Vulcan Steel Ltd. · ASX:VSL
Vulcan Steel — Investor Presentation (February 2026)
32 slides from Vulcan Steel's investor presentation, Feb 24, 2026
Slide 1: Interim report 2026
Interim report 2026 INVESTOR PRESENTATION
Slide 2: Our focus on creating sustainable long term shareholder value
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Our focus on creating sustainable long term shareholder value, ethos of the company and team first are some of the principles at Vulcan that continue to guide us in our most challenging decisions. This mindset is driving us to further improve our proces
Slide 3: Disclaimer
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Disclaimer The material contained in this document is a presentation They may also be based on factors which are subject of information about Vulcan Steel Limited’s (“Vulcan”) to significant uncertainties and contingencies which may activities current a
Slide 4: Agenda
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO 01 OVERVIEW 02 FINANCIALS AND OPERATIONS Agenda 03 PRIORITIES AND OUTLOOK 04 Q&A 05 SUPPLEMENTARY INFORMATION 4
Slide 5: Overview
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO 01 Overview 5
Slide 6: Performance highlights
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Performance highlights REVENUE GROSS PROFIT $/TONNE 7 GROSS MARGIN 7 NZ$535m 1 -2.6% 33.9% +8.6% on NZ$493m in 1H FY25 1H FY26 on 1H FY25 6 -0.2% on 34.1% in 1H FY25 6 ADJUSTED EBITDA 2 ADJUSTED NPAT 4 (excluding significant items) 3 (excluding signific
Slide 7: Key strategic & operational highlights
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Key strategic & operational highlights Expanded into the New Zealand Grew sales volume Disciplined financial management rollforming market in October • First year-on-year (YoY) growth • Generated solid operating 2025 in underlying volume since FY22 cash
Slide 8: Vulcan’s business
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Vulcan’s business Following the purchase of Roofing Industries, we now operate in seven industry verticals across the metal distribution and value-added processing industry. STEEL METALS STEEL DISTRIBUTION PLATE PROCESSING COIL PROCESSING ROLLFORMING ST
Slide 9: Vulcan’s business
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Vulcan’s business Roofing Industries sites have further 81 S TR A TE G I C A L L Y L O C A TE D S I TE S 1,648 ~25kC O M PA N Y E M PL O YE E S A C TI V E C US TO M E R S 1 enhanced our presence and scale, with Vulcan now employing a team of more than 1
Slide 10: Continuing to execute on our growth strategy
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Continuing to execute on our growth strategy Overriding principle - Deliver a service proposition that adds value to customers and is value-accretive to our shareholders. Approach to value creation - Greenfield and brownfield initiatives, hybridisation
Slide 11: Financials & Operations
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO 02 Financials & Operations 11
Slide 12: Operating backdrop during 1H FY26
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Operating backdrop during 1H FY26 Market conditions Global economic environment & industry development • Ongoing geopolitical risks creating uncertainty AUSTRALIA • Industry volume stabilising and beginning to recover • Economic conditions of key tradin
Slide 13: Group financial performance
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Group financial performance Revenue NZ$m 1H FY26 1H FY25 % Change Overall revenue in 1H FY26 including rollforming increased 8.6% YoY, driven by: Revenue 535.4 493.0 +8.6% • Rollforming contribution commenced in October 2025 Adjusted EBITDA 1,4 57.3 56.
