Slide 1: Q2 2024 Results
Q2 2024 RESULTS AUGUST 2, 2024 © 2024 Fluor Corporation. All Rights Reserved. GORDIE HOWE INTERNATIONAL BRIDGE // CANADIAN-U.S. BORDER ACROSS THE DETROIT RIVER 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: Fluor Fellows Program
FLUOR FELLOWS PROGRAM An assembly of industry recognized professionals whose expertise and insights position Fluor to win work With the 2024 class we now have 91 Fellows and Senior Fellows © 2024 Fluor Corporation. All Rights Reserved. 3
Slide 4: Opening Comments
OPENING COMMENTS ($ in Billions) NEW AWARDS $4.2 billion $10.0 $19.8 $19.5 $3.1 revenue 87% 87% 82% 68% 82% reimbursable $3.1 billion FY 2021 FY 2022 FY 2023 Q2 2024 new awards BACKLOG $20.8 $26.0 $29.4 $32.3 $32.3 billion 76% 81% 63% 81% 41% reimbursable backlog Q4 2021 Q4 2022 Q4 2023 Q2 2024 Reim
Slide 5: Segment Updates
SEGMENT UPDATES © 2024 Fluor Corporation. All Rights Reserved. LNG CANADA EXPORT FACILITY // KITIMAT, B.C., CANADA 5
Slide 6: Urban Solutions
URBAN SOLUTIONS SEGMENT BACKLOG Q2 2024 segment profit of $105 million AND NEW AWARDS Results in this segment reflect increased execution ($ in Millions) activities on multiple advanced technology and life $19,571 sciences projects. $11,695 Segment new awards of $2.4 billion $2,282 $2,416 Se
Slide 7: Urban Solutions: Mining & Metals
URBAN SOLUTIONS Mining & Metals During the quarter Mining & Metals received a $1.1 billion incremental award for an aluminum rolling facility in Alabama Near term prospects include Rare earth refining Iron ore port debottlenecking Lithium project in the U.S. JANSEN POTASH PROJECT // LEROY,
Slide 8: Urban Solutions: ATLS and Infrastructure
URBAN SOLUTIONS ATLS New awards include Northvolt’s large-scale lithium-ion battery manufacturing facility in Germany Business line formed an alliance with Topsoe and ABB Ltd. to streamline construction of state-of-the-art electrolyzers for effective production of green hydrogen Prospects incl
Slide 9: Mission Solutions
MISSION SOLUTIONS SEGMENT BACKLOG Q2 2024 segment profit of $41 million AND NEW AWARDS New awards of $63 million ($ in Millions) Ending backlog was $3.8 billion, compared to $4.9 $4,900 billion a year ago $3,775 $339 Paducah contract was extended for two years through June 2027 $63 Substan
Slide 10: Energy Solutions
ENERGY SOLUTIONS SEGMENT BACKLOG Q2 2024 segment profit of $75 million AND NEW AWARDS New awards of $582 million ($ in Millions) Incremental petrochemical facility work in Canada $7,649 $8,531 Engineering study for ARAMCO $753 $582 Legacy FPSO project turned over to client LNG Canada F
Slide 11: Q2 2024 Financial Reports
Q2 2024 FINANCIAL REPORTS © 2024 Fluor Corporation. All Rights Reserved. BRAYA RENEWABLE FUELS FACILITY // COME BY CHANCE, NEWFOUNDLAND AND LABRADOR, CANADA 11
Slide 12: Q2 2024 Financial Results
Q2 2024 FINANCIAL RESULTS $4.2 $194 $165 billion million million revenue consolidated adjusted segment profit EBITDA $0.85 diluted adjusted G&A net interest EPS expense Income new awards $50 $38 $3.1 million million billion © 2024 Fluor Corporation. All Rights Reserved. 12
Slide 13: Q2 2024 Financial Update
Q2 2024 FINANCIAL UPDATE $2.6 billion in cash and marketable securities Excludes amounts held by NuScale Operating cash flow of $282 million vs. $62 million outflow in Q2 2023 Reflects distributions from our joint ventures and customer payments on several large projects Partial IRS refund
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: $625-$675 million Urban Solutions 4.0% Operating Cash Flow: $500-$600 million Mission Solutions 6.0% FY 2024 assumptions Revenue growth: ~15% G&A expense: ~$215 million
