Slide 1: FY26 results
FY26 results For the year ending 31 March 2026 Malcolm Deane, CEO and Managing Director Stuart Hutton, Chief Financial Officer right solutions. right partner.
Slide 2: Important notice and disclaimer
Important notice and disclaimer This presentation has been prepared by ALS Limited (Company) and contains general information about certain and its representatives. Forward-looking statements may also be based on estimates and assumptions with respect current or proposed activities of the Company an
Slide 3: FY26 highlights: 10.7% revenue growth and 25.8% earnings growth
FY26 highlights: 10.7% revenue growth and 25.8% earnings growth • Strong revenue growth of 10.7% to $3.32b, including organic growth of 8.4%, reflecting the breadth of our global operations • Underlying1 EBIT increased 19.3% to $599.0m, with the underlying EBIT margin accelerating by 129 bps to 18.0
Slide 4: Health and safety remains top priority
Health and safety remains top priority ALS continues to deliver leading safety performance Health and safety is prioritised in every aspect of the business to protect our people, to drive 2 performance and to build trust with our clients 1.6 1.2 0.8 ALS TRIFR 0.4 ALS LTIFR 0 FY21 FY22 FY23 FY24 FY25
Slide 5: Financial highlights
Financial highlights Revenue Underlying EBIT (margin)1 FCF generated Underlying ROCE1 $3.3 billion $599.0m (18.0%) $674.1m 21.5% 309 bps improvement +10.7% growth (8.8% CCY basis) +19.3% growth Up $83.5m on pcp versus prior year +8.4% organic growth (top end Underlying EBIT on CCY basis Underlying E
Slide 6: Business highlights – key take aways
Business highlights – key take aways Commodities Life Sciences Minerals1 Industrial Materials2 Environmental Food Pharmaceutical Double-digit organic revenue Double-digit organic revenue EMEA and APAC growth in line Growth across all regions, with Strong margin improvement growth growth in Oil & Lub
Slide 7: Strong organic revenue growth
Strong organic revenue growth Underlying revenue growth composition (A$m) Total revenue growth of 10.7% Organic growth of 8.4% a result of: 8.4% 0.4% 1.9% 10.7% ✓ Robust demand across all key regions, driving Minerals sample flow volumes as mining exploration expenditure increases 3,500 250 13 58 3,
Slide 8: Commodities
Commodities
Slide 9: Commodities well positioned, executing and delivering strongly
Commodities well positioned, executing and delivering strongly Underlying results (A$m) • Total revenue increased by 18.8%: growth in Geochemistry and Industrial Materials FY26 Change was aided by positive FX. In constant currency, revenue growth was 18.1% FY26 FY25 Change CCY1 in CCY1 Revenue 1,294
Slide 10: Continued upswing delivering momentum in volumes
Continued upswing delivering momentum in volumes • Sample flow volumes accelerated in H2, with flows originating from juniors showing their first signs of uptick, alongside ongoing growth in absolute volumes sourced from majors/mid tiers. Pricing conditions also improved progressively through the ye
Slide 11: Strong Minerals margin – operating leverage and pricing benefits
Strong Minerals margin – operating leverage and pricing benefits Continued reduction in weighting of traditional exploration testing FY26 Minerals margin evolution (Geochemistry revenues) 1.5% 1.4% 33.0% 30.7% -0.3% -0.3% Exploration testing FY26 76% 24% (excluding HPMs) FY25 Volume / Mix Pricing Me
Slide 12: Industrial Materials strategic expansion translating into results
Industrial Materials strategic expansion translating into results Oil & Lubricants Assay & Inspection Coal Superior technical expertise and Expert field assay and inspection with Testing and analysis services to manage +17.4% organic growth digital services for efficient operations high-quality assa
Slide 13: Life Sciences
Life Sciences
Slide 14: Life Sciences – a year of mixed results with clear bright spots
Life Sciences – a year of mixed results with clear bright spots Underlying results (A$m) • Total Life Sciences revenue growth of 6.0% driven by organic growth of 2.8%, contributions FY26 Change from acquisitions and positive FX impact. In constant currency, revenue growth was 3.4% FY26 FY25 Change C
Slide 15: Life Sciences core strong with improved margin performance
Life Sciences core strong with improved margin performance • Legacy EBIT margin was 16.8%, an increase of +32 bps from FY25, reflecting ongoing delivery from Underlying organic revenue growth core operations, with improvement stemming from both scale benefits, and process optimisation initiatives 8.
