ALS LIMITED — Investor Presentation 2021

May 25, 2021

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FY21 results

Raj Naran, Managing Director and CEO Luis Damasceno, Chief Financial Officer

26 May 2021

Right Solutions • Right Partner www.alsglobal.com

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Right Solutions • Right Partner
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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 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.

• All references to dollars are to Australian currency unless otherwise stated.

• FY20 adjusted for AASB 15, increased revenue by $22m, no EBIT and EBITDA impact.

• EBIT and EBITDA in this presentation is reported post AASB-16 unless stated otherwise.

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Investor Presentation. Full Year Results FY21

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Safety is a priority — ALS COVID-19 response

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Supporting our employees

• Additional sanitisation products and PPE

• Communication on hygiene and disinfection procedures

• Screening of all persons entering our sites

• Physical distancing and separation screens

• Restrictions on gatherings and travel

Supporting our community

• Human swab testing

• Production and distribution of swab test kits

• Surface swab testing

• Training

• Wastewater testing to support screening of COVID-19 in communities

Supporting our clients

• No contact transfer stations installed for delivery on incoming samples.

• Providing assurance to essential industries throughout the pandemic including; Food, Water, Pharmaceuticals, Medical devices, Energy, Transport, and Defence

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3 Investor Presentation. Full Year Results FY21

Managing the COVID-19 pandemic — Group

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Balance sheet strength

Growth opportunities

• Reduced net debt by $186m since March 2020

• Investment in capacity growth in several markets in Life Sciences and Geochemistry to meet growing demand

• Reduced leverage ratio to 1.6x at March 2021 from 2.1x at March 2020

• Investment in greenfield

• Reduced gearing ratio to 36% (from 42% at March 2020)

• operations including India (Pharmaceutical), Australia (Food) and the USA (Food)

• Total liquidity available at March 2021: ~$650m

• Focus on acquisitions while maintaining disciplined approach - accretive opportunities in Life

• Sciences, primarily in the food and pharmaceutical markets

• Extended debt maturity profile to

• maintaining disciplined approach - 6.6 years (from 4.9 years at March accretive opportunities in Life 2020) following completion of

• Sciences, primarily in the food $281m USPP tranche and extension

• and pharmaceutical markets of $US350m bank debt facilities

• Development and roll-out of (completed in May 2021)

• COVID testing in humans, surfaces and wastewater  Proceeding to voluntarily repay COVID-19 related government subsidies where repayment mechanisms exist, including Canada ($20.5m), Australia ($3.0m) and other regions, due to strong balance sheet position

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Cost reduction

Cash generation

• Strong cash flow generation of 102% following reduction in ‘day of sales outstanding’ (DSO) and suppliers payment control

• Cost base aligned to client demand early in pandemic

• Hub and spoke model and variable cost base allow high degree of cost management

• Corporate costs reduced inline with Group revenue, salary and travel freeze across the Group

• Strict CAPEX control

• line with Group revenue, leading to reduction in

• salary and travel freeze spend by 33% while

• across the Group focusing on key growth

• EBITDA margin expansion opportunities

• in all divisions despite impact of the COVID-19 pandemic

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Investor Presentation. Full Year Results FY21

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Group FY21 performance vs strategic priorities

Shorter-term strategic priorities	FY21 performance	FY21 performance
Life Sciences
Strong organic growth and margin expansion	• •	-2.7% organic revenue decline due to the impact of the pandemic, growth of +1.9% in 2H FY21 EBIT margin expansion of 72 bps despite impact of the pandemic
Commodities
Single digit revenue growth across the division	•	3.8% organic revenue growth, +17.2% in 2H FY21
Stable Geochemistry sample flow volumes	•	+2% sample flow vs pcp, with strong recovery in 2H FY21 (+19% vs pcp)
Industrial
Drive revenue growth and stabilise margin	•	-15.5% organic revenue decline with stable margin of -10 bps margin vs pcp
Longer-term strategic priorities	FY21 performance
Improve sustainability profile of the Group	•	Launched climate change policy targeting 40% reduction in scope 1 and 2 emissions by 2030
Non-cyclical businesses contribute 50% of Group underlying EBIT	•	50% underlying EBIT contribution in FY21 (51% in FY20)
Strong balance sheet to fund growth of Group	•	Lowest leverage ratio (1.6x) in 5 years with ~$650m available to fund growth
	•	ARJ, Aquimisa and MARSS performing well
Strategic acquisitions in key growth markets	•	Investiga acquired to expand presence in USA and LATAM cosmetic and personal care markets
	•	Highly disciplined acquisition strategy with strong pipeline
	•	Continued investment across businesses with targeted CAPEX spending on automation, technical
Investment in technology and innovation		infrastructure (such as ‘LIMS’ and ERP platforms) and expansion of capacity despite pandemic
	•	Development of COVID related testing in response to client needs

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Investor Presentation. Full Year Results FY21

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ESG vision

OUR ESG VISION:

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Deliver world-class health and safety outcomes, and attract a diverse, capable and engaged workforce.

People

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Minimise our environmental footprint and build our resilience to climate-related impacts.

Environment

Make a positive contribution to our local communities. Society Operate ethically and responsibly to deliver sustainable outcomes for our stakeholders. Governance

Our stated goal: 40% reduction in Carbon Intensity by 2030

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Industry-leading Health and Safety Performance

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Science Education Support Program

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ALS has implemented a robust sustainability program to meet its ESG obligations.

