SYDNEY, June 29, 2026, 04:09 AEST – Worley enters the new ASX week after shares slumped by $706 million last week, following its forecast of a $110 million earnings hit in FY26.
- Worley ended Friday at A$10.83, falling 2.26%, with 6.15 million shares traded. The average volume is 2.14 million.
- The stock dropped about A$706 million in value from Wednesday’s close to Friday’s close, about 6.4 times the company’s new A$110 million FY26 reported underlying EBITA drag.
- Citi called the selloff overdone and maintained its buy rating. Worley’s appeal to the High Court means the class-action uncertainty remains.
Worley Limited ASX:WOR enters Monday with no new local trades since the market closed on Friday. ASX data shows the pre-open begins at 0700 Sydney time, with normal trading starting at 09:59:45. June 29 does not appear in the ASX’s 2026 public holiday schedule.
The engineering services stock closed at A$10.83 on Friday, down 11.7% from A$12.27 at the June 25 close before its update. With 490.02 million shares outstanding, the two-day drop wiped about A$706 million from its market value.
Worley said the Middle East conflict will reduce FY26 underlying EBITA by up to A$60 million, higher than its earlier A$30 million to A$40 million estimate. The company put the stronger Australian dollar’s translation impact at A$50 million on FY26 reported underlying EBITA. Worley said it has seen no project cancellations, but customers continue to delay project starts and awards.
| Measure | Before the update | Latest / Friday close | Change |
|---|---|---|---|
| WOR share price | A$12.27, June 24 close | A$10.83, June 26 close | -11.7% |
| Estimated market value | A$6.01 bln | A$5.31 bln | -A$706 mln |
| FY26 underlying EBITA hit | A$30 mln–A$40 mln Middle East estimate | Up to A$60 mln Middle East + A$50 mln FX | Up to A$110 mln |
| A$110 mln vs HY26 EBITA | n/a | A$377 mln HY26 base | 29% |
| Value loss vs A$110 mln hit | n/a | n/a | 6.4 times |
The ratio is a concern for investors. The market has already factored in more than the one-year EBITA impact. The key question is whether this delay is just a timing issue, or signals lower FY27 earnings.
The selling contrasted with the index. The S&P/ASX 200 ended Friday up 0.18% at 8,764.2, about 0.7% lower than the previous Friday’s close. Worley dropped 11.3% over the same period.
Trading volume supported the move. On Friday, 6.15 million shares changed hands, nearly 2.9 times Google Finance’s average volume of 2.14 million. Worley ended the session just A$1.03 above its 52-week low of A$9.80.
Citi analyst Tom Wallington called the selloff overdone. “Overall, we think the fundamentals remain intact,” he told Dow Jones Newswires. Citi maintained its buy rating but lowered its target price to A$12.50 from A$13.60. Jefferies also trimmed its target after Middle East delays and a stronger Australian dollar. The Wall Street Journal
The legal cost is tough to estimate. Worley said it lodged a High Court special leave application after the Federal Court’s Full Court let the applicant appeal in a long-running shareholder class action. The company said insurers have covered its legal defence, apart from an initial deductible paid earlier. It did not disclose the damages amount.
The bullish argument still holds weight, but the data now predate the downgrade. Worley posted A$9.8 billion in bookings, A$16.7 billion in backlog, A$377 million in underlying EBITA, and A$324 million in buyback spending since March 2025 at its February half-year results. The company also expects its cost-cutting to yield over A$100 million in annual savings from FY27.
In the week ahead, price moves may depend on broker estimate downgrades, the Australian dollar, and updates on delayed Middle East projects. Worley has not provided a timeline for the High Court special-leave process.
