Fluor Corp (FLR) 2026 Q1 法說會逐字稿

Good morning, and welcome to Fluor's first-quarter 2026 earnings conference call. Today's call is being recorded. (Operator Instructions) A replay of today's conference call will be available at approximately 10:30 A.M. Eastern Time, accessible on Fluor's website at investor.fluor.com. The web replay will be available for 30 days. A telephone replay will also be available for seven days through a registration link, also accessible on Fluor's website at investor.fluor.com.

早安，歡迎參加 Fluor 2026 年第一季財報電話會議。今天的會議將進行錄音。(接線員指示) 今日電話會議的重播將於美東時間上午 10:30 左右提供，可於 Fluor 網站 investor.fluor.com 存取。網路重播將提供 30 天。電話重播亦將透過註冊連結提供 7 天，該連結同樣可於 Fluor 網站 investor.fluor.com 存取。

At this time, for opening remarks, I would like to turn the call over to Jason Landkamer, Vice President, Investor Relations. Please go ahead, Mr. Landkamer.

現在，進行開場致詞，我想把電話交給投資人關係副總裁 Jason Landkamer。Landkamer 先生，請開始。

Thanks, Krista. Good morning and welcome to Fluor's 2026 first-quarter earnings call. Jim Breuer, Fluor's Chief Executive Officer; and John Regan, Fluor's Chief Financial Officer, are with us today. Fluor issued its first-quarter earnings release earlier this morning and a slide presentation is posted on our website that we will reference while making prepared remarks.

謝謝你，Krista。各位早安，歡迎參加 Fluor 2026 年第一季財報電話會議。今天與會的有 Fluor 執行長 Jim Breuer，以及 Fluor 財務長 John Regan。Fluor 今早稍早已發布第一季財報新聞稿，並在我們網站上張貼了簡報投影片；我們在進行事先準備的發言時將會引用。

Before getting started, I would like to refer you to our Safe Harbor note regarding forward-looking statements, which is summarized on slide 2. During today's presentation, we'll be making forward-looking statements which reflect our current analysis of existing trends and information. There is an inherent risk that our actual results and experience could differ materially. You can find a discussion of our risk factors, which could potentially contribute to such differences, in our 2025 Form 10-K and our Form 10-Q, which was filed earlier today.

在開始之前，我想請各位留意我們關於前瞻性陳述的「安全港」說明，摘要載於投影片第 2 頁。在今天的簡報中，我們將提出前瞻性陳述，反映我們基於現有趨勢與資訊所做的目前分析。我們的實際結果與經驗可能出現重大差異，這其中存在固有風險。您可在我們的 2025 年 Form 10-K 以及今天稍早提交的 Form 10-Q 中，找到可能導致此類差異的風險因素討論。

During this call, we will discuss certain non-GAAP financial measures. Reconciliations of these amounts to the comparable GAAP measures are reflected in our earnings release and posted in the Investor Relations section of our website at investor.fluor.com.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。這些數值與可比 GAAP 指標之間的調節表，已載於我們的財報新聞稿，並張貼於 investor.fluor.com 網站的投資人關係專區。

With that, I'll now turn the call over to Jim Breuer, Fluor's Chief Executive Officer. Jim.

接下來，我將把電話交給 Fluor 執行長 Jim Breuer。Jim。

Thank you, Jason. Good morning, everyone. Thank you for joining us on our first-quarter 2026 earnings call. Before I discuss the quarter, I want to highlight the strong trajectory we're seeing in our prospect pipeline and our capacity to grow the business.

謝謝你，Jason。各位早安。感謝各位參加我們 2026 年第一季財報電話會議。在我討論本季之前，我想先強調我們在商機管線中看到的強勁走勢，以及我們擴大業務的能力。

Turning to slide 3, at Fluor, we're driven by the pursuit and capture of large and complex EPC projects. We apply our core competencies to project management and EPC execution to deliver world-class facilities globally. What differentiates us is not simply the scale of the projects we pursue, but the discipline with which we pursue them and the depth of our technical expertise and project delivery track record. We're focused on building a quality backlog where rigor in planning and execution translating to successful outcomes.

請看投影片第 3 頁，在 Fluor，我們以追求並取得大型且複雜的 EPC 專案為驅動力。我們將核心能力運用於專案管理與 EPC 執行，在全球交付世界級設施。我們的差異化不僅在於所追求專案的規模，更在於我們追案時的紀律，以及深厚的技術專業與專案交付實績。我們專注於建立高品質的在手訂單（backlog），以嚴謹的規劃與執行轉化為成功成果。

Our preferred model for project execution is to get in early in the planning phase and stay until the end of the execution phase. This is how we add the most value, and therefore it is very encouraging to see the many front-end awards that we have announced in recent months. These early wins are a key stepping stone to accelerate growth in the latter part of this year and into 2027.

我們偏好的專案執行模式，是在規劃階段早期即介入，並一路參與至執行階段結束。這是我們能創造最大價值的方式，因此，看到我們在近幾個月宣布的多項前端（front-end）得標案，令人非常振奮。這些早期勝利是關鍵的墊腳石，可加速今年下半年以及 2027 年的成長。

During the front-end phase, we work with our clients to plan the project and establish a solid foundation for the scope, cost, and schedule of the execution phase, which kicks off after the Final Investment Decision by the customer. The early engagement is where we shape the commercial model and ensure projects are set up for success before significant capital is deployed.

在前端階段，我們與客戶共同規劃專案，並為執行階段的範疇、成本與工期建立穩固基礎；執行階段將在客戶做出最終投資決策（Final Investment Decision）後啟動。早期參與能讓我們塑造商業模式，並在投入大量資本之前，確保專案具備成功條件。

Some of these early awards that we announced recently include the Centrus nuclear fuels enrichment project, the small modular reactor project for Dow with X-energy, the America First Refinery, the Donlin Gold project, the TeraWulf data center, and our announcement yesterday for Anglo American's Woodsmith Fertilizer project. With these recent awards and the study work that we already have in-house, we're executing front-end work representing over $60 billion of revenue on potential backlog if clients choose to move forward on these projects with Fluor. Furthermore, we're tracking additional prospects representing another $40 billion in potential over the next three years. Our prospect pipeline has increased by 50% in the past 12 months. This expansion reflects growing demand across the critical minerals, life sciences, LNG, nuclear, refining, and power markets.

我們近期宣布的部分早期得標案包括：Centrus 核燃料濃縮專案、與 X-energy 為 Dow 推動的小型模組化反應爐專案、America First Refinery、Donlin Gold 專案、TeraWulf 資料中心，以及我們昨日宣布的 Anglo American Woodsmith 肥料專案。憑藉這些近期得標案以及我們目前已在內部進行的研究工作，我們正在執行的前端工作，若客戶選擇與 Fluor 推進這些專案，對應的潛在在手訂單可代表超過 600 億美元的營收。此外，我們也在追蹤未來三年另外約 400 億美元的潛在商機。過去 12 個月，我們的商機管線已增加 50%。此一擴張反映了關鍵礦物、生命科學、LNG、核能、煉油與電力市場的需求成長。

In mining, for example, copper opportunities in South America and other parts of the world underscore the long cycle investment required to support urbanization and electrification. In Energy Solutions, LNG demand and gas-fueled power generation are aligned with current energy priorities. Growing demand for power is driven by investments in data centers, advanced manufacturing, and broader economic development. This is why we're optimistic about the future and confident in our ability to grow the company. Growth alone is not the objective. We are prioritizing backlog quality that aligns with our strategic priorities and with our strengths.

以礦業為例，南美及全球其他地區的銅相關機會，凸顯了為支持都市化與電氣化所需的長週期投資。在能源解決方案方面，LNG 需求與燃氣發電與當前能源優先事項一致。電力需求的成長，來自資料中心、先進製造，以及更廣泛的經濟發展投資所帶動。這也是我們對未來保持樂觀、並對公司成長能力充滿信心的原因。然而，成長本身並非目標。我們正優先追求符合策略重點且契合我們優勢的高品質在手訂單。

Now, let's turn to our review of results in Q1, beginning on slide 4. John will go into greater financial detail, but I'd like to cover a few key items. Consolidated new awards for the quarter were $2.7 billion and 98% reimbursable.

接下來，我們從投影片第 4 頁開始回顧第一季（Q1）業績。John 將提供更深入的財務細節，但我想先說明幾個重點。本季合併新得標金額為 27 億美元，其中 98% 為可償付（reimbursable）合約。

As we said in February, larger new award bookings will be weighted towards the second half of this year. Importantly, margins on new awards in Q1 were 200 basis points higher than the margin represented in our current backlog, reinforcing our project selectivity. Our backlog improved slightly from year-end to $25.7 billion and reflects an additional $1.1 billion in positive project adjustments on current work. Ending backlog was 82% reimbursable.

如同我們在 2 月所說，較大型的新得標訂單將偏重於今年下半年。重要的是，第一季新得標案的利潤率比我們目前在手訂單所代表的利潤率高出 200 個基點，強化了我們對專案選擇的嚴謹性。我們的在手訂單自年末小幅提升至 257 億美元，並反映目前在執行工作中額外 11 億美元的正向專案調整。期末在手訂單中，82% 為可償付（reimbursable）。

Let's turn to our review of the business segments, starting on slide 6. Urban Solutions reported a $6 million segment profit in the quarter. Results reflect a $37 million impact for a mining project in the Americas that experienced declining productivity in the field. While I'm disappointed in this result, we've taken steps to strengthen our execution team. This project is significantly advanced in the construction phase.

