AtkinsRéalis Group Inc. (ATRL:CA) National Bank Upgrades on Outlook

AtkinsRéalis Group received an upgrade to Outperform from Sector Perform by National Bank of Canada, reflecting improved confidence in the company’s medium-term growth outlook. The upgrade is driven by expectations that a potential new-build nuclear project announcement in 2026 could act as a meaningful catalyst for the shares, similar to prior cycles when large contract awards materially improved investor sentiment and capital inflows.

National Bank views AtkinsRéalis as well positioned to benefit from renewed government and utility spending on nuclear and large-scale infrastructure, given its deep expertise in engineering, project management, and nuclear services. A confirmed new-build announcement would likely improve earnings visibility, strengthen backlog quality, and reinforce the company’s strategic importance within the global energy transition, particularly as countries seek reliable, low-carbon baseload power.

The bank also expects that clearer long-term project pipelines could attract incremental institutional interest, supporting valuation expansion after a period of more subdued fund flows. Overall, the upgrade reflects the belief that upcoming nuclear developments could re-establish AtkinsRéalis as a preferred infrastructure exposure within the Canadian engineering and construction sector.