SIMS LIMITED — Interim / Quarterly Report 2024

Feb 19, 2024

==> picture [720 x 193] intentionally omitted <==

Financial Results Half year ended 31 December 2023 Creating Value by Providing a Pathway to Decarbonisation for our Customers

20 February 2024

==> picture [144 x 58] intentionally omitted <==

Disclaimer

The material contained in this document is a presentation of information about the Group’s activities current at the date of the presentation, 20 February 2024. It is provided in summary form and does not purport to be complete. It should be read in conjunction with the Group’s periodic reporting and other announcements lodged with the Australian Securities Exchange (ASX).

To the extent that this document may contain forward-looking statements, such statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group, and which may cause actual results to differ materially from those expressed in the statements contained in this release.

This document is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor.

Authorised for Release by : the Company Secretary, Gretchen Johanns ABN 69 114 838 630

Head Office : level 9, 189 O’Riordan Street, Mascot, NSW, Australia 2020

==> picture [45 x 43] intentionally omitted <==

2

Agenda

Results Overview & Strategic Progress Stephen Mikkelsen, Group CEO & Managing Director

Financial Results Warrick Ranson, Group CFO

Outlook Stephen Mikkelsen, Group CEO & Managing Director

==> picture [314 x 283] intentionally omitted <==

==> picture [45 x 43] intentionally omitted <==

3

==> picture [322 x 405] intentionally omitted <==

Results Overview Stephen Mikkelsen, Group CEO & Managing Director

==> picture [45 x 43] intentionally omitted <==

4

HY24 Financial Results Overview

Underlying EBIT decreased due to lower Metal trading margin and inflationary pressures

	HY24	Change
Sales Revenue (A$m)	4,114.4	7.4 %
Sims Trading Margin – Metal (A$m)	653.4	(2.6) %
Total Underlying Operating Cost Including Depreciation⁴	(793.8)	8.5 %
Underlying¹ EBITDA (A$m)	134.3	(32.9) %
Underlying¹ EBIT (A$m)	13.4	(85.6) %
Operating Cash Flow (A$m)	101.8	(68.4) %
Sales Volumes2(t ,000)	5,686	0.3 %
Return on Productive Assets3	1.1 %

  - Sales volumes up 0.3%

• Sales revenue of $4,114.4 million reflecting nonferrous growth initiatives

• Underlying EBIT of $13.4 million driven by margin compression in Sims Metal and higher costs across the Group and an encouraging performance from SLS in 2Q FY24

• Operating Cash Flow down 68.4%, reflecting lower operating earnings and a significant inventory reduction in HY23

• 1 Underlying excludes significant items, the impact of non-qualifying hedges, and internal recharges

• 2 Sales volumes comprise Metal Segments, Global Trading Operations and 50% of SA Recycling’s volumes

• 3 Underlying EBIT / average of opening non-current assets and ending non-current assets excluding right of use assets arising from AASB16 Leases and deferred tax assets 4 Excludes income from Equity Investments

==> picture [45 x 43] intentionally omitted <==

5

Sustainability Leader Responsible operations and innovation

• Named most sustainable company in the world in Corporate Knights’ Global 100 Ranking

==> picture [175 x 43] intentionally omitted <==

==> picture [615 x 162] intentionally omitted <==

----- Start of picture text -----

CO ₂ emissions by
Delivering customer-centric innovation for decarbonisation production type¹
• Premium scrap metal for high-quality, low CO2 metals
18
• Proprietary technology and quality control processes
9
0
Steel Aluminium Copper
Copper - Polished 6XXX Ferrous shred Ferrous shred
High purity granules Aluminium - extrusions <0.2 copper <0.1 copper Recycled Primary
CO2 / tonne of production
----- End of picture text -----

Delivering customer-centric innovation for decarbonisation

SLS introduced new tools to advise clients on how to extend the lifecycle of electronic devices

==> picture [45 x 43] intentionally omitted <==

1 Source: Steel production from Mitsui, Aluminium & Copper production from Woof Mackenzie

6

Employee Health & Safety Excellent safety performance continued in HY24

==> picture [345 x 281] intentionally omitted <==

----- Start of picture text -----

Total Recordable Injury 23% reduction in
Frequency Rate (TRIFR) [1] TRIFR
1.5 1.29 FY20 V S HY24
1.22 1.18
1.08
0.99
1
0.5
0
FY20 FY21 FY22 FY23 HY24
14% reduction in
Lost Time Injury Rate [2]
0.40 Lost Time I njury Rate
FY20 VS HY24
0.29
0.27
0.25
0.23
0.19
0.20
0.00
FY20 FY21 FY22 FY23 HY24
----- End of picture text -----

Recordable injury rate, including Baltimore and Northeast Metal Traders acquisitions, at all-time low, meeting world-class standard of 1.00 or less

• Despite an increase in lost time injury cases this year (43% classified as low-risk events), continued to demonstrate excellent incident prevention

• This success was due to the effectiveness of EHS Leading Indicator Program

• Introduced new training for continuous safety culture improvement

1 Defined as total recordable injuries x 200,000 divided by number of hours worked for employees and contingent workers

2 Defined as total lost time injuries x 200,000 divided by number of hours worked for employees and contingent workers

==> picture [45 x 43] intentionally omitted <==

7

Market

Challenging seaborne trade; global short supply of scrap metal but strong demand in the US

==> picture [638 x 285] intentionally omitted <==

----- Start of picture text -----

Global Chinese Steel Exports (Mt)¹ Steel Production² ⁴ US Metal Spread Outpaced Turkey³
Markets
100 90.3 104 +2.3% 750
75.4 -6.6%
Short ferrous scrap 69.3 64.3 66.9 67.3 100 600
supply - ANZ and UK 53.7
96 450
50
Challenging 92 300
seaborne market
driven by weak 88 150
global steel US Global ex-US Jan-23 May-23 Sep-23 Jan-24
production 0
FY17 FY18 FY19 FY20 FY21 FY22 FY23
H2 FY23 H1 FY24 US Rebar - HMS Turkey Rebar - HMS
US Domestic Market US Durable Goods New Orders (%YoY)⁵ US Average Vehicle Age⁶ US Domestic Scrap demand EAF only (Mt)⁷
12.6
30 32.00
Short ferrous scrap 12.4
supply 20
12.2
Resilient ferrous 10
scrap demand: 12
0.00
structural market 0
shifts, trade Jul- Dec- May- Oct- Mar- Aug- 11.8 FY20 FY22 FY24 FY26 FY28
restrictions and 21 21 22 22 23 23 CY21 CY22 CY23
government policies New scrap demand - cumulative (RHS)
$USD
----- End of picture text -----

