Slide 1: Q2 2023 Results
Q2 2023 RESULTS August 4, 2023 © 2023 Fluor Corporation. All Rights Reserved.
Slide 2: 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 forward-looking statement
Slide 3: Opening Comments
Opening Comments New Delhi Town Hall ̶ Critical role in supporting our projects ̶ Key resources to staff our significant pipeline of growth opportunities Fluor and Tech Mahindra sign strategic partnership agreement ̶ Increase in demand for digital handovers by our clients ̶ Supports professional
Slide 4: Opening Comments
Opening Comments Q2 revenue $3.9 billion $3.7B ̶ 20% improvement from Q2 22 NEW Q2 new awards of $3.7 billion AWARDS 71% 87% 70% 68% ̶ 70% reimbursable FY 2020 FY 2021 FY 2022 Q2 2023 Backlog 64% reimbursable FEED and study packages represent an estimated $300 billion of $25.5B installed cos
Slide 5: Segment Updates
ey i i —= ais Bey tel | SEGMENT UPDATES FLUOR.
Slide 6: Urban Solutions
Urban Solutions Q2 segment profit of $76 million ̶ Results include a positive forecast adjustment related to a legacy infrastructure project ̶ Increased execution activities on newly awarded projects Q2 new awards of $2.3 billion Segment backlog 58% reimbursable $11,695 CONSOLIDATED $8,265 Q2
Slide 7: Urban Solutions – Mining & Metals
Urban Solutions – Mining & Metals Working on feasibility studies for lithium developments and battery recycling facilities Completed engineering services on a new steel mill in the U.S. Near term prospects include: ̶ Potash ̶ Lithium ̶ Steel ̶ Copper © 2023 Fluor Corporation. GV20230147 7
Slide 8: Urban Solutions – ATLS & Infrastructure
Urban Solutions – ATLS & Infrastructure ATLS Q2 new awards include: – $574M for the first phase of a new life sciences production facility in the central U.S – $487M for the expansion of a biotech facility in Denmark Positive momentum on legacy infrastructure projects Infrastructure Q2 new awa
Slide 9: Mission Solutions
Mission Solutions Q2 segment profit of $40 million ̶ Increased execution activities on a European logistics support project ̶ Support for NuScale’s carbon-free power project Recently won Portsmouth Gaseous Diffusion Plant Decontamination and Decommissioning Project RFP for Pantex issued CONSOL
Slide 10: Energy Solutions
Energy Solutions Q2 segment profit of $89 million ̶ Results reflect the ramp-up of execution of activities on refinery projects in Mexico ̶ $74M in positive forecast adjustments on two projects ̶ $34M charge for cost growth and schedule extension on legacy upstream project Q2 new awards of $753
Slide 11: Energy Solutions (cont.)
Energy Solutions (cont.) LNG Canada – All 215 modules are onsite – 85% complete – Continue to have successful resolution to ongoing variation orders – Client continues to evaluate timeline and scope for a second phase expansion Anticipated new awards include: – Dow’s Path 2 Zero ethylene and der
Slide 12: Financial Results
Q2 2023 FINANCIAL RESULTS © 2023 Fluor Corporation. GV20230147 12
Slide 13: Q2 2023 Financial Results
Q2 2023 Financial Results $3.9 $191 $181 billion million million revenue consolidated segment profit adjusted EBITDA $0.76 Diluted G&A Net interest New awards adjusted EPS income expense $3.7 $60 $37 billion million million © 2023 Fluor Corporation. GV20230147 13
Slide 14: Q2 2023 Financial Update
Q2 2023 Financial Update $2.1 billion in cash and marketable securities ̶ Excludes cash held by NuScale Q2 operating cash inflow of $62 million Expect cash flow to remain modestly positive including legacy project cash needs DOJ has closed its investigation of the company © 2023 Fluor Corpor
Slide 15: Outlook
® OUTLOOK FLUOR
Slide 16: Outlook
Outlook Raising 2023 guidance – Adjusted EPS range: $2.00 to $2.30 – Adjusted EBITDA guidance: $500 to $600 million 2023 assumptions – Revenue: ~10-15% growth – Adjusted G&A expense: ~$45 million per quarter – Effective tax rate: ~40% 2023 segment margin guidance* – Energy Solutions: ~6.0% – U
Slide 17: Q&A
Q&A © 2023 Fluor Corporation. GV20230147 17
Slide 18: Appendix: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations © 2023 Fluor Corporation. GV20230147 18
Slide 19: Reconciliation of GAAP Net Earnings and EPS to Adjusted EPS
Reconciliation of U.S. GAAP Net Earnings (Loss) and U.S. GAAP EPS to Adjusted EPS(1) Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share amounts) 2023 2022 2023 2022 Net earnings (loss) attributable to Fluor $ 61 $ 66 $ (46) $ 114 Less: Dividends on CPS (10) (10) (20
Slide 20: Reconciliation of GAAP Net Earnings to Adjusted EBITDA
Reconciliation of U.S. GAAP Net Earnings (Loss) to Adjusted EBITDA(1) THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, (in millions) 2023 2022 2023 2022 Net earnings (loss) attributable to Fluor $ 61 $ 66 $ (46) $ 114 Interest (Net) (37) 1 (78) 10 Taxes 63 32 93 63 Depreciation & Amortization 1