WORLEY LIMITED — Annual Report 2021

Aug 24, 2021

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Delivering a more sustainable world Full year results 2021 Chris Ashton, Chief Executive Officer

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Bili Yilam: Bluetongues Home by Australian Indigenous artist Mick Harding

ngargawarendj.com

Worley Full Year Results 2021

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Disclaimer

The information in this presentation about Worley Limited, the entities it controls (Group) and its activities is current as at 25 August 2021 and should be read in conjunction with the Company’s Appendix 4E and Annual Report for the full year ended 30 June 2021. It is in summary form and is not necessarily complete. The financial information contained in the Annual Report for the full year ended 30 June 2021 has been audited by the Group’s external auditors.

This presentation contains forward looking statements. These forward looking statements should not be relied upon as a representation or warranty, express or implied, as to future matters. Prospective financial information has been based on current expectations about future events and is, however, subject to risks, uncertainties, contingencies and assumptions that could cause actual results to differ materially from the expectations described in such prospective financial information. The Group undertakes no obligation to update any forward looking statement to reflect events or circumstances after the date of the release of this presentation, subject to disclosure requirements applicable to the Group.

Nothing in this presentation should be construed as either an offer to sell or solicitation of an offer to buy or sell Worley Limited securities in any jurisdiction. The information in this presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account your financial objectives, situation or needs. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any investment decision.

No representation or warranty is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered through use or reliance on anything contained in or omitted from this presentation is disclaimed.

This presentation may include non-IFRS financial information. The non-IFRS financial information is unaudited and has not been reviewed by the Group’s external auditors. Non-IFRS financial information should not be considered as an indication of or alternative to an IFRS measure of profitability, financial performance or liquidity.

Worley Full Year Results 2021

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Authorized for release by Nuala O’Leary, Group Company Secretary.

Agenda

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Business performance Full year results Outlook
and strategic progress 2021 Chris Ashton
Chris Ashton Charmaine Hopkins
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Worley Full Year Results 2021

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Protecting our people

We’re focused on providing a safe work environment for our people while continuing to deliver for our customers

• Our processes for managing COVID-19 have helped to keep our people safe and shown our remarkable flexibility

• We have advanced tools to promote collaboration, networking and accessing our best talent from anywhere in the world

• We’re using digital technology and tools for virtual site visits

• Mental health support through Employee Assistance Program, global networks and local initiatives

TRCFR FY21 SCFR FY21 Industry 0.16 0.07 leading health and safety (FY20: 0.16) (FY20: 0.06) performance TRCFR: Total recordable case SCFR: Serious case frequency rate frequency rate

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*TRCFR – Total recordable case frequency rate based on the number of cases per 200,000 hours worked

Worley Full Year Results 2021

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6

Delivered improved earnings in H2 FY21

$8,774m Aggregated revenue

vs $11,249m in pcp Holding half on half[1]

$468m Underlying EBITA

vs $743m in pcp Up 32% half on half[1]

25 cents per share Final dividend declared

FY21 Interim and Final dividend 50 cents per share

Maintained financial Positioned for strength the future $621m $190m

ECR acquisition cost synergy target[2] delivered by April 2021

Underlying operating cash flow

vs $1,028m in pcp up 14% half on half

$327m

2.0x

Operational savings delivered[2]

Leverage

On track to deliver $350m[2] by June 2022

Dec 2020 1.8x

$14.3b

$1,556m Net debt

Backlog

up from $13.5b at H1 FY21

vs $1,781m in FY20

Delivered progress on our strategy

32%

Sustainability revenue proportion up from 29% at H1 FY21

47%

Sustainability sales pipeline[3] proportion

up from 45% at H1 FY21

ESG leaders

AAA rated by MSCI for fifth consecutive year[1]

Results context

Key drivers for EBITA change

FY21

• The COVID-19 pandemic and global economic circumstances have impacted demand in our customers’ end markets

• The key drivers of net business decline[1] are volume reductions, business mix and FX headwinds:

• Volume reductions impacted by site access restrictions and project deferrals, although minimal project cancellations

• Business mix has changed, with an increased proportion of lower margin construction work

• Cost savings programs[2] have partially offset business decline

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(58) 76 247
(540)
$m 743 685 $323m 685 benefit in FY21 from 761
cost savings programs 468 468
FY20 EBITA FX translation Net benefit from Net benefit from Net business FY21 EBITA
ECR acquisition operational decline
cost synergies savings
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H2 FY21

• Business has stabilized over the half; we are starting to see activity levels increase with key awards in early phases

• Cost savings programs[2] continue to deliver value contributing to H2 FY21 margin improvement

• Professional services margin improved compared to H1 FY21 with positive contributions from completion of large projects

• Business mix continued to be impacted by increased proportion of lower margin construction work

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30
(9) 3 30
261
$m 207 198 $33m benefit in H2 FY21 198 201 231
from cost savings programs
H1 FY21 EBITA FX translation Net benefit from Net benefit from Net business H2 FY21 EBITA
ECR acquisition operational growth
cost synergies savings
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1. Refer to page 45 for further details 2. ECR synergies and operational cost savings programs.

Worley Full Year Results 2021

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We’ve delivered an improved H2 FY21

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Underlying EBITA [1] EBITA margin
Underlying operating cash flow
300 m$ 32% % 1.5pp m$ 14%
300
5
150
150
2.5
0 0 0
H1 FY21 H2 FY21 H1 FY21 H2 FY21 H1 FY21 H2 FY21
Aggregated revenue [1] Backlog [1] Sales pipeline [2]
Holding 8% 16%
5 b$ 15 b$
10
2.5
5
0 0
H1 FY21 H2 FY21 at Dec-20 at Jun-21 at Jan-21 at Jul-21
Pipeline trend (b$)
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1. On a constant currency basis 2. Factored for likelihood of project proceeding and award to Worley, as at Jul-21. Represents factored contract value.

Worley Full Year Results 2021 9

Backlog is building and sales pipeline[1] increasing

Backlog

• Backlog is $14.3bup from $13.5bat H1 FY21

• Both traditional and sustainability components are growing

• Our diversification remains important as different sectors and regions recover at different rates

Factored sales pipeline

• Factored sales pipeline up 16% since H1 FY21

• Double digit growth across both traditional and sustainability components since H1 FY21

• We’re pleased with the level of work we’re winning

• Awards by revenue are up around 1.5 times compared with previous quarter

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Backlog ($b)
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13.5 14.3 13.5 14.3
1.8 Traditional
2.1
 3%
5.5
5.3 10.8
10.5
7.0
6.1
Sustainability
3.0 3.5
 17%
at Dec-20 at Jun-21 at Dec-20 at Jun-21
Energy Chemicals Resources Sustainability Traditional
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Factored sales pipeline (contract value $)
16%
Traditional
 13%
53%
55%
Sustainability
47%  20%
45%
at Jan-21 at Jul-21 at Jan-21 at Jul-21
Energy Chemicals Resources Sustainability Traditional
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Worley Full Year Results 2021

