FLUOR CORP (FLR) Business

Item 1.    Business

Fluor is dedicated to building a better world by applying our world-class expertise to solve our clients' greatest challenges. We deliver professional and technical solutions that emphasize safety, operational excellence and capital efficiency for our clients. Incorporated in Delaware in September 2000, Fluor and its predecessors have served clients for over 110 years, consistently supporting development and progress. We believe we are poised to continue helping our clients meet similar needs into the foreseeable future.

Through our subsidiaries and joint ventures, we stand among the world's leading professional services firms, offering EPC and project management services. We provide these services to our clients in diverse industries worldwide including life sciences, advanced technologies and manufacturing, data centers, mining and metals, gas and nuclear derived power, infrastructure, chemicals, LNG, and oil and gas production and fuels. We are also a service provider to the U.S. federal government and governments abroad.

Our operations are organized into 3 principal segments: Urban Solutions, Energy Solutions and Mission Solutions. Additional activities are reported under our Other segment.

Strategic Priorities

We are guided by 4 strategic priorities for driving value creation for our shareholders:

•Drive growth across our portfolio by growing our market positions in energy addition, low carbon power, LNG, sustainable chemicals, data centers, semiconductors, critical metals and minerals and national security while maintaining our industry leading position in traditional oil & gas, chemicals, commodity mining, life sciences and supporting the DOE.

•Pursue contracts with fair and balanced commercial terms by focusing on pursuing contracts with more favorable, risk-adjusted terms that reward us for value, enhancing our business acumen, focusing on reimbursable terms and only considering fixed-price contracts for segments and scopes where we have a strong position and strategy for delivering expected returns.

•Reinforce financial discipline by strengthening our financial position through predictable cash flow and earnings. Our capital allocation priorities include investing in our people and growth markets, maintaining low debt leverage and returning capital to shareholders.

•Foster a high-performance culture of project delivery by using A.I. and technology to improve cost and schedule, to support quality project execution and delivering results for our clients.

In 2025, we continued to make progress on our strategic priorities. As of December 31, 2025, 81% of our backlog is reimbursable.

Our Core Values

Our Core Values serve as our behavioral compass, guiding all of our actions. They are not only what we believe, they are the foundation of how we achieve our purpose to build a better world.

Competitive Strengths

As a world-class provider of technical and professional services, we believe that we bring capital efficient business solutions to our clients. We believe that our business advantages and global positioning provide us with significant competitive strengths, including:

Safety. Maintaining a safe and secure workplace is a key business driver for us and our clients. In our experience, whether in an office or at a jobsite, our commitment to safety reduces risks, supports the well-being of our workforce,

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enhances morale, improves productivity, reduces project costs and strengthens client relationships. Our safety culture is a defining feature of our organization.

Global Execution Platform. As a leading publicly traded EPC firm, our global footprint enables us to build local relationships, seize opportunities and rapidly mobilize resources to project sites worldwide. We regularly form strategic alliances with local partners, utilize our supply chain expertise and emphasize local training programs. Our distributed execution centers deliver high quality services on a cost-efficient basis.

Excellence in Execution. We believe that our ability to execute, maintain and manage complex projects, large or small and often in geographically challenging locations, gives us a distinct competitive advantage. We strive to complete our projects meeting or exceeding all client specifications. We continue to improve our approach to data-driven execution and the use of A.I. and other technologies, which has enhanced our ability to meet our clients' needs.

Market Diversity. We offer services across a wide range of industries globally. This diversification helps mitigate the impact of market cyclicality and enables us to strive for more consistent growth. We believe that maintaining a balanced business portfolio allows us to focus on our more stable markets while capitalizing on cyclical or emerging markets when the timing is appropriate.

Client Relationships. We actively cultivate new relationships while also building on our long-term relationships with existing clients. We believe that long-term relationships with existing clients serve us well by allowing us to better understand and be more responsive to their requirements. Whether our clients are new or have been with us for many decades, our ability to successfully foster and maintain relationships remains a key strength.

Risk Management. We believe we have the ability to assess, mitigate and manage project risk, particularly in challenging locations or circumstances. Our experienced management and execution team employs a systematic and disciplined approach to identifying, assessing and managing risks. We believe that this risk management approach helps us control costs and adhere to clients' schedules.

