Vulcan Steel Ltd. · ASX:VSL
Vulcan Steel — Shareholder Meeting (October 2025)
40 slides from Vulcan Steel's shareholder meeting presentation, Oct 31, 2025
Slide 1: 2025 Annual meeting of shareholders – Presentations
Vulcan Steel Limited (ASX: VSL, NZX: VSL) ASX and NZX release 31 October 2025 2025 Annual meeting of shareholders – Presentations Attached are the following documents in connection with Vulcan Steel Limited’s (Vulcan) 2025 annual meeting of shareholders (Annual Meeting) to be held at 1:00pm NZT (11:
Slide 2: Annual meeting of shareholders October 2025
VULCAN. ANNUAL MEETING OF SHAREHOLDERS 31 OCTOBER 2025
Slide 3: Welcome
VULCAN > ANNUAL MEETING OF SHAREHOUBERS 2028 @... Wel At Vulcan, our strong foundation - built on exception customer service, lean,operations, a culture of tea and continuous improvement - continues to g through challenging market conditions. This: helping us sharpen our processes and further enhanc
Slide 4: Agenda
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 Agenda OV/ cuare ADDRESS 02/ wae ADDRESS O3/ cea O4/ wee FOR APPROVAL 05 / venna O6/crnenat BUSINESS vutean.co
Slide 5: Voting and asking questions
vutean.co VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 Voting and asking questions MUFG Corporate Markets helpdesk New Zealand — 0800 200 220 Australia — 1800 990 363 @Onurc VULCAN.
Slide 6: Your Board
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 Your Board Russell Chenu Rhys Jones Bart de Haan Carolyn Steele Adrian Casey Nicola Greer vutean.co VULCAN.
Slide 7: Chair address
VULCAN » ANNUAL MEETING OF SHAREHOLDERS 2025 oe vutean.co Chair address Russell Chenu
Slide 8: FY25 review
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 SALES VOLUME 215,82/t -6.4% on 228,515 tonnes in FY24 Y25 review REVENUE NZ$ STATUTORY NPAT?NZS 11% on $1,064m in FY24 -61% on $40m in FY24 |Lm-=milions.2. NPAT - Net profit ater tax. vutean.co NET DEBT NZ$ $232m down $44m from $276m in FY24 VULCAN.
Slide 9: FY25 dividend of NZ cents per share
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 FY25 dividend of NZ 6 cents per share + Vulcan’s declared dividend for FY25 was NZ$8.5m. + Represents a 55% payout on Vulcan's statutory net profit after tax (NPAT) of NZ$15.7m (adjusted for significant items). + The company has a current target payout ra
Slide 10: Vulcan's share price performance
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 vutean.co Vulcan's share price performance Compared to ASX300 performance Compared to NZX50 performance + -117% vs S&P/ASX300 in the last 12 months. + 0.76% vs S&P/NZX50 Capital Index in the last 12 months. + -19.3% vs S&P/ASX300 since IPO (November 2021)
Slide 11: Vulcan’s environment and sustainability update
VULCAN F ANNUAL MEETING OF SHAREHOLDERS 2025 | vutean.co y Vulcan’s environ meand sustainability update Environment 2025 EMISSIONS BREAKDOWN + Scope ] and 2 greenhouse gas (GHG) emissions were approximately 1,500 tonnes lower in FY25, at 12,357 tonnes (compared to 13,865 tonnes in FY24). Diese NZ To
Slide 12: Board and MD & CEO changes from January 2026
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 vutean.co Board and MD & CEO changes from 1 January 2026 Rhys Jones Gavin Street Russell Chenu INCOMING CHAIR AND INCOMING MANAGING DIRECTOR CURRENT CHAIR AND INCOMING NON-EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER LEAD INDEPENDENT DIRECTOR VULCAN.
Slide 13: Acquisition of Roofing Industries and equity raise
vutean.co ANNUAL MEETING OF SHAREHOLDERS 2025 Acquisition of Roofing Industries and equity raise + Purchase price NZ$88 million. + Equity raise offer price of AU$5.95/NZ$6.60. + 146 million new shares issued. EQUITY RAISED NZ$96.6m (AU$87.1 million) VULCAN.
Slide 14: Management address
VULCAN » ANNUAL MEETING OF SHAREHOLDERS 2025 vutean.co O2 Management address Rhys Jones
Slide 15: Sound financial returns in FY25
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 Sound financial returns in FY25 ROCE' ADJUSTED EBITDA’ NZ$ ADJUSTED NPAT‘ NZ$ 8.8% 2m 18M . fe) ~4.6% from 13.4% in FY24 -24% on $148m in FY24 ~55% on $40m in FY24 OPERATING CASHFLOW NZS CASH CONVERSION® NET DEBT NZ$ 4 {e) I ] ) -38% on $169m in FY24 down
Slide 16: Operational highlights
VULCAN » ANNUAL MEETING OF SHAREHOLDERS 2025 vuLeaN.co Operational highlights -10.0% 93.4% Reduction in stock level from FY24 Number of hybrid sites FY25 DIFOT* added or hybridised in FY25 6 + Percentage of customers ordets “delivered in ullond on time VULCAN.
