Slide 1: Investor Presentation
Investor Presentation May 2025 © 2025 KBR, Inc.
Slide 2: Table of Contents
Table of Contents KBR Overview Delivering Advanced Solutions to Government and Commercial Clients Globally Strategy Overview Driving Value Creation through Strategy Implementation Business Segments Overview Achieving Sustained Performance through Diversified Portfolio Finance Overview Delivering Res
Slide 3: Disclaimers
Disclaimers Forward-Looking Statements This presentation contains forward-looking statements regarding our plans, objectives, goals, strategies, investments, capital deployment, risk profile, program activity, backlog information, returns, capital requirements, future events, future financial perfor
Slide 4: Delivering Advanced Solutions to Government and Commercial Clients Globally
Delivering Advanced Solutions to Government and Commercial Clients Globally KBR Overview © 2025 KBR, Inc.
Slide 5: KBR Investment Thesis
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 national and
Slide 6: KBR At a Glance
KBR At a Glance KBR delivers science, technology, and engineering solutions to government and commercial clients globally 2024 KEY HIGHLIGHTS1 $7.7B $870M 11.2% $3.34 Revenues Adj. EBITDA2 Adj. EBITDA2 Margin Adj. EPS2 $462M $21.2B 38K+ 1.1x Operating Cash Flows Ending Backlog & Options Employees TT
Slide 7: Executed Significant Portfolio Transformation
Executed Significant Portfolio Transformation 2015: Disjointed Portfolio Today: Differentiated, with Limited Growth High-Growth, and Resilient Acquired 13 businesses and divested 4 6% non-core, lower margin cyclical 13% businesses 28% Exited commoditized services 13% (including construction) 68%
Slide 8: Since 2015, KBR Divested Non-Core Businesses While Adding Differentiated High-Margin Businesses
Since 2015, KBR Divested Non-Core Businesses While Adding Differentiated High-Margin Businesses • Through acquisitions, repositioned portfolio and helped drive structurally higher growth and Acquisitions enhanced earnings stability • Strategically positions KBR as a differentiated, best-in-class pro
Slide 9: KBR Today: A Diversified Global Industry Leader
KBR Today: A Diversified Global Industry Leader Focused on attractive global markets with scale and diversification Lower concentration risk, low commercial risk, and low capital intensity Up-market and differentiated: IP, domain expertise, digital innovation More efficient cost base supports contin
Slide 10: Driving Value Creation through Strategy Implementation
Driving Value Creation through Strategy Implementation Strategy Overview © 2025 KBR, Inc.
Slide 11: Executing on Strategic Framework to Drive Next-Level Value Creation
Executing on Strategic Framework to Drive Next-Level Value Creation Key Priorities • Improve go-to-market approach / commercial excellence; increase bid THRIVE and EXPAND output and win recompetes to expand addressable market in Core Markets and New Geographies • Penetrate emerging markets and build
Slide 12: Positioned in Key Growth Geographies
Positioned in Key Growth Geographies KBR Corporate Headquarters – Houston, Texas USA KBR Operations KBR Global Hub Customers in Leatherhead 80+ Houston Countries Operations in 29 Chennai Countries 3 Global Hubs © 2025 KBR, Inc. 12
Slide 13: Aligned with Attractive Markets Underpinned by Strong Secular Growth Trends
Aligned with Attractive Markets Underpinned by Strong Secular Growth Trends Markets U.S. Defense International Defense Energy Infrastructure • Increasing need for • Geopolitical tensions • Geopolitical dynamics • Middle East, oil-centric technological increase defense impact need for energy economie
Slide 14: Leveraging our Strengths and Competitive Advantages
Leveraging our Strengths and Competitive Advantages Competitive Advantages Scale and diversification Combined services Strong relationships World-class talent with in attractive global and technology / with the world’s most deep domain expertise markets IP portfolio with sophisticated customers 10K+
Slide 15: KBR Offers a Differentiated Business Model
KBR Offers a Differentiated Business Model Agile Enterprise Leadership Multiple paths to market provide portfolio resilience Leverage synergies and shared services to apply best practices Thematic Focus Areas Customer-centric National Ops Elevated Technology Positioning Geographies Capabilities • Le
Slide 16: Experienced Executive Leadership Team Implementing KBR's Winning Strategy
Experienced Executive Leadership Team Implementing KBR’s Winning Strategy Stuart Bradie Mark Sopp Byron Bright Jenni Myles Sonia Galindo President and Chief Financial Officer Chief Operating Officer Chief People Officer General Counsel Chief Executive Officer; Chair Years Average 25 Industry Experie
Slide 17: Experienced Board of Directors with Diverse Experience
Experienced Board of Directors with Diverse Experience Skills and Experience Risk Management / Oversight 100% Audit / Financial 90% Stuart Bradie Lt. General Wendy Joseph Dominguez Lynn Dugle Nchacha Etta Chief Executive Officer, Masiello, USAF President and Chief Former Chairman, Executive Vice Pre
Slide 18: Achieving Sustained Performance through Diversified Portfolio
Achieving Sustained Performance through Diversified Portfolio Business Segments Overview © 2025 KBR, Inc.