==> picture [45 x 43] intentionally omitted <==

1 Source: Statista 2 Half-year steel production (HY23 = 100) 3 Source: Argus 4 Source: World Steel Association 5 Bloomberg 6 US Bureau of Transport 7Argus and Fastmarkets

8

Price Trends: Metals & Freight Consistent ferrous prices, higher zorba and freight prices

==> picture [671 x 336] intentionally omitted <==

----- Start of picture text -----

1. Ferrous¹ - Similar to HY23
500 2.Freight [2] - Geopolitical Impact
880
450
770
400 HY24 average 660
550
350
HY23 average 440
300 330
Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23
3. Non-ferrous [3] – Improved Zorba 4. Copper & Aluminium [4 ] – Mixed Price Trends
2000 9,600 3200
HY24 zorba average
8,800 2800
HY24 Copper average
1750
HY23 zorba average HY23 Copper average
8,000 2400
HY24 Aluminium average
1500 HY23 Aluminium average
7,200 2000
Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24
Source: Argus; July 2022 to January 2024 Copper Aluminium
Source: Bloomberg Finance; June 2023 to December 2023
Source: Argus; July 2022 to January 2024
9
Source: Argus; July 2022 to January 2024
(US$ / tonne)
Turkey HMS 80:20 Price Baltic Handysize Index
Zorba Price (US$ / tonne)
Copper Price $/mt
Aluminium Price $/mt
----- End of picture text -----

• 1 Source: Argus; July 2022 to January 2024

• 2 Source: Bloomberg Finance; June 2023 to December 2023

• 3 Source: Argus; July 2022 to January 2024

• 4 Source: Argus; July 2022 to January 2024

HY24 Metal Volumes

Market conditions favoured domestic sales, at-source supply and unprocessed volumes

Source[1] Destination[2] Composition[1] NAM SAR ANZ UK Other Sources Dealers Domestic Export Unprocessed Processed

==> picture [45 x 43] intentionally omitted <==

1 Ferrous Intake Volumes 2 Ferrous Sales Volumes

10

==> picture [358 x 405] intentionally omitted <==

Strategic Progress

==> picture [45 x 43] intentionally omitted <==

11

Strategy Progress

FY22-23

FY23-FY24

FY25-FY26

Metal

Divestment

Recycle capital- LMS, Sims Energy, SMR, Surplus land

Acquisitions

Baltimore Scrap, Northeast Metal Traders, Atlantic Recycling Group, Recyclers Australia, Alumisource

Other Asset Purchases e.g. Pinkenba

Sims Lifecycle Services

Build repurposing business model

Sims Resource Renewal Feasibility and plan development

==> picture [436 x 261] intentionally omitted <==

----- Start of picture text -----

Metal Metal
NAM- Market realignment Expansion of domestic channels
UK- Strategic review Targeted acquisitions
ANZ- Drive competitive advantage Continue to recycle capital
Source additional unprocessed scrap
Enhance customer relations focusing on
reliability, innovation and quality
Sims Lifecycle Services Sims Lifecycle Services
Innovation focus Deliver at scale
Maximise receipts per customer
Sims Resource Renewal Sims Resource Renewal
Disciplined program Secure joint venture partners
Deliver pilot plan
----- End of picture text -----

==> picture [45 x 43] intentionally omitted <==

12

Current Focus

Strategy execution gained momentum towards end of Q2 FY24

==> picture [109 x 37] intentionally omitted <==

----- Start of picture text -----

1H24 Progress
----- End of picture text -----

2H24 Priorities

• Rebalance of sales portfolio commenced

• Business simplification – operations and organisation

• Extensive leadership changes

• Cost-out program

• Premium-quality low-copper shred trials completed and volumes increased

• Adjusting management KPIs with additional strategic targets

• Execute on cost-out targets

• Optimise existing network

  • Increase unprocessed scrap supply

  • Improve shredder utilisation

  • Optimise Northeast Metal Traders and Alumisource non ferrous within NAM

• Increase data analytics within buy/sell decision making

• Integration of Baltimore Scrap

• Integration of Northeast Metal Traders

• Baltimore Scrap acquisition completed

==> picture [45 x 43] intentionally omitted <==

13

Cost Reduction Program Reducing costs by $70m - $90m for sustained financial strength through the cycle

Build a lean and growth-ready organisation

Streamline processes, optimise workforce, automation and technology

Prioritising resources, safeguarding our capability to grow

==> picture [601 x 145] intentionally omitted <==

----- Start of picture text -----

1H24 2H24 FY25
Annualised Savings Annualised Savings Annualised Savings
$45m $10m-$25m $15m-$20m
Increased span of controls
Reduced organisation layers
Redesign and automation: focus
on back-office
----- End of picture text -----

==> picture [45 x 43] intentionally omitted <==

14

UK Metal Strategic Review Update

==> picture [307 x 319] intentionally omitted <==

• Market transitioning to domestic metal recycling consumption driven by EAF announcements

• UK Metal is well positioned to capitalise on this shift

• Strategic review to determine the best value-creation path. Potential for:

• • Sale

  • JV/Partnership

  • Retain and restructure

• Anticipated non-binding proposals by the end of February - strong interest received

==> picture [45 x 43] intentionally omitted <==

15

SLS Strategy Update

==> picture [109 x 37] intentionally omitted <==

----- Start of picture text -----

1H24 Progress
----- End of picture text -----

• Deliver on customer objectives:

• Quality focus

• Customer diversification

• Improved pricing of DRAMs[1 ] and DIMMs[2]

• Deliver at scale:

• Machine learning

• Digital twin

==> picture [110 x 37] intentionally omitted <==

----- Start of picture text -----

Mid-term
Tailwinds
----- End of picture text -----

• Continued growth in repurposed units, 5 million per year run rate

• Artificial intelligence

  • Driving new market technology

  • Demand for processing power driving data centre expansion

• IT components supply balancing

• Micro factories

==> picture [45 x 43] intentionally omitted <==

1 Dynamic Random Access Memory 2 Dual In-Line Memory Module

16

==> picture [350 x 405] intentionally omitted <==

Financial Results Warrick Ranson, Group CFO

==> picture [45 x 43] intentionally omitted <==

17

Group Financial Performance

A$m	HY24	HY23	Change
Statutory EBITDA	284.7	270.2	5.4 %
Statutory EBIT	163.8	163.4	0.2 %
Statutory NPAT	65.8	101.0	(34.9) %
Sales Revenue	4,114.4	3,831.2	7.4 %
Total Underlying Operating Cost including Depreciation⁵	(793.8)	(731.8)	8.5 %
Underlying EBITDA¹	134.3	200.1	(32.9) %
Underlying EBIT¹	13.4	93.3	(85.6) %
EBITDA Margin² %	3.3%	5.2%	(1.9) ppts
EBIT Margin³ %	0.3%	2.4%	(2.1) ppts
Sims Metal Trading Margin⁴	HY24	HY23	Change
Sims Trading Margin – Metal (A$m)	653.4	671.0	(2.6) %
Sims Trading Margin – Metal (%)	18.4 %	20.4 %	(2.0) ppt

