• No project cancellations to date, but delays in existing projects and new project awards
• Estimated $30-$40 million adverse impact on FY26 underlying EBITA
• Unlikely to achieve growth in underlying EBITA in FY26, but expect 9.0-9.5% underlying EBITA margin

Worley Limited (ASX: WOR) has provided an update on the impact of the conflict in the Middle East on its operations and group outlook. The company continues to closely monitor developments in the region and has implemented security, risk management, and business continuity protocols to support its people and customers. While there have been no project cancellations to date, Worley has experienced delays in existing projects and the commencement and award of new projects in the region due to disruptions, supply chain challenges, and customer caution. The extended duration of the conflict and continued uncertainty have resulted in further delays and an adverse impact on Worley's services provided to these projects from its offices outside the Middle East. The estimated adverse impact on FY26 underlying EBITA is in the range of $30 to $40 million. As a result, Worley now expects it is unlikely to achieve growth in underlying EBITA in FY26, although the company continues to expect the underlying EBITA margin (excluding procurement) to be within a range of 9.0-9.5% and to target higher growth in aggregated revenue than FY25. Worley remains focused on supporting its customers with restoration of assets and strategic projects linked to the conflict, ensuring business continuity and supporting repair and rebuild efforts. Over the medium to longer term, the company anticipates growth opportunities from investment in regional pipeline and export infrastructure, as well as increased global focus on national security for alternate sources of energy, chemicals, and resources.

Worley estimates the adverse impact of the Middle East conflict on FY26 underlying EBITA to be in the range of $30 to $40 million. The company now expects it is unlikely to achieve growth in underlying EBITA in FY26, although it continues to expect the underlying EBITA margin (excluding procurement) to be within a range of 9.0-9.5% and to target higher growth in aggregated revenue than FY25.

Over the medium to longer term, Worley anticipates growth opportunities from investment in regional pipeline and export infrastructure, as well as increased global focus on national security for alternate sources of energy, chemicals, and resources. The company remains focused on supporting its customers with restoration of assets and strategic projects linked to the conflict, ensuring business continuity and supporting repair and rebuild efforts.