1. Factored for likelihood of project proceeding and award to Worley

Sustainability

Traditional

Strategic partnership for circular economy

Avantium Renewable Polymers The Netherlands

Services agreement for US refineries CITGO - US

Renewable methanol facility FEED Liquid Wind - Sweden

Heartland Petrochemical Complex Contract Inter Pipeline - Canada

Carbon capture units incorporating negative emissions technology Drax UK

Early phase engineering services for upstream and downstream assets Chevron

Four master services agreements for LNG facilities Cheniere - US

Service contract for refining and petrochemicals complex Red Sea Co - Egypt

Renewable fuels project FEED Phillips 66 - US

Maintenance and integrity contract for oil and gas assets PDO - Oman

Brownfield solutions contract to Gulf of Mexico asset Chevron - US

Services contract for battery facility Syrah - US

Global downstream refining and lubricants

bp - North America, Europe, Asia and Australia

Master services agreement For Grangemouth chemicals site INEOS - UK

FEED contract for direct air capture project 1PointFive - US

Battery material plant services contract BASF - Finland

Two-year contract for North Sea assets CNOOC- Europe

Definitive Feasibility Study for the 3Q Project Neo Lithium - Argentina

Services contracts for wind farms Pacific Hydro - Australia

Sulphur technology and specialist services alliance HaldorTopsoe- Global

Licensing agreement for solvent technology BASF - Global

Plastics recycling unit SABIC and Plastic Energy -The Netherlands

Green hydrogen hub services contract Shell –The Netherlands

Services contract at Burnaby refinery Parkland refinery -Canada

Services contract for acetic acid unit in Texas Celanese - US

Worley Worley Full Year Results 2021

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Our actions have set the business up for the future

Focused and disciplined cash collection

Managing headcount while building capability

Increased average debt maturity with sustainability-linked bond

Strong capital management: net debt down from FY20 and gearing ratio below target range

Cost out programs resulted in annualized overhead savings of c30% over the last 24 months - these are permanent structural changes

Making progress on strategic transformation in line with our expectations as we support our customers on their sustainability journeys

Worley Full Year Results 2021

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We continue to accelerate our transformation strategy

• Addressing

• Prudent Capture

• Continuous Establish strong climate change capital opportunities in

• financial position

• operational through management sustainability[1]

• for future growth

• improvements strategic action

• • • • • • Industry leading TRCFR Diversification of earnings Below target gearing Net Zero for Scope 1 32% of aggregated

• • • ratio of between and Scope 2 by 2030 revenue[4] Utilization on target Disciplined cash focus 25% to 35% • •

• • delivered strong result Net Zero for Scope 3 by 47% of global factored Managing headcount and capability • Reduced overhead cost • Leverage remains 2050 sales pipeline[5] within target range of • •

• • base – annualized savings TCFD reporting 24% Sustainability in Margins improving over between 1.5 to 2[3] H1 FY21 of c30% over last 24 • Sustainable Solutions backlog months • Increased average debt •

• • GID hours increasing rolled out on projects Sustainability work • Completed ECR cost maturity with • delivered in FY21 at

• • AAA MSCI ESG rating DSO at 68 days, synergy program on sustainability linked for five years in a row more favorable margins consistent over prior target[2] bond under EMTN • 11 significant

• three periods program • On track to deliver sustainability award annualized operational announcements since savings target of $350m January 2021 by June 2022

• Refer to page 37 for our sustainability pathways 2. $190m annualized savings completed in April 2021 3. Per debt covenant definition

• As at FY21 results

• Factored for likelihood of project proceeding and award to Worley, July 2021

Worley Full Year Results 2021

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Regional aggregated revenue (%) Sector aggregated revenue (%) Customer spend aggregated revenue (%) Contract type aggregated revenue (%)
1%
Americas
26% Energy 18% Reimbursable
Europe 37% 54%
43% Chemicals Capex Fixed price
Middle East & Africa 50% (excluding LSTK)
12% 46% Opex
Resources
Asia Lump Sum Turn Key
7% 81%
12% Australia & New Zealand 13% (LSTK)
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Regional aggregated revenue (%)

Worley achieved an ‘Overperforming’ score Rystad’sEnergy Transition score[1]

AAA rated by MSCI for fifth consecutive year[2]

First Australian company to issue sustainability-linked bond Produced thought leadership for our sectors with Princeton University

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Caring for our planet

We operate in an environmentally responsible manner and provide our customers with solutions for the world’s complex environmental and sustainability challenges:

• ESG leaders: AAA rated by MSCI for fifth consecutive year[1]

• Addressing climate change through strategic action and making good progress

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Committed to achieve net-zero Scope 3 emissions by 2050 via science-based targets

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Transitioned to biofuels in our vehicle fleet in Brazil

• Senior leaders’ incentive program linked to importance of sustainability to our business

People and communities

We support the safety, health, and well-being of our people and communities:

• Approach based on a whole ‘Life’ framework supporting all our people and their families

• Implemented our inclusion survey to listen to the voices of our people

• Strengthened our mental health champions networks

• Deepened our focus on diversity and inclusion

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Operating responsibly

We reinforce a culture of acting lawfully, ethically and responsibly:

• Progressed action aligned with material sustainability issues.

• • Published second unified modern slavery statement further maturing our ethical due diligence approach for supply chain

• • Certified information management security program

We support healthy lives and promote well-being

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46% of our graduates starting during the year were women

Launched our inaugural Reconciliation Action Plan

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SDGs
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We support access We contribute to the We combat to sustainable and ongoing development of climate change modern energy industry, innovation and and its impacts infrastructure

We’re partnering to catalyze breakthrough thinking

Turning net-zero ambitions into reality

• Requires the delivery of engineered solutions at a pace and scale that is historically unprecedented in global terms

• Worley and Princeton University’s Andlinger Center for Energy and the Environment have published a thought leadership paper describing a new paradigm to achieve this

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Shift from
“economic” to
“social- economic-
environmental”
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Broadening
value
Digital platforms
create the trust to The digital Enabling
move forward accelerant options
A new
paradigm
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Creating
Standardization
partnerships
Governments set Replicate designs
the objectives and and build in parallel
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Governments set the objectives and partnerships form

Address uncertainty through development of all technologies

Image: From ambition to reality; Weaving the threads of net-zero delivery Find out more at www.worley.com/ourthinking/from-ambition-to-reality

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Worley Full Year Results 2021

Image: From ambition to reality; Weaving the threads of net-zero delivery Find out more at www.worley.com/ourthinking/from-ambition-to-reality

Delivering on our strategy

Worley Full Year Results 2021 19

Our strategic transformation

Our strategy positions us at the center of future investment

Sustainability represents expanded opportunities for growth

We are actively targeting sustainability to be the largest proportion of our revenue

Solution provider World-class delivery for our customers Safety | Quality | Speed | Efficiency Work with our customers and other Change the way we work by leveraging stakeholders globally and nationally to knowledge, data, digital and process support them through their sustainability technology platforms activities bringing transformative automation and digital solutions Our business of the future Business performance leader Leading edge capabilities across the industries we serve Best in class talent Leaders in ESG performance Attract, retain, engage and mobilize talent to enhance our position in target sectors Deliver our services using engagement models Inclusive culture and diversity that unlocks which reflect the value we bring brilliance

Worley Full Year Results 2021

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Sustainability is a growing part of our business

• Sustainability[1] represents $2.8b (32%) of FY21 aggregated revenue, up from 29% at H1 FY21

• Energy transition and circular economy opportunities continue to accelerate

• Restoration, remediation and water management are growing areas

• Gas and LNG revenue and future pipeline impacted by ongoing customer capex discipline

• Transition materials factored sales pipeline revenue flat over the half

• Sustainability project awards increasing in volume and scale, many are expected to progress beyond the early phases later in FY22

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Energy transition and circular economy Environment, social and water
Excluding gas and LNG
30% 25%
6.2%
20% 4.5% 4.5%
11% 5% 3.7%
10% 3.6% 4.3%
0% 0%
H1 FY21 FY21 Jan-21 Jun-21 H1 FY21 FY21 Jan-21 Jun-21
Revenue Factored sales pipeline Revenue Factored sales pipeline
Transition materials Gas and LNG
30%
18% 19% 20%
20% 16%
5%
3% 3%
2% 2%
10%
0% 0%
H1 FY21 FY21 Jan-21 Jun-21 H1 FY21 FY21 Jan-21 Jun-21
Revenue Factored sales pipeline Revenue Factored sales pipeline
Revenue % Revenue %
Revenue % Revenue %
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1. Factored for likelihood of project proceeding and award to Worley, January 2021 2. Refer to page 37 for the sustainability pathways

Worley Full Year Results 2021

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Gross Margin % delivered in FY21

Other energy, chemicals and resources services

Gas and LNG

Transition minerals

Environment, social and water

Energy transition and circular economy

Worley Worley Full Year Results 2021

Our traditional business continues to be an important part of our future We value our long term relationships with our customers

“ We have a strong upstream business delivering significant value for years to come, generating cash for shareholder returns, and also funding our transition.” Jessica Uhl, CFO, Shell

“ … demand trends in our fast-growing markets are underpinned by an accelerated transition toward more sustainable materials…” James R. Fitterling, Chairman & CEO, Dow Inc.

