Worley Limited · ASX:WOR
Worley — FY2025 Earnings Presentation
45 slides from Worley's earnings presentation, Aug 27, 2025
Slide 1: Full year 2025 results
Full year 2025 results 27 August 2025 1 2 3 Business performance Financial performance Strategy AGENDA Chris Ashton Justine Travers and outlook Chris Ashton
Slide 2: Disclaimer
Disclaimer The information in this presentation about Worley Limited which may cause actual outcomes and developments to and the entities it controls (Group) and the Group’s activities differ materially from those expressed in the statements. is current as at 27 August 2025 and is in summary form an
Slide 3: Business performance
Business performance Chris Ashton Chief Executive Officer Worley - Full year results 2025
Slide 4: Another strong result
Another strong result 1. Consistently delivering growth Another year of revenue, earnings and margin growth for our shareholders Aggregated EBITA revenue 15% CAGR 17% CAGR 2. Differentiated business model drives FY22 PF11 to FY25 FY22 PF1 to FY25 earnings resilience Executing our strategy to Strengt
Slide 5: FY25 performance highlights
FY25 performance highlights ESG Ratings and progress ↑4% ↑10% ↑130bp Aggregated Underlying Underlying revenue EBITA EBITA% ex. procurement1 Inclusion in DJSI AA MSCI rating, FY25: $12,050m FY25: $823m FY25: 9.2% for Australia since leading rating in FY24: $11,616m FY24: $751m FY24: 7.9% 25c 2023 pee
Slide 6: Right people, Right experience, Right outcomes
Right people, Right experience, Right outcomes • Our highest priority is to keep our people safe and feeling included and respected • Supporting our leaders within an operating model that drives performance and growth • Preparing our people with development and support to adopt AI across the busines
Slide 7: Responding to a shifting global landscape
Responding to a shifting global landscape We set ourselves apart from our competitors Trade shifts and tariffs increasing complexity Prudent approach Financial to risk management discipline Sustainability ambitions shaped by regional realities Scale and Expertise across diversification a global foot
Slide 8: Earnings resilience through diversification
Earnings resilience through diversification Traditional Sectors Transitional Geographies Services Contracts Sustainable2 20% 24% 32% 26% >10% 40% 40% 44% 22% 59% 26% 15% 20% 8% 6% 82% 18% Energy (ex Integrated gas) Traditional Americas Asia Professional services Reimbursable Energy (Integrated gas)
Slide 9: Trusted partner for our customers
Trusted partner for our customers $17.1b Bookings 32% since Recorded solid bookings 30 June 2024 • Bookings include LNG project, Venture Global CP2 Phase 1, which received Full Notice to Proceed in July 2025 • Winning work with flexibility and agility across all markets Strategic wins in FY25 • Sole
Slide 10: Leading indicators support continued growth
Leading indicators support continued growth Backlog up 22% to $16.9 billion Wins and scope increases continue to be greater than work delivered 16.9* 13.8 12.7 31% • LNG project (Venture Global CP2 Phase 1) has been moved to backlog following Full Notice to Proceed1. 44% • Including CP2, backlog is
Slide 11: Pipeline remains strong
Pipeline remains strong Factored sales pipeline 15% (total open) Independent of Venture Global CP2 Phase 1 Total factored sales pipeline1 continues to be replenished. 21% 23% Customers’ considered approach to investment decisions has 21% not impacted our visibility or confidence in demand. 24% • dow
Slide 12: Energy
Energy Global LNG demand2 750 500 Major projects drive solid growth in revenue $625b+ 250 Aggregated revenue 6% Market size1 0 MTPA 2025 2030 2035 2040 $5,561m $5,898m Revenue growth supported by projects in Europe, Japan and South Korea Rest of Asia Marine execution phase China & India Rest of Worl
Slide 13: Chemicals
Chemicals Results reflect tempered chemicals market $300b+ Petrochemicals remains a key Market size1 driver of oil demand2 Aggregated revenue 14% 110 $3,541m Revenue and EBITA impacted by mix of projects $3,050m • Decrease in professional services activity impacted 100 revenue and EBITA • Constructi
Slide 14: Resources
Resources Worley’s Resources aggregated revenue 36% CAGR Resources strategy driving growth $325b+ Aggregated revenue 23% Market size1 $3,102m $2,514m Revenue growth with increased activity across key subsectors $m FY22 PF FY23 PF FY24 FY25 • Fertilizers (Morocco and Canada) and energy transition mat
