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AAON REPORTS RECORD SALES, EARNINGS & BACKLOG FOR THE SECOND QUARTER OF 2024

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TULSA, Okla., Aug. 1, 2024 /PRNewswire/ — AAON, INC. (NASDAQ-AAON), a provider of premier, configurable HVAC solutions that bring long-term value to customers and owners, today announced its results for the second quarter of 2024.

Net sales for the second quarter of 2024 increased 10.4% to a record $313.6 million from $284.0 million in the second quarter of 2023. The year-over-year increase was largely driven by the BASX segment, which recognized an increase in sales of 58.3%, a majority of which was spurred by sales of data center equipment.  Sales at the AAON Oklahoma and AAON Coil Products segments grew year-over-year 3.4% and 4.3%, respectively. 

Gross profit margin in the quarter expanded to 36.1%, up from 33.1% in the comparable quarter in 2023.  Gross margin expansion was a result of greater operational efficiencies at the AAON Oklahoma and AAON Coil Products segments as well as lower material costs across the organization. 

Earnings per diluted share for the three months ended June 30, 2024, were a record $0.62, up 12.7% from the second quarter of 2023. 

Financial Highlights:

Three Months Ended 
 June 30,

%

Six Months Ended
June 30,

%

2024

2023

Change

2024

2023

Change

(in thousands, except share and per share data)

(in thousands, except share and per share data)

GAAP Measures

Net sales

$    313,566

$    283,957

10.4 %

$    575,665

$    549,910

4.7 %

Gross profit

$    113,094

$      94,018

20.3 %

$    205,336

$    171,172

20.0 %

Gross profit margin

36.1 %

33.1 %

35.7 %

31.1 %

Operating income

$      67,199

$      54,740

22.8 %

$    114,169

$      98,946

15.4 %

Operating margin

21.4 %

19.3 %

19.8 %

18.0 %

Net income

$      52,228

$      45,682

14.3 %

$      91,244

$      82,496

10.6 %

Earnings per diluted share1

$           0.62

$           0.55

12.7 %

$           1.09

$           0.99

10.1 %

Diluted average shares1

83,786,222

83,469,581

0.4 %

83,527,717

83,478,498

0.1 %

1  Reflects three-for-two stock split effective August 16, 2023.

Non-GAAP Measure

EBITDA2

$      81,860

$      65,865

24.3 %

$    142,344

$    120,459

18.2 %

2 This is a non-GAAP measure. See “Use of Non-GAAP Financial Measures” below for reconciliation to GAAP measure.

 

Backlog

June 30, 2024

December 31, 2023

June 30, 2023

(in thousands)

$                      650,005

$                      510,028

$                      526,209

 

At June 30, 2024, we had a record backlog of $650.0 million, up sequentially for a third straight quarter.  Compared to a year ago, backlog was up 23.5% from $526.2 million, driven by the BASX and AAON Coil Products segments.  The increase in bookings for the quarter primarily related to solutions for the data center market.

Gary Fields, CEO, stated, “Our second quarter performance exceeded expectations.  Production issues from the first quarter were largely resolved, leading to increased volume output and productivity across all three segments.  This resulted in record quarterly sales and earnings.  The BASX segment saw a significant rebound from the first quarter, with sales increasing 103.7%   and gross profit rising by 182.2%, quarter-over-quarter.  AAON Oklahoma and AAON Coil Products segments also realized sequential improvements.  Our operating margin in the quarter expanded to 21.4%, making it the most profitable quarter in the Company’s history.  We achieved these results with premium pricing and operating efficiencies, which drove our performance.”

