Slide 1: Investor presentation FY25 results
Investor presentation FY25 results For twelve months ending 31 March 2025 Malcolm Deane, CEO and Managing Director Stuart Hutton, Chief Financial Officer
Slide 2: Important notice and disclaimer
Important notice and disclaimer This presentation has been prepared by ALS Limited, (ALS or the Company). It contains general information about the Company’s activities as at the date of the presentation. It is information given in summary form and does not purport to be complete. The distribution o
Slide 3: FY25 highlights
FY25 highlights • Strong revenue growth of 16% to $3b, with underlying1 EBIT increasing 4.7% to $515m, reflecting the strength of the diversified and resilient business model • Resilient underlying EBIT margin of 19.1% (excluding recent acquisitions). Reported underlying margin including Nuvisan, Yo
Slide 4: Health and safety remains top priority
Health and safety remains top priority Health and safety is prioritised ALS continues to deliver leading safety performance in every aspect of the business Well ahead of industry benchmarks1 to protect our people, to drive performance and to build trust Total recordable with our clients injury Bench
Slide 5: Financial highlights
Financial highlights Underlying revenue1 Underlying EBIT (margin)2 FCF generated Underlying ROCE2,3 $3 billion $515.0m (17.2%) $590.6m 18.9% +16.0% growth +4.7% growth Up $68.2m on pcp -174 bps decline +4.9% organic growth Underlying EBIT on CCY basis EBITDA cash conversion4 Reflecting initial dilut
Slide 6: Business highlights
Business highlights Commodities Life Sciences Minerals Industrial Materials Environmental Food Pharmaceutical Organic revenue Strong revenue Low to mid-teens Low double-digit Mixed performance growth driven by growth and margin organic revenue organic revenue across operations. improved revenue mix
Slide 7: Resilience through turbulent times
Resilience through turbulent times • ALS has a resilient business model and is confident in its ability to navigate the rapidly evolving macroeconomic landscape: – ALS operating model is based on global (Minerals) or regional (Life Sciences) hub & spoke networks of laboratories that enables superior
Slide 8: Strong revenue growth
Strong revenue growth Total revenue growth of 16.0% Underlying revenue growth composition (A$m) Organic growth of 4.9% a result of: ✓ Increased global demand for Environmental services (including PFAS), 4.9% 12.7% (1.6)% 16.0% underpinned by increased client quality standards and enforcement ✓ Growt
Slide 9: Commodities
Commodities © Copyright 2025 | ALS Limited 9
Slide 10: Commodities resilient in a recovering market
Commodities resilient in a recovering market Minerals margins maintained above 30% for fourth consecutive year Underlying results (A$m) • Total revenue increased by 0.2%: organic growth in Geochemistry and FY25 Change in FY25 FY24 Change CCY CCY1 Industrial Materials was offset by adverse FX. In con
Slide 11: Sample flows improve after variable H1
Sample flows improve after variable H1 • Fluctuating and variable sample flows showing signs of recovery, with overall 2.4% increase in sample flows in FY25 vs (8.4)% decline in FY24 • Sample flow volumes showed improvement, predominantly in Q4, in most key regions with strongest growth in Australia
Slide 12: Reduced cyclicality to exploration through downstream growth and new service offerings
Reduced cyclicality to exploration through downstream growth and increased uptake of new service offerings Minerals revenue dynamics New service Revenue growth (3 year CAGR) offerings and FY downstream 27% FY 25 activities 22% 2.4% 0.5% EBIT margin High performance methods 28.5% 21 sample organic re
Slide 13: Industrial Materials growth fuelled by Oil & Lubricants and Coal
Industrial Materials growth fuelled by Oil & Lubricants and Coal Oil & Lubricants Assay & Inspection Coal Superior technical expertise and Expert field assay and inspection with Testing and analysis services to manage digital services for efficient operations high-quality assays and fast turnaround
Slide 14: Life Sciences
Life Sciences © Copyright 2025 | ALS Limited 14
Slide 15: Strong Life Sciences growth led by Environmental and Food
Strong Life Sciences growth led by Environmental and Food Underlying results (A$m) FY25 Change in • Total Life Sciences revenue growth of 27.4% driven by organic growth of 6.6% FY25 FY24 Change CCY CCY1 and contributions from recent acquisitions partially offset by adverse FX. In Revenue 1,910.4 1,4
