KBR conditionally targets Jan. 4, 2027 spin-off
KBR's targets set thresholds for revenue growth, profitability, cash conversion and leverage in its planned post-spin business.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
KBR outlined medium-term objectives for its business following the proposed separation of Mission Technology Solutions, which is expected to operate as Trinzic, Inc. in 2027. The spin-off is currently targeted for completion on January 4, 2027, subject to final board approval and other customary conditions.
The targets are 10%+ organic revenue CAGR for 2026E–2029E, 12%+ adjusted EBITDA margin and 85%+ free cash flow conversion for 2027E–2029E. They exclude contributions from megaprojects exceeding $1 billion in KBR scope and future capital deployment opportunities; KBR says they are current objectives, not guidance or guarantees. Adjusted EBITDA margin and free cash flow conversion are non-GAAP measures. KBR reported approximately $5.8 billion in backlog as of the third quarter of 2026 and a $54 billion qualified pipeline, which does not guarantee awards or future revenue. Its net leverage target is below 2.5 times trailing-twelve-month adjusted EBITDA, including M&A deployment.
Filing Explained
KBR’s investor-day slides add an illustrative standalone 2026E adjusted EBITDA baseline of
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Organic revenue CAGR target: 10%+
Adjusted EBITDA margin target: 12%+
Free cash flow conversion target: 85%+
+4 more
7 metrics
Organic revenue CAGR target
10%+
2026E–2029E; excludes megaprojects and future capital deployment opportunities
Adjusted EBITDA margin target
12%+
2027E–2029E; non-GAAP measure
Free cash flow conversion target
85%+
2027E–2029E; non-GAAP measure
Backlog
approximately $5.8 billion
As of the third quarter of 2026
Qualified pipeline
$54 billion
Identified potential customer opportunities assessed by KBR
Target net leverage
below 2.5 times trailing-twelve-month adjusted EBITDA
Includes M&A deployment
Revenue
approximately $2.9 billion
2026E
Key Terms
Adjusted EBITDA margin, Free cash flow conversion, qualified pipeline, Book-to-bill
4 terms
Adjusted EBITDA margin financial
"Adjusted EBITDA Margin (2027E–2029E): 12%+"
Adjusted EBITDA margin shows how much profit a company makes from its core operations, expressed as a percentage of its total revenue, after removing certain one-time or unusual expenses and income. It helps investors understand the company's true earning ability from regular business activities, making it easier to compare performance over time or with other companies. Think of it as measuring the efficiency of a business in turning sales into profits, excluding irregular adjustments.
Free cash flow conversion financial
"Free Cash Flow Conversion (2027E-2029E): 85%+"
Free cash flow conversion measures how effectively a company turns its reported profits into actual cash that can be used for growth, debt repayment, or dividends. It compares the cash generated after expenses to the company's net income, similar to how a person might compare their savings to their paycheck. High conversion indicates the company is efficient at translating profits into cash, which is important for investors assessing its financial health and flexibility.
qualified pipeline financial
"Qualified pipeline reflects identified potential customer opportunities assessed by KBR"
Book-to-bill financial
"Book-to-bill (BTB) is bookings divided by consolidated revenue"
The book-to-bill ratio compares new orders a company has received (bookings) to the products or services it has invoiced or shipped (billings) over the same period. It matters to investors because a ratio above 1 means demand is outpacing fulfillment and the company may grow revenue or build backlog, while a ratio below 1 suggests slowing demand and possible future revenue weakness — think of it as new customer orders versus what the company actually sold.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What financial targets did KBR set for 2029?
KBR set a 10%+ organic revenue CAGR target for 2026E–2029E, plus a 12%+ adjusted EBITDA margin target and 85%+ free cash flow conversion target for 2027E–2029E. These objectives exclude megaproject contributions and future capital deployment opportunities; KBR says they are not guidance or guarantees. Adjusted EBITDA margin and free cash flow conversion are non-GAAP measures.
When does KBR expect to complete the Mission Technology Solutions spin-off?
KBR currently targets completion on January 4, 2027, subject to final approval by its board of directors and other customary conditions. The separated business is expected to operate as Trinzic, Inc. in 2027.
What does KBR's $54 billion qualified pipeline represent?
KBR defines its $54 billion qualified pipeline as identified potential customer opportunities assessed by the company. It distinguishes pipeline from backlog and says the pipeline does not guarantee awards or future revenue.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 11, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | ||||||||||||||
Registrant's telephone number including area code: (713 ) 753-2000
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which listed | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 7.01 Regulation FD Disclosure.
On November 11, 2026, KBR, Inc. (“KBR”) issued a press release regarding its investor day (the “Investor Day”). The Investor Day was held on November 11, 2026, in New York City. KBR has published its Investor Day presentation materials, and the webcast for the Investor Day can be accessed on KBR’s website at investors.kbr.com.
A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K, and a copy of the presentation materials used in conjunction with the Investor Day is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
The information in this Item 7.01, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act unless explicitly stated otherwise.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
99.1 | KBR, Inc. press release dated November 11, 2026, titled, “KBR Unveils Repeatable Growth Model and Medium-term Financial Targets Ahead of Today’s Investor Day.” | |||||||
99.2 | KBR, Inc. Investor Day Presentation Slides, dated November 11, 2026 | |||||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| KBR, INC. | ||||||||
| November 12, 2026 | /s/ Sonia Galindo | |||||||
| Sonia Galindo | ||||||||
| Executive Vice President, General Counsel & Corporate Secretary | ||||||||
Exhibit 99.1
KBR Unveils Repeatable Growth Model and Medium-term Financial Targets
Ahead of Today’s Investor Day
•Focused: Positioned in markets with structural long-term demand
•Repeatable: Projecting 10%+ organic revenue CAGR through 2029E, excluding megaprojects
•Profitable: Targeting growth that converts to value through strong margins, cash generation and disciplined leverage
HOUSTON, November 11, 2026 – KBR (NYSE: KBR) will host its Investor Day today in New York City. Members of KBR’s leadership team will outline the company’s trajectory following the proposed spin-off of its Mission Technology Solutions business, which is expected to operate as Trinzic, Inc. in 2027. The presentation will include KBR’s strategic vision for the Sustainable Technology Solutions business, proven repeatable growth model, capital allocation framework and medium-term financial targets.“Today’s Investor Day marks an exciting milestone as we present the next chapter for KBR,” said Stuart Bradie, chair of the KBR Board of Directors, president and CEO. “As we prepare for separation, we are aligning dedicated leadership and capital behind our repeatable model for sustained revenue growth, driven by early access to customer investment decisions, our customer-centric delivery approach and scalable execution. We believe our sharpened strategic focus, attractive end-market exposure and capital-light business model provide a powerful foundation for profitable growth, strong cash generation and long-term shareholder value creation.”
