ATS Corporation Jefferies Global Industrials Conference 2026

Okay, very good. Welcome, everyone, to Jefferies', the second day of our 2026 Industrial Conference. I'm Steve Gavales. I run the industrial technology practice at the firm. I've been here about 15 years. You're in for a treat. You have my favorite team and favorite company, not that all the other companies in this conference are not beautiful in their own right, but I've been smitten with the ATS story. At the behest of the team, we wanted to make this a bit more interactive and conversational. Maybe with that, I'd love it if you could introduce yourselves to the group, and then I can guide us with some questions. If the audience has questions, please raise your hand. We can pass mics. But we will try to wrap this up a little bit faster just so everyone doesn't feel hurried as you're making it to your next meeting.

With that, Anne, maybe let me pass it to you.

Yeah. Thanks, Steven. Hi, everyone. I'm Anne Cybulski. I'm the Interim CFO at ATS. I am one of many people at ATS who have been there for quite a long time, and have seen the growth and trajectory of the company over my 17 years there. Super happy to be here today, and I'll let Sarah introduce herself.

Thanks. Wonderful. All right. Just make it a little interactive.

Show of hands, who is very familiar with ATS? Okay, good. That's wonderful because I think where I'd like to start maybe, Sarah and Anne Cybulski, is a little level setting. Maybe just give the group a little bit of an overview on the ethos at ATS and what your North Star is.

Yeah. So I'll start, and then Sarah Yeah can provide some color on our life sciences business, which, as she said, is about half of our total revenues of around CAD 3 billion a year, Canadian.

We've been around as ATS since 1978, but over the years, we've grown the portfolio. We're a global automation technology player with really deep domain knowledge in the industries that we choose to serve in, which are primarily life sciences as well as food and beverage, energy, and what we call consumer and industrial, so a bit of a catchall of other industrial technology applications.

Over the years, we've pivoted away from our historical participation in the transportation, sort of OEM, ICE sub-markets, and really focused on where we can provide value to our customers with automation solutions, products, services, focused on industries that have high consequence of failure, really important factors around delivery and efficiency, time to market, and generally tend to be more highly regulated. If you think about nuclear or the life sciences space, food and beverage, those all fit the bill. About 80% of our backlog is in those more highly regulated spaces at this time. Sarah, maybe put a little bit more color on the part of the business that you run, because it's a pretty exciting piece of the portfolio.

Awesome. Automation is an interesting topic in the sense that it touches everything, and it is almost a challenge of riches as far as what you can pursue. Even within your focused end markets, there are probably some areas that are more geared towards growth or maybe where you see the company doubling down as you are pursuing growth. Maybe touch on a few of those areas.

Yeah. I can talk first about the broader portfolio. As I said, we have really shifted from what you might imagine as more of a custom integration shop back in 15 years ago into a broader portfolio of Services, products, and then the legacy custom integration business. Service is a really important play when it comes to automation, and Sarah can give you some great examples from the life sciences space in terms of how she sees the benefit there, both from a growth perspective, but also from a margin standpoint with our customers. Again, just to anchor back to the key end markets that we play in, we tend to like to be in markets that— Food is a little bit of a lower growth market for us, but it is good and it is stable, grows at around GDP plus 1 or 2%.

But some of the markets that are in the life sciences business over time should be in the high single-digit organic growth range. Those are, again, the complexity of the markets, the growth of the end markets that we're pursuing. That's where we really serve our customers well. And with the complexity that Sarah described, as well as some of the new tools that are available to us as we provide those services, we see good opportunity from a longer-term perspective. One thing that you may be aware of is because we do have some larger projects that flow into our numbers, we do see some, call it, give and take in our bookings intake and our top line. But in this world that we operate in with the customers we serve, we view that as par for the course.