A 2027 U.S.–China conflict with Australia aligned to the U.S. China trade stops immediately, Taiwan exports are slowed/limited, and China launches large-scale cyber disruption in waves. This is a planning scenario, not a forecast. Planning scenario, not a forecast. No end date is set.
Australian engineering work in the listed firm is a resources and energy book, not a highway-design market. Resources represented 27 percent of aggregated revenue. The same release says resources revenue was up 6 percent, driven by mined fertilisers, copper, battery materials, and iron ore. Energy was 53 percent of aggregated revenue and chemicals was 20 percent.
Aggregated revenue was 12023 million Australian dollars. The release says that total was stable on the prior year and up 2.3 percent in constant currency. The presentation table prints the same 12023 million against 12050 million in the prior year, a printed change of 0.2 percent.
The design slice is the professional-services line, not the whole firm. The presentation chart, whose percentages are based on FY26 aggregated revenue, prints professional services at 52 percent, construction and fabrication at 17 percent, and procurement at 31 percent. Construction and fabrication and procurement are the firm's delivery mix. They are not this industry's payroll.
The staff count matches that split more tightly than the revenue split does. Total headcount was 40400 at 30 June 2026, with 34000 professional services staff. The calculated professional-services staff share is 84.2 percent, using 34000 and 40400. The unrounded quotient is 84.16 percent.
The short-horizon cash analog is a billing cycle, not a year-over-year earnings peak. Days sales outstanding was 44.3 days. The presentation prints 44.3 days for FY26 against 52.0 days for FY25, and a target of less than 60 days.
The six-month book moved inside the year. Year-end backlog was 13.8 billion Australian dollars, up 9 percent from 12.7 billion Australian dollars at 30 June 2025, and lower than the 16.7 billion Australian dollars reported at the half year. The calculated half-year backlog decline is 17.4 percent. The quotient of 2.9 divided by 16.7 is 17.37 percent before rounding to the nearest tenth.
Underlying EBITA was down 10.8 percent. The level was 734 million Australian dollars against 823 million Australian dollars. The release attributes 58 million Australian dollars of adverse earnings to the Middle East conflict. That is a named conflict analog, not this scenario's China path.
Asia Pacific is the trade-stop region the filing actually prints, and it is not Taiwan. The presentation glossary defines APAC as Australia, Pacific, Asia and China. A text search of the fetched release and the fetched presentation found no Taiwan string. The segment table prints Asia Pacific aggregated revenue of 1340 million Australian dollars, down 22.0 percent from 1719 million Australian dollars.
The national professional container is wider than engineering. Employment was 1085.9 thousand persons. That ABS column is professional, scientific and technical services except computer system design and related services, subdivision 69, at end June 2025. It is not an engineering-class count.
The week-1 technical path is the project file and the bill. CISA states that adversaries may infect project files and may use engineering software to download an infected program. ACSC says professional, scientific and technical services was 6 percent of incidents reported to ASD's ACSC in FY2025-26, and that stolen credentials are a common path into Australian networks. Engineering design is not in the Akira sector list.
China trade stopping lands on the Asia Pacific segment the glossary defines to include China. The release says revenue in Asia Pacific declined as projects completed and new projects started to ramp up. The table prints 1340 million Australian dollars against 1719 million Australian dollars, a printed decline of 22.0 percent. Using 1340 and 12023, the calculated Asia Pacific share of aggregated revenue is 11.1 percent. The chart prints Asia Pacific at 11 percent. The two prints are not forced equal. That calculated 11.1 percent is an Asia Pacific segment share. It is not a China fee. No China fee is printed.
A U.S. filing opened beside the Australian book names an acquisition, not a China fee. In the third quarter of fiscal 2025 Tetra Tech acquired SAGE Group Holdings, an Australian consulting firm, into its commercial and international segment. A text search of that filing found no China string and no Taiwan string. The Asia Pacific segment, which includes China, is not converted into a China fee from this acquisition.
The continuing client book is resources and energy, not a domestic highway program. Resources represented 27 percent of aggregated revenue. Energy contributed 53 percent and increased 8 percent. The chart splits energy into integrated gas at 27 percent and other energy at 26 percent of aggregated revenue. The release says integrated gas is more than half of energy revenue. Chemicals was 20 percent after a 22 percent decline that the release ties to project cancellations in Western Europe.
A client cancellation is already the earnings path the firm printed. Chemicals aggregated revenue in the table was 2368 million Australian dollars, a printed decline of 22.4 percent. The Middle East conflict had an adverse earnings impact of 58 million Australian dollars. Those are observed analogs for a mandate that stops. They are not a China-war forecast.
The Americas and EMEA shares show this firm is not an Australian-only practice. The release says the Americas contributed 52 percent of aggregated revenue and EMEA contributed 37 percent. EMEA growth was hit by the Middle East conflict and European cancellations. Those geography shares are the firm's delivery footprint. They are not Australian highway fees.
The domestic break in week 1 is a file or billing outage. CISA's project-file technique uses engineering software. ACSC says phishing was 39 percent of initial access and that stolen credentials are among the most common pathways into Australian networks. A design office can be staffed and still unable to issue a drawing or a bill.
