KBR plans Trinzic spin-off for January 2027
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 released investor-day information for Trinzic, its wholly owned Mission Technology Solutions business, which KBR plans to spin off as an independent public company in January 2027. Trinzic is expected to serve national security, space and technology markets across global mission operations and sustainment, defense systems modernization, space and intelligence, and health and human performance.
For LTM Q3 2026, the presentation showed $5.1 billion in revenue, a $17.3 billion backlog, $483 million in adjusted EBITDA and a 9.5% adjusted EBITDA margin. It said 2027 revenue is underpinned by 80% work under contract, while NASA insourcing is expected to create an approximately 4% headwind in 2027.
For 2027–2029, Trinzic set targets of 3%-6% revenue CAGR excluding NASA insourcing, 9%+ adjusted EBITDA margin, more than $700 million cumulative operating cash flow and net leverage of 2.5x or less. Management said it intends to prioritize debt reduction, business investment and strategic acquisitions.
1 point · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointAdjusted EBITDA was $444 million in FY2025, versus $357 million in FY2023.
Negative
- None.
Filing Explained
KBR’s planned separation of Trinzic remains planned for January 2027; Trinzic expects net leverage of about 3.15x at separation and targets 2.5x or less near term, with debt reduction listed as a capital-allocation priority.
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
Revenue: $5.1 billion
Backlog: $17.3 billion
Adjusted EBITDA: $483 million
+5 more
8 metrics
Revenue
$5.1 billion
LTM Q3 2026
Backlog
$17.3 billion
LTM Q3 2026 presentation
Adjusted EBITDA
$483 million
LTM Q3 2026
Adjusted EBITDA margin
9.5%
LTM Q3 2026
Revenue CAGR
3%-6%
2027–2029 target, excluding NASA insourcing
Adjusted EBITDA margin
9%+
2027–2029 target
Cumulative operating cash flow
More than $700 million
2027–2029 target
Net leverage
2.5x or less
2027–2029 target
Key Terms
Adjusted EBITDA, Total Addressable Market (TAM), net leverage, C5ISR
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA is defined as net income (loss) attributable to Trinzic"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Total Addressable Market (TAM) financial
"$127 Billion Total Addressable Market (TAM)"
Total addressable market (TAM) is an estimate of the total revenue opportunity available for a product or service if it captured 100% of its potential customers. Think of it as the size of the whole pizza a company could sell rather than the slice it currently has; investors use TAM to judge how big a business could grow, compare opportunities across companies, and decide whether a market is large enough to support meaningful returns.
net leverage financial
"≤ 2.5x targeted near-term net leverage via cash flow generation and earnings growth"
Net leverage measures how many years it would take for a company to pay off its outstanding debt using its annual operating cash flow, after subtracting cash on hand from total debt. Think of it like a household’s mortgage balance minus savings divided by yearly income; a lower number means the company is in a safer position to handle debt, while a higher number signals greater financial risk and potential pressure on profits or growth.
C5ISR technical
"Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance, and Reconnaissance (C5ISR)"
C5ISR stands for Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance and Reconnaissance — a bundle of technologies and services that let militaries and governments collect information, protect networks, and make fast decisions. Think of it as a city’s emergency response system that links cameras, radios, maps and analysts so responders see what’s happening and act quickly. For investors, C5ISR work often means large, long-term government contracts, steady technology spending, and exposure to defense budget shifts and export rules.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
When does KBR plan to spin off Trinzic?
KBR said its wholly owned Mission Technology Solutions business is expected to spin off as an independent public company in January 2027 and then operate under the name Trinzic.
What revenue and backlog did KBR disclose for Trinzic?
For LTM Q3 2026, the presentation showed $5.1 billion in revenue and a $17.3 billion backlog; it also listed $483 million in adjusted EBITDA and a 9.5% adjusted EBITDA margin.
How is KBR's Trinzic revenue divided among its four markets?
For LTM total Trinzic revenue, global mission operations and sustainment represented $1.7 billion (33%); defense systems modernization, $1.5 billion (29%); space and intelligence, $1.5 billion (30%); and health and human performance, $400 million (8%).
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 12, 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 12, 2026, KBR, Inc. (“KBR”) issued a press release providing details regarding the investor day of Trinzic, Inc. (“Trinzic”), currently a wholly owned subsidiary of KBR (the “Trinzic Investor Day”). The Trinzic Investor Day will be held on November 12, 2026. A live webcast of the Trinzic Investor Day can be accessed on the Trinzic Investor Day website at boldconnected.trinzic.com. A replay of the webcast and the accompanying slide presentation will be available on KBR’s investor relations website following the event.