Mr. Fields continued, “Bookings in the second quarter performed exceptionally well, resulting in a record backlog at the end of June.  The data center market continues to be robust and AAON is well positioned to take advantage of the growing opportunity.  Beyond the bookings that made up the backlog at quarter-end, there remains a large pipeline of data center projects for both airside and liquid cooling products that the Company is pursuing.  For AAON’s traditional packaged rooftop business, bookings in the first half of 2024 were up year-over-year, including in the second quarter.  However, growth moderated from prior years.  This business is impacted more by the softening macro conditions and disruptions associated with the refrigerant transition, which is resulting in an increased amount of uncertainty regarding near-term demand.  Any softness in the rooftop market will be more than offset with our data center products.  We anticipate sales and earnings will improve in the second half of the year from the first half, mostly realized in the fourth quarter.”  

Mr. Fields concluded, “AAON is strategically positioned for long-term success.  As regulations and demands for higher quality HVAC equipment increase, AAON is becoming increasingly cost competitive.  Furthermore, the Company is leading the industry in the development of cold climate heat pumps.  The opportunities within the data center market are vast and promising, which we anticipate will drive accelerated growth and further market share gains.  Consequently, we are investing in expanded production capacity through new facilities and enhanced output within our existing facilities.  Additionally, we continue to invest in our people and technology to effectively manage the business and adapt efficiently to the robust growth rates we are targeting for the long-term.”        

As of June 30, 2024, the Company had cash, cash equivalents and restricted cash of $12.1 million and a balance on its revolving credit facility of $85.9 million.  Rebecca Thompson, CFO and Treasurer, commented, “During the quarter, we completed our share repurchase program totaling $100.0 million.  This initiative reflects our confidence in the long-term prospects of the Company and our commitment to delivering value to our shareholders.  Looking ahead, we remain focused on executing our growth strategy with continued investments in capex and maintaining a healthy balance sheet through disciplined financial management.” 

Conference Call 
The Company will host a conference call and webcast today at 5:15 P.M. EDT to discuss the second quarter 2024 results and outlook. The conference call will be accessible via dial-in for those who wish to participate in Q&A as well as a listen-only webcast.  The dial-in is accessible at 1-800-836-8184.  To access the listen-only webcast, please register at https://app.webinar.net/OdbYjYb31qR. On the next business day following the call, a replay of the call will be available on the Company’s website at https://investors.aaon.com.

About AAON
Founded in 1988, AAON is a global leader in HVAC solutions for commercial and industrial indoor environments. The Company’s industry-leading approach to designing and manufacturing highly configurable equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance and long-term value. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing lab allows AAON engineers to continuously push boundaries and advance the industry. For more information, please visit www.AAON.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “should”, “will”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause results to differ materially from those in the forward-looking statements include (1) the timing and extent of changes in raw material and component prices, (2) the effects of fluctuations in the commercial/industrial new construction market, (3) the timing and extent of changes in interest rates, as well as other competitive factors during the year, and (4) general economic, market or business conditions.

Contact Information
Joseph Mondillo
Director of Investor Relations
Phone: (617) 877-6346
Email: joseph.mondillo@aaon.com

AAON, Inc. and Subsidiaries

Consolidated Statements of Income

(Unaudited)

Three Months Ended 
 June 30,

Six Months Ended 
 June 30,

2024

2023

2024

2023

(in thousands, except share and per share data)

Net sales

$                 313,566

$                 283,957

$            575,665

$            549,910

Cost of sales

200,472

189,939

370,329

378,738

Gross profit

113,094

94,018

205,336

171,172

Selling, general and administrative expenses

45,895

39,272

91,183

72,214

(Gain) loss on disposal of assets

—

6

(16)

12

Income from operations

67,199

54,740

114,169

98,946

Interest expense, net

(367)

(1,543)

(606)

(2,693)

Other income, net

175

163

252

277

Income before taxes

67,007

53,360

113,815

96,530

Income tax provision

14,779

7,678

22,571

14,034

Net income

$                   52,228

$                   45,682

$              91,244

$              82,496

Earnings per share:

Basic1

$                       0.64

$                       0.56

$                  1.12

$                  1.02

Diluted1

$                       0.62

$                       0.55

$                  1.09

$                  0.99

Cash dividends declared per common share1:

