Sims (SGM) Trading update summary

Upgraded earnings guidance

• FY26 underlying EBIT is now expected between $420 million and $435 million, up from the previous $350 million to $400 million range.

• The improved outlook is driven by continued strength in non-ferrous markets and better trading conditions for ferrous metals.

Regional and business segment performance

• North American Metal businesses anticipate a significant increase in second-half earnings, supported by strong operations in both North America Metals and SA Recycling.

• Ferrous prices in Asia have improved, but ANZ ferrous market conditions remain subdued due to high Chinese steel exports.

Sims Lifecycle Services outlook

• Sims Lifecycle Services expects FY26 underlying EBIT between $170 million and $175 million, benefiting from global data centre growth trends.

• Timing of customer decommissioning programs will affect the distribution of volumes and earnings across reporting periods.