SGS (SGSN.S) 3Q26 result - ALQ read-through

SGS 3Q26 results reinforce a supportive demand backdrop for ALQ, with group organic growth of +5.7% in 3Q26 (vs +5.8% in 2Q26 and +5.3% in 1Q26). The key read-through is that Natural Resources increased momentum with 3Q26 organic growth of +6.2% yoy (vs +5.5% in 1H26); Minerals delivered double-digit growth (high-single-digit in 1H26) with all regions contributing, and Geochemistry saw new on-site projects and high demand for gold, copper and iron ore. The acceleration is more positive than ALQ's 1H27 Minerals guidance, which implies a material deceleration from +28% in 2H26 to up to +17%, but is consistent with ALQ management noting its Sep-26 quarter was tracking ahead of the guided range. Industries & Environmental grew +3.6% organically, led by environmental demand (PFAS, water quality, emissions monitoring) and new data-center contracts;