Sims : NAM/SAR Presentation

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Creating Value by Providing a Pathway to Decarbonisation

NAM

24 March 2026

Agenda

Tuesday

March 24, 2026

Start Time

8:00 am

9:00 am

10:30 am

Presentation by Stephen Mikkelsen, Rob Thompson, Ryan Smith and Chris Cicconi

Presentation by Stephen Mikkelsen, Mark Sweetman and

Tyler Adams

Travel to the George Bush Intercontinental Airport

Stephen Mikkelsen

Sims Group CEO & Managing Director

Middle-East Conflict Limited impact on Sims operations through increase in oil and freight costs

CURRENT IMPACT ON SIMS

• Limited disruption to bulk ferrous volumes across the international customer base.

  Singapore Bunker Prices1 USD/mt

  1200.0

  1100.0

  1000.0

  900.0

  800.0

  700.0

  600.0

  +655

  500.0

  400.0

  Aug 2025 Nov 2025 Feb 2026

  Singapore VLSFO

  
  
  

• Containerised non-ferrous and ferrous shipments experiencing some increased complexity, with flows continuing.

• Higher shipping freight charges, though costs being actively managed through adjusted commercial terms.

  MARKET DYNAMICS

  • Finished steel prices increasing, reflecting higher freight and fuel costs.

  • Bunker fuel prices expected to normalise over time.

  • Vessel rerouting and "war zone avoidance" extending voyage times; dislocations likely to persist in the near term.

    MARKET RISKS

  • Longer term energy supply disruptions

  • Elevated freight costs while supply chains adjust

1 BunkerEx, Maritime IntelX 5

Repurpose and Recycle

Create a World without Waste to Preserve our Planet

Culture

Suppliers

Part of our customer base

Efficient access to supplier hubs in large markets

Unprocessed material at value

Customers

Key raw material supplier

Differentiated products

Developed domestic channels/global network

Invest Responsibly

Focus on cash generation and value accretion

Strong capital management

Efficient working capital

NAM STRATEGY IN ACTION

CUSTOMERS & SUPPLIERS Strengthening direct relationships with domestic mills. Expanding sourcing of unprocessed scrap and feeder yard supply.

OPERATIONAL EFFICIENCY Integrate yard and shredder network supporting scalable processing hubs. Improve utilisation of processing assets. Coordination of rail, barge and trucking logistics improving throughput.

INNOVATIVE & AGILE Commercial flexibility between domestic and export markets. Data-driven optimisation to direct material to the highest-value markets.

INVEST RESPONSIBLY Disciplined capital allocation focused on returns and asset utilisation. Working capital and inventory discipline supporting cash generation. Selective bolt-on acquisitions in established networks.

Operational Efficiency	Innovative & Agile
Safe operations Aligned end-to-end supply chain Scalable and replicable capacity	Rapid response to shifts in the market Use of data to drive performance Simplified structures

Delivering On Strategy NAM

Operational reset delivered, creating a platform for future growth

1. Operational reset delivered.

2. Cost structure strengthened and margins improved.

3. Greater commercial optionality across domestic and export markets.

4. Focus on cash generation and disciplined capital allocation.

5. Positioned to capture growth with further operational improvements ahead.

6. Actively progressing inorganic growth opportunities.

Rob Thompson

President North American Metal

Overview of the Operations

Extensive footprint in key population centres.

NAM

• Operations in 19 states.

• 76 Facilities.

• 15 Shredders.

North America Metal

0.98

0.88

FY24 FY25

Has made significant progress on its operational and commercial turnaround

HY26

2HY25

HY25

2HY24

HY24

$60

$40

$20

$0

-$20

HY26

2HY25

HY25

EBIT (A$m)

2HY24

HY24

17.1%

17.9%

20.6%

21.2%

22.0%

Trading Margin Percentage

FY26

FY23

FY22

FY21

0.69

0.76

0.91

1.02

NEMT, Alumisource and Baltimore (+21 sites).

TRIFR

Leadership Transformation Strengthened leadership, aligned incentives and culture of accountability supporting operational discipline

Strengthened NAM Leadership Team

Ryan Smith

Chief Operating Officer

Chris Cicconi

Chief Commercial Officer

Simplified Performance Metrics

• Strong link to financials, with fewer qualitative metrics.

