SIMS LIMITED — Investor Presentation 2023

May 30, 2023

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Creating Value by Providing a Pathway to Decarbonisation and Circularity

UK Roadshow

31 May – 1 June 2023

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Disclaimer

The material contained in this document is a presentation of information about the Group’s activities current at the date of the presentation, 31 May to and 1 June 2023. 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.

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Overview of Sims Limited

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Sims Limited

The group at glance:

• Publicly listed Australian Company (ASX: SGM;

• OTC: SMSMY)

• Market capitalisation approximately A$2.8 billion

• (26 May 2023)

• FY22 Total sales volumes of 10.6 million tonnes[1]

• FY22 Revenue A$9,264.4 million

• FY22 Underlying EBIT A$756.1 million

• FY22 Underlying NPAT A$578.9 million

• FY22 Cash Flow Conversion[2] 94.6%

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1 Includes Sims Metal and 50% of SA Recycling sales volumes

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2 Cash flow from operations / underlying NPAT

Create a world without waste to preserve our planet Driving value through a purpose-led strategy We enable the re-use of finite natural resources and the decarbonisation of our customers’ supply chain, directly creating measurable positive impact for individuals, communities, industry and governments.

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Sims delivered 98.16% to 100% green revenue in FY22[1]

1 FTSE 100 Index Russell’s Green Revenues Classification System (GRCS) assessment

Our Role in decarbonisation

Sims Metal enables the decarbonisation of the metal industry

Steel produced via a US EAF is 75% lower in Scope 1 & 2 emissions and 210% lower in Scope 1, 2 & 3 compared to blast furnace[2]

Steel production accounts for 7% of global emissions, and 28% of industrial emissions[1]

Recycling aluminium saves Recycling copper requires 95% of green house gas 85% less energy than primary production[4] emissions produced in the primary production process[3]

• 1 IEA, “Energy Technology Perspectives 2020”

• 2 Steel Manufacturers Association, Steelmaking Emissions Report 2022

4 Alliance, “Recycling”

Sims Direct, Value Chain and Avoided Emissions FY21

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5 0 Avoided Sims Metal Emissions Scope1, 2 &3 (13.4M) (3.9M)

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3 International Aluminium, Aluminium Recycling Fact Sheet, 2020 2 Copper

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Our Role in decarbonisation

Through circularity, our adjacent businesses address environmental-related problems

Sims Lifecycle Services

Sims Resource Renewal

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For FY22, the total avoided
emissions impact was 439
kilotonnes of CO 2e – that’s
equivalent to taking more
than 90,000 cars off the road
for one year, or enough
electricity to charge a
smartphone 53 billion times
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Enables decarbonisation of the data centre infrastructure and other IT assets, through repurposing and recycling

By 2030, every year we intend to divert more than 1 million tonnes of automotive shredder residue (ASR) from landfill to create new products

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Our business

Is underpinned by positive trends and key competitive advantages

Structural Market Tailwinds Increased environmental concerns for our customers

More stringent environmental compliance to operate in the metal recycling industry

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Growing demand for recycled copper and aluminum

Higher landfill costs driving an increased focus on waste management

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Electrification and energy transition to drive copper and aluminium prices higher Global push for high quality metals Increased demand for recycled metal Increased demand for cloud services

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Unique capabilities 107 years’ experience in recycling Dedicated in-house engineering team

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Best-in-class shredding and non-ferrous metal separation technology

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Material recovery technology and processes

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International trading offices and agents in 15 countries

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Operate best-in-class assets at scale Strong reputation in the market Market leadership in core business Public company with strong balance sheet

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Rapidly changing environments Acceleration of existing trends and emergence of new ones

SOCIAL

• Community activism is increasing its impact through social media and better coordination

CHANGE FROM 2020

• New

ENVIRONMENTAL

• Climate change action has grown in urgency across governments, corporations and consumers

• Accelerated

ECONOMIC

• Inflation at generational high, leading to higher costs and interest rates

• Volatile commodity prices due to supply chain constraints

• New

• • New

TECHNOLOGICAL

• Car manufacturers accelerating EV development and desire to ‘close the loop’