接著我們回顧各業務部門，先看投影片第 6 頁。Urban Solutions 本季部門獲利為 600 萬美元。業績反映美洲地區一項礦業專案因現場生產力下滑而造成 3,700 萬美元的影響。我對此結果感到失望，但我們已採取措施強化執行團隊。該專案在施工階段已相當接近完成。

New awards for the quarter were $2.1 billion compared to $5.3 billion a year ago, when we received a multi-billion dollar award for a life sciences project. Awards for this quarter include a metals project in the Middle East, incremental work for a pharmaceutical facility, and an infrastructure expansion on a mining facility in Chile. Ending backlog for Urban, now at $19 billion, represents 74% of Fluor's total backlog. We expect this percentage will rebalance as growth in Energy and Mission Solutions starts to drive greater diversification in backlog.

本季新得標金額為 21 億美元，低於一年前的 53 億美元；去年我們取得一項生命科學專案的數十億美元得標案。本季得標案包括：中東的一項金屬專案、某製藥設施的增量工作，以及智利一座礦業設施的基礎建設擴建。Urban 期末在手訂單目前為 190 億美元，占 Fluor 總在手訂單的 74%。隨著 Energy 與 Mission Solutions 的成長開始帶動在手訂單更為多元化，我們預期此占比將重新平衡。

Moving to slide 7, Life sciences and advanced manufacturing remain in the capital spending upcycle. Demand is being supported by onshoring initiatives and continued investment to expand capacity in select critical sectors. We're well-positioned to support clients as they move projects from planning into execution. For the balance of this year, we see some sizable prospects, including pharma work and a rare earth magnet facility.

請看投影片第 7 頁，生命科學與先進製造仍處於資本支出上行週期。需求受到回流設廠（onshoring）倡議以及持續投資以擴充特定關鍵產業產能的支持。當客戶將專案從規劃推進至執行階段時，我們具備良好條件提供支援。就今年剩餘期間而言，我們看到一些相當可觀的潛在商機，包括製藥相關工作以及一座稀土磁鐵設施。

Turning to our data center efforts, we signed a limited notice to proceed with TeraWulf. Under this agreement, we are delivering master planning and preconstruction services for a large-scale data center campus in Kentucky with access to 480 MW of grid-connected power. We're currently working with the client towards a full notice to proceed. Generally speaking, we continue to see hyperscalers signaling a multi-year surge in demand for data center and power infrastructure. Contract and commercial terms in the data center market remain challenging, especially regarding risk allocation. We're staying disciplined and selective, and we're working to shape deals on a contract-by-contract basis to ensure opportunities meet our return expectations.

談到我們在資料中心方面的工作，我們已與 TeraWulf 簽署有限度的開工通知（limited notice to proceed）。依據該協議，我們正為肯塔基州一座大型資料中心園區提供總體規劃與施工前服務，該園區可取得 480 MW 的併網電力。我們目前正與客戶合作，朝取得完整開工通知（full notice to proceed）推進。整體而言，我們持續看到超大規模業者（hyperscalers）釋出訊號，顯示資料中心與電力基礎設施需求將在未來多年大幅成長。資料中心市場的合約與商務條款仍具挑戰，尤其是在風險分配方面。我們將維持紀律並審慎選案，並以逐案方式塑造交易條款，以確保機會符合我們的報酬預期。

Turning to slide 8, in mining and metals, as I mentioned in the quarter, we received a reimbursable EPCM contract for a new aluminum recycling facility in the Middle East. Our work on this project and in the region continues to move forward. With regards to the Reko Diq project, we recently received notice from our clients that they are reducing the pace of development on the project as a result of their geopolitical and security concerns. We continue to perform engineering and procurement from our offices outside the region. For the second quarter, we received a feasibility study award for Anglo American's large fertilizer project in the UK Later this year, we're tracking several copper-related opportunities in South America. The infrastructure business line continues to focus on achieving substantial completion on a number of projects this year.

轉到第 8 頁，在礦業與金屬方面，如我在本季提到的，我們取得一份可報銷的 EPCM 合約，用於中東一座新的鋁回收設施。我們在該專案及該地區的工作持續推進。關於 Reko Diq 專案，我們近期收到客戶通知，因其地緣政治與安全疑慮，將放緩該專案的開發進度。我們仍持續在區域外的辦公室執行工程與採購工作。第二季，我們獲得英美資源集團（Anglo American）在英國大型肥料專案的可行性研究授標；今年稍晚，我們也在追蹤南美數個與銅相關的機會。基礎設施事業線仍聚焦於今年多個專案達成實質完工（substantial completion）。

The Gordie Howe Bridge, on the LAX People Mover, and on the LBJ project, we have made good progress and expect to complete them over the next several months. On I-35 Phase 2, that project remains on track to achieve substantial completion in Q1 of 2027. As it relates to the non-legacy infrastructure portfolio, later this year, we also expect to complete work on the Oak Hill Parkway project in Austin and the Red and Purple Line modernization in Chicago.

在 Gordie Howe 大橋、LAX 機場旅客捷運（People Mover）以及 LBJ 專案上，我們已取得良好進展，並預期在未來數月內完成。在 I-35 第二期方面，該專案仍按計畫進行，預計於 2027 年第一季達成實質完工。就非歷史遺留（non-legacy）基礎設施組合而言，今年稍晚我們也預期完成奧斯汀 Oak Hill Parkway 專案，以及芝加哥紅線與紫線現代化（Red and Purple Line modernization）工程。

Moving to Energy Solutions on slide 9, segment profit was $74 million compared to $47 million a year ago. Results increased primarily due to the recognition of favorable closeout items on three projects. New awards for the quarter totaled $213 million and included the FEED award for the America First Refinery in Brownsville, Texas.

轉到第 9 頁的能源解決方案（Energy Solutions），部門獲利為 7,400 萬美元，較去年同期的 4,700 萬美元增加。業績提升主要來自三個專案在結案時認列的有利結算項目。本季新簽約金額合計 2.13 億美元，其中包括德州布朗斯維爾（Brownsville）的 America First 煉油廠之前端工程設計（FEED）授標。

This will be the first grassroots refinery to be constructed in the United States in more than 50 years. When complete, the facility will process 60 MMbbl/y of domestic crude and will contribute to the modernization of US refining infrastructure. We also enter into a contract with X-energy for the small modular reactor project at Dow's plant in Seadrift, Texas. Our initial award is for front-end engineering and execution planning. Fluor is excited to partner with Dow and X-energy, we look forward to advancing this strategic project. This is the second SMR technology we're adding to our resume, in addition to our project in Romania using NuScale technology.

這將是美國 50 多年來首座新建（grassroots）的煉油廠。完工後，該設施每年將處理 6,000 萬桶（60 MMbbl/y）的國內原油，並將有助於美國煉製基礎設施的現代化。我們也與 X-energy 就德州 Seadrift 的陶氏（Dow）廠區小型模組化反應爐（SMR）專案簽訂合約。我們的初始授標範圍為前端工程與執行規劃。Fluor 很高興能與 Dow 與 X-energy 合作，我們期待推進這項策略性專案。這是我們履歷中新增的第二項 SMR 技術，除我們在羅馬尼亞採用 NuScale 技術的專案之外。

Moving to slide 10, I am pleased to see a very positive response from clients in the power market. There's a clear need for our EPC capabilities in domestic gas fuel projects, and our engagement with several clients are encouraging and are progressing well. We hope to make further announcements in this market in coming quarters. We're excited about the growing momentum in nuclear and the recognition from governments and the private sector that nuclear power has a prominent role in supporting long-term solutions.

轉到第 10 頁，我很高興看到電力市場客戶的回應非常正面。國內燃氣燃料專案對我們的 EPC 能力有明確需求，我們與多位客戶的互動令人鼓舞，且進展順利。我們希望在未來幾季就此市場發布更多公告。我們對核能日益增長的動能感到振奮，也看到政府與民間部門認可核電在支持長期解決方案中扮演重要角色。

In addition to X-energy and NuScale, we're currently engaged with two additional technology partners in the nuclear power space to position for project work in the future. Prospects in the next few quarters in Energy Solutions include LNG Canada Phase 2, a gas compression project, a gas-fueled power plant in the Northwest, and a chemical facility in Canada.

除 X-energy 與 NuScale 外，我們目前也與核電領域另外兩家技術合作夥伴合作，以為未來的專案工作做好布局。未來幾季在能源解決方案方面的潛在機會包括：LNG Canada 第二期、一項天然氣壓縮專案、西北地區一座燃氣電廠，以及加拿大一座化工設施。

Turning to slide 11, Mission Solutions reported a segment loss of $71 million for the first quarter compared to a profit of $5 million a year ago. Results reflect an outcome of a court ruling related to a lawsuit that was filed back in 2013 for LOGCAP activities in Afghanistan. Fluor prevailed on three of the four claims involved in the matter. The final jury award for the fourth claim was $15 million, but increased to $96 million when included treble damages and legal fees. We expect to appeal. Excluding this legal decision, results were consistent with our expectations for the quarter. New awards in the quarter were $332 million, and ending backlog was $2.5 billion. Awards in the quarter included a significant FEED award for the Centrus uranium enrichment plant expansion.

