12.3

10.2

45.9

49.1

   Linxon

(2.1)

(14.2)

0.9

(9.8)

AtkinsRéalis Services

201.3

155.9

711.9

581.0

LSTK Projects

(23.6)

(150.2)

(58.6)

(261.3)

Capital

54.5

45.2

112.6

93.3


232.2

50.9

766.0

413.1






Backlog as at December 31





   Engineering Services



5,430.9

4,662.1

   Nuclear



1,854.0

936.6

   O&M



5,021.8

5,353.9

   Linxon



1,439.2

881.8

AtkinsRéalis Services



13,745.8

11,834.4

LSTK Projects



364.6

685.5

Capital



23.0

31.6




14,133.4

12,551.4

All figures in millions of Canadian dollars, except as otherwise indicated

Certain totals and subtotals may not reconcile due to rounding

A For the year ended December 31

2024 Outlook


2024 Target

2023 Actual

Engineering Services Regions organic revenue growth(1) (2)

Between

8% and 10%

20.9 %

Nuclear organic revenue growth(1) (2)

Between

12% and 15%

14.3 %

Engineering Services Regions Segment adjusted EBITDA to segment net revenue ratio(1) (3)

Between

15% and 17%

15.0 %

Nuclear Segment Adjusted EBIT to segment revenue ratio

Between

13% and 15%

13.9 %

Corporate selling, general and administrative expenses



From PS&PM

From Capital

~$110 million

~$30 million

$140 million

$28 million

Amortization of intangible assets related to business combinations

~$85 million

$83 million

Net cash generated from operating activities

In excess of $400 million

$66 million

Acquisition of property and equipment

Between

$140 and $160 million

$92 million

Investor Day

AtkinsRéalis will host an Investor Day on June 13, 2024. Building on the strong value creation from the 2022-2024 "Pivoting to Growth" strategy, the leadership team will unveil the Company's strategy and capital allocation framework for 2025-2027, including key initiatives intended to drive growth in the Engineering Services Regions and Nuclear segment as well as margin expansion. The event will feature presentations from Ian L. Edwards, President and Chief Executive Officer, and Jeff Bell, Chief Financial Officer, alongside other members of the executive team. The Company will also showcase its globally diversified capabilities and dedication to engineering a better future for our planet and its people.

The event will be held in a hybrid format, physically in Toronto, Canada, and webcasted live, and is expected to last about half a day starting in the morning. It will comprise formal presentations along with interactive Q&A panel sessions with senior leadership. Due to limited capacity, in-person attendance will be by invitation only.

Information on webcast and in-person registration, as well as the agenda and speakers, will be provided closer to the event date.

Quarterly Dividend

The Board of Directors today declared a cash dividend of $0.02 per share, unchanged from the previous quarter. The dividend is payable on March 29, 2024, to shareholders of record on March 15, 2024. This dividend is an "eligible dividend" for Canadian federal and provincial income tax purposes.

Fourth Quarter 2023 Conference Call / Webcast

AtkinsRéalis will hold a conference call and audio webcast today at 8:00 a.m. (Eastern Time) to discuss and present its fourth quarter financial results. The live audio webcast of the conference call can be accessed through a link posted on the Company's website at www.atkinsrealis.com/en/investors. The call will also be accessible by telephone, for which an accompanying slide presentation can be accessed at www.atkinsrealis.com/en/investors/investor-essentials/investors-briefcase/2023.

Please dial toll free at 1 800 319 4610 in North America or dial 1 604 638 5340 outside North America. You can also use the following numbers: 416 915 3239 in Toronto, 514 375 0364 in Montreal, or 0808 101 2791 in the United Kingdom. A recording and a transcript of the conference call will be available on the Company's website within 24 hours following the call.

About AtkinsRéalis

Created by the integration of long-standing organizations dating back to 1911, AtkinsRéalis is a world-leading professional services and project management 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 Engineering Services in key regions (Canada, the United States, the United Kingdom, as well as Asia, the Middle East and Australia), Nuclear and Capital. News and information are available at www.atkinsrealis.com or follow us on LinkedIn.

Non-IFRS Financial Measures and Ratios, Supplementary Financial Measures and Non-Financial Information

The Company reports its financial results in accordance with International Financial Reporting Standards ("IFRS"). However, the following non?IFRS financial measures and ratios, supplementary financial measures and non-financial information are used by the Company in this press release: Organic revenue growth (contraction), EBITDA, Adjusted EBITDA, Adjusted net income (loss) attributable to AtkinsRéalis shareholders, Adjusted diluted EPS, Booking-to-revenue ratio, 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. Additional details for these non-IFRS financial measures and ratios, supplementary financial measures and non-financial information can be found below and in Sections 4, 8 and 13 of the Annual MD&A, which sections are incorporated by reference into this press release, filed with the securities regulatory authorities in Canada, available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.atkinsrealis.com under the "Investors" section.