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 to be used at 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 12, 2026, titled, “Trinzic Investor Day Highlights Strong Foundation, Differentiated Capabilities and Growth Opportunities.” | |||||||
99.2 | Trinzic, Inc. Investor Day Presentation Slides, dated November 12, 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
Trinzic Investor Day Highlights Strong Foundation, Differentiated Capabilities and Growth Opportunities
Company expected to launch in January 2027 with more than $5 billion in annual revenue, a diversified portfolio of long-term contracts across four core growth markets
HOUSTON, November 12, 2026 – KBR (NYSE: KBR) will host Trinzic Investor Day in New York City today. The leadership team of Trinzic, the planned spin-off of KBR's Mission Technology Solutions business, will discuss the company's strategy, differentiated capabilities, growth opportunities and financial framework ahead of its planned launch in January 2027. Trinzic will enter the market as a national security, space and technology company that combines global scale, trusted expertise and advanced technology solutions to support some of the world's highest-priority missions in the U.S., U.K. and Australia.“Trinzic has a strong foundation and even greater potential waiting to be unlocked,” said Michael LaRouche, President and Chief Executive Officer-Designate of Trinzic. “Becoming an independent company gives us greater flexibility to invest in the capabilities where we are most differentiated, most scalable and most aligned to our customers’ evolving priorities.”
Investor Day Themes and Strategic Framework
Governments around the world are increasing investment in national security, space and mission modernization. That investment, combined with the growing need for integration, creates compelling opportunities for Trinzic. Investor Day will highlight how the company intends to capitalize on those opportunities by helping customers modernize existing systems, connect new capabilities and make faster, smarter decisions.
•Strong foundation: Trinzic is already operating at scale. As of 2026 Q3 LTM, it had more than $5 billion in annual revenue and a backlog of $17.3 billion, along with 18,000 employees, a global footprint, enduring customer relationships and a diversified portfolio of long-term contracts and programs.
•Global capabilities. Local delivery: Trinzic combines global presence with trusted local execution and sovereign operating models in the U.S., U.K. and Australia.
•Growth through capability adjacencies: Trinzic expects to expand by applying proven capabilities, customer access and mission expertise to adjacent markets, mission sets and customer requirements.
•Alignment with long-term customer priorities: Trinzic's portfolio is aligned with enduring customer priorities across global defense, intelligence, space and human performance missions.
Financial Framework
Trinzic expects to drive sustainable growth, cash generation and long-term shareholder value by leveraging the company's differentiated capabilities to compete more effectively in its core growth markets.
•Credible path to sustainable growth: Trinzic expects to be more focused, agile and better positioned to deliver sustainable growth as an independent company through disciplined contract execution and improved new business conversion.
•Focus on adjusted EBITDA dollar growth: Margin expansion remains an opportunity, but Trinzic will continue prioritizing attractive growth opportunities while driving sustained adjusted EBITDA dollar growth.
•Strong cash generation: Cash generation is a defining characteristic of Trinzic's capital-light business model and supports continued investment in the business and long-term value creation.
•Disciplined capital allocation: Trinzic intends to use its strong cash generation to reduce leverage, invest in growth and maintain flexibility for strategic acquisitions.
Core Growth Markets
Trinzic expects to pursue growth opportunities across four core markets where the company has established customer positions, differentiated capabilities and opportunities for continued expansion.
•Global Mission Operations and Sustainment
oTrinzic’s competitive advantage lies in its market leading position across integrated logistics, base operations, infrastructure modernization and critical asset lifecycle support that enable defense and scientific missions worldwide. This differentiating position supports growing demand across intelligence, military and civilian operations. Growth priority areas include supply chain and asset management, intelligence infrastructure and operations, military and civil operations, and nuclear and strategic infrastructure.
•Defense Systems Modernization
oTrinzic connects existing and next-generation platforms across the mission lifecycle to accelerate modernization, integration and mission impact in an increasingly complex security environment. Trinzic's differentiated position combines deep mission knowledge, technology innovation and digital integration expertise. Growth priority areas include integrated air and missile defense, command-and-control and intelligence integration, Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance, and Reconnaissance (C5ISR), legacy and next-generation platform engineering, and mission-enabled IT.
•Space and Intelligence
oTrinzic helps customers sense, make sense and act in an increasingly complex world, providing decision confidence through systems engineering and integration, military satellite communications, space exploration, and ground system modernization. The company integrates complex, multi-vendor and multi-mission environments and combines a global presence, local delivery model and vendor-agnostic approach. Growth priority areas include civil space, space systems integration, intelligence collection and analysis, and Electromagnetic Spectrum Operations (EMSO).
•Health and Human Performance
oTrinzic prepares mission-critical personnel for the world's most demanding operating environments through integrated medical, behavioral health, training and human performance solutions. The company brings decades of experience supporting astronauts, warfighters and other highly specialized professionals with applied science, specialized care and technology-enabled solutions that improve readiness, resilience and recovery. Growth priority areas include NASA health and human performance, military readiness and training, and defense and civilian medical services.
Event Details
A live webcast of the Investor Day will be available through Trinzic’s Investor Day website. A replay of the webcast and accompanying slide presentation will be available following the event.
About KBR
KBR is a global technology and services company helping customers solve complex challenges across energy, food and agriculture, and industrial and critical infrastructure 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.
