2 0 2 1 Q 2 C O N F E R E N C E C A L L

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S A F E H A R B O R S TAT E M E N T

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," is "positioned" or other similar expressions). These forward-looking statements, including statements relating to strategic and operational plans, projected operating results, forecasts, market outlook, new awards, backlog levels, 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. 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 be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in the Company's Form 10-K filed on February 26, 2021 and Form 10-Q filed on August 6, 2021. 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. 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.

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• A few large projects have shifted to the right as clients increase scrutiny • Steady slate of FEED and limited notice to proceed work • Diverse prospect list is not dependent on any one region or commodity• Backlog declined by approximately $1 billion in the quarter due to the cancellation of a steel project in

North America

U R B A N S O L U T I O N S : M I N I N G & M E TA L S

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• Optimistic that the bipartisan bill will focus on more traditional infrastructure projects, including roads and bridges

• Starting to see shifts in contract structures that allow contractors to compete on capabilities and qualifications instead of solely on price

• Recently selected for the TXDOT I-35 Phase 2 project • Gordie Howe bridge project:

• $138 million charge due to significant COVID-related delays as well as overruns due to procurement and subcontractor cost growth

• Charge includes reserves to account for delays and disruptions in the schedule; cost growth factors may be at least partially recoverable

• Fluor is not the lead operating partner

• Believe that we have a solid estimate on cost

• Design is essentially complete and approximately 85% of materials are procured

• Have just under $1 billion in backlog remaining and anticipate substantial completion by the end of 2024

U R B A N S O L U T I O N S : I N F R A S T R U C T U R E

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• Successfully wrapping up larger data center projects in Europe• See opportunities for semiconductor manufacturing facilities both domestically and internationally• Continue to see a good list of projects in life sciences• Focused on deploying teams onto projects where Fluor can grow market share with contract terms and

conditions that are favorable

U R B A N S O L U T I O N S : AT & L S

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• Experienced strong margins this quarter due to increased execution activity on DOE projects, higher than forecasted performance-based fees, and the release of COVID-19 cost reserves; somewhat offset by a decline in execution activity on army logistics and life support projects in Afghanistan and Africa

• In June, fully demobilized and completed assignment in Afghanistan after thirteen years• Continue to support the Army through LOGCAP V task order in Africa

• Radford project has moved into warranty period and is essentially complete• Major pursuits include the Savannah River Management & Operations contract extension and the Y12 /

Pantex Management & Operations contract in Tennessee and Texas

M I S S I O N S O L U T I O N S

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• Strong quarter due to certain favorable events driving up gross margin

• Reflects the negotiation of change orders, scope increases, and cost improvements across numerous projects

• Margins benefitted from the release of credit loss reserves after receiving payment on a significant longstanding past due receivable

• Positives to segment margin were partially offset by $20 million loss recognized on an embedded derivative (excluded from adjusted EPS)

E N E R G Y S O L U T I O N S

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L N G C A N A D A

• Public health orders eased; now fully staffed on site per our plan• Q2 major milestones include:

• Drove the last of the Phase 1 plant piles; program started in January 2020 and included installation of nearly 6,500 piles

• Material Off Loading facility received three large pieces of equipment including the 345-ton, 50-meter-long main cryogenic heat exchanger (pictured: top) and two precooler units, each weighing over 280 tons [Click here to: watch equipment arrive at LNG Canada site]

• Site has gone vertical with steel erection of the non-process building, including the central control and administration building

• Completed the LNG storage tank wall pours

• Module fabrication has commenced for all facets of project; first module deliveries on target for Q4 2021

• Formalized term sheet for cost and schedule relief related to delays including COVID-19 engineering and procurement impacts through February 26, 2021; targeting finalization of a formal variation this month

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E N E R G Y T R A N S I T I O N

• RENEWABLE FUELS: Focusing on brownfield or revamp capabilities with geographic focus in North America

• CARBON CAPTURE: Able to perform with any technology globally, including our proprietary technology for both pre-combustion (Fluor Solvent) and post-combustion (Econamine FG+), see further opportunities with LNG projects

• CLEAN HYDROGEN: Include both green hydrogen and blue hydrogen, differentiation in market is ability to act as integrator and OSBL contractor

• BATTERY CHEMICALS: Expanding lithium capabilities and are pursuing the growing market of electric vehicle batteries

• ASSET DECARBONIZATION: Leveraging design experience for refineries and petrochemical facilities including steam and electrical systems

• Also pursuing projects in green ammonia, chemical recycling, bio-based chemicals, long duration energy storage, waste to energy conversion, and bio-LNG

Continue to enhance Energy Transition portfolio and believe Fluor will be a vital contributor to a lower carbon future

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N U S C A L E

• For the first seven months of this year, NuScale has received $192 million in outside investments from JGC, GS Energy, Doosan, Samsung, and IHI among others

• Infusions not only eliminate the need for Fluor to provide additional funding, but also accelerate NuScale’s path to commercialization and demonstrates third-party investor interest in NuScale’s business prospects

• Continue to have positive and productive conversations around nuclear power as a necessary clean energy source

C O M PA N Y U P D AT E S

• Expect some inconsistency in new awards in the second half of the year as the optimism in post-pandemic capital spending from clients is partially offset by concerns about cost growth for labor and materials

• Monitoring the impacts of the Delta variant of COVID on global supply chains• Starting to see a better balance of risk sharing in contract structures • Robust pipeline of study, pre-FEED, and FEED work to support future growth

