1H FY26 – Investor presentation

INVESTOR PRESENTATION
Interim
report
2026

Our focus on creating sustainable long term
shareholder value, ethos of the company
and team first are some of the principles at
Vulcan that continue to guide us in our most
challenging decisions.
This mindset is driving us to further improve
our processes, customer service and search for
value creating opportunities such as our recent
expansion into the rollforming market - a key
plank of our growth strategy.
While the economic climate remains
challenging, we are cautiously optimistic that
conditions are beginning to improve and are
excited by the opportunities ahead.
WE THANK YOU FOR SUPPORTING US ON THIS JOURNEY
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
2

Disclaimer
The material contained in this document is a presentation
of information about Vulcan Steel Limited’s (“Vulcan”)
activities current as of 24 February 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 INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Agenda
01
02
03
04
05
OVERVIEW
FINANCIALS AND OPERATIONS
PRIORITIES AND OUTLOOK
Q&A
SUPPLEMENTARY INFORMATION
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Overview
01
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Performance highlights
ADJUSTED EBITDA
2
(excluding significant items)
3
flat on NZ$57m in 1H FY25
NZ$57m
INTERIM DIVIDEND
vs NZ 2.5c in 1H FY25
NZ 2.5c
CUSTOMERS TRANSACTED
WITH VULCAN
5
+12.6% on 22,612 in 1H FY25
25,456
SALES VOLUME
+10.8% on 109,217 tonnes in 1H FY25
120,988t
ADJUSTED NPAT
4
(excluding significant items)
+1.3% on NZ$9.2m in 1H FY25
NZ$9.3m
REVENUE
+8.6% on NZ$493m in 1H FY25
NZ$535m
1
OPERATING CASH FLOW
-52.1% on NZ$81m in 1H FY25
NZ$39m
GROSS MARGIN
7
-0.2% on 34.1% in 1H FY25
6

33.9%
GROSS PROFIT $/TONNE
7
1H FY26 on 1H FY25
6
-2.6%
1. m - millions. 2. Earnings before interest, tax, depreciation and amortisation. 3. Roofing acquisition costs. 4. Net profit after tax attributable to shareholders of the parent. 5. Based on customers that transacted with Vulcan at least once in the relevant period.
6. Certain costs for the metals segment previously classified as operating costs in 1HFY25 ($6.9m) have been reclassified as cost of sales in the 1H FY25 numbers to be consistent with the treatment of these costs in 1H FY26. 7. Excludes depreciation.
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Key strategic & operational highlights
Expanded into the New Zealand
rollforming market in October
2025
• Acquisition of Roofing Industries
Limited on 30 September 2025
• Completed full settlement in
January 2026
• Integration in progress
Maintained focus on operations
• 98% delivery in full on time (DIFOT)
rate on customer orders
• Implemented three hybrid sites
• Further hybrid sites planned
Contained underlying cost growth
• Group OPEX excluding rollforming
increased 8.1% YoY in 1H FY26
• Some of this relates to underlying
annual rate adjustments and
positioning the business for growth
Grew sales volume
• First year-on-year (YoY) growth
in underlying volume since FY22
• A combination of market and
internal initiatives
• First-time contribution from our
rollforming business
Disciplined financial management
• Generated solid operating
cashflow in 1H FY26
• Balanced approach to working
capital management
• Lowered net debt by NZ$30m (13%)
since the end of FY25 to NZ$202m
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Vulcan’s business
87%
VIC
NSW
QLD
New Zealand
WA
TAS/ACT/NT
SA
MARKET SEGMENTS*
19%
18%
15%9%
5%
5%
3%
27%
CUSTOMER*
7%
1%
92%
Other Customers
Customers #2-#20
Customer #1
GEOGRAPHY*
23%
17%
11%
6%
2%
2%
39%
N
e
w