$                       0.08

$                       0.08

$                  0.16

$                  0.16

Weighted average shares outstanding:

Basic1

81,791,792

81,439,691

81,339,153

81,263,523

Diluted1

83,786,222

83,469,581

83,527,717

83,478,498

1  Reflects three-for-two stock split effective August 16, 2023.

 

AAON, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

June 30,
2024

December 31, 2023

Assets

(in thousands, except share and per share data)

Current assets:

Cash and cash equivalents

$                      13

$                       287

Restricted cash

12,065

8,736

Accounts receivable, net

149,149

138,108

Income tax receivable

4,969

—

Inventories, net

182,988

213,532

Contract assets

68,171

45,194

Prepaid expenses and other

5,740

3,097

Total current assets

423,095

408,954

Property, plant and equipment:

Land

16,018

15,438

Buildings

240,317

205,841

Machinery and equipment

403,664

391,366

Furniture and fixtures

41,128

40,787

Total property, plant and equipment

701,127

653,432

Less:  Accumulated depreciation

287,893

283,485

Property, plant and equipment, net

413,234

369,947

Intangible assets, net

75,560

68,053

Goodwill

81,892

81,892

Right of use assets

16,086

11,774

Other long-term assets

849

816

Total assets

$         1,010,716

$                941,436

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$              28,958

$                  27,484

Accrued liabilities

85,499

85,508

Contract liabilities

26,862

13,757

Total current liabilities

141,319

126,749

Revolving credit facility, long-term

85,884

38,328

Deferred tax liabilities

5,811

12,134

Other long-term liabilities

21,170

16,807

New market tax credit obligation

16,034

12,194

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued

—

—

Common stock, $.004 par value, 100,000,000 shares authorized, 80,950,856 and 81,508,381 issued and outstanding at June 30, 2024 and December 31, 2023, respectively1

324

326

Additional paid-in capital

49,174

122,063

Retained earnings1

691,000

612,835

Total stockholders’ equity

740,498

735,224

Total liabilities and stockholders’ equity

$          1,010,716

$                 941,436

1  Reflects three-for-two stock split effective August 16, 2023.

 

AAON, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

Six Months Ended 
 June 30,

2024

2023

Operating Activities

(in thousands)

Net income

$                   91,244

$                   82,496

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

27,923

21,236

Amortization of debt issuance costs

71

32

Amortization of right of use assets

73

67

Provision for (recoveries of) credit losses on accounts receivable, net of adjustments

1,169

(171)

Provision for excess and obsolete inventories, net of write-offs

641

1,458

Share-based compensation

8,451

7,823

(Gain) loss on disposition of assets

(16)

12

Foreign currency transaction loss (gain)

15

(13)

Interest income on note receivable

(9)

(10)

Deferred income taxes

41

(4,438)

Changes in assets and liabilities:

Accounts receivable

(12,210)

(26,782)

Income taxes

(6,139)

(15,171)

Inventories

29,903

(17,927)

Contract assets

(22,977)

(4,711)

Prepaid expenses and other long-term assets

(2,708)

(2,502)

Accounts payable

(1,804)

(14,874)

Contract liabilities

13,105

(1,162)

Extended warranties

1,195

1,526

Accrued liabilities and other long-term liabilities

(56)

33,051

Net cash provided by operating activities

127,912

59,940

Investing Activities

Capital expenditures

(65,381)

(60,629)

Proceeds from sale of property, plant and equipment

16

104

Software development expenditures

(10,058)

—

Principal payments from note receivable

26

28

Net cash used in investing activities

(75,397)

(60,497)

Financing Activities

Proceeds from financing obligation, net of issuance costs

4,186

6,061

Payment related to financing costs

(417)

(398)

Borrowings under revolving credit facility

272,526

279,961

Payments under revolving credit facility

(224,970)

(272,429)

