Worley First Take Investor Day Analysis

Worley reiterated its FY26 guidance and targets a double-digit EBITA CAGR by FY30 while announcing a new A$300m share buyback. Goldman Sachs maintains a Buy rating with a 12-month target price of A$16.00.

Key Takeaways

• 1.Worley reiterated its FY26 guidance, including higher revenue growth versus FY25 and an underlying EBITA margin (excl. procurement) of 9.0-9.5%.
• 2.A new A$300m on-market share buyback was announced, following the completion of a prior A$500m program in April 2026.
• 3.Management introduced an FY30 ambition for double-digit EBITA CAGR in the medium term, supported by core market tailwinds and AI-driven margin resilience.

Table of Contents

• FY26 targets
• Cost-out program
• Backlog + Factored sales pipeline
• MT-LT growth opportunities
• Capital management
• Price Target Risks and Methodology - Worley Ltd.
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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