Slide 14: Key drivers of EBITDA change
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Key drivers of EBITDA change Volume and Margin EBITDA MOVEMENT FROM 1H FY25 TO 1H FY26 (NZ$m) • Higher sales volume contributed to NZ$18.1m YoY increase in 1H FY26 EBITDA 80 18.1 - Rollforming included from October 2025 70 -4.8 - Higher sales in Steel s
Slide 15: Segment performance
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Segment performance Steel Metals • Revenue rose by 25.1% YoY in 1H FY26, driven by contribution from rollforming • Revenue declined by 3.6% YoY in 1H FY26, due to a combination of weaker and higher non-rollforming volume volume and average selling price
Slide 16: Cashflow
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Cashflow Operating cashflow NZ$m 1H FY26 1H FY25 % change • Delivered NZ$38.7m in operating cash flow during 1H FY26 through ongoing Receipts from customers 560.3 518.7 8.0% disciplined management of working capital Payments to suppliers & employees -49
Slide 17: Balance sheet metrics & dividend
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Balance sheet metrics & dividend Dividend TERM/NET DEBT FACILITIES (NZ$m) • Declared 1H FY26 interim dividend of NZ 2.5 cents per share, which is fully 500 franked and fully imputed 450 429 440 400 400 400 400 400 390 • Targeting total FY26 dividend to
Slide 18: Priorities & Outlook
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO 03 Priorities & Outlook 18
Slide 19: Priorities
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Priorities Further build and capitalise on our foundation for growth. 1 Maintain and nurture 2 3 4 5 Capitalise on an Integrate and support Add bench strength to Further explore other customer service emerging economic the growth in our support growth o
Slide 20: Outlook
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Outlook While conditions remain challenging, the industry is beginning to stabilise with signs of recovery. Uncertain global trade policies remain a risk. Vulcan will continue to focus on growth opportunities, position the business to capitalise on a pe
Slide 21: Q&A
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO 04 Q&A 21
Slide 22: Supplementary information
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO 05 Supplementary information 22
Slide 23: Half-yearly volume and financial trends
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Half-yearly volume and financial trends REVENUE (NZ$m) TOTAL SALES VOLUME (tonnes per day) 700 1400 600 1200 500 1000 400 800 300 600 200 400 100 200 0 0 1H FY21 2H FY21 1H FY22 2H FY22 1H FY23 2H FY23 1H FY24 2H FY24 1H FY25 2H FY25 1H FY26 1H FY21 2H
Slide 24: Group OPEX
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Group OPEX Overall OPEX, NZ$m 1H FY26 1H FY25 % change Employee Benefits 88.7 73.9 20.0% • Group OPEX (excluding depreciation and amortisation) increased by NZ$12.9m YoY to NZ$124.0m in 1H FY26, reflecting inflation, the inclusion Selling & Distribution
Slide 25: Profit and loss segment disclosure
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Profit and loss segment disclosure Steel Metal Corporate Total Post NZ IFRS 16 1, NZ$m 1H FY26 1H FY25 % change 1H FY26 1H FY25 % change 1H FY26 1H FY25 % change 1H FY26 1H FY25 % change Revenue 262.5 209.9 25.1% 272.9 283.1 -3.6% 0.0 0.0 - 535.4 493.0
Slide 26: Statutory and non-GAAP earnings
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Statutory and non-GAAP earnings Revenue EBITDA EBIT NPAT 1 EPS (NZ cents) NZ$m (unless stated) 1H FY26 1H FY25 1H FY26 1H FY25 1H FY26 1H FY25 1H FY26 1H FY25 1H FY26 1H FY25 Statutory basis 535.4 493.0 56.3 56.9 28.8 32.0 8.3 9.2 5.8 7.0 + Acquisition
Slide 27: Balance sheet
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Balance sheet NZ$m 31 Dec 25 30 Jun 25 31 Dec 24 % change Trade and other receivables 146.7 130.8 121.1 21.2% Inventories 375.2 333.9 362.0 3.7% Less trade and other payables -195.9 -143.2 -170.8 14.7% Working capital excluding tax items 326.0 321.4 312
Slide 28: Australian and New Zealand economic indicators
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Australian and New Zealand economic indicators Australian AU QUARTERLY ECONOMIC GROWTH1 New Zealand NZ QUARTERLY ECONOMIC GROWTH3 economic (seasonally adjusted, %) economic (seasonally adjusted, %) activity 7 6 activity 15.0 12.5 5 10.0 4 7.5 3 2 5.0 1
Slide 29: Australian and New Zealand building activity
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Australian and New Zealand building activity Australian AU QUARTERLY CONSTRUCTION ACTIVITY - VALUE1 New Zealand NZ QUARTERLY BUILDING ACTIVITY - VALUE3 building (seasonally adjusted, A$m) building (seasonally adjusted, NZ$m) activity 55000 50000 activit
Slide 30: Global sector indicators
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Global sector indicators World steel GLOBAL STEEL DEMAND FORECAST (m tonnes)1 Aluminium W O R L D P R I M A R Y A L U M I N I U M P R O D U C T I O N (thousand tonnes)2 demand growth 2000 production 6500 is forecast to 1900 growth in 2H CY25 recover mod
Slide 31: Steel, stainless, nickel, aluminium & freight prices
VULCAN INVESTOR PRESENTATION 1H FY26 VULCAN.CO Steel, stainless, nickel, aluminium & freight prices Average steel HOT ROLLED COIL PRICE (East Asia, FOB, S/tonne) Price for nickel NICKEL & STAINLESS PRICE2 price in 2H CY25 - a key material 1600 60000 9500 increased 2% HoH 1400 for stainless following
Slide 32: Thank you for joining us
Thank you for joining us VULCAN.CO