Slide 1: Financial Results Half-Year ended 31 December 2025
Financial Results Half-Year ended 31 December 2025 17 February 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, 17 February 2026. It is provided in summary form and does not purport to be complete. It should be read in conjunction with the Group’s periodic r
Slide 3: Agenda
Agenda Results Overview & Strategic Progress Stephen Mikkelsen, Group CEO & Managing Director Financial Results Warrick Ranson, Group CFO Outlook Stephen Mikkelsen, Group CEO & Managing Director 3
Slide 4: Results Overview
Results Overview Stephen Mikkelsen, Group CEO & Managing Director 4
Slide 5: Delivering On Strategy
Delivering On Strategy Recent Key Strategic Achievements Create a World without Waste to Preserve our Planet CUSTOMERS & SUPPLIERS • Increased unprocessed intake. Repurpose and Recycle • Supplier agreement with NZ Steel. • MOU with Alter. Customers Suppliers Operational Innovative & Invest • SLS exp
Slide 6: Sustainability
Sustainability Employee Health & Safety Climate Update Governance and Systems • ASRS implementation progressing. 98% • Work is underway to integrate climate data and Critical Control Verification financial systems. H1 Completion Strategy and Risk Assessment • Review of decarbonisation plan underway.
Slide 7: HY26 Financial Results Overview
HY26 Financial Results Overview HY26 Change • Sales Revenue up by 3.7%. Sales Revenue - Group (A$m) 3,778.6 3.7 % • Metal Sales Revenue of $3,451 million supported by Metal 3,451.2 0.0 % improved non-ferrous prices. SLS 327.4 69.9 % Sales Metal Volumes (t,000)1 5.0 (2.0)% • SLS Sales Revenue of $327
Slide 8: HY26 Performance Highlights
HY26 Performance Highlights Unprocessed Scrap Revenue Shredder Capacity Acquisitions Proportion Utilisation + 3.5 ppts + 2.9% + 2.4 ppts Tri-Coastal Trading Sims Metal1,2 61.5% in HY26 . 74.4% in HY26 $3,115.0m in HY26 Repurposed Units Revenue EBIT Margin %3 Growth + 17.8% + 69.9% + 7.7 ppts Expansi
Slide 9: Metal Markets
Metal Markets Metal US FERROUS MARKETS SUPPORTED DESPITE MACRO PRESSURES USUS Construction Spend Construction Spend1 (USD) (USD) US Steel USD SteelImports (USD) (mt) Import2 Volume 2.25 trillion 40m 2.20 trillion 30m 2.15 trillion 20m 2.10 trillion 10m 4 24 25 25 5 Jul - 2 Jul - 2 15 25 24 23 22 21
Slide 10: Non-Ferrous Supporting Sims Metal Performance
Non Ferrous Supporting Sims Metal Metal Performance Sims Metal Ferrous and Non Ferrous Average Realised Sales Price Sims Metal Ferrous and Non Ferrous Average Sales Price 570 5,200 Non-Ferrous AUD $/mt Ferrous AUD $/mt 560 4,800 550 4,400 540 4,000 HY25 2HY25 HY26 Ferrous (excluding Zorba) Non Ferro
Slide 11: NAM: Structural Improvements continue to Lift Trading Margin
NAM: Structural Improvements continue NAM to Lift Trading Margin Trading Margin % Shredder Utilisation 22.0% 21.2% 20.6% 70% 66% 67% 17.9% 63% 17.1% 59% HY24 2HY24 HY25 2HY25 HY26 HY24 2HY24 HY25 2HY25 HY26 NAM Ferrous Export Volume Unprocessed Ferrous (% of Total 1750 Ferrous intake) 71% 1500 67% 6
Slide 12: NAM: Tri-Coastal Trading
