FY23 half-year Investor Presentation

INTERIM REPORT 2023

The material contained in this document is a presentation
of information about Vulcan Steel Limited’s (“Vulcan”)
activities current as of 14 February 2023.
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 the Company’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 or the ASX and 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.
Unless otherwise stated, financials (including
comparatives) reflect the adoption of IFRS 16 Leases.
This presentation contains non-IFRS financial
measures to assist readers of this document to assess
the underlying financial performance of Vulcan.
The non-IFRS financial measures in this presentation
were not subject to a review or an audit by Deloitte.
Disclaimer
2
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Agenda
It has been an eventful first half of FY23 at Vulcan, including
the purchase of Ullrich Aluminium, the largest acquisition
our company has made in its history.
Our business performed well despite an expected more
testing environment than our last financial year. Vulcan’s
1H FY23 results still represent one of the best periods for our
company after a record FY22. The team at Vulcan have the
tools, skills and experience to thrive through challenging
conditions on our journey of growth.
We are excited by the opportunities to create long-term
value for all of our stakeholders.
02
01
04
03
05
Financials & Operations
Overview
Q&A
Outlook & Guidance
Supplementary Information
3
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Overview
01
4
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Performance Highlights
1. Included five months of aluminium contribution in 1H FY23. 2. m - millions. 3. Earnings before interest, tax, depreciation and amortisation. 4.1H FY22: Statutory report included NZ$16m offer costs. 5. IFRS 16 - New Zealand accounting recognition
of right of use assets and corresponding liabilities on leases adopted in FY20. 6. Pre-IFRS 16 - NZ International Accounting Standard 17 – accounting treatment of leases prior to the introduction of IFRS 16 in FY20. 7. Based on customers that
transacted with Vulcan at least once in the relevant period, and excludes aluminium customers.
ADJUSTED EBITDA
1,3

(EXCLUDING SIGNIFICANT ITEMS
4
)
(NZ$97m pre-IFRS 16
3,4,6
basis)
-3% on NZ$118m in 1H FY22
NZ$115m
INTERIM DIVIDEND
(TOTALLING NZ$32m)
vs NZ27.5c in 1H FY22
NZ 24.5c
CUSTOMERS TRANSACTED
WITH VULCAN
7
+1% on 11,839 in 1H FY22
11,941
SALES VOLUME
1
-8% on 138,265 tonnes in 1H FY22
127,354t
ADJUSTED NPAT
5

(EXCLUDING SIGNIFICANT ITEMS)
(NZ$57m pre-IFRS 16 basis)
-22% on NZ$70m in 1H FY22
NZ$54m
REVENUE
1
+38% on NZ$463m in 1H FY22
NZ$638m
2
OPERATING CASH FLOW
1
vs NZ$36m in 1H FY22
NZ$16m
GROSS MARGIN
-5.4% on 41.3% in 1H FY22
35.9%
GROSS PROFIT $/TONNE
1
1H FY23 on 1H FY22
+30%
5
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

6
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION
Vulcan recently added aluminium to the company’s steel & metals distribution and processing services offering
c. 7,000 monthly active trading accounts (excluding aluminium customers) which operate across a range of end-markets
Vulcan’s Business
VIC
NSW
QLD
South Island
WA
North Island
SA
GEOGRAPHY*
23%
17%
15%
5%
3%
26%
11%
Fabricating
Manufacturing
Engineering
Mining
Transport
Sheetmetal
Other
Food & Agriculture
Rollformers
MARKET SEGMENTS*
21%
20%
14%
8%
9%
5%
3%
3%
21%
Other Customers
Customers #2-#20
Customer #1
CUSTOMER*
11%
2%
87%
N
e
w

Z
e
a
l
a
n
d


3
7
%
A
u
s
t
r
a
l
i
a


6
3
%

* Based on Vulcan’s FY22 revenue.
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)
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
Extrude and distribute
standard and customised
products and third party
products including sheet,
plate and coil products
METALSSTEEL

