Slides
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Title ALS Limited Investor Days • Management presentations 31 JULY 2025 • PERTH, AUSTRALIA
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• 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 of this presentation in jurisdictions outside Australia may be restricted by law, and you should observe any such restrictions. • This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of securities, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, securities in any jurisdiction. Neither this document nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. • The Company has prepared this presentation based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. • This presentation includes forward-looking statements within the meaning of securities laws. Any forward-looking statements involve known and unknown risks and uncertainties, many of which are outside the control of the Company and its representatives. Forward-looking statements may also be based on estimates and assumptions with respect to future business decisions, which are subject to change. Any statements, assumptions, opinions or conclusions as to future matters may prove to be incorrect, and actual results, performance or achievement may vary materially from any projections and forward-looking statements. • Due care and attention should be undertaken when considering and analysing the financial performance of the Company. Numbers may not add up due to rounding. • All references to dollars are to Australian currency unless otherwise stated. Important notice and disclaimer 2
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Michael Williams GROUP TREASURER, INVESTOR RELATIONS AND BUSINESS INTEGRATION DIRECTOR WELCOME
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Driving growth and innovation for over 160 years Then Now 4
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SAFE RESILIENT CURIOUS COMMITTED CARING HONEST Our values is at our core SAFETY 5
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Leading in safety performance 1 Industry benchmarks calculated as the average of three major TIC peers’ published frequency rates and ALS frequency rate. 2 Calculated on a 12-month rolling average per million hours worked Health and safety is prioritised in every aspect of the business Delivering safety ahead of industry benchmarks1 FY25FY24FY23FY22FY21 ALS LTIFR ALS TRIFR Benchmark TRIFR Total recordable injury frequency2 Lost time injury frequency2 0.31 0.92 Protecting our people Driving performance Building trust with clients Benchmark LTIFR ALS TRIFR ALS LTIFR 6
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Welcome Michael Williams – Group Treasurer and IR Director Opening remarks Malcolm Deane – CEO and Managing Director ALS Roadmap to Win Heike Truol – Chief Strategy Officer Unlocking value through digital innovation and AI Thibault Bonneton – Chief Digital & Information Officer Q&A #1 BREAK Extending the ALS way through the mining value chain Bruce McDonald – EGM Minerals Driving resilience through innovation in minerals Michele Ramshaw – GM Global Geochemistry Shawn Hood – GM Geoanalytics Q&A #2 BREAK Leading in environmental excellence Tim Kilmister – EGM Environmental Phillip Kennedy – State Manager Environmental Q&A #3 Closing remarks – ALS investment proposition Stuart Hutton – Chief Financial Officer Fireside panel chat Executive Leadership Team Agenda
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Malcolm Deane MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER OPENING REMARKS
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A global leader in testing 2% AFRICA 34% AMERICAS 35% EMENA 29% APAC 1Underlying profit measures are a non-IFRS disclosure and exclude unusual events and non-recurring items including acquisition-related and greenfield start-up costs, impairment and fair value gains/(losses), amortisation of separately recognised intangibles, SaaS system development costs, and other business restructuring and site closure costs. A$515m FY25 UNDERLYING EBIT1 18.9% FY25 UNDERLYING ROCE1 22,000+ STAFF WORLDWIDE 450+ LABS WORLDWIDE A$3bn FY25 REVENUE Life Sciences 36% Environmental Food Pharmaceutical Revenue contribution Industrial Materials Minerals Commodities 27% 37% Revenue by geography 9
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Earnings per shareRevenue and EBIT Growth underpinned by ALS Operating Way: operational excellence, strategic investments and innovation 1ALS total shareholder return calculated as: ((closing share price – opening share price) + total dividends per share paid in period) / opening share price. ASX100 Total Return sourced from S&P Global 2 FY25 EBIT margin excluding recent acquisitions (Nuvisan, York, Wessling) ~14% Underlying revenue CAGR (FY21-25) Track record of shareholder value creation $1.8bn $3bn Consistently delivering $515m $296m FY21 FY22 FY23 FY24 FY25 Diluted EPS REVENUE GROWTH 38 cps 64 cps ~208% Total shareholder return (FY21-25) vs ASX100 of 89%1 SHAREHOLDER RETURNS FY21 FY22 FY23 FY24 FY25 Underlying revenue Underlying EBIT 18.3% EBIT margin 19.1% EBIT margin2 10
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35% 53% 12% 36% 64% Portfolio rationalisation focused on increasing resilience and growth Strategically increased exposure to key growth regions in Americas and Europe Building a resilient portfolio REVENUE BY BUSINESS SEGMENT REVENUE BY GEOGRAPHY REVENUE PRIOR 4 YEAR CAGR % FY21 FY25 2% 28% 35% 34% A$1.8bn ~7% A$3.0bn ~14% 2% 38% 26% 33% Revenue CAGR doubled Life Sciences Commodities Industrial Africa Asia/Pacific EMENA Americas 11
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To be the global leader in the discipline of scientific analysis in pursuit of a better world for all. VISION To help our clients leverage the power of testing and data-driven insights for a safer and healthier world. Making the world a better place through science, assurance, and sustainability. Safe Resilient Curious Committed Caring Honest One team. One purpose. OUR MISSION OUR PURPOSE OUR VALUES OUR One ALS.
