Fluor (FLR) UBS Global Industrials and Transportation Conference summary

Leadership transition and strategic focus

• CFO retiring after achieving mandate to restore financial health and balance sheet strength, with succession planned for continued capital allocation discipline.

• Shift back to a relationship-based, reimbursable business model, reversing prior risk-heavy, lump-sum contract strategy.

• Backlog now exceeds $30 billion, with 80% reimbursable contracts, reflecting financial discipline and client partnership focus.

• New leadership expected to optimize cash flow deployment and shareholder returns.

Business segment evolution and growth outlook

• Urban Solutions segment is driving near-term growth, with significant opportunities in life sciences, data centers, semiconductors, mining, and infrastructure.

• Energy Solutions expected to deliver higher margins as FEED projects convert to EPC/EPCM over 18–24 months.

• Mission Solutions maintains a steady opportunity pipeline, with large, periodic contract awards.

• Mining and rare earths projects expanding, with regulatory improvements expected to unlock further opportunities.

Data centers and advanced technology initiatives

• Data center market targeted through long-term, relationship-based agreements, focusing on both medium-scale and hyperscale projects.

• Engineering expertise leveraged for complex cooling and power needs, with global reach and domestic focus in the near term.

• Anticipated backlog additions in data centers by mid-2025, with transformational, multi-year build-out potential.

• Leadership hires with major EPC experience have strengthened advanced technology and life sciences delivery.