Deep Intelligence Across Industries

Company Headquarters: Japan Founded: 1946 Workforce: ~13,927 Company Working: Nippon Seiki Co., Ltd. (Nippon Seiki) is engaged in manufacturing and selling automobile and motorcycle instruments. It operates through the automotive and general-purpose instruments, consumer products, car sales, and others segments. The automotive and general-purpose instruments segment covers gauges for four-wheel vehicles and motorcycles, head-up displays, and sensors. The consumer products segment is involved in manufacturing and selling information equipment operation panels, air conditioning and housing equipment controllers, amusement unit ASSY, and high-density board EMS. The car sales segment sells used and new cars and offers vehicle inspection and maintenance. The others segment comprises its display business, cargo transportation, development and sale of software, contract calculation, and resin material processing. Nippon Seiki's product portfolio includes liquid display panels and modules, consumer-use products, and other products. Kawasaki Heavy Industries, Ltd., Jaguar Land Rover, Suzuki Motor Corporation, General Motors Company, Nissan Motor Co., Ltd, Honda Motor Co., Ltd., Mazda Motor Corporation, Mitsubishi Motors, Yamaha Motor Co., Ltd, and BMW AG are some of the customers of the company in the global automotive head up display (HUD) market.

Company Headquarters: Tokyo, Japan Founded: 1938 Workforce: ~ 10,283 Company Working: Pioneer Corporation (Pioneer) designs, manufactures, and sells automobile electronics and other products. Car navigation systems, car speakers, dashcams, car audio/video systems, optical disc-related products, organic light emitting diode (OLED) displays, electronic devices and parts comprise the company's product portfolio. It provides high-quality navigation systems, speakers, and audio/video systems to automobiles and serves a variety of automakers around the world. It provides computers with high-precision reading and writing Blu-ray/DVD drives. The company provides Vehicle Assist service, which connects to navigation systems and dash cameras in commercial fleets of vehicles, as well as advanced fleet management, such as vehicle tracking and dispatching and driver behavior monitoring. Pioneer owns and operates a plant in Japan. The corporation has operations in the Americas, Europe, the Middle East, Africa, and Asia.

Company Headquarters: Japan Founded: 1941 Workforce: ~306,118 Company Working: Yazaki Corporation is engaged in designing, manufacturing, and selling automotive electronic products. Its product portfolio includes wire harnesses, meters, electronic components, instrument clusters, HUDs, and safety warning devices. The company also offers gas equipment, air conditioning equipment, solar equipment, and charging connectors. It has 596 manufacturing plants and sales offices in 46 countries across the world, including the US, Spain, Germany, Mexico, New Zealand, Italy, Singapore, Turkey, France, Morocco, Poland, South Korea, Brazil, and India. Yazaki Parts Co., Ltd., Yazaki Energy System Corporation, Yazaki Meter Co., Ltd., Yazaki Systems Technologies GmbH, Thai Arrow Products Co., Ltd., and Yazaki Electronic Wire Corporation are some of the subsidiaries of the company.

Company Headquarters: US Founded: 2000 Workforce: 10,000 Company Working: Visteon Corporation is a global automotive technology provider serving the mobility industry, dedicated to developing connected, enjoyable, and safe driving experiences. The company platform scalable hardware as well as a software solution that enhances the digital, autonomous evolution, and electric of global automotive customers which include BMW, Ford, Mazda, Renault Volkswagen, Nissan, GM, Daimler, Jaguar/Land Rover, and Stellantis. Visteon products are according to industry trends as well as include digital instrument clusters, Android-based infotainment systems, displays, domain controllers, ADAS as well as battery systems. Visteon has an international network of production operations, joint ventures, and technical centers dedicated to design, development, and production along with the support of its product offering and its customer across the globe. The company's products as well as engineering footprint in located in India, China, Japan, Portugal, Mexico, and Slovakia.

