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Future Forged RESULTS PRESENTATION 2026
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Disclaimer The material contained in this document is a presentation of information about Vulcan Steel Limited’s (“Vulcan”) activities current as of 25 August 2026. It is provided in summary form and does not purport to be complete. It should be read in conjunction with Vulcan’s periodic reporting and other announcements lodged with the Australian Securities Exchange (ASX) and New Zealand Stock Exchange (NZX). This document contains projections and other forward-looking statements, current intention, opinion and predictions regarding Vulcan’s present and future operations, possible future events and future financial prospects. These represent Vulcan’s assumptions and views, including expectations and projections about Vulcan’s business, the industry in which it operates and management’s own beliefs and assumptions. While these statements reflect expectations at the date of this document, they are, by their nature, not certain and are susceptible to change. Such matters require subjective judgement and analysis and may be based on assumptions which are incorrect. They may also be based on factors which are subject to significant uncertainties and contingencies which may be outside the control of Vulcan and are provided only as a general guide or statement and should not be relied upon as an indication or guarantee (expressed or implied) of future performance. Except as required by applicable law, the ASX Listing Rules and/or the NZX Listing Rules, Vulcan disclaims any obligation or undertaking to publicly update such forward-looking statements. This document is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. This presentation contains non-NZ IFRS financial measures to assist readers of this document to assess the underlying financial performance of Vulcan. The non-NZ IFRS financial measures in this presentation were not subject to a review or an audit by Deloitte. VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 2
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Our focus on building lasting long term shareholder value, maintaining our culture, putting our customers and team first have helped Vulcan navigate through the challenging times in the past four years That same commitment is pushing us to sharpen our operations, lift customer service, and target opportunities that create value - our entry into the rollforming market being an example. While the economic climate remains uncertain, we are cautiously optimistic that conditions are beginning to improve and are excited by the opportunities ahead as we build on the momentum from the past year. VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 3 Overview Financials and Operations Priorities and Outlook Supplementary Information 3
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01 Overview 02 Financials and Operations 03 Priorities and Outlook 04 Q&A 05 Supplementary information Agenda VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 4 Overview Financials and Operations Priorities and Outlook Supplementary Information
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Overview 01 SECTION
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+22% on $948m in FY25 $1,159m 1 REVENUE NZ$ +16% on $112m in FY25 ($77m pre-NZ IFRS 164,5 basis in FY26) $130m ADJUSTED EBITDA 2 NZ$ (EXCLUDING SIGNIFICANT ITEMS 3) +18% on 213,827 tonnes in FY25 252,820t SALES VOLUME +4,489 or +21% on 2H FY25 26,216 CUSTOMERS TRANSACTED WITH VULCAN 7 IN 2H FY26 -30% on $105m in FY25 $73m OPERATING CASH FLOW NZ$ +16.7% on 6.0 cents in FY25 7. 0 c FY26 TOTAL DIVIDEND NZc vs $232m as at 30 June 2025 $227m NET DEBT NZ$ vs 12,357t in FY25 13,395t GHG 8 INVENTORY SCOPE 1 AND 2 TOTAL CO 2 (INCLUDES ROLLFORMING) +22% on $18m in FY25 ($27m pre-NZ IFRS 164,5 basis in FY26) $22m ADJUSTED NPAT NZ$ (EXCLUDING SIGNIFICANT ITEMS 3) +11% on 13.6 cents in FY25 (18.6c pre-NZ IFRS 164,5 basis) 15.1c ADJUSTED EPS 6 NZ$ (EXCLUDING SIGNIFICANT ITEMS 3) -1% from 34.2% in FY25 33.2% GROSS MARGIN +0.4% on $1,518 in FY25 $1,524 GROSS PROFIT DOLLAR PER TONNE NZ$ Performance highlights 1. m - millions. 2. Earnings before interest, tax, depreciation and amortisation. 3. Excluding acquisition costs in FY26 and sale of wintec products and fixed assets in FY25. 4. New Zealand accounting standard on recognition of right of use assets and corresponding liabilities on leases, adopted in FY20. 5. Pre- NZ IFRS 16 the standard applicable was NZ International Accounting Standard 17. 6. Earnings per share. 7. Based on customers that transacted with Vulcan at least once in the relevant period. 