• Continued growth of information digitasation and cloud storage solutions

• AI is changing the way we work and product development

• Accelerated

• • Accelerated • Accelerated

POLITICAL

• War in Ukraine has amplified global tensions and elevated risk of conflict

• New

• Geopolitical tensions have reversed globalization trends and is re-routing supply chains • Accelerated

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Actively managing our business portfolio Adapting to evolving market conditions. Seeking to sell underperforming, undervalued or underutilised assets and recycle proceeds to grow core business

Sims Limited

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Core Adjacent Divestment
Sims Metal Sims Resource Sims Lifecycle Sims Municipal Sims Energy
Renewal Services Recycling
Surplus land
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Sims Metal

Operating in Australia for more than 104 years

At centre of the circular economy and a key enabler of decarbonisation

The world’s largest public recycler of metals by volume

Operations in Australia, New Zealand, USA and UK

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Global footprint Extensive network of facilities enables global sourcing of infeed and diversity of sales outlets

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Extensive network of facilities enables global sourcing of infeed and UK Metal
diversity of sales outlets 28 1,614
Facilities
4
Shredders
FY22 Intake
Volumes [2] Australia , New
Zealand & PNG Metal
51 1,586
8
North America Metal
57 5,071
12
SA Recycling [3]
124 4,874
23
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• 1 Slide shows FY22 data

• 2 ‘000 tonnes

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

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FY22 Sims Metal

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Segment Breakdown Product Breakdown
2%
Sales Volumes 5%
17% Sales Volumes
15%
52%
93%
16%
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North America Metal ANZ Metal UK Metal Global Trading & Other Brokerage

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22% Sales Revenue
6%
72%
Ferrous Non-Ferrous Shredder Recovery Non-Ferrous Retail
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Strategy Targeted and disciplined growth strategy

Metal Growth Strategy

Grow non-ferrous retail business in the US and expand ferrous volumes in favourable regions

Ferrous

Large markets

• Essential for material generation to operate at scale

Secure ‘at-source’ material

• Add feeder yards to secure unprocessed volumes

Best-in-class assets

• •Operate at low cost, at scale, with highest quality assets

Quality Differentiation

• •Differentiation to leverage demand growth and price premiums

Channels to customers

• •Maximise sales destination optionality

Strategic lens to identify organic and M&A growth opportunities

• Coastal operations with export optionality

• Avoid hypercompetitive markets

• Markets supported by large metro populations

• Control of ‘at source’ material

Focus areas

• 1 US and ANZ

• 2 UK

Non-Ferrous

• Leveraging Alumisource acquisition to boost US volumes and scale up the business globally

NFSR

• Improve metal yields

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SA Recycling

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SA Recycling overview

130 Facilities[1]

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4.9 million tonnes Intake Volumes in FY22[2]

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23 Shredders[1]

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4.9 Sales Volumes in FY22[2]

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Operations in 16 States[1]

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+3300 employees[1]

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1 2023 year-to-date 2 SAR volumes 100%

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SA Recycling Strong growth in FY22 and a track record of stable trading margin percentages

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FY22 Sales Volume
5%
6%
89%
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FY22 Sales Revenue
29%
58%
13%
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Ferrous Non-Ferrous Shredder Recovery Non-Ferrous Retail

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SAR’s rapid growth since 2017 Successful acquisition integration

  - **PSC Metals**

• Pirkle

• • DMW Metals Recycling • Southern Recycling • Tennessee Valley Recycling • Alter Trading • Metro • Good to Go • American Metal Recycling • Georgia Recyclers • Metals USA Recycling • • • The Scrap Yard Ideal Metals & Salvage Capital Scrap Metal 2017 2018 2019 2020 2021 2022 2023[*] 2022

• United Recycling of Morrow

• Marietta Recycling

• Colonial Metals

• IMS Recycling Services

• Southern Scrap

• Steel City Recycling

• Phoenix Metal Trading

• Central Metals

• 27 Recycling

• Recycle USA

• • LKQ (Davie,FL Scrap Operations)

• Lopez Scrap Metal

• • Steel Coast Company

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• 2023 year to date

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SA Recycling’s business priorities

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• Integration of closed acquisitions

• Enhance presence in existing footprint

• Investment in technology and infrastructure

• Further downstream investment to produce mill ready products, semi-finished products, or reduce dependency on intermediary consumers.