轉到第 11 頁，任務解決方案（Mission Solutions）第一季部門虧損 7,100 萬美元，去年同期則獲利 500 萬美元。結果反映一項法院裁決的影響，該裁決與一宗於 2013 年就阿富汗 LOGCAP 活動提起的訴訟相關。Fluor 在該案涉及的四項主張中，有三項勝訴。第四項主張的最終陪審團裁定金額為 1,500 萬美元，但在計入三倍賠償（treble damages）與法律費用後增加至 9,600 萬美元。我們預期將提出上訴。排除此法律裁決影響後，本季結果符合我們的預期。本季新簽約金額為 3.32 億美元，期末在手訂單（backlog）為 25 億美元。本季授標包括 Centrus 鈾濃縮廠擴建的一項重要 FEED 授標。

We also received a $100 million task order to provide services at Shaw Air Force Base in support of ongoing operations in the Middle East. This task order is in addition to our existing work at an air base in Kuwait, where we're providing support services for the Air Force. At Savannah River, we're currently executing both the maintenance and operations scope and the plutonium pit production project. NNSA took ownership of the site in late 2024 and is in the process of recompeting both the M&O and plutonium pit scopes of work under a single contract. We are well positioned for this work and expect to submit a bid later this year.

我們也收到一筆 1 億美元的任務訂單（task order），在 Shaw 空軍基地提供服務，以支援中東地區的持續作業。此任務訂單是在我們既有於科威特某空軍基地為空軍提供支援服務的工作之外新增。在 Savannah River，我們目前同時執行維護與營運（M&O）範疇，以及鈽坑（plutonium pit）生產專案。NNSA 於 2024 年底接管該場址，並正以單一合約重新競標 M&O 與鈽坑兩項工作範疇。我們在此項工作上具備良好競爭位置，並預期於今年稍晚提交投標。

Prospects for the remainder of 2026 include a two-year extension on current intelligence work, additional awards on Centrus, including EPC work, an extension on our efforts at Savannah River, and several opportunities that will grow our civil market. Before I turn the call over to John, I want to provide Fluor's business perspective on the Middle East and on Venezuela on slide 12. Starting with the Middle East, our first priority is always the safety and well-being of our employees and their families. Everyone is safe, and we're closely monitoring events. Our thoughts are with everyone affected by the conflict, and we hope there's a quick and lasting conclusion to it. With our workforce safe, our activities in the Middle East have continued without interruption. Despite the conflict, we continue to serve our projects in the region and mitigate supply chain constraints.

2026 年剩餘期間的潛在機會包括：現行情報工作的兩年延長、Centrus 的額外授標（含 EPC 工作）、我們在 Savannah River 的工作延長，以及數個將擴大我們民用市場的機會。在我把電話會議交給 John 之前，我想在第 12 頁提供 Fluor 對中東與委內瑞拉的業務觀點。先談中東，我們的首要任務始終是員工及其家人的安全與福祉。所有人都平安無事，我們正密切監控事態發展。我們的心與所有受衝突影響的人同在，並希望衝突能迅速且持久地結束。在確保員工安全的前提下，我們在中東的活動持續不中斷。儘管有衝突，我們仍持續服務該地區的專案並緩解供應鏈限制。

We remain committed to the Middle East and are leveraging our extensive experience in the region and in reconstruction of damaged facilities. Currently, we're in conversations on damage assessments and stand ready to respond to client needs. This early work could translate into larger scopes once the situation stabilizes and clients are ready to proceed. Speaking more broadly, the Middle East is not only a critical source of oil and gas, but also of petrochemicals, metals, industrial gases, and fertilizers, all markets where we have an extensive track record and a strong market position. Therefore, we're monitoring the longer-term implications of the conflict, including new opportunities, not just in the region, but globally, as clients will look to diversify energy and commodity sourcing. Turning to Venezuela. Similar to the Middle East, Fluor has a long history of project delivery in this country.

我們仍致力於中東，並運用我們在該地區以及受損設施重建方面的豐富經驗。目前，我們正就損害評估進行洽談，並已準備好回應客戶需求。這些早期工作在情勢穩定、客戶準備推進後，可能轉化為更大範圍的工作。更廣泛而言，中東不僅是關鍵的油氣來源，也是石化、金屬、工業氣體與肥料的重要來源；這些都是我們擁有豐富實績與強勢市場地位的市場。因此，我們正監測衝突的長期影響，包括新的機會，不僅在該地區，也在全球，因為客戶將尋求分散能源與大宗商品的採購來源。接著談委內瑞拉。與中東類似，Fluor 在該國有著長期的專案交付歷史。

In fact, Fluor has executed projects in Venezuela that total 2,000,000 bbl of daily crude processing capacity, which represents a significant portion of the country's output at its past peak. We're in active discussions with clients and local partners, positioning for work as investment plans firm up. We will have more clarity on the timing of these opportunities in the coming months. I'll now turn the call over to John for a financial update.

事實上，Fluor 已在委內瑞拉執行的專案合計具備每日 2,000,000 桶（bbl）的原油處理產能，這在該國過去產量高峰時占其產出相當可觀的一部分。我們正與客戶及當地合作夥伴積極洽談，並在投資計畫逐步明朗之際提前布局以爭取相關工作。在未來幾個月，我們將對這些機會的時程有更清楚的掌握。接下來我把電話交給 John，請他進行財務更新。

Thanks, Jim. Good morning, everyone. Today, I'll go over Q1 results, refreshed guidance, and outline our capital plans for the balance of the year, beginning on slide 14. Jim covered consolidated revenue and new awards. I'll start with consolidated segment profit for Q1, which was $8 million. This quarter, our GAAP figures reflect several discrete items that merit additional mention, including, one, a legal outcome related to our LOGCAP work in Afghanistan last decade, which triggered a $96 million impact. Two, a $37 million charge for effects of cost growth on the mining project, which Jim already covered. Three, a $124 million gain on the sale of our fab yard in China. Four, a $16 million gain from FX arising out of a strengthening US dollar.

謝謝你，Jim。各位早安。今天我將從第 14 頁投影片開始，說明第一季（Q1）業績、更新後的指引，並概述今年剩餘期間的資本規劃。Jim 已說明合併營收與新獲標案。我先從 Q1 的合併分部利潤談起，為 800 萬美元。本季我們的 GAAP 數字反映了數項值得額外說明的單獨事項，包括：第一，與我們十年前在阿富汗的 LOGCAP 工作相關的一項法律結果，造成 9,600 萬美元的影響。第二，因採礦專案成本成長影響而認列 3,700 萬美元費用，Jim 已經說明過。第三，出售我們在中國的製造場地（fab yard）帶來 1.24 億美元收益。第四，因美元走強而產生的外匯（FX）收益 1,600 萬美元。

Adjusted EBITDA for Q1 was $60 million compared to $155 million a year ago. Adjusted EPS was $0.14 compared to $0.73 in 2025. To arrive at adjusted results, we reverse the effects of the fab yard sale, the FX gain, and the LOGCAP ruling, all to present a clear view of underlying performance across the business. About one-third of the LOGCAP charge reflects working capital growth we experienced since completing the work in 2016. The tables accompanying our earnings release provide the complete reconciliation to GAAP. G&A for the quarter was $61 million, up from $36 million a year ago. This increase primarily reflects stock compensation accruals tied to share price.

Q1 的調整後 EBITDA 為 6,000 萬美元，去年同期為 1.55 億美元。調整後每股盈餘（Adjusted EPS）為 0.14 美元，2025 年為 0.73 美元。為得出調整後結果，我們剔除製造場地出售、外匯收益以及 LOGCAP 裁決的影響，以呈現全公司各業務的基礎表現全貌。LOGCAP 費用約三分之一反映了我們自 2016 年完成該工作以來所經歷的營運資金增加。隨附於我們財報新聞稿的表格提供了與 GAAP 的完整調節。本季管理費用（G&A）為 6,100 萬美元，高於去年同期的 3,600 萬美元。此增幅主要反映與股價連動的股票酬勞提列。

Please remember in 2026 our stock appreciated about $7/share during Q1, whereas in the corresponding period in 2025, our share price decreased by about $14. This effect and other associated deferred comp items created a $20 million impact between the quarters. Net interest income in Q1 was $15 million compared to $19 million in Q4 and $17 million a year ago, remaining relatively stable sequentially and year over year.

請記得，2026 年第一季我們的股價約上漲每股 7 美元；而 2025 年同期，我們的股價約下跌每股 14 美元。此影響及其他相關的遞延薪酬項目，使兩個季度之間產生 2,000 萬美元的影響。Q1 的淨利息收入為 1,500 萬美元，相較 Q4 的 1,900 萬美元及去年同期的 1,700 萬美元，按季及年對年均維持相對穩定。

Moving to slide 15, we ended Q1 with $3.2 billion of cash and equivalents, an increase of $1 billion from year-end, which was in line with the pro forma effect that we published in February. This growth was largely driven by proceeds from the sale of 71 million shares of NuScale during Q1.