Company Headquarters: France Founded: 2004 Workforce: 2100 Company Working: Sagemcom SAS manufactures, designs, and ships communicating terminals. The company provides different hardware devices such as residential gateways, set-top boxes, multimedia terminals, and Internet routers. The company also offers telecommunication equipment and network, infrastructure construction, energy and site management, and managed and maintenance solutions. Additionally, it provides data concentrators, modems and gateways, electricity meters, and meter data management solutions for telecommunication and energy infrastructure, multi-energy (gas and water) markets, and electricity sectors. The company also provides domestic products such as power line communication products, home telephony products, pocket projectors, security and home automation products, faxes and multifunctional printers, and dematerialization products for the public. The company operates worldwide, mainly in the regions of Europe, North America, and Asia.

Company Headquarters: US Founded: 2007 Workforce: 2100 Company Working: EchoStar Corporation offers video delivery solutions and satellite service operations globally. The company engages in the development, design, and distribution of digital set-top boxes, along with products for direct-to-home satellite service providers. The company operates through two segments—Hughes and EchoStar Satellite Services. The EchoStar Satellite Services segment provides satellite service operations and video delivery solutions to Internet service providers, broadcast news organizations, corporates, the US government service providers, programmers, and private enterprise customers. The Hughes segment provides solutions to homes and small offices. The EchoStar Satellite Services segment offers solutions for aeronautical, enterprise, governments, broadband network technologies, managed services, equipment, hardware, satellite services, and communication. The company also designs and installs gateways and terminal equipment for various satellite systems.

Company Headquarters: Canada Founded: 1983 Workforce: ~400 Company Working: TECSYS, Inc. is a Canada-based company which develops, offers, and markets enterprise distribution, warehouse, and transportation logistics software and services. The company offers these solutions and services to many industries such as heavy equipment, third-party logistics, healthcare, and general wholesale distribution industries. The operates through the US, the UK, Russia, and Canada. The company’s product line includes requisition management, business intelligence, order management, supply management, warehouse management, radiofrequency equipment, electronic commerce, transportation management, mobile delivery management, procurement, financial management, and value-added services. Additionally, the company offers various services such as customer services, business consulting, technical services, and training services.

Company Headquarters: Florida, US Founded: 1886 Workforce: ~38,000 Company Working: Del Monte Fresh Produce N.A., Inc. is the vertically integrated producers, marketers, and distributor of fresh fruits and vegetables and prepared foods across the globe. The company sells its products under the brand name DEL MONTE, as well as other propriety brands such as UTC and Rosy. The company produces fresh-cut fruit, fresh-cut vegetables, pineapples, avocados, non-tropical fruit, prepared food, melons, tomatoes, vegetables, other fruit and vegetables, bananas, and other products and services. The company has its manufacturing sites in North America, the Middle East, and Europe.

Company Headquarters: Britain, UK Founded: 1837 Workforce: ~4,175 Company Working: Premier Foods Plc is one of the leading food company in Britain with 15 manufacturing sites and offices in Europe. The company operates primarily in the ambient food and grocery business with portfolio brands that include Flavorings & Seasonings; Cooking Sauces & Accompaniments; Quick Meals, Snacks & Soups; Ambient Desserts, and Ambient Cakes. In addition to this, the group has a portfolio of other branded food products and a non-branded food business that manufactures products, such as cakes and desserts. The company markets its product in the UK, Ireland, Australia, New Zealand, USA, South Africa, and Canada.

Company Headquarters: California, US Founded: 1998 Workforce: ~540 Company Working: Cutera is a global manufacturer and supplier of laser and energy-based aesthetic systems to practitioners all over the world. The Company creates, develops, manufactures, distributes, and markets light and energy-based product platforms for physicians and other qualified practitioners to employ to provide safe and effective cosmetic treatments to its consumers. Furthermore, the Company sells third party-made skincare items. The Company's continuous research and development activities are primarily focused on the creation of new products as well as the improvement and enhancement of the Company's existing product line.

Company Headquarters: Granada, Spain Founded: 2000 Workforce: 152 Company Working: Biosearch, SA is a multinational organization that focuses on research & development, production and marketing of probiotic products, botanical extracts, and omega 3. These products manufactured by the company are mainly used in two functional areas, which are, food & nutrition and pharma & nutraceutical. It has more than 200 products in its portfolio and serves customers from more than 30 countries across the globe.

