Sims Ltd. · ASX:SGM
Sims — Investor Day (November 2025)
42 slides from Sims's investor day presentation, Nov 26, 2025
Slide 1: New Zealand Investor Day
For personal use only New Zealand Investor Day 26 November 2025
Slide 2: Agenda
Agenda Wednesday 26 November 2025 For personal use only Time Session Welcome and Sims Lifecycle Services Investor Day Recap 9:00am Stephen Mikkelsen, Group CEO & Managing Director ANZ Metal: John Glyde, ANZ Metal Managing Director; Graeme 9:45am Cameron, ANZ Metal Chief Operating Officer 10:45am ANZ
Slide 3: Consolidated Group Portfolio
Consolidated Group Portfolio For personal use only 1. Strong Leadership Across Two Key Segments Metal • Metal: central to steel decarbonisation, supported by rising EAF demand and Sims North America Metal growing quality requirements. Sims Adams Recycling (JV) Sims ANZ Metal • SLS: enabling circular
Slide 4: How Sims Creates Value
How Sims Creates Value Create a World without Waste to Preserve our Planet For personal use only Repurpose and Recycle Customers Suppliers Operational Innovative & Invest Efficiency Agile Responsibly Key raw material Part of our Safe operations Rapid response Focus on cash supplier customer base to
Slide 5: Sims Lifecycle Services
For personal use only Sims Lifecycle Services Creating Value by Powering the Lifecycle of Global Technology Infrastructure Stephen Mikkelsen Group CEO & Managing Director
Slide 6: Positioned in a High-Growth Industry
Positioned in a High-Growth Industry SLS Revenue Lags Data Centre Investment by ~4 Years1 DDR4 Chip Price2 800 450 25 For personal use only 700 400 350 20 600 300 500 USD$/chip Billions USD Millions AUD 250 15 400 200 300 10 150 200 100 100 4-Year refresh cycle 5 4-Year refresh cycle 4-Year refresh
Slide 7: Competitive Landscape
Competitive Landscape For personal use only ~ 95% < 5% 1 Competitors are Competitors at comparable Sims Lifecycle Services is the independently owned, local scale only provider strategically proprietors positioned to continue to capture the aggressive growth 7
Slide 8: Why SLS?
Why SLS? Trusted Lifecycle Partner to the World’s Leading Hyperscalers • Strategic Market Position - Embedded within hyperscaler operations and aligned to their global For personal use only capacity needs, enabling rapid expansion where they grow. • Full-Service Provider - A one-stop lifecycle partn
Slide 9: How SLS Generates Revenue
How SLS Generates Revenue For personal use only Resale (Revenue Share) Laptops & Full Racks Networking Phones & Individual Hardware Desktops & Servers Equipment Tablets Components Decommission Service Fees (per unit) Redeploy Data Remanufacture Decommission Destruction Commodity 79 26 29 Recovery Au
Slide 10: Revenue: Growth driven by Hyperscaler Momentum
Revenue Growth driven by Hyperscaler Momentum FY23 FY24 FY25 (A$m) For personal use only FY25 Revenue by Segment Sales Revenue 325 350 427 3% Resale Cost of Sales -148 -151 -186 22% Service Trading Margin 177 199 241 45% 427 Commodity Recovery Operating Costs -156 -154 -179 30% Other -2 -15 -15 Othe
Slide 11: Strong Revenue Growth Led by Hyperscaler Demand
Strong Revenue Growth Led by Hyperscaler Demand For personal use only 40.7% CAGR Hyperscaler 50 52 49 112 101 FY23 FY24 FY25 200 $325 $350 $427 177 175 185 Hyperscaler Enterprise Other OEM 11
Slide 12: Profitable Growth with Strong Cash Conversion
Profitable Growth with Strong Cash Conversion Consistent revenue growth, earnings quality, and disciplined capital deployment 450 60 50 For personal use only 400 50 40 350 300 40 30 250 (AUD M) (AUD M) 30 20 200 150 20 10 100 10 0 50 FY2023 FY2024 FY2025 0 0 Underlying EBITDA Operating Cash Flow FY2
Slide 13: Profitability Accelerating
Profitability Accelerating Underlying EBIT $M For personal use only 45.0-50.0 18.9 9.7 14.1 8.3 FY24 FY25 FY26 FORECAST First Half Second Half 13
Slide 14: SLS Positioned in Data Centre Infrastructure Services
SLS Positioned in Data Centre Infrastructure Services For personal use only Data Centre Infrastructure Services (DCIS) SLS Sales Revenue SLS EBIT • Services-led • Predictable enterprise contracts Key attributes • Strong compliance and data-security • Scalable • Low capital intensity Recycling DCIS R
Slide 15: Key Messages
Key Messages 1. Structural tailwinds from AI, Cloud and data centre expansion. For personal use only 2. Uniquely positioned to serve hyperscalers worldwide through our global reach and integration. 3. Volume supported by large-scale hyperscaler refresh cycles. 4. Profitable, accelerated growth and e
Slide 16: Questions & Answers
For personal use only Questions & Answers 16
Slide 17: ANZ Metal: Pathway to Decarbonisation
