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© 2025 Fluor. 1 MAY 2025 INVESTOR PRESENTATION ELI LILLY PROJECT // INDIANA, U.S.
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2© 2025 Fluor. Q1 2025 INVESTOR RELATIONS This presentation contains forward-looking statements (including without limitation statements to the effect that the Company or its management “will, ” “believes, ” “expects, ” “plans, ” “intends, ” “continue, ” “anticipates, ” is “positioned” or other similar expressions). These forward-looking statements, including statements relating to resolution of outstanding claims or lawsuits, strategic and operational plans, projected operating results, forecasts, market outlook, new awards, backlog levels, prospects, capital allocation plans and liquidity are based on current management expectations and involve risks and uncertainties. Actual results may differ materially as a result of a number of factors described in our form 10-K for the year ended December 31, 2024. Caution must be exercised in relying on these and other forward-looking statements. Additional information concerning risk factors that could affect the Company’s business and financial results can also be found in the Company's public periodic filings with the Securities and Exchange Commission, including our 2024 10-K. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events. During this presentation, we may discuss certain non-GAAP financial measures including consolidated segment profit (loss), adjusted EBITDA, and adjusted EPS. Reconciliations of non-GAAP amounts to the comparable GAAP measures are reflected in our earnings release and are posted in the investor relations section of our website at investor.fluor.com. Reconciliations of forward-looking non-GAAP financial measures are not available due to the inability to reliably estimate the amounts of items excluded from such measures. Unless otherwise noted, capitalized terms used herein shall have the meanings ascribed to them in the Company’s 2024 Form 10-K. SAFE HARBOR STATEMENT
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3© 2025 Fluor. Q1 2025 INVESTOR RELATIONS COMPANY OVERVIEW A global, publicly traded professional and technical solutions provider Designs and builds well-executed, capital-efficient projects for clients around the world More than 110-year heritage delivering comprehensive solutions for clients through our business groups: – Energy Solutions – Urban Solutions – Mission Solutions Revenue of $16.3bn for 2024 Global execution platform serving clients in over 60 countries #265 on the 2023 FORTUNE® 500 list ~27,000 employees executing projects globally NYSE (Ticker: FLR) since 1957 Contract TypeGeography Fixed 21% Reimbursable 79% FLUOR CORPORATION HEADQUARTERS // TEXAS, U.S. CONSOLIDATED BACKLOG Q1 2025 ($ in Millions) U.S. 42% Non U.S. 58%
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4© 2025 Fluor. Q1 2025 INVESTOR RELATIONS KEY INVESTMENT HIGHLIGHTS Well-Positioned to Capture Growth from Long-Term Megatrends World-class Technical Solutions and EPC Expertise Significant Market Momentum and Growth Trajectory – Accelerating economic recovery – Strong demand from ATLS clients – Secular tailwinds – Supportive commodity pricing environment Global Footprint Supports Close Relationships with Blue Chip Companies Across Key End Markets Significant Project Awards with Robust Pipeline for Growth Backlog and Project Pipeline is Majority Cost Reimbursable Global Industry Recognition CNOOC WEN CHANG // HAINAN PROVINCE OF CHINA
