Sims Ltd. · ASX:SGM
Sims — Investor Day (March 2026)
35 slides from Sims's investor day presentation, Mar 26, 2026
Slide 1: Sims Lifecycle Services Investor Day
Sims Lifecycle Services Investor Day 25 March 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, 25 March 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 periodic
Slide 3: Agenda
Agenda Wednesday March 25, 2026 Start Time 9:00 am Safety Briefing and Site Tour SLS Presentation by Stephen Mikkelsen, 10:00 am Ingrid Sinclair and Sean Magann 11:00 am Q&A 11:30 am Transfer to Hilton Garden Inn – Smyrna 3
Slide 4: Stephen Mikkelsen
unprocessed Stephen Mikkelsen Sims Group CEO & Managing Director
Slide 5: Why SLS Matters to Sims
Why SLS Matters to Sims SLS has evolved from being an IT asset recovery and recycling service into a critical infrastructure platform embedded within hyperscaler ecosystems and a provider to Fortune 100 corporations • SLS is now a core driver of Sims’ earnings growth and valuation. 40% HY26 EBIT1 (A
Slide 6: Ingrid Sinclair
Ingrid Sinclair Global President
Slide 7: SLS Executive Leadership Team
SLS Executive Leadership Team Ingrid Sinclair Global President Sean Magann Lynn Jacobs Chris Guarini Jim Clark Marie Burke Chief Chief Operating Chief Digital Chief Financial Chief People Commercial Officer Officer Officer Officer Officer 7
Slide 8: Global Leader in Circular Cloud Solutions
Global Leader in Circular Cloud Solutions Global Circular Cloud 8 8
Slide 9: Who Are Our Clients?
Who Are Our Clients? Hyperscalers Enterprises OEMs 9
Slide 10: Strategic Positioning
Strategic Positioning SLS occupies a strategically defensible position in the data centre infrastructure services ecosystem SLS operates at the intersection of three structural trends: • Hyperscaler infrastructure growth. • Technology hardware refresh cycles. • Circular technology supply chains. SLS
Slide 11: Clear Pathways to Volume Growth
SLS Clear Pathways to Volume Growth Strategy Maintain and grow existing Geographic and network Leverage core capabilities to hyperscaler relationships expansion grow robust enterprise client base • Increase volumes with existing • Expand capacity in existing • Grow enterprise client hyperscalers as
Slide 12: Why do Hyperscalers Outsource?
Why do Hyperscalers Outsource? Outsourcing enables hyperscalers to focus on innovation and maximise the value of their infrastructure Focus on Core Innovation Infrastructure & Supply Chain Advantages • Prioritise engineering resources on cloud platforms and AI infrastructure. • Avoid constraints in
Slide 13: What SLS Does for Hyperscalers
What SLS Does for Hyperscalers SLS helps hyperscalers to maximise value from decommissioned data centre infrastructure DC Prepare Redeploy Components are Components are DC tested & returned to client reprogrammed (for new builds, or for data centre spares) DC DC Collect Harvest Assess Resale DC Data
Slide 14: Sean Magann
Sean Magann Chief Commercial Officer
Slide 15: Revenue Model
Revenue Model Multiple revenue streams create a diversified and scalable revenue model linked to global data centre refresh cycles Resale (Revenue Share) Laptops & Full Racks Networking Phones & Individual Hardware Desktops & Servers Equipment Tablets Components Service Fees (per unit) Redeploy Data
Slide 16: Hyperscaler Data Centre IT Investment
Hyperscaler Data Centre IT Investment Aggregate investment1 in data centre IT equipment2 by leading hyperscale operators3 500 450 400 350 300 Billions USD 250 200 150 100 50 0 2020 2021 2022 2023 2024 2025 2026E 2027E Global investment in DC IT equipment US investment in DC IT equipment 1: Sims inte
Slide 17: Structural Forces Shaping Memory Market
Structural Forces Shaping Memory Market 1 DDR4 Supply Is Being Permanently Removed • Exit from DDR4 is structural, not cyclical. 2 The AI Boom Is Absorbing All New Memory Investment • New production is focused on meeting demand for new memory technologies. 3 DDR4 Demand Is Locked Into a Large Instal
Slide 18: Supply of New DDR4 Being Removed
Supply of New DDR4 Being Removed Exit from DDR4 is structural, not cyclical DDR4 production is being permanently Where capital Is going removed, not idled • Semiconductor manufacturers are actively • DDR4 manufacturing capability is largely reallocating capacity to higher-margin being dismantled or
Slide 19: AI Boom Absorbing All New Investment
AI Boom Absorbing All New Investment New production is focused on meeting demand for new memory technologies Hyperscalers are deploying next-generation AI and computing systems at unprecedented scale and have an insatiable need for new memory technologies, such as DDR5 and HBM. Major memory producer
