Sims : SLS Presentation

Sims Lifecycle Services Investor Day

25 March 2026

Agenda

Wednesday

March 25, 2026

Start Time

9:00 am Safety Briefing and Site Tour

10:00 am

SLS Presentation by Stephen Mikkelsen, Ingrid Sinclair and Sean Magann

11:00 am Q&A

11:30 am Transfer to Hilton Garden Inn - Smyrna

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Stephen Mikkelsen

Sims Group CEO & Managing Director

Why SLS Matters to Sims

SLS has evolved from being an IT asset recovery and recycling service into a critical infrastructure platform

embedded within hyperscaler ecosystems and a provider to Fortune 100 corporations

• SLS is now a core driver of Sims' earnings growth and valuation.

• SLS contributed ~40% of Group EBIT in H1 2026, reflecting its

  rapid growth and high operating leverage.

• SLS can continue to win because:

  • It has developed close partnerships with key hyperscalers

    40%

    60%

    HY26 EBIT1 (A$m)

    SLS: 49.0

    Group: 121.1

    and is embedded in their decommissioning cycles.

  • It benefits from structural demand growth linked to

    hyperscaler infrastructure investment.

  • It employs a capital-light, high return business model.

  • It has access to a well-developed secondary market.

Rest of Sims SLS 19%

81%

HY25 EBIT1 (A$m)

SLS: 14.1

Group: 73.0

Rest of Sims SLS

1: Underlying EBIT, excludes significant items and internal charges 5

Ingrid Sinclair Global President



SLS Executive Leadership Team

Ingrid Sinclair

Global President

Sean Magann Chief Commercial Officer

Lynn Jacobs Chief Operating Officer

Chris Guarini Chief Digital Officer

Jim Clark Chief Financial Officer

Marie Burke Chief People Officer

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Global Leader in Circular Cloud Solutions

Global Circular Cloud

88 8

Who Are Our Clients?

Hyperscalers

Enterprises

OEMs

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Strategic Positioning

SLS occupies a strategically defensible position in the data centre infrastructure services ecosystem

SLS operates at the intersection of three structural trends:

• Hyperscaler infrastructure growth.

• Technology hardware refresh cycles.

• Circular technology supply chains.

SLS is uniquely positioned because it combines:

• Trusted hyperscaler relationships.

• Certified secure execution and quality services.

• Proven ability to pivot and increase capacity as required by its customers.

• Proven ability to maintain high quality as it scales through use of automation and robotics.

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Clear Pathways to Volume Growth

Maintain and grow existing

hyperscaler relationships

• Increase volumes with existing hyperscalers as they continue to grow.

• Expand services for new revenue streams.

• Onboard new hyperscaler

partners.

Geographic and network

expansion

• Expand capacity in existing

  regions (e.g. Ireland ramp-up).

• Enter new geographies aligned with customer demand.

• Continue to build network scale to strengthen competitive positioning and structural advantages.

Leverage core capabilities to grow robust enterprise client base

• Grow enterprise client relationships across ITAD services.

• Introduce adjacent services (e.g. cloud migration).

• Increase share of wallet with

existing enterprise clients.

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Why do Hyperscalers Outsource?

Outsourcing enables hyperscalers to focus on innovation and maximise the value of their infrastructure

Focus on Core Innovation

• Prioritise engineering resources on cloud platforms and AI infrastructure.

• Avoid diverting internal teams to non-core asset management tasks.

  Operational Efficiency

• Reduce operational and logistical complexity.

• Access specialised technical and refurbishment capabilities.

• Accelerate hardware refresh cycles.

  Infrastructure & Supply Chain Advantages

• Avoid constraints in data centre space, power and land.

• Leverage established processing, redeployment and logistics infrastructure.

• Improve supply chain and inventory resilience.

  Economic Value Optimisation

• Improve asset recovery.

