2025 Annual Meeting of shareholders presentation

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 and NZX release
31 October 2025

2025 Annual meeting of shareholders – Presentations

Attached are the following documents in connection with Vulcan Steel Limited’s (Vulcan)
2025 annual meeting of shareholders (Annual Meeting) to be held at 1:00pm NZT
(11:00am AEDT) today (Friday, 31 October 2025):
 presentation;
 address from the Chair of the Board of Directors, Russell Chenu; and
 address from Management, Rhys Jones and Gavin Street.
As previously notified, Vulcan’s Annual Meeting is a hybrid meeting, enabling shareholders
to attend in person (at MUFG Corporate Market’s offices at level 30, PwC Tower, 15 Customs
Street West, Auckland CBD, New Zealand) or virtually via an online portal.
Information about the Annual Meeting is also available at
https://investors.vulcan.co/investor-centre/?page=annual-meetings-of-shareholders

For enquiries, please contact:
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

ENDS

This announcement was authorised by Vulcan’s Chair of the Board.

About Vulcan
Founded in 1995, Vulcan is an Australasian-wide industrial product distributor and value-
added processor with 80 logistics and processing facilities employing approximately 1,650
staff across the company’s Steel, Metals and Roofing divisions.

Address from Vulcan Steel Limited‘s Chair of the Board - Russell Chenu

Ladies and Gentlemen, fellow shareholders.
The Financial Year 2025 in review
FY2025 presented a challenging environment for our company.
Vulcan experienced continuing headwinds in all of our major market segments in Australia
and New Zealand. Low levels of business confidence and restrained government spending
resulted in reduced private sector and public sector investment. The outcomes were weak
metals markets and lower sales volume, with increased competition. Our sales volume
declined 6% in FY25 — and that followed a 9% decline in FY24. Sales revenue declined 11% as
a result of volume reduction and increased competition.
Although Vulcan’s statutory net profit after tax declined by a disappointing 61% to $16 million
in FY25, the company’s net cash flow continued to be strong, and we reduced net debt by
$44 million from $276 million at June 2024 to $232 million at June 2025. That was a very
positive achievement.
We finished FY25 with cash and unutilised committed borrowing facilities of $177 million.
Rhys will address the FY25 year in more detail in his address.
Dividend
The total dividend declared for FY25 was $0.06 per share, amounting to just over $8 million,
representing 55% of net profit after tax. The dividend was 67% imputed for NZ shareholders
and 100% franked for Australian shareholders.
Climate Disclosure Report and sustainability
Vulcan’s annual report for 2025 incorporated our second annual climate-related
disclosures in accordance with New Zealand legislation. The report disclosed a further
modest reduction in scope one and two carbon emissions compared with recent years.
Board and Management changes
In June of this year, we announced proposed changes to the Board and also our Senior
Management Team. After 19 years of service to Vulcan, including 14 years as Managing
Director, Rhys Jones will retire from executive duties at the end of this calendar year. Our
Chief Commercial Officer, Gavin Street, will succeed Rhys as Chief Executive Officer and
Managing Director of Vulcan from the beginning of 2026.
Gavin has significant experience in industrial distribution businesses. He joined Vulcan in
October 2024 and has contributed significantly to business improvement in the past 12
months.
We congratulate Gavin on his appointment. All directors look forward to working with Gavin
in his pursuit of value creation.

In a further change, I will step down as Chair of the Board, to be replaced by Rhys from 1
January 2026. I will remain a director and will serve as the lead independent director. Rhys
has led a management team that has created and expanded a significant presence in
metals merchandising in both New Zealand and Australia. His approach has been
disciplined and focused, resulting in significant shareholder value creation through a
number of business and economic cycles. We wish Rhys the best in his transition from
executive roles to a governance role.
Importantly, notwithstanding these changes, the Vulcan board will continue to have a
majority of independent directors.
Acquisition of Roofing Industries
At the time of announcing our FY2025 results at the end of August, Vulcan also announced
the acquisition of Roofing Industries, a business which takes Vulcan into a new product
segment in New Zealand. The $88 million required for the purchase of Roofing Industries
was funded with a capital raising in a one-for-nine share issue which provided all existing
shareholders with entitlements to subscribe for new shares at AU$5.95 or NZ$6.60 each, or
to sell their rights to new shares. The equity issue has resulted in diversification of our
shareholder base and early evidence suggests increased liquidity in the form of average
daily traded volume on both NZX and ASX. The acquisition of Roofing Industries closed at
the end of September 2025, and we welcome all Roofing Industries employees to the Vulcan
family.
Gavin will include more detail on Roofing Industries in his presentation.
Outlook
The metals distribution sectors in both New Zealand and Australia are characterised by
overcapacity at current activity levels. As far as we can determine, very few peer companies
in Australasia are trading profitably. The board and management of Vulcan are proud that
the company continues to be profitable, although at reduced levels compared with more
buoyant economic times. We are currently reminded of the cyclicality of the metals
industry. Our very experienced management team remains relentlessly focused on
delivering superior customer service, continuing our people development programs and
investing in other assets such as upgrades to physical facilities and IT systems in order to
build our capabilities.
Vulcan is in a very strong position to leverage its considerable strength when the market
turns and business activity increases.
As in past years, and on behalf of your board, I would like to thank all employees for their
commitment, our customers for their trust in our company and you, our shareholders, for
your continuing support.
I will now ask Rhys to present his Chief Executive address.

Address from Vulcan Steel Limited‘s management team - Rhys Jones

Thank you, Russell, and thank you to all those who are joining us for our Annual Shareholder
Meeting.