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5© 2025 Fluor. Q1 2025 INVESTOR RELATIONS STRATEGY: BUILDING A BETTER FUTURE The Next Chapter Improve capital structure Reinstate rigor around risk and pursuit processes Grow non-traditional oil & gas markets Refresh our culture 2021-2024 “Fix & Build” Drive Growth Across the Portfolio Pursue Fair and Balanced Contract Terms Foster a High-Performance Culture with Purpose Reinforce Financial Discipline 2025-2028 “Grow & Execute” Generate cash and earnings Maintain robust pursuit/risk principles along with commercial acumen Grow organically in target markets Niche acquisitions Project execution & delivery People development Knowledge transfer Reinforce Financial Discipline Pursue Fair and Balanced Contract Terms Drive Growth Across the Portfolio Foster a High- Performance Culture of Project Delivery
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6© 2025 Fluor. Q1 2025 INVESTOR RELATIONS BUSINESS GROUPS ENERGY SOLUTIONS URBAN SOLUTIONS MISSION SOLUTIONS Production & Fuels Asset Decarbonization Carbon Capture Energy Storage Gas Processing & Gas Treating Gasification Heavy Oil Upgrading & Oil Sands Hydrocarbon Transportation – Pipelines Hydrogen Offshore Oil & Gas Production Onshore Oil & Gas Production Petroleum Refining Renewable Fuels & Biofuels Sulfur Recovery Sustaining Capital Projects Utilities & Offsites Chemicals Battery Chemicals Chemicals & Petrochemicals Chemicals & Plastics Recycling Green & Sustainable Chemicals Polysilicon Liquefied Natural Gas LNG Nuclear Project Services Small Modular Reactors (SMRs) Advanced Technologies & Life Sciences Advanced Materials Animal Health Biotechnology Data Centers Fast-Moving Consumer Goods Food & Beverage Medical Devices Pharmaceuticals Semiconductors Smart Batteries Specialty Products Sustainable Proteins Infrastructure Bridges Heavy Civil Infrastructure O&M Toll Roads & Highways Transit, Commuter & High-speed Rail Mining & Metal Fertilizers Metals Metals Process Expertise Mining Mining Process Expertise Plant & Facility Services Maintenance Operations TRS Staffing Solutions Staffing Resources Defense Base Engineering & Construction Base Operations Support Capital Projects Contingency Construction Emergency Response & Recovery Facilities/Equipment Operations & Maintenance Life Support & Logistics Services National Security Intelligence Intelligence Services Nuclear & Civil Decontamination & Decommissioning Emergency Response & Recovery Environmental Remediation Laboratory Management National Security Nuclear New Build Nuclear Operations & Management Nuclear Power Plant Support Services Site Closure Management Waste Management
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7© 2025 Fluor. Q1 2025 INVESTOR RELATIONS PROFESSIONAL AND TECHNICAL SOLUTIONS DESIGN Advanced Process Modeling | Conceptual Design | Estimating | Feasibility Studies | Permitting | Process Simulation | Project Financing | Routing | Scope | Definition | Siting | Technology/License Evaluation ENGINEERING Advanced Work Packaging | Cost Control | Detailed Engineering | Fabrication | Front-End Engineering | Modular Construction | Planning & Scheduling | Process Simulation | Safety Planning | Systems Integration PROCUREMENT Contracts Management | Expediting | Fabrication | Logistics | Low-Cost Country Sourcing | Materials Management | Purchasing Requirements Planning | Supplier Quality | Staffing Resources | Warehousing FABRICATION Contractor Management | Material Control | Modular Construction | Purchasing | Quality Control | Safety Programs | Sourcing CONSTRUCTION Construction Management | Contractor Management | Craft Staffing & Training | Equipment, Tools & Fleet Services | Field Mobilization | Modular Construction | Project & Program Management | Quality Control | Rigging | Safety Programs | Scaffolding | Self- Perform Construction | WorkFace Planning START-UP & MAINTENANCE SERVICES Commissioning | Engineering Support | Initial Production | Operations & Maintenance | Plant Readiness | Precommissioning | Systems Checkout | Turnover | Validation
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© 2025 Fluor. 8 SEGMENT UPDATES HANFORD INTEGRATED TANK DISPOSITION // WASHINGTON, U.S.
