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  5. ARE: There appears to be a growing trend toward the building of small nuclear reactors for energy. [Aecon Group Inc.]
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Q: There appears to be a growing trend toward the building of small nuclear reactors for energy. It seems ARE and ATRL are best positioned in the segment. ARE just announced a project in the US and both are involved in the building of the reactors PM Carney announced. I know you like STN and WSP. I have a good position in WSP and have done well with the stock but I am noy sure if it is involved in this sector. Your thoughts please.
Asked by Stephen on October 27, 2025
5i Research Answer:

We do not have a financial exposure breakdown, but WSP Global is not a nuclear reactor manufacturer or builder of reactor hardware itself, but it is a significant engineering, advisory, and project management provider for both nuclear reactor projects and SMR programs around the world, playing a role in enabling their design, delivery, and integration. Specifically concerning small modular reactors, WSP is recognized as a leader in supporting SMR development globally. The firm participates in major advisory and project delivery roles for SMR programs, such as the UK's flagship SMR project, where WSP has been named as a leading advisory partner. WSP’s services encompass strategic planning, program delivery, regulatory guidance, commercial controls, and technical expertise for both SMRs and large-scale nuclear initiatives. WSP highlights the decarbonization benefits and deployment flexibility of SMRs for industries and remote sites.