Summary of Financial Year 2025 performance
The 2025 financial year ended up being an even more challenging year than FY24. Global
economic growth remained tempered due to heightened geopolitical and trade policy
uncertainties. Australian economic activity level was well below trend growth while New
Zealand businesses continued to experience a recessionary environment during the last 12
months.

Over the course of the last financial year, Vulcan generated $105 million in operating
cashflow and further reduced debt by $44 million. This is despite Vulcan’s adjusted net
profit after tax falling to $18 million for FY25, from $40m in the previous year. Our return on
capital employed (or ROCE) was 8.8% for FY25. While this compares well to our peers in the
industry in the context of the present conditions, we are unsatisfied with our results and are
absolutely focused on driving improved outcomes for shareholders.

Operations
Stock management was a key focus area for our business leaders in FY25. We were able to
reduce our stock levels by 10% while maintaining a high level of product availability to our
customers. We further invested for growth. During the year, we added or hybridised six
locations across Australia and New Zealand. Pleasingly, our team maintained a high
customer service level, reflected in an industry-leading 98% order fulfilment rate or DIFOT
across all orders in FY25.

Growth strategy
A key plank in Vulcan’s shareholder value creation strategy is through a disciplined
expansion into new verticals within our industry. I am pleased to say that since 1 October,
the Vulcan Group is now able to serve New Zealand’s roofing and cladding needs through
our recently completed purchase of Roofing Industries Limited. This purchase was our 12
th

acquisition since 1995.

I would now like to invite Gavin Street, our incoming Managing Director and CEO, to share
with you more detail on the roofing business, our priorities and outlook for FY26.

Address from Vulcan Steel Limited‘s management team - Gavin Street

Thank you, Rhys.

I would firstly like to thank our Board and you, our shareholders, for the opportunity to be
part of Vulcan’s growth journey going forward. The successes of our company over the last
30 years are a result of culture and our people – our most important asset - with a shared
vision and outcome and aligned processes. It is a privilege to have the opportunity to be
part of the Vulcan team as we further grow value for our shareholders.

Roofing Industries Acquisition and group network
Our acquisition of Roofing Industries is one such opportunity that will allow us to grow
shareholder value over time. As Rhys mentioned, Roofing Industries’ products represent a
new vertical for the Vulcan Group, and the business is a great fit and platform for Vulcan.
Roofing industries has a strong alignment to Vulcan’s culture and the same unwavering
commitment to customer service.

Our roofing business operates nationally in New Zealand, supported by more than 250
employees. One of the reasons for Roofing Industries success to date is its partnership with
local owner-operators at a branch level, whose service mindset and financial interest are
aligned through an equity stake in the business. We again welcome all our employees in
the roofing business to the Vulcan team.

The addition of the 15 roll-forming, folding and water-goods supply operations brings the
Vulcan network footprint to 80 locations across Australia and New Zealand.

Health and safety
Turning to health and safety, Vulcan is committed to providing a safe and healthy work
environment. In FY25, we reinforced this with the launch of the Safety Step Change
Programme to further improve our practices, and invested in a new on-site health and
safety platform to enhance awareness, reporting and management. We have also
commenced the use of Inviol, which is artificial intelligence assisted video technology to
mitigate high risk events across a range of workspaces.

First quarter trading update
Turning to Vulcan’s financial performance. So far in FY26, our revenue in the September
quarter declined 3% year-on-year as a result of lower average selling price due to product
mix compared with the September 2024 quarter.

Our September quarter EBITDA was lower year-on-year due to lower gross profit dollar per
tonne.

Sales tonnes per day in our first quarter improved by 2% year-on-year, reflecting a 5% year-
on-year increase in our Steel segment volume and 5% year-on-year decline in our Metals
segment volume.

At 30 September 2025, Vulcan’s net debt was NZ$182 million following completion of
Vulcan’s equity raising and the first payment for the acquisition of Roofing Industries. The
second payment for the acquisition is due in January 2026.

Priorities
We intend to add to our foundation for growth. This means maintaining and nurturing our
customer service mindset in preparation for an economic upswing going forward. We will
continue to expand into the roofing segment, integrate cross-selling initiatives across the
company including opportunities for new hybrid sites, and explore other opportunities. As
we have done over the last two years, we will ensure we have sufficient bench strength to
support growth.

Outlook
Overall, volume activity for the Vulcan Group showed gradual stabilisation in the first
quarter of FY26, with the pace of recovery anticipated to strengthen for the second half of
FY26. Uncertainty around global trade policies remain a risk for investment appetite and
timing for sustained recovery in our regions.

The economic recovery in New Zealand is progressing, with encouraging signs of
improvement for some of our customers and sectors, supported by lower interest rates.
However, construction and infrastructure projects are expected to recover more slowly over
the next couple of years. Competitive intensity remains high as some participants choose
to focus on market share over profitability.

Australia activity level was steady to improving in the first quarter FY26. Tonnes per day for
our Queensland, New South Wales and Western Australia operations were steady on a year-
on-year basis and are expected to show gradual improvement. Victoria showed promising
progress in the first quarter FY26 and is positioned for stronger growth in the balance of the
financial year.

From 1 October 2025, Roofing Industries financial results will be consolidated into the Vulcan
Group with our FY26 half year results due to be released in mid-February 2026.

Closing
As always, our employees are the most important asset in our business, which is even more
so in difficult times. Our culture, customer focus and teamwork continue to shine through
despite a difficult environment. I want to thank our employees for their commitment and
great teamwork, as well as our customers for their ongoing support.