First Take: FY26 Underlying EBIT In-Line With Expectations

ALS Ltd delivered FY26 organic revenue growth of 8.4%, with a strong performance in Commodities offsetting relative weakness in the Life Sciences division. Goldman Sachs maintains a Buy rating with a target price of A$28.00.

Key Takeaways

• 1.FY26 organic revenue growth for the group was +8.4% yoy, aligning with GS estimates and exceeding company guidance.
• 2.The Commodities division significantly outperformed, with 18% organic revenue growth driven by strong geochemistry sample volumes and processing capacity.
• 3.Life Sciences growth underperformed both GS and company guidance, achieving only +2.8% organic revenue growth.

Table of Contents

• FY26 Result
• FY27+ Outlook
• Price Target Risks and Methodology - ALQ
• Buy it
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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