Worley Limited: Investor Day: near-term uncertainty; secular tailwinds persist

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Worley Limited: Investor Day: near-term uncertainty; secular tailwinds persist

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Worley Limited

Investor Day: near-term uncertainty;

secular tailwinds persist

Reiterate Rating: NEUTRAL | PO: 13.40 AUD | Price: 12.25 AUD

Investor Day: buyback announced. End markets in focus. 15 May 2026

We attended Worley’s Investor Day on 14 May. Management highlighted a mix of Equity

emerging structural growth opportunities and capital returns, set against an uncertain

macro backdrop. While the medium-term outlook appears constructive, we think timing

Key Changesand earnings delivery remain key near-term considerations. Worley announced an on-

market buyback of up to $300m, which we view as supportive in principle, although we (A$) Previous Current

are slightly cautious on timing given a still-challenging macro environment and risk of Price Obj. 13.00 13.40

near-term earnings downgrades. Reiterate Neutral rating. We raise our price objective to 2026E EPS 0.72 0.73

$13.40 (was $13) driven by an updated 5y average multiple (11.4x EV/EBIT, was 10.7x). 2027E EPS 0.84 0.86

2028E EPS 0.87 0.92

Data centres: strong outlook, but early days

Data centres emerged as a clear structural growth opportunity, with Worley highlighting Cameron Needham >>

Research Analyst

a market CAGR of 20-30% across 2026-29. We see tangible competitive advantage in Merrill Lynch (Australia)

WOR’s ability to deliver across the value chain, particularly in constrained power and +61 2 9226 5034 cameron.needham@bofa.com

water infrastructure markets. Customers appear less price sensitive than in WOR’s other Lara Tufegdzic >>

key end markets and more focused on speed of delivery, which we view as supportive of Research Analyst

pricing power.