接著看第 15 頁投影片，我們在 Q1 結束時的現金及約當現金為 32 億美元，較年末增加 10 億美元，與我們 2 月公布的備考（pro forma）影響一致。此成長主要由 Q1 期間出售 7,100 萬股 NuScale 所得款項所帶動。

After quarter end, we completed the sale of the remaining 40 million shares, generating an additional $473 million of proceeds. In April, we paid $400 million for state and federal taxes associated with the conversion of NuScale shares in 2025. That conversion established a basis of around $28/share, and we monetized the 111 million shares at around $16/share, thus generating a tax loss we can deduct in the future. As you will recall, our investment was originally contributed at a $10/share value at the time of their de-SPAC in 2022. More on the NuScale returns in a moment. Operating cash flow for the quarter was $110 million compared to an outflow of $286 million a year ago.

在季後，我們完成出售剩餘的 4,000 萬股，額外產生 4.73 億美元的處分所得。4 月，我們支付了 4 億美元，用於 2025 年 NuScale 股份轉換所產生的州稅與聯邦稅。該次轉換建立了約每股 28 美元的成本基礎，而我們以約每股 16 美元將 1.11 億股變現，因此產生可於未來扣抵的稅務損失。各位會記得，我們的投資最初是在 2022 年其 de-SPAC 時，以每股 10 美元的價值投入。稍後我會再補充 NuScale 的投資報酬。本季營運現金流為 1.10 億美元，去年同期為流出 2.86 億美元。

This $400 million year-over-year improvement reflects lower working capital on several projects, as well as distributions from large JVs in Energy and Mission. This is the most substantial Q1 operating cash flow generation since 2017. On the lost project front, we didn't see any overall growth in the expected funding. The allocation across 2026 has accelerated a bit. In Q1, we provided $87 million in funding. Before consideration of any recovery, we still expect to wrap up the funding with an additional $200 million before the end of 2026, and that funding could be substantially complete as early as the end of Q3. As a reminder, due to our JV ownership structure on the underlying projects, most of this funding is reflected as an investing activity rather than an operating cash flow.

這項年對年改善 4 億美元，反映多個專案的營運資金降低，以及能源與任務（Energy and Mission）大型合資企業（JV）的分配款。這是自 2017 年以來最可觀的第一季營運現金流入。就虧損專案（lost project）而言，我們未見預期資金需求有任何整體增加。在 2026 年的資金配置上，進度略有加速。Q1 我們提供了 8,700 萬美元資金。在不考慮任何追償（recovery）的情況下，我們仍預期在 2026 年底前再提供額外 2 億美元以完成資金投入，而該資金投入最早可能在第三季末即大致完成。提醒各位，由於相關專案的合資持股結構，我們多數此類資金投入在會計上列為投資活動，而非營運現金流。

Backlog for the legacy projects dropped to $169 million compared to $255 million at year-end, reflecting our continued execution and progress towards completion. Moving to slide 16. Earlier this decade, we made a deliberate decision to shift away from CapEx-intensive operations and to streamline our balance sheet. We began this transition with the sales of our AMECO business and Stork. We have now completed the sale of our fab yard in China for over $120 million. In addition, our NuScale sell-down program generated over $2.4 billion since September 2025 and over $2 billion after tax. By any measure, this NuScale sell-down delivered exceptional value, generating a MOIC of around 4.5x and an internal rate of return of 15% since our initial investment in 2011.

傳統（legacy）專案的在手訂單（backlog）降至 1.69 億美元，較年末的 2.55 億美元下降，反映我們持續執行並朝完工推進。接著看第 16 頁投影片。在本十年初期，我們做出一項有意識的決策：從資本支出（CapEx）密集型營運轉移，並精簡資產負債表。我們以出售 AMECO 業務與 Stork 作為這項轉型的起點。我們現已完成以超過 1.2 億美元出售在中國的製造場地（fab yard）。此外，自 2025 年 9 月以來，我們的 NuScale 減持（sell-down）計畫已產生超過 24 億美元的收入，稅後超過 20 億美元。以任何衡量標準來看，這次 NuScale 減持都創造了卓越價值，投資倍數（MOIC）約 4.5 倍，且自 2011 年初始投資以來的內部報酬率（IRR）為 15%。

With these actions, we have completed our journey to being asset light. In Q1, we continued to deliver on our commitment to return significant value to our shareholders. We bought back 11 million shares, deploying over $500 million. For all of 2026, we anticipate spending about $1.4 billion on share repurchases, consistent with our capital return framework. Today, we operate with both a simplified balance sheet and ample liquidity to support our current scale. Combined with a robust share repurchase program, this positions us to increasingly focus on actions to drive growth. We are actively investing in our capabilities and our people to build additional expertise and depth. Reviewing carefully targeted, reasonably sized M&A opportunities, and sharpening our focus on transactions that could inorganically enhance our efforts in target markets and bring about long-term value creation.

透過這些行動，我們已完成邁向輕資產（asset light）的轉型旅程。在 Q1，我們持續履行向股東回饋可觀價值的承諾。我們回購了 1,100 萬股，投入超過 5 億美元。就 2026 年全年而言，我們預期將花費約 14 億美元進行股票回購，與我們的資本回饋架構一致。目前，我們在簡化的資產負債表與充裕流動性下營運，足以支撐現有規模。結合強勁的股票回購計畫，這使我們能更聚焦於推動成長的各項行動。我們正積極投資於能力與人才，以建立更多專業與深度。同時審慎評估具針對性、規模合理的併購（M&A）機會，並更聚焦於可在目標市場以外生成長（inorganically）強化我們布局、並帶來長期價值創造的交易。

Moving to slide 17, in developing our guidance, we, like many of our industrial peers, acknowledge that the situation in the Middle East looms as a potential disruptor to our trajectory. This could mean, among other things, supply chain delays and reconfiguring, higher inflation and interest rates, and capital spending implications by our clients in the event there is no resolution by the end of the second quarter.

接著看第 17 頁投影片，在制定我們的指引時，我們與許多同業一樣，認知到中東局勢可能成為影響我們發展軌跡的潛在干擾因素。這可能意味著（除其他影響外）供應鏈延遲與重新配置、更高的通膨與利率，以及若在第二季末前仍未解決，客戶資本支出可能受到影響。

Assuming we see a resolution within that window, we are narrowing our full-year 2026 adjusted EBITDA guidance to $525 million to $560 million. This had previously been a range of $525 million to $585 million. Our modest adjustment to the higher end reflects the discrete items in mining previously discussed, but also importantly reflects the rest of the business continuing to deliver at or above expectations.

假設我們在該期間內看到局勢獲得解決，我們將 2026 年全年調整後 EBITDA 指引區間收斂至 5.25 億至 5.60 億美元。先前的區間為 5.25 億至 5.85 億美元。我們對上緣做出的小幅調整，反映先前討論過的採礦業務單獨事項，但更重要的是，也反映其餘業務持續交出符合或優於預期的表現。

Based on our expected tempo of share repurchases, we anticipate adjusted EPS to be between $2.60 and $2.80/share. Our expectations for operating cash flow remain at $300 million, excluding the tax bill on NuScale that I mentioned earlier. We expect an appeal on the LOGCAP matter with any payment until its outcome, which likely extends beyond 2026. Our key assumptions and expectations for the full year are outlined on the slide, including a new awards book-to-burn ratio above 1, which continues to be weighted toward the back half as we continue to make progress that Jim discussed earlier. Corporate G&A expenses of $175 million to $185 million.

根據我們預期的股票回購節奏，我們預計調整後每股盈餘（EPS）將介於每股 2.60 美元至 2.80 美元之間。我們對營運現金流的預期仍維持在 3 億美元，不包含我先前提到的 NuScale 稅款。我們預期 LOGCAP 事項將提出上訴，且任何付款將延後至上訴結果出爐，這很可能會延伸到 2026 年之後。我們對全年關鍵假設與預期已在投影片中列示，包括新增得標的 book-to-burn 比率高於 1；隨著我們持續取得 Jim 先前提到的進展，該比率仍將偏重於下半年。公司層級一般及行政（G&A）費用為 1.75 億至 1.85 億美元。

This figure normalizes to around $40 million/quarter in Q2 through Q4 as we get past the share price impacts that I mentioned and the typical Q1 effect on grants to retirement-eligible employees. This also excludes the up to $15 million we could occur across the balance of the year on a potential replacement of our ERP. It also includes an assumed tax rate of 26% to 28% and a revenue split of approximately 65% Urban, 20% Energy, and 15% Mission, which is largely unchanged from our February guide. Assuming these splits, our expectations for full-year reported segment margins are 2.5% to 3.5% in Urban, reflecting the mining charge. 5% to 6% in Energy Solutions, and 6% in Mission Solutions.

隨著我們度過我提到的股價影響，以及第一季對符合退休資格員工授予的典型季節性影響，該數字在第二季至第四季將常態化至約每季 4,000 萬美元。此亦不包含我們在今年剩餘期間可能因 ERP 潛在汰換而發生的最高 1,500 萬美元費用。其中亦包含假設稅率為 26% 至 28%，以及營收組合約為：都會（Urban）65%、能源（Energy）20%、任務（Mission）15%，與我們 2 月的指引大致不變。在此組合假設下，我們對全年各事業群報告分部利潤率的預期為：都會 2.5% 至 3.5%（反映採礦費用）；能源解決方案 5% 至 6%；任務解決方案 6%。

If we get into Q3 and the impacts of the Middle East persist, we'll update the guidance at that time. Before we turn to Q&A, I want to reinforce the following from our overall commentary. One is that we had a single in-flight project with a charge of substance, and that project is approaching 80% complete in the field. Two is that although new awards may seem light compared to our full-year target, these early awards continuing into April reflect a strong endorsement of our strategy by the clients in our end markets. Our task at hand is to continue to convert the opportunity set in the market into front-end awards and to work with our clients to convert the front-end awards into full EPC releases. Despite what we hope are temporary headwinds in the Middle East, our focus remains squarely on delivering predictable results and meaningful shareholder returns.

