Mr. Ian Edwards reports

ATKINSREALIS JOINT VENTURE BOOKS $1.7 BILLION CONTRACT FOR REFURBISHMENT OF UNIT 5 OF THE PICKERING CANDU NUCLEAR GENERATING STATION

Atkinsrealis Group Inc.'s Candu Energy Inc., in a joint venture with Aecon Group Inc., has signed a three-year, $1.7-billion contract with Ontario Power Generation (OPG) to begin Unit 5 work associated with the Pickering nuclear generating station retube, feeder and boiler replacement project (RFBR). Atkinsrealis's share of the contract will be added to its nuclear backlog in the third quarter of 2026.

The contract represents the first RFBR unit in the broader refurbishment project, with similar work anticipated on units 6, 7 and 8 in subsequent phases, all pending regulatory approval. It covers engineering and design services, project delivery, as well as program and project management associated with the planned life extension of four of Pickering's Candu reactors, including work that would enable Unit 5 to operate until the 2060s.

"Atkinsrealis brings decades of hands-on experience refurbishing Canadian-owned Candu reactors in Ontario, with a proven track record of delivering complex life-extension work safely, reliably and with the discipline required for on-time and on-budget performance," stated Ian L. Edwards, president and chief executive officer, Atkinsrealis. "This work at the Pickering station will help ensure Ontario continues to benefit from reliable, affordable and low-carbon electricity for decades to come."

Like other successful Candu refurbishment projects at Bruce Power and at the Darlington Nuclear Generating Station, this contract work at Pickering station will sustain highly skilled, well-paying and long-lasting jobs across Ontario. The world-renowned Candu supply chain is 85 per cent Canadian, representing more than 250 companies and sustaining 90,000 jobs.2

"In addition to the extensive economic benefits that accrue to the domestic economy during a life-extension project, as Canada's only domestically developed large-scale nuclear technology, Candu also strengthens energy security and independence," said Joe St. Julian, president, nuclear, Atkinsrealis. "A defining advantage of Candu technology is its ability to operate on natural, unenriched uranium, reducing reliance on foreign enrichment services and reinforcing energy security, particularly during periods of geopolitical uncertainty."

Ontario's Independent Electricity System Operator forecasts that electricity demand in the province will increase. A life extension of Pickering's Candu reactors, to be completed by the mid-2030s pending regulatory approval, will allow the reactors to safely operate for 30 or more years, and is part of Ontario's plan to maintain and increase the supply of affordable baseload clean power. This will take place against the backdrop of ongoing life-extension of Candu reactors at the Bruce Power site, the recently completed Darlington refurbishment, the building of four small modular reactors at Darlington, the planned build of new nuclear reactors totalling 4,800 megawatts at Bruce Power's site, and exploration of three OPG-owned sites in Southern Ontario which are zoned for power production, regarding their suitability for hosting new energy generation including new nuclear power.

About Atkinsrealis Group Inc.

Created by the integration of long-standing organizations dating back to 1911, Atkinsrealis is a world-class engineering services and nuclear company dedicated to engineering a better future for our planet and its people.

About Atkinsrealis's nuclear business

Atkinsrealis has over 70 years of global nuclear expertise, delivering nuclear technology products and full-service solutions to nuclear utilities around the world.

We seek Safe Harbor.