Technology

KBR Reports Fourth Quarter and Fiscal Year 2024 Results

Published

1 year ago

February 24, 2025

Delivered Strong Financial Performance with Solid Bookings Momentum

Issues Fiscal Year 2025 Guidance for Revenues, Adj. EBITDA, Adj. EPS, and Operating Cash Flows

Fourth Quarter 2024 Highlights
(All comparisons versus prior year period unless noted.)

Revenues of $2.1 billion, up 23% (15% organic)Net income attributable to KBR of $76 million; Adjusted EBITDA2 of $228 million, up 21% with an Adjusted EBITDA2 margin of 10.7%Diluted EPS of $0.57; Adjusted EPS2 of $0.91, up 32%Bookings and options1 of $2.0 billion with 1.0x book-to-bill1

Fiscal Year 2024 Highlights
(All comparisons versus prior year period unless noted.)

Revenues of $7.7 billion, up 11% (9% organic)Net income attributable to KBR of $375 million; Adjusted EBITDA2 of $870 million, up 16% with an Adjusted EBITDA2 margin of 11.2%Diluted EPS of $2.79; Adjusted EPS2 of $3.34, up 15%Operating cash flows of $462 million, 103% Operating cash conversion2Bookings and options1 of $8.8 billion with 1.1x book-to-bill1Returned $297 million of value to shareholders through share repurchases and dividends

HOUSTON, Feb. 24, 2025 /PRNewswire/ — KBR, Inc. (NYSE: KBR) today announced its fourth quarter and fiscal year 2024 results.

“KBR delivered sustained performance throughout the year culminating in a strong fourth quarter, with significant revenue and earnings growth as well as margin expansion,” said Stuart Bradie, President and CEO. “During 2024, we maintained our industry-leading safety record, met or exceeded our full year guidance, and advanced our strategy. In addition, we executed a realignment of our segments to better serve our customers and end markets, reduce costs, and open a larger pipeline of opportunities. We also expanded our capabilities with the acquisition of LinQuest, a leading provider of advanced engineering, data analytics and digital capabilities for national security and military space missions.”

Mr. Bradie continued, “We believe our business portfolio is well aligned with the priorities of the new administration in the U.S., especially in the areas of national security and energy policy. Our unique and diverse global portfolio, which serves both commercial and government clients in mission critical and key operational functions, offers resilience given issues present in the world today. As measured from our fiscal year 2024 results, more than 60% of Adj. EBITDA contribution is from non-U.S. government customers. This positioning enables us to approach our fiscal year 2025 outlook with a high degree of confidence, with more than 75% of our projected Revenues already under contract across our global, diversified contract base.”

Summarized Fourth Quarter and Fiscal Year 2024 Consolidated Results

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

Dollars in millions, except share data

2025

2023

2025

2023

Revenues

$ 2,122

$ 1,730

$ 7,742

$ 6,956

Operating income

142

147

662

448

Net income (loss) attributable to KBR

375

(265)

Adjusted EBITDA2

228

188

870

747

Operating income margin

6.7 %

8.5 %

8.6 %

6.4 %

Adjusted EBITDA2 margin

10.7 %

10.9 %

11.2 %

10.7 %

Earnings per share:

Diluted earnings per share

0.57

0.15

2.79

(1.96)

Adjusted earnings per share2

0.91

0.69

3.34

2.91

Cash flows:

Operating cash flows

462

331

Adjusted operating cash flows2

462

463

Return of capital to shareholders:

Payments to reacquire common stock

218

138

Payments of dividends to shareholders

Leverage:

Total gross debt

2,594

1,851

Cash

350

304

Net leverage (Net debt / Adjusted EBITDA2)

2.6x

2.1x

Fourth Quarter 2024 Consolidated Results Review
(All comparisons against the fourth quarter 2023 unless noted.)

Revenues were $2.1 billion, up 23% or $392 million, primarily driven by on-contract growth across all Government Solutions business units, contributions from the LinQuest acquisition, and growing demand in Sustainable Technology Solutions from engineering and professional services and technology licensing.

Operating income was $142 million, down 4% or $5 million, primarily due to a $26 million resolution of an outstanding contract dispute associated with a legacy U.S. government project.

Net income attributable to KBR was $76 million, up 262% or $55 million, primarily due to a $66 million non-cash charge in the prior year period related to the election of cash as the settlement method for our Convertible Notes that did not recur in the current year period.

Diluted earnings per share were $0.57, up 280% or $0.42, primarily due to higher Net income attributable to KBR noted above and lower diluted weighted average common shares outstanding in the current year period.

Adjusted EBITDA2 was $228 million, up 21% or $40 million, generally in line with the growth in Revenues. Adjusted EBITDA2 margin was 10.7%, generally in line with the prior period.

Adjusted earnings per share2 were $0.91, up 32% or $0.22, due to the increase in Adjusted EBITDA2 noted above, favorable Other non-operating income results from foreign exchange, and lower adjusted weighted average common shares outstanding; partially offset by higher interest expense.

Backlog and options as of the fiscal year end totaled $21.2 billion. Book-to-bill1 was 1.0x for the quarter and 1.1x on a trailing-twelve-months basis.

Summarized Fourth Quarter and Fiscal Year 2024 Segment Results

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

Dollars in millions, Backlog in billions

2025

2023

2025

2023

Revenues

$ 2,122

$ 1,730

$ 7,742

$ 6,956

Government Solutions

1,598

1,328

5,871

5,353

Sustainable Technology Solutions

524

402

1,871

1,603

Adjusted EBITDA2

228

188

870

747

Government Solutions

150

128

587

536

Sustainable Technology Solutions

108

398

336

Corporate

(30)

(25)

(115)

(125)

Adjusted EBITDA2 margin

10.7 %

10.9 %

11.2 %

10.7 %

Government Solutions

9.4 %

9.6 %

10.0 %

Sustainable Technology Solutions

20.6 %

21.1 %

21.3 %

21.0 %

Backlog

17,264

17,335

Government Solutions

13,554

12,790

Sustainable Technology Solutions

3,710

4,545

Backlog and options

21,239

21,732

Government Solutions

17,529

17,187

Sustainable Technology Solutions

3,710

4,545

Fourth Quarter 2024 Segment Results Review
(All comparisons against the fourth quarter 2023 unless noted.)

Government Solutions (GS)
Revenues were $1,598 million, up 20% or $270 million, driven by new and on-contract growth across all business units and $140 million from the LinQuest acquisition.

