Worley (WOR) H1 2026 earnings summary

Executive summary

• Aggregated revenue rose 5.4% year-over-year to $6,312 million, driven by major project execution, increased bookings (up 63% to $9.8 billion), and a healthy backlog supporting future growth.

• Underlying EBITA was steady at $377 million, while statutory NPATA declined 29.6% to $152 million due to $82 million in transformation and restructuring 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 $100 million in annualized savings from FY27.

• Strong balance sheet and cash performance support ongoing investment and shareholder returns, with interim dividend of 25 cents per share declared.

Financial highlights

• Aggregated revenue for the half was $6,312 million, up 5.4% year-over-year; underlying EBITA was $377 million (up 0.3%); underlying NPATA was $207 million (down 4.2%).

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

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

• Interim dividend of 25 cents per share declared; ongoing share buyback program with $324 million spent to date.

• Basic earnings per share (statutory) was 23.2 cents, down 33% year-over-year; underlying EPS was 40.3 cents.

Outlook and guidance

• Moderate growth outlook reaffirmed for FY26, with higher aggregated revenue and underlying EBITA expected versus FY25.

• Underlying EBITA margin (excluding procurement) targeted at 9.0–9.5%.

• 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.

• Optimism for growth within and beyond traditional markets, supported by a diversified global business and strong customer relationships.