Worley Ltd reported a 10.8% decline in underlying EBITA to AUD 734 million for the full fiscal year 2026, as geopolitical disruptions and foreign exchange pressures offset gains in energy and resources. Revenue totaled AUD 12.0 billion, broadly flat year-on-year but up 2.3% on a constant-currency basis to AUD 12.3 billion.
The company cited a AUD 58 million earnings reduction from project deferrals linked to the Middle East conflict and an additional AUD 50 million headwind from foreign exchange movements. Energy revenue rose 8% to AUD 6.4 billion, while chemicals revenue fell 22% to AUD 2.4 billion and resources revenue increased 6% to AUD 3.3 billion.
Underlying EBITA margin, excluding procurement, was 9.0%, while the underlying EBITDA margin stood at 6.3% on a constant-currency basis. Gross profit margin over the trailing twelve months was 27.4%. Bookings reached AUD 15.5 billion, with 44% attributed to sole-source contracts, and the sales pipeline grew 24%. Backlog totaled AUD 13.8 billion, down from AUD 16.7 billion at mid-year but would have been AUD 15.0 billion on a constant-currency basis.
Cash conversion normalized at 93.6%, within the company’s target range of 85% to 95%, while days sales outstanding improved to 44.3 days. Restructuring and transformation costs amounted to AUD 120 million, but cost savings of AUD 132 million exceeded the AUD 100 million target. Return on equity was 16%.
Worley’s board declared a final dividend of AUD 0.25 per share and maintained an ongoing share buyback program. Shares fell 11.53%, or AUD 1.28, to AUD 9.82, approaching the 52-week low of AUD 9.61.
For the fiscal year 2027, management guided for mid- to high-single-digit revenue and underlying EBITA growth, with EBITA margins expected to remain relatively flat. The company is also evaluating a shift in reporting currency from Australian dollars to U.S. dollars, reflecting that approximately 93% of revenue is generated outside Australia.
CEO Chris Ashton described FY 2026 as a year of two halves, with resilient first-half performance followed by a more challenging second half. CFO Justine Magney highlighted strong activity levels and cost discipline as foundations for future growth despite the challenging earnings outcome.