  Culture of Accountability

  • Ownership of performance at regional and operational levels.

  • Simplified decision-making and stronger operational discipline.

• Ferrous: balance volume and buy/sell spread.

• Non-ferrous: balance volume and margin per pound.

  Aligned Incentives

• Metrics linked to leadership priorities and regular performance reviews.

• Balanced focus on volume, pricing with profitability multiplier to reinforce margin outcomes.

Leaner and More Efficient Organisation

• Streamlined organisational structure supporting faster execution.

• Resources focused on operational and commercial performance.

Cost Structure & Planning Improvements Coordinated planning and operational optimisation improving resilience across the cycle

Network and Operational Optimisation

• Simplified operating structure and optimised yard network.

  Forward Sales and Operations Planning (S&OP)

• Data driven decision-making: analytics and machine learning.

• Integrated planning across procurement, processing capacity and sales demand.

• Improved coordination between domestic and export sales channels.

• Supports prioritisation of higher-value sales opportunities.

Go-to market targets

Operational Plan

Logistics Plan

S&OP

Process

Net Sales Analytics

1,971

Employees

HY24

1,881

1,801

HY25

HY26

Logistics and Inventory Discipline Improved coordination of rail, barge and trucking flows. More disciplined yard-level inventory management.	Operating Costs (A$m)	1H24 296.7	2H24 335.8	1H25 342.1	2H25 346.4	1H26 356.9
	Operating Costs Change %		13%	2%	1.3%	3.0%
	Shredder Utilisation %	59%	66%	67%	63%	70%
	Unprepared Scrap %	59%	64%	67%	68%	71%

Ferrous: Sales Optimisation Maximising value through commercial discipline and market flexibility

OPTIONALITY

Domestic and Export Market Flexibility

• Ability to dynamically allocate volumes between domestic steelmakers and export markets depending on relative pricing and demand conditions.

  PATHWAYS TO MARKET

  Logistics Network Enabling Optionality

• Integrated logistics capability across yards, rail, trucking and export terminals enabling efficient movement of scrap to the highest-value market.

  COMMERCIAL DISCIPLINE

  Disciplined Buy/Sell Spread Management

• In weaker markets, the commercial focus is on optimising buy-sell spreads and trading margins. In stronger markets, the focus shifts to maximising margin per tonne.

HY26 NAM Ferrous Export Volume

1750

kmt

1500

1250

1000

HY24 2H24 HY25 2H25 HY26

The majority of shredded ferrous from East Coast is currently sold to the domestic market.

Non-Ferrous: Key Profit Driver

Disciplined execution driving non-ferrous volumes and value

Integrated Non-Ferrous Platform

Integration of NEMT and Alumisource into NAM strengthened market position, relationships and processing capability, driving growth across the business.

Increased Focus on Unprocessed Scrap

Higher intake of unprocessed scrap driving additional non-ferrous recovery and margin per tonne.

Customer-Centric Retail Expansion

Enhanced customer service and targeted incentives driving broader supplier engagement and retail volume growth.

Non Ferrous Retail Volume

Unprocessed Ferrous (% of Total Ferrous Intake)

71%

59%

64%

67% 68%

2HFY24 1HFY25 2HFY25 1HFY26 HY24 2HY24 HY25 2HY25 HY26

FY24 Sales Revenue1

HY26 Sales Revenue1

Non Ferrous Ferrous Non Ferrous Ferrous

1 Non-ferrous comprises non-ferrous retail and NFSR

Structural Market Advantages Drivers supporting ferrous scrap demand

Largest Scrap Market Globally

• North America remains one of the largest and most liquid scrap market globally.

• Large and stable industrial and post-consumer scrap generation.

• Domestic and export channels supporting market liquidity.

EAF Growth Supporting Ferrous Demand

• Continued expansion of Electric Arc Furnace steelmaking capacity.

Key US End Use Sector Trends Y/Y1

Tariffs Supporting Domestic Scrap Demand

• US trade measures continue to limit imported steel supply.

• Supports domestic steel production and scrap consumption.

• Creates a more resilient domestic market for ferrous scrap.

