Slides
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October 29, 2026 Stuart Bradie, President and CEO Shad Evans, Executive VP and CFO Rachael Goldwait, VP of Investor Relations
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2Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Forward-Looking Statements The statements in this presentation that are not historical statements, including statements regarding our expectations for our future financial performance, effective tax rate, operating cash flows, contract revenues, award activity and backlog, program activity, our business strategy, business opportunities, interest expense, our plans for raising and deploying capital and paying dividends, and our planned spin-off of the Mission Technology Solutions business, including the anticipated timing, benefits and tax treatment of the spin-off transaction, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company’s control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: uncertainty, delays or reductions in government funding, appropriations and payments, including as a result of continuing resolution funding mechanisms, government shutdowns or changing budget priorities; developments and changes in government laws, regulations and regulatory requirements and policies that may require us to pause, delay or abandon new and existing projects; changes in the priorities, focus, authority and budgets of government agencies under the current administration that may impact our existing projects and/or our ability to win new contracts; the ongoing conflict between Russia and Ukraine and global volatility and continued unrest, including in the Middle East, and the related impacts on our business; potential adverse economic and market conditions, such as interest rate and currency exchange rate fluctuations, or ongoing uncertainty related to impacts of newly imposed U.S. tariffs and any additional responsive non-U.S. tariffs or other changes in trade policy, including impact tariffs could have on customer spend; the company’s ability to manage its liquidity; delays, cancellations or reversals of contract awards due to bid protests or legal challenges; the potential adverse outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; changes in capital spending by the company’s customers; the company’s ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company’s ability to control its cost under its contracts; claims negotiations and contract disputes with the company’s customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; the possibility of cyber and malware attacks; increased competition for employees; the ability to successfully complete and integrate acquisitions; the company’s proposed spin-off; investment decisions by project owners; and operations of joint ventures, including joint ventures that are not controlled by the company. The company's most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks, and other U.S. Securities and Exchange Commission (SEC) filings discuss some of the important risk factors that the company has identified that may affect its business, results of operations and financial condition. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
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© 2026 KBR, Inc. Stuart Bradie President and CEO
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4Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Maintaining Our Zero Harm Culture
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5Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Key Messages Sustainable Tech delivers accelerating growth with record backlog and broad- based demand Mission Tech performs well through expected NASA headwinds with strong margins Separation momentum builds as both companies advance toward standalone launches Strong execution and profitable growth support delivery of the FY26 outlook
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6Delivering Solutions, Changing the World.Ⓡ © 2026 KBR, Inc. Sustainable Tech: Strong Bookings Build Backlog and Visibility Bookings Composition Europe | CAPEX Secured multiple awards for ammonia plant revamps in Germany and Austria, supporting decarbonization and fertilizer modernization. Middle East | CAPEX KBR’s Purifier® technology selected for SABIC Agri- Nutrients’ new 3,500 MTPD ammonia plant in Saudi Arabia. Americas | CAPEX Awarded engineering and integration support for a large-scale Texas infrastructure development, including power and utility systems. • Structural shifts across energy, supply chains and critical infrastructure drive investment, demand and bookings • Diversified end markets and repeat customers support durable growth • Record backlog and contracted work provide strong revenue visibility Growth Drivers & Business Quality KPIs that Matter 1.3x $5.8B QTD book-to-bill (1.3x TTM) Backlog +51% YoY >$6B ~80% Near term pipeline (excl. mega projects) Repeat customers QTDYTD Asia | CAPEX PureSAF® technology license and engineering design for KMG-Aero and KazFoodProducts’ first SAF production facility in Kazakhstan.
