Shares of Worley dropped 10% to A$10.02 on Wednesday, underperforming a 0.56% gain in the S&P/ASX 200 index.
The decline followed the release of fiscal 2026 results, which showed underlying EBITA fell 10.8% to A$734 million from A$823 million a year earlier. Revenue remained flat at A$12.0 billion, missing expectations built into pre-announcement pricing.
The company attributed the profit decline to multiple headwinds. Project delays tied to the Middle East conflict reduced earnings by approximately A$58 million. Currency effects from a stronger Australian dollar reduced reported earnings by A$50 million, while restructuring and transformation costs totaled A$120 million.
CEO Chris Ashton noted that while activity in the Americas remained resilient, regional weakness elsewhere—particularly in the Middle East—constrained growth. He forecast mid-to-high single-digit increases in revenue and underlying EBITA for fiscal 2027.
Worley’s results underscore the impact of geopolitical disruption and currency volatility on large-cap Australian engineering firms with global operations.
