ALS Limited It’s hard to assay: FY27 Outlook

Research evidence excerpt

ALS Limited It’s hard to assay: FY27 Outlook

J P M O R G A N Asia Pacific Equity Research

18 May 2026

ALS Limited Neutral

ALQ.AX, ALQ AU

It’s hard to assay: FY27 Outlook Price (18 May 26):A$21.83

▼Price Target (Mar-27):A$21.50

Prior (Mar-27):A$21.80

Organic growth guidance for FY27 is measured (particularly within

Commodities), however, after factoring in FX headwinds our earnings come down Australia

(-1.8%/-2.1% EBIT/NPAT). 2H26/1H27 organic growth guidance for Minerals Emerging Companies

has alleviated investor concerns of short-term geopolitical unrest impacts, in fact, AC Don Carducci

there is upside risk to full-year guidance if the macro risks do not materialise. Life (61-2) 9003-8379

Sciences (LS) performance continues to lag, albeit, FY27 guidance implies an donald.n.carducci@jpmorgan.com

improvement in sales and margins; and the focus remains on ALQ capturing what Michael James

appears to be the start of a drawn out Commodities upcycle. Neutral; PT A$21.50. (61-2) 9003-8435

michael.james@jpmorgan.com

• Where we see upside risk: If FY27 Mineral’s organic growth pushes towards George Stewart

the mid-point of 1H27 guidance (i.e. 1H27 momentum is sustained), we (61-2) 9003-8199

estimate a +60bp uplift to our revised group EBIT estimates (all else equal). george.stewart@jpmorgan.com

Evidence of sustained volumes (no impact from macro), pricing taken above Laura S Hill

4-5% assisted by junior mix/sequential growth in Americas would all support (61-2) 9003-8258

this. Improvement in LS top-line should come from return to trend growth in laura.s.hill@jpmorgan.com

J.P. Morgan Securities Australia Limited

Environments, top-line conversion in Nuvisan/ improvement in the pharma

market (comp discussion here) and operational improvement with York.

• Bridging FY27.