NAM: Tri-Coastal Trading NAM Consolidating Houston Operations • Purchase Price: US$66.5 million. • Valuation Multiples: • <4X EBITDA multiple post-synergies. • Cash Free, Debt Free. • +US25m EBITDA contribution1. • ROIC 20%1,2+ Strategic Rationale & Key Benefits: • 350kt+ pa of predominantly cuts gr
Slide 13: SA Recycling – Strong, Resilient Margins
SA Recycling – Strong, Resilient Margins SAR Underpinned by regional focus and network density Focused hub-and-spoke model Trading Margin vs Ferrous Price • Strong density in established regional markets 50% US$550 underpins local leadership in sourcing and processing. 40% US$500 • Embedded feeder y
Slide 14: SA Recycling's Embedded Network
SA Recycling’s Embedded Network SAR Driving Earnings Upside Bolt-on investment into existing hubs Acquired 76 yards since 2021 • Capital is deployed into established assets, minimising (vs 52 yards 2009-2020) integration risk and maximising returns on reinvested capital. Regional consolidation provi
Slide 15: ANZ: Strong Non-Ferrous Platform
ANZ: Strong Non-Ferrous Platform ANZ Delivering resilience in challenging ferrous markets ANZ Revenue Split - 1H261 Long-Term Capital Investment • Processing plants (MRP, fines, granulation, separation). Capability to extract value from complex • Feeder yards and logistics infrastructure. material.
Slide 16: ANZ: Emerging Shifts in Scrap Flows
ANZ Metal ANZ: Emerging Shifts in Scrap Flows Strategy Domestic scrap demand expected to increase over time Sims positioned to respond – with Pinkenba as a strategic hub • EAFs to increase domestic ferrous scrap consumption. • National collection network and integrated logistics. • Australia to tran
Slide 17: SLS Growth: Leveraging DDR4 Structural Shortage
SLS Growth SLS Leveraging DDR4 Structural Shortage DDR4 Key Drivers: DDR4 Chip Price1 USD Economically Relevant • Legacy installations (hyperscaler, automative, consumer products) will continue to rely on DDR4 memory capacity throughout this decade. 50 Supply Constrained 40 • Manufacturers are prior
Slide 18: SLS Ireland Expansion
SLS Ireland Expansion SLS Replicating SLS’s US hyperscaler operating model in Europe Market Context • Dublin is one of Europe’s most concentrated hyperscaler clusters. • AI and cloud investment are accelerating data-centre refresh cycles and asset decommissioning. Ireland Data Centre Market1 • Data
Slide 19: Financial Results
Financial Results Warrick Ranson, Group CFO 19
Slide 20: Group Financial Performance
Group Financial Performance A$m HY26 HY25 Change • Revenue uplift of $133 million supported by strong Sales Revenue 3,778.6 3,645.5 3.7% non-ferrous prices and DDR4 pricing. Total Underlying Operating • Underlying EBIT up 65.9% to $121 million driven by (785.2) (765.0) 2.6% Cost including Depreciati
Slide 21: Underlying EBIT HY26 vs HY25
Underlying EBIT1 HY26 vs HY25 A$m 6.0 121.1 7.6 34.9 11.6 6.6 73 (16.4) (2.2) HY25 NAM SA ANZ Metal Global Sims Central Sims HY26 Recycling Trading Lifecycle Costs Resource Operations Services Renewal 1 Underlying EBIT excludes significant items and internal recharges 21