Investor Day Themes and Strategic Framework
The event theme, “Focused on what the future demands,” reflects how long-term investment in energy security and transition, infrastructure productivity and resilience, and food and fertilizer security is creating demand for KBR’s technology, advisory and delivery expertise. The presentation will highlight KBR’s repeatable growth model for turning this demand into profitable growth and strong cash generation:
•Early Access: Shaping Decisions and Creating Opportunity
oProven credibility earns earlier access, giving KBR insight into customer needs before scope is defined and creating opportunities to shape solutions and expand what comes next.
1 As used throughout this release, adjusted EBITDA margin and free cash flow conversion are non-GAAP financial measures. See additional information at the end of this release regarding non-GAAP financial information, including why reconciliations of these forward-looking measures to the most directly comparable GAAP measures are not provided.
•Customer Platforms: Expanding Relationships and Growth Opportunities
oDeep customer relationships and differentiated expertise provide a foundation to address evolving needs, earn a broader role with customers, and drive repeat business and long-term growth.
•Scalable Execution: Delivering Profitable Growth
oLocal accountability, global expertise, proven knowledge and technology-enabled efficiency enable delivery at scale while maintaining quality, consistency and commercial discipline.
The model is supported by approximately $5.8 billion in backlog as of the third quarter of 2026, a $54 billion qualified opportunity pipeline, and a customer base that generates more than 75% of revenue from existing relationships. Together, these factors provide visibility into potential future demand and demonstrate KBR’s ability to earn repeat business and expand customer relationships over time.
Medium-term Financial Targets
The medium-term financial targets for KBR as a standalone business reflect a focus on profitable growth and strong cash generation:
•Organic Revenue CAGR (2026E–2029E): 10%+
•Adjusted EBITDA Margin1 (2027E–2029E): 12%+
•Free Cash Flow Conversion1 (2027E-2029E): 85%+
These targets exclude contributions from megaprojects (greater than $1 billion in KBR scope) and future capital deployment opportunities, reflect current objectives rather than guidance, and are not guarantees of future performance.
Capital Allocation Framework
KBR’s capital allocation framework prioritizes investment in the core business, disciplined strategic M&A and shareholder returns, while targeting net leverage below 2.5 times trailing-twelve-month adjusted EBITDA, including M&A deployment.
Event Details and Presentation Materials
KBR’s Investor Day will begin today at 9 a.m. Eastern Time. In connection with the Investor Day presentation, accompanying presentation slides, which provide additional information on KBR’s strategy and medium-term financial targets, are now available at futuredemands.kbr.com/KBR-Investor-Day-Presentation and through the Investor Relations section of KBR’s website at investors.kbr.com. The live webcast can be accessed here: KBR Investor Day - webinar.net. A replay will be available through the same link shortly after the event concludes.
1 As used throughout this release, adjusted EBITDA margin and free cash flow conversion are non-GAAP financial measures. See additional information at the end of this release regarding non-GAAP financial information, including why reconciliations of these forward-looking measures to the most directly comparable GAAP measures are not provided.
About KBR
KBR is a global technology and services company helping customers solve complex challenges across energy, industrial and critical infrastructure, and food and agriculture markets. Combining differentiated technology, engineering and operational expertise, and global delivery capabilities, KBR works across the asset lifecycle to help customers shape investments, deliver projects, and optimize operations. With approximately 16,000 employees across more than 30 countries, KBR is focused on delivering better outcomes for customers in markets critical to the world’s future.
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures. Because not all companies calculate non-GAAP financial measures identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Further, such non-GAAP financial information should not be considered superior to, as a substitute for or as an alternative to the historical financial information of the company, if any, prepared in accordance with GAAP.
This press release includes certain non-GAAP financial measures. Because not all companies calculate non-GAAP financial measures identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Further, such non-GAAP financial information should not be considered superior to, as a substitute for or as an alternative to the historical financial information of the company, if any, prepared in accordance with GAAP.
Adjusted EBITDA Margin and Free Cash Flow Conversion
Adjusted EBITDA margin and free cash flow conversion are considered non-GAAP financial measures under SEC rules. Adjusted EBITDA is defined as Net income (loss) attributable to KBR, plus Net (income) loss from discontinued operations, net of tax; less Net income (loss) attributable to noncontrolling interest included in discontinued operations; less Interest expense; Other non-operating expense (income); Provision for income taxes; Depreciation and amortization (D&A); and certain discrete items as identified by Management to be non-recurring in nature. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenues. Management believes adjusted EBITDA and adjusted EBITDA margin affords investors a view of what management considers KBR's core performance.
Adjusted EBITDA margin and free cash flow conversion are considered non-GAAP financial measures under SEC rules. Adjusted EBITDA is defined as Net income (loss) attributable to KBR, plus Net (income) loss from discontinued operations, net of tax; less Net income (loss) attributable to noncontrolling interest included in discontinued operations; less Interest expense; Other non-operating expense (income); Provision for income taxes; Depreciation and amortization (D&A); and certain discrete items as identified by Management to be non-recurring in nature. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenues. Management believes adjusted EBITDA and adjusted EBITDA margin affords investors a view of what management considers KBR's core performance.
Free cash flow is calculated as cash flows provided by operating activities less capital expenditures, and free cash flow conversion is calculated as free cash flow divided by adjusted net income. Management believes free cash flow conversion affords investors useful information regarding KBR’s cash generation and its ability to convert earnings into cash.
The Company does not provide a reconciliation of adjusted EBITDA and free cash flow conversion to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, capital expenditures, and acquisition-related expenses without unreasonable effort, which could be material to the Company's results computed in accordance with GAAP.
1 As used throughout this release, adjusted EBITDA margin and free cash flow conversion are non-GAAP financial measures. See additional information at the end of this release regarding non-GAAP financial information, including why reconciliations of these forward-looking measures to the most directly comparable GAAP measures are not provided.