Slide 16: Group performance
Group performance Financial review
Slide 17: FY26 financials – strong revenue and earnings growth
FY26 financials – strong revenue and earnings growth $m, except where stated FY26 FY25 Change • Strong financial performance with substantial Revenue 3,320.1 2,999.4 10.7% uplift in revenue and earnings Underlying EBITDA 833.0 715.0 16.5% • Revenue grew organically by 8.4%, supported by Underlying E
Slide 18: Operating margins remain strong
Operating margins remain strong Underlying Group EBIT margin composition (%) Underlying Group margins1 grew by +147 bps at CCY with positive organic margin growth offset FY25 Organic Scope Corporate FX2 FY26 by scope and corporate dilution Group margin 16.7% +180 bps (18) bps (16) bps (17) bps 18.0%
Slide 19: Capital management delivering on objectives
Capital management delivering on objectives • Successful equity raise totalling ~$367 million in H1, reinforces strength to pursue both organic and inorganic growth opportunities Balance • Strong Group liquidity of >$580 million sheet • Healthy leverage ratio of 1.5x below lower end of targeted rang
Slide 20: Strong cash generation
Strong cash generation $m, except where stated FY26 FY25 • Free cash flow generated increased 14% to $674.1m, reflecting 92% Adjusted underlying EBITDA1 730.8 620.2 underlying cash conversion • Capital expenditure includes $93.7m spent on the four hub lab upgrades Net working capital movement (56.7)
Slide 21: Leverage below lower end of internal range
Leverage below lower end of internal range • Leverage1 decreased to 1.5x which is below the lower end of the targeted range (1.7x to 2.3x) and reduced following the equity Leverage ratio raise in May 2025 • Improved net debt provides additional flexibility and scope to complete the hub lab upgrade p
Slide 22: Strong balance sheet and liquidity position
Strong balance sheet and liquidity position • Significant capacity and headroom in Currency debt denomination facilities & covenants, with Proforma debt maturity profile approximately A$530m of undrawn (post refi) as of March 2026 6% 450 committed bank funding capacity. In 27% addition to surplus ca
Slide 23: Corporate costs in line with expectations
Corporate costs in line with expectations Corporate costs (net of FX)1 (A$m) • Corporate costs have been well controlled and are in line with expectations at 2.2% of revenue. This includes Corporate costs % of revenue at risk incentive programs • Corporate costs include investments being made for ad
Slide 24: FY26 scorecard and priorities ahead
FY26 scorecard and priorities ahead
Slide 25: FY26 scorecard
FY26 scorecard Successfully leveraging strategic positions to deliver record financial performance and returns Minerals Minerals IndustrialMaterials Industrial Materials Environmental Environmental Food Food Pharmaceutical Pharmaceutical ✓ Minerals: Cyclical upswing ✓ Oil & Lubricants: strong – Mid-
Slide 26: Supply chain considerations from Middle East conflict
Supply chain considerations from Middle East conflict • ALS is proactively managing supply chain risks following the conflict in • Cost increases are anticipated as suppliers pass on external cost pressures the Middle East, with negligible revenue impacts to date and ALS ensures supply certainty. Th
Slide 27: Towards the Lab of the Future: from investment to early returns
Towards the Lab of the Future: from investment to early returns FY26 marks a smart labs acceleration point, using data, robotics and AI to deliver faster results, higher-quality and lower cost per test Unified platform, proprietary data moat Company-wide GenAI at controlled cost Automation as a dire
Slide 28: Hub lab development update – all projects on track
Hub lab development update – all projects on track New hub investments further reinforce the world-class hub and spoke model within Minerals and Environmental Supported by ~801 Minerals and ~135 Environmental spoke laboratories globally Key progress updates $93.7m spent to date – approx. 40% of budg