Slide 22: Total Metal
Total Metal NAM ANZ SA Recycling GTO A$m HY26 HY25 HY26 HY25 HY26 HY25 HY26 HY25 Sales Revenue 2,271.4 2,257.4 843.6 770.6 2,869.8 2,544.6 336.2 424.8 Trading Margin 498.8 479.6 175.5 197.4 821.0 725.9 Net Operating Costs1 (356.9) (344.5) (124.6) (128.9) (585.9) (525.3) Underlying EBITDA 2 142.2 133
Slide 23: Sims Lifecycle Services
Sims Lifecycle Services A$m HY26 HY25 Change • Resale pricing supported by robust hyperscaler demand and constrained DDR4 supply. Sales Revenue 327.4 192.7 69.9% • Strong EBIT growth at the top end of guidance. Underlying EBITDA1 56.8 20.9 171.8% • Circa 70% of revenue uplift price related. Underlyi
Slide 24: Central and Functional Costs
Central and Functional Costs1 A$m HY26 HY25 Change • Operational functions increased by $3.8 million due Operational Functions (24.5) (20.7) 18.4% to additional tax compliance requirements and IT services upgrades. Project Costs (6.8) (9.3) (26.9)% • Projects costs decreased by $2.5 million followin
Slide 25: Group Cost Bridge
Group Cost Bridge1 4% A$m 4 785 2 2 16 4 765 8 (9) 754 (6) H1FY25 Translational Cost Resource Rebased Labour General SG&A Depreciation Other H1FY26 FX reclassification Renewal H1FY25 Opex & (discontinued) Amortisation 1 Costs above include Depreciation and Amortisation, but exclude income from Equit
Slide 26: Balance Sheet
Balance Sheet A$m HY26 FY25 • Net assets of $2.5 billion. Working capital 445.3 478.7 • Working capital includes circa $70 million in Property, plant & equipment 1,374.4 1,445.4 additional margin deposits related to Intangible assets 256.5 266.6 derivative trading. Investments in joint ventures 672.
Slide 27: Working Capital
Working Capital • The rise in non-ferrous prices in HY26 lifted the A$m carrying value of trade receivables and non- ferrous inventory by $128 million. 72 128 • Cash outflow of approximately $70 million to 479 445 brokers for margin calls on hedge positions following increases in copper and aluminiu
Slide 28: Strategic Property Management
Strategic Property Management Unlocking property value to further strengthen the balance sheet Property Strategy Lead 1 Entered into an Asset Sale Agreement to sell Mayo Shell in Houston (subject to customary due diligence and approvals) to substantially (Hiring underway) fund Tri-Coastal purchase.
Slide 29: Cash Flow
Cash Flow Operating Cash1 Capital Cash Allocations A$m 332 33 307 72 40 202 66 60 96 (250) (46) Net Debt Underlying Trade Interest & Capital Lease Margin Dividends Net Debt 30 Jun 25 EBITDA working Taxes Expenditure payments deposits and Other 31 Dec 25 capital 1 EBITDA conversion rate of 95% 29
Slide 30: Outlook
Outlook Stephen Mikkelsen, Group CEO & Managing Director 30
Slide 31: Outlook
Outlook • Hyperscaler data centre expansion driving demand: AI-driven migration to DDR5 chips is constraining DDR4 chip supply, while legacy demand remains resilient across hyperscaler, automotive and consumer applications. This structural imbalance is expected to continue supporting secondary-marke
