AtkinsRéalis ECONOMIC

Target: AtkinsRéalis Group Inc. (formerly SNC-Lavalin Group Inc.)

Evidence cut-off: 23 October 2026

Scope: Group-level economic activity, ownership, subsidiaries, investments, suppliers and commercial operations associated with Israel and occupied Palestinian territory.

Supply Chain & Sourcing Relationships

Commercial and procurement structure

AtkinsRéalis describes itself as a global engineering services and nuclear company providing consulting, design, engineering, procurement, project management and infrastructure services; its 2025 financial reporting classifies operations across Engineering Services Regions, Nuclear, Linxon, LSTK Projects and Capital.¹

Its published supplier policy states that suppliers are selected using quality, price, service and overall value, and describes supplier registration through SAP Ariba and an approved supplier list.²

Direct Israeli suppliers

No public evidence identified of a direct commercial supply agreement between AtkinsRéalis and Mehadrin, Hadiklaim, Galilee Export, Agrexco successors, or another specifically identified Israeli agricultural exporter in the reviewed corporate procurement disclosures.²

No public evidence identified of a named Israeli manufacturer supplying engineering equipment, electronic components, construction materials or other goods directly to AtkinsRéalis under a publicly disclosed contract in the reviewed corporate materials.^{2, 3}

Importer-of-record structure

The company’s 2025 Annual Information Form identifies principal subsidiaries across multiple jurisdictions but does not identify an Israeli-incorporated importer-of-record company among the listed entities.³

No public evidence identified of a dedicated Israeli-origin-goods importer, Israeli customs intermediary or Israel-specific import joint venture belonging to AtkinsRéalis in the reviewed subsidiary and supplier disclosures.^{2, 3}

Seasonal sourcing

No public evidence identified of December–April Israeli agricultural sourcing, seasonal produce procurement or recurring purchases of Israeli dates, avocados, citrus, herbs or potatoes by AtkinsRéalis; its disclosed principal business is engineering and professional services.^{1, 2}

Indirect suppliers, intermediaries and resellers

Linxon is identified within the AtkinsRéalis group, and its public project portfolio includes electricity-substation infrastructure in India, Sweden, Bahrain, Iraq, the United Arab Emirates and the United Kingdom.^{4, 5}

No Israeli project, intermediary, subcontractor or local reseller was established from the reviewed Linxon project directory.⁵

No public evidence identified of an Israel-specific third-party distributor, white-label procurement channel or settlement-based supplier within AtkinsRéalis’ published procurement information.²

Product Origin, Labeling & Regulatory Compliance

Business and product categories

AtkinsRéalis’ 2025 Annual Report identifies Engineering Services Regions, Nuclear, Linxon, LSTK Projects and Capital as its reporting segments, consistent with an engineering, infrastructure and nuclear technology business.¹

Settlement-origin goods

No public evidence identified of AtkinsRéalis marketing agricultural produce or other consumer goods labelled “Produce of Israel” or sourcing identified merchandise from the Jordan Valley, occupied West Bank, East Jerusalem or Golan Heights in the reviewed supplier and corporate disclosures.^{2, 3}

Origin-labelling enforcement

No public evidence identified of an AtkinsRéalis-specific DEFRA, customs or other regulatory enforcement finding concerning the country-of-origin labelling of Israeli or settlement-produced consumer goods in the reviewed publicly available company records.^{2, 3}

Corporate policy

The corporate supplier page publishes procurement principles and links to counterparty conduct requirements, but does not establish a specific policy governing the origin labelling of settlement-produced goods.²

No public evidence identified of a separately published AtkinsRéalis policy specifically prohibiting, permitting or regulating purchases of settlement-produced consumer goods.²

Territorial procurement and services

No public evidence identified of a named settlement-based supplier, infrastructure client or commercial project in the reviewed group disclosures and public project information.^{3, 5}

Investment, Capital & Financial Exposure

Corporate structure and investment model

AtkinsRéalis Group Inc. is a publicly traded Canadian corporation listed on the Toronto Stock Exchange under ATRL, with its principal corporate address in Montréal.⁶

Its 2025 financial disclosures identify major regional engineering businesses, nuclear activities, Linxon and capital investments.^{1, 7}

Direct investment in Israel

The company’s 2025 Annual Information Form identifies its principal subsidiaries by jurisdiction and ownership percentage; none of the listed principal subsidiaries is incorporated in Israel.³