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Sims Lifecycle Services

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Global leader in circular cloud solutions

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Global Consistent Compliant Comprehensive Sustainable

Circular Reuse Redeploy Reengineer Recycle

Cloud Servers Networking Storage

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Why SLS is best in market
Strong competitive advantages to continue to demonstrate growth
Integrated
service
provider
Global Enabling
service sustainability
Sims
Lifecycle Services
Linked to the
A secure
larger Sims
partner
Group
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Pillars of growth

• Expand services Grow current clients New clients

• • • • Fulfilment Geographies Co-locators

• • • • On site services Services Hyperscalers

• • • Global Box Enterprises e.g. Programme Fortune 500

• • Sustainability

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Growth delivery & execution

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Operational Technical
Innovation
Readiness Development
• Dedicated • Industry knowledge • Innovation with a
experienced team and leadership growth mindset
• • •
New services and Operational solutions Delivery through a
locations structured approach
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Demonstrated growth

Consistent repurposed unit growth

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Repurposed unit % growth year-on-year
1.7
1.2 Targeting 8.5 m
repurposed units in
0.7 FY25
0.2
1H21 2H21 1H22 2H22 1H23
(million)
Sims Repurposed Units
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Sims Resource Renewal

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SRR is a key element of delivering Sims’ Purpose

SRR’s vision is to transform hard to treat ASR and plastic waste into higher value, useful products for society

• Divert 1 million tonnes of Sims Metal ASR away from landfill

• Increase recycled content in products as a pathway to full circularity

• Address Sims Metal risk exposure to escalating waste costs and reduction in landfill capacity

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Legend
Sims Resource Renewal
Sims Metal
Sims Lifecycle Services
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Demonstration plant operations Validating technology, gas and vitrified product qualities

• Operations to commence in June for an initial test period of up to six months

• Priority is on safe operations with extensive testing of start up, shutdown and emergency response

• Will assist with customer, community, government and regulator engagement to build understanding and confidence

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Demonstration plant outcome Optimise commercial facility capital investment

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Plastics/ASR
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• Equipment performance, integrity and reliability will optimise future commercial scale facility design

• Will inform product qualities and the basis for a range of products best aligned to each market

Olefins Plastics Feedstocks

Syngas H2/CO2

• Secondary trials may be developed for R&D purposes

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Synthetic Fuels
Methanol
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Output product optionality Multiple product choices create greater commercial flexibility

• Explore a range of products including alternative fuels, to enable optionality, on the journey to full circularity of plastics

• Take a customer centric approach to each market and product

• Work with global technology providers and potential customers on products

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Sims Resource Renewal

Disciplined program to realise emerging market value

• FY24 Demonstration Plant Commitments:

• No material capex investment

• Operating costs for base testing ~$2 million

• Continue a disciplined commercial plant development process, applying a capital gate review process to determine whether to advance to the next stage

• Pursue technology partnerships to deliver a range of product options, well positioned to capture market opportunities, aligned with customer demand for circular solutions

• Commercial facility funding is expected to be largely sourced from commercial partnerships and will be structured to meet the internal hurdle rate

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HY23 Financial Highlights

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A resilient performance in HY23 against a challenging trading and operating environment

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Sales volume growth in Metal

EBIT was impacted by challenging macro and operating conditions, although above guidance

Lower trading margin reflected challenging market conditions across all metal segments

Operating cash flow 10.7% up, despite lower EBIT

Interim dividend of 14.0 cps

Safety performance continued to improve; rates fell to new record low

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Group Financial Performance

As expected, EBIT result was impacted by lower margins and increased operating costs