Operating income was $91 million, down 12% or $12 million, primarily due to a $26 million resolution of an outstanding contract dispute associated with a legacy U.S. government project. Operating income margin was 5.7%.

Adjusted EBITDA2 was $150 million, up 17% or $22 million, generally in line with the growth in Revenues. Adjusted EBITDA2 margin was 9.4%, generally in line with the prior year period.

Backlog and options as of the fiscal year end totaled $17.5 billion. Book-to-bill1 was 0.9x for the quarter and 1.1x on a trailing-twelve months basis.

The following new business awards were announced:

Awarded $187 million U.S. State Department Task Order for Medical Support Services in IraqAwarded $445 million DoD Contract for Joint Mission Environment Test Capability ProgramAwarded $88 million Contract to Provide Rapid Prototyping for Naval Air Systems Command

Sustainable Technology Solutions (STS)
Revenues were $524 million, up 30% or $122 million, driven by increasing demand for sustainable technologies and services.

Operating income was $93 million, up 15% or $12 million, generally in line with the growth in Revenues but partially offset by a $10 million non-cash charge recorded in Equity in earnings (losses) of unconsolidated affiliates in the current quarter related to foreign currency remeasurement of a contingent liability on the legacy Ichthys project. Operating income margin was 17.7%.

Adjusted EBITDA2 was $108 million, up 27% or $23 million, generally in line with the growth in Revenues. Adjusted EBITDA2 margin was 20.6%, generally in line with the prior year period.

Backlog as of the fiscal year end totaled $3.7 billion. Book-to-bill1 was 1.3x for the quarter and 1.1x on a trailing-twelve months basis.

The following new business awards were announced:

Selected to Provide Technology Licensing and Proprietary Engineering Design for Lithium Extraction Demonstration Plant in the UKAwarded Contract to Support Sustainable Energy Production in Saudi ArabiaAwarded Global Agreement with BP to Provide EPCM ServicesAwarded FEED Contract for LNG Project in Sur, OmanAmmonia Technology Selected by KazAzot, KazakhstanAmmonia Technology Selected by AMUFERT, Angola

Balance Sheet, Cash Flow, and Capital Deployment
Liquidity as of January 3, 2025, totaled approximately $1 billion, comprising $655 million in borrowing capacity under the revolving credit facility and $350 million cash on hand. Net leverage ratio as of January 3, 2025, was 2.6x.

Operating cash flows for the fiscal year were $462 million with Operating cash conversion2 of 103%. Operating cash flows in the fourth quarter and fiscal year were reduced due to a pre-funding of our 2025 pension obligation to our U.K pension plan for approximately £17 million ($21 million at exchange rate as of January 3, 2025).

During the fiscal year, KBR returned $297 million in capital to shareholders, consisting of $218 million in share repurchases and $79 million in regular dividends.

On February 20, 2025, the Board of Directors approved a 10% increase to the dividend, resulting in a quarterly dividend of $0.165 per share, or $0.66 per share annualized. The dividend is payable April 15, 2025, to shareholders of record on March 14, 2025. In addition, the Board increased the total amount authorized and available for repurchase under the share repurchase program to $750 million.

Segment Realignment
To streamline and optimize our processes, we realigned our segments effective for fiscal 2025. As part of this realignment, our Government Solutions reportable segment has been renamed Mission Technology Solutions, while Sustainable Technology Solutions has retained its name. The international business contained within Government Solutions has been integrated into both Mission Technology Solutions and Sustainable Technology Solutions. The Company will begin reporting the new segment information beginning the first fiscal quarter of 2025.

Fiscal Year 2025 Guidance
KBR issues the following outlook for fiscal year 2025:

Fiscal Year 2025 Guidance

Growth

Revenues

$8.7B – $9.1B

+ 12% – 18%, up 15% at the midpoint

Adjusted EBITDA

$950M – $990M

+ 9% – 14%, up 11% at the midpoint

Adjusted EPS

$3.71 – $3.95

+ 11% – 18%, up 15% at the midpoint

Operating cash flows

$500M – $550M

+ 8% – 19%, up 14% at the midpoint

The company does not provide reconciliations of Adjusted EBITDA and Adjusted EPS to the most comparable GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, and acquisition-related expenses without unreasonable effort, which could be material to the company’s results computed in accordance with GAAP.

Management has provided the following assumptions related to fiscal year 2025 guidance:

Adjusted weighted average common shares outstanding: ~133 millionDepreciation & amortization: ~$165 million (includes ~$45 million purchased intangibles amortization)Capital expenditures: ~$50 – 65 millionEffective tax rate: 25% – 27%Adjusted EPS phasing: 47% 1H / 53% 2H

Conference Call Details
The company will host a conference call to discuss its fourth quarter and fiscal year 2024 results on Monday, February 24, 2025, at 3:00 p.m. Central Time. The conference call will be webcast simultaneously through the Investor Relations section of KBR’s website at investors.kbr.com. A replay of the webcast will be available shortly after the call on KBR’s website or by telephone at +1.866.813.9403, passcode: 718317.

About KBR
We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 38,000 people worldwide with customers in more than 80 countries and operations in over 29 countries. KBR is proud to work with its customers across the globe to provide technology, value-added services, and long-term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.
Visit www.kbr.com

Forward-Looking Statements
The statements in this press release 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, business opportunities, interest expense, 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 regulatory requirements and policies that may require us to pause, delay or abandon new and existing projects; changes in the priorities, focus, authority and budgets of government agencies under the new administration that may impact our existing projects and/or our ability to win new contracts; the ongoing conflict between Russia and Ukraine and volatility and continued unrest 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; 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; investment decisions by project owners; 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 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.

For further information, please contact:

Investors
Jamie DuBray
Vice President, Investor Relations
713-753-2133
Investors@kbr.com

Media
Philip Ivy
Vice President, Global Communications
713-753-3800
Mediarelations@kbr.com

As used throughout this release, book-to-bill and bookings and options exclude long-term UK PFIs and the Plaquemines LNG project.

As used throughout this earnings release, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted earnings per share, Operating cash conversion, and Adjusted operating cash flows and conversion are non-GAAP financial measures. See additional information at the end of this release regarding non-GAAP financial information, including reconciliations to the nearest GAAP measures.

KBR, Inc.

