Australian engineering heavyweight Worley’s mining and metals focused resources division was a standout performer in the group’s fiscal 2025 results, growing 23% year-on-year amid wider “geopolitical uncertainty and shifting market dynamics”.
Worley expects these market traits to persist in FY26.
It grew overall revenues 4% yoy to A$12.05 billion. FY25 EBITA was 10% higher yoy at $823 million and bookings surged 32% yoy to $17.1 billion at the end of June this year.
“Resources has seen particularly strong growth, up 23% on the previous corresponding period with higher procurement volumes from fertiliser and water projects,” Worley said.
Resources revenues at $3.1 billion were about 26% of the group total. Energy accounted for half: $5.9b in FY25. Chemicals contributed $3.05b (24%).
Worley puts a $325 billion estimated market value on resources, compared to $625b for energy (including data centres) and $300b for chemicals. These values exclude China and Russia.
It said FY25 resources revenue growth came on the back of increased activity in fertiliser minerals, particularly in Morocco and Canada, and energy transition materials.
FY26 would be a year of “moderate growth as the company continues to navigate geopolitical uncertainty and shifting market dynamics”, Worley said.
Its group order backlog was up 22% yoy at the end of FY25 at $16.9 billion.
“Approximately 50% of the $16.9 billion backlog is expected to be delivered in the next 12 months, similar in volume to last year,” it said.
Worley’s share price is up about 5% in the past month. Its market capitalisation is about $7.2 billion.