Company Headquarters: Japan Founded: 1963 Workforce: ~12,300 Company Working: MISUMI Group Inc. designs, manufactures, and sells press die, plastic mold, automated machinery, electronic components, and wiring. It operates through two business segments– manufacturing and distribution. The company operates through three business segments, namely, factory automation (FA), die component, and VONA. Its die component business offers mold parts and handles dies to manufacture automobile components, electronic components, and electronic equipment. The company’s FA business segment offers various parts and components used in industrial automation and other applications. Its VONA business segment offers connectors, switches, cables, transformers, end mills, and hand gloves. MISUMI Group Inc. has major business operations located in Asia-Pacific, Europe, and North America. It has approximately 261,998 customers, 63 sales offices, 16 logistics sites, and 23 manufacturing facilities, globally. Dayton Lamina Corporation, SURUGA Production Platform Co., Ltd., Suruga Seiki (nantong) Co. Ltd., Connell Industrial Tool Corporation, and SP Parts Co., Ltd. are some of the subsidiaries of the company.

Company Headquarters: Tokyo, Japan Founded: 1897 Workforce: ~8,995 Company Working: Meidensha Corporation (Meidensha), is a Japan-based diversified company with operations in energy, water management, information, communication, industrial systems, construction and maintenance of heavy electrical components, and semiconductor industries. The company is also engaged in manufacturing and marketing energy equipment for power generation, conservation, transmission, transformation, and distribution. It operates through three business segments, which are social infrastructure systems, industrial systems, and maintenance and servicing. High-speed motors are included under the company’s industrial systems segment. Meidensha operates in Japan, India, China, Indonesia, Korea, Malaysia, Singapore, the UK, Thailand, the US, and the UAE. The company’s manufacturing units are mainly located in Asia-Pacific, Europe, and the Middle East. Meidensha has 35 subsidiaries. Prime Meiden Ltd, Meiden America, Inc., and Meiden Chemical Co. Ltd, are its major subsidiaries. The company has 19 subsidiaries in Japan and 18 in overseas. This contributes to its wide geographical presence.

Company Headquarters: Gothenburg, Sweden Founded: 1907 Workforce: ~45,678 Company Working: SKF is a global leader in delivering technology for bearings and units, seals, mechatronics, services, and lubrication systems. In order to achieve breakthroughs in energy efficiency, friction reduction, and equipment longevity and reliability, the company operates through two business segments, which are industrial and automotive. High-speed motors fall under its industrial segment. The company provides industrial drives, heavy industrial machines, and special machinery, which cater to a wide range of end users, such as industries, aerospace, energy, railway, off-highway. SKF invests in research and development activities to develop advanced technology for almost every industry vertical. For instance, in 2017, the company spent 3.1% of its net sales on research and development. SKF has 51 subsidiaries. Lincoln Industrial Corporation, Kaydon Corporation, and SKF Economos GmbH are its key subsidiaries. The company has an extensive geographical presence in 130 countries across the globe with more than 17,000 distributors and manufacturing facilities in 24 countries.

Company Headquarters: US Founded: 1938 Workforce: ~10,000 Company Working: Kennametal Inc. is a leading manufacturer of industrial equipment and related components. It operates through three business reporting segments, namely, industrial, Widia, and infrastructure. Through the industrial segment, the company offers high-performance metalworking tools for transportation, general engineering, aerospace, and defense industries. It offers high-performance metalworking tools for manufacturing automobiles, engines, airframes, trucks, ships, and other types of industrial equipment. The company offers products under the metalworking tools, mining, construction, engineered wear solutions, and powdered materials and equipment categories. Additionally, it also provides repair and recycling service to the clients. Kennametal Inc. has a global presence with operations in more than 60 countries. It generates more than 50% of its revenue from outside North America. The company invested nearly USD 38.9 million and USD 38.0 million in 2018 and 2017, respectively, in research and development. It distributes its products through a network of direct sales forces, independent and national chain distributors, and e-commerce and integrated supplier platforms.

Company Headquarters: Hørsholm, Denmark Founded: 1874 Workforce: 3,151 Company Working: CHR-Hansen is a multinational company, which offers solutions to improve food and health. The company manufactures different products under five broad segments including food cultures and enzymes, natural colors, plant health, animal health, and probiotic supplements & infant formula. It offers probiotic strains, which are used in different areas such as gastrointestinal balance, immune system support, and women’s microflora. The company has production units located in Denmark, Germany, France, the Czech Republic, Brazil, China, Italy, Peru, and the US. The company caters to customers present globally.