About Trinzic
KBR’s Mission Technology Solutions business is expected to be spun off as an independent public company in January 2027 and will then operate under the new name Trinzic. The name is inspired by the word intrinsic, reflecting the essential capabilities, deep expertise, speed and trusted performance that have defined the business for decades. Trinzic will enter the market as a global company and partner to customers supporting some of the highest priority missions across national security, human performance, global operations and space. Trinzic will launch with more than $5 billion in annual revenue, established partnerships and contracts, 20,000 employees and a global footprint.
Forward Looking Statements
The statements in this press release that are not historical statements, including statements regarding the planned spin-off of Trinzic, its strategy and its future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks, uncertainties and assumptions, many of which are beyond the company’s control, that could cause actual results to differ materially from the results expressed or implied by the statements. These risks, uncertainties and assumptions include, but are not limited to, those set forth in the Form 10 filed by Trinzic, KBR’s most recently filed Annual Report on Form 10-K, and any subsequent Form 10-Qs and 8-Ks and other U.S. Securities and Exchange Commission filings, which discuss some of the important risks, uncertainties and assumptions that the company has identified that may affect its business, results of operations and financial condition. Due to such risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
For further information, please contact:
Investors
Gabe Butler
Vice President, Investor Relations-Designate
713-753-5082
Investors@kbr.com
713-753-5082
Investors@kbr.com
Media
Kimberly Schwandt
Vice President, Marketing and Communications-Designate
713-753-3800
MediaRelations@kbr.com
713-753-3800
MediaRelations@kbr.com
Welcome Gabe Butler Vice President, Investor Relations-Designate 2
3 Disclosures Forward-Looking Statements The information in this presentation has been prepared in connection with the previously announced plan by KBR, Inc. (“KBR” or “RemainCo”) to spin off (the “spin-off”) its Mission Technology Solutions business (the “Company,” “Trinzic, Inc.” or “Trinzic”) from information provided by management and other sources. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than historical information or current facts are forward looking statements, including, but not limited to statements regarding: the anticipated timing of the spin-off, the structure, benefits and tax treatment of the spin-off; the strategic, operational and financial advantages of Trinzic following the spin-off; expected leadership transitions in connection with the spin-off; and the business strategies, prospects, projections and future financial results of Trinzic. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “intend,” “may,” “might,” “outlook,” “predict,” “plan,” “potential,” “project,” “pursue,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Although KBR and Trinzic believe that the expectations reflected in any forward-looking statements made in this presentation are based on reasonable assumptions, these expectations may not be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties, including that the spin-off may not be completed within the anticipated time period or at all; the spin-off may not achieve its intended benefits or entail unanticipated costs; uncertainty regarding Trinzic’s expected financial performance; Trinzic’s ability to achieve its anticipated capital structure, including the future availability of credit; financing transactions undertaken or expected to be undertaken in connection with the spin-off and risks associated with indebtedness; uncertainty, delays or reductions in government funding, appropriations and payments; Trinzic’s ability to compete in the markets in which it operates; economic, political, regulatory, foreign exchange, and other risks of international operations; Trinzic’s lack of operating history as an independent, publicly traded company and unreliability of historical combined financial information as an indicator of Trinzic’s past results; Trinzic’s ability to manage its liquidity; delays, cancellations or reversals of contract awards due to bid protests or legal challenges; and tariffs, inflation, recession, military conflicts, natural and other disasters. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the section entitled “Risk Factors” in KBR’s recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and Form 8-Ks and other documents KBR may file from time to time with the U.S. Securities and Exchange Commission (“SEC”) and the section entitled “Risk Factors” in the information statement included in the registration statement on Form 10 that Trinzic filed with the SEC on September 30, 2026, as amended on November 6, 2026, in connection with the spin-off. The forward-looking statements included in this presentation represent KBR’s and Trinzic’s views as of the date hereof and should not be relied upon as representing KBR’s or Trinzic’s views as of any date subsequent to the date hereof. Except as required by law, KBR and Trinzic undertake no obligation to revise or update publicly any forward-looking statements for any reason. Non-GAAP Financial Information This presentation includes certain non-GAAP financial measures, including Adj. EBITDA and Adj. EBITDA margin. KBR and Trinzic believe these non-GAAP financial measures provide a view of Trinzic’s core performance and enable a reader of its financial statements to make a more informed assessment of such core performance over comparable periods. While Trinzic believes that these non-GAAP financial measures are useful in evaluating its financial information, they should be considered supplemental in nature and should not be considered as superior to or as a substitute for the financial information of Trinzic prepared in accordance with U.S. GAAP. Other companies may define similar measures differently, and the presentations herein may not be comparable to other similarly titled measures used by other companies. Please refer to the next slide of this presentation for definitions of these non-GAAP financial measures and the appendix of this presentation for reconciliations of Adj. EBITDA and Adj. EBITDA margin to the nearest GAAP measures. This presentation does not include reconciliations of Adjusted EBITDA and Adjusted EBITDA margin to the most comparable GAAP financial measures on a forward-looking basis because KBR and Trinzic are unable to predict with reasonable certainty all of the components required to provide such reconciliations, including the ult imate outcome of legal proceedings, unusual gains and losses, and acquisition- related expenses without unreasonable effort, which could be material to Trinzic’s results computed in accordance with GAAP.