Slide 15: Fluor Management Team Changes
FLUOR MANAGEMENT TEAM CHANGES © 2024 Fluor Corporation. All Rights Reserved. FLUOR'S GLOBAL HEADQUARTERS // TEXAS, U.S. 15
Slide 16: Fluor Management Team Changes
FLUOR MANAGEMENT TEAM CHANGES DRIVING A ONE FLUOR MINDSET Jim Breuer Mike Alexander Raj Desai Kevin Hammonds Chief Operating Officer Group President, Chief Procurement Officer Chief Legal Officer Energy Solutions Effective August 5, 2024 Effective October 1, 2024 Effective August 5, 2024 Effective A
Slide 17: Q&A
Q&A © 2024 Fluor Corporation. All Rights Reserved. FLUOR’S OFFICE // GLIWICE, POLAND 17
Slide 18: Appendix: Abridged Profiles
APPENDIX: ABRIDGED PROFILES © 2024 Fluor Corporation. All Rights Reserved. GORDIE HOWE INTERNATIONAL BRIDGE // PORTS OF ENTRY OF CANADA AND THE U.S. 18
Slide 19: Fluor Management Team Changes (1/4)
FLUOR MANAGEMENT TEAM CHANGES (1/4) ABRIDGED PROFILE Prior to his appointment as Chief Operating Officer, Jim Breuer served as Group President of Fluor’s Energy Solutions business, responsible for global operations and business development in the energy and chemicals markets, with a special focus on
Slide 20: Fluor Management Team Changes (2/4)
FLUOR MANAGEMENT TEAM CHANGES (2/4) ABRIDGED PROFILE Prior to his appointment as Group President, Energy Solutions, Mike Alexander served as President of the Chemicals business line within Fluor’s Energy Solutions group, responsible for global operations and business development across the chemicals
Slide 21: Fluor Management Team Changes (3/4)
FLUOR MANAGEMENT TEAM CHANGES (3/4) ABRIDGED PROFILE Raj Desai is currently Senior Vice President, Supply Chain and Commercial Strategies, prior to his upcoming appointment to the Fluor Management Team as Chief Procurement Officer in October. Since joining Fluor in 2006 in the UK office, Raj worked
Slide 22: Fluor Management Team Changes (4/4)
FLUOR MANAGEMENT TEAM CHANGES (4/4) ABRIDGED PROFILE Prior to his appointment as Chief Legal Officer, Kevin Hammonds served as Senior Vice President and Managing General Counsel for the Americas. Kevin joined Fluor in 1996 and has held positions of increasing responsibility in the Law Department, in
Slide 23: Appendix: Supplementary Financial Information
APPENDIX: SUPPLEMENTARY FINANCIAL INFORMATION © 2024 Fluor Corporation. All Rights Reserved. GORDIE HOWE INTERNATIONAL BRIDGE // PORTS OF ENTRY OF CANADA AND THE U.S. 23
Slide 24: Reconciliation of 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 SIX MONTHS ENDED JUNE 30, JUNE 30 (In millions, except per share amounts) 2024 2023 2024 2023 Net earnings (loss) attributable to Fluor $ 169 $ 61 $ 228 $ (46) Less: Dividends on CPS — 10 — 20 Net earni
Slide 25: Reconciliation of GAAP Net Earnings to Adjusted EBITDA
RECONCILIATION OF U.S. GAAP NET EARNINGS TO ADJUSTED EBITDA (1) RECONCILIATION OF U.S. GAAP NET EARNINGS (LOSS) TO ADJUSTED EBITDA (1) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, (in millions) 2024 2023 2024 2023 Net earnings (loss) attributable to Fluor $ 169 $ 61 $ 228 $ (46) Interest in
Slide 26: Cash Flow
CASH FLOW Range reflects up to $50 million in 2H 2024 OPERATING CASH FLOW INCL. funding for legacy projects INV. IN JV’S ($ in Millions) OCF includes receipt of $160 million federal tax refund 500 - 600 Expect year-over-year improvement in operating cash flow 179 -22 2022 2023 2024 est. I-26 W
Slide 27: Thank You
THANK YOU © 2024 Fluor Corporation. All Rights Reserved. FLUOR’S OFFICE // TEXAS, U.S. 27