Worley (WOR) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with safety instructions, a Welcome to Country, and acknowledgment of traditional land and elders, emphasizing respect and reconciliation with First Nations people.

• The Chair introduced the board, welcomed new directors, and confirmed a quorum, officially opening the AGM.

Financial performance review

• Achieved record revenue and earnings in FY24, with revenue up 18% and underlying EBITDA up 24% to AUD 751 million.

• Over 52% of revenue now comes from sustainability-related work, with a target of 75% by FY26.

• Strong cash result, leverage reduced to 1.5x, and disciplined capital management supported growth and dividends.

• Dividend remained at AUD 0.50 for five years, with ongoing shareholder questions about potential increases.

Board and executive committee updates

• Two directors stepped down; two new directors, Alison Kitchen and Kim Gillis, joined the board in July 2024.

• Board succession and renewal guided by independent evaluation; new committee roles assigned.

• Five directors stood for re-election or election, each addressing their qualifications and commitment.