6 FLUOR CORPORATION TRANSLATING STRATEGY INTO RESULTS JIM BREUER CHIEF EXECUTIVE OFFICER Dear stakeholders, I am very proud of what the Fluor team achieved in 2025. It was a year defined by major project achievements, a strengthening capital structure, and a steady focus on our strategy – even as broader market conditions posed challenges and impacted our results in the short term. We reached completion on major projects including LNG Canada Phase 1 and Tengizchevroil’s Future Growth Project. We continued to expand in key markets by securing a multibillion-dollar pharmaceutical facility, winning large mining and transportation projects, and growing our service offering to government agencies. Financially, we achieved conversion of our NuScale investment, which is now generating significant cash for the company, and we dramatically accelerated capital return via share repurchases. Together, these outcomes set the stage for Fluor to advance our strategy and position us well for 2026 and beyond. Chief Executive Officer’s Review
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