Slide 1: Q3 2025 Results
Q3 2025 RESULTS NOVEMBER 7, 2025 © 2025 Fluor. DOW FORT SASKATCHEWAN PATH2ZERO EXPANSION PROJECT // ALBERTA, CANADA 1
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT 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 for
Slide 3: Update on NuScale Investment
UPDATE ON NUSCALE INVESTMENT Major monetization milestone achieved Achieving conversion of remaining 111 million shares Monetization of Class A shares begins in November and is expected to finish in the second quarter of 2026 Accelerates Fluor’s strategic journey NUSCALE POWER // OREGON, U.S. ©
Slide 4: Opening Comments
OPENING COMMENTS ($ in Billions) NEW AWARDS $3.4 billion revenue $19.8 $19.5 $15.1 $10.8 83% 83% 85% 88% 99% reimbursable $3.3 billion 2022 2023 2024 YTD 2025 new awards ENDING BACKLOG $26.0 $29.4 $28.5 $28.2 82% reimbursable $28.2 billion 63% 76% 79% 82% backlog 2022 2023 2024 Q3 2025 Reimbursable
Slide 5: Segment Updates
SEGMENT UPDATES © 2025 Fluor. LP1 PROJECT // INDIANA, U.S. 5
Slide 6: Urban Solutions
URBAN SOLUTIONS SEGMENT NEW AWARDS Q3 2025 segment profit of $61 million AND BACKLOG – Reflects a ramp up of recently awarded ($ in Millions) $20,507 projects in ATLS and Mining & Metals $19,006 Segment new awards of $1.8 billion – Incremental bookings for a copper mining $1,760 project in Canada
Slide 7: Urban Solutions: Infrastructure
URBAN SOLUTIONS Infrastructure Expect Gordie Howe, LAX Automated People Mover and 635/LBJ to reach substantial completion over next 3 quarters – I-35 Phase 2 nearing completion in late 2026 Continue to pursue cost recoveries and change orders – Efforts materialize on an extended timeline – Receive
Slide 8: Urban Solutions: Mining & Metals, Life Sciences, Data Centers
URBAN SOLUTIONS Mining & Metals Engaging with clients developing copper, rare earth and critical minerals Tracking prospects in aluminum and green steel Life Sciences Anticipating Q4 award for a pharmaceutical facility with a new client Data Centers Translate success on projects in India and
Slide 9: Energy Solutions
ENERGY SOLUTIONS SEGMENT NEW AWARDS Q3 2025 segment loss of $533 million AND BACKLOG – Includes $653 million court ruling related to ($ in Millions) the long-completed reimbursable Santos $8,824 project $1,541 $5,121 Segment new awards of $222 million Client has made significant payments to our $
Slide 10: LNG Canada
LNG CANADA Train 2 at LNG Canada achieved RFSU, all systems handed over to the client Currently focused on completing the remaining punch list items Phase 1 completion is a historic milestone for Fluor in project delivery Work with the client continues, including updates to the FEED package and
Slide 11: Energy Solutions Outlook
ENERGY SOLUTIONS OUTLOOK External factors have impacted 2025 new awards – Trade and policy uncertainty – Oversupply of chemicals – Defunding of energy transition Most new awards in 2026 will be weighted towards the second half of the year. We are accelerating efforts in the power market, leveragi
Slide 12: Mission Solutions
MISSION SOLUTIONS SEGMENT NEW AWARDS Q3 2025 segment profit of $34 million AND BACKLOG – Increased allowances for questioned and disputed ($ in Millions) costs on a defense support project $3,095 – Favorable judgment on completed weapons project $2,608 Segment new awards of $1.3 billion $1,271 –
Slide 13: Strategy Update
STRATEGY UPDATE Our accomplishments in 2025: Our view for 2026: Strengthened financial discipline and Deferred awards are putting pressure on returned capital to shareholders, supported EBITDA growth rates. by core performance and monetization of Most new awards (~$90B) will be NuScale. concen
Slide 14: Q3 2025 Financial Update
Q3 2025 FINANCIAL UPDATE © 2025 Fluor. GORDIE HOWE INTERNATIONAL BRIDGE PROJECT // PORTS OF ENTRY INTO CANADA AND THE U.S. 14
Slide 15: Q3 2025 Financial Results
Q3 2025 FINANCIAL RESULTS $3.4 $439 $161 billion million million revenue consolidated adjusted segment loss* EBITDA* $0.68 diluted adjusted G&A net interest EPS* expense income new awards $43 $13 $3.3 million million billion * Non-GAAP financial measure; includes $653 million charge related to Santo
Slide 16: Q3 2025 Financial Update: Cash & Cash Flow
Q3 2025 FINANCIAL UPDATE Cash & cash flow $1.1 billion in Mexico JV collections between July and October $2.8 billion of cash and marketable securities – Includes $414mm in tax advantaged NuScale proceeds Operating cash flow of $286mm – Reflects contributions from reduced working capital on se
Slide 17: Q3 2025 Financial Update: Capital Allocation
Q3 2025 FINANCIAL UPDATE Capital allocation Q3 share repurchases of $70 million reflecting preservation of capital ahead of Santos judgment in August Over 11 million shares repurchased since December 2024 New repurchase target of $800 million through February Expect additional capital alloca
Slide 18: Outlook
OUTLOOK FY 2025 guidance FY 2025 segment margin guidance(1) Adjusted EBITDA: $510-540 million Urban Solutions 2.5% Adjusted EPS: $2.10 to $2.25 Energy Solutions(2) 6.0% Operating Cash Flow: $250 to $300 million (2) Mission Solutions 4.5% FY 2025 assumptions (approx.) 2025 New Awards: $13 billion
Slide 19: Q&A
Q&A © 2025 Fluor. SAFFORD FINE ORE STOCKPILE PROJECT // ARIZONA, U.S. 19
Slide 20: U.S. GAAP Reconciliation of Consolidated Segment Profit
U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2025 2024 2025 2024 Revenue Urban Solutions $ 2,343 $ 1,931 $ 6,570 $ 5,240 Energy Solutions 262 1,428 2,611 4,456 Mission Solutions 761 635 2,120 1,940 Other 2 100
Slide 21: Reconciliation of U.S. GAAP Net Earnings to Adjusted Net Earnings and Per Share
RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED NET EARNINGS AND U.S. GAAP SHARE TO ADJUSTED PER SHARE THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, (In millions, except per share amounts) 2025 2024 2025 2024 Net earnings (loss) attributable to Fluor $ (
Slide 22: Reconciliation of U.S. GAAP Net Earnings to Adjusted EBITDA
RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, (in millions) 2025 2024 2025 2024 Net earnings (loss) attributable to Fluor $ (697) $ 54 $ 1,522 $ 282 Interest income, net (13) (37) (48) (114) Tax (ben