Stock options exercised

15,821

23,244

Repurchase of stock

(100,034)

—

Employee taxes paid by withholding shares

(3,493)

(1,162)

Cash dividends paid to stockholders

(13,079)

(13,004)

Net cash (used in) provided by financing activities

(49,460)

22,273

Net increase in cash, cash equivalents and restricted cash

3,055

21,716

Cash, cash equivalents and restricted cash, beginning of period

9,023

5,949

Cash, cash equivalents and restricted cash, end of period

$                   12,078

$                   27,665

 

Use of Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), additional non-GAAP financial measures are provided and reconciled in the following tables. The Company believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results. The Company believes that this non-GAAP financial measure enhances the ability of investors to analyze the Company’s business trends and operating performance as they are used by management to better understand operating performance. Since EBITDA is a non-GAAP measures and is susceptible to varying calculations, EBITDA, as presented, may not be directly comparable with other similarly titled measures used by other companies.

EBITDA

EBITDA (as defined below) is presented herein and reconciled from the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator of a company’s ability to internally fund operations. The Company defines EBITDA as net income, plus (1) depreciation and amortization, (2) interest expense (income), net and (3) income tax expense. EBITDA is not a measure of net income or cash flows as determined by GAAP.

The Company’s EBITDA measure provides additional information which may be used to better understand the Company’s operations. EBITDA is one of several metrics that the Company uses as a supplemental financial measurement in the evaluation of its business and should not be considered as an alternative to, or more meaningful than, net income, as an indicator of operating performance. Certain items excluded from EBITDA are significant components in understanding and assessing a company’s financial performance. EBITDA, as used by the Company, may not be comparable to similarly titled measures reported by other companies. The Company believes that EBITDA is a widely followed measure of operating performance and is one of many metrics used by the Company’s management team and by other users of the Company’s consolidated financial statements.

The following table provides a reconciliation of net income (GAAP) to EBITDA (non-GAAP)  for the periods indicated:

Three Months Ended 
 June 30,

Six Months Ended 
 June 30,

2024

2023

2024

2023

(in thousands)

Net income, a GAAP measure

$               52,228

$               45,682

$         91,244

$         82,496

Depreciation and amortization

14,486

10,962

27,923

21,236

Interest expense, net

367

1,543

606

2,693

Income tax expense

14,779

7,678

22,571

14,034

EBITDA, a non-GAAP measure

$               81,860

$               65,865

$       142,344

$       120,459

 

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SOURCE AAON

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FatakSecure Partners with Zurich Kotak General Insurance to Expand Access to Digital Insurance Solutions

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54 minutes ago

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November 12, 2026

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MUMBAI, India, Nov. 12, 2026 /PRNewswire/ — FatakSecure today announced its partnership with Zurich Kotak General Insurance as a Corporate Agent, marking a strategic collaboration aimed at distributing various insurance solutions through digital channels.

Through this partnership, FatakSecure will leverage its digital platform to make insurance solutions more accessible and convenient for customers, while Zurich Kotak General Insurance will offer innovative insurance solutions and underwriting expertise, as part of the company’s broader strategy of expanding its digital ecosystem and reaching customers through innovative distribution channel. Together, the two organisations aim to strengthen insurance distribution and create a seamless digital experience for customers.

Under the partnership:

FatakSecure will act as a Corporate Agent to distribute Zurich Kotak General Insurance’s affinity and motor insurance solutions through its digital platform.Zurich Kotak General Insurance will provide insurance products and support the development of customer-centric insurance offerings.Both organisations will explore opportunities to expand into retail and embedded insurance and identify synergies that enhance customer reach through digital channels.

Commenting on the partnership, Bikash Chaudhary, CEO, FatakSecure, said: “At FatakSecure, our focus has always been on making financial protection solutions more accessible through a seamless digital experience. Our partnership with Zurich Kotak General Insurance marks an important milestone in strengthening insurance offerings and enabling customers to access insurance solutions with greater ease. We look forward to working together to co-create and deliver customer-centric solutions that address evolving protection needs and create long-term value.”

