Worley reported a 10.8% drop in underlying earnings before interest, tax, depreciation and amortisation (EBITA) to $734 million for the fiscal year ended June 30, 2026, as ongoing Middle East disruptions and adverse foreign exchange movements weighed on performance.
Revenue remained essentially flat at $12.02 billion, though constant currency revenue rose 2.3% to $12.33 billion. The company’s underlying EBITA margin, excluding procurement impacts, held steady at 9.0%, within its target range of 9.0% to 9.5%. Normalised cash conversion reached 93.6%, also within the 85% to 95% target band. A final dividend of 25 cents per share was declared, unchanged from the prior year, while $359 million was returned to shareholders via a share buyback.
Geopolitical tensions in the Middle East and a stronger Australian dollar contributed approximately $58 million and $50 million in earnings headwinds, respectively. Offshore operations, accounting for roughly 93% of revenue, were particularly exposed to these pressures. Safety performance improved, with the Total Recordable Case Frequency Rate declining to 0.07 from 0.13 in FY25.
Regional performance diverged sharply. The Americas segment saw revenue rise 17.3% to $6.23 billion and EBITA increase 4.7% to $465 million, while EMEA revenue fell 11.3% to $4.46 billion and EBITA declined 14.8% to $402 million. APAC revenue dropped 22% to $1.34 billion, with EBITA down 50% to $113 million. Sectorally, energy revenue grew 8% to $6.37 billion but EBITA fell 11.4% to $497 million; resources revenue rose 6% to $3.28 billion with EBITA down 6.4% to $294 million; and chemicals revenue declined 22% to $2.37 billion with EBITA falling 29.2% to $189 million.
Worley’s factored sales pipeline expanded 24% year-over-year, with a 30% increase in EPC/EPCM scopes and 49% growth in future-facing markets. Bookings surged 23% to $15.5 billion, of which 44% were sole-sourced wins, while the backlog stood at $15.0 billion on a constant currency basis, down from $16.9 billion in December 2025. The company incurred $120 million in one-off restructuring costs, primarily in Western Europe, and delivered $132 million in cost reductions against a $100 million target for FY27 onwards.
For FY27, Worley guided to mid to high single-digit growth in both revenue and underlying EBITA, with earnings expected to be weighted toward the second half. Longer-term, the company targets a double-digit underlying EBITA compound annual growth rate by FY30, supported by AI-enabled project delivery and structural demand in future-facing markets. Shares fell 11.5% to $9.82 following the results, near a 52-week low of $9.61.
