Growing Project Backlog Contrasts With Lower Earnings at Worley (ASX:WOR) – Details Here

Sonal Goyal

22 October 2026 05:23 PM AEDT

Growing Project Backlog Contrasts With Lower Earnings at Worley (ASX:WOR) – Details Here

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Key highlights

Worley Ltd (ASX:WOR) shares were up 0.69% at $9.505 during the trading session on 22 October 2026, while the S&P/ASX 200 Industrials [XNJ] index was up 1.05%.
Worley reported FY26 aggregated revenue of $12,023 million and underlying EBITA of $734 million, down 10.8%, in its 26 August 2026 release.
Bookings were $15.5 billion, up 23%, and backlog was $13.8 billion, up 9%.

On 22 October 2026, Worley Ltd (ASX:WOR) shares were higher by 0.69% at $9.505 in the trading session. For reference, the S&P/ASX 200 Industrials [XNJ] was at 8,199.50, higher by 1.05% or 85.60 points, the S&P/ASX 200 [XJO] at 8,788.70, higher by 0.48%, and the All Ordinaries at 8,911.80, higher by 0.50%, as at 3:55 pm GMT+11. Worley is a global engineering and professional services company serving the energy, chemicals and resources sectors. Worley reported FY26 aggregated revenue of $12,023 million and underlying EBITA of $734 million, down 10.8%, in its 26 August 2026 release.

Share price snapshot

At $9.505, Worley Ltd (ASX:WOR) shares were up 0.69% during the trading session on 22 October 2026. Over the same session, the S&P/ASX 200 Industrials [XNJ] index was up 1.05% (85.60 points) at 8,199.50, the S&P/ASX 200 [XJO] was up 0.48% at 8,788.70 and the All Ordinaries was up 0.50% at 8,911.80, as at 3:55 pm GMT+11. The figures are intraday readings during the session and can change as trading continues. The company’s most recent announcement covered in this article is its FY26 results.

About Worley Ltd: business overview

Worley Limited provides engineering, procurement, construction management and advisory services to customers in energy, chemicals and resources. It operates across the Americas, Europe, the Middle East and Asia Pacific, and an increasing share of its revenue comes from construction, fabrication and procurement work.

FY26 results

In an ASX release dated 26 August 2026, Worley reported aggregated revenue of $12,023 million, stable on the prior year and up 2.3% in constant currency. Underlying EBITA was $734 million, down 10.8%, with an underlying margin excluding procurement of 9.0%. Underlying NPATA was $395 million, down 16.8%, and statutory NPATA was $306 million, down 35.6%, after $120 million of pre-tax transformation and restructuring costs. The company said results were affected by the Middle East conflict and adverse currency translation.

Bookings, backlog and capital

Bookings were $15.5 billion, up 23%, and backlog was $13.8 billion, up 9% from $12.7 billion. Normalised cash conversion was 93.6%, and cost-out initiatives of $132 million exceeded the initial target. A $500 million on-market buy-back was completed in May 2026, and a further $300 million buy-back has begun, with $24 million spent to 30 June 2026. The final dividend is 25 cents per share, unfranked.

FY27 outlook

Worley expects mid to high single-digit growth in both aggregated revenue and underlying EBITA in FY27, and refers to an ambition of double-digit earnings growth by FY30. Revenue from the Americas was supported by major projects, including Venture Global’s CP2.

Related sector context

Engineering, contracting and essential-services companies are influenced by government and private infrastructure spending, resources and energy capital programs, labour availability and project execution. On 22 October 2026, the S&P/ASX 200 Industrials [XNJ] index was at 8,199.50, up 1.05%, and the S&P/ASX 200 was at 8,788.70, up 0.48%. Their results are typically reported through revenue, margin, work in hand and new contract awards, and contract timing can move between reporting periods.

Work-in-hand and order book figures are widely used in the segment because they show contracted activity that has not yet been converted to revenue. Contract awards are announced to the market when they are material, and extensions or renewals can add to the period covered by existing agreements.

Risks to weigh in

Underlying EBITA and NPATA fell and statutory NPATA fell 35.6%, with restructuring costs of $120 million. The Middle East conflict disrupted activity, currency translation reduced results, and the FY27 outlook depends on project execution, customer capital spending and market conditions. The dividend is unfranked.

Catalysts on watch

Items to watch include execution on major projects, conversion of backlog, buy-back progress, cost-out benefits and the first-half FY27 result.

Closing perspective

Worley’s 26 August 2026 release reported lower earnings alongside higher bookings and backlog and a guided return to growth in FY27. Later results will show whether backlog converts as expected.

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