Consolidated Statements of Operations

(In millions, except for per share data)

(Unaudited)

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

2025

2023

2025

2023

Revenues:

Government Solutions

$ 1,598

$ 1,328

$ 5,871

$ 5,353

Sustainable Technology Solutions

524

402

1,871

1,603

Total revenues

2,122

1,730

7,742

6,956

Gross profit

293

237

1,103

977

Equity in earnings (losses) of unconsolidated affiliates

107

114

Selling, general and administrative expenses

(154)

(118)

(544)

(488)

Legal settlement of legacy matter

—

(144)

Gain (loss) on disposition of assets and investments

—

(7)

Other

(7)

(1)

(11)

(4)

Operating income:

Government Solutions

103

453

285

Sustainable Technology Solutions

370

324

Corporate

(42)

(37)

(161)

Total operating income

142

147

662

448

Interest expense

(44)

(30)

(144)

(115)

Charges associated with Convertible Notes

—

(66)

—

(494)

Other non-operating income (expense)

(4)

(7)

(5)

Income (loss) before income taxes

101

511

(166)

Provision for income taxes

(23)

(26)

(130)

(95)

Net income (loss)

381

(261)

Less: Net income attributable to noncontrolling interests

—

Net income (loss) attributable to KBR

$ 76

$ 21

$ 375

$ (265)

Adjusted EBITDA1

$ 228

$ 188

$ 870

$ 747

Diluted EPS

$ 0.57

$ 0.15

$ 2.79

$ (1.96)

Adjusted EPS1

$ 0.91

$ 0.69

$ 3.34

$ 2.91

Diluted weighted average common shares outstanding

133

137

134

135

Adjusted weighted average common shares outstanding

133

135

134

136

1 See additional information at the end of this release regarding non-GAAP financial information, including a reconciliation to the nearest GAAP measure

KBR, Inc.

Consolidated Balance Sheets

(In millions, except share data)

January 3,

December 29,

2025

2023

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$ 350

$ 304

Accounts receivable, net of allowance for credit losses of $9 and $8

1,071

981

Contract assets

273

177

Other current assets

179

189

Total current assets

1,873

1,651

Pension Assets

—

Property, plant, and equipment, net of accumulated depreciation of $474 and $458 (including
net PPE of $57 and $36 owned by a variable interest entity)

289

239

Operating lease right-of-use assets

203

138

Goodwill

2,630

2,109

Intangible assets, net of accumulated amortization of $427 and $382

763

618

Equity in and advances to unconsolidated affiliates

192

206

Deferred income taxes

209

239

Other assets

422

365

Total assets

$ 6,663

$ 5,565

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

$ 777

$ 593

Contract liabilities

336

359

Accrued salaries, wages and benefits

353

340

Current maturities of long-term debt

Other current liabilities

280

249

Total current liabilities

1,782

1,572

Employee compensation and benefits

135

120

Income tax payable

122

106

Deferred income taxes

106

Long-term debt

2,533

1,801

Operating lease liabilities

228

176

Other liabilities

313

290

Total liabilities

5,196

4,171

Commitments and Contingencies

KBR shareholders’ equity:

Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued

—

Common stock, $0.001 par value 300,000,000 shares authorized, 182,469,230 and
181,713,586 shares issued, and 132,435,609 and 135,067,562 shares outstanding, respectively

—

Paid-in capital in excess of par

2,526

2,505

Retained earnings

1,367

1,072

Treasury stock, 50,033,621 shares and 46,646,024 shares, at cost, respectively

(1,494)

(1,279)

Accumulated other comprehensive loss

(946)

(915)

Total KBR shareholders’ equity

1,453

1,383

Noncontrolling interests

Total shareholders’ equity

1,467

1,394

Total liabilities and shareholders’ equity

$ 6,663

$ 5,565

KBR, Inc.

Consolidated Statements of Cash Flows

(In millions)(Unaudited)

Year Ended

January 3,

December 29,

2025

2023

Cash flows from operating activities:

Net income (loss)

$ 381

$ (261)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Charges associated with Convertible Notes

—

494

Depreciation and amortization

156

141

Equity in (earnings) losses of unconsolidated affiliates

(107)

(114)

Deferred income tax expense

Loss (gain) on disposition of assets

(7)

Other

Changes in operating assets and liabilities, net of acquired businesses:

Accounts receivable, net of allowance for credit losses

(1)

(32)

Contract assets

(96)

Accounts payable

148

(49)

Contract liabilities

(27)

Accrued salaries, wages and benefits

(6)

Payments on operating lease liabilities

(71)

(65)

Payments from unconsolidated affiliates, net

Distributions of earnings from unconsolidated affiliates

163

Pension funding

(62)

(9)

Other assets and liabilities

(60)

(81)

Total cash flows provided by operating activities

$ 462

$ 331

Cash flows from investing activities:

Purchases of property, plant and equipment

$ (77)

$ (80)

Net proceeds from sale of assets or investments

—

Return of equity method investments, net

Acquisition of business, net of cash acquired

(738)

—

Funding in other investment

(5)

(39)

Other

(11)

Total cash flows (used in) provided by investing activities

$ (776)

$ (70)

Cash flows from financing activities:

Borrowings on short-term and long-term debt

574

—

Borrowings on Revolver

393

785

Payments on short-term and long-term debt

(124)

(17)

Payments on Revolver

(98)

(340)

Payments on settlement of warrants

(33)

(217)

Proceeds from the settlement of note hedge

—

493

Payments to settle Convertible Notes

—

(843)

Debt issuance costs

(18)

—

Payments of dividends to shareholders

(79)

(72)

Payments to reacquire common stock

(218)

(138)

Acquisition of noncontrolling interest

(10)

—

Other

(13)

(10)

Total cash flows provided by (used in) financing activities

$ 374

$ (359)

Effect of exchange rate changes on cash

(14)

Increase (decrease) in cash and cash equivalents

(85)

Cash and cash equivalents at beginning of period

304

389

Cash and equivalents at end of period

$ 350

$ 304

Supplemental disclosure of cash flows information:

Noncash financing activities

Dividends declared

$ 20

$ 18

Unaudited Non-GAAP Financial Information
The following information provides reconciliations of certain non-GAAP financial measures presented in the press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The company has provided the non-GAAP financial information presented in the press release as information supplemental and in addition to the financial measures presented in the press release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the press release. The non-GAAP financial measures in the press release may differ from similar measures used by other companies.

