26 Fluor Corporation Financial Performance The financial and operational results for 2024 reflect the culmination of a four-year journey centered on building our reimbursable backlog, strengthening our capital structure and enhancing project execution capabilities. As we move to the ‘grow and execute’ phase of our strategy, we will continue to focus on project delivery and take advantage of market opportunities. SUPPORTING A ROBUST FINANCIAL FUTURE Generated operating cash flow of $828 million, the strongest since 2015. Achieved debt-tocapitalization ratio under 40% in 2022, two years ahead of schedule, and further improved to 22% in 2024. Initiated our capital allocation plan in 2024 with $125 million in stock repurchases. 2024 Performance Highlights DRIVING ROBUST FINANCIAL GROWTH We ended 2024 with strong cash flow, which resulted in a robust capital structure and ample liquidity. Revenue was $16.3 billion, supported by solid execution on diversified projects across multiple end markets. Consolidated segment profit increased to $635 million, reflecting our commitment to operational excellence. Adjusted EBITDA rose to $534 million, highlighting the strength of our operational efficiencies. Our ending backlog grew to $28.5 billion, with 79% being reimbursable, ensuring more clarity of our future economics and cash flows. Additionally, 85% of new awards for 2024 were reimbursable, thanks to continued discipline on our contract pursuits. STRENGTHENING OUR OPERATIONAL EFFICIENCY For the full year, we reported net interest income of $150 million, as we invested Fluor’s cash in high-quality, interestbearing assets, which more than covered the $46 million in low-cost, fixed-rate interest expense on our debt. We also grew our cash and marketable securities to $3 billion, representing a 14% increase over 2023. In parallel, operating cash flow reached $828 million, the highest level since 2015 due in part to meaningful dividends from two large joint ventures and longoutstanding IRS refunds. Our capital allocation plan advanced by restarting our share repurchasing program based on a strong balance sheet and confidence in sustained cash flow generation with $125 million, or 2.3 million shares purchased, in the fourth quarter of 2024. We are targeting another $300 million in repurchases during 2025, which could be expanded depending on our monetization activities. Our performance over the past four years provides us with financial flexibility, including organic reinvestment opportunities. Looking ahead, we will review the size and timing of our share repurchases, plus other forms of capital return, and the ability to make select bolt-on acquisitions to support continued growth in the business.
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