Slide 1: October 30, 2025
October 30, 2025 Stuart Bradie, President and CEO Mark Sopp, EVP and CFO Jamie DuBray, 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, President and CEO
Stuart Bradie President and CEO © 2025 KBR, Inc.
Slide 4: Zero Harm Moment: 2024 Sustainability Report
Zero Harm Moment: 2024 Sustainability Report © 2025 KBR, Inc. Delivering Solutions, Changing the World.Ⓡ 4
Slide 5: 3Q 2025 | Key Messages
3Q 2025 | Key Messages $1.9B 1 Revenue remained flat year-over-year due to challenges with conversion of pipeline due to delays and protests Revenues +0% 2 Delivered solid bottom line performance in Adj. EBITDA1 and Adj. EPS1 with Adj. EBITDA margin1 expansion and strong cash generation $240M 3 Robu
Slide 6: Advancing Strategy through Strong Execution and New Contract Wins
Advancing Strategy through Strong Execution and New Contract Wins Key Contract Wins 1.4x QTD Mission Tech: Book-to-Bill1 • Awarded a $2.5B ceiling value, base period contract to support astronaut health and performance for space missions • Awarded multiple strategic contracts in support of the Air F
Slide 7: Building Future Opportunities Amidst Delayed Decisions
Building Future Opportunities Amidst Delayed Decisions Mission Tech Sustainable Sustainable Technology Tech Solutions Bids awaiting award: $18 billion Near term bid pipeline: $5 billion Bids won and in protest: $3 billion Pipeline excludes major LNG. 1.4x QTD 1.0x TTM 19.7BBacklog & 1.2x QTD 1.1x TT
Slide 8: Mark Sopp, EVP and CFO
Mark Sopp EVP and CFO © 2025 KBR, Inc.
Slide 9: 3Q 2025 | KBR Delivers Continued Growth and Margin Expansion
3Q 2025 | KBR Delivers Continued Growth and Margin Expansion Revenues Adj. EBITDA1 Adj. EPS1 YTD OCF +0% +10% +21% +24% 11.3% 12.4% • Flat due to the slower pace of • Growth due to strong • Growth driven by Adj. EBITDA, • YTD conversion1 133% due to awards in both segments and unconsolidated joint v
Slide 10: Segment Performance in an Increasingly Challenging Environment Underscores Business Model Durability
Segment Performance in an Increasingly Challenging Environment Underscores Business Model Durability Mission Tech Sustainable Sustainable Technology Tech Solutions Revenues Adj. EBITDA1 Revenues Adj. EBITDA1 +0% +1% -1% +13% 10.0% 10.2% 20.5% 23.4% • Revenues: Growth in Defense & • Adj. EBITDA: Cont
Slide 11: 3Q 2025 | Balance Sheet and Capital Allocation
3Q 2025 | Balance Sheet and Capital Allocation Liquidity and Leverage Net debt 2,086 Balanced Capital Allocation Priorities TTM Adj. EBITDA1 956 Organic Growth Strategic M&A Net debt / TTM Adj. EBITDA1 2.2x • Innovation, digital solutions • Disciplined approach to and engineering accretive, strategi
Slide 12: Revising FY 2025 Guidance
Revising FY 2025 Guidance FY 2025 Guidance Financial Modeling Assumptions • Guidance assumes the U.S. Government shutdown is resolved Revenues $7.75B - $7.85B in November vs. $7.9B - $8.1B • Capex: ~$30M - $40M Adj. EBITDA1 $960M - $980M • Effective tax rate: 25% - $27% • Depreciation & amortization
Slide 13: Spin-Off Value Proposition
Spin-Off Value Proposition Overview Benefits • Enhanced strategic & management focus Structure • Transaction intended to be tax-free Strategic • Increased end market focus • Enhanced organizational agility, accountability and streamlined decision making Timing • Expected to close mid-to-late 2026 Op
Slide 14: Spin-Off Status
Spin-Off Status • Separate team to handle spin off • Operations focus on delivery • Progressing recruitment for SpinCo CEO and CFO, as well as naming and branding efforts © 2025 KBR, Inc. Delivering Solutions, Changing the World.Ⓡ 14
Slide 15: Key Takeaways
Key Takeaways • Revenue remained flat year-over-year but in line with expectation due to the slower award environment • Delivered solid bottom line performance in Adj. EBITDA1 and Adj. EPS1 with Adj. EBITDA margin1 expansion and strong cash generation • Book-to-bill in the quarter was strong at 1.4x
Slide 16: Q&A
Q&A © 2025 KBR, Inc.
Slide 17: 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 18: Appendix
er e Appendix © 2025 KBR, Inc.
Slide 19: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EBITDA - KBR Consolidated 3Q'24 3Q'25 YTD 2024 YTD 2025 Net income attributable to KBR $100 $115 $299 $304 Net (income) loss from discontinued operations, net of tax — 1 (1) 55 Net (loss) income attributable to noncontrolling interest included in — — 1 (18) discontin
Slide 20: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EBITDA - Segment 3Q'24 3Q'25 YTD 2024 YTD 2025 Operating income - MTS $114 $114 $333 $345 Net loss attributable to noncontrolling interests included in continuing operations (2) — — 1 Depreciation and amortization 26 29 71 88 Acquisition, integration and spin off 3 —
Slide 21: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EBITDA - Segment 3Q'24 3Q'25 YTD 2024 YTD 2025 Operating income - Corporate $(45) $(41) $(119) $(118) Depreciation and amortization 8 7 22 20 Acquisition, integration and spin off 6 8 12 18 Adjusted EBITDA - Corporate $(31) $(26) $(85) $(80) Operating income - KBR $1
Slide 22: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EPS 3Q'24 3Q'25 YTD 2024 YTD 2025 Diluted EPS attributable to KBR $0.75 $0.90 $2.22 $2.33 Diluted EPS from discontinued operations — (0.01) — (0.29) Diluted EPS from continuing operations $0.75 $0.91 $2.22 $2.62 Adjustments: Amortization related to acquisitions 0.06
Slide 23: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Operating Cash Flow Conversion 3Q'24 3Q'25 YTD 2024 YTD 2025 Cash flows provided by operating activities from continuing operations $153 $198 $409 $506 Operating cash flow per share $1.15 $1.55 $3.05 $3.89 Adjusted EPS $0.84 $1.02 $2.44 $2.93 Operating cash flow conversion 13
Slide 24: Supplemental Reconciliation
SUPPLEMENTAL RECONCILIATION Reconciliation of Adjusted EBITDA to Adjusted EPS Three Months Ended October 3, 2025 KBR Adjusted EBITDA $240 Interest expense (39) Other non-operating income (expense) — Provision for income taxes (34) Depreciation and amortization (43) EPS adjustments: Amortization rela