Forward-Looking Statements
This release contains forward-looking statements regarding our plans, including the proposed separation of the Mission Technology Solutions business into an independent, publicly traded company, Trinzic, and our objectives, goals, strategies, investments, capital deployment, risk profile, program activity, backlog information, returns, capital requirements, future events, future financial performance, future demand expectations and other information that is not historical. When used in this release, the words “estimates,” “expects,” “anticipates,” “potential,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “targets” or future or conditional verbs such as “will,” “should,” “could” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that are difficult to predict, and which could cause actual results to differ materially from the forward-looking statements contained in this release. Our most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks and other U.S. Securities and Exchange Commission filings discuss some of the important risk factors that the company has identified that may affect its business, results of operations and financial condition.
The proposed spin-off is currently targeted to be completed on January 4, 2027, subject to final approval by KBR’s board of directors and other customary conditions. The medium-term targets reflect our current objectives and do not constitute guidance. Forward-looking statements, including these targets, are not guarantees of future performance, and actual results and future developments may differ materially and adversely from those expressed or implied by such statements. The forward-looking statements in this release speak only as of the day of this release. Except as required by law, KBR undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
For further information, please contact:
Investor Relations: Rachael Goldwait Vice President, Investor Relations 713-753-4634 Investors@kbr.com | Media Relations: Caitlin Gardner Director, Global Communications 713-753-3800 Mediarelations@kbr.com | ||||
1 As used throughout this release, adjusted EBITDA margin and free cash flow conversion are non-GAAP financial measures. See additional information at the end of this release regarding non-GAAP financial information, including why reconciliations of these forward-looking measures to the most directly comparable GAAP measures are not provided.
Investor Day 2026 November 11 Focused on what the future demands
32026 KBR Investor Day Welcome Rachael Goldwait Vice President, Investor Relations
4 On September 24, 2025, KBR, Inc. (“KBR”) announced its strategic intention to spin off its Mission Technology Solutions segment to create a separate, publicly traded company, Trinzic, Inc. (“Trinzic”). The spin-off is currently targeted to be completed in January 2027, subject to final approval by KBR's board of directors and other customary conditions. References in this presentation to “KBR” or “we” refer to the KBR business following the completion of the spin-off, comprising KBR's Sustainable Technology Solutions segment. Forward-Looking Statements This presentation contains forward-looking statements regarding our plans, including the proposed separation of Trinzic into an independent, publicly traded company, and our objectives, goals, strategies, investments, capital deployment, risk profile, program activity, backlog information, returns, capital requirements, future events, future financial performance, future demand expectations and other information that is not historical. When used in this presentation, the words “estimates,” “expects,” “anticipates,” “potential,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “targets” or future or conditional verbs such as “will,” “should,” “could” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that are difficult to predict, and which could cause actual results to differ materially from the forward-looking statements contained in this presentation. Our most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks and other U.S. Securities and Exchange Commission filings discuss some of the important risk factors that the company has identified that may affect its business, results of operations and financial condition. The medium-term targets presented herein reflect our current objectives and do not constitute guidance. Forward-looking statements, including these targets, are not guarantees of future performance, and our actual results and future developments may differ materially and adversely from those expressed or implied by such statements. We caution you not to place undue reliance on the forward-looking statements included in this presentation, which speak only as of the date hereof. We disclaim any intent or obligation, except as required by law, to revise or update publicly any forward-looking statements for any reason. Non-GAAP Financial Information This presentation includes certain non-GAAP financial measures. Because not all companies calculate non-GAAP financial measures identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Further, such non-GAAP financial information should not be considered superior to, as a substitute for or as an alternative to the historical financial information of the company, if any, prepared in accordance with GAAP. Please refer to the Appendix for definitions and reconciliations of non-GAAP financial information to the nearest GAAP measure. The company does not provide reconciliations of non-GAAP financial information to the most comparable GAAP financial measure on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, capital expenditures and acquisition-related expenses without unreasonable effort, which could be material to the company’s results computed in accordance with GAAP. Disclosures 2026 KBR Investor Day
5 Agenda 2026 KBR Investor Day KBR’s strategy and our repeatable growth engine Stuart Bradie | Chair of the Board, President and Chief Executive Officer Medium-term financial framework Shad Evans | Chief Financial Officer Early access Greg Conlon | Chief Digital and Development Officer Customer platforms Jay Ibrahim | President, Growth Scalable execution Paul Baillie | Chief Operating Officer Closing remarks Stuart Bradie | Chair of the Board, President and Chief Executive Officer Break and Q&A
6
72026 KBR Investor Day KBR’s strategy and our repeatable growth engine Stuart Bradie Chair of the Board, President and Chief Executive Officer
8 KBR is built for durable, profitable growth Structurally attractive business built for durable growth Strategic focus through separation Value creation across the customer lifecycle Repeatable growth model converting demand into earnings and cash 2026 KBR Investor Day Woodside NWS Plant, Australia
9 Structural change increases demand for KBR’s expertise 2026 KBR Investor Day Greater complexity increases the value of an integrated technology and delivery partner Customers need partners who can before technology and scope are fixed Shape critical investments at industrial scale Deploy complex solutions throughout the asset life cycle Improve performance Energy security and transition Food and fertilizer securityInfrastructure productivity and resilience