Slide 20: DDR4 Demand Locked in Installed Based
DDR4 Demand Locked in Installed Based Embedded demand from installed base supports continuing need for DDR4 Enterprise & Industrial Installed Base Slow Replacement Cycles Millions of servers, workstations, and Enterprise hardware refresh cycles industrial controllers remain active, using typically s
Slide 21: Memory Technology Transition
Memory Technology Transition Preparing for DDR5 while supporting mainstream installed DDR4 and legacy DDR3 markets 2015 2017 2019 2021 2023 2025 2027 2029 2031 Technology transitions are gradual • DDR3 remained widely used years after production declined. DDR3 Legacy Market DDR4 transition expected
Slide 22: Gigabytes of Memory as Volume Metric
Gigabytes of Memory as Volume Metric Focussing on a key driver of the economic value unlocked by SLS partnerships • We are introducing a new volume metric which is a better measure of our business. • The new metric is Memory GB Sold. • Better alignment of volume with revenue, as value scales with GB
Slide 23: DDR4 Structural Tailwinds
DDR4 Structural Tailwinds Understanding the primary and secondary markets for the key memory products 35.00 Secondary market New DDR4 1 GB Chip (US Dollar) price was circa 50% 30.00 USD per 1 GB Chip of the TrendForce spot price of DDR4 25.00 8Gb(1Gx8). 20.00 15.00 Secondary market 10.00 price was c
Slide 24: FY26 Outlook
FY26 Outlook FY26 Underlying EBIT • Resale consists of Memory GB Sold and Consumer Tech. Range ($Am) • Memory GB Sold is highly sensitive to the market sales price. Underlying EBIT 165 - 185 • FY26 Consumer Tech accounts for circa 20% of current resale gross FY26 Gross Margin margin and does not ben
Slide 25: Ireland Expansion
Ireland Expansion • Operational 1 July 2026. • Estimate 4 million Memory GB Sold in FY27. • Scaling to 15 million Memory GB Sold by FY29. • Estimate additional operating costs total €4 million in FY27 and €5 million in FY28. 25
Slide 26: Structured for Growth
Structured for Growth SLS is uniquely positioned, combining flexible capacity with automation to scale seamlessly as hyperscaler demand accelerates Growth Platform • SLS structured for growth and scale: o Our current US hyperscaler footprint is strategically positioned with available capacity of up
Slide 27: Key Messages
Key Messages 1. SLS is already a material earnings driver for Sims. 2. Exposure to structural, non-cyclical growth. 3. Embedded within hyperscaler ecosystems. 4. Capital-light, high-return business model. 5. Multiple, diversified revenue streams. 6. Structural tailwinds in memory markets. 7. Signifi
Slide 28: Questions & Answers
Questions & Answers
Slide 29: Appendix
Appendix
Slide 30: Memory Primer
Memory Primer
Slide 31: Data is Housed in Memory & Storage
Data is Housed in Memory & Storage Memory Storage SHORT-TERM LONG-TERM Holds working data close Holds data for to the processor for quick longer-term use. access. (“non-persistent” (“persistent”) or “volatile”) Random Access Hard Drives Memory (RAM) Memory & storage are built on semiconductor chips,
Slide 32: Memory as Part of a Server
Memory as Part of a Server1 Server Contain… • A server is a computer (often housed in a data Which contain… centre) that provides functionality, data, or resources to other computers, known as "clients," Which contain… over a network. Data centers • A server contains processors (accelerators), Data
Slide 33: Where Memory is Found
Where Memory is Found contain… Data centres Data centers Data centre server Data centre aisles which contain… A data centre server will typically contain 4-8 DIMMs (Dual Inline Memory Modules) Server racks contain… A Dual Inline Memory Module will Servers contain multiple DRAM chips) 33
Slide 34: Memory Terminology
Memory Terminology RAM and DRAM • RAM stands for random-access memory and DRAM stands for dynamic RAM. • DRAM is the main “working memory” used in servers, PCs, graphics systems and many AI platforms. It is volatile, meaning data disappears when power is turned off. DDR4 vs DDR5 Computer memory • DD
Slide 35: Memory Production
Memory Production • Memory production begins with silicon wafers processed in fabrication plants, or “fabs”. • A wafer is the silicon disc on which many chips are manufactured together before being cut apart, tested and packaged. Wafer supply matters because it is the physical starting point for mem