Sustainability. Our sustainability charter is to conduct business with social, economic and environmental responsibility. Sustainability is integrated into our business practices, and our employees are engaged in delivery on our charter, enabling us to build and sustain the global community and provide value for our stakeholders.

General Operations

Our services span 6 broad categories, from consulting activities to complete design-build, operations and maintenance contracts.

•In engineering and design, we develop solutions to address our clients’ most complex challenges. Our engineering services encompass traditional engineering disciplines such as piping, mechanical, electrical, control systems, civil, structural and architectural, as well as advanced engineering specialties including process engineering, chemical engineering, simulation, integrated automation processes and interactive 3-D modeling. Through our design solutions, we offer a range of services including front-end engineering, conceptual design, estimating, feasibility studies, permitting, process simulation, technology and licensing evaluation, scope definition and siting.

•Project management involves managing all aspects of the effort to deliver projects on schedule and within budget, and is critical on every project. We are often hired as the overall program manager for large, complex projects involving multiple contractors and subcontractors, requiring the integration of various activities into a cohesive execution plan. Our project management services include logistics, development of project execution plans, detailed schedules, cost forecasts, progress tracking and reporting, and the integration of EPC efforts. This approach helps us meet our clients' safety, functionality and financial performance requirements.

•Our procurement offerings provide supply chain solutions aimed at improving product quality and performance while reducing project costs and schedules. Clients benefit from our global sourcing and supply expertise, purchasing power, technical knowledge, processes, systems and experienced global resources. Our procurement activities include strategic sourcing, material management, contracts management, buying, expediting, supplier quality inspection and logistics.

•In construction, we mobilize, execute and commission projects on a self-perform and/or subcontracted basis. We are generally responsible for project completion, often in difficult locations and under challenging circumstances. We are frequently designated as program manager, and serve as such in cases where the client has facilities in multiple locations, complex phases in a single project location, or a large-scale investment in one facility.

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•We offer operations and maintenance services designed to enhance the efficiency or extend the life of our clients’ facilities. These services may include facility management, technical facility operations, plant readiness, commissioning, start-up and maintenance technology, small capital projects, turnaround and outage services and recapitalization of facilities and infrastructure. Additionally, we can provide key management, staffing and management skills to clients on-site at their facilities.

Business Segments

Urban Solutions

We believe that ongoing urbanization is driving demand for innovative and sustainable solutions in advanced technologies and manufacturing, life sciences, mining and metals, infrastructure and professional staffing project teams. Urban Solutions includes businesses to meet our clients' needs in these evolving and growing markets.

For advanced technologies and manufacturing, we deliver front-end engineering, program management and EPC services to a diverse range of companies globally. Our expertise spans a wide variety of market segments, including advanced materials, data centers, semiconductors, smart batteries, fast-moving consumer goods, food and beverage and specialty products. We specialize in designing projects that incorporate lean manufacturing principles, helping clients accelerate their time to market.

In life sciences, we offer front-end studies and EPC services to the pharmaceutical, biotechnology, medical device and animal health industries. We also specialize in providing validation and commissioning services, bringing new facilities online and extending the life or improving the capabilities of existing facilities. We believe our ability to complete large-scale projects, especially where time to market is critical, enables us to better serve our clients and is a key competitive advantage.

In mining and metals, we provide a comprehensive range of services to clients producing various commodities, including copper, lithium, rare earth minerals, iron ore, bauxite, alumina, aluminum, steel, diamond, gold and fertilizers. Our services include conceptual and feasibility studies through detailed EPC, commissioning and startup support. Many of our opportunities are located in remote or logistically challenging regions, and our scale, regional presence and experience enable us to execute large scale mining and metals projects worldwide.

In infrastructure, we support the development of projects with a focus on state departments of transportation. We provide a broad range of services, including consulting, design, planning, financial structuring, engineering, construction and operation and maintenance services. Continuing urbanization and the replacement and expansion of aging infrastructure in North America continues to drive project opportunities.

The segment's staffing services are often provided through TRS Staffing Solutions®, a global staffing specialist that supplies us and third-party clients with technical, professional and craft resources either on a contract or more permanent placement basis.

In North America, Plant & Facility Services provides clients with a comprehensive suite of outsourced and consultative reliability and maintenance services, focusing on power generation and the industrial manufacturing sector.