Company Headquarters: South Africa Founded: 1984 Workforce: ~4,800 Company Working: BME South Africa designs, manufacturers, and sells explosives and other related accessories and blasting services to the mining, quarrying, and construction industries. It offers its products through three business segments, namely, agriculture, mining, and chemicals. The mining business segment comprises bulk emulsion, blended bulk explosives, specialized chemicals and chemical-based solutions, and logistics services for the opencast mining industry. The chemical business segment includes specialty, bulk trading, and industrial chemicals and polymers, as well as it includes base oils, additives, and lubricant products. The company has offices located in South Africa, Namibia, Botswana, Zimbabwe, Zambia, Swaziland, Angola, Malawi, Mozambique, DRC, Sierra Leone, Mali, Burkina Faso, Mauritania, Senegal and Eritrea. Bulk Mining Explosives (Pty) Ltd (BME South Africa) operates as a subsidiary of Omnia Holdings Limited.

Company Headquarters: Massachusetts, US Founded: 2004 Workforce: ~1,107 Company Working: DD IP Holder LLC (DD) is one of the world’s leading franchisors of quick-service restaurants (QSRs) serving hot and cold coffee & baked goods, as well as hard serve ice creams. The company franchise restaurants under its well-known brands, Dunkin’ and Baskin-Robbins. DD has more than 20,900 distribution centers in over 60 countries globally. It has 12,900 Dunkin’ restaurants and over 8,000 Baskin-Robbins restaurants. DD also utilizes a multi-franchise system in the UK, Germany, China, and Mexico. Additionally, it has a joint venture with a publicly-traded company for the Baskin-Robbins brand in Japan and joint ventures with local companies in Australia for the brand and in South Korea for both the Dunkin’ and Baskin-Robbins brands.

Company Headquarters: Chile Founded: 1920 Workforce: ~3,500 Company Working: Enaex designs, develops, and sells explosives and blasting services. It operates through five business segments, namely, raw materials, blasting agents, high explosives, initiation systems, and blasting accessories. The blasting agent’s business segment includes its pirex, daveytronic, Energex, prillex, panfex, and vertex brands. The initiation systems business segment offers non-electric detonators, electric detonators, electronic detonators, and detonating cords. The company manufactures high explosives including various types of dynamite, boosters, cartridge emulsions, and detonators— at its Río Loa plant in Calama. It offers a wide variety of services such as shot blasting, loading blasting agents, shallow mooring, plugging blast holes, checking blasting holes, and magazine management. The company provides rock fragmentation and blasting services in Chile, Argentina, Brazil, Colombia and Peru, where it also has a broad network of on-site service plants. It has eight production plants across Chile, Argentina, Brazil, and France. Davey Bickford SAS, Xion I Participações S.A., Sigdo Koppers, and Industrias Cachimayo S.A. are some of the subsidiaries of the company.

Company Headquarters: China Founded: 1997 Workforce: ~4,762 Company Working: Neway Valve is one of leading valve manufacturers in the advanced valve manufacturing industry. It manufactures various valves such as gate, globe, check, ball, butterfly, nuclear, subsea, control, and safety valve & wellhead equipment, which are used in end-use verticals including oil & gas, offshore, chemical, power, nuclear, mining, and air separation industry. It operates in three business segments, namely, valve manufacturing business, and brass manufacturing business. Under its valve manufacturing business, The company offers a range of products and integrated solutions related to industrial valves. Furthermore, it sells materials and processed components used in consumer electronics, precision devices, automobiles, building construction, and other applications. The company has 5 subsidiaries namely, Neway Valve International, Inc. (US), Neway Valve B.V. (the Netherlands), Neway Valve s.r.l. (Italy), Neway Valve Pte. Ltd. (Singapore), and Neway Flow Control DMCC. (Dubai). It has 14 service units, across the globe.

