Bluescope Steel Limited · ASX:BSL
Bluescope Steel — FY2026 Earnings Presentation
35 slides from Bluescope Steel's earnings presentation, Aug 17, 2026
Slide 1: FY2026 Financial Results Presentation
FY2026 Financial For personal use only Results Presentation Tania Archibald Managing Director and Chief Executive Officer David Fallu Chief Financial Officer 17 August 2026 BlueScope Steel Limited. ASX Code: BSL ABN: 16 000 011 058 Pictured: Level 24, 181 William Street, Melbourne, VIC, 3000 Flinder
Slide 2: Important Notice
Important Notice This presentation is not and does not form part of any offer, invitation or recommendation in respect of securities. Any decision to buy or sell BlueScope Steel Limited securities or other products should be made only after seeking appropriate financial advice. Reliance should not b
Slide 3: Acknowledgement of Country
Acknowledgement of Country For personal use only BlueScope acknowledges the Traditional Custodians of the land on which we work, live and operate We recognise our First Nations Peoples who have inhabited Australia for millennia, their enduring connection to Country, sky, and waterways and their rich
Slide 4: Safety First
Safety First Strengthening safety performance remains our highest priority For personal use only FY2026 Headlines Lead Indicators • Global Safety Refocus continued to guide work on critical risks and the controls that manage them >1,500 Team-based HSE risk control improvement projects completed sinc
Slide 5: FY2026 Highlights
FY2026 Highlights A defining year • Accelerated delivery of value For personal use only for BlueScope • Positioned for the next phase of growth and returns • Major project delivery in final phase – Peak capex period completed; substantial completion of MCL7 and NZ EAF • Completed $200M FY2026 cost a
Slide 6: FY2026 Financial Headlines
FY2026 Financial Headlines A clear demonstration of the strength and diversity of our portfolio during a period of sustained low Asian steel spreads For personal use only Underlying EBIT1 Underlying EBIT Return Reported NPAT On Invested Capital2 $1.27Bn 10.7% $802M Up $535M on FY2025 Up from 6.2% in
Slide 7: 1H FY2027 Group Outlook
1H FY2027 Group Outlook1 Underlying EBIT in 1H FY2027 is expected to be in the range of $860M to $960M For personal use only For the purposes of the outlook, the Company has made the following 1H FY2027 average assumptions: • Lagged spreads: – US mini-mill benchmark spreads of ~US$750/t, up ~US$140/
Slide 8: A lean, modern manufacturer of high-quality steel products
A lean, modern manufacturer of high-quality steel products, systems and solutions that customers know and trust For personal use only Our Purpose Our Bond We create and inspire smart Our Customers are our partners solutions in steel, to strengthen Our People are our strength our communities for the
Slide 9: Target Growth to 2030
Target Growth to 2030 Growth initiatives underway to drive $500M EBIT uplift to 2030, supported by macro normalisation For personal use only North America Australia Asia Target EBIT Target EBIT Target EBIT improvement1 >$200M improvement1 >$125M improvement1 ~$75M • North Star debottlenecking contin
Slide 10: Major Projects – Production Ramping Up
Major Projects – Production Ramping Up Significant capital investment program; key projects moving from construction to operation For personal use only Western Sydney Metal Coating Line New Zealand Electric Arc Furnace North Star Debottlenecking Existing paint line New metal coating line PRODUCTION
Slide 11: Progressing Major Projects
Progressing Major Projects Significant capital investment program in final phase For personal use only Port Kembla Plate Mill Upgrade No.6 Blast Furnace Reline HIGH RES IMAGE BEING SOURCED • Mill upgrades enhancing product and • Securing future iron supply for Port service capability Kembla Steelwor
Slide 12: Real Progress on Climate and Sustainability
Real Progress on Climate and Sustainability • Exploring multiple decarbonisation pathways Australia • NeoSmelt JV1 investigating Direct Reduced For personal use only Investigating Iron-Electric Smelter Furnace (DRI-ESF) Delivering on our Commitments Lower Emissions Ironmaking Tech technology with Pi
Slide 13: A Simpler Leaner More Agile BlueScope
A Simpler Leaner More Agile BlueScope Delivered $200M net cost and productivity improvement in FY2026 on the FY2024 cost base; additional ~$150M benefit in FY2027, including from reset of operating model For personal use only FY2026 program completed Initiatives executed delivering additional ~$150M
Slide 14: Accelerating Land Value Realisation
Accelerating Land Value Realisation ~1,200ha surplus land portfolio in sought after industrial locations; over 60% appropriately zoned and able to be developed For personal use only Site Land size Progress in FY2026 Focus for FY2027 • Focus on development opportunities Port Kembla, • Rezoned to Spec
Slide 15: Rebased Shareholder Returns
Rebased Shareholder Returns Rebased shareholder returns materially higher; distribution target of at least 75% of free cash flow1 For personal use only CY2026 returns CY2027 plan to repeat returns • Fully delivering on CY2026 plan to • Plan to again deliver $3/sh (~$1.3Bn) in deliver $3/sh ($1.3Bn)
Slide 16: Macro and Steel Industry Conditions
Macro and Steel Industry Conditions Resilient portfolio well positioned to capture demand across the cycle and deliver growth For personal use only End-use demand conditions Regional steel industry conditions • Housing and non-res construction demand resilient • Industry structure remains supportive
Slide 17: Business performance
Business performance For personal use only Pictured: CIDB Convention Centre in Kuching Sarawak Malaysia featuring COLORBOND® steel in Gun Metal Grey.
