Steel & Tube - FY25 Results Presentation Amendment

Company Announcement
26 August 2025






Steel & Tube Holdings Limited, PO Box 58880, Botany, Auckland 2163, New Zealand
P +64 4 570 5000 www.steelandtube.co.nz
Steel & Tube FY25 Results Presentation Amendment


Steel & Tube Holdings Limited (NZX: STU) has made minor amends to its FY25 Results Presentation to correct the
historical Perry Metal Protection “Normalised EBITDA (pre IFRS)” chart on page 9 of the presentation.

The March 2025 and June 2025 columns were incorrectly shown at $11m, both columns should have been $9m.

The third bullet point has also been updated to make it clear the delivered ($1.7m) and PCP ($1.4m) EBITDA amounts
are post IFRS.

ENDS

For media or investor enquiries, please contact: Jackie Ellis Tel: +64 27 246 2505 or email: jackie@ellisandco.co.nz

For further information please contact:
Mark Malpass
Steel & Tube CEO
Tel: +64 27 777 0327
Email: mark.malpass@steelandtube.co.nz
Richard Smyth
Steel & Tube CFO
Tel: +64 21 646 822
Email: richard.smyth@steelandtube.co.nz

---

FY25 Results Presentation
For 12 months ended 30 June 2025
25 August 2025

Disciplined execution of strategy in challenging market
Growth strategy
delivering value
•Capital allocation discipline has allowed acquisition of quality businesses at bottom of cycle
•Perry Metal Protection integration plan on track, delivering ahead of expectations
Customer service
remains key strength
•Organisation focussed on customer service, cross-sell and loyalty ~13,000 active customers
•DIFOTIS enhancing improvements –warehousing and last mile investments
Cost and working
capital discipline
•Responsiveness to cycle changes -FY25 ~$7m annualised cost out programme
•Prudent management of inventory ensuring right stock, in the right location, at the right time
Significant operating
leverage
•Large proportion of costs fixed -enables substantial profit expansion with volume growth
•Driven by IT/Digital systems, cost out and higher value products and services
Activity building,
competitive market
•2H25 steady growth in volumes off a low base –benefiting from broad sector exposures
•Expect activity will continue toimprove through FY26, market remains highly competitive

Results at a glance
Cyclical business - impacted by recessionary economy; normalised EBITDA remained
positive at bottom of cycle
Normalised Earnings Before Interest and Tax (EBIT), Normalised Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), Net Profit After Tax (NPAT)
Non-GAAP earnings reconciliation at the end of the presentation
Percentage variances compared against FY24 unless otherwise stated
Due to rounding, numbers presented throughout this presentation may not add up precisely to the totals provided
Volume
Normalised EBITDANormalised
OPEX
Product Margin %
Inventory
101,716t
FY24: 115,535t
$2.1m
FY24: 35.8m
$69.9m
FY24: $70.1m
28.1%
FY24: 29.8%
$113.6m
FY24: $121.3m
Revenue
Normalised
EBIT
NPAT/NLAT
Operating Cash
Flows
Net Debt/Cash
$385.4m
FY24: $479.1m
-$21.4m
FY24: 14.5m
-$24.4m
FY24: $2.6m
$10.4m
FY24: $42.2m
-$36.3m
FY24: $8.7m

Operating
Backdrop &
Business
Strategy

5
Recessionary conditions impacting across sectors
Steel & Tube has diversified sector exposure, focused on growth markets
Recessionary conditions, expect to see cyclical recovery later in
FY26. Steel & Tube product diversity and broad sector exposures
offer opportunities versus listed peers
•Manufacturing: improvement seen in first 4 months of 2025 before
contracting again in May and June.
•Commercial: 5% reduction in consented floor area YoY to June; businesses
remain cautious around economic outlook and significant investments
•Residential: impacted by high interest rates, increased housing supply,
migration, soft rents and price growth, slowdown in residential, Kāinga Ora
and retirement developments. Some stabilisation seen from early 2025
•Infrastructure: Government fast-track projects will provide longer term
benefit. $6b committed to start before Christmas 2025
•Others: economic recovery in the agricultural sector
35%
50%
12%
30%
26%
36%
12%
4%
24%
7%
5%
11%
7%
8%
6%
9%
8%
11%
0%
20%
40%
60%
80%
100%
GroupDistributionInfrastructure
BU Sector Split FY25
Others (including
rural)
Reseller
Infrastructure
Residential
Commercial
Manufacturing

