Worley Limited · ASX:WOR
Worley — H1 FY26 Earnings Presentation
46 slides from Worley's earnings presentation, Feb 26, 2026
Slide 1: Half Year 2026 results
Half Year 2026 results "— 26 February 2026 AGENDA LY) 1 Business performance 2 Financial performance 3 Strategy and outlook YJ worley Chris Ashton Justine Travers ChrisAshton = “Spm ti VERING SUSTAINABLE CHANGE:
Slide 2: Disclaimer
Stronger together Disclaimer The information in this presentation about Worley Limited outcomes. They involve known and unknown risks and and the entities it controls (Group) and the Group’s activities uncertainties, many of which are beyond our control and is current as at 26 February 2026 and is i
Slide 3: Business performance
Business performance Chris Ashton Chief Executive Officer Worley - Half year results 2026
Slide 4: Resilient results, strong momentum
Resilient results, strong momentum H1 FY26 Performance 1 Solid revenue growth, increased wins drive momentum ↑5.4% ↑0.3% Aggregated Underlying Resilient earnings and revenue growth as we adapt to revenue EBITA1 market dynamics and meet our customers needs. Strong H1 FY26: $6,312m H1 FY26: $377m mome
Slide 5: Our people and our ESG performance
Our people and our ESG performance Our highest priority is to 1 million work hours with zero safety incidents at Rincon1 keep our people safe • Total Recordable Case Frequency Rate6 0.10 (compared to 0.12 at 31 December 2024) 43.8K+ 44 PEOPLE COUNTRIES ESG progress C o n t i n u e d s t r o n g E S
Slide 6: Bookings and strategic wins remain strong
Bookings and strategic wins remain strong Increase in bookings over prior 6 months $9.8b • Sole sourced wins have $6.0b increased to 48% from 45% at FY25, reflecting strong H2 FY25 H1 FY26 H2 FY25 H1 FY26 H2 FY25 H1 FY26 H2 FY25 H1 FY26 customer confidence Resources Americas Prof. Services Chemicals
Slide 7: Leading indicators continue to show momentum
Leading indicators continue to show momentum Backlog Strong momentum for major 16.9 6.3 16.7 >3.5b1 (0.1) project wins in 2026 Wins and net scope increases since 1-Jan-2026 • Backlog of $16.7b provides visibility of (6.4) revenue into H2 FY26 and FY27 • Over 53% of backlog to be delivered in next 12
Slide 8: Earnings resilience underpinned by diversification and strong competitive advantages
Earnings resilience underpinned by diversification and strong competitive advantages Growth and resilience through diversification Sectors Geographies Services 25% 21% Professional services Energy (ex Integrated gas) 16% Americas 48% 33% Energy (Integrated gas) Construction & fabrication Europe Chem
Slide 9: Energy
Energy H1 FY26 Revenue split • Large, diversified global Energy market continues to support Energy ↑8.8% sustained project activity across regions • H1 FY26 aggregated revenue increase driven by major projects in 25% Chemicals execution phase lifting construction & fabrication and Aggregated revenue
Slide 10: Chemicals
Chemicals H1 FY26 Revenue split • The global Chemicals market remains structurally significant, albeit Chemicals ↓9.0% challenging in the near term amid regional imbalances and capacity shifts. • H1 FY26 aggregated revenue declined, reflecting project cancellations in Energy 21% Western Europe and l
Slide 11: Resources
Resources H1 FY26 Revenue split • Resources represents a large global market, supported by long- ↑12.3% term demand fundamentals tied to population growth, Energy Chemicals urbanisation and energy transition. Aggregated revenue • Looking ahead, our activity is supported by increasing demand Integrat
Slide 12: Financial performance
Financial performance Justine Travers Chief Financial Officer Worley - Half year results 2026
Slide 13: Key financials
Key financials H1 FY26 • Revenue growth underpins steady earnings – growth driven by increase in construction & fabrication and procurement ↑ $6,312m ↑ $377m activity on major projects Aggregated revenue Underlying EBITA1 • Targeted actions to reset the cost base – $5,989m in H1 FY25 $376m in H1 FY2
Slide 14: Revenue growth and steady earnings
Revenue growth and steady earnings Revenue and earnings Dr ive r s o f EB ITA mar gin • Revenue growth driven by major project activity • Continued focus on rate improvement • Steady underlying earnings in a challenging market • 69% sustainability-related revenue1 (H1 FY25: 58%) Underlying EBITA mar
Slide 15: Transforming and restructuring to ensure ongoing business resilience
Transforming and restructuring to ensure ongoing business resilience THE CONTEXT THE ACTIONS THE OUTCOME We’re proactively positioning within Restructuring and refining our Early outcomes and forward a changing environment operations positioning • Transforming the way we work: • $82m costs incurred
Slide 16: Disciplined cost-out program delivering $100m+ annualized savings