8. Greenhouse gas. VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 6 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Key strategic and operational highlights Expanded into the New Zealand rollforming market in FY26 • Completed final purchase price payment in January 2026 • Integration is progressing well • Year-on-year (YoY) growth in volume Grew sales volume • First YoY growth in underlying volume since FY22 - market factors and internal initiatives • Underlying 2HFY26 volumes improved YoY and HoH • Underlying profitability stabilised with improvement in some categories Contained underlying cost growth • Group OPEX (excluding rollforming and currency translation impact) increased 8.8% YoY in FY26 • This was driven by a combination of volume growth, underlying cost inflation and investment to further lift customer service levels Maintained focus on operations • 98% delivery in full on time (DIFOT) rate on customer orders • Implemented five hybrid sites with further sites planned Disciplined financial management • Generated solid operating cashflow in FY26 • Balanced approach to stock management • Net debt reduced by NZ$5m to NZ$227m since the end of FY25 • Debt cover improved to 2.9x at the end of FY26 from 3.4x in FY25 VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 7 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Half-yearly volume and financial trends 0 200 400 600 800 1000 1200 1400 2H FY261H FY262H FY251H FY252H FY241H FY242H FY231H FY232H FY221H FY222H FY21 1H FY21 6-month period TOTAL SALES VOLUME (tonnes per day) 0 100 200 300 400 500 600 700 2H FY261H FY262H FY251H FY252H FY241H FY242H FY231H FY232H FY221H FY222H FY21 1H FY21 6-month period 0 20 40 60 80 100 120 140 2H FY261H FY262H FY251H FY252H FY241H FY242H FY231H FY232H FY221H FY222H FY21 1H FY21 6-month period ADJUSTED EBITDA (NZ$m ) REVENUE (NZ$m ) VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 8 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Vulcan’s business 87% VIC NSW QLD New Zealand WA TAS/ACT/NT SA MARKET SEGMENTS * 18% 16% 20%7% 4% 5% 3% 27% CUSTOMER * 7%1% 92% Other customers Customers 2 to 20 Customer 1 GEOGRAPHY* 23% 18% 10%5%2% 2% 40%New Zealand 40% Australia 60 % Rollformed & Sheetmetal Engineering Manufacturing Mining Transport Fabricating Other Food & Agriculture * Based on FY26 revenue data. STAINLESS STEEL Distributes stainless steel hollows, bars, fittings and sheets/plate, and processes stainless steel plate ENGINEERING STEELS Distributes high performance engineering steel and metal products, and processes engineering steel and metal products ALUMINIUM Extrudes and distributes standard and customised products and third party products including sheet, plate and coil products ROLLFORMING Processes coated steel coil to customer specifications METALS PLATE PROCESSING Processes steel plate to customer specifications (including cutting, drilling, tapping, counter-sinking and folding) STEEL DISTRIBUTION Distributes steel hollows, merchant products (bars, beams, angles, channels) and unprocessed coil and plate COIL PROCESSING Processes steel coil to customer specifications (including sheeting and slitting) STEEL We now operate in seven industry verticals across the metal distribution and value-added processing industry. We have widened our end-market and customer exposures VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 9 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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LAUNCESTON HOBART SYDNEY x 3 CANBERRA MELBOURNE x 3 ADELAIDE x 2 KURRI KURRI BATHURST DARWIN CAIRNS ROCKHAMPTON CALOUNDRA ALBURY DUNDOWRAN TOOWOOMBA PERTH x 2 BUNBURY COFFS HARBOUR BRISBANE x 6 NEWCASTLE x 3 GOLD COAST x 2 TOWNSVILLE x 2 MACKAY x 2 NAPIER x 3 DUNEDIN x 2 WELLINGTON x 2 NEW PLYMOUTH x 2 HAMILTON x 3 PALMERSTON NORTH x 3 INVERCARGILL x 3 NELSON x 2 CROMWELL BLENHEIM CHRISTCHURCH x 4 TIMARU TAURANGA x 3 TAUPO AUCKLAND x 9 WHANGAREI x 3 Vulcan’s business Combined with Roofing Industries, Vulcan now has more than 1,600 employees across 82 sites serving over 26,000 customers. Strategically Located Sites 82 Company Employees 1,669 Active Customers ~26k VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 10 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Continuing to execute on our growth strategy • Strong track record in brownfield expansions - additional sites identified for expansion. • Focus on new customers and increased profitable share of wallet. • Expanded into 10 regional markets through greenfield initiatives across Australasia. • New opportunities identified to expand footprint within Australasia. • Increasing the breadth and depth of our network offering over time. • Successfully introduced four major product categories - stainless, engineering steel, aluminium and rollforming - in the last 12 years. • Considering other opportunities. • Acquired and successfully integrated 12 businesses since 1995. • Acquired Ullrich Aluminium in August 2022. • Acquired Roofing Industries on 30 September 2025. • Further opportunities ahead. • Ongoing focus on efficiency gains to offset cost inflation. • Increase the breadth of geographic and product footprint. • Further optimise breadth and depth of our inventory to leverage on opportunities. • Ongoing focus on lifting customer engagement and volumes. Brownfield expansion Entry into new geographies Expansion of product and/or service offering Mergers and acquisitions Business improvement initiatives 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 of sites as well as disciplined acquisitions. VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 11 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Financials and Operations 02 SECTION