Slide 16: Life Sciences core strong; acquisitions performing well
Life Sciences core strong; acquisitions performing well Underlying organic revenue growth • Legacy Life Sciences organic revenue growth (ex. Nuvisan, Wessling & 8.0% York acquisitions) was 8.0% reflecting the continued strength, operating 6.3% 6.6% scale, and strategy execution of the large global E
Slide 17: Environmental is the largest revenue business stream
Environmental is the largest revenue business stream Testing and monitoring of air, water, soil, marine sediment and biota. • Second largest provider of environmental testing services globally1 Environmental organic growth • Market leading organic growth indicative of market share gains; deliberate
Slide 18: PFAS organic growth >2.5x broader Environmental portfolio
PFAS organic growth >2.5x broader Environmental portfolio ALS has a global PFAS strategy and is strategically investing to lead and capture expanding PFAS testing demand across business streams • ALS has significant experience and expertise, and the scale to analyse for complex suites of PFAS analyt
Slide 19: Nuvisan transformation ahead of plan
Nuvisan transformation ahead of plan • Rebranded and relaunched Nuvisan to better express dedication in client partnerships, and to Nuvisan revenue mix % align with the broader Pharmaceutical stream Anchor contract & third parties • Cost reduction ahead of expectations with annualised gross savings
Slide 20: Financial review
Financial review Group performance © Copyright 2025 | ALS Limited 20
Slide 21: FY25 financials
FY25 financials1 $m, except where stated FY25 FY24 Change • Solid financial performance in mixed market conditions Revenue 2,999.4 2,586.0 16.0% • Revenue grew organically by 4.9%, and was well supported by acquisitions, to achieve 16.0% overall growth Underlying EBITDA 727.7 665.7 9.3% • Underlying
Slide 22: Operating margins remain strong
Operating margins remain strong Underlying Group EBIT margin composition (%) • Underlying Group margins1 contracted by (159) bps at CCY, reflecting the expected dilution from FY24 Organic Scope Corporate FX2 FY25 Life Sciences acquisitions, and cyclical pricing pressures in Minerals Group margin 19.
Slide 23: Capital management delivering on objectives
Capital management delivering on objectives • Excellent cash flow generation supporting future deleveraging (on a CCY basis) Balance • Strong Group liquidity of $448 million further bolstered with equity raise announced today Sheet • Leverage ratio of 2.3x at upper-end of target range and EBITDA int
Slide 24: Strong cash generation
Strong cash generation $m, except where stated FY25 FY24 • Free cash flow generated increased 13.1% to $590.6m, Underlying EBITDA reflecting 95% cash conversion 620.2 571.1 (Pre-IFRS16 basis adjusted for ROU lease assets) • Increased M&A expenditure and integration costs relate to Net working capita
Slide 25: Leverage remained at top end of internal guided range
Leverage remained at top end of internal guided range • Leverage1 increased to 2.3x which is at the upper end of the targeted Leverage ratio range (1.7x to 2.3x) reflecting the investment and integration agenda • Depreciation of Australian dollar through H2 adversely impacted the 2.3x 2.3x reported
Slide 26: Capital deployment opportunity
Capital deployment opportunity Investment agenda Organic investment to upgrade four hub laboratories • Upgrading four major hub laboratories which are approaching capacity, for a total of ~A$230 million of phased spend Building floorplan Target Location Divisions Investment expansion commissioning —
Slide 27: New debt refinancing further strengthens liquidity position
New debt refinancing further strengthens liquidity position • In May 2025, the Group further extended its debt maturity profile completing new revolving term Proforma1 debt maturity profile as of March 2025 Currency debt denomination Weighted average debt maturity: 4.7 years debt extensions totallin
Slide 28: Corporate costs in line with expectations
Corporate costs in line with expectations Corporate costs (net of FX)1 (A$m) • Corporate costs have been well controlled and are in line with expectations at 2.2% of revenue. Corporate costs % of revenue • Corporate cost increase on pcp reflects: - Increase in at-risk remuneration costs 2.3% 2.0% 2.