• Currently working on, or have recently completed, pre-EPC work that represents over $150 billion in total installed cost

• Pursuing another 200 study and FEED projects, representing almost $200 billion in total installed cost• Making solid progress in identifying areas to improve processes, reduce costs, and create a competitive and fit for

growth organization

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Q 2 2 0 2 1 F I N A N C I A L R E S U LT S

• Adjusted earnings per share of $0.32 excludes NuScale expenses, currency exchange losses, and certain legal-related costs

• Diluted share count was 156 million for the quarter and includes the additional shares from the convertible preferred offering that was completed in May

• Expect diluted share count of approximately 170 million in the third quarter• For the quarter and year-to-date, the offering is anti-dilutive under GAAP due to the net loss, so the common

EPS and diluted EPS results are the same

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C O N V E R T I B L E P R E F E R R E D O F F E R I N G

• Necessary and positive step toward reinforcing financial discipline for the company

• Anticipated debt retirement will drive debt to total capitalization ratio below 40% by year end, fulfilling goal set on Strategy Day

• Positive feedback from credit rating agencies and credit providers

• Retired $26 million in debt to date

F I N A N C I A L U P D AT E

• Segment profit for the quarter was $67 million, or 2.1%, and included the $20 million charge for embedded derivatives in Energy Solutions and quarterly NuScale expenses of $19 million

• Excluding these expenses and the effect of the embedded derivative improves total segment profit margin to 3.3%, in line with guidance for the year

• Cash balance of $2.7 billion includes the unutilized proceeds from the convertible offering• Q2 cash flow from operations was $77 million – expect cash flow to be positive for the second half of the year• Completed the sale of AMECO North America in the second quarter and received cash proceeds of $71 million

• Focused on divesting AMECO South America and Stork• Q2 G&A expense declined to $31 million; reflects impact of stock price on stock-based incentive compensation

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P O R T F O L I O O V E RV I E W

• Q2 backlog contained $1.2 billion in zero margin or loss position projects• Excluding Gordie Howe, approximately $200 million in backlog remains for projects in a loss position,

virtually all of which will complete by the end of 2022• All new awards since tightening our bidding criteria two years ago remain profitable

• Project gross margins in all three segments are approximately 40 basis points higher than as-sold• Disciplined approach to bidding is driving more predictable and profitable results

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2 0 2 1 O U T L O O K

• Raising adjusted EPS guidance for 2021 to $0.60 to $0.80 per share, correlates to an adjusted net income of $94 million to $128 million

• Previous adjusted EPS guidance of $0.50 to $0.80 was based on a share count of 141 million shares implies adjusted net income of $71 million to $113 million

• Dependent on currently identified projects being awarded in a timely fashion

• Adjusting our previous segment margin guidance for the second half of the year

• Energy Solutions: 3.0% to 4.0%* (up from 2.5% to 3.5%)• Urban Solutions: 3.0% to 4.0% (up from 2.0% to 3.0%)• Mission Solutions: 2.5% to 3.0% (flat)

• Updating 2024 EPS to guidance to $2.50 to $2.90 to account for diluted share count

*excludes currency exchange losses

A P P E N D I X

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R E C O N C I L I AT I O N O F U . S . G A A P E P S TO A D J U S T E D E P S

Q2 2021

GAAP Earnings Per Share ($0.08)NuScale expenses 0.12Impairment in Energy Solutions 0.00Embedded foreign currency derivative 0.09Other foreign currency (gains) / losses 0.15Investigation costs 0.01

Adjusted Earnings Per Share (Basic) $0.29Add: preferred dividend payment 0.03

Adjusted Earnings Per Share (Diluted) $0.32

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Q1 2021 Q2 2021 YTD 2021Net earnings (loss) attributable to Fluor ($61.0) ($11.6) ($72.6)

NuScale expenses 15.7 18.5 34.2Non-cash impairments 26.4 0.0 26.4Embedded foreign currency derivative 20.2 13.8 34.0Other foreign currency (gains) / losses 5.4 22.5 27.9Investigation costs 2.6 1.2 3.8

Adjusted net earnings (loss) attributable to Fluor for basic $9.3 $44.4 $53.7Add: preferred dividend payment 0.0 4.9 4.9

Adjusted net earnings (loss) attributable to Fluor for diluted $9.3 $49.3 $58.6

Diluted share count 143 156 149Adjusted EPS, assuming full dilution $0.07 $0.32 $0.39

R E C O N C I L I AT I O N O F U . S . G A A P N E T E A R N I N G S TO A D J U S T E D N E T E A R N I N G S

in millions

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R E C O N C I L I AT I O N O F P R I O R G U I D A N C E TOU P D AT E D G U I D A N C E

Net income in millions Low HighInitial Full Year GuidanceInitial adjusted EPS guidance $0.50 $0.80Initial share count guidance (in millions) 141 141Implied net income guidance (A) $71 $113

1st Half ActualActual adjusted net income 1H 2021 (B) $59 $59Actual adjusted EPS 1H 2021 (C) $0.39 $0.39

2nd Half GuidanceRemaining adjusted net income (A-B) $12 $54Revised diluted share count (in millions) 170 170Implied 2H 2021 EPS (D) $0.07 $0.32

Previous full year guidance with impact of dilution (C+D) $0.46 $0.71

Updated Guidance Range (E) $0.60 $0.802H Implied EPS (E-C) $0.21 $0.412H Implied Net Income (F) $35 $69Full Year Net Income (B+F) $94 $128