4 Non-GAAP Definitions Adjusted EBITDA is defined as net income (loss) attributable to Trinzic, 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 set forth below that have been identified by management as not reflective of the business’s core operating performance. Certain of these items may also be non-recurring, may not be cash expenses, and/or may fluctuate from period to period based on factors that are not within our control (e.g., changing market and economic conditions). Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by revenue.
A Bold New Chapter Stuart Bradie President & Chief Executive Officer, KBR 5
Introducing Trinzic: The Bold. Connected. Michael LaRouche President & Chief Executive Officer-Designate, Trinzic Nicholas Veasey Chief Financial Officer- Designate, Trinzic 6
7
Trinzic is strong, successful, and respected with solutions across a range of missions that matter Key Questions Up Front NASA Insourcing • Expect impact to end in 4Q2026 • Remains large portion of portfolio • Some programs growing • Pursuing new contracts with strong alignment with growth strategy AI Impact • Used internally to streamline operations • Used with customers to accelerate delivery and increase output UK and Australia Defense Plans • Good for Trinzic • UK 400 billion / 4yrs • AUS 70 billion on capability uplift / 4yrs • #1 strategic supplier (of 39), per UK Govt • UK and AUS need private financing – Trinzic runs best and most valuable PFI 2 deals in UK US Midterm Election • Watching carefully • Reconciliation bill - estimate low risk • Trinzic portfolio positioned in growing markets with bipartisan support: space, intelligence, system modernization NSF1 Antarctica • Re-awarded • Transition underway and lasts for several months • Revenue starts in 4Q2026 • Revenue is seasonal with increase in summer months (Nov-Feb) 54321 1 National Science Foundation 2 Private Finance Initiative 8
NOVEMBER 12, 2026 Agenda Operational Excellence • Stuart Bradie | President & CEO, KBRWelcome Introducing Trinzic Capabilities, Markets, and Growth Priorities • Doug Hill • Paul O’Shaughnessy • Todd May • Jay Lennon • Nic Maan • Erik Biebighauser • Nicholas Veasey | CFO-DesignateFinancial Overview • Trinzic Leadership TeamQ&A • Michael LaRouche | President & CEO-Designate • Michael LaRouche | President & CEO-Designate • Nicholas Veasey | CFO-Designate 9
OPENING THE APERATURE OF TRINZIC’S CAPABILITIES 1 Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance, and Reconnaissance INTELLIGENCE INFRASTRUCTURE & OPERATIONS SUPPLY CHAIN & ASSET MANAGEMENT NUCLEAR & STRATEGIC INFRASTRUCTURE ELECTROMAGNETIC SPECTRUM OPERATIONS INTELLIGENCE COLLECTION & ANALYSIS MILITARY READINESS & TRAINING DEFENSE & CIVILIAN MEDICAL SPACE SYSTEMS INTEGRATION MILITARY & CIVIL OPERATIONS CIVIL SPACE C5ISR INTEGRATION & SUSTAINMENT1 INTEGRATED AIR & MISSILE DEFENSE MISSION-ENABLED ITLEGACY & NEXT-GEN PLATFORM ENGINEERING HEALTH & HUMAN PERFORMANCE 10
11
12 2016 | STARTING POINT ~$0.7B REVENUE LTM Q3 2026 | TODAY ~$5.1B REVENUE $17.3B Backlog SOVEREIGN OPERATIONS WITH GLOBAL REACH Scaled through organic growth and eight acquisitions over the last 10 years. Diversified across enduring and priority markets Workforce Advanced Degrees Veterans1 National Security Clearances 18,000+ 4,000+3,000+ 7,500+ 1 Includes reservists and military spouses Highly skilled workforce with intrinsic domain knowledge providing full lifecycle solutions, including 30% Research and Development (R&D), engineering, and integration Global Mission Ops. & Sustainment Defense Systems Modernization Space & Intelligence Health & Human Performance33% 29%30% 8% Australia United States United Kingdom Trinzic Fundamentals NATIONAL SECURITY, SPACE, AND TECHNOLOGY
13
14 CFO Takeaways Connecting our strengths more effectively to create sustainable growth and long-term shareholder value OUR FOUNDATION IS ALREADY IN PLACE • Revenue visibility • Significant backlog • Well-positioned globally CREDIBLE PATH TO SUSTAINABLE GROWTH • Disciplined contract execution • Capability transfer • New business conversion • Agile Partner • Rapidly Deploy CASH GENERATION IS INTRINSIC DISCIPLINED, TRANSPARENT CAPITAL ALLOCATION • Capital light • Cash conversion • High renewal rates • Near-term deleverage priority • Focused internal investment • Flexibility for acquisition • Resilient adjusted EBITDA • Prioritizing revenue growth • Margin expansion is an opportunity ADJUSTED EBITDA DOLLAR GROWTH
15
Paul O’Shaughnessy Vice President, Trinzic UK Doug Hill President, Trinzic US $127 Billion Total Addressable Market (TAM) Global Mission Operations & Sustainment PROVEN. GLOBAL. SCALABLE. Integrated logistics, base operations, infrastructure modernization, and asset management that enable defense and scientific missions worldwide, from enduring installations to expeditionary operations in remote and austere environments. $1.7 Billion 33% of LTM Total Trinzic Revenue 30+ Countries Operational Footprint Today 16