6
Upswing will be driven by:
•Lowering interest rates
•Government investment in infrastructure
•Improved business confidence and
investment
•Recovery in consumer spending and the
housing market
Economic recovery on the way, albeit at slower pace
Steel & Tube lean and ready for cyclical upswing
Commercial
Residential
Manufacturing
Infrastructure

7
Strategic pathways
Overall goal to deliver gross margin improvement
•Best-in-class customer experience
•Cross sell products and services
•Accelerate shift to digital sales
•Drive gross margin $/tonne
•Operating efficiency
Continue to Strengthen the Core
•High value products, diversified
materials and value-added services
•Diversify customer segments and build
scale
•Primary focus is on organic investment
and M&A in directly adjacent sectors
Grow High Value Products and
Services

8
Growth investments adding value
32
Recent growth initiatives and M&A
Acquisitions
Fasteners NZHigh quality, strong ongoing demand,
continuing to expand range
Kiwi Pipe & FittingsStrong earnings growth, continuing to
successfully expand ex-Auckland
Perry Metal ProtectionTransaction 1 May 2025; performing
ahead of expectations
Organic
Plate ProcessingValue add service (Auckland and
Christchurch)
AluminiumHigh value product, continuing to
expand range
Last mile freight deliveryExceeded expectations in first year of
operations
QBT450New roofing profile targeting high-end
residential market
0.0
5.0
10.0
15.0
20.0
25.0
FY23FY24FY25
Added Value from Strategic
Investments
Revenue from investments
EBITDA from investments

9
Perry Metal Protection
Integration plan on track; performing ahead of expectations
•Acquired May 2025 for $46.4m
1
; 3-year average EBITDA multiple of 5x
•Immediately earnings accretive, high value services
•Performing ahead of expectations: delivered $1.7m EBITDA (post IFRS 16)
vs $1.4m PCP in first 2 months (May and June)
•Integration plan on track with identified synergies and benefits
estimated at least $1m per annum
New Zealand’s largest and most modern galvanizing operation plus
complementary steel grating products and sandblasting businesses
•Strong fundamentals and stable earnings through the cycle
•Highly aligned customer bases, cross sell synergies higher than anticipated
•Supportive macro trends – good for customers and the planet, galvanizing
extends life of steel by up to 7x
1
Includes contingent earnout consideration
9.7
7.9
9.3
8.5
8.6
Mar-22Mar-23Mar-24Mar-25Jun-25
Rolling 12-months ended
$ Millions
Normalised EBITDA (pre IFRS)
33.3
34.6
35.8
33.7
32.5
Mar-22Mar-23Mar-24Mar-25Jun-25
Rolling 12-months ended
$ Millions
Revenue
RevenueAverage Selling Price

10
FY25
Financial
results

11
Group financial summary
•Challenging economic backdrop impacting
volumes and revenue
•Gross margin reflects lower volumes and more
competitive pressure on average sales price
•2H volumes started to improve off low base
•Margin pressure should ease as activity
continues to improve in FY26
•Normalised EBITDA remained positive
•Significant operating leverage for when volumes
return
•No dividend declared
Financial
performance
FY23, FY24 and FY25 Normalised EBITDA and EBIT have been adjusted to exclude non-trading adjustments. Further details included in appendix to this presentation.
$mFY25FY24Var
Revenue
385.4479.1 (93.7)
Volume (Ktonnes)
101.7115.5 (13.8)
GM$/tonne
688901(213)
EBITDA
(2.5)31.4 (33.9)
Normalised EBITDA*
2.135.8 (33.7)
EBIT
(26.0)9.6(35.6)
Normalised EBIT*
(21.4)14.5 (35.9)
NPAT
(24.4)2.6(27.0)
Net Operating cash flow
10.442.2
(31.8)
Dividend (cents per share)
-6.0
(6.0)

