Slide 1: Year End 2024 Results
YEAR END 2024 RESULTS FEBRUARY 18, 2025 © 2025 Fluor Corporation. All Rights Reserved. Fluor is a registered service mark of Fluor Corporation. ELI LILLY PROJECT // INDIANA, U.S. 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: The Next Chapter of Our Strategy
THE NEXT CHAPTER OF OUR STRATEGY More than four years after launching the Building a Better Future strategy, our goals have been achieved under our “fix and build” phase Effective May 1st, David Constable will transition to Executive Chairman and Jim Breuer to CEO Jim will be focused on the “grow
Slide 4: Opening Comments
OPENING COMMENTS ($ in Billions) NEW AWARDS 5.4% $16.3 billion $10.0 $19.8 $19.5 $15.1 revenue 87% 87% 85% 68% 85% reimbursable $15.1 billion FY 2021 FY 2022 FY 2023 FY 2024 BACKLOG new awards $20.8 $26.0 $29.4 $28.5 80% reimbursable $28.5 billion 41% 63% 76% 80% backlog FY 2021 FY 2022 FY 2023 FY 2
Slide 5: Segment Updates
SEGMENT UPDATES © 2025 Fluor. HANFORD INTEGRATED TANK DISPOSITION // WASHINGTON, U.S. 5
Slide 6: Urban Solutions
URBAN SOLUTIONS SEGMENT NEW AWARDS Q4 2024 segment profit of $81 million AND BACKLOG ($ in Millions) $17,749 Segment new awards of $1.4 billion $14,848 $5,052 Segment backlog of $17.7 billion – 20% increase in past 12 months $1,376 New Awards Backlog Q4 2023 Q4 2024 OAK HILL PARKWAY // TEXAS, U.S
Slide 7: Urban Solutions: ATLS and Semiconductors
URBAN SOLUTIONS ATLS New Awards for the quarter include: – Incremental award of $243 million from Eli Lilly ▪ Project has grown from 200 to 1,000 personnel in 2024 Semiconductors – Awarded a Tool Install for a major manufacturer in Arizona – Well positioned for future opportunities in the United S
Slide 8: Urban Solutions: Mining & Metals
URBAN SOLUTIONS Mining & Metals Awarded port debottlenecking project in Australia – Supports increased production capacity across the clients mines, rail and related port infrastructure assets – Expected completion date is 2028 2025 opportunities include copper, green steel, lithium and iron ore –
Slide 9: Urban Solutions: Infrastructure
URBAN SOLUTIONS Infrastructure Gordie Howe International Bridge – 94% complete – Substantial completion date: Q3 2025 LAX Automated People Mover – 93% complete – Substantial completion date: Q4 2025 635 LBJ – 70% complete – Substantial completion date: Q2 2026 2025 opportunities are in Texas, No
Slide 10: Energy Solutions
ENERGY SOLUTIONS SEGMENT NEW AWARDS Q4 2024 segment profit of $63 million AND BACKLOG Segment new awards of $406 million ($ in Millions) $9,722 Segment backlog of $7.6 billion $7,605 $2,153 LNG Canada over 95% complete – 771 of 838 systems mechanically complete $406 – Train 1 in commissioning –
Slide 11: Mission Solutions
MISSION SOLUTIONS SEGMENT NEW AWARDS Q4 2024 segment profit of $45 million AND BACKLOG Segment new awards of $429 billion ($ in Millions) $3,945 included: $2,727 – 8-month extension for the Portsmouth $429 Decontamination and Decommissioning program – FEMA task orders for Florida, Georgia and $40
Slide 12: 2024 Financial Update
2024 FINANCIAL UPDATE © 2025 Fluor. HEIDELBERG MATERIALS // GESEKE, GERMANY 12
Slide 13: FY 2024 Financial Results
FY 2024 FINANCIAL RESULTS $16.3 $635 $530 billion million million revenue consolidated adjusted segment profit EBITDA $2.32 diluted adjusted G&A net interest EPS expense income new awards $203 $150 $15.1 million million billion © 2025 Fluor. Q4 2024 RESULTS 13
Slide 14: 2024 Financial Update
2024 FINANCIAL UPDATE Cash balance improved 14% to $3 billion Operating cash flow for the year was $828 million, the highest since 2015 Legacy projects required $81 million in funding Capital allocation program started – $125 million (2.3 million shares) repurchased in Q4 Expect repurchases of
Slide 15: 2024 Financial Update
2024 FINANCIAL UPDATE Repurchased $57 million of outstanding 2028 Notes Stork UK divestiture closed Q1 2025 – Transition to an asset-light model nearly complete Fluor’s real estate footprint in 2024 reduced by over half to 3.7 million square feet NuScale deconsolidation resulted in $1.6 billion
Slide 16: Outlook
OUTLOOK FY 2025 guidance FY 2025 segment margin guidance(2) Adjusted EBITDA: $575-$675 million Urban Solutions 4.0% - 5.0% Operating Cash Flow: ~$450 to $500 Energy Solutions 3.5% - 4.5% million Mission Solutions 5.0% - 6.0% Adjusted EPS(1): $2.25 to $2.75 FY 2025 assumptions (approx.) Book-to-b
Slide 17: Appendix: Non-GAAP Reconciliations
APPENDIX NON-GAAP RECONCILIATIONS © 2025 Fluor. FLUOR’S GLOBAL HEADQUARTERS // TEXAS, U.S. 17
Slide 18: U.S. GAAP Reconciliation of Consolidated Segment Profit
U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT (1) Three Months Ended Year Ended December 31, December 31, (in millions) 2024 2023 2024 2023 Segment profit (loss) $ and margin % Urban Solutions $ 81 4.1% $ 147 10.4% $ 304 4.2% $ 268 5.1% Energy Solutions 63 4.1% 26 1.8% 256 4.3% 381 6.0% Mi
Slide 19: Reconciliation to Adjusted Net Earnings and Adjusted EPS
RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED NET EARNINGS AND U.S. GAAP EPS TO ADJUSTED EPS (1) Three Month Ended Year Ended December 31, December 31, (In millions, except per share amounts) 2024 2023 2024 2023 Net earnings (loss) attributable to Fluor $ 1,862 $ (21) $
Slide 20: Reconciliation to Adjusted EBITDA
RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA (1) THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31 (in millions) 2024 2023 2024 2023 Net earnings (loss) attributable to Fluor $ 1,862 $ (21) $ 2,145 $ 139 Interest income (35) (49) (150) (168) Tax expenses 463
Slide 21: Thank You
THANK YOU © 2025 Fluor. BASF ZHANJIANG VERBUND PROJECT // ZHANJIANG, CHINA 21