Fluor : 2023 Integrated Report

2 0 2 3 I N T E G R A T E D R E P O R T

REPOSITIONED

TABLE OF CONTENTS

01. Our Company and Strategy

Chairman and CEO Reflections: Repositioned to Deliver Consistent Value	2
Leading for the Future: Fluor Management Team	8
Guiding for the Future: Board of Directors	10
Our Year in Review: 2023 Performance Highlights	12

02. Our Businesses

Expanding our Government Support Efforts: Mission Solutions	14
Transforming the Energy Sector: Energy Solutions	18
Providing Solutions for the Urbanizing World: Urban Solutions	22

03. Our Functions

Maintaining our Financial Discipline: Finance	26
Executing with Excellence: Project Execution	28
Impacting our People and Communities: Human Resources and Corporate Affairs	32
Achieving Growth and Sustainability: Corporate Development and Sustainability	36
Ensuring Good Governance: Legal, Compliance and Ethics	40
Leveraging Data and Technology: Information Technology	42

04. Our Corporate Information

Contacting Us: Company Information

44

Forward-Looking Statements

This report contains statements that may constitute forward-looking statements involving risk and uncertainties, including statements about market outlook, new awards, backlog levels, competition and the implementation of strategic initiatives. These forward-looking statements reflect Fluor Corporation's current analysis of existing information as of the date of this report and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, Fluor's actual results may differ materially from our expectations or projections. Additional information concerning factors that may influence Fluor's results can be found in our Report on Form 10-K, which is available on our website www.fluor.com.

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Our 2023 reporting theme, Repositioned, showcases how our strategy has continued to serve us well over the last three years, enabling us to adapt to market trends and deliver consistent value for our shareholders, clients, employees, partners and communities. It reflects our preparedness for the future and commitment to adaptability and growth.

Building a better world is our purpose. We care deeply about safety and seek to drive quality and efficiency in all that we do. We behave ethically, inclusively and responsibly for a brighter future.

We support our clients in solving critical challenges. We operate throughout the project lifecycle, from conceptual design, engineering, procurement and construction to the operations and maintenance of facilities.

Clients, partners and communities trust Fluor because we are here for the long term - delivering successful projects of both scale and significance for more than a century. From the spark of an idea to a project's completion, our over 30,000 colleagues in more than 60 locations around the globe provide professional and technical solutions with world-class expertise.

This is Fluor… we are building a better world.

Ascension Island Airfield Rebuild // Ascension Island

LNG Canada Export Facility // Kitimat, B.C., Canada

Quellaveco Open-Pit Copper Mine // Moquegua, Peru

2023 Integrated Report

1

DAVID E. CONSTABLE

Chairman and Chief Executive Officer

CHAIRMAN

AND CEO REFLECTIONS

REPOSITIONED TO DELIVER

CONSISTENT VALUE

Dear stakeholder,

2023 was a milestone year for Fluor. Our continued focus on operational excellence and financial discipline enabled the company to emerge repositioned and healthy. We

are poised to create sustainable stakeholder value across our business segments and capitalize on the various opportunities in the end markets we serve.

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"We ended 2023 with optimism for 2024. As we continue to execute on our strategy, we are repositioned to deliver consistent value with a strong backlog and prospect pipeline."

Our strategy continues to serve us well, and in just three years, has helped us reposition the company to deliver value for our shareholders, clients, employees, partners and communities.

We have made important progress toward being the preeminent leader in professional and technical solutions across all the industries we support while maintaining our position in the marketplace as one of the few companies that can deliver both engineering and construction for large-scale, complex projects.

In 2023, our project mix was the most diverse it has been in years, both in sector and geography. Non-traditional oil and gas projects comprised 65% of our revenue, while 76% of new awards were related to projects located outside of the United States. Our capital structure, along with our cash flow and earnings, continues to improve based on actions taken in 2023. Fueled by a robust backlog, a promising prospect pipeline and secure finances, we are capitalizing on

the opportunities at hand.

REFLECTING ON OUR PERFORMANCE

Our accomplishments in 2023 not only reflect significant progress against all areas of our 'building a better future' corporate strategy; they also illustrate the value Fluor brings to our stakeholders. The following are a few key 2023 financial performance proof points:

• Our total revenue increased by 13% to $15.5 billion versus $13.7 billion in 2022. We aim to continue driving growth across the portfolio by increasing the percentage of non-traditionaloil and gas project revenue from 65% to greater than 70% in 2024.
• Our new awards totaled $19.5 billion, 87% of which were reimbursable. Since implementing our strategic priorities in 2021, we have secured nearly $50 billion in new fair and balanced contracts.
• Our ending backlog of $29.4 billion means that 2024 and the years ahead will be both busy and exciting as our offices around the world gear up to execute megaprojects in the Americas, Europe and Asia.
• Fluor's backlog mix has grown from 63% reimbursable in 2022 to 76% at the end of 2023, providing a risk-balancedportfolio.
  We surpassed our 75% goal one year ahead of schedule and intend to maintain this level of reimbursable backlog to support consistent and reliable earnings.
• We reduced the stated interest rate on outstanding debt by 100 basis points to a weighted average rate of 2.7%.
• Since year end 2020, we have substantially improved our debt-to-capitalizationratio from 63% to 37%.