Disciplined cost-out program delivering $100m+ annualized savings1 Tr a n s f o r m i n g t h e w a y w e w o r k Resetting the cost base • Repositioning capability to areas of Removing complexity higher demand • Increasing enterprise service center utilization Improving efficiency • Rationalization
Slide 17: Balanced approach to capital management
Balanced approach to capital management Working capital metrics Operating productivity Capital productivity Metric H1 FY26 FY25 Target range for FY26 H1 FY26 operating cash flow1 $162m Cash conversion ratio5 95.5% 94.9% 85 – 95% Days Sales Outstanding (DSO) 46.2 52.0 < 70 days Lease Payments $50m Ef
Slide 18: Strategy and outlook
Strategy and outlook Chris Ashton Chief Executive Officer Worley - Half year results 2026
Slide 19: Resilient earnings with strong demand drivers
Resilient earnings with strong demand drivers Macro tailwinds driving Earnings growth not tied to short Our growth continues to demand in end markets term commodity price swings outpace customer capex Energy security 2022 Relative commodity price 2026 movements1 EBITA and affordability ~12% CAGR Ene
Slide 20: Our strategic framework
Our strategic framework Innovate to differentiate delivery and unlock growth • Invest in digital project delivery to improve certainty, Expand productivity and execution into growth markets and outcomes for our customers along the value chain • Use digital as a differentiator across EPC, EPCM and •
Slide 21: Defining our next phase of growth
Defining our next phase of growth Our Purpose: Delivering a more sustainable world Ambition 1.0 Ambition 2.0 will see us Growing our total To be a leader in Grow Energy, Chemicals and Resources addressable market sustainability solutions and expand beyond1 Expand project delivery and digital executi
Slide 22: Growing our addressable market through expanded delivery and digital execution
Growing our addressable market through expanded delivery and digital execution Expanding EPC and EPCM1 Addressable market growth is a primary driver of growth in core through access to increased capital and adjacent sectors investment across the asset lifecycle High growth adjacencies Asset lifecycl
Slide 23: Execution capability at scale
Execution capability at scale Momentum building in major projects Glenfarne Heidelberg Materials Rio Tinto Alaska LNG Project (EPCM) Padeswood CCS Project (EPCM) Brockman Syncline 1 Iron Ore (EPCM) Energy Chemicals Resources • Provisionally named EPCM provider for Phase • FEED completed 2025, EPCM u
Slide 24: Priority markets within Worley's broader growth portfolio
Priority markets within Worley’s broader growth portfolio Strengthening Expanding our leadership in priority ECR markets into high-growth adjacencies and along the value chain Energy Chemicals Resources Complex Critical Infrastructure Priority markets1 LNG Energy Data center Power Ports and Industri
Slide 25: Continued focus on our priorities
Continued focus on our priorities Our priorities near Full-project Cost Margin Scaling Deploying delivery management growth GID digital medium Drive topline growth Reset the cost base Expand margins through Drive profit growth Drive efficiency and while supporting while building a more targeting hig
Slide 26: Outlook context and Group outlook
Outlook context Group outlook1 We have the agility to adapt to changing market dynamics to We reconfirm our moderate growth outlook for the current meet the needs of our customers. financial year, targeting2: We are seeing momentum building as we win a greater share • higher growth in aggregated rev
Slide 27: Worley - Half year results 2026
& Worley - Half year results 2026 27
Slide 28: Supplementary Information
HY26 Supplementary Information Worley - Half year results 2026
Slide 29: We are
We are An industry leader of energy, chemicals and resources experts Energy Chemicals Resources Globally diversified expertise… supporting a world in transition… with end-to-end capability. 44k people, operating in Leading positions across traditional, Across the life cycle of our 44 countries trans
Slide 30: Where we play
Where we play Energy Oil Integrated gas Combustion Midstream Low-carbon Renewable Networks Nuclear Power1 Carbon (incl. LNG) energy energy hydrogen energy and energy SMR capture infrastructure storage S8 Chemicals Petrochemicals Chemicals Refined Specialty Sulphur Low-carbon Direct Air Ammonia / Pla
Slide 31: Summary of key financials
Supplemental financials Summary of key financials H1 FY26 H1 FY25 vs. H1 FY25 Aggregated revenue $6,312m $5,989m 5.4% Aggregated revenue excl. procurement $4,268m $4,473m (4.6%) Underlying EBITA $377m $376m 0.3% Underlying EBITA margin % excl. procurement 8.8% 8.4% 0.4pp Underlying NPATA $207m $216m
Slide 32: Reconciliation of statutory to underlying results adjusted for non-trading items