10 Our transformation has delivered a proven growth track record 2026 KBR Investor Day 2021 2022–2023 2024–2026 RESET BUILD SCALE NEXT STEP STRATEGIC FOCUS Adj. EBITDA1 22% 15% Revenue 15% Figures reflect Sustainable Technology Solutions (STS) segment results. A more diversified portfolio and repeatable growth model have delivered through multiple market cycles
11 Separation will align leadership and capital behind growth 2026 KBR Investor Day AFTER | ONE FOCUSED GROWTH STRATEGY Technology and services that help customers shape investments, deliver projects and improve operations BEFORE | TWO DISTINCT BUSINESSES Different customers, strategic priorities and capital needs within one portfolio Sustainable Tech Mission Tech Shared capital + leadership attention Repeatable growth engine Early customer engagement, deeper relationships and scalable execution Dedicated leadership Leadership focused on one business and its growth priorities Capital aligned to strategy Capital focused on the business’s highest-return opportunities Clear investment identity Distinct markets, financial profile and clear growth priorities
12 KBR at a glance 2026 KBR Investor Day R E V E N U E V I S I B I L I T Y 2026E Revenue ~$2.9B 2021–2026E Revenue CAGR ~15% Employees 16,000+ Countries served 50+ TTM 3Q’26 BTB10 1.5x Repeat business3 >75% S C A L E A N D F I N A N C I A L P R O F I L E Backlog11 as of 3Q’26 $5.8B backlog 67% Customer CAPEX New assets, expansions and modernization 33% Customer OPEX Reliability, optimization and performance Includes $1.4B JV backlog Includes $0.2B JV backlog A focused growth company with differentiated technology, strong customer relationships and consistent cash generation Proportionate share of unconsolidated JV backlog $4.2B $1.6B
13 Well positioned in markets with structural tailwinds 2026 KBR Investor Day $625B+ addressable market, with KBR positioned in higher-growth technologies, geographies and customer investment programs Energy Food and agricultureIndustrial and critical infrastructure Market SAM4 $300B+ $250B+ $75B+ KBR Estimated Global CAGR4 >5-6% >6-7% >3-5% Additional investment drivers Exposure to higher-growth geographies South America and Wider Middle East and Africa Supply growth and production replacement Investment to meet demand and offset natural production decline Modernization and outsourcing Digital, AI and external expertise improve asset performance Regional supply and resilience Investment in domestic capacity and secure supply chains
14 KBR creates value across customer investment life cycle 2026 KBR Investor Day TECHNOLOGY AND CONSULTING Better customer outcomes deepen KBR’s role and create follow-on growth Shape the investment • Model technical and economic outcomes • Select and integrate technologies • Optimize capital before scope is fixed Higher-margin revenue CUSTOMER CAPEX Deliver the investment • Digitally-enabled engineering • Technology-led integration • Program and delivery management CUSTOMER OPEX Improve the asset • Connected data and digital monitoring • Reliability and optimization services • Applied AI and performance improvement Earnings at scale Recurring revenue Digital capabilities across investment cycle
15 KBR’s model for repeatable, profitable growth 2026 KBR Investor Day 01 Early Access 02 Customer Platforms 03 Scalable Execution ~30% of revenue from advisory, technical consulting and technology in 2026E >75% of revenue from existing customers3 ~15% revenue and adjusted EBITDA1 CAGR since 2021, excluding LNG JV2 Shape decisions before technology and scope are fixed, positioning KBR for follow-on work Expand relationships across services, assets, markets and investment cycles Apply global resources, proven designs and common systems to deliver more work consistently and profitably Expanding customer wallet share through demonstrated end-to-end value creation
162026 KBR Investor Day Shad Evans Chief Financial Officer FINANCIAL FRAMEWORK 20+ years in finance and operating leadership KBR since 2018 Greg Conlon Chief Digital and Development Officer EARLY ACCESS 25+ years in engineering, technology and development KBR since 2016 Jay Ibrahim President, Growth CUSTOMER PLATFORMS 30+ years across engineering, growth and operations KBR since 2015 Paul Baillie Chief Operating Officer SCALABLE EXECUTION 30+ years in global operations and project execution KBR since 2018 Today’s speakers
172026 KBR Investor Day Financial framework and medium-term outlook Shad Evans Chief Financial Officer
18 A financial framework for shareholder returns 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution Skikda LNG plant, Algeria Medium-term targets Organic growth Earnings baseline Cash conversion Capital discipline
192026 KBR Investor Day METRIC MEDIUM-TERM TARGET Organic revenue CAGR5 2026E–2029E, excluding megaprojects 10%+ Adj. EBITDA1 margin 2027E-2029E; includes recurring JV adjusted EBITDA6 12%+ Free cash flow conversion7 2027E-2029E 85%+ Our medium-term financial targets Financial Framework | Early Access | Customer Platforms | Scalable Execution • Excludes future capital deployment • Excludes megaprojects with more than $1B of KBR scope • Includes recurring unconsolidated JV EBITDA6 Key assumptions KBR Purifier Ammonia Technology, Egypt
20 How KBR plans to deliver 10%+ organic growth 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution 2026E 2029E ~$2.90B ~$3.85B 10%+ CAGR5 Go where growth is Win new customers and establish local platforms in priority geographies Grow share of customer spend Expand across services, assets and the full investment lifecycle Backlog and bookings assumptions ~80% of $4.2B backlog converts to revenue by 2029E ~1.1–1.2x BTB10 assuming 24- to 30-month conversion Figures reflect approximate midpoints. Revenue Scale technology and expertise Apply proven technology and delivery models across more projects
21 Establishing the standalone earnings baseline 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution Figures reflect approximate midpoints. 2026E standalone baseline reflects discontinued operations accounting and includes corporate costs that are not representative of KBR’s expected standalone cost structure. 2026E-2027E Earnings Bridge Adjusted EBITDA1 Medium-term margin framework 2027E-2029E 12%+ Excludes megaproject upside Adjusted EBITDA¹ margin 2026E STS 2026E KBR 2027E KBR Corporate cost allocation Pension transfer LNG normalization Underlying growth ~12.0% Excl. megaprojects >$425M 2026E Accounting Baseline 2026E STS Segment 2027E BR LNG JV Remaining core business ~14.0% Excl. megaprojects ~$550M Standalone cost savings ~10.0% Excl. megaprojects ~$425M ESTABLISH THE POST-SPIN BASELINE BUILD TO STANDALONE ECONOMICS
22 A business model built for margin expansion 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution Higher value mix More value per dollar of revenue • Grow technology and IP • Expand advisory and early-stage work Medium-term margin framework 2027E-2029E 12%+ Excludes megaproject upside Adjusted EBITDA¹ margin Scale efficiently Grow faster than the cost base • Leverage global delivery • Grow with limited incremental cost Delivery productivity More output from existing capability • Standardize proven designs and methods • Scale digital and AI Additional pathways to margin expansion CORE MARGIN ACCELERATORS Digital + AI solutions New technology offerings BREAKOUT OPPORTUNITIES Strategic M&A Megaprojects
