2021 q1 investor overview

2 0 2 1 Q 1 I N V E S T O R O V E R V I E W

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S AF E H AR B O R S TAT E M E N T

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," is "positioned" or other similar expressions). These forward-looking statements, including statements relating to strategic and operational plans, projected operating results, forecasts, market outlook, new awards, backlog levels, and liquidity are based on current management expectations and involve risks and uncertainties. Actual results may differ materially as a result of a number of factors. Caution must be exercised in relying on these and other forward-looking statements. Additional information concerning risk factors that could affect the Company’s business and financial results can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in the Company's Form 10-K filed on February 26, 2021. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.

During this presentation, we may discuss certain non-GAAP financial measures. Reconciliations of non-GAAP amounts to the comparable GAAP measures are reflected in our earnings release and are posted in the investor relations section of our website at investor.fluor.com. Reconciliations of forward-looking non-GAAP financial measures are not available due to the inability to reliably estimate the amounts of items excluded from such measures.

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I N T R O D U C T I O N T O F L U O R

• Global Leader in Engineering, Procurement, Fabrication, Construction and Maintenance, with a 109-year legacy

• Delivers Comprehensive Solutions for:• Urban Solutions• Mission Solutions• Energy Solutions

• Well-diversified Global Execution Platform serving clients in more than 60 countries

• #181 on the 2020 Fortune® 500 list• #3 on the 2021 ENR Top 500 Design Firms • Revenue from continuing operations of $14.2 billion in 2020 • Approximately 44,000 employees globally• NYSE (Ticker: FLR) since 1957

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B U I L D I N G A B E T T E R F U T U R E

Organic growth in energy transition, chemicals, mining, life sciences and infrastructure

Invest in advanced technologies and government Strategic knowledge hires

Focus on reimbursable work

Advance DE&I Promote social progress Lead in sustainability

Rebuild balance sheet Predictable cash flow Reduce overhead Lower debt

STRATEGIC PRIORITIES ACTIONS GOALS

Drive growth across the portfolio

Anticipate 70% of revenue from non-traditional oil & gas segments by 2023

Pursue contracts with fair and balanced terms

Backlog mix is expected to be more than 75% reimbursable by 2024

Foster a high-performance culture with purpose

Improve employee engagement annually Increase women and diversity in leadership Net Zero in 2023

Reinforce financial discipline

By 2024 we anticipate: Debt to capitalization of 20 – 40% Return on invested capital of 20% Overhead reduction of $100 million

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E N E R G Y S O L U T I O N S

Strategic Focus Areas

Decarbonize existing assets

Low carbon energy sources

Traditional oil & gas

NuScale projectdevelopment

Address dual challenge

Decarbonize energy supply

Meet new regulatory policies

Right technology solutions

Sustainable operations

Energy Transition & Urbanization

TRENDS

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• ICA Fluor joint venture awarded three contracts totaling $2.8 billion for the PEMEX Dos Bocas refinery in Mexico

• Fluor booked its $1.4 billion portion in Q1

• Removed approximately $1 billion from backlog for a cancelled chemicals project

• Energy Solutions total backlog slightly increased to $11.1 billion

• Energy Transition:• Executing several carbon capture FEED and feasibility studies

using Fluor’s proprietary Econamine FG+ technology• Completing early work in areas of refinery efficiency, gasification

to produce carbon negative energy, green hydrogen, renewable diesel and jet fuel, and energy storage

E N E R G Y S O L U T I O N S – Q 1 2 0 2 1 U P D AT E

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L N G C AN AD A

• On site, all preparation work is complete, the Cedar Valley Lodge camp is filling up, pilings are in place, and overseas, modules are being constructed in the fabrication yards

• Remobilizing craft workers on site – currently at our required staffing levels

• In 2021, focus on site is completing the installation of underground cable and pipe as well as concrete foundations

• This will position the project for receipt of the first modules which are scheduled to arrive later this year

• COVID-19 and changes in law have impacted both engineering and material deliveries as well as the site’s ability to mobilize workers due to public health orders

• Several opportunities are being jointly explored with the client to mitigate the COVID-19 and change in law impacts

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U R B AN S O L U T I O N S ( U S ) : I N F R AS T R U C T U R E