Slide 32: Questions & Answers
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Slide 33: Appendix
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Slide 34: Product Segment Volumes
Product Segment Volumes Intake Volumes (‘000 tonnes) HY26 HY25 Change Intake volumes (‘000 tonnes) HY26 HY25 Change North America Metal 2,370 2,442 (2.9) % Ferrous Trading 1 2,885 2,961 (2.6) % ANZ Metal 741 728 1.8 % Non-Ferrous Trading 226 209 8.1 % Total Proprietary Volumes 3,111 3,170 (1.9)% Glo
Slide 35: Product Segment Revenues
Product Segment Revenues Average Sims Metal Sales Price HY26 HY25 Change Ferrous 545.4 567.7 (3.9) % Non-Ferrous Retail 5,153.6 4,133.6 24.7 % Non-Ferrous Shredder Recovery 2,980.3 2,928.6 1.8 % 1 Total Average Sims Metal Sales Price 989.9 920.1 7.6 % Sims Metal Sales Revenue ($m) HY26 HY25 Change F
Slide 36: Group Profit & Loss
Group Profit & Loss A$m HY26 HY25 Chg % FY25 Sales Revenue 3,778.6 3,645.5 3.7 % 7,494.0 Statutory EBITDA 143.8 194.9 (26.2)% 323.7 Underlying EBITDA 1 249.8 201.5 24.0 % 430.0 Statutory EBIT 15.1 66.4 (77.3)% 68.6 Underlying EBIT 1 121.1 73.0 65.9 % 174.9 Net Interest Expense (21.7) (16.3) 33.1 % (
Slide 37: HY26 Metal Volumes
HY26 Metal Volumes Source1 Destination2 Composition1 HY26 HY25 HY26 HY25 HY26 HY25 NAM SAR ANZ 1 Ferrous Intake Volumes 2 Ferrous Sales Volumes 37
Slide 38: Price Trends: Metal
Price Trends: Metal1 1. Ferrous2 2.HMS Asian Export Price3 500 450 HY25 Average USD/mt USD/mt HY26 Average 400 HY25 Average HY26 Average 300 300 150 Jul-24 Jan-25 Jul-25 Aug-24 Feb-25 Aug-25 3. Non-Ferrous4 4. Copper & Aluminium5 2400 12000 4800 Aluminium Price USD/mt HY26 Copper Copper Price USD/mt
Slide 39: North America Metal
North America Metal A$m HY26 HY25 Change FY25 Sales Revenue 2,271.4 2,257.4 0.6% 4,503.6 Trading Margin ($) 498.8 479.6 4.0% 942.8 Trading Margin (%) 22.0% 21.2% 0.8 ppts 20.9% Underlying EBITDA1 142.2 133.2 6.8% 254.3 Depreciation 83.0 80.2 3.5% 161.7 Amortisation 5.9 6.2 (4.8)% 12.5 Underlying EBI
Slide 40: Investment in SA Recycling
Investment in SA Recycling A$m HY26 HY25 Change FY25 Statutory EBIT 138.3 105.5 31.1 % 259.5 Underlying EBIT 128.5 105.5 21.8 % 259.5 Statutory EBIT - Sims' Interest (50%) 63.9 47.4 34.8 % 120.0 Underlying EBIT - Sims' Interest (50%) 59.0 47.4 24.5 % 120.0 Statutory EBITDA 244.8 200.6 22.0 % 459.3 U
Slide 41: Australia & New Zealand Metal
Australia & New Zealand Metal A$m HY26 HY25 Change FY25 Sales Revenue 843.6 770.6 9.5% 1,575.5 Trading Margin ($) 175.5 197.4 (11.1)% 375.5 Trading Margin (%) 20.8% 25.6% (4.8)ppts 23.8% Underlying EBITDA 1 52.2 68.5 (23.8)% 134.2 Depreciation 30.5 30.4 0.3% 61.6 Amortisation 0.2 0.2 —% 0.4 Underlyi
Slide 42: Sims Lifecycle Services
Sims Lifecycle Services A$m HY26 HY25 Change FY25 Sales Revenue 327.4 192.7 69.9 % 426.6 Underlying EBITDA1 56.8 20.9 171.8 % 45.9 Depreciation 7.7 5.5 40.0 % 11.7 Amortisation 0.1 1.3 (92.3)% 1.6 Underlying EBIT 1 49.0 14.1 247.5 % 32.6 Assets 180.5 173.8 3.9 % 163.4 Employees 997 878 13.6 % 974 1
