Slide 1: H1 FY26 results
For personal use only Investor presentation H1 FY26 results For six months ending 30 September 2025 Malcolm Deane, CEO and Managing Director Stuart Hutton, Chief Financial Officer 1
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 current or proposed activities of the Company and its related bodies corporate (Group) as at the date of the presentation, 18th November 2025. Information in th
Slide 3: H1 FY26 highlights – double digit revenue and earnings growth
H1 FY26 highlights – double digit revenue and earnings growth For personal use only • Strong revenue growth of 13.3% to $1.7b with all business streams delivering positive organic growth • Underlying1 EBIT increased 14.7% to $287.2m, with the underlying EBIT margin strengthening to 17.3%. Legacy EBI
Slide 4: Continuous improvement in safety performance
Continuous improvement in safety performance For personal use only 0.82 Lowest ever recorded by Total recordable injury frequency1 ALS ALS TRIFR 0.15 Reduced >50% over last 6 Lost time injury frequency1 months Benchmark TRIFR2 ALS TRIFR ALS LTIFR Benchmark LTIFR2 ALS LTIFR FY21 FY22 FY23 FY24 FY25 H
Slide 5: Financial highlights
Financial highlights Underlying revenue1 Underlying EBIT (margin)1 FCF generated Underlying ROCE1 For personal use only $1.7 billion $287.2m (17.3%) $303.9m 19.4% +13.3% growth (9.2% CCY basis) +14.7% growth Up $29.6m on pcp In line with prior year +6.9% organic growth Underlying EBIT on CCY basis U
Slide 6: Business highlights – key take aways
Business highlights – key take aways Commodities Life Sciences For personal use only Minerals Industrial Materials Environmental Food Pharmaceutical Double digit organic revenue Double digit organic Growth across most key Growth across all regions, Positive organic revenue growth driven by sample re
Slide 7: Strong organic revenue growth
Strong organic revenue growth Total revenue growth of 13.3% Underlying revenue growth composition (A$m) Organic growth of 6.9% a result of: For personal use only Uptick in exploration sample flow volumes as mining exploration 6.9% 2.3% 4.2% 13.3% expenditure increases, along with sustained demand
Slide 8: Commodities
For personal use only Commodities 8
Slide 9: Commodities demonstrating strength and resilience
Commodities demonstrating strength and resilience • Total revenue increased by 14.3%: organic growth in Geochemistry and Industrial Materials was Underlying results (A$m) aided by positive FX. In constant currency, revenue growth was 12.0% For personal use only H1 FY26 Change in H1 FY26 H1 FY25 Chan
Slide 10: Increased sample volumes in a stronger market
Increased sample volumes in a stronger market • Sample flow volumes recovered strongly with overall low double-digit YoY increase in sample flows to end of H1 FY26 • Increased volumes across most regions – North America lagging For personal use only • Firm commodity prices, the accelerating energy t
Slide 11: Resilient Minerals margin
Resilient Minerals margin H1 FY26 Minerals margin evolution Continued reduction in weighting of traditional exploration testing For personal use only 230 bps (120) bps (80) bps (20) bps 31.2% 31.3% Exploration testing H1 FY26 75% 25% (excluding HPMs) H1 FY25 Volume / Mix Pricing Metallurgy, FX H1 FY
Slide 12: Industrial Materials growth across all businesses
Industrial Materials growth across all businesses Oil & Lubricants Assay & Inspection Coal For personal use only Superior technical expertise and Expert field assay and inspection with Testing and analysis services to manage digital services for efficient operations high-quality assays and fast turn
Slide 13: Life Sciences
For personal use only Life Sciences 13
Slide 14: Life Sciences led by Food
Life Sciences led by Food Underlying results (A$m) • Total Life Sciences revenue growth of 12.8% driven by organic growth of 4.0%, contributions from acquisitions and positive FX impact. In constant currency, revenue For personal use only H1 FY26 Change in H1 FY26 H1 FY25 Change CCY CCY1 growth was
Slide 15: Life Sciences core strong with improved margin performance
Life Sciences core strong with improved margin performance Underlying organic revenue growth • Legacy Life Sciences organic revenue growth (ex. Nuvisan, Wessling & York For personal use only 9.3% acquisitions) was 4.3%, weakening vs a very strong pcp with pockets of market 7.8% slowdown and operatio
Slide 16: Financial review
For personal use only Financial review Group performance 16
Slide 17: H1 FY26 financials – strong revenue and earnings growth
H1 FY26 financials – strong revenue and earnings growth $m, except where stated H1 FY26 H1 FY25 Change • Strong financial performance with substantial uplift in revenue and earnings For personal use only Revenue 1,659.6 1,464.2 13.3% • Revenue grew organically by 6.9%, supported by Underlying EBITDA
Slide 18: Operating margins remain strong
Operating margins remain strong Underlying Group EBIT margin composition (%) • Underlying Group margins1 grew by +32 bps For personal use only at CCY with positive organic margin growth H1 FY25 Organic Scope Corporate FX2 H1 FY26 offset by scope and corporate dilution Group margin 17.1% +107 bps (30
Slide 19: Capital management delivering on objectives
Capital management delivering on objectives • Seasonally strong first half cash flow generation supporting continued deleveraging (on a CCY basis) Balance For personal use only • Strong Group liquidity of >$550 million Sheet • Leverage ratio of 1.8x at lower end of target range and EBITDA interest c
Slide 20: Strong cash generation
Strong cash generation $m, except where stated H1 FY26 H1 FY25 Underlying EBITDA • Free cash flow generated increased 10.8% to $303.9m, 345.2 302.0 (Pre-IFRS16 basis adjusted for ROU lease assets) reflecting 88% underlying cash conversion For personal use only Net working capital movement (41.3) (27