Slide 17: Entering the rollforming market in New Zealand
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 vutean.co Entering the rollforming market in New Zealand + Our record is a disciplined approach to purchasing businesses - which is a key part of our growth and shareholder value creation strategy. + Completed our acquisition of Roofing Industries in Sept
Slide 18: Management address
VULCAN » ANNUAL MEETING OF SHAREHOLDERS 2025 ] vutean.co * Management address Gavin Street
Slide 19: Roofing Industries is a strong fit for Vulcan
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 Roofing Industries is a strong fit for Vulcan The acquisition of Roofing Industries enhances Vulcan‘s product offering as we work towards being the leading steel and metal products supplier in Australasia. + Attractive, new vertical - expansion to Vulcan’
Slide 20: A national footprint with owner operator model
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 A national footprint with owner operator model Nationwide network. + 15 locations with 10 locations in North Island and 5 locations in South Island. + 250+ employees in the business. + Local owner-operators at branch level whose service mindset and financ
Slide 21: Vulcan’s network
vuLeaN.co VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 Vulcan’s network 80 1,650 22.5k ACTIVE CUSTOMERS? STRATEGICALLY LOCATED SITES! COMPANY EMPLOYEES! Opportunity to drive even more operating leverage from our footprint and scale. -/” VULCAN.
Slide 22: Vulcan’s health and safety update
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 vUuLeAN.co. Vulcan’s health and safety update Health and safety LOST TIME INJURY FREQUENCY RATE (LTIFR) (per 1,000,000 hours worked) + Committed to providing a safe and healthy work environment 2s - recently reinforced this with the launch of the Safety S
Slide 23: Trading in 1QFY26
vuLean ANNUAL MEETING OF SHAREHOLDERS 2025 Trading in 1QFY26 + Revenue decline of 3% year-on-year (YoY) was driven by lower average selling price due to product mix compared with previous corresponding period + The YoY weakness in 1QFY26 EBITDA was due to lower gross profit dollar per tonne. + Sales
Slide 24: Priorities for FY26 and FY27
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 Priorities for FY26 and FY27 Further adding to our foundation for growth 2 Maintain and nurt customer servi mindset and continue to cise financial prudence in a currently challenging economic environment. Capitalise on a economic upswing going forward. 5
Slide 25: FY26 outlook
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 vutean.co FY26 outlook Overall, volume activity for the Vulcan Group showed gradual stabilisation in 1QFY26, with the pace of recovery anticipated to strengthen in 2HFY26. Uncertainty around global trade policies remains a risk for investment appetite and
Slide 26: Q&A
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 Q&A
Slide 27: Resolutions for approval
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 Resolutions for approval
Slide 28: Auditor’s remuneration
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 RESOLUTION 1 Auditor’s remuneration + That the Board of Vulcan is authorised to fix the fees and expenses of Deloitte Limited (New Zealanq), as Vulcan's auditor, for the financial year ending 30 June 2026 (FY26). + Proxies received: FOR 102,344,000 (95.68
Slide 29: Re-election of Adrian Casey as a director
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 vUuLeAN.co. RESOLUTION 2 Re-election of Adrian Casey as a director + That Adrian Casey, who retires and in accordance with the terms of Vulcan's Constitution and is eligible for re-election, be re-elected as a director of Vulcan. + Proxies received: FOR 1
Slide 30: Election of Rhys Jones as a director
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 vutean.co RESOLUTION 3 Election of Rhys Jones as a director + That Rhys Jones, who has been Vulcan’s Managing Director and Chief Executive Officer since 20II, and is intended to be a non- executive director and Chair from 1 January 2026, be elected as a d
Slide 31: Grant of performance share rights to Gavin Street
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 vutean.co Grant of performance share rights to Gavin Street as Vulcan’s incoming MD and CEO + That, for the purposes of ASX Listing Rule 10.14 and for all other | purposes, the issue of 390,543 performance share rights to | Vulcan's incoming Managing Dire
Slide 32: Grant of performance share rights to Adrian Casey
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 RESOLUTION 5 Grant of performance share rights to Adrian Casey as Vulcan’s COO That, for the purposes of ASX Listing Rule 10.14 and for all other purposes, the issue of 126,624 performance share rights to Vulcan's Chief Operating Officer, Adrian Casey, un
Slide 33: Voting
Slide 34: General business
VULCAN > ANNUAL MEETING OF SHAREHOLDERS 2025 General business
Slide 35: Thank-you for joining us.
Thank-you for joining us. VULCAN. VULCAN -co
Slide 36: Address from Vulcan Steel Limited’s Chair of the Board - Russell Chenu
Address from Vulcan Steel Limited‘s Chair of the Board - Russell Chenu Ladies and Gentlemen, fellow shareholders. The Financial Year 2025 in review FY2025 presented a challenging environment for our company. Vulcan experienced continuing headwinds in all of our major market segments in Australia and
Slide 37: In a further change, I will step down as Chair of the Board
In a further change, I will step down as Chair of the Board, to be replaced by Rhys from 1 January 2026. I will remain a director and will serve as the lead independent director. Rhys has led a management team that has created and expanded a significant presence in metals merchandising in both New Z
Slide 38: Address from Vulcan Steel Limited’s management team - Rhys Jones
Address from Vulcan Steel Limited‘s management team - Rhys Jones Thank you, Russell, and thank you to all those who are joining us for our Annual Shareholder Meeting. Summary of Financial Year 2025 performance The 2025 financial year ended up being an even more challenging year than FY24. Global eco
Slide 39: Address from Vulcan Steel Limited’s management team - Gavin Street
Address from Vulcan Steel Limited‘s management team - Gavin Street Thank you, Rhys. I would firstly like to thank our Board and you, our shareholders, for the opportunity to be part of Vulcan’s growth journey going forward. The successes of our company over the last 30 years are a result of culture
Slide 40: At 30 September 2025, Vulcan’s net debt was NZ$182 million
At 30 September 2025, Vulcan’s net debt was NZ$182 million following completion of Vulcan’s equity raising and the first payment for the acquisition of Roofing Industries. The second payment for the acquisition is due in January 2026. Priorities We intend to add to our foundation for growth. This me