Company Headquarters: Chiba Prefecture, Japan Founded: 1944 Workforce: ~4,762 Company Working: KITZ Corporation is one of the leading manufacturers and seller of valves, other flow control devices, and related products in Japan and worldwide. The company offers valves, fittings, water purifiers, and industrial filters that are used for the control of fluids and brass rods are offered for machined and forged products. The company operates in three business segments, namely, valve manufacturing business, brass manufacturing business, and others. Under its valve manufacturing business, it offers a wide range of products and integrated solutions related to industrial valves. Furthermore, it sells material and processed components used in consumer electronics, precision devices, automobiles, building construction, and other applications. The company has 12 brands such as Kitz, Perrin, Toyo Valve, and ISO. It offers industrial valves to building facilities, water and sewer systems, natural gas distribution networks, production processes, oil refining, petrochemicals, and other industries through its Perrin, and Toyo Valve brands. The company has production and sales bases in 12 countries, across the globe.

Company Headquarters: Denmark Founded: 1941 Workforce: ~38,000 Company Working: AVK Holding A/S is a leading manufacturer with more than 100 companies in the group manufacturing valves, hydrants, and accessories for water and gas distribution, sewage treatment, and fire protection system. The company caters to the requirements of the various industrial sectors within advanced manufacturing. The company operates in four segments, namely, fluid handling, payment & merchandising technologies, aerospace & electronics, and engineered materials. Industrial valves are offered under under its fluid handling segment that also provides industrial fluid control products, including valves, pumps, lined pipe, and instrumentation products. The major brands the industrial valves are sold under, are AVID, Brownall, Center Line, Compac-Noz, Crane, Crane Fluid Systems, Crane Supply, Crane Valve Services (Nuclear), Duo-Chek, EPIC, and Flowseal.

Company Headquarters: New Jersey, US Founded: 1978 Workforce: 111 Company Working: Antares Pharma is a combination of drug-device companies focused primarily on the development and commercialization of self-administered parenteral pharmaceutical products and technologies. The company develops, manufactures, and commercializes, novel therapeutic products using its advanced drug delivery systems that are designed to provide commercial or functional advantages, such as improved safety and efficacy, reduced side-effects, and enhanced patient comfort and adherence. Antares Pharma’s intramuscular and subcutaneous injection technology platforms include the Vibex and Vibex QuickShot pressure-assisted autoinjector systems suitable for branded and generic injectable drugs in unit dose containers as well as disposable multi-dose pen injectors. The company has a portfolio of proprietary and partnered commercial products and ongoing product development programs in various stages of development. It has formed significant strategic alliances and partnership arrangements with industry-leading pharmaceutical companies including Teva, Amag, and Pfizer.

Company Headquarters: Reading, UK Founded: 1973 Workforce: ~4,300 Company Working: Expro Group is one of the leading providers of pioneering technology, which is awell flow management solution. It provides products and services, which are used to measure, improve, control, and process flow for high-value oil and gas wells, exploration, offshore, deepwater, and mature field production. The company provides products and critical services, which include well testing, well intervention, fluids, safewells, pipeline & flarestack, wireless well soultions, burner boom systems, well test & appraisal services, subsea, completion & intervention services, integrated well abandonment services and production services. The company consistently focuses on the development of next generation technologies including 30k Tubing Conveyed Perforating (TCP) gun system for extreme high pressure applications, a second generation Cableless Telemetry System (CaTS) for higher pressure/temperature environments, and the product launch of a new permanent downhole monitoring business for delivering valuable downhole data solutions. The company has a wide geographical presence in more than 50 countries primarily in hydrocarbon producing areas, which include Europe, the Middle East & Africa, Asia-Pacific, North America, and Latin America.

Company Headquarters: Paris, France Founded: 1931 Workforce: ~5,300 Company Working: CGG offers geophysical products and services for oil and gas exploration and production. It operates through two business segments, which are Equipment and Geology, Geophysics, and Reservoir (GGR). It offers reservoir analysis services under the GRR segment, which also operates to offer services, such as subsurface imaging, geoscience consulting services, geo software, seismic surveys, geological data, and smart data solutions. Moreover, the company offers equipment for seismic acquisition systems, sensors to geophysical contractors and oilfield companies in onshore, offshore, and downhole activities. CGG has its locations in several countries across the world, including the US, the UK, Mexico, Canada, Brazil, South Africa, the UAE, Egypt, India, Australia, China, Malaysia, Thailand, Russia, Norway, France, the Netherlands, and Germany. Additionally, the company has more than 29 subsurface imaging centers. Geomar SAS (France), CGG Holding BV (the Netherlands), CGG Marine BV (the Netherlands), CGG Services India Private Ltd (India), CGG Holding (U.S.) Inc (US), Sercel SAS (France), CGG Marine Resources Norge AS (Norway), and CGG Canada Services Ltd (Canada) are some of its subsidiaries.