Instead of adopting 3 pillars to address E, S and G, we have created four pillars to highlight “People” under its own segment to align with our core values of “Safety is a Priority” and “People Development”.

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Investor Presentation. Full Year Results FY21

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ESG program – FY21 achievements

Health & Safety Safety is a Priority

Diversity & Equality Respecting differences

Training & Development Investing in talent development

Operational Environmental Performance Mitigation of environmental emissions

Energy Management The pursuit of energy efficiency

Economic Contributions Supporting local stakeholders

Local Investment

Enriching our communities / ALS Workplace Giving / Community Sponsorships

Financial Performance

Maximise return for shareholders

Anti-bribery & anti-corruption

Business ethics and conduct / Fair Competition

Honesty and Integrity

Professional integrity / Data integrity and traceability

Innovation & Technology Embracing innovation and technology

Human Rights

Worker’s rights upheld / Modern Slavery Assessments

Waste Reduction

Reduce, reuse, recycle

Water Conservation Managing a scarce resource

Climate Change Managing and reducing our CO ₂ emissions

Employment Creation

Creating jobs / in the local community

Enterprise Risk Management

Reputational risk / Business resilience/ Information security

Regulatory Compliance Systems to maintain legal compliance

Innovation & Technology

Strategy, investment & collaboration / Service lifecycle management

People

Environment

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Society

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Governance

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 26% improvement in total recordable injury frequency rate (compared to FY18).  59% new female professional hires.  >5,500 Hazard observations reported (18% increase compared to FY18).  New Climate Change Action Plan.  >5% reduction in scope 2 carbon intensity since 2018.  0 breaches reported or penalties imposed for environmental regulations.  >40% reduction in chlorinated solvent use per sample (Life Sciences Canada pilot program).  ALS Cares program.  32% increase in employee contributions through workplace giving program.  AUD$1.8 bn economic contribution.  COVID testing for humans, wastewater and surfaces.  Over 700 new employees joined ALS.  Active collaboration with educational institutions and research organisations.

• Meeting or exceeding Corporations Act and ASX Guideline requirements.

• >99% of employees completed Code of Conduct Training.

• 100% completion of Internal Audit Plan.

• >95% of Risk Treatment Action Plans completed.

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Investor Presentation. Full Year Results FY21

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Group performance

Right Solutions • Right Partner www.alsglobal.com

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FY21 statutory results summary

Statutory Results	FY21 ($m)	FY20 ($m)	% change
Revenue	1,761.4	1,858.1	(5.2)%
EBITDA	421.1	469.4	(10.3)%
Depreciation, amortisation and impairment losses	(132.6)	(224.4)	(40.9)%
EBIT	288.5	245.0	17.8%
Interest expense	(40.0)	(42.4)	(5.7)%
Tax expense	(74.4)	(73.1)	1.8%
Non-controlling interests	(1.5)	(1.7)	(11.8)%
NPAT	172.6	127.8	35.1%
EPS (basic – cents per share)	35.8	26.5	35.1%

• Statutory NPAT increased by $44.8m, primarily due to the net effect of impairment losses and gain generated by the disposal of the Group’s environmental and analytical testing businesses in China in 1H FY20.

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Investor Presentation. Full Year Results FY21

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FY21 underlying NPAT of $185.9 million, significant improvement in second half

Underlying performance from continuing operations (excludes government subsidies and related direct costs, amortization of intangibles, restructuring costs and other items)

Revenue, $1,761m

• **-5.0% vs pcp; -0.1% @ CCY ***

• Organic revenue decline of -2.1% with significant improvement in the second half (Q3: -0.7%, Q4:+11.5%)

• Scope growth (net of acquisitions and divestments) of +2.0% driven by strong performance of ARJ and Aquimisa

• • FX impact of -4.9%

EBIT, $301.4m

• -1.4% vs pcp; +8.9% @ CCY

• EBIT decline of -$4.4m with resilient margin of 17.1%, +62 bps vs pcp

• At constant currency, EBIT growth was $27.2m with margin expansion +151 bps margin

• Life Sciences margin of 16.2%, +72 bps vs pcp

NPAT, $185.9m

• -1.5% vs pcp

• Earnings per share of 38.5 cps, -1.5% vs pcp

• Final dividend of 14.6 cps (70% franked) compared to 6.1 cps in 2H FY20 with a total declared dividend of 23.1 cps in FY21, an increase of 31.3% compared to FY20 reflecting the favourable trading environment and liquidity

Balance sheet strength and liquidity

• Strong EBITDA cash conversion rate of 102% (FY20: 98%) primarily due to reduction in DSO

• Material improvement in leverage ratio of 1.6x and gearing ratio of 36% (FY20: 2.1x and 42% respectively)

• Strong liquidity ~$650m, including $554m of undrawn bank facilities

• Life Sciences: remains resilient, with volumes improving across the majority of the division in early Q1 22

Current trading update

• Commodities: strong momentum from H2 FY21 has continued into early Q1 22 as major and junior miners continue to increase sample flow across all regions

• Industrial: Asset Care trading environment remains challenging as maintenance budgets are yet to recover in end markets. Tribology seeing solid momentum in early Q1 22 as client activity increases

* Constant currency (CCY), excluding FX impact.

