OPG announced contracts totalling $3B to refurbish the Pickering Nuclear Generating Station, of which Aecon’s (ARE) share is $1.75B, adding another 17% to the backlog…

… and supporting continued growth in the company’s largest segment, with work expected to begin in January 2027.

Alongside a deliberate shift away from fixed price contracts…

… recent contract wins have supported a material expansion in ARE’s valuation over its long-term historical average, as investors price in Canadian infrastructure tailwinds.

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