Energy Solutions

Our Energy Solutions segment offers EPC services for traditional oil and gas markets, including upstream, fuels, chemicals, LNG and power markets. We serve clients in these industries with comprehensive project life-cycle services, including expansion and modernization projects as well as in sustaining capital work. Our extensive skill set also supports energy transition markets, including nuclear power and other low-carbon energy sources, asset decarbonization, carbon capture, renewable fuels, green chemicals and hydrogen.

We excel at delivering large, complex projects in challenging locations, and as energy and chemicals work becomes more globally and geopolitically complex, clients rely on our expertise and proven global capabilities.

Our role is tailored to each project's requirements. We may provide front-end engineering, program management and final design services; construction management and self-perform construction; or oversight of other contractors. We also manage procurement of materials, equipment and subcontractors. Our capabilities include designing and constructing new facilities, as well as upgrading, optimizing, modernizing and expanding existing ones. Additionally, we offer consulting services ranging from feasibility studies and process assessments to project finance structuring.

In production and fuels, we deliver projects across the oil and gas value chain, including production, processing, refining and energy transition initiatives. Our upstream work covers field development, pipelines, offshore facilities and gas

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processing. Downstream, we help clients upgrade refineries for greater capacity, efficiency and sustainability, and we repurpose facilities for renewable fuels and low carbon solutions.

We have been very active for several decades in the chemicals and petrochemicals market, with major projects in the ethylene-based markets and various specialty chemicals. We are also involved in battery chemicals projects and implementing lower carbon solutions on existing and new chemical facilities.

In LNG, we have participated in a wide range of developments, including liquefaction, floating LNG facilities, mid-scale LNG solutions and regasification terminals. Our work in LNG includes feasibility studies, technology evaluations, process equipment optimization and selection, basic design, front-end engineering and design, detailed EPC and start-up assistance.

In the power market, we can provide a full range of services utilizing small modular and conventional nuclear reactor technologies, as well as solutions utilizing thermal power sources. We have extensive experience in gas-fired power plants.

Mission Solutions

Mission Solutions delivers advanced technical services to the U.S. and other governments. We believe the segment's nuclear and environmental business holds a tier 1 position with differentiated expertise in managing complex national security missions across the DOE and the National Nuclear Security Administration. We deliver solutions for nuclear security and operations, fuels enrichment, nuclear waste management and laboratory management. As an industry leader in nuclear remediation, we oversee site management, environmental remediation and decommissioning at government facilities, effectively addressing environmental and regulatory challenges. In civil services, we are a partner to FEMA for disaster recovery and emergency response.

In our national security business, we deliver operations and maintenance, global logistics, EPC, life support and operations of mission-critical facilities across U.S. military service organizations. We can rapidly mobilize people and equipment to deliver solutions globally, often in harsh environments. We are capable of delivering solutions to our military clients irrespective of the location or the speed required. We also offer a bench of security-cleared personnel providing critical solutions to clients in the intelligence community, including data center management, operations and maintenance of secure facilities and technology platform services. We construct and renovate secure facilities around the world for various agencies in support of their enduring missions.

Other

Other previously included the results of NuScale prior to its deconsolidation in October 2024, and the remaining operations of Stork which was fully divested in 2025. Results from our Other segment were immaterial for 2025.

Prior to November 2025, we converted 15 million of our 126 million NuScale voting shares (along with the associated ownership units in NuScale's operating subsidiary) into registered shares and sold all 15 million of those shares for net proceeds of $605 million. We converted the remaining 111 million of our NuScale voting shares (along with the associated ownership units in NuScale's operating subsidiary) into registered shares upon reaching agreement with NuScale in November 2025. In November 2025, through an indirect, wholly-owned subsidiary, we entered into a variable price forward sale agreement whereby we pledged and granted a security interest in 71 million of our remaining shares in NuScale, while maintaining continuing involvement and ownership rights, and committed to sell, convey, transfer, assign and deliver those shares at the final settlement date in the first quarter of 2026. Through our bank's execution, we completed the sale of all 71 million shares of NuScale on February 13, 2026, generating total proceeds of $1.35 billion. We expect to monetize the remaining 40 million shares of NuScale via similar structured programs and expect that all remaining ownership in NuScale should be sold by the second quarter of 2026.