Non-IFRS financial measures and ratios, supplementary financial 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 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 and supplementary financial 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 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 to the most comparable IFRS measures and ratios are set forth below in the section "Reconciliations and Calculations" of this press release.

(1) Non-IFRS financial measure or ratio or supplementary financial measure.

(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.

(3) Segment Adjusted EBITDA to segment net revenue ratio for the Engineering Services segment is a non-IFRS ratio based on Segment Adjusted EBITDA and segment net revenue, both of which are non-IFRS financial measures.

(4) Booking-to-revenue ratio is a non-IFRS ratio based on contract bookings.

(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.

(6) Adjusted diluted EPS is a non-IFRS ratio based on adjusted net income (loss) attributable to AtkinsRéalis shareholders from continuing operations, itself a non-IFRS financial measure.

Reconciliations and Calculations

Reconciliation of Adjusted net income (loss) attributable to AtkinsRéalis shareholders from PS&PM to IFRS net income (loss) attributable to AtkinsRéalis shareholders from continuing operations


Q4 2023

Q4 2022


Before Taxes

Taxes

After Taxes

Diluted EPS

(In $)

Before Taxes

Taxes

After Taxes

Diluted EPS

(In $)

Net income (loss) attributable to AtkinsRéalis shareholders from continuing operations

(IFRS)



90.0

0.51



(54.4)

(0.31)

Restructuring and transformation costs

21.4

(4.8)

16.6


53.9

(12.6)

41.4


Amortization of intangible assets related to business combinations

20.7

(4.0)

16.6


21.5

(4.8)

16.8


Loss on disposal of a Capital investment

-

-

-


0.6

-

0.6


Total adjustments

42.1

(8.8)

33.3

0.19

76.0

(17.4)

58.7

0.33

Adjusted net income attributable to AtkinsRéalis shareholders

(non-IFRS)



123.3

0.70



4.3

0.02










Net income attributable to AtkinsRéalis shareholders from Capital



43.8

0.25



36.3

0.21

Loss on disposal of a Capital investment

-

-

-


0.6

-

0.6


Total adjustments

-

-

-

-

0.6

-

0.6

-

Adjusted net income attributable to AtkinsRéalis shareholders from Capital

(non-IFRS)



43.8

0.25



36.9

0.21










Adjusted net income (loss) attributable to AtkinsRéalis shareholders from PS&PM

(non-IFRS)



79.5

0.45



(32.5)

(0.19)

 


2023

2022


Before
Taxes

Taxes

After Taxes

Diluted EPS

(In $)

Before
Taxes

Taxes

After Taxes

Diluted EPS

(In $)

Net income attributable to AtkinsRéalis shareholders from continuing operations

(IFRS)



287.2

1.64



16.6

0.09

Restructuring and transformation costs

49.3

(9.0)

40.3


82.9

(19.2)

63.7


Amortization of intangible assets related to business combinations

83.2

(16.2)

67.0


84.3

(17.6)

66.6


Gain on disposals of Capital investments

-

-

-


(3.7)

(0.1)

(3.8)


Gain on disposal of a PS&PM business

(46.2)

-

(46.2)


-

-

-


DPCP Remediation Agreement expense

-

-

-


27.4

-

27.4


Total adjustments

86.3

(25.2)

61.1

0.35

190.8

(36.9)

153.9

0.88

Adjusted net income attributable to AtkinsRéalis shareholders

(non-IFRS)



348.3

1.98



170.6

0.97










Net income attributable to AtkinsRéalis shareholders from Capital



74.2

0.42



61.6

0.35

Gain on disposals of Capital investments

-

-

-


(3.7)

(0.1)

(3.8)


Total adjustments

-

-

-

-

(3.7)

(0.1)

(3.8)

(0.02)

Adjusted net income attributable to AtkinsRéalis shareholders from Capital

(non-IFRS)



74.2

0.42



57.8

0.33










Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM

(non-IFRS)



274.1

1.56



112.8

0.64

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 (loss) from continuing operations


Q4 2023

Q4 2022


From PS&PM

From Capital

Total

From PS&PM

From Capital

Total

Net income (loss) from continuing operations

46.0

43.8

89.8

(101.2)

36.3

(64.9)