Supplemental financials Reconciliation of statutory to underlying results adjusted for non-trading items The directors consider underlying result information Reconciliation of statutory results to H1 FY26 H1 FY25 important in understanding the performance of the underlying results ($m) ($m) company
Slide 33: Segment results by region
Supplemental financials Segment results By region Performance H1 FY26 H1 FY25 vs. H1 FY25 H2 FY25 vs. H2 FY25 • Americas delivered strong revenue growth as major projects advanced into Aggregated revenue ($m) 6,312 5,989 323 6,061 251 execution, increasing construction and Americas 3,059 2,466 593 2
Slide 34: Segment results by region and service type
Supplemental financials Segment results By region and Americas EMEA APAC TOTAL service type H1 FY26 H1 FY25 vs H1 FY25 H1 FY26 H1 FY25 vs H1 FY25 H1 FY26 H1 FY25 vs H1 FY25 H1 FY26 H1 FY25 vs H1 FY25 Aggregated revenue ($m) 3,059 2,466 24.0% 2,535 2,523 0.5% 718 1,000 (28.2%) 6,312 5,989 5.4% Profes
Slide 35: Sector results
Supplemental financials Sector results Performance H1 FY26 H1 FY25 vs. H1 FY25 • Energy revenue grew as projects Aggregated revenue ($m) 6,312 5,989 5.4% moved into execution, increasing construction and procurement, with Energy 3,183 2,925 8.8% margins reflecting lower-margin mix. Chemicals 1,330 1
Slide 36: Sector results by sector and service type
Supplemental financials Sector results Energy Chemicals Resources TOTAL By sector and service type H1 FY26 H1 FY25 vs H1 FY25 H1 FY26 H1 FY25 vs H1 FY25 H1 FY26 H1 FY25 vs H1 FY25 H1 FY26 H1 FY25 vs H1 FY25 Aggregated revenue ($m) 3,183 2,925 8.8% 1,330 1,462 (9.0%) 1,799 1,602 12.3% 6,312 5,989 5.4
Slide 37: EBITA% excluding procurement
Supplemental financials EBITA% excluding procurement C a l c u l a t i o n o f E B I TA % excluding procurement H1 FY25 H2 FY25 H1 FY26 Aggregated revenue ($m) 5,989 6,061 6,312 Growth rate on pcp 5.4% Underlying Underlying EBITA EBITA margin = Underlying EBITA ($m) 376 447 377 excluding (‘Aggregate
Slide 38: Cash collection
Supplemental financials Cash collection Performance H1 FY26 H1 FY25 FY25 ($m) ($m) ($m) • Normalized cash conversion was 95.5%1, adjusted to exclude timing Statutory EBITA 295 376 823 adjustments for advance billings on a number of contracts as we strive Non-cash items: to achieve better terms and L
Slide 39: Balance sheet and liquidity
Supplemental financials Balance sheet and liquidity Debt maturity profile Balance sheet metrics as at as at as at 31 December 2025 31 Dec 2025 30 June 2025 Weighted average cost of debt1 4.4% 4.3% Weighted average debt maturity (years) 2.7 2.7 Interest cover (times) 9.7x 10.7x Net debt (statutory de
Slide 40: Backlog
Supplemental financials Backlog Backlog Walk ($b) 16.9 6.3 16.7 (0.1) 3.0 2.9 5.2 4.6 2.7 2.4 2.8 4.9 (6.4) 2.6 6.2 7.0 1.8 11.2 11.4 7.3 6.0 5.5 5.1 at Dec-24 at Jun-25 at Dec-25 at Dec-24 at Jun-25 at Dec-25 Jun-25 Backlog Wins and net Scope Cancellations Dec-25 Delivered Increases Energy Chemical
Slide 41: Productivity and people metrics
Operations Productivity and people metrics Staff Utilization1 % of work through GID Performance 20% 94% 92% 18% • Utilization1 is below target and is 85.4% at 31 90% 88% 16% Dec 25 86% 14% • Global Integrated Delivery (GID) headcount is 84% 4,700 at 31 Dec 25, down 13.0% on FY25. 12% 82% Percentage
Slide 42: Glossary
Definitions Glossary $, $m, $b – Australian dollars unless otherwise stated, Australian Lower GICS – Global Industry Classification Standard millions of dollars, Australian billions of dollars GenAI – Generative Artificial Intelligence AI – Artificial Intelligence GID - Global Integrated Delivery AP
Slide 43: Backlog definition and fixed price vs reimbursable contract types
Definitions Backlog Fixed price vs definition reimbursable contract types Backlog is the total dollar value of the amount of revenues Reimbursable Contracts (79% of H1 FY26 revenue): expected to be recorded as a result of work performed under contracts or purchase/work orders already awarded to the
Slide 44: Rules for items excluded from underlying results
Definitions Rules for items excluded from underlying results Worley has guidelines for determining items to be excluded from non IFRS profit measures, such as underlying NPATA and underlying EBITA. These guidelines are for determining underlying profit for internal management reporting and external
Slide 45: How we define our sustainability-related work
Definitions How we define our sustainability-related work Established Transformative solutions4 solutions5 We categorize our overall sustainability-related as the sum of Sustainable work and Transitional work. Traditional market Traditional work Transitional work segments1 The combination of market
Slide 46: Registered office
Registered office: Level 19, 420 George Street Sydney NSW 2000 Australia T: +61 2 8923 6866 E: investor.relations@worley.com E: media.relations@worley.com Worley Limited ABN 17 096 090 158 worley.com worley.com Worley - Half year results 2026 46