Good morning. On behalf of the board of directors and the management team, welcome to Fluor Corporation's 2026 Annual Meeting of Shareholders. My name is David Constable, and I'm the outgoing Executive Chairman of the Board of Fluor Corporation. It's an honor for me to be here with you today. At our annual meeting, shareholders will act upon the matters outlined in the notice of meeting. On our virtual meeting site, you'll find an agenda and rules of conduct for today's meeting. It is our intention to conduct this meeting in accordance with this agenda and rules of conduct. Please note that this webcast is being recorded and all other audio recordings are prohibited. As is the practice at every Fluor meeting, we will begin with a health, safety, and environmental topic and a value creation topic.
Let me first introduce Rica Macaila Cruz, an electrical engineer from our Manila office, currently working as a project engineer on a power project in the Philippines. Rica, please kick us off with your HSE topic.
Today, I would like to share how consistent construction safety best practices can directly shape a strong safety culture and elevate performance across our projects. These examples come from a recent semiconductor project in Malaysia, where intentional leadership, workforce engagement, and consistent execution of safety fundamentals positively influence not only our teams, but also our client and subcontractor partners. I experienced this firsthand during my two years on site as a construction field engineer. Like many projects, we upheld rigorous construction safety standards, planning work carefully, identifying hazards, and holding everyone accountable. What set this project apart was how these practices were strongly embedded into daily operations and reinforced through collaboration and ownership. One of the most effective practices was our area-based ownership program, which served as a structured joint safety walk down. Each week, Fluor management, client representatives, and subcontractor leaders walk the site together.
Work areas were reviewed and scored weekly with monthly recognition for the top performance. This approach strengthened accountability and transparency, encouraged healthy competition, and helped ensure construction activities met safety standards at every level. Another important element was our digital safety ecosystem, which made it easy for anyone on site to speak up. Through a QR-based safety observation card, anyone on site, from craft workers to management, could quickly report hazards, upload photos, and support timely corrective actions. This accessibility increased participation and provided data that guided proactive decisions. Complementing this was WeCare Portal. It is an anonymous platform for concerns and feedback that strengthen psychological safety by giving everyone the confidence to speak up. We also reinforced consistency and alignment through our weekly Golden Monday, where the entire workforce came together for a project-wide toolbox topics, morning exercises, and recognition of supervisors and craft who demonstrated strong safety leadership.
Combined with the daily toolbox meetings held by each workgroup, this ensured we began every week aligned, energized, and focused on safety as our highest priority. Beyond these programs, we recognized that safety performance is directly connected to a worker well-being. Initiatives such as blood donation drives and sports activities support both physical and mental health, reinforcing that a healthy workforce contributes to a safer work environment. These collective efforts led to measurable results. I am proud to say that Fluor received 11 MSOSH awards across 3 AT&S projects in the APAC region, including five awards for this project. Among them was the Asia Platinum Award for the OSH Principle of Prevention, along with the recognition for the OSH Risk Management, Leadership Excellence, Internal Audit Performance, and Behavioral-Based Safety Management. These achievements show that our approach was not only effective, but it was recognized at the highest level.
More importantly, they reflected a culture where safety was lived, shared, and owned by everyone on site. That's the standard we set and the standard we continue to carry forward, so safety excellence remains a core value and not just a requirement. Thank you.
Thank you, Rica. At Fluor, safety is one of our core values. This is a great example of how caring leadership, discipline systems, and workforce engagement come together to elevate performance and deliver projects safely. Let's turn to our value creation topic. I'd like to introduce Tristan Geervliet, an industrial engineer from our Amsterdam office, currently working as a contract supervisor on the Cernavodă Nuclear Power Plant. Tristan, please proceed with your value creation topic.