• • • • • • A$m HY23 HY22 Change Sales revenue 3,831.2 4,265.0 (10.2)% Statutory EBITDA 270.2 442.0 (38.9)% Statutory EBIT 163.4 341.4 (52.1)% Underlying EBITDA1 200.1 462.3 (56.7)% Underlying EBIT1 93.3 361.7 (74.2)% Statutory NPAT 101.0 253.2 (60.1)% Underlying NPAT1 53.0 269.3 (80.3)% EBITDA Margin %2 5.2% 10.8% (5.6)ppts EBIT Margin %3 2.4% 8.5% (6.1)ppts Metal Trading Margin4 HY23 HY22 Change Trading Margin – Metal (A$m) 671.0 762.3 (12.0)% Trading Margin – Metal (%) 20.4% 21.4% (1.0)ppt	• • • • • • A$m HY23 HY22 Change Sales revenue 3,831.2 4,265.0 (10.2)% Statutory EBITDA 270.2 442.0 (38.9)% Statutory EBIT 163.4 341.4 (52.1)% Underlying EBITDA1 200.1 462.3 (56.7)% Underlying EBIT1 93.3 361.7 (74.2)% Statutory NPAT 101.0 253.2 (60.1)% Underlying NPAT1 53.0 269.3 (80.3)% EBITDA Margin %2 5.2% 10.8% (5.6)ppts EBIT Margin %3 2.4% 8.5% (6.1)ppts Metal Trading Margin4 HY23 HY22 Change Trading Margin – Metal (A$m) 671.0 762.3 (12.0)% Trading Margin – Metal (%) 20.4% 21.4% (1.0)ppt	• • • • • • A$m HY23 HY22 Change Sales revenue 3,831.2 4,265.0 (10.2)% Statutory EBITDA 270.2 442.0 (38.9)% Statutory EBIT 163.4 341.4 (52.1)% Underlying EBITDA1 200.1 462.3 (56.7)% Underlying EBIT1 93.3 361.7 (74.2)% Statutory NPAT 101.0 253.2 (60.1)% Underlying NPAT1 53.0 269.3 (80.3)% EBITDA Margin %2 5.2% 10.8% (5.6)ppts EBIT Margin %3 2.4% 8.5% (6.1)ppts Metal Trading Margin4 HY23 HY22 Change Trading Margin – Metal (A$m) 671.0 762.3 (12.0)% Trading Margin – Metal (%) 20.4% 21.4% (1.0)ppt	• • • • • • A$m HY23 HY22 Change Sales revenue 3,831.2 4,265.0 (10.2)% Statutory EBITDA 270.2 442.0 (38.9)% Statutory EBIT 163.4 341.4 (52.1)% Underlying EBITDA1 200.1 462.3 (56.7)% Underlying EBIT1 93.3 361.7 (74.2)% Statutory NPAT 101.0 253.2 (60.1)% Underlying NPAT1 53.0 269.3 (80.3)% EBITDA Margin %2 5.2% 10.8% (5.6)ppts EBIT Margin %3 2.4% 8.5% (6.1)ppts Metal Trading Margin4 HY23 HY22 Change Trading Margin – Metal (A$m) 671.0 762.3 (12.0)% Trading Margin – Metal (%) 20.4% 21.4% (1.0)ppt
Metal Trading Margin4	HY23	HY22	Change
Trading Margin – Metal (A$m)	671.0	762.3	(12.0)%
Trading Margin – Metal (%)	20.4%	21.4%	(1.0)ppt

Proprietary intake volumes down 3.2%

Revenue down 10.2% driven by 12.3% decline in average ferrous sale price, partially offset by a 1.4% increase in proprietary sales volumes

Metal trading margins down 12.0%, driven by challenging trading conditions across all markets

Metal operating costs up 18.4% in HY23 vs HY22. On a sequential basis, cost reduction initiatives led to stabilisation of costs, despite further inflation in HY23 vs 2H FY22

Earnings from SA Recycling earnings down 61.8%

Underlying EBIT down 74.2% to $93.3 million

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

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

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2 Underlying EBITDA / Sales revenue

