Worley (WOR) H2 2026 earnings summary

Executive summary

• FY2026 performance was impacted by Middle East conflict, FX headwinds, and a softer operating environment, resulting in flat aggregated revenue and lower earnings year-over-year.

• Statutory revenue and other income for the year ended 30 June 2026 was $10,714M, down 5% year-over-year.

• Underlying NPATA, excluding transformation and restructuring costs, was $395M, down 17% year-over-year.

• Major project activity and contract wins, especially in the Americas and EMEA, support future growth ambitions.

• Safety and ESG performance remained strong, with improved safety metrics and significant GHG emissions reduction.

Financial highlights

• Aggregated revenue was AUD 12 billion ($12,023M), flat year-over-year; constant currency revenue grew 2.3%.

• Underlying EBITA was AUD 734 million ($734M), down 10.8% reported and 6.1% constant currency year-over-year; EBITA margin (ex procurement) was 9.0%.

• Underlying NPATA was $395M, down 16.8% year-over-year.

• Normalized cash conversion was 93.6%, within the target range.

• Final dividend: AUD 0.25 per share unfranked; total annual dividend was 50.0 cents per share, unchanged from prior year.

Outlook and guidance

• FY2027 guidance anticipates mid to high single-digit growth in revenue and underlying EBITA, with earnings growth expected to be more weighted to the second half due to Middle East recovery.

• Double-digit underlying EBITDA/EBITA CAGR targeted by FY2030, driven by market tailwinds and project delivery expansion.

• No further restructuring planned for FY2027; transformation and restructuring costs excluded from underlying results.

• Persistent Middle East disruption and FX volatility remain key uncertainties for FY2027.