Slide 1: Positioning for growth: Equity raising presentation
Positioning for growth Equity raising presentation 27 May 2025 Illustration of the proposed, expanded Sydney, Australia hub laboratory © Copyright 2025 | ALS Limited 1
Slide 2: Disclaimer
Disclaimer This presentation (Presentation) is dated 27 May 2025 and has been prepared by ALS Limited (ABN 92 009 657 489) (ALS) in relation to a fully underwritten institutional placement of new fully paid ordinary shares in ALS (New Shares) under section 708A of the Corporations Act 2001 (Cth) (Co
Slide 3: Disclaimer
Disclaimer Future performance and forward looking statements This Presentation contains certain forward looking statements and comments about future events, including ALS’s expectations about the performance of its businesses, and the effect of the funds raised under the Offer on those businesses. F
Slide 4: Disclaimer
Disclaimer Effect of Rounding A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. Disclaime
Slide 5: Section 1: Executive summary
Section 1 Executive summary Illustration of the proposed, expanded Sydney, Australia hub laboratory © Copyright 2025 | ALS Limited 5
Slide 6: Executive summary
Executive summary ● ALS is a global leader in testing solutions and is exposed to a range of diversified and high-growth end markets – an industry leader in Minerals and Environmental with Global leader in regional strength in Food, Pharma, and Industrial Materials testing ● ALS is strategically pos
Slide 7: Section 2: Positioning for growth
Section 2 Positioning for growth Illustration of the proposed, expanded Sydney, Australia hub laboratory © Copyright 2025 | ALS Limited 7
Slide 8: A platform for growth
A platform for growth Refocused and strengthened strategy ready for accelerated growth Developing a resilient business for today and the future 1 2 3 4 5 Attractive industry Unique portfolio Refreshed strategy Delivering on Growth and returns objectives Operates in an attractive Exposed to diversifi
Slide 9: Large and evolving testing market
Large and evolving testing market Supported by industry megatrends and consolidation opportunities Megatrends Increasing regulation, enforcement and outsourcing US$131b Focus on health, nutrition and sustainability Global testing market, 2024 Demand for energy ALS portfolio transition and electrific
Slide 10: A global leader in testing
A global leader in testing Scaled platform diversified by revenue streams, end-markets and geographies FY25 revenue by segment FY25 revenue by geography 20,000+ A$3.0bn Employees FY25 revenue Commodities Minerals 36% Industrial Materials ~35% 500+ A$515m EMENA Operating sites ~28% FY25 underlying EB
Slide 11: Track record of shareholder value creation
Track record of shareholder value creation Consistently delivering revenue growth, EPS growth and shareholder returns 3,500 70.0 A$0.64/sh ~189%1 3,000 60.0 A$3.0bn Total shareholder return (FY18-25) 2,500 50.0 vs ASX100 of 2,000 40.0 87%1 A$1.5bn 1,500 30.0 A$0.28/sh 1,000 20.0 500 10.0 - - ~11% To
Slide 12: Disciplined value creation framework
Disciplined value creation framework Prioritising risk weighted capital to protect, extend and expand the portfolio Re-focused growth aligned to strategic 1 pillars and capital Organic and innovation led growth + Operational improvements + Cash generation + Selective and opportunistic M&A framework
Slide 13: Multiple growth vectors
Multiple growth vectors Multi-faceted approach to accelerating growth Pipeline of capital opportunities that align with ALS’ Value Creation Framework 1 2 Organic investment in the laboratory network Value accretive M&A • Phased investment of A$230 million to upgrade four major hub • Highly fragmente
Slide 14: Capital deployment opportunity: laboratory network
Capital deployment opportunity 1. Organic investment in the laboratory network Leading hub and spoke network providing a strategic advantage World-class hub & spoke model Unique strategic advantage Supported by ~801 minerals and ~135 environmental spoke laboratories globally ✓ Enables redirection of
Slide 15: Organic investment in four hub laboratories
Capital deployment opportunity 1. Organic investment in the laboratory network (cont.) Organic investment in four hub laboratories to position ALS for future growth Investment agenda Organic investment to upgrade four hub laboratories • Upgrading four major hub laboratories which are approaching cap
Slide 16: Multi-year projects timeline
Capital deployment opportunity 1. Organic investment in the laboratory network (cont.) Multi-year projects – targeting commissioning of all four projects by FY30 Target project timeline Location Prior to FY26 FY26 FY27 FY28 FY29 FY30 Lima, Peru Location of new 1H FY26: Acquire land, 1H FY27: Mineral
Slide 17: Highly attractive locations with strong track records
Capital deployment opportunity 1. Organic investment in the laboratory network (cont.) Highly attractive locations with strong track records Lima, Peru Sydney, Australia Bangkok, Thailand Prague, Czech Republic Minerals Environmental Environmental and Food Environmental ✓ Hub lab for Geochemistry in
Slide 18: Value accretive M&A
Capital deployment opportunity 2. Value accretive M&A Strong pipeline of opportunities within highly attractive markets Strong pipeline of opportunities … … predominately within two highly attractive markets Preliminary screen: Minerals Environmental 80+ opportunities reviewed in the last twelve mon
Slide 19: Disciplined approach to M&A
Capital deployment opportunity 2. Value accretive M&A (cont.) Disciplined approach to M&A in-line with ALS’ Value Creation Framework ✓ Attractive market and positioning ✓ Enhances scale, capability or geographic reach assessment 3 lenses of Portfolio assessment ✓ Alignment with the ALS Operating Way
Slide 20: Highly attractive financial outcomes
Financial outcomes Highly attractive financial outcomes Uses Overview Timing Earnings impact • Substantial capital investment into four properties Organic investment in the for a total of A$230 million of phased spend Majority of capital to be Target ROCE: laboratory network: deployed within: A$230m