若進入第三季後中東的影響仍持續，我們將在當時更新指引。在進入問答之前，我想重申我們整體評論中的幾點。第一，我們只有一個在執行中的專案出現具實質性的費用認列，而該專案在現場的完成度正接近 80%。第二，雖然相較於我們全年目標，新增得標看起來可能偏少，但這些延續到 4 月的早期得標，反映終端市場客戶對我們策略的強力背書。我們眼前的任務，是持續將市場上的機會組合轉化為前端得標，並與客戶合作，將前端得標轉化為完整的 EPC（工程、採購與施工）釋出。儘管中東存在我們希望只是暫時性的逆風，我們的重點仍明確聚焦於交付可預期的成果與具意義的股東報酬。

With that, Krista, let's open the line for questions.

那麼，Krista，我們開放提問。

(Operator Instructions) Jamie Cook, Truist Securities.

(接線員指示) Jamie Cook，Truist Securities。

Hi, good morning. I guess my first question is for you, John. Just understanding the puts and takes of the guidance, but for you to get to the new midpoint of your range, it does assume that adjusted EBITDA has to like double from, you know what I mean, current levels, and I think that's tough to do even adding back -- making the adjustments for the charges and the $37 million in Urban Solutions. In particular with the Middle East being a headwind now, so can you just talk to me about the drivers behind the significant ramp in EPS in the remaining three quarters? I guess that's my first question.

嗨，早安。我想我的第一個問題是給你，John。我想了解指引上調整的利多與利空因素；但要達到你們區間新的中點，確實意味著調整後 EBITDA 必須從目前水準幾乎翻倍——你懂我的意思——而我認為即使把費用認列以及都會解決方案（Urban Solutions）的 3,700 萬美元加回做調整，這也很難做到。尤其是中東目前又成為逆風，所以你能否談談在接下來三個季度 EPS 顯著爬升背後的驅動因素？這是我的第一個問題。

My second question, Jim, is more to you just on the award front. One, when you talk about the Middle East opportunity over the longer term, is that included in like the energy infrastructure rebuild? Is that included in the -- you mentioned your prospects are up 50%. I'm just wondering if the Middle East opportunities are in there and where they would be in oil and gas.

我的第二個問題是給你，Jim，主要是關於得標。第一，當你談到中東長期機會時，那是否包含在例如能源基礎建設重建之中？那是否包含在——你提到你們的商機（prospects）增加了 50%。我只是想確認中東的機會是否包含在其中，以及在油氣領域會落在哪一塊。

And then the other question, just on power gen, can you talk about the opportunities on gas-fired, but more so the opportunities of sort of working with some of the legacy customers Fluor's had historically where you've been very strong? Thank you.

另外一個問題是關於發電（power gen）：你能談談燃氣發電的機會嗎？但更重要的是，談談與 Fluor 過去歷史上一直很強、且屬於既有客戶的一些合作機會。謝謝。

Good morning. Good morning, Jamie. Maybe I'll start with the first question on the ramp-up in EBITDA. Probably the two biggest normalization items in the quarter, as you state, are the mining charge and also what appears to be about $20 million worth of higher run rate in Q1 on the G&A front. Those are significant bridging items. The rest of it is principally coming. We're seeing outperformance in all aspects of the business, probably led by the Energy Solutions Group. We'll wrap up warranty period and the last of the performance tests at LNGC. That ought to give us a little bit of a tailwind there. We're expecting a little higher performance in Mexico in Q2 from where we were in Q1.

早安。早安，Jamie。也許我先回答第一個關於 EBITDA 拉升的問題。如你所說，本季兩個最大的常態化項目，可能是採礦費用，以及在 G&A 方面第一季看起來約 2,000 萬美元的較高費用水準。這些都是重要的銜接項目。其餘部分主要來自——我們在業務各方面都看到優於預期的表現，尤其以能源解決方案事業群（Energy Solutions Group）帶頭。我們將完成 LNGC 的保固期以及最後的性能測試。這應該會帶來一些順風。我們預期第二季墨西哥的表現會比第一季更好一些。

Then probably the biggest thing is gonna be the pull-through of some of the early awards, and the work that we're conducting on them. Some robust services awards in Q1 that Jim delineated, we'll see those added to the portfolio and become being EBITDA-generating.

接著，可能最大的一項將是部分早期得標的帶動效應（pull-through），以及我們正在其上執行的工作。第一季有一些強勁的服務型得標，Jim 先前已說明；我們將看到這些案子納入組合，並開始貢獻 EBITDA。

On the second part, good morning, Jamie. Yeah, we do continue to feel very good about the pipeline. Pre-Middle East conflict, we had seen that significant growth in our pipeline. If you look at the 2026 opportunities that are in the short term in Energy and Urban Mission, all three have really exciting prospects out there in LNG and power within Energy. In Urban, mining, rare earth magnets, the data center opportunity we're cultivating that we announced, life sciences work. In Mission, Savannah River, additional work, the growth in the Centrus accounts and that project as it continues to expand its scope and national security. All of this stuff pre-opportunity driven by the conflict, Jamie.

關於第二部分，早安，Jamie。是的，我們仍然對案源（pipeline）感到非常有信心。在中東衝突之前，我們已看到案源顯著成長。若你看 2026 年的機會（短期）在能源、都會與任務三個領域，三者在市場上都有非常令人振奮的前景：能源方面有 LNG 與電力。都會方面有採礦、稀土磁鐵、我們已宣布並正在培育的資料中心機會、生命科學相關工作。任務方面有 Savannah River 的額外工作、Centrus 客戶的成長，以及該專案隨著範疇擴大與國家安全相關的機會。Jamie，這些都屬於衝突發生前就已存在的機會。

If there are any significant opportunities in late 2026 or 2027 as a result of the conflict, it would be additive to what we already had. One way that I see the impact of the Middle East is I think it's going to increase the chances of some of our current key front-end work to materialize into full awards. If you look at the fertilizer project in the UK, I think its chances of going forward have increased. If you look at the LNG project in Canada, I think its chances of going forward have increased as a result of the conflict. Then looking into 2027, we as a team have spent a lot of effort in recent quarters, not just cultivating the awards for the year, but also the pipeline for next year.

若因衝突在 2026 年底或 2027 年出現任何重大機會，那將是在我們既有基礎上的額外增量。我看中東影響的一個方式是：我認為它會提高我們目前一些關鍵前端工作落地成為完整得標的機率。例如英國的肥料專案，我認為其推進的可能性提高了。再看加拿大的 LNG 專案，我也認為因衝突而提高了推進的可能性。再往 2027 年看，我們團隊在最近幾個季度投入了大量心力，不僅培育今年的得標，也在建立明年的案源。

There are some great opportunities in mining associated with copper and some of the other commodities, iron ore, et cetera, and that those markets continue to be very strong. The price of copper is very high these days, and that should stimulate investment. Power, to your question on our prior clients, those conversations are going well. There's one client, the confidential client, for which we already have the limited notice to proceed for a combined cycle. There are two other projects for that same client that are in the pipeline that we have an opportunity to negotiate with the client. There's a second client that we're bidding a project on in the Northwest that we feel good about.

在採礦方面，有一些與銅及其他商品（如鐵礦石等）相關的很棒機會，而這些市場仍然非常強勁。近來銅價非常高，這應會刺激投資。至於電力、你問到我們先前的客戶，那些對話進展順利。有一位客戶（保密客戶），我們已取得一個聯合循環（combined cycle）專案的有限開工通知（limited notice to proceed）。同一位客戶還有另外兩個專案在案源中，我們有機會與其進行協商。還有第二位客戶，我們正在西北地區投標其一個專案，我們對此很有信心。

There's a third client that we're preparing a bid for. In this particular case, it's a similar model where we would go into a front-man effort if we win the proposal, work with the client on an execution plan and then the estimates. Once that effort is mature enough, then we would convert to a lump sum. There are other clients that are approaching us, and we're talking to them about opportunities. We're balancing all these opportunities out there with our discipline, making sure we have the right ingredients for a successful project, the right team, the right contract, the right price, et cetera. That the supply chain is able to support those projects, which is becoming an increasingly important element. There's chemicals work that we believe is gonna start picking up again late this year and next year.

我們正在為第三位客戶準備投標。在這個特定案例中，模式相近：若我們贏得提案，我們會先以前期（front-man）方式投入，與客戶共同制定執行計畫，接著完成成本估算。一旦該前期工作成熟到一定程度，我們就會轉為總價（lump sum）合約。還有其他客戶正在接洽我們，我們也正與他們討論相關機會。我們在平衡所有這些機會的同時，也維持紀律，確保成功專案所需的要素齊備：合適的團隊、合適的合約、合適的價格等等。同時也要確保供應鏈能夠支援這些專案，而這正變得愈來愈重要。我們認為化工相關工作將在今年稍晚以及明年再度回升。

The chemicals market has been in a slow mode recently, but with the conflict that sector has been stimulated, so to speak, and prices have improved. There's opportunity there. There's some other markets. I think that the short-term volatility is concerning, and we hope for a quick resolution. I think past that into midterm, whether it's a specific project or as a result of the conflict or the Gulf countries pushing for investments to stimulate their economies or global work associated with diversifying from the Middle East, I think we're well-positioned for all those opportunities.