T OWNSV ILLE
MACKAY
BRISBANE
NEWCASTLE
LAUNCESTON
HOBART
S Y D N E Y
CANBERRA
MELBOURNE
ADELA I D E
PERTH
KURRI KURRI
BATHURST
ALBURY
DARWIN
BUNBURY
CAIRNS
ROCKHAMPTON
CALOUNDRA
GOLD COAST
DUNDOWRAN
COFFS HARBOUR
x2
x4
x2
x2
x3x3
WHANGAREI
AUCKLAND
x3x3
TAURANGA
ROTORUA
NAPIER
DUNEDIN
CHRISTCHURCH
WELLINGTON
SILVERDALE
NEW PLYMOUTH
HAMILTON
PALMERSTON NORTH
INVERGARGILL
TIMARU
NELSON
x2
x2x2
Trans-Tasman positions with a national footprint and significant scale drive operating leverage and supply chain capability
Vulcan’s Business continued
72144012k
SITES STRATEGICALLY LOCATED TO
SERVE THE LOCAL CUSTOMER BASE
COMPANY
EMPLOYEES
ACTIVE
CUSTOMERS*
* Excluding Aluminium.
7
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION VULCAN.CO
7

8
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION
Growth Strategy & Update
• Recipient of Deloitte Top-200 2022 Awards in December 2022 for New Zealand
Company of the Year, recognising our employees for outstanding performance
and long history of value creation
• Strategy is focused on the creation of sustainable long term shareholder value
• Strong track record in
brownfield expansions -
additional sites identified
for expansion
• Focus on new customer
wins and increase share
of wallet
• Expanded into 10 regional
markets though greenfield
initiatives across Australasia
• New opportunities identified
to expand footprint within
Australasia
• Successfully introduced and
cross sell 2 major product
categories in the last 7 years
• Recently added aluminium
products into our offering
• Considering opportunities
in other steel segments
• Acquired and successfully
integrated 11 businesses
since 1995
• Acquired Ullrich Aluminium
in August 2022
• Opportunities for further
consolidation
• Ongoing focus on
productivity gain to offset
cost inflation
• 11 of 17 growth initiatives
previously identified are
now in revenue generation
phase, and are delivering
strong revenue run rate due
to higher product prices
• 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

9
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION
• We have made considerable progress in the integration of our
aluminium business since acquisition
• A joint executive team was established immediately after Vulcan took
ownership in August 2022
• Key employees have also been appointed to spearhead workstreams
and identify ongoing opportunities
• We have completed the migration of our NZ aluminium business
operating systems onto Vulcan’s platforms - a critical milestone
• Targeting 4Q FY23 for our Australian aluminium business to be
operating on Vulcan’s platforms
• Our aluminium product procurement process and product offering
are currently being streamlined which is anticipated to deliver positive
benefits in FY24 and beyond
• Ongoing focus on the integration of our aluminium team into the
Vulcan business model and company culture
• We remain confident for annualised synergy benefits to be in excess
of NZ$10m over the next few years
Aluminium Business Integration

10
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION
Health & Safety, Environment & Community
Health & Safety
• Committed to providing a safe and healthy work environment
• Trialling 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
Environment
• Greenhouse gas CO2 emission of 9,164 tonnes in June year 2022
• Vulcan’s current initiatives:
Community and Social
• Support to local community organisations - Halberg Youth Council,
New Zealand Dance Company, Arts Centre Melbourne
• Workplace and personal support to all employees and immediate
family
0
5
10
15
20
25
30
12M to 1H FY23FY22FY21FY20FY19FY18
LTIFRLTIFR (Severe)
15.4
16.4
11.9
26.0
1.7
11.5
0.5
14.7
0.5
2.7
0.5
1.1
0
2
4
6
8
10
12
FY23FY22FY21FY20FY19FY18
TRIFR
6.1
4.9
6.2
6.4
6.6
10.4
LOST TIME INJURY FREQUENCY RATE (LTIFR)
(per 1,000,000 hours worked)
TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)
(per 200,000 hours worked)
Shifting to
hybrid cars
Commenced trial of
electric truck in 2H FY22
The introduction of
biofuel use over time
Monitoring supplier
progress in green steel
Solar rollout
at various sites
ICON