Z
e
a
l
a
n
d

3
9
%
A
u
s
t
r
a
l
i
a

6
1

%


Rollformed & Sheetmetal
Engineering
Manufacturing
Mining
Transport
Fabricating
Other
Food & Agriculture
* Based on 1H 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
Extrude and distribute
standard and customised
products and third party
products including sheet,
plate and coil products
ROLLFORMING
& FOLDING
Processes painted
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
Following the purchase of Roofing Industries, we now operate in seven industry verticals across the metal distribution and value-added processing industry.
We have widened
our end-market and
customer exposure.
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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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
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
81
STRATEGICALLY LOCATED SITES
1
,
648
COMPANY EMPLOYEES
~25k
ACTIVE CUSTOMERS
1
Vulcan’s business
Roofing Industries sites have further
enhanced our presence and scale,
with Vulcan now employing a team
of more than 1,600 across 81 sites
serving over 25,000 customers.
1. Includes Roofing customers for three months.
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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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 twelve years
• Considering other opportunities
• Acquired and successfully
integrated 12 businesses
since 1995
• Acquired Ullrich Aluminium
in August 2022 and Roofing
Industries on 30 September
2025
• Further opportunities ahead
• Ongoing focus on efficiency
gains to offset cost inflation
• The business is now focused
on increasing the breadth of
its geographic and product
footprint
• Further optimise inventory to
leverage on the opportunity
of a market recovery
• 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 INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Financials
& Operations
02
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Operating backdrop during 1H FY26
Market conditions
AUSTRALIA
• Industry volume stabilising and beginning to recover
• Residential and non-residential approvals are tracking upwards
• Vulcan volume showing early signs of improvement in steel
• Some ongoing stock discounting of steel products in 1H FY26 with
consolidation of operations from one competitor
• Industry profitability improving but still providing challenges
NEW ZEALAND
• Emerging evidence of an economic recovery following period of supportive
interest rate levels
• Residential consents improving but non-residential approvals are lagging
• Vulcan’s volume showing early signs of improving
• Industry profitability remains depressed
Global economic environment & industry development
• Ongoing geopolitical risks creating uncertainty
• Economic conditions of key trading partners remain mixed
• Steel prices (excluding the US) remain subdued
• Aluminium and nickel prices have increased materially
Currency movements
• New Zealand dollar and Australian dollar declined slightly against the
US dollar in 1HFY26 compared to 1H FY25
Cost pressures
• Tight labour market and increased spending in Australia providing
inflationary pressures
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Group financial performance
Revenue
Overall revenue in 1H FY26 including rollforming increased 8.6% YoY, driven by:
• Rollforming contribution commenced in October 2025
• Improvement in underlying steel divisions
• The % YoY increase in December quarter for non-rollforming improved
compared with the % YoY increase achieved in the September quarter
• A 2.0% YoY decrease in revenue per tonne driven by market and mix
Profitability
• Gross margin declined by 0.2% YoY to 33.9% in 1H FY26
• Competitive intensity continued in 1H FY26
• Impact of mix driven by growth in Steel segment
• Rollforming earnings included in our 1H FY26 results have been encouraging
and in line with expectations.
• Adjusted EBITDA was up 0.7% to NZ$57.3m in 1H FY26
• Adjusted NPAT attributable to shareholders of the parent was up slightly