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Investor Presentation. Full Year Results FY21

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FY21 underlying results from continuing operations by division

FY21 ($m)		Life Sciences	Life Sciences		Commodities	Commodities		Industrial	Industrial		Other		Total Group	Total Group
FY21			VLY	FY21		VLY	FY21		VLY FY21 VLY FY21					VLY
Revenue 930.0 Organic growth (2.7)%			(3.2)%	624.8 3.8%		(2.7)%	206.6 (15.5)%		(17.5)% - - 1,761.4 (2.1)%					(5.0)%
EBITDA 222.4 EBITDA margin 23.9%				210.4 33.7%			33.3 16.1%		(13.1)% (41.0) (32.1)% 425.1 + 83 bps - - 24.1%
			(0.2)%			4.4%								(1.5)%
			+ 73 bps			+ 231 bps			+ 83 bps					+ 86 bps
EBIT 150.6 EBIT margin 16.2%				172.5 27.6%			20.5 9.9%		(18.7)% (42.2) (29.6)% 301.4 (10) bps - - 17.1%
			1.3%			4.9%								(1.4)%
			+ 72 bps			+ 199 bps								+ 62 bps

 EBITDA margin improvement in all divisions despite the fall in revenue driven by cost control and improvement in trading conditions in Q4 21

 Group EBITDA margin +86 bps vs pcp, despite FX impact of -89 bps ( translation and working capital FX )

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FY21 revenue evolution – material impact from stronger AUD

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in $m
(39.5) +37.3
(90.3)
1,853.9
1,761.4
(0.1)% decline @ constant currency
(1) (2)
FY20 Organic Scope FX FY21
Revenue (2.1)% +2.0% (4.9)% (5.0)%
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(1) FY20 revenue increased by $22m to reflect the AASB 15 adjustment. (2) Translation FX: impact of translating revenue denominated in foreign currencies into AUD (compared to pcp)

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FY21 revenue growth components by business stream (at constant currency)

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% of revenue
(22.0%) (19.0%) (16.0%) (13.0%) (10.0%) (7.0%) (4.0%) (1.0%) 2.0% 5.0% 8.0%
Life Sciences:
Life Sciences (2.7%) 3.9%
53%
Geochemistry 7.3%
Metallurgy (5.9%)
Commodities:
35%
Inspection (6.2%)
Coal (9.5%)
Asset care (20.6%)
Industrial:
12%
Tribology (1.6%)
100% Total Group (2.1%) 2.0%
Organic % Scope % (net of acquisition growth and divestment)
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FY21 organic revenue - significant improvement in H2 with acceleration in Q4

Organic growth %		Q1		Q2		H1		Q3		Q4		H2		FY21
Life Sciences		(10.7)%		(4.4)%		(7.4)%		0.9%		3.0%		1.9%		(2.7)%
Commodities		(14.7)%		(5.1)%		(9.6)%		2.0%		35.6%		17.2%		3.8%
Industrial		(17.0)%		(15.5)%		(16.2)%		(14.9)%		(14.4)%		(14.7)%		(15.5)%
Total Group		(13.0)%		(6.2)%		(9.4)%		(0.7)%		11.5%		5.1%		(2.1)%

• Q4 21 organic growth benefited from comparison to pandemic-impacted Q4 20

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FY21 underlying EBIT – strong improvement in Group margin despite FX headwind and pandemic

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in $m
+12.1
(31.6)
+15.1
320.9
301.4
305.8 305.8 301.4
+151bps @ constant currency
(1)
FY20 Organic Scope FX FY21
Margin 16.5% +119 bps +32 bps (89) bps 17.1%
Life Sciences 15.5% (23) bps +64 bps +31 bps 16.2%
Commodities 25.6% +263 bps - (64) bps 27.6%
-
Industrial 10.1% (10) bps (0) bps 9.9%
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(1) Translation FX and realised/unrealised FX on working capital

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FY21 underlying EBIT evolution – strong margin growth despite FX headwind

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in $m Other (9.6)
+1.5
(4.7)
+8.0
+1.9 (11.1)
305.8
301.4
(1)
FY20 Life Sciences Commodities Industrial Corporate FX FY21
Margin 16.5% 16.2% 27.6% 9.9% (2.1)% (0.3)% 17.1%
PCP +72 bps +199 bps (10) bps (3) bps (61) bps +61 bps
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(1) Realised/unrealised FX on working capital

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Significant improvement in underlying EBIT margin across divisions

		vs. pcp (in bps)	vs. pcp (in bps)	vs. pcp (in bps)	vs. pcp (in bps)	vs. pcp (in bps)	• Q4 21 organic growth benefited from comparison to pandemic-impacted Q4 20 • Margin improvement in all businesses in Q3 and Q4 • Corporate margin negative impact in Q4 driven by increasing insurance costs
		H1	Q3	Q4	H2	FY21
Life Sciences		10	155	91	131	72
Commodities		(107)	160	784	446	199
Industrial		(111)	2	202	99	(10)
Business Divisions		(54)	153	459	295	126
Corporate		7	19	(44)	(11)	(3)
Fx		(65)	(17)	(104)	(58)	(61)
Total Group		(114)	155	311	226	62

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FY21 financial summary – reconciliation of underlying to statutory

