Worley (WOR) H1 2025 earnings summary

Executive summary

• Statutory net profit after tax rose 73% year-over-year to $183 million, with underlying NPATA at $216 million, reflecting strong earnings growth and margin improvement in H1 FY25 despite a challenging environment.

• Aggregated revenue reached $5,989 million, up 6.8% year-over-year, with growth across Americas and EMEA, and 58% of revenue now sustainability-related.

• Underlying EBITA increased 9% to $376 million, with margin (excluding procurement) rising to 8.4% from 7.5% year-over-year.

• Interim dividend of 25 cents per share (unfranked) declared, unchanged from the prior year.

• Strategic diversification across sectors and regions, and continued progress on ESG commitments, underpinned stability and growth.

Financial highlights

• Aggregated revenue for the half-year reached $5,989 million, up 6.8% year-over-year, driven by Americas and EMEA regions.

• Underlying EBITA grew 9% to $376 million; underlying NPATA increased 14.9% to $216 million.

• Underlying EBITA margin (excluding procurement) improved to 8.4% from 7.5% year-over-year.

• Cash conversion ratio was 97.5% of underlying EBITDA; normalized cash conversion at 116.2%.

• Days Sales Outstanding improved to 56.3 days from 65.7 days.

Outlook and guidance

• FY25 outlook reconfirmed, targeting low double-digit EBITA growth and EBITA margin (excluding procurement) of 8.0–8.5%.

• Confident in long-term growth, supported by diversification, a steady pipeline, and strategic execution.

• Majority of backlog and pipeline expected to convert within 12 months; book-to-burn ratio remains above one.

• Strategic investments and business model position the company to benefit from global energy transition trends.

• Capital management strategy includes growth investments and supplements the existing dividend policy.