FLR Q3 2025 Earnings Presentation

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2© 2025 Fluor. Q3 2025 RESULTS This presentation contains forward-looking statements (including without limitation statements to the effect that the Company or its management “will, ” “believes, ” “expects, ” “plans, ” “intends, ” “continue, ” “anticipates, ” is “positioned” or other similar expressions). These forward-looking statements, including statements relating to resolution of outstanding claims or lawsuits, strategic and operational plans, plans related to our NuScale investment, future growth, projected operating results, forecasts, market outlook, new awards, backlog levels, prospects, capital allocation plans and liquidity are based on current management expectations and involve risks and uncertainties. Actual results may differ materially as a result of a number of factors described in our form 10-K for the year ended December 31, 2024. Caution must be exercised in relying on these and other forward-looking statements. Additional information concerning risk factors that could affect the Company’s business and financial results can also be found in the Company's public periodic filings with the Securities and Exchange Commission, including our 2024 10-K. The Company disclaims any intent or obligation other than as required by law to update its forward- looking statements in light of new information or future events. During this presentation, we may discuss certain non-GAAP financial measures including consolidated segment profit (loss), adjusted EBITDA, and adjusted EPS. Reconciliations of non-GAAP amounts to the comparable GAAP measures are reflected in our earnings release and are posted in the investor relations section of our website at investor.fluor.com. Reconciliations of forward-looking non-GAAP financial measures are not available due to the inability to reliably estimate the amounts of items excluded from such measures. Unless otherwise noted, capitalized terms used herein shall have the meanings ascribed to them in the Company’s 2024 Form 10-K. SAFE HARBOR STATEMENT

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3© 2025 Fluor. Q3 2025 RESULTS UPDATE ON NUSCALE INVESTMENT Major monetization milestone achieved Achieving conversion of remaining 111 million shares Monetization of Class A shares begins in November and is expected to finish in the second quarter of 2026 Accelerates Fluor’s strategic journey NUSCALE POWER // OREGON, U.S.

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4© 2025 Fluor. Q3 2025 RESULTS 63% 76% 79% 82% 2022 2023 2024 Q3 2025 OPENING COMMENTS $3.4 billion revenue $3.3 billion new awards $28.2 billion backlog NEW AWARDS ENDING BACKLOG ($ in Billions) $26.0 $29.4 $28.5 82% reimbursable 99% reimbursable Reimbursable Fixed Price 2022 2023 2024 YTD 2025 $28.2 $19.8 $19.5 $15.1 $10.8 83% 83% 85% 88%

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6© 2025 Fluor. Q3 2025 RESULTS Q3 2025 segment profit of $61 million – Reflects a ramp up of recently awarded projects in ATLS and Mining & Metals Segment new awards of $1.8 billion – Incremental bookings for a copper mining project in Canada and a life sciences project in the U.S. – FEED contract for MP Materials’ new rare earth magnet manufacturing facility in Texas Segment backlog of $20.5 billion – 73% of total backlog OAK HILL PARKWAY PROJECT // TEXAS, U.S. URBAN SOLUTIONS $19,006 $20,507 $828 $1,760 New Awards Backlog SEGMENT NEW AWARDS AND BACKLOG ($ in Millions) Q3 2024 Q3 2025

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7© 2025 Fluor. Q3 2025 RESULTS URBAN SOLUTIONS Expect Gordie Howe, LAX Automated People Mover and 635/LBJ to reach substantial completion over next 3 quarters – I-35 Phase 2 nearing completion in late 2026 Continue to pursue cost recoveries and change orders – Efforts materialize on an extended timeline – Received favorable negotiation on project completed in 2019 NEW BLUE RIDGE PARKWAY BRIDGE OVER I-26 // NORTH CAROLINA, U.S. Infrastructure

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8© 2025 Fluor. Q3 2025 RESULTS URBAN SOLUTIONS LP1 PROJECT // INDIANA, U.S. Mining & Metals  Engaging with clients developing copper, rare earth and critical minerals  Tracking prospects in aluminum and green steel Life Sciences  Anticipating Q4 award for a pharmaceutical facility with a new client Data Centers  Translate success on projects in India and Europe to North America  Confident in value that we provide for complex programs and hyperscalers

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9© 2025 Fluor. Q3 2025 RESULTS Q3 2025 segment loss of $533 million – Includes $653 million court ruling related to the long-completed reimbursable Santos project Segment new awards of $222 million Client has made significant payments to our JV in Mexico – Begun controlled ramp up of execution activities DOW FORT SASKATCHEWAN PATH2ZERO EXPANSION PROJECT // ALBERTA, CA NADA ENERGY SOLUTIONS Backlog $8,824 $5,121 New Awards $1,541 $222 SEGMENT NEW AWARDS AND BACKLOG ($ in Millions) Q3 2024 Q3 2025