	FY20 ($m)		FY21 ($m)	FY21 ($m)	FY21 ($m)	FY21 ($m)
Full Year	**Underlying ***	**Underlying ***	Restructuring & other items	COVID-19 Subsidies & Grants net of Direct Costs	Amortization of intangibles	Statutory results
Revenue	1,853.9	1,761.4				1,761.4
EBITDA	431.5	425.1	(29.4)	25.4		421.1
Depreciation & amortization	(125.7)	(123.7)			(8.9)	(132.6)
EBIT	305.8	301.4	(29.4)	25.4	(8.9)	288.5
Interest expense	(41.3)	(40.0)				(40.0)
Tax expense	(74.0)	(74.0)	6.0	(7.5)	1.1	(74.4)
Non-controlling interests	(1.7)	(1.5)				(1.5)
NPAT	188.8	185.9	(23.4)	17.9	(7.8)	172.6
EPS (basic – cents per share)	39.1	38.5				35.8
Dividend (cents per share)	17.6	23.1				-

* continuing operations

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FY21 restructuring & other items – COVID-19 subsidies net of direct costs

in $m		Start-up	Restructure	Acquisition	Other non- operational items	Total non- recurring costs		COVID-19 subsidies net of direct costs		Total non-recurring
Commodities		-	3.2	-		3.2		(10.5)		(7.3)
Life Sciences		2.8	5.3			8.1		(12.4)		(4.3)
Industrial		-	11.4	-		11.4		(3.4)		8.0
Corporate		-	0.3	2.7	3.7	6.7		0.9		7.6
Total		2.8	20.2	2.7	3.7	29.4		(25.4)		4.0
Nature of non- recurring costs Losses incurred during start-up phases of new businesses Office closures and severance costs linked to business reorganization and restructuring plans Transactional costs associated with acquisitions Other non- recurring items Government grants received in relation to COVID-19, offset by associated direct costs Comments Food and pharma green field start- ups A total of $13.6m linked to impairment of right-of-use asset and other site closures, of which $9.9m is in the Industrial division (Asset Care business). Includes realized FX from intercompany loans, cost of integrating acquisitions, and costs incurred in tax restructuring. Includes net subsidies of $3.0m received in Australia (JobKeeper) in the Industrial division, and $20.5m in Canada in the Commodities and Life Sciences.
Nature of non- recurring costs		Losses incurred during start-up phases of new businesses	Office closures and severance costs linked to business reorganization and restructuring plans	Transactional costs associated with acquisitions	Other non- recurring items			Government grants received in relation to COVID-19, offset by associated direct costs
Comments		Food and pharma green field start- ups	A total of $13.6m linked to impairment of right-of-use asset and other site closures, of which $9.9m is in the Industrial division (Asset Care business).		Includes realized FX from intercompany loans, cost of integrating acquisitions, and costs incurred in tax restructuring.			Includes net subsidies of $3.0m received in Australia (JobKeeper) in the Industrial division, and $20.5m in Canada in the Commodities and Life Sciences.

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Capital management strategy

Cash flow from operations

• Strong underlying EBITDA cash conversion of 102% (FY20: 98%), driven by reduction of days of sales outstanding (DSO) and close management of supplier's payment terms

• Continue to focus on cash generation (DSO and DPO), leveraging on excellent progress made in FY21

Dividend

• Final dividend of 14.6 cps (70% franked) compared to 6.1 cps in 2H FY20. Total FY21declared dividend of 23.1 cps, an increase of 31.3% compared to FY20 and payout ratio of 60%

• Reflects strong current trading conditions and liquidity position

Balance sheet

CAPEX

• Reduction in CAPEX by 33% vs pcp. Total CAPEX of $81m representing 4.6% of revenue (3.3% growth and 1.3% maintenance spend)

• Continued investment in growth opportunities in Life Sciences and in expanding capacity in Geochemistry

Share buy-back program

• Share buy-back program maintained until Dec 2021 with total program of $250m, to be utilised as part of the broader capital management plan when appropriate

• Since inception of the buy-back program 21.8 million shares (representing 4.3% of the original base) have been bought back on-market for an overall consideration of $153.4 m, at an average share price of $7.04

• The Dividend Reinvestment Plan (DRP) remains suspended while the buy-back program is in place

• Significant improvement of leverage ratio (1.6x at Mar 2021 from 2.1x at Mar 2020) and gearing ratio (36% at Mar 2021 from 42% at Mar 2020)

• Total of ~$650m in liquidity. Net debt reduced by $186m in FY21.

• Denomination of debt by currency better aligned to Group’s cash flow and net assets, significantly reducing FX risk

• Weighted average maturity of debt was extended to 4.9 years as of Mar 2021. New debt facility completed in May 2021 increased this average to 6.6 years

• Strong balance sheet and flexibility to pursue acquisition opportunities and fund organic growth

Acquisitions

• Disciplined acquisition strategy focused on accretive acquisitions, primarily in food and pharmaceutical markets

• Focus on opportunities that fit with existing capabilities or attractive adjacent markets

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FY21 cash flow – strong cash conversion driven by reduction in DSO

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9
million
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CASH FROM OPERATIONS

(BEFORE CAPEX) 102% EBITDA +350 bps cash conversion* vs FY20

DAYS SALES OUTSTANDING (DSO)