Taiwan is an explicit gap in the pages that were opened. The fetched Worley release and the fetched Worley presentation contain no Taiwan string. No page opened here prints a Taiwan office, a Taiwan project fee, or a Taiwan line for the CAD tools this industry buys. Asia Pacific is not a Taiwan substitute.
Short-horizon cash analog: days sales outstanding was 44.3 days. The prior-year print was 52.0 days and the printed target is less than 60 days. This is not a year-over-year earnings peak. A counted CAD-outage length in days was not published.
Six-month book analog: half-year backlog was 16.7 billion Australian dollars and year-end backlog was 13.8 billion Australian dollars. The calculated half-year backlog decline is 17.4 percent. The unrounded quotient is 17.37 percent.
Full-year earnings analog, not the billing-cycle analog. Underlying EBITA was down 10.8 percent. The debt rate beside the firm is separate. The weighted average cost of debt was 4.4 percent.
Wave 1 is the project file and the engineering software that writes it, plus the Asia Pacific client whose file feed that package depends on. Design offices and CAD are direct. EPC engineering teams and Asia Pacific clients are indirect because they stop when the file or the client system stops. This ordering is a planning inference. CISA and ACSC do not assign weeks.
Wave 2 is enterprise billing and timekeeping, and the resources client whose own systems or mandate pause. Project staff and billing are direct. Resources clients are indirect. ACSC's note on stolen credentials and the 2024-25 fact sheet's business-email-compromise share are the billing path. Akira's alert on backup servers is the enterprise path and does not name engineering services. This ordering is a planning inference.
Wave 3 is the distributed set and the cancellation book. Small professional-services practices are the later direct target, using the economy-wide small-business cost because an engineering firm-size table was not in the ABS workbook. Chemicals clients are later and indirect, using the printed cancellation and the 58 million Australian dollar Middle East earnings hit as analogs. This ordering is a planning inference.
origin sharepercent
Resources represented 27 percent of aggregated revenue.
Worley Limited, full-year results release, 26 August 2026price changepercent
The calculated half-year backlog decline is 17.4 percent.
Worley Limited, full-year results release, 26 August 2026Underlying EBITA was down 10.8 percent.
Worley Limited, full-year results release, 26 August 2026workforcethousand persons
Employment was 1085.9 thousand persons.
ABS Australian Industry, 2024-25, Division M workbookau aggregated revenuemillion Australian dollars
Aggregated revenue was 12023 million Australian dollars.
Worley Limited, full-year results release, 26 August 2026daysdays
Days sales outstanding was 44.3 days.
Worley Limited, full-year results presentation, 26 August 2026ratespercent
The weighted average cost of debt was 4.4 percent.
Worley Limited, full-year results presentation, 26 August 2026Separate the resources and energy book from the Asia Pacific book that includes China. Resources were 27 percent and energy was 53 percent. Asia Pacific table revenue was 1340 million Australian dollars. Confirm the drawing archive and the timekeeping system can be restored without the live file server. CISA's project-file note is the reason the archive matters.
Read days sales outstanding against 44.3 days and against the printed target of less than 60 days. Read leverage against 1.8 times and against the printed target of about 2.0 times. List chemicals mandates, a 20 percent revenue share after cancellations, separately from resources.
Restaff toward backlog that is expected inside a year. Over 62 percent of backlog is expected to be delivered in the next 12 months. Year-end backlog was 13.8 billion Australian dollars after a calculated 17.4 percent decline from the half-year level of 16.7 billion Australian dollars. Keep construction and fabrication, 17 percent of aggregated revenue, out of the staff-payroll case.
Days sales outstanding. Act when DSO prints at or above 60 days. Sixty days is the presentation's published target of less than 60 days. The latest print is 44.3 days. The presentation does not print 60 days as a debt covenant. It is a planning line at the firm's published target.
Leverage, net debt to EBITDA. Act when leverage prints above 2.0 times. About 2.0 times is the presentation's published target, and the latest print is 1.8 times. The footnote says EBITDA in that ratio is as defined for debt-covenant calculations. The covenant maximum is not printed. Treat 2.0 times as a planning line at the published target.
Resources share of aggregated revenue. Act when resources revenue falls below 27 percent of aggregated revenue. Twenty-seven percent is the FY26 release print. Worley does not publish 27 percent as a covenant. It is a planning line.
Share of backlog expected within twelve months. Act when the share of backlog expected to be delivered within twelve months falls below 62 percent. Over 62 percent is the presentation print. Worley does not publish 62 percent as a covenant. It is a planning line.
Keep an offline copy of active project files separate from the backup path Akira-type actors target.
Split the book into resources and energy mandates and the Asia Pacific segment that includes China before week 1.
Watch resources share against the 27 percent planning line.
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Report staff revenue on the professional-services slice. That slice was 52 percent of aggregated revenue.
Keep construction and fabrication, 17 percent, and procurement, 31 percent, out of the payroll exposure.
Do not treat lump-sum turnkey work as in scope. The firm says it does not bid that work.
