Fluor (FLR) investor relations material

Executive summary

• Q1 2026 revenue was $3.66 billion, with $2.7 billion in new awards and $1.1 billion in positive project adjustments, ending backlog at $25.7 billion, 82% reimbursable.

• Net earnings attributable to shareholders were $160 million, a turnaround from a $241 million loss in Q1 2025, driven by a $124 million gain on the sale of CFHI and improved equity method earnings.

• Operating cash flow improved to $110 million, the strongest Q1 in nine years, aided by working capital improvements and joint venture distributions.

• Completed sale of NuScale shares, generating $2.43 billion in proceeds since September 2025; divested a fabrication yard in China for $124 million.

• Repurchased 11 million shares for $516 million in Q1 2026, with a $1.4 billion repurchase target for 2026.

Financial highlights

• Adjusted EBITDA was $60 million, down from $155 million a year ago; adjusted EPS was $0.14; consolidated segment profit was $8 million.

• Net earnings attributable to the company were $160 million, compared to a loss of $241 million in Q1 2025.

• Operating cash flow was $110 million, a $400 million improvement year-over-year.

• Cash and equivalents rose to $3.2 billion at quarter end, up $1 billion from year-end, mainly from NuScale share sales.

• G&A expenses were $61 million, mainly due to stock compensation accruals.

Outlook and guidance

• Adjusted EBITDA guidance for 2026 narrowed to $525–$560 million, reflecting mining charge and Middle East project slowdown.

• Adjusted EPS expected between $2.60 and $2.80/share; operating cash flow target remains $300 million (excluding NuScale tax bill).

• Book-to-burn ratio for new awards expected above 1, with awards weighted to the second half of the year.

• Segment margin guidance: Urban Solutions 2.5–3.5%, Energy Solutions 5–6%, Mission Solutions 6%.

• Guidance assumes Middle East conflict resolves by end of Q2; will update if disruptions persist into Q3.