Other Matters

Types of Contracts

While the basic terms and conditions of the contracts that we perform may vary considerably, we typically perform our work under two broad types of contracts: (a) reimbursable contracts and (b) lump-sum or guaranteed maximum contracts. In some limited markets, we are seeing hybrid contracts containing both lump-sum and reimbursable elements. For our material hybrid contracts, we split the contract and report backlog based on both the lump-sum and reimbursable elements. As of December 31, 2025, the following table summarizes contract type within our ending backlog:

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Under reimbursable contracts, the client reimburses us based upon negotiated rates and fees. Our profit may be in the form of a fee, a simple markup applied to labor cost incurred in performing the contract, or a combination of the two. The fee element may also vary. The fee may be an incentive fee based upon achieving certain performance factors, milestones or targets; it may be a fixed amount in the contract; or it may be based upon a percentage of the cost incurred. In some cases, reimbursable contracts may be converted into lump-sum contracts. Reimbursable contracts may include significant estimated amounts of CFM.

Mission Solutions, primarily acting as a prime contractor or a major subcontractor for a number of government programs, generally performs its services under reimbursable contracts subject to applicable statutes and regulations. In many cases, these contracts include incentive fee arrangements. The programs may span many years and may be implemented by awards under multiple contracts. Some of our government contracts are known as indefinite delivery indefinite quantity (“IDIQ”) agreements. Under these arrangements, we work closely with the government to define the scope and amount of work required based upon an estimate of the maximum amount that the government desires to spend. While the scope is often not initially fully defined or does not require any specific amount of work, once the project scope is determined, additional work may be awarded to us without the need for further competitive bidding.

Under lump-sum contracts, we may bid based upon preliminary engineering drawings and specifications provided by the client. This type of contracting presents risk because, among other things, it requires us to predetermine the work to be performed, the project execution schedule and all costs associated with the work based on incomplete information, all of which requires us to make pricing assumptions based on judgment informed by prior experience on other projects. This risk may be greater when we provide a lump-sum bid in competition with other contractors because we may not be selected for the work if our bid is higher than the competition. Another type of lump-sum contract is a negotiated fixed-price contract, under which we are selected as contractor first and then negotiate a lump-sum price with the client. This may reduce the risk associated with bidding in competition. Furthermore, negotiated fixed-price contracts may occur under a compensation model in which we perform some of the early work on a project, including to advance the engineering, on a reimbursable basis before agreeing upon and converting to a lump-sum price for the remainder of the project. Depending upon when a project converts from reimbursable to lump-sum, our risk may lessen because we may hold greater insight into the details of the project scope, engineering and schedule thereby reducing the number and character of the pricing assumptions in the agreed-upon lump-sum price. Another type of lump-sum contract is a unit price contract under which we are paid a set amount for every “unit” of work performed. If we perform well under any type of lump-sum contract, we can benefit from cost savings gained from the effects of our efficiencies. However, if the project does not proceed as originally planned, we strive to develop timely change orders, but we may not be able to recover cost overruns, which may cause us to lose money.

Guaranteed maximum price contracts are reimbursable contracts except that the total fee plus the total cost cannot exceed an agreed upon guaranteed maximum price. We can be responsible for some or all of the total cost of the project if the cost exceeds the guaranteed maximum price. Where the total cost is less than the negotiated guaranteed maximum price, we may receive the benefit of the cost savings based upon the terms of the contract.

Some of our contracts, regardless of type, may operate under joint ventures or other teaming arrangements. Typically, we prefer to enter into these arrangements with companies with whom we have worked previously. These arrangements are generally made to strengthen our market position or technical skills, or where the size, scale or location of the project directs the use of such arrangements.

Competition

The markets served by our business are highly competitive and, for the most part, require substantial resources and highly skilled and experienced technical personnel. A large number of companies compete against us, including U.S.-based companies such as AECOM, Amentum Services, Inc., Bechtel Group, Inc., Black & Veatch, Burns & McDonnell, BWXT Technologies, Inc., EMCOR Group, Inc., Jacobs Solutions, Inc., KBR, Inc., Kiewit Corporation, Parsons Corporation, Turner Construction Company, V2X, Inc. and Zachry Group, and international-based companies such as ACS Actividades de Construccion y Servicios, Balfour Beatty plc, Chiyoda Corporation, Exyte GmbH, Hatch Ltd., JGC Corporation, Petrofac Limited, AtkinsRéalis, Technip Energies N.V., Wood Group plc, and WorleyParsons Limited.

