Worley Delivers 29% Profit Surge and $500M Buy-Back Amid Market Shifts
Worley Limited reported a robust FY25 with a 29% rise in statutory NPATA to $475 million and announced a $500 million share buy-back, underpinned by strong bookings and strategic cost management. The company anticipates moderate growth in FY26 despite ongoing geopolitical uncertainties.
- Statutory NPATA up 29% to $475 million
- Underlying EBITA grows 10% to $823 million with margin expansion
- Bookings surge 32% to $17.1 billion, backlog up 22%
- On-market share buy-back program of up to $500 million underway
- Focus on AI integration, cost discipline, and sustainable energy projects
Strong Financial Performance Amid Market Complexity
Worley Limited (ASX – WOR) has announced a compelling set of full year results for FY25, showcasing a 29% increase in statutory net profit after tax (NPATA) to $475 million. Underlying earnings before interest and tax (EBITA) also rose 10% to $823 million, reflecting disciplined execution and a focus on higher-quality work despite a challenging macroeconomic environment.
Revenue grew 4% to $12.05 billion, supported by strong contributions from the Americas and EMEA regions, while the APAC region saw a decline due to project completions. The company’s underlying EBITA margin improved to 6.8%, or 9.2% when excluding procurement, signaling enhanced operational efficiency.
Robust Backlog and Bookings Signal Resilience
Worley’s bookings surged 32% to $17.1 billion, with backlog increasing 22% to $16.9 billion. These figures underscore the company’s ability to win new contracts faster than it delivers existing projects, a key indicator of sustained demand. Notable contract wins include the first phase of Venture Global’s CP2 LNG export facility in Louisiana, the Rincon Mining lithium project in Argentina, and Germany’s Brunsbüttel Floating Storage Regasification Unit terminal.
Approximately 69% of the backlog is tied to sustainable and transitional projects, positioning Worley well to capitalize on the global energy transition. The company’s strategy emphasizes a diversified portfolio across energy, chemicals, and resources sectors, with more than 80% of work conducted under lower-risk reimbursable contracts.
Capital Management and Shareholder Returns
Worley’s strong balance sheet and prudent capital management underpin its growth ambitions. The company declared a final unfranked dividend of 25 cents per share and has initiated an on-market share buy-back program of up to $500 million, having already spent $168 million since March 2025. Leverage remains conservative at 1.4 times, supported by a recent $400 million seven-year bond issuance that attracted strong investor interest.
Strategic Focus on Efficiency and Innovation
CEO Chris Ashton highlighted the company’s commitment to commercial discipline, risk management, and operational agility. Worley is actively simplifying processes, managing costs, and embedding artificial intelligence to enhance productivity. The Global Integrated Delivery centers in India and Colombia are expanding, expected to account for over 20% of total hours worked, further driving efficiency.
Looking ahead, Worley expects moderate growth in FY26 with revenue and EBITA increases, targeting an underlying EBITA margin (excluding procurement) between 9.0% and 9.5%. The company remains cautiously optimistic, leveraging a strong backlog and pipeline amid geopolitical and economic uncertainties.
Bottom Line?
Worley’s disciplined growth and strategic investments position it well for navigating evolving energy markets and delivering shareholder value.
Questions in the middle?
- How will Worley’s AI integration tangibly impact project delivery and margins?
- What risks could geopolitical tensions pose to Worley’s large-scale international projects?
- How might the cancellation of the NorthVolt Sweden project affect future backlog and sector focus?
