ALQ Analysis: ALS Limited H1 FY26 Results Announcement

Event: ALS Limited H1 FY26 Results Announcement | Date: 2025-11-18 | Source: ALS Global Investor Relations

Robust Volume Recovery Drives Strong H1 FY26 Performance

ALS Limited released its H1 FY26 results on 18 November 2025, reporting underlying revenue from continuing operations of $1,659.6 million, up 13.3% from $1,464.2 million in the prior corresponding period. Organic revenue growth contributed 6.9%, with acquisitions adding 2.3% and positive foreign exchange impacts providing 4.2%. The Minerals division delivered 11.8% organic growth, driven by a 12% increase in geochemistry sample volumes, while Life Sciences achieved 9.8% organic growth in Environmental, supported by PFAS regulatory tailwinds. Underlying EBITDA rose to $422.7 million at a 25.5% margin, up from 23.1% in H1 FY25, reflecting operational leverage and acquisition synergies. Net profit after tax (NPAT) was $180.2 million, with free cash flow before capex at $304 million, demonstrating 88% conversion of underlying EBITDA. The company declared an interim dividend of 20.8 cents per share (50% franked), and net debt/EBITDA improved to 1.8x from 2.3x at FY25 year-end. Source: ALS Limited H1 FY26 Results Announcement.