12
•Capital discipline focus on the right acquisitions at
the bottom of the cycle
•Prudent management of working capital in tough
economic conditions
•Utilised clean balance sheet for M&A – net debt of
$36.3m includes $30m for Perry Metal Protection
acquisition
$mFY25FY24Var
Trade and other receivables63.2 68.5 (5.3)
Inventories113.6 121.3 (7.9)
Trade and other payables(61.7)(56.7)(4.7)
Working Capital115.2 133.2 (17.9)
Total Facility
80.0 100.0 (20.0)
Borrowings
(50.0) - (50.0)
Available Facility/Undrawn
30.0 100.0 (70.0)
Cash and cash equivalents13.7 8.7 5.0
Borrowings(50.0) - (50.0)
Net Cash/(Debt)(36.3) 8.7 (45.0)
Net Tangible Assets (NTA) 127.7 185.5 (58.9)
Funds Employed338.0301.5(36.5)
Balance sheet summary
Funds to invest in growth opportunities
273
349
301
301
338
-50
0
50
100
150
200
250
300
350
400
FY21FY22FY23FY24FY25
Funds Employed (NZ$m)
Net DebtLease liabilitiesShareholders' funds

13
Revenue
Maintaining share in competitive market; volume and revenue improvements in 2H25
•YoY volume down by 12% and revenue down 20% as
result of continuing economic headwinds –
improvement in volume and sales 2H25
•Reduction in average selling price reflects product mix
and competitive pressure - aggressive pricing by
some competitors
•Customer satisfaction scores remain at high levels
•Continuing to strengthen value proposition – focus on
customer service, DIFOTIS, high value products and
services, pricing discipline and cross selling
-
1,000
2,000
3,000
4,000
5,000
-
100
200
300
400
500
600
700
FY21FY22FY23FY24FY25
Average Selling Price ($/t)
Sales ($m)
Sales & Average Selling Price
RevenueAverage Selling Price
300
400
500
600
1200
1400
1600
1800
2000
Tonnes
Revenue $ (000s)
Revenue & Tonnes per Trading Day
RevenueTonnes

14
0%
5%
10%
15%
20%
25%
30%
FY21FY22FY23FY24FY25
Margin %
Gross Margin %Product Margin %
-
400
800
1,200
FY21FY22FY23FY24FY25
Margin $/tonne
Gross Margin / TonneProduct Margin/Tonne
•Economic slowdown and heightened competition
compressed margins
•Supporting margins through strategic focus on
higher value products and services, cross-selling,
pricing discipline and cost control, lowering cost to
serve
•Margin recovery expected as volumes recover and
capacity is better utilised
Margins
Margin pressure in downturn; recovery will
bring upside leverage
Product Margin includes freight
Gross Margin includes freight, direct and sub-contract labour

15
Normalised operating expenses
Continued cost out programme with savings more than offsetting inflationary pressures
•3% of FY25 normalised OPEX relates to
growth investments
•Normalised OPEX, excluding growth
investments, down by 2%
•Cost initiatives focussed on back-office
functions, site consolidations, efficiencies,
and tight control of discretionary spending
•Increased costs relating to M&A activity
and growth investments
Normalised OPEX excludes palletised warehouse project costs of $1.4m, restructuring costs of $0.7m, acquisition & integration costs of $0.9m and the $1.6m
impact of SaaS, as well as non-trading adjustments previously reported, Normalised OPEX excludes D&A
*Growth investments includes OPEX incurred in the day-to-day operations of all investments outlined on Page 8
**Inflation of 2.7% as reported by Statistics NZ in their June 2025 release

