KBR : Sustainable Technology Solutions Primer Webcast Presentation

Sustainable Technology Solutions

PRIMER

March 12, 2024

Sustainable

Technology Solutions

PRIMER

Jamie DuBray

VP Investor Relations

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Forward-Looking Statement

This presentation contains forward-looking statements regarding our plans, objectives, goals, strategies, future events, future financial performance, backlog information, future demand expectations and other information that is not historical. When used in this presentation, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts" 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 Form10-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.

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.

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 our fourth quarter and full year 2023 earnings release and investor presentation posted on kbr.com for definitions and a reconciliation of Adj. EBITDA to the nearest GAAP measure.

The company does not provide reconciliations of Adj. EBITDA, Free Cash Flow and Free Cash 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, and acquisition-related expenses without unreasonable effort, which could be material to the company's results computed in accordance with GAAP.

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Sustainable

Technology Solutions

PRIMER

Stuart Bradie

President & Chief Executive Officer

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Unique, investible, IP- based enabler of energy trilemma

Highly trusted global capability with significant installed base and track record of delivery

Underpinned by mega-investment needed to meet growing cleaner energy demand

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Sustainable Technology Solutions Primer Video

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What We Do

Project Management	Complex Program
Consultancy (PMC)	Development

Design & Engineering Solutions

Sustainable

Solutions

Machine Learning (ML)

Enhanced Schedule

Optimizations

Strategic Planning	Proprietary	Procurement and Construction
and Advisory	Equipment (PEQ)	Management (PCm)
Proprietary	and Catalyst	Technology Led
Technology		Industrial
Licensing		Solutions (TLIS)

Concept and

Feasibility

Studies

Sustainable

Technologies

Efficiency

Improvement

and Emission

Reductions

	Technology
	Expertise
Extensive	Differentiated
Patent	Datasets &
Portfolio	Libraries

Scalable Datacentric

Systems

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Lifecyle

EBITDA Contribution

Customer 75-80%

Capex

Customer 20-25%

Opex

Phase 1	Phase 2	Phase 3	Phase 4
(<1 year)	(~1 Year)	(~2-5 Years)	(Ongoing/Perpetual)
Strategic Planning	Technology and FEED	Execution	Operation
and Feasibility Studies	Engineering	•	Proprietary Equipment (PEQ)	• Technology Led Industrial Solutions
• Concept and Feasibility Studies	• Proprietary Technology Licensing		and Catalyst	(TLIS)
• Project Management Consultancy (PMC)	• Efficiency Improvement and Emission
• Strategic Planning and Advisory	• Design & Engineering Solutions
•	Complex Program Development	Reductions
		• Machine Learning (ML) Enhanced
			Schedule Optimizations
		•	Procurement and Construction
			Management (PCm)

STS provides solutions across the full asset lifecycle from end-to-end.

Our support starts from ideation and continues all the way through plant startup and beyond.

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STS at a Glance

Enduring growth outlook as

STS is enabler of Energy Trilemma

80+

Protected technologies

• Expanding, sustainability- centered IP portfolio
• Broad and differentiated; sustained, protected advantage

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Countries of operations

• Global installed base across diverse product lines
• Global IP and differentiated service delivery platform

Decades

Average client tenures

• Loyal, long-term, well- funded blue-chip clients
• NOCs, IECs, industrials, developers, early adopters

20%+

2023 Adj. EBITDA1 %

• High margin, high cash flow, growth vehicle
• Strong visibility and resiliency; solutions across multiple verticals and cycles

1 Refer to fourth quarter FY 2023 earnings presentation for reconciliation of non-GAAP financial measure.

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Key Financial Highlights

KEY HIGHLIGHTS

$336M 20%+ 20-25%

2023 Adj. EBITDA12023 Adj. EBITDA1 Margin2022A - 2025E Adj. EBITDA2 CAGR

	$5Bn					~100%			~65%
	2023 Backlog					Free Cash Conversion2,3			Profit from Repeat Customers
DIVERSIFIED MIX
	EBITDA By PSL					EBITDA By Contract Mix
							5%
						45%
52%		Sustainable				Time & Materials
			Solutions
						Unit Price
			Sustainable				Fixed Price
48%		Technologies		50%

1. Refer to fourth quarter FY 2023 earnings presentation for reconciliation of non-GAAP financial measure.
2. Refer to slide 3 regarding forward looking non-GAAP financial measure.

3 Free cash conversion computed as Free cash flow / Pretax income attributable to STS.

• Double-digitEBITDA growth
• Scalable with high margin IP
• Low capital intensity; high free cash conversion
• Strong geographic diversification
• Multi-productline diversification
• Cycle-resistantwith capex and opex funding streams

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