Sims Ltd. · ASX:SGM
Sims — Investor Day (September 2026)
29 slides from Sims's investor day presentation, Sep 18, 2026
Slide 1: Leaving Base Camp: From Turnaround to Scalable Growth
Change photo LEAVING BASE CAMP: From Turnaround to Scalable Growth NAM 18 September 2026
Slide 2: Disclaimer
Disclaimer The material contained in this document is a presentation of information about the Group’s activities current at the date of the presentation, 18 September 2026, CT. It is provided in summary form and does not purport to be complete. It should be read in conjunction with the Group’s perio
Slide 3: Agenda
Agenda Friday 18 September 2026 Start Time Presentation - Group Strategy 9:00-9:15 am Stephen Mikkelsen, Group CEO and Managing Director Presentation - Metal 9:15-9:45 am Rob Thompson, President of Global Metal Presentation - Capital Management 9:45-10:00 am Warrick Ranson, Group CFO 10:00-10:30 am
Slide 4: Group Strategy
Group Strategy Stephen Mikkelsen Sims Group CEO & Managing Director 4
Slide 5: Sims Business Portfolio
Sims Business Portfolio Two business platforms connected by circularity Create a World Without Waste to Preserve Our Planet METAL SLS • Recycles steel, aluminium and copper. • Manages enterprise and hyperscale technology assets. • Serves infrastructure and manufacturing markets. • Recovers value thr
Slide 6: From Strategy to Earnings and Return
From Strategy to Earnings and Return Create a World without Waste to Preserve our Planet Repurpose and Recycle FY26 EBITDA Customers Suppliers Operational Innovative & Invest Efficiency Agile Responsibly Key raw material NAM US$213.0m Part of our Safe operations Rapid response to Focus on cash suppl
Slide 7: North America Metal Platform
North America Metal Platform NAM and SAR: Complementary platforms driving US scale SAR - 50% Owned by Sims Limited Complementary Market Structures NAM Locations of NAM & SAR Sites • Large-scale shredders in major population and industrial centres. • Strong presence across eastern and central markets
Slide 8: Structurally Advantaged
Structurally Advantaged US Metal Platform Combines Earnings Resilience with Operating NAM Shredder Utilisation Leverage and Reinvestment Potential 100% Strong Sourcing Position 75% Dense supplier and feeder-yard networks provide access to unprocessed scrap and more control over material at source. 5
Slide 9: NAM and SAR
NAM and SAR Acquisitions have strengthened both businesses NAM acquired 24 sites in the last ~5 years SAR acquired 72 sites in the last ~5 years Sims US Metal FY26 Underlying EBIT1 ($million) FY26 Proprietary Sales Volumes (Kilo Tonnes) 300 6,000 35% 225 4,500 26% 150 3,000 18% 75 1,500 9% 0 -75 0 0
Slide 10: North America Metal Platform
North America Metal Platform Significant ferrous opportunity domestically Extensive Domestic Market Reach Structural Cost Leadership • SAR benefits from a tight hub and spoke network. • NAM benefits from established port access and scalable barge transportation. FY26 Ferrous Sale Volume NAM SAR NAM
Slide 11: North America Metal Platform
North America Metal Platform Positioned to Capture Non-Ferrous Strength in US Growing Exposure to High Value Non-ferrous Products NAM NAM & SAR1 FY26 Sales NAM & SAR1 FY26 Non-Ferrous Revenue Breakdown 12 Auto Shredders2 77 Sites Non-Ferrous3 Sales Volume(kt) Prepared vs Unprepared Volume (mt) 27.7%
Slide 12: Foundations Established
Foundations Established Creating More Value from Every Tonne Next Phase Stronger leadership and accountability. Increase control of material at source. Better integrated planning. Improve shredder utilisation. Improved operational and commercial discipline. Recover more non-ferrous value. Acquisitio
Slide 13: Metal
Metal Rob Thompson President of Global Metal 13
Slide 14: Transformation Has Lifted Earnings
Transformation Has Lifted Earnings NAM Trading Margin $ (Constant Currency) FY24-Present Capital Investment Aligned with Strategy 650 +US$26.5m Increase Commercial • Claremont dredging. • NAM railcars. Optionality • Fixed shear. 450 ~US$16m 250 • Claremont – Picking house H1FY24 H2FY24 H1FY25 H2FY25
Slide 15: A Stronger, More Resilient NAM
A Stronger, More Resilient NAM Operating improvements have strengthened earnings, with more to come Legacy Model Strategic Shift Progress Greater Reliance on Processed Material Increased Unprocessed Intake Further Upside Lower Flexibility Between Sales Channels Domestic and Export Optionality Furthe