11
Financials
& Operations
02
11
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

• Australia and New Zealand activity level
- Normalisation from previous peak demand period in FY22
relating to COVID-19 compounded by weaker economic
conditions
- Some weather-related disruption to market activity
in Australia
- Destocking activity among market participants
• More restrictive interest rate environment, especially in New Zealand
• Stronger Australian Dollar and NZ Dollar against the US Dollar
since October 2022
• Inflation pressure on operating costs
Operating Backdrop during 1H FY23
12
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Global Sector Indicators
World steel demand growth is currently
forecast to be modest
World aluminium demand growth is forecast
to exceed 3% pa in the medium term
Short term steel production decline reflects
economic conditions and seasonal factors
Short term aluminium production
reflects demand conditions
1200
1300
1400
1500
1600
1700
1800
1900
2000
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
Apr-21 fcstOct-21 fcstApr-22 fcstOct-22 fcst
2000
2200
2400
2600
2800
3000
3200
3400
3600
Dec-22
Oct-22
Aug-22
Jun-22
Apr-22
Feb-22
Dec-21
Oct-21
Aug-21
Jun-21
Apr-21
Feb-21
Dec-20
Oct-20
Aug-20
Jun-20
ChinaRest of World
0
20
40
60
80
100
120
Dec-22
Oct-22
Aug-22
Jun-22
Apr-22
Feb-22
Dec-21
Oct-21
Aug-21
Jun-21
Apr-21
Feb-21
Dec-20
Oct-20
Aug-20
Jun-20
ChinaRest of World
0
20
40
60
80
100
120
140
2030
2029
2028
2027
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Aluminium semi-finished products consumption
GLOBAL STEEL DEMAND FORECAST (m tonnes)
1
GLOBAL ALUMINIUM DEMAND FORECAST (m tonnes)
2
WORLD MONTHLY CRUDE STEEL PRODUCTION (m tonnes)
1
WORLD MONTHLY ALUMINIUM PRODUCTION (000 tonnes)
2
m - million. 1. Source: World Steel Association. 2. Source: International Aluminium Institute.
13
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Steel, Stainless, Nickel, Aluminium & Freight Prices
0
10000
20000
30000
40000
50000
60000
Dec-22
Dec-21
Dec-20
Dec-19
Dec-18
Dec-17
Dec-16
Dec-15
Dec-14
Dec-13
Dec-12
Dec-11
Dec-10
Dec-09
Dec-08
Dec-07
500
2000
3500
5000
6500
8000
9500
Nickel Price (NZ$/tonne)Stainless Steel (NZ$/tonne)
0
200
400
600
800
1000
1200
1400
1600
Dec-22
Dec-21
Dec-20
Dec-19
Dec-18
Dec-17
Dec-16
Dec-15
Dec-14
Dec-13
Dec-12
Dec-11
Dec-10
Dec-09
Dec-08
Dec-07
Dec-06
HRC Rolled Coil Price (US$/tonne)HRC Rolled Coil Price (NZ$/tonne)
0
1000
2000
3000
4000
5000
6000
7000
8000
Dec-22
Jun-22
Dec-21
Jun-21
Dec-20
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
North Asia-NZ Dry IndexBaltic Dry IndexWorld Container Index
0
500
1000
1500
2000
2500
3000
3500
4000
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
Dec-15
Jun-15
Dec-14
Jun-14
Dec-13
Jun-13
Dec-12
Jun-12
Dec-11
Jun-11
Dec-10
Jun-10
0
750
1500
2250
3000
3750
4500
5250
6000
Aluminium Price (US$/tonne)Aluminium Price (NZ$/tonne)
HOT ROLLED COIL PRICE
1
ALUMINIUM PRICE
3
NICKEL & STAINLESS STEEL PRICE
2
FREIGHT INDICES
4
NICKEL PRICE (NZ$)
HOT ROLLED COIL PRICE
BALTIC/NORTH ASIA DRY INDEX
ALUMINIUM PRICE (US$)
STAINLESS STEEL PRICE (NZ$)
WORLD CONTAINER INDEX
ALUMINIUM PRICE (NZ$)
1. Source: Fastmarket, RBNZ, VSL. 2. Source: Fastmarket, RBNZ, VSL 3. Source: LME, RBNZ, VSL. 4. Source: Drewry, Baltic Exchange, VSL, RBNZ, VSL.
HRC price fell c20% in 1H FY23 compared with 2H FY22 average,
but has recovered c7% since December 2022
Aluminium price fell c14% in 1H FY23 compared with 2H FY22
average, and has recovered slightly recently
Nickel price remains elevated relative
to stainless steel price
North Asia-NZ dry bulk freight cost remains
above pre-COVID 19 period levels
14
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Australian and New Zealand Economic Trends
Australian Economic ActivityNew Zealand Economic Activity
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
Dec-22
Sep-22
Jun-22
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Quarterly GDP GrowthQuarterly Gross Fixed Capital Growth
-15
-12
-9
-6
-3
0
3
6
9
12
15
Dec-22
Sep-22
Jun-22
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Sep-18
Jun-18
Mar-18
Quarterly GDP Growth
-80
-60
-40
-20
0
20
40
60
80
Dec-22
Oct-22
Aug-22
Jun-22
Apr-22
Feb-22
Dec-21
Oct-21
Aug-21
Jun-21
Apr-21
Feb-21
Dec-20
Oct-20
Aug-20
Jun-20
Apr-20
Feb-20
Dec-19
Oct-19
Aug-19
Jun-19
Apr-19
Feb-19
Dec-18
Business ConfidenceInvestment ConfidenceForward Orders
-80
-60
-40
-20
0
20
40
60
80
Dec-22
Oct-22
Aug-22
Jun-22
Apr-22
Feb-22
Dec-21
Oct-21
Aug-21
Jun-21
Apr-21
Feb-21
Dec-20
Oct-20
Aug-20
Jun-20
Apr-20
Feb-20
Dec-19
Oct-19
Aug-19
Jun-19
Apr-19
Feb-19
Dec-18
Business ConfidenceInvestment ConfidenceOwn Activity Outlook
AU QUARTERLY ECONOMIC GROWTH
1