• Statutory results included gain on sale of $170.4 million (net of disposal costs) relating to the disposal of interest in LMS

• Total Underlying Operating Cost was impacted by acquisitions, inflationary pressures and headcount

• Metal trading margins down 2.6% or 5.4% at constant currency, driven by challenging trading conditions across all markets

• Underlying EBIT down 85.6% to $13.4 million

• 1 Underlying earnings excludes significant items, the impact of non-qualifying hedges, and internal recharges

• 2 Underlying EBITDA / Sales revenue

• 3 Underlying EBIT / Sales revenue

• 4 Metal Business comprises North America Metal, ANZ Metal and UK Meta

• 5 Excludes income from Equity Investments

==> picture [45 x 43] intentionally omitted <==

18

Business Segment Financial Performance

Underlying EBIT¹ (A$m) HY24 HY23 Change	Underlying EBIT¹ (A$m) HY24 HY23 Change	Underlying EBIT¹ (A$m) HY24 HY23 Change	Underlying EBIT¹ (A$m) HY24 HY23 Change
Metal Segments²	85.9	136.4	(37.0) %
Global Trading Operations	(14.0)	(11.8)	18.6 %
Sims Lifecycle Services	8.3	7.0	18.6 %
Corporate & Other	(66.8)	(38.3)	74.4 %
Underlying EBIT¹	13.4	93.3	(85.6) %

Sales volumes (‘000 tonnes)	HY24	HY23 Change	HY23 Change
Metal Segments²	5,127	5,093	0.7 %
Global Trading Operations	559	578	(3.3) %
Total sales volumes	5,686	5,671	0.3 %
Intake volumes (‘000 tonnes)	HY24	HY23 Change
Metal Segments²	5,333	4,894 9.0 %
Global Trading Operations	564	607 (7.1) %
Total intake volumes	5,897	5,501	7.2 %

==> picture [45 x 43] intentionally omitted <==

1 Underlying earnings excludes significant items, the impact of non-qualifying hedges, and internal recharges

2 Metal Segments comprise North America Metal, ANZ Metal, UK Metal, and Sims Limited's 50% share of SAR's PBT and 50% of SAR's volumes

19

US Metal Segments

NAM
A$m	HY24	HY23	Change
Proprietary Sales Volumes (‘000 tonnes)	2,470	2,451	0.8 %
Sales Revenue	2,109.4	1,849.0	14.1 %
Trading Margin Net Operating Costs1	361.1 (296.7)	385.4 (287.6)	(6.3) % 3.2 %
Underlying EBITDA2	64.4	97.8	(34.2) %
Underlying EBIT2 Underlying EBIT / tonne Trading Margin %	(8.8) (3.56) 17.1 %	37.8 15.42 20.8 %	(123.3) % (19.0) (3.7) ppts
EBITDA Margin5%	3.1 %	5.3 %	(2.2) ppts
EBIT Margin6%	(0.4) %	2.0 %	(2.4) ppts

Challenging export conditions and intense competition for infeed squeezed margins, resulting in EBIT loss

• Trading Margin impacted by margin squeeze from challenging trading conditions: strong infeed competition and challenging export market

• Net Operating Costs up 3.2%, (0.3)% at constant currency driven by inflationary pressures and integration of acquisitions, mostly offset by introduction of environmental processing levy

SA Recycling
A$m	HY24	HY23	Change
Proprietary Sales Volumes (‘000 tonnes)	2,431	2,196	10.7 %
Sales Revenue	2,287.0	1,959.7	16.7 %
Trading Margin	706.9	625.2	13.1 %
Net Operating Costs1	(495.0)	(449.2)	10.2 %
**Underlying EBITDA3 **	211.9	176.0	20.4 %
Underlying EBIT3	124.8	100.4	24.3 %
Underlying PBT	119.2	98.2	21.4 %
Sims’ interest4	59.6	49.1	21.4 %
Underlying EBIT / tonne	51.34	45.72	(5.62)
Trading Margin %	30.9 %	31.9 %	(1.0) ppts
EBITDA Margin5%	9.3 %	9.0 %	0.3 ppts
EBIT Margin6%	5.5 %	5.1 %	0.4 ppts

Increased Trading Margin underpinned by resilient domestic market and higher zorba prices

• Trading Margin up 13.1%: product mix, domestic market focus and acquisitions

• Net Operating Costs up by 10.2% or 7.3% in constant currency driven by additional volumes, acquisitions and inflationary pressures

• Five acquisitions: one site in Georgia, Tennessee, and Alabama. Two in Texas

1 Segment Underlying EBITDA less segment Trading Margin 2 Underlying earnings excludes significant items, the impact of non-qualifying hedges, and internal recharges

3 Underlying earnings excludes significant items. 4 Represents 50% of pre-tax earnings converted in Australian dollars 5 Underlying EBITDA / Sales revenue 6 Underlying EBIT / Sales revenue

==> picture [45 x 43] intentionally omitted <==

20

Australia & New Zealand Metal

Trading margin improved. Costs well managed in inflationary environment

A$m	HY24	HY23	Change
Proprietary Sales Volumes (‘000 tonnes)	878	800	9.8 %
Sales Revenue	834.3	732.4	13.9 %
Trading Margin	194.2	189.6	2.4 %
Net Operating Costs¹	(120.9)	(109.9)	10.0 %
Underlying EBITDA²	73.3	79.7	(8.0) %
Underlying EBIT²	47.3	53.1	(10.9) %
Underlying EBIT / tonne	53.87	66.38	(12.5)
Trading Margin %	23.3%	25.9%	(2.6) ppts
EBITDA Margin³ %	8.8%	10.9%	(2.1) ppts
EBIT Margin⁴%	5.7%	7.3%	(1.6) ppts

• Trading Margin up 2.4% reflecting sales volumes increase offset by lower trading margin percentage from intense market competition

• Net Operating Costs impacted by filled critical roles and higher state based waste disposal levies

• 1 Segment Underlying EBITDA less segment Trading Margin

• 2 Underlying earnings excludes significant items, the impact of non-qualifying hedges, and internal recharges