| Field | Detail | |---|---| | Legal name | ALS Limited | | ABN | 92 009 657 489 [Notice of Meeting, Jun-2026] | | Former names | Campbell Brothers Limited (renamed ALS Limited in 2012) [Wikipedia / Qld Business Leaders Hall of Fame] | | Founded | 1863, Brisbane, by Scottish immigrant Peter Morrison Campbell, as soap manufacturer "Campbell Brothers" at Kangaroo Point | | Laboratory origin | "Australian Laboratory Services" founded in Brisbane in 1976. Campbell Brothers took a controlling stake in 1981 and full ownership by the mid-1980s | | Incorporation jurisdiction | Australia (Queensland). Public company under the Corporations Act 2001 (Cth) | | Registered / governance HQ | Level 9B, 25 King Street, Bowen Hills QLD 4006, Australia. Postal: PO Box 566, Fortitude Valley QLD 4006. Tel +61 7 3367 7900 [Notice of Meeting 2026; IR website] | | Operational HQ | Madrid, Spain, since July 2025, relocated from Houston, Texas. The CEO and CFO moved to Madrid [FY25 results release, 27-May-2025; ASA 2026 report] | | Primary listing | Australian Securities Exchange (ASX: ALQ). Listed 18 July 1952 as Campbell Brothers Limited [Motley Fool ticker page] | | Secondary quotations | OTC Pink (CPBLF); Deutsche Börse (CP4); Cboe Australia (ALQ) [Simply Wall St listing data] | | ISIN | AU000000ALQ6 [Investing.com] | | CUSIP | Not publicly disclosed; no US primary listing | | Index membership | ASX 100 / S&P/ASX 200 constituent [ALS IR website] | | Fiscal year end | 31 March | | Auditor | Ernst & Young (EY), Australia. FY26 audit fees A$3.516m [FY26 Annual Report; ASA 2026] | | Share registry | Boardroom Pty Ltd, Sydney | | Employees (latest) | 23,243 at FY26 period end. The Annual Report states "more than 23,000" [Tracenable from ALS Sustainability Report 2026; FY26 AR] | | Footprint | 70+ countries, 450+ locations [FY26 Annual Report] | | Shares on issue | ~507.5m ordinary shares [Morningstar via Motley Fool, 2026] | | Market capitalisation (latest observed) | ~A$10.7bn at ~A$21.06/share. This is a derived figure; the timestamp of the latest quote could not be confirmed to 7-Oct-2026. Market cap was A$11.075bn on AGM day (28-Jul-2026) per the ASA | | Website | www.alsglobal.com | | Chair | Nigel Garrard (Chair since 31 July 2024) | | CEO & Managing Director | Malcolm Deane (since 8 May 2023) | | CFO | Stuart Hutton | The entity profiled is ALS Limited, the same listed company identified in the request. There has been no change of listing or ticker. The name changed from Campbell Brothers Limited in 2012, which predates the identification list. | Metric | FY24 | FY25 | FY26 | |---|---|---|---| | Employees at period end (number) | 20360 | 22731 | 23243 | [Source: Tracenable, citing ALS Sustainability Reports FY24–FY26] The FY25 step-up reflects the full-year consolidation of Wessling (~1,200 staff) and York (~200 staff), acquired April–June 2024. The FY26 increase of ~2% against revenue growth of 10.7% points to emerging labour productivity gains. Labour is ~60% of ALS's cost base [CEO AGM address, 28-Jul-2026]. ALS Limited is a global, pure-play laboratory testing, inspection and certification (TIC) company, and the world's largest provider of analytical testing to the minerals exploration industry. It runs a hub-and-spoke network of 450+ sites across 70+ countries and is organised into two reporting divisions: **Commodities:** Minerals geochemistry and metallurgy, mine-site production labs, Assay & Inspection, Oil & Lubricants condition monitoring, and Coal quality. **Life Sciences:** Environmental (the largest single business at ~35% of Group revenue), Food, and Pharmaceutical, including the German contract research organisation Nuvisan. The investment case rests on three elements: 1. A cyclical, very high-margin Minerals engine, which delivered a 33.0% EBIT margin in FY26. 2. A structurally growing, regulation-driven Environmental platform, with PFAS testing growing in the mid-teens. 3. A digital and automation programme ("Smart Labs / Lab of the Future") built on a unified LIMS that covers 80% of revenue. FY26 delivered record results: revenue of A$3.32bn and underlying NPAT of A$381.2m. This met the 2022-set FY27 targets a year early. Leverage is 1.5x, below the target range. --- ### What ALS does ALS sells analytical testing services. Customers send physical samples — rock pulp, drill core, water, soil, air filters, food, pharmaceuticals, lubricating oil, coal — or ALS operates labs at client sites. ALS returns certified analytical data, interpretation and associated services such as sampling, inspection, consulting and data products. The FY26 Directors' Report lists the Group's principal activities as: - Mining, mineral and commodity testing, inspection and certification. - Environmental monitoring and analytical services. - Food, pharmaceutical and life sciences testing and quality assurance. - Laboratory and field-based technical services, including equipment supply, maintenance and operation. - Pre-clinical studies, clinical development, analytical development and formulation, clinical trial support and bioanalytical services (through Nuvisan). - Data, analytics and related technical consulting. [FY26 Annual Report, Directors' Report] ### Company's own description (paraphrased from the FY26 Annual Report) ALS describes itself as a global leader in testing. It uses advanced technologies and evolving methods to deliver high-quality testing and