Slide 21: Leverage at lower end of internal range
Leverage at lower end of internal range • Leverage1 decreased to 1.8x which is at the lower end of the targeted Leverage ratio For personal use only range (1.7x to 2.3x) and reduced following the equity raise in May 2025 • Improved net debt provides additional flexibility and scope to complete the h
Slide 22: Laboratory network investment update
Laboratory network investment update • Upgrading four major hub laboratories which are approaching capacity, for a total of ~$230 million of phased spend across FY26-30 • Total of $67.7 million spent in H1 FY26, mostly on land For personal use only Location Prior to FY26 FY26 FY27 FY28 FY29 FY30 Lim
Slide 23: Strong balance sheet and liquidity position
Strong balance sheet and liquidity position • During May 2025, the Group further extended its debt maturity profile completing new revolving Debt maturity profile as of Sept 2025 Currency debt denomination For personal use only term debt extensions totalling USD $250m. These 3% new revolving facilit
Slide 24: Corporate costs in line with expectations
Corporate costs in line with expectations Corporate costs (net of FX)1 (A$m) • Corporate costs have been well controlled and are in line with expectations at 2.3% of revenue. For personal use only Corporate costs % of revenue • Corporate cost increase on pcp reflects: - Increase in at-risk remunerat
Slide 25: H1 FY26 scorecard and priorities ahead
For personal use only H1 FY26 scorecard and priorities ahead 25
Slide 26: Disciplined value creation framework
Disciplined value creation framework Re-focused growth 1 For personal use only aligned to strategic pillars and capital Organic and innovation led growth + Operational improvements + Cash generation + Disciplined M&A framework New Portfolio assessment Growth ambition Capital allocation 2 iterative a
Slide 27: H1 FY26 scorecard
H1 FY26 scorecard Successfully leveraging strategic positions to deliver strong financial performance and returns For personal use only Minerals Minerals IndustrialMaterials Industrial Materials Environmental Environmental Food Food Pharmaceutical Pharmaceutical Minerals: positive market ‒ Oil & L
Slide 28: Smart TIC in action - driving growth and operational efficiencies
Smart TIC in action - driving growth and operational efficiencies GREATER INSIGHT SMARTER DECISIONS For personal use only • Over 450 labs progressively • New regional AI Labs to be opened in connected through a unified global Lima, Sydney, Bangkok, and Prague data architecture combining LIMS • ALS C
Slide 29: FY26 trading update
FY26 trading update Group: on track to deliver 6-8% (from 5-7%) organic revenue growth and steady margin improvement in FY26. ALS remains focused • Phasing of underlying NPAT earnings expected to be similar to FY25 – approximately 48% (H1) / 52% (H2) For personal use only on delivering top-tier serv
Slide 30: Investment proposition
Investment proposition For personal use only Global business with diverse end markets, Strategically positioned to Leading global and/or regional flexible hub and spoke capture growth opportunities model driving market share and margins in Minerals and services and customers from industry megatrends
Slide 31: Appendix
For personal use only Appendix H1 FY26 results Investor presentation 31
Slide 32: Divisional evolution
Divisional evolution (underlying continuing business) $m H1 FY25 Organic Scope Corporate FX1 H1 FY26 For personal use only Revenue 1,464.2 100.5 33.3 - 61.6 1,659.6 Revenue Commodities 535.7 63.9 0.2 - 12.4 612.3 Life Sciences 928.5 36.6 33.1 - 49.2 1,047.3 $m H1 FY25 Organic Scope Corporate FX2 H1
Slide 33: Reconciliation of one-off cost treatment changes
Reconciliation of one-off cost treatment changes H1 FY26 FY25 For personal use only H1 FY26 H1 FY26 FY25 FY25 $m Greenfields Restructuring Greenfields Restructuring reported reclassified reported reclassified Underlying EBITDA 403.6 (2.7) (4.0) 396.9 727.7 (2.6) (10.1) 715.0 Underlying EBIT 287.2 (2
Slide 34: Reconciliation of underlying to statutory NPAT
Reconciliation of underlying to statutory NPAT H1 FY26 For personal use only $m Restructuring and Amortisation of Continuing operations1 Statutory result other items intangibles Revenue 1,659.6 - - 1,659.6 EBITDA 403.6 (34.2) - 369.4 Depreciation & amortisation (116.4) - (9.0) (125.4) EBIT 287.2 (34
Slide 35: Restructuring and other items
Restructuring and other items Acquisition / Acquisition SaaS system Other non- Total non- $m Greenfields Restructuring Closure Cash Non-cash Divestment integrations development operational items recurring costs Commodities 0.5 0.4 0.2 (2.0) (1.0) (2.2) 1.2 - - - For personal use only Life Sciences 2
Slide 36: Underlying effective tax rate movement
Underlying effective tax rate movement $m H1 FY26 H1 FY25 Change For personal use only Underlying profit before tax (from continuing operations) 249.5 209.4 19.2% Tax 70.0 56.2 24.5% Effective tax rate (ETR) 28.0% 26.8% +121 bps FY26 outlook: ETR expected to be between 27 - 28% on an underlying basi
Slide 37: Net debt evolution
Net debt evolution For personal use only Leverage Leverage Leverage 2.3x 1.7x 1.8x (367) 12 106 102 (9) (190) 5 68 1,424 1,151 1,057 Net debt Equity Raising Net debt Cash flow Major Hub Acquisitions Dividends Treasury shares FX Interest and tax Net debt 1 April 2025 post-share net of capex expansion
Slide 38: Acronyms and definitions
Acronyms and definitions bps Basis points CCY Constant currency For personal use only 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 Materia
Slide 39: For personal use only
For personal use only right solutions. right partner. 39