17 Global reach. Trusted, sovereign execution. Optimized by AI-enabled planning, analytics, and automation. Persistent Readiness Demand Customers require continuous asset availability, operational continuity, and rapid-response capacity Long-Duration Programs Growing demand for support through private finance initiatives and dedicated funding drives partnership continuity Integrated Mission Delivery Operations, supply chain, infrastructure, and sustainment are managed as one mission system Failure is Not an OptionModernize What Exists Connect What’s Next Complex Operating Environments Missions span austere locations, secure facilities, and multi-partner delivery networks R&D, Concept Dev., & Advanced Science Rapid Capability Development & Testing Systems Integration Mission Operations & SustainmentEngineeringMission Lifecycle Global Mission Operations & Sustainment
18 Trinzic’s advantage combines mission knowledge, technology innovation, and rapid commercial models Mission-Proven Experience Decades of successful execution in some of the world's most demanding operational environments Data-Driven Workforce Solutions Leveraging data and AI at scale to optimize workforce readiness and mission execution Large-Scale Program Delivery Demonstrated success supporting complex, high-value private finance initiatives bringing $12B to the UK with contractual runway to 2041 Consistent Execution Trust Deepens Insight Adjacent Growth Potential Mission Capability Integration Trinzic Competitive Advantage
Intelligence Infrastructure & Operations Supply Chain & Asset Management Military & Civil Operations Nuclear & Strategic Infrastructure Expand into infrastructure and operations solutions to classified mission facilities on a global scale Estimated US, UK, European, and Australian annualized spend growing by $5B+ Leverage existing large global logistics platforms with an average remaining duration of 10 years to grow US, UK, and Australian military and homeland defense integrated solutions Expand UK naval base and nuclear sustainment and submarine decommissioning, which the MoD plans to spend $9B over the next 4 years Proven capabilities unlock significant growth across customers, missions, and geographies GROWTH PRIORITIES 19
20 // Global Volatility Drives Enduring Demand Trinzic’s scale, global reach, and staying power support enduring critical missions. Established customer access and a proven, repeatable readiness model position us to deliver. Global Mission Operations & Sustainment
$27 Billion Total Addressable Market (TAM) READY. RESILIENT. RELENTLESS. Integrated medical, behavioral health, and human performance solutions that apply research and specialized care to optimize astronaut and warfighter readiness, support recovery, and strengthen resilience for mission-critical personnel and their families. $400 Million 8% of LTM Total Trinzic Revenue 25,000 USSOCOM1 Personnel Supported Health & Human Performance Todd May Senior Vice President, Trinzic US 1 U.S. Special Operations Command 21
22 Proven human performance capabilities extend from space exploration to military readiness R&D, Concept Dev., & Advanced Science Rapid Capability Development & Testing Systems Integration Mission Operations & SustainmentEngineeringMission Lifecycle Failure is Not an OptionModernize What Exists Connect What’s Next Human Space Flight Comprehensive health and human performance and training for US and commercial astronauts Long-Term Sustainment Spacesuit development, testing, and sustainment. Altitude chambers and centrifuges operations Cutting-Edge R&D Support Nobel class research – space effects and countermeasures, traumatic brain injury Integrated Physical & Mental Health Holistic approach to improving physical health, mental resilience, and human performance Health & Human Performance
23 At-scale, global delivery, converging data and AI with deep mission experience that cannot be unplugged Human Performance Expertise Decades of support to the world’s most highly trained and mission-critical personnel Applied Research & Innovation Continuous investment in research, development, and applied science to advance human performance Integrated Health Solutions Holistic, technology-enabled medical and behavioral health solutions across the continuum of care Global Operational Agility Rapidly mobilizing skilled personnel and resources to meet mission needs worldwide Trinzic Competitive Advantage
Decades of expertise and innovation enable differentiated delivery at scale Defense & Civilian Medical Leverage embedded positions in DHA1 and other agencies; expand USAF human performance NASA Health & Human Performance Leverage expertise for lunar campaign and expand to commercial space market Military Readiness & Training Expand beyond USSOCOM to broader US and international military customers GROWTH PRIORITIES 1 Defense Health Agency 24
25 // Emerging Need for Personnel Readiness & Resilience Trinzic’s cutting-edge approach to operator readiness is extending globally, driving demand in human performance science, training, medical, and behavioral health. Health & Human Performance
Space & Intelligence SENSE. MAKE SENSE. ACT. Military, civil, and human space and intelligence solutions spanning systems and mission engineering, satellite communications, space exploration, and advanced intelligence analysis. Nic Maan Vice President, Trinzic Australia Jay Lennon President, Trinzic US $41 Billion Total Addressable Market (TAM) $1.5 Billion 30% of LTM Total Trinzic Revenue 40,000 Global Users 26