tailored solutions, and pairs international scale with local expertise to generate data-driven insights for a safer, healthier world. **Vision:** to be the global leader in scientific analysis in pursuit of a better world. **Purpose:** to make the world a better place through science, assurance and sustainability. **Brand promise:** "Right solutions. Right partner." **Values:** Safe, Resilient, Curious, Committed, Caring, Honest. The operating model is branded "One ALS". It comprises: - The "ALS Operating Way" — a standardised approach to laboratory operations. - A hub-and-spoke network. - Value-added services layered on top of testing. These are supported by three core capabilities: data and digital excellence, streamlined global functions (HR, finance, procurement), and a client-centric service model. ### Business model and revenue model | Dimension | Characterisation | |---|---| | Product vs service mix | ~100% services. ALS has no meaningful product sales; minor equipment supply occurs within lab management contracts | | Revenue model | Predominantly fee-per-test (per sample / per analyte / per method package), priced from schedules and negotiated client contracts. It is transactional but highly recurring at the client level | | Contract revenue | Mine-site production labs (multi-year operate contracts), Nuvisan CRO contracts (including an anchor-client partnership), and inspection and certification contracts | | Subscription / licensing | Not material. Client portals (Webtrieve™, ALS Solutions, the oil-analysis portal) and geoanalytics data products are bundled with testing rather than sold separately as SaaS | | Pricing dynamics | Minerals pricing is cyclical. FY25 saw price pressure as competitors chased volume; H2 FY26 pricing improved as legacy discounts rolled off. Life Sciences pricing is regulation- and accreditation-supported, with steadier increases | | Cost structure | Labour ~60% of costs [AGM 2026]. Remaining costs are consumables and reagents, occupancy, logistics, and depreciation of instruments and facilities. High operating leverage in hub labs | | Capital intensity | FY26 capex was 7.9% of revenue (216% of depreciation), elevated by the A$230m hub-lab programme. Maintenance capex was ~A$33m (~1% of revenue) | ### Value chain position ALS sits in the independent third-party assurance layer between asset owners or producers and regulators, financiers or buyers. - In Minerals, its data sits upstream of resource estimation, mine planning and the reporting of exploration results under codes such as JORC and NI 43-101. This makes accuracy, chain-of-custody and turnaround time critical. - In Environmental, ALS supplies data that underpins regulatory compliance: water, soil and air monitoring, PFAS and emerging contaminants. - In Food and Pharma, it supplies quality-control and release testing required by regulators and retailers. **Nuvisan:** moves ALS further up the pharmaceutical value chain into discovery, pre-clinical and clinical CRO services. ### Customer types and end markets | End market | Typical customers | Primary demand drivers | |---|---|---| | Mineral exploration & mining | Junior explorers, mid-tier and major miners, mine operators | Exploration budgets (driven by commodity prices and junior capital raising), critical minerals, near-mine/brownfield drilling, production grade control | | Commodity trade | Traders, smelters, shippers | Global commodity trade volumes (Assay & Inspection) | | Heavy equipment / industrial reliability | Mining fleets, transport, utilities, OEMs | Oil analysis for predictive maintenance (Oil & Lubricants) | | Coal | Producers, utilities, traders | Quality certification for export coal | | Environmental | Consultants, remediation contractors, water utilities, governments, industrials, defence | Environmental regulation and enforcement; PFAS / emerging contaminants; infrastructure spend | | Food & agriculture | Food producers, retailers, agri-businesses | Food safety regulation, retailer audits, allergens and contaminants | | Beauty & personal care | Cosmetics brands | Safety and efficacy claim substantiation, clinical studies | | Pharmaceutical & healthcare | Pharma and biotech companies, generics makers | Outsourced QC and release testing, import testing (e.g. Mexico), outsourced discovery and pre-clinical work (Nuvisan) | ### Independent characterisation ALS is best understood as two businesses with different economics under one balance sheet: 1. **A cyclical, scale-advantaged Minerals franchise.** It has industry-leading margins (EBIT margin above 30% for five consecutive years to FY26) and strong operating leverage to sample volumes. Management has deliberately reduced cyclicality: value-added services and mid/downstream activities made up ~27% of Minerals revenue in FY25. 2. **A larger but lower-margin Life Sciences portfolio** (FY26 EBIT margin 14.6%). It is anchored by a global Environmental leader and supplemented by regionally strong Food and Pharma businesses. Recent acquisitions — Nuvisan, York and Wessling — have been margin-dilutive and of mixed quality. The Group's equity story increasingly depends on: - Converting Life Sciences acquisitions toward the Group return hurdle (minimum 15% ROCE on growth capital). - Using automation and AI to lift productivity on a labour-heavy cost base. - Riding the critical-minerals exploration upcycle without over-investing at the peak.