• 3 Underlying EBITDA / Sales revenue

• 4 Underlying EBIT / Sales revenue

==> picture [45 x 43] intentionally omitted <==

21

UK Metal

EBIT loss driven by challenging market conditions and tight scrap supply

A$m	HY24	HY23	Change
Proprietary Sales Volumes (‘000 tonnes)	563	744	(24.3) %
Sales Revenue	608.8	700.6	(13.1) %
Trading Margin	98.1	96.0	2.2 %
Net Operating Costs1	(96.8)	(86.5)	11.9 %
Underlying EBITDA²	1.3	9.5	(86.3) %
Underlying EBIT²	(12.2)	(3.6)	238.9%
Underlying EBIT / tonne	(21.67)	(4.84)	(16.8)
Trading Margin %	16.1%	13.7%	2.4 ppts
EBITDA Margin³ %	0.2%	1.4%	(1.2) ppts
EBIT Margin⁴%	(2.0) %	(0.5%)	(1.5) ppts

• Against a backdrop of tight metal scrap supply, Proprietary Sales Volumes were down 24.3%

• Trading margin up 2.2% or down 6.8% at constant currency. Challenging export market conditions were partially contained through the reduction of lower-margin sales

• Net operating costs up 11.9% or 2.2% in constant currency, driven by higher processing costs for lowcopper shred trials

• Inflationary pressures well managed. Labour cost increases offset by fuel and maintenance efficiencies

• Business improvement plan underway as part of strategic review - cost and efficiency opportunities; product mix; market considerations

• 1 Segment Underlying EBITDA less segment Trading Margin

• 2 Underlying earnings excludes significant items, the impact of non-qualifying hedges, and internal recharges

• 3 Underlying EBITDA / Sales revenue

• 4 Underlying EBIT / Sales revenue

==> picture [45 x 43] intentionally omitted <==

22

Sims Lifecycle Services

Repurposed unit growth and market share gains despite supply chain constraints

A$m	HY24	HY23	Change
Repurposed units (million)	2.5	1.8	38.9 %
Sales revenue	159.8	167.4	(4.5) %
Underlying EBITDA1	14.4	12.2	18.0 %
**Underlying EBIT1 **	8.3	7.0	18.6 %
EBITDA Margin2%	9.0 %	7.3 %	1.7 ppts
EBIT Margin3%	5.2 %	4.2 %	1.0 ppts

• Repurposed units up 38.9%, due to increased existing customer activity and new customers

• Easing headwinds with hyperscaler activity picking up

• Revenue up 7.0%, excluding Sims Precious Metals's transfer into Sims Metal.

• Underlying EBIT and EBIT margin improved with cost control measures and repurposed unit growth

• Resale prices have begun to normalise[4]

Consistent repurposed unit growth

==> picture [293 x 90] intentionally omitted <==

----- Start of picture text -----

2.0
1.0
1H22 2H22 1H23 2H23 1H24
Units (million)
Sims Repurposed
----- End of picture text -----

• 1 Underlying earnings excludes significant items, the impact of non-qualifying hedges, and internal recharges

==> picture [45 x 43] intentionally omitted <==

• 2 Underlying EBITDA / Sales revenue

• 3 Underlying EBIT / Sales revenue

• 4 TrendForce

23

Global Trading Operations, Corporate & Other

Global Trading Operations (A$m)	HY24	HY23	Change
**Underlying EBIT1 **	(14.0)	(11.8)	18.6%
Corporate (A$m)	HY24	HY23	Change
**Underlying EBIT1 **	(62.4)	(50.3)	24.1 %
Sims Energy (A$m)	HY24	HY23	Change
Underlying EBIT1	0.5	15.8	96.8 %
Sims Resource Renewal (A$m)	HY24	HY23	Change
Underlying EBIT1	(4.9)	(3.8)	(28.9) %

Global Trading Operations

• External and SA Recycling brokerage less the costs of running the global trading operations

• Underlying EBIT loss up 18.6% due to foreign exchange losses

Corporate

• People and system implementation costs

• Reversion to prior year levels expected in 2H FY24

Sims Energy

• Lower values for environmental credits

• LMS asset sale, effective 30 November

Sims Resource Renewal

• Commencement of trials at Rocklea pilot plant

==> picture [45 x 43] intentionally omitted <==

1 Underlying earnings excludes significant items, the impact of non-qualifying hedges, and internal recharges

24

Operating Costs Including D&A

Million $AUD

==> picture [611 x 212] intentionally omitted <==

----- Start of picture text -----

4.0
6.3
4.0 793.8
22.6
(11.8)
28.8
7.8
760.9
18.8 750.7 (18.6)
731.9
1H FY23 Translational Rebased H1 Volume Processing Adjusted Depreciation People Waste Project FX (gains)/ Other 1H FY24
FX FY23 growth levy Cost Base costs charges costs losses
----- End of picture text -----

==> picture [45 x 43] intentionally omitted <==

25

Net Cash Movement Funding facilities renewed through to 2026

Million $AUD

==> picture [635 x 205] intentionally omitted <==

----- Start of picture text -----

259.1
101.8
(340.0)
(135.5)
(55.0)
(93.1) 13.9
(44.1)
(333.5)
(40.6)
Net Cash 1 Jul Net Operating LMS Baltimore Scrap Alumisource Capex¹ Leases Dividend Other Net Cash 31 Dec
23 Cashflow (payment of 23
contingent
consideration)
----- End of picture text -----

==> picture [45 x 43] intentionally omitted <==

1 Please refer to next slide for more details

26

Capital Expenditure Focused deployment of capital; growth investments of $336 million

Capital Expenditure

==> picture [313 x 197] intentionally omitted <==

----- Start of picture text -----

300.0
250.0
200.0
150.0
100.0
50.0
—
FY19 FY20 FY21 FY22 FY23 HY24
Sustaining Capex Growth Capex
A$ million
----- End of picture text -----

• Sustaining Capex of $80.2 million, including investments in improving product quality

• $12.9 million of Growth Capex for Alumisource

• Sustaining and environmental capex for FY24 is expected to remain within previous guidance of $180.0 million

• Continuing to assess opportunities to recycle capital through the business

==> picture [45 x 43] intentionally omitted <==

27

==> picture [322 x 405] intentionally omitted <==

Outlook Stephen Mikkelsen, Group CEO & Managing Director

==> picture [45 x 43] intentionally omitted <==

28

Outlook

• Underlying EBIT improvement in 2H FY24

• Cost reduction initiatives expected to deliver $25 million in savings

• Increased domestic sales channels in the USA and uplifted unprocessed material

• USA demand for scrap to remain robust, supporting prices

• ANZ Metal and SA Recycling to continue delivering solid results

• SLS momentum leading into December 2023 to continue

• Strong competition for scrap is likely to continue

• Geopolitical tensions remain - volatility in export demand, prices, and freight costs to continue

• "Sticky" inflation being actively managed

Macro-trends

• Increased demand for metal intensive infrastructure spending and the production of post consumption scrap is positive for metal recycling (both ferrous and non-ferrous).

