Slide 1: Q1 2024 Results
Q1 2024 RESULTS MAY 3, 2024 © 2024 Fluor Corporation. All Rights Reserved. LEADERSHIP SITE VISIT // MOQUEGUA, PERU 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: Q1 2024 Update
Q1 2024 UPDATE Fluor Nordic strategy centered around our technology hub in Copenhagen Establishes a regional presence that is close to key customers including: Eli Lilly Microsoft FujiFilm Northvolt Intel Novo Nordisk FLUOR LEADERS VISIT FUJIFILM PROJECTS // HILLERØD, DENMARK © 2024 Fluor
Slide 4: Opening Comments
OPENING COMMENTS ($ in Billions) NEW AWARDS $3.7 billion $9.0 $10.0 $19.8 $19.5 $7.0 revenue 87% 87% 97% 71% 68% 97% reimbursable $7.0 billion FY 2020 FY 2021 FY 2022 FY 2023 Q1 2024 new awards BACKLOG $23.1 $20.8 $26.0 $29.4 $32.7 $32.7 billion 76% 80% 63% 80% 45% 41% reimbursable backlog Q4 2020 Q
Slide 5: Segment Updates
SEGMENT UPDATES © 2024 Fluor Corporation. All Rights Reserved. AERIAL VIEW OF THE LNG CANADA EXPORT FACILITY // KITIMAT, B.C., CANADA 5
Slide 6: Urban Solutions
URBAN SOLUTIONS CONSOLIDATED BACKLOG Q1 2024 segment profit of $50 million AND NEW AWARDS Reflect increased execution activities on ($ in Millions) $18,603 multiple projects in life sciences, metals and semiconductors $10,656 $4,873 Segment new awards of $4.9 billion $1,775 Segment backlog of
Slide 7: Urban Solutions: Mining & Metals
URBAN SOLUTIONS Mining & Metals Gold Fields achieved first gold at the Salares Norte project in Chile Fluor joint venture received FNTP for the expansion of Antofagasta's Centinela copper-gold mining operation in Sierra Gorda $4 billion in prospects: Aluminum Rare earth refining Port deb
Slide 8: Urban Solutions: ATLS, Infrastructure, Plant & Facility Services
URBAN SOLUTIONS ATLS $3.2 billion-dollar EPCM full notice to proceed on Eli Lilly manufacturing facility in Indiana that broke ground in 2023 Seeing increased capex in semiconductors and data centers Infrastructure Gordie Howe project 74% complete L.A. People Mover project 84% complete 635
Slide 9: Mission Solutions
MISSION SOLUTIONS CONSOLIDATED BACKLOG Q1 2024 segment profit of $22 million AND NEW AWARDS ($ in Millions) New awards of $1.1 billion Air Force award for Tinian airfield project $5,238 $4,389 Extension notices for Paducah, SPR, and Portsmouth $1,145 Ending backlog was $4.4 billion, compar
Slide 10: Energy Solutions
ENERGY SOLUTIONS CONSOLIDATED BACKLOG Q1 2024 segment profit of $68 million AND NEW AWARDS Reflects $29 million in cost growth on a construction ($ in Millions) only subcontract by our joint venture entity in Mexico $9,259 $8,558 New awards of $716 million $712 $716 EPCM award for refinery w
Slide 11: 1Q 2024 Financial Reports
1Q 2024 FINANCIAL REPORTS © 2024 Fluor Corporation. All Rights Reserved. QUELLAVECO OPEN-PIT COPPER MINE // MOQUEGUA, PERU 11
Slide 12: Q1 2024 Financial Results
Q1 2024 FINANCIAL RESULTS $118 $88 $3.7 million million billion consolidated adjusted revenue segment profit EBITDA $0.47 diluted adjusted G&A net interest new awards EPS expense Income $7.0 $59 $39 billion million million © 2024 Fluor Corporation. All Rights Reserved. 12
Slide 13: Q1 2024 Financial Update
Q1 2024 FINANCIAL UPDATE $2.3 billion in cash and marketable securities Excludes amounts held by NuScale Operating cash outflow of $111 million vs. $161 million outflow in Q1 2023 Includes increases in working capital needs and funding for legacy projects Expect OCF to be positive for the
Slide 14: Outlook
OUTLOOK FY 2024 guidance FY 2024 segment margin guidance* Adjusted EPS: $2.50 to $3.00 Energy Solutions 5.0% Adjusted EBITDA: $600-$700 million Urban Solutions 4.0% Operating Cash Flow: $450-$600 million Mission Solutions 6.0% FY 2024 assumptions Revenue growth: ~15% G&A expense: ~$190 million
Slide 15: Q&A
Q&A © 2024 Fluor Corporation. All Rights Reserved. FLUOR CARES SHORELINE CLEAN-UP // VANCOUVER, B.C., CANADA 15
Slide 16: Appendix: Non-GAAP Reconciliations
APPENDIX NON-GAAP RECONCILIATIONS © 2024 Fluor Corporation. All Rights Reserved. ASCENSION ISLAND AUXILIARY AIRFIELD // ST. HELENA, ASCENSION AND TRISTAN DA CUNHA 16
Slide 17: Reconciliation of U.S. GAAP Net Earnings and EPS to Adjusted EPS
RECONCILIATION OF U.S. GAAP NET EARNINGS AND U.S. GAAP EPS TO ADJUSTED EPS (1) THREE MONTHS ENDED MARCH 31, (In millions, except per share amounts) 2024 2023 Net earnings (loss) attributable to Fluor $ 59 $ (107) Less: Dividends on CPS — 10 Net earnings (loss) available to Fluor common stockholders
Slide 18: Reconciliation of U.S. GAAP Net Earnings to Adjusted EBITDA
RECONCILIATION OF U.S. GAAP NET EARNINGS TO ADJUSTED EBITDA (1) THREE MONTHS ENDED MARCH 31, (in millions) 2024 2023 Net earnings (loss) attributable to Fluor $ 59 $ (107) Interest income (39) (41) Tax Expenses 51 30 Depreciation & Amortization 18 18 EBITDA $ 89 $ (100) Adjustments: Other: NuScale,
Slide 19: Cash Flow
CASH FLOW ($ in Millions) Range reflects up to $150 million in funding for legacy projects OPERATING CASH FLOW INCL. INV. IN JV’S OCF includes receipt of $150 million federal tax refund Expect year-over-year improvement in operating cash flow 450 - 600 179 -22 2022 2023 2024 est. © 2024 Fluor
Slide 20: Thank You
THANK YOU © 2024 Fluor Corporation. All Rights Reserved. FLUOR'S GLOBAL HEADQUARTERS // TEXAS, U.S. 20