Company Headquarters: Niestetal, Germany Founded: 1981 Workforce: ~3,124 Company Working: SMA Solar Technology AG is one of the leading companies specializing in photovoltaic solar technology. The company operates through three segments, namely, home solutions, business solutions, and large scale & project solutions. It manufactures and sells transformers, chokes, solar inverters, and monitoring systems for solar power systems. The company also offers PV inverters, battery inverters, smart module technology, DC technology, system solutions & packages, and monitoring & control systems. Moreover, the home solutions and business solutions segment contributes to the off-grid solar business of the company. Furthermore, the company also offers SMA Solar Technology AG energy management solutions and O&M services for solar photovoltaic power plants. SMA Solar Technology AG has a presence in 18 countries across the Americas, Europe, Asia-Pacific, and the Middle East & Africa. SMA Solar Technology Canada, Inc., SMA Solar India Private Limited, SMA America, and SMA new energy technology Co. Ltd are a few of the subsidiaries of the company.

Company Headquarters: New Delhi, India Founded: 1935 Workforce: ~5,836 Company Working: Dalmia Bharat Ltd. manufactures and supplies a wide range of cement under its different brands, namely, Dalmia Cement, Dalmia DSP, and Konark Cement. The company is enegaged in the business of cement, sugar, power, and Ocl refractories. Moreover, the company supplies oil well cement through its subsidiary, Dalmia Cement. It supplies cement for various applications such as oil well, railway sleepers, and air strips. The company has its presence mainly in India. Moreover, the company has 13 cement manufacturing plants and 3 research & developments centers acroos India. Dalmia Cement, Dalmia Power Limited, Calcolm Cement India Limited, OCL Global Limited, and Cosmos Cements Limited are some of its subsidiaries.