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Operating backdrop during FY26 Market conditions AUSTRALIA • Interest rates remain restrictive, moderating activity level in some segments of the economy. • Uncertainty remains over the extent of the economic impact from ongoing geopolitical risks and domestic fiscal policies. • Activity level in the domestic resource sector was also muted, notably due to some deferral in maintenance spend. • Market generally remains competitive with one operator in the steel segment consolidating its network and stock. • Activity in Queensland, New South Wales and Victoria was positive YoY. • FY26 tonnes per day (TPD) sales increased YoY, and was more positive in 2H FY26. NEW ZEALAND • Interest rates were supportive of economic activity, and are beginning to stimulate more economic activity from a low base. • Similarly, uncertainty remains over the extent of the economic impact from ongoing geopolitical tension and the impact on the cost of fuel. • Regions and segments exposed to agriculture experienced improved activity. • The market generally remains competitive. Some operators exiting certain segments and consolidating their network. • FY26 tonnes per day (TPD) sales increased YoY, and were more pronounced in 2H FY26. Global economic environment & industry development • Ongoing heightened geopolitical risks continue to cast uncertainty over global trade and business investment decisions. • Metal product purchase prices have risen in FY26 compared with FY25, especially in 2H FY26. Currency movements • In FY26, the average cross rates for the Australian Dollar (AUD) against the NZ Dollar (NZD) and the US Dollar rose approximately 5%. • AUD vs NZD was notably stronger in 2H FY26, rising approximately 9% YoY basis. This led an overall modestly favourable currency translation impact on Australian operation earnings into NZD - positive for gross profit but negative on operating costs. Cost pressures • Inflationary pressures on operating costs in 2H FY26 are gradually moderating, with the exception of fuel costs. • Fuel cost inflation and the associated pass-through have been and are being closely monitored. VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 13 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Group financial performance Revenue • Revenue in FY26 increased by 22.2% YoY, driven by: - $135m contribution from rollforming for nine months - $75m increase in underlying business, of which $74m was from a 16.4% YoY improvement in 2H FY26 • Volume in FY26 was 18.2% higher YoY driven by contribution from rollforming and increase in underlying businesses in 2H FY26. Profitability • Underlying business gross margin in FY26 was steady compared with FY25. • FY26 gross margin percentage was 1.0% lower YoY reflecting the mix between our underlying business and rollforming. • Gross profit per tonne in FY26 was 0.4% higher YoY. • Gross profit per tonne for Steel in FY26 was 18.9% higher YoY driven by higher per tonne profit for rollforming and improvement in underlying Steel segment. Metals gross profit per tonne in FY26 was also higher than FY25. • Adjusted FY26 EBITDA was 16.2% higher YoY, due to contribution from rollforming and YoY improvement in the underlying business in 2HFY26. Cash flows & returns • FY26 Operating cash flow (OCF) decreased 30.4% YoY due largely to the benefits to OCF in FY25 from a significant reduction in working capital. • Return on capital employed (ROCE) declined to 7.5% in FY26, compared with 8.8% in FY25. • Pre-NZ IFRS 16 ROCE declined to 9.8% in FY26, compared with 12.2% in FY25. NZ$m FY26 FY25 % Change Revenue 1,158.8 948.1 +22.2% Adjusted EBITDA 1, 4 130.3 112.1 +16.2% Adjusted EBIT 2, 4 6 7. 8 61.6 +10.1% Adjusted NPAT attributable to shareholders 3, 4 21.7 1 7.9 +21.1% Reported NPAT attributable to shareholders 3 20.7 15.7 +31.2% Earnings per share (cents) 4 15.1 13.6 +10.8% Operating cashflow (OCF) 4 73.0 105.0 -30.4% Adjusted cash conversion 5 66% 74% -8.6% Net Debt 227 .3 232.4 -2.2% Capital Employed 6 908.6 6 9 7. 3 +30.3% ROCE 7 7. 5 % 8.8% -1.4% Dividend declared per share (cents) 7. 0 6.0 +16.7% 1. EBITDA - Earnings Before Interest, Tax, Depreciation and Amortisation. 2. EBIT - Earnings Before Interest and Tax. 3. NPAT - Net Profit After Tax. 4. Before significant items -FY26: Business acquisition costs. FY25: sale of Wintec products and fixed assets. 