“

We believe the future is increasingly clear and our strategy, portfolio, capabilities and approach to social value position us to play an important role in meeting the twin objectives of an accelerated energy transition, and continued economic development and improvement in living standards.” Mike Henry, CEO, BHP

“

bp will continue producing hydrocarbons for decades to come and will benefit from rising oil prices even as it reduces output as part of its shift to low-carbon energy” Bernard Looney, CEO, bp

Our competitive advantage

Customer relationships Global scale and proven track record

Delivery of technically complex projects

Experts with Deploy capability globally Innovation and transferable skills at scale and pace technology solutions

Worley Full Year Results 2021

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Our traditional business is a strong foundation from which we will grow

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Sustainability
Traditional
Time
Revenue
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We’re supporting our customers as they address the magnitude of the transition to a low-carbon future

Sustainability investment opens new and emerging markets with existing and new customers

We deliver sustainable solutions for our traditional services

We will continue to maintain leading positions across the energy, chemicals and resources markets

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Worley Sustainability Investor Day 24 WorleyWorley Full Year Results 2021 24

“

“Working with Shell Canada on its Polaris CCS project reinforces our commitment to helping our customers navigate the energy transition”

• Chris Ashton, Chief Executive Officer, Worley

Shell

Chemicals | Decarbonization

Worley awarded an engineering services contract by Shell Canada for a proposed large-scale carbon capture and storage project

We’re providing preliminary front-end engineering and design services for the project, which would be the largest in a series of low-carbon opportunities Shell is exploring at Scotford Complex.

Worley Worley Full Year Results Results 2021 25

Energy | Traditional

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Chevron

Chevron awards global professional services contract to Worley

Worley has been awarded a global contract for early phase engineering services by Chevron. Under the contract, Worley will provide early phase engineering services to global upstream & downstream projects, both onshore and offshore, over a five-year period. The services utilize Worley’s proprietary digital design and optimization tool, SeleXpress.

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“
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“This contract continues Worley’s longstanding global

“

“We are delighted to expand our relationship with Syrah and further support Syrah’s production of materials that play an important role in the energy transition. ”

• Chris Ashton, Chief Executive Officer, Worley

Syrah Resources Resources | Decarbonization

Syrah awards services contract for battery facility in USA

Worley will provide detailed engineering and procurement services for the expansion of production capacity at Syrah’s active anode material facility. The facility produces value-added natural graphite material used in lithium-ion batteries that power electric vehicles.

BookraMEG

Chemicals | Traditional

A world-class and award-winning petrochemical project in the US

The MEGlobal Americas Inc. BookraMEG project in Oyster Creek, Tx is a 750,000-ton facility in that produces monoethylene glycol and diethylene glycol. These are used in some of our everyday products including antifreeze, clothing and construction materials.

We provided services from concept planning through to start-up and initial production. This project was recognized by ENR as a Global Best of the Best project in March 2021.

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Delivered seven months earlier than industry average while maintaining the highest safety standards

“

SMRs are key to meeting the world’s climate change initiatives. This contract positions us in the emerging SMR market and supports achieving a low-carbon future.

• Chris Ashton, Chief Executive Officer, Worley

Small modular reactors

Energy | Decarbonization

Confidential customer awards a Services Agreement to Worley

Under the agreement, Worley will provide engineering and consulting services to support in the development of Small Modular Reactors (SMR).

SMRs can deliver a steady flow of energy both in the form of heat and electricity, which can help balance energy demand from other sources.

Worley Full Year Results 2021

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Image: From ambition to reality; Weaving the threads of net-zero delivery Find out more at www.worley.com/ourthinking/from-ambition-to-reality

Market update

Worley Full Year Results 2021

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Our traditional markets are adapting to change

We’re aligning our markets with our customers and our purpose

How we report our segments remains the same

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Energy Conventional Low carbon energy energy Combustion energy Integrated gas Midstream infrastructure Renewable energy Offshore oil Low carbon hydrogen Onshore oil Nuclear power Power networks and energy storage Carbon capture, utilization and storage

1. Decarbonization

2. Resource stewardship

Chemicals Resources Chemicals Resources and fuels Chemicals Bulk commodities Low carbon fuels Energy transition materials Refined fuels Fertilizers Petrochemicals Precious metals Plastics recovery Resource infrastructure Specialty chemicals Water[1] Sulphur recovery

4. Environment and society

3. Asset sustainability

Conventional energy Sector outlook

• Global demand and supply of crude oil remains on course to continue rebalancing this year

• According to IEA, global oil demand is set to return to prepandemic levels by the end of 2022

• Recent 2021 capital expenditure guidance from oil majors indicates disciplined spending

• Oil markets remain subject to heightened volatility due to risks of a prolonged pandemic, a breakdown in OPEC+ agreements, and the response from US shale producers

• Structural changes in future fuel mix have started and combustion energy markets remain dynamic as gas displaces higher carbon intensive fossil fuels in power generation

Sustainability themes

• Investments by fossil fuels industry in clean energy technologies continue to rise steadily as they face the challenge of balancing short-term returns with long-term license to operate

• Solutions such as increasing efficiency, reducing flaring and venting, minimizing fugitive emissions and integrating renewables into existing and new developments have become critical for oil producers

• As growing number of oil and gas assets approach the end of operational life, producers are focused on late life asset management and decommissioning

Case Study

Transforming Australia's approach to decommissioning

We worked with National Energy Resources Australia (NERA) to tackle the analysis for its late-life offshore oil and gas asset planning and decommissioning outlook –unlocking a multi-billion dollar opportunity for the local community, environment, industry and economy.

Low carbon energy Sector outlook

• The energy transition has initiated structural changes in future fuel mix. While the outlook for oil demand is uncertain, gas has a more robust future as the lowest carbon intensity fossil fuel.

• Strong growth with material investment in both transmission and distribution networks as well as renewable power generation

• Annual zero-carbon power system investment could amount to around $80t over the next 30 years (Energy Transitions Commission)

• US renewables growth expected to accelerate with rejoining the Paris Climate Accord, investing $2 trillion in clean energy, and fully decarbonizing the power sector by 2035

Sustainability themes

• IEA’s the Net Zero Emissions by 2050 Scenario (NZE) is an accelerant for change to a low-carbon future

• LNG demand growth expected due to availability of cheap, abundant feedstock and gas’ role as a lower carbon fossil fuel. The US will continue to be a dominant gas/LNG producer

Case Study | Decarbonization

Pacific Hydro awards services contracts for wind farms

Pacific Hydro, through its subsidiary Energy Pacific (Vic) Pty Ltd, has awarded Worley two operations and maintenance services contracts for a portfolio of its wind farms in Victoria, Australia.

Under the contracts, Worley will provide full asset management, operations and maintenance services across a fleet of 196 wind turbines and the associated balance of plant with a total generating capacity of 360 MW.

