Sims (SGM) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees to the 33rd AGM, introduced board members, management, and auditors, and confirmed a quorum was present.

• Notice of meeting was duly given and taken as read; minutes of the previous AGM were signed as correct.

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.

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

• Underlying EBIT increased by AUD 29.5 million in the second half; cost-out program delivered AUD 46 million in annualized savings.

• Final dividend of AUD 0.10 per share, fully franked, was paid in October 2024.

Board and executive committee updates

• Grant Dempsey was appointed to the board in April and is up for re-election.

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