5. (EBITDA - lease payments - capital expenditure) / (EBITDA - lease payments). 6. Capital Employed = Equity + Net Debt + Capitalised Lease Obligations. 7. ROCE - Return on capital employed based on EBIT. PRE NZ IFRS 16 4,8 NZ$m FY26 FY25 % Change Adjusted EBITDA 76.7 6 7. 3 +14.0% Adjusted EBIT 52.7 4 9. 1 +7. 4% Adjusted NPAT attributable to shareholders 26.7 21.6 +23.6% 8. New Zealand IFRS 16 – accounting recognition of right of use assets and corresponding liabilities on leases adopted in FY20. VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 14 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Key drivers of EBITDA change Volume and Margin • Higher sales volume contributed to NZ$61m YoY increase in FY26 EBITDA - Rollforming included from October 2025 - Materially higher sales volume in Steel segment • Gross profit dollar per tonne was slightly higher - NZ$6 per tonne increase - and contributed NZ$1m to improvement in EBITDA. Operating expenses (OPEX) • Group OPEX was NZ$44m higher at NZ$256m in FY26, reflecting: - OPEX for rollforming from 1 October 2025 - An unfavourable currency translation impact of a stronger Australian Dollar vs New Zealand Dollar for the company’s Australian operations - Higher number of employees to support volume growth in FY26 and further lift customer service level into the future Increase DecreaseTotal 61 1 -44 130 109 1123 0 20 40 60 80 100 120 140 160 180 200 FY26 adjustedOpexGross marginVolumeFY25 adjustedSignificant itemsFY25 (statutory) EBITDA MOVEMENT FROM FY25 TO FY26 (NZ$m ) VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 15 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Segment performance Steel • Revenue increased by 46.8% YoY in FY26, driven by the nine months contribution from rollforming as well as higher underlying volume and average revenue per tonne. • Gross profit per tonne increased 18.9% YoY, reflecting the impact of rollforming and improvement in the underlying Steel segment businesses, in 2HFY26 on a YoY and HoH basis. • EBITDA increased 77.9% YoY in FY26, reflecting contribution from rollforming and YoY increase in the underlying Steel segment businesses in 2HFY26. Metals • Revenue increased by 3.5% YoY in FY26, due to a combination of higher average selling price and steady volume on YoY basis. • Australia was slightly weaker reflecting end-market demand. • New Zealand recorded modest growth for the financial year. • While FY26 EBITDA declined 9.7% YoY for the full year, the performance in 2H FY26 improved by 7.5% YoY driven by better margin on steady TPD volume YoY basis. Steel, NZ$m FY26 FY25 % change Revenue 601.3 409 .7 +46.8% EBITD 1 78.5 44.1 +77 .9% Sales Volume (000 tonnes) 191.8 152.7 +25.6% Revenue/Tonne ($) 3,135 2,683 +16.9% EBITDA Margin 1 13.1% 10.8% +2.3% 1. Post NZ IFRS 16 basis. Metals, NZ$m FY26 FY25 % change Revenue 557 .5 538.4 +3.5% EBITDA 1 76.7 84.9 -9 .7% Sales Volume (000 tonnes) 61.0 61.1 -0.1% Revenue/Tonne ($) 9 ,133 8,809 +3.7% EBITDA Margin 1 13.8% 15.8% -2.0% 1. Post NZ IFRS 16 basis. VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 16 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Group operating expenditure (OPEX) Overall • Group OPEX (excluding depreciation and amortisation) in FY26 increased NZ$43.8m (20.6%) YoY, reflecting OPEX for rollforming, an increase in underlying volume and unit cost inflation. • Total OPEX per tonne including rollforming increased 2.0% YoY in FY26. • OPEX per tonne on constant currency basis for the underlying business improved slightly by 0.7% YoY basis. The Group will focus on driving further efficiencies across the business. Key costs • Employee benefits: - The 27.6% YoY increase in employee benefits reflected a combination of rollforming operations for nine months and increase in headcount in the underlying business and pay rate – Employee count for the underlying business increased 3.9% YoY basis • Selling and distribution costs: – Increased 21.7% YoY in FY26. Excluding the rollforming impact, underlying costs were up 6.9% YoY, yielding some efficiency benefits relative to growth in volume • Occupancy costs: – Increased 20.5% YoY in FY26. Excluding the rollforming impact, underlying costs were up 7.4%, reflecting higher outgoings and the impact of inflation • General and administrative costs: – Higher proportion of cost absorbed into manufacturing costs for products which is included in cost of sales – Ongoing initiatives undertaken to offset inflation OPEX, NZ$m FY26 FY25 % change Employee Benefits 186.8 146.4 +27 .6% Selling & Distribution (S&D) 2 7. 4 22.5 +21.7% Occupancy Costs 17 .1 14.2 +20.5% General & Admin. (G&A) 25.0 29 .4 -15.0% Operating Expenses 1,2 256.3 212.5 +20.6% Employee numbers (at period end) 1,669 1,344 +24.2% Sales Volume (000 Tonnes) 252.8 213.8 +18.2% Total Opex/Tonne ($) 1,013.7 993.7 +2.0% 1. Before significant items (FY26: Business acquisition costs.FY25: sale of Wintec products and fixed assets). 