Worley Ltd reported a 35.6% annual decline in statutory net profit to $306 million for the 12 months ended June 30, 2026, as restructuring costs and regional conflicts weighed on earnings.
The Sydney-based engineering group incurred $120 million in pre-tax restructuring charges, primarily tied to the cancellation of two chemical projects in Western Europe. The Middle East conflict further reduced earnings by $58 million, according to the company’s financial results.
Underlying earnings before interest and tax (EBIT) fell 10.8% to $734 million from $823 million a year earlier, while underlying net profit after tax declined 16.8% to $395 million. Total revenue remained broadly stable at $12.02 billion, with growth in the Americas offsetting weakness in EMEA and Asia-Pacific.
The Americas region benefited from the execution of Venture Global’s CP2 LNG project in Louisiana, though overall underlying EBITA margin contracted from 6.8% to 6.1% due to a higher share of lower-margin construction and procurement work.
Order intake strengthened, with reserves rising 23% to $15.5 billion, while backlog increased 9% to $13.8 billion. The backlog declined from $16.7 billion at mid-year following the removal of ExxonMobil’s suspended Baytown blue hydrogen project.
Worley secured new contracts with American Electric Power, Chevron, and Orbia Fluor & Energy Materials, among others. Chief Executive Chris Ashton noted that activity remained robust in the Americas, though weaker conditions in other regions and geopolitical tensions in the Middle East continued to weigh on performance.
For the 2027 fiscal year, the company expects mid-to-high single-digit growth in both revenue and underlying EBITA, with a heavier weighting toward the second half. Worley also reaffirmed its target of achieving double-digit earnings growth through the 2030 fiscal year.
The board declared a final unfranked dividend of 25 cents per share, payable on September 30.
