Atco CEO Nancy Southern says the company is at a “pivotal moment of opportunity” as it refocuses on defence, housing and ports.
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Atco Ltd. chief executive Nancy Southern says the company is undergoing a transformation at a time when governments are placing greater emphasis on defence, addressing housing shortages and advancing large infrastructure projects.
Southern said Atco is set to become a more clearly defined business that investors can better understand after it separates from its energy and power holdings. She said the company will split in the context of plans by Halifax-based Emera Inc. and Canadian Utilities—where Atco is a controlling shareholder—to merge into a new Canadian energy “powerhouse,” with Atco focusing on defence, housing and ports.
Southern told analysts on Atco’s third-quarter conference call Friday that she sees the current environment as “a pivotal moment of opportunity, driven by changing geopolitical realities and a growing need for housing and defence services.” She added that she will continue to lead Atco and also serve as co-chair of Emera after the merger.
She said Atco sees $180 billion in defence procurement opportunities and pointed to the federal government’s emphasis on Arctic sovereignty, describing it as a driver for infrastructure, logistics and reliable operations in difficult conditions.
Southern also referenced Atco’s work connected to Nunavut’s Grays Bay Port and Road Project, saying the company earlier this year announced a $10-million investment in the Inuit-led project developer. She said the initiative would include an all-season road to a new Arctic deepwater port intended for both military and civilian use.
In addition to Arctic-focused work, Southern said Atco sees “tremendous opportunity” tied to rebuilding in Ukraine, while noting it is unlikely to occur in the immediate future. She said Atco is instead seeing demand emerge from adjacent European countries, particularly on the defence side, as well as for housing and accommodation and facilities in forward operating bases.
Southern said Atco expects modular work camps could be in demand as liquefied natural gas projects require temporary accommodation. She said Atco provided camp structures for the first phase of LNG Canada in Kitimat, B.C., and that those structures can be used for the next approved expansion phase. She also said Atco is more excited about a planned LNG project in Alaska that would require 8,000 beds for workers.
Financially, Atco reported third-quarter profit attributable to shareholders of $83 million, down from $85 million in the same quarter last year. The profit was 73 cents per diluted share for the quarter ended Sept. 30, compared with 75 cents a year earlier. Revenue rose to $1.34 billion for the quarter from $1.18 billion in the same quarter last year, and Atco said it earned $1.00 per share on an adjusted basis, up from 92 cents per share in the third quarter of 2025.
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