Sims (SGM) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened with acknowledgments to traditional custodians and a welcome to both in-person and virtual attendees.

• Board members, key executives, and the auditor from Deloitte were introduced, and the meeting's hybrid format and safety procedures were outlined.

• Notice of meeting was confirmed as duly given, and a quorum was present.

Financial performance review

• FY 2025 saw strong operational gains and underlying earnings, with a focus on higher-margin unprocessed materials and disciplined cost control.

• Sims Lifecycle Services (SLS) achieved significant growth, driven by demand from hyperscale data centers.

• Underlying EBIT rose nearly 200% to AUD 174.9 million, with North America delivering a AUD 93 million EBIT improvement.

• SA Recycling increased EBIT by 17% and completed several acquisitions; SLS EBIT rose 84%.

• Underlying free cash flow increased to AUD 107 million, and investments were made in network upgrades and logistics.

Board and executive committee updates

• Board membership was refreshed with the appointments of Shin Omachi and Russ Rinn, both up for re-election.

• The Board values diversity and is recruiting a new U.S.-based Director with expertise in AI and hyperscale operations.