Slide 19: Complementary Segments Offer High-End, Diversified Solutions at Scale
Complementary Segments Offer High-End, Diversified Solutions at Scale Leveraging core strengths across both segments Geographic Diversified range Highly focused Digital Strong secular High free diversification of offerings domain expertise differentiation growth trends cash flow MTS1 STS1 $5.6B Reve
Slide 20: MTS: Wide Range of Up-Market Offerings Provide Multiple Growth Pathways
MTS: Wide Range of Up-Market Offerings Provide Multiple Growth Pathways MISSION TECHNOLOGY SOLUTIONS (MTS) Customer-aligned portfolios aligned to secular national security and space priorities with growing customer budgets BUSINESS UNITS Science & Space Readiness & Sustainment Defense & Intel • Miss
Slide 21: Mission Tech's Diversified Contracts Provide Stability
Mission Tech’s Diversified Contracts Provide Stability NASA HEALTH & HUMAN PERFORMANCE 2025 Diversified Selected customers NASA MISSION SYSTEMS OPS 2025 Long duration Predictable cash flows USAF TENCAP HOPE 2025 Global government customers SPECIAL OPS HEALTH & HUMAN PERFORMANCE 2026 ARMY DE
Slide 22: HomeSafe is a 10-Year Transformational Program
HomeSafe is a 10-Year Transformational Program • Joint Venture among KBR and Tier One Relocation (72% / 28%) • Exclusive provider for the U.S. Transportation Command’s Global Household Goods Contract (GHC) $20B 9.5 YEAR • IT/Digital Transformation with program management at scale Total ceiling value
Slide 23: STS: Wide Range of Up-Market Offerings Provide Multiple Growth Pathways
STS: Wide Range of Up-Market Offerings Provide Multiple Growth Pathways SUSTAINABLE TECHNOLOGY SOLUTIONS (STS) Delivering technology and services to bring sustainable solutions to our customers BUSINESS UNITS Sustainable Solutions Sustainable Technologies • Strategic Planning & Advisory • Concept &
Slide 24: Sustainable Tech's Diversified Contracts Provide Predictable Cash Flows
Sustainable Tech’s Diversified Contracts Provide Predictable Cash Flows DUPONT 2025 Globally present and trusted Selected customers SHELL 2026 Differentiated IP Scalable high-margin solutions STANCH FERTILIZERS FZE 2026 Global blue-chip customers WOODSIDE 2026 SEATRIUM 2026 ~3 Yrs. Remaining
Slide 25: Delivering Results and Deploying Capital
Delivering Results and Deploying Capital Finance Overview © 2025 KBR, Inc.