Worley Full Year Results 2021

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Chemicals and fuels

Sector outlook

Chemicals :

• Global industry demand and profitability has returned to 2019 levels with investment planning and funding reinstated

• Chemicals market is integrating energy transition into all investment decisions and committing to reduce energy intensity of feedstocks and production processes

Fuels :

• Demand for transportation fuels continues to recover through 2021 and by the end of 2021 overall global refining throughput is expected to return to 2019 levels

• Strong investment trend for refinery conversions to biofuels and/or petrochemical feedstock is expected to continue

Sustainability themes

• Chemicals – A strong focus on modified manufacturing processes and technologies to address emissions reduction targets and end-of-life issues, particularly plastics waste

• Fuels – Low carbon fuels based on biomass feedstock or synthetic routes are increasingly becoming available as low emissions substitutes for fossil-fuel based products

Case Study | Resource stewardship

We’re working alongside VITO, the Flemish institute for technological research, and PMV, a Flemish government-owned investment company, to conceptualize, design and build a pilot plant in Flanders, Belgium. The LignoValue plant will serve as an essential step on the path to commercializing valuable bio-aromatics from lignin.

Currently, 40 per cent of chemicals produced globally are aromatic molecules, produced from fossil resources. What if instead of being produced from carbon-intensive fossil fuels, they could be sourced from biomass?

Worley Full Year Results 2021

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Resources

Sector outlook

• Miners to benefit from commodity consumption growth, as global recovery continues and many market indicators at multiyear highs

• The 2021 capex forecastis up 18% from 2020 (Top 400), as delayed programs resume, and activity ramps-up spurred by strong metal prices (source S&P Market Intelligence)

• Copper supply growth is not expected to meet growing energy transition demand, leading to a 10.9Mt deficit in 2030e without substantial new investment (source UBSe)

• Confidence in long term demand for battery metals such as lithium, nickel and cobalt

Sustainability themes

• Miners are making strong commitments to transform the industry

• The drive towards decarbonization is expected to generate a structural change in metal demand

• Water stewardship is critical in the sustainable delivery of energy transition materials

• Technology solutions to support a sustainable resource industry

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Case Study
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Helping build one of the world’s largest iron ore hubs

We have experience of delivering a significant amount of Western Australia’s iron ore export capacity from pit to port.

Experience we were able to draw on when we helped BHP’s South Flank stay the course and achieve first ore on their $3.6 billion South Flank mine project.

South Flank is one of the world’s largest iron ore operations integrating the latest advances in autonomous-ready fleets, digital connectivity and modular design.

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Sustainability pathways
1. Decarbonization 2. Resource stewardship
Carbon management Low carbon fuels Bio-based materials Sulphur recovery
Decarbonization & feedstocks
infrastructure Metals recovery Water stewardship
Energy efficiency Nuclear energy Our traditional business Plastics recovery
& electrification Renewable energy
Energy transition materials in the energy, chemicals
and resources
continues to be an
3. Asset sustainability 4. Environment and society
important part of our
Asset performance Decommissioning Sustainability advisory Safety & risk
& restoration [1] future
Climate change Environmental Geosciences
adaption Sustainable design management Remediation &
Social performance liability management
Policy & regulatory
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Process technolo gy

Di ital g

We’re expanding our process technology IP portfolio across the sustainability pathways in growth sectors to support improved earnings and strengthen our competitive advantage

We’re accelerating automation of business and functional process and adoption of digital solutions to drive value for our customers and margin improvement

Partnering

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Organic growth

Growth channels

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Acquisitions

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Sustainability pathways
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1. Decarbonization
2. Resource stewardship
3. Asset sustainability
4. Environment and society
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Traditional
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Growth areas (Examples only)

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Investment

Benefits

Reporting

40

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Financial headlines

Cash generation Performance Capital management Delivering benefits
	Statutory operating cash flow	$533m	Compared to $829m in FY20
	Underlying operating cash flow	$621m	Compared to $1,028m in FY20
	Aggregated revenue	$8,774m	Compared to $11,249m in FY20
	Underlying EBITA	$468m	Compared to $743m in FY20
	Gearing1	21.7%	Below target range 25 -35 %
	Leverage2	2.0x	Compared to 1.8x at 30 June 2020
	Liquidity3	$1,481m	Normalized post expiry of COVID-19 facilities
	Operational savings	$327m4	$327m4 delivered at June 2021 Target $350m to be delivered by June 2022
	ECR acquisition cost synergy	$190m4	$190m savings delivered Program completed April 2021

1. Available facilities plus cash

2. Net debt to net debt + equity 2. Per debt covenant definition

Worley Full Year Results 2021

1. Annualized savings

41

Statutory statement of financial performance

	For the year ended	30 June 2021 ($m)	30 June 2020 ($m)
	REVENUE AND OTHER INCOME
	Professional services revenue	5,420	7,350
	Procurement revenue	1,411	2,964
	Construction and fabrication revenue	2,679	2,720
	Other income	10	24
	Interest income Total revenue and other income	6 9,526	10 13,068
	EXPENSES
	Professional services costs	(5,079)	(6,838)
	Procurement costs	(1,396)	(2,880)
	Construction and fabrication costs	(2,539)	(2,526)
	Global support costs	(146)	(169)
	Transition, transformation and restructuring costs	(129)	(250)
	Borrowing costs	(83)	(132)
	Total expenses	(9,372)	(12,795)
	Share of net (loss)/profit of associates accounted for using the equity method	(7)	(6)
	Income tax expense	(62)	(79)
	Profit after income tax expense	85	188
	PROFIT ATTRIBUTABLE TO MEMBERS OF WORLEY LIMITED	86	171

42

Worley Full Year Results 2021

Reconciliation of statutory to underlying results Adjusted for non-trading items

1. Worley did not receive Australian JobKeeper in either FY21 or FY20.

2. Increase in revenue from an arbitration award in relation to a dispute with a state-owned enterprise.

3. The underlying NPAT result excludes the impact of acquisitions and transition, impact of the arbitration award, impact of transformation, transition and restructuring, international government subsidies recognized net of direct costs, some other one-off items, and the related tax effect, the impact of changes in tax legislation on tax expense and certain deferred tax write offs.

4. Underlying NPATA is defined as underlying NPAT excluding post tax impact of amortization of intangible assets acquired through business combinations.

For the year ended	30 June 2021 ($m)	30 June 2020 ($m)
Statutory result (NPAT)	86	171
Transition costs	55	147
Impact of transformation and restructuring
Payroll restructuring	43	41
Impairment of property assets	38	51
Onerous contracts and other costs	63	29
International government subsidies net of direct costs incurred1	(70)	(18)
Impact of arbitration award2	-	(3)
Gain on Sale of Investment and other certain items	7	(9)
Impairment of investments in associates	11	7
Sub-total additions and subtractions	147	245
Net tax expense on items excluded from underlying results	(39)	(66)
Additions (post-tax)
Underlying tax adjustments	11	1
Underlying Net Profit After Tax3	206	351
Amortization of intangibles	100	109
Tax on intangibles	(25)	(28)
Underlying NPATA4	281	432

43

Worley Full Year Results 2021

FY21 key financials

• The COVID-19 pandemic and global economic circumstances have impacted our customers’ end markets resulting in delays in capital expenditure and project deferrals as well as site access restrictions, particularly in Americas.

• Underlying EBITA margin reflects volume reduction, change in business mix and FX translation impacts, partially offset by cost savings programs[4]

• We’ve continued to deliver a strong underlying operating cash flow

STATUTORY RESULT	FY2021	FY2020	vs. FY2020
Total revenue ($m)	9,526	13,068	(27%)
EBITA ($m)	324	498	(35%)
NPATA ($m)	161	252	(36%)
Basic EPS (cps)	30.8	48.4	(36%)
Final dividend (cps)	25	25	-
Operating cash flow	533	829	(36%)
UNDERLYING RESULT	FY2021	FY2020	vs. FY2020
Aggregated revenue1($m)	8,774	11,249	(22%)
Underlying EBITA2($m)	468	743	(37%)
Underlying EBITA margin %	5.3%	6.6%	(1.3pp)
Underlying Net Profit After Tax and Amortization1 ($m)	281	432	(35%)
Underlying NPATA margin %	3.2%	3.8%	(0.6pp)
Underlying basic EPS (cps)3	53.8	82.9	(35%)
Underlying operating cash flow net of procurement	621	1,028	(40%)

1. Refer to page 66 of the supplementary section for the definition of aggregated revenue.

2. The underlying EBTIA result excludes the impact of acquisitions and transition, impact of the arbitration award, impact of transformation, transition and restructuring, international government subsidies recognized net of direct costs, some other one-off items.