化工市場最近一直偏疲弱，但在衝突影響下，該產業可說受到刺激，價格也有所改善。那裡存在機會。另外還有一些其他市場。我認為短期波動令人擔憂，我們也希望能快速解決。我認為再往中期看，不論是特定專案、或因衝突所致、或海灣國家推動投資以刺激其經濟、或全球因降低對中東依賴而帶來的多元化相關工作，我們都已為這些機會做好布局。

Thank you. I appreciate the color.

謝謝。我很感謝你提供的補充說明。

Michael Dudas, Vertical Research.

Michael Dudas，Vertical Research。

Good morning, gentlemen.

各位先生，早安。

Good morning.

早安。

Morning, Mike.

早安，Mike。

The first question, Jim, you mentioned about the, I think it's 200 basis points improvement in new business into the backlog. Maybe you can characterize that relative to what you've been putting into the backlog the last several quarters. Is that because of mix of, say, front-end work versus EPC? How do you see that as you convert, FEED into awards, into backlog, how that may improve or change as we go through the next several quarters?

第一個問題，Jim，你提到新業務納入在手訂單（backlog）時，利潤率大約改善了200個基點。也許你可以相對於過去幾季你們納入在手訂單的水準，描述一下這個改善。這是因為組合因素，例如前期工作相對於EPC的比重嗎？你怎麼看接下來幾季，當你把FEED轉成授標、再轉入在手訂單時，這個水準可能如何改善或變化？

Yeah, Mike, the 200 basis point is a result of two things. One, some of it is services work, you're right. Some of it is just better bidding conditions and better commercials. Because we are being very selective in which projects we intend to convert to EPC, we look very carefully at the risk/reward formula, if you will, Mike, on those projects. On the large reimbursable mining project, there's a certain expectation. On an LNG project, there's a different expectation. On the power job, there's gonna be a different expectation. My thinking is the numbers are gonna improve along the quarters as the backlog grows as a combination of this selectivity and market conditions, but also as a function just, Mike, of greater volume.

是的，Mike，這200個基點來自兩個因素。第一，部分確實是服務型工作。第二，部分是投標條件更好、商務條款更有利。由於我們在選擇哪些專案要轉為EPC時非常審慎，我們會非常仔細地評估那些專案的風險／報酬公式（如果你願意這麼說的話），Mike。大型可償付（reimbursable）的礦業專案有一種特定的預期。LNG專案則有不同的預期。電力案也會有不同的預期。我的看法是，隨著在手訂單成長，這些數字會在接下來幾季持續改善，原因是我們的選擇性與市場條件的組合，但同時也只是因為量更大，Mike。

I do expect the margins to continue to improve and be reflected in the actual performance of the business.

我確實預期利潤率會持續改善，並反映在業務的實際表現上。

I appreciate that. My follow-up is when you think about or maybe you could share a little bit more of your discussions with some of the hyperscalers and the market view seems to be warming up to what you wanna do, but still not quite there yet from a term condition standpoint. Maybe offshoot on some other industrial technology, semiconductors have been quite a factor into the news and some other large commercial and spending and how that may flow into Urban Solutions opportunities in the next several quarters. Thank you.

我理解，謝謝。我的追問是，當你思考或許可以再多分享一些你們與部分超大規模業者（hyperscalers）的討論時，市場觀點似乎正在轉暖、也更接受你們想做的事，但在條款條件（term condition）方面仍未完全到位。另外延伸到其他工業科技領域，半導體近期在新聞中占了很大比重，還有其他大型商業投資與支出，這些如何在未來幾季流入Urban Solutions的機會？謝謝。

Yeah, Mike, as we have said before, we are interested in doing data center work in the US We have been successful overseas, and we continue to look at opportunities overseas. The big prize is domestically. The reality is also that there are a lot of regional and commercial type contractors that are well-positioned for that market. What we're seeing is many of the commercial and contractual terms, in our view and in our estimation, our risk analysis, are a little bit challenging from a risk allocation perspective. What we're saying is we will continue to pursue work in the advanced technologies arena, that's data centers and semiconductors. We're gonna be selective, and we are gonna maintain our discipline in looking at the commercial model for these projects.

是的，Mike，如同我們先前所說，我們有興趣在美國承接資料中心的工作。我們在海外已取得成功，也持續在海外尋找機會。最大的獎項是在國內市場。但現實是，也有許多區域型與商業型承包商在該市場具備很好的競爭位置。我們看到的是，許多商務與合約條款在我們的觀點、估算與風險分析下，從風險分配的角度來看有些具挑戰性。我們的說法是：我們會持續在先進科技領域追求工作，也就是資料中心與半導體。我們會保持選擇性，並在檢視這些專案的商務模式時維持紀律。

We are in the advanced technologies and advanced manufacturing world, we are looking at beyond data centers or more than just data centers and semiconductors. If you look at the magnet facility that we're pursuing in the US, that's a massive project, and we're well-positioned for that. It suits well our expertise and the strength of our EPC value chain. We're gonna continue to look at these opportunities. The team is working hard on it, but always maintaining our discipline around commercials. Frankly, the way we're seeing it, the way the market's evolving, Mike, the race for dominance in AI, in AI in the United States and the various markets that are being pulled by that, the one that is perhaps most attractive to us is the power market.

我們身處先進科技與先進製造的領域，我們看的不只是資料中心，或不僅僅是資料中心與半導體。如果你看我們在美國正在爭取的磁體（magnet）設施，那是一個非常龐大的專案，而我們在其中具備很好的競爭位置。它非常符合我們的專業能力以及我們EPC價值鏈的優勢。我們會持續尋找這些機會。團隊正為此努力，但始終在商務條款上維持紀律。坦白說，依我們所見、以及市場的演變，Mike，在美國AI主導權的競賽，以及由此帶動的各個市場之中，對我們而言或許最具吸引力的是電力市場。

It just fits better our expertise, our strong engineering, our strong global supply chain. We believe that the greatest opportunity for growth, profitable growth associated with the buildup around data centers and AI is actually in the power sector.

那更符合我們的專業、我們強大的工程能力，以及我們強大的全球供應鏈。我們相信，與資料中心與AI建置相關、能帶來最大成長機會與獲利性成長的，其實是在電力產業。

Steven Fisher, UBS.

Steven Fisher，UBS。

Thanks. Good morning. Just wanted to follow up on the mining project, if you could give a little bit more detail there. I think you said 80% through construction, but just maybe a little more color on the timing of completion. What productivity assumptions you have made for the rest of the project? Kind of what's going wrong there? Mining, we typically think of those as being cost-reimbursable projects. Just curious kind of what was different about this one, why it's fixed price in the first place, and how comfortable we are about not having further charges on that. Then second question is, I know you mentioned expectations for kind of or hoping that things improve in the Middle East by the second quarter.

謝謝。早安。我想追問一下礦業專案，如果可以的話請再提供一些細節。我記得你說施工已完成80%，但能否再多補充一下完工時程？你們對專案剩餘部分採用哪些生產力假設？大概是哪裡出了問題？我們通常認為礦業專案多為成本可償付（cost-reimbursable）。我只是好奇這個案子有何不同，為什麼一開始會是固定價格（fixed price），以及我們對不會再有進一步費用（charges）有多大把握。第二個問題是，我知道你提到預期或希望中東情勢在第二季前後改善。

Have you started running some scenarios that if things don't improve, by then where are some of the bigger variables that could flow through the financials for the rest of the year? Thank you.

你們是否已開始推演一些情境：如果到那時仍未改善，今年剩餘期間有哪些較大的變數可能會反映到財務數字上？謝謝。

Thank you, Steve. Let me start with the first question around the mining project. Obviously, a disappointing setback. I know the team overseeing the work is also disappointed with this charge and is working very hard to advance the project and finish it expeditiously. A little background on the project. Engineering and procurement are essentially complete. Construction is well advanced. It's nearing 80%. What happened, Steve, was in recent months, the site experienced declining productivity in the field as the craft ramped up, and we progressed into latter stages of the work. We did a detailed analysis of work to go, quantities, productivities, et cetera, and concluded that we needed to increase the cost estimate of the project. It was a prudent thing to do given where those productivity numbers were pointing.

謝謝你，Steve。我先從礦業專案的第一個問題開始。顯然，這是一個令人失望的挫折。我知道負責監督該工作的團隊也對這筆費用感到失望，並正非常努力推進專案、盡快完成。先補充一些專案背景。工程與採購基本上已完成。施工已大幅推進。接近80%。Steve，發生的情況是，近幾個月隨著工匠人力（craft）擴編、且我們進入工作後期階段，現場的生產力出現下滑。我們對剩餘工作、工程量、生產力等進行了詳細分析，並得出結論：我們需要提高該專案的成本估算。就那些生產力數據所指向的方向而言，這是審慎之舉。

I'll say while the team and the business leadership continues to work with a client on what it will take to finish the project. We're looking at a completion around the end of the year. That's the target. Let me say a couple of things. You mentioned the mining and metals business. It is overwhelmingly reimbursable. This is the one large lump sum project there. It only represents about 5% of the backlog that we have today on mining and metals projects. The rest of the mining and metals portfolio projects, the other 95%, is performing very well, delivering above as-sold targets. It's a very attractive market for us, very successful market. I believe we have captured the cost adequately. We made a detailed assessment working with our partners there.