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Continue to grow organically at mid-high single digit Positioning for success REVENUE BY BUSINESS SEGMENT REVENUE BY GEOGRAPHY REVENUE Evolve portfolio in line with strategy: Continue to diversify revenue and target regional megatrends 1 PROTECT & EXTEND 2 EXPAND 3 SELECTIVE & OPPORTUNISTIC 4 MANAGE & MONITOR FUTURE 13
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Delivering the lab of the future STRATEGY CULTURE STRUCTURE • Alignment to high-quality testing markets • Differentiated, high-margin work • Strategy execution through Roadmap to Win • Disciplined capital allocation via value creation framework • Putting our people first • Refreshed management team aligned on strategic priorities • Global footprint and hub and spoke operating model • Standardised global LIMS • Embracing technology, digital & AI • Process automation Aligning strategy, structure and culture 14
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Strategy execution Roadmap to Win Automation, data and AI opportunities Extend existing competitive advantage Next growth phase Focused capital allocation 15
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LEADING ALS’ FUTURE MALCOLM DEANE CEO and Managing Director STUART HUTTON Chief Financial Officer HEIKE TRUOL Chief Strategy Officer TIM KILMISTER Executive General Manager, Environmental DAYNA FIELD General Counsel & Company Secretary JOAO COTTA Executive General Manager, Food MARK ZORBAS Chief People Officer BRUCE MCDONALD Executive General Manager, Minerals GRACE COILEY Executive General Manager, Industrial Materials THIBAULT BONNETON Chief Digital & Information Officer RICKARD OLOFSSON Executive General Manager, Pharmaceutical ALS Executive team aligned on strategic priorities and focused on INNOVATION, AGILITY & GROWTH SPAIN AUSTRALIA UNITED KINGDOM SPAIN SPAIN SPAIN UNITED KINGDOM CANADA AUSTRALIA PORTUGAL CZECH REPUBLIC Functions Business streams 16
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Heike Truol CHIEF STRATEGY OFFICER ROADMAP TO WIN
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Where are we todayRefreshed strategy and capital allocation Roadmap to Win How to win Where to win all growth and investment decisions operating and capital productivity REFRESHED STRATEGY DISCIPLINED VALUE CREATION FRAMEWORK BUILDING DEEPER ADVANTAGES PORTFOLIO FOCUS Focus on Minimum return hurdles Underpinning 18
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Sharper focus: Expand Protect & extend Selective & opportunistic Manage & monitor Description Attractive markets where ALS has a strong advantage and portfolio fit Leading market share position with lower runway for growth Moderately attractive markets where ALS has room to grow, but less current advantage Markets where ALS has less competitive advantage Objective Build market share through growth and acquisitions Protect market share, enhance services and progress digital Improve operations through smart investment Focus on operational improvement, limited investment MARKET High volume and criticality with leadership potential PORTFOLIO Aligned to our ALS Operating Way GROWTH POTENTIAL Size, share and incremental opportunity 1 2 3 WHERE WE WILL WIN 19
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Less attractive, more advantaged segments Strategic segments Less attractive, less advantaged segments More attractive, less advantaged segments HIGHERLOWER ALS’ COMPETITIVE ADVANTAGE LOWER MARKET ATTRACTIVENESS Protect & Extend Expand Selective & Opportunistic Manage & Monitor Market participation and position of businesses within ALS portfolio1 HIGHER 36% 31% 37% 53% 17% 14%10% FY25 % of Rev 2% FY25 % of EBIT 1Bubble size FY25 revenue Investment area Where are we todayWell positioned portfolio 20
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Where we’ve been investing Inorganic investment • York (Environmental, USA) • Wessling (Environmental, Europe) Organic investment Four key growth projects • Lima, Peru (Minerals) • Sydney, Australia (Environmental) • Bangkok, Thailand (Environmental and Food) • Prague, Czech Republic (Environmental) Targeted investment in resilient high-growth markets Protect and extend Expand Selective and opportunistic Manage and monitor ORGANIC AND INORGANIC Past two years Life Sciences Commodities Investment by AREA Investment by DIVISION 21