Slide 26: Strong Revenue Growth with Adj. EBITDA Margin Expansion
Strong Revenue Growth with Adj. EBITDA Margin Expansion MTS Revenues1 STS Revenues1 Total Revenues Adj. EBITDA Margin2 Adj. EBITDA Margin2 Adj. EBITDA Margin2 11.3% 7.8% 22.3% Revenues Revenues Revenues CAGR $7,742 CAGR CAGR $5,587 $2,155 $6,956 $5,119 $6,251 $4,810 $1,837 $1,441 20.3% 20.4% 17.3% 1
Slide 27: Strong Balance Sheet and Consistent Cash Flow, with Accelerating Growth
Strong Balance Sheet and Consistent Cash Flow, with Accelerating Growth $ 800 Debt Maturity Schedule ($M)1 Adj. Operating Cash Flow ($M)2,3 $ 700 $700+ $700 $993 $ 600 $801 $500-$550 $525 $ 500 $550 $463 $462 $424 $ 400 $250 $ 300 2025 2026 2027 2028 2029 2030 2031 FY 2024 $ 200 Operating cash flow
Slide 28: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation Historical Capital Deployment Balanced Priorities Fuel Organic Growth Acquire Strategically CapEx ~7% • Innovation, digital • Disciplined approach to Dividends ~7% solutions and accretive, strategic Debt engineering, secure bolt-on acquisitions Reduction fa
Slide 29: Building Scale and Creating Value Through Strategic M&A
Building Scale and Creating Value Through Strategic M&A Strategic, Disciplined Revenue ($B)1 Approach Significant acquisitions Clear strategic fit aligned Acquisition Scorecard with KBR growth strategy $0.2 Since 2020 $8.9 Cumulative Expands capabilities and $2.0B $7.7 investment technologies an
Slide 30: Strengthening Capabilities with LinQuest Acquisition
Strengthening Capabilities with LinQuest Acquisition Strengthens KBR’s capabilities across space, air dominance, and connected battlespace missions Heritage of serving important U.S. government customers including the U.S. Space Force, U.S. Air Force and other U.S. Department of Defense and intellig
Slide 31: Consistently Managing Balance Sheet, Maintaining Net Leverage of 2.0x – 3.0x
Consistently Managing Balance Sheet, Maintaining Net Leverage of 2.0x – 3.0x 3.0x 3. 0 Net 2. 5 2.6x 2.6x 2.6x Leverage 2.5x 2.5x 2.4x 2.3x 2.3x 2.0x 2. 0 2.1x 2.1x 2.1x 2.0x 2.0x 2.0x 1.9x 1.9x 1.9x 1.9x 1.9x 1. 5 1. 0 0. 5 0. 0 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'2
Slide 32: Returning Capital to Shareholders through Dividends and Buybacks
Returning Capital to Shareholders through Dividends and Buybacks Dividends ($M) Share Repurchases ($M) Annual Dividend Increase $86 $2 50 .00 $218 $79 $203 $72 $2 00 .00 $66 $61 $150 $54 $1 50 .00 $138 $82 $1 00 .00 25% 9% 13% 11% 10% 10% $5 0.0 0 $50 $0 .00 2020 2021 2022 2023 2024 2025E 2020 2021
Slide 33: FY 2025 Guidance and Long-Term Targets Represent Continuing Double-Digit Growth
FY 2025 Guidance and Long-Term Targets Represent Continuing Double-Digit Growth FY 2027 2024 FY 2025 Guidance As of May 6, 2025 Targets2 Issued at 2024 Investor Day (May 8) Revenues $7.7B $8.7B - $9.1B $11.5B+ Adj. EBITDA1 $870M $950M - $990M $1.15B+ Adj. EBITDA Margin1 11.2% - 10% - 11% Adj. EPS1 $
Slide 34: Invest in KBR
Invest in KBR Leading in high-end, critical engineering and technology solutions with low risk, low capital intensity access to attractive national and energy security markets Partnering with the world’s largest, most sophisticated government and commercial customers Delivering growth and expanding
Slide 35: For further information, please contact
For further information, please contact: Investors Jamie DuBray Vice President, Investor Relations 713-753-2133 Investors@kbr.com Media Philip Ivy Vice President, Global Communications and Marketing 713-753-3800 MediaRelations@kbr.com LEGAL NOTICE: KBR proprietary and confidential information for th