Slide 29: FY25 scorecard and priorities ahead
FY25 scorecard and priorities ahead © Copyright 2025 | ALS Limited 29
Slide 30: 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 31: FY25 scorecard
FY25 scorecard Portfolio delivering amidst mixed market conditions Minerals Minerals IndustrialMaterials Industrial Materials Environmental Environmental Food Food Pharmaceutical Pharmaceutical ✓ Minerals: small market ✓ Oil & Lubricants: 12.6% ✓ Market-leading 9.8% organic ✓ 6% organic growth, with
Slide 32: Continued investment in applied data and digital solutions
Continued investment in applied data and digital solutions Innovative and data-driven approach continues to provide additional growth opportunities and operational efficiencies Testing capabilities Global systems Data journey Client solutions Ongoing innovation to optimise Industry-leading and globa
Slide 33: Perspectives for FY26 and beyond
Perspectives for FY26 and beyond Resilient operating model to navigate near-term uncertainty1 On track to meet FY27 objectives • ALS remains focused on delivering top-tier services to customers consistently, safely and reliably ALS remains on track to execute on strategy and meet the FY27 financial
Slide 34: Attractive investment proposition
Attractive investment proposition Global business with diverse end markets, services and customers underpinned by industry megatrends and strong market positions • Strategically positioned to capture growth opportunities from industry megatrends • Leading global and/or regional hub & spoke model dri
Slide 35: Appendix
Appendix FY25 results Investor Presentation © Copyright 2025 | ALS Limited 35
Slide 36: Divisional evolution (underlying continuing business)
Divisional evolution (underlying continuing business) $m FY24 Organic Scope Corporate FX1 FY25 Revenue 2,586.0 127.7 327.4 (41.7) 2,999.4 Revenue Commodities 1,086.6 28.9 (1.3) (25.3) 1,089.0 Life Sciences 1,499.4 98.7 328.7 (16.4) 1,910.4 $m FY24 Organic Scope Corporate FX2 FY25 Group EBIT 491.9 28
Slide 37: Reconciliation of underlying to statutory NPAT
Reconciliation of underlying to statutory NPAT FY25 $m Restructuring and Amortisation of Continuing operations1 Statutory result other items intangibles Revenue 2,999.4 - - 2,999.4 EBITDA 727.7 (48.8) - 678.9 Depreciation & amortisation (212.7) - (20.8) (233.5) EBIT 515.0 (48.8) (20.8) 445.4 Interes
Slide 38: Restructuring and other items
Restructuring and other items Acquisition / Acquisition SaaS system Other non- Total non- $m Start-up Restructuring Closure Cash Non-cash Divestment integrations development operational items recurring costs Commodities 0.3 2.0 1.5 - 0.2 - (5.4) (1.4) 4.4 (5.8) Life Sciences 2.3 3.1 6.7 - 11.5 - 3.2
Slide 39: Underlying effective tax rate movement
Underlying effective tax rate movement $m FY25 FY24 Change Underlying profit before tax (from continuing operations) 433.3 438.1 (1.1)% Tax 118.5 119.5 (0.8)% Effective tax rate (ETR) 27.3% 27.3% - FY26 outlook: ETR expected to be between 27 - 28% on an underlying basis right solutions. right partne
Slide 40: Net debt evolution
Net debt evolution Leverage ratio Leverage ratio 2.0x 2.3x 17 177 187 9 27 1,424 (457) 1,175 218 71 Net debt Cash flow Restructuring and FY25 acquisitions Deferred Treasury shares Interest and tax Dividends paid FX Net debt 1 April 2024 net of capex one off costs net of divestments 1 consideration b
Slide 41: 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 Industrial Materials Includes Inspection
Slide 42: right solutions. right partner.
right solutions. right partner. © Copyright 2025 | ALS Limited 42