27 Global demand for resilient space architectures, secure connectivity, and actionable intelligence R&D, Concept Dev., & Advanced Science Rapid Capability Development & Testing Systems Integration Mission Operations & SustainmentEngineeringMission Lifecycle Failure is Not an OptionModernize What Exists Connect What’s Next Increasing System Complexity Customers must integrate expanding constellations, ground systems, terminals, sensors, and command- and-control environments Resilient Secure Connectivity Military and intelligence missions require protected communications and interoperable architectures across space, ground, and terminal systems Sovereign Allied Capability US allies now demand vendor-agnostic, locally integrated, and supported space and command-and-control capabilities Faster Intelligence-to-Action The value of space data depends on the ability to fuse, interpret, and deliver it to operational users Space & Intelligence
28 Flexible Integration Vendor-agnostic solutions designed around mission requirements, not product constraints Space Mission Expertise Advanced space domain awareness through integrated space and terrestrial sensing, tracking 30,000 entities daily Proven Customer Access 5,000 individuals supporting deep engineering and integration presence across DoW, civil, and classified space programs Trusted Partnerships Global reach and local execution that create enduring customer relationships as a Tier 1 integrator in Australia Trinzic enables complex, multi-vendor, multi-mission environments to work as one Trinzic Competitive Advantage
Trinzic is positioned for growth acceleration through strong customer alignment, funding, and established expertise Civil Space Space Systems Integration Intelligence Collection & Analysis Electromagnetic Spectrum Operations Space integration is a durable, high-growth market to expand our existing franchise position in the US and Australia — $5b+ Australian market as a Tier 1 integrator Global intelligence budgets continue to grow significantly as national security demands continue to expand Investment will grow by 57% in FY27, driven by scaled fielding, integration, and sustainment Build on our established civil space mission expertise to pursue lunar and commercial space opportunities GROWTH PRIORITIES 29
30 // Contested Space Drives Need for Decision Speed Trinzic enables complex, multi-mission environments to work as one. Our integration expertise, advanced analytics, and mission tools rapidly turn data into actionable intelligence, delivering decision advantage. Space & Intelligence
$121 Billion Total Addressable Market (TAM) $1.5 Billion 29% of LTM Total Trinzic Revenue 8 Years Autonomous Systems Integration Defense Systems Modernization LEGACY TO NEXT-GEN Rapidly adopting emerging technologies to connect existing and next-generation platforms across the mission lifecycle and enable faster, more effective mission outcomes amid accelerating battlefield transformation. Erik Biebighauser Senior Vice President, Trinzic US 31
32 Trinzic delivers digital fusion to accelerate modernization, integration, and mission impact Battlefield Complexity Emerging technologies are transforming the battlefield at an unprecedented pace, challenging legacy capabilities Digital Integration Innovation Open, digital architectures define interfaces and accelerate integration across the mission lifecycle Interoperability Imperative Legacy and next-generation systems must function seamlessly across many vendors and allied markets Failure is Not an OptionModernize What Exists Connect What’s Next Urgent Global Security Priority Allied government investment is surging, driven by the recognition that global stability is at risk R&D, Concept Dev., & Advanced Science Rapid Capability Development & Testing Systems Integration Mission Operations & SustainmentEngineeringMission Lifecycle Defense Systems Modernization
33 Trinzic’s advantage combines mission knowledge, technology innovation, and rapid commercial models Mission Trust Intimate mission knowledge and customer trust to integrate solutions across the development lifecycle Applied Innovation Innovation in applied technologies that accelerate digital integration and operational impact Agile Delivery Flexible contracting models that accelerate acquisition across services, solutions, and products Trinzic Competitive Advantage
Trinzic holds differentiated positions with strong growth visibility across these priority mission areas GROWTH PRIORITIES Integrated Air & Missile Defense C5ISR Integration & Sustainment Legacy & Next-Gen Platform Engineering Mission-Enabled Information Technology FY27 US Army budget for expanded missile defense surging 66% to $12B FY27 spending growth projected at +20% to ~$45B across US, UK, and AUS markets Growth driven by autonomous systems integration and extended service life across many legacy platforms Visibility to $1B+ in new direct awards driven by underlying tech innovations over the next 18 months 34