Slide 21: Attractive investment proposition
Attractive investment proposition Global business with diverse end markets, services and customers underpinned by industry megatrends and strong market positions Our vision ✓ Strategically positioned to capture growth opportunities from industry megatrends To be the global leader in Leading global a
Slide 22: Section 3: Equity raising
Section 3 Equity raising Illustration of the proposed, expanded Sydney, Australia hub laboratory © Copyright 2025 | ALS Limited 22
Slide 23: Equity raising summary
Equity raising summary ● Fully underwritten institutional placement of new fully paid ordinary shares to raise A$350 million Offer structure and size ● 21.0 million shares to be issued under the Placement representing ~4.3% of issued share capital under ALS’ existing placement capacity under ASX lis
Slide 24: Sources and uses
Sources and uses Sources and uses of funding1 Pro forma 31 March 2025 liquidity and balance sheet position Sources A$ million Prior to equity 2.3x A$335 million2 Fully underwritten institutional placement 350 raising leverage ratio undrawn bank capacity (as at 31 March 2025) (as at 31 March 2025) To
Slide 25: Placement and SPP timetable
Placement and SPP timetable Milestone Date Record date for participation in the SPP 7.00pm (Sydney time), 26 May 2025 Trading halt and announcement of Placement and SPP 27 May 2025 Placement bookbuild 27 May 2025 Announcement of outcome of Placement 28 May 2025 Trading halt lifted – trading resumes
Slide 26: Appendix A: Key risks
Appendix A Key risks © Copyright 2025 | ALS Limited 26
Slide 27: Key risks
Key risks This section discusses a non-exhaustive list of key risks attaching to an investment in shares in ALS, which may affect the future operating and financial performance of ALS and the value of ALS shares. The occurrence of any these risks may also cause other risks to become more significant
Slide 28: Key risks (cont.)
Key risks (cont.) Growth and transformation ALS may not achieve anticipated benefits from investments in the laboratory network ALS’ undertakes extensive planning, diligence and business case analysis on new investments, including the planned investments in the lab facilities. This includes expected
Slide 29: Key risks (cont.)
Key risks (cont.) Financial management Covenant risk ALS is subject to covenants in its existing bilateral debt facilities, specifically times interest coverage and leverage tests. The covenants in ALS’ external banking arrangements are for leverage, at all times, to be less than 3.25x calculated EB
Slide 30: Key risks (cont.)
Key risks (cont.) Climate and environment The widespread economic and social consequences of climate change present both risks and opportunities affecting our business and the communities in which ALS operates through cost impacts and operational efficiency disruptions. ALS is exposed climate-relate
Slide 31: Key risks (cont.)
Key risks (cont.) Business Operations and Resilience (cont.) Disruption on failure of technology systems and software ALS and its customers are dependent on the performance, reliability and availability of ALS’ infrastructure and technology platforms to provide its customers with a highly reliable s
Slide 32: Key risks (cont.)
Key risks (cont.) People and workplace (cont.) Workforce and safety ALS has processes in place to monitor compliance with employment laws and takes its obligations to its workforce seriously, including in relation to modern slavery. Notwithstanding this, ALS is not exempt from the risk of unintentio
Slide 33: Key risks (cont.)
Key risks (cont.) General investment risks Risks associated with investment in shares There are general risks associated with investments in equity capital. The trading price of ALS shares may fluctuate with movements in equity capital markets in Australia and internationally. This may result in the
Slide 34: Appendix B: International offer restrictions
Appendix B International offer restrictions © Copyright 2025 | ALS Limited 34
Slide 35: International offer restrictions
International offer restrictions This Presentation does not constitute an offer of new ordinary shares (New Shares) of ALS in any jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person, and the New Shares may not be offered or sold, in any c
Slide 36: International offer restrictions (cont.)
International offer restrictions (cont.) Cayman Islands This Presentation may be distributed, and the New Shares may be offered and sold, only from outside the Cayman Islands to institutional and professional investors in the Cayman Islands. No offer or invitation to subscribe for New Shares may be
Slide 37: International offer restrictions (cont.)
International offer restrictions (cont.) Norway This Presentation has not been approved by, or registered with, any Norwegian securities regulator under the Norwegian Securities Trading Act of 29 June 2007 no. 75. Accordingly, this Presentation shall not be deemed to constitute an offer to the publi
Slide 38: International offer restrictions (cont.)
International offer restrictions (cont.) United Kingdom Neither this Presentation nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Ma
Slide 39: Appendix C: Summary of the underwriting agreement
Appendix C Summary of the underwriting agreement © Copyright 2025 | ALS Limited 39
Slide 40: Summary of the underwriting agreement
Summary of the underwriting agreement ALS has entered into a placement agreement to appoint the Underwriter to manage the placement (“Placement”) of new fully paid ordinary shares in the capital of ALS (“Placement Shares”) as sole Lead Manager, bookrunner and underwriter of the Placement (“Underwrit
Slide 41: Summary of the underwriting agreement (cont.)
Summary of the underwriting agreement (cont.) In addition, the Underwriter may terminate its obligations under the Underwriting Agreement on the occurrence of certain events if it has reasonable grounds to believe and does believe that the event has had, or is likely to have, a materially adverse ef