2. Excludes depreciation and amortisation. VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 17 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Cash flow and Capex Operating cash flow (OCF) • FY26 OCF decreased 30.4% YoY to NZ$73.0m compared with NZ$105.0m in FY25 – FY25 OCF benefited from approximately NZ$40m reduction in working capital – Underlying working capital increased moderately due to higher per tonne inventory value and an increase in receivables on the back of higher sales in late FY26 – The Roofing Industries acquisition contributed an NZ$13.3m increase in working capital – Currency translation of Australian operation working capital accounted for approximately NZ$28m movement between FY25 and FY26 Capital expenditure (Capex) • FY27 CAPEX is forecast to be between NZ$30m and NZ$35m of which NZ$14m to NZ$17m relates to growth initiatives. Investment in rollforming operations is projected to be approximately NZ$6m for growth. NZ$m FY26 FY25 % change Receipts from customers 1,140.2 962.1 +18.5% Payments to suppliers & employees -1,021.0 -808.0 +26.4% Interest paid -14.5 -23.7 - 3 9.0 % Tax paid -9 .2 -7. 5 +22.7% Lease interest paid -22.5 -18.0 +25.4% Net cash flows from operating activities 73.0 105.0 -30.4% Net capital expenditure -26.2 -17 .2 +52.2% Lease liability payments -31.0 -26.7 +15.9% Capital raise 93.8 0.0 n/a Acquisition - 8 7. 0 0.0 n/a Dividends paid -8.8 -19 .4 -54.6% FY26 EARNINGS AND CASHFLOW (CF) MOVEMENTS (NZ$m) 0 20 40 60 80 100 120 140 Operating CFW/Cap/Other CF pre W/Capital Tax Bank interest Interest pymt on lease Adjusted EBITDA 130.3 -22.5 -14.5 -9 .2 84.1 -11.1 73.0 MOVEMENT IN WORKING CAPITAL (excl tax, NZ$m) Increase DecreaseTotal 300 310 320 330 340 350 360 370 380 390 400 Jun 26FX impact /OtherAcquired net W/CapCreditorsDebtorsInventoryJun 25 0.8321.4 20.0 -5.6 13.3 2 7. 4 377 .3 VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 18 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Balance sheet metrics and dividend Dividend • A declared FY26 final dividend of 4.5 NZ cents per share, an increase of 1.0 cents per share YoY, and following an interim dividend of 2.5 NZ cents per share. • The total FY26 dividend represents a 47% payout of FY26 adjusted NPAT attributable to shareholders - within Vulcan’s target payout range of 40% to 80% • The final dividend will be fully franked and imputed. Debt facilities • Vulcan has NZ$414m committed facilities in place. • Net debt was NZ$227m at 30 June 2026, down slightly from NZ$232m as at 30 June 2025. • Vulcan’s net debt to EBITDA cover (pre-NZ IFRS 16 basis as per covenant approach) improved from 3.4x at the end of FY25 to 2.9x at the end of FY26. Expectation is for further improvement to cover in FY27. • Vulcan remains compliant with covenants. Lenders continue to be supportive. 1.38 0.8 0.91.0 1.3 2.6 2.1 3.1 3.4 3.2 2.9 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Jun 26Dec 25Jun 25Dec 24Jun 24Dec 23Jun 23Dec 22Jun 22Dec 21Jun 21 NET DEBT COVER (Net debt/EBITDA, pre-NZ IFRS 16) 0 50 100 150 200 250 300 350 400 450 500 Jun 26Dec 25Jun 25Dec 24Jun 24Dec 23Jun 23Dec 22Jun 22Dec 21Jun 21 70 113 187 390 298 276 242 232 225 227 340 Net debt Proforma settlement for Roofing Industries TERM/NET DEBT FACILITIES (NZ$m) VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 19 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Priorities and Outlook 03 SECTION
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Priorities for FY27 and FY28 Build on the momentum in 2H FY26 - accelerate growth through our product platforms and foundation. Further drive organic growth through customer service and margin improvement. Capitalise on market and business cycle opportunities going forward. Continue to integrate, support and invest in our rollforming business to accelerate growth. Utilise bench strength to support growth and leverage investments made in hybrid sites for volume growth. Further explore other opportunities. 1 2 3 4 5 VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 21 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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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 market and business cycle opportunities to deliver a higher return on capital over time. NEW ZEALAND Expect the economy to build momentum; improvement initiatives and market factors to contribute to growth. • Supportive interest rate levels. • Some customer segments are already benefiting from improvement in activity. • Customer channel checks point to an uplift in activity in the next 12 months. • Building and construction activity appears to have stabilised. Major infrastructure and commercial projects likely to take up to two years to break ground. • Subject to the NZ general election outcome in November 2026, the recovery momentum is anticipated to strengthen into 2027. AUSTRALIA Mixed across