Slide 1: Investor Presentation May 2025
INVESTOR PRESENTATION MAY 2025 © 2025 Fluor. ELI LILLY PROJECT // INDIANA, U.S. 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: Company Overview
COMPANY OVERVIEW CONSOLIDATED BACKLOG Q1 2025 A global, publicly traded professional and technical solutions provider ($ in Millions) Designs and builds well-executed, capital-efficient projects for clients around the world Non U.S. Reimbursable More than 110-year heritage delivering comprehen
Slide 4: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Well-Positioned to Capture Growth from Long-Term Megatrends World-class Technical Solutions and EPC Expertise Significant Market Momentum and Growth Trajectory – Accelerating economic recovery – Strong demand from ATLS clients – Secular tailwinds – Supportive commodit
Slide 5: Strategy: Building a Better Future
The Next Chapter STRATEGY: BUILDING A BETTER FUTURE 2021-2024 “Fix & Build” Pursue Foster a Reinforce Financial Drive Growth Fair and Balanced High-Performance Discipline Across the Portfolio Culture with Purpose Contract Terms Improve capital structure Reinstate rigor around risk Grow non-tra
Slide 6: Business Groups
BUSINESS GROUPS ENERGY SOLUTIONS URBAN SOLUTIONS MISSION SOLUTIONS Production & Fuels Chemicals Advanced Technologies Infrastructure Defense Nuclear & Civil Asset Decarbonization Battery Chemicals & Life Sciences Bridges Base Engineering & Decontamination & Carbon Capture Chemicals &
Slide 7: Professional and Technical Solutions
PROFESSIONAL AND TECHNICAL SOLUTIONS DESIGN ENGINEERING PROCUREMENT FABRICATION CONSTRUCTION START-UP & Advanced Process Advanced Work Contracts Contractor Construction MAINTENANCE Modeling | Conceptual Packaging | Cost Management | Management | Material Management | SERVICES Design | Estimating | C
Slide 8: Segment Updates
SEGMENT UPDATES © 2025 Fluor. HANFORD INTEGRATED TANK DISPOSITION // WASHINGTON, U.S. 8
Slide 9: Urban Solutions
URBAN SOLUTIONS SEGMENT NEW AWARDS Q1 2025 segment profit of $70 million AND BACKLOG ($ in Millions) $20,150 Segment new awards of $5.3 billion $18,603 Segment backlog of $20.2 billion $4,873 $5,330 – 8% increase in past 12 months New Awards Backlog Q1 2024 Q1 2025 OAK HILL PARKWAY // TEXAS, U.S.
Slide 10: Urban Solutions
URBAN SOLUTIONS ATLS New Awards for the quarter include a multi-billion dollar pharmaceutical EPCM project Prospects include additional pharmaceutical opportunities, advanced manufacturing, semiconductors and data centers Mining & Metals Awarded Reko Diq copper-gold project in Pakistan Prosp
Slide 11: Urban Solutions
URBAN SOLUTIONS Infrastructure New awards include a $682 million construction contract for TxDOT near College Station – Widening 12-mile stretch of highway from two lanes to three in each direction Gordie Howe project 96% complete GORDIE HOWE INTERNATIONAL BRIDGE PROJECT // PORTS OF ENTRY INTO CAN
Slide 12: Energy Solutions
ENERGY SOLUTIONS SEGMENT NEW AWARDS Q1 2025 segment profit of $47 million AND BACKLOG – Results reflect projects nearing completion and a reserve related ($ in Millions) to a long completed project at our joint venture in Mexico $9,257 Segment new awards of $315 million $716 $6,161 – Additional
Slide 13: Mission Solutions
MISSION SOLUTIONS SEGMENT NEW AWARDS Q1 2025 segment profit of $5 million AND BACKLOG – Includes $28 million reserve related a recent ruling ($ in Millions) $4,389 on a project completed in 2019 Segment new awards of $164 million $1,145 $2,400 – DOE, FEMA and Army Segment backlog of $2.4 billion
Slide 14: Q1 2025 Financial Update
Q1 2025 FINANCIAL UPDATE © 2025 Fluor. HEIDELBERG MATERIALS // GESEKE, GERMANY 14
Slide 15: Q1 2025 Financial Results
Q1 2025 FINANCIAL RESULTS $4.0 $131 $155 billion million million revenue consolidated adjusted segment profit* EBITDA* $0.73 diluted adjusted G&A net interest EPS* expense income new awards $36 $17 $5.8 million million billion * Non-GAAP financial measure © 2025 Fluor. Q1 2025 INVESTOR RELATIONS 15
Slide 16: Q1 2025 Financial Update
Q1 2025 FINANCIAL UPDATE Cash balance of $2.5 billion Operating cash outflow of $286 million – Reflects increased working capital needs on several large projects, incentive payments and timing of government payments $70 million in legacy project funding; 2025 funding of $200 million unchanged $8
Slide 17: Outlook
OUTLOOK FY 2025 guidance FY 2025 segment margin guidance(1) Adjusted EBITDA: $575-$675 million Urban Solutions 4.0% - 5.0% Adjusted EPS: $2.25 to $2.75 Energy Solutions 3.5% - 4.5% Operating Cash Flow: ~$450 to $500 Mission Solutions 5.0% - 6.0% million FY 2025 assumptions (approx.) Book-to-burn
Slide 18: Appendix: Non-GAAP Reconciliations
APPENDIX NON-GAAP RECONCILIATIONS © 2025 Fluor. FLUOR’S GLOBAL HEADQUARTERS // TEXAS, U.S. 18
Slide 19: U.S. GAAP Reconciliation of Consolidated Segment Profit
U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT (1) THREE MONTHS ENDED MARCH 31, (in millions) 2025 2024 Revenue Urban Solutions $ 2,157 $ 1,479 Energy Solutions 1,206 1,432 Mission Solutions 597 601 Other 22 222 Total revenue $ 3,982 $ 3,734 Segment profit (loss) $ and margin % Urban Soluti
Slide 20: Net Earnings Excluding Amounts Attributable to Equity Method Earnings
NET EARNINGS EXCLUDING AMOUNTS ATTRIBUTABLE TO EQUITY METHOD EARNINGS THREE MONTHS ENDED (in millions) March 31, 2025 Earnings before taxes $ 108 Income tax benefit 53 Less: Income tax benefit attributable to equity method loss (73) Income tax expense and effective tax rate, excluding amount attribu
Slide 21: Reconciliation of Net Earnings to Adjusted Net Earnings and Adjusted Per Share
RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED NET EARNINGS AND U.S. GAAP SHARE TO ADJUSTED PER SHARE (1) THREE MONTHS ENDED MARCH 31, (In millions, except per share amounts) 2025 2024 Net earnings (loss) attributable to Fluor $ (241) $ 59 Exclude: Stork & AMECO businesse
Slide 22: Reconciliation of Net Earnings to Adjusted EBITDA
RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA (1) THREE MONTHS ENDED MARCH 31, (in millions) 2025 2024 Net earnings (loss) attributable to Fluor $ (241) $ 59 Interest income, net (17) (39) Tax (benefit) expense (53) 51 Equity method loss 393 — Depreciation & amort
Slide 23: Thank You
THANK YOU © 2025 Fluor. BASF ZHANJIANG VERBUND PROJECT // ZHANJIANG, CHINA 23