No public evidence identified of a disclosed Israeli factory, data centre, logistics hub, research campus, real-estate investment or controlling acquisition of an Israeli operating company in the reviewed 2025 Annual Information Form and Management’s Discussion and Analysis.^{3, 7}

Acquired Israeli subsidiaries - controlling ownership

No public evidence identified of a named Israeli operating company acquired by AtkinsRéalis or its disclosed major subsidiaries through the transactions described in the 2025 Annual Information Form and reviewed 2026 acquisition announcements.^{3, 8}

The absence of an Israeli company from the principal-subsidiary list does not establish that every historical or indirectly controlled legal entity has been exhaustively screened.³

Relevant acquisitions and group entities

On April 14, 2025, AtkinsRéalis announced completion of its acquisition of a 70% interest in David Evans Enterprises, Inc., the parent of David Evans and Associates, Inc., headquartered in Portland, Oregon.⁹

The 2025 transaction documents describe the acquisition as an expansion of AtkinsRéalis’ Western United States engineering capabilities, with the original announcement specifying approximately US$300 million in consideration.⁹

On September 14, 2026, AtkinsRéalis announced completion of its acquisition of Wallbridge Gilbert Aztec, an Australian and New Zealand engineering consultancy employing approximately 800 professionals.⁸

WGA’s published FAQ confirms that AtkinsRéalis holds 100% of WGA GH Pty Ltd following the September 2026 acquisition.¹⁰

The Australian Competition and Consumer Commission’s June 9, 2026 determination identified AtkinsRéalis Australia Holdings Pty Ltd as the acquiring entity for the proposed acquisition of 100% of WGA Group Holdings Pty Ltd.¹¹

No Israeli operating-company acquisition was identified within the documented David Evans or WGA transactions.^{8, 9, 10}

Research, development and innovation

The company’s reviewed global office directory does not identify an Israeli corporate location, and its principal-subsidiary disclosures do not identify an Israeli-incorporated research subsidiary.^{3, 12}

No public evidence identified of an AtkinsRéalis-operated Israeli R&D centre, technology accelerator or innovation laboratory in these disclosures.^{3, 12}

Shareholders and beneficial ownership

The 2025 Annual Information Form records AtkinsRéalis’ June 2025 agreement to repurchase seven million common shares from La Caisse de dépôt et placement du Québec for approximately C$636 million.³

Following that repurchase, La Caisse held approximately 27.4 million common shares, representing approximately 16.5% of AtkinsRéalis’ issued and outstanding shares at that time.³

La Caisse’s disclosed minority shareholding establishes an institutional financial interest in AtkinsRéalis; the cited transaction does not establish Israeli ownership or beneficial control of AtkinsRéalis.³

Portfolio investments

The company’s 2025 Management’s Discussion and Analysis documents the disposal of its remaining 6.76% interest in Canada’s Highway 407 ETR infrastructure concession, with approximately C$2.6 billion of gross proceeds under the announced transaction.⁷

No public evidence identified of an Israeli sovereign-bond position, Israel-focused investment fund or named Israeli-domiciled portfolio holding in the reviewed company investment disclosures.^{3, 7}

Israeli sovereign financing and financial services

AtkinsRéalis’ disclosed principal activities are engineering, nuclear technology and infrastructure-related services, rather than banking, insurance or asset management.^{1, 3}

No public evidence identified of AtkinsRéalis underwriting Israeli sovereign bonds, distributing Israel Bonds, insuring Israeli military assets, or providing a named lending facility to an Israeli defence manufacturer or settlement enterprise in the reviewed financial disclosures.^{3, 7}

Controlling principals and associated vehicles

The company’s official leadership disclosures identify Ian L. Edwards as President and Chief Executive Officer, while its 2026 shareholder-meeting materials identify William L. Young as Board Chair.^{13, 14}

No public evidence identified in the reviewed leadership and governance disclosures of a specific Israeli operating-company investment, settlement-related investment vehicle or Israeli defence-company ownership interest attributable to those named executives or directors.^{13, 15}

Operational Presence & Market Activity

Registered and physical presence

AtkinsRéalis’ public global-office directory identifies Montréal as its head office and displays zero listed offices for Israel and zero for Palestine.¹²

The office-directory result is a statement about publicly listed corporate offices; it does not independently establish the absence of temporary projects, cross-border contracts, subcontractors or unlisted business activities.¹²