Competition for our Energy Solutions and Urban Solutions segments is based on an ability to provide the design, engineering, planning, management and project execution skills required to complete complex projects in a safe, timely and

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cost-efficient manner. We believe our engineering, procurement and construction business derives its competitive strength from our market diversity, excellence in execution, reputation for quality, technology, cost-effectiveness, worldwide procurement capability, project management expertise, geographic coverage, ability to meet client requirements by performing construction on either a union or an open shop basis, ability to execute complex projects of varying sizes, strong safety record and lengthy experience with a wide range of services and technologies.

The temporary staffing business is a highly fragmented market with over 1,000 companies competing globally. The key competitive factors in this business line are price, service, quality, client relationships, breadth of service and the ability to identify and retain qualified personnel and geographic coverage.

In our Mission Solutions segment, key competitive factors are primarily centered on performance, qualified personnel with appropriate clearance credentials and the ability to provide the design, engineering, planning, management and project execution skills required to complete complex projects in a safe, timely, cost-efficient and compliant manner.

Significant Clients

For 2025, revenue earned from agencies of the U.S. government accounted for 17% of our total revenue. We perform work for these government agencies under multiple contracts and sometimes through joint venture arrangements. Additionally, revenue from a single Urban Solutions' customer spanning multiple projects amounted to 15% of our revenue in 2025.

Raw Materials

The principal products we use in our business include structural steel, metal plate, concrete, cable and various electrical and mechanical components. These products and components are subject to raw material (aluminum, copper, nickel, iron ore, etc.) availability and pricing fluctuations, which we monitor on a regular basis. We have access to numerous global supply sources; however, the availability and cost of these products, components and raw materials may vary significantly from year to year due to various factors including the logistics market, client demand, producer capacity, inflation, market conditions and specific material shortages. Our pursuit of balanced contractual risk and implementation of various risk mitigation strategies often permits us to minimize such market-driven impacts on our contracts.

Intellectual Property

We have developed, acquired or otherwise have the right to license technology, know-how, and other proprietary rights that we maintain and protect using a variety of IP protections including patents, trade secrets, and contractual terms in commercial agreements, including confidentiality and license agreements. The various forms of protection are relied upon to support our technology offerings, such as our carbon capture and sulfur recovery service offerings.

Seasonality

Our operations can be subject to seasonal and other variations. These variations are influenced by, among other things, weather, customer spending patterns, bidding seasons, receipt of required regulatory approvals, project timing and schedules, and holidays. For example, harsher weather conditions in winter may impact our ability to complete work in parts of North America and the holiday season schedule affects our productivity during this period. For these reasons, coupled with the number and significance of client contracts commenced and completed during a particular period, as well as the timing of expenses incurred for corporate initiatives, it is not unusual for us to experience seasonal changes or fluctuations in our quarterly operating results.

Compliance with Government Regulations

Environmental

We operate at sites around the world, including locations that involve activities related to nuclear facilities, hazardous waste, hydrocarbon production, distribution and transport, the military, and infrastructure. Some of our work takes place near environmentally sensitive areas such as wetlands, lakes and rivers.

We contract with governments to remediate hazardous materials, including chemical agents, as well as to decontaminate and decommission nuclear sites. These activities can require us to manage, handle, remove, treat, transport and dispose of toxic, radioactive or hazardous substances, and are subject to many environmental, health and safety laws and regulations.

We believe that we are compliant with environmental, health and safety requirements. We further believe that any reserves associated with future environmental costs are adequate and that any future costs will not have a material effect on our financial position or future results of operations. Some factors, however, could result in the recognition of additional

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expense. These include the imposition of more stringent requirements under environmental laws or regulations, new developments or changes regarding site cleanup costs or the allocation of such costs among potentially responsible parties, or a determination that we are potentially responsible for the release of hazardous substances at sites other than those currently identified.