sectors; improvement initiatives and market factors to support volume. • The current restrictive interest rate setting is likely to cap the rate of economic growth for a period. • However, further network consolidation by a participant and potential introduction of safeguard measures by the government should be constructive for the steel sector. • In addition, the Olympic build in the next few years will be positive for Queensland which contributes 23% to Vulcan’s group revenue. • The engineering steel sector should benefit when maintenance spend in the resource sector recovers from the deferral observed in FY26. • Focus on converting hybrid initiatives into volume benefits. TRADING UPDATE Vulcan will provide a trading update at its annual meeting of shareholders in October 2026. Subject to current monetary policy settings: • Depreciation and amortisation is expected to be between NZ$67m and NZ$70m in FY27 compared with NZ$62.5m in FY26. • Interest expense is expected to be NZ$38m to NZ$41m in FY27 compared with NZ$36.1m in FY26. VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 22 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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04 SECTION Q&A
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Supplementary information 05 SECTION
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Half-yearly volume and financial trends 0 200 400 600 800 1000 1200 1400 2H FY261H FY262H FY251H FY252H FY241H FY242H FY231H FY232H FY221H FY222H FY21 1H FY21 6-month period TOTAL SALES VOLUME (tonnes per day) 0 10 20 30 40 50 60 70 80 2H FY261H FY262H FY251H FY252H FY241H FY242H FY231H FY232H FY221H FY222H FY21 1H FY21 ROCE (12-monthly) ROCE pre-NZ IFRS 16 (12-monthly) RETURN ON CAPITAL EMPLOYED (ROCE, %) 0 100 200 300 400 500 600 700 2H FY261H FY262H FY251H FY252H FY241H FY242H FY231H FY232H FY221H FY222H FY21 1H FY21 6-month period 0 20 40 60 80 100 120 140 2H FY261H FY262H FY251H FY252H FY241H FY242H FY231H FY232H FY221H FY222H FY21 1H FY21 6-month period ADJUSTED EBITDA (NZ$m ) REVENUE (NZ$m ) VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 25 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Profit and loss segment disclosure Steel Metal Corporate Total Post NZ IFRS 16 1, NZ$m FY26 FY25 % change FY26 FY25 % change FY26 FY25 % change FY26 FY25 % change Revenue 601.3 409 .7 46.8% 557 .5 538.4 3.5% 0.0 0.0 - 1,158.8 948.1 22.2% Adjusted EBITDA 2 78.5 44.1 77 .9% 76.7 84.9 -9 .7% -24.9 -17 .0 46.7% 130.3 112.1 16.2% Significant items 0.0 0.0 0.0 0.0 -1.0 -3.1 -1.0 -3.1 EBITDA post IFRS 16 & Significant Items 78.5 44.1 77 .9% 76.7 84.9 -9 .7% -25.9 -20.0 29 .2% 129 .3 109 .0 18.6% Depreciation and amortisation (D&A) -62.5 -50.5 EBIT 66.8 58.5 14.2% Net finance costs -36.1 -36.1 Share of equity accounted net earnings 0.9 PBT 31.6 22.4 41.2% Tax expense -9 .8 -6.6 NPAT 21.8 15.7 38.6% Non controlling interest -1.2 0.0 NPAT attributable to shareholders 20.7 15.7 31.2% D&A of PPE and intangibles -22.9 -18.2 Amortisation of right of use assets -38.4 -32.3 Loss on asset sales -1.1 0.0 Total D&A -62.5 -50.5 23.7% Finance income 1.5 0.2 Finance charges -15.1 -18.3 Finance charges on lease liabilities -22.6 -18.0 Finance charges -36.1 -36.1 Lease payments & termination gains -25.0 -18.6 -28.2 -25.9 -0.3 -0.3 -53.6 -44.8 EBITDA pre-IFRS 16 ex significant items 53.4 25.5 109 .4% 48.5 59.0 -17 .9% -25.2 -17 .3 46.2% 76.7 6 7. 3 14.0% Sales (000 tonnes) 191.8 152.7 25.6% 61.0 61.1 -0.1% 252.8 213.8 18.2% Revenue / Tonne 3,135 2,683 16.9% 9 ,133 8,809 3.7% 4,584 4,434 3.4% Gross Margin (%) 29 .6% 29 .1% 0.5% 37 .2% 38.2% -1.0% 33.2% 34.2% -1.1% EBITDA Margin 2 13.1% 10.8% 2.3% 13.8% 15.8% -2.0% 11.2% 11.8% -0.6% EBIT Margin 2 8.4% 6.1% 2.2% 8.0% 10.7% -2.7% 5.9% 6.5% -0.6% 1. NZ International Financial Reporting Standard NZ IFRS 16 – accounting recognition of right of use assets and corresponding liabilities on leases adopted in FY20. 2. Before significant items (FY26: Business acquisition costs. FY25 sale of Wintec products and fixed assets). VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 26 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Statutory and non-GAAP earnings Revenue EBITDA EBIT NPAT NPAT attributable to shareholders EPS (NZ cents) NZ$m (unless stated) FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 Statutory basis 1,158.8 948.1 129 .3 109 .0 66.8 58.5 21.8 15.7 20.7 15.7 14.4 12.0 + Significant item 1 1.0 3.1 1.0 3.1 1.0 2.2 1.0 2.2 0.7 1.6 Adjusted basis, before significant items 1,158.8 948.1 130.3 112.1 6 7. 8 61.6 22.8 1 7.9 21.7 1 7.9 15.1 13.6 Adjusted basis 1,158.8 948.1 130.3 112.1 6 7. 8 61.6 22.8 1 7.9 21.7 1 7.9 15.1 13.6 - Operating leases adjustment - - -53.6 -44.8 -15.1 -12.5 5.2 3.7 5.0 3.7 3.5 2.8 Adjusted pre-NZ IFRS 16 2 basis 1,158.8 948.1 76.7 6 7. 3 52.7 4 9. 1 28.0 21.6 26.7 21.6 18.6 16.4 1. FY26: Business acquisition costs. FY25: Sale of Wintec products and fixed assets. 