Slide 18: Australia
Australia Softer 2H FY2026 performance on sustained low Asian steel spreads, partly offset by stronger volumes For personal use only Underlying EBIT ($M) 262 • Softer realised spread on lower domestic pricing and higher raw materials, broadly 130 188 in line with lagged benchmark movements 66 2H • S
Slide 19: Australia
Australia A resilient business; customer value proposition continuing to support mix shift towards premium branded products and upside leverage from spread recovery For personal use only Above-market growth in value add products Asian steel spread1 & ASP EBITDA per tonne ($A/t) 550 Underlying EBITDA
Slide 20: North America – North Star
North America North Star Stronger 2H FY2026 result on materially higher spreads For personal use only Underlying EBIT ($M) 805 • Materially stronger spread, noting specific sales mix relative to benchmark1 – Price realisation reflects more stable 484 2H pricing mechanisms (which represent 267 less t
Slide 21: North America – Buildings and Coated Products North America
North America Buildings and Coated Products North America Softer performance on lower contribution from Buildings, part offset stronger Steelscape performance For personal use only Underlying EBIT ($M) 249 • BlueScope Buildings delivered a softer 230 performance in the half due to lower volumes (lar
Slide 22: Asia
Asia Record full year performance in Southeast Asia For personal use only Underlying EBIT1 ($M) 177 • Southeast Asia underlying EBIT2 $157M in FY2026; $77M in 2H FY2026 139 80 2H – Repeated strong result in 2H FY2026, 70 with higher branded, value added volumes and robust cost performance 97 1H – Im
Slide 23: New Zealand and Pacific Islands
New Zealand and Pacific Islands Sustained lower result on EAF transition impacts and continued soft macroeconomic conditions Improved result on improved sales mix and cost performance, as the business approaches transition to hybrid EAF model For personal use only Underlying EBIT ($M) • Domestic des
Slide 24: Underlying Group EBIT Variance
Underlying Group EBIT Variance Stronger result in FY2026 due to higher spreads and improved volume and mix For personal use only FY2026 vs FY2025 ($M) 2H FY2026 vs 1H FY2026 ($M) 1,273 Net spread increase $441M 24 Cost and productivity program benefits seen across raw Conversion & other costs ($M) (
Slide 25: 1H FY2027 Regional Guidance
1H FY2027 Regional Guidance Outlook subject to assumptions and qualifiers referenced on page 7 For personal use only North • Expect a result more than one third higher Australia • Expect a result around two thirds higher than 2H America than 2H FY2026 FY2026 • North Star – expect a result more than
Slide 26: Financial Framework
Financial Framework For personal use only Pictured: KJL Innovation Campus in Samut Sakhon, Thailand featuring COLORBOND® steel in Off White
Slide 27: Financial Framework
Financial Framework Underpinning resilience of portfolio For personal use only Robust Disciplined Returns Focus Capital Structure Capital Allocation • ROIC > WACC on • Strong balance sheet, • Invest to maintain safe average through the cycle with a target of up to $1.5 and reliable operations, to •
Slide 28: Returns Focus
Returns Focus Strong focus on ROIC and maximising cash flow For personal use only ROIC1 and invested capital2 (%, $Bn) Net cash flow ($M) $12.0Bn $11.0Bn $11.3Bn $11.7Bn $M FY2025 FY2026 2H26 $9.1Bn Reported EBITDA 1,010 1,894 967 Adj. other cash profit items 491 (92) (62) 41.6% Working capital move
Slide 29: Robust Balance Sheet
Robust Balance Sheet Strong balance sheet with ample liquidity providing the foundation to deliver earnings, growth and shareholder returns For personal use only Net debt / (cash)1 ($M) Liquidity (undrawn facilities and cash, $M) Net Debt Target: up to $1.5Bn 3,235 3,132 2,929 2,834 2,8352 600 28 2
Slide 30: Disciplined Capital Expenditure
Disciplined Capital Expenditure Investing for sustainable earnings and growth For personal use only Capital allocation framework CAPEX spending and forecast2 ($M) Major growth projects include: Operating • North Star debottlenecking (growth) Asset Sales Divestments Cash Flow • PKSW plate mill upgrad
Slide 31: Rebased Shareholder Returns
Rebased Shareholder Returns Shareholder returns rebased substantially higher – $3/sh paid in CY2026; plan to deliver $3/sh in CY2027 For personal use only Shareholder return approach Average annual shareholder returns4 ($M) • Distribution target of at least 75% of free cash flow1 Ordinary dividend C
Slide 32: Summary and Q&A
Summary For personal use only and Q&A Pictured: Gilay Estate in Quirindi, NSW, featuring COLORBOND® steel in Monument®
Slide 33: In Summary
In Summary FY2026 proved • Delivered significant change while keeping focus on long-term value For personal use only the strength of the portfolio • Quality assets and a team that executes through the cycle • Growth: major projects moving from construction to commissioning and ramp up We delivered o
Slide 34: Questions
For personal use only Questions Pictured: Vanavasa Resort in Jandabaik, Pahang, Malaysia featuring VERMOE® steel in Alluring Brown
Slide 35: FY2026 Financial Results Presentation
FY2026 Financial For personal use only Results Presentation Tania Archibald Managing Director and Chief Executive Officer David Fallu Chief Financial Officer 17 August 2026 BlueScope Steel Limited. ASX Code: BSL ABN: 16 000 011 058 Pictured: Level 24, 181 William Street, Melbourne, VIC, 3000 Flinder