Worley unveils a medium-term growth strategy through FY30 focused on expanding full project delivery, investing $70 million in AI, and leveraging strategic partnerships amid near-term geopolitical challenges.
- Medium-term double-digit EBITA growth target to FY30
- Strategic partnerships in LNG, data centres, nuclear, and rare earths
- $70 million investment planned in digital and AI over two years
- New $300 million on-market share buyback following $500 million program
- Executive reshuffle to support major projects and commercial development
Growth Ambition Amid Geopolitical Headwinds
Worley Limited (ASX:WOR) has laid out a bold medium-term growth strategy aiming for double-digit underlying EBITA growth through to FY30, despite acknowledging near-term headwinds from geopolitical tensions in the Middle East. CEO Chris Ashton emphasised that while the conflict has disrupted project timelines and financial performance in FY26, the company is pivoting to capitalise on longer-term megatrends such as energy transition, population growth, and digital acceleration.
These structural tailwinds underpin Worley’s confidence in expanding its footprint across energy, chemicals, resources, and complex critical infrastructure markets. The company is focusing on capturing a larger share of customer lifecycle spend by enhancing its full project delivery capabilities, including engineering, procurement, construction, and asset operations.
Notably, Worley’s backlog remains robust with a slight increase to $16.9 billion, reflecting resilience despite the disruptions. The company’s strategic response to the Middle East conflict includes supporting repair and rebuild efforts and advising customers on energy security and affordability globally, as detailed in their recent Middle East conflict delays projects update.
Strategic Partnerships Fueling Market Expansion
Worley has secured a series of strategic partnerships and new customer wins that extend its reach into future-facing growth markets. These include a joint pursuit of LNG opportunities with Baker Hughes and engineering services for US data centre campuses with BCEI, reflecting the company’s push into power-intensive digital infrastructure.
Other notable collaborations include support for Orbia’s lithium hexafluorophosphate facility in Louisiana, advisory roles for St George Mining’s rare earths project in Brazil, and nuclear project services with Bruce Power in Ontario and Nuclitalia’s Small Modular Reactor technology selection. These alliances align with Worley’s strategy to scale in integrated gas, energy transition materials, and complex critical infrastructure sectors.
Worley’s role in LNG projects is underscored by its ongoing reimbursable EPC contract for Venture Global’s CP2 Project Phase 2 in Louisiana, a critical expansion in global energy infrastructure, previously highlighted in the Full Notice to Proceed granted announcement.
Digital and AI Investment as a Competitive Edge
Central to Worley’s growth plan is a $70 million investment over two years in digital and AI capabilities. The company is embedding AI-enabled project delivery tools across the asset lifecycle to improve predictability, reduce costs, and enhance execution quality. Partnerships with technology leaders like NVIDIA support this push, enabling Worley to offer integrated digital solutions that expand its addressable market and improve margins.
Worley’s Chief AI & Enterprise Services Officer, Laura Leonard, outlined a phased approach to scaling AI from pilot projects to enterprise-wide deployment, emphasizing ethical governance and responsible AI use. These initiatives include AI-enabled work sequencing, procurement evaluation tools, and digital engineering platforms designed to accelerate project delivery and reduce risk.
Cost Discipline and Capital Management
Worley is progressing with transformation and restructuring efforts to reset its cost base and improve operational efficiency. The company has actioned $95 million in cost savings with an additional $25 million underway, surpassing the initial $100 million annualised savings target. These savings are expected to bolster earnings resilience while enabling reinvestment in growth platforms.
Capital management remains disciplined, with Worley announcing a new on-market share buyback program of up to $300 million following the completion of a $500 million buyback in April 2026. This move signals the board’s confidence in the company’s financial position and growth outlook, balancing shareholder returns with strategic reinvestment.
Leadership Changes to Support Growth Execution
To align with its growth ambitions, Worley is reshuffling its executive team effective 1 July 2026. Andy Hemingway will assume the role of Group President, Major Projects and Programs, focusing on scaling full project delivery. Mark Trueman will become Group President, Chief Commercial and Development Officer, tasked with driving commercial strategy and customer development.
These changes reflect Worley’s intent to deepen its project delivery capabilities and commercial engagement as it pursues larger, more complex capital programs across its core and adjacent markets.
Bottom Line?
Worley’s strategic pivot to AI-enabled full project delivery and targeted market expansion positions it for medium-term growth, though near-term geopolitical risks and execution discipline remain critical to watch.
Questions in the middle?
- How will Worley’s AI investments translate into measurable margin improvements amid competitive pressures?
- What impact will ongoing Middle East tensions have on project awards and execution timelines beyond FY26?
- Can Worley effectively scale its presence in complex critical infrastructure without compromising risk discipline?