Slide 1: February 26, 2026
February 26, 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: Record Safety Performance Reinforces Disciplined Culture
Record Safety Performance Reinforces Disciplined Culture © 2026 KBR, Inc. Delivering Solutions, Changing the World.Ⓡ 4
Slide 5: Key Messages
Key Messages Delivered on our Both segments enter Spin-off preparations FY25 financial strategy with FY26 with improving are progressing as performance in line with disciplined execution, momentum and planned with advancing expectations navigating a challenging visibility, supported by separation re
Slide 6: Delivering on Our Strategy with Disciplined Execution
Delivering on Our Strategy with Disciplined Execution 1 OCF conversion calculated as (OCF / Adjusted diluted share count) / Adj. EPS. © 2026 KBR, Inc. Delivering Solutions, Changing the World.Ⓡ 6
Slide 7: Sustainable Tech Delivers Profitable Growth with Strong FY26 Visibility
Sustainable Tech Delivers Profitable Growth with Strong FY26 Visibility FY25 Highlights FY26+ Growth Drivers KPIs that Matter • Secured major engineering • Continued investment in • 1.6x QTD book-to-bill1 (1.2x and project management global energy and TTM) reflecting sustained awards across the Midd
Slide 8: Mission Tech Expands Margins While Positioning for Award Recovery
Mission Tech Expands Margins While Positioning for Award Recovery FY25 Highlights FY26+ Growth Drivers KPIs that Matter • Navigated a challenging • Alignment with the most • 0.5x QTD book-to-bill1 (1.0x environment marked by a critical national security TTM) reflecting award slow award cadence, EUCO
Slide 9: Spin-Off Execution Advancing on Plan
Spin-Off Execution Advancing on Plan • Targeted distribution anticipated in the second half of 2026, subject to customary regulatory approvals • Initial, confidential Form 10 filed in December 2025 with an amended filing planned for March 2026 • Tax-free private letter memo submitted in December 202
Slide 10: Shad Evans, Executive VP and CFO
Shad Evans Executive VP and CFO © 2026 KBR, Inc.
Slide 11: 4Q'25 Margins and Operating Cash Flow Expand Despite Slower Award Cadence
4Q’25 Margins and Operating Cash Flow Expand Despite Slower Award Cadence Revenues Adj. EBITDA1 Adj. EPS1 YTD OCF -$223M +12M +$0.09 +107M 10.7% 12.6% • Decrease due to the slower • Growth due to strong • Growth driven by Adj. EBITDA, • YTD OCF conversion1 110% pace of awards and a reduction unconso
Slide 12: FY25 Delivers Disciplined Execution in Line with Expectations
FY25 Delivers Disciplined Execution in Line with Expectations Revenues Adj. EBITDA1 Adj. EPS1 OCF +76M +100M +$0.60 +107M 11.3% 12.4% • Growth due to increases in • Growth due to strong • Growth driven by Adj. EBITDA, • OCF conversion1 110% defense and intel programs and unconsolidated joint venture
Slide 13: Sustainable Tech Delivers Durable Growth, Expanding Margins and Strong Cash Generation
Sustainable Tech Delivers Durable Growth, Expanding Margins and Strong Cash Generation Revenues Performance Highlights +10% CAGR • +10% Revenues CAGR (FY23–FY25) driven by sustained demand for engineering, professional services and proprietary technologies • +16% Adj. EBITDA1 CAGR, reflecting favora
Slide 14: Mission Tech Expands Margins and Advances Up-Market Despite Award Timing Headwinds
Mission Tech Expands Margins and Advances Up-Market Despite Award Timing Headwinds Revenues Performance Highlights +4% CAGR • +4% Revenues CAGR (FY23-FY25) driven by strong alignment with national security priorities, partially offset by NASA funding restrictions and contingency EUCOM scope reductio
Slide 15: Strong Cash Flow Enables Deleveraging and Record Capital Returns
Strong Cash Flow Enables Deleveraging and Record Capital Returns Strategic M&A Prudent Leverage Return Capital to Organic Growth Shareholders Successfully integrated Delevered to below our <2.5x FY25 marked a record level of Continued investment in LinQuest, accelerating Mission net leverage target
Slide 16: FY 2026 Guidance Supported by Backlog Coverage and Margin Discipline
FY 2026 Guidance Supported by Backlog Coverage and Margin Discipline Midpoint FY 2026 Guidance Growth Financial Modeling Assumptions • Capex: ~$40M - $50M Revenues $7.90B - $8.36B +4% • Effective tax rate: 26% - 28% • Depreciation & amortization: ~$165M (includes ~$45M purchased intangibles amortiza
Slide 17: Key Takeaways
Key Takeaways Executed with discipline Both segments Earnings quality Spin-off preparations in a challenging positioned for growth continues to improve advancing, supporting environment, delivering with improving through selectivity, mix clarity, readiness and margin expansion, momentum and visibili
Slide 18: Q&A
Q&A © 2025 KBR, Inc.