by NZ$0.1m YoY to NZ$9.3m in 1H FY26
Cashflow & Returns
• Operating cash flow of NZ$38.7m in 1H FY26 benefited from disciplined
working capital management
• Continued to invest in new equipment
• Return on Capital Employed (ROCE) decreased to 7.6% in 1H FY26, from 10.3%
in 1H FY25
NZ$m1H FY261H FY25% Change
Revenue535.4493.0+8.6%
Adjusted EBITDA
1,4
5 7. 356.9+0.7%
Adjusted EBIT
2,4
29.832.0-6.8%
Adjusted NPAT
3,4
9. 39. 2+0.9%
Reported NPAT
3,4
8.39. 2-9.7%
Earnings per share (cents)
5.87. 0-16.6%
Gross Margin
8
33.9%34.1%-22bps
Operating cashflow (OCF)
38.780.7-52.1%
Adjusted cash conversion
5
55.6%59.6%-397 bps
Net Debt
202.3241.5
Capital Employed
6
850.76 9 7. 3+22.0%
ROCE
7
7. 6 %10.3%-268bps
Dividend per share (cents)2.52.50.0%
1. EBITDA - Earnings Before Interest, Tax, Depreciation and Amortisation.
2. EBIT - Earnings Before Interest and Tax.
3. NPAT - Net Profit After Tax attributable to shareholders of parent.
4. Adjusted - excluding significant items (Roofing acquisition costs in FY26)
5. (EBITDA - lease payments - capital expenditure) / (EBITDA - lease payments).
6. Capital Employed = Equity + Net Debt + Capitalised Lease Obligations.
7. EBIT used in this calculation is based on rolling 12 months basis.
8. Excludes depreciation.
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Key drivers of EBITDA change
Volume and Margin
• Higher sales volume contributed to NZ$18.1m YoY increase in 1H FY26 EBITDA
- Rollforming included from October 2025
- Higher sales in Steel segment
• A NZ$40 decline in gross profit per tonne accounted for a NZ$4.8m
YoY decrease in 1H FY26 EBITDA
Operating expenses (OPEX)
• Group OPEX was NZ$12.9m higher at NZ$124.0m in 1H FY26, reflecting:
- OPEX for rollforming from 1 October 2025
- Higher employee costs in 1H FY26
56.9
18.1
-4.8
-12.9
57.3
-1.0
56.3
80
70
60
50
40
30
20
10
0
1H FY26 (statutory)
Significant items
Gross Margin
OPEX
1H FY26 (adjusted)
Volume
1H FY25 (statutory)
IncreaseDecreaseTotal
EBITDA MOVEMENT FROM 1H FY25 TO 1H FY26 (NZ$m)
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Segment performance
Steel
• Revenue rose by 25.1% YoY in 1H FY26, driven by contribution from rollforming
and higher non-rollforming volume
• Gross profit per tonne increased approximately 12% YoY, reflecting impact
of rollforming and improvement in the underlying steel divisions
• EBITDA increased 54.3% YoY in 1H FY26, reflecting a contribution from
rollforming and an increase in non-rollforming operations
Metals
• Revenue declined by 3.6% YoY in 1H FY26, due to a combination of weaker
volume and average selling price
• Australia in general was weaker than New Zealand, substantially reflecting
slower end market demand
• EBITDA declined 17.7% YoY in 1H FY26
Steel, NZ$m1H FY261H FY25% change
Revenue262.52 0 9.925.1%
EBITDA33.922.054.3%
Sales Volume (000 tonnes)89.477.116.0%
Revenue / Tonne ($)2,9362,7237. 8 %
EBITDA Margin12.9%10.5%245bps
Metals, NZ$m1H FY261H FY25% change
Revenue272.9283.1-3.6%
EBITDA36.544.4-17.7%
Sales Volume (000 tonnes)31.632.2-1.8%
Revenue/Tonne ($)8,6408,804-1.9%
EBITDA Margin13.4%15.7%-229bps
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Cashflow
Operating cashflow
• Delivered NZ$38.7m in operating cash flow during 1H FY26 through ongoing
disciplined management of working capital
• Additional cashflow with rollforming included from October 2025
• Inventory being positioned for growth in the next twelve months
Investing activity
• Investment in core business with capital expenditure guidance for FY26 at
NZ$30-35m including rollforming
• Acquisition in 1H FY26 reflects initial payment for Roofing Industries Limited
• The capital raising completed in 1H FY26 provided net NZ$93.8m funding
NZ$m1H FY261H FY25% change
Receipts from customers560.3518.78.0%
Payments to suppliers & employees-496.3-403.223.1%
Interest paid-6.7-16.2-58.6%
Tax paid-8.2-10.1-18.9%
Lease interest paid-10.4-8.521.5%
Net cash flows from operating activities38.780.7-52.1%
Capital raising93.80.0n.m.
Capital expenditure-14.3-14.11.8%
Acquisition (incl debt)-65.30.0n.m.
Lease liability payments-14.6-13.58.5%
Dividends-5.4-15.8-66.0%
1H FY26 EARNINGS AND CASHFLOW (CF) MOVEMENTS (NZ$m)
Free cash flow
Principal pymt on leases
Capex
Acquisition
Operating CF
W/Cap/Other
CF pre W/Capital
Tax
Bank interest
Interest pymt on lease
Adjusted EBITDA
-14.3
57.3
-10.4
-6.7
-8.2
-65.3
-14.6
-55.7
32.1
6.5
38.6
80
60
40
20
0
20
40
60
80
MOVEMENT IN WORKING CAPITAL (excl tax, NZ$m)
400
350
300
250
200
150
100
50
0
Dec 25CreditorsDebtorsInventoryJun 25
IncreaseDecreaseTotal
15.9
-52.7
41.3
326.0
321.4
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Balance sheet metrics & dividend
Dividend
• Declared 1H FY26 interim dividend of NZ 2.5 cents per share, which is fully
franked and fully imputed
• Targeting total FY26 dividend to be in the range of 40% to 80% of NPAT
attributable to shareholders of the parent
Debt
• Total facilities of NZ$400m were in place at 31 December 2025
• Net debt decreased to NZ$202m at 31 December 2025, down NZ$30m since
30 June 2025
• Net debt cover improved to 2.9x at 31 December 2025
0.6
0.7
1.6
0.9
1.9
2.62.6
3.2
3.5
2.9
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Dec 25Jun 25Dec 24Jun 24Dec 23Jun 23Dec 22Jun 22Dec 21Jun 21
NET DEBT COVER (Net debt/EBITDA, pre NZ IFRS 16)
0
50
100
150
200
250
300
350
400
450
500
Dec 25Jun 25Dec 24Jun 24Dec 23Jun 23Dec 22Jun 22Dec 21Jun 21
160
70
160
250
429
400
400
400
400
400
440
113
187
390
298
276
242
232
202
340
Net debtCommitted facilities
TERM/NET DEBT FACILITIES (NZ$m)
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Priorities
& Outlook
03
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Priorities
Further build and capitalise on our foundation for growth.
Maintain and nurture
customer service
mindset and continue
to exercise financial
prudence in a currently
challenging economic
environment
Capitalise on an
emerging economic
recovery