23 ~$2.5B ~$0.8B ~$0.4B Gross debt At separation Post-monetization Debt reduction creates capacity for disciplined growth 2026 KBR Investor Day Expected debt profile Investment capacity within a disciplined leverage framework ~1.5x Following retained stake monetization <2.5x Target net leverage8 including M&A deployment Financial Framework | Early Access | Customer Platforms | Scalable Execution Separation dividend and excess cash Retained stake monetization <2x Net leverage8 <1x Net leverage8 Incremental leverage capacity
24 • Build proprietary capabilities, technology and IP • Form alliances and co-development partnerships • Invest selectively in emerging technologies and ventures • Scale proven capabilities across the business • Add consulting, technology and digital capabilities • Expand into adjacent markets and services • Accelerate growth in priority end markets • Share repurchases • Evaluate potential dividend 1 to 2 years following separation Capital allocation priorities 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution 01 Invest in core business 02 Strategic M&A 03 Return capital
25 Disciplined M&A strategy to strengthen the growth engine 2026 KBR Investor Day Strengthen Early Access Advisory, consulting, digital technology and decision intelligence • Strategic fit Priority acquisition areas Financial Framework | Early Access | Customer Platforms | Scalable Execution Mura Technology Process Structure, U.K. 1 Expand Customer Platforms Enhance Scalable Execution Broader services, customer access and local market presence Specialist talent and digital delivery capabilities 2 3 Investment criteria Strengthens a competitive advantage • Growth quality Differentiated capability + customer access • Financial returns Margins, cash generation + return requirements • Executability Integration plan + leverage discipline
26 EARNINGS QUALITY 12%+ Adj. EBITDA1 margin 2027E-2029E CASH GENERATION 85%+ Free cash flow conversion7 2027E-2029E CAPITAL DISCIPLINE <2.5x Target net leverage8 Financial framework for shareholder returns 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution Higher-value scope and recurring JV earnings Strong earnings conversion to cash Core investment, M&A and shareholder returns ORGANIC GROWTH 10%+ Organic revenue CAGR5 2026E–2029E Excludes megaprojects Backlog visibility and customer expansion
272026 KBR Investor Day Shaping decisions and creating opportunity Greg Conlon Chief Digital and Development Officer EARLY ACCESS
28 How KBR earns early access 2026 KBR Investor Day Credibility earns access. Trust brings us in early. Decision intelligence helps us shape what comes next. Financial Framework | Early Access | Customer Platforms | Scalable Execution Deep expertise Technology, engineering and operating knowledge Real-world experience Understanding what works safely, reliably and economically at scale Trusted judgment Intelligence that informs critical decisions before scope is defined
29 Early access creates a compounding knowledge advantage 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution 30% of KBR revenue from advisory, technical consulting and technology in 2026E Earlier involvement improves today’s decisions and strengthens our advantage for what comes next Positioned upstream 1 Learn Capture insight from technologies, projects and operating assets 2 Apply earlier Use accumulated knowledge to shape needs, evaluate options and inform decisions before scope is fixed Strengthen what comes next Each engagement strengthens the knowledge we bring to the next 500+ Technology deployments 100+ years delivering complex projects, including successful first-of-a- kind plants 200+ Operating assets supported In Salah Plant, Algeria Knowledge built across decades How KBR turns expertise into advantage
30 Earlier roleCustomer challenge Turning emerging needs into opportunities 2026 KBR Investor Day Knowledge advantage Expertise and insight built across decades Shape solutions and create follow-on growth Financial Framework | Early Access | Customer Platforms | Scalable Execution EARLY ACCESS Engage before the solution is defined Commercial opportunity Technology Engineering Operating Early access creates scalable, capital-light growth opportunities PureSAF® Technology at industrial scale PROVE H2ACTSM Emerging hydrogen opportunity SCALE FPSOs Repeatable design INDUSTRIALIZE
31Financial Framework | Early Access | Customer Platforms | Scalable Execution Relevance through innovation Indorama validates the product Opportunity across KBR’s installed base Established base 3 KBR ammonia trains New product INSITE® 3.0 Established relationship 20+ years with Indorama Emerging need Improve operating performance New solution KBR expertise + physics-based AI INSITE 3.0 Scale 6 plants | 4 countries | Broader installed base • Strong operating results • Positive customer feedback • Deployed across multiple plants and geographies 1 2 3 4 • Extend INSITE 3.0 to existing customers • Create repeatable, capital-light growth It has exceeded my expectations. They have gone above and beyond the optimization models. This product will change the process industry significantly Mr. Deepu Sivadas Chief Technical Officer, Indorama Indorama: Customer insight creates a scalable product opportunity 2026 KBR Investor Day One customer need creates a repeatable opportunity across KBR’s installed base
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33 A repeatable model for creating and scaling AI-enabled offerings 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution TOGETHER ENABLE Rapidly deployable solutions • Higher-value solutions • Rapid, repeatable deployment • New revenue opportunities Industrial expertise and customer insight • Identifies meaningful customer needs • Embeds proprietary process, engineering and operating knowledge Advanced industrial AI capabilities • World-leading industrial AI modeling and reasoning • Physics-based AI PROOF POINT One example of a broader model and opportunity with applications across process industries
34 Turning customer insight into repeatable capability 2026 KBR Investor Day New capabilities and partnerships keep KBR relevant to customers’ next investment decisions Financial Framework | Early Access | Customer Platforms | Scalable Execution Where KBR sees a meaningful need, brings differentiated value and can create a repeatable opportunity Identify needs before solutions take shape Choose how to build capability Develop solutions for multiple projects Combine KBR expertise and new technology to meet recurring needs across customers, assets and markets 1 CUSTOMER INSIGHT 2 BUILD / PARTNER / INVEST 3 REPEATABLE CAPABILITY Anticipate emerging customer needs through advisory relationships, installed base knowledge and operating data Build internally, partner with complementary technologies or invest selectively to develop new capabilities 50+ Alliance partners 20+ Pipeline investments 3+ Minority investmentsMultiple pathways to access and accelerate capability