Adjusted EBITDA
We evaluate performance based on Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is defined as Net income (loss) attributable to KBR, plus Interest expense; Accretion of Convertible Notes debt discounts; Other non-operating expense (income); Provision for income taxes; Depreciation and amortization; and certain discrete items as identified by Management to be non-recurring in nature as set forth below. Adjusted EBITDA can also be defined as Operating income less Net income attributable to noncontrolling interests; plus Depreciation and amortization; and certain discrete items as identified by Management to be non-recurring in nature as set forth below. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenues. Adjusted EBITDA and Adjusted EBITDA margin for each of the three- and twelve-month periods ended January 3, 2025 and December 29, 2023 are considered non-GAAP financial measures under SEC rules because Adjusted EBITDA excludes certain amounts included in the calculation of Net income (loss) attributable to KBR in accordance with GAAP for such periods. Management believes Adjusted EBITDA and Adjusted EBITDA margin afford investors a view of what management considers KBR’s core performance for each of the three- and twelve-month periods ended January 3, 2025 and December 29, 2023 and also affords investors the ability to make a more informed assessment of such core performance for the comparable periods.

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

Dollars in millions

2025

2023

2025

2023

Net income (loss) attributable to KBR

$ 76

$ 21

$ 375

$ (265)

• Interest expense

144

115

• Accretion of Convertible Notes debt discounts

—

282

• Other non-operating expense (income)

(3)

• Provision for income taxes

130

• Depreciation and amortization

156

141

• Acquisition, integration and restructuring

• Ichthys commercial dispute cost

(5)

• Legacy legal fees and settlements

155

• (Benefits) Provisions related to exit from Russian commercial projects

—

(4)

• Loss on derivative bifurcation

—

104

• Loss on debt extinguishment

—

• Loss on settlement of warrants

—

Adjusted EBITDA

$ 228

$ 188

$ 870

$ 747

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

Dollars in millions

2025

2023

2025

2023

Operating income – GS

$ 91

$ 103

$ 453

$ 285

• Depreciation and amortization

105

• Acquisition, integration and restructuring

—

• Legacy legal fees and settlements

155

Adjusted EBITDA – GS

$ 150

$ 128

$ 587

$ 536

Operating income – STS

$ 93

$ 81

$ 370

$ 324

• Net income attributable to noncontrolling interests

(2)

—

(6)

(4)

• Depreciation and amortization

• Acquisition, integration and restructuring

—

• Ichthys commercial dispute cost

(5)

• (Benefits) provisions related to exit from Russian commercial projects

—

(4)

Adjusted EBITDA – STS

$ 108

$ 85

$ 398

$ 336

Operating income – Corporate

$ (42)

$ (37)

$ (161)

• Depreciation and amortization

• Acquisition, integration and restructuring

Adjusted EBITDA – Corporate

$ (30)

$ (25)

$ (115)

$ (125)

Operating income – KBR

$ 142

$ 147

$ 662

$ 448

• Noncontrolling interest

(2)

—

(6)

(4)

• Depreciation and amortization

156

141

• Acquisition, integration and restructuring

• Legacy legal fee and settlements

155

• Ichthys commercial dispute cost

(5)

• (Benefits) provisions related to exit from Russian commercial projects

—

(4)

Adjusted EBITDA – KBR

$ 228

$ 188

$ 870

$ 747

Adjusted EPS
Adjusted earnings per share (Adjusted EPS) for each of the three- and twelve-month periods ended January 3, 2025 and December 29, 2023 is considered a non-GAAP financial measure under SEC rules because Adjusted EPS excludes certain amounts included in the Diluted EPS calculated in accordance with GAAP for such periods. The most directly comparable financial measure calculated in accordance with GAAP is Diluted EPS for the same periods. Management believes that Adjusted EPS affords investors a view of what management considers KBR’s core earnings performance for each of the three- and twelve-month periods ended January 3, 2025 and December 29, 2023 and also affords investors the ability to make a more informed assessment of such core earnings performance for the comparable periods.

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

2025

2023

2025

2023

Diluted EPS

$ 0.57

$ 0.15

$ 2.79

$ (1.96)

Adjustments

• Amortization related to acquisitions

0.07

0.04

0.20

0.17

• Ichthys commercial dispute cost

0.08

(0.03)

0.09

0.01

• Acquisition, integration and restructuring

0.05

0.02

0.13

0.06

• Impact of convert accounting and Diluted EPS share count1

—

0.01

• Legacy legal fees and settlements

0.14

—

0.13

1.03

• Benefits related to exit from Russian commercial projects

—

0.02

—

(0.03)

• Charges associated with Convertible Notes

—

0.49

—

3.62

Adjusted EPS

$ 0.91

$ 0.69

$ 3.34

$ 2.91

Diluted weighted average common shares outstanding

133

137

134

135

Adjusted weighted average common shares outstanding

133

135

134

136

For the Year Ended December 29, 2023, adjusted share count includes anti-dilutive shares for warrants excluded from Diluted EPS share count.

Adjusted Operating Cash Flows
Adjusted operating cash flows, Operating cash conversion, and Adjusted operating cash conversion are considered non-GAAP financial measures under SEC rules. Adjusted operating cash flows exclude certain amounts included in the cash flows provided by operating activities calculated in accordance with GAAP. Operating cash conversion and Adjusted operating cash conversion are calculated as Operating cash flows or Adjusted operating cash flows divided by Adjusted weighted average common shares outstanding, which is then divided by Adjusted earnings per share. The most directly comparable financial measure calculated in accordance with GAAP is cash flows provided by operating activities. Management believes that Adjusted operating cash flows afford investors a view of what management considers KBR’s core operating cash flow performance for each of the three- and twelve-month periods ended January 3, 2025 and December 29, 2023 and also afford investors the ability to make a more informed assessment of such core operating cash generation performance.

Three Months Ended

Year Ended

January 3,

December 29,

January 3,

December 29,

Dollars in millions

2025

2023

2025

2023

Cash flows provided by operating activities

$ 40

$ 83

$ 462

$ 331

Add: Legacy legal settlement (after tax)

—

132

Adjusted operating cash flows

$ 40

$ 83

$ 462

$ 463

Operating cash flow per adjusted share

$ 0.30

$ 0.61

$ 3.45

$ 2.43

Adjusted operating cash flow per adjusted share

0.30

0.61

3.45

3.40

Adjusted earnings per share

0.91

0.69

3.34

2.91

Operating cash conversion

33 %

88 %

103 %

84 %

Adjusted operating cash conversion

33 %

88 %

103 %

117 %

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SOURCE KBR, Inc.