(seasonally adjusted, %)
NZ QUARTERLY ECONOMIC GROWTH
3

(seasonally adjusted, %)
ANZ BUSINESS CONFIDENCE SURVEY FOR NZ
4
NAB BUSINESS CONFIDENCE SURVEY FOR AUSTRALIA
2
1. Source: Australian Bureau of Statistics. 2. Source: NAB Business Confidence Survey 3. Source: Statistics NZ. 4. Source: ANZ Business Confidence Survey.
15
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Australian and New Zealand Building Activity
New Zealand Building ActivityAustralian Building Activity
10000
20000
30000
40000
50000
60000
70000
Dec-22
Sep-22
Jun-22
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Sep-18
Jun-18
Mar-18
Dec-17
Sep-17
Jun-17
Mar-017
Dec-16
Sep-16
Quarterly Building Approvals
3000
4000
5000
6000
7000
8000
9000
10000
Dec-22
Sep-22
Jun-22
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Sep-18
Jun-18
Mar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-16
Sep-16
Jun-16
Mar-16
Value of Building Work DoneValue of Building Work Consented
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
Dec-22
Sep-22
Jun-22
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Sep-18
Jun-18
Mar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-16
Sep-16
Value of Building Work DoneEngineering Work DoneValue of Building Work Approved
0
2000
4000
6000
8000
10000
12000
14000
Dec-22
Sep-22
Jun-22
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Sep-18
Jun-18
Mar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-16
Sep-16
Jun-16
Mar-16
Quarterly Dwelling Units Consented
AU BUILDING ACTIVITY - DWELLINGS APPROVED
2

(seasonally adjusted)
NZ QUARTERLY BUILDING ACTIVITY VALUE
3

(seasonally adjusted, NZ$m)
AU CONSTRUCTION ACTIVITY - VALUE
1

(seasonally adjusted, A$m)
NZ BUILDING ACTIVITY - UNITS CONSENTED
4

(seasonally adjusted)
1. Source: Australian Bureau of Statistics, VSL. 2. Source: Australian Bureau of Statistics, VSL. 3. Source: ? 4. Source: Statistics NZ, VSL.
16
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

• Revenue lift in 1H FY23 included first-time contribution from
our acquired aluminium business and 9% year-on-year (YoY)
increase in our Steel and other Metals operations
• Excluding aluminium, overall average revenue per tonne was
up 28% YoY in 1H FY23, while volume declined by 15% YoY
• Underlying active trading accounts in 1H FY23 improved
since FY22
• Overall gross profit dollar per tonne improved 30% due to
more favourable revenue mix. Overall gross margin percentage
declined 5.4% YoY to 35.9% in 1H FY23 due to higher product
costs and selling prices
• Adjusted EBITDA was down slightly in 1H FY23, with the decline
in pre-existing operations offset by NZ$23m contribution from
our acquired aluminium business
• The YoY decline in 1H FY23 operating cash flow was due
to increased investment in inventory
• Rolling 12-months ROCE declined to 24.0% in 1H FY23 from 35.9%
in 1H FY22 due to the acquisition of our aluminium business, the
timing of working capital movements and lower earnings in our
Steel and Metals businesses
Group Financial Performance
MILLION NZ$
1H FY231H FY22% Change
Revenue638.0463.0+37.8%
Adjusted EBITDA
1,4
115.1118.1-2.5%
Adjusted EBIT
2,4
94.1104.8-10.2%
Adjusted NPAT

