Fluor : First Quarter 2026 Conference Call Presentation

Published: 2026-05-08 10:45:10 ET FLR

Published on 05/08/2026 at 10:45 am EDT

MAY 8, 2026

Positioned for Success

$40B in potential prospects (not currently in house)

Investment Decision

Mining

Power

Life Sciences

IN-HOUSE FRONT-END WORK

DOE/Civil

LNG

Nuclear Fuels

$60B in potential EPCM work already

in-house via execution of early phase work

Chemicals and Fuels

Advanced Technologies

EPC/EPCM

2-5% of Investment

(duration varies)

95-98% of Investment

(2-5-year project)

Tracking

$100B in Prospects

Get-in early and stay until the end; increasing EPC/CM opportunities by delivering early phases

revenue

New award margins in Q1 were 200 bps above current backlog

margins

Reflects $1.1 billion of positive project adjustments on ongoing work

new awards

+$1.1 billion in project adjustments

98% reimbursable

Ending Backlog

$28.5

$25.5

Reimbursable Fixed Price

$25.7

Backlog

82% reimbursable

79% 81% 82%

2024 2025 Q1 2026

EARNINGS CALL | Q1 2026 RESULTS 4

Q1 2026 RESULTS

Urban Solutions Energy Solutions Mission Solutions

Q1 2026

Segment Profit

Segment New Awards

$5,330

($ in millions)

$2,144

Q1 2026 segment profit of $6.0 million

Includes $37 million impact for a fixed price mining project in the Americas

New awards of $2.1 billion

- Metals project in the Middle East, incremental work on a pharma facility and infrastructure expansion for mining facility in Chile

Backlog of $19.0 billion

Represents 74% total backlog

Q1 2025 Q1 2026

Segment Backlog

($ in millions)

$20,150 $19,019

Q1 2025 Q1 2026

E A RN I N G S CA L L | Q 1 2026 RE SU L T S 6

Urban Solutions

ADVANCED TECHNOLOGY & LIFE SCIENCES (ATLS)

Life sciences and advanced manufacturing remain in a

capex upcycle

Outlook includes sizeable prospects in pharma and rare earth magnets

Signed limited NTP with TeraWulf for master planning/ pre-construction for large scale data center campus

E A RN I N G S CA L L | Q 1 2026 RE SU L T S 7

Urban Solutions

MINING & METALS | INFRASTRUCTURE

Mining & Metals:

EPCM award for aluminum recycling facility in the Middle East

Reko Diq: Continue to support but development pace slowing due to geopolitical and security concerns

Q2 feasibility study award for Anglo American's large fertilizer project in the UK

Key prospects include copper opportunities in South America

Infrastructure:

Focused on achieving substantial completion milestones across multiple projects over the next several months

E A RN I N G S CA L L | Q 1 2026 RE SU L T S 8

Q1 2026

Segment Profit

Segment New Awards

$315

($ in millions)

$213

Q1 2026 segment profit of $74 million

Driven by favorable closeout on three projects

Segment new awards of $213 million

FEED award for America First Refinery

Contract with X-energy for Dow's Seadrift SMR project

Ending backlog of $4.3 billion

Q1 2025 Q1 2026

Segment Backlog

$6,161

($ in millions)

$4,267

Q1 2025 Q1 2026

E A RN I N G S CA L L | Q 1 2026 RE SU L T S 9

ENERGY SOLUTIONS OUTLOOK

Gas-fueled: Strong client demand for domestic EPC

Nuclear: Growing interest from governments and the private sector; working with multiple technology partners

Key prospects include:

LNGC phase 2

Gas compression project in California

Gas-fueled power project in the Northwest

Chemical project in Canada

E A RN I N G S CA L L | Q 1 2026 RE SU L T S 10

Q1 2026

Segment Loss

($ in millions)

Q1 2026 segment loss of $71 million

- Results reflect $96M court ruling relating to LOGCAP activities filed in 2013

Segment new awards of $332 million

Significant FEED services award for the Centrus uranium enrichment plant

$100M task order to support military operations in Middle East

Segment backlog of $2.5 billion

Savannah River bid submission expected later this year

Segment New Awards

$164

$332

Key prospects:

Two-year extension on current intelligence work

Additional Centrus awards

Savannah River extension

Q1 2025 Q1 2026

Segment Backlog

($ in millions)

$2,397 $2,463

Q1 2025 Q1 2026

E A RN I N G S CA L L | Q 1 2026 RE SU L T S 11

MIDDLE EAST AND VENEZUELA UPDATE

Middle East:

Employee safety is our top priority

Operations continue in the region, currently supporting projects and mitigating supply chain constraints

Leveraging extensive experience in the region; currently involved in conversations on damage assessments

Monitoring the longer-term implications of conflict, including new opportunities

Venezuela:

Long history of project delivery

Currently in active discussions with clients/partners and expect clarity on

opportunities in the coming months

= Fluor site

Middle East

Venezuela

E A RN I N G S CA L L | Q 1 2026 RE SU L T S 12

in revenue

consolidated segment profit

adjusted EBITDA*

G&A expense

diluted adjusted EPS*

net interest income

new awards

Plus $1.1B in project adjustments

*Non-GAAP financial measure

E A RN I N G S CA L L | Q 1 2026 RE SU L T S 14

CASH & CASH FLOW

Cash and equivalents: $3.2 billion

Increase driven largely by proceeds from sale of 71M NuScale shares during Q1

Q2 paid $400M for state and federal taxes related to last

year's conversion of NuScale class B shares

Operating Cash Flow: $110 million

Working-capital decreases on several large projects

Distributions from large JVs in Energy Solutions and Mission Solutions

Best Q1 OCF generation since 2017

Q1 legacy project funding was $87M

~$200M expected funding over the final three quarters, before any subcontractor recovery

Funding could be substantially complete by end of Q3

E A RN I N G S CA L L | Q 1 2026 RE SU L T S 15

Q1 2026 FINANCIAL UPDATE

$124M recognized for China fab yard sale

$2.4B in NuScale proceeds since September 2025

~4.5x MOIC; ~15% IRR since 2011

$516 million (11 million shares) repurchased

Anticipate approx. ~$1.4 billion total spend for 2026

Using our capital to drive growth:

Investing in people

Investing in capabilities

Evaluating strategic M&A in target markets

E A RN I N G S CA L L | Q 1 2026 RE SU L T S 16

2026 guidance:

Adjusted EBITDA: $525- $560M

Adjusted EPS: $2.60 TO $2.80

Operating Cash Flow:(1) ~ $300M

FY2026 assumptions:

New awards book to burn above 1

G&A expense: $175 - $185M

Effective tax rate: 26% - 28%

Revenue split approximately

65% Urban Solution

20% Energy Solutions

15% Mission Solutions

FY2026 adj. segment margin guidance:(2)

Urban Solutions: 2.5% - 3.5%

Energy Solutions: 5.0% - 6.0%

Mission Solutions: 6.0%

Excluding tax payments for NuScale conversion during 2025

Margin guidance is approximate. Excludes currency exchange effects, embedded foreign currency derivative and the impact of certain litigation outcomes.

EARNINGS CALL | Q1 2026 RESULTS 17

(in millions)

THREE MONTHS ENDED MARCH 31,

2026 2025

Revenue

Urban Solutions

$ 2,437

$ 2,157

Energy Solutions

703

1,206

Mission Solutions

523

597

Other

Total revenue

$ 3,663

$ 3,982

Segment profit (loss) $ and margin %

Urban Solutions

$ 6

0.2%

$ 70

3.2%

Energy Solutions

10.5%

3.9%

Mission Solutions

(71)

(13.6)%

0.8%

Other

(1)

40.9%

Total segment profit (loss) $ and margin %

$ 8

0.2%

$ 131

3.3%

G&A

(61)

(36)

Gain on sale of CFHI

124

Foreign currency gain (loss)

(13)

Interest income, net

Earnings attributable to NCI

Earnings before taxes

107

108

Income tax benefit (expense)

Net earnings before equity method earnings

114

161

Equity method earnings (loss)

(393)

Net earnings (loss)

165

(232)

Less: Net earnings attributable to NCI

Net earnings (loss) attributable to Fluor

$ 160

$ (241)

EARNINGS CALL | Q1 2026 RESULTS 19

Attributable to Fluor to adjusted net earnings and U.S. GAAP share to adjusted per share

THREE MONTHS ENDED

MARCH 31,

(In millions, except per share amounts)

2026

2025

Net earnings (loss) attributable to Fluor $ 160 $ (241)

Exclude: Stork businesses (now divested)

(10)

Net earnings (loss) from core operations (1)

161

(251)

Adjustments: (2)

Equity method (earnings) loss

$ (51)

$ 393

Gain on sale of CFHI

(124)

Impact of litigation on completed projects (3)

Impact of bad debt reserve taken for a long-completed project

Embedded foreign currency derivative (gain)/loss

(1)

Foreign currency (gain)/loss

(14)

Tax (benefit) expense on above items

(46)

(81)

Adjusted Net Earnings

$ 21

$ 125

Diluted EPS

$ 1.08

$ (1.42)

Adjusted EPS

$ 0.14

$ 0.73

(1) Core operations excludes the results of our now-divested Stork businesses.

(2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations.

(3) Reflects impacts from a Q1 2026 ruling on the LOGCAP materials management qui tam matter and a Q1 2025 ruling that reduced working capital to estimated net recoverable value related to a long-standing claim on a project completed in 2019.

EARNINGS CALL | Q1 2026 RESULTS 20

Disclaimer

Fluor Corporation published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 14:44 UTC.