Slide 15: Energy, Chemicals, Resources project examples
Energy Chemicals Resources Helping deliver LNG to Long-term partnership with Scaling up production of Europe SABIC critical battery materials Worley is providing construction, installation, and SABIC’s newly built advanced plastic recycling Rincon Mining, a Rio Tinto subsidiary, named us as commissi
Slide 16: Financial performance
Financial performance Justine Travers Chief Financial Officer Worley - Full year results 2025
Slide 17: Key financials
Key financials Delivering strong EBITA growth in more $$8,964m ↑ $12,050m ↑ challenging conditions Aggregated revenue Aggregated revenue excl. Procurement • Another strong result - growth in revenue, earnings and $11,616m in FY24 $9,447m in FY24 margins for a fourth consecutive year +4% growth -5% r
Slide 18: Deliberate strategy to grow margin and earnings
Deliberate strategy to Drivers of EBITA margin improvement grow margin and earnings EBITA margin growth (ex procurement) 1.5% 9.2% - Growth in earnings 7.9% (0.2%) • Our focus on higher value solutions continues to deliver rate improvements resulting in increased margin • Professional services, cons
Slide 19: Healthy backlog
Backlog2,3 walk Healthy backlog 3.0 16.9 7.5 12.7 • Despite the challenging market, no major cancellations over the last six months (6.3) • Remaining scope of work for Venture Global’s CP2 Phase 1 has been included in the backlog following Dec-24 Backlog Wins Net Scope Jun-25 1 Full Notice to Procee
Slide 20: Balanced approach to capital management
Balanced approach to capital management Capital management metrics Operating productivity Capital productivity Metric FY25 FY24 Target range for FY26 FY25 operating cash flow1 $773m Cash conversion ratio6 94.9% 99% 85 – 95% Days Sales Outstanding (DSO) 52.0 59.3 < 70 days Lease Payments $105m Levera
Slide 21: Strategy and outlook
Strategy and outlook Chris Ashton Chief Executive Officer Worley - Full year results 2025
Slide 22: Strategy driving performance
Strategy driving Innovate performance to unlock opportunities and efficiency • Transform how we deliver work • Develop digital and technology- Expand driven solutions into growth markets and along the value chain • Targeted focus in developing demand-driven markets Strengthen • Extend our end-to-end
Slide 23: Our path to driving growth
Our path to driving growth near medium Full-project Cost Margin Scaling Deploying Priorities delivery management growth GID digital Objectives 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 24: Transforming the way we work
Transforming the way we work Removing complexity • Addressing legacy complexity in our business • Simplifying org structure and business processes • Enhancing productivity and operational efficiency Improving efficiency • Focusing on streamlining operations and cost discipline • Preparing for the fu
Slide 25: Outlook context and Group outlook
Outlook context Group outlook1 We, and our customers, continue to navigate current For FY26 we expect a year of moderate growth and are geopolitical uncertainty and shifting market dynamics. targeting higher growth in revenue than FY25, growth in underlying EBITA and expect the underlying EBITA marg
Slide 26: Worley - Full year results 2025
& Worley - Full year results 2025 26
Slide 27: Supplementary information
Who we are 28 Supplementary Operations metrics 30 information Supplemental financials Definitions and Glossary 32 41 Worley - Full year results 2025 27 Worley - Full year results 2025 27
Slide 28: Who we are
Who 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. +45k people, operating Leading positions across traditional, Across the life cycle of our in 44 co
Slide 29: Value proposition
Who we are Value proposition Our people Our portfolio Our planet We energize and empower We are our customers' most We partner with customers our people to drive trusted partner, providing as stewards of a more sustainable impact best-in-class solutions sustainable world • We foster a safe, inclusiv
Slide 30: Productivity and people metrics
Operations Productivity and people metrics • Utilization1 remains above target Staff Utilization1 20% % of work through GID and is 87.1% at 30 June 2025 94% • Global Integrated Delivery (GID) 92% 18% headcount is 5,400 at 30 June 25, 90% 16% up 3.8% on FY24. Percentage of 88% work through GID is 14.