我要說的是，團隊與業務領導層仍在與客戶合作，釐清完成該專案所需的條件。我們預期在年底左右完成。這是目標。我再補充幾點。你提到採礦與金屬業務。該業務絕大多數是可報銷（reimbursable）的。其中只有這一個大型總價（lump sum）專案。它僅約占我們目前採礦與金屬專案在手訂單（backlog）的5%。其餘採礦與金屬組合的專案，也就是另外95%，表現非常好，交付成果高於銷售時（as-sold）的目標。這對我們而言是非常具吸引力且非常成功的市場。我相信我們已充分掌握成本。我們與當地合作夥伴一起做了詳細評估。

Made the necessary adjustments also not just in the estimate, in the team to strengthen that oversight and that execution. We're going to watch it very closely over the next several months. Let me say one more thing on the project. This project, although the unfortunate charge that we saw this quarter, there's another project of similar nature and characteristics that was executed by the mining business some years ago. Very similar project. That project was very successful. I think this is clearly an isolated item, and we're working very hard to resolve it.

也做了必要的調整，不僅是估算（estimate），也包括團隊配置，以強化監督與執行。未來幾個月我們會非常密切地監控。我再就這個專案補充一點。這個專案雖然本季出現了令人遺憾的費用（charge），但採礦事業在幾年前曾執行過另一個性質與特徵相近的專案。非常類似的專案。那個專案非常成功。我認為這顯然是個別的孤立事件，我們正非常努力地加以解決。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc Capital Markets。

Good morning. Thank you for taking my question. First, can I ask about the total magnitude of the closeouts? If you can give us how we should apportion them between the three favorable closeouts, that would be very helpful.

早安。謝謝讓我提問。首先，我想問結案（closeouts）的總規模有多大？如果你們能說明這三個有利結案（favorable closeouts）之間應如何分攤，會非常有幫助。

Yeah. The big three projects. Good morning, Sangita. The three projects that we closed out were a project in China, a project in Kazakhstan and, of course, the project in Canada. The tailwinds for those were really a function of the timing, particularly in Canada on some of the closeout items. Probably created a little bit of a tailwind to the guide, but certainly in line with our expectations for the full year, and I think the same can be said for the other two projects as well.

好的。三個大型專案。早安，Sangita。我們結案的三個專案分別是在中國的一個專案、哈薩克的一個專案，當然還有加拿大的專案。這些利多（tailwinds）主要是時點因素所致，特別是加拿大在一些結案項目上的時點。這可能對指引（guide）帶來一點順風，但整體仍符合我們對全年（full year）的預期，我想另外兩個專案也同樣如此。

Got it. Just kinda going back to the guidance and Steve's question and Jamie's question. Appreciate you thinking through the pull forward on the early awards. Can you help us more on which of those recent LNTPs or FEEDs that you're budgeting a conversion to FNTP of FID? For example, the TeraWulf project or the Centrus project.

了解。再回到指引，以及Steve和Jamie的問題。謝謝你們針對早期授標（early awards）提前（pull forward）的思考。你能否再多說明一下，近期這些LNTP或FEED之中，你們在預算上是以哪些會轉換為FNTP或FID來規劃？例如TeraWulf專案或Centrus專案。

Let me answer that, Sangita. Good morning. We always look at things probabilistically. We assign go gets to the conversion, and it's always a little bit of a challenge because you have to kinda guesstimate the exact timing on when the client's gonna make a decision. We, we don't really focus too much on individual projects. We, we do an analysis of the portfolio. You have Centrus, you have TeraWulf, you have the potential of an LNGC award, you have some power work, you have a potential of a conversion on the gas compression project, potential for a copper project in South America moving on to the next phase. It, it's the contributions from multiple projects. That's why we feel good about the guidance that we gave to the question that was raised earlier.

我來回答，Sangita。早安。我們一向以機率方式來看待這些事項。我們會為轉換設定「拿下機率」（go gets），但這總是有點挑戰，因為你必須大致估算客戶何時會做決策的確切時間點。我們其實不太聚焦在單一專案。我們會做整體組合（portfolio）的分析。你提到Centrus、TeraWulf，還有可能取得LNGC授標、一些電力相關工作、天然氣壓縮專案可能的轉換、以及南美一個銅專案可能進入下一階段。這是多個專案共同貢獻的結果。因此，對於先前提出的問題，我們對所給出的指引感到有信心。

Another data point that I'd like to look at is how much of the expected PGM gross margin in the year is already in backlog. That's above 75%, well above 75%. That is historic. That's a little higher than historical averages. I think there's good confidence barring some really unexpected change in the in the kinda geopolitical and world economy stage, we feel pretty good about where we stand with the guidance.

我還想看另一個數據點：今年預期的PGM毛利（gross margin）有多少已經在在手訂單（backlog）中。這個比例超過75%，而且遠高於75%。這是歷史性的水準。也比歷史平均略高。我認為，只要地緣政治與全球經濟情勢沒有出現非常出乎意料的變化，我們對目前指引所處的位置感覺相當不錯。

Appreciate it. Thank you.

感謝。謝謝。

Andy Wittmann, Baird.

Andy Wittmann，Baird。

Yeah, great. Excuse me. John, we noticed that you had about a $1.1 billion scope adjustment that contributed to backlog, but not into the awards this quarter. You've had a few of these actually in the past several quarters. When this happened in the past, when you get like customer furnished materials scope increases, it can change the percentage of completion accounting associated with those jobs. That can either force you to book more revenue or de-book some revenue depending on which way the CFM goes in or out.

好的，很好。不好意思。John，我們注意到你們有大約11億美元的範疇調整（scope adjustment）貢獻到在手訂單（backlog），但本季沒有計入新增授標（awards）。過去幾季其實也出現過幾次。以往發生這種情況時，像是客戶提供材料（customer furnished materials, CFM）的範疇增加，可能會改變這些案子所採用的完工百分比（percentage of completion）會計。視CFM是納入或移出而定，可能會迫使你們認列更多營收，或沖回（de-book）部分營收。

I was wondering what the impact was to your profits in the quarter from that, and if that has any effect on this year's guidance by pulling or pushing profits in or out of this year. Thanks.

我想請教，這對你們本季獲利的影響是什麼？以及這是否會透過把獲利拉進或推遲到今年以外，而影響今年的指引？謝謝。

Yeah. Good morning, Andy. You are correct. The sawtooth effect that you're referring to, we did see a little bit of a negative sawtooth impact in the quarter. It was probably less than a $10 million impact that we will recapture across the balance of 2026. It would also be a bridging item in getting from Q1 run rate to the full year guide. It wasn't so substantial and worthy of mention, but about a $10 million impact in the quarter.

是的。早安，Andy。你說得沒錯。你提到的鋸齒效應（sawtooth effect），我們本季確實看到一些負向的鋸齒影響。影響可能不到1,000萬美元，我們會在2026年剩餘期間把它回收回來。這也會是從第一季的運行水準（run rate）銜接到全年指引的一個橋接項目（bridging item）。它並不算大到值得特別提，但本季大約是1,000萬美元的影響。

Okay. Well, that's still helpful because when I look at the quarter, you've got the $60 million EBITDA that you reported, $37 million charge add back. You're about $20 million heavy on SG&A this quarter versus the rest of the year. You're about at a EBITDA at $120 million there. I'm wondering if there's anything else. Then again, to get to the number for the year, you need to be close to $155 million, $160 million on the quarterly EBITDA. I'm wondering if there's anything else in the first quarter that is unusually low. Maybe it's seasonally. I thought like the Mission profits were a little bit lower than we expected. Maybe even the core Urban was a little bit less than we expected. Was there a seasonal effect or something?

好的。這仍然很有幫助，因為我看本季，你們報告的EBITDA是6,000萬美元，加回3,700萬美元的費用（charge）。本季SG&A相較於今年其餘季度大約高出2,000萬美元。這樣算起來EBITDA大約在1.2億美元左右。我想知道是否還有其他因素。再者，要達到全年數字，你們單季EBITDA需要接近1.55億到1.6億美元。我想了解第一季是否還有其他異常偏低的項目。也許是季節性因素。我覺得Mission的獲利比我們預期略低。甚至核心Urban可能也比我們預期略少。是否有季節性影響或其他原因？

Maybe a smaller charge that we should be considering in terms of the 1Q base that we're building off to get to that EBITDA run rate.

或是有一個較小的費用（charge），我們在以第一季作為基礎、推算到那個EBITDA運行水準時應該要納入考量。

Yeah.

是的。

Trying to understand if there's something beyond just the ramp that you pointed to in the second half for some of the contracts you've already won.

我想了解，除了你提到下半年部分已得標合約的爬坡（ramp）之外，是否還有其他因素。

No. Look, I think there's a whole lot of kind of single-digit million dollar impacts that when you compare Q1 across the balance of the year, you could probably take into consideration. We probably had about $4 million or $5 million worth of, I'll say, receivable allowances that we recognize on a certain project. We are certainly anticipating some better scores in the Mission Solutions arena on one of their large projects based on early intel there. There's a lot of little things like that that drive it up $2 million or $3 million, $4 million, and I could probably delineate another three or four things that occurred during the quarter.