35 Value of early access 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution See opportunities before scope is defined Shape solutions before competitive bidding Create follow-on opportunities across customers and assets Earlier visibility Greater influence Repeatable growth Early access turns customer insight into repeatable, capital-light growth
362026 KBR Investor Day Expanding relationships and growth opportunities Jay Ibrahim President, Growth CUSTOMER PLATFORMS
37 How KBR builds customer platforms Proven delivery and deep customer knowledge make KBR an increasingly valuable partner across the lifecycle Deepen customer relationships Long-standing local teams understand customer priorities and build trust Address the next customer need KBR’s expertise addresses customers’ evolving challenges and growth opportunities Earn a broader role Each successful project helps deepen engagements and create competitive advantages that compound over time Financial Framework | Early Access | Customer Platforms | Scalable Execution 2026 KBR Investor Day
38Financial Framework | Early Access | Customer Platforms | Scalable Execution 2026 KBR Investor Day Relationship advantage >70% Average length of top customer relationships Why KBR is well positioned to win 1 Defined customer investment plans Knowledge of priorities and opportunities 2 Deep customer understanding Local presence builds trust and understanding of customer needs Expertise aligned with customer needs Relevant technology and delivery capabilities for each opportunity Of pipeline from existing customers Trusted partner positioned to grow with the customer 20+ YEARS Opportunity set $54B Qualified pipeline9 ~5x Estimated revenue, 2027E–2029E Opportunities across customer investment cycle KBR’s qualified pipeline and customer advantage
39 Customer relationships expand access to more work Financial Framework | Early Access | Customer Platforms | Scalable Execution Expansion in action REPEAT PARTICIPATION: Successive investment cycles BROADER ACCESS: More services and programs Australian Water Authorities: Scope expansion $24M $63M annual revenue Engineering delivery portfolio management lifecycle $2.0B since 2008 Consulting, CAPEX and OPEX | Multi-decade platform Dupont and Chemours: Life cycle expansion $250M across 4 countries Azerbaijan, Iraq, U.S. and Libya TotalEnergies: Geographic expansion 2026 KBR Investor Day Project delivery Engineering | Project management | Delivery support Technology and advisory Feasibility | Engineering | Technology selection Lifecycle services Optimization | Upgrades | O&M support
40Financial Framework | Early Access | Customer Platforms | Scalable Execution ADNOC: Successful delivery strengthens customer relationship Trust through delivery ADNOC expands KBR’s role Initial engagement Focused gas-metering FEED assignment opened the relationship in 2017 Earning trust Technical capability, local understanding and reliable delivery earned trust Broader programs KBR’s role expanded across gas, LNG, offshore and successive investments Portfolio responsibility KBR now supports ADNOC’s $100B asset project portfolio • 9+ year relationship • Repeat awards across gas, LNG and offshore programs 1 2 3 4 Successful delivery on one assignment earned broader responsibility across ADNOC’s investment portfolio Responsibility at scale $100B+ ADNOC asset project portfolio now supported by KBR Ghasha Concession, Abu Dhabi 2017 initial FEED ~$0.4M Cumulative awards $1.3B+ KBR’s valuable contribution during the FEED phase of the Ruwais NGL Train-5 Project is highly appreciated, particularly the team’s technical expertise, collaborative approach, and commitment, which added significant value to the successful development of the project. Mr. Jassem Al Hosani Senior Project Manager, ADNOC 2026 KBR Investor Day
41 Global partner bp: Proven delivery opens opportunities in new geographies Trust across geographies bp expands KBR’s role Initial engagement ~$2M pre-FEED assignment established the starting point with bp Broader role Delivery expanded KBR’s role in offshore and onshore developments, compression and terminals, and OPEX New geographies Caspian experience now supports work with bp in Iraq and Brazil A durable platform Teams across KBR carry proven capability into the next customer need Trust earned in one market opens access to the next geography, supported by teams across KBR • Execution credibility expands KBR's role across bp's global investments Initial pre-FEED $2M Cumulative awards $500M+ Sangachal Terminal, Azerbaijan Financial Framework | Early Access | Customer Platforms | Scalable Execution 2026 KBR Investor Day • 15+ year relationship • Repeat awards Caspian, Iraq and Brazil 1 2 3 4 bp and KBR have built a strong partnership from major developments in Azerbaijan and the Gulf of Mexico to projects in Africa, Europe and Iraq. The breadth of experience of successfully working together provide a strong foundation for continued collaboration as our industry evolves. Cathal Kelly VP of Brazil, bp
42 Iraq: Local focus builds a broad country platform Trust through local delivery KBR’s reach across Iraq 2018 initial EPCM $40M Awards and pipeline $700M+ Initial engagement ~$40M EPCM engagement at Majnoon began the platform in 2018 Local capability KBR built a local workforce and supply chain, backed by a delivery track record Repeat awards 150+ EPCM and integrated facilities service orders expanded KBR’s role A country platform Relationships now span 10+ core customers across Iraq’s energy system 1 2 3 4 Financial Framework | Early Access | Customer Platforms | Scalable Execution Country platform • Local delivery credibility has made KBR a go-to project partner for Iraq Local delivery creates foundation for repeat work across customers, supported by KBR’s global expertise Majnoon Oilfield, Iraq KBR continues to be a trusted partner, providing world-class consulting expertise that supports Iraq's strategic development objectives. Dr. Maher Hammad Johan Deputy Minister of Planning, Iraq 2026 KBR Investor Day • 8+ year relationship • Repeat awards across 10+ customers • 2,000+ employees (70% local talent)
43 Customer platforms create multiple growth paths and repeat work across investment cycles Value of customer platforms 2026 KBR Investor Day Broader opportunities with customers Expansion into new geographies More customers within a market Financial Framework | Early Access | Customer Platforms | Scalable Execution Successful delivery earns broader responsibilities across a customer’s programs and assets Trust and proven capability in one market position KBR for work in new geographies Local capability and delivery credibility help KBR serve more customers within a market Oman LNG
442026 KBR Investor Day Scaling expertise for profitable growth Paul Baillie Chief Operating Officer SCALABLE EXECUTION
45 KBR scales delivery while maintaining quality, consistency and commercial discipline Local accountability, global expertise Proven knowledge applied again Technology- enabled efficiency 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution Local teams own customer outcomes while drawing on specialist expertise and capacity across KBR Proven designs, methods and operating experience give each project an established starting point Connected systems and digital tools help teams apply expertise efficiently How KBR scales execution
