Fluor (FLR) Investor presentation summary

Company overview and strategy

• Operates as a global professional and technical solutions provider with a 110+ year heritage, serving clients in over 60 countries and employing around 27,000 people.

• Focuses on energy, urban, and mission solutions, with a consolidated backlog that is 58% non-U.S. and 79% reimbursable contracts.

• Strategic plan shifted from 'Fix & Build' (2021-2024) to 'Grow & Execute' (2025-2028), emphasizing financial discipline, organic growth, niche acquisitions, and high-performance project delivery.

Key investment highlights

• Positioned to benefit from long-term megatrends and strong demand in key markets.

• Maintains a global footprint with close relationships to blue-chip clients and a robust project pipeline.

• Majority of backlog and pipeline is cost reimbursable, supporting financial stability.

Business group performance (Q1 2025)

• Urban Solutions: $70M segment profit, $5.3B new awards, $20.2B backlog (up 8% YoY); major wins in pharmaceuticals, infrastructure, and mining.

• Energy Solutions: $47M segment profit, $315M new awards, $6.2B backlog; key projects include Aramco, Dow Path2Zero, and LNG Canada.

• Mission Solutions: $5M segment profit (impacted by $28M reserve), $164M new awards, $2.4B backlog; prospects in national security and DOE projects.