Mr. Birendra Mohanty, Chief Business Officer, Zurich Kotak General Insurance, added, “At Zurich Kotak, we are constantly working towards making protection solutions accessible wherever customers live, transact and engage digitally. Our association with FatakSecure reflects our commitment to making insurance more accessible and convenient for customers. By combining our risk expertise and product innovation capabilities with FatakSecure’s digital platform, we will be able to deliver superior solutions to customers and support the broader agenda of Insurance for All by 2047.”

About FatakSecure:

FatakSecure is a subsidiary of FatakPay Digital. It is licensed as a Composite Corporate Agent to solicit and sale insurance products. FatakSecure is an Insurtech platform enabling digital businesses to seamlessly embed tailored insurance products into their customer journeys. It works with digital NBFCs, lending platforms, fintechs, e-commerce and quick-commerce companies, and gig-economy and rider platforms to simplify insurance distribution and make relevant protection more accessible. Through robust API integrations, digital dashboards, automated MIS, and seamless financial reconciliation, FatakSecure enables partners to streamline and manage their insurance distribution processes while staying focused on their core business. The company is committed to making insurance simpler, transparent, and accessible through technology.

For more information, visit www.fataksecure.com

About FatakPay:

FatakPay is a Mumbai-based fintech platform focused on enabling instant, accessible financial solutions for underserved and emerging India. Through its suite of offerings, including instant loans, insurance, investments, and credit improvement tools, FatakPay aims to simplify and expand access to formal finance. Operating through its subsidiaries, FDPL Finance Pvt. Ltd. (an NBFC registered with the Reserve Bank of India) and FatakSecure (an insurance platform aligned with Insurance Regulatory and Development Authority of India guidelines), the company offers products ranging from instant loans of up to ₹20,000 and personal loans of up to ₹5 lakh, to affordable insurance solutions. Its ecosystem also includes credit-building tools like FatakUdaan, along with digital investment options such as gold and silver. Founded by Ajit Kumar and Abhishek Gandhi (co-founders of RupeeCircle), along with Amit Lodha and Amit Goyal, FatakPay is committed to building a financially resilient India by empowering users with simple, transparent, and reliable financial solutions.

About Zurich Kotak General Insurance:

About Zurich Kotak General Insurance: Zurich Kotak General Insurance Company (India) Limited ((Zurich Kotak General Insurance) is a 70:30 joint venture between Zurich Insurance Group and Kotak Mahindra Bank. The company adopted its new name in August 2024, following Zurich Insurance Group’s acquisition of a 70% stake in Kotak Mahindra General Insurance Company Limited. Originally established in 2015, Zurich Kotak has evolved into one of the youngest and fastest-growing non-life insurance firms in India. The company offers a comprehensive suite of non-life insurance products in Retail and Commercial segments designed to meet the evolving needs of individuals, families, and businesses. Backed by the global legacy of Zurich and the trusted brand of Kotak, the company is committed to building a modern, technology-driven insurance franchise that delivers reliable protection and long-term value, which supports India’s growing insurance penetration and financial resilience.

 

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Desay SV Opens Smart Manufacturing Facility in Linares, Spain, Strengthening Its European Presence

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54 minutes ago

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November 12, 2026

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LINARES, Spain, Nov. 12, 2026 /PRNewswire/ — Desay SV today officially inaugurated its new smart manufacturing facility in Linares, Spain, marking another important step in putting its “In Europe, with Europe, for All” commitment into practice. The facility strengthens the company’s local manufacturing and customer-support capabilities and enables closer collaboration with automotive customers across Europe.

Held at Santana Tech Park, the opening ceremony and press conference brought together Desay SV’s senior leadership, representatives of the Spanish central and regional governments, automotive OEM customers, and industry stakeholders. Among the distinguished guests was Núria Aymerich Rocavert, Special Commissioner for Industrial Competitiveness and Small and Medium-sized Enterprises (SMEs) at the Ministry of Industry and Tourism of the Government of Spain.