Government Procurement

The services we provide to the U.S. federal government are subject to Federal Acquisition Regulation, the Truth in Negotiations Act, Cost Accounting Standards, the Services Contract Act, False Claims Act, export controls rules and Department of Defense security regulations, as well as many other laws and regulations. These laws and regulations affect how we transact business with our clients and, in some instances, impose additional costs on our business operations. A violation of specific laws and regulations could lead to fines, contract termination or suspension of future contracts. Our government clients can also terminate, renegotiate, or modify any of their contracts with us at their convenience; and many of our government contracts are subject to renewal or extension annually.

Anti-Bribery and Other Regulations

We are subject to the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act of 2010, and similar anti-bribery laws, which generally prohibit companies and their intermediaries from making improper payments to foreign government officials for the purpose of obtaining or retaining business. To the extent we export technical services, data and products outside of the U.S., we are subject to U.S. and international laws and regulations governing international trade and exports, including, but not limited to, the International Traffic in Arms Regulations, the Export Administration Regulations, and trade sanctions against embargoed countries. We provide services to the Department of Defense and other defense-related entities that often require specialized professional qualifications and security clearances. In addition, as engineering design services professionals, we are subject to a variety of local, state, federal, and foreign licensing and permit requirements and ethics rules.

Human Capital

The following summarizes our human capital information as of December 31, 2025:

The number of craft and hourly employees can vary in relation to the number, size and phase of execution of our projects. Total headcount reflects an 14% reduction from last year, primarily due to the sale of our Stork business in the U.K. as well as actions taken to enhance our operational efficiency.

We have employees in the following regions:

Health and Safety

Safety is one of our core values that guides everything we do. We are deeply committed to protecting our employees and preventing injuries across our offices and project sites. Through robust programs and procedures, we work diligently to mitigate the hazards inherent in our operations.

Our goal is to foster a caring, preventive culture built on proactive action by engaged employees. We call this commitment Safer TogetherSM. Beyond physical safety, we champion overall employee wellbeing. We provide resources such as mental health awareness campaigns, our global Employee Assistance Program, site-specific wellbeing programs and training in suicide prevention and mental health first aid.

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In 2025, our safety performance, calculated in accordance with U.S. Occupational Safety and Health Administration (OSHA) record keeping requirements, achieved a total case incident rate of 0.36, surpassing our goal of less than or equal to 0.38 and outperforming comparable industry benchmarks.

Development Opportunities

One of our top priorities is to provide ongoing training and development for our employees through multiple avenues. We offer training for our executives, project execution and functional employees based in offices, remote locations and project field assignments. Additionally, employees can access Fluor University, our online platform, where they select from a wide variety of self-paced, online, virtual and instructor-led training courses. Topics range from our internally developed courses focused on discipline-specific training, to commercially available technical learning and general knowledge topics, such as leadership, business acumen and communication. In 2025, our employees received over 220,000 hours of training through Fluor University. We also offer comprehensive global initiatives targeted specifically for managers, including webinars on talent topics, monthly orientation training for new managers and a standardized resource toolkit for consistent talent development.

Community Responsibility

As part of our culture, we offer our employees robust and enriching opportunities to help meet our goal of building a better world. In 2025, Fluor and our Fluor Foundation contributed $5 million to global charitable initiatives, improving communities where we live and operate. Through our employee giving and volunteering program, Fluor Cares, we empower our employees to invest in organizations and causes that resonate with them. This employee-driven giving and volunteering effort contributed an additional $5 million in 2025. Further, employees volunteered 47,000 hours to enrich the lives of their neighbors in need.

We have longstanding global programs and local efforts tailored to the needs of the communities where we operate. Through our charitable partners and the volunteerism of our employees, we delivered 594,000 hours of STEM (science, technology, engineering and math) instruction and provided workforce development to 5,500 individuals to help inspire and prepare the next-generation workforce. We provided 940,000 meals to the hungry. We planted 58,500 trees, including large scale, multi-year efforts in 5 countries.

Information about our Executive Officers

The following information is being furnished with respect to our executive officers as of February 4, 2026:

_______________________________________________________________________________

(1)All references are to positions held with Fluor Corporation. All officers serve in their respective capacities at the pleasure of the Board of Directors.

Michael E. Alexander

Mr. Alexander has been Group President, Project Execution since November 2025. Prior to that he was Business Group President, Energy Solutions from 2024 to 2025. Prior to that, he was President, Chemicals from 2019 to 2024 and President, Energy & Chemicals — Americas in 2019. He joined the company in 1991.