• Global decarbonisation of steel making, growth of EAFs and the energy transition will drive demand for recycled metal.

• The fundamental drivers of cloud infrastructure recycling remain positive over the medium term.

• There are risks to the materialisation of these positive drivers, particularly as it relates to global uncertainty from geopolitical risks and macro-economic factors.

==> picture [45 x 43] intentionally omitted <==

29

==> picture [346 x 405] intentionally omitted <==

Questions & Answers

==> picture [45 x 43] intentionally omitted <==

30

==> picture [346 x 405] intentionally omitted <==

Appendix

==> picture [45 x 43] intentionally omitted <==

31

Product Se ment Volumes g

Intake Volumes (‘000 tonnes)	HY24	HY23	Change
North America Metal	2,474	2,323	6.5 %
ANZ Metal	863	776	11.2 %
UK Metal	597	677	(11.8)%
Total Proprietary Volumes	3,934	3,776	4.2 %
Global Trading Operations & Other Brokerage	564	607	(7.1) %
Total Sims Metal Intake volumes	4,498	4,383	2.6 %
SAR Intake Volumes (50%) 1,399 1,118 25.1 %
Total Metal Segment Intake Volumes 5,897 5,501 7.2 %

Intake Volumes (‘000 tonnes)	HY24	HY23	Change
Ferrous	3,678	3,561	3.3 %
Non-Ferrous Retail	256	215	19.1 %
Brokerage	564	607	(7.1) %
Total Sims Metal Intake Volumes	4,498	4,383	2.6 %
SAR Ferrous (50%)	1,310	1,035	26.6 %
SAR Non-Ferrous Retail (50%) 89 83 7.2 %
Total SAR Intake Volumes (50%) 1,399 1,118 25.1 % Total Metal Segment Intake Volumes 5,897 5,501 7.2 %

Total Sims Metal Intake volumes SAR Intake Volumes (50%) Total Metal Segment Intake Volumes	4,498 1,399 5,897	4,383 1,118 5,501	2.6 % 25.1 % 7.2 %
Sales Volumes (‘000 tonnes) North America Metal ANZ Metal UK Metal Total Proprietary Volumes Global Trading Operations & Other Brokerage Total Sims Metal Sales Volumes	HY24	HY23	Change
	2,470	2,451	0.8 %
	878	800	9.8 %
	563	744	(24.3) %
	3,911	3,995	(2.1) %
	559	578	(3.3) %
	4,470	4,573	(2.3) %
SAR Sales Volumes (50%) 1,216 1,098 10.7 % Total Metal Segment Sales Volumes 5,686 5,671 0.3 %

Sales Volumes (‘000 tonnes)	HY24	HY23	Change
Ferrous	3,553	3,657	(2.8)%
Non-Ferrous Shredder Recovery	119	127	(6.3) %
Non-Ferrous Retail 239 211			13.3 %
Brokerage	559	578	(3.3)%
Total Sims Metal Sales Volumes	4,470	4,573	(2.3) %
SAR Ferrous(50%)	1,069	958	11.6 %
SAR Non-Ferrous Shredder Recovery(50%)	89 75		(22.7)%
SAR Non-Ferrous Retail(50%)	58 65		36.9 %
Total SAR Sales Volumes (50%) 1,216 1,098			10.7 %
Total Metal Segment Sales Volumes 5,686 5,671			0.3 %

==> picture [45 x 43] intentionally omitted <==

32

Product Segment Volumes

Average Sims Metal Sales Price	HY24	HY23	Change
Ferrous	593.57	575.55	3.1 %
Non-Ferrous Shredder Recovery	2,613.45	2,214.17	18.0 %
Non-Ferrous Retail	4,784.48	4,107.58	16.5 %
Total Average Sims Metal Sales Price	909.78	814.27	11.7 %

Sims Metal Sales Revenue ($m)¹	HY24	HY23	Change
Ferrous	2,068.1	2,104.8	(1.7) %
Non-Ferrous Shredder Recovery 311.2 281.2 10.6 %
Non-Ferrous Retail	1,110.1	866.7	28.1 %
Brokerage	446.0	383.3	16.4 %
Total Sims Metal Sales Revenue	3,935.4	3,636.0	8.2 %

==> picture [45 x 43] intentionally omitted <==

1 Include Global Trade

33

Group Profit & Loss

A$m	HY24	HY23	Chg %		FY23	FY22	FY21	FY20	FY19
Sales Revenue	4,114.4	3,831.2	7.4 %		8,061.1	9,264.4	5,916.3	4,908.5	6,640.0
Statutory EBITDA	284.7	270.2	5.4 %		515.7	976.4	(507.3)	35.7	358.1
Underlying EBITDA	134.3	200.1	(32.9) %		474.9	958.9	579.9	144.9	363.4
Statutory EBIT	163.8	163.4	0.2 %		293.0	773.6	314.0	(239.1)	225.0
Underlying EBIT	13.4	93.3	(85.6) %		252.2	756.1	386.6	(57.9)	230.3
Net Interest Expense	(23.7)	(12.6)	88.1 %		(28.1)	(16.0)	(11.5)	(13.8)	(6.7)
Statutory Tax (expense)/benefit	(74.3)	(49.8)	49.2 %		(83.8)	(158.3)	(73.1)	(12.4)	(65.7)
Statutory NPAT	65.8	101.0	(34.9) %		181.1	599.3	229.4	(265.3)	152.6
Statutory EPS (diluted)	33.5	51.2	(34.6) %		91.7	295.6	112.8	(131.2)	74.2
Dividend Per Share (cents)	-	14.0	(100.0) %		35.0	91.0	42.0	6.0	42.0