3. Underlying basic EPS has been calculated on underlying NPATA basis.

4. ECR cost synergies program and operational cost savings program.

Worley Full Year Results 2021 44

Drivers of EBITA change

Key drivers of net business decline from FY20

Key drivers of net business growth from H1 FY21

• Net business decline of $540m driven by global economic circumstances including the COVID-19 pandemic

• Volume reduction from project deferrals and site access restrictions although minimal project cancellations. APAC volumes impacted by the sale of Capital Projects Advisory business.

• Business mix has changed due to increased proportion of lower margin construction work

• Relative improvement of AUD compared to USD, CAD and GBP resulted in $58m foreign exchange translation reduction to underlying EBITA

• Total cost saving benefit of $323m has partially off-set business decline

• Net business growth of $30m despite volume reductions, business mix and FX

• Revenue is holding, we’re seeing signs of volume recovery with activity levels returning on long-term contracts

• Business mix trend from H1 FY21 continued with increased proportion of lower margin construction work

• H1/H2 phasing consistent with seasonality of our earnings

• Rate improvements predominantly in professional services

• Total recurring cost saving benefit of $33m has contributed to net business growth.

Half-on-half drivers

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Full year drivers Half-on-half drivers
323
$m (9) 33 (16) 29
$m (58) (438)
(102) (57) 74
261
743 685 685 570 207 Net business growth $30m
Net business decline $540m 468 468
FY20 EBITA FX translation Net benefit from Volume Business Mix FY21 EBITA H1 FY21 EBITA FX translation Net benefit Volume Business mix Rate H1/H2 phasing H2 FY21 EBITA
from cost 1 improvements
cost savings1
savings
programs
programs
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Worley Full Year Results 2021

45

1. Refer to page 47 for operational savings and ECR cost acquisition synergy detail

Delivered improved margins in H2 FY21

Key drivers of business mix change

H2 FY21 key drivers of EBITA margin change

• Increased proportion of lower-margin construction and fabrication revenue, which is historically less variable in periods of downturn

• H2 FY21 margin benefits from cost-out actions delivered in H1 FY21

• Higher proportion of construction and fabrication revenue

• Professional services continues to be impacted by delays in project awards

• Professional services revenue proportion expected to return to previous proportion in the medium to long term as global economic circumstances improve

• Norway fabrication business returning lower margin compared to the prior period due to the type of projects.

• Rate improvements predominantly in professional services

• H1/H2 phasing consistent with seasonality of earnings in prior years

Business mix[1]

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26% 32% 29% 36%
74% 68% 71% 64%
FY20 FY21 H1 FY21 H2 FY21
Professional services Construction & Fabrication
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H2 FY21 margin drivers

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----- Start of picture text -----

0.7%
0.8% 1.3% 1.4%
6.1%
5.5%
4.6% 4.6%
4.1% 4.1%
H1 FY21 EBITA % Recurring cost Business mix Rate H1/H2 phasing H2 FY21 EBITA %
savings improvements
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Worley Full Year Results 2021

46

1. Aggregated revenue excluding procurement at margin

Delivering on our cost out programs Recurring savings going forward

ECR cost synergies program completed

$327m[1] of operational savings target delivered

✓ IT

Increased Target Migration of systems & data complete $190m[1] by April 21

✓ Property Relocations of employees complete

✓ Functional overhead consolidation Removal of duplicated functional support roles complete

Original Target $130m[1] by Oct 20

✓ Indirect procurement Negotiation of key indirect procurement contracts complete

Increased Target $350m[1] by Jun 22

Original Target $275m[1] by Dec 21

✓ Discretionary spend Embedded global integrated platforms

✓ Business restructure Savings achieved by December 2020

Property rationalization (90% complete) Reduced 197 offices to 140 offices

Shared services

Execution underway of shared services transformation activities, savings to be realized from H2 FY22

Using FY21 as a basis: incremental savings of actions taken will be net benefit of $6m in FY22 ($4.5m H1 FY22 and $1.5m H2 FY22)[2]

Using FY21 as a basis: incremental savings of actions taken will be net benefit of $44m in FY22 ($37m H1 FY22 and $7m H2 FY22)[2]

1. Annualized savings 2. Refer to page 74 for timing of run-rate savings .

Worley Full Year Results 2021

47

Balance sheet metrics

• Strengthened through $621m underlying operating cash flow (net of procurement)

• Gearing well below target band of 25-35%

• Average maturity of debt is 2.9 years

• Dispute resolution in respect of three non-paying SOEs is in progress. Receivables are categorized as non-current

• Net debt reduced from FY20

	FY2021	FY2020
Gearing ratio1	21.7%	22.9%
Facility utilization2	64.8%	57.3%
Average cost of debt3	1.9%	3.3%
Total liquidity ($m)4	1,481	1,879
Average maturity (years)	2.9	2.4
Interest cover (times)	9.2x	6.3x
Net debt, $m (covenant definition)5	1,556	1,781
Net debt/EBITDA (times)6	2.0x	1.8x

1. Net debt to net debt + equity

2. Loans, and overdrafts

3. Calculated based on the weighted average of closing debt and rates at reporting date

4. Available facilities plus cash

5. FY20 adjusted to FY21 covenant definition for comparative purposes

6. Earnings before interest, tax, depreciation and amortization as defined for debt covenant calculations

Worley Full Year Results 2021 4848

Cash flow, net debt and balance sheet Continuing focus

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Underlying operating cash flow Gearing ratio [1] , actual %
m$
UKIS
1,200 35% ECR
acquisition
1,000 30% acquisition
25%
800
20%
600
15%
400 10%
200 5% Gearing ratio = net debt/net debt + equity
- 0%
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
m$ UKIS Net debt [1] Leverage [1] ratio
2,000 UKIS
acquisition ECR 3 ECR
acquisition
acquisition acquisition
1,500 2.5
2
1,000
1.5
1
500
0.5
0
0
FY17 FY18 FY19 FY20 FY21
FY17 FY18 FY19 FY20 FY21
1. Net debt, gearing ratio and leverage ratio are calculated on the debt covenant definition. Note excludes the impact of AASB 16 Leases for comparative purposes.
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The modified retrospective approach has been applied on adoption of AASB 16 Leases . Accordingly, the financial information presented for periods pre FY20 have not been restated and is presented under AASB 117 Leases and related interpretations.

