Sims Ltd. · ASX:SGM
Sims — Investor Day (September 2026)
35 slides from Sims's investor day presentation, Sep 19, 2026
Slide 1: Scaling the Circular Technology Platform: Extending Our Growth Trajectory
Change photo SCALING THE CIRCULAR TECHNOLOGY PLATFORM Extending Our Growth Trajectory SLS 19 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, 19 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 Saturday 19 September 2026 Start Time Presentation – Strategic Position 10:30 - 10:45 am Presenter: Stephen Mikkelsen, Group CEO and MD Presentation – Market Opportunity and Commercial Strategy 10:45 - 11:10 am Presenter: Sean Magann, CCO – SLS Global Presentation – Operational Excellence and
Slide 4: Strategic Position
Strategic Position Stephen Mikkelsen Sims Group CEO & Managing Director 4
Slide 5: SLS Has Become a Material Earnings Contributor
SLS Has Become a Material Earnings Contributor Diversifying the Portfolio and Increasing Exposure to Structural Data-Centre Infrastructure Growth FY26 Underlying EBIT1 ($m) $235.5 1 A Material Earnings Engine SLS has progressed from an $173.2 $175.2 $172.7 adjacent service to a core portfolio $163.5
Slide 6: One Integrated Platform, Multiple Revenue Streams
One Integrated Platform, Multiple Revenue Streams A Secure, Integrated Process Routes Equipment to the Best Circular and Commercial Outcome DECOMMISSION PROCESS & PREPARE OPTIMISE THE OUTCOME SECURE REDEPLOY FEE PER UNIT PROCESS & ASSESS DECOMMISSIONING Prepare and return equipment or components to
Slide 7: Redeployment
Redeployment FY26 Gross Margin by Segment ($m) Redeployment Deepens Relationships $407m 22 54 • Only external provider of this capability at $241m 122 scale, developed over three years. $199m 12 34 45 7 • Strengthens customer relationships, 89 95 209 supporting access to additional memory 106 volume
Slide 8: Evolution Into a High-Value Technology Platform
Evolution Into a High-Value Technology Platform Customer, capability and commercial shifts position SLS at the centre of DCIS1 FY19 FY20 FY21 FY25 FY26 ITAD Foundation Reuse, Redeployment Repeatable Global Hyperscaler Entry DCIS-Focused Compliance and Recycling of Data-Centre and Integrated Technolo
Slide 9: Trust Creates a High Barrier to Entry
Trust Creates a High Barrier to Entry CUSTOMER OUTCOME ECONOMIC OUTCOME Lower execution risk across High retention and recurring Embedded customer integration recurring refresh programs. volume. Global logistics and processing One accountable partner Scalable growth and operating network across site
Slide 10: Scale the Circular Technology Platform
Scale the Circular Technology Platform Secure more assets, recover more value and scale efficiently DDR4 Demand Provides an Established Foundation for Platform Growth Deepen Customer Increase Value Per Scale with Operating Win New Customers Integration Asset Discipline Use automation, data and Expan
Slide 11: Market Opportunity & Commercial Strategy
Market Opportunity & Commercial Strategy Sean Magann Chief Commercial Officer – SLS Global 11
Slide 12: We Operate in a Growing Market
We Operate in a Growing Market Installed Infrastructure Growth Expands the Future Recovery Pipeline Global Data Centre Market Where Does $100 of AI CAPEX Flow? Hyperscaler CAPEX1 (US$ Billions) AI CAPEX Flow2 $1,047 Facilities & Construction $976 Cooling $7.50 $820 $7.50 Power $20.00 Networking Equi
Slide 13: DDR4 Prices Expected to Remain Elevated
DDR4 Prices Expected to Remain Elevated DDR4 Price Outlook1 Manufacturers Prioritising Advanced Memory DDR4 8 GB, DDR4-3200 1Gx8, 1Rx8 3200 (US$)DDR4- Primary supply shrinking. Structural shift away from DDR4. $60 DDR5 production more profitable. $55 Large Enterprise and Industrial Installed Base $5
Slide 14: DDR4 Price Drivers
DDR4 Price Drivers Product mix shapes realised prices Drivers of Sims Realised Prices Samsung 32GB DDR4-2666 2Rx4 Samsung 32GB DDR4-2666 2R x4 Manufacturer Capacity Speed Rank Organisation Module brand Value increases nearly 3200, 2933, 2666, 2400 Number of collective Data width handled by linearly
Slide 15: DDR4 Average Selling Pricing per Used Dimm (US$)
DDR4 Average Selling Pricing per Used Dimm (US$) Capacity, speed and configuration determine how much of the supportive market backdrop converts into realised value $450 $45 $400 $40 $350 $35 $300 $30 $250 $25 $200 $20 $150 $15 $100 $10 $ 50 $5 Jul25 Aug25 Sep25 Oct25 Nov25 Dec25 Jan26 Feb26 Mar26 A
Slide 16: Scarcity Delaying New Builds
Scarcity Delaying New Builds Lack of new builds delaying decommissioning You Can’t Retire What You Can’t Replace Four P's Decommissioning activity is bottlenecked upstream. Assets cannot be retired unless new capacity can take over their workloads. Delayed and Compressed Decommissioning Delays don't
Slide 17: Expanding Beyond DDR4
Expanding Beyond DDR4 Multiple technology pathways extend the growth opportunity CY2027 CY2031 DDR4 DDR5 GPU/ Accelerator CPU Networking Networking 17
Slide 18: DDR5 Extends SLS' Memory Expertise