Our strong client relationships continue to be a huge contributor to our success. We see a large portion of repeat business in our pipeline, which reaffirms the trust our clients have in our integrity and ability to meet their project execution expectations.

Beyond these achievements, I would like to highlight the progress we have made in several other key areas:

• We are leaders in safety. Through our continued focus on safety, we improved our total case incident rate (TCIR) and our days away, restricted or transferred (DART) rate to 0.29 and 0.15, respectively, in 2023 compared to 0.34 and 0.19 in 2022. We are proud of being awarded the International Safety Award from the British Safety Council; and we remain committed to sending our people, our partners and our subcontractor personnel home safely to their families and loved ones every day.
• Our people focus remains front and center. We are investing in our people and creating a more inclusive work environment for everyone, ensuring that there are avenues for career growth. In 2023, talent acquisition efforts led to nearly 5,000 staff additions notwithstanding a significant headcount reduction related to the divestment of Stork Latin America.
• We are reaching our sustainability goals. Fluor achieved our Net Zero 2023 commitment, reducing the Scope 1 and Scope 2 greenhouse gas emissions of our offices and associated fleet to net zero. This is a significant milestone in our journey as we shift our focus to helping our clients achieve their sustainability goals, which has a much greater global impact.
• Our energy transition portfolio has been gaining momentum. In 2023, nearly 40% of our new awards were energy transition-related, led by projects in renewable fuels, the battery value chain and carbon reduction.
• As a company and through our employees, we continue our focus of giving back to the communities where we live and work. Illustrating Fluor's generosity and purposeful commitment to philanthropy, our employees increased their volunteer hours by nearly 50% compared to 2022.

2023 Integrated Report

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CHAIRMAN AND CEO REFLECTIONS continued

REFLECTING ON OUR STRATEGIC DIRECTION

We developed our 'building a better future' strategy in 2021.

As can be seen in the infographic below, we:

• confirmed our purpose, vision and core values;
• considered the aspirations of our stakeholders;
• evaluated the overarching market conditions impacting the industries of our clients as well as the competitive environment;

• identified four industry megatrends that shaped our strategy reset; and
• articulated our strategic priorities.

By delivering on our strategy, we seek to become the preeminent leader in professional and technical solutions while maintaining our global engineering and construction expertise.

REPOSITIONED THROUGH OUR STRATEGY

OUR PURPOSE

Building a better world echoes our ambition and forms the foundation of our culture.

OUR VISION

As a valued partner, we deliver innovative and sustainable solutions that enable all our stakeholders to flourish.

OUR CORE VALUES

Serving as our behavioral compass, we embrace four core values, and our employees live them every day.

SAFETY

We care for each other. Living Safer TogetherSM promotes the wellbeing of all people, our communities and the environment.

INTEGRITY

We do what is right. Trust, accountability and fairness define our character.

TEAMWORK

We work better together. Collectively, we thrive when we include, respect and empower one another.

EXCELLENCE

We deliver solutions. Our high-performance teams embrace opportunities, solve challenges and continuously improve.

STAKEHOLDER ASPIRATIONS

Our stakeholders expect the following key elements from us:

ATTRACTIVE	GREAT PLACE
INVESTMENT	TO WORK
TRUSTED	POSITIVE
ADVISOR	IMPACT

INDUSTRY MEGATRENDS

After assessing the market dynamics affecting our clients' industries and considering the competitive landscape, we identified the following four megatrends:

BEYOND	INDUSTRY 4.0
GLOBALIZATION

ENERGY STAKEHOLDER

TRANSITION & ENGAGEMENT URBANIZATION

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PERFORMANCE AGAINST OUR STRATEGIC PRIORITIES

Our four strategic priorities are enabling us to drive revenue growth in new markets, de-risk backlog, restore our capital structure and improve project execution.

We revalidated our strategy with the Board of Directors in November 2023. This recent review, paired with the achievement of several strategic milestones in 2023, confirms that our strategy is working.

The infographic below highlights the progress made since establishing our strategy in 2021.

On the pages to come, members of the Fluor Management Team share more highlights achieved by their businesses and functions. You can also read more about our Board of Directors and their responsibilities on pages 10-11.

OUR STRATEGIC PRIORITIES

DRIVE GROWTH ACROSS THE PORTFOLIO

We are diversifying our revenue across our portfolio into key growth markets, such as energy transition and advanced manufacturing. Progress is shown in the percentage of our revenue that is outside of traditional oil and gas.

