KBR : Q1 2024 KBR, Inc. Earnings Conference Call Presentation

April 30, 2024

Stuart Bradie, President and CEO

Mark Sopp, Executive VP and CFO

Jamie DuBray, VP of Investor Relations

FORWARD-LOOKING STATEMENT

The statements in this presentation that are not historical statements, including statements regarding our expectations for our future financial performance, effective tax rate, operating cash flows, contract revenues, award activity and backlog, program activity, our business strategy, interest expense, and our plans for raising and deploying capital, and paying dividends, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, 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 and uncertainties include, but are not limited to: uncertainty, delays or reductions in government funding, appropriations and payments, including as a result of continuing resolution funding mechanisms, government shutdowns or changing budget priorities; developments and changes in government laws, regulations and policies that may require us to pause, delay or abandon new and existing projects; the ongoing conflict between Russia and Ukraine and in the Middle East and the related impacts on our business; potential adverse economic and market conditions, such as interest rate and currency exchange rate fluctuations, the company's ability to manage its liquidity; the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; changes in capital spending by the company's customers; the company's ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company's ability to control its cost under its contracts; claims negotiations and contract disputes with the company's customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; changes in government regulations and regulatory requirements; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; the possibility of cyber and malware attacks; increased competition for employees; the ability to successfully complete and integrate acquisitions; and operations of joint ventures, including joint ventures that are not controlled by the company.

The company's 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. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

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Stuart Bradie

President and Chief Executive Officer

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1Q'24| KBR PERFORMANCE

FINANCIAL PERFORMANCE

• $1.8B Revenue, up 7% yoy - all time high since our transformation in 2020, excluding peaks from OAW
• $207M Adj. EBITDA2, up 14% yoy; 11.4% Adj. EBITDA margin2 (up 70 bps)
• $91M Adj. OCF2, up 160% yoy
• Refinanced our capital structure for better terms and extended duration

Operation Allies Welcome (OAW)

BUSINESS GROWTH

• 1.1x TTM Book-To-Bill1 reflects continued award momentum
• $1.9B of bookings and options in 2024 in highly strategic areas
• Ending backlog and options of $20.8B
• ~84% work under contract (WUC) for 2024

1 Trailing-twelve-monthsbook-to-bill (TTM BTB). Consistent with our practice, BTB excludes long-term UK PFIs. 2 See Appendix for reconciliation of non-GAAP financial measures Adj. EBITDA and Adj. OCF to the nearest GAAP measures. Adj. EBITDA margin calculated as Adj. EBITDA / Revenues.

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1Q'24| KEY AWARDS

SUSTAINABLE TECHNOLOGY SOLUTIONS		GOVERNMENT SOLUTIONS

0.9x

TTM BTB1

$4.4B

1Q'24

Backlog

1.2x

TTM BTB1

$16.5B

1Q'24

Backlog & Options

◦ KBR's Purifier ammonia technology selected by Wuhuan Engineering Co. Ltd. for the expansion of 1,200 metric tonnes per day plant in Egypt

• Selected by First State Hydrogen to provide engineering services to study the feasibility of developing a clean hydrogen production facility through electrolysis powered by renewable energy in mid-Atlantic region
• Signed an alliance agreement with GeoLith SAS to offer its advanced Direct Lithium Extraction technology, Li-Capt®. This technology enables zero-emission lithium extraction from untapped sources like geothermal and oil well brines

1 Trailing-twelve-monthsbook-to-bill (TTM BTB). Consistent with our practice, BTB excludes long-term UK PFIs.

• Awarded a new subcontract in support of the U.S. Air Force Air Combat Command to provide human performance optimization services at various military bases around the world
• Won a new one-year task order with three one-year options on Seaport NxG IDIQ contract supporting the Defense Health Agency's cybersecurity services and risk management framework initiatives
• Awarded a three-year contract, with a two year-option period, to deliver Heavy Equipment Transporter capability on behalf of the British Army
• Successfully completed first moves under Global Household Goods contract

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Mark Sopp

Executive Vice President and Chief Financial Officer

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1Q'24 | KBR DELIVERS CONTINUED GROWTH

+7%

+14%

+15%

+160%

REVENUES	ADJ. EBITDA1
	Margin1

REVENUES

ADJ. EBITDA1

10.7%

11.4%

ADJ. EPS1

ADJ. EPS1

ADJ. OCF1

ADJ. OCF1

Year over year % change

Amounts in $millions except share data; amounts are for the Three Months Ended March 29, 2024 and Three Months Ended March 31, 2023 unless stated otherwise.

1 See Appendix for reconciliation of non-GAAP financial measures Adj. EBITDA, Adj. EPS, and Adj. OCF to the nearest GAAP measures. Adj. EBITDA margin calculated as Adj. EBITDA / Revenues.

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1Q'24 | SEGMENT RESULTS DEMONSTRATE MISSION FOCUS

SUSTAINABLE TECHNOLOGY SOLUTIONS

REVENUES	ADJ. EBITDA1
	Margin1

GOVERNMENT SOLUTIONS

REVENUES	ADJ. EBITDA1
	Margin1

15%

ADJ. EBITDA1

GROWTH

21.9% 21.8%

1. STS revenue growth of 15% over 1Q'23 driven by growing demand in sustainable services and technology

1. Strong Adj. EBITDA1 growth and margin attributable to favorable revenue mix, achievement of certain licensing milestones, joint venture performance and increased demand

6%

ADJ. EBITDA1

GROWTH

9.9%10.1%

1. GS revenue growth of 4% over 1Q'23 driven by new and on-contract growth across International, D&I, and S&S, partially offset by contraction in R&S due to Ukraine funding delay

1. Strong Adj. EBITDA1 growth due to favorable international mix, excellent award fees and strong project execution

Amounts in $millions; amounts are for the Three Months Ended March 29, 2024 and Three Months Ended March 31, 2023 unless stated otherwise.

1 See Appendix for reconciliation of non-GAAP financial measure Adj. EBITDA to the nearest GAAP measure. Adj. EBITDA margin calculated as Adj. EBITDA / Revenues.

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