Worley Full Year Results 2021

49

Capital management

Strong liquidity position

• Issued Australia’s first Sustainability Linked Bond under the EMTN program at a coupon of 0.875%

• Extended average debt maturity to 2.9 years

• Maintained strong liquidity position post retirement of COVID-19 facilities

• Strengthened through $621m underlying operating cash flow

• Strong debt metrics achieved throughout FY21

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Underlying debt facilities expiry by maturity date
1,400
1,200
1,000
800
600
400
200
-
FY22 FY23 FY24 FY25 FY26
Term Loan USPP Syndicate Revolving Facility EMTN Overdraft Bilateral
A$m
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50

Worley Full Year Results 2021

50

Headcount: utilization on target

• Headcount at 47,700 at 30 June 2021, down 1% on H1 FY21

• Headcount is 48,000 at 31 July 2021 remaining stable

• Staff utilization remains above target

• Managing headcount while building capability remains a focus

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Worley global headcount
50,000
40,000
Staff 30,000 40,700 36,000 33,800
Craft 20,000
10,000
11,100 12,400 13,900
0
FY2020 (restated) H1 FY21 FY21
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Worley global headcount Staff utilization
Staff utilization
ECR
Headcount
Acquisition 94%
ECR
Change to prior month
acquisition
(staff only since Apr 2019)
89%
84%
Target Monthly rate
79%
Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21
Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21
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51 Worley Full Year Results 2021 51

Backlog

For long-term O&M contracts, the current run-rate is applied over a 36-month period under our backlog definition (0.2) (0.1) 0.9 (4.3) 4.5 14.3 13.5 13.3 13.2 13.4 8.9 8.9 Dec-20 FX translation Project Backlog New wins & Economic Jun-21 impact cancellations delivered contract impact on O&M renewals contracts

• Backlog is up 8%[1] at 30 June 2021 vs 31 December 2020

• Traditional and sustainability components are growing

• Growth largely in energy sector and Americas[2]

• Activity on long-term O&M contracts is returning

• Key strategic wins are in early project phases

• We are still seeing capex discipline by customers, delaying some awards into calendar year 2022

• Other drivers of change:

• Foreign exchange translation impacts

• • Minimal impact from project cancellations

• On a constant currency basis 2. Refer to page 73 for further backlog information

Worley Full Year Results 2021

52

Americas

FY21 highlights

• Primary focus on health, safety and well-being of our people

• Result impacted by COVID-19 with key sites inaccessible and curtailed customer spending across the region

• Activity levels returning on long term contracts

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Sector aggregated Sustainability Factored sales
revenue (%) aggregated revenue (%) pipeline (%)
74%
44%
50% 52%
48%
26%
6%
Sustainability Traditional
Energy Chemicals Resources
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• Pipeline expanding in FY22, but varies by sector

Strategic focus

• Skillful pivot –defend and extend our traditional business while growing into sustainability pathways

• Energy transition and sustainability pathways

• Build on existing capabilities in line with opportunities (CCUS, renewable fuels, energy transition materials, circular economy)

• Expand into new areas using global capabilities (offshore wind, hydrogen)

Backlog and pipeline

Traditional business

• Customers continue to focus on efficient operations of their existing assets

• Early signs of new investments

Sustainability

• Customers are looking to do things differently for a better outcome

• Customers need help scaling up emerging technologies

Worley Full Year Results 2021

53

Refer to page 60 for further segment information

EMEA & APAC

FY21 highlights

• Health, safety and well-being of our people is our priority

• Result impacted by volume reductions in Middle East and Africa, and ramp down of major project in Central Asia. Also impacted by the sale of Capital Projects Advisory business

• Improved H2 performance with volumes returning

• APAC more resilient due to a higher proportion of professional services work, and the type of projects

• • Improving GID utilization across the region

Strategic focus

• Portfolio is growing in our sustainability pathways: asset decarbonization; carbon capture, utilization and storage; hydrogen; circular economy; low carbon fuels, offshore wind

• Building capability in strategic areas and further adoption of alternate commercial models

• Continued focus on digitally enabled globally integrated project delivery excellence

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Sector aggregated Sustainability Factored sales
revenue (%) aggregated revenue (%) pipeline (%)
32%
63%
58%
50%
42%
37%
18%
Sustainability Traditional
Energy Chemicals Resources
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Backlog and pipeline

Traditional business

Sustainability

• Key major projects are in early stages in China, London and The Hague.

• Focus on supply chain management as an opportunity to capitalize on the requirement for EPF solutions in market

• Base load of sustaining capital programs continue to be strong

• Secured renewals / extensions to several of our major long-term contracts providing a solid foundation for growth

Worley Full Year Results 2021

54

Refer to page 60 for further segment information

Image: From ambition to reality; Weaving the threads of net-zero delivery Find out more at www.worley.com/ourthinking/from-ambition-to-reality

Summary

Chris Ashton, Chief Executive Officer

Worley Full Year Results 2021

55

56

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•
•
Summary
•
•
•
•
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57

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&
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Worley Full Year Results 2021

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Supplementary information

59

Worley Full Year Results 2021

Segment results By region

• Americas margin decrease was impacted by COVID-19 with key sites inaccessible and curtailed customer spending across the region. It was also impacted by a change in business mix due to increased proportion of lower margin construction work

• EMEA impacted by volume reductions in Middle East and Africa, and ramp down of major project in Central Asia. Fabrication business in Norway had increased volumes, however at lower margin compared to the prior period due to the type of projects

	FY2021	FY2020	vs. FY 2020
Aggregated revenue ($m)	8,774	11,249	(22%)
Americas	3,769	5,490	(31%)
EMEA	3,333	3,815	(13%)
APAC	1,672	1,944	(14%)
Segment results ($m)	617	921	(33%)
Americas	263	493	(47%)
EMEA	202	250	(19%)
APAC	152	178	(15%)
Segment margin (%)	7.0%	8.2%	(1.2pp)
Americas	7.0%	9.0%	(2.0pp)
EMEA	6.1%	6.6%	(0.5pp)
APAC	9.1%	9.2%	(0.1 pp)

• APAC margin has been more resilient than other regions due to a higher proportion of professional services work, and the type of projects

60

Worley Full Year Results 2021

Segment results H1 FY21 vs H2 FY21 By region

• Americas continued to see capex discipline by customers, although activity levels are returning on long term contracts. Margins are stronger driven by cost out programs

• EMEA margin returning in Middle East and Africa as site access restrictions lifted and customer activity levels increase

• APAC volume decrease driven by the sale of Capital Projects Advisory business during the half. Margin decline due to a one-off project impact.

	H2 FY2021	H1 FY2021	vs. HY1 2021
Aggregated revenue ($m)	4,276	4,498	(5%)
Americas	1,862	1,907	(2%)
EMEA	1,666	1,667	(0%)
APAC	748	924	(19%)
Segment results ($m)	334	283	18%
Americas	146	117	29%
EMEA	124	77	61%
APAC	64	89	(28%)
Segment margin (%)	7.8%	6.3%	1.5pp
Americas	7.8%	6.1%	1.7pp
EMEA	7.4%	4.6%	2.8pp
APAC	8.6%	9.6%	(1.0 pp)

Worley Full Year Results 2021 61

Segment results By sector

• Energy margin decrease was impacted by project deferrals and site access issues resulting from the global economic circumstances including the COVID-19 pandemic.

• Chemicals sector decrease was impacted by volume reductions and changes in business mix, particularly through the Americas with an increase in lower margin construction work.

• Resources sector was more resilient through COVID-19, with project margins holding from FY20 with a positive margin impact from cost savings programs.

