Slide 1: February 24, 2025
February 24, 2025 Stuart Bradie, President and CEO Mark Sopp, Executive VP and CFO Jamie DuBray, VP of Investor Relations © 2024 KBR Inc. KBR CONFIDENTIAL
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 Chief Executive Officer
Stuart Bradie President and Chief Executive Officer © 2025 KBR, Inc.
Slide 4: Zero Harm Moment: Delivering on our Commitment
Zero Harm Moment: Delivering on our Commitment Mura is a global pioneer of Hydro-PRT®, a next generation advanced plastic recycling technology. KBR is proud to be Mura's exclusive global licensing partner, preferred engineering partner and investor in the Hydro-PRT® process. • 3 world-scale faciliti
Slide 5: Key Messages
Key Messages 4Q 2024 FY 2024 1 Delivered strong 4Q and FY 2024 performance, exceeding expectations $2.1B $7.7B Revenues Revenues 2 Advanced Strategy Execution growth of 23% growth of 11% • Strong project execution and exciting new YoY YoY contract wins • LinQuest integration progressing well $228M $
Slide 6: Advancing Strategy through Key Contract Execution and Wins
Advancing Strategy through Key Contract Execution and Wins Key Contract Updates New Contract Wins • HomeSafe - following successful test moves in 4Q, the • $445M contract win for DoD Joint Mission Environment ramp increased markedly in January and continues to Test Capability Program and $88M contra
Slide 7: Delivering on Our Strategy
Delivering on Our Strategy THRIVE and EXPAND DELIVER DRIVE DEPLOY in Core Markets and New Technical, Digital, Process Operational Excellence Capital Effectively Geographies Innovation Globally Capture Breakout Growth Create Customer Intimacy Achieve Industry-leading Margins Generate Strong Returns •
Slide 8: KBR Offers a Differentiated Business Model
KBR Offers a Differentiated Business Model Agile Enterprise Leadership Diversified Mix Multiple paths to market provide portfolio resilience 2024 Adj. EBITDA by Customer Leverage synergies and shared services to apply best practices International STS Customer-centric Multi-National Elevated Technolo
Slide 9: KBR Aligned to Strong Secular Growth Trends
KBR Aligned to Strong Secular Growth Trends U.S. Defense International Defense Energy Infrastructure • Need for technological • Geopolitical tensions • Geopolitical dynamics • Middle east, oil-centric superiority through increase defense impact need for energy economies need to defense modernization
Slide 10: Mark Sopp
Mark Sopp Executive Vice President and Chief Financial Officer © 2025 KBR, Inc.
Slide 11: 4Q 2024 | KBR Delivers Continued Growth
4Q 2024 | KBR Delivers Continued Growth Revenues Adj. EBITDA1 Adj. EPS1 +23% +21% +32% $2,122 $228 $0.91 $1,730 $188 $0.69 10.9% 10.7% 4Q'23 4Q'24 4Q'23 4Q'24 4Q'23 4Q'24 • GS: High-end defense • Growth in line with Revenues • Exceeds Adj. EBITDA1 growth engineering, classified intel, due to favorab
Slide 12: FY 2024 | KBR Delivers Continued Growth
FY 2024 | KBR Delivers Continued Growth Revenues Adj. EBITDA1 Adj. EPS1 OCF +11% +16% +15% 103% conversion1 $7,742 $870 $462 $3.34 $6,956 $2.91 $331 $747 10.7% 11.2% FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 • GS: High-end defense • Growth in line with Revenues • Growth in line with Adj. • Strong cash
Slide 13: GS Delivers Double-digit Revenue and Adj. EBITDA Growth
GS Delivers Double-digit Revenue and Adj. EBITDA Growth, Supported by Growth Across All Businesses 4Q 2024 Sustainable FY 2024 Technology Solutions Revenues Adj. EBITDA1 Revenues Adj. EBITDA1 +20% +17% +10% +10% $5,871 $1,598 $150 $5,353 $1,328 $587 $128 $536 9.6% 9.4% 10.0% 10.0% 4Q'23 4Q'24 4Q'23
Slide 14: STS Achieves Double-digit Adj. EBITDA Growth for 3rd Consecutive Year
STS Achieves Double-digit Adj. EBITDA Growth for 3rd Consecutive Year 4Q 2024 Sustainable FY 2024 Technology Solutions Revenues Adj. EBITDA1 Revenues Adj. EBITDA1 +30% +27% +17% +18% $524 $1,871 $398 $402 $108 $1,603 $336 $85 21.1% 20.6% 10.0% 21.0% 10.0% 21.3% 4Q'23 4Q'24 4Q'23 4Q'24 FY23 FY24 FY23