3 Underlying EBIT / Sales revenue

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Business segment financial performance

Underlying EBIT1 (A$m)	HY23	HY22	Change	Sales volumes (‘000 tonnes)	HY23	HY22	Change
Metal Business2	87.3	266.5	(67.2)%
				Metal Business2	3,995	3,941	1.4%
Sims Lifecycle Services	7.0	9.9	(29.3)%
				Global Trading	562	675	(16.8)%
SA Recycling	49.1	128.7	(61.8)%	Other Brokerage	16	69	(76.4)%
				Total sales volumes	4,573	4,685	(2.4)%
Global Trading	(11.8)	(11.1)	6.3%
Corporate & Other	(38.3)	(32.3)	18.6%
				SAR sales volumes 100%	2,196	2,203	(0.3)%
Underlying EBIT1	93.3	361.7	(74.2)%
				Intake volumes (‘000 tonnes)	HY23	HY22	Change
				Metal Business2	3,776	3,899	(3.2)%
				Global Trading	562	674	(16.6)%
				Other Brokerage	45	69	(34.8)%
				Intake volumes	4,383	4,642	(5.6)%
				SAR intake volumes 100%	2,235	2,285	(2.2)%

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

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2 Metal Business EBIT comprises North America Metal, ANZ Metal and UK Metal

Cash generation Lower inventory and prices released working capital

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Million $AUD
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322.0
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StatutoryEBITDA Working Capital Provisions JV Distribution Tax Payments Net Interest Other
(Exc.
Provisions)
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Net
Operating
Cashflow
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• Working capital of $186.8 million release, driven by lower inventory and metal prices

• Provisions of $85.6 million includes incentive payments related to FY22

• Tax payments of $31.7 million

Total Inventory

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899
1000 832 788
676
500
0
Jun 21 Dec 21 Jun 22 Dec-22
Tonnes, 000
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Net cash movement

Operating cashflow up by 10.7%

Million $AUD

• Cash inflow from operating activities of $322.0 million increase

• Cash received for asset sales included Doremus land for $36.5 million

• Capex spend of $127.2 million, includes $23 million in delayed growth projects from prior year

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(33.3)
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• $111.2 million returned to shareholders through shares and buyback

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Net Cash Net Asset Capex Leases Dividend Buyback Other Net Cash
30 Jun 22 Operating Sales 31 Dec 22
Cashflow
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Capital Expenditure

Focused deployment of capital. Quickly adapted to market changes while continued supporting growth

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Capital Expenditure
300
250
200
150
100
50
0
FY17 FY18 FY19 FY20 FY21 FY22 HY23
Sustaining Capex Growth Capex
A$ million
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• Total capex of $127.2 million in HY23 was comprised of $92.4 million in Sustaining Capex

• • $34.8 million spend in Growth Capex

• Sustaining and environmental capex for FY23 is expected to be $170 million

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Sustainability

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Our sustainability strategy Designed to drive positive impact on society, environment and all our stakeholders

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Our strategy comprises
9 ambitions or goals
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27 targets for accountability and transparency In 2022 updated climate ambition and targets to accelerate emissions reduction across the business

OPERATE RESPONSIBLY

CLOSE THE LOOP

1 Foster a safe work environment

• 1.1 Total Recordable Injury Frequency Rate (TRIFR) ≤ 1

• 1.2 Lost Time Injury Frequency Rate (LTIR) ≤ 0.10

• 1.3 Achieve and maintain a safety culture index in the survey top quartile

• 1.4 Eliminate critical safety risks, Critical Risk Incident Frequency Rate (CRIFR) ≤ 0.50

• 2 Close gender gap

• 2.1 25% women in manager positions and above (Managers that sit at CEO-1 and CEO-2 in reporting structure)

• 2.2 Reach 0% gender pay gap across Sims Limited

• 2.3 Achieve representation of women on the board ≥ 40%

3 Develop a skilled and engage workforce

• 3.1 Maintain an engaged and satisfied workforce as demonstrated by employee engagement survey results in the top quartile

