Brambles, Worley and Downer EDI: Financial Performance Across ASX Industrials

Sonal Goyal

14 September 2026 06:48 PM AEST

Brambles, Worley and Downer EDI: Financial Performance Across ASX Industrials

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Brambles (ASX:BXB), Worley (ASX:WOR) and Downer EDI (ASX:DOW) reported different FY26 financial outcomes. Brambles delivered higher Underlying Profit and sizeable free cash flow, Worley recorded lower Earnings and Margin compression, while Downer increased underlying profit and margins despite a lower Revenue base.

Profitability, cash conversion, margins and FY27 earnings delivery remain key financial measures through the remainder of 2026.

Brambles

Brambles reported FY26 sales revenue from continuing operations of approximately USD 7.04 billion.

Underlying Profit reached approximately USD 1.49 billion, while statutory profit after tax was USD 954 million.

Basic earnings per share from continuing operations reached USD 0.699.

Cash generation remained substantial, with Cash Flow from operations of approximately USD 1.47 billion and free cash flow before dividends of USD 1.05 billion.

The company declared a final Dividend of USD 0.2315 per share, taking total FY26 dividends to USD 0.4615 per share.

For FY27, Brambles expects constant-currency sales revenue growth of 2% to 4% and Underlying Profit growth of 2% to 6%.

Free cash flow before dividends is expected to range from approximately USD 800 million to USD 950 million, while the dividend Payout Ratio is targeted at 50% to 70% of Underlying Profit after finance costs and tax.

Potential Catalysts

Delivery toward the upper end of FY27 Underlying Profit guidance could support continued earnings growth.

Improved operating efficiency could also support margins and offset moderate revenue growth.

Free cash flow near or above guidance would provide further capacity for dividends and reinvestment.

Potential Risks

The projected reduction in free cash flow compared with FY26 could limit financial flexibility if operating conditions weaken.

Lower revenue growth or higher asset-maintenance costs could pressure margins.

Currency movements may also influence reported results because the company generates significant international revenue.

Worley

Worley reported FY26 aggregated revenue of approximately AUD 12.02 billion.

Underlying EBITA declined to AUD 734 million, while underlying NPATA was approximately AUD 395 million.

Statutory NPATA reached approximately AUD 306 million.

The underlying EBITA margin was 6.1%.

Normalised cash conversion remained high at 93.6%, while Leverage stood at approximately 1.8 times.

Worley declared a final dividend of AUD 0.25 per share.

For FY27, the company expects mid-to-high single-digit growth in both aggregated revenue and underlying EBITA.

The earnings profile is expected to be weighted more heavily toward the second half of FY27.

Potential Catalysts

A recovery in underlying EBITA margins could improve profitability if revenue growth remains within guidance.

High cash conversion could support balance-sheet flexibility and Shareholder distributions.

Revenue growth combined with improved margins would provide a clearer indication of earnings recovery.

Potential Risks

Further margin compression could reduce earnings even if revenue grows.

A second-half-weighted earnings profile increases sensitivity to project timing and execution.

Higher costs, project delays or weaker cash conversion could also affect profitability and leverage.

Downer EDI

Downer reported FY26 total revenue and other income of approximately AUD 9.87 billion.

Underlying EBITA increased to approximately AUD 502.9 million.

Underlying NPATA reached AUD 306.7 million, while statutory net profit after tax was approximately AUD 225.4 million.

The underlying EBITA margin increased to 5.1%.

Basic earnings per share reached AUD 0.326.

Downer declared total FY26 dividends of AUD 0.292 per share, fully franked.

Potential Catalysts

Further margin expansion could support earnings growth even if revenue remains comparatively subdued.

A recovery in second-half FY27 earnings could support full-year profitability.

Continued cash generation may provide additional flexibility for dividends and Capital returns.

Potential Risks

Weaker first-half FY27 earnings could slow the pace of annual profit growth.

Lower revenue combined with higher labour or project costs could pressure margins.

Delays in major projects could also affect revenue recognition and cash generation.

Financial Outlook

Brambles enters FY27 with sizeable cash generation and positive underlying earnings guidance, although expected free cash flow is below the FY26 outcome.

Worley is targeting a return to revenue and EBITA growth after a softer FY26 result, with margin recovery remaining important.

Downer enters FY27 with improved profitability and margins, though the company expects a more subdued first half before a heavier second-half contribution.

What Investors May Monitor Through the Rest of 2026

For Brambles, sales growth, Underlying Profit, free cash flow and dividend coverage remain key financial measures.

For Worley, underlying EBITA margins, NPATA, cash conversion and leverage will indicate whether profitability is improving.

For Downer, EBITA margins, NPATA, statutory profit and cash generation will remain central as the Business moves through FY27.

FAQs

Q: What Underlying Profit did Brambles report for FY26?

A:Brambles reported Underlying Profit of approximately USD 1.49 billion.

Q: What underlying EBITA margin did Worley report for FY26?

A:Worley reported an underlying EBITA margin of 6.1%.

Q: What underlying NPATA did Downer EDI report for FY26?

A:Downer EDI reported underlying NPATA of approximately AUD 306.7 million.

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