KBR (KBR) Investor Day 2026 summary

Strategy and separation

• Since 2021, exited lump-sum EPC and construction risk, refocusing on proprietary technology, advisory and consulting, and embedded digital capabilities; separation is the next step.

• Mission Technology Solutions spin-off, expected to operate as Trinzic, is targeted for Jan. 4, 2027, subject to board approval and customary conditions.

• Post-separation leadership and capital will focus on shaping customer investments, delivering projects and improving asset operations; historically, more than 90% of M&A investment went to Mission Tech.

• Capital-light model generates earnings from technology and services without owning assets or taking lump-sum construction risk.

Markets and repeatable growth model

• Structural demand spans energy security and transition, infrastructure productivity and resilience, and food and fertilizer security; identified serviceable markets exceed $625B.

• Growth model combines early customer access, broader customer platforms and scalable execution, supported by digital capabilities across investment shaping, project delivery and asset operations.

• More than 75% of revenue comes from existing customers; ~30% comes from advisory, technical consulting and technology.

• Q3 2026 backlog was $5.8B, including $4.2B consolidated and $1.6B proportionate JV backlog; TTM consolidated book-to-bill was ~1.5x.

• Qualified pipeline is $54B for estimated 2027E–2029E revenue, with over 70% from existing customers; pipeline opportunities are not booked revenue.

Financial framework

• 2026E–2029E organic revenue CAGR target is 10%+, excluding megaprojects with over $1B of scope and future capital deployment; targets are objectives, not guidance.

• Revenue is expected to increase from ~$2.90B in 2026E to ~$3.85B in 2029E; assumptions include ~80% conversion of $4.2B consolidated backlog by 2029E and 1.1x–1.2x average annual book-to-bill.

• 2027E–2029E targets are 12%+ adjusted EBITDA margin, including recurring JV EBITDA, and 85%+ free cash flow conversion.

• Post-spin reported EBITDA baseline is ~$425M; 2026 Sustainable Tech adjusted EBITDA is expected at ~$550M including LNG JV earnings, with ~$100M of LNG runoff headwind and a 2027 adjusted EBITDA target above $425M at ~12% margin.

• 2023–2026 revenue growth tracked within the prior 11%–15% target; 2021–2026 revenue and segment adjusted EBITDA each delivered ~15% CAGR, excluding LNG JV contribution.