Key Highlights

  • Aggregated Revenue was $12,023 million, stable on the prior year, while Underlying EBITA fell 10.8% to $734 million, impacted by the Middle East conflict and adverse foreign currency translation.
  • Statutory NPATA was $306 million, down 35.6% on the prior year, reflecting $120 million of pre-tax transformation and Business restructuring costs excluded from the underlying result.
  • Bookings rose 23% to $15.5 billion and Backlog increased 9% to $13.8 billion from $12.7 billion as at 30 June 2025, with cost-out initiatives of $132 million exceeding the company's initial target.
  • Worley completed a $500 million on-market share buyback in May 2026 and commenced a further $300 million buyback, with $24 million spent to 30 June 2026.

Worley Limited (ASX:WOR) shares tumbled after the engineering group reported FY26 underlying Earnings down 10.8%, hit by the Middle East conflict and adverse currency moves — even as bookings and backlog both grew strongly. Worley (ASX:WOR) shares were trading at $10.06, down 9.37% (-$1.04), as at 3:44pm AEST on 26 August 2026.

Worley Limited reported its full year results for the twelve months ended 30 June 2026. Aggregated revenue was $12,023 million, broadly flat on the prior corresponding period, though up 2.3% on a constant currency basis. Underlying EBITA was $734 million, compared with $823 million in the prior year, down 10.8%. The company said the adverse impact of the Middle East conflict on earnings was $58 million, and that excluding the impact of foreign currency translation, underlying EBITA was down 6.1% on the prior financial year.

The underlying EBITA Margin fell to 6.1% from 6.8% in the prior year, reflecting a greater proportion of earnings from construction, fabrication and procurement activity. Underlying NPATA was $395 million, down 16.8% on the prior year. Statutory NPATA was $306 million, down 35.6%, impacted by transformation and business restructuring costs excluded from the underlying result.

The underlying result excluded $120 million of pre-tax costs associated with transformation and business restructuring, comprising $38 million of restructuring costs in the second half, with the restructuring activities predominantly occurring in Western Europe following two project cancellations.

Worley recorded bookings of $15.5 billion over the year, up 23% on FY25, with wins across the energy and resources sectors. Bookings included Venture Global's CP2 project, a major LNG export Facility in Louisiana, which achieved Final Investment Decision for Phase 1 in July 2025 and Phase 2 in March 2026.

Backlog stood at $13.8 billion, up from $12.7 billion as at 30 June 2025, an increase of 18% excluding the impact of foreign currency translation. The backlog was lower than the $16.7 billion reported at the half year, as some major projects progressed or completed, and the ExxonMobil Baytown Blue Hydrogen Project, which remains on pause, was removed from the backlog.

Energy contributed 53% of aggregated revenue and increased 8% on the prior year. Chemicals project cancellations in Western Europe contributed to a 22% decline in aggregated revenue for that sector. Resources revenue grew 6%, driven by increased activity in mined fertilisers, copper and battery materials. The Americas delivered revenue growth and contributed 52% of total aggregated revenue.

The Worley Board declared a final Dividend of 25 cents per share, unfranked. The normalised cash conversion ratio was 93.6%, within the FY26 target range of 85% to 95%, with Balance Sheet Leverage at 1.8x. The $500 million on-market share buyback was completed in May 2026, and a further $300 million buyback program commenced, with 2.0 million shares purchased for a total consideration of $24 million to 30 June 2026.

Worley expects mid to high single digit growth in both underlying EBITA and aggregated revenue in FY27, with earnings growth more heavily weighted to the second half than historical norms. CEO Mr Ashton said disruption and uncertainty in the Middle East persist, though the company's outlook anticipates work volumes in the Middle East to lift in the second half of FY27.

Conclusion

Worley's FY26 result shows a decline in underlying earnings against the prior year, driven principally by the impact of the Middle East conflict and adverse currency translation, alongside transformation and restructuring costs associated with reshaping the business, predominantly in Western Europe. Against this, bookings and backlog both grew during the year, supported by major project wins across the energy and resources sectors, and the company continued its Capital management program through completion of a $500 million share buyback and commencement of a further $300 million program.