Worley (WOR) H1 2025 earnings summary

Executive summary

• Delivered strong half-year results for FY2025, with statutory net profit after tax up 73% to $183 million and underlying EBITA rising 9% to $376 million, despite a challenging environment.

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

• Announced an interim dividend of 25 cents per share (unfranked) and a share buyback of up to $500 million, reflecting confidence in financial position and growth outlook.

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

• No one-off items impacted the current period; prior period results excluded a write-off related to historic Ecuador services.

Financial highlights

• Underlying EBITA grew 9% to $376 million; underlying NPATA increased 14.9% to $216 million; statutory NPATA up 55.4% to $216 million.

• EBITA margin excluding procurement rose to 8.4% from 7.5% year-over-year; including procurement, margin increased to 6.3% from 6.1%.

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

• Interim dividend of 25 cents per share declared.

• Leverage ratio at 1.5x, unchanged from June 2024, supporting balance sheet strength.

Outlook and guidance

• Reconfirmed FY2025 outlook, targeting low double-digit EBITA/EBITDA growth and underlying EBITA margin (excluding procurement) of 8.0–8.5%.

• Expect continued headwinds from higher cost of capital, policy, and economic factors, but remain confident in delivering guidance.

• Majority of backlog and pipeline expected to convert within 12 months, supporting near-term revenue.

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