Technology

2CRSi SA: Annual Revenue of €416.2 Million¹, Up 88% for Fiscal Year 2025/26

Published

8 minutes ago

July 23, 2026

STRASBOURG, France, July 23, 2026 /PRNewswire/ — 2CRSi (ISIN: FR0013341781), a designer and manufacturer of high-performance, energy-efficient servers, today reports its revenue for fiscal year 2025/26. Over the period, the Group generated revenue of €416.2 million[1], an increase of more than 88% compared with fiscal year 2024/25 (€220.7 million).

Another Record-Breaking Year

This performance reflects the Group’s strong commercial momentum as well as the success of the strategic transformation launched nearly two years ago to position 2CRSi in the Artificial Intelligence infrastructure market.

Initially set at €300 million at the beginning of the fiscal year[2], then raised to more than €400 million in March 2026[3], the revenue target has now been exceeded, demonstrating the Group’s ability to anticipate market developments and successfully execute its commercial growth strategy in the rapidly expanding global Artificial Intelligence market. As a reminder, the €610 million framework agreement referred to in our detailed response[4] of July 16, 2026 generated no revenue during fiscal year 2025/26: the year’s growth was entirely driven by other orders that were delivered and invoiced.

Increasing Diversification of the Customer Portfolio

The portfolio of the Group’s main customers invoiced during the fiscal year consists predominantly of new customers signed during the period, demonstrating the Group’s ability to win new strategic accounts and rapidly convert its commercial pipeline into revenue.

2CRSi’s largest customer accounted for less than 20% of consolidated revenue, while the Group’s top five customers represented approximately 70%, compared with more than 90% in fiscal year 2024/25.

While equipment sales represented approximately 94% of total revenue, service revenue increased significantly in value to reach €24.7 million (compared with €8.3 million in 2024/25, representing growth of nearly 200%). As services generate higher margins, they will constitute a key development driver over the coming fiscal years. In particular, 2CRSi Cloud Solutions recorded its first significant billings, notably in connection with the ÆTHER project.

Positive Cash Flow and Strengthened Financial Position

At the end of the fiscal year, the Group’s cash position stood at €14.4 million1 (compared with -€0.2 million one year earlier), its highest year-end cash balance since its IPO in 2018. This strengthened financial position provides 2CRSi with the resources to support its continued growth trajectory.

Group Year-End Cash Position by Fiscal Year (in € thousands)

2026/27 Ambition: Targeting €1 Billion in Revenue

During the RAISE Summit, the global Artificial Intelligence summit held in Paris on July 8–9, 2026, bringing together more than 9,000 leading industry participants, the announcement[5] of the ÆTHER consortium members and the advanced negotiations for the upcoming acquisition by ÆTHER Infrastructures of two industrial sites in the Strasbourg region significantly boosted customer demand for the megawatts of computing capacity that will be deployed there. Like the other consortium members, 2CRSi expects to benefit from this momentum and anticipates an increase in order intake, with part of these orders expected to be delivered during the current fiscal year.

In light of this commercial momentum, 2CRSi confirms its ambition to achieve €1 billion in revenue during fiscal year 2026/27.

Beyond sustaining its growth trajectory, improving margins will also remain a key priority for the Group through increasing the contribution of services and higher value-added solutions to its overall business.

Next event: Publication of Fiscal Year 2025/26 Annual Results: October 29, 2026

About 2CRSi

Founded in 2005 in Strasbourg, France, 2CRSi designs, develops, and manufactures high-performance computing servers and innovative solutions for artificial intelligence, high-performance computing (HPC), and data storage. Committed to responsible and sustainable practices, the Group operates across multiple continents and provides highly energy-efficient technology solutions to industries including technology, manufacturing, gaming, scientific research, and data centers. 2CRSi has been listed since June 2018 on the regulated market of Euronext Paris (ISIN code: FR0013341781) and was transferred to Euronext Growth in November 2022.

For more information: https://2crsi.com/

Media Contacts

2CRSi

Jean-Philippe LLOBERA

France Director
investors@2crsi.com

03 68 41 10 70

Seitosei.Actifin

Foucauld Charavay

Financial Communication
Foucauld.charavay@seitosei-actifin.com

06 37 83 33 19

Seitosei.Actifin

Isabelle Dray

Financial Press Relations
isabelle.dray@seitosei-actifin.com

06 85 36 85 11

References:

[1] Unaudited Data
[2] https://investors.2crsi.com/wp-content/uploads/2024/01/2CRSI-announces-its-strategic-plan-with-a-strong-development-focus-in-the-US.pdf
[3] https://investors.2crsi.com/wp-content/uploads/2026/03/2CRSi-announces-an-increase-in-its-half-year-result-by-4.6.pdf
[4] https://investors.2crsi.com/wp-content/uploads/2026/07/2CRSis-detailed-response-to-the-allegations-in-the-Grizzly-Research-report.pdf
[5] https://investors.2crsi.com/wp-content/uploads/2026/07/2CRSi-the-AETHER-Consortium-Reveals-Itself.pdf

Regulatory filing PDF file

File: 2CRSi Announces 2026 Revenue of €416.2 Million an 88% Increase

View original content:https://www.prnewswire.com/news-releases/2crsi-sa-annual-revenue-of-416-2-million-up-88-for-fiscal-year-202526–302833032.html

SOURCE 2CRSi SA

Technology

Nearly Half of Senior Leaders Feel Only Partly Prepared to Lead AI Transformation, as Ambition Outpaces Readiness

Published

8 minutes ago

July 23, 2026

Almost half of senior leaders (46%) say they are prepared only to a small extent to lead organisation-wide transformation driven by AI, while 2% report being not prepared at all. Keeping pace with rapidly evolving AI technology is cited as the most significant challenge (40%) faced by senior leaders, followed by regulatory and compliance uncertainty (37%) and insufficient budget or resources for AI adoption (36%).Only about a third of senior leaders (34%) have attended formal training or upskilling related to leadership in the AI era within the past two years. Over half (53%) are planning to do so in the coming months and years, with 13% reporting no plans to undertake such training.The most common shift in leadership approach is an increased focus on people management during AI-driven change, cited by 37% of leaders, particularly in supporting morale and employee well-being. This is followed by greater time spent on upskilling themselves and their teams (31%), and on strategic decision-making (30%).

