Form 4: Fluor Corp Discloses Future NuScale Power Holdings

Fluor Corporation, a 10% owner and director of NuScale Power Corp., disclosed its future beneficial ownership of NuScale Class A Common Stock and Class B Units effective November 7, 2025.

Summary

• Fluor Corporation, through its wholly-owned subsidiary Fluor Enterprises, Inc., will beneficially own 110,936,472 shares of NuScale Power Corp. Class A Common Stock.
• Additionally, 463,747 Class B Units and 463,747 shares of Class B Common Stock of NuScale Power, LLC will be beneficially owned by NuScale Holdings Corp., which is majority-owned by Fluor Enterprises, Inc.
• The reported transaction involves a conversion ('C' code) of 110,936,472 derivative securities (Class B Units and Class B Common Stock) into 110,936,472 shares of Class A Common Stock.
• Each Class B unit, together with one share of Class B common stock, is exchangeable into one share of Class A common stock with no expiration date.
• The earliest transaction date for these reported holdings and conversions is November 7, 2025.

Sentiment

Score: 7

Explanation: The filing indicates Fluor Corporation's continued significant beneficial ownership in NuScale Power, reflecting ongoing strategic interest and support for the small modular reactor technology. The conversion of Class B to Class A is a procedural step for a major shareholder.

Positives

• Fluor Corporation, a major engineering and construction firm, maintains a substantial beneficial ownership in NuScale Power Corp., indicating continued strategic alignment and confidence in NuScale's small modular reactor (SMR) technology.

Future Outlook

The filing indicates a future state of beneficial ownership and a conversion of securities effective November 7, 2025, reflecting a planned or pre-arranged change in the form of Fluor's holdings in NuScale.

Management Comments

• Signed by Kevin B. Hammonds, Executive Vice President, Chief Legal Officer and Corporate Secretary of Fluor Corporation.

Industry Context

Fluor Corporation's continued significant involvement with NuScale Power underscores its strategic commitment to the nuclear energy sector and the development of small modular reactor (SMR) technology. This aligns with broader industry trends towards cleaner energy sources and modular construction approaches, positioning Fluor as a key player in the future energy landscape.

Comparison to Industry Standards

• This Form 4 filing is a standard disclosure of changes in beneficial ownership, specifically a conversion of securities, which is a common event for strategic investors in publicly traded companies. It does not provide performance metrics for direct comparison to industry peers or projects.

Related Party Transactions

• The filing details the beneficial ownership structure where Fluor Corporation's wholly-owned subsidiary, Fluor Enterprises, Inc., directly owns Class A Common Stock, and NuScale Holdings Corp., which is majority-owned by Fluor Enterprises, Inc., owns Class B Units and Class B Common Stock. This highlights the existing related-party relationship and the structure of Fluor's investment in NuScale.

Stakeholder Impact

• Shareholders (NuScale): Continued significant backing from a major strategic partner like Fluor could be viewed positively, signaling stability and long-term commitment to NuScale's technology and business.
• Shareholders (Fluor): The disclosure confirms a substantial, long-term investment in NuScale's SMR technology, aligning with Fluor's strategic direction in clean energy and advanced construction.

Key Dates

Recommendation

This Form 4 primarily serves as a disclosure of Fluor Corporation's significant beneficial ownership in NuScale Power Corp., effective November 7, 2025, including a large-scale conversion of Class B securities to Class A. It confirms Fluor's role as a director and 10% owner and details the substantial holdings through its subsidiaries. While it underscores the ongoing strategic relationship and Fluor's commitment to NuScale's SMR technology, it does not present new financial results, operational updates, or material changes in strategy that would fundamentally alter the investment thesis for either company. Therefore, a 'hold' recommendation is appropriate, as it reinforces the existing understanding of the strategic partnership without introducing new catalysts for a strong upward or downward re-rating.

Keywords

NuScale Power, SMR, Fluor Corporation, Beneficial Ownership, SEC Form 4, Class A Common Stock, Class B Units, Nuclear Energy, Small Modular Reactors, Conversion