16
Normalised EBITDA
Volume and pricing impacts partially offset by new investments and OPEX savings
•Positive contribution from new investments and
strategic focus on higher value products and
services
•Volume decline consistent with recessionary
environment
•Increased competition for lower volumes
driving pricing pressure
•Remain focused on pricing discipline, customer
value add to win business
•Further ~$7m of annualised direct and
operating expense savings in FY25 (FY24: $5m)
•Headcount reduced by 6.6% (excluding growth)
Normalised EBITDA has been adjusted to exclude non-trading adjustments.
Further details included in appendix to this presentation.
*Growth investments includes EBITDA generated from the day-to-day operations of all investments outlined on Page 8
**Inflation of 2.7% as reported by Statistics NZ in their June 2025 release

17
Inventory management
Prudent management to ensure best use of
working capital
•FY25 inventory matched to activity, coupled with
further optimisation
•$14.7m (13%) of FY25 year end inventory is
related to growth investments (fasteners, Kiwi
Pipe & Fittings, aluminium, galvanizing)
•Active stewardship and use of detailed analytical
tools to ensure investments are made in higher
value products
•Reduced active product SKUs by 1.7k to 20.2k
during FY25
•Ability to scale up quickly to meet demand when
it returns

18
Cashflow
•Cash collections remain high in a
softened operating environment
•Careful inventory management and
supply chain optimisation
•Dividends of $3.1m paid during FY25,
relating to FY24 dividends
•Lease payments have increased by
$1.1m in FY25, $0.6m of the increase
relates to growth investments

19
Capital expenditure
Disciplined capital management in a challenging environment
•FY25 capex of $6.8m (FY24: $9.5m)
•Priority capital allocation to strategic investments (52.6%)
and maintenance spend (31.5%)
•Growth investments include new purlins machine in
Auckland, QBT450 roofing profile and slitting machines in
Auckland, Wellington and Christchurch
Planned investment for FY26
•Further investment in processing equipment and other
growth opportunities
•Continued investment in digital technology
•Expect to maintain capex spend below depreciation levels
* FY21 capex has been restated for the impact of a change in accounting policy in relation to the accounting for Software as a Service arrangements (“SaaS”)
**Depreciation and amortisation excludes right-of-use asset depreciation
0
2
4
6
8
10
0
2
4
6
8
10
FY21*FY22FY23FY24FY25
$m
Capital Expenditure

20
Moving
forward

21
Medium term economic driver and trends
Market fundamentals remain strong, diversified product portfolio well positioned to
capture upside
Manufacturing
Attractive, stable and significant sector, supported by recovery of export,
agricultural, construction markets and domestic demand
Commercial
Interest rate cuts and improving business confidence will stimulate sector
Residential
Infrastructure
Resellers
Customer First
M&A / Growth Activity
Focus on Costs
Lower interest rates and increasing consumer confidence will drive improving
demand over time; housing supply and demand starting to balance out
Significant underspend, National Infrastructure Pipeline in place; Government
announcement of $6bn projects to commence pre-Christmas 2025
Demand primarily driven by residential market trends

22
•Economic headwinds expected to ease in FY26 resulting in
improved activity, although timing and speed of recovery
remain uncertain
•Infrastructure activity to increase following fast track legislation
and Government investment, with commercial projects and
housing to follow as funding conditions improve
•Underlying opportunities continue to be long term drivers;
climate resilience, seismic strengthening, energy and
infrastructure development
•Steel pricing expected to remain stable
•M&A opportunities in a weak economic environment
Market outlook

•Reinforce market position through continued strengthening of customer relationships
and customer-first mindset across the business
•Support margins through new higher value products and services, and cross sell
opportunities
•Continue cost discipline, tight inventory control and cash management
•Board and CEO have volunteered a temporary 20% pay reduction (from 1 July) and
executive pay freeze
•Responsiveness to cyclical upswing – ability to scale up quickly
•Continued capital allocation discipline as current economic conditions provide
opportunity to grow through organic and M&A investments
FY26 focus and priorities

Summary
•One of NewZealand’s largest and leading providers of steel solutions, with
product diversity and broad sector exposures that differ from listed peers
•Strong customer trust and loyalty remain key in tighter market; engaged and
committed workforce
•Economic head winds expected to ease in FY26 resulting in improved activity
•Significant operating leverage; well positioned for cyclical upswing
•Disciplined capital allocation and strategic investments to support future growth
•Market fundamentals remain strong - long term drivers provide multi-year
growth pathway
24