SINGAPORE, July 23, 2026 /PRNewswire/ — Artificial Intelligence (AI) is reshaping how organisations operate and compete. However, the leaders responsible for steering this transformation report a gap between what is expected of them and their preparedness to deliver. Almost half of senior leaders (46%) say they are prepared only to a small extent to lead organisation-wide transformation driven by AI, while a further 2% report being not prepared at all. In comparison, 37% are prepared to a moderate extent, and only 15% consider themselves prepared to a large extent.

Senior leaders identify several factors contributing to this readiness gap. Keeping pace with rapidly evolving AI technology is cited as the top challenge (40%), followed by regulatory and compliance uncertainty (37%). Resource constraints are also a key pressure point, with 36% pointing to insufficient budget or resources for AI adoption. In addition, 34% highlight challenges related to data quality and governance, while another 34% cite the need to upskill or reskill employees to work effectively alongside AI.

These are some of the key findings from NTUC LearningHub’s Special Report on Leadership in an AI-Driven World. The report surveyed 131 senior leaders from organisations of different sizes and across industries, including Infocomm Technology, Finance, Advanced Manufacturing, Healthcare and others. All respondents reported some level of experience with AI and are involved, to varying degrees, in AI adoption decisions within their organisation.

This readiness gap extends into decision-making. Senior leaders generally express moderate levels of confidence in making high-stakes AI-related decisions. Over two in five (43%) report being quite confident, while 13% say they are very confident. However, 40% indicate they are not very confident and 4% not confident at all.

Despite that, only about a third of senior leaders (34%) have attended formal training or upskilling on leading in an AI-driven workplace within the past two years. Among those who have not yet done so, many indicate plans to pursue training, including 22% within the next six months, 20% within the next year, and 11% within the next two years. Only 13% report having no plans to undertake such training. Among the training areas leaders prioritise, AI literacy and strategic understanding (57%) emerge as the key priority, followed by data-driven decision-making (46%), and ethical AI governance and responsible deployment (40%).

Alongside this, the most common shift in leadership approach is an increased focus on people management during AI-driven change, cited by 37% of leaders, particularly in supporting morale and employee well-being. This is followed by greater time spent on upskilling themselves and their teams (31%) and on strategic decision-making (30%). Ethical and governance considerations also feature strongly at 27%, alongside a similar share who report dedicating more effort to change management (27%), including communicating how AI may affect roles and ways of working.

These shifts reflect a broader recognition among leaders that navigating AI transformation requires more than technical fluency alone. Two in five (40%) senior leaders regard human-centric skills as very important in leading an organisation in the AI era, while nearly half (48%) consider them to be quite important. Among the capabilities leaders consider most critical, creative thinking and critical thinking each emerge at 47%, closely followed by sense-making (46%), problem-solving (44%) and effective communication (43%).

Commenting on the report’s findings, Mr Sean Lim, Chief Human Resource Officer, NTUC LearningHub, says, “The gap between expectation and readiness reflects a fundamental shift in what is required of leadership in today’s AI era. Leaders were once expected to hold all the answers and direct from the top. However, they must now act as strategic navigators, making sense of complexity and providing guidance through this period of rapid change and uncertainty. This means a shift towards coaching and empowering people, while also aligning competing priorities across technology, business and operational needs. It is a demanding shift, but it is encouraging to know that many senior leaders are already planning to further their own development to lead their teams through this period of AI transformation.”

To download the Special Report on Leadership in an AI-Driven World, please visit https://www.ntuclearninghub.com/media/research-reports/2026/Leadership-AI-World. To find out more about the courses, training, and grants, please contact NTUC LearningHub at www.ntuclearninghub.com.

### END ###

About NTUC LearningHub

NTUC LearningHub is the leading Continuing Education and Training provider in Singapore which aims to transform the lifelong employability of working people. Since our corporatisation in 2004, we have been working with employers and individual learners to provide learning solutions in areas such as Infocomm Technology, Generative AI & Cloud, Healthcare, Retail & Food Services, Employability & Literacy, Business Excellence, Workplace Safety & Health, Security, Human Resources & Coaching and Foreign Workers Training.

To date, NTUC LearningHub has helped over 34,000 organisations and achieved more than 3.2 million training places across more than 1,000 courses with a pool of about 1,000 certified trainers. As a Total Learning Solutions provider to organisations, we also forge partnerships to offer a wide range of relevant end-to-end training. Besides in-person training, we also offer instructor-led virtual live classes (VLCs) and asynchronous online learning. The NTUC LearningHub Learning eXperience Platform (LXP)—a one-stop online learning platform—offers timely, bite-sized and quality content for learners to upskill anytime and anywhere. Beyond learning, LXP also serves as a platform for jobs and skills development for both workers and companies.

For more information, visit www.ntuclearninghub.com.

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SOURCE NTUC LearningHub Pte Ltd

Technology

THE LEGO GROUP INTRODUCES THE LEGO® SMART PLAY™ GATEWAY AT SAN DIEGO COMIC-CON 2026

Published

8 minutes ago

July 23, 2026

Booth #2829 invites attendees to step inside the worlds of two iconic franchises through the groundbreaking LEGO SMART Play experienceAttendees will be able to experience two beloved franchises like never before, as LEGO SMART Play adds a new dimension of interactive playOther exciting ways to experience the LEGO brand on-site July 23-26 include multiple new product reveals making global debuts, in-booth programming and a scavenger hunt for brand prizes

SAN DIEGO, July 23, 2026 /PRNewswire/ — The LEGO Group is unveiling the LEGO® SMART Play™ Gateway at San Diego Comic-Con 2026 — a booth experience powered by LEGO SMART Play technology that puts attendees right at the center of their fandoms and brings LEGO sets to life with a newfound layer of interactivity. At the LEGO SMART Play Gateway, fans will step inside the heart of two of pop culture’s most beloved franchises.

The LEGO Group will also further debut several new LEGO sets spanning numerous fandoms at San Diego Comic-Con 2026 — continuing to offer a LEGO set for every age and interest!

Enter a New Dimension of Play at the LEGO SMART Play Gateway

Launched this year, LEGO SMART Play provides open-ended physical play through responsive technology that reacts in real time. The LEGO SMART Play platform is powered by the SMART Brick, a 2×4 LEGO brick compatible with the LEGO System in Play that holds more than 20 patented world-first technologies. The SMART Brick can read SMART Tags and SMART Minifigures, synthesize light and sounds and sense precise motion, allowing kids to build, interact and create their own stories as their creations play back.

