Bluescope Steel Limited · ASX:BSL
Bluescope Steel — 1H FY2026 Earnings Presentation
34 slides from Bluescope Steel's earnings presentation, Feb 16, 2026
Slide 1: 1H FY2026 Financial Results Presentation
1H FY2026 Financial Results Presentation Tania Archibald Managing Director and Chief Executive Officer David Fallu Chief Financial Officer 16 February 2026 BlueScope Steel Limited. ASX Code: BSL Pictured: ABN: 16 000 011 058 Dune House on the Mornington Peninsula, VIC Level 24, 181 William Street, M
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 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 and vital cultures We
Slide 4: Safety First
Safety First Improving safety performance continues to be our number one priority 1H FY2026 Headlines Lead Indicators • Tragically, in November 2025, a contractor was fatally injured while working at the No.6 Blast Furnace Reline Project at the Port Kembla Steelworks >1,400 Team-based HSE risk contr
Slide 5: BlueScope is approaching an inflection point
BlueScope: BlueScope is approaching an inflection point • Major project pipeline nearing completion – benefits coming online A manufacturer built • Investment phase ramping down; delivery phase ramping up with strength and A simpler, leaner, more agile BlueScope set for growth built to win • Focus o
Slide 6: 1H FY2026 Financial Headlines
1H FY2026 Financial Headlines A clear demonstration of the strength and diversity of our portfolio during a period of sustained low Asian steel spreads Underlying EBIT1 Underlying EBIT Return Reported NPAT On Invested Capital2 $558M 8.1% $391M Up $249M on 1H FY2025 Stable on 1H FY2025 Up $212M on 1H
Slide 7: 2H FY2026 Group Outlook
2H FY2026 Group Outlook1 Underlying EBIT in 2H FY2026 is expected to be in the range of $620M to $700M This is an improvement on 1H FY2026 driven by stronger US steel spreads and improved sales volumes, offsetting impacts from softer Asian spreads and higher foreign exchange rates For the purposes o
Slide 8: A manufacturer built with strength and built to win
BlueScope: a manufacturer built with strength and built to win Our Strategic Themes Customer Operational Shareholder 1 value creation 2 excellence 3 value delivery • Customers at the heart • Relentless focus on • Strengthening cash of everything we do productivity at every generation • Earning our c
Slide 9: Delivering Major Projects
Delivering Major Projects Significant capital investment program nearing completion North Star Debottlenecking Western Sydney Metal Coating Line Port Kembla Plate Mill Upgrade • Unlocking an additional ~300ktpa of • Addition of 240ktpa metal coating capacity • Mill upgrades enhancing product and cap
Slide 10: Delivering Major Projects
Delivering Major Projects Significant capital investment program nearing completion Next Generation Ironmaking Technology New Zealand Electric Arc Furnace No.6 Blast Furnace Reline NeoSmelt Joint Venture1 • New EAF and associated electricity • Securing future iron supply for Port • Project to invest
Slide 11: Accelerating Value Delivery
Accelerating Value Delivery BlueScope’s value is underpinned by its high-quality asset portfolio, resilient business model and significant upside High-quality assets Resilient business model Significant upside 1 Progressing towards the $500M Footprint of high-quality assets across Multi-domestic str
Slide 12: Target Growth to 2030
1 Target Growth to 2030 Growth initiatives underway to drive $500M EBIT uplift to 2030, supported by macro normalisation North America Australia Asia and New Zealand Target EBIT Target EBIT Target EBIT improvement1 >$200M improvement1 >$125M improvement1,2 ~$150M • North Star debottlenecking well •
Slide 13: Driving Cost and Productivity Improvement
2 Driving Cost and Productivity Improvement Initiatives well progressed to deliver target $200M net annual earnings improvement in FY20261 Annualised net cost improvements over FY2024 ($M) Breakdown of 1H FY2026 gross cost initiatives $200M Targeting a $190M further $150M Direct cost savings manufac
Slide 14: A Simpler, Leaner, More Agile BlueScope
A Simpler, Leaner, More Agile Targeting $150M in cost savings through streamlining leadership and functional teams 3 BlueScope Targeting $150M in cost savings through streamlining leadership and functional teams Scope and timing Focus areas Streamlining leadership and functional teams Total cost sav
Slide 15: Accelerating Land Value Realisation
4 Accelerating Land Value Realisation The 1,200ha surplus land portfolio is in sought after industrial locations, with port, logistics and energy infrastructure, the majority of which is already appropriately zoned and able to be developed Recent progress Targeted acceleration Planning and partnersh
Slide 16: Increasing Shareholder Returns
5 Increasing Shareholder Returns BlueScope’s more resilient earnings and stronger cash flows allow for an evolution of our Financial Framework; rebasing shareholder returns significantly higher BlueScope’s Financial Framework CY2026 Returns Robust Disciplined Improved cash flow generation and Return
Slide 17: Business performance
Business performance Pictured: Reedy Creek Home in Reedy Creek, QLD featuring COLORBOND® steel in Surfmist®
Slide 18: Australia