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7Delivering Solutions, Changing the World.Ⓡ © 2026 KBR, Inc. Mission Tech: Strong Visibility with Significant Awards Ahead 1 Book-to-Bill (BTB) excludes long-term UK PFIs and the NASA insourcing debooking. Including the debooking impact, QTD and TTM book-to-bill were 0.6x and 0.7x, respectively. * Not yet booked into backlog as of quarter end. KPIs that Matter 0.8x $17.3B QTD book-to-bill1 (0.8x TTM1) Backlog & options $9.9B $10.6B Awaiting award Wins in protest Growth Drivers & Differentiators • Durable demand across national security, space and government modernization supports long- term growth • Mission expertise and technology-enabled solutions differentiate KBR in priority markets • Backlog & options, a healthy pipeline and significant recent wins provide strong visibility Bookings Composition QTDQTD GMO | International Selected by the UK Ministry of Justice to deliver integrated workplace services, extending a trusted relationship spanning more than eight years. DSM | U.S. D&I Awarded a three-year radio frequency engineering contract supporting modernization of critical national security communications systems. DSM | U.S. D&I Awarded a $60M NATO PATRIOT contract providing engineering and technical support for PATRIOT modernization and IBCS integration. GMO | FedCiv Re-awarded the NSF’s $8B ceiling U.S. Antarctic Program contract, reinforcing KBR's leading position supporting critical scientific research and logistics.*
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8Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Approaching Launch with Key Milestones Complete KBR Scan to register, view the agenda and learn more about speakers Trinzic
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© 2026 KBR, Inc. Shad Evans Executive VP and CFO
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10Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. 3Q’26 Results: Profitable Growth Drives Margin Expansion 1 See Appendix for reconciliation of non-GAAP financial measures Adj. EBITDA, Adj. EPS and Adj. OCF to the nearest GAAP measures. Adj. EBITDA margin calculated as Adj. EBITDA / Revenues. Adj. OCF conversion calculated as (Adj. OCF / Adjusted diluted share count) / Adj. EPS. +97M / +5% Revenues +28M / +12% Adj. EBITDA1 +0.10 / +10% Adj. EPS1 • Growth was driven by strong execution on recently awarded STS projects, partially offset by expected NASA-related headwinds in MTS • Strong project execution, including contributions from unconsolidated JVs, and favorable portfolio mix drove margin expansion • Growth reflects strong operating performance, lower below-the-line expenses and reduced share count from repurchase activity 13.2%12.4% YTD Adj. OCF1 95% Conversion1 • YTD cash flow reflects a more back-end weighted collection profile in 2026 versus 2025, consistent with expectations • Collections improved during the quarter, and YTD Adj. OCF conversion remains strong, supporting confidence in full- year cash flow expectations
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11Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Strong Segment Performance Reinforces Confidence in Full-Year Outlook Sustainable Tech 1 See Appendix for reconciliation of non-GAAP financial measure Adj. EBITDA to the nearest GAAP measure. Adj. EBITDA margin calculated as Adj. EBITDA / Revenues. Segment Adj. EBITDA does not include corporate cost allocations or anticipated standalone costs that may be incurred as an independent company following the spin-off. 2 Adj. EBITDA margin excluding the Plaquemines LNG project. • Margin expansion driven by favorable portfolio mix, higher unconsolidated JV contributions and project closeouts • 11.4% YTD margin is ahead of full-year margin outlook due to favorable closeouts • Reflects expected NASA-related headwinds, partially offset by growth across Defense & Intelligence and International Government customers • Reported margin reflects lower LNG JV contribution; excluding LNG JV, margin expansion driven by favorable portfolio mix and strong project execution • 14.3% YTD margin excl. LNG JV earnings remains on track for full-year margin outlook • Strong bookings over the past several quarters are converting into revenue growth • +13% sequential growth supports confidence in achieving mid- teens full-year revenue growth outlook Revenues +157M / +26% Adj. EBITDA1 +19M / +15% 13.1% Excl. LNG2 13.9% Excl. LNG2 21.2% 19.3% Mission Tech -60M / -5% +7M / +5% Adj. EBITDA1Revenues 10.4% 11.5%
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12Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Disciplined Capital Allocation Supports Separation Readiness Invest in innovation, digital solutions and engineering Disciplined approach to accretive, strategic bolt-on acquisitions Maintain leverage at 2.5x or below Maintain flexibility to return capital through share repurchases and an attractive dividend Strategic M&A Prudent Leverage Return Capital to Shareholders Organic Growth Liquidity and Leverage Net debt 2,118 TTM Adj. EBITDA1 1,015 Net debt / TTM Adj. EBITDA1 2.1x Cash Flow YTD Operating cash flows 331 Adj. operating cash flows1 371 Capital expenditures 36 Investments 189 Return of Capital YTD Share repurchases 29 Dividends 63 Available share repurchase program 402 Balanced Capital Allocation Priorities 1 See Appendix for reconciliations of non-GAAP financial measure Adj. EBITDA and Adj. OCF to the nearest GAAP measures. Refer to Supplemental Financial Information for trailing twelve months (TTM) Adj. EBITDA.
