AtkinsRéalis books $1.7 billion contract for Pickering Unit 5 refurbishment

AtkinsRéalis joint venture books $1.7 billion contract for refurbishment of Unit 5 of the Pickering CANDU Nuclear Generating Station

Canada NewsWire

MONTREAL , Sept. 21, 2026 /CNW/ -- Candu Energy Inc., an AtkinsRéalis company [AtkinsRéalis Group Inc.] (TSX: ATRL), in a joint venture (JV) 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). AtkinsRéalis' 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® 1 reactors, including work that would enable Unit 5 to operate until the 2060s.

"AtkinsRéalis 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, AtkinsRéalis. "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% 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, AtkinsRéalis. "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 3 . 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 MW 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 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 advisory services. The breadth and depth of our capabilities are delivered to clients in strategic sectors such as Engineering Services and Nuclear, as steward of CANDU ® nuclear technology. News and information are available at www.atkinsrealis.com or follow us on LinkedIn .

CANDU® is a registered trademark of Atomic Energy of Canada Limited, used under exclusive licence by Candu Energy Inc., an AtkinsRéalis company.

About AtkinsRéalis' Nuclear Business

AtkinsRéalis has over 70 years of global nuclear expertise, delivering nuclear technology products and full-service solutions to nuclear utilities around the world. AtkinsRéalis is the steward of CANDU® nuclear technology, operating on four continents, and provides advisory and engineering services to other nuclear developers. With an innovative technology portfolio, including access to over 500 patented solutions, AtkinsRéalis solves technically complex challenges across the whole nuclear lifecycle from design and new build through asset management and from life extension and late life management through decommissioning and waste management. AtkinsRéalis operates and manages government nuclear research sites, transforming ageing infrastructure and safely managing legacy nuclear waste. AtkinsRéalis' CANDU technology also allows for the co-production of medical radioisotopes for cancer detection and treatment. The company also supports cancer treatment through its partnership with TerraPower to extract isotopes from legacy nuclear material. Learn more on our Nuclear market page.

CANDU® is a registered trademark of Atomic Energy of Canada Limited, used under exclusive licence by Candu Energy Inc., an AtkinsRéalis company.

Forward-Looking Statements

References in this press release to the "Company", "AtkinsRéalis", "we", "us" and "our" mean, as the context may require, AtkinsRéalis Group Inc. or all or some of its subsidiaries or joint arrangements or associates. Statements made in this press release that describe the Company's expectations or strategies constitute "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 other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions or results could differ materially from those expressed or implied in such forward-looking statements. 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 2025 annual management disclosure & analysis ("2025 MD&A") (particularly in the sections entitled "Critical Accounting Judgments and Key Sources of Estimation Uncertainty" and "How We Analyze and Report our Results") filed with the securities regulatory authorities in Canada, available on SEDAR+ at www.sedarplus.com and on the Company's website at www.atkinsrealis.com under the "Investors" section. 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. Those risks are identified in the 2025 MD&A (particularly in the section entitled "Risk and Uncertainties"), as may be updated from time to time in the Company's interim quarterly MD&A, are not exhaustive. 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 such forward-looking 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 .

SOURCE AtkinsRéalis

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Canada Newswire

September 21, 2026 - 4:45 AM PDT

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