2. NZ International Financial Reporting Standard NZ IFRS 16 – accounting recognition of right of use assets and corresponding liabilities on leases. VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 27 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Balance sheet NZ$ m 30 Jun 26 30 Jun 25 % change Trade and other receivables 182.2 130.8 39% Inventories 384.3 333.9 15% Less trade and other payables -189 .2 -143.2 32% Working capital 377 .3 321.4 17% Property, plant equipment 1 3 9.9 95.7 46% Intangibles 4 9. 4 12.1 309% Right-of-use assets 321.1 255.0 26% Other assets and liabilities 20.9 13.2 59% Lease liabilities -372.8 -295.3 26% Net banking debt -227 .3 -232.4 -2% Net assets / Shareholders funds 308.5 169 .7 82% VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 28 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Australian and New Zealand economic indicators -12.5 -10.0 -7. 5 -5.0 -2.5 0.0 2.5 5.0 7. 5 10.0 12.5 15.0 Jun 26 Dec 25 Jun 25 Dec 24 Jun 24 Dec 23 Jun 23 Dec 22 Jun 22 Dec 21 Jun 21 Dec 20 Jun 20 Dec 19 Jun 19 Dec 18 Jun 18 Quarterly GDP growth Quarterly gross capital formation growthQuarterly GDP growth Quarterly gross fixed capital growth -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 Jun 26 Dec 25 Jun 25 Dec 24 Jun 24 Dec 23 Jun 23 Dec 22 Jun 22 Dec 21 Jun 21 Dec 20 Jun 20 Dec 19 Jun 19 Dec 18 AU QUARTERLY ECONOMIC GROWTH 1 ( seasonally adjusted, %) -80 -60 -40 -20 0 20 40 60 80 Jun 26 Dec 25 Jun 25 Dec 24 Jun 24 Dec 23 Jun 23 Dec 22 Jun 22 Dec 21 Jun 21 Dec 20 Jun 20 Dec 19 Jun 19 Business confidence Business conditions Capex intentions NAB BUSINESS CONFIDENCE SURVEY FOR AUSTRALIA 2 NZ QUARTERLY ECONOMIC GROWTH 3 ( seasonally adjusted, %) -80 -60 -40 -20 0 20 40 60 80 Jun 26 Dec 25 Jun 25 Dec 24 Jun 24 Dec 23 Jun 23 Dec 22 Jun 22 Dec 21 Jun 21 Dec 20 Jun 20 Dec 19 Jun 19 Dec 18 Business confidence Activity outlook Investment intent ANZ BANK BUSINESS CONFIDENCE SURVEY FOR NEW ZEALAND 4 Australian economic activity New Zealand economic activity 1. Source: Australian Bureau of Statistics. 2. Source: NAB Business Confidence Survey. 3. Source: Statistics NZ. 4. Source: ANZ Business Confidence Survey. VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 29 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Australian and New Zealand building activity 0 10000 20000 30000 40000 50000 60000 70000 Jun 26 Dec 25 Jun 25 Dec 24 Jun 24 Dec 23 Jun 23 Dec 22 Jun 22 Dec 21 Jun 21 Dec 20 Jun 20 Dec 19 Jun 19 Dec 18 Jun 18 Dec 17 Jun 17 Dec 16 Value of building work done Engineering work doneValue of building work approved AU QUARTERLY CONSTRUCTION ACTIVITY - VALUE 1 (seasonally adjusted, A$m) 10000 20000 30000 40000 50000 60000 70000 Jun 26 Dec 25 Jun 25 Dec 24 Jun 24 Dec 23 Jun 23 Dec 22 Jun 22 Dec 21 Jun 21 Dec 20 Jun 20 Dec 19 Jun 19 Dec 18 Jun 18 Dec 17 Jun 17 Dec 16 Quarterly building approvals AU BUILDING ACTIVITY - DWELLINGS APPROVED 2 ( seasonally adjusted) 3000 4000 5000 6000 7000 8000 9000 10000 Jun 26 Dec 25 Jun 25 Dec 24 Jun 24 Dec 23 Jun 23 Dec 22 Jun 22 Dec 21 Jun 21 Dec 20 Jun 20 Dec 19 Jun 19 Dec 18 Jun 18 Dec 17 Jun 17 Dec 16 Jun 16 Value of building work doneValue of building work consented NZ QUARTERLY BUILDING ACTIVITY - VALUE 3 ( seasonally adjusted, NZ$m) 0 2000 4000 6000 8000 10000 12000 14000 Jun 26 Dec 25 Jun-25 Dec 24 Jun 24 Dec 23 Jun 23 Dec 22 Jun 22 Dec 21 Jun 21 Dec 20 Jun 20 Dec 19 Jun 19 Dec 18 Jun 18 Dec 17 Jun 17 Dec 16 Jun 16 Quarterly dwelling units consented NZ BUILDING ACTIVITY - UNITS CONSENTED 4 ( seasonally adjusted) Australian building activity New Zealand building activity 1. Source: Australian Bureau of Statistics, VSL. 2. Source: Australian Bureau of Statistics, VSL. 3. Statistics NZ. 4. Source: Statistics NZ. VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 30 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Global sector indicators 1200 1300 1400 1500 1600 1700 1800 1900 2000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Oct 24 fcst Oct 25 fcst Apr 26 fcst GLOBAL STEEL DEMAND FORECAST (m tonnes) 1 100 110 120 130 140 150 160 170 180 Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 2024 2025 2026 WORLD MONTHLY CRUDE STEEL PRODUCTION ( m tonnes) 1 4000 4500 5000 5500 6000 6500 Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 2024 2025 2026 WORLD PRIMARY ALUMINIUM PRODUCTION ( thousand tonnes) 2 m - million. 1. Source: World Steel Association. 