Slide 43: Global Trading Operations
Global Trading Operations A$m HY26 HY25 Change FY25 Sales Revenue 336.2 424.8 (20.9)% 987.2 Underlying EBITDA1 (9.5) (7.3) 30.1 % (2.4) Depreciation 0.5 0.5 0.0 % 1.1 Amortisation - - 0.0 % - Underlying EBIT 1 (10.0) (7.8) 28.2 % (3.5) Assets 235.0 159.7 47.2 % 203.9 Intake Volumes (000's)2 299 536
Slide 44: Corporate, Central Costs & Other
Corporate, Central Costs & Other A$m HY26 HY25 Change FY25 Sales Revenue - - -% 1.1 Underlying EBITDA1 (50.9) (61.3) (17.0)% (122.0) Depreciation 0.7 1.6 (56.3)% 2.1 Amortisation 0.1 2.4 (95.8)% 2.4 Underlying EBIT1 (51.7) (65.3) (20.8)% (126.5) Assets 293.0 522.5 (43.9)% 402.0 Employees 97 102 (4.9
Slide 45: Constant Currency Summary
Constant Currency Summary A$m HY26 HY26 HY25 Change Actual Constant Currency Actual NAM Sales Revenue 2,271.4 2,252.1 2,257.4 (0.2%) Trading Margin 498.8 494.6 479.6 3.1% Net Operating Costs (356.9) (353.6) (344.5) 2.6% Underlying EBIT 1 53.3 52.9 46.7 13.3% SAR Sales Revenue 2,869.8 2,845.5 2,544.6
Slide 46: Financial Summary – Group
Financial Summary – Group A$m HY26 HY25 FY25 Group Results Sales Revenue 3,778.6 3,645.5 7,494.0 Underlying EBITDA 1 249.8 201.5 430.0 Underlying EBIT 1 121.1 73.0 174.9 Underlying NPAT 60.0 35.1 83.1 Underlying EPS (cents per share) 30.7 18.00 42.5 Dividend (cents per share) 14 10 23 Balance Sheet
Slide 47: Financial Summary – Segment
Financial Summary – Segment A$m HY26 HY25 FY25 Sales Revenue North America Metal 2,271.4 2,257.4 4,503.6 ANZ Metal 843.6 770.6 1,575.5 Sims Lifecycle Services 327.4 192.7 426.6 Global Trading Operations 336.2 424.9 987.2 Corporate & Other — — 1.1 Total 3,778.6 3,645.5 7,494.0 Underlying EBIT1 North
Slide 48: Financial Summary – Segment (cont.)
Financial Summary – Segment (cont.) A$m HY26 HY25 FY25 Proprietary sales tonnes (‘000) 1 North America Metal 2,337 2,464 4,751 ANZ Metal 721 728 1,590 UK Metal — — 421 Total 3,058 3,192 6,762 Underlying EBIT2 North America Metal 53.3 46.7 80.1 ANZ Metal 21.5 37.9 72.2 UK Metal — — — Total 74.8 84.6
Slide 49: Financial Summary – Product
Financial Summary – Product A$m HY26 HY25 FY25 Sales tonnes (‘000) Ferrous Trading1 2,825 2,960 5,878 Non-Ferrous 233 232 463 Brokerage 593 686 1,261 Total 3,651 3,878 7,602 Sales Revenue2 Ferrous Metal 2,020.7 2,317.5 4,483.2 Non-Ferrous Metal 1,397.8 1,103.4 2,519.6 Sims Lifecycle Services 327.4 1
Slide 50: Significant Items
Significant Items HY26 HY26 HY25 HY25 A$m Pre-Tax After-Tax Pre-Tax After-Tax Total Total Total Total Reported earnings 15.1 (29.9) 66.4 30.8 Significant items Gain on business transactions (net of transaction costs — — (1.7) (2.6) and impact of discontinued operations) Non-qualifying hedges 41.1 41
Slide 51: Capital Management Framework
Capital Management Framework Context: OBJECTIVE Strategy Success • Must remain dynamically ROIC/EPS Measures responsive to the cycle ST Y • Inherent market volatility: G RA TE TE RA G • Conservative and ST Y Dividends flexible (25-35% Payout) Capital Operating • Balance sheet strength Allocation Val