4 Fluor Corporation REVIEWING OUR PERFORMANCE Our financial performance in 2024 highlights our success in navigating a dynamic market environment. Below are some of our key financial achievements from the past year, demonstrating our progress toward delivering consistent, sustainable results: • Our total revenue increased to $16.3 billion versus $15.5 billion in 2023, marking a 4.5% increase. • Our new awards totaled $15.1 billion, 85% of which were reimbursable. • Our ending backlog of $28.5 billion reflects a diverse portfolio of clients across multiple markets. • Our backlog mix has improved from 76% reimbursable in 2023 to 79% at the end of 2024 – showing our progress toward a more risk-balanced portfolio. • Our operating cash flow for 2024 was $828 million, a significant improvement from $212 million in 2023. This strong cash position allowed us to begin returning capital to our shareholders. • We continued to improve our debt-tocapitalization ratio, which is now 22% compared to 37% in 2023. Beyond our financial performance, we achieved significant progress in several important non-financial areas throughout the year. Some highlights include: Chairman and CEO Reflections continued A lbemarle Lithium Conversion Facility // Meishan City, China Project leaders collaborate at Hellas Gold’s Skouries Project // Halkidiki Peninsula, Greece • Continued safety leadership across our business, with a total case incident rate of 0.31 and a days away, restricted or transferred rate of 0.17, both performing well ahead of industry benchmarks. • Enabled flexible global execution capabilities by leveraging our distributed execution centers to promote work across our business segments. • Helped our clients achieve their decarbonization goals for a more significant global impact. • Carried forward our focus of giving back to our communities where we live and work. Just a few examples of this include: – 49,000 volunteer hours, up from 33,700 in 2023; – 800,000 meals provided through grants, large-scale meal packing events, disaster relief and one-on-one deliveries to those in need; and – $9 million in charitable contributions. These financial and non-financial accomplishments highlight our strategy‘s effectiveness, but 2024 was not without its obstacles. Our clients reacted to ongoing geopolitical and macroeconomic challenges and in some cases, revisited their investment decisions, which in turn affected our new awards and backlog. However, Fluor’s business is diversified, and we remain confident in our ability to adapt to changing market conditions now and in the future. PREPARING FOR WHAT‘S NEXT Looking ahead, Fluor is well positioned despite near-term market uncertainty and geopolitical headwinds. We will transition to the next chapter of our ‘building a better future’ strategy, adjusting our focus from ‘fix and build’ to ‘grow and execute’, for the 2025-2028 period. We have refined our strategic priorities to further develop the foundation we need to grow our business and execute projects with excellence. This next chapter will include revised targets in earnings and shareholder capital returns, while maintaining our targets in risk profile and project delivery. On May 1, 2025, I transition to the role of Executive Chairman and pass the Chief Executive Officer mantle to Jim Breuer, our Chief Operating Officer (COO). This timely transition aligns well with the new phase of our strategy, ensuring Fluor maintains leadership and strategic continuity. As our strategy evolves, we aim to unlock long-term value from our broad range of markets, with our earnings base spanning various geographies and sectors. The details of the ‘grow and execute’ chapter of our strategy are covered in the COO Review on pages 6 to 9.
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