Change photo For personal use only Creating Value by Providing a Pathway to Decarbonisation ANZ Metal
Slide 18: John Glyde and Graeme Cameron
For personal use only John Glyde Graeme Cameron Managing Director – ANZ Metal Chief Operating Officer – ANZ Metal 18
Slide 19: Australia Scrap Market: Supply and Export Flows
Australia Scrap Market: Supply and Export Flows Mature, diversified scrap streams provide relatively stable and self-sustaining supply • Population 5.6 million • Population 3.0 million. WA • Brisbane metro 1.7 million. QLD For personal use only • Perth 2.4 million. • South-east Qld ex Brisbane 1.2 •
Slide 20: ANZ Operating Environment
ANZ Operating Environment Ferrous Market Share – ANZ1 Non-Ferrous Market Share – ANZ1 For personal use only Participant Participant Participant Participant Sims AU/NZ Sims AU/NZ Remaining Market Participant Remaining Participant Participant Market Participant 1 Market share calculations are based on
Slide 21: Australia Ferrous Scrap Market
Australia Ferrous Scrap Market Mix of domestic and export consumers For personal use only • ~4 Mtpa of scrap and currently a net exporter of Scrap Supply and Demand in Australia (millions of mt) ferrous scrap. • Proposed upgrades in Port Kembla, Laverton and Scrap Rooty Hill to drive an increase in
Slide 22: NZ Ferrous Scrap Market is Currently Export-Led
NZ Ferrous Scrap Market is Currently Export-Led New Zealand’s smaller population and industry base result in modest scrap generation For personal use only • Total market – 0.85 Mt (0.76 Mt fe; Ferrous Scrap Exports FY252 • 0.09 Mt Nfe3 Scrap supply largely population driven. • Economy: Agriculture a
Slide 23: Market Conditions
Market Conditions Short-term volatility persists, but structural fundamentals remain intact, supporting recovery Risks Opportunities For personal use only REGIONAL REGIONAL • High Chinese steel exports and weak Asian demand continue to pressure • Gradual monetary easing supporting a recovery in inve
Slide 24: ANZ Metal FY25 Overview
ANZ Metal FY25 Overview Australia / New Zealand Employees Intake Volume ~ 970 For personal use only Employees in FY25 ~ 1.6 million 113 20% Tonnes of metals sold in FY251 857 80% ~ A $1.58 billion Sales revenue in FY25 Total Revenue Non Ferrous Revenue ~ 1.52 million Tonnes of metals collected in FY
Slide 25: Asian Ferrous Export Market and ANZ Trading Margin
Asian Ferrous Export Market and ANZ Trading Margin For personal use only Ferrous Pricing1 and Total Trading Margin 470 500 Elevated Chinese 450 420 Steel Export FERROUS PRICE(USD/T) TRADING MARGIN ($’M) 400 370 350 320 Elevated 300 Chinese 270 Steel 250 Export 220 200 FY14 FY15 FY16 FY17 FY18 FY19 F
Slide 26: ANZ Metal's Structural Strength and Resilience
ANZ Metal’s Structural Strength and Resilience Established Market Leadership For personal use only • Mature, well-developed market where Sims operates at scale. • The only operator with a unique national footprint across Australia and New Zealand, albeit Ferrous Sourcing FY25/26 – ANZ1 gaps identifi
Slide 27: Foundational Strength Supporting Non-Ferrous
Foundational Strength Supporting Non-Ferrous Collection Network Non-Ferrous % of ANZ FY25 Revenue For personal use only • Unique national feeder yard footprint. • Tailored collection/consolidation infrastructure. • Growing at source volumes. Supplier Relationships 52% 48% • Long-term contracts with
Slide 28: Well Positioned
Well Positioned For personal use only Sims Existing Export Bulk Sites Unused Export Bulk Locations EAF Proposed Australia New Zealand • 6 Shredder sites. • 2 Shredder sites. • 33 feeder yards. • 6 feeder yards. • 12 active export bulk facilities in use, 4 inactive but • 8 active export bulk faciliti
Slide 29: Decarbonisation Driving Scrap Demand
Decarbonisation Driving Scrap Demand For personal use only Steel C02 Emissions ¹ ANZ transitioning to lower emission steel making. 2.40 2.20 The shift is driven by decarbonisation, cost efficiency and 2.00 circularity. 1.80 CO2 / tonne of production Steel produced from EAF emits 83% less CO2/t than
Slide 30: Rising Scrap Quality and Specification Needs
Rising Scrap Quality and Specification Needs Across all steelmaking methods For personal use only Blast Furnace Basic Oxygen Furnace ElectricArc Furnace 30
Slide 31: Advancing Processing Technology
Advancing Processing Technology To deliver high-quality scrap at scale For personal use only PREMIUM PRODUCTS Sims is capturing this opportunity through operational innovation and investment in emerging technologies, including: • Source separation. • Increased density. • Advanced material recovery.