==> picture [45 x 43] intentionally omitted <==

34

North America Metal

A$m	HY24	HY23	Change	Change	FY23	FY22	FY21	FY20	FY19
Sales Revenue	2,109.4	1,849.0	14.1 %		3,924.6	4,453.4	2,669.9	2,061.7	2,725.6
Trading Margin ($)	361.1	385.4	(6.3) %		748.9	919.9	591.7	481.2	609.0
Trading Margin (%)	17.1 %	20.8 %	(3.7) ppts		19.1 %	20.7 %	22.2 %	23.3 %	22.3 %
Statutory EBITDA	36.7	108.5	(66.2) %		149.4	343.7	194.2	(16.2)	124.8
Underlying EBITDA	64.3	97.8	(34.3) %		179.6	395.4	226.4	55.0	162.6
Depreciation	70.4	57.9	21.6 %		119.9	99.8	89.1	90.2	53.2
Amortisation	2.7	2.0	35.0 %		4.2	2.2	0.3	3.8	9.7
Statutory EBIT	(36.4)	48.5	(175.1) %		25.3	241.7	104.8	(145.8)	61.9
Underlying EBIT	(8.8)	37.8	(123.3) %		55.5	293.4	137.0	(39.0)	99.7
Assets					1,741.4 1,762.5 1,446.0 1,116.7 1,065.4
Intake Volumes (000's)					4,903 5,071 4,432 4,180 4,770
Proprietary Sales Volumes (000's)	2,470	2,451	0.8 %		5,063	5,081	4,318	4,042	4,887
Brokerage Sales Volumes (000's)	14	8	75.0 %		20	23	50	88	56
Total Sales Volumes (000's)	2,484	2,459	1.0 %		5,083	5,103	4,368	4,130	4,943
Employees	1,971	1,557	29.2 %		1,743	1,439	1,172	1,124	1,577

==> picture [45 x 43] intentionally omitted <==

35

Investment in SA Recycling

A$m	HY24	HY23	Change (9.6) % 21.4 % 14.3 % 7.5 % 10.7 %	FY23	FY22	FY21	FY20	FY19
Statutory EBIT1	59.6	65.9	(9.6) %	180.2	302.5	157.8	12.1	41.0
Underlying EBIT1	59.6	49.1	21.4 %	163.5	298.5	157.8	12.1	35.9
Investment in joint venture	578.6	506.2	14.3 %	584.8	512.4	345.8	277.5	211.1
Intake Volumes (000's) ²	2,426	2,256	7.5 %	4,978	4,874	3,809	3,250	3,473
Sales Volumes (000's) ²	2,431	2,196	10.7 %	4,969	4,941	3,706	3,247	3,531

==> picture [45 x 43] intentionally omitted <==

1 Statutory and underlying EBIT represents Sims Limited's 50% share of SA Recycling profit before tax.

2 Volumes represent total proprietary volumes recorded for SA Recycling, LLC and includes the portion sold through Sims Group Global Trade Corporation.

36

Australia & New Zealand Metal

A$m	HY24	HY23	Change		FY23	FY22	FY21	FY20	FY19
Sales Revenue	834.3	732.4	13.9 %		1,563.7	1,694.4	1,098.9	924.8	1,203.7
Trading Margin ($)	194.2	189.6	2.4 %		420.2	455.2	337.5	286.3	344.8
Trading Margin (%)	23.3 %	25.9 %	(2.6) ppts		26.9 %	26.9 %	30.7 %	31.0 %	28.6 %
Statutory EBITDA	61.2	74.1	(17.4) %		172.8	216.8	147.6	92.3	125.6
Underlying EBITDA	73.3	79.7	(8.0) %		196.4	240.2	156.6	103.7	137.9
Depreciation	25.7	26.4	(2.7) %		54.0	53.1	52.9	52.8	31.2
Amortisation	0.3	0.2	50.0 %		0.5	0.3	0.1	0.2	0.2
Statutory EBIT	35.3	47.6	(25.8) %		118.3	163.5	94.6	39.3	94.2
Underlying EBIT	47.3	53.1	(10.9) %		142.0	186.9	103.6	50.7	106.5
Assets	956.3	1,110.5	(13.9) %		918.8	877.2	772.2	694.9	614.1
Intake Volumes (000's)	863	776	11.2 %		1,492	1,587	1,527	1,513	1,717
Proprietary Sales Volumes (000's)	878	800	9.8 %		1,510	1,532	1,537	1,428	1,763
Brokerage Sales Volumes (000's)	5	4	25.0 %		14	100	57	71	119
Total Sales Volumes (000's)	883	804	9.8 %		1,524	1,632	1,594	1,499	1,882
Employees	943	899	4.9 %		909	909	894	924	921

==> picture [45 x 43] intentionally omitted <==

37

UK Metal

A$m	HY24	HY23	Change		FY23	FY22	FY21	FY20	FY19
Sales Revenue	608.8	700.6	(13.1) %		1,423.4	1,594.9	993.3	869.8	1,186.9
Trading Margin ($)	98.1	96.0	2.2 %		209.8	250.4	195.6	128.5	196.8
Trading Margin (%)	16.1 %	13.7 %	2.4 ppts		14.7 %	15.7 %	19.7 %	14.8 %	16.6 %
Statutory EBITDA	(13.0)	(1.4)	828.6 %		15.4	77.9	54.2	(59.4)	19.7
Underlying EBITDA	1.3	9.5	(86.3) %		36.5	95.4	71.3	(4.3)	39.5
Depreciation	13.5	13.1	3.1 %		29.2	25.8	25.6	26.8	18.3
Amortisation	-	-	0.0 %		-	-	-	0.8	0.9
Statutory EBIT	(26.5)	(14.5)	nmf		(13.8)	52.2	28.6	(110.0)	0.5
Underlying EBIT	(12.2)	(3.6)	nmf		7.3	69.8	45.7	(31.9)	20.3
Assets	432.5	425.3	1.7 %		448.9	432.0	425.6	322.5	389.9
Intake Volumes (000's)	597	677	(11.8) %		1,322	1,614	1,412	1,192	1,633
Proprietary Sales Volumes (000's)	563	744	(24.3) %		1,399	1,493	1,370	1,221	1,602
Brokerage Sales Volumes (000's)	13	4	225.0 %		4	5	2	3	2
Total Sales Volumes (000's)	576	748	(23.0) %		1,403	1,498	1,372	1,224	1,604
Employees	660	674	15.8 %		668	623	562	676	761

==> picture [45 x 43] intentionally omitted <==

38

Global Trading Operations

A$m	HY24	HY23	Change		FY23	FY22	FY21	FY20	FY19
Sales Revenue	402.1	381.8	5.3 %		824.0	1,128.5	745.8	550.8	690.9
Statutory EBITDA	3.2	(8.7)	(136.8) %		12.1	55.8	21.9	8.2	23.3
Underlying EBITDA	(13.5)	(11.2)	20.5 %		(23.1)	(19.2)	(16.4)	(13.9)	(14.9)
Depreciation	0.5	0.6	(16.7) %		1.2	1.1	1.0	1.3	0.2
Amortisation	-	-	0.0 %		-	-	-	-	-
Statutory EBIT	2.7	(9.3)	(129.0) %		10.9	54.7	20.9	6.9	23.1
Underlying EBIT	(14.0)	(11.8)	18.6 %		(24.3)	(20.3)	(17.4)	(15.2)	(15.1)
Assets	124.8	89.0	40.2 %		171.7	90.2	70.8	54.1	67.2
Intake Volumes (000's)	526	590	(10.8) %		1,477	1,474	1,261	1,287	1,384
Sales Volumes (000's)	522	562	(7.1) %		1,421	1,474	1,259	1,301	1,374
Employees	83	81	14.1 %		84	81	66	66	75

