Sims (SGM) AGM 2024 summary

Opening remarks and agenda

• The chair welcomed attendees to the 33rd AGM, introduced directors, management, and auditors, and confirmed a quorum was present.

Financial performance review

• Fiscal year 2024 faced challenging conditions: tight ferrous supply, declining demand in some regions, and inflationary pressures.

• Strategic priorities were redefined, including the sale of the UK metals business and operational changes.

• Achieved a new low Total Recordable Injury Frequency Rate of one, reflecting a strong safety culture.

• SLS business EBIT increased by over 100% year-on-year, driven by AI and data center demand.

• Underlying EBIT improved by AUD 29.5 million in the second half, with strong North American and Australian performance.

• AUD 46 million in annualized cost savings achieved through divestments and executive team reduction.

Board and executive committee updates

• Grant Dempsey was appointed to the board in April and is up for re-election, bringing investment banking and CFO experience.

• Board composition continues to be reviewed to ensure the right mix of skills and experience.