Slide 1: May 5, 2026
May 5, 2026 Stuart Bradie, President and CEO Shad Evans, Executive VP and CFO Rachael Goldwait, VP of Investor Relations
Slide 2: Forward-Looking Statements
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 busi
Slide 3: Stuart Bradie
Stuart Bradie President and CEO © 2026 KBR, Inc.
Slide 4: Pulse turns communication into a stronger Zero Harm culture
KBR Pulse App: Built by Employees for Employees Pulse turns communication into a stronger Zero Harm culture • Employee-built platform for news, safety updates and resources • Reaches remote and non-desk teams globally • Critical communication channel during the Middle East conflict • Supports Zero H
Slide 5: Key Messages
Key Messages Strong start to the year, Continued demand in Spin transaction FY 2026 guidance with disciplined core markets, supported advancing as planned, reaffirmed, with execution and resilient by clear pipeline sharpening strategic continued focus on operations visibility focus and positioning e
Slide 6: Sustainable Tech: Bookings Driven by Energy Security and Reliability
Sustainable Tech: Bookings Driven by Energy Security and Reliability 1Q Award Highlights Growth Drivers KPIs that Matter • Extended downstream and • Continued investment in • 1.2x QTD book-to-bill1 (1.2x project management global energy and TTM) reflecting sustained presence through a new infrastruc
Slide 7: Bookings and Pipeline Track Resilience and Resource Security Priorities
Bookings and Pipeline Track Resilience and Resource Security Priorities Significant 1Q’26 Bookings What’s Driving Near-term Demand Profile: Near-term Pipeline • Diversified opportunity base across multiple critical programs Opportunities • Early-phase, engineering-driven work progressing through def
Slide 8: Mission Tech: Bookings Reflect Core Digital and Mission-Critical Priorities
Mission Tech: Bookings Reflect Core Digital and Mission-Critical Priorities 1Q Award Highlights Growth Drivers KPIs that Matter • Secured digital engineering • Alignment with the most • 1.0x QTD book-to-bill1 (1.0x and analytics work across critical national security TTM) reflecting award defense an
Slide 9: Bookings and Pipeline Aligned with Enduring Customer Priorities
Bookings and Pipeline Aligned with Enduring Customer Priorities Significant 1Q’26 Bookings What’s Driving Near-term Demand Profile: Near-term Pipeline • Enduring mission priorities drive sustained customer activity Opportunities • Technology-led program design embeds data and AI into the mission Nea
Slide 10: Spin-Off Preparations Advancing As Planned
Spin-Off Preparations Advancing As Planned • Quarter-end timing to de-risk execution: Planning toward a January 4, 2027 spin (first business day of fiscal 2027) • Regulatory process advancing: Form 10 confidentially resubmitted with FY25 financials; public filing anticipated in September • Tax-free
Slide 11: Shad Evans
Shad Evans Executive VP and CFO © 2026 KBR, Inc.