Building a Localized Manufacturing Hub in Europe

With a total built-up area of approximately 20,000 square metres, the Linares facility serves as a key regional hub for Desay SV, integrating localized manufacturing, engineering, and customer support in Europe. Upon completion of its planned phases, the facility will have a maximum designed annual production capacity of 2.8 million units, providing the flexibility to respond to evolving OEM demand.

The site will cover the production of a range of automotive products, including automotive displays and smart cockpit domain controllers, supporting the evolving needs of European automakers as vehicles become increasingly connected, intelligent, and software-defined. Mass production is expected to begin in the first quarter of 2027.

Strengthening Industrial Cooperation with Spain

Desay SV’s investment in Linares reflects the company’s confidence in Spain’s automotive industrial base and the region’s potential as a strategic location for advanced manufacturing. The project is expected to contribute to local industrial capabilities, supply-chain resilience, and skilled employment. 

“Spain continues to strengthen its position as a leading European hub for automotive excellence and technological innovation. Desay SV’s investment in Linares reflects the strength of Spain’s industrial ecosystem and contributes to our shared ambition to advance sustainable mobility and strengthen the competitiveness of the European automotive industry.”

— Núria Aymerich Rocavert, Special Commissioner for Industrial Competitiveness and SMEs at Spain’s Ministry of Industry and Tourism.

“Desay SV’s investment in Linares is a transformative milestone for Andalusia’s industrial future. Driven by our 22% surge in regional industrial output, we are proud to welcome a world-class automotive technology leader to our ecosystem. When an industry pioneer like Desay SV invests here, they come to stay.”

— Jorge Paradela Gutiérrez, Regional Minister of Industry, Energy and Mines of the Junta de Andalucía

Supporting European Automakers with Local Programs

Desay SV Spain S.L. has received formal project nominations from two international automotive manufacturers and is continuing commercial discussions with several other European automakers. These developments underscore the company’s growing engagement with the European automotive market and its commitment to building long-term customer relationships through local presence and support.

“We are proud to be part of Linares’ industrial revival and to contribute to a new chapter in the city’s development. The support and collaboration of the local, regional and national authorities have been instrumental in bringing this project to life. Building on this strong foundation, we look forward to creating new opportunities for local talent, strengthening the regional automotive ecosystem and growing together with the community for years to come.”

 — Ling Jianhui, Executive Vice President and Chief Operating Officer of Desay SV

“The inauguration of our Linares facility represents another important step in putting our ‘In Europe, with Europe, for All’ commitment into practice. By combining Desay SV’s technological expertise with Spain’s strong automotive industrial base, we are establishing a resilient local manufacturing hub that enables us to build closer relationships with European partners and provide faster, more flexible, and tailored services to meet their evolving mobility needs.”

—Yang Yong, Executive Vice President of Desay SV and General Manager of Desay SV Europe

A Growing International Business

Desay SV continues to expand its international business. In the first nine months of 2026, the company recorded revenue of approximately RMB 24.4 billion, representing year-on-year growth of 9.3%. International sales reached approximately RMB 1.6 billion in the first half of 2026, up 55.7% year on year. The company’s European headquarters is located in Weimar, Germany, and its European operations extend across Germany, France, Spain, Sweden, and the Czech Republic. Through this regional network and its Linares manufacturing base, Desay SV aims to respond more effectively to customer requirements and support the transformation of the European automotive industry.

Creating Opportunities for Local Talent

The Linares project is expected to create up to 500 direct jobs by 2030 across manufacturing, engineering, quality, logistics, and management. Desay SV also plans to work with local educational institutions, including the University of Jaén and I.E.S. Himilce, to support talent development and build pathways between education and the automotive industry.