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10© 2025 Fluor. Q3 2025 RESULTS LNG CANADA Train 2 at LNG Canada achieved RFSU, all systems handed over to the client Currently focused on completing the remaining punch list items Phase 1 completion is a historic milestone for Fluor in project delivery Work with the client continues, including updates to the FEED package and estimate for a potential phase 2 expansion LNG CANADA EXPORT FACILITY // B.C., CANADA

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11© 2025 Fluor. Q3 2025 RESULTS ENERGY SOLUTIONS OUTLOOK External factors have impacted 2025 new awards – Trade and policy uncertainty – Oversupply of chemicals – Defunding of energy transition Most new awards in 2026 will be weighted towards the second half of the year. We are accelerating efforts in the power market, leveraging extensive experience and operational footprint to deliver proven solutions. – Currently working on nuclear projects in Romania, gas fueled plant in Indonesia DOW FORT SASKATCHEWAN PATH2ZERO EXPANSION PROJECT // ALBERTA, CA NADA

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12© 2025 Fluor. Q3 2025 RESULTS  Q3 2025 segment profit of $34 million – Increased allowances for questioned and disputed costs on a defense support project – Favorable judgment on completed weapons project  Segment new awards of $1.3 billion – $1.1 billion for DOE Portsmouth project in Ohio – Final extension on Strategic Petroleum Reserve – Contract for Defense Threat Reduction Agency  Segment backlog of $2.6 billion  Prospects include: – Air Force – Intelligence community – National Cancer Institute – AUKUS – Nuclear enrichment SAVANNAH RIVER PLUTONIUM PROCESSING FACILITY // SOUTH CAROLINA, U.S. MISSION SOLUTIONS SEGMENT NEW AWARDS AND BACKLOG ($ in Millions) New Awards $274 $3,095 Backlog $2,608 $1,271 Q3 2024 Q3 2025

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13© 2025 Fluor. Q3 2025 RESULTS STRATEGY UPDATE PROJECT TITLE // STATE, COUNTRY  Strengthened financial discipline and returned capital to shareholders, supported by core performance and monetization of NuScale.  Pursued fair and balanced contract terms, with most backlog reimbursable; fixed-price projects taken only when competitively advantageous.  Focused on project delivery, consistently meeting or exceeding gross margin targets. Our accomplishments in 2025:  Deferred awards are putting pressure on EBITDA growth rates.  Most new awards (~$90B) will be concentrated in 2026–2028, with EBIT realized in 2027–2029; deferrals and cancellations are causing a ~4 quarter shift in EBIT delivery.  Accelerating efforts in mining & metals, power, advanced technologies and LNG.  Leading EPC firm with high demand capabilities  Asset-light model and flexible workforce enables efficient pivots to areas of advantage. Our view for 2026:

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15© 2025 Fluor. Q3 2025 RESULTS Q3 2025 FINANCIAL RESULTS $439 million consolidated segment loss* $0.68 diluted adjusted EPS* $3.4 billion revenue $43 million G&A expense $161 million adjusted EBITDA* $13 million net interest income $3.3 billion new awards * Non-GAAP financial measure; includes $653 million charge related to Santos litigation

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16© 2025 Fluor. Q3 2025 RESULTS Q3 2025 FINANCIAL UPDATE  $1.1 billion in Mexico JV collections between July and October  $2.8 billion of cash and marketable securities – Includes $414mm in tax advantaged NuScale proceeds  Operating cash flow of $286mm – Reflects contributions from reduced working capital on several large projects Cash & cash flow  Santos payment expected in Q4 – Appeal filed – Anticipate additional insurance proceeds for payment and associated legal costs  $73mm in legacy project funding during Q3  $70mm expected for Q4; $140mm in 2026 Legal and legacy funding LP1 PROJECT // INDIANA, U.S.

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17© 2025 Fluor. Q3 2025 RESULTS Q3 2025 FINANCIAL UPDATE  Q3 share repurchases of $70 million reflecting preservation of capital ahead of Santos judgment in August  Over 11 million shares repurchased since December 2024  New repurchase target of $800 million through February  Expect additional capital allocation programs next year Capital allocation  Conversion in November, partially tax shielded  Monetization to begin in November NuScale LP1 PROJECT // INDIANA, U.S.

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18© 2025 Fluor. Q3 2025 RESULTS Adjusted EBITDA: $510-540 million Adjusted EPS: $2.10 to $2.25 Operating Cash Flow: $250 to $300 million (2) OUTLOOK FY 2025 guidance FY 2025 segment margin guidance(1) 2025 New Awards: $13 billion Revenue growth: Flat(2) G&A expense: $180 million Effective tax rate: 30% FY 2025 assumptions (approx.) Urban Solutions 2.5% Energy Solutions(2) 6.0% Mission Solutions 4.5% (1) Margin guidance is approximate. Excludes currency exchange effects and the embedded foreign currency derivative (2) Excludes Santos revenue reversal of $653 million

