Slide 1: Year End 2025 Results
YEAR END 2025 RESULTS FEBRUARY 17, 2026 © 2026 2025 Fluor. SUNOCO MARINER EAST LNG // PENNSYLVANIA, U.S.A. 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: 2025 Accomplishments
2025 ACCOMPLISHMENTS Advanced from “Fix & Build” to “Grow & Execute” phase of our four-year strategy Strengthened capital structure, reestablished disciplined pursuit principles and diversified revenue mix $754 million in Fluor share repurchases in 2025, additional $335 million already bought
Slide 4: 2026 Outlook Highlights
2026 OUTLOOK HIGHLIGHTS Improved client posture supported by elevated front-end activity and detailed negotiations expected to advance projects toward 2H 2026 Strong opportunity set across LNG, mining & metals, advanced technologies and nuclear fuels Increased prospects in the gas-fired and nucle
Slide 5: 2026 Key Prospects
2026 KEY PROSPECTS ENERGY SOLUTIONS ENERGY SOLUTIONS Production & Fuels Power Renewable Fuel Power Plant ENERGY SOLUTIONS URBAN SOLUTIONS MISSION SOLUTIONS Mining & Metals Production & Fuels Nuclear, Env. & Civil Renewable Fuel Global Metals & Fertilizers Nuclear & Civil ENERGY SOLUTIONS Power ENERG
Slide 6: Opening Comments
OPENING COMMENTS NEW AWARDS ($ in Billions) $15.5 billion revenue $19.8 $19.5 $15.1 $12.0 83% 83% 85% 87% 87% reimbursable $12.0 billion 2022 2023 2024 2025 new awards +$941 million in project adjustments ENDING BACKLOG $26.0 $29.4 $28.5 $25.5 81% reimbursable $25.5 billion backlog 63% 76% 79% 81% 2
Slide 7: Segment Updates
SEGMENT UPDATES © 2026 2025 Fluor. LNG CANADA EXPORT FACILITY // KITIMAT, BRITISH COLUMBIA, CANADA 7
Slide 8: Urban Solutions
URBAN SOLUTIONS SEGMENT NEW AWARDS AND BACKLOG Full year 2025 segment profit of $205 million ($ in Millions) $17,749 $18,746 – Results reflect $108 million cost growth on three infrastructure projects, offset by $54 million of positive developments and negotiations on other infrastructure $9,493 $8
Slide 9: Urban Solutions Outlook
URBAN SOLUTIONS OUTLOOK Mining & Metals – Copper, aluminum and green steel – Rare earth material production facilities Life Sciences – Life science facilities for two new clients Semiconductors & Data Centers – Strengthened leadership for both markets – Positioning for opportunities across the U.
Slide 10: Energy Solutions
ENERGY SOLUTIONS SEGMENT NEW AWARDS AND BACKLOG Full year 2025 segment loss of $414 million ($ in Millions) includes: $7,605 – Excluding effect from Santos, segment exceeded internal expectations $4,601 $3,246 Segment new awards of $1.4 billion $1,421 Ending backlog of $4.6 billion Achieved mech
Slide 11: Energy Solutions Outlook
ENERGY SOLUTIONS OUTLOOK Re-entry into gas-fired power – LNTP secured with a confidential U.S. utility for a large-scale project; reimbursable phase transitioning to negotiated fixed-price Expansion of nuclear portfolio – Cernavoda – RoPower SMR – Conventional nuclear projects in the U.S. and Euro
Slide 12: Mission Solutions
MISSION SOLUTIONS SEGMENT NEW AWARDS AND BACKLOG Full year 2025 segment profit of $94 million ($ in Millions) – $60M in the aggregate for reserves on a DOD program $2,727 and previously disclosed ruling on a project completed $2,189 in 2019 $1,910 $1,847 Segment new awards of $1.8 billion – Six-ye
Slide 13: AI Strengthening Fluor's EPC Advantage
AI STRENGTHENING FLUOR’S EPC ADVANTAGE Early AI adopter: Began AI journey in 2018 with predictive analytics built on data from 200+ EPC projects Strategic advantage: AI strengthens Fluor’s integrated EPC model, improving planning, decision timeliness and quality Embedded today: AI deployed across
Slide 14: Full Year 2025 Financial Update
FULL YEAR 2025 FINANCIAL UPDATE © 2026 2025 Fluor. Fluor Corporation. All Rights Reserved. Fluor is a registered service mark of Fluor Corporation. GORDIE HOWE INTERNATIONAL BRIDGE PROJECT // PORTS OF ENTRY INTO CANADA AND THE U.S.