沒有。你看，我認為有相當多那種以百萬美元計、且是個位數的影響因素；當你把第一季和今年其餘季度相比時，可能都可以納入考量。我們大概有約400萬到500萬美元的——我會說——應收款備抵（備抵呆帳）是在某個專案上認列的。我們也確實預期在 Mission Solutions 領域、他們其中一個大型專案，基於目前掌握的早期情報，評分會更好。還有很多像這樣的小事情，會把數字推高200萬、300萬、400萬美元；我大概還能再細分出另外三、四件在本季發生的事項。

I would consider those just normal quarterly ebbs and flows, but do appreciate that in order to bridge from a relatively light Q1 to the numbers you're talking about, they do help when multiplied by two or three times.

我會把那些視為正常的季度性起伏，但也理解要從相對偏輕的第一季，銜接到你所提到的那些數字，當這些因素乘上兩到三倍時，確實會有幫助。

That's really good color. I appreciate that. Thanks, guys. Have a good day.

這些補充非常有幫助。我很感謝。謝謝各位。祝你們今天愉快。

Thanks, Andy.

謝謝你，Andy。

Andy Kaplowitz, Citigroup.

花旗集團（Citigroup）的 Andy Kaplowitz。

Hey, good morning, everyone.

各位早安。

Good morning.

早安。

Jim, with the understanding that the geopolitical noise out there is still quite high, I just want to clarify that you still think 2026 new awards could be significantly higher than 2025. Then you mentioned LNGC Phase 2 probability to move forward has increased. Do you think that probability for 2026 FID is high on that project? Maybe just give us a little more perspective on the sizing of the project. Obviously, we know you built the infrastructure up there. You built Trains 1 and 2, but I would assume this is still many billions of dollars to Fluor if it does move forward.

Jim，在理解外部地緣政治雜音仍然相當高的情況下，我想確認一下，你仍然認為2026年的新得標金額可能會顯著高於2025年。另外你提到 LNGC 第二期推進的機率提高了。你認為該專案在2026年做出最終投資決定（FID）的機率高嗎？也請你再多給我們一點對專案規模的看法。顯然我們知道你們已在那裡建了基礎設施。你們建了第1與第2列（Trains 1 and 2），但我猜如果真的推進，對 Fluor 來說仍會是數十億美元規模。

Thank you, Andy. Yes, we still feel very confident that 2026 awards are gonna be higher than 2025. That is on the back of the quality of our prospects that we have in front of us, many, many of which we're working on right now. I was doing the math the other day. It's about 85% of our expected new award revenue we're already working on. As far as Phase 2, Andy, I think the project is looking. Now, it's a client's decision ultimately, but the project is looking very good. It's a complex project with many stakeholders. You got the JVP partners that own the project. You have national government, provision government, First Nations, various stakeholders. I know the client has been working very, very hard to put all the pieces of the puzzle together.

謝謝你，Andy。是的，我們仍然非常有信心2026年的得標會高於2025年。這是基於我們眼前的潛在案源品質，其中很多很多我們現在就正在推進。我前幾天在算。大約有85%我們預期的新得標收入，我們已經在著手進行。至於第二期，Andy，我認為這個專案看起來——當然最終是客戶的決定——但專案看起來非常不錯。這是一個牽涉眾多利害關係人的複雜專案。你有擁有該專案的合資夥伴（JVP partners）。你有國家政府、省政府、原住民族（First Nations）以及各種利害關係人。我知道客戶一直非常、非常努力地把拼圖的各個部分整合到位。

We're one important piece, and our conversations are going well, and we continue to support the client with information needed for their final investment decision. Ultimately, it's their decision. I think it's gonna happen in 2026, but it's not, it's not up to us. We're doing everything we can from our side to make the client's decision a positive one. It will be a multi-billion-dollar award for us, somewhere between $5 billion and $10 billion. You can, you can look at that, but it's gonna be a single-digit multi-billion-dollar award.

我們是其中一個重要拼圖，我們的對話進展良好，我們也持續提供客戶做出最終投資決定所需的資訊。最終仍是他們的決定。我認為會在2026年發生，但這不——不取決於我們。我們會從我們這邊盡一切努力，讓客戶的決定朝正向發展。對我們而言，這將是一筆數十億美元的得標，約在50億到100億美元之間。你可以——你可以這樣看，但會是一筆個位數十億美元規模的得標。

Very helpful. Then just referring to.

非常有幫助。那再回到——

I'm sorry. The timing.

不好意思。關於時點。

Yeah.

對。

We think it's going to be 2026, again, subject to client's decision. Yeah.

我們認為會在2026年，同樣仍取決於客戶的決定。對。

Very helpful. Referring to your comments on Middle East reconstruction and/or Venezuela, can you give us a little more color regarding your conversations? It's probably early to have too much clarity on the Middle East, but in Venezuela, you talked about having more information in the next few months, which I thought was intriguing. Is that the timeframe we're talking about, where you actually could see real work in Venezuela maybe as you go into next year? Could you get assurances on that work so it's relatively low risk?

非常有幫助。針對你提到的中東重建和／或委內瑞拉，你能否再多提供一些你們對話的細節？中東可能還太早，難以有太多明確性，但在委內瑞拉方面，你提到未來幾個月會有更多資訊，我覺得很耐人尋味。我們談的是這樣的時間框架嗎——也就是你們可能在進入明年時，真的會在委內瑞拉看到實質工作？你們能否就該工作取得某些保證，使其風險相對較低？

All great questions that we're looking at very carefully, Andy. We have a lot of experience in Venezuela. We have a lot of employees today that have worked in Venezuela projects, so we are well-poised to do work there. We follow our clients. That's our model. We're watching very carefully what our clients are saying publicly and privately, and the general consensus is that there still needs to be more clarity. Making sure the business environment there is stable and predictable for large investments. You heard that said by several very high-profile CEOs that could be investing in Venezuela. I think there is a lot of interest from our clients to go into Venezuela, both American companies and a few European companies. We're talking to them.

這些都是很好的問題，我們也正非常審慎地評估，Andy。我們在委內瑞拉有很多經驗。我們目前也有許多員工曾參與委內瑞拉的專案，因此我們很有條件在那裡承接工作。我們會跟著客戶走。這就是我們的模式。我們非常密切關注客戶在公開與私下的說法，而普遍共識是仍需要更明確的資訊。要確保當地商業環境對大型投資而言是穩定且可預期的。你也聽到好幾位非常知名、可能會投資委內瑞拉的執行長這麼說。我認為我們的客戶對進入委內瑞拉有很高興趣，包括美國公司以及少數歐洲公司。我們正在與他們溝通。

We have sent people, delegations to Venezuela to talk to these clients, to talk to local partners. A lot of the work we've done in the past was with local partners. Those companies are still there. So we're getting ready for it. I can't tell you what the exact timing is gonna be because it just depends on when will our clients get comfortable in going there. The opportunity set is huge. As everyone knows, the resources in Venezuela are enormous. By the way, it's not just oil and gas. The infrastructure has to be rebuilt, including a lot of power generation. There's a lot of opportunity there. I'm also aware that the US government is in conversations with Venezuela about mining, resources.

我們已派人、代表團前往委內瑞拉，與這些客戶以及當地合作夥伴洽談。我們過去做的很多工作都是與當地合作夥伴一起完成。那些公司仍然在當地。所以我們正在為此做準備。我無法告訴你確切時點會是什麼，因為這取決於我們的客戶何時會對前往當地感到安心。機會集合非常龐大。眾所周知，委內瑞拉的資源非常豐富。順帶一提，不只是油氣。基礎設施必須重建，包括大量的發電設施。那裡有很多機會。我也知道美國政府正就採礦、資源等議題與委內瑞拉進行對話。

There's also tremendous mining opportunities in Venezuela, that also bodes well for our expertise. We're watching it closely, Andy. I think because the types of projects that we get involved on are usually large investments, I would expect that our clients would want that level of certainty. We'll know more about it in the next few months. I just don't know exactly how fast it's gonna go.

委內瑞拉也有非常可觀的採礦機會，這也很符合我們的專長。我們會密切關注，Andy。我認為由於我們參與的專案類型通常是大型投資，我預期客戶會希望具備那種程度的確定性。接下來幾個月我們會知道更多。我只是還不確定進展會有多快。

We're staying close to them on their journey, to assess what could be the opportunity set there.

我們會在他們推進的過程中保持緊密聯繫，以評估那裡可能的機會集合。

Very helpful, guys.

非常有幫助，各位。

That concludes our question and answer session. I will now turn the conference back over to Jim Breuer for closing comments.

我們的問答環節到此結束。接下來我將把會議交回給 Jim Breuer 作結語。

Thank you, operator, and thank you for joining today's call. I am very pleased with the momentum we're seeing across our end markets and the strength of our opportunity pipeline. I'm confident that our strategy will deliver growth and meaningful value for our shareholders. Have a good day.

謝謝主持人，也謝謝各位參加今天的電話會議。我對我們在各終端市場看到的動能，以及我們機會管線的強勁程度感到非常滿意。我有信心，我們的策略將帶來成長，並為股東創造可觀的價值。祝各位今天愉快。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，現在可以掛線。