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20© 2025 Fluor. Q3 2025 RESULTS U.S. GAAP RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2024 2025 2024 Revenue Urban Solutions $ 2,343 $ 1,931 $ 6,570 $ 5,240 Energy Solutions 262 1,428 2,611 4,456 Mission Solutions 761 635 2,120 1,940 Other 2 100 26 419 Total revenue $ 3,368 $ 4,094 $ 11,327 $ 12,055 Segment profit (loss) $ and margin % Urban Solutions $ 61 2.6% $ 68 3.5 % $ 160 2.4% $ 223 4.3% Energy Solutions (533) NM 50 3.5 % (470) (18.0)% 193 4.3% Mission Solutions 34 4.5% 45 7.1 % 73 3.4% 108 5.6% Other (1) NM (46) NM 7 NM (95) NM Total segment profit (loss) $ and margin % $ (439) (13.0)% $ 117 2.9 % $ (230) (2.0)% $ 429 3.6% G&A (43) (37) (131) (147) Foreign currency gain (loss) (4) (2) (47) 58 Interest income (expense), net 13 37 48 114 Earnings (loss) attributable to NCI (10) (29) (23) (63) Earnings (loss) before taxes (483) 86 (383) 391 Income tax benefit (expense) (1) 177 (61) (536) (172) Net earnings (loss) before equity method earnings (loss) (306) 25 (919) 219 Equity method earnings (loss) (401) — 2,418 — Net earnings (loss) (707) 25 1,499 219 Less: Net earnings (loss) attributable to NCI (10) (29) (23) (63) Net earnings (loss) attributable to Fluor $ (697) $ 54 $ 1,522 $ 282

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21© 2025 Fluor. Q3 2025 RESULTS RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR T O ADJUSTED NET EARNINGS AND U.S. GAAP SHARE TO ADJUSTED PER SHARE THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, (In millions, except per share amounts) 2025 2024 2025 2024 Net earnings (loss) attributable to Fluor $ (697) $ 54 $ 1,522 $ 282 Exclude: Stork & AMECO businesses (now divested) 1 6 (9) 14 Net earnings (loss) from core operations (1) (696) 60 1,513 296 Adjustments: (2) Equity method earnings (loss) $ 401 $ — $ (2,418) $ — NuScale expenses — 38 — 95 Santos ruling 653 — 653 — Favorable judgment on a Mission Solutions weapons project (15) — (15) — Favorable negotiation on an Urban Solutions infrastructure project (12) — (12) — Impact of litigation on completed projects (3) — — 56 — Impact of bad debt reserves taken for a long-completed project — — 22 — Severance and other exit costs 12 — 21 — Reserve for legacy legal claims — — 4 — Embedded foreign currency derivative (gain)/loss (13) (20) — (47) Foreign currency (gain)/loss 4 2 47 (58) Tax expense on above items (223) 9 435 32 Adjusted Net Earnings $ 111 $ 89 $ 306 $ 318 Diluted EPS $ (4.30) $ 0.31 $ 9.13 $ 1.63 Adjusted EPS $ 0.68 $ 0.51 $ 1.84 $ 1.83 (1) Core operations excludes the results of our now-divested Stork and AMECO businesses. (2) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. (3) Reflects the impact of an arbitration ruling on a fabrication project at our Energy Solutions joint venture in Mexico, as well as the impact of a recent ruling on a long-standing claim on a Mission Solutions project completed in 2019.

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22© 2025 Fluor. Q3 2025 RESULTS RECONCILIATION OF U.S. GAAP NET EARNINGS ATTRIBUTABLE TO FLUOR TO ADJUSTED EBITDA THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, (in millions) 2025 2024 2025 2024 Net earnings (loss) attributable to Fluor $ (697) $ 54 $ 1,522 $ 282 Interest income, net (13) (37) (48) (114) Tax (benefit) expense (177) 61 536 172 Equity method earnings (loss) 401 — (2,418) — Depreciation & amortization 17 19 52 53 EBITDA $ (469) $ 97 $ (356) $ 393 Adjustments: (1) Stork & AMECO businesses (now divested) $ 1 $ 7 $ (9) $ (7) NuScale expenses — 38 — 95 Santos ruling 653 — 653 — Favorable judgment on a Mission Solutions weapons project (15) — (15) — Favorable negotiation on an Urban Solutions infrastructure project (12) — (12) — Impact of litigation on completed projects (2) — — 56 — Impact of bad debt reserves taken for a long-completed project — — 22 — Severance and other exit costs 12 — 21 — Reserve for legacy legal claims — — 4 — Embedded foreign currency derivative (gain)/loss (13) (20) — (47) G&A: Foreign currency (gain)/loss 4 2 47 (58) Adjusted EBITDA $ 161 $ 124 $ 411 $ 376 (1) We exclude earnings impacts for litigation outcomes, claims, settlements or associated damages from adjusted earnings when they are significant in magnitude, non-routine and do not represent on-going normal operations. (2) Reflects the impact of an arbitration ruling on a fabrication project at our Energy Solutions joint venture in Mexico, as well as the impact of a recent ruling on a long-standing claim on a Mission Solutions project completed in 2019.

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