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1 Organic and inorganic growth capital calculated on 3rd or 5th respectively full year contribution after commissioning or acquisition 2 Net debt / EBITDA 3 Based on underlying NPAT. Underlying profit measures are a non-IFRS disclosure and exclude unusual events and non-recurring items including acquisition-related and greenfield start-up costs, impairment and fair value gains/(losses), amortisation of separately recognised intangibles, SaaS system development costs, and other business restructuring and site closure costs. Disciplined value creation framework Re-focused growth aligned to strategic pillars and capital framework Organic and innovation led growth Operational improvements Cash generation Disciplined M&A+ ++ Operating and capital productivity Mid-high single-digit organic revenue growth for Group Steady margin improvement across portfolio EBITDA cash conversion >90% Dividend payout3 50 – 60 % Leverage range2 1.7 – 2.3x An integrated platform of market leading businesses, highly valued by clients and shareholders Portfolio assessment a) Market b) Portfolio c) Growth potential New iterative strategy and capital framework Growth ambition Capital allocation Risk weighted approach to capital allocation Target minimum ROCE: 15%1 Expand and Protect & Extend Selective growth Minerals Environmental Industrial Materials Food Pharmaceuticals 1 2 3 22
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C Value add opportunity Business understanding Cultural alignment Complementary to regional footprint Fit into hub and spoke model Strategic Operational Financial Focused M&A framework Based on STRATEGY & CAPITAL ALLOCATION FRAMEWORK Minimum Return on Capital Employed (ROCE) of in the medium term 15% 23
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Structured M&A approach Multi-pronged sourcing – with strong focus on regional relationships and proactive market scanning Dedicated Due Diligence team – centrally led, regionally resourced Dedicated integration teams Stage gate approach for approvals Risk assessment PROCESS GOVERNANCE SOURCING 24
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Minerals2 Industrial3 Materials Food1 Pharma1 MARKET DEMAND DRIVERS Increasing regulation Energy transition and electrification Health, nutrition and sustainability focus Need for high-quality, real-time data provision Demand for solutions to address business complexity $10B in 2023 $14B by 2029 CAGR 5-6% Environmental1 $8B in 2023 $10B by 2029 CAGR 4-5% $9B in 2023 $12B by 2029 CAGR 5-6% $33B in 2023 $48B by 2029 CAGR 6-7% $83B in 2023 $137B by 2029 CAGR 8-9% Leveraged to meet market demand trends Sources: 1 Markets & Markets; L.E.K. research and analysis; 2 Bloomberg; Geoscience Australia; IEA; Mining Association of Canada; Natural Resources Canada; OECD; Oxford Economics; PWC; S&P CapitalIQ; S&P Global; Thomson Reuters; USGS; World Mining Data; L.E.K. research and analysis: 3 Company research; L.E.K. research and analysis 25
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Strategic growth priorities by business Minerals Expand downstream, production exposed activities, including mine-site and metallurgy, particularly in North America and LATAM, and expand other new service offerings Industrial Materials Establish regional scale in select geographies and improve and optimise performance Environmental Expand geographic presence in key markets globally particularly Europe and the US, and capabilities to capture emerging contaminants Food Selective investments to complement existing footprint, with a focus upstream Pharma Establish leadership role in key geographies and verticals to serve global clients EXPAND AND PROTECT AND EXTEND SELECTIVE GROWTH 26
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Healthy M&A Pipeline ¹ Revenue expected to be significantly higher due to revenue being unknown for several opportunities in our list of high priority leads. Breakdown of actively evaluating targets by business stream 140+ targets have been reviewed over the past 18 months across all ALS business streams PRELIMINARY SCREEN ACTIVELY EVALUATING High priority leads and active discussions with targets representing cumulative revenue of ~A$1.3b+¹ MINERALS 31% 12% 37%20% % of total revenue of targets FOOD & PHARMA INDUSTRIAL MATERIALS ENVIRONMENTAL 27
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Thibault Bonneton CHIEF DIGITAL & INFORMATION OFFICER Unlocking value through DIGITAL AND AI INNOVATION
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Value through scaling automation, data and AI Digital transformation is a priority to succeed ALS positioned to deliver through real-time insights, faster TAT and seamless digital integration Industry shift 450+ labs in 70+ countries our proprietary LIMS 30+ years of consistent data creates one of the industry’s largest proprietary datasets, powering digital solutions Data leadership AI acceleration Capital investment accelerating our AI roadmap and ‘AI-first’ smart labs Acquisitions advancing our AI journey – e.g. GoldSpot unlocking early Geochem use cases and automation-driven efficiency Scale + data = digital advantage Clients demand speed, data and integration From pilot to platform 30
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Our digital backbone LIMS mutualisation • Unified proprietary LIMS • Standardised processes • Cloud-based architecture Acquisition integration • Acquired digital platforms • Harmonising IT infrastructure • Technology consolidation Client digital solutions • Intuitive mobile apps and workflows • Real-time data and custom dashboards • API integration with client systems UNIFIED LIMS PLATFORM ALREADY COVERS MORE THAN 78% OF GROUP REVENUE 31 Our digital infrastructure enables transformation across all business units, supported by a global team of 200+ specialists
