Slide 1: Q1 2026 Results
MAY 8, 2026 Q1 2026 RESU LTS < : *_ © 2026 Fluor. All Rights Reserved. Fluor isa registered service mark of Fluor Corporation.
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation contains forward-looking statements During this presentation, we may discuss certain non- (including without limitation statements to the effect that GAAP financial measures including consolidated the Company or its management “will,” “believes,” segment profi
Slide 3: Positioned for Success: Growing Opportunity Set (2026-2028)
Positioned for Success GROWING OPPORTUNITY SET (2026-2028) $40B in potential prospects (not currently in house) Investment Power Decision Mining Tracking Life Sciences $100B in Nuclear Prospects DOE/Civil Fuels IN-HOUSE LNG FRONT-END Chemicals WORK $60B in potential and Fuels EPCM work already in-ho
Slide 4: Opening Comments
OPENING COMMENTS $3.6B New award margins in Q1 were 200 bps above current backlog revenue margins Reflects $1.1 billion of positive project adjustments on ongoing work $2.7B Ending Backlog Reimbursable Fixed Price new awards +$1.1 billion in project adjustments 98% reimbursable $28.5 $25.5 $25.7
Slide 5: Segment Updates
Q1 2026 RESULTS SEGMENT UPDATES Urban Solutions Energy Solutions Mission Solutions
Slide 6: Urban Solutions
URBAN SOLUTIONS Q1 2026 Segment Profit Q1 2026 segment profit of $6.0 million $6M – Includes $37 million impact for a fixed price mining project in the Americas New awards of $2.1 billion – Metals project in the Middle East, incremental work on a pharma facility and ($ in millions) infrastructure
Slide 7: Advanced Technology & Life Sciences (ATLS)
Urban Solutions ADVANCED TECHNOLOGY & LIFE SCIENCES (ATLS) Life sciences and advanced manufacturing remain in a capex upcycle Outlook includes sizeable prospects in pharma and rare earth magnets Signed limited NTP with TeraWulf for master planning/ pre-construction for large scale data center
Slide 8: Mining & Metals | Infrastructure
Urban Solutions MINING & METALS | INFRASTRUCTURE Mining & Metals: ▪ EPCM award for aluminum recycling facility in the Middle East ▪ Reko Diq: Continue to support but development pace slowing due to geopolitical and security concerns ▪ Q2 feasibility study award for Anglo American’s large fertilize
Slide 9: Energy Solutions
ENERGY SOLUTIONS Q1 2026 Segment Profit Q1 2026 segment profit of $74 million $74M – Driven by favorable closeout on three projects Segment new awards of $213 million – FEED award for America First Refinery Segment ($ in millions) – Contract with X-energy for Dow’s Seadrift SMR project $315 New
Slide 10: Energy Solutions Outlook
ENERGY SOLUTIONS OUTLOOK Gas-fueled: Strong client demand for domestic EPC Nuclear: Growing interest from governments and the private sector; working with multiple technology partners Key prospects include: ▪ LNGC phase 2 ▪ Gas compression project in California ▪ Gas-fueled power project in th
Slide 11: Mission Solutions
MISSION SOLUTIONS Q1 2026 segment loss of $71 million Q1 2026 Segment Loss – Results reflect $96M court ruling relating to LOGCAP activities filed in 2013 Segment new awards of $332 million ($71M) – Significant FEED services award for the Centrus uranium enrichment plant – $100M task order to su
Slide 12: Middle East and Venezuela Update
MIDDLE EAST AND VENEZUELA UPDATE = Fluor site Middle East: ▪ Employee safety is our top priority ▪ Operations continue in the region, currently supporting projects and mitigating supply chain constraints ▪ Leveraging extensive experience in the region; currently involved in conversations on damage
Slide 13: Q1 2026 Financial Update
Q1 2026 FINANCIAL | © 2026 Fluor. All Rights Reserved. Fluor is a registered service mark of Fluor Corporation.
Slide 14: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS $3.6B $8M in revenue consolidated segment profit $60M $62M $61M $1.08 adjusted EBITDA* G&A expense diluted adjusted EPS* $15M $2.7B net interest income new awards Plus $1.1B in project adjustments *Non-GAAP financial measure EARNINGS CALL | Q1 2026 RESULTS 14
Slide 15: Cash & Cash Flow
CASH & CASH FLOW Cash and equivalents: $3.2 billion Operating Cash Flow: $110 million ▪ Increase driven largely by proceeds from sale of 71M ▪ Working-capital decreases on several large projects NuScale shares during Q1 ▪ Distributions from large JVs in Energy Solutions and ▪ Q2 paid $400M for s
Slide 16: Q1 2026 Financial Update
Q1 2026 FINANCIAL UPDATE $124M recognized for China fab yard sale $2.4B in NuScale proceeds since September 2025 ▪ ~4.5x MOIC; ~15% IRR since 2011 $516 million (11 million shares) repurchased ▪ Anticipate approx. ~$1.4 billion total spend for 2026 Using our capital to drive growth: ▪ Investi
Slide 17: Outlook
OUTLOOK 2026 guidance: FY2026 assumptions: FY2026 adj. segment margin guidance:(2) Adjusted EBITDA: $525– $560M New awards book to burn above 1 Urban Solutions: 2.5% – 3.5% Adjusted EPS: $2.60 TO $2.80 G&A expense: $175 – $185M Energy Solutions: 5.0% – 6.0% Operating Cash Flow:(1) ~ $3
Slide 18: Q&A
- FLUOR., Q&A © 2026 Fluor. All Rights Reserved. Fluor isa registered service mark of Fluor Corporation. j | | > &S
Slide 19: U.S. GAAP Reconciliation of Consolidated Segment Profit
THREE MONTHS ENDED MARCH 31, U.S. GAAP RECONCILIATION (in millions) 2026 2025 Revenue OF CONSOLIDATED SEGMENT Urban Solutions $ 2,437 $ 2,157 Energy Solutions 703 1,206 PROFIT Mission Solutions Other 523 — 597 22 Total revenue $ 3,663 $ 3,982 Segment profit (loss) $ and margin % Urban Solutions $ 6
Slide 20: Reconciliation of U.S. GAAP Net Earnings to Adjusted Net Earnings and EPS
RECONCILIATION OF U.S. THREE MONTHS ENDED GAAP NET EARNINGS MARCH 31, (In millions, except per share amounts) 2026 2025 Attributable to Fluor to adjusted Net earnings (loss) attributable to Fluor Exclude: Stork businesses (now divested) $ 160 1 $ (241) (10) net earnings and U.S. GAAP share Net earni
Slide 21: Reconciliation of U.S. GAAP Net Earnings to EBITDA
RECONCILIATION OF U.S. THREE MONTHS ENDED MARCH 31, GAAP NET EARNINGS (in millions) 2026 2025 Attributable to Fluor to adjusted Net earnings (loss) attributable to Fluor Interest income, net $ 160 $ (15) (241) (17) EBITDA Tax (benefit) expense (7) (53) Equity method (earnings) loss (51) 393 Deprecia
Slide 22: Reconciliations of Adjusted Net Revenue, Adjusted Segment Profit and Adjusted Net Margin
RECONCILIATIONS OF ADJUSTED NET REVENUE, ADJUSTED SEGMENT PROFIT AND ADJUSTED NET MARGIN EARNINGS CALL | Q1 2026 RESULTS 22