DDR5 Extends SLS’ Memory Expertise The same recovery workflow handles both DDR4 and DDR5 memory A Natural Capability Extension DDR5 Sales1 $350 DDR5 is already entering SLS asset flows for testing • Existing DDR4 recovery expertise provides the $300 foundation. $250 • Testing protocols are being dev
Slide 19: Moving from Training to Inference
Moving from Training to Inference Training Inference Additional Market for GPUs Pre-2026, Majority of Spend on Training LLMs Majority of Capital Spend on Inference • Processing large amounts of data and • Using an already-trained model to adjusting so predictions get more accurate. produce outputs o
Slide 20: GPU Recovery
GPU Recovery A Significant Installed Market is Calculated Residual Value Building Capability Early Emerging Based Upon GPUaaS Leasing NEW GPU Recertification Nvidia Data Centre Revenue US$ billions1 • Structured testing, workflows to • recertify used GPUs. Trusted performance drives higher $250 A100
Slide 21: GPUs and CPUs – How Workloads Will Change
GPUs and CPUs – How Workloads Will Change Training AI Models Inference AI Models CPU Market Forecast (35%+ CAGR to 2030)1 $140 GPU vs CPU GPU vs CPU 8 to 1 ratio of work 1 to 1 ratio of work $120 TAM (US$B) by Year $100 $80 $60 $40 $20 GPU CPU GPU CPU $0 2026 2027 2028 2029 2030 Agentic AI Could Add
Slide 22: Networking
Networking Switches and NIC Cards Retain Residual Value Network Switches Optics Cable Processors OCP Ethernet Switch 100G OCP NIC 3.0 22
Slide 23: Breadth of Customer Platform
Breadth of Customer Platform Our client relationships extend across sites, services and refresh cycles Hyperscalers Large, recurring data centre refresh programs. Leverage AI Pipeline Customer Priorities Global Execution | Speed | Security Enterprise Laptops, network gear, mobile phones. Enterprise
Slide 24: Growing Customer Revenue
Growing Customer Revenue Deeper engagement drives growth across existing and new customers More Touchpoints Across The Protect the Core Continue to Expand Service Lifecycle • Agreements aligned to refresh Expand services for self- • Forward supply: validated and decommissioning cycles. processing hy
Slide 25: Operational Excellence & Scalability
Operational Excellence & Scalability Lynn Jacobs Chief Operating Officer - SLS Global 25
Slide 26: Operational Excellence
Operational Excellence Execution against customer-specific requirements at scale. SECURE ACCURATE ASSURED REPEATABLE • Certified data • 10m assets processed • Consistent testing • Standardised processes destruction. in FY26. and grading. and controls. • Auditable certificates. • Full serialised asse
Slide 27: Operating Model Built for Scale
Operating Model Built for Scale Critical expertise remains stable while meaningful capacity is flexible and demand-linked Stable Core Repeatable Flexible Capacity Network Capacity Expansion • Customer integration, site • Shift expansion. • Workload balancing between • Common process standards. leade
Slide 28: Automation Already Delivering Value
Automation Already Delivering Value Automation expands practical capacity while reducing the risk that quality deteriorates as volume grows Reliability Quality Cost Scale ~96% uptime High-quality output and ~47% reduction in cost Enabled by modular achieved. only ~1.5% defect for processing, not ful
Slide 29: Complexity Raises The Operational Bar
Complexity Raises The Operational Bar Increasing complexity strengthens SLS’ competitive advantage Technology Change Operational Requirement Specialist disconnection, fluid management Liquid-cooled infrastructure. and safe handling. Configuration-level identification, secure GPUs and advanced accele
Slide 30: Customer Integration Keeps SLS Technically Ahead
Customer Integration Keeps SLS Technically Ahead Early visibility allows SLS to develop and validate recovery processes while markets are still forming 1 2 Integrate Gain Insight See emerging Operate inside assets, timing and customer workflows. requirement earlier. 3 6 Engineering & Scale Service R
Slide 31: Advancing Opportunities in Emerging Technologies
Advancing Opportunities in Emerging Technologies GPU testing infrastructure and validation frameworks are progressed, with further capability development underway GPU GPU Testing Environment Capability Established and Development Progressing Operational Reliability • Established a testing validation
Slide 32: Built To Scale Into The Next Technology Cycle
Built To Scale Into The Next Technology Cycle Controlled Execution Common standards, traceability and assurance protect delivery across regions. Technically Ahead Customer visibility and engineering capability prepare SLS for increasingly complex assets. Scalable Operating Model Flexible capacity an
Slide 33: Stephen Mikkelsen
Stephen Mikkelsen Sims Group CEO & Managing Director 33
Slide 34: Positioned To Scale
Positioned To Scale A Growing Market More infrastructure creates a larger future asset-recovery pool. A Strong Customer Position Embedded relationships support recurring volume and further expansion. A Broader Opportunity DDR4, DDR5, GPUs and networking extend the growth runway. Operating Leverage A
Slide 35: Questions & Answers
Questions & Answers 35