35 Breakthrough AI platform built to scale across customers, missions, and security environments Next-Gen Modeling & Simulation Fusion GEMSTONE is a breakthrough solution to a longstanding modeling and simulation challenge: integrating disconnected models and analysis across multiple classification levels. It's an open technology AI platform that automatically connects environments for accelerated insights across programs. $330K $100M Program Four-year USAF project awarded in early 2026, scaling across DoW Months to Days AI-automated modeling connectivity generates insights in drastically reduced timeframes from months to days GEMSTONE // AI-POWERED DIGITAL INTEGRATION PROOF POINT TRINZIC COMPETITIVE ADVANTAGE THE IMPACT
36 Trinzic’s FIREFLY counter-drone laser system delivers innovation to meet a critical threat Directed Energy Drone Defense FIREFLY is a mature, industry- leading high-energy laser system proven to defeat Class 1-3 unmanned aerial systems (UAS) • Modular architecture – field maintainable • Successful DoW testing • Configurable: 2.5, 5, 10, 20, and 30 kW variants Selected by Pentagon Task Force One of four directed energy systems chosen for counter- drone pilot program $3.1B Demand Signal The Pentagon's FY26 budget for counter-UAS capabilities and global demand expecting to increase by 26% FIREFLY // PLATFORM ENGINEERING & INNOVATION PROOF POINT TRINZIC COMPETITIVE ADVANTAGE THE IMPACT
37 // Moving Legacy to Next-Gen at Speed Trinzic’s global footprint modernizing legacy air, land, and sea systems keeps warfighters mission- ready today while we accelerate digital fusion, integration, and mission impact into the future. Defense Systems Modernization
38 Global Mission Operations & Sustainment Defense Systems Modernization Health & Human Performance Space & Intelligence TRINZIC'S FOUR CORE MARKETS Research, digital and systems engineering, rapid prototyping, integration, and lifecycle sustainment that modernize defense platforms and mission systems, connect layered air and missile defenses, and accelerate the testing and fielding of new capabilities. Military, civil, and human space and intelligence solutions spanning systems and mission engineering, satellite communications, space exploration, and advanced intelligence analysis. Integrated medical, behavioral health, and human performance solutions that apply research and specialized care to optimize astronaut and warfighter readiness, support recovery, and strengthen resilience for mission-critical personnel and their families. Integrated logistics, base operations, infrastructure modernization, and asset management that enable defense and scientific missions worldwide, from enduring installations to expeditionary operations in remote and austere environments. US // UK // AUSTRALIA US // UK US // UK // AUSTRALIAUS // UK // AUSTRALIA
39 Operational excellence in attractive markets with relevant capabilities to produce better outcomes CHANGE. ADAPT. MODERNIZE. Trinzic has attractive potential. To capture that potential, we will run the company differently. We are already implementing improvements in our pursuit of operational excellence. Future-focused strategy execution with ready-now investment for technical integration, powered by automation Streamline operations using principles of agile methodology to eliminate rework and delays and to create efficiency Expand data access and provide automated courses of action to decisive leadership Operational Excellence Modernizing Growth Streamlining Operations Better, Faster Decisions Increased differentiation and speed for profitable growth Efficiency creates optionality for margin, competitiveness, and expansion Creating decision advantage within Trinzic
Financial Overview Nicholas Veasey Chief Financial Officer-Designate, Trinzic 40
Our Foundation is Already in Place Credible Path to Sustainable Growth EBITDA Dollar Growth Cash Generation is Intrinsic Disciplined, Transparent Capital Allocation 41
42 Global Scale DIVERSIFIED WITH AN UNMATCHED GLOBAL FOOTPRINT K E Y H I G H L I G H T S $5.1B 2026 Revenue LTM Q3 2026 4.4% 2023 – 2025 Revenue CAGR 9.5% 2026 Adj. EBITDA Margin LTM Q3 2026 $483M 2026 Adj. EBITDA LTM Q3 2026 0.5% 2023-2025 CapEx % of sales D I V E R S I F I E D M I X Revenue and Adj. EBITDA by Sovereign Location U.S. , 86% U.K. & Australia, 14% U.S. Army, 31% U.S. Air Force, 26% U.S. Navy, 20% U.S. Space Force, 8% Classified, 7% USSOCOM, 4% Other, 4% U.S. DoW, 64% Comm. & Infra., 2% Civilian USG, 19% U.K. & Australia, 15% Revenue by Customer and DoW Agency Breakout U.S. , 78% U.K. & Australia, 22% 59% 15% 26% CONTRACT TYPE (Q3 2026) Cost Plus T&M FFP
43 INSOURCED NASA REVENUE CREATES A ~4% HEADWIND IN 2027 2027 REVENUE UNDERPINNED BY 80% WORK UNDER CONTRACT 99% 80% 6% 1% 14% 2026E 2027E Existing Recompetes New Business 2026 Revenue ~$200M $8B Antarctica (ASESC) win underpins near- term growth visibility 3.4x backlog and options to revenue multiple positions Trinzic near the top of the peer list Low recompete volume over the next three years sharpens focus on new business growth Trinzic’s revenue visibility provides a stable base for growth opportunities Revenue Visibility