3, 4
54.469.7-22.0%
Reported NPAT

3
54.453.9+0.8%
Earnings per share (cents)
4
41.453.0-22.0%
Operating cashflow (OCF)
4
16.051.4-69.0%
Adjusted cash conversion
5
75%85%-10.7%
Net Bank Debt
390.4186.9109%
Capital Employed
6
853.2574.5+48.5%
ROCE
7
24.0%35.9%-12.0%
Dividend per share (cents)
24.527.5-11%
PRE IFRS 16
4,8
(MILLION NZ$)
1H FY231H FY22% Change
Adjusted EBITDA96.8106.3-8.9%
Adjusted EBIT
90.1101.9-11.6%
Adjusted NPAT
57.271.7-20.2%
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 (offer costs in 1H FY22).
5. (EBITDA - lease payment - capital expenditure) / (EBITDA - lease payments).
6. Capital Employed = Equity + Net Bank Debt + Capitalised Lease Obligations.
7. EBIT used in this calculation is based on rolling 12 months basis.
8. New Zealand International Accounting Standard 17 – accounting treatment of operating leases
and finance leases prior to the introduction of International Financial Reporting Standard 16 in FY20.

17
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

• Underlying volume change (excluding aluminium) contributed
NZ$29m decline YoY
• Margin growth contributed NZ$14m increase YoY
• Underlying Gross OPEX (excluding aluminium business) in 1H FY23
was up NZ $11m YoY
• Aluminium business contributed NZ$23m in 1H FY23
140
120
100
80
60
40
20
0
1H FY23 Statutory
Aluminium
Opex
Underlying Gross Margin
Underlying Volume
1H FY22 ex-offer costs
Back out offer costs
1H FY21 (statutory)
102
118
14
-29
-11
115
23
16
EBITDA MOVEMENT FROM 1H FY22 TO 1H FY23 (NZ$m)
Key drivers of EBITDA change
18
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

• Revenue increase was driven by 26% YoY product price inflation
and 16% YoY decline in volume
- Coil accounted for the majority of this volume decline
• Gross profit per tonne in 1H FY23 was up approximately 2% YoY
compared with 1H FY22 but down 3.5% compared with full year
FY22
• EBITDA decreased 24% YoY in 1H FY23 as a consequence of the
decline in volume and increase in operating costs
(STEEL, MILLION NZ$)
1H FY231H FY22% Change
Revenue316.5300.35%
EBITDA
1
64.384.5-24%
Sales Volume (000 tonnes)94.5113.0-16%
Revenue / Tonne ($)3,3512,65926%
EBITDA Margin
1
20.3%28.1%-7.8%
1. Post IFRS 16 basis.
Steel Segment, Steel GP$/tonne
19
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

• Revenue increase was driven by NZ$134m first-time contribution
from aluminium, and 28% YoY product price inflation and 11% YoY
volume decline in pre-existing operations
• Gross profit per tonne for Metals improved 37% YoY in 1H FY23
due largely to a change in product mix following our aluminium
business acquisition
• Aluminium contributed NZ$23m to Metals Segment EBITDA in
1H FY23
• Aluminium EBITDA will not be disclosed separately after FY23 on
completion of our integration
Metals Segment
(METALS, MILLION NZ$)
1H FY231H FY22% Change
Revenue321.4162.798%
EBITDA
1
66.644.350%
Sales Volume (000 tonnes)32.925.330%
Revenue/Tonne ($)9,7726,42852%
EBITDA Margin
1
20.7%27.2%-6.5%
1. Post IFRS 16 basis.
20
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