Net financial expenses

42.3

2.7

45.0

45.9

1.1

46.9

Income tax expense (recovery)

12.4

1.0

13.4

(38.7)

0.2

(38.5)

EBIT

100.7

47.4

148.2

(94.1)

37.6

(56.5)

Depreciation and amortization

64.3

-

64.3

60.3

-

60.3

EBITDA

165.1

47.4

212.5

(33.8)

37.6

3.9

Restructuring and transformation costs

21.4

-

21.4

53.9

-

53.9

Loss on disposal of a Capital investment

-

-

-

-

0.6

0.6

Adjusted EBITDA

186.5

47.4

233.9

20.2

38.2

58.4

 


2023

2022


From PS&PM

From Capital

Total

From PS&PM

From Capital

Total

Net income (loss) from continuing operations

212.4

74.2

286.6

(54.6)

61.6

7.0

Net financial expenses

177.0

8.6

185.6

111.8

4.0

115.7

Income tax expense (recovery)

37.4

1.6

39.0

(31.0)

3.3

(27.8)

EBIT

426.7

84.4

511.2

26.1

68.9

95.0

Depreciation and amortization

248.3

-

248.3

251.4

-

251.4

EBITDA

675.0

84.4

759.5

277.5

68.9

346.5

Restructuring and transformation costs

49.3

-

49.3

82.9

-

82.9

Gain on disposals of Capital investments

-

-

-

-

(3.7)

(3.7)

Gain on disposal of a PS&PM business

(46.2)

-

(46.2)

-

-

-

DPCP Remediation Agreement expense

-

-

-

27.4

-

27.4

Adjusted EBITDA

678.2

84.4

762.6

387.9

65.2

453.0

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 the Engineering Services segment


Q4 2023

2023

Revenue ? Engineering Services

1,568.9

5,897.3

Less: Direct costs for sub-contractors and other direct expenses that are recoverable directly from clients ? Engineering Services

400.3

1,452.8

Segment net revenue ? Engineering Services

1,168.7

4,444.5

Segment Adjusted EBITDA ? Engineering Services

180.7

639.7

Segment Adjusted EBITDA to segment net revenue ratio ? Engineering Services

15.5 %

14.4 %

All figures in millions of Canadian dollars, except as otherwise indicated

Calculation of organic revenue growth (contraction)


Revenue

Q4 2023

Revenue

Q4 2022 

Variance

Foreign
exchange
impact

Acquisition /
Disposal impact

Organic
revenue
growth (contraction)

Engineering Services

1,568.9

1,242.9

326.1

46.0

(56.9)

337.0

Nuclear

278.1

223.6

54.5

3.5

-

51.0

O&M

129.9

131.6

(1.7)

0.1

-

(1.8)

Linxon

173.9

133.9

40.0

1.2

-

38.8

Total ? AtkinsRéalis Services

2,150.9

1,732.1

418.8

50.8

(56.9)

424.9

 


Revenue

Q4 2023

Revenue

Q4 2022 

Variance

Foreign
exchange
impact

Acquisition /
Disposal impact

Organic
revenue
growth (contraction)

Engineering Services

1,568.9

1,242.9

26.2 %

3.5 %

(4.6) %

27.4 %

Nuclear

278.1

223.6

24.4 %

1.9 %

-

22.4 %

O&M

129.9

131.6

(1.3) %

0.1 %

-

(1.4) %

Linxon

173.9

133.9

29.9 %

1.2 %

-

28.7 %

Total ? AtkinsRéalis Services

2,150.9

1,732.1

24.2 %

2.8 %

(3.3) %

24.6 %

 


Revenue

2023

Revenue

2022

Variance

Foreign
exchange
impact

Acquisition /
Disposal impact

Organic
revenue
growth (contraction)

Engineering Services

5,897.3

4,686.2

1,211.1

136.2

(42.8)

1,117.7

Nuclear

1,044.1

896.0

148.2

17.2

0.7

130.2

O&M

469.6

497.2

(27.6)

4.9

-

(32.5)

Linxon

577.8

561.2

16.6

11.6

-

5.0

Total ? AtkinsRéalis Services

7,988.8

6,640.6

1,348.2

169.9

(42.1)

1,220.5

 


Revenue

2023

Revenue

2022

Variance

Foreign
exchange
impact

Acquisition /
Disposal impact

Organic
revenue
growth (contraction)