Slide 29: Disciplined value creation framework
Disciplined value creation framework Re-focused growth aligned to strategic 1 pillars and capital Organic and innovation led growth + Operational improvements + Cash generation + Disciplined M&A framework New Portfolio assessment Growth ambition Capital allocation iterative a) Market Expand and Risk
Slide 30: Perspectives for FY27 and beyond
Perspectives for FY27 and beyond ALS remains • ALS maintains a resilient operating model allowing it to effectively navigate near-term geopolitical uncertainty1 focused on • Group: targeting mid to high single-digit organic revenue growth across the Group and margin expansion similar to FY26 improve
Slide 31: Investment proposition
Investment proposition Specialised global TIC leader with diverse end markets, services and customers, underpinned by industry megatrends and strong market positions Strategically positioned to Leading global and/or regional flexible hub and spoke AI-first by design Disciplined value capture growth
Slide 32: Appendix
Appendix FY26 results
Slide 33: Divisional evolution (underlying continuing business)
Divisional evolution (underlying continuing business) $m FY25 Organic Scope Corporate FX1 FY26 Revenue 2,999.4 250.0 12.9 - 57.8 3,320.1 Revenue Commodities 1,089.0 197.0 0.3 - 7.9 1,294.2 Life Sciences 1,910.4 53.1 12.6 - 49.9 2,025.9 $m FY25 Organic Scope Corporate FX2 FY26 Group EBIT 502.3 100.4
Slide 34: Reconciliation of one-off cost treatment changes
Reconciliation of one-off cost treatment changes FY25 FY26 FY25 FY25 FY26 FY26 $m Greenfields Restructuring Greenfields Restructuring (as reported) (restated) (prior policy) (as reported) Underlying EBITDA 727.7 (2.6) (10.1) 715.0 848.1 (6.5) (8.6) 833.0 ALS Group Underlying EBIT 515.0 (2.6) (10.1)
Slide 35: Reconciliation of underlying to statutory NPAT
Reconciliation of underlying to statutory NPAT FY26 $m Restructuring and Amortisation of Underlying result1 Statutory result other items intangibles Revenue 3,320.1 - - 3,320.1 EBITDA 833.0 (54.7) - 778.3 Depreciation & amortisation (234.0) - (19.4) (253.4) EBIT 599.0 (54.7) (19.4) 524.9 Interest ex
Slide 36: Restructuring and other items
Restructuring and other items Acquisition / Acquisition SaaS system Other non- Total non- $m Closure Divestment integrations development operational items recurring costs Commodities 0.5 - - - (1.1) (0.6) Life Sciences 3.3 - - - 3.9 7.2 Corporate - 7.6 19.0 14.8 6.7 48.1 Total 3.8 7.6 19.0 14.8 9.5
Slide 37: Underlying effective tax rate movement
Underlying effective tax rate movement $m FY26 FY25 Change Underlying profit before tax (from continuing operations) 529.7 420.6 25.9% Tax 145.6 114.9 26.7% Effective tax rate (ETR) 27.5% 27.3% +15 bps FY27 outlook ETR expected to be between 27 - 28% on an underlying basis right solutions. right par
Slide 38: Net debt evolution
Net debt evolution Leverage Leverage Leverage 2.3x 1.7x 1.5x -367 194 23 -48 -442 194 1,424 -1 94 1,057 1,070 Net debt Equity Raising Net debt Cash flow Major Hub Acquisitions Dividends Treasury shares FX Interest and tax Net debt 1 Apr 2025 post-share net of capex expansions net of paid bought 31 M
Slide 39: Further context: Supply chain disruptions from Middle East conflict
Further context: Supply chain disruptions from Middle East conflict Air freight through Gulf hubs Instrument spare parts Petrochemical-linked solvents and reagents • Air cargo routes through Dubai, Doha, Abu Dhabi • Uncertain transit conditions make delivery • Disruption extending into petrochemical
Slide 40: Acronyms and definitions
Acronyms and definitions bps Basis points CCY Constant currency DPO Days payment outstanding DSO Days sales outstanding EPS Earnings per share. Basic EPS calculated as: Underlying NPAT / weighted average number of shares FCF Free cash flow FX Foreign exchange HPM High performance methods Industrial
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