Attendees at San Diego Comic-Con 2026 are invited to step through the doors of the LEGO SMART Play Gateway, a retro-futuristic interworld departure terminal. Blending mid-century modern design with the technological optimism of LEGO SMART Play, the space transports fans from the show floor through SMART Play™-powered portals and into one of two fully immersive destinations:

Destination: LEGO Pokémon™ Lab

Destination: LEGO Pokémon™ Lab invites fans into the starting point of every Pokémon Trainer’s journey, a Lab recreated with scaled-up LEGO bricks and populated by life-sized LEGO Pokémon™ builds powered by LEGO SMART Play.Guests can choose their first partner Pokémon by selecting a Poké Ball to reveal Bulbasaur, Charmander or Squirtle and interact with their chosen Pokémon via SMART Brick lights and sounds. Portal visitors can further try out a game of “Hide and Pikachu” inspired by the LEGO Pokémon™ SMART Play: Training House with Pikachu set or interact with Eevee as its ears sway and the gems around its glow.Don’t depart without exploring the display case highlighting a full range of LEGO Pokémon™ sets available this year.

Destination: Mos Eisley

Destination: Mos Eisley transports Star Wars™ fans straight to Mos Eisley Cantina, recreated as a series of oversized LEGO brick environments pulled directly from the world of LEGO Star Wars™ SMART Play (specifically, the LEGO Star Wars™ SMART Play: Mos Eisley Cantina™ set!).Interactive touchpoints are woven throughout, doubling as iconic photo opportunities: grab the mic and swing it to trigger a SMART Brick remix of the iconic Cantina Song as the Modal Nodes band plays along; slide into the infamous corner booth for a face-to-face encounter with Greedo; and visit the Dewback Petting Zoo for a photo op with a purring, snoozing Dewback.Eagle-eyed fans can also decode hidden Aurebesh signage to unlock in-universe Easter eggs scattered throughout the space.

“The excitement around LEGO SMART Play began earlier this year and continues to grow with the launch of new sets on August 1. We are thrilled to bring these themes to life at the LEGO SMART Play Gateway during San Diego Comic-Con,” said Beth McKenna, Head of U.S. Marketing at the LEGO Group. “LEGO SMART Play represents the most significant advancement in LEGO® play since the Minifigure. Comic-Con is the ideal venue to showcase the possibilities of LEGO SMART Play, where attendees unite over the stories, characters, and worlds they adore.”

Sets Debuting at San Diego Comic-Con 2026

Brand new sets from across the LEGO brand’s most beloved franchises, not specific to SMART Play, are on display flanking the rear of the gateway; as each display case operates as its own destination, inviting fans and enthusiasts to explore and build upon the worlds they love most.

Boldly Build Where No One Has Built Before with the NEW LEGO Icons Star Trek: U.S.S. Enterprise NCC-1701™ Bridge

The LEGO Icons Star Trek: U.S.S. Enterprise NCC-1701™ Bridge (11385), the ultimate tribute to one of the most iconic ships in sci-fi history, is a perfect way to celebrate Star Trek’s 60th anniversary in 2026 – and it reveals at San Diego Comic-Con!

This 1,701-piece set, available at LEGO Stores and LEGO.com exclusively beginning September 1 and available for pre-order now, recreates the iconic bridge and transporter room from the original series in authentic detail with eight LEGO Minifigures representing the Starfleet crew. Turn a dial to beam crew from the transporter room, swish open the turbo lift doors and rock the captain’s chair to simulate warp turbulence and space battles; this is a mission-worthy build for any Trekkie.

Outside of the booth, the U.S.S. Enterprise NCC-1701™ Bridge set will make its first appearance at the Star Trek: The Collector Frontier Panel, accompanied by LEGO set designers Henrik Andersen and Crystal Marie Fontan to explain the process and inspiration that went into recreating the U.S.S. Enterprise. The panel takes place Thursday, July 23, 11:00am to 12:00pm in Room 5AB. For those on the hunt for further LEGO Star Trek sights, be sure to visit the “Star Trek: Boldly Built” activation at the Marriot Marquis on W. Harbor Drive July 23-26, where attendees can take a photo in a LEGO brick-built Captain’s Chair – made out of 83,568 LEGO bricks!

Relive the Classic with the NEW LEGO Donkey Kong™ Arcade

Jump back into a classic age of gaming with the LEGO Donkey Kong Arcade (72051), on display for the first time at San Diego Comic-Con and available in stores August 1. This 1,367-piece collectible set pays homage to the iconic arcade cabinet, complete with Jumpman, Donkey Kong and Lady, plus scaffold, ladder and hammer details straight from the original Nintendo® game.

Pull the lever to release one of the 21 barrels at a time, move Jumpman with the joystick and press the button to make him jump over the barrels — there is even a mechanism to circulate the barrels in a continuous loop to keep the fun rolling! A must-have for adult fans of classic arcade games and retro decor.

Bringing the Swamp to San Diego with NEW LEGO Minifigures Shrek Series

The LEGO Minifigures Shrek Series (71053) brings 12 beloved characters from the franchise to Minifigure form at San Diego Comic-Con, each tucked inside a sealed mystery box for ages six and up. Discover Shrek, Fiona, Donkey, Puss in Boots, Lord Farquaad and more, most with at least one themed accessory like blind mice, a magic mirror or lollipop. Collect them all, play out scenes from the films or put them on display. These are available September 1, but the fairytale will continue in 2027 with more LEGO Shrek!

This summer marks the 25th anniversary of the first Shrek film, which launched a global blockbuster franchise. A new chapter begins next summer, when DreamWorks Animation’s Shrek 5 arrives in cinemas worldwide.

Within and Beyond the Booth

Attendees can explore the LEGO SMART Play™ Gateway from Thursday, July 23 to Sunday, July 26 at booth #2829, where the power of LEGO SMART Play comes to life across every corner of the experience.

