WOR: 2026 Investor Day - RBC takeaways

Research evidence excerpt

WOR: 2026 Investor Day - RBC takeaways

Worley Limited

Exhibit 2 - Aspirational Earnings Building Blocks

Source: Company reports. RBC Capital Markets. Excludes currency exchange effects.

AI-Powered Shift to Value-Based Contracting

Worley is transitioning from traditional time-based pricing to outcome-based revenue models,

leveraging AI-driven efficiency gains to capture a share of customer performance benefits. The

company's ~$70m investment in digital and AI capabilities over two years is expected to enable

productivity improvements that reduce engineering hours required to deliver equivalent

outputs, creating value that Worley intends to monetize through gainshare arrangements tied

to schedule and cost targets. We view this evolution as margin-accretive over the medium

term, assuming transparency with customers on value quantification and performance

metrics. A Worley case study demonstrated commercial viability—a 10-15% capex reduction

was delivered on an onshore gas EPC project through value-aligned economics, with savings

shared between Worley and the customer.

Capital Management, Cost Out and Targeted Investment

New Buyback Announced – Another $300m

The $500m on-market buyback concluded on 22 April 2026. As part of its capital market

initiatives, Worley has decided to undertake a new $300m buy back. This highlights Board

confidence in the company’s financial position and outlook.

Restructuring Costs – More to come, but less in 2H FY26

Worley has confirmed that additional below the line business transformation and

restructuring costs will be incurred in 2H FY26, but this will be less than the $82m hit taken in

the 1H FY26 result. The additional one-of cost over 1H FY26 was due to softer conditions in