Discussion

26
Appendix

27
Non-GAAP financial information
Non-GAAP financial information: Steel & Tube uses several non-GAAP
measures when discussing financial performance. These include
Normalised EBITDA, Normalised EBIT and Working Capital. Management
believes that these measures provide useful information on the underlying
performance of Steel & Tube’s business. They may be used internally to
evaluate performance, analyse trends and allocate resources. Non-GAAP
financial measures should not be viewed in isolation nor considered as a
substitute for measures reported in accordance with NZ IFRS.
Non-trading adjustments/Unusual transactions: The financial results for
FY25 include transactions considered to be non-trading in either their
nature or size. Unusual transactions can be as a result of specific events or
circumstances or major acquisitions, disposals or divestments that are not
expected to occur frequently. Excluding these transactions from
normalised earnings can assist users in forming a view of the underlying
performance of the group. The above reconciliation is intended to assist
readers to understand how the earnings reported in the periods ended 30
June 2025 and 30 June 2024 reconcile to normalised earnings. Non-
trading adjustments of $(4.6) million are included in the FY25 EBIT &
EBITDA.
Period ended 30 JuneEBITDAEBIT
$000sFY25FY24FY25FY24
Reported (2,496)31,415 (25,964)9,569
Palletised warehouse project costs1,364 2,701 1,364 3,192
Business restructuring costs699 550 699 550
Acquisition and integration costs903 - 903 -
Software as a Service (SaaS) upfront expenditure1,601 1,144 1,601 1,144
Normalised2,07135,810 (21,397)14,455

28
Customer, employee and sustainability update
1.13
1.14
0
3.5
0
1
2
3
4
5
FY22FY23FY24FY25
Employee Satisfaction (eNPS
2
)
Employee Safety Measure (TRIFR
1
)
Emissions kgCO
2
e per tonne
3,4
40
42
50
42
0
20
40
60
FY22FY23FY24FY25
1.TRIFR: Employee Total Recordable Injury Frequency Rate
2.Net Promoter Score (NPS): Measure of customer/employee satisfaction
3.Reporting references the Greenhouse Gas Protocol and includes all material emissions under Scope 1 and 2, with Scope 3, except purchased goods and services and employee commute
4.Emissions kgCO2e per tonne excludes acquisitions during the year
Customer Satisfaction (NPS
2
)
•Customer satisfaction remains at high
levels due to our focus on making life
easy for customers, offering best-in-class
customer experience and solutions
•Safety outcomes are positive, remain
focused on zero harm
•Employee satisfaction remains in the top
quartile - emphasis on safety, wellbeing
and culture
35
29
31
32
0
10
20
30
40
Mar-23Dec-23May-24Jun-25
eNPSTop Quartile
104
92
111
118
80
90
100
110
120
FY22FY23FY24FY25
kgCO2
-
e (000s)

29
Our business divisions
Distribution
Products sourced from preferred steel
mills and distributed through our
national network
Processing
Products processed before sale, typically
on a contract or project basis, including
onsite installation services
SteelPiping SystemsChain & Rigging
FasteningsRural ProductsStainless Steel
Sandblasting
Grating
Galvanizing
RoofingCoil ProcessingReinforcing
PurlinsComFlor/CFDLMesh

30
Business performance
*Gross Margin includes freight, direct and sub-contract labour
**Processing is the Infrastructure and Other segments combined. Two months contribution from Perry Metal Protection following settlement of acquisition on 1 May 2025
DistributionFY25FY24
% of Group revenue59.4%57.8%
Revenue ($m)228.9276.9
Gross Margin*17.4%20.8%
Gross Margin $/tonne653852
Processing**FY25FY24
% of Group revenue40.6%42.2%
Revenue ($m)156.5202.3
Gross Margin*20.1%20.6%
Gross Margin $/tonne7751,010