Australia Softer half-year performance on sustained low Asian steel spreads, partly offset by lower costs Underlying EBIT ($M) 131 130 122 • Profitability against backdrop of sustained low Asian steel spreads continues to demonstrate resilience • Domestic despatches increased, largely driven by resi
Slide 19: Australia
Australia Increased despatches in 1H FY2026, driven largely by residential and non-residential construction Total Australian domestic despatch volumes (kt) Dwelling Total construction % shown in dark red • Approximately half of product goes to Alterations & 74% Additions (A&A) sub-segment 1,400 • St
Slide 20: Australia
Australia Ongoing focus on shifting mix towards premium branded products combined with a focus on cost Asian spread1 & steelmaking cash breakeven2 (US$/t) Asian steel spread1 & ASP EBITDA per tonne ($A/t) 1H FY26 indicative steelmaking 550 Underlying EBITDA per tonne (A$/t) cash breakeven spread ran
Slide 21: North America
North America Stronger result in 1H FY2026 on stronger spreads and volume at North Star and mixed performance across the Buildings & Coated Products reporting segment Underlying EBIT1 ($M) North Star 447 EBIT $321M in 1H FY2026; $202M in 2H FY2025 332 • Significantly stronger realised spreads in 1H
Slide 22: North America
North America The economy is steady with resilient consumer activity, non-residential construction and auto demand is solid, while manufacturing is showing positive signs Non-residential construction1 Automotive2 Manufacturing3 (Value of work put in place, US$Bn; ABI) (Light vehicle sales, annualise
Slide 23: Asia
Asia Stronger performance driven by improved earnings across Southeast Asia, with typical seasonality driving performance in China Underlying EBIT ($M) Southeast Asia1 97 EBIT $80M in 1H FY2026; $61M in 2H FY2025 • Stronger result in 1H FY2026, driven by improved cost performance and effective prici
Slide 24: New Zealand and Pacific Islands
New Zealand and Pacific Islands Sustained lower result on EAF transition impacts and continued soft macroeconomic conditions Sustained lower result on EAF transition impacts and continued soft macroeconomic conditions Underlying EBIT ($M) • 1H FY2026 performance was impacted by 3 the EAF transition,
Slide 25: Underlying Group EBIT Variance
Underlying Group EBIT Variance Stronger result in 1H FY2026 due to higher spreads, increased volumes and lower conversion costs 1H FY2026 vs 1H FY2025 ($M) 1H FY2026 vs 2H FY2025 ($M) 558 558 (5) 29 (14) Net spread increase $77M Net spread increase $176M 58 37 20 11 8 429 120 Conversion & other cost
Slide 26: 2H FY2026 Regional Guidance
2H FY2026 Regional Guidance Outlook subject to assumptions and qualifiers referenced on page 7 North • Expect a result 15% higher than 1H FY2026 Australia • Expect a lower result than 1H FY20262 America • North Star – expect a result approaching a • Weaker benchmark spreads third higher than 1H FY20
Slide 27: Financial framework
Financial framework Pictured: Kurrawa Surf Livesaving Club in Kurrawa, QLD featuring COLORBOND® steel in Woodland Grey®
Slide 28: Financial Framework
Financial Framework Underpinning Resilience Evolving our principles that drive financial performance and disciplined allocation of capital – with a focus on better using our balance sheet and substantially higher returns to shareholders Key changes • Balance sheet: will now target up to $1.5 billion
Slide 29: Returns Focus
Returns Focus Strong Focus on ROIC; Maximising Cash Targeting returns above cost of capital through the cycle; focus on maximising cash flows Group ROIC1 and invested capital2 (%, $Bn) Net cash flow (before investment exp and financing, $M) $11.0Bn $11.3Bn $12.0Bn $11.8Bn $9.1Bn $M FY2024 FY2025 2H2
Slide 30: Robust Balance Sheet
Robust Balance Sheet Net Debt Below Target; Ample Liquidity Strong balance sheet providing the foundation to deliver long term sustainable earnings and growth Net debt / (cash)1 ($M) Liquidity (undrawn facilities and cash, $M) Net Debt Target: up to $1.5Bn 3,172 3,2352 3,132 2,929 2,834 28 2 (88) (3
Slide 31: Disciplined Capital Allocation: Capital Expenditure
Disciplined Capital Allocation Capital Expenditure Investing for sustainable earnings and growth Capital allocation framework CAPEX spending and forecast1 ($M) 6BF reline & upgrade2 Major projects in forecast include: Operating Asset Sales Divestments Growth • MCL7 in Western Sydney (growth) Cash Fl
Slide 32: Disciplined Capital Allocation: Shareholder Returns
Disciplined Capital Allocation Shareholder Returns Rebasing shareholder returns substantially higher – commencing with $3.00 per share in CY2026 Shareholder return approach Dividends paid and buy-backs4 ($M) • Increased distribution target to at least Ordinary dividend Plan for CY2026 75% of free ca
Slide 33: Summary and Q&A
Summary and Q&A Pictured: Flinders Residence on the Mornington Peninsula featuring COLORBOND® steel in Monument®
Slide 34: 1H FY2026 Financial Results Presentation
1H FY2026 Financial Results Presentation Tania Archibald Managing Director and Chief Executive Officer David Fallu Chief Financial Officer 16 February 2026 BlueScope Steel Limited. ASX Code: BSL ABN: 16 000 011 058 Pictured: Level 24, 181 William Street, Melbourne, VIC, 3000 Scotchman’s View on the