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9© 2025 Fluor. Q1 2025 INVESTOR RELATIONS New Awards Backlog Q1 2025 segment profit of $70 million Segment new awards of $5.3 billion Segment backlog of $20.2 billion – 8% increase in past 12 months OAK HILL PARKWAY // TEXAS, U.S. URBAN SOLUTIONS SEGMENT NEW AWARDS AND BACKLOG ($ in Millions) $4,873 $5,330 $18,603 $20,150 Q1 2024 Q1 2025
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10© 2025 Fluor. Q1 2025 INVESTOR RELATIONS URBAN SOLUTIONS New Awards for the quarter include a multi-billion dollar pharmaceutical EPCM project Prospects include additional pharmaceutical opportunities, advanced manufacturing, semiconductors and data centers ELI LILLY PROJECT // INDIANA, U.S. ATLS Mining & Metals Awarded Reko Diq copper-gold project in Pakistan Prospects include green steel production, multiple opportunities with an existing aluminum client Increased focus on copper production in North and South America
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11© 2025 Fluor. Q1 2025 INVESTOR RELATIONS URBAN SOLUTIONS New awards include a $682 million construction contract for TxDOT near College Station – Widening 12-mile stretch of highway from two lanes to three in each direction Gordie Howe project 96% complete GORDIE HOWE INTERNATIONAL BRIDGE PROJECT // PORTS OF ENTRY INTO CANADA AND THE U.S. Infrastructure
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12© 2025 Fluor. Q1 2025 INVESTOR RELATIONS Q1 2025 segment profit of $47 million – Results reflect projects nearing completion and a reserve related to a long completed project at our joint venture in Mexico Segment new awards of $315 million – Additional services for the Aramco Petrochemical facility Segment backlog of $6.2 billion Dow Path2Zero project progressing LNG Canada – 782 of 837 systems mechanically complete – Next significant milestone will be achieving Ready For Start Up on Train 1 Prospects include a chemical recycling plant and a gas compression project LNG CANADA EXPORT FACILITY // KITIMAT, B.C., CANADA ENERGY SOLUTIONS SEGMENT NEW AWARDS AND BACKLOG ($ in Millions) $9,257 $6,161 Backlog $716 $315 New Awards Q1 2024 Q1 2025
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13© 2025 Fluor. Q1 2025 INVESTOR RELATIONS Q1 2025 segment profit of $5 million – Includes $28 million reserve related a recent ruling on a project completed in 2019 Segment new awards of $164 million – DOE, FEMA and Army Segment backlog of $2.4 billion Prospects for 2025 include: – Full release of the Savannah River Plutonium Pit Facility (SRPPF) – National security/Defense Threat Reduction Agency FEMA SUPPORT // MAINE, U.S. MISSION SOLUTIONS SEGMENT NEW AWARDS AND BACKLOG ($ in Millions) Backlog $4,389 $2,400 $164 New Awards $1,145 Q1 2024 Q1 2025
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© 2025 Fluor. 14 Q1 2025 FINANCIAL UPDATE HEIDELBERG MATERIALS // GESEKE, GERMANY
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15© 2025 Fluor. Q1 2025 INVESTOR RELATIONS Q1 2025 FINANCIAL RESULTS $131 million consolidated segment profit* $0.73 diluted adjusted EPS* $4.0 billion revenue $36 million G&A expense $155 million adjusted EBITDA* $17 million net interest income $5.8 billion new awards * Non-GAAP financial measure
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16© 2025 Fluor. Q1 2025 INVESTOR RELATIONS Q1 2025 FINANCIAL UPDATE Cash balance of $2.5 billion Operating cash outflow of $286 million – Reflects increased working capital needs on several large projects, incentive payments and timing of government payments $70 million in legacy project funding; 2025 funding of $200 million unchanged $84 million positive benefit of litigation settlement reflected in equity method results Q1 share repurchases of $142 million, or 3.6 million shares – Targeting repurchases of $600 million in 2025 Continue to pursue advantageous capital allocation opportunities
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17© 2025 Fluor. Q1 2025 INVESTOR RELATIONS Adjusted EBITDA: $575-$675 million Adjusted EPS: $2.25 to $2.75 Operating Cash Flow: ~$450 to $500 million OUTLOOK FY 2025 guidance FY 2025 segment margin guidance(1) Book-to-burn: Above 1 Revenue growth: 15% G&A expense: $180 million Effective tax rate: 30-35% FY 2025 assumptions (approx.) Urban Solutions 4.0% - 5.0% Energy Solutions 3.5% - 4.5% Mission Solutions 5.0% - 6.0% (1) Margin guidance is approximate. Excludes currency exchange effects and the embedded foreign currency derivative
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© 2025 Fluor. 1818FLUOR’S GLOBAL HEADQUARTERS // TEXAS, U.S. APPENDIX NON-GAAP RECONCILIATIONS
