Shifting through the (revenue) gears

研报英文原文证据摘录

Shifting through the (revenue) gears

es. In 1H, mix was

(subject to FID). flow in FY27. Consistent with prior a 40bp drag to EBITA margin with shift

commentary, there are 2H below the to procurement (as % of rev). Prof • WOR sees growth opportunities via

line restructuring costs but less than services 51% of rev (10% margin), cost growing its share of the ECR market

1H's $82m. & fab 16%, procurement 33% (5-6% with greater focus on full project

• WOR targeting double-digit margin). Hence cost saves required to delivery. WOR remains committed to

offset this adverse mix effect. strong risk mgmt (will not do large- underlying EBITA CAGR in medium

scale, lump sum turnkey work). New term (ie between FY26-FY30). This • Key question re cost out programs

growth vectors focused on power is consistent with prior ambitions is always how much flows through

solutions for data centers, industrial (eg flagged at FY23 investor day) to bottom line (WOR's track record

water (has existing experience in but reaffirmed nonetheless. We fct is mixed in this respect). Cost out

desalination plants), and port & 7% EBITA CAGR between FY26e and in isolation margin supportive but

marine - collectively, complex critical FY30e. also likely required to offset ongoing

infrastructure (CCI).

• Rebuild to regional energy challenging chemicals markets and

adverse mix as above. • WOR's push into CCI more than infrastructure an opportunity for

doubles its TAM to $3.2 trillion in WOR and company is actively • A higher A$ is an ongoing headwind

FY30 vs $1.4T in ECR (current). CCI engaged with customers re this. for reported earnings (>90% earnings

expected to grow at faster rates vs Reconfig of regional trade infra ex Aust/NZ) but positive for WOR

ECR (10% CAGR vs 3.4% CAGR).