Fluor (FLR) Investor presentation summary

Strategic and operational highlights

• Transitioned from 'Fix & Build' to 'Grow & Execute' phase, strengthening capital structure and diversifying revenue mix.

• Repurchased $754M in shares in 2025 and $335M more in early 2026, reducing share float by 11%.

• Monetized nearly $2B in NuScale holdings and completed divestitures of Stork and a Chinese fabrication yard.

• Advanced major projects in energy, mining, pharmaceuticals, and semiconductors, expanding global reach.

• Continued momentum in nuclear remediation and intelligence-related Mission Solutions work.

Business group performance

• Urban Solutions posted $205M profit, with $8.7B in new awards and $18.7B backlog, despite $108M in cost growth on infrastructure projects.

• Energy Solutions reported a $414M loss, mainly due to the Santos ruling, but exceeded internal expectations excluding this effect; $1.4B in new awards and $4.6B backlog.

• Mission Solutions delivered $94M profit, $1.8B in new awards, and $2.2B backlog, with prospects in national security and nuclear fuel.

Financial results and capital allocation

• 2025 revenue reached $15.5B; adjusted EBITDA was $504M, and adjusted EPS was $2.19, excluding the $643M Santos charge.

• Cash and marketable securities totaled $2.2B after share repurchases and NuScale monetization; operating cash flow was negative $387M, reflecting the Santos payment.

• Retired $37M in debt and completed significant share repurchases, with $1.4B planned for 2026.

• Backlog on legacy loss projects reduced to $255M from $702M in 2024.