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19© 2025 Fluor. Q1 2025 INVESTOR RELATIONS U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT (1) (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. THREE MONTHS ENDED MARCH 31, (in millions) 2025 2024 Revenue Urban Solutions $ 2,157 $ 1,479 Energy Solutions 1,206 1,432 Mission Solutions 597 601 Other 22 222 Total revenue $ 3,982 $ 3,734 Segment profit (loss) $ and margin % Urban Solutions $ 70 3.2% $ 50 3.4% Energy Solutions 47 3.9% 68 4.7% Mission Solutions 5 0.8% 22 3.7% Other 9 40.9% (22) NM Total segment profit $ and margin %(1) $ 131 3.3% $ 118 3.2% G&A (36) (59) Foreign currency gain (loss) (13) 12 Interest income (expense), net 17 39 Earnings (loss) attributable to NCI 9 (19) Earnings before taxes 108 91 Income tax benefit (expense) (including $73 million tax benefit attributable to equity method loss in 2025) 53 (51) Net earnings before equity method earnings 161 40 Equity method earnings (loss) (393) — Net earnings (loss) (232) 40 Less: Net earnings (loss) attributable to NCI 9 (19) Net earnings (loss) attributable to Fluor $ (241) $ 59
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20© 2025 Fluor. Q1 2025 INVESTOR RELATIONS THREE MONTHS ENDED (in millions) March 31, 2025 Earnings before taxes $ 108 Income tax benefit 53 Less: Income tax benefit attributable to equity method loss (73) Income tax expense and effective tax rate, excluding amount attributable to equity method loss (20) 19 % Net earnings excluding amount attributable to equity method loss $ 88 Equity method loss $ (393) Income tax benefit and effective tax rate attributable to equity method loss 73 19 % Equity method loss, net of related income tax benefit $ (320) Net earnings/(loss) $ (232) NET EARNINGS EXCLUDING AMOUNTS ATTRIBUTABLE TO EQUITY METHOD EARNINGS
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21© 2025 Fluor. Q1 2025 INVESTOR RELATIONS RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR T O ADJUSTED NET EARNINGS AND U.S. GAAP SHARE TO ADJUSTED PER SHARE (1) THREE MONTHS ENDED MARCH 31, (In millions, except per share amounts) 2025 2024 Net earnings (loss) attributable to Fluor $ (241) $ 59 Exclude: Stork & AMECO businesses marketed for sale or sold (10) 8 Net earnings (loss) from core operations* (251) 67 Adjustments: (2) Equity method loss 393 $ — NuScale expenses — 31 Embedded foreign currency derivative (gains)/losses 1 (7) Impact of a court ruling on a long-completed Mission Solutions project (3) 28 — Impact of reserves taken for a long-completed Energy Solutions project (4) 22 — Foreign currency (gain) loss 13 (12) Tax (benefit) expense on above items (81) 2 Adjusted net earnings $ 125 $ 81 Diluted EPS $ (1.42) $ 0.34 Adjusted EPS $ 0.73 $ 0.47 *Core operations excludes the results of our now-divested Stork and AMECO businesses. (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. (2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. (3) Reflects the impact to reduce working capital to estimated net recoverable value resulting from a recent ruling on a long-standing claim on a project that completed in 2019. (4) Reflects the impact to reduce balance sheet exposure for a joint venture project in Mexico completed in 2019.
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22© 2025 Fluor. Q1 2025 INVESTOR RELATIONS THREE MONTHS ENDED MARCH 31, (in millions) 2025 2024 Net earnings (loss) attributable to Fluor $ (241) $ 59 Interest income, net (17) (39) Tax (benefit) expense (53) 51 Equity method loss 393 — Depreciation & amortization 18 18 EBITDA $ 100 $ 89 Adjustments: (2) Stork & AMECO businesses marketed for sale or sold $ (9) $ (13) Impact of a court ruling on a long-completed Mission Solutions project (3) 28 — Impact of reserves taken for a long-completed Energy Solutions project (4) 22 — Embedded foreign currency derivative (gains)/losses 1 (7) NuScale expenses — 31 G&A: Foreign currency (gain) loss 13 (12) Adjusted EBITDA $ 155 $ 88 (1) Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. (2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. (3) Reflects the impact to reduce working capital to estimated net recoverable value resulting from a recent ruling on a long-standing claim on a project that completed in 2019. (4) Reflects the impact to reduce balance sheet exposure for a joint venture project in Mexico completed in 2019. RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA (1)
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23© 2025 Fluor. THANK YOU BASF ZHANJIANG VERBUND PROJECT // ZHANJIANG, CHINA