Slide 1: Q2 2025 Results
Q2 2025 RESULTS AUGUST 1, 2025 © 2025 Fluor Corporation. All Rights Reserved. Fluor is a registered service mark of Fluor Corporation. LNG CANADA EXPORT FACILITY // KITIMAT, B.C., CANADA 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: Update on NuScale Investment
UPDATE ON NUSCALE INVESTMENT Over the next few weeks NuScale will convert 15 million shares from class B to class A securities Fluor is their largest shareholder We are excited about our investment and the opportunities to deploy their technology NUSCALE POWER, OREGON, U.S. © 2025 Fluor. Q2 2025
Slide 4: Opening Comments
OPENING COMMENTS ($ in Billions) NEW AWARDS $4.0 billion revenue $19.8 $19.5 $15.1 $7.6 83% 83% 85% 83% 72% reimbursable $1.8 billion 2022 2023 2024 1H 2025 new awards ENDING BACKLOG $26.0 $29.4 $28.5 $28.2 80% reimbursable $28.2 billion 63% 76% 79% 80% backlog 2022 2023 2024 Q2 2025 Reimbursable Fi
Slide 5: Segment Updates
SEGMENT UPDATES © 2025 Fluor. ELI LILLY PROJECT // INDIANA, U.S. 5
Slide 6: Urban Solutions
URBAN SOLUTIONS SEGMENT NEW AWARDS Q2 2025 segment profit of $29 million AND BACKLOG – Includes $54 million net impact of cost growth ($ in Millions) and expected recoveries on three $19,571 $20,576 infrastructure projects – Lower take up on two mining and metals $2,416 projects $856 – Slower than
Slide 7: Urban Solutions
URBAN SOLUTIONS ATLS Substantially completed the EPCM scope for two data centers in India for a confidential client Prospects in 2H 2025 include a pharmaceutical facility and additional data center work Continuing to deepen client relationships with data center clients Mining & Metals Levera
Slide 8: Urban Solutions
URBAN SOLUTIONS Infrastructure Gordie Howe project - 97% complete – Substantial completion Q3 2025 635/LBJ project - 78% complete – Substantial completion Q2 2026 I-35 Phase 2 - 58% complete – Substantial completion Q4 2026 Increased oversight and strengthened execution teams Taking action
Slide 9: Energy Solutions
ENERGY SOLUTIONS SEGMENT NEW AWARDS Q2 2025 segment profit of $15 million AND BACKLOG – Results reflect reduced contributions due to ($ in Millions) projects nearing completion $8,531 – Includes unexpected $31 million arbitration $582 $549 $5,583 ruling for a project completed by our Mexico JV in 2
Slide 10: LNG Canada
LNG CANADA Train 1 achieved RFSU in Q2 Shipped first cargo in June Focused on achieving Train 2 RFSU Recently reached a settlement agreement covering our COVID claims and other matters JV awarded a contract to update the FEED package for a proposed phase 2 expansion of the facility LNG CANADA E
Slide 11: Mission Solutions
MISSION SOLUTIONS SEGMENT NEW AWARDS Q2 2025 segment profit of $35 million AND BACKLOG – Decline due to temporary stop work order on airfield ($ in Millions) project $3,775 Segment new awards of $363 million $2,046 $363 – Short-term extensions on two DOE projects Segment backlog of $2.0 billion $
Slide 12: Business Environment
BUSINESS ENVIRONMENT © 2025 Fluor. LNG CANADA EXPORT FACILITY // KITIMAT, B.C., CANADA 12
Slide 13: Q2 2025 Financial Update
Q2 2025 FINANCIAL UPDATE CHICAGO TRANSIT AUTHORITY RED AND PURPLE LINE MODERNIZATION PROJECT // ILLINOIS, U.S. © 2025 Fluor. 13
Slide 14: Q2 2025 Financial Results
Q2 2025 FINANCIAL RESULTS $4.0 $78 $96 billion million million revenue consolidated adjusted segment profit* EBITDA* $0.43 diluted adjusted G&A net interest EPS* expense income new awards $52 $17 $1.8 million million billion * Non-GAAP financial measure © 2025 Fluor. Q2 2025 RESULTS 14
Slide 15: Q2 2025 Financial Update
Q2 2025 FINANCIAL UPDATE $2.3 billion of cash and marketable securities Operating Cash Flow of -$21 million includes: – Increased working capital on several large projects – Funding some of project cost-growth in infrastructure – Timing of A/R collections in Mission Solutions and in Mexico $44 mi
Slide 16: Outlook
OUTLOOK FY 2025 guidance FY 2025 segment margin guidance(1) Adjusted EBITDA: $475-525 million Urban Solutions 2.5% - 3.5% Adjusted EPS: $1.95 to $2.15 Energy Solutions 3.5% - 4.5% Operating Cash Flow: $200 to $250 million Mission Solutions 5.0% - 6.0% FY 2025 assumptions (approx.) 2025 New Award
Slide 17: Q&A
Q&A © 2025 Fluor. BASF ZHANJIANG VERBUND PROJECT // ZHANJIANG, CHINA 17
Slide 18: Appendix: Non-GAAP Reconciliations
APPENDIX NON-GAAP RECONCILIATIONS © 2025 Fluor. LNG CANADA EXPORT FACILITY // KITIMAT, B.C., CANADA 18
Slide 19: U.S. GAAP Reconciliation of Consolidated Segment Profit
U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT Three Months Ended Six Months Ended June 30, June 30, (in millions) 2025 2024 2025 2024 Revenue Urban Solutions $ 2,070 $ 1,831 $ 2,349 $ 3,028 Energy Solutions 1,143 1,595 4,227 3,309 Mission Solutions 762 704 1,358 1,305 Other 3 97 25 319 Tot
Slide 20: Net Earnings Excluding Amounts Attributable to Equity Method Earnings
NET EARNINGS EXCLUDING AMOUNTS ATTRIBUTABLE TO EQUITY METHOD EARNINGS Three Months Six Months . Ended Ended (in millions) June 30, 2025 June 30, 2025 Earnings (loss) before taxes $ (9) $ 99 Income tax expense (765) (712) Less: Income tax expense attributable to equity method earnings 757 684 Income
Slide 21: Reconciliation of Net Earnings to Adjusted Net Earnings and 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 THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, (In millions, except per share amounts) 2025 2024 2025 2024 Net earnings attributable to Fluor $ 2,460 $ 169 $ 2,219
Slide 22: Reconciliation of Net Earnings to Adjusted EBITDA
RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, (in millions) 2025 2024 2025 2024 Net earnings attributable to Fluor $ 2,460 $ 169 $ 2,219 $ 228 Interest income, net (17) (38) (34) (77) Tax expense 765 61 712 111