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DIFFICULTY SCALE (1-5) AUTOMATED VIRTUAL WORKFORCE Programming agent Support function automation AI-POWERED CUSTOMER SERVICE AI-powered client reports AI customer messaging assistant On-site field AI vision Workflow automation ROBOTICS & AI ‘IN-LAB‘ Physical robotic “in-lab” Automated visual monitoring Internal lab knowledge assistant Our selective ‘big bets’ for leaner operations HIGH ROI 32
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MINERALS Early AI use cases demonstrate value for clients and ALS AI use cases • QC control lab task accelerated from 7.5 to 3 minutes • Significant technician productivity gains • Technique now scaling across other business streams 138% CONSISTENCY IMPROVEMENT $2.5m COST SAVINGS IN FIRST 5 YEARS FOOD 80% 90% • Tens of thousands of petri dishes processed daily • AI pre-assesses plates, reducing reading time with >90% accuracy • Next step: Integrating AI with robotics for further automation AI SUPPORTED MICROBIOLOGY PLATE ASSESSMENTS ACCURACY Numerical validation 33 Computer vision
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ROBOTICS AND TRADITIONAL AI AI ASSISTANTS AI AGENTS Robotic lab technician Customer service agents Smart finance agents (invoice, accounting, etc) Time series analysis Computer vision Solvent dispensing dry-matter robots Petri dish robots Regulatory assistant Testing methodology assistant R&D and pattern assistants The smart lab journey: shaping the future of testing MID TERM MID-LONG TERM (act) (think) (think & act) The smart lab THE LAB OF THE FUTURE DATA + ROBOTICS + AI Faster results Higher quality Lower cost SHORT TERM EXAMPLE USE CASES EXAMPLE USE CASES EXAMPLE USE CASES 34
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ALS INVESTS HEAVILY IN AI SKILLS AI factory average deployment lead-time LOWER UNIT COST and compliant roll-out across business units AI skills hub Cross-functional “AI ambassadors” program AI fundamentals for every employee Culture of continuous, measurable innovation Proven business impact1 +15% Productivity 40% Work quality +10% Creativity 1: Harvard and BCG : Navigating the Jagged Technological Frontier USE CASES ENABLERS FOUNDATION Build once. Scale everywhere. Efficient capital allocation=x Fast upskillingAI assets Lab agents | Regulatory assistants | Robots Knowledge management | Regulatory compliance LLM models | Connectors | RPA 30%3 MONTHS via component reuse SECURE 35
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The ‘Smart TIC’ growth story GREATER INSIGHT SMARTER DECISIONS LEANER OPERATIONSSTRONGER MARGINS • One of largest data sets in TIC • Standardised data from 450+ labs • Real-time quality monitoring through our eQMS • New AI labs in Lima, Sydney, Bangkok, Prague • Real-time mining insights • GenAI and AI ambassador program • LIMS standardise 78% of revenue • Anticipated capex run rate unchanged • Operating costs neutral in FY26 and benefits expected thereafter • Computer vision AI handles 10,000 petri dishes/day (Food) • Automated workflows in HR, Finance • Improved compliance and protocol reliability through AI safety SMARTER. LEANER. MORE PROFITABLE. 36
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In summary Performance proven • 208% total shareholder return (FY21-25) • Global safety leadership with industry-beating metrics Strategy executed • Portfolio transformed: 90% revenue in priority segments • Disciplined capital framework targeting 15% ROCE Innovation accelerating • 78% revenue on unified digital platform • Early AI use cases demonstrates value for clients and ALS Growth positioned • A$1.3b+ M&A pipeline across strategic markets • Mid-high single digit organic growth targeted Future leading • Setting the standard for smart labs globally • Lab of the future vision driving competitive advantage 37
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Malcolm Deane Managing Director & Chief Executive Officer Heike Truol Chief Strategy Officer Thibault Bonneton Chief Digital & Information Officer
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Bruce McDonald EXECUTIVE GENERAL MANAGER, MINERALS Extending the ALS way through the CHAIN MINING VALUE
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The Minerals story Unique competitive position through client-focused structure, geographic reach and global control system (LIMS) Market megatrends align with ALS’ reputation, technical capability and growth strategy, for strong growth Opportunities to extend services downstream from exploration geochemistry market Growth directions diversify revenue and reduce cyclical exposure Continuing to deliver “new science” to clients in accessible, commercial format to sustain competitive advantage 40
