Sims Ltd. · ASX:SGM
Sims — Corporate Update (September 2025)
25 slides from Sims's corporate update, Sep 23, 2025
Slide 1: Creating Value by Providing a Pathway to Decarbonisation and Circularity
Change photo For personal use only Creating Value by Providing a Pathway to Decarbonisation and Circularity SA Recycling 23 September 2025
Slide 2: Disclaimer
For personal use only Disclaimer The material contained in this document is a presentation of information about the Group’s activities current at the date of the presentation, 23 September 2025, AEST. It is provided in summary form and does not purport to be complete. It should be read in conjunctio
Slide 3: Agenda
For personal use only Agenda Tuesday September 23, 2025 Start Time Presentation by Stephen Mikkelsen, 1:30 pm Mark Sweetman and Kalvin Adams 3:00 pm Site tour followed by Q&A session 4:30 pm Visit to conclude 3
Slide 4: Stephen Mikkelsen
unprocessed For personal use only Stephen Mikkelsen Sims Group CEO & Managing Director 4
Slide 5: SAR's Leadership
SAR’s Leadership Balanced governance structure and experienced management For personal use only Board of Directors Stephen Mikkelsen John Glyde Gretchen Johanns Rob Thompson George Adams Wendy Adams Terry Adams Mike Adams Chairman Non-Executive Non-Executive Non-Executive Executive Non-Executive Exe
Slide 6: SAR – Strengthening Sims' NA Portfolio
SAR – Strengthening Sims’ NA Portfolio Complementary networks, scaled presence For personal use only NAM • Operations in 19 states • 76 Facilities • 15 Shredders SA Recycling • Operations in 15 states • 148 Facilities • 24 Shredders 6
Slide 7: SAR and NAM
SAR and NAM Complementary platforms driving US scale For personal use only • NAM and SAR together give Sims a balanced footprint across the US, with SAR strong in southern and western states and NAM in eastern and central regions as well as northern California. • NAM operating in dense, competitive
Slide 8: Dividend Framework
Dividend Framework Policy and profit share For personal use only SAR Dividend to Sims (A$M) A$M FY25 FY15 SAR EBITDA (100%) 459.2 FY16 Depreciation & Amortisation (199.7) FY17 FY18 SAR EBIT (100%) 259.5 FY19 Net Interest & Other (57.8) FY20 SAR Net Income (US GAAP) 201.7 FY21 IFRS Adjustment (add-ba
Slide 9: Kalvin Adams
For personal use only Kalvin Adams SA Recycling - Vice President, Business Development 9
Slide 10: Strong US Market Drivers
For personal use only Strong US Market Drivers Aluminium US Midwest Premium to LME1 • Supportive tariff and infrastructure policies across three administrations have driven industry strength and investment in efficient modern steel making • EAF Capacity expansion: 3x as much scrap as integrated BOF
Slide 11: SA Recycling Business Overview
SA Recycling Business Overview Rapidly growing business with extensive infrastructure, operating in the US scrap For personal use only metal market for more than 50 years +3650 Employees Operations in 15 States 9 Copper Choppers 22 Shredders FY21-FY25 Sales Volume 148 Facilities +7.5% CAGR 11
Slide 12: SA Recycling's Rapid Acquisition Growth
SA Recycling’s Rapid Acquisition Growth For personal use only Approximately 66 acquisitions in the last 18 years, approx. USD$1,5 billion in enterprise value • Lake June Scrap Metals • Milton Iron and Metal • US Ironworks • PSC Metals • 27 Recycling • Southern Metal Recycling • Pirkle • Recycle USA
Slide 13: Geographical Advantage
Geographical Advantage Extensive footprint across southern and eastern states. Positioned near EAFs For personal use only SA Active EAF Recycling Locations of active EAFs indicative 13
Slide 14: Optimised Network Footprint
Optimised Network Footprint Enables strategic scrap sourcing, cost leadership, and asset utilisation For personal use only Margin capture FY25 Sales Volume FY25 Intake Volume • Dense scrap collection network enables direct sourcing of unprepared scrap for 22 shredders Structural cost leadership • EA
Slide 15: SAR's Logistics Strength
SAR’s Logistics Strength Transport flexibility serves as a pivotal lever to serve the US domestic market For personal use only Efficiently serve the East and Southern coast scrap markets Eastern System (NS & CSX Western System (UP, BNSF, & KCS) Canadian System (CN & CP) Leverage the extensive barge
Slide 16: SAR's Logistics Strength
For personal use only SAR’s Logistics Strength Snapshot of Logistics Capabilities (2025) Network advantage to serve domestic markets at scale: • 1700 rail cars • 750+ trucks • 52 facilities with active rail access • 11 facilities with barge loading capabilities • 3 bulk container loading from 7 port
Slide 17: Organic Growth Opportunities
Organic Growth Opportunities Global Aluminium Demand¹ For personal use only Primary Supply Secondary Supply Total Demand Unlocking Value in Non-Ferrous 16 126 4 130 8 16 5 • Investment in downstream technology and process 105 48 106 improvements to increase zorba recovery yields 32 • Further zorba s
Slide 18: Acquisition Growth
Acquisition Growth Programmatic and opportunistic approach to M&A For personal use only Lengthy M&A track record in the US scrap metal market • Regional expansion through targeted bolt-on • Approximately 66 acquisitions in 18 years acquisitions • Experienced M&A team • Opportunity to capture greater
Slide 19: Mark Sweetman
For personal use only Mark Sweetman SA Recycling, Chief Financial Officer 19
Slide 20: Historical Financial Performance
Historical Financial Performance For personal use only A$M A$M A$M EBITDA1 EBIT1 GearingOperating Ratio1 Cash Flow1 800 800 800 600 Average 600 600 EBITDA $496M Average Average Cash Flow $353M 400 400 400 EBIT $352M 200 200 200 0 0 0 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 F
Slide 21: Robust Margins Through The Cycle
Robust Margins Through The Cycle Driven by strong presence developed through acquisitions, diversification of For personal use only product mix and agile logistics 500 50% 400 40% 31.0% 30.0% 31.0% 30.1% 29.9% 300 30% 200 20% 125.5 88.5 100 67.0 48.1 10% 43.4 243.0 308.0 285.0 285.9 290.4 0 0% FY21
Slide 22: CAPEX Strategy
CAPEX Strategy Disciplined and flexible approach, aligned with business cycles For personal use only Sustaining • Depreciation guides replenishment capital CAPEX (USD) • Flexibility through business cycles – adjustment based on volumes $404m and utilisation $211m $127m $171m $165m Growth 4% 17% 7% 1
Slide 23: Financing Strategy
Financing Strategy Moderately conservative, flexible structure to support growth and resilience For personal use only Diversified Credit Facilities Conservative Debt Mix Strong Credit Position Two syndicated credit lines: • $USD140 million Term Debt • Comfortably meeting debt covenants • Working Cap
Slide 24: Resilient Balance Sheet
Resilient Balance Sheet To grow, buffer cycles and seize opportunity For personal use only CAPITAL STRUCTURE 45% Gearing Ratio Gearing Ratio¹ 60% USD$1.7b Total Assets 50% 40% 30% Estimated Asset Base USD$2.0b 20% USD$350m 10% 0% USD$1.5b FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 USD$210m Ta
Slide 25: Questions & Answers
For personal use only Answers Questions & 25