Vulcan completes retail shortfall bookbuild

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O

Vulcan Steel Limited (ASX: VSL, NZX: VSL)
ASX/NZX/Media release
17 September 2025
NOT FOR RELEASE TO WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Vulcan completes Retail Shortfall Bookbuild
Vulcan Steel Limited (Vulcan) advises that it has successfully completed the retail shortfall
bookbuild component (Retail Shortfall Bookbuild) of its 1 for 9 fully underwritten pro rata
accelerated renounceable entitlement offer (Entitlement Offer). Vulcan has now
successfully completed the Entitlement Offer, raising total gross proceeds of approximately
A$87.1 million (approximately NZ$96.6 million) through the issue of 14.6 million new Vulcan
shares (New Shares).
Summary of the Retail Shortfall Bookbuild
 Approximately 2.0 million New Shares were sold in the Retail Shortfall Bookbuild,
which was conducted after market close on Tuesday, 16 September 2025.
 The Retail Shortfall Bookbuild cleared at a price of A$7.20 per New Share (Retail
Bookbuild Shortfall Price), which represents a premium of A$1.25 above the offer
price of A$5.95 per New Share (Offer Price).
Eligible retail shareholders who elected not to take up their entitlements in full and ineligible
retail shareholders will receive A$1.25 (less any applicable withholding tax) for each New
Share sold in the Retail Shortfall Bookbuild (Retail Premium) for their benefit.
The Retail Premium is expected to be paid to those retail shareholders on or about Monday,
29 September 2025.
Scaling has been applied to institutional and broker bids, and to applications for additional
New Shares received from eligible retail shareholders who took up their entitlements in full
under the retail entitlement offer (Retail Entitlement Offer), in accordance with the
allocation policy set out in the Retail Offer Booklet.
Vulcan’s Managing Director and Chief Executive Officer Rhys Jones, said: “We are extremely
pleased with the significant level of shareholder support received across both the
Institutional Entitlement Offer and Retail Entitlement Offer. The Entitlement Offer was
structured to provide fairness to shareholders, whilst also securing funding for Vulcan’s
acquisition of Roofing Industries Limited. This acquisition accelerates Vulcan’s growth
strategy, opening a new vertical while broadening and enhancing its product offerings.”
Allotment of New Shares
The New Shares to be issued as part of the Retail Entitlement Offer and the Retail Shortfall
Bookbuild will be allotted and commence trading on the ASX and NZX on Monday,
22 September 2025. Those New Shares will rank equally with existing Vulcan shares from
the date of issue and will be entitled to any future dividends paid by Vulcan after the
relevant allotment date.

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O

Further information and shareholder enquiries
Shareholders can call 1800 502 914 (within Australia) between 8:30am to 5:00pm (AEST)
weekdays or +64 9 375 5998 (within New Zealand) between 8:30am to 5:00pm (NZST)
weekdays for more information.
Key dates related to the Entitlement Offer are appended.

ENDS

Kar Yue Yeo and Sarah-Jane Lawson
Investor and media contacts
Email: karyue.yeo@vulcan.co
Email: sarah-jane.lawson@vulcan.co
Phone: +64 9 273 7214

This announcement was authorised by Vulcan’s Board of Directors.

About Vulcan
Founded in 1995, Vulcan is an Australasian-wide industrial product distributor and value-
added processor with 66 logistics and processing facilities employing approximately 1,350
employees across the company’s Steel and Metals divisions.

This announcement has been prepared for publication in Australia and New Zealand and
may not be released to US wire services or distributed in the United States. This
announcement does not constitute an offer to sell, or a solicitation of an offer to buy,
securities in the United States or any other jurisdiction. Any securities described in this
announcement have not been, and will not be, registered under the US Securities Act of
1933 and may not be offered or sold in the United States except in transactions exempt
from, or not subject to, the registration requirements of the US Securities Act and
applicable US state securities laws.

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O


Key dates for the Entitlement Offer

Retail Entitlement Offer
ASX settlement of New Shares issued under the Retail
Entitlement Offer
Friday, 19 September
2025
ASX allotment and trading of New Shares issued under
the Retail Entitlement Offer on the ASX
Monday,
22 September 2025
NZX settlement, allotment and trading of New Shares
issued under the Retail Entitlement Offer on the NZX
Monday,
22 September 2025
Holding statements in respect of New Shares issued
under the Retail Entitlement Offer dispatched
Tuesday,
23 September 2025
Retail Premium expected to be paid to eligible retail
shareholders who elected not to take-up their
entitlements and ineligible shareholders
On or about Monday,
29 September 2025

These dates are indicative only and are subject to change without notice. All dates refer to
the date in Australian Eastern Standard Time (AEST). Subject to applicable laws and the ASX
Listing Rules, Vulcan has the right to amend the timetable with the consent of the
underwriters.