27 2023 Integrated Report 01 Our Company and Strategy 02 Our Businesses 03 Our Functions 04 Our Corporate Information $15.5B $13.7B $14.2B 2021 2022 2023 $537M $415M $427M 2021 2022 2023 Name a few ways your team made progress against Fluor’s strategic priority to reinforce financial discipline. We rebuilt and maintained a solid balance sheet with a strong cash position. Notably, we reduced our debt-to-capitalization ratio from 63% in 2020 to 37% at the end of 2023. We are already within the 2024 range we set in 2021 of 20% to 40%. In August 2023, we issued a convertible debt offering. Demand was five times more than the offering, and we secured debt at 1 1/8 percent. This is a strong indication that investors believe in our strategy and that we are on the right path to drive a higher valuation from Wall Street. This would not have been possible without the hard work of our Treasury team and our key banking relationships. In September 2023, we converted our preferred shares. These shares were issued over two years ago to help maintain adequate liquidity when we were in the early stages of execution on several legacy projects. Converting these shares simplifies our capital structure and improves transparency with our investors. How have you seen Fluor’s ’building a better future’ strategy promote positive financial performance over recent years? Our financial discipline paired with our focus on selectivity and project execution are driving consistent results in our performance. We have reduced exposure to high-risk projects by continuing to pursue fair and balanced terms with our clients. Getting back to a backlog that is majority reimbursable is one way we are delivering on the promise we made to our shareholders. Over the past few years, a portion of our earnings were either noncash or the cash generated was used to meet the cash needs of legacy projects. As we complete these legacy projects, it frees up the cash-generating ability of our backlog. This path to higher quality earnings allows us to invest in our people and accelerate growth. Q&A with Joe Brennan, Executive Vice President, Chief Financial Officer “Our positive results over the past few years, combined with our expectations for 2024 and beyond, enable us to build more capital and a stronger Fluor. I’m proud of how far we’ve come and I am excited for the future.” What has Fluor done to strengthen investor confidence? In working toward achieving our strategic priorities, we are able to deleverage our balance sheet and de-risk our backlog as well as drive revenue growth in new markets and improve project execution. Through these successes, we continue to grow trust with our clients and build confidence with our shareholders. As we continue to enhance our reputation through solid project execution, we are confident that our strategy is meeting our stakeholder expectations. We are actively engaging with top shareholders and the sellside analyst community to maintain both transparency and understanding of Fluor’s business. Our Investor Relations team launched an outreach program in 2023 to diversify our international investor base. International investors tend to be long-term focused, which aligns well with our strategic plan and priorities. We also spend time educating investors on Fluor’s value proposition, specifically the differentiation of our complete offering compared to peers that have pivoted to engineering services only. Clients are increasingly requiring that their contractors provide a full set of services, and Fluor is one of a select few that can deliver this capability. 2023 FEATURED FINANCIAL RESULTS Revenue Segment Profit
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