Slide 19: 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 20: Appendix
er e Appendix © 2025 KBR, Inc.
Slide 21: Spin-Off Value Proposition
Spin-Off Value Proposition Overview Benefits • Enhanced strategic & management focus Structure • Transaction intended to be tax-free Strategic • Increased end market focus • Enhanced organizational agility, accountability and streamlined decision making Timing • Expected to close second half of 2026
Slide 22: Sustainable Tech: 4Q'25 and FY25 Performance
Sustainable Tech: 4Q’25 and FY25 Performance 4Q’25 FY25 Revenues Adj. EBITDA1 Revenues Adj. EBITDA1 -$10M +$4M +$50M +$58M 10.0% 21.0% 10.0% 21.3% 19.5% 20.5% 20.4% 22.5% • In line with the prior year • Continued strong delivery, • Growth due to increasing • Continued strong delivery, including incr
Slide 23: Mission Tech: 4Q'25 and FY25 Performance
Mission Tech: 4Q’25 and FY25 Performance 4Q’25 FY25 Revenues Adj. EBITDA1 Revenues Adj. EBITDA1 -$213M +$6M +$26M +$35M 10.0% 10.0% 9.2% 11.2% 9.8% 10.4% • Decline due to contingency • Continued strong project • Decline due to contingency EUCOM • Continued strong project EUCOM scope reductions, exec
Slide 24: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EBITDA - KBR Consolidated 4Q'24 4Q'25 YTD 2024 YTD 2025 Net income attributable to KBR $76 $111 $375 $415 Net (income) loss from discontinued operations, net of tax (1) — (2) 55 Net (loss) income attributable to noncontrolling interest included in — (1) 1 (19) discon
Slide 25: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EBITDA - Segment 4Q'24 4Q'25 YTD 2024 YTD 2025 Operating income - MTS $82 $118 $415 $463 Net loss attributable to noncontrolling interests included in continuing operations 1 (1) 1 — Depreciation and amortization 28 27 99 115 Spin off, acquisition and integration 2 1
Slide 26: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EBITDA - Segment 4Q'24 4Q'25 YTD 2024 YTD 2025 Operating income - Corporate $(42) $(44) $(161) $(162) Depreciation and amortization 8 7 30 27 Spin off, acquisition and integration 4 9 16 27 Adjusted EBITDA - Corporate $(30) $(28) $(115) $(108) Operating income - KBR
Slide 27: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EPS 4Q'24 4Q'25 YTD 2024 YTD 2025 Diluted EPS attributable to KBR $0.57 $0.87 $2.79 $3.21 Diluted earnings (loss) per share from discontinued operations 0.01 — 0.01 (0.28) Diluted EPS from continuing operations $0.56 $0.87 $2.78 $3.49 Adjustments: Amortization relate
Slide 28: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Operating Cash Flow Conversion 4Q'24 4Q'25 YTD 2024 YTD 2025 Cash flows provided by operating activities from continuing operations $41 $51 $450 $557 Less: Capital expenditures (16) (18) (52) (42) Adjusted free cash flows $25 $33 $398 $515 Operating cash flow per adjusted sha
Slide 29: Supplemental Reconciliation
SUPPLEMENTAL RECONCILIATION Reconciliation of Adjusted EBITDA to Adjusted EPS YTD 2025 Adjusted EBITDA $968 Interest expense (158) Other non-operating income (expense) (6) Provision for income taxes (156) Depreciation and amortization (169) EPS adjustments: Amortization related to acquisitions (afte