46Financial Framework | Early Access | Customer Platforms | Scalable Execution Local ownership, global expertise and common controls enable consistent delivery and profitable growth 2026 KBR Investor Day Common controls ensure consistency • Project standards and risk reviews • Operational excellence Global expertise extends capability • Specialist expertise across KBR • Regional centers of excellence Local teams are accountable • Customer relationship and delivery • Ownership of billings and cash generation • Local ownership in U.S. • Specialist expertise from U.K. • Scalable capacity from India 1 2 3 • Common engineering standards and controls • Outcome: One of the two fastest greenfield LNG projects ever delivered (FID to first LNG in 30 months) Success Story: Plaquemines LNG One operating model 16,000+ people across 30 countries Global expertise, local accountability Global and local offices
47 We capture, connect and scale expertise across projects Capture and codify proven knowledge Make knowledge accessible Apply across more projects Digital tools and AI help teams apply knowledge efficiently; engineers retain professional judgment TECHNICAL EXPERTISE CONNECTED SYSTEMS PROFESSIONAL JUDGMENT Established engineering designs, operating experience and technical methods Knowledge libraries make proven designs and methods accessible to project teams Financial Framework | Early Access | Customer Platforms | Scalable Execution 2026 KBR Investor Day We turn proven knowledge into a repeatable advantage across projects
48 FPSOs: Scale and expertise create competitive advantage 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution How we scale Efficiency at scale Integrated delivery One team across Singapore and India Digital backbone Proven designs, data + methods Expertise scales Knowledge carries to the next project 1 2 3 Delivered through a common model 6 FPSOs Further design and fabrication 4 FPSOs • One customer interface • 30% Singapore / 70% India delivery model • Faster, more efficient execution Digital connectivity allows expertise to be applied where it creates greatest value without adding customer complexity Floating Production, Storage and Offloading (FPSO) Competitive advantage productivity improvement10% • Proven expertise carries forward • Faster delivery for customers • Positions KBR for follow-on work with existing and new customers Repeat awards
49 Ammonia: Proven designs support repeatable delivery 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution Proven foundations Multiple deployments Proven technology and engineering know-how reduce execution risk • Faster engineering deployment • Lower execution risk • Better operating performance Two competitive awards built on the same proven foundation • Adaptable across customers and regions • Common foundation, tailored to customer needs • Both producing 3,500 metric tons of ammonia per day PAMPA SAN-7 Argentina Saudi Arabia 260+ projects worldwide ~6% lower energy consumption ~6 years of continuous operation 50% of global ammonia production World-leading efficiency World-leading reliability Expertise at scale Designs Equipment Expertise Ain Sokhna Ammonia Plant, Egypt 80+ years of ammonia technology and operating experience
50 Value of scalable execution 2026 KBR Investor DayFinancial Framework | Early Access | Customer Platforms | Scalable Execution Scalable execution supports growth, operating leverage and consistent project delivery Higher growth through scalable delivery models Improved margins through repeatable execution Consistent delivery through connected systems Global expertise and local accountability enable efficient scale Proven knowledge, repeatable designs and technology reduce reinvention and improve delivery efficiency Digital tools, shared data and common controls improve execution consistency as KBR scales Woodside LNG, Australia
512026 KBR Investor Day KBR investment thesis Stuart Bradie Chair of the Board, President and Chief Executive Officer
52 Structural demand supports sustained growth 2026 KBR Investor Day Technology and delivery expertise Shape investments Deploy complex solutions KBR is positioned where customers need to invest Energy security and transition Proprietary ammonia technology Proven designs Repeatable deployment Food and fertilizer security Lifecycle expertise Improve performance Extend asset life Infrastructure productivity and resilience WHY KBR
53 Focused. Repeatable. Profitable. 2026 KBR Investor Day A repeatable model designed to compound growth and create long-term shareholder value EARNINGS QUALITY 12%+ Adjusted EBITDA1 margin, 2027E-2029E CASH GENERATION 85%+ Free cash flow conversion7 2027E-2029E CAPITAL DISCIPLINE <2.5x Target net leverage8 ORGANIC GROWTH 10%+ Organic revenue CAGR5 2026E–2029E Excludes megaprojects Positioned in attractive markets • Attractive markets • Clear priorities • Capital aligned to the highest-return opportunities A growth engine that compounds • Enter early • Expand trusted customer relationships • Scale expertise across more work Growth that converts to value • Higher revenue • Profitable growth • Stronger cash conversion • Disciplined leverage FOCUSED REPEATABLE PROFITABLE
Break 2026 KBR Investor Day 54
Q&A 2026 KBR Investor Day 55
56 Thank You for Joining 2026 KBR Investor Day
572026 KBR Investor Day Appendix
58 Build and expand capacity • Population growth and industrialization • Energy and food security • Infrastructure development • Local resilience CAPEX-led demand Middle East | South America | Africa Digitalize, modernize and improve existing assets OPEX and modernization CAPEX • AI- and data-enabled productivity • Reliability and life extension • Energy and operating efficiency • Lower-cost capacity expansion North America | Europe | Japan | Korea Growth through asset modernization and new capacity 2026 KBR Investor Day
59 A clearer profile built around durable revenue growth 2026 KBR Investor Day RESULT Quality becoming more visible A focused growth and cash profile with a clearer basis for comparison Durable growth supported by backlog and customer expansion Higher profitability as the business scales Growing cash available for reinvestment and capital returns GROWTH Durable growth 10%+ QUALITY Profitable growth 12%+ Adj. EBITDA1 margin 2027E-2029E CASH GENERATION Cash-backed earnings 85%+ Free cash flow conversion7 2027E-2029E CAPITAL DISCIPLINE Investment capacity <2.5x Target net leverage8 PROVEN FOUNDATION ~15% revenue and adjusted EBITDA1 CAGR since 2021, excluding the LNG JV2 Organic revenue CAGR5 2026E-2029E
60 Differentiated model with a compelling financial profile 2026 KBR Investor Day PEER GROUPINGS PEER FINANCIAL PROFILE 2027E EV / EBITDA Stantec | Tetra Tech | WSP 9.2x - 14.9x AECOM | AtkinsRéalis | Jacobs Solutions 7.1x - 12.7x Fluor | Worley 6.0x - 6.6x MAIRE | Technip Energies 3.2x - 6.4x Honeywell Technologies | Lummus Technology | Topsoe | thyssenkrupp Uhde — Not in valuation set Proprietary technology + expertise across asset lifecycle Engineering and advisory focus Engineering across asset lifecycle Engineering and services across energy lifecycle Project delivery with proprietary technology Technology licensing and solutions ADVISORY-LED BROADER LIFECYCLE ENERGY DELIVERY DELIVERY + TECHNOLOGY TECH REFERENCES Source: FactSet median consensus estimates; market data as of October 30, 2026; Financials calendarized to December 31; 2025A-2027E revenue CAGR for Jacobs and Aecom due to limited availability of 2028 estimates; 2026E-2028E for KBR and all other peers. LSD = low-single-digit; MSD = mid-single-digit; HSD = high-single-digit. KBR Financial Profile Compares Favorably Margin % High teens Mid teens MSD HSD N/A 12%+ Cash Conversion 90%+ 85%+ 90%+ 80%+ N/A 85%+ Revenue Growth N/A 10%+ MSD LSD MSD HSD
