Worley (WOR) investor relations material

Executive summary

• Aggregated revenue rose 5.4% year-over-year to AUD 6.3 billion, driven by major project execution and a 63% surge in bookings to AUD 9.8 billion, with significant wins in LNG, infrastructure, and decarbonization.

• Underlying EBITA was steady at AUD 377 million, while statutory NPATA fell 29.6% to AUD 152 million due to AUD 82 million in restructuring and transformation costs.

• Strategic focus on expanding Total Addressable Market, disciplined capital management, and operational excellence underpin growth.

• Transformation and restructuring initiatives are well advanced, targeting over AUD 100 million in annualized savings from FY 2027.

• Strong balance sheet and cash performance support ongoing investment and shareholder returns, with a 25 cent interim dividend declared.

Financial highlights

• Aggregated revenue for the half was AUD 6.3 billion, up 5.4% year-over-year; underlying EBITA was AUD 377 million; underlying NPATA was AUD 207 million.

• Statutory NPATA was AUD 152 million, reflecting AUD 82 million in transformation and restructuring costs.

• Normalized cash conversion reached 95.5%, above target range; leverage at 1.5x.

• Interim dividend of AUD 0.25 per share declared; ongoing share buyback program with AUD 324 million spent to date.

• Operating cash flow was AUD 152 million, down from the prior period.

Outlook and guidance

• Moderate growth outlook reaffirmed for FY 2026, with higher aggregated revenue and underlying EBITA expected versus FY 2025.

• Underlying EBITA margin (excluding procurement) expected within 9%-9.5% range.

• FX rates may be a headwind in the second half if current levels persist.

• Long-term growth supported by structural tailwinds in energy transition, electrification, and digitalization.

• No material subsequent events or changes in outlook reported post-period.