• Group OPEX increased by 56% YoY in 1H FY23
- Aluminium business contributed approximately NZ$30m
- Material underlying inflation uplift on pre-existing operations
including employee, freight and travel expenses
- Business integration costs accounted for NZ$1.5m in 1H FY23
Group OPEX
(OPEX , MILLION NZ$)
1H FY231H FY22% Change
Employee Benefits70.747.350%
Selling & Distribution (S&D)13.38.851%
Occupancy Costs4.92.876%
General & Admin. (G&A)25.114.178%
Operating Expenses
1,2
114.073.056%
Average employee numbers144084870%
Sales Volume (000 Tonnes)127.4138.3-8%
Total OPEX/Tonne ($)895.4528.070%
1. Exclude Depreciation & Amortisation.
2. Before significant items (offer costs in FY22).
21
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Cashflow & Working Capital
(MILLION NZ$)
1H FY231H FY22% Change
Receipts from customers736.1522.246%
Payments to suppliers & employees-681.5-456.849%
Interest paid-7.6-1.3496%
Tax paid-50.0-22.8119%
Lease interest paid-8.0-5.643%
Net cash flows from operating activities16.035.655%
Capital expenditure-10.7-5.3102%
Business acquisition-149.2--
Lease liability payments-10.3-6.266%
Dividends-49.3-68.0-28%
Free cash flow
Principal pymt on lease
Capex
Operating CF
W/Capital/Other
CF pre W/Capital
Tax
Bank interest
Interest pymt on lease
Adjusted EBITDA
-33.5
16.0
-5.0
115.1
-8.0
-7.6
-10.7
-10.3
-50.0
49.4
140
120
100
80
60
40
20
0
-20
1H FY22 EARNINGS AND CASHFLOW (CF) MOVEMENTS
600
500
400
300
200
100
0
Dec-22CreditorsDebtorsInventory Jun-22
IncreaseDecreaseTotal
13.0
493.2
139.3
-2.4
343.3
MOVEMENT IN WORKING CAPITAL (excl tax, NZ$m)
• Cash generated from earnings were applied toward:
- Higher payments for inventory received in 1H FY23
- Higher tax payments in 1H FY23 which were related to terminal
payments for higher FY22 earnings and FY23 provisional tax payments
- Increased funding costs which were due to higher debt level and
interest rate increases
• Our aluminium business acquisition
- NZ$108m cash paid to vendor in 1H FY23
- Further payments totalling NZ$20m to be made in 2H FY23
- NZ$41 net debt was assumed as part of acquisition
• Capex was $11m in 1H FY23. Retaining NZ$25m - NZ$27m capex
guidance for FY23
22
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

• Remain financially well-positioned to execute on growth opportunities
• 60%-80% annual dividend payout policy retained
- Declared 1H FY23 dividend 24.5 NZ cents is fully franked and imputed
• Bank facilities of NZ$429m as at 31 December 2022
- Continue to optimise the cost of carrying excess unutilised debt
facility and maintain sufficient flexibility for growth opportunities
Balance Sheet Metrics & Dividend
0
50
100
150
200
250
300
350
400
450
Dec-22Jun-22Dec-21Jun-21
160
429
250
160
Committed Facilities
3.0
1.7
0.9
1.7
0.8
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Banking CovenantDec-22Jun-22Dec-21Jun-21
0
100
200
300
400
500
600
700
800
900
1000
Dec-22Jun-22Dec-21Jun-21Dec-20
853.2
406.5
418.6
574.5
453.5
197.1
85.9
123.5
194.7
69.8
154.1
200.6
113.3
139.5
202.3
186.9
185.3
390.4
286.8
176.0
Shareholders’ FundsNet DebtLease Liabilities
BANKING FACILITIES
NET DEBT COVER (Net debt/EBITDA, pre IFRS 16)
FUNDS EMPLOYED (NZ$ million)
23
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

24
Outlook
& Guidance
03
24
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Outlook
• As outlined in August last year with our full year FY22 results, we
expected the present financial year to be more challenging as the
market begins to normalise from peak demand trading conditions
arising from COVID-19, and as economic headwinds including higher
interest rates begin to impact on the wider economy and our business
• While we are encouraged by our margin performance, the demand
conditions observed in 1H FY23 are not expected to materially improve
in 2H FY23 across the Australian and New Zealand markets
• With current monetary policy settings, current business conditions
and the uncertainty surrounding New Zealand’s national election in
October 2023, there are risks of further weakening in the New Zealand
economy
• The recent weather-related events in the northern region of
New Zealand may cause ongoing disruption to trading activity in
the short term
• There remains ongoing inflation pressure on our operating cost base
across Australia and New Zealand.
• The demand for steel and metal products globally in 2023 is expected
to increase from levels observed in 2022, as business activity in China
begins to recover from COVID-19
• Our aluminium business has performed well. Our goal is to maintain
the present momentum in the remainder of FY23
Outlook & Guidance
Earnings Guidance
• Based on current view of market conditions and recent trading,
we have narrowed our FY23 EBITDA guidance range to NZ$215m -
NZ$230m from previously NZ$215m - NZ$235m.
• Combined with depreciation and amortisation and funding costs,
we expect NPAT to be between NZ$95m and NZ$109m from previously
NZ$93m -NZ$107m.
• With the ongoing economic and market volatility, we will update our
guidance as appropriate.
25
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