Revenue outside of traditional oil and gas

72%
		65%
	56%
2021	2022	2023

PURSUE FAIR AND BALANCED CONTRACT TERMS

We are de-risking our backlog by reducing exposure to high-risk projects and increasing the percentage of reimbursable work in our backlog. We surpassed our goal to have more than 75% of our backlog reimbursable one year ahead of schedule.

Reimbursable backlog

		76%
	63%
41%
2021	2022	2023

REINFORCE

FINANCIAL

DISCIPLINE

We are rebuilding and maintaining a solid balance sheet and strong cash position. Our debt-to- capitalization ratio continues to improve.

Debt-to-capitalization ratio

46%
	39%	37%
2021	2022	2023

FOSTER A HIGH- PERFORMANCE CULTURE WITH PURPOSE

We are fostering a high- performance culture with purpose, focused on high- quality project execution, inclusivity and sustainability. As our people are our most important asset, we invest in and encourage ongoing learning and development.

Learning and
development
training hours
	130,000
	73,000
55,000
2021	2022	2023

2023 Integrated Report

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CHAIRMAN AND CEO REFLECTIONS continued

LOOKING AHEAD TO 2024

We ended 2023 with optimism for 2024. As we continue to deliver on our strategy, we have repositioned Fluor with a strong backlog and prospect pipeline. Our capital structure is robust and well positioned to serve the needs of our clients and shareholders.

In Energy Solutions, we will continue to focus on energy transition markets along with chemicals opportunities globally. Within Urban Solutions, we are strengthening our advanced technologies and life sciences footprint as we pursue additional work in the pharmaceutical manufacturing, semiconductors and data center markets. In the mining and metals sector, we are leveraging our strong performance on the Quellaveco project to secure additional awards. In Mission Solutions, we are expanding our presence in the national security market, which includes technical and intelligence services.

Read more about our business segments on pages 14-25

Our actions to execute our strategic priorities include deleveraging our balance sheet and de-risking our backlog. This helps to drive revenue growth in new markets and enhance project execution, and we are confident that our strategy is creating a business that will generate consistent earnings and cash flow.

PERSONAL APPRECIATION

To our employees, thank you for your unwavering commitment, focus and passion, which are delivering significant value for all our stakeholders. I am proud of your resiliency, dedication and accomplishments, both collectively and individually.

I would like to commend the Fluor Management Team for their leadership and dedication in executing our strategy.

To our Board of Directors, your continued support and guidance remain invaluable. On behalf of the Board, we are pleased to welcome back Lisa Glatch, a former executive of Sempra Energy and Fluor, to our Board.

To our clients, we appreciate you trusting us with your capital projects and allowing us to support you in solving many of your challenges and pursuits. Finally, to our partners, shareholders and investors, thank you for continuing to believe in Fluor and for recognizing the value we work so hard to deliver every day.

Please stay safe and keep well.

DAVID E. CONSTABLE

Chairman and Chief Executive Officer

Fluor Corporation

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01. Training session // Amsterdam, Netherlands 02. Portsmouth Decontamination & Decommissioning project // Piketon, Ohio, United States 

03. Engineers collaborate on a rare earths refinery project // New Delhi, India 04. Field workers on a highway infrastructure project // Dallas, Texas, United States 05. Module transport to LNG Canada Export Facility // Kitimat, B.C., Canada 06. Fluor Cares volunteers plant mangrove trees // Cebu, Philippines 07. LAX Automated People Mover (APM) project under construction // Los Angeles, California, United States

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2023 Integrated Report

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LEADING FOR

THE FUTURE

FLUOR MANAGEMENT TEAM

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01.02.

01. DAVID E. CONSTABLE Chairman and

Chief Executive Officer

David is Chairman and Chief Executive Officer of Fluor Corporation and has been a member of the Board of Directors since 2019. He first joined the company in 1982.

Read more on pages 2-6

02. JIM BREUER Group President, Energy Solutions

Jim has been Group President, Energy Solutions, since January 2021. He joined the company in 1993.

Read more on pages 18-21

03. AL COLLINS

Group President, Corporate Development and Sustainability

Al has been Group President, Corporate Development and Sustainability, since January 2021. He joined the company in 1994.

Read more on pages 36-39

04. TERRY TOWLE

Group President (Retired),

Urban Solutions

Terry served as Group President, Urban Solutions, from January 2021 through December 2023. He joined the company in 1982 and retired from Fluor in March 2024.

Read more on pages 22-25

05. MARK FIELDS Group President, Project Execution

Mark has been Group President, Project Execution, since January 2021. He joined the company in 1981.

Read more on pages 28-31

06. THOMAS (TOM) D'AGOSTINO Group President,

Mission Solutions

Tom has been Group President, Mission Solutions, since January 2021. He joined the company in 2013.

Read more on pages 14-17

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