SYDNEY, June 27, 2026, 07:02 AEST
- Worley closed at A$10.83 on Friday, dropping 2.26% for the day. Shares are off 14.86% from a week ago. Intelligent Investor
- The company says its two known underlying EBITA pressures for FY26 are now up to A$110 million combined.
- The amount is roughly 29% of the A$377 million underlying EBITA Worley reported for the December half.
ASX cash trading is open after the weekend, back on regular Monday-to-Friday hours. Worley Limited ASX:WOR heads into the new session with shares off 14.9% for the week. Worley dropped after a Thursday update flagged Middle East project delays and a stronger Australian dollar, which together will cut FY26 underlying EBITA by A$110 million. TradingHours
The drop in Worley shares is larger than what’s been reported. The stock traded at A$12.27 before the 9:02 AEST warning on June 25, but by Friday’s late quote, it was at A$10.83. With Intelligent Investor giving Worley a market value of A$5.306 billion, that’s a hit of around A$706 million in equity value. That loss is about 6.4 times the A$110 million EBITA drag forecast for FY26. Intelligent Investor
That gap is key. A one-year A$110 million hit is close to 2.1% of Worley’s market cap, but shares lost more than that. Next week, investors will want to see if this is just delays or if Worley has deeper order conversion trouble.
Worley now sees the Middle East conflict trimming as much as A$60 million off FY26 underlying EBITA, increasing its earlier cut from A$30 million to A$40 million. The company also put a A$50 million translation hit on FY26 reported underlying EBITA due to the stronger Australian dollar in the back half.
The company said there were “no project cancellations,” but customers are still delaying the start and award of new projects. Uncertainty remains, the company said, even after a memorandum of understanding and talks aimed at ending the conflict and reopening the Strait of Hormuz.
The stock slipped again Friday, while the S&P/ASX 200 Index ended the day up 15.50 points, or 0.18%, at 8,764.20. Worley’s shares fell on company news for a second session since the warning. Australian Securities Exchange
Worley has filed an application in the High Court for special leave to appeal a class action decision from the Full Federal Court, the company said June 25. Worley said insurers have covered costs for its legal defence, except for an earlier deductible.
Worley’s latest numbers are part of the story. For the half year ended Dec. 31, the company’s aggregated revenue climbed 5% to A$6.312 billion. Underlying EBITA barely moved, coming in at A$377 million, and the underlying EBITA margin slipped to 6.0% from 6.3%.
Worley reports operating segments as Americas, EMEA and APAC, without separate figures for the Middle East in its interim report. EMEA brought in A$2.535 billion in aggregated revenue and A$241 million in segment EBITA for the December half. More detail on regional project starts and awards would help investors gauge the risk.
Monday’s focus is clear: investors will look for proof that delayed awards are still possible. The company’s stance on no cancellations helps a bit, but it’s not enough. Shares are still at the mercy of Middle East timing and the Australian dollar, both outside management’s control.