• 3.2 Invest in education by increasing the number of available career development training programmes by 50% and promoting them

• 3.3 Improve annual employee performance review process to align with Sims Limited’s purpose; incorporate role competencies and skills development plan

• 3.4 Ensure management incentive plan is consistent with sustainability goals

4 Ensure transparency on how our business is conducted in an ethical manner

• 4.1 Train all employees and agents on our Code of Conduct, anti-corruption and anti-bribery policies

• 4.2 Provide all employees with training on human rights, modern slavery and labour rights to raise awareness and help fight human rights violations Develop a supplier Code of Conduct and implement supply chain due

• 4.3 diligence to identify and address high risk of human rights violations and unethical practices

5 Achieve net zero by 2050

• 5.1 Reduce Scope 1 and 2 emissions by 23% by FY25

• 5.2 UPDATED IN 2022 - 100% renewable electricity by 2025

• 5.3 UPDATED IN 2022 - SLS carbon neutral by 2025

5.4 UPDATED IN 2022 - Sims carbon neutral by 2030

6 Achieve no waste to landfill

• 6.1[Build resource renewal capacity to transform 120k tonnes of ASR per year into new ] products

7 Close materials loops further by expanding capacity and services

• 7.1[Close loops by expanding secondary metal volumes to 9,600k tonnes of Fe and ] 300,000 tonnes of Non-Ferrous

• 7.2 Repurpose 8.5 million units

• 7.3 Expand municipal recycling coverage by 50%

• 7.4 Capture methane from landfills outside Australia and New Zealand (50 Megawatt)

PARTNER FOR CHANGE

8 Build trusted relationships with our communities

• 8.1[Establish at key sites a community index survey; track progress for continuous ] improvement

• 8.2[Annually, invest 0.5% of three-year rolling pre-tax profits in programmes that support ] environmental stewardship and economic empowerment

• 8.3 Dedicate paid employee time for community engagement/volunteerism activities

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9 Create new business models that further the circular economy

• 9.1[Generate 10% of our EBIT from new business models and opportunities] that enable the circular economy

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Employee Health & Safety

Excellent safety performance continued in HY23

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53 Total Injuries 29% reduction in
Recordable and Lost Time
43 Injuries
38 HY23 vs HY22
34
24
12
9 9
7
5
HY19 HY20 HY21 HY22 HY23
Recordable Injuries Lost Time Injuries
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Total Recordable Injury Frequency Rate (TRIFR)[1]

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18% reduction in
1.6 TRIFR
1.3 HY23 vs FY22
1.2
1.1
0.9
FY19 FY20 FY21 FY22 HY23
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1 Defined as total recordable injuries x 200,000 divided by number of hours worked for employees and contingent workers

• Strategic focus on improvement of control measures continued to drive excellent safety performance

• Maintained investment in traffic management controls in all regions

• Employee Safety Perception Survey improved consistently over the last three years, putting Sims’ operations closer to world class safety scores

• EHS Leadership Training underway to continue driving continuous improvement safety culture

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42

Sustainability

Strengthened sustainability credentials

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Ranked 14[th] in the Global 100 list of most sustainable companies

Received maximum AAA rating

DJSI Australia constituent

A- score

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Appendix

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44

Metal operations

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Sorting, Baling, Container, Foundries, Smelters,
Granulation + Polishing Truck, Rail Refineries
SHELMO, Insulated Wire
Non-Ferrous
Retail
Zorba + ZSP Polishing + Container, Foundries, Smelters,
Zurik Advanced Truck, Rail Refineries
Separation
Collection, Sims Facility Shredder MRP
Consolidation Inspection
+ Freight of + Grading
Infeed
Scrap
(Truck, Bins, ASR Landfill
Barges, Rail) or SRR
Ferrous
Other Bulk Vessel, Truck, EAF, BOF /
Shredded
Rail, Barge, Integrated Steel
Steel
Container Mill
Shearing, Torching, Bulk Vessel, Truck, EAF, BOF /
Baling + Briquetting Rail, Barge, Integrated Steel
Container Mill, Foundries
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