31
Steel & Tube
Our purpose is to make life easier for customers
needing steel solutions
•A proud NewZealand company, trading for over 70
years
•We offer NewZealand’s most comprehensive range of
steelproducts, services and solutions
•Our stable of best-in-class businesses are some of this
country’s leadingsteel suppliers
~900 team members
35 sites across NZ
* Estimated as at 1 September
2025 (includes Perry Metal
Protection – 100 team members
and 6 sites)

32
Extensive range of products and solutions
Primary product and service
offering by participants
Steel distributionPlate processing Coil processingStainless steelEngineering steelReinforcing steelWireRoofingFastenersGalvanizing
Steel & Tube
✓
5
✓
5
✓
5
✓
5
✓
5
✓
5
✓
5
✓
5
✓
5
✓
5
Fletcher Steel
✓
j
✓
5
✓
5
✓
5
✓
5
✓
5
✓
55
Vulcan
✓
5
✓
5
✓
5
✓
5
✓
5
United Industries
✓
5
✓
5
✓
5
✓
55
Asmuss
✓
55
✓
5
✓
5
Summit Steel & Wire
✓
5
✓
55
✓
5
Wakefield Metals
✓
5
✓
5

33
Glossary of terms
EBIT: Earnings / (Loss) before the deduction of interest and
tax. This is calculated as profit for the period before net
interest costs and tax
EBITDA: Earnings / (Loss) before the deduction of interest,
tax, depreciation and amortisation. This is calculated as
profit for the period before net interest costs, tax,
depreciation and amortisation
ROFE: Return on Funds Employed. This is calculated as
Normalised EBIT over Average Funds Employed (Net Debt
(including Lease Liability) + Equity)
eNPS: Employee Net Promoter Score – assists in measuring
employee satisfaction and loyalty within the organisation
NPS: Net Promoter Score – assists in measuring customer
satisfaction and loyalty
Normalised EBIT/EBITDA: This means EBIT and EBITDA
excluding non-trading adjustments and unusual
transactions
TRIFR: Employee Total Recordable Injury Frequency Rate –
an important metric to assess safety performance
Working Capital: This means the net position after
Current Liabilities are deducted from Current Assets.
The major individual components of Working Capital for
the group are Inventories, Trade and other receivables and
Trade and other payables. How the group manages these
has an impact on operating cash flow and borrowings

34
•This presentation has been prepared by Steel & Tube Holdings
Limited (“STU”).The information in this presentation is of a general
nature only. It is not a complete description of STU.
•This presentation is not a recommendation or offer of financial
products for subscription, purchase or sale, or an invitation or
solicitation for such offers.
•This presentation is not intended as investment, financial or
other advice and must not be relied on by any prospective
investor.It does not take into account any prospective investor’s
objectives, financial situation, circumstances or needs, and does not
purport to contain all the information that a prospective investor
may require. Any person who is considering an investment in STU
securities should obtain independent professional advice prior to
making an investment decision, and should make any investment
decision having regard to that person’s own objectives, financial
situation, circumstances and needs.
•Past performance information contained in this presentation
should not be relied upon (and is not) an indication of future
performance.This presentation may also contain forward looking
statements with respect to the financial condition, results of
operations and business, and business strategy of STU. Information
about the future, by its nature, involves inherent risks and
uncertainties. Accordingly, nothing in this presentation is a promise
or representation as to the future or a promise or representation that
a transaction or outcome referred to in this presentation will proceed
or occur on the basis described in this presentation. Statements or
assumptions in this presentation as to future matters may prove to
be incorrect.
•Several financial measures are used in this presentation and should
not be considered in isolation from, or as a substitute for, the
information provided in STU’s financial statements available at
www.steelandtube.co.nz.
•STU and its related companies and their respective directors,
employees and representatives make no representation or warranty
of any nature (including as to accuracy or completeness) in respect
of this presentation and will have no liability (including for
negligence) for any errors in or omissions from, or for any loss
(whether foreseeable or not) arising in connection with the use of or
reliance on, information in this presentation.
Disclaimer