==> picture [45 x 43] intentionally omitted <==

39

Sims Lifecycle Services

A$m	HY24	HY23	Change	Change	FY23	FY22	FY21	FY20	FY19
Sales Revenue	159.8	167.4	(4.5) %		325.4	327.0	318.9	408.0	746.5
Statutory EBITDA	12.1	1.1	1000.0 %		0.1	15.3	21.2	9.9	26.4
Underlying EBITDA	14.4	12.2	18.0 %		18.8	25.9	31.1	28.2	34.5
Depreciation	5.0	4.8	4.2 %		9.7	9.6	9.3	11.3	8.5
Amortisation	1.1	0.3	266.7 %		0.9	-	-	-	-
Statutory EBIT	6.0	(4.0)	(250.0) %		(10.5)	5.6	11.9	(14.8)	17.9
Underlying EBIT	8.3	7.0	18.6 %		8.2	16.3	21.8	16.9	26.0
Assets					177.6 175.2 145.8 139.4 340.6
Employees1	825	816	(1.2) %		726	859	819	919	1,350

==> picture [45 x 43] intentionally omitted <==

1 FY20 employee count excludes sold European compliance scheme operations employees.

40

Corporate & Other

A$m	HY24	HY23	Change	Change	FY23	FY22	FY21	FY20	FY19
Sales Revenue	-	-	- %		-	66.2	89.5	93.4	86.4
Statutory EBITDA	124.9	30.7	306.8 %		(14.3)	(35.6)	(89.6)	(11.2)	(2.7)
Underlying EBITDA	(65.1)	(37.0)	75.9 %		(97.0)	(77.6)	(46.9)	(35.9)	(32.1)
Depreciation	1.6	1.6	- %		3.1	10.9	15.0	15.6	10.9
Amortisation	-	-	0.0 %		-	-	-	-	-
Statutory EBIT²	123.3	29.2	322.3 %		(17.4)	(46.6)	(104.6)	(26.8)	(13.6)
Underlying EBIT	(66.7)	(38.3)	74.2 %		(100.1)	(88.5)	(61.9)	(51.5)	(43.0)
Assets					662.5 590.0 541.6 601.0 497.1
Employees1	123	174	(58.4) %		176	160	368	366	311

==> picture [45 x 43] intentionally omitted <==

1 FY20 employee count includes employees from the new Sims Municipal Recycling contract in Florida.

2 HY24 statutory EBIT includes gain of $170.4 million (net of transaction costs) from disposal of Sims interest in LMS business.

41

Constant Currency Summary

A$m	HY24	HY24	HY23	Change
	Actual	Constant Currency	Actual
NAM
Sales revenue	2,109.4	2,053.7	1,849.0	11.1 %
Trading Margin	361.1	351.5	385.4	(8.8) %
Net Operating Costs	(296.7)	(286.7)	(287.6)	(0.3) %
Underlying EBIT	(8.8)	(6.5)	37.8	(117.2) %
UK
Sales revenue	608.8	555.7	700.6	(20.7) %
Trading Margin	98.1	89.5	96.0	(6.8) %
Net Operating Costs	(96.8)	(88.4)	(86.5)	2.2 %
Underlying EBIT	(12.2)	(11.2)	(3.6)	211.1 %
SA Recycling
Sales revenue	2,287.0	2,226.6	1,959.7	13.6 %
Trading Margin	706.9	688.2	625.2	10.1 %
Net Operating Costs	(495.0)	(481.9)	(449.2)	7.3 %
Underlying EBIT	124.8	121.5	100.4	21.0 %
Sims' interest	59.6	58.0	49.1	18.1 %

==> picture [45 x 43] intentionally omitted <==

42

Financial Summary – Group

A$m	HY24	HY23		FY23	FY22	FY21	FY20	FY19
Group Results
Sales Revenue	4,114.4	3,831.2		8,061.1	9,264.4	5,916.3	4,908.5	6,640.0
Underlying EBITDA	134.3	200.1		474.9	958.9	579.9	144.9	363.4
Underlying EBIT	13.4	93.3		252.2	756.1	386.6	(57.9)	230.3
Dividend (cents per share)	Nil	14.0		35.0	91.0	42.0	6.0	42.0
Balance Sheet
Total Assets	4,763.7	4,352.3		4,705.7	4,439.5	3,747.8	3,206.1	3,185.4
Total Liabilities	2,119.3	1,790.1		2,049.0	1,902.0	1,628.7	1,223.8	886.7
Total Equity	2,644.4	2,562.2		2,656.7	2,537.5	2,119.1	1,982.3	2,298.7
Net Cash	(333.5)	(33.3)		(135.5)	(102.7)	8.3	110.4	347.5
Cash Flows
Operating Cash Flow	101.8	322.0		449.2	547.8	129.4	(65.3)	360.1
Capital Expenditure	(93.1)	(127.2)		(232.5)	(276.2)	(128.6)	(140.5)	(197.1)
Free Cash Flow1	8.7	194.8		216.7	271.6	0.8	(205.8)	163.0
Average non-current assets2	2,368.6	2,169.4		2,213.8	1,939.9	1,680.9	1,917.7	1,884.3
ROPA2 (%)	1.1%	8.6%		11.4%	39.0%	23.0%	(3.0%)	12.2%

1 Free cash flow = operating cash flow – capex for property, plant and equipment and intangibles.

2 Return on Productive Assets = underlying EBIT / average of opening non-current assets and ending non-current assets excluding right of use assets arising from AASB16 Leases and deferred tax assets.