Slide 12: 1Q'26 Results: Disciplined Execution Supports Margins and Cash Flow
1Q’26 Results: Disciplined Execution Supports Margins and Cash Flow Revenues Adj. EBITDA1 Adj. EPS1 Adj. OCF1 -95M +3M -0.05 +28M $1,940 excl. EUCOM contingency 12.3% 13.1% • Decrease driven primarily by • Increase reflects strong project • Decrease reflects higher • Adj. OCF conversion1 98% EUCOM c
Slide 13: Segment Performance Driven by Execution and Mix
Segment Performance Driven by Execution and Mix Sustainable Tech Mission Tech Revenues Adj. EBITDA1 Revenues Adj. EBITDA1 -10M +2M -85M -1M -7M (excl. contingency) $1,303 excl. EUCOM contingency 21.2% 21.9% 10.1% 10.6% 16.8% 16.1% Excl. LNG2 Excl. LNG2 • Largely in line with prior year, • Margin exp
Slide 14: Portfolio Mix and JV Structure Support Structurally Higher STS Margins
Portfolio Mix and JV Structure Support Structurally Higher STS Margins Margin tiers are illustrative groupings of STS offerings1by average 2026E Book-to-Bill (BTB)Adj. EBITDA excludes margin. Weighted long-term margin UK PFIs and reflects a blended the Plaquemines 2026E STS Adj. EBITDA margin based
Slide 15: Cash Generation and Leverage Discipline Remain Intact
Cash Generation and Leverage Discipline Remain Intact Liquidity and Leverage Balanced Capital Allocation Priorities Net debt 2,222 TTM Adj. EBITDA1 971 Strategic M&A Prudent Leverage Net debt / TTM Adj. EBITDA1 2.3x Disciplined approach to Maintain leverage at 2.5x or Free Cash Flow accretive, strat
Slide 16: Reaffirming FY 2026 Guidance
Reaffirming FY 2026 Guidance FY 2026 Guidance Financial Modeling Assumptions • Capex: ~$40M - $50M Revenues $7.90B - $8.36B • Effective tax rate: 26% - 28% • Depreciation & amortization: ~$165M (includes ~$45M purchased intangibles amortization) Adj. EBITDA1 $980M - $1,040M • Adjusted diluted share
Slide 17: Key Takeaways
Key Takeaways Strong start to the year, Durable demand with Spin transaction FY 2026 guidance driven by disciplined growing visibility, with advancing as planned, reaffirmed, with execution with continued 67% of STS and 91% of with key milestones on continued commitment focus on margins and MTS FY 2
Slide 18: Q&A
Q&A © 2026 KBR, Inc.
Slide 19: KBR Investment Thesis
KBR Investment Thesis Multi-year transformation into a leading provider of differentiated, innovative, up-market 1 science, technology, and engineering solutions with large scale, global reach Serving diverse, attractive end markets aligned with secular growth trends including global 2 security, sus
Slide 20: Appendix
er Appendix © 2026 KBR, Inc. > ‘ee
Slide 21: Spin-Off Value Proposition
Spin-Off Value Proposition Overview Benefits Structure • Transaction intended to be tax-free Strategic • Enhanced strategic & management focus • Increased end market focus • Enhanced organizational agility, accountability and Timing • Expected to close on January 4, 2027 (first business Operational
Slide 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted EBITDA - KBR Consolidated 1Q'25 1Q'26 Net income attributable to KBR $116 $102 Net (income) loss from discontinued operations, net of tax 6 2 Net (loss) income attributable to noncontrolling interest included in (2) (1) discontinued operations Net income attributable
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted EBITDA - Segment 1Q'25 1Q'26 Operating income - MTS $113 $111 Depreciation and amortization 26 25 Spin off, acquisition and integration — 1 Share of JV interest, tax, D&A and acquisition costs (1) — 1 Adjusted EBITDA - MTS $139 $138 Operating income - STS $127 $113 N
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted EBITDA - Segment 1Q'25 1Q'26 Operating income - Corporate $(38) $(44) Depreciation and amortization 6 6 Spin off, acquisition and integration 6 14 Adjusted EBITDA - Corporate $(26) $(24) Operating income - KBR $202 $180 Net income attributable to noncontrolling inter
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted EPS 1Q'25 1Q'26 Diluted EPS attributable to KBR $0.88 $0.80 Diluted earnings (loss) per share from discontinued operations (0.03) (0.01) Diluted EPS from continuing operations $0.91 $0.81 Adjustments: Amortization related to acquisitions 0.07 0.06 Spin off, acquisiti
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Operating Cash Flows & Conversion 1Q'25 1Q'26 Cash flows provided by operating activities from continuing operations $91 $110 Adjust: Spin off transaction costs — 9 Adjusted operating cash flows $91 $119 Adjusted operating cash flows per share $0.69 $0.94 Adjusted EP
Slide 27: Supplemental Reconciliation
Supplemental Reconciliation Reconciliation of Adjusted EBITDA to Adjusted EPS 1Q’26 Adjusted EBITDA $251 Interest expense (37) Other non-operating income (expense) — Provision for income taxes (40) Depreciation and amortization (41) EPS adjustments: Share of JV interest, tax, D&A and acquisition cos