Well, good morning, everyone. It's pleasing to see everyone got here safely. We've just been on the tour of the site for those on the watching on video. We did it slightly differently this time around. We thought to go and look at the site first before we gave the presentation would give you a really good feel of what we're doing out in the facility. And I think you'd agree it's quite impressive, and there's some really interesting stuff going on there. If I look at the agenda today, I'm going to speak I guess more of an overview for the first 15 minutes. Sean will then come on and really give us a really good understanding, I believe, of the commercial operations, how we interact with our clients, what the key drivers are, what the market looks like, those types of things. And then Lynn will bring us home with the ops and Lynn is in charge of what you actually saw out there. And so we sell operational excellence, and I think you'll agree out there is quite a really been quite impressive. I thought I'd just start with just looking back because I think it's been quite easy with SLS to really have got, in some ways, slowly boiled. But if you look at this chart, let's just compare 2024 to 2026. I think that's a really interesting comparison. You just, I guess, first of all, look at Sims as a whole, and then look at SLS's role within Sims and just how much it has become part of our core business back in 2026. Let's look in '24, EBIT of just a bit under 18 million, compared with Metal doing 63 and SA Recycling 102. Fast forward today, everything's grown. The metal business has grown, but I think you'll agree the most spectacular growth and really sitting there is one of our businesses now as opposed to just an adjacency is SLS. Contributing a very similar EBIT number to the global metal business. I think that is a really important point. It provides us with a broader earning space. There's always an element of cyclicality to Sims metal business, always has been. I think there always will be. The SLS business does not operate in that same cyclicality, but it needed to be of a scale for importance, and we've achieved that scale now. The last thing I'll say about it is it's a scalable growth platform. This is not SLS, the finished product. This is SLS on its way to being the finished product. And we've got, as Sean will take us through, there are many more opportunities that we've got coming up over the next years and decades, I believe. I want to describe our business model. And really, it boils down to these, I guess, these three basic lines. The first thing we do is decommission. Decommission can happen in many forms. We do some decommissioning on site, in the hyperscalers. We do some decommissioning back here where it's brought here by truck. It's probably the bulk of what we do, but it's all about being secure. If our business model does not provide that secure collection, transport, and data security, and most importantly, the chain of custody, our business model falls over. What do we do? Well, you've seen us out in the factory there. We process and prepare. We saw the receiving station. We harvest the parts. We test it. I believe that Isaac showed us really good examples of testing and just how more sophisticated testing is going to become over time. Of all the equipment and all the components, sure, DDR4s are the, I guess, the driver of our revenue at the moment, but there's so much more that we test and so much more that we're going to be testing in the future. Once we've done all that, how do we earn what is the business model? How do we earn our gross margin? Three basic areas. First of all, we redeploy. As Isaac described out there, some of the component parts are suitable for redeployment, so they go back into hyperscaler, back into a data center. And we do that on a per unit basis. That's a fee. The second one is around resale. Resale is a percentage of revenue, and we've talked about that, I think, a significant amount of times over our various presentations. And the last thing we do, and this is the last thing we do, is we recycle for commodity recovery. But when it's all said and done, really the only thing that's not either redeployed, resold, or recycled in a rack is the plastic. It's an extraordinarily sustainable process. That's the business model, as we see it today. I want to focus a bit more on redeployment, though, because I view redeployment redeployment is what makes us sticky. I think it's the essence of what SLS is. If you look at the various gross margin components right now, though, if we look at FY26, you'll see about 50% of our gross margin comes from resale, and the other 50% comes from redeployment, commodity, those types of things. Then if you look at within the resale, about 74%, let's call it three quarters, comes from memory, and the quarter comes from other things that we resell. So there's no doubt that in gross margin terms, resale is what's driving the business. But I don't believe that tells the full story about what's going to what is the sort of the ongoing driver of the business. And for me, it's all about redeployment. Because redeployment makes your relationship with the customer that much stickier. And let's look at where SLS fits in that redeployment, I guess, globally. And we are, I think I can safely say, we are the only external supplier of scale that does the redeployment, the type of thing that you've seen out there. We are the only supplier of scale that does it. There's no doubt that it strengthens our customer relationships. Reselling is a it's not a transactional relationship, but it doesn't have the same depth of redeployment. Because if you're redeploying, you are getting right into their systems, and they're getting right into your systems. It creates it actually creates a true partnership, and that drives, I think that drives that absolutely drives stickiness. The important point I want to make here, this third point on redeployment, though, is that 60% to 70% of the memory that's recovered is resold. And it's only the balance that's available for redeployment. You heard Isaac talking about it out there. It might not be the right part number. It might have failed a particular test that they needed it to pass, but it's certainly fully available for the resale market. So what redeployment does, it gives you this sticky relationship with the customer. 30% to 40% will be redeployed, and the balance 60% to 70% will be resold. So you get this sticky relationship, and you get the opportunity to get into the resale market. And let's be frank, the resale market right now is what drives the bulk of the gross margin. Redeployment, it's also worthwhile pointing out, it's used very selectively. By the customer, based on their particular needs at the time. And a lot of it comes down to part number and Sean's going to take us through that. What really drives redeployment is the CXL process, though. And what has happened in the CXL process is it's allowed the use of secondhand parts to be fully utilized in the data center. And so you've got this I guess that's the fundamental driver for redeployment is CXL and it's what's I think it's what's driven our strong relationship with customers over the last two to three years. So how did we get to where we are today? I think it's worthwhile having a little bit ofa look at history. How did we get from what was essentially an ITAD provider back in FY19 to what we call a DCIS data center infrastructure services model that we have today? So back in 2009 so back in financial year '19, we sold off our compliance part of the business. It was interesting. I remember back at that time, it was a somewhat controversial move. It was driving you can see it was driving we had an EBIT of $26 million back there. We sold off that business. We saw that as a bit of a race to the bottom business, just compliance schemes. And we focused on data centers. Our EBIT dropped in FY20 as a result of that to 2.9 million, but we were building a new business. We were very confident that there was a business model for it, and we saw I think we saw the traditional compliance schemes as holding us back and not allowing us to focus. '21, I guess we moved to what we called a repeatable global data center decommissioning. So we were focusing and we still do focus on, I guess, data centers broadly. But by the time we got to FY25, we really after three or four years of work, we'd really built ourselves a very strong position in the hyperscaler data center market. And that's where we sit today. And FY26, and I think this is the base of which we're going to be able to grow forward. What do I see as the key to the success of SLS? And it's all around that very first word there, trust. And trust creates a high barrier to entry. The work that you saw going on out there there's an
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