Slide 16: Network Capacity For Further Growth
Network Capacity For Further Growth Additional volumes are absorbed through existing infrastructure, increasing shredder utilisation and supporting margin growth without proportionate capital investment ARG and Baltimore Scrap: Operational Benefits of Network Baltimore Region Integration • Baltimore
Slide 17: Greater Control of Material at Source
Greater Control of Material at Source Managing margins starts at the point of purchase More Direct Sourcing of Unprocessed Scrap FY26 Underlying EBIT and EBITDA per tonne $/t Supports Underlying EBIT $/t EBITDA $/t Better purchasing economics. 70 64.71 56 52.99 More material through the network. 42
Slide 18: TCT Strengthens the Platform
TCT Strengthens the Platform TCT Adds Supply, Processing and Logistics Capabilities that Complement NAM’s Existing Network • Access to more than 350k tonnes of obsolete scrap. • Deep water and barge access. • Rail capability. • Expanded Houston sourcing and processing presence. • Ability to move mat
Slide 19: Market Optionality Expands Market Access
Market Optionality Expands Market Access Expands Market Access • Network enables material to be directed across domestic and export channels based on market conditions. • NAM is not dependent on a single geography, customer or sales channel. Photo of rail cars • Cut grades remain primarily export-or
Slide 20: Metal Markets Backdrop
Metal Markets Backdrop Supportive pricing across NAM’s key markets US Midwest Aluminium Premium1 Ferrous1 (USD/mt) ZORBA2 (USD/mt) (USD/lb) $460 3000 $3.00 50% Tariff $440 $420 $400 $380 $1.50 2250 $360 $340 $320 $300 $- Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 LME Alumi
Slide 21: Strong Growth in Non-Ferrous Demand
Strong Growth in Non-Ferrous Demand Electrification and data-centre investment are increasing demand for copper and aluminium North America Materials Demand US Data Centre Capacity2 (Gigawatts3) millions1 (MT) 2015-24 2024-30 175 6 CAGR, % CAGR, % 156 18 152 4 5 14 15 Copper +2 +4 Aluminium +1 +4 15
Slide 22: A Scalable Model for Margin Growth
A Scalable Model for Margin Growth CENTRAL FEEDER YARDS NON-FERROUS SALES OPTIONALITY HIGHER MARGINS PROCESSING Secure local unprocessed RECOVERY Optimise domestic and More value captured per material Aggregate volume through export channels Recover more zorba tonne shredders VALUE DRIVERS TARGETED
Slide 23: Capital Management
Capital Management Warrick Ranson, Group CFO 23
Slide 24: Capital Management Framework
Capital Management Framework OBJECTIVE Success Measures Context: Strategy • Must remain dynamically ROIC/EPS responsive to the cycle • Inherent market volatility: • Conservative and flexible Dividends (25-35% Payout) • Balance sheet strength Capital Operating (credit quality lens) Allocation Value A
Slide 25: Capital Management
CAPITAL MANAGEMENT As at 30 June FY26 Final Dividend A$m 2026 Pre- Growth Free $180.8m Underlying EBITDA 727.8 Cashflow Underlying working capital movement 2.3 25-35% 45.2-63.3m Net interest paid (43.1) Underlying tax expense (134.5) Non-cash impact of SAR (141.2) 193m Shares 23-33cps Underlying ope
Slide 26: Capital Allocation Priorities and Investment Criteria
Capital Allocation Priorities and Investment Criteria Disciplined capital allocation supports sustainable growth. Capital Allocation Priorities • Maintain a strong and flexible balance sheet. • Sustain the existing asset base, operational resilience and safety standards. • Invest in high-return orga
Slide 27: Growth Funding
Growth Funding Multiple pathways to scale, with funding aligned to the size, duration and return profile of each opportunity. Opportunity Typical Characteristics Funding Approach Smaller repeatable investments; shorter • Funding through operating cash flow. Productivity and Feeder delivery periods;
Slide 28: Investment Case: Key takeaways
Investment Case: Key takeaways Structural growth drivers align with Sims’ portfolio, strategy and capabilities STRUCTURAL DEMAND THEMES Decarbonisation Electrification AI Infrastructure Technology Refresh Growing need for recycled Higher metal intensity across Construction steel, copper Memory, GPUs
Slide 29: Questions & Answers
Questions & Answers Cy.