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52 days 6 days vs FY20

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CAPEX
81 [4.6%] 33%
million [=] of revenue vs FY20
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Full year ($m)	FY20	FY21
Underlying operating EBIT 304.0 301.4
Depreciation & amortization 126.8 123.7 Amortization on ROU (45.6) (44.6) Interest on ROU (8.0) (7.2)
EBITDA (Adjusted for ROU lease assets) 377.2 373.3
Working capital (13.6) 0.6 Other 7.0 6.1
Cash flow before CAPEX 370.6 380.0
CAPEX (121.1) (81.1) Acquisitions (119.1) (49.6) Divestments 66.9 - Dividends paid (112.0) (71.3) Issued capital bought back (22.0) - Treasury shares bought on-market (4.3) (2.7) Borrowings – movement 349.7 (265.7) Interest on external debt and tax (129.4) (100.7) Liquidity Hedge – realised cash FX retranslation (hedged against drawn debt) - (50.8) Restructuring costs (13.9) (18.1) Net COVID subsidies received - 25.4
Net increase/(decrease) in cash 265.4 (234.6)
Opening net cash 148.2 423.9 Effect of FX on cash held 10.3 (20.7)
Closing net cash 423.9 168.6

Analysis includes both continuing and discontinued operations

* Cash flow before CAPEX as % of underlying EBITDA (before AASB 16)

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CAPEX by business – targeted spending on key growth opportunities

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$m
45
81
25
5 6
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Growth Maintenance CAPEX as % of revenue	FY21*	FY20
Life Sciences 2.9% 2.1%	4.8%	6.9%
Commodities 2.9% 0.9%	4.1%	4.7%
Industrial 1.5% 1.2%	2.8%	5.3%
Group Infrastructure 0.3% - Total Group 3.3% 1.3%	0.3% 4.6%	0.6% 6.5%
vs. pcp (in bps) (40) (153)	(192)
Life Sciences:Green field projects and capacity increase
Commodities:Geographical expansion and capacity increase Industrial: Growth initiatives in Tribology
Group infrastructure: Investment in systems
* FY21 CAPEX: -33% reduction vs. pcp (FY20: $121m).

Excludes acquisition CAPEX

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Debt metrics – strong balance sheet with liquidity of $650m

	Mar-17	Mar-18	Mar-19	Mar-20	Mar-21
STATISTICS
Gearing Ratio(target <45%)	29%	31%	37%	42%	36%
Leverage(net debt/ EBITDA) (max 3.25)	1.9	1.7	1.8	2.1	1.6
EBITDA interest cover(min 3.75)	9.2	11.3	10.5	11.0	11.4
BALANCE SHEET MEASURES
Total Equity(in $m)	1,185	1,122	1,083	1,111	1,080
Net Debt(in $m) (AUD = 0.76 USD)	485	507	629	800	614

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Debt Denomination Cash Holdings AUD $m
March, FY21 March, FY21
CAD, 2
AUD, 20
USD
AUD 28%
31% Other, 47
USD, 50
SEK, 4
EUR CAD SGD, 3
16% 17% EUR, 30
GBP GBP,
8% 14
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March, FY21 Post refinance of bank facilities
W. Av. Maturity: 4.9 years W. Av. Maturity: 6.6 years
Bank Debt - Undrawn Capacity Bank Debt - Undrawn Capacity
Bank Debt - Drawn Bank Debt - Drawn
Long Term Debt - USPP Notes Long Term Debt - USPP Notes
600 41.9% 300 20.7%
19.7%
18.7% 18.7%
450 14.8%
20.7%
300 554 18.7% 18.7% 150
250 263 276 250
197
150 250 276 250
0 0
2021 2022 2030 2034 2022 2024 2026 2030 2034
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• Aligning debt profile with operational cash flow to create a ‘natural hedge’

• Increased weighted average debt maturity to 4.9 years as at 31 March 2021, which will further extend to 6.6 years following the re-financing of bank facilities (completed in May 2021)

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Review by division

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Life Sciences overview – robust performance during pandemic

• Life Sciences performed resiliently throughout the pandemic as it operates as an essential part of key supply chains

• Total revenue decline of -3.2%, of which -2.7% organic, +3.9% scope (net of acquisitions and divestments) and -4.5% unfavourable currency impact

 Significant improvement in organic revenue growth in the second half +1.9%

• Underlying margin of 16.2%, +72 bps vs pcp, driven by swift actions to align the cost base to client demand, strong performance of acquisitions and volume improvement in H2 FY21

• Strong margin performance in Canada driven by innovation and process automation, with USA achieving margin expansion in the second half

• LATAM made strong recovery in H2 FY21 as economic activity and volumes increased, some pandemic and geopolitical risk remain

Environmental

Food and Pharmaceutical

 Total organic revenue decline of -3.6% with improvement in Q4 as economic activity increased  Robust performance in Australasia with COVID- related wastewater testing contract wins in Australia, Singapore and Hong Kong	 Strong performance of Pharmaceutical business with recent Food acquisitions performing well
Underlying results FY21 FY20 ¹	Change Change in CCY ²
Revenue $930.0 m $961.2 m	(3.2)% +1.2%
EBITDA $222.4 m $222.8 m	(0.2)% +3.4%
EBITDA margin 23.9% 23.2%	+73 bps +49 bps
EBIT $150.6 m $148.7 m	+1.3% +4.1%
EBIT margin 16.2% 15.5%	+72 bps +41 bps

1 FY20 adjusted for AASB 15, increased revenue by $22m, no EBIT and EBITDA impact. FY20 original reported revenue $939.2m, EBIT $148.7m, EBIT margin 15.8%.