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A global business with seven hub lab locations 44+ 5,500+ >20m+ $851m 11 $258mAUSTRALIA 14 $113mSOUTH AMERICA 21 $168mEUROPE & ASIA 25 $252mNORTH AMERICA 10 $60mAFRICA COUNTRIES STAFF WORLDWIDE SAMPLES PROCESSED PER YEAR FY25 GLOBAL REVENUE (AUD) 7 HUB LABS SERVED BY OVER 80 SPOKES Sample prep labs Revenue (AUD) Major hub lab Vancouver Canada Lima Peru Loughrea Ireland Johannesburg South Africa Brisbane & Perth (2) Australia Region 1 x Geochemistry 1 x Metallurgy 2 41
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Market fundamentals and our right to win Key demand drivers Resilience through the mining cycle positions us to capitalise on market improvements, increasing market share and expanding services • Innovation leader, trusted in testing quality, consistency and client support • Global hub and spoke network providing flexibility and reach • ALS discipline, innovation, systems and service offerings extend to mine sites (Environmental, Oil & Lubricants, Assay & Inspection, Food) Easy access new science to propel new discovery Trusted, AI-ready data for machine learning applications. One provider, many services. ALS positioning The outcome Energy transition and electrification reshaping commodity mix Rising resource nationalism increasing resource security focus Ongoing shift from generative to mine site exploration More stable demand, market share growth and resilience beyond exploration spend FOR CLIENTS FOR ALS 42
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Growth opportunities within mining value chain midstream Exploration Feasibility Construction Mining & processing Closure UPSTREAM MIDSTREAM DOWNSTREAM Logistics Marketing Geochemistry Mine Production Testing Services Metallurgy Geoanalytics1 Geoanalytics MINERALS SERVICES OTHER ALS SERVICES MINING VALUE CHAIN Environmental Environmental Industrial Materials (Oil & Lubricants) Food Industrial Materials (Assay & Inspection) 43
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Strategic growth and diversification of Minerals services 1 Geoanalytics and Engineering enable ALS’ innovation pathway; primary benefits of the activities impact the other service streams. The Geoanalytics business was acquired by ALS in December 2022. Revenue CAGR FY22 – 25 3% 8% 28% 22% Minerals revenue contribution FY25 10% Exploration testing New service offerings and further downstream activities High performance methods and downstream services growing rapidly Geochemistry exploration Mine Production Testing Services Metallurgy Geoanalytics and Engineering1 HPM 44
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Unlocking value beyond cyclical exploration spend Source: 1 S&P Global Market Intelligence. Global exploration spend is reported on a calendar year basis. 2024 spend is aligned to ALS’ FY25 revenue result and so on. Minerals revenue and underlying EBIT margin evolution (%) and global exploration spend (US$)1 Exploration testing (excluding HPMs) FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Global exploration spend ALS Minerals Revenue 19% 16% 21% 26% 29% 27% 29% 32% 34% 32% 31% ALS Minerals Underlying EBIT margin 10.5% Strategic growth and diversification have reduced minerals services’ reliance on global exploration spending Reduction in weighting of traditional exploration testing over past five years FY21 FY25 78% 73% 22% 27% New service offerings and further downstream activities Past 20-year revenue CAGR Minerals 45
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Roadmap to Win: Minerals WHERE WE WILL WIN Geochemistry Grow market share across the mining value chain Achieve a recognisable character of service for MPTS Create unique, data-driven digital solutions GOALS The most innovative and technically respected testing partner throughout the mining value chain, leading upstream market share, expanding metallurgy, aggressively scaling up MPTS* and focusing on data analytics opportunities. *Mine production testing services WINNING ASPIRATION QUALITY AND SERVICES MPTS MARKET SHARE Metallurgy GEOGRAPHIC EXPANSION Geoanalytics DIGITAL INNOVATIONS 46
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Michele Ramshaw GENERAL MANAGER GLOBAL GEOCHEMISTRY Driving resilience through IN MINERALS INNOVATION & Shawn Hood GENERAL MANAGER GEOANALYTICS
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Resilience through innovation Integrated global lab network Agile and scalable operations Shifts work to where capacity exists Hub and spoke model powers resilience Global consistency clients trust AI-ready, metadata-rich datasets Insights that shape strategy Built for data leadership Innovation sparked by our teams Evolving with customer needs Pricing guided by market sensing Driven by people and insight 48
