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Natalia Alvarez Iragorri

Research Analyst at Citigroup

Natalia Alvarez Iragorri is a Senior Vice President - International Personal Bank and Senior Wealth Advisor with Citi Personal Wealth Management in Miami, FL, specializing in comprehensive wealth management for high-net-worth clients across multiple jurisdictions. She provides tailored financial strategies, access to global investment platforms, multilingual professionals, customized portfolios, and connections to Citi's extensive resources to address complex client needs. Throughout her tenure in finance, she has developed expertise in serving international clients with priorities-focused service, though specific performance metrics and company coverage details are not publicly detailed; she benefits from Citi's recognition as a Kiplinger's Best Bank for nine years.

Natalia Alvarez Iragorri's questions to FLUOR (FLR) leadership

Question · Q4 2025

Natalia Alvarez Iragorri asked about the conversion rates of Fluor's $25 billion backlog by segment for 2026 and the expected amount to convert to revenue in the next 12 months. She also inquired about the updated capital allocation pecking order, particularly how NuScale proceeds are weighed against share repurchases and potential tuck-in M&A opportunities to fill portfolio gaps. Lastly, she asked which end markets Fluor has regained competitive advantages in and which still face significant competition or pricing pressures.

Answer

CEO Jim Breuer stated that 50%-60% of the backlog is expected to convert to revenue in the next 12 months, depending on execution and client-furnished materials. CFO John Regan reiterated that the capital allocation framework remains consistent with the April presentation, prioritizing share repurchases in the early stages (2025-2026) and then shifting to reinvestment in the business (human capital, expertise) and tuck-in M&A for depth in priority markets, not expanding into new ones. He emphasized Fluor's strategy to target markets where it holds a competitive advantage, such as LNG Canada, copper, nuclear fuels, and complex DOE projects, while acknowledging data centers as a newer market where they are selectively growing.

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