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What SLS Does for Hyperscalers

SLS helps hyperscalers to maximise value from decommissioned data centre infrastructure

DC

DC

DC

Prepare Components are tested & reprogrammed

Redeploy Components are returned to client (for new builds, or for data centre spares)

DC

DC

Collect

DC

Data centre racks received at Circular Centres

Harvest Components (including memory modules) removed from racks

Assess Components are inspected and quality assessed

Resale

Components not selected to redeploy are sold on secondary market

Decommission Remove equipment from client data centres

Recycle

Steel racks and other metal commodities

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Sean Magann

Chief Commercial Officer

Revenue Model

Multiple revenue streams create a diversified and scalable revenue model linked to global data centre

Laptops & Desktops

Full Racks Networking Phones & & Servers Equipment Tablets

Individual Hardware Components

refresh cycles

Resale

(Revenue Share)

Redeploy

Data Destruction

Remanufacture

Decommission

Service Fees

(per unit)

Ferrous

Non-Ferrous

Precious Metals

Commodity Recovery (per lb.)

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Hyperscaler Data Centre IT Investment

Aggregate investment1 in data centre IT equipment2 by leading hyperscale operators3

500

450

400

350

Billions USD

300

250

200

150

100

50

0

2020 2021 2022 2023 2024 2025 2026E 2027E

Global investment in DC IT equipment US investment in DC IT equipment

1: Sims internal estimates, derived from hyperscaler public disclosures. Assumptions have been applied about DC-related share of total capital investment, IT-equipment share of DC-related investment; US-share of global investment in DC IT equipment; and future investment growth rate where public data is unavailable. 2: IT equipment includes processors, accelerators, memory and storage, and excludes property and infrastructure such as power and cooling systems, racks etc

3: The hyperscalers included are Alphabet (Google), Amazon, Apple, Meta, Microsoft and Oracle

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Structural Forces Shaping Memory Market

1 DDR4 Supply Is Being Permanently Removed

• Exit from DDR4 is structural, not cyclical.

  2 The AI Boom Is Absorbing All New Memory Investment

• New production is focused on meeting demand for new memory technologies.

  3 DDR4 Demand Is Locked Into a Large Installed Base

• Embedded demand from installed base supports continuing need for DDR4.

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Supply of New DDR4 Being Removed

Exit from DDR4 is structural, not cyclical

DDR4 production is being permanently removed, not idled

• Semiconductor manufacturers are actively reallocating capacity to higher-margin product lines, such as DDR5 and HBM, driven by AI and next-gen computing

Memory suitable for next-generation AI platforms commands significantly higher margins. Retooling fabs to produce DDR4 would require costly, time-consuming process reversals.

Where capital Is going

• DDR4 manufacturing capability is largely

  being dismantled or repurposed.

• Restarting production would require major investment.

SK Hynix, Samsung and Micron produce over 90% of the world's memory1 and are now focusing on producing DDR5 and HBM (High Bandwidth Memory) which are products designed to integrate into next-generation AI and computing platforms.

This is not a pause in production - it is a deliberate, strategic exit

from DDR4 production driven by portfolio economics.

1: Counterpoint market share report, accessed at: https://counterpointresearch.com/en/insights/global-dram-and-hbm-market-share 18

AI Boom Absorbing All New Investment

New production is focused on meeting demand for new memory technologies

Hyperscalers are deploying next-generation AI and computing systems at unprecedented scale and have an insatiable need for new memory technologies, such as DDR5 and HBM. Major memory producers are making substantial investments in manufacturing capacity to meet this demand.

Capital redirection by major memory producers

Samsung, SK Hynix, and Micron are concentrating all new capital investments to build manufacturing capacity for new memory technologies.

DDR5 and HBM Server Memory

• Faster performance.

• More energy efficient.

80,000

Millions USD

60,000

Total Memory Capex1

$69,829

$53,751

$29,734

40,000

20,000

0

2024 2025 2026F

5-10×

DDR5 Revenue Per Unit vs DDR4

Memory for AI platforms commands a significant premium over legacy memory (like DDR4)

0

New DDR4 Capacity

No meaningful new capacity being built to produce DDR4

1: "Total Memory Capex" refers to capex by DRAM manufacturers, as reported by TrendForce 19

DDR4 Demand Locked in Installed Based

Embedded demand from installed base supports continuing need for DDR4

Enterprise & Industrial Installed Base

Millions of servers, workstations, and industrial controllers remain active, using DDR4 memory. They must be maintained, repaired, and expanded with the same technology.

Slow Replacement Cycles

Enterprise hardware refresh cycles typically span 5-7 years. Industrial and embedded systems run even longer.

DDR5 is not backward compatible with DDR4. Upgrading requires a complete platform overhaul - a costly, time-intensive process that most industrial and enterprise operators defer as long as possible.

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