	FY2021	FY2020	vs. FY 2020
Aggregated revenue ($m)	8,774	11,249	(22%)
Energy	4,394	5,302	(17%)
Chemicals	3,250	4,525	(28%)
Resources	1,130	1,422	(21%)
Operational EBITA ($m)	617	921	(33%)
Energy	302	391	(23%)
Chemicals	240	446	(46%)
Resources	75	84	(11%)
Operational EBITA (%)	7.0%	8.2%	(1.2 pp)
Energy	6.9%	7.4%	(0.5 pp)
Chemicals	7.4%	9.9%	(2.5 pp)
Resources	6.6%	5.9%	0.7 pp

Worley Full Year Results 2021 62

Segment results By region

		Americas			EMEA			APAC			TOTAL
	FY2021	FY2020	vs. FY 2020	FY2021	FY2020	vs. FY 2020	FY2021	FY2020	vs. FY 2020	FY2021	FY2020	vs. FY 2020
Aggregated revenue	3,769	5,490	(31%)	3,333	3,815	(13%)	1,672	1,944	(14%)	8,774	11,249	(22%)
Professional services1	1,758	3,002	(41%)	2,297	2,914	(21%)	1,578	1,839	(14%)	5,633	7,755	(27%)
Construction and fabrication	1,792	2,005	(11%)	887	704	26%	-	11	0%	2,679	2,720	(2%)
Procurement	219	483	(55%)	149	197	(24%)	94	94	0%	462	774	(40%)
Segment results	263	493	(47%)	202	250	(19%)	152	178	(15%)	617	921	(33%)
Professional services	165	291	(43%)	149	183	(19%)	149	169	(12%)	463	643	(28%)
Construction and fabrication	90	134	(33%)	49	60	(18%)	-	-	0%	139	194	(28%)
Procurement	8	68	(88%)	4	7	(43%)	3	9	(67%)	15	84	(82%)
Segment margin	7.0%	9.0%	(2.0 pp)	6.1%	6.6%	(0.5 pp)	9.1%	9.2%	(0.1) pp	7.0%	8.2%	(1.2 pp)
Professional services	9.4%	9.7%	(0.3 pp)	6.4%	6.2%	0.2 pp	9.4%	9.2%	0.2 pp	8.2%	8.3%	(0.1 pp)
Construction and fabrication	5.0%	6.7%	(1.7 pp)	5.5%	8.5%	(3.0 pp)	0.0%	0.0%	0.0 pp	5.2%	7.1%	(1.9 pp)
Procurement	3.7%	14.0%	(10.3 pp)	3.4%	4.1%	(0.7 pp)	3.2%	9.6%	(6.4 pp)	3.3%	10.9%	(7.6 pp)

1. Includes Other Income

63

Worley Full Year Results 2021

63

Underlying earnings profile

Group underlying EBITA $m

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743
694
468
413 359 377 H2
313
251 261 H1
172
335 366
141 162 207
FY2018 FY2019 FY2019 Pro Forma FY2020 FY2021
Group underlying NPATA $m
432
H2
260 281
182 216 H1
157 164
97 216
85 103 117
FY2018 FY2019 FY2020 FY2021
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The modified retrospective approach has been applied on adoption of AASB 16 Leases . Accordingly, the financial information presented for the prior period has not been restated and is presented under AASB 117 Leases and related interpretations.

Worley Full Year Results 2021

64

Margin profile

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Underlying EBITA %
H1
H2
6.8%
7.2% Total
6.6%
6.2% 6.1% 6.1%
5.6% 5.3%
4.6%
FY2019 FY2020 FY2021
Underlying NPATA %
H1
H2
Total
4.0% 4.0% 4.0% 3.6% 4.1% 3.8% 3.8%
3.2%
2.6%
FY2019 FY2020 FY2021
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FY21 Key Operating Indicators

• Underlying EBITA margin impacted by change in business mix and rate of volume reduction

• Professional services segment margin % improved compared to H1 FY21

• Higher proportion of construction and fabrication revenue as well as margin impacts with Norway fabrication business returning lower margin compared to the prior period due to the type of projects.

• H2 FY21 margin benefits from the cost-out actions delivered in H1 FY21

• Underlying effective tax rate is 30% vs 31% in pcp

The modified retrospective approach has been applied on adoption of AASB 16 Leases . Accordingly, the financial information presented FY19 has not been restated and is presented under AASB 117 Leases and related interpretations.

Worley Full Year Results 2021

65

Revenue reconciliation

	FY2021 ($m)	FY2020 ($m)	vsFY2020
Revenue and other income	9,526	13,068	(3,542)
Less: Procurement revenue at nil margin (including share of revenue from associates)	(949)	(2,190)	1,241
Plus: Share of revenue from associates	210	393	(183)
Less: Pass through revenue at nil margin	-	-	-
Less: Certain one off other income items	-	(7)	7
Less: Gain on sale of investment	(7)	(2)	(5)
(Less)/add: Impact of arbitrational award1	-	(3)	3
Less: Interest income2	(6)	(10)	4
Aggregated revenue3	8,774	11,249	(2,475)
Professional services	5,630	7,743	(2,113)
Construction and fabrication	2,679	2,720	(41)
Procurement revenue at margin	462	774	(312)
Other income	3	12	(9)

1. (Increase)/reduction in revenue from an arbitration award in relation to a dispute with a state owned enterprise.

2. The modified retrospective approach has been applied on adoption of AASB 16 Leases . Accordingly, the financial information presented for the prior period has not been restated and is presented under AASB 117 Leases and respective interpretations.

3. Aggregated revenue is defined as statutory revenue and other income plus share of revenue from associates, less procurement revenue at nil margin, pass-through revenue at nil-margin and interest income, certain one off other income items, gain on sale of investments and the impact of the arbitration award. The Directors of Worley Limited believe the disclosure of the share of revenue from associates provides additional information in relation to the financial performance of Worley Limited Group.

Worley Worley Full Year Results 2021

66

EBITA reconciliation

	FY2021 ($m)	FY2020 ($m)
EBITA1	324	498
Impact of acquisitions, comprised of:
Transition costs	55	147
Impact of transformation, restructuring, comprised of:
Payroll restructuring	43	41
Impairment of property assets	38	51
Onerous contracts, consulting and other costs	63	29
Government subsidies, net of direct costs	(70)	(18)
Impact of the arbitration award1	-	(3)
Impairment of investments in equity accounted associate	11	7
Other gains and losses	4	(9)
Underlying EBITA1	468	743

1. EBITA and underlying EBITA as defined on page 76.

2. (Increase)/reduction in revenue from an arbitration award in relation to a dispute with a state owned enterprise.

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Worley Full Year Results 2021

Cashflow

	FY2021 ($m)	FY2020 ($m)
EBITA	324	498
Add: Depreciation, amortization and impairments	290	321
Less: Interest and tax paid	(111)	(166)
Add/(less): Working capital/other	30	176
Net cash inflow from operating activities	533	829
Non recurring costs and income	170	205
International Government subsidies received	(101)	(20)
Underlying operating cash flow	602	1,014
Net procurement cash inflow/ (outflow)	19	14
Underlying operating cash flow net of procurement cash flows	621	1,028

Worley Full Year Results 2021 68

Cashflow Bridge to cash balance

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(108) (13) (62)
(17)
Improved cash collection
across the Group 674
(261)
(6)
(136) 18
(170) 19 101
490 493
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Liquidity and debt maturity

Liquidity summary $’m	FY2021	FY2020	Change
Liquidity
Loan & overdraft facilities	2,715	3,256	(17%)
Less: facilities utilized	(1,760)	(1,867)	6%
Available facilities	955	1,389	(31%)
Plus: cash	526	490	7%
Total liquidity	1,481	1,879	(21%)
Bonding
Bonding facilities	1,685	1,709	(1%)
Bonding facility utilization, %	55%	65%	(10 pp)

All captions above exclude lease liabilities.

Worley Full Year Results 2021 70

Foreign exchange translation impact

Movement in major currencies against AUD (indexed) Currency AUD $m NPAT translation impact of 1c ∆ AUD:USD 2.1 AUD:GBP 0.8 AUD:EUR 0.1	Currency Average exchange rate movement Spot exchange rate movement
	BRL 34.9% 2.2%
	CAD 6.4% (1.1%)
	CNY 4.8% 0.9%
	EUR 3.2% 2.7%
	GBP 4.2% (2.1%)
	NOK 4.3% (3.3.%)
	SGD 8.3% 5.0%
	USD 11.3% 8.5%
	KZT 19.2% 14.7%
	Currency FY2021 FY2020 Change
	AUD:USD 74.7 67.1 (11.3%)
	AUD:GBP 55.5 53.2 4.2%
	AUD:CAD 95.8 90.0 6.4%

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Foreign exchange

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15
Impact total EBITA
10
13
5
9 9
5 5
4 3 3 2
2 2 1
0
USD CAD INR KZT MNT NOK BRL ARS COP EUR US Pegged Other
60
Group EBITA FX Translation impact
40
20 (0) 11
5
(8) 0.1
-
(20)
(58)
(40)
(60)
FY16 FY17 FY18 FY19 FY20 FY21
A $m
A $m
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The modified retrospective approach has been applied on adoption of AASB 16 Leases . Accordingly, the financial information presented for the prior to FY20 has not been restated and is presented under AASB 117 Leases and related interpretations.