Employees

AtkinsRéalis reported approximately 40,200 employees worldwide at December 31, 2025, compared with approximately 38,500 at December 31, 2024.¹

No Israel-specific employee count is disclosed in the reviewed global-office directory or principal corporate workforce figures.^{1, 12}

Israeli tax and regulatory status

AtkinsRéalis is incorporated in Canada, and its 2025 Annual Information Form identifies its registered and head office in Montréal.³

No public evidence identified of Israeli tax residency, Israeli Preferred Technology Enterprise status or an Israeli corporate tax registration belonging to AtkinsRéalis in the reviewed principal corporate disclosures.³

Publicly disclosed projects

The company’s public global project directory presents engineering and infrastructure projects across multiple jurisdictions, but no named Israeli contract was established from the reviewed project listings.¹⁶

Linxon’s reviewed project directory identifies electricity infrastructure assignments in several countries, including Bahrain, Iraq and the United Arab Emirates, without establishing an Israeli project.⁵

Market positioning

AtkinsRéalis’ 2025 annual reporting groups regional engineering revenue under Canada, United Kingdom and Ireland, United States and Latin America, and Asia, Middle East and Africa.¹

Israel is not identified as a separate geographic revenue segment in those reported figures.¹

No public evidence identified of a company statement describing Israel as a strategic growth market, regional headquarters or major standalone export market within the reviewed annual report and investor materials.^{1, 17}

Military and government procurement

AtkinsRéalis provides engineering services in defence-related infrastructure markets outside Israel, including capabilities described in the Australian Competition and Consumer Commission’s 2026 merger determination.¹¹

No public evidence identified of a specific Israeli Ministry of Defence, IDF or Israeli government procurement agreement involving AtkinsRéalis or the examined subsidiaries.^{3, 11}

Occupied territory and settlements

No public evidence identified of a named AtkinsRéalis office, engineering contract, operating concession, supply agreement or owned asset within an Israeli settlement in the reviewed corporate subsidiary, office and project disclosures.^{3, 5, 12, 16}

Post-July 2024 and post-November 2024 activity

The 2025 corporate disclosures and September 2026 acquisition announcements establish continuing international engineering and acquisition activity during both periods.^{3, 8}

No specific Israel-related or settlement-related commercial activity was established for these periods from the reviewed disclosures.^{3, 7, 8}

AtkinsRéalis’ 2025 Annual Information Form, dated February 26, 2026, explicitly names the Engineering Services reporting region covering the Middle East as “Asia, Middle East and Australia” (AMEA). Section 3.1, page 11, identifies AMEA alongside Canada, United Kingdom and Ireland (UKI), and United States and Latin America (USLA) as the four Engineering Services Regions. This corrects the existing audit’s “Market positioning” designation of “Asia, Middle East and Africa” to “Asia, Middle East and Australia”. The same correction applies to the regional revenue description under “Profit Repatriation & Economic Contribution”.³

The 2025 Annual Information Form identifies Asia, the Middle East and Australia as AMEA’s geographic coverage but does not provide an exhaustive country-by-country membership list. India is separately identified as a country containing company operating or marketing offices, although the filing does not expressly assign individual countries to AMEA. AtkinsRéalis’ February 2024 announcement establishing AMEA leadership identifies projects in Saudi Arabia, the United Arab Emirates, Hong Kong, Vietnam and Australia, documenting activity across the region without establishing an exhaustive country list. These disclosures do not identify Israel as an AMEA operating country.^{3, 18}

Corporate Structure & Foundational Ties

Historical origins

AtkinsRéalis’ corporate history traces the SNC-Lavalin predecessor to Arthur Surveyer’s engineering business founded in Canada in 1911, while the Atkins predecessor originated in the United Kingdom.¹⁹

SNC and Lavalin merged in 1991, and the Canadian group acquired the British engineering business WS Atkins in 2017.¹⁹

On September 12, 2023, SNC-Lavalin announced that it was adopting the AtkinsRéalis brand.²⁰

The 2025 Annual Information Form states that the corporate name was formally changed from SNC-Lavalin Group Inc. to AtkinsRéalis Group Inc. following shareholder approval in May 2024.³

Incorporation and headquarters

The 2025 Annual Information Form records incorporation under Canadian law on May 18, 1967, continuation under the Canada Business Corporations Act on March 24, 1980, and a registered and head office at 455 René-Lévesque Boulevard West, Montréal, Québec.³