2. Source: International Aluminium Institute. Modest recovery projected for global demand over the next 18 months Steel production in 1H of CY26 was 0.7% lower YoY after being down 2.7% YoY in 2H CY25 Aluminium production fell 1.5% YoY in Jun quarter 2026 due to damage to production facilities in the Middle-East VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 31 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Steel, stainless, nickel, aluminium and freight prices 0 200 400 600 800 1000 1200 1400 1600 Jun 26 Jun 25 Jun 24 Jun 23 Jun 22 Jun 21 Jun 20 Jun 19 Jun 18 Jun 17 Jun 16 Jun 15 Jun 14 Jun 13 Jun 12 Jun 11 Jun 10 Jun 09 Jun 08 Jun 07 HRC Price (US$/tonne) HRC Price (NZ$/tonne) HOT ROLLED COIL PRICE (East Asia, FOB, S/tonne) 0 10000 20000 30000 40000 50000 60000 Jun 26 Jun 25 Jun 24 Jun 23 Jun 22 Jun 21 Jun 20 Jun 19 Jun 18 Jun 17 Jun 16 Jun 15 Jun 14 Jun 13 Jun 12 Jun 11 500 2000 3500 5000 6500 8000 9500 Nickel Price (NZ$/tonne) Stainless Steel (NZ$/tonne) NICKEL & STAINLESS PRICE 2 0 50 100 150 200 250 300 350 400 Jun 26 Dec 25 Jun 25 Dec 24 Jun 24 Dec 23 Jun 23 Dec 22 Jun 22 Dec 21 Jun 21 Dec 20 Japan spot (US$/tonne) ALUMINIUM PORT PREMIUM ( US$/tonne) 4 0 500 1000 1500 2000 2500 3000 3500 4000 Jun 26 Jun 25 Jun 24 Jun 23 Jun 22 Jun 21 Jun 20 Jun 19 Jun 18 Jun 17 Jun 16 Jun 15 Jun 14 Jun 13 Jun 12 Jun 11 Jun 10 0 1000 2000 3000 4000 5000 6000 7000 Aluminium price (US$/tonne) Aluminium price (NZ$/tonne) ALUMINIUM PRICE 3 1. Source: Fastmarket, RBNZ, VSL. 2. Source: Fastmarket, RBNZ, VSL 3. Source: LME, RBNZ, VSL. 4. Source: Fastmarkets. Average steel price in 1H CY26 increased 3% HoH following a 2% HoH rise in 2H CY25 Stainless products price has increased approximately 18% in 1H CY26 following a 2% increase in 2H CY25 Japanese port premiums - an additional cost component to Aluminium price when buying billets - have increased materially in recent months Aluminium price has recessed from its peak but remains at elevated levels in the last two months VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 32 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Vulcan’s health and safety update Health and safety • Invested in a new on-site health and safety platform in the last two years to facilitate the ease of reporting. • Committed to providing a safe and healthy work environment - reinforced this over the last 18 months with the launch of the Safety Step Change Programme to further improve Vulcan’s health and safety practices. • Continued the use of Inviol artificial intelligence assisted video technology to mitigate high risk events across a range of workspaces including the back of trucks, warehouses and manufacturing sites. • In addition to Inviol - Vulcan is expanding the rollout of an in-cab safety camera technology platform to help enhance driver practice over time 0 2 4 6 8 10 12 14 FY26FY25FY24FY23FY22FY21FY20FY19 TRIFR 5.7 8.8 7. 1 7. 8 7. 1 8.08.5 9. 7 TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR) (per 200,000 hours worked) 0 5 10 15 20 25 FY26FY25FY24FY23FY22FY21FY20FY19 LTIFR LTIFR (Severe) 13.7 19 .119 .7 21.8 16.5 0.6 0.0 19 .4 0.0 13.8 0.0 14.0 0.0 1.9 3.6 0.6 LOST TIME INJURY FREQUENCY RATE (LTIFR) (per 1,000,000 hours worked) VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 33 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Vulcan’s environment and sustainability update Environment • Scope 1 and 2 greenhouse gas (GHG) emissions were 13,395 tonnes for FY26, with an 8.4% increase on the 12,357 tonnes in FY25. • This included 1,705 tonnes of GHG emissions for rollforming for the nine month period under Vulcan ownership. • Our emissions intensity for Scope 1 and 2 in FY26 improved on a per sales tonne basis by -8.3% YoY. • Excluding the impact of rollforming, our emission intensity for Scope 1 and 2 in FY26 would have improved by 14% YoY compared with FY25. The improvement was the result of initiatives implemented over the last two years, including increasing the number of solar installations. Community and social • Support to local community organisations - Halberg Youth Council, New Zealand Dance Company, Auckland Rescue Helicopter Trust, Otara Rugby League Club, and Arts Centre Melbourne. • Our business continues to invest in training and education through internal and external programmes for employees to assist with their professional and personal development. • Workplace and personal support to all employees and immediate family. FY26 EMISSIONS BREAKDOWN ONGOING INITIATIVES Diesel NZ Diesel AU Petrol AU Petrol NZ Electricity NZ Electricity AU Progressive shift to hybrid cars Solar panel rollout at high energy consumption sites Continued electric truck trial Monitoring supplier progress in green steel Refinement to inventory movement within the network 29% 22%5% 38% 3%3% 13,395 tCO2e VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 34 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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Vulcan’s business model at a glance Outcome Enablers Operational excellence Accountable profit centres 98% delivery in full, on time Internally developed fit-for-purpose IT Flat structure Inventory management Processing capability Managing overheads Customer service VULCAN ANNUAL REPORT 2026 / RESULTS PRESENTATION 35 Overview | Financials and Operations Priorities and Outlook Supplementary Information
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VULCAN.CO Thank you for joining us.