Hold the 34000 professional services staff as the enterprise bench and the ACSC small-business cost of 55400 Australian dollars as the small-practice cash analog, labeled economy-wide.
Tie near-term utilization to the 62 percent of backlog expected inside twelve months.
Run a case at the 60 day DSO planning line, against the 44.3 day print.
Run a case at the 2.0 times leverage planning line, against the 1.8 times print, without treating 2.0 times as a fetched covenant maximum.
Days sales outstanding It is the billing cycle inside one quarter. The latest print is 44.3 days. The printed target is less than 60 days. Invoices are the cash event when project files still exist but cannot be billed.
Resources share of aggregated revenue It is the client book that does not clear through China. The FY26 print is 27 percent.
Share of backlog expected within twelve months The presentation print is over 62 percent. A shorter near-term book is the demand tripwire inside the signed work.
Asia Pacific aggregated revenue, year-on-year change It is the segment whose glossary includes China. The FY26 table print is a 22.0 percent decline, to 1340 million Australian dollars.
Observed baselines are the Worley release, the Worley presentation, the ABS Division M workbook, the ACSC FY2025-26 text, the ACSC 2024-25 business fact sheet, and the two CISA pages. Scenario inferences are the wave order, the ability to reseat Asia Pacific staff onto resources and energy work, and any claim that a 2027 path will match the Middle East earnings hit or the chemicals cancellation.
Unpublished primaries. Class-level ANZSIC 6923 engineering design and engineering consulting sales, employment, and firm-size counts are not in the opened ABS Division M workbook. The finest professional cut in that workbook is subdivision 69. No opened Worley page prints a Taiwan revenue line, a Taiwan office, or a Taiwan project. A counted CAD-outage length in days was not published. The FY2025-26 ACSC size costs are economy-wide.
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Calculated figures use two printed inputs and are labeled. The 17.4 percent half-year backlog decline uses 16.7 and 13.8. The unrounded quotient is 17.37 percent and is stated as 17.4 percent to the nearest tenth. The 11.1 percent Asia Pacific revenue share uses 1340 and 12023. The chart's 11 percent is a separate print. The 31.9 percent procurement share uses 3830 and 12023. The chart's 31 percent is a separate print. The 84.2 percent professional-services staff share uses 34000 and 40400. The 64.9 percent New South Wales plus Victoria sales share uses 141569, 95876, and 365994. The 10.6 percent Western Australia sales share uses 38903 and 365994. The 7.7 day DSO improvement uses 52.0 and 44.3.
Series are not interchangeable. Worley aggregated revenue includes procurement and construction and fabrication. The 52 percent professional-services share is the design and advisory slice of that revenue. Subdivision 69 is wider than engineering. ACSC small, medium, and large costs of 55400, 141300, and 148100 Australian dollars are economy-wide self-reported costs per business report in FY2025-26. The 2024-25 fact sheet's 15 percent business-email-compromise share is a prior-year mix and is not paired with those dollars. The 60 day, 2.0 times, 27 percent, and 62 percent triggers are planning lines. The first two are printed targets. None is a fetched covenant maximum. The release's 22 percent chemicals decline and the table's 22.4 percent decline are both printed and are not forced equal. The release's 27 percent resources share and the table dollars of 3282 million over 12023 million, a calculated 27.3 percent, are not forced equal.
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| Node | Primary impact | Time horizon | Cyber wave | Evidence |
|---|---|---|---|---|
| Design offices | Resources and energy design continues, and a project-file outage stops the drawing before the client site does. | 0-3 months | Wave 1 (direct) | Worley resources and energy mix; CISA project-file page |
| EPC engineering teams | Engineering staff keep the professional-services mandate while construction and fabrication revenue is not this industry's payroll. | 0-3 months | Wave 1 (indirect) | Worley services mix and LSTK statement |
| Project staff | Chargeable hours stop when the file system or the timekeeping identity is down. | 0-6 months | Wave 2 (direct) | Worley headcount and DSO; ACSC credential note |
| CAD and engineering software | Infected project files can be written from engineering software into the plant systems a client operates. | 0-3 months | Wave 1 (direct) | CISA project-file technique |
| Resources clients | Mined-commodity project demand can pause even while the design office is still staffed. | 1-6 months | Wave 2 (indirect) | Worley resources share |
| Asia Pacific clients | The Asia Pacific book, which the glossary defines to include China, is the trade-stop exposure and it is not a Taiwan line. | 0-12 months | Wave 1 (indirect) | Worley APAC glossary, chart, and segment table |
| Billing and timekeeping | Invoices slip when the credentials used to approve bills are taken. | 0-3 months | Wave 2 (direct) | Worley DSO; ACSC 2024-25 email-compromise mix |
| Small professional-services practices | Small practices absorb a self-reported cyber loss, and the engineering-only firm count behind them was not published. | 0-6 months | Wave 3 (direct) | ACSC FY2025-26 size cost; ABS workbook limit |
| Chemicals clients | Chemicals mandates already show a cancellation path, and a named regional conflict has already cut earnings. | 1-12 months | Wave 3 (indirect) | Worley chemicals decline; Middle East earnings impact |