Kbr, Inc. · NYSE:KBR
Kbr — Q3 2026 Earnings Presentation
24 slides from Kbr's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings Conference Call
October 29, 2026 Stuart Bradie, President and CEO Shad Evans, Executive VP and CFO Rachael Goldwait, VP of Investor Relations
Slide 2: Forward-Looking Statements
Forward-Looking Statements The statements in this presentation that are not historical statements, including statements regarding our expectations for our future financial performance, effective tax rate, operating cash flows, contract revenues, award activity and backlog, program activity, our busi
Slide 3: Stuart Bradie, President and CEO
Stuart Bradie President and CEO © 2026 KBR, Inc.
Slide 4: Maintaining Our Zero Harm Culture
Maintaining Our Zero Harm Culture © 2026 KBR, Inc. Delivering Solutions, Changing the World.Ⓡ 4
Slide 5: Key Messages
Key Messages Strong execution and Sustainable Tech Mission Tech performs Separation momentum profitable growth delivers accelerating well through expected builds as both support delivery of the growth with record NASA headwinds with companies advance FY26 outlook backlog and broad- strong margins to
Slide 6: Sustainable Tech: Strong Bookings Build Backlog and Visibility
Sustainable Tech: Strong Bookings Build Backlog and Visibility Growth Drivers & Business Quality KPIs that Matter • Structural shifts across energy, supply chains QTD book-to-bill Near term pipeline and critical infrastructure drive investment, 1.3x (1.3x TTM) >$6B (excl. mega projects) demand and b
Slide 7: Mission Tech: Strong Visibility with Significant Awards Ahead
Mission Tech: Strong Visibility with Significant Awards Ahead Growth Drivers & Differentiators KPIs that Matter • Durable demand across national security, space QTD book-to-bill1 and government modernization supports long- 0.8x (0.8x TTM1) $9.9B Awaiting award term growth • Mission expertise and tec
Slide 8: Approaching Launch with Key Milestones Complete
Approaching Launch with Key Milestones Complete KBR Trinzic Scan to register, view the agenda and learn more about speakers © 2026 KBR, Inc. Delivering Solutions, Changing the World.Ⓡ 8
Slide 9: Shad Evans, Executive VP and CFO
Shad Evans Executive VP and CFO © 2026 KBR, Inc.
Slide 10: 3Q'26 Results: Profitable Growth Drives Margin Expansion
3Q’26 Results: Profitable Growth Drives Margin Expansion Revenues Adj. EBITDA1 Adj. EPS1 YTD Adj. OCF1 +97M / +5% +28M / +12% +0.10 / +10% 95% Conversion1 12.4% 13.2% • Growth was driven by strong • Strong project execution, • Growth reflects strong • YTD cash flow reflects a more execution on recen
Slide 11: Strong Segment Performance Reinforces Confidence in Full-Year Outlook
Strong Segment Performance Reinforces Confidence in Full-Year Outlook Sustainable Tech Mission Tech Revenues Adj. EBITDA1 Revenues Adj. EBITDA1 +157M / +26% +19M / +15% -60M / -5% +7M / +5% 21.2% 19.3% 10.4% 11.5% 13.1% 13.9% Excl. LNG2 Excl. LNG2 • Strong bookings over the past • Reported margin re
Slide 12: Disciplined Capital Allocation Supports Separation Readiness
Disciplined Capital Allocation Supports Separation Readiness Liquidity and Leverage Balanced Capital Allocation Priorities Net debt 2,118 TTM Adj. EBITDA1 1,015 Strategic M&A Prudent Leverage Net debt / TTM Adj. EBITDA1 2.1x Disciplined approach to Maintain leverage at 2.5x or Cash Flow YTD accretiv
Slide 13: Reaffirming FY 2026 Guidance
Reaffirming FY 2026 Guidance FY 2026 Guidance Financial Modeling Assumptions • Capex: ~$40M - $50M Revenues $7.90B - $8.36B • Effective tax rate: 26% - 28% • Excludes the impact of interest income associated with discrete tax benefit ($15M) recognized in 3Q’26; underlying effective tax rate Adj. EBI
Slide 14: Key Takeaways
Key Takeaways Profitable growth Sustainable Tech Mission Tech delivers Major separation supports confidence in delivers record backlog solid margins despite milestones achieved the FY26 outlook and accelerating growth expected NASA ahead of launch headwinds © 2026 KBR, Inc. Delivering Solutions, Cha
Slide 15: Q&A
Q&A © 2026 KBR, Inc.
Slide 16: KBR Investment Thesis
KBR Investment Thesis Multi-year transformation into a leading provider of differentiated, innovative, up-market 1 science, technology, and engineering solutions with large scale, global reach Serving diverse, attractive end markets aligned with secular growth trends including global 2 security, sus
Slide 17: Appendix
er Appendix © 2026 KBR, Inc. i. > ‘ee
Slide 18: Spin-Off Value Proposition
Spin-Off Value Proposition Overview Benefits Structure • Transaction intended to be tax-free to KBR and its Strategic • Enhanced strategic & management focus stockholders for U.S. federal income tax purposes • Increased end market focus • Enhanced organizational agility, accountability and Timing •
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted EBITDA - KBR Consolidated 3Q'25 3Q'26 YTD 2025 YTD 2026 Net income attributable to KBR $115 $133 $304 $331 Net (income) loss from discontinued operations, net of tax 1 (4) 55 (4) Net (loss) income attributable to noncontrolling interest included in — 1 (18) 1 discont
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted EBITDA - Segment 3Q'25 3Q'26 YTD 2025 YTD 2026 Operating income - MTS $113 $115 $334 $342 Net loss attributable to noncontrolling interests included in continuing — — 1 — operations Depreciation and amortization 25 26 78 75 Spin-off, acquisition and restructuring — —
Slide 21: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted EBITDA - Segment 3Q'25 3Q'26 YTD 2025 YTD 2026 Operating loss - Corporate $(41) $(53) $(118) $(144) Depreciation and amortization 7 6 20 19 Spin-off, acquisition and restructuring 8 23 18 54 Adjusted EBITDA - Corporate $(26) $(24) $(80) $(71) Operating income - KBR $
Slide 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted EPS 3Q'25 3Q'26 YTD 2025 YTD 2026 Diluted EPS attributable to KBR $0.90 $1.06 $2.33 $2.60 Less: Diluted earnings (loss) per share from discontinued operations (0.01) 0.03 (0.29) 0.03 Diluted EPS from continuing operations $0.91 $1.03 $2.62 $2.57 Adjustments: Amortiza
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Operating Cash Flows & Conversion 3Q'25 3Q'26 YTD 2025 YTD 2026 Cash flows provided by operating activities from continuing operations $198 $171 $506 $331 Adjust: Spin-off transaction costs — 17 — 40 Adjusted operating cash flows $198 $188 $506 $371 Adjusted operatin
Slide 24: Supplemental Reconciliation
Supplemental Reconciliation Reconciliation of Adjusted EBITDA to Adjusted EPS 3Q’25 3Q’26 YTD 2025 YTD 2026 Adjusted EBITDA $240 $268 $730 $777 Interest expense (39) (36) (121) (108) Other non-operating income (expense) — — (5) (2) Provision for income taxes (34) (18) (116) (96) Depreciation and amo