Steel & Tube Holdings Limited · NZX:STU
Steel & Tube — Shareholder Meeting (October 2025)
36 slides from Steel & Tube's shareholder meeting presentation, Oct 22, 2025
Slide 1: 2025 Annual Shareholders' Meeting
2025 Annual Shareholders’ Meeting 22 October 2025
Slide 2: Chair Susan Paterson
Chair Susan Paterson
Slide 3: Online Meeting
Online Meeting VOTING TAB Q&A TAB Shareholder & Proxyholder Voting Online Questions Once the voting has been If you have a question to opened, the resolutions and submit during the live voting options will allow meeting, please select the Q voting. & A tab on the right half of your screen at anytime
Slide 4: Agenda
Agenda • Chair and CEO Presentations • Discussion • Resolutions • Other Business • Meeting Close/ Refreshments 4
Slide 5: Your Board
Your Board Susan Paterson Andrew Flavell Steve Reindler Christopher Ellis Karen Jordan John Beveridge Chair & Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Appointed Jan 2017 Appointed Oct 2021 Appointed Aug 2017 Appoint
Slide 6: Long term commitment to strategic goals
Long term commitment to strategic goals Customer Growth Shareholder Sustainability The preferred supplier Strengthening the Deliver increasing Positive outcomes for for steel solutions and core and growing value and returns for our business, our products higher value products our shareholders people
Slide 7: Strategic pathways
Strategic pathways Clear growth strategy in place, building on strong foundations to strengthen the core and growth in high value products and services Grow High Value Products and Continue to Strengthen the Core Services • Best-in-class customer experience • High value products, diversified materia
Slide 8: Click to view video
Click to view video 8
Slide 9: FY25 key financial measures
FY25 key financial measures Cyclical business, impacted by recessionary economy Normalised Operating Volume Normalised EBIT OPEX Cash Flows 101,716t -$21.4m $69.9m $10.4m FY24: 115,535t FY24: $14.5m FY24: $70.1m FY24: $42.2m Revenue Normalised NPAT/NLAT Net Debt/Cash $385.4m EBITDA -$24.4m -$36.3m F
Slide 10: In the Boardroom
Priority topics for the Board • Disciplined focus on strategy in a In the challenging market Boardroom • Improving financial performance • Value adding growth • Risk management and resilience • Ready the business for the economic recovery 10
Slide 11: CEO Mark Malpass
CEO Mark Malpass
Slide 12: Steel & Tube
Steel & Tube Our purpose is to make life easier for customers needing steel solutions • A proud New Zealand company, trading for over 70 years • We offer New Zealand’s most comprehensive range of steel products, services and solutions • Our stable of best-in-class businesses ~900 team members are so
Slide 13: Business underpinned by strong fundamentals
Business underpinned by strong fundamentals Customer Satisfaction (NPS2) Employee Safety Measure (TRIFR1) 60 50 5 • Customer satisfaction 40 40 42 42 4 3.5 remains at high levels 20 3 2 1.13 1.14 1 • Safety outcomes are 0 0 0 positive, remain focused on FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 zero h
Slide 14: FY25 Lookback
FY25 Lookback 14
Slide 15: Recessionary conditions impacted across sectors
Recessionary conditions impacted across sectors Diversified sector exposure, focused on growth markets • Manufacturing: some improvement in early 2025, before Revenue split by sector contracting again 9% • Commercial: businesses remain cautious around outlook 7% Others (incl rural) 7% and significan
Slide 16: Strategic Initiatives
Strategic Initiatives Strengthening the core Grow high value products and services • Investments & Upgrades: acquired new • Significant M&A: acquisition of Perry Metal rollforming machine in Christchurch; and new Protection, Perry Grating and Waikato Sand Blasting – purlin machine and folder in Auck
Slide 17: Financial performance
Financial $m FY25 FY24 Var performance Revenue 385.4 479.1 (93.7) • Challenging economic backdrop impacting Volume (Ktonnes) 101.7 115.5 (13.8) volumes and revenue • Gross margin reflects lower volumes and GM$/tonne** 701 901 (200) more competitive pressure on average sales EBITDA (2.5) 31.4 (33.9)
Slide 18: Balance sheet summary
Balance sheet summary Focused on building balance sheet strength $m FY25 FY24 Var Trade and other receivables 63.2 68.5 (5.3) • Capital discipline focus on the right Inventories 113.6 121.3 (7.9) acquisitions at the bottom of the Trade and other payables (61.7) (56.7) (4.7) cycle Working Capital 115
Slide 19: Growth investments adding value