==> picture [45 x 43] intentionally omitted <==

43

Financial Summar – Se ment y g

A$m	HY24	HY23		FY23	FY22	FY21	FY20	FY19
Sales Revenue
North America Metal	2,109.4	1,849.0		3,924.6	4,453.4	2,669.9	2,061.7	2,725.6
ANZ Metal	834.3	732.4		1,563.7	1,694.4	1,098.9	924.8	1,203.7
UK Metal	608.8	700.6		1,423.4	1,594.9	993.3	869.8	1,186.9
Sims Lifecycle Services	159.8	167.4		325.4	327.0	318.9	408.0	746.5
Global Trading Operations	402.1	381.8		824.0	1,128.5	745.8	550.8	690.9
Corporate & Other	—	—		—	66.2	89.5	93.4	86.4
Total	4,114.4	3,831.2		8,061.1	9,264.4	5,916.3	4,908.5	6,640.0
Underlying EBIT1
North America Metal	(8.8)	37.8		55.5	293.4	137.0	(39.0)	99.7
ANZ Metal	47.3	53.1		142.0	186.9	103.6	50.7	106.5
UK Metal	(12.2)	(3.6)		7.3	69.8	45.7	(31.9)	20.3
Sims Lifecycle Services	8.3	7.0		8.2	16.3	21.8	16.9	26.0
Investment in SA Recycling	59.6	49.1		163.5	298.5	157.8	12.1	35.9
Global Trading Operations	(14.0)	(11.8)		(24.3)	(20.3)	(17.4)	(15.2)	(15.1)
Corporate & Other	(66.8)	(38.3)		(100.1)	(88.5)	(61.9)	(51.5)	(43.0)
Total	13.4	93.3		252.1	756.1	386.6	(57.9)	230.3
Underlying EBIT Margin (%)
North America Metal	(0.4%)	2.0%		1.4%	6.6%	5.1%	(1.9%)	3.7%
ANZ Metal	5.7%	7.3%		9.1%	11.0%	9.4%	5.5%	8.8%
UK Metal	(2.0%)	(0.5%)		0.5%	4.4%	4.6%	(3.7%)	1.7%
Sims Lifecycle Services	5.2%	4.2%		2.5%	5.0%	6.8%	4.1%	3.5%
Total	0.3%	2.4%		3.1%	8.2%	6.5%	(1.2%)	3.5%

==> picture [45 x 43] intentionally omitted <==

44

1 Underlying EBIT excludes significant items, the impact of non-qualifying hedges, and internal recharges.

Financial Summary – Segment (cont.)

A$m	HY24	HY23		FY23	FY22	FY21	FY20	FY19
Proprietary sales tonnes (‘000)1
North America Metal	2,470	2,451		5,063	5,081	4,318	4,042	4,887
ANZ Metal	878	800		1,510	1,532	1,537	1,428	1,763
UK Metal	563	744		1,399	1,493	1,370	1,221	1,602
Total	3,911	3,995		7,972	8,106	7,225	6,691	8,252
Underlying EBIT2
North America Metal	(8.8)	37.8		55.5	293.4	137.0	(39.0)	99.7
ANZ Metal	47.3	53.1		142.0	186.9	103.6	50.7	106.5
UK Metal	(12.2)	(3.6)		7.3	69.8	45.7	(31.9)	20.3
Total	26.3	87.3		204.8	550.1	286.3	(20.2)	226.5
EBIT / tonne ($/t)
North America Metal	(3.56)	15.42		10.96	57.75	31.73	(9.65)	20.40
ANZ Metal	53.87	66.38		94.04	122.03	67.40	35.50	60.41
UK Metal	(21.67)	(4.84)		5.22	46.74	33.36	(26.13)	12.67
Total	6.72	21.85		25.69	67.87	39.63	(3.02)	27.45

==> picture [45 x 43] intentionally omitted <==

1 Proprietary sales volumes exclude ferrous and non-ferrous brokerage sales volumes.

2 Underlying EBIT excludes significant items, the impact of non-qualifying hedges, and internal recharges.

45

Financial Summary – Product

A$m	HY24	HY23		FY23	FY22	FY21	FY20	FY19
Sales tonnes (‘000)¹
Ferrous Trading	3,553	3,657		7,322	7,445	6,692	6,141	7,622
Non-Ferrous Shredder Recovery	119	127		229	219	178	160	195
Non-Ferrous	239	211		454	442	355	390	435
Brokerage	559	578		1,427	1,601	1,368	1,463	1,551
Total	4,470	4,573		9,432	9,707	8,593	8,154	9,803
Sales Revenue
Ferrous Metal	2,779.7	2,764.3		5,842.9	6,896.6	4,288.9	3,286.2	4,505.4
Non-Ferrous Metal	1,156.1	871.7		1,839.1	1,925.4	1,199.5	1,095.5	1,271.4
Sims Lifecycle Services	159.8	167.4		330.7	327.0	319.0	408.0	746.5
Secondary processing & other	18.8	27.8		48.4	115.4	108.9	118.8	116.7
Total	4,114.4	3,831.2		8,061.1	9,264.4	5,916.3	4,908.5	6,640.0

==> picture [45 x 43] intentionally omitted <==

1 Sales tonnes exclude SAR

46

Significant Items

A$m	HY24	HY23
ERP software implementation costs	-	5.5
Gain on sale of investment	-	(49.2)
Gain on sale of assets classified as held for sale	(178.9)	-
Gain on asset dispositions	-	(36.5)
Restructuring and redundancies	4.6	6.8
SA Recycling amortisation reversal	-	(16.8)
Acquisition transaction costs	15.8	-
Non-qualifying hedges	8.1	18.9
Other items	-	1.2
Total significant Items	(150.4)	(70.1)

A$m	HY24
Statutory EBIT	163.8
Significant Items	(158.5)
Non-qualifying hedges	8.1
Underlying EBIT	13.4

==> picture [45 x 43] intentionally omitted <==

47

Net Cash Position

A$m	HY24	HY24	HY23	HY23
Opening Net Cash (135.5) (102.7)
Underlying net profit	(16.2)		53.0
Depreciation & amortisation	120.9		106.8
Joint venture non-cash income, net of dividends	(4.8)		2.5
Change in working capital	51.3		101.2
Movement in tax balance	(46.6)		(31.7)
ERP current year spend	-		(5.5)
Other non-cash items
Sale of property gain	-		36.5
SMR	-		49.2
Other	(2.8)		10.0
Operating cash flow		101.8		322.0
Capital expenditure - Pinkenba
Capital expenditure	(93.1)		(127.2)
Proceeds from sale of PPE and other financial assets	10.7		39.3
Acquisition	(340.0)		(6.0)
Disposals	259.1
Other cash flow from investing	(56.0)		(3.8)
Free cash flow		(117.5)		224.3
Dividends paid	(40.6)		(96.6)
Buy-backs	-		(14.6)
Lease payments	(44.1)		(40.1)
Payments for shares under employee share plan	(11.9)		-
Other net cash flow from financing & FX	16.1		63.0
Change in net cash (198.0) 136.0 Closing Net Cash (333.5) (33.3)

==> picture [45 x 43] intentionally omitted <==

48