Aging highways costing $160B/year 30% of US bridges beyond their design

life


Proven Highway Expansions

Urban growth of 51 million people Improved mobility and decreased road

congestionEnergy Transition & Urbanization

Replicate Texas Model

Competitor risk appetite slowing Increase in failed procurement Coverage ratios increasing

Stakeholder Engagement

Diligence and Selectivity

TRENDS

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• Completed the handover for the 183 South highway project outside of Austin• Monitoring developments with the proposed federal infrastructure plan

• Typically see a two to three quarter lag between any new federal infrastructure spending and the release of construction and services RFPs within the states

• Tracking some key opportunities in Texas and North Carolina consistent with regional focus

U S : I N F R AS T R U C T U R E Q 1 U P D AT E

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U R B AN S O L U T I O N S ( U S ) : M I N I N G & M E TAL S

Strategic Focus AreasTRENDS

Underground mining Battery metals Copper concentrators


Centers of Excellence

Safe jurisdictionsBeyond Globalization

Local Teams

Lower emissions Energy efficiency Sustainable practices


Material Handling

Digital twin Automation Remote monitoring

Industry 4.0DigitalMine

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MINING & METALS• Currently completing FEED work that represents $20 billion of

potential work • Projects will support an increasingly urbanized and electrified

world that is driving the need for investment in minerals like copper and lithium

• Have several large prospects in 2021 and expect awards throughout the year

U S : M I N I N G AN D M E TAL S Q 1 U P D AT E

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U R B AN S O L U T I O N S ( U S ) : AD VAN C E D T E C H N O L O G I E S & L I F E S C I E N C E S


Consumer evolution Health Sustainability Social responsibility


Transform Execution and Delivery Model

Digitalization in manufacturing operations

Improved reliability Optimized life cycle costs

Industry 4.0Deliver Knowledge-

based Solutions

On demand consumption of expert knowledge

Minimal risk of disruption De-risking supply chains

Beyond Globalization

Global Technology Hubs

TRENDS

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ADVANCED TECHNOLOGIES AND LIFE SCIENCES• Won a significant EPCM biotech project in Europe for Fujifilm

• Award is for a large-scale biologics drug substance manufacturing facility that will be used to produce a variety of treatments, including vaccines

• Currently tracking several semi-conductor prospects in the United States

U S : AT & L S Q 1 U P D AT E

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M I S S I O N S O L U T I O N S


Build digitally-enabled mission solutions

portfolio

Expand core; grow in complementary

markets Advanced solutions

Trusted partner

Talent/clearances

Rapid response

Community involvement

Industry 4.0

Beyond Globalization


TRENDS

Transform workforce for next gen challenges

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• Fluor-led joint venture won a twelve-month extension for the Portsmouth decontamination and decommissioning contract for the Department of Energy in Ohio

• Valued at $690 million, including two six-month options• Federal government announced it will withdraw all troops from Afghanistan by September 11th

• Fluor expects to book an additional three-month extension to LOGCAP IV in the second quarter that will allow further support of the U.S. Army in Afghanistan until demobilization

M I S S I O N S O L U T I O N S Q 1 U P D AT E

S T R AT E G I C U P D AT E S

NuScale:• Announced a $40 million equity contribution from JGC and a $20 million equity contribution from IHI in May• Announced retention of Guggenheim Partners to explore financing options to fund the commercialization of

NuScale’s small modular reactor technology• In active discussions with multiple clients

Cost savings initiative:• Efforts underway to streamline the organization; targeting an additional overhead reduction of over $100 million• Focusing on ensuring the deployment of world class execution teams onto new prospects over the coming

quarters, coupled with the proper level of fit for purpose back office support

Capital Structure:• Completed a convertible preferred offering of $600 million with a 6.5% dividend and 17.5% conversion premium

on May 18• Proceeds will be used to retire debt and improve debt to capitalization ratio

• Divested AMECO North America business for $73 million

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I N V E S T M E N T T H E S I S

• Stabilized capital structure and strong cash position• Convertible equity offering allows company to substantially reduce leverage

• More predictable earnings power with shift toward reimbursable projects• Goal for at least 75% of backlog to be reimbursable by 2024

• Strategy focusing on growing end markets, including energy transition, chemicals, mining, life sciences, and infrastructure

• Anticipate 70% of revenue from non-traditional oil and gas segments by 2023• Visibility into future growth with prospects emerging as pandemic subsides

• World-class market-leading employees with a high-performance culture

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2021 q1 investor overview

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