As 2025 draws to a close, marked by a volatile mix of U.S. tariff tensions, geopolitical unrest, and the relentless surge of artificial intelligence, investors are already looking ahead. While some may still chase the giants of the tech world, a growing number are setting their sights on opportunities closer to home for the coming year.
Energy and Infrastructure: Cyclical Plays with Catalysts
In search of growth and income, the Financial Post consulted ten investment professionals to identify the equities poised for attention in 2026. Their selections span from traditional industries to those riding new technological waves.
Brian Madden, Chief Investment Officer at First Avenue Investment Counsel Inc., highlights Trican Well Service Ltd. (TCW). The Calgary-based oilfield services company, which reinstated its dividend in 2023, is described as "very cash generative." Madden notes its aggressive share buyback program, which has reduced outstanding shares by roughly 51% since 2017.
"We see it as a good combination of current income via the dividend and growth opportunity," Madden said, while cautioning that it remains a cyclical business. He points to several potential growth drivers for 2026, including its $231-million acquisition of Iron Horse Energy Services. This move expands Trican's geographic footprint and exposure to oil, fracking, and drilling services.
Furthermore, Madden believes rising demand for liquified natural gas (LNG)—fueling everything from AI data centres to the LNG Canada export facility in Kitimat, B.C.—could increase takeaway capacity and spur more drilling and fracking activity, directly benefiting Trican's core services.
Engineering and Nuclear Power: A Rebranded Giant
Another standout pick is AtkinsRéalis Group Inc. (ATRL), the Montreal-based firm formerly known as SNC-Lavalin. Irene Fernando, Managing Director and Senior Portfolio Manager at RBC Global Asset Management, emphasizes the company's transformation.
Two years after its rebranding, AtkinsRéalis has refocused on engineering services, achieved a zero-debt balance sheet, and is actively pursuing growth through strategic acquisitions. "When you’re buying Atkins today, you’re buying a clean balance sheet with the opportunity to grow the core business and use that balance sheet as leverage to tack on M&A," Fernando explained.
The company is also positioned to capitalize on two major trends. First, the potential integration of artificial intelligence in engineering could streamline processes and boost margins. Second, the global nuclear power renaissance is a significant tailwind. Through its wholly-owned subsidiary, Candu Energy Inc., AtkinsRéalis is the exclusive licensee of CANDU reactor technology from the Canadian government. "If you look at Ontario alone, Atkins can make so much money just by winning contracts," Fernando noted.
Economic Bellwethers: Waiting for a Rebound
The list also includes foundational Canadian companies whose fortunes are often tied to broader economic health. Cole Kachur, Senior Investment Advisor at Wellington-Altus Private Wealth Inc., points to Canadian National Railway Co. (CNR) as a stock to watch.
Kachur acknowledges that "economic bellwether stocks" like CNR have struggled in 2025 amid uncertainty surrounding U.S. trade and tariff policies. However, he believes the company's share price may have bottomed out, suggesting a potential rebound as clarity on trade emerges and economic activity stabilizes.
The collective insight from these professionals paints a picture of a 2026 investment landscape where opportunity lies not just in high-flying tech, but in resilient sectors like energy services, strategic infrastructure, and essential transportation—all with unique catalysts for growth in the Canadian context.