61 Contact information 2026 KBR Investor Day Investor Contact Rachael Goldwait Media Contact Caitlin Gardner
62 Footnotes 2026 KBR Investor Day 1 Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. Adjusted EBITDA is defined as net income (loss) attributable to KBR, adjusted to exclude net (income) loss from discontinued operations, net of tax, and net income (loss) attributable to noncontrolling interest included in discontinued operations. Further adjustments add back interest expense, other non- operating expense (income), provision for income taxes, depreciation and amortization, and certain discrete items that have been identified by Management as not being reflective of the core operating performance of our business. Certain discrete items include spin-off, acquisition and integration costs, non-cash loss (gain) on legal entity realization, Ichthys commercial dispute costs, and provisions related to exit from Russian commercial projects. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by Revenues. Management believes these measures provide investors with useful information regarding KBR’s core performance. For post-spin KBR, Adjusted EBITDA also excludes net periodic pension benefit as a discrete item. All references to 2026E reflect illustrative implied segment adjusted EBITDA based on consolidated KBR 2026E guidance. 2 Adjusted EBITDA excluding LNG JV excludes the earnings contribution from the Plaquemines LNG joint venture. 3 Repeat business represents revenue from customers for whom KBR has previously performed work, as a percentage of revenue for the stated period. 4 Serviceable Addressable Market (SAM) and estimated global market CAGR reflect KBR’s interpretation and synthesis of external sources. 5 Organic revenue CAGR reflects compound annual revenue growth from 2026E to 2029E and excludes future capital deployment and megaprojects exceeding $1 billion of KBR scope. 6 Recurring JV EBITDA represents the earnings contribution from Brown & Root Industrial Services (BRIS) and other recurring joint ventures included in Adjusted EBITDA, excluding LNG JV. 7 Free cash flow and free cash flow conversion are non-GAAP financial measures. Free cash flow is calculated as cash flows provided by operating activities less capital expenditures. Free cash flow conversion is calculated as free cash flow divided by adjusted net income. Management believes these measures provide investors with useful information regarding KBR’s cash generation and ability to convert earnings into cash. 8 Net leverage is defined as gross debt less cash and cash equivalents, divided by trailing-twelve-month adjusted EBITDA. 9 Qualified pipeline reflects identified potential customer opportunities assessed by KBR. Pipeline is not backlog and does not guarantee awards or future revenue. 10 Book-to-bill (BTB) is bookings divided by consolidated revenue for the same period. Bookings and revenue reflect consolidated results only and exclude the proportionate share of unconsolidated joint ventures. 11 Backlog represents the value of work for which KBR has been selected and that is expected to be completed by consolidated subsidiaries, plus KBR’s proportionate share of work expected to be performed by unconsolidated joint ventures.
63 Glossary 2026 KBR Investor Day Industry / Market Terminology AI Artificial Intelligence bpd barrels per day BRIS Brown & Root Industrial Services Joint Venture (JV) EPCM Engineering, Procurement, and Construction Management FEED Front-End Engineering Design FID Final Investment Decision FPSO Floating Production, Storage and Offloading H2ACTSM Hydrogen (H2) Ammonia Cracking Technology IP Intellectual Property LNG Liquefied Natural Gas MSA Master Service Agreement MTS Mission Technology Solutions NGL Natural Gas Liquids O&M Operations & Maintenance SAF Sustainable Aviation Fuel SAM Serviceable Addressable Market STS Sustainable Technology Solutions U.K. United Kingdom U.S. United States Financial Terminology B Billion BTB Book to Bill CAGR Compounded Annual Growth Rate CAPEX Capital Expenditures EBITDA Earnings Before Interest, Tax, Depreciation and Amortization FCF Free Cash Flow JV Joint Venture M Million OPEX Operational Expenditures TTM Trailing Twelve Months
64 2021A 2022A 2023A 2024A 2025A 2026E CAGR Margin change Revenues - STS $1,467 $1,686 $2,134 $2,492 $2,525 $2,900 15% Operating income - STS $(33) $39 $369 $427 $493 Net income attributable to noncontrolling interests included in continuing operations (9) (3) (4) (6) (7) Depreciation and amortization 23 34 37 40 39 Spin-off, acquisition and restructuring (3) (1) - 3 - Non-cash loss (gain) on legal entity realization 7 - - - - Ichthys commercial dispute costs 218 143 1 11 - Provisions related to exit from Russian commercial projects - 25 (4) - - Adjusted EBITDA - STS $203 $237 $399 $475 $525 $550 22% Adjusted EBITDA Margin - STS 13.8% 14.1% 18.7% 19.1% 20.8% 19.0% ~500 bps Adjusted EBITDA – STS (excl. LNG JV) $203 $407 15% Adjusted EBITDA Margin – STS (excl. LNG JV) 13.8% 14.0% ~27 bps Non-GAAP reconciliation 2026 KBR Investor Day Adjusted EBITDA - Segment The company does not calculate or report net income on a segment basis because certain items, including income taxes, interest expense and certain corporate expenses, are managed on a consolidated basis and are not allocated to the Company's reportable segments. Accordingly, the Company reconciles STS adjusted EBITDA to segment operating income, which management believes is the most directly comparable measure of segment profitability. The company does not provide reconciliations of non-GAAP financial information to the most comparable GAAP financial measure on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, capital expenditures and acquisition-related expenses without unreasonable effort, which could be material to the company’s results computed in accordance with GAAP.
65 Supplemental reconciliation 2026 KBR Investor Day Segment to post-spin KBR accounting baseline 2026E Revenues - STS $2,900 Adjusted EBITDA – STS1 $550 Corporate and MTS shared costs (107) Net periodic pension benefit2 (18) Post-spin KBR Adjusted EBITDA3 $425 Margin % 14.7% 1 Reflects illustrative implied segment Adjusted EBITDA based on consolidated KBR 2026E guidance. The company does not provide reconciliations of Adj. EBITDA to the most comparable GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, and acquisition-related expenses without unreasonable effort, which could be material to the company’s results computed in accordance with GAAP. 2 Reflects removal of the pension benefit included in 2026E STS segment adjusted EBITDA, as the associated pension plan will transfer to Trinzic at separation. 3 Reflects 2026E standalone accounting presentation for post-spin KBR.