In today's engineering and construction landscape, cybersecurity has become inseparable from operational continuity and project delivery. A strong cybersecurity framework is not simply a compliance requirement, it adds long-term value to Fluor and our clients by protecting our ability to deliver. Fluor integrates cybersecurity directly into its enterprise risk management framework. Cybersecurity risks are addressed alongside financial, supply chain, and project risks. This leads to fewer disruptions that can delay engineering procurement or field execution, lower probability of cyber incidents, which could potentially lead to cost overruns, claims exposure, or reputation impact, and improved performance reliability, especially on long-duration projects where digital tools and supplier networks are central to project execution. This integration helps Fluor maintain execution reliability, one of the company's most critical drivers of competitiveness in our industry. Fluor employs internationally recognized cybersecurity standards and continuous monitoring. Global systems are secured by a combination of technology and human oversight.
The effectiveness of the program is validated through independent third-party audits and certifications, including ISO 27001. An example of cybersecurity in action is how Fluor handles new vendors that require data access. Fluor cybersecurity program requires new vendors with system or data access to undergo cybersecurity risk assessments and periodic reviews. This is implemented through alignment with our policies and practices. Key value impacts of robust cybersecurity include client confidence, more resilient global operations, reducing exposure to cyberattacks, and differentiation in high-security markets, including government and nuclear energy projects. Ultimately, these cybersecurity capabilities are not solely about protection, they are about performance. By safeguarding the continuity of digital engineering tools, procurement channels, construction systems, and supplier interfaces, Fluor strengthens the predictability of project delivery and enhances client confidence. Thank you.
Thank you, Tristan. Cybersecurity is more than a protective measure. It is a critical enabler of predictable, successful project delivery. When we safeguard the digital tools and supplier interfaces that modern projects rely on, we reduce disruption risk and strengthen predictable execution. At this time, I would like to welcome the independent directors of Fluor's Board who are standing for election today. Our Board is comprised of outstanding individuals who possess a wealth of relevant industry, management, and global experience. They have proven themselves as dedicated to Fluor and provide us valuable guidance and leadership. You can find details on the backgrounds and skills of our directors in this year's proxy statement available on the meeting website. We are also joined today by Fluor's senior executives. Let me first introduce Jim Breuer, Fluor's Chief Executive Officer, who is standing for election today.
Joining us today is Kevin Hammonds, Fluor's Chief Legal Officer and Corporate Secretary, who will be acting in an official capacity at today's meeting. Also present today, representing our outside auditors, Ernst & Young LLP, is Andy Pritchett, our coordinating partner. Now a note on voting. If you've already voted on the items of business for this meeting by sending in your proxy online or over the telephone, it is not necessary to vote online today. However, if you do wish to vote today, you can do so by clicking on the voting button and following the instructions on the meeting website. I now declare the polls open. The board has appointed Bob Johnson, an agent of Broadridge Financial Solutions, to serve as the independent inspector of elections. I will now ask Kevin Hammonds to confirm that we have a quorum represented at this meeting.
Thank you, David. A notice of this meeting was mailed starting on March 12, 2026, to all shareholders of record as of March 9, 2026, which is the record date for the meeting. An affidavit of that effect from Broadridge Financial Solutions will be filed with the records of this meeting. The total number of shares of common stock entitled to vote at this meeting as of the record date is 143,106,256. I have been informed by the Inspector of Elections that at least a majority of the total common stock issued and outstanding as of the record date is represented and voting at this meeting.
Thank you, Kevin. Because a majority of the total issued and outstanding shares is represented, I declare a quorum to be present. Let's proceed. In our virtual meeting room, you will find there are three items of business that we will be voting on. Kevin, would you describe the items, please?
The first item of business is the election of directors. Nominated for election to serve until the 2027 annual meeting and until their respective successors are elected and qualified are the following: Alan M. Bennett, Rosemary T. Berkery, Charles P. Blankenship Jr., James R. Breuer, Robert G. Card, H. Paulett Eberhart, Lisa Glatch, James T. Hackett, Teri P. McClure, and Matthew K. Rose. The board of directors recommends a vote for the election of these named directors. The second item is an advisory vote to approve executive compensation. Although not binding, the board and organization and compensation committee will review and consider the voting results of this advisory resolution, commonly referred to as say on pay resolution, when evaluating our executive compensation program. The board of directors recommends a vote for the advisory resolution to approve executive compensation.