Beyond the SMART Play Gateway, fans can attend LEGO-brand panels celebrating major milestones, hunt for exclusive LEGO finds in a scavenger hunt spanning the entire convention floor and take home collectible souvenirs to remember the experience:

LEGO NINJAGO® Celebrates – 15 Years and Counting! NINJAGO voice talent will take the stage to celebrate 15 years of everyone’s favorite minifig ninja team – LEGO NINJAGO! They will talk about their best-loved moments from hundreds of episodes and perform a staged reading of an all-new, exclusive canon scene written by fellow panelists, LEGO NINJAGO: Dragons Rising head writers Kevin Burke & Chris “Doc” Wyatt. Thursday, July 23, 2:15pm-3:15pm in Room 6BCF. In-booth signings July 23, 4:00pm-5:00pm and Friday, July 24 2:30pm-3:30pm. NINJAGO fans will be further pleased to know that the LEGO brand debuted the third installation of its partnership with Crocs™, the NINJAGO collection, at San Diego Comic-Con this morning, The release features Classic Clogs for adults and kids inspired by one of the franchise’s most beloved heroes, Lloyd; fans can further personalize their look with character-inspired Jibbitz™ charm packs.Lost Luggage Scavenger Hunt. Keep your eyes open — LEGO luggage tags are being hidden within the San Diego Convention Center daily, July 23-26. Find one and return it to the LEGO booth to claim a prize package, including exclusive brand artwork commissioned for San Diego Comic-Con 2026.Travel souvenirs to take home from your journey. Visitors can collect limited-edition boarding passes, exclusive LEGO Travel Guides, destination postcards and IP-themed travel stickers in-booth — all designed to commemorate the trip long after the show floor closes.

More Information

All products on display at the show, including LEGO set reveals, can be found at LEGO.com/san-diego-comic-con. For more information on the LEGO Group activities at San Diego Comic-Con, contact press@america.lego.com.

Notes to Editor

Product Information

LEGO® Icons Star Trek: U.S.S. Enterprise NCC-1701™ Bridge (11385)

Age Grade: 18+MSRP: $199.99Piece Count: 1,701Global Launch Date: September 1, 2027 (available for pre-order now) at LEGO Stores and LEGO.comDescription: Set course for a voyage of creativity with the LEGO® Icons Star Trek: U.S.S. Enterprise NCC-1701™ Bridge building set for adults. Recreate the iconic bridge and transporter room that served as the backdrop for epic scenes aboard the legendary starship. Rock the captain’s chair to simulate ship turbulence and turn a dial to beam crew members. Includes eight iconic Star Trek character Minifigures.

LEGO® Donkey Kong™ Arcade (72051)

Age Grade: 18+MSRP: $199.99Piece Count: 1367Global Launch Date: August 1, 2026 at LEGO Stores and select retailersDescription: Join Jumpman on the construction site again with this LEGO® brick model of the iconic Donkey Kong™ arcade game. Pull the lever for Donkey Kong to ‘throw’ barrels one after the other. Move Jumpman with the joystick and press the button to make him leap over the barrels. This set pays homage to the original Donkey Kong arcade cabinet game and makes a fun, nostalgic addition to your game room.

LEGO® Minifigures Shrek Series (71053)

Age Grade: 6+MSRP: $4.99Piece Count: 7Global Launch Date: September 1, 2026 at LEGO Stores and select retailersDescription: Enjoy movie adventures with LEGO® Minifigures Shrek Series mystery boxes. There are 12 detailed characters to collect, including Shrek, Fiona and Donkey, Puss in Boots, Prince Charming, Big Bad Wolf and Lord Farquaad and most come with at least one accessory. Expand your Minifigure collection or use them to play out your favorite scenes from the DreamWorks Animation’s Shrek films. Open your box and find out who’s inside!

About the LEGO Group

The LEGO Group’s mission is to inspire and develop the builders of tomorrow through the power of play. The LEGO System in Play, with its foundation in LEGO bricks, allows children and fans to build and rebuild anything they can imagine.

The LEGO Group was founded in Billund, Denmark in 1932 by Ole Kirk Kristiansen, its name derived from the two Danish words Leg Godt, which mean “Play Well”.

Today, the LEGO Group remains a family-owned company headquartered in Billund. Its products are now sold in more than 130 countries worldwide. For more information: www.LEGO.com.

About The Pokémon Company International

The Pokémon Company International manages the Pokémon property outside of Asia and is responsible for brand management, licensing, marketing, the Pokémon Trading Card Game, the animated TV series, home entertainment and the official Pokémon website. Pokémon was launched in Japan in 1996 and today is one of the most popular children’s entertainment properties in the world. For more information, please visit www.pokemon.co.uk.

About Paramount Products & Experiences

Paramount Products & Experiences oversees all licensing, merchandising, and location-based experiences for Paramount, a Skydance Corporation (Nasdaq: PSKY), a leading next generation global media and entertainment company. The division brings to life iconic franchises and beloved characters through innovative products and immersive experiences across categories including toys, apparel, publishing, food and beverage, theme parks, hotels, cruises, attractions, and live entertainment. Its global portfolio is powered by content from brands such as Nickelodeon, Paramount Pictures, CBS, MTV, Comedy Central, and Paramount+, and fan-favorite franchises like PAW Patrol, SpongeBob SquarePants, Teenage Mutant Ninja Turtles, Star Trek, and Yellowstone. To explore our range of consumer products and Paramount-branded merchandise, visit ParamountShop.com.

About DreamWorks Animation’s Shrek Franchise

For the past two decades, children of all ages have been enchanted by DreamWorks Animation’s delightful, irreverent adventures of a misunderstood ogre and his ragtag group of roguish fairytale folk. Beginning with Shrek, the 2001 Academy Award® winner for Best Animated Feature, Shrek (Mike Myers), Fiona (Cameron Diaz), Donkey (Oscar® nominee Eddie Murphy), Puss in Boots (Oscar® nominee Antonio Banderas) and their signature friends, family and tormentors have grown into an indelible part of pop culture, reminding audiences around the globe that beauty is in the eye of the beholder.

The four Shrek franchise films have earned more than $2.9 billion worldwide, spawning a global live-touring show, an award-winning Broadway musical that earned eight Tony nominations and 12 Drama Desk nominations, plus an immersive, top-tourist destination in London and popular events and attractions across Universal Studios theme parks worldwide.

From an astonishing consumer products campaign to imaginative digital extensions and a global animation exhibition tour, the iconic age of Shrek now enters a thrilling new era in 2027, as DreamWorks Animation reimagines this wonderous tale for a new generation with Shrek 5. Stars Mike Myers, Cameron Diaz and Eddie Murphy return, now joined by Emmy winning superstar Zendaya (Dune franchise, Euphoria) as Shrek and Fiona’s daughter.

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-lego-group-introduces-the-lego-smart-play-gateway-at-san-diego-comic-con-2026-302833040.html

SOURCE The LEGO Group