The company’s investor information confirms its Toronto Stock Exchange listing and identifies Ian L. Edwards as CEO and Jeff Bell as CFO.⁶

Israeli-Nexus Floor factual checks

Founded in Israel: The disclosed foundational history identifies Canadian and British origins, with no Israeli founding entity identified.¹⁹

Israeli headquarters or principal management: The company identifies Montréal as its head office, and its global-office directory lists zero Israeli offices.^{3, 12}

Israeli tax residency or Preferred Technology Enterprise status: no public evidence identified in the reviewed principal corporate filings.³

Israeli beneficial ownership or control: no public evidence identified in the reviewed corporate ownership disclosures; La Caisse was a disclosed significant minority shareholder after the June 2025 repurchase.³

Governance

The company publicly identifies a board of directors, governance committees, corporate bylaws and formal governance documents.¹⁵

The 2026 annual shareholder-meeting materials identify William L. Young as Chair and Ian L. Edwards as CEO.¹⁴

No public evidence identified of an Israeli government-appointed director, Israeli sovereign golden share or charter provision reserving governance rights to the Israeli state in the reviewed corporate governance disclosures.^{3, 15}

Government and institutional relationships

The Australian Competition and Consumer Commission approved the proposed WGA acquisition in a Phase 1 determination dated June 9, 2026.¹¹

AtkinsRéalis’ UK operating entities have publicly recorded corporate filings with Companies House, including 2026 filings for AtkinsRéalis (WS) Limited.²¹

These records establish governmental and regulatory relationships outside Israel; no Israel-specific government ownership or board-appointment mechanism was identified in the reviewed materials.^{11, 15, 21}

Group attribution

The 2025 Annual Information Form identifies substantial directly and indirectly controlled group businesses, including Canadian, British, American and other international operating entities.³

The completed 2026 WGA acquisition extends the group through a wholly owned Australian and New Zealand engineering business.^{8, 10}

No specific Israeli-controlled operating subsidiary was identified among the disclosed principal subsidiaries and the separately verified acquisitions.^{3, 8, 10}

Profit Repatriation & Economic Contribution

Consolidated financial scale

AtkinsRéalis reported approximately C$11.003 billion of revenue for 2025, compared with C$9.668 billion for 2024.¹

Its published 2025 geographic Engineering Services Regions revenue comprised approximately C$1.464 billion from Canada, C$2.760 billion from the United Kingdom and Ireland, C$2.009 billion from the United States and Latin America, and C$1.281 billion from Asia, Middle East and Africa.¹

The company additionally reported approximately C$2.302 billion of Nuclear revenue and C$970 million of Linxon revenue for 2025.¹

Israel-specific revenue

The company’s 2025 published segment table does not separately identify Israeli revenue.¹

No public evidence identified of a quantified Israel-specific revenue stream, earnings contribution, backlog or customer concentration in the reviewed 2025 annual reporting materials.^{1, 7}

Profit flows and repatriation

AtkinsRéalis’ 2025 Annual Information Form identifies a Canadian parent corporation with international subsidiaries, while its consolidated reporting aggregates operating results across regional and business segments.^{3, 7}

No public evidence identified of dividends, management fees, royalty payments or other quantified transfers from an identified Israeli operating subsidiary to the Canadian parent in those disclosures.^{3, 7}

No public evidence identified of a documented flow of global AtkinsRéalis earnings into an Israeli-domiciled parent, controlling shareholder or family-office vehicle in the reviewed ownership disclosures.³

Employment and tax contribution

AtkinsRéalis disclosed approximately 40,200 global employees at the end of 2025, but did not separately identify Israeli employment in the reviewed workforce figures.¹

No public evidence identified of a quantified Israeli payroll, corporate tax payment, value-added tax contribution or local capital expenditure attributable to AtkinsRéalis in the reviewed principal filings.^{3, 7}

Economic ecosystem and infrastructure role

AtkinsRéalis describes engineering services and nuclear technology as principal areas of its global business, with electricity infrastructure among Linxon’s disclosed activities.^{1, 5}

The September 2026 WGA acquisition added approximately 800 engineering professionals operating across Australia and New Zealand.⁸

No public evidence identified in the reviewed corporate and regulatory documents of an Israeli government designation identifying AtkinsRéalis as a national infrastructure operator, strategic Israeli employer or indispensable provider to an Israeli economic sector.^{3, 11, 12}