WOR –3.15% was down over 11% early before recovering on CEO comments at the AGM today. While they reconfirmed FY26 guidance, with moderate growth expectations retained, there were a few things that had the market of edge early.
- They said conditions remain subdued in pockets, but backlog growth provides confidence
- Earnings will be heavily second-half weighted, more so than usual
- Repositioning talent and capability into higher-demand areas
- One off cost’s incurred as a result.
Underlying EBITA margin (ex-procurement) expected to stay within the 9.0%–9.5% range, seeing customer demand is strongest in LNG, critical minerals, low-carbon fuels and power generation.
While there are a few moving parts here, they were confident on second half earnings visibility, though it does not appear to MM that things are really firing.
MM has now turned neutral on WOR
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