The third item is the ratification of the appointment of Ernst & Young LLP as Fluor's independent registered public accounting firm. The board of directors recommends a vote for the ratification. I will now turn the floor back to David.
Thank you, Kevin. While the votes are being counted, I'd like to take a few minutes to reflect on Fluor's progress over the past year and the board's priorities as we guide the company forward on behalf of shareholders. 2025 was an important year of transition and momentum for Fluor. In May, the board appointed Jim Breuer as Chief Executive Officer, and I transitioned to the role of Executive Chairman. This leadership change aligned deliberately with the company's shift into the next chapter of our Building a Better Future strategy, which we refer to as Grow and Execute. Last year, our teams completed transformational projects across the globe while continuing to win significant new work in each of our three business segments. In tandem, we are fulfilling our commitment to return value to our shareholders through share repurchases and the monetization of non-core investments.
Underscoring the durability of our global footprint, we celebrated major anniversaries in long-standing markets, including 30 years in India, 75 years in Australia, and 80 years in Poland. Despite shifts in trade policy, geopolitical dynamics, and supply chain challenges, Fluor remains resilient and well-positioned to help clients execute their capital programs. Our strength resides in our experienced teams and a consistent record of delivering complex projects around the world. That expertise is essential for Fluor to support our clients as they navigate their business opportunities. We are encouraged by the diversity of our contract backlog and prospect pipeline and are confident that this foundation positions Fluor for continued growth and strong, reliable performance in the years ahead. Your board of directors provides guidance of the company's strategic direction and governance.
Our supervision is centered on five priorities: strong corporate governance, strategic growth, rigorous risk management, active stakeholder engagement, and disciplined financial oversight. Practically, that means holding ourselves to ethical and transparent standards, guiding sustainable growth, strengthening project risk controls and accountability, staying closely engaged with our stakeholders, and making sure capital is allocated prudently to support long-term shareholder value. Last year, the board worked closely with management on a strategy validation process, an important review given how quickly global markets, geopolitics, and client decision cycles are changing. We've tested Fluor's short and long-term positioning, the competitiveness of our offerings, and the focus areas that will drive sustainable growth. Coming out of that work, we reaffirmed our confidence in the strategy and in the team's ability to execute, and we also increased our direct dialogue with shareholders to reinforce transparency and alignment.
We also reached a key milestone in monetizing our long-term NuScale Power investment, which we completed last month. This is another clear example of disciplined capital management and staying focused on our core business. With that, let me turn it over to Jim to discuss our execution, performance, and outlook.
Thank you, David. I am very proud of what the Fluor team achieved in 2025. It was a year defined by major project achievements, a strengthening capital structure, and a steady focus on our strategy, even as broader market conditions posed challenges and impacted our results in the short term. We reached completion on major projects, including LNG Canada Phase One and Tengizchevroil's Future Growth Project. We continue to expand in key markets by securing a multi-billion dollar pharmaceutical facility, winning large mining and transportation projects, and growing our service offering to government agencies. Financially, we achieved monetization of our NuScale Power investment, which has generated significant cash for the company, and we dramatically accelerated capital return via share repurchases. Together, these outcomes set the stage for Fluor to advance our strategy and position us well for 2026 and beyond.
Fluor's collective efforts are guided by our four strategic priorities. First, we're driving growth across our portfolio by focusing on the markets where our capabilities give us a clear advantage and being selective about acquisitions that strengthen those positions. Second, we're pursuing fair and balanced contract terms with a deliberate emphasis on reimbursable work and negotiating smart lump sum projects in targeted situations. Third, we are reinforcing financial discipline, generating predictable cash flow and earnings, keeping leverage low, investing in our people and growth markets, and returning capital to shareholders. Fourth, we're building a high-performance culture of project delivery, executing safely and with quality, meeting cost and schedule expectations, and using technology, including AI, to get better every day, while continuing our commitments to inclusion, sustainability, and a positive community impact.