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13Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Reaffirming FY 2026 Guidance 13 1 The companydoes not providereconciliationsof Adj. EBITDA,Adj. EPS, and Adj. OCF to the most comparableGAAP financialmeasureson a forward-lookingbasis becausethe companyis unable to predictwith reasonablecertaintythe ultimateoutcomeof legal proceedings,unusualgainsand losses,andacquisition-relatedexpenseswithoutunreasonableeffort,whichcouldbe materialto the company’sresultscomputedin accordancewithGAAP. • Capex: ~$40M - $50M • Effective tax rate: 26% - 28% • Excludes the impact of interest income associated with discrete tax benefit ($15M) recognized in 3Q’26; underlying effective tax rate remains within the guided range • Depreciation & amortization: ~$165M (includes ~$45M purchased intangibles amortization) • Adjusted diluted share count: ~127M Financial Modeling AssumptionsFY 2026 Guidance $7.90B - $8.36B $980M - $1,040M $3.87 - $4.22 $560M - $600M Revenues Adj. EBITDA1 Adj. EPS1 Adj. Operating Cash Flows1
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14Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Key Takeaways Sustainable Tech delivers record backlog and accelerating growth Mission Tech delivers solid margins despite expected NASA headwinds Major separation milestones achieved ahead of launch Profitable growth supports confidence in the FY26 outlook
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Q & A © 2026 KBR, Inc.
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16Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. KBR Investment Thesis 1 Multi-year transformation into a leading provider of differentiated, innovative, up-market science, technology, and engineering solutions with large scale, global reach 2 Serving diverse, attractive end markets aligned with secular growth trends including global security, sustainability, and digitalization 3 Top talent combining deep domain expertise, proprietary technologies, and an unwavering focus on execution, with a specialization in complex, mission critical work 4 Excellent partners operating in dynamic teams to solve our customers’ most complex challenges, which has resulted in recurring, long-term engagements and $23.1B in backlog and options1 5 Diversification, low capital intensity, and disciplined capital allocation generate stable, predictable cash flows and long-term shareholder returns, with growth and margin expansion plans in flight 1 Backlog and options as of quarter ended October 2, 2026.
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© 2026 KBR, Inc. Appendix
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18Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Spin-Off Value Proposition Structure • Transaction intended to be tax-free to KBR and its stockholders for U.S. federal income tax purposes Timing • Expected to close on January 4, 2027 (first business day of fiscal 2027) Capital Structure • Both entities to be positioned appropriately for their respective strategic priorities Strategic • Enhanced strategic & management focus • Increased end market focus Operational • Enhanced organizational agility, accountability and streamlined decision making • Dedicated boards allowing focus on relevant domain expertise Financial • Greater capital allocation flexibility • Distinct and compelling investment profiles • Pure play businesses Overview Benefits TTM 3Q’26 Revenues TTM 3Q’26 Adj. EBITDA1 Margin 3Q’26 Backlog TTM 3Q’26 Revenues TTM 3Q’26 Adj. EBITDA1 Margin 3Q’26 Backlog & Options $2.7B$5.1B 1 Historical segment Adj. EBITDA does not include corporate cost allocations or anticipated standalone costs that may be incurred as an independent company following the spin-off. KBRTrinzic 11.4% 19.6%$17.3B $5.8B
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19Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Adjusted EBITDA - KBR Consolidated 3Q'25 3Q'26 YTD 2025 YTD 2026 Net income attributable to KBR $115 $133 $304 $331 Net (income) loss from discontinued operations, net of tax 1 (4) 55 (4) Net (loss) income attributable to noncontrolling interest included in discontinued operations — 1 (18) 1 Net income attributable to KBR from continuing operations $116 $130 $341 $328 Interest expense 39 36 121 108 Other non-operating (income) expense — — 5 2 Provision for income taxes 34 18 116 96 Depreciation and amortization 43 43 129 126 Spin-off, acquisition and restructuring 8 23 18 72 Share of JV interest, tax, D&A and acquisition costs (1) — 17 — 44 Ichthys commercial dispute cost — 1 — 1 Adjusted EBITDA $240 $268 $730 $777 Non-GAAP Reconciliation (1) Beginning with the three months ended April 3, 2026, Adjusted EBITDA was revised to include add-backs associated with KBR's share of unconsolidated JV interest, taxes, depreciation, amortization and acquisition costs on a prospective basis. Management concluded that retrospective application would not provide additional meaningful information to investors and therefore did not recast historical non-GAAP results. The estimated impact to fiscal 2025 margins was approximately 20 basis points.