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High performance methods to face the changing landscape Detect signals previously not measurable Find targets in complex environments Find less traditional commodities: rare earth, lithium Commercialised from academic research methods Increasingly contribute to revenue Electrification driven demand, structural underinvestment THE CHALLENGE THE SOLUTION ALS’ high performance methods Providing smarter paths to discovery 1 Wood Mackenzie 2 International Energy Agency 28% CAGR FY22-25 49 Grade decline Minerals supply deficit 50 NEW LITHIUM MINES 60 NEW NICKEL MINES 17 NEW COBALT MINES US$200 BILLION new ‘transition metal’ mining projects are required by 2030 to meet demand will be required to meet carbon emission goals by 20302 Increase spending1 Analysis suggests
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Automation in action 100% LIMS mutualisation Standardised procedures & equipment HUB AND SPOKE MODEL Mechanical Digital Reliable anomaly detection Useable across geographies AI ready PRECISION & CONSISTENCY AUTOMATION Multi-element analysis improving testing performance 50
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Integrating data science, artificial intelligence and machine learning with geoscience expertise and proven processes to transform exploration and mining. We enable clients to: Reduce the time for discovery and production Streamline and optimise mineral exploration and mining Strengthen confidence by enabling more consistent mine output Geoanalytics – accelerating mining insights 51
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Helping the world discover critical minerals Western Australian Government-industry sponsored initiative using precompetitive geoscience data to discover critical minerals Initial results contribute new AI mapping and have already identified previously unknown insights in the State ALS’ AI systems and geoscience expertise has now been applied across CASE STUDY YOU ARE HERE AI mineral exploration on a global scale 5x CONTINENTS supporting mineral exploration and discovery
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Accelerating the identification of regions with mineral potential From isolated exploration data layers .. MappingGeophysicsExpertiseGeochemistry MINERAL POTENTIAL Scale (km) 100 .. to integrated AI exploration smart targets Low High Smart targets 53
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Human input Pyrite % 250m Mining cross sections with Geoanalytics data products MINE SITE MINE DATA Fusing quality data, automation and expert insight at operations level MINING INSIGHTS Chlorite % Pyritic domains: acidic Clay domains: flotation issue EXPERIENCE Site sensors RAPID DATA ALS labs QUALITY DATA Data analytics AUTOMATION 54 Integrating information to deliver Core Intelligence
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Greater insight and smarter decisions to support the mining industry Transforming how geological data is created, shared and applied across the global mining value chain Trusted digital partner DATA VISUALISATION Expert-informed, data-driven products Build confidence DECISION SUPPORT Reduce risk Increase value DATA INTEGRATION EFFICIENCY & AUTOMATION 55
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Global minerals leader: A$851m revenue, 44+ countries Market leading: Geochemistry globally, metallurgy in Australasia Innovation accelerating: Generating savings and expanding services Technology leading: Geoanalytics across 5 continents Trusted partner: Connecting data workflows across mining value chain Connecting data workflows down the mining value chain 56
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Bruce McDonald Executive General Manager, Minerals Michele Ramshaw General Manager, Global Geochemistry Shawn Hood General Manager, Geoanalytics Stuart Hutton Chief Financial Officer
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Life Sciences overview 37% 27% ~20% Underlying Revenue CAGR (FY21-25) 17.1% Core EBIT margin excl. acquisitions FY25 $930m $1,154m $1,334m $1,499m $1,910m FY21 FY22 FY23 FY24 FY25 Life Sciences delivers essential testing to ensure environmental protection, food safety, and product quality and safety in pharmaceutical. Environmental Food Pharmaceutical Life Sciences revenue contribution FY25 % of Group revenue Life Sciences revenue FY21-25 59
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Tim Kilmister EXECUTIVE GENERAL MANAGER ENVIRONMENTAL Leading in EXCELLENCE ENVIRONMENTAL & Phillip Kennedy STATE MANAGER ENVIRONMENTAL, QLD
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Building momentum toward the lab of the future Global business advantaged by scale and operating model Environmental segment underpinned by strong long-wave fundamentals Deliberate positioning choices to win Vision for the lab of the future building on existing momentum Prioritised investment accelerating technology and capability 61
