Highlights

  • Worley Ltd (ASX:WOR) reported FY2026 aggregated Revenue of $12,023 million and underlying EBITA of $734 million.
  • Underlying NPATA was $395 million, while normalized cash conversion was 93.6% during FY2026.
  • At the time of writing on 22 September 2026, Worley Ltd (ASX:WOR) was trading at AUD 9.78, down 0.81% during today’s trading session.
  • The company reported a Backlog of $15.0 billion on a constant currency basis and FY2027 guidance for mid to high single-digit growth in revenue and underlying EBITA.

Worley Ltd (ASX:WOR) provides engineering, procurement, construction management and consulting services across energy, chemicals and resources industries. The company has released its FY2026 results, outlining financial performance, sector activity, backlog position and strategic priorities across global markets.

Worley operates across more than 40 countries with more than 40,000 people supporting projects throughout the asset lifecycle. Its services include professional services, construction and fabrication support, procurement and project delivery activities.

Company Business

Worley operates across three core sectors: Energy, Chemicals and Resources. The company supports customers through engineering and project delivery services, including concept development, design, procurement, construction management, operations support and remediation activities.

The company reported FY2026 aggregated revenue of $12,023 million, with Energy contributing $6,373 million, Resources contributing $3,282 million and Chemicals contributing $2,368 million.

Worley’s Business model includes a significant proportion of reimbursable contracts. The company reported that 77% of FY2026 revenue came from reimbursable contracts, while fixed-price contracts represented 23%.

The company’s project portfolio includes energy infrastructure, LNG, power, data centres, carbon capture, minerals, fertilizers and battery materials projects.

Recent Development

In August 2026, Worley released its FY2026 results presentation. The company reported aggregated revenue of $12,023 million, compared with $12,050 million in FY2025. On a constant currency basis, revenue increased 2.3%.

Underlying EBITA was $734 million, down from $823 million in FY2025. Underlying NPATA was $395 million compared with $475 million in the previous year. The company stated that FY2026 performance was affected by Middle East disruption, softer operating conditions, foreign exchange translation impacts and weaker activity in parts of the Chemicals market.

Worley reported normalized cash conversion of 93.6%, compared with 94.9% in FY2025. The company completed a $500 million buy-back and announced an additional $300 million buy-back program, with $24 million returned as at 30 June 2026.

The company reported a final Dividend of 25 cents per share, unchanged from FY2025.

Financial Performance and Sector Context

Energy remained Worley’s largest sector, generating aggregated revenue of $6,373 million, up 8% from FY2025. Resources revenue increased 6% to $3,282 million, while Chemicals revenue declined 22% to $2,368 million due to project cancellations and lower activity in some regions.

Regional performance varied during FY2026. Americas revenue increased 17.3% to $6,228 million, supported by major projects progressing into execution. EMEA revenue declined 11.3% to $4,455 million, impacted by Middle East disruption and project cancellations. APAC revenue declined 22.0% to $1,340 million following major project completions.

Worley reported backlog of $15.0 billion on a constant currency basis, with more than 62% expected to be delivered over the next 12 months. The company also reported a total open pipeline of $13.8 billion, including growth in EPC and EPCM opportunities.

The industrial services sector continues to be influenced by energy security, electrification, resource demand, infrastructure Investment and digital infrastructure development. Worley identified energy transition materials, power, nuclear, data centres and critical infrastructure as areas supporting future project demand.

Risks to Consider

Key risks include project timing, customer investment decisions, foreign exchange movements, geopolitical conditions, regulatory changes, availability of skilled workers and execution requirements across major projects.

Worley highlighted that Middle East disruption, Supply chain impacts and currency translation remain factors affecting operating conditions.

What to Watch Next

Future developments may include progress on major projects, backlog conversion, sector activity, cost-out initiatives and delivery against FY2027 guidance.

Worley expects FY2027 aggregated revenue and underlying EBITA growth in the mid to high single-digit range, subject to market conditions and project timing.

Key Insights

Worley reported FY2026 aggregated revenue of $12,023 million, underlying EBITA of $734 million and backlog of $15.0 billion. The company continues to operate across energy, chemicals and resources markets while focusing on project delivery, energy transition-related activities and global infrastructure demand.