2 Constant currency (CCY), excluding FX impact.

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Life Sciences - recent acquisitions performing well

Contribution from Life Sciences acquisitions made since FY18

• Recent acquisitions ARJ and Aquimisa continue to perform well, exceeding expectations

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120 17.3%
Revenue ($m)
100
12.4%
EBIT margin
80
60 7.9% 7.7% 112
40 84
20 37
23
0
1
FY18 FY19 FY20 FY21
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• Majority of acquisitions made in food and pharmaceutical sector providing strategic additions to existing Life Sciences network

• Disciplined governance, due diligence and integration process in place

Investiga

~$20 m

ANNUAL REVENUE

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• Founded in 1993, pharmaceutical testing business with operations in Brazil and USA

• Annual revenue of ~$20m with 360 employees

• Specialises in the cosmetic and personal care market

• Focus on growing presence in the USA which accounts for a quarter of the global market

• 1 FY21 includes 1 month contribution from Investiga.

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Commodities overview – strong performance in H2 FY21

Geochemistry  Sample volumes +2% vs pcp. Significant improvement in second half (Q3: +13%, Q4: +27% vs pcp)  Volume increase largely driven by major miners (76% of total volume) with increasing contribution from junior miners (24% of total volume) in H2 FY21  Investment in capacity and ‘hub and spoke’ model leveraged to manage volume growth  Organic revenue growth of +7.3%, driven by increased volume, offset by some pricing pressure in H1 FY21 due to the pandemic, some of which was recovered in H2 FY21  Very strong EBIT margin of 31%	Metallurgy  Organic revenue -5.9% vs pcp with improved H2 performance +6.1%  H2 performance driven by reactivation of projects delayed by the pandemic, combined with commencement of new projects  Strong EBIT margin of 24%	Inspection  Revenue decline of -6.2% vs pcp, with recovery in Q4 +2.6%  Trading conditions improved as commodities activity increased  MARSS acquisition continued to perform well  Strong EBIT margin of 27%, +10bps vs. pcp	Coal  Revenue and margin decline driven by reduction in coal price and China trade issues  Superintending saw volume reduction  Other segments delivered positive organic growth
Underlying results FY21 FY20		Change	Change in CCY ¹
Revenue $624.8 m $642.2 m		(2.7)%	+3.8%
EBITDA $210.4 m $201.4 m		+4.4%	+13.2%
EBITDA margin 33.7% 31.4%		+231 bps	+282 bps
EBIT $172.5 m $164.5 m		+4.9%	+14.5%
EBIT margin 27.6% 25.6%		+199 bps	+263 bps
1 Constant currency (CCY), excluding FX impact.

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Geochemistry – supportive gold price

ALS Global mineral sample flow (trailing 52 week running average) and global exploration spend

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Average Weekly Sample Flow
Global Exploration Spend USD bn
Relative Gold Price in USD
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ‘21
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• Strong recovery in sample flows in H2 FY21 as commodities activity increased

• Strong increase in junior mining equity raisings since mid CY20, particularly in gold exploration driven by appreciating gold price (53% of volume) with copper (29% of volume) making an increased contribution following strong appreciation in price and mining activity

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Geochemistry – strong sample flow growth in H2 FY21

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ALS Global mineral sample flow
to 14 May 2021
(two week growth trend)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 '21
COVID-19 impact
DELTA (last 2 weeks sample flow versus same 2 weeks last year)
Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21
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• Sample flow volume +19% for H2 FY21 vs pcp:

• Strong recovery in H2 FY21 (Q3:+13% and Q4:+27% vs pcp), Q4 21 performance benefited from comparable to pandemic-impacted Q4 20 ➢ Q4 21: +25% vs Q4 19

• All regions experienced recovery

• Sample flow growth driven by majors (76% of volume) with increasing contribution from juniors (24% of volume)

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Junior and intermediate fund raisings and pipeline activity showing strong improvement

Junior and intermediate financings, Feb 2019 – Apr 2021

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Gold financings Base/other metals financings
Specialty commodities financings Number of financings completed
3,250
3,000
300
2,750
2,500
250
2,250
2,000
200
1,750
1,500
150
1,250
1,000 100
750
500 50
250
0 0
M J S D M J S D M
2019 2020 2021
Amount raised ($M)
Number of financings
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Project drilling activity by commodity, Feb 2019 – Apr 2021
Copper Gold
Silver Nickel
PGM Lead-Zinc
Minor base metals Specialty commodities
400
6,000
350
5,000
300
250 4,000
200
3,000
150
2,000
100
1,000
50
0 0
M J S D M J S D M
2019 2020 2021
Number of reported drillholes
Number of distinct projects drilled / Exploration price index
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Data as at 14 May 2021. Source: S&P Global Market Intelligence

Data as at 5 May 2021. Source: S&P Global Market Intelligence

• Equity financings for junior and intermediate miners and drilling activity are key lead indicators of Geochemistry sample flow volume

• Strong increase in activity from May 2020 onwards, across most commodities

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Investor Presentation. Full Year Results FY21

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Industrial overview – Asset Care trading conditions remain challenging

Asset Care

Tribology

• Total organic revenue decline of -20.6%

• Total organic revenue decline of -1.6%, with H2 organic growth +1.8%

• H1 FY21 impacted by cancellation of projects and difficulty accessing client sites due to the pandemic

• Solid improvement in H2 FY21 following recovery in some geographies driven by commodities activity

• H2 FY21 impacted by work scope reduction, the shutdown of the welding business in the USA and pricing pressure

• Margin decline primarily driven by USA performance with expansion in Australia and LATAM