Engineering Services

5,897.3

4,686.2

25.8 %

2.9 %

(0.9) %

23.9 %

Nuclear

1,044.1

896.0

16.5 %

2.2 %

0.1 %

14.3 %

O&M

469.6

497.2

(5.6) %

0.9 %

-

(6.5) %

Linxon

577.8

561.2

3.0 %

2.1 %

-

0.9 %

Total ? AtkinsRéalis Services

7,988.8

6,640.6

20.3 %

2.6 %

(0.6) %

18.3 %

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 booking-to-revenue ratio


Q4 2023


Engineering

Services

Nuclear

O&M

Linxon

Total

AtkinsRéalis

Services

Opening backlog

5,123.0

1,053.1

5,119.8

1,204.7

12,500.5

Plus:

Contract bookings during the period

1,871.7

1,070.4

31.9

408.5

3,382.5

Less:

Revenues from contracts with customers recognized during the period

1,563.9

269.5

129.9

173.9

2,137.2

Ending backlog

5,430.9

1,854.0

5,021.8

1,439.2

13,745.8

Booking-to-revenue ratio

1.20

3.97

0.25

2.35

1.58

 


2023


Engineering

Services

Nuclear

O&M

Linxon

Total

AtkinsRéalis

Services

Opening backlog

4,662.1

936.6

5,353.9

881.8

11,834.4

Plus:

Contract bookings during the year

6,771.2

1,929.0

137.5

1,135.1

9,972.8

Less:

Revenues from contracts with customers recognized during the year

5,881.0

1,011.7

469.6

577.8

7,940.0

Backlog of business sold during the year

121.4

-

-

-

121.4

Ending backlog

5,430.9

1,854.0

5,021.8

1,439.2

13,745.8

Booking-to-revenue ratio

1.15

1.91

0.29

1.96

1.26

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


December 31, 2023

Limited recourse debt

398.3

Recourse debt

1,420.5

Less: Cash and cash equivalents

473.6

Net limited recourse and recourse debt

1,345.2

Adjusted EBITDA (trailing 12 months)

762.6

Net limited recourse and recourse debt to Adjusted EBITDA ratio

1.8

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", "SNC-Lavalin", "we", "us" and "our" mean, as the context may require, SNC-Lavalin Group Inc. and all or some of its subsidiaries or joint arrangements or associates, or SNC-Lavalin Group Inc. or one or more of its subsidiaries or joint arrangements or associates.

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 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.

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 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) fixed-price contracts or the Company's failure to meet contractual schedule, performance requirements or to execute projects efficiently; (b) backlog and contracts with termination for convenience provisions; (c) contract awards and timing; (d) being a provider of services to government agencies; (e) international operations; (f) nuclear liability; (g) ownership interests in investments; (h) dependence on third parties; (i) supply chain disruptions; (j) joint arrangements and partnerships; (k) information systems and data and compliance with privacy legislation; (l) artificial intelligence ("AI") and other innovative technologies; (m) qualified personnel; (n) strategic direction; (o) competition; (p) professional liability or liability for faulty services; (q) monetary damages and penalties in connection with professional and engineering reports and opinions; (r) gaps in insurance coverage; (s) health and safety; (t) work stoppages, union negotiations and other labour matters; (u) epidemics, pandemics and other health crises; (v) global climate change, extreme weather conditions and the impact of natural or other disasters; (w) environmental, social and governance ("ESG"); * divestitures and the sale of significant assets; (y) intellectual property; (z) liquidity and financial position; (aa) indebtedness; (bb) impact of operating results and level of indebtedness on financial situation; (cc) security under the CDPQ Loan Agreement (as defined in the Annual MD&A); (dd) dependence on subsidiaries to help repay indebtedness; (ee) dividends; (ff) post-employment benefit obligations, including pension-related obligations; (gg) working capital requirements; (hh) collection from customers; (ii) impairment of goodwill and other non-current intangible and tangible assets; (jj) the impact on the Company of legal and regulatory proceedings, investigations and dispute settlements; (kk) employee, agent or partner misconduct or failure to comply with anti-corruption and other government laws and regulations; (ll) reputation of the Company; (mm) inherent limitations to the Company's control framework; (nn) environmental laws and regulations; (oo) global economic conditions; (pp) inflation; (qq) fluctuations in commodity prices; and (rr) 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 Annual MD&A filed with the securities regulatory authorities in Canada, available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.atkinsrealis.com under the "Investors" section.

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.

The Company's audited consolidated financial statements for the years ended December 31, 2023 and 2022, together with its annual Management's Discussion and Analysis for the corresponding years, can be accessed on the Company's website at www.atkinsrealis.com and on www.sedarplus.ca.

SOURCE AtkinsRéalis


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