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20Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Adjusted EBITDA - Segment 3Q'25 3Q'26 YTD 2025 YTD 2026 Operating income - MTS $113 $115 $334 $342 Net loss attributable to noncontrolling interests included in continuing operations — — 1 — Depreciation and amortization 25 26 78 75 Spin-off, acquisition and restructuring — — — 16 Share of JV interest, tax, D&A and acquisition costs (1) — 4 — 8 Adjusted EBITDA - MTS $138 $145 $413 $441 Operating income - STS $119 $124 $371 $340 Net income attributable to noncontrolling interests included in continuing operations (2) (2) (5) (4) Depreciation and amortization 11 11 31 32 Spin-off, acquisition and restructuring — — — 2 Share of JV interest, tax, D&A and acquisition costs (1) — 13 — 36 Ichthys commercial dispute cost — 1 — 1 Adjusted EBITDA - STS $128 $147 $397 $407 Continued on next slide Non-GAAP Reconciliation (1) Beginning with the three months ended April 3, 2026, Adjusted EBITDA was revised to include add-backs associated with KBR's share of unconsolidated JV interest, taxes, depreciation, amortization and acquisition costs on a prospective basis. Management concluded that retrospective application would not provide additional meaningful information to investors and therefore did not recast historical non-GAAP results. The estimated impact to fiscal 2025 margins was approximately 20 basis points.
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21Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Adjusted EBITDA - Segment 3Q'25 3Q'26 YTD 2025 YTD 2026 Operating loss - Corporate $(41) $(53) $(118) $(144) Depreciation and amortization 7 6 20 19 Spin-off, acquisition and restructuring 8 23 18 54 Adjusted EBITDA - Corporate $(26) $(24) $(80) $(71) Operating income - KBR $191 $186 $587 $538 Net income attributable to noncontrolling interests included in continuing operations (2) (2) (4) (4) Depreciation and amortization 43 43 129 126 Spin-off, acquisition and restructuring 8 23 18 72 Share of JV interest, tax, D&A and acquisition costs (1) — 17 — 44 Ichthys commercial dispute cost — 1 — 1 Adjusted EBITDA - KBR $240 $268 $730 $777 Non-GAAP Reconciliation (1) Beginning with the three months ended April 3, 2026, Adjusted EBITDA was revised to include add-backs associated with KBR's share of unconsolidated JV interest, taxes, depreciation, amortization and acquisition costs on a prospective basis. Management concluded that retrospective application would not provide additional meaningful information to investors and therefore did not recast historical non-GAAP results. The estimated impact to fiscal 2025 margins was approximately 20 basis points.
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22Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Adjusted EPS 3Q'25 3Q'26 YTD 2025 YTD 2026 Diluted EPS attributable to KBR $0.90 $1.06 $2.33 $2.60 Less: Diluted earnings (loss) per share from discontinued operations (0.01) 0.03 (0.29) 0.03 Diluted EPS from continuing operations $0.91 $1.03 $2.62 $2.57 Adjustments: Amortization related to acquisitions 0.07 0.06 0.22 0.18 Ichthys commercial dispute costs — 0.01 — 0.01 Spin-off, acquisition and restructuring 0.04 0.14 0.09 0.42 Interest income associated with discrete tax benefit — (0.12) — (0.12) Adjusted EPS $1.02 $1.12 $2.93 $3.06 Diluted weighted average common shares outstanding 128 126 130 127 Adjusted weighted average common shares outstanding 128 126 130 127 Non-GAAP Reconciliation
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23Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Adjusted Operating Cash Flows & Conversion 3Q'25 3Q'26 YTD 2025 YTD 2026 Cash flows provided by operating activities from continuing operations $198 $171 $506 $331 Adjust: Spin-off transaction costs — 17 — 40 Adjusted operating cash flows $198 $188 $506 $371 Adjusted operating cash flows per share 1.55 1.49 3.89 2.92 Adjusted EPS 1.02 1.12 2.93 3.06 Adjusted operating cash flow conversion 152% 133% 133% 95% Diluted weighted average common shares outstanding 128 126 130 127 Adjusted weighted average common shares outstanding 128 126 130 127 Non-GAAP Reconciliation
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24Delivering Solutions, Changing the World.Ⓡ© 2026 KBR, Inc. Reconciliation of Adjusted EBITDA to Adjusted EPS 3Q’25 3Q’26 YTD 2025 YTD 2026 Adjusted EBITDA $240 $268 $730 $777 Interest expense (39) (36) (121) (108) Other non-operating income (expense) — — (5) (2) Provision for income taxes (34) (18) (116) (96) Depreciation and amortization (43) (43) (129) (126) EPS adjustments: Share of JV interest, tax, D&A and acquisition costs — (17) — (44) Amortization related to acquisitions (after tax) 9 8 27 23 Discrete tax benefit from IRS matter — (15) — (15) Tax effect of EBITDA adjustments (2) (6) (5) (19) Earnings allocable to participating securities — — — (1) Adjusted net income attributable to KBR from continuing operations $131 $141 $381 $389 Adjusted weighted average common shares outstanding 128 126 130 127 Adjusted EPS $1.02 $1.12 $2.93 $3.06 Supplemental Reconciliation