• Cost base adjusted to reflect market conditions

Underlying results	FY21	FY20	Change	Change in CCY ¹
Revenue	$206.6 m	$250.5 m	(17.5)%	(15.5)%
EBITDA	$33.3 m	$38.3 m	(13.1)%	(10.9)%
EBITDA margin	16.1%	15.3%	+83 bps	+82 bps
EBIT	$20.5 m	$25.2 m	(18.7)%	(16.3)%
EBIT margin	9.9%	10.1%	(10) bps	(10) bps

1 Constant currency (CCY), excluding FX impact.

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Summary

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FY21 results – summary

 Resilient performance across the Group with strong recovery in H2 FY21

• Organic revenue decline of -2.1% and scope growth of +2.0% with strong margin performance by ARJ, Aquimisa and MARSS

Group

• EBITDA margin growth across all divisions

• Cash conversion rate of 102%

• Strong balance sheet with ~$650m of available liquidity and leverage ratio of 1.6x at March 2021

• Resilient performance throughout FY21, as key provider of essential services

Life Sciences

• Margin of 16.2%, growth of +72 bps (+41 bps at constant currency) driven by swift action to align cost base with client demand, efficiency gains and recovery of volumes in H2 FY21

• Geochemistry sample volumes increase of +2% vs pcp with significant improvement in H2 (Q3: +13%, Q4: +27% vs. pcp )

Commodities

• Metallurgy recovered strongly in H2 FY21 as activity mining activity increased

• Coal impacted by falling coal price, trade issues with China and reduction in superintending revenue

Industrial

• Asset Care impacted by cancellation of projects and reduction of scope as end markets remain subdued

• Tribology saw solid improvement in H2 FY21 driven by a recovery in the commodity sector

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Current trading

Group

• Sustained increase in economic activity continues to drive improved performance across the Group, although risk of new economic shutdowns remain as pandemic continues

• Focus on executing acquisition strategy focused on accretive opportunities in Life Sciences, (primarily in the food and pharmaceutical markets) with strong pipeline in place

• Long-term structural drivers remain strong and offer sustainable growth

Life Sciences		Commodities		Industrial
Remains resilient, with volumes improving across the division in early Q1 22 Regions most challenged during the majority of FY21, particularly LATAM, seeing ongoing improvement in early Q1 22 Strong momentum from H2 FY21 has continued into early Q1 22 as major and junior miners continue to increase sample flow across all regions Leveraging ‘hub and spoke’ model and ongoing investment in capacity increase to meet growing demand Asset Care trading environment remains challenging as maintenance budgets are yet to recover in end markets. Tribology seeing solid momentum in early Q1 22 as client activity increases

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Investor Presentation. Half Year Results FY 2021

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Underlying effective tax rate movement

FY22 outlook:ETR expected to be ~29% on an underlying basis Underlying Profit before Tax_(from continuing operations)_ Tax Effective Tax Rate (ETR) $m	FY22 outlook:ETR expected to be ~29% on an underlying basis Underlying Profit before Tax_(from continuing operations)_ Tax Effective Tax Rate (ETR) $m	261.4 (74.0) 28.3% FY21	264.5 (74.0) 28.0% FY20	Change YoY
				(1.2)%
				(0.0)%
				+33 bps
	FY22 outlook:ETR expected to be ~29% on an underlying basis

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Corporate cost* evolution - reduced in-line with revenue

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2.2%
2.1% 2.1%
1.8%
1.7%
39.1
37.0 37.6
26.5
21.1
FY17 FY18 FY19 FY20 FY21
Corporate costs * ($m AUD) Corporate costs as % of revenue
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• Strict cost control in Corporate

• Maintained the same cost % of revenue vs. pcp despite significant increase in insurance costs

* excludes net foreign exchange gain or loss.

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Net debt evolution

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800
700
(299) 18
3
800
600 (25)
71
(104) 101
50
614
500
400
31 March 2020 Free Cash Flow Acquisitions Dividends paid Treasury shares Fx Interest and Tax Restructuring Net COVID 31 March 2021
Net Debt bought on-market costs subsidies received Net Debt
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Contents

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1 Market and ALS background
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2 Life Sciences
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3 Commodities and Industrial
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4 Strategic roadmap
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Testing, Inspection and Certification (TIC)

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Others
9%
Certification
Verification of a system or item
17%
against a recognised Standard
Testing
(core service for ALS)
taking measurements either in a
laboratory or in the field
56%
Inspection
Visual inspection or physical 18%
measurement (in situ) of a commodity or
piece of equipment/infrastructure
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TIC industry by service type (% of total market)

Source: Testing, Inspection & Certification (TIC) Market – Global Forecast to 2025. Markets and Markets

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$US204bn global TIC market

Market drivers

• Growing trend of outsourcing TIC services to third party providers

• Increasing number of new regulations and standards to ensure the quality and safety of products

• Global manufacturing and trading of products requiring greater scrutiny across increasingly complex supply chains

• Increasing product diversification

• Growing middle class in developing countries demanding high quality standards

Market size by service offering and growth to 2025

$0 $20 $40 $60 $80 $100 $120 $140 CAGR 2025 2020
	2020 2025
	Testing services Inspection services Certification services Others
	$114.7bn $37.0bn $33.5bn $19.0bn
	$137.9bn $41.5bn $43.3bn $21.0bn
	3.7% 2.3% 5.3% 2.0%

Source: Testing, Inspection & Certification (TIC) Market – Global Forecast to 2025. Markets and Markets