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Pierre Bechelany

Mr. Bechelany has been Business Group President, Energy Solutions since November 2025. Prior to that, he was President, LNG and Power — Energy Solutions from 2024 to 2025 and President, LNG — Energy Solutions from 2020 to 2023. He joined the company in 2010.

James R. Breuer

Mr. Breuer has been Chief Executive Officer since May 2025. Prior to that, he was Chief Operating Officer from 2024 to 2025, Business Group President, Energy Solutions from 2021 to 2024 and President, Downstream — Energy & Chemicals from 2019 to 2021. Mr. Breuer joined the company in 1993.

Alvin C. Collins III

Mr. Collins has been Business Group President, Mission Solutions since March 2025. Prior to that, he was Group President, Corporate Development and Sustainability from 2021 to 2025, Senior Vice President, Operations — Energy & Chemicals from 2019 to 2021 and Senior Vice President, Global Business Development — Energy & Chemicals in 2019. Mr. Collins joined the company in 1994.

David E. Constable

Mr. Constable has been Executive Chairman of the Board since May 2022. He was previously Chief Executive Officer of the company from January 2021 to May 2025, and has served as a member of Fluor's Board of Directors since 2019. He previously served as Chief Executive Officer (from 2011) and Chief Executive Officer and President (from 2014) of Sasol Ltd., an integrated energy and chemical company, until 2016. Mr. Constable first joined the company in 1982.

Tracey H. Cook

Ms. Cook has been Executive Vice President and Chief Human Resources Officer since April 2025. Prior to that, she was Senior Vice President, Human Resources from 2023 to 2025, and President of AMECO from 2014 to 2023. Ms. Cook joined the company in 1989.

Nicole Davies

Ms. Davies has been Executive Vice President, Corporate Development and Sustainability since March 2025. Prior to that, she was Senior Vice President, Business Development and Strategy — Energy Solutions from 2022 to 2025 and Vice President, Sales — Energy Solutions from 2019 to 2022. Ms. Davies joined the company in 1998.

James P. Elliott

Mr. Elliott was appointed Chief Accounting Officer in February 2026. He has been Corporate Controller since 2025. Prior to that, he was Director of Technical Accounting and Internal Reporting from 2019 to 2025. Mr. Elliott is a Certified Public Accountant recognized by the State of Texas. Mr. Elliott joined the company in 2019.

Mark E. Fields

Mr. Fields has been Group President, Strategic Projects since November 2025. Prior to that, he was Group President, Project Execution from 2021 to 2025 and Group President, Energy & Chemicals from 2019 to 2021. Mr. Fields joined the company in 1981.

Kevin B. Hammonds

Mr. Hammonds has been Executive Vice President and Chief Legal Officer since August 2024 and Corporate Secretary since May 2025. Prior to that, he was Senior Vice President, Managing General Counsel from 2020 to 2024 and Vice President, General Counsel from 2014 to 2020. He joined the company in 1996.

Anthony Morgan

Mr. Morgan has been Business Group President, Urban Solutions since January 2024. Prior to that, he was President, Mining & Metals from 2017 to 2023. Mr. Morgan joined the company in 1990.

John C. Regan

Mr. Regan has been Executive Vice President and Chief Financial Officer since March 2025. Prior to that, he was Executive Vice President, Controller and Chief Accounting Officer from 2020 to 2025. Mr. Regan is a Certified Public Accountant recognized by the State of Texas. Mr. Regan joined the company in 2020.

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Available Information

Our website address is www.fluor.com, where we provide free electronic copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports on the “Investor Relations” section as reasonably practicable after we electronically file them with, or furnish them to, the SEC. These reports, and any amendments to them, are also available at the SEC's website, www.sec.gov. We also use our investor relations website as a channel of distribution for important company information. Investors and others can receive notifications of new information posted on our investor relations website in real time by signing up for e-mail alerts. We also maintain information on our website related to our corporate governance including our Corporate Governance Guidelines, our Board Committee Charters and our Code of Business Conduct and Ethics for Members of the Board of Directors.

Website references are provided throughout this document for convenience. The content on the references websites does not constitute a part of and is not incorporated by reference into this Annual Report on Form 10-K.