AtkinsRealis Group Inc. shares extended gains on Monday after the Canadian government unveiled an expanded nuclear strategy, including plans for up to 10 large-scale reactors and modernization of Candu technology. The Montreal-based infrastructure engineering firm is the exclusive licensee of the Candu reactor design, which is owned by the Canadian government.
Government commits to Candu modernization and new reactors
Energy Minister Tim Hodgson announced the policy document on Monday, which includes a commitment to modernizing Candu reactor technology. The government aims to enable construction of as many as 10 large-scale nuclear reactors across Canada and seeks to win at least four new international Candu markets by 2040. Additionally, Canada proposes doubling uranium exports from 2024 to 2035.
“We will ensure Candu is a viable technology for the different provinces to choose from going forward,” Hodgson told reporters. The strategy was first reported by the Globe and Mail newspaper.
AtkinsRealis stock surges on bullish analyst outlook
AtkinsRealis shares closed up 6.4% on Friday in Toronto and gained as much as 8.8% on Monday, trading at $94.46—the largest intraday rise since May 2025. Trading in the company’s call options was five times the average.
National Bank Capital Markets analyst Maxim Sytchev said the rise is directly linked to the government’s announcement. “The potential revenue generation is highly material, so any re-confirmation of Candu-related upside is directionally positive,” he wrote in an email.
Stifel Nicolaus Canada Inc. analyst Ian Gillies calculated that AtkinsRealis’ nuclear business is being valued at 13.8 times enterprise value to EBITDA based on 2027 estimates. He noted that U.S. nuclear-focused peers trade at 29.4 times, suggesting further upside is not fully priced in.
CEO and analysts weigh in on nuclear expansion
“It’s important that the Canadian government support Candu technology—it’s important domestically and it’s important internationally,” said AtkinsRealis CEO Ian L. Edwards. He acknowledged that provinces ultimately choose the technology for new reactors.
RBC Dominion Securities Inc. analyst Sabahat Khan wrote that Aecon Group Inc. and ATS Corp. may also benefit from Candu buildouts “given their positioning/expertise with the reactor technology.” Aecon rose as much as 5.8%, while ATS rose up to 2% in Toronto trading.