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TIC market by region – global growth

TIC market size by region and growth to 2025

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$100
EUROPE 2020 2025
25.4% $80
3.8%
$60
NORTH AMERICA $40
29.9%
3.3%
APAC $20
34.7%
3.7%
$0
REST OF THE WORLD North Europe APAC RoW
10.1% America
3.4%
2020 $60.8bn $50.1bn $72.0bn $21.3bn
2025 $71.6bn $60.5bn $86.4bn $25.2bn
MARKET SHARE % (2019) CAGR 3.3% 3.8% 3.7% 3.4%
CAGR % (2020–2025)
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Source: Testing, Inspection & Certification (TIC) Market – Global Forecast to 2025. Markets and Markets

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Company history

Established as Campbell Australian Laboratory Services (ALS) began as a Following rapid growth and Brothers in 1863, a small small geochemistry laboratory in 1976 in diversification across Australia in the chemical company in Brisbane (Australia) to service mineral 1980s, ALS expanded into Asia and Australia. exploration companies in the eastern Australia. South America in the 1990s.

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Listed on the Campbell Brothers acquired ALS in 1981 and began Expanded into North America, Australian Stock expanding with the goal of being one of the largest, Africa and Europe in the early Exchange (ASX) in most highly respected, commercial laboratory 2000s and the Middle East in the 1952. services companies in the world. early 2010s.

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ALS service offering – testing is core

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OVERALL
CAPABILITIES
SCOPE
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ALS products and services

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ALS current cyclical vs non-cyclical revenue split

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LIFE SCIENCES
Environmental
Food
Pharmaceutical
Consumer Products
65%
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35%

COMMODITIES & INDUSTRIAL Geochemistry Metallurgy Trade Inspection Coal Asset Care Tribology

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48 Investor Presentation. Full Year Results FY21.

ALS global operations by revenue (FY21)

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65+
Countries
EMENA
4,800 staff
350+
Locations
$466m
40+
Years of strong
performance $588m
APAC
15,000+ 4,900 staff
$672m
Staff worldwide AMERICAS
$35m AFRICA
5,500 staff
500 staff
40+ million
Processed samples
per year
$1.8 billion
Global revenue
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Main business streams: Environmental testing | Food safety and quality | Pharmaceutical

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Life Sciences division

Key drivers

• Increasing regulation, complexity and specialisation of testing requirements

• Increased outsourcing allowing companies to focus on core competencies

• Focus on high level of quality brand protection, particularly for food and pharmaceutical companies

Strategy

• Organic growth in existing key markets

• Cost base management and automation driving efficiency and improved productivity

• Acquisition strategy focused on food and pharmaceutical opportunities that align with existing capabilities or attractive adjacent markets

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Life Sciences ($m)
$1,000
$900
$800
$700
$600
$500
FY19 FY20 FY21
Revenue ($m)
$1,000
$800
$600
$400
$200
$0
FY19 FY20 FY21
Environmental Food / Pharmaceutical Consumer / Electronics
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Life Sciences – 239 global locations

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78
62
28
71
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Commodities: Geochemistry | Metallurgy | Commodity trade and inspection | Coal quality Industrial: Asset Care | Tribology

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Commodities division

Key drivers

• Commodity pricing cycle

• Mining capital expenditure by major miners and exploration by junior miners

• Junior miner’s exploration generally driven by equity market activity (particularly in the Australian and Canadian markets)

Strategy

• Market leading position driven by strong offering, client service and global network

• Hub and spoke model allows a degree of margin management based on position in the commodity pricing cycle

• Investment in technology to drive offering and efficiencies

Commodities ($m)

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$650
$600
$550
$500
FY19 FY20 FY21
Revenue
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Geochemistry

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Sample flow mix Brownfield vs greenfield
Other
minerals
(incl. zinc,
lead, iron ore) Greenfield
Gold
Copper
Brownfield
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Commodities – 131 global locations

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29
34
39
13
16
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Geochemistry ‘hub and spoke’ model

• 5 global hubs provide capacity, supported by smaller regional ‘spokes’

• • ‘Spoke’ operations are scaled up or down to match client demand and ensure effective use of hub capacity

• Technology platform also supports efficient global allocation of sample flow

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Investor Presentation. Full Year Results FY21.

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Industrial division

Key drivers

Support asset owners, operators and constructors to:

• Comply with codes and regulations

• Provide confidence in safe operations

• Optimise production and maintenance

Strategy

• Grow market share and geographic reach

• Diversify service offering

• Leverage technology to deliver increased value to clients and drive operational efficiency

Industrial ($m)

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$300
$250
$200
$150
$100
$50
$0
FY19 FY20 FY21
Revenue
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Industrial – 39 global locations

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1
13
22
3
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Industrial – confidence in assets

ENGINEERING-LED INTEGRITY AND RELIABILITY SERVICES

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Engineering Tribology assessment Mechanical testing Integrated condition Fitness for service / monitoring Non-destructive remaining life assessment testing (NDT) Maintenance Training academy planning and review Quality assurance / inspection Materials engineering Inspection / advanced and consulting digital imaging Balancing and alignment

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Selection of 2,000+ different clients

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Right Solutions • Right Partner

62 Investor Presentation. Full Year Results FY21.

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Right Solutions • Right Partner alsglobal.com

Right Solutions • Right Partner

63 Investor Presentation. Full Year Results FY21.