Slide 31: Embedding digital and AI into our organisational framework
Operations Embedding digital Recently deployed solutions through our Advanced Development Lab and AI into our AI.VendorSelect organisational Drives accelerated and consistent Technical Bid Evaluation through AI-powered vendor analysis and comparison framework AI.HoldsFinder Reduces delays in project
Slide 32: Summary of key financials
Supplemental financials Summary of key financials FY25 FY24 vs. FY24 Aggregated revenue $12,050m $11,616m 4% Aggregated revenue excl. procurement $8,964m $9,447m (5%) Underlying EBITA $823m $751m 10% Underlying EBITA margin % excl. procurement 9.2% 7.9% 1.3pp Underlying NPATA $475m $416m 14% Underly
Slide 33: Reconciliation of statutory to underlying results
Supplemental financials Reconciliation of statutory results to underlying results H1 FY25 H2 FY25 ($m) ($m) FY25 ($m) FY24 ($m) Reconciliation of statutory to underlying Statutory result (NPAT for the Group) 190 231 421 313 results adjusted for non- Add: Net finance costs 43 48 91 108 trading items
Slide 34: Segment results By region
Supplemental financials Segment results By region H1 FY25 H2 FY25 FY25 FY24 vs. FY24 Aggregated revenue ($m) 5,989 6,061 12,050 11,616 3.7% • Americas growth on pcp driven by project mix with contributions from Americas 2,466 2,844 5,310 4,794 10.8% construction and fabrication as well as EMEA 2,523
Slide 35: Segment results by region and service type
Supplemental financials Segment results By region and Americas EMEA APAC TOTAL service type FY25 FY24 vs. FY24 FY25 FY24 vs. FY24 FY25 FY24 vs. FY24 FY25 FY24 vs. FY24 Aggregated revenue ($m) 5,310 4,794 10.8% 5,021 4,609 8.9% 1,719 2,213 (22.3%) 12,050 11,616 3.7% Professional services1 2,604 2,770
Slide 36: Segment results By sector
Supplemental financials Segment results By sector H1 FY25 H2 FY25 FY25 FY24 vs. FY24 • Energy sector has grown, benefiting Aggregated revenue 5,989 6,061 12,050 11,616 3.7% ($m) from continued global investment Energy 2,925 2,973 5,898 5,561 6.1% • Chemicals has seen a slowdown Chemicals 1,462 1,588
Slide 37: Segment results by sector and service type
Supplemental financials Segment results By sector and Energy Chemicals Resources TOTAL service type FY25 FY24 vs. FY24 FY25 FY24 vs. FY24 FY25 FY24 vs. FY24 FY25 FY24 vs. FY24 Aggregated revenue ($m) 5,898 5,561 6.1% 3,050 3,541 (13.9%) 3,102 2,514 23.4% 12,050 11,616 3.7% Professional services1 3,2
Slide 38: Calculation of EBITA% excluding procurement
Supplemental financials Calculation of EBITA% excluding H1 FY25 H2 FY25 FY25 procurement Aggregated revenue ($m) 5,989 6,061 12,050 Growth rate on pcp 3.7% Underlying Underlying EBITA EBITA margin = aggregated Underlying EBITA ($m) 376 447 823 excluding revenue – procurement procurement Growth rate
Slide 39: Cash collection
Supplemental financials Cash collection Normalized cash conversion was FY25 FY24 94.9%1, adjusted to exclude the ($m) ($m) prepayment of software costs previously Statutory EBITA 823 693 included ($12m) and certain timing adjustments as we transition to Non-cash items: increased advance billings on
Slide 40: Balance sheet and liquidity
Supplemental financials Balance sheet and liquidity Balance sheet metrics as at as at 30 June 2025 30 June 2024 Weighted average cost of debt1 4.3% 4.7% Weighted average debt maturity (years) 2.7 3.2 Interest cover (times) 10.7x 8.6x Net debt (statutory definition)2 ($m) 1,502 1,533 Net debt/EBITDA3
Slide 41: Glossary
Definitions Glossary $, $m, $b – Australian dollars unless otherwise stated, Australian GID - Global Integrated Delivery millions of dollars, Australian billions of dollars gm – Gross margin APAC - Australia, Pacific, Asia & China GST - Goods and Services Tax CAPEX - Capital expenditure H1/H2 – Firs
Slide 42: How we define our sustainability-related work
Definitions How we define our sustainability-related work We categorize our overall sustainability-related as the sum of Sustainable work and Established Transformative Transitional work. solutions4 solutions5 The combination of market segment and solution is used to determine how Traditional market
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 (82% of FY25 revenue): expected to be recorded as a result of work performed under • These contracts are based on reimbursing of reasonable and
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: 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 - Full year results 2025 45