EBITDA Strength 44 $357 $400 $444 $483 FY2023 FY2024 FY2025 LTM Q3 2026 % Revenue 7.4% 7.7% 8.4% 9.5% Sovereign market development is converting into higher- margin growth Top 10 contracts are diversified by mission focus and geographic funding source M&A augmented the margin profile and mix of contracts Separation drives a more efficient cost structure and strategy ADJUSTED EBITDA GROWTH ($MM) CONTINUING RESOLUTIONS • Mission-critical DoW work • Immaterial impact from cancellation or de-scoping GOVERNMENT SHUTDOWNS • Minimal operational and financial impact in 2019 & 2025 OTHER POLICY CHANGES • Resilient across administrations • Supported by enduring government priorities Trinzic’s resilient portfolio drives EBITDA growth and margin expansion opportunity
Durable Cash Generation 45 CONSISTENT DRIVERS OF CASH GENERATION Adjusted EBITDA Growth Outpaced Revenue Growth 11.5% CAGR FY23-FY25 52→48 Days Reported DSO* 2024 to Q3 2026 Capital-Light Model <1% CapEx / Revenue Trinzic GENERATED $700M of Operating Cash Flow From 2023-2025 BEFORE proforma interest expense 119% OCF / Net Income Conversion FY23-FY25 Cumulative *Reported DSO calculated using period-end accounts receivable, contract assets, and revenue for the applicable period. Durable earnings growth, disciplined working capital, and low capital intensity support strong cash conversion
Capitalization and Capital Allocation 46 LEVERAGE OBJECTIVE Prioritize debt reduction Invest in organic growth Disciplined M&A is expected to be accretive, focused on mission-critical technologies Opportunistic share repurchases Dividend strategy development CAPITAL ALLOCATION PRIORITIES ≤ 2.5x targeted near-term net leverage via cash flow generation and earnings growth Expected Net Leverage at Separation Target Net Leverage ~3.15x ≤2.5x Deleveraging creates capacity for disciplined growth investment Near-Term Medium-Term
Global Mission Operations & Sustainment Defense Systems Modernization Health & Human Performance Space & Intelligence GROWTH MARKET CAGRs $127B TAM FY 2026E 3-4% Multi-Year Market Estimate1 $1.7B 33% LTM Total Trinzic Revenue $27B TAM FY 2026E 3-5% Multi-Year Market Estimate1 $400M 8% LTM Total Trinzic Revenue $41B TAM FY 2026E 5-7% Multi-Year Market Estimate1 $1.5B 30% LTM Total Trinzic Revenue $121B TAM FY 2026E 4-6% Multi-Year Market Estimate1 $1.5B 29% LTM Total Trinzic Revenue 1: Third Party Market Compound Annual Growth Rates supplied by ARENA Strategic Advisors 47
48 Consistent execution will unlock meaningful shareholder value 2027–2029 Investor Day Targets 3%-6% 3-year Revenue CAGR* * Excluding NASA Insourcing 9%+ Adjusted EBITDA Margin >$700M Cumulative Operating Cash Flow ≤2.5X Net Leverage
Closing Remarks Michael LaRouche President & Chief Executive Officer-Designate, Trinzic 49
50 Unlocking the potential in a business that is positioned in global defense and national security priorities • $300B+ addressable market • Positioned with strength in global priorities • Exceptional customer access • Intrinsic mission expertise Market Alignment Why Trinzic? Why Now? Opportunity to invest in a new stand-alone business strongly positioned in national security, space, and technology with a mission-focused growth engine • Applying automation • Investing in integration technology • Deploying technology to streamline operations Technology-Forward • Positioned to invest and scale higher-margin integrated hardware and software solutions • Progressing products like Firefly, Iron Stallion, and Gemstone Embedded Product Optionality • At-scale, diversified portfolio • Strong, multi-year backlog • Limited near-term recompetes • Continued on-contract growth Durable Base • Modernizing growth actions • Speed with OTA/Phase III/CSOs1 • Private investment experience • Leading contract vehicle access Growth Engine • Multi-year revenue and EBITDA dollar growth • At-scale operating leverage • Efficiency gains post-spin EBITDA Expansion • Durable, predictable contracts • Capital-light model • Favorable working capital • Strong cash conversion Cash Generation 1 Other Transaction Authority (OTA) Commercial Solutions Opening (CSO)
51
Q&A Trinzic Leadership Team 52
Appendix 53
in $MM FY2023A FY2024A FY2025A LTM Q3 2026A Net income attributable to Trinzic $82 $228 $245 $295 Net (income) loss from discontinued operations, net of tax 1 (2) 55 (4) Net income (loss) attributable to noncontrolling interests included in discontinued operations — 1 (19) — Net income attributable to Trinzic from continuing operations $83 $227 $281 $291 Interest expense 20 19 13 10 Other non-operating expense 10 2 1 4 Provision for income taxes 50 70 82 89 Depreciation and amortization 75 89 103 99 Acquisition, integration and restructuring 4 16 7 4 Legacy legal fees and settlements 155 24 — — Lease right-of-use asset impairment — — — 15 Share of JV interest, tax, and D&A — — — 8 Net periodic pension benefit (40) (47) (43) (37) Adjusted EBITDA $357 $400 $444 $483 Adjusted EBITDA Margin 7.4% 7.7% 8.4% 9.5% Adjusted EBITDA non-GAAP reconciliation 54
55 Gabe Butler Vice President, Investor Relations-Designate gabriel.butler@us.kbr.com Kimberly Schwandt Vice President, Marketing and Communications-Designate kimberly.schwandt@kbr.com Investors Media Contact Information