Fluor Corporation · NYSE:FLR
Fluor — Q3 2026 Earnings Presentation
20 slides from Fluor's earnings presentation, Nov 6, 2026
Slide 1: Q3 2026 Results
FLUOR, Q3 2026 RESULTS
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: 2026 Fluor Supply Chain Summit
2026 Fluor Supply Chain Summit Hosted in Greenville, South Carolina 230 vendors, contractors, clients and Fluor leaders Summit overview ~$50B expected Fluor procurement spend over the next 4 years Agile, resilient supply chain amid geopolitical risk, tight labor, rising costs and logistics d
Slide 4: Q3 Highlights
Q3 Highlights 1 2 3 Record growth Demand for Consistent across Fluor’s project capital segments capability allocation New awards = $10.9B Key differentiator for Q3 share repurchases of Fluor $300 million Backlog = $34.3B People, systems and Investing internally in Prospect pipeline pul
Slide 5: Urban Solutions
Urban Solutions Copper strategy delivering tangible results New Awards: $2.0B Prospects Includes two copper mines in Chile Multi-billion copper project in South America; first expected award from $30B mining pipeline Q4 contract for TeraWulf data center Life sciences studies, including Bayer
Slide 6: Energy Solutions
Energy Solutions Next growth cycle beginning with LNG Canada New Awards: $7.7B Prospects LNG Canada Phase 2: $7.5B full notice to Finalizing gas-fueled EPC contract; several proceed EPC contracts expected next year Second X-energy award Nuclear opportunities Additional work for America Fir
Slide 7: Mission Solutions
Mission Solutions Nuclear fuels growth and DOE work anchoring future earnings New Awards: $1.2B Prospects Additional scope on nuclear fuels EPC Savannah River new contract decision project anticipated early 2027 Savannah River: six-month M&O extension EARNINGS CALL | Q3 2026 RESULTS 7
Slide 8: Mega-Project Capability
Mega-Project Capability Strong project teams, integrated execution, disciplined contracting How We Deliver Mega-Projects Pipeline includes 25 projects with an average size of $4.5 Billion Front-end work feeding larger awards Integrated EPC capability at scale Global supply chain expertise Ex
Slide 9: Q3 2026 Financial Update
FLUOR, Q3 2026 FINANCIAL UPDATE
Slide 10: Q3 2026 Financial Results
Q3 2026 Financial Results Revenue Adj. EBITDA* Diluted Adj. EPS* New Awards (TTM) Backlog $3.7B $142M $0.77 $20.8B $34.3B $20.8 $34.3 $3.7 $3.4 $25.5 $161 $142 $13.1 $0.77 $0.68 Q3'25 Q3'26 Q3'25 Q3'26 Q3'25 Q3'26 Q3'25 Q3'26 YE 2025 Q3'26 +10% -12% +13% +58% +34% Q3’26 book-to burn: 2.9x *Non-GAAP
Slide 11: Q3 Segment Financials & Cash Statistics
Q3 Segment Financials & Cash Statistics Urban Solutions Energy Solutions Mission Solutions Cash Flow Profit Profit Profit Cash and $3.1 $100M $93M $55M equivalents $2.8 $3.1B Q3'25 Q3'26 New Awards New Awards $7.7 New Awards Operating $2.0B $7.7B $1.2B Cash Flow $186M $286 $2.0 $1.8 $1.3 $186 $1.2 $
Slide 12: Consistent Capital Allocation Priorities
Consistent Capital Allocation Priorities >$2.0B Returning capital to shareholders Q3 share repurchases of $300 million $3.1 billion of cash supports planned repurchases In share repurchases since Q4 2024 >20% Investing in People and systems Project of the Future and AI initiatives Reduction
Slide 13: 2026 Outlook
2026 Outlook Assumptions Guidance New awards book to burn well above 1 G&A(3) $180 - $190M Adj. EBITDA $500 - $525M Effective tax rate 25 - 27% Revenue split approximately: Urban Solutions: 65% Adj. EPS $2.70 - $2.80 Energy Solutions: 20% Mission Solutions: 15% Adj. Operating Cash Flow(1) $430 - $46
Slide 14: Preliminary View of 2027
Preliminary View of 2027 Mega-project backlog driving earnings growth the next two to three years Key considerations Indicative Project Gross Margin Recognized by Year Adjusted EBITDA: increasing to low for Urban and Energy mega-projects double-digits vs. 2026 ICA Fluor sale: removes ~$45M of EB
Slide 15: Q&A
FLUOR, Q&A
Slide 16: Appendix
FLUOR, APPENDIX
Slide 17: GAAP Reconciliation - Consolidated Segment Profit
Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2026 2025 2026 2025 Revenue GAAP Reconciliation - Urban Solutions Energy Solutions $ 2,327 679 $ 2,343 262 $ 7,668 2,090 $ 6,570 2,611 Consolidated Segment Profit Mission Solutions Other 714 — 761 2 1,953 — 2,120 26 Total
Slide 18: GAAP Reconciliation - Adjusted Net Earnings
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, (In millions, except per share amounts) 2026 2025 2026 2025 Net earnings (loss) attributable to Fluor $ 158 $ (697) $ 432 $ 1,522 GAAP Reconciliation - Exclude: Stork businesses (now divested) — 1 1 (9) Net earnings (loss) from core op
Slide 19: GAAP Reconciliation - Adjusted EBITDA
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, (in millions) 2026 2025 2026 2025 Net earnings (loss) attributable to Fluor $ 158 $ (697) $ 432 $ 1,522 GAAP Reconciliation - Interest income, net Tax expense (18) 57 (13) (177) (54) 74 (48) 536 Adjusted EBITDA Equity method (earnings)
Slide 20: Reconciliations of Adjusted Net Revenue and Adjusted Segment Profit
Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Urban Energy Mission Urban Energy Mission (In millions) Total Solutions Solutions Solutions Other Total Solutions Solutions Solutions Other Revenue, as reported $ 3,720 $ 2,327 $ 679 $ 714 $ — $ 3,368 $ 2,343 $ 262 $ 761 $ 2