Resources underpin Worley FY27 optimism

Worley CEO Chris Ashton is confident of seeing a further uplift in the engineering services group’s resources business in 2027 after its “fastest-growing sector” of the past four years continued its strong momentum in the 12 months to June 30 this year.

Reporting ASX-listed Worley’s FY2026 results, which reflected Middle East headwinds, Ashton said expansion of the group’s resources arm was driven by increased activity across mine fertilisers, copper and battery materials, plus investment in iron ore.

“We are also seeing an uplift in demand across the aluminium value chain,” he told analysts.

Worley’s resources revenue rose 6% year-on-year in FY26 to A$3.3 billion. Group revenue was flat at about $12 billion, with EBITDA down 25% yoy to $734 million. Worley’s biggest business, energy, and chemicals were impacted by conflict in the Middle East.

“Copper is critical,” Ashton said of the mining, metals and natural resources outlook.

“Electrification, data centres and grid investment continue to support long-term demand growth. Both brownfield expansions and greenfield developments will be needed to close the supply gap.

“We have won contracts with 16 customers for copper projects this financial year alone.”

Fertilisers and fertiliser project development prospects were supported by global population growth and food security challenges. Worley was contracted by BHP for stage-one construction of its US$8.4 billion Jansen potash project in Canada, which is due to start production next year. Ashton said the project underlined attractive long-term fundamentals supporting fertiliser demand.

“The project demonstrates how we bring together fabrication, modularisation and construction services to support delivery of one of the world’s largest potash developments,” he said.

While Middle East conflict was affecting sulphur supply and phosphate projects in North Africa the sector generally continued to progress at pace.

Ashton said battery materials were showing signs of renewed activity.

“We are seeing a stronger pipeline and broader value chain exposure from mineral extraction through to active materials and recycling,” he said.

Energy transition materials are among Worley’s “priority growth markets” for FY27 and beyond.

What it calls complex critical infrastructure – power, data centres, nuclear, industrial water, ports and terminals – and integrated gas projects also constitute primary growth areas.

Worley is guiding for mid-to-high single-digit growth in revenue in FY27; mid-to-high single-digit growth in underlying EBITA.

The company has a current market value of about $4.9 billion.