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37 COUNTRIES 8,500+ STAFF WORLDWIDE 10m+ SAMPLES PROCESSED PER YEAR $1,120m FY25 GLOBAL REVENUE (AUD) A global leader in environmental testing Primary focus 17% REVENUE GROWTH CAGR FY22 – 25 8.4% ORGANIC WORK PROGRAMS ADJACENCIES Water Soil Air COMPREHENSIVE TESTING • Petroleum hydrocarbons • Volatile and semi-volatile organics • Pesticides • Emerging contaminants • Metals • Nutrients and microbiological parameters Field services Cooling TowersHydrographics • Site assessment and remediation • Environmental monitoring • Water industry • Air monitoring • Industrial/occupational hygiene • PFAS Revenue by geography (AUD) $439m AMERICAS $415m EUROPE $266m ASIA PACIFIC 62
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ALS CUSTOMER SEGMENTS Environmental testing market driven by longwave fundamentals, market growth mid-single digits, with ALS targeting high-single digit organic growth Leading with scale, client centricity and technology DEMAND DRIVERS Long tail of fragmented local competitors represent 50% of the available market Opportunity for consolidation by global TIC companies Growing demand for technology and data favours larger platform players ALS has a market leadership advantage MARKET DYNAMICS Environmental consultant Industry direct Water industry Mining Other Compliance with evolving and new environmental regulations in established economies, and enforcement in emerging markets Increasing expectations for quality of life and environmental protection, driving stricter regulation and enforcement Growing public awareness of emerging contaminants supporting stricter regulation and enforcement Increasing data integration across the value chain to improve ease of use 63
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Roadmap to Win: Environmental WHERE WE WILL WIN Services Customers Geographies Build a sustainable, performance- driven culture Increase digitisation and leading digital solutions Achieve market leading organic growth and operating margins Develop PFAS market leadership in all regions • High-volume testing of soil, water and air for environmental contaminants • Testing for PFAS and emerging contaminants • Adjacent testing services and up/downstream capabilities • Environmental consultants/civil engineers • Industry direct • Water utility companies • Mining • Maintain market leadership in APAC, Canada, Northern Europe, Central Europe and the UK • Prioritise growth in large markets in Western and Southern Europe and USA • Expand selectively in LATAM GOALS An integrated, market-leading, global environmental testing platform that provides preferred solutions for clients – delivered through global reach with a local presence that is differentiated by client centricity, superior data integration and ease of use. WINNING ASPIRATION 64
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Market-leading network operating model HUB AND SPOKE OPERATIONAL EXCELLENCE LEVERAGED TECHNOLOGY Internal Global model with deep local market expertise delivers value for money through innovation and service Standardised systems and best practices drive growth, leverage and client-focused solutions Market segment driven by local environmental regulation Deliberate leadership position in target markets; geographies, client segments and service offerings ALS Solutions: harmonised client platform enabling client data integration In-house line of business application – GEL LIMS enables portfolio leverage and data workflows Global deployment of proprietary productivity tool Client field applications Third party integrations e.g. industry platforms and client-side EDMS software External 65
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Continued focus and investment into developing PFAS testing expertise • Market leading PFAS capabilities in all seven regions • Prioritised investment in capabilities and capacity to support growth • Benefitted by broader market leadership position in many geographies • Harmonised technical approach benefits speed and operational efficiency • Horizon-scanning to guide capability development Organic growth YoY ranging from 25-57% in all regions except LATAM PFAS represents ~5% of Environmental revenue Capex % revenue allocated to PFAS at 1.7x broader Environmental portfolio ~95% Non-PFAS ~5% PFAS 9.8% >2.5x Environmental portfolio PFAS revenue Environmental capex as % of revenue PFAS capex Revenue FY25 Organic growth FY25 Capex FY25 66
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ALS is a leader in digital integration, enhancing workflows and insights. Seamless integration across proprietary, third-party, and client EDMS platforms. Standardisationdrives faster adoption and greater client value. Expanding digital capabilitiesfrom project planning to actionable results. Innovation: Vision towards a lab of the future AI to drive operational efficiency and enhance customer experience. Data warehouse and analytics for operational insights supportingdata driven decision making. Engagement withexternal SME’s to seed ideas through the network. Larger process-based automation: LHS (liquid handling system) automation implementation. Task-based automation: simpler task-based robots replicated across the portfolio. Vendor engagement with automation technologies and testing approaches. Digital integrationRobotics and automationAI and data 67