Our total revenue was $15.5 billion in 2025, our new awards were $12 billion, of which 87% were reimbursable. Ending backlog of $25.5 billion was 81% reimbursable and reflects a diverse portfolio of clients across multiple markets. We ended 2025 with cash and marketable securities of $2.2 billion, were able to repurchase $754 million in shares throughout the year. Organized into three distinct business segments and united by our strategic priorities, we support diverse markets and clients across a wide range of offerings. Within Urban Solutions, we support mining and metals projects that address near-term needs and long-term demand. We also help life sciences clients expand capacity to produce life-saving drugs. In Semiconductors and Data Centers, we are expanding our international success to North America and delivering value on complex programs.
In Energy Solutions, rising global power demand has driven our strategic reentry into the gas-fueled power market, where we pursue projects under fair and balanced terms. We remain focused on LNG and nuclear, as well as traditional energy projects. In Chemicals, we are pursuing base and specialty opportunities, and we are enhancing our Middle East presence to capture emerging demand. In Mission Solutions, we are pursuing U.S. government opportunities, including operations and maintenance across multiple installations and the decontamination and decommissioning of nuclear processing facilities. We're also well-positioned for additional national security work across technical and critical infrastructure, as well as nuclear fuels enrichment to strengthen domestic supply. My first year as CEO has been very rewarding and reinforced a belief I developed at Fluor years ago, that meaningful achievement in our company is always the result of teamwork and collaboration.
This enduring strength continues to shape Fluor's culture and will help us capitalize on the many opportunities in front of us. Before I turn the call over back to David for final comments, on behalf of all Fluor stakeholders, I want to express my deepest gratitude to him. David's leadership and guidance these last six years have restored the company's position as a preeminent leader in our industry and has placed us on the path to sustainable success. I'm looking forward to working with Jim Hackett and the rest of the board as we continue to advance our strategy. To our shareholders, thank you for your confidence in us and for your continued support. I'm encouraged by the momentum we have built as an organization, and I look forward to the progress we will make in the year ahead. Back to you, David.
Thank you, Jim. On a personal note, I was honored when the company's board of directors requested that I return to the company nearly seven years ago. My career at Fluor began in 1982, and I've been privileged to contribute through many roles, from operational leadership to my time as CEO, and most recently as Executive Chairman. With Fluor now on a strong trajectory, the timing is right for me to retire from the board following the conclusion of this meeting. I am confident that Fluor will continue its momentum under the chairmanship of Jim Hackett as Chairman of the Board. Jim brings extensive governance experience, deep knowledge of global markets, and a long history with Fluor, including his service as Lead Independent Director and as a member of our board across several decades.
I look forward to watching Fluor continue to excel and to deliver value for all stakeholders under his capable leadership. I want to thank my fellow board members for their steady support and guidance, Jim and his management team for their leadership, and our employees whose unwavering dedication fuels Fluor's success. To our clients, thank you for entrusting us with your most important projects. To our partners and shareholders, we sincerely value your confidence and support. Together, we are delivering great projects and Building a Better Future. Before we move on, I want to thank our shareholders for submitting questions for our meeting today. We have reviewed your questions and have grouped similar submittals together for our responses, which will be posted on our website shortly after the conclusion of this meeting. At this point, I hereby announce that the polls are closed.
Kevin, would you please give the preliminary results of the voting?
Thank you, David. Based on these preliminary voting results, each of the nominees for director has received a majority of the votes cast. Shareholders have approved item two, the advisory vote to approve executive compensation, and shareholders have approved item three, the appointment of Ernst & Young LLP as Fluor's independent auditors. The final voting results will be available and disclosed on a Form 8-K, which will be filed with the SEC after the vote has been certified by our Inspector of Elections.
Thank you, Kevin. This concludes our meeting. I want to thank everyone for participating, and thank you for your trust in Fluor. Please stay safe and enjoy the balance of your day.