Slide 15: Balance Sheet and Capital Allocation
Balance Sheet and Capital Allocation Liquidity and Leverage 1/3/25 Balanced Capital Allocation Priorities Total debt (before issuance costs) 2,594 Net debt 2,244 Organic Growth Strategic M&A Net debt / Adj. EBITDA1 2.6x • Innovation, digital • Disciplined approach to solutions and engineering, accre
Slide 16: Issuing FY 2025 Guidance
Issuing FY 2025 Guidance FY 2025 Midpoint Guidance Growth Financial Modeling Assumptions Revenues $8.7B - $9.1B ↑15% • Capex: ~$50 - 65M • Effective tax rate: 25% - 27% Adj. EBITDA1 $950M - $990M ↑11% • Adj. EPS phasing: ~47% 1H / ~53% 2H • Adjusted diluted share count: ~133M Adj. EPS1 $3.71 - $3.95
Slide 17: Key Takeaways
Key Takeaways • Strong fourth quarter and fiscal year 2024 results with double-digit growth across Revenues, Adj. EBITDA, and Adj. EPS; TTM Book-to-Bill1 of 1.1x • Delivered on our strategy in fiscal year 2024 to move up-market and position in areas of differentiation; segment realignment and leader
Slide 18: Q&A
Q&A © 2025 KBR, Inc.
Slide 19: KBR Investment Thesis
KBR Investment Thesis 1 Multi-year transformation into a leading provider of differentiated, innovative, up-market science, technology, and engineering solutions with large scale, global reach 2 Serving diverse, attractive end markets aligned with secular growth trends including global security, sus
Slide 20: Appendix
Appendix -~ © 2025 KBR, Inc.
Slide 21: Realizing Synergies through LinQuest Integration
Realizing Synergies through LinQuest Integration The acquisition of LinQuest strengthens KBR’s capabilities across space, air dominance and connected battlespace missions. LinQuest has a heritage of serving important U.S. government customers including the U.S. Space Force, U.S. Air Force and other
Slide 22: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EBITDA 4Q'23 4Q'24 FY2023 FY2024 Net income (loss) attributable to KBR $21 $76 $(265) $375 Interest expense 30 44 115 144 Accretion of Convertible Notes debt discounts 40 — 282 — Other non-operating (income) expense 4 (3) 5 7 Provision for income taxes 26 23 95 130 D
Slide 23: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EBITDA 4Q'23 4Q'24 FY2023 FY2024 Operating income - GS 103 91 285 453 Depreciation and amortization 24 31 96 105 Acquisition, integration and restructuring — 2 — 5 Legacy legal fee and settlements 1 26 155 24 Adjusted EBITDA - GS 128 150 536 587 Operating income - ST
Slide 24: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EBITDA 4Q'23 4Q'24 FY2023 FY2024 Operating income - Corporate (37) (42) (161) (161) Depreciation and amortization 8 8 26 30 Acquisition, integration and restructuring 4 4 10 16 Adjusted EBITDA - Corporate (25) (30) (125) (115) Operating income - KBR 147 142 448 662 N
Slide 25: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EPS 4Q'23 4Q'24 FY2023 FY2024 Diluted EPS $0.15 $0.57 $(1.96) $2.79 Adjustments: Amortization related to acquisitions 0.04 0.07 0.17 0.20 Ichthys commercial dispute costs (0.03) 0.08 0.01 0.09 Acquisition, integration and restructuring 0.02 0.05 0.06 0.13 Impact of c
Slide 26: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted Operating Cash Flow 4Q'23 4Q'24 FY2023 FY2024 Cash flows provided by operating activities $83 $40 $331 $462 Adjustments: Add: Legacy legal settlement (after tax) — — 132 — Adjusted cash flows provided by operating activities $83 $40 $463 $462 Operating cash flow per
Slide 27: Supplemental Reconciliation
SUPPLEMENTAL RECONCILIATION Reconciliation of Adjusted EBITDA to Adjusted EPS Twelve months ended January 03, 2025 KBR Adjusted EBITDA $870 Interest expense (144) Other non-operating income (expense) (7) Provision for income taxes (130) Depreciation and amortization (156) EPS adjustments: Amortizati