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Automation 1950 Today 68
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Client-side data integration a ‘game changer’ The EQuIS leader for BP referred to the EarthSoft and ALS work as a ‘game-changer’ for large corporate digital lab deliverable programs. Collaboration has created a compelling client value proposition: INNOVATION CASE STUDY ALS investing in dedicated Client Service Digital roles in all regions – aligned to client centric strategy and evolving digital needs. “ ” Improved data quality Optimised workflows Lower administrative overhead Agility (data-driven decisions in real-time) Deep integration enabling seamless transfer of data (ALS <>Client) 69
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Continuing to lead in Environmental Supported by long-term structural drivers Environmental is a priority growth area Ongoing market share expansion opportunities across major global economies ALS positioned to outperform the market : • Market share and leadership position • Market positioning • Scalable, efficient operating model • Investment in next-gen technology Committed to leading the market medium to long term with evolution of the lab of the future 70
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Tim Kilmister Executive General Manager, Environmental Phillip Kennedy Environmental Manager, Queensland Malcolm Deane Managing Director & Chief Executive Officer
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Stuart Hutton CHIEF FINANCIAL OFFICER PROPOSITION INVESTMENT
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Q1 FY26 trading update ALS remains focused on delivering top-tier services to customers consistently, safely and reliably Group: on track to deliver 5-7% organic revenue growth and steady margin improvement in FY26 Commodities: anticipate organic revenue growth at upper end of 5-7% range in FY26 • Positive sample volumes sustained throughout Q1 – more consistent throughout different operating regions • Activity continues to be primarily driven by major and mid-tiers • More favourable pricing environment to flow through H2; incremental operating leverage coming through • Commodities margins in Q1 were in line with prior year and expectations • Metallurgy experiencing softer demand, typical at this early stage of more positive cycle • Industrial Materials delivered low double-digit organic revenue growth Life Sciences: anticipate organic revenue growth at lower end of 5-7% range in FY26 • Solid growth in Environmental and Food ongoing. Pharma conditions remain mixed. • Margins stable – targeting between 20-40 bps improvement in legacy operations in FY26 • Integrations and cost reduction programs continue to track to expectations 73
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Strategy execution Roadmap to Win Automation, data and AI opportunities Extend existing competitive advantage Next growth phase Focused capital allocation 74
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Delivering the lab of the future STRATEGY CULTURE STRUCTURE • Putting our people first • Refreshed management team aligned on strategic priorities • Global footprint and hub and spoke operating model • Standardised global LIMS • Embracing technology, digital & AI • Process automation Aligning strategy, structure and culture • Alignment to high-quality testing markets • Differentiated, high-margin work • Strategy execution through Roadmap to Win • Disciplined capital allocation via value creation framework 75
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Attractive investment proposition Strategically positioned to capture growth opportunities from industry megatrends Global business with diverse end markets, services and customers underpinned by industry megatrends and strong market positions Strong cash generation supporting shareholder returns and balance sheet strength Diverse earnings profile Disciplined value creation framework supporting growth Well-positioned within the broader TIC market, leveraging strong regional portfolios in Food, Pharma, and Industrial Materials Leading global and/or regional hub and spoke model driving market share and margins in Minerals and Environmental businesses and balance sheet strength A strong culture of curiosity and innovation, underpinned by a data-driven approach that enables sustainable growth opportunities. 76
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Malcolm Deane Managing Director & Chief Executive Officer Heike Truol Chief Strategy Officer Stuart Hutton Chief Financial Officer Thibault Bonneton Chief Digital & Information Officer Mark Zorbas Chief People Officer Tim Kilmister Executive General Manager, Environmental Bruce McDonald Executive General Manager, Minerals
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Title ALS Limited Investor Day • Management presentations 31 JULY 2025 • PERTH, AUSTRALIA