Worley Limited Q4 2026 Earnings Recap

Worley's shares fell 9.3% following the earnings release, driven by a cautious outlook amid deceleration in key regions due to the prolonged Middle East conflict and its impact on project delays and volumes, which weighed on growth and resulted in missed FY '26 expectations.

Key Takeaways

• FY '26 revenue was $12 billion, broadly flat year-over-year, with 2.3% constant currency growth; first half grew 5.4%, but activity softened significantly in the second half due to Middle East conflict and chemical market weaknesses.
• Underlying EBITA was $734 million ($773 million on a constant currency basis), reflecting margin pressure from FX translation and softer second-half conditions; margins described as resilient but challenged.
• Project delays and lower volumes linked to the Middle East conflict materially impacted growth prospects and visibility, prompting a more cautious outlook from management.
• Bookings of $15.5 billion and a backlog of $13.8 billion reflect solid demand momentum, particularly in the Americas and EMEA, though backlog declined from the half-year due to project delivery and timing of awards.
• Management highlighted ongoing cost base restructuring and repositioning toward higher growth markets, but investor reaction indicates skepticism over the near-term recovery and margin durability.