GDP Industrial Production

Construction value add Automotive production

6.0%

4.0%

2.0%

0.0%

-2.0%

-4.0%

2025 2026 2027 2028

1 DATA: CRU, OXFORD ECONOMICS

Structural Market Advantages Electrification and digital infrastructure driving non-ferrous demand

Electrification

• Expansion of power grids and transmission networks.

• Growth in EV infrastructure and renewable energy installations.

Data Centres

• Rapid expansion of hyperscale and AI data centre capacity.

• Data centres require significant electrical infrastructure.

• Extensive use of copper and aluminium for power and grid connectivity.

Category2	Metric	Value
Metal Intensity per MW in Data Centre	Aluminium	11.26 t/MW
	Copper	11.58 t/MW
Estimated Incremental Metal Comparison3,4	Aluminium	731,900 metric tonnes ~ Equivalent to annual capacity of US aluminium smelter industry
	Copper	752,700 metric tonnes ~2× annual capacity of US copper smelter industry

1 Gigawatt (GW) converted to megawatt (MW) using 1GW = 1,000 MW

2 World Economic Forum.

3 Estimated metal demand calculated as incremental MW capacity × metal intensity per MW.

4 Smelter capacity comparisons are indicative and based on approximate 2025 U.S. aluminium and copper smelting capacity benchmarks.

65 GW1 Incremental

Capacity (2025-2035)

16

NAM's Strategic Position Strengthened ferrous platform to capture growth

Established NAM platform

• Broad geographic footprint across key scrap generating regions.

• Long-standing relationships with domestic steel mills and industrial suppliers.

  Expanded logistics infrastructure

• Investments in rail and trans-loading capabilities.

• Greater flexibility to serve domestic mills and export markets.

  Improved execution and commercial discipline

• Increased focus on data-driven trading and operational efficiency.

• Faster decision-making and more targeted capital deployment.

  Platform for future growth

• Scalable operating network with capacity to support higher volumes.

HY26 Shredder Utilisation

70%

66%

67%

63%

59%

HY24 2HY24 HY25 2HY25 HY26

FY25 Transport Volumes (% change vs FY24)

Barge +32%

Rail +92%

NAM's Strategic Position

Positioned to capture higher value across the non-ferrous value chain.

High-Value, Mill-Ready Products

• The granulating capacity and expertise acquired through NEMT enable us to produce furnace-ready material.

• Alumisource-acquired furnace-ready expertise and capacity enable direct end-market supply.

  Integrated Processing Capability

• End-to-end capability to upgrade material into usable inputs.

• Capturing more value within the network and strengthening pricing power.

  Recovery Upside and Operational Leverage

• Processing platform supports further recovery from material streams. (e.g. Zorba)

• Increasing yield and value per tonne over time.

Tri-Coastal Trading Market optionality, operational efficiency, market consolidation

Consolidating Houston Operations

• Purchase Price: US$66.5 million.

• Valuation Multiple:

  • <4X EBITDA multiple post-synergies.

  • Cash Free, Debt Free.

    • +US$25m EBITDA contribution 1

• ROIC 20%1,2 +

  Strategic Rationale and Key Benefits:

• 350kt+ pa of predominantly cut-grade ferrous.

• Includes 18-year third-party operations contract, with two 5-year extension options.

•

•

Unlocks US$100 million + in land sales in Houston within 1-2 years. Optimises footprint and expands market share of ferrous scrap sourcing in a consolidated and significant region.

Delivers material cost savings through operational efficiencies. Provides deep-water access, removing the need to develop the current Mayo Shell site.

1 Includes Sims' existing ferrous and non-ferrous businesses in Houston, assuming current ferrous and non-ferrous prices.

2 Return on Invested Capital. Net operating profit after tax / average invested capital.

NAM Platform for Growth

Multiple growth Levers

Network Expansion

• Greenfield feeder yards.

• Bolt-on acquisitions to deepen presence in key markets.

• Focused transformational acquisitions.

  Operational Optimisation

• Improving utilisation of shredders and yards.

  Recovery Improvements

• Maximising metal recovery from waste.

  Commercial Optimisation

• Directing material to the most profitable markets.

• Leveraging network and logistics to optimise regional pricing.