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What were the key takeaways from KBR's earnings call?

- **Resilient EBITDA Growth**: 10% rise to $240M with 12.4% margin, driven by STS operational excellence.
- **Cash Conversion Excellence**: 130% operating cash flow conversion, supporting $360M shareholder returns.
- **Spin-Off Momentum**: Mission Technologies spin targeting 2026, with international expansion and pipeline strength underpinning both segments.
- **LNG Leadership**: Plaquemines equity earnings sustained, Abadi FEED awarded, positioning for 2026+ growth.
- **Government Risk Mitigation**: 60% EBITDA insulated from U.S. budget volatility, stable funded backlog despite shutdown.

**【CEO Summary Section】**
- **Sustainability Achievements**: Industry-leading safety metrics, 38% of 2024 revenue allocated to sustainability, and top MSCI ESG rating.
- **Financial Performance**: Flat Q3 revenue ($1.9B) with 10% adjusted EBITDA growth to $240M, driven by STS resilience. Adjusted EPS rose 21% to $1.02.
- **Cash Flow Strength**: Operating cash flow of $506M (130% conversion), with $80M from joint venture turnover.
- **Spin-Off Progress**: Mission Technologies spin-off targeting mid-2026 completion, with recruitment and branding underway.
- **Market Resilience**: 60% of EBITDA不受U.S.政府预算影响，政府停摆未显著影响运营。

**【CFO Financial Commentary】**
- **Segment Performance**: MTS flat ($1.4B), STS down 1% ($525M) due to back-end weighted bookings. STS EBITDA margin improved to 23.5%.
- **Guidance Update**: 2025 revenue guidance lowered to $7.75-7.85B, but reaffirmed EBITDA ($960-980M) and EPS ($3.78-3.88) targets.
- **Liquidity Management**: Net leverage reduced to 2.2x, with $360M returned to shareholders via buybacks and dividends.
- **Shutdown Impact**: $3B in protested wins delayed, but U.S. government backlog stable at $2B.

**【Q&A Highlights】**
- **STS Growth**: 2026 visibility from $5B bid pipeline, excluding LNG. Plaquemines LNG equity earnings expected to sustain through 2027.
- **MTS Strategy**: Defense & Intel up 14%, offsetting R&S decline. SpinCo CEO/CFO recruitment progressing.
- **LNG Activity**: Abadi FEED awarded, Plaquemines Phase 2 approvals pending. Lake Charles FID expected Q1 2026.
- **International Expansion**: Australia growth >10%, U.K. pipeline improving post-defense review. Middle East wins in Iraq, Kuwait, UAE.
- **Spin-Off Interest**: No external acquisition interest disclosed; focus on standalone value creation.

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