Jefferies expects Worley's FY25 results to align with expectations, but flags potential risks for FY26

** Analysts at Jefferies expect Australia's Worley WOR to report FY25 EBITA of A$825 mln ($537.24 mln) and attributable EPS of 92.6 Australian cents apiece, broadly in line with consensus

** Says the CP2 LNG project's final investment decision removes a major overhang and sees revenue impact mostly from FY27

** Worley is providing engineering, procurement, and construction (EPC) services for Venture Global's VG CP2 LNG project in Louisiana

** Jefferies flags company's FY26 and FY27 projections could disappoint; sits 6% to 15% below consensus, citing potential weak capital expenditure on upstream oil operations

** Brokerage highlights downside risks from subdued near-term outlook for E&P activity but sees upside if resources margins hold

** Says stock trades near two-year relative lows to ASX200; reiterates "buy" with A$16.18 price target

** Nine of 10 analysts rate the stock "buy" or higher, one rates "hold"; their median PT is A$16.80, according to data compiled by LSEG

** Stock down 0.2% YTD

($1 = 1.5356 Australian dollars)