Slide 15: 2025 Financial Results
2025 FINANCIAL RESULTS Santos ruling: $643 million booked as a revenue reduction Equity earnings: $210 million in equity method earnings driven by NuScale and Q1 NTTA Infrastructure projects: $108 million in cost growth across three projects, including a $30 million effect in Q4 Restructurin
Slide 16: 2025 Financial Results
2025 FINANCIAL RESULTS $15.5 billion $109 million $504 million revenue consolidated adjusted EBITDA* segment loss* $2.19 diluted adjusted EPS* $196 million $67 million $12.0 billion G&A expense net interest income new awards +$941 million in project adjustments * Non-GAAP financial measure; excludes
Slide 17: Cash & Cash Flow
CASH & CASH FLOW Cash and marketable securities: $2.2 billion Santos: – Reflects share repurchases, SMR – Appeal slated for mid-2026; limited monetization, and Santos payment updates until 2H 2026 Adjusted Balance Sheet: Loss projects: – Includes share repurchases and 71 million – $238M funded i
Slide 18: Strategy Update
STRATEGY UPDATE Our accomplishments in 2025: Our view for 2026: Executed $754 million of share repurchases $1.4 billion in share repurchases, including during the year, reducing share float by 11% $400 million in January–February Monetized a significant portion of our NuScale Complete NuScal
Slide 19: Outlook
OUTLOOK FY 2026 guidance: FY 2026 segment margin guidance (2) Adjusted EBITDA: $525 – $585 million Urban Solutions 3.0% – 4.0% Operating Cash Flow (1): ~ $300 million Energy Solutions 4.0% – 5.0% FY 2026 assumptions: Mission Solutions 6.0% New awards book to burn above 1 G&A expense: $175 – $185
Slide 20: Q&A
Q&A © 2025 Fluor. DOW FORT SASKATCHEWAN PATH2ZERO EXPANSION PROJECT // ALBERTA, CANADA 20
Slide 21: U.S. GAAP Reconciliation of Consolidated Segment Profit
U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT Three Months Ended Year Ended December 31, December 31, (in millions) 2025 2024 2025 2024 Revenue Urban Solutions $ 2,630 $ 1,999 $ 9,200 $ 7,239 Energy Solutions 943 1,520 3,554 5,976 Mission Solutions 600 654 2,720 2,594 Other 2 87 29 506 Tot
Slide 22: 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 Year Ended December 31, December 31, (In millions, except per share amounts) 2025 2024 2025 2024 Net earnings (loss) attributable to Fluor $ (1,574) $
Slide 23: Reconciliation of Net Earnings to Adjusted EBITDA
RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA Three Months Ended Year Ended December 31, December 31, (in millions) 2025 2024 2025 2024 Net earnings (loss) attributable to Fluor $ (1,574) $ 1,862 $ (51) $ 2,145 Interest income, net (19) (35) (67) (150) Tax (benefi
Slide 24: Adjusted Balance Sheet
ADJUSTED BALANCE SHEET – Showing the Impact of Share Repurchases and NuScale Monetization through February 13, 2026 Adjustments Sale of Fluor As Reported NuScale Share Adjusted (1) (3) (In millions) December 31, 2025 Shares Repurchases December 31, 2025 Shares Outstanding, Adjusted Cash and cash equ
Slide 25: Reconciliations of Adjusted Net Revenue, Segment Profit and Net Margin
RECONCILIATIONS OF ADJUSTED NET REVENUE, ADJUSTED SEGMENT PROFIT AND ADJUSTED NET MARGIN Year Ended December 31, 2025 Year Ended December 31, 2024 Urban Energy Mission Urban Energy Mission (In millions) Total Solutions Solutions Solutions Other Total Solutions Solutions Solutions Other Revenue, as r