External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Key points from ALC’s Q2 update were as follows: (1) FY26 contracted revenue is currently $43.1m (including both sold &amp; renewals), an increase of +$6.8m from $36.3m at the prior quarter and already 6% above FY25 full-year revenue.</li><li>(2) New TCV sales were $15.4m, of which $12.3m related to the Leidos expansion in November 2025.</li><li>New TCV sales for the FY26 full year is tracking to ~$60m (including UHSx), meaning revenue backlog will increase for a second successive year. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Key points from ALC’s Q2 update were as follows: (1) FY26 contracted revenue is currently $43.1m (including both sold &amp; renewals), an increase of +$6.8m from $36.3m at the prior quarter and already 6% above FY25 full-year revenue.(2) New TCV sales were $15.4m, of which $12.3m related to the Leidos expansion in November 2025.New TCV sales for the FY26 full year is tracking to ~$60m (including UHSx), meaning revenue backlog will increase for a second successive year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alcidion

Alcidion (ALC): Big 2H Coming