Worley Limited (WF9) Q4 2026 Earnings Report

The call conveyed a cautiously positive tone: management acknowledged a challenging FY '26 driven by the Middle East conflict and FX translation that depressed reported earnings and backlog late in the year, but emphasized strong demand indicators (24% pipeline growth), solid bookings ($15.5bn), robust cash conversion (93.6%), cost savings ($132m), major project wins and a clear FY '27 guidance of mid- to high-single-digit revenue and EBITA growth. Given the weight of operational and financial positives, alongside an explicit plan to restore momentum toward the FY '30 ambition, the overall message was constructive despite near-term headwinds.

Management guided FY'27 to mid‑ to high single‑digit growth in both aggregated revenue and underlying EBITA (EBITA growth weighted to H2, revenue phasing broadly even), supported by a $13.8bn backlog (≈$15.0bn on a constant‑currency basis) with ~62% deliverable in the next 12 months, $15.5bn of bookings, a pipeline up 24% and 44% of wins sole‑sourced. They said this momentum — plus major programs like Venture Global CP2, cost initiatives (FY'26 one‑off restructuring costs $120m, cost‑out savings $132m, and ~$70m targeted investment over two years), strong cash metrics (normalized cash conversion 93.6%, DSO 44.3 days), balance‑sheet strength (leverage 1.8x, total liquidity $2.1bn, WACD 4.4%) — underpins the FY'30 ambition of a medium‑term double‑digit underlying EBITA CAGR. For context the FY'26 base was aggregated revenue $12.0bn ($12.3bn constant currency), underlying EBITA $734m ($773m cc), ex‑procurement EBITA margin 9% (overall underlying EBITA margin 6.3% cc), a $58m Middle East earnings drag and FX translation headwinds (~$39m vs FY'25 rates, ~ $50m vs outlook); capital returns include a $0.25 final dividend, $359m returned and a new $300m buyback, while safety and ESG metrics cited were TRFR 0.07, serious case frequency 0.006 and emissions down 76% vs 2020.