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Backlog

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1.9
Americas
EMEA
7.4
5.0
APAC
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1.8
Energy
Chemicals
7.0
Resources
5.5
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(0.2)
0.1
0.6 0.3
13.5 14.3
31 Dec 2020 FX Americas EMEA APAC 30 June
2021
(0.2)
(0.2)
0.3
0.9
13.5 14.3
31 Dec 2020 FX Energy Chemicals Resources 30 June
2021
A$'B
A$'B
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Worley Worley Full Year Results Results 2021

Cost Savings Programs

ECR acquisition cost synergy delivery ($m) Operational Savings delivery ($m) Savings deliveredIn-period savings carried into run rate 2 4 3 9 Savings deliveredIn-period savings carried into run rate Savings total Savings total Savings to be delivered Savings to be delivered 23 78 14 41 121 23 190 44 350 327 56 165 14 43 36 ~~6~~ FY19 FY19 FY20 H1 FY20 H1 FY20 H2 FY20 H2 FY21 H1 FY21 H1 FY21 H2 FY21 H2 April 2021 FY20 actionsFY20 actions H1 FY21 H1 FY21 H2 FY21 H2 FY21 June 2021 Run rate June 2022 actions in actions run actions in actions run actions in actions run actions in actions run actions in actions run exit run in period run rate actions in actions run actions in actions run exit run rate actions to exit run rate period rate period rate period rate period rate period rate rate period rate period rate June 2022 target (new)

• Using FY21 as a basis: incremental savings of actions taken will be net benefit of $6m in FY22 ($4.5m H1 FY22 and $1.5m H2 FY22)

• Using H2 FY21 as a basis: incremental savings of actions taken will be net benefit of $1.5m in H1 FY22

• Using FY21 as a basis: incremental savings of actions taken will be net benefit of $44m in FY22 ($37m H1 FY22 and $7m H2 FY22)

• Using H2 FY21 as a basis: incremental savings of actions taken will be net benefit of $7m in H1 FY22

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1. Annualized savings

Details of recurring cost savings in period

Drivers of EBITA Change FY20 to FY21 ($m)

Drivers of EBITA Change H1 FY21 to H2 FY21($m)

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Operational Savings
ECR acquisition cost $247m
ECR acquisition cost Operational Savings
synergies $76m
synergies $3m $30m
118
165 30
(58) (65) 134 7 (36) (540) (9) (2) 2 3 (44) 60 14
890 261
743 685 620 620 754 725 725 207 198 196 196 198 217 231
468 468 157 157
FY20 FX Synergies FY20 FY21 Savings Fy20 Fy21 Net FY21 H1 FY21 FX Synergies H1 FY21 H2 FY21 Savings H1 FY21 H2 FY21 Net FY21
EBITA translation already in Actions run actions in- already in actions run actions in- business EBITA EBITA translation already in actions run actions in- already in actions run actions in- business EBITA
FY20 rate perio FY20 rate period decline H1 FY21 rate (6 period H1 FY21 rate (6 period growth
months) months)
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1. Refer to page 45 and 46 for volume reduction and business mix details 2. Refer to page 74 for operational savings and ECR acquisition cost synergy details

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Glossary

$, $m, $b – Australian dollars unless otherwise stated, Australian millions of dollars, Australian billions of dollars AABS - Australian Accounting Standards Board APAC - Australia, Pacific, Asia & China CAPEX - Capital expenditure CCS - Carbon Capture and Storage CCUS - Carbon Capture, Utilization and Storage CEO - Chief Executive Officer CO2 - Carbon Dioxide

CPS - Cents Per Share

DSO - Days sales outstanding

EBITA - Earnings Before Interest, Tax and Amortization on acquired intangibles EBITDA - Earnings Before Interest, Tax, Depreciation and Amortization on acquired intangibles

ECR - Energy, Chemicals & Resources division acquired from Jacobs Engineering Group Inc in FY19

EMEA - Europe, Middle East & Africa EMTN - Euro Medium Term Note

EPF - Engineering Procurement and Fabrication EPS - Earnings Per Share ESG - Environmental, Social, and Corporate Governance FX - Foreign Exchange GID - Global Integrated Delivery

HY - Half Year IEA - International Energy Agency IFRS - International Financial Reporting Standard LNG - Liquefied Natural Gas MW (h) - Megawatt (hour) NPAT - Net Profit After Tax

NPATA - Net Profit After Tax excluding Amortization on acquired intangibles O&M - Operations & Maintenance

OPEC - Organization of the Petroleum Exporting Countries OPEX - Operating expenditure pcp – Prior Comparative Period PDO - Petroleum Development Oman PP - Percentage Points SDGs - Sustainable Development Goals TCFD - Task Force on Climate-related Financial Disclosures TRCFR - Total recordable case frequency rate UK - United Kingdom UKIS - United Kingdom Integrated Solutions UN - United Nations US - United States

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Backlog definition

Backlog is the total dollar value of the amount of revenues expected to be recorded as a result of work performed under contracts or purchase/work orders already awarded to the Group.

With respect to discrete projects an amount is included for the work expected to be received in the future. For multi-year contracts (i.e. framework agreements and master services agreements) and O&M contracts we include an amount of revenue we expect to receive for 36 months, regardless of the remaining life of the contract. Due to the variation in the nature, size, expected duration, funding commitments and the scope of services required by our contracts and projects, the timing of when the backlog will be recognized as revenue can vary significantly between individual contracts and projects.

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Speaker profiles

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Chris Ashton Chief Executive Officer

Chris was appointed Chief Executive Officer and Managing Director on 24 February 2020. He joined Worley in 1998 and has held many leadership roles in the company.

Chris was Chief Operating Officer responsible for the integration of ECR and for strategy for the transformed Worley business. Prior to this role, Chris was Group Managing Director for Major Projects and Integrated Solutions accountable for the business line’s growth and performance which includes Worley’s fabrication businesses, WorleyCord and Rosenberg Worley, and our Global Delivery Center. Chris has also held executive roles with responsibility for Europe, Middle East and African operations, and the Power sector globally.

Chris holds an Honors Degree in Electrical and Electronic Engineering from the University of Sunderland, a Master’s Degree in Business Administration from Cranfield School of Management, and he has completed the Executive Management Program at Harvard Business School and the Company Directors Course at the Australian Institute of Directors.

Charmaine Hopkins Chief Financial Officer (Interim)

Charmaine was appointed interim Chief Financial Officer on 22 June 2021 and is responsible for finance, tax, treasury, shared services, corporate affairs, mergers & acquisition and investor relations. Charmaine joined Worley in May 2016 leading the Corporate Finance team on secondment from KPMG and went on to take the role permanently in November 2019. Prior to this Charmaine worked at KPMG for 17 years and was most recently a Partner for six years. She brings an in-depth understanding of public company reporting requirements and capital structure and has a strong understanding of the Worley business based on her experience at Worley over recent years. Her experience covers consumer markets, transport and energy and natural resources industries, working with several large Australian listed entities. Charmaine has a Bachelor of Commerce from Macquarie University and is a member of the Chartered Accountants Australia & New Zealand.

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Registered office: Level 17, 141 Walker Street North Sydney NSW 2060 Australia T: +61 2 8923 6866 E: investor.relations@worley.com

Worley Limited ABN 17 096 090 158

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worley.com