About Desay SV

Desay SV is a mobility technology company with operations spanning 26 locations worldwide. With 40 years of experience, the company focuses on Intelligent Cabin, Intelligent Driving, and Connected Services, supported by capabilities in research and development, design, quality management, and intelligent manufacturing. Its global automotive customers include Chery, Geely, Li Auto, Renault, SAIC, Stellantis, Toyota, Volkswagen, and Volvo. Desay SV ranked 54th in the Automotive News 2026 Top 100 Global Automotive Suppliers. Learn more at www.desaysv.com. 

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AtkinsRéalis and Türkiye Advance Canada’s Global Nuclear Ambitions Through Stronger Nuclear Technology Cooperation

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54 minutes ago

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November 12, 2026

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Memorandum Of Agreement (MOA) supports Government of Canada’s ambition to expand the global reach of its CANDU® nuclear technology, while supporting Türkiye’s economic and energy goalsFeasibility study will evaluate technical, environmental, infrastructure and economic considerations associated with future nuclear development in TürkiyeProgram establishes a pathway from feasibility through to Front-End Engineering Design (FEED) activities to support future investment decisions

MONTREAL, Nov. 12, 2026 /CNW/ — AtkinsRéalis Group Inc. (TSX: ATRL), a world-class engineering services and nuclear company with offices around the world, today announced that its subsidiary Candu Energy Inc. has taken an important step forward in advancing Canada’s international nuclear ambitions with the signing of a Memorandum of Agreement (MOA) with state-owned Türkiye Nükleer Enerji Anonim Şirketi (TÜNAŞ) at COP31 in Antalya, Türkiye.

“This milestone reflects the federal government’s ambitions to strengthen international partnerships and the global reach of Canadian nuclear expertise, with CANDU nuclear technology at the centre of that strategy,” said Ian L. Edwards, President and Chief Executive Officer, AtkinsRéalis. “We are partnering with Türkiye to support its efforts to achieve its climate commitments and economic and energy security goals with low-carbon, baseload power, while expanding opportunities for Canada’s nuclear sector.”

AtkinsRéalis will undertake a comprehensive feasibility study and Front-End Engineering Design (FEED) for the expansion of Türkiye’s nuclear program. For a potential multi-unit deployment, the study will evaluate the site’s characteristics, infrastructure requirements, environmental considerations and broader project development needs. It will also examine how a future nuclear program could be delivered in Türkiye, including opportunities to develop local supply chains, strengthen domestic nuclear expertise and maximize long-term economic value. The study is expected to be completed before the end of 2027. It will support future planning activities and investment decisions associated with nuclear development opportunities at the site.

Released earlier this year, Canada’s Nuclear Energy Strategy identified international partnerships, exports and market diversification as key priorities for strengthening Canada’s position as a global nuclear leader. The Government of Canada has committed to working with provincial, utility and industry partners to maintain the commercial viability and competitiveness of CANDU technology. Agreements such as this put that commitment into action, with government and industry working together to expand international opportunities for CANDU and bring Canadian nuclear technology and expertise to global markets.

“Countries are looking for reliable ways to strengthen energy security, resilience and meet rising electricity demand, and there is broad consensus that nuclear is an essential part of the solution,” said Joe St. Julian, President, Nuclear, AtkinsRéalis. “From Canada and the United States to Central Europe and the ASEAN region, governments are looking for proven technologies and experienced partners that can help turn nuclear ambitions into reality. Türkiye is an important part of that growth story for AtkinsRéalis.”

Developed in Canada, CANDU is a heavy-water reactor technology with some of the highest capacity factors of all reactors in the world. It is built for today’s world, offering a combination of energy security, fuel flexibility, strong local supply chain opportunities and reliable, large-scale, low-carbon power. These attributes resonate with countries around the world as they seek to build resilient energy systems in a changing geopolitical environment. There are currently 34 CANDU nuclear reactors built on four continents.

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. 

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.  

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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