The Worley Ltd (ASX: WOR) share price is in focus today after the engineering services company reported a statutory NPATA of $306 million for FY26, with aggregated revenue largely unchanged at $12.0 billion.
What did Worley report?
- Aggregated revenue of $12,023 million, stable on the prior corresponding period
- Underlying EBITA fell 10.8% to $734 million
- Underlying NPATA down 16.8% to $395 million; statutory NPATA down 35.6% to $306 million
- Final unfranked dividend of 25 cents per share declared
- $500 million share buyback completed; additional $24 million spent on new buyback
- Bookings rose 23% to $15.5 billion; backlog increased 9% to $13.8 billion
What else do investors need to know?
Worley’s FY26 underlying earnings were impacted by ongoing conflict in the Middle East and foreign currency movements, as well as $120 million in transformation and restructuring costs. Revenue growth remained strongest in the Americas, while challenges in Europe and the Middle East held back some regions.
The group continues to deliver cost savings, achieving $132 million in cost-out initiatives, which surpassed their target. Strong project wins were recorded across energy, resources, and key growth areas such as energy transition materials. Sole-sourced wins made up 44% of bookings, reflecting customer confidence in Worley’s capabilities.
What did Worley management say?
Commenting on the results, Worley’s CEO, Chris Ashton, said:
While activity levels remained strong in some parts of the business, particularly in the Americas; the Middle East conflict, and softer market conditions have affected growth in other regions. Notwithstanding this, solid demand drivers in the markets where we operate, together with our growing pipeline, strong customer relationships and disciplined focus on delivery, continue to underpin growth and we expect mid to high single-digit growth in both aggregated revenue and underlying EBITA in FY27.
What’s next for Worley?
Looking ahead, Worley is optimistic about continuing growth, with management guiding for mid to high single-digit increases in both aggregated revenue and underlying EBITA in FY27. The company expects stronger activity in the second half, especially as delayed Middle East projects progress.
Worley is focused on expanding project delivery capability, investing in AI and digital platforms, and targeting high-growth sectors including integrated gas and energy transition materials. Strategic partnerships and further investment are planned to build scale in markets such as power, data centres and critical infrastructure.
Worley share price snapshot
The Worley share price has underperformed the S&P/ASX 200 index (ASX: XJO) over the past 12 months with a decline of around 12%.
The post Worley FY26 earnings: profit down, pipeline up appeared first on The Motley Fool Australia.
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