Sims Ltd. · ASX:SGM
Sims — Investor Day (March 2026)
25 slides from Sims's investor day presentation, Mar 25, 2026
Slide 1: Creating Value by Providing a Pathway to Decarbonisation
Change photo Creating Value by Providing a Pathway to Decarbonisation SA Recycling 24 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, 24 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: Stephen Mikkelsen, Sims Group CEO & Managing Director
unprocessed Stephen Mikkelsen Sims Group CEO & Managing Director 3
Slide 4: SAR – Strengthening Sims’ NA Portfolio
SAR – Strengthening Sims’ NA Portfolio Expanding scale through a complementary US recycling network NAM • Operations in 19 states. • 76 Facilities. • 15 Shredders. SA Recycling • Operations in 15 states. • 147 Facilities. • 22 Shredders. 4
Slide 5: SAR and NAM
SAR and NAM Operate in distinct market structures capturing value across the US North America Metal SA Recycling Operates large-scale shredders in highly populated, competitive markets across the eastern and central United States and Northern Operates a dense network of shredders and California. fee
Slide 6: Tyler Adams, SA Recycling Chief Operating Officer
Tyler Adams SA Recycling – Chief Operating Officer 6
Slide 7: SA Recycling Business Overview
SA Recycling Business Overview Rapidly growing business with extensive infrastructure, operating in the US scrap metal market for more than 50 years +3750 Employees Operations in 15 States 9 Copper Choppers 22 Shredders FY21-FY26 Sales Volume1 147 Facilities +8.3% CAGR 1Annualise Sales Volume for FY
Slide 8: Safety
SAFETY Recordable rates declining over time despite significant business scale-up Injury Rates & Facility Counts 180 7.00 160 6.00 140 5.00 120 100 4.00 80 3.00 60 2.00 40 1.00 20 - - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Locations (Left) Recordable Rate (Ri
Slide 9: Strong US Market Drivers
Strong US Market Drivers Favourable industry dynamics supporting long-term demand for recycled metals Aluminium US Midwest • Supportive tariff and infrastructure policies Premium to LME1 across three administrations have driven industry 2500 strength and investment in efficient modern 1875 steel mak
Slide 10: Dense Regional Networks: Secure Scrap
Dense Regional Networks: Secure Scrap Drive leadership in sourcing and processing, securing consistent local scrap flows. Local sourcing relationships and logistics infrastructure. Yard Shredder 10
Slide 11: Dense Regional Networks: Non-Ferrous Mix
Dense Regional Networks: Non-Ferrous Mix Underpin structural stable margin and maximise non-ferrous value capture. Zorba, US Ferrous & Trading Margin1 600 2500 Legend Structural sourcing advantage US Domestic Ferrous 500 31% 31% 2000 Scrap Shred USD/gt (Left Axis) 400 Zorba USD/mt (Right Provides co
Slide 12: Geographical Advantage
Geographical Advantage Extensive regional footprint positions SAR near major EAF steel mills. Structural cost leadership • EAF proximity delivers structural freight cost advantage and faster asset cycles. • Improves service reliability. Consolidated HY26 Ferrous Sale Volume Export Domestic Locations
Slide 13: SAR’s Logistics Strength
SAR’s Logistics Strength Transport flexibility serves as a pivotal lever to serve the US domestic market 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 network to serve the S
Slide 14: Consolidation Platform
Consolidation Platform Fragmented markets combined with network density create a long runway for value-accretive bolt-on acquisitions. Bolt-on investment into existing hubs • Capital is deployed into established assets, minimising integration risk and maximising returns on reinvested capital. Region
Slide 15: Acceleration of Bolt-on Acquisitions
Acceleration of Bolt-on Acquisitions Driving a step change in scale and providing earnings potential Sales Volume2 (kmt) 6000 FY 21-FY26 CAGR: 8.3% 2009 - 2020 2021-2026 5000 FY18-FY21 CAGR: 3.5% 52 Yards Added 76 Yards Added 4000 3000 Today1 2000 128147 Yards Yards 1000 0 FY18 FY19 FY20 FY21 FY22 F
Slide 16: Utilisation Upside
Utilisation Upside Significant shredder utilisation headroom provides operating leverage. Shredder concentration supports volume throughput • Drives shredder utilisation. Scalable hub-and-spoke model accelerates growth • De-risks capital investment. • Supports phased expansion and rapid scale. Shred
Slide 17: SAR Positioned to Capture Growth
SAR Positioned to Capture Growth Organic growth opportunities and consolidation in a highly fragmented market ORGANIC GROWTH FY21-FY25 Unlocking Value in Non-Ferrous Sales Volume (SAR) • Investment in downstream technology and process +7% CAGR Ferrous improvements to increase Zorba recovery yields.
Slide 18: Mark Sweetman, SA Recycling Chief Financial Officer
Mark Sweetman SA Recycling, Chief Financial Officer 18
Slide 19: Resilient Balance Sheet
Resilient Balance Sheet To grow, buffer cycles and seize opportunity CAPITAL STRUCTURE Gearing Ratio1 48% Gearing Ratio 60% USD$1.9b Total Assets 50% 40% Estimated Asset Base USD$2.26b 30% USD$350m2 20% USD$1.72b FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 HY26 USD$192m2 Tangible Assets Intang
Slide 20: Sustainable Earnings Growth
Sustainable Earnings Growth DRIVER ADVANTAGE VALUE CREATION DRIVER Established hub-and-spoke network Established regional infrastructure and Dense Regional Networks securing scrap flows supplier relationships built over decades Non-Ferrous Mix Higher value metals Structural margin resilience Utilisa
Slide 21: Questions & Answers
Questions & Answers 21
Slide 22: Appendix
CHANGE PHOTO Appendix 22
Slide 23: Historical Financial Performance
Historical Financial Performance A$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 FY24 FY25 1 Presented o
Slide 24: CAPEX Strategy
CAPEX Strategy Disciplined and flexible approach, aligned with business cycles Sustaining CAPEX (USD) • Depreciation guides replenishment capital. $404m • Flexibility through business cycles – adjustment based on volumes $211m $171m $165m and utilisation. $127m 7% 13% 4% Growth 17% 17% 18% • Invest
Slide 25: SAR’s Leadership
SAR’s Leadership Balanced governance structure and experienced management 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 Executive Non-Executive S