Slide 32: Supplier of Choice
Supplier of Choice Strong Customer Relationships Commercial Arrangements For personal use only • Alter MOU: up to 550,000 tonnes per annum of ferrous scrap • Long-standing partnerships with leading steelmakers. under exclusive supply; with Sims to manage just-in time inventory and provide logistics
Slide 33: Building Strategic Infrastructure
Building Strategic Infrastructure Auckland Pinkenba Pinkenba For personal use only 33
Slide 34: Global Digital Platform Rollout
Global Digital Platform Rollout Improve efficiency, service and margin control For personal use only Update • A fully integrated, cloud-based system covering logistics, purchasing, weighbridge data, production, inventory management, and sales. • Replacing ageing systems with one global, scalable AMC
Slide 35: Pinkenba
Pinkenba For personal use only • A 140,000 m2 parcel of land located on the Brisbane River SIMS NORTHGATE in Pinkenba, Queensland in a high impact industry zone. BRISBANE BULK EXPORT • Private deep-water wharf, capable of berthing Handymax SIMS TERMINAL vessels up to 50,000 tonne displacement. NORTH
Slide 36: Pinkenba: Integrated Processing and Export Hub
Pinkenba: Integrated Processing and Export Hub Supporting Alter’s supply requirements and strengthening Sims’ role in meeting national scrap demand Proximity to EAF Rail Site Layout For personal use only Non-ferrous Shear Operations Operations 1086.51m Shredder & MRP Maintenance Fines Plant • Develo
Slide 37: Pinkenba's Strategic Role in Scrap Flows
Pinkenba's Strategic Role in Scrap Flows US West coast scrap could go to Pinkenba & Port Queensland scrap Kembla instead of Asia US West coast For personal use only shipped to Pinkenba to save on road freight Pinkenba Port Kembla Glenbrook NZ North Island scrap will go to Glenbrook EAF NZ South Isla
Slide 38: Auckland Yard Upgrade
Auckland Yard Upgrade For personal use only Establishment of rail Co-investment with NZ siding and train loading Steel around scrap infrastructure delivery – containers (via rail) MRP Upgrade FY27 Copper recovery plant (fines) FY28 38
Slide 39: How the EAF Transition Reshapes ANZ Metal
How the EAF Transition Reshapes ANZ Metal Shift in Market Dynamics For personal use only • Domestic demand growth (NZ steel, Alter, GSWA and Future Forgeworks and GM Holdings) reducing export exposure. • Transition from volume-driven export to quality-led domestic supply. • Supply/demand imbalances
Slide 40: Capturing New Growth Opportunities
Capturing New Growth Opportunities Operational Growth • MRP upgrade in NZ to improve metal recovery and For personal use only Pinkenba Fines Broadmeadows Auckland MRP feedstock efficiency. Fines NF yield1 3.18% 3.07% 60% • Fines plants to unlock additional yield and product quality improvements. Inc
Slide 41: Key Messages
Key Messages 1. Challenging ferrous market conditions, continue to weigh on pricing and margins. For personal use only 2. Domestic demand and quality requirements are strengthening, supported by emerging mills and EAFs. 3. Non-ferrous remains a strong and growing earnings contributor, providing resi
Slide 42: Questions
For personal use only Questions