Slide 1: Year End 2023 Results
YEAR END 2023 RESULTS FEBRUARY 20, 2024 © 2024 Fluor Corporation. All Rights Reserved.
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 Cares
FLUOR CARES Fluor Cares donated $4 million dollars to worthy causes Employees donated more than 33,500 volunteer hours Provided nearly 1 million hours of STEM (science, technology, engineering and math) instruction to 237,000 students and provided 706,000 meals to those in need We planted 29
Slide 4: Opening Comments
OPENING COMMENTS ($ in Billions) NEW AWARDS $15.5 billion 13% $9.0 $10.0 $19.8 $19.5 revenue 87% 87% 71% 68% $19.5 billion 87% FY 2020 FY 2021 FY 2022 FY 2023 new awards reimbursable BACKLOG book to burn 1.3x $23.1 $20.8 $26.0 $29.4 $29.4 billion 76% 45% 41% 63% 76% backlog reimbursable Q4 2020 Q4 2
Slide 5: Segment Updates
SEGMENT UPDATES © 2024 Fluor Corporation. All Rights Reserved. 5
Slide 6: Urban Solutions
URBAN SOLUTIONS GORDIE HOWE INTERNATIONAL BRIDGE PROJECT, USA/CANADA Q4 2023 segment profit of $147 million includes: ▪ $69 million settlement for the Gordie Howe bridge project Segment new awards of $5.1 billion ▪ Multi-billion-dollar award for BHP’s Jansen Potash CONSOLIDATED project BACKLOG A
Slide 7: Mission Solutions
MISSION SOLUTIONS PORTSMOUTH DECONTAMINATION AND DECOMMISSIONING CONTRACT, USA Q4 2023 segment profit of $31 million Ending backlog was $3.9 billion, compared to $5.7 billion a year ago Enhancing our technical services offerings to better serve customers in CONSOLIDATED the National Security m
Slide 8: Energy Solutions
ENERGY SOLUTIONS LNG CANADA, CANADA Q4 2023 segment profit of $26 million includes: ▪ $33 million charge on a large upstream legacy project scheduled to complete this quarter ▪ $6 million gain on embedded FX derivatives Q4 2023 new awards of $2.2 billion includes: ▪ $1.3 billion contract for a c
Slide 9: Financial Reports
2023 FINANCIAL REPORTS © 2024 Fluor Corporation. All Rights Reserved. 9
Slide 10: FY 2023 Financial Results
FY 2023 FINANCIAL RESULTS $15.5 $537 $613 billion million million revenue consolidated adjusted segment profit EBITDA $2.73 diluted adjusted G&A net interest EPS new awards expense income $232 $168 $19.5 million million billion © 2024 Fluor Corporation. All Rights Reserved. 10
Slide 11: FY 2023 Financial Update
FY 2023 FINANCIAL UPDATE NOVELIS (CHINA) ALUMINUM PROJECTS CO. LTD | ROOSTER PROJECT $2.5 billion in cash and marketable securities ▪ Excludes amounts held by NuScale $212 million in operating cash flow ▪ Net of $129 million in funding for legacy projects Capital structure ▪ Retired 2023 Euro
Slide 12: Strategy Update
STRATEGY UPDATE © 2024 Fluor Corporation. All Rights Reserved. 12
Slide 13: Building a Better Future
BUILDING A BETTER FUTURE Stakeholder Aspirations Mega Trends Strategic Priorities Trusted Energy Transition Reinforce Financial Advisor & Urbanization Discipline Pursue Great Place To Work Industry 4.0 Fair and Balanced Contract Terms Attractive Beyond Drive Growth Investment Globalization Across th
Slide 14: Progress on Strategic Goals
PROGRESS ON STRATEGIC GOALS Reinforcing Financial Discipline Driving Growth Across Portfolio Debt to Capital 1 Non-Traditional Oil & Gas 63% 4 2024 Target 72% 46% 63% 65% 20% - 40% 56% 39% 37% 2023+ Target 70% 2026 Target < 30% Diversifying Revenue 2020 YE 2021 YE 2022 YE 2023 YE 2024 2025 2026 2020
Slide 15: Fluor 2024 Opportunities
FLUOR 2024 OPPORTUNITIES URBAN SOLUTIONS URBAN SOLUTIONS Adv. Tech. & Life Sciences Infrastructure URBAN SOLUTIONS Mining & Metals Manufacturing Facility Roadway Battery Metals MISSION SOLUTIONS Nuclear & Civil ENERGY SOLUTIONS MISSION SOLUTIONS Chemicals National Security Plant Operations Liquid to
Slide 16: Energy Transition Project Growth
ENERGY TRANSITION PROJECT GROWTH New Project Awards in 2022 that 2023 Active Energy Transition Projects were Energy Transition Related across Fluor’s Business Groups = 200+ Mining & Metals Energy Solutions 44 80+ 141 133 Studies, FEED Advanced Technologies 52 EPCM Plant & Facility Svcs. 4 8 6
Slide 17: Summary
STRATEGY OVERVIEW SUMMARY Reinforce financial discipline Pursue contracts with fair Deleverage and balanced terms Deliver De-risk backlog Return excess consistent capital to Diversify revenue cash flow shareholders Drive growth across and earnings the portfolio Improve execution Foster a hig
Slide 18: Outlook
OUTLOOK © 2024 Fluor Corporation. All Rights Reserved. 18
Slide 19: Outlook
OUTLOOK FY 2024 guidance FY 2024 assumptions Adjusted EBITDA guidance: $600–$700 million Revenue growth: ~15% Net interest income: ~$120 million Adjusted EPS range: $2.50 to $3.00 G&A expense: ~$190 million Matches strategic plan expectations from 2021 Effective tax rate: ~35% FY 2026
Slide 20: Capital Deployment
CAPITAL DEPLOYMENT Increase investment in our people ▪ Tremendous need to increase global headcount Pursue asset-light model Continue resolution of outstanding claims Aspire to return resulting capital growth to shareholders © 2024 Fluor Corporation. All Rights Reserved. 20
Slide 21: Q&A
Q&A © 2024 Fluor Corporation. All Rights Reserved. 21
Slide 22: Appendix: Non-GAAP Reconciliations
APPENDIX NON-GAAP RECONCILIATIONS © 2024 Fluor Corporation. All Rights Reserved. 22
Slide 23: 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) © 2024 Fluor Corporation. All Rights Reserved. 23
Slide 24: Reconciliation of GAAP Net Earnings to Adjusted EBITDA
RECONCILIATION OF U.S. GAAP NET EARNINGS TO ADJUSTED EBITDA (1) © 2024 Fluor Corporation. All Rights Reserved. 24