Growth investments adding value Added Value from Strategic Investments 25.0 Recent growth initiatives and M&A Fasteners NZ High quality, strong ongoing demand, continuing to expand range 20.0 Acquisitions Kiwi Pipe & Fittings Strong earnings growth, continuing to successfully expand ex-Auckland 15.0
Slide 20: Perry Metal Protection
Perry Metal Protection Performing ahead of expectations Revenue Revenue Average Selling Price • Performing ahead of expectations - five months EBIT is 34.6 35.8 33.7 45% above business case 33.3 32.5 $ Millions • Highly aligned customer bases, cross sell synergies higher than anticipated • Accretive
Slide 21: The market opportunity
The market opportunity New Zealand’s steel markets are very fragmented and in need of consolidation; Steel & Tube is a natural acquirer Fletcherreinforcing Logo 21
Slide 22: Moving forward
Moving forward 22
Slide 23: Economic recovery on the way, albeit at slower pace
Economic recovery on the way, albeit at slower pace Headwinds expected to ease with improving activity in later FY26 Upswing will be driven by: • Lowering interest rates • Government investment in infrastructure • Improved business confidence and investment • Recovery in consumer spending and the ho
Slide 24: Medium term economic driver and trends
Medium term economic driver and trends Market fundamentals remain strong, diversified product portfolio well positioned to capture upside Manufacturing Attractive, stable and significant sector, supported by recovery of export, agricultural, construction markets and domestic demand Commercial Intere
Slide 25: Operating leverage
Operating leverage Controlling the controllables Scenario modelling mid-cycle operating leverage at increasing product volume levels Inherent operating leverage Volume EBIT • Large proportion of costs fixed • EBIT scales disproportionately to volume Historical Volume scenarios • Lift in market activ
Slide 26: FY26 trading to date
FY26 trading to date Customer activity starting to progressively build off a low base Revenue & Tonnes per Trading Day* • Continued economic weakness across 1800 520 most sectors 1600 • Some uplift in activity starting to be seen Revenue $ (000s) this calendar year to date (July impacted by 1400 420
Slide 27: FY26 focus and priorities
FY26 focus and priorities Navigating cyclical weakness while ensuring ability to scale up quickly • Continue cost discipline, tight inventory control and cash management • Support margins through new higher value products and services, and cross sell opportunities • Reinforce market position through
Slide 28: Strong fundamentals; well positioned for economic upswing
Strong fundamentals; well positioned for economic upswing • Leading provider of steel products and solutions • Strong and loyal customer partnerships • Expert team and technical know-how • Proven strategy delivering value and growth • Disciplined capital allocation and strategic investments to suppo
Slide 29: Shareholder discussion
Shareholder discussion 29
Slide 30: Resolutions
Resolutions 30
Slide 31: Resolutions
Resolutions Resolution 1: That the directors be authorised to fix the fees and expenses of KPMG as the company’s auditor. Auditor’s Remuneration Resolution 2: That Andrew Flavell, who retires by rotation in accordance with Listing Rule 2.7.1 and is eligible for re-election, be re- Re-election of And
Slide 32: Other business Close of the Meeting
Other business Close of the Meeting 32
Slide 33: Steel & Tube
SiC steel&tube STRONGER TOGET
Slide 34: Non-GAAP financial information
Non-GAAP financial information Period ended 30 June EBITDA EBIT $000s FY25 FY24 FY25 FY24 Reported (2,496) 31,415 (25,964) 9,569 Palletised warehouse project costs 1,364 2,701 1,364 3,192 Business restructuring costs 699 550 699 550 Acquisition and integration costs 903 - 903 - Software as a Service
Slide 35: Glossary of terms
Glossary of terms EBIT: Earnings / (Loss) before the deduction of interest and NPS: Net Promoter Score – assists in measuring customer tax. This is calculated as profit for the period before net satisfaction and loyalty interest costs and tax Normalised EBIT/EBITDA: This means EBIT and EBITDA EBITDA
Slide 36: Disclaimer
Disclaimer • This presentation has been prepared by Steel & Tube Holdings operations and business, and business strategy of STU. Information Limited (“STU”). The information in this presentation is of a general about the future, by its nature, involves inherent risks and nature only. It is not a com
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