04
Q&A
26
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION VULCAN INTERIM REPORT 2023

Supplementary
Information
05
27
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Profit and Loss Segment Disclosure
SteelMetalCorporateTotal
POST IFRS 16
1
IN MILLION NZ$
1HFY231HFY22% Change1HFY231HFY22% Change1HFY231HFY22% Change1HFY231HFY22% Change
Revenue316.5300.35%321.4162.798%0.00.0-638.0463.038%
Adjusted EBITDA
2
64.384.5-24%66.644.350%-15.7-10.747%115.1118.1-3%
Significant items

0.00.00.00.00.0-15.80.0-15.8
EBITDA post IFRS 16 & significant items64.384.5-24%66.644.350%-15.7-26.4-41%115.1102.412%
Depreciation and amortisation (D&A)-21.0-13.3
EBIT

94.189.06%
Finance costs
-17.4-7.1
PBT
76.781.9-6%
Tax expense
-22.4-28.0
NPAT
54.454.01%
D&A of PPE and intangibles
-6.7-4.3
Amortisation of right of use assets
-14.3-9.0
Total D&A
-21.0-13.358%
Finance income
0.00.0
Finance charges on bank debt
-9.3-1.5
Finance charges on lease liabilities
-8.0-5.6
Finance charges
-17.4-7.1
Lease payments
-7.2-6.7-11.0-5.1-0.10.0-18.3-11.8
EBITDA pre-IFRS 16
57.177.8-27%55.639.242%-15.8-10.748%96.8106.3-9%
Sales (000 tonnes)
94.5113.0-16%32.925.330%127.4138.3-8%
Revenue/Tonne
3,3512,65926%9,7726,42852%5,0093,34850%
Gross Margin (%)
32.2%39.9%-765 bps39.6%43.8%-426 bps35.9%41.3%-534 bps
EBITDA Margin
2
20.3%28.1%-783 bps20.7%27.2%-652 bps18.0%25.5%-747 bps
EBIT Margin
2
18.0%25.7%-775 bps16.7%24.0%-725 bps14.7%22.6%-788 bps
1. NZ International Financial Reporting Standard (IFRS) 16 – accounting recognition of right of use assets and corresponding liabilities on leases adopted in FY20
2. Before significant items (offer costs in FY22)

28
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Statutory and Non-GAAP Earnings
RevenueEBITDAEBITNPATEPS (NZ cents)
IN MILLION NZ$ (UNLESS STATED)
1H FY231H FY221H FY231H FY221H FY231H FY221H FY231H FY221H FY231H FY22
Statutory basis638.0463.0115.1102.494.189.054.453.941.441.0
+ Offer costs---15.8-15.8-15.8-12.0
Adjusted basis before significant items638.0463.0115.1118.194.1104.854.469.741.453.0
- Operating leases adjustment---18.3-11.8-4.0-2.92.82.02.21.5
Adjusted pre-IFRS16

basis638.0463.096.8106.390.1101.957.271.743.554.6
29
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

Balance Sheet
IN MILLION NZ$
31 Dec 2230 Jun 22% Change
Trade and other receivables154.8157.2-2%
Inventories492.5353.239%
Less trade and other payables-154.1-167.1-8%
Working capital excluding tax items493.2343.344%
Tax payable-7.7-29.7-74%
Working capital485.5313.655%
Property, plant equipment79.956.242%
Intangibles16.812.831%
Right-of-use assets261.7180.745%
Other assets and liabilities9.211.2-17%
Lease liabilities-286.8-202.342%
Net banking debt-390.4-186.9109%
Net assets/Shareholders funds176.0185.3-5%
30
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

OUTCOME
OPERATIONAL EXCELLENCE
ENABLERS
Inventory
Management
Processing
Capability
Managing
Overheads
Internally developed
fit-for-purpose IT
Accountable profit centres
98% Delivery in full, on time
1
Flat Structure
Customer
Service
Vulcan’s Business
Our business model at a glance...
1. Relates to both Australia and New Zealand in FY21A.
31
VULCAN.COVULCAN INTERIM REPORT 2023 PRESENTATION

VULCAN.CO