Integrate and support
the growth in our
rollforming operations


Add bench strength to
support growth



Further explore other
opportunities.



12345
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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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 growth opportunities, position the business to capitalise on a pending economic
recovery and deliver a higher return on capital over time.
NEW ZEALAND
Increased confidence of a recovery
• Lower interest rate levels are starting to stimulate greater activity levels
• Lead indicators are pointing to a more sustainable uplift in volumes
• Market is expected to remain competitive
• General election could impact on confidence and activity in 2H 2026
• Six months contribution from rollforming operation in 2H FY26
AUSTRALIA
Outlook remains mixed by region and segment
• Expect volume activity achieved in 1H FY26 to carry over into 2H FY26
• Better outlook for Steel segment driven by gradual pick-up in activity
• The outlook for Metals segment is mixed - focus is on driving volume

and margin improvement
• In Queensland, which accounts for 23% of group revenue, activity is
expected to continue to improve - Olympic project unlikely to impact
until FY27
• Increased economic activity continues to put pressure on skilled labour
shortage
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Q&A
04
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Supplementary
information
05
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Half-yearly volume and financial trends
0
200
400
600
800
1000
1200
1400
1H 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
1H FY262H FY251H FY252H FY231H FY242H FY231H FY232H FY221H FY222H FY21 1H FY21
ROCE (12-monthly)ROCE pre IFRS 16 (12-monthly)
RETURN ON CAPITAL EMPLOYED (ROCE, %)
0
100
200
300
400
500
600
700
1H FY262H FY251H FY252H FY241H FY242H FY231H FY232H FY221H FY222H FY21 1H FY21
6-month period
0
20
40
60
80
100
120
140
1H FY262H FY251H FY252H FY241H FY242H FY231H FY232H FY221H FY222H FY21 1H FY21
6-month period
ADJUSTED EBITDA (NZ$m)
REVENUE (NZ$m)
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Group OPEX
OPEX, NZ$m1H FY261H FY25% change
Employee Benefits88.773.920.0%
Selling & Distribution (S&D)12.311.66.1%
Occupancy Costs8.37. 214.9%
General & Administrative (G&A)14.718.4-20.2%
Operating Expenses
1,2
124.0111.111.6%
Employee numbers (at period end)1,6481,30726.1%
Sales Volume (000 Tonnes)121.0109.210.8%
Total Opex/Tonne ($000)1,024.91,017.60.7%
1. Exclude Depreciation & Amortisation.
2. Before significant items.
Overall
• Group OPEX (excluding depreciation and amortisation) increased by
NZ$12.9m YoY to NZ$124.0m in 1H FY26, reflecting inflation, the inclusion
of rollforming and an increase in underlying headcount
• 8.1% YoY growth in underlying OPEX excluding rollforming as we position
the business for growth
• OPEX per tonne remained flat in 1H FY26 due to the positive leverage from
volume growth
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Profit and loss segment disclosure
Steel Metal Corporate To ta l
Post NZ IFRS 16
1
, NZ$m1H FY261H FY25% change1H FY261H FY25% change1H FY261H FY25% change1H FY261H FY25% change
Revenue262.52 0 9.925.1%272.9283.1-3.6%0.00.0-535.4493.08.6%
Adjusted EBITDA
2
33.922.054.3%36.544.4-17.7%-13.1-9.538.5%5 7. 356.90.7%
Significant items-----1.0--1.0-
EBITDA post IFRS 16 & Significant Items
33.922.054.3%36.544.4-17.7%-14.1-9.54 9. 3 %56.356.9-1.1%
Depreciation and amortisation (D&A)
-27.5-24.9
EBIT
28.832.0-10.0%
Finance costs
-16.5-18.3
PBT
12.313.7-10.7%
Tax expense
-3.6-4.6
NPAT
8.79. 2-5.3%
NPAT attributable to non-controlling interest-0.4-
NPAT attributable to shareholders of the parent8.39. 2-9.7%
NPAT before significant items9. 79. 2
NPAT attributable to non-controlling interest-0.4-
NPAT attributable to shareholders of the parent 9. 39. 2
D&A of PPE and intangibles
-9.7-9.1
Amortisation of right of use assets
-17.8-15.6
Total D&A
-27.5-24.711.5%
Finance income
1.20.1
Finance charges
-10.4-9.8
Finance charges on lease liabilities
- 7. 3-8.5
Finance charges
-16.5-18.3
Lease payments
-10.9-9.3-14.0-12.6-0.2-0.2-25.0-22.0
EBITDA pre-IFRS 16
23.012.781.0%22.631.8-29.0%-13.3-9.638.0%32.33 4.9- 7. 3 %
Sales (000 tonnes)
89.477.116.0%31.632.2-1.8%121.0109.210.8%
Revenue / Tonne
2,9362,7237. 8 %8,6408,804-1.9%4,4254,514-2.0%
Gross Margin (%)
3
29.9%28.7%124 bps37.7%38.1%-42 bps33.9%34.1%-22 bps
EBITDA Margin
2
12.9%10.5%245 bps13.4%15.7%-229 bps10.7%11.5%-83 bps
EBIT Margin
2
8.5%6.0%247 bps7. 9 %11.0%-312 bps5.6%6.5%-92 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 (costs on Roofing acquisition in 1H FY26). 3. Excludes depreciation.

VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
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Statutory and non-GAAP earnings
Revenue EBITDA EBIT NPAT
1
EPS (NZ cents)
NZ$m (unless stated)1H FY261H FY251H FY261H FY251H FY261H FY251H FY261H FY251H FY261H FY25
Statutory basis535.4493.056.356.928.832.08.39. 25.87. 0
+ Acquisition costs1.0-1.0-1.0-0.7-
Adjusted basis, before significant items535.4493.05 7. 356.92 9.932.09. 39. 26.67. 0
1. NPAT - Net Profit After Tax attributable to shareholders of the parent.
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
26

Balance sheet
NZ$m31 Dec 2530 Jun 2531 Dec 24% change
Trade and other receivables146.7130.8121.121.2%
Inventories375.2333.9362.03.7%
Less trade and other payables-195.9-143.2-170.814.7%
Working capital excluding tax items326.0321.4312.24.4%
Property, plant and equipment138.495.7101.836.0%
Intangibles4 9. 812.112.8289.7%
Right-of-use assets313.9255.0248.726.2%
Other assets and liabilities22.713.221.93.6%
Lease liabilities-359.7-295.3-286.625.5%
Net banking debt-202.3-232.4-241.5-16.2%
Net assets / Shareholders funds288.7169.7169.270.6%
Funds employed491.0402.1410.8
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
27

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
Sep 25
Jun 25
Mar 25
Dec 24
Sep 24
Jun 24
Mar 24
Dec 23
Sep 23
Jun 23
Mar 23
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 growthQuarterly gross capital formation growth
Quarterly GDP growthQuarterly gross fixed capital growth
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
Sep 25
Jun 25
Mar 25
Dec 24
Sep 24
Jun 24
Mar-24
Dec 23
Sep 23
Jun 23
Mar 23
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
AU QUARTERLY ECONOMIC GROWTH
1

( seasonally adjusted, %)
-80
-60
-40
-20
0
20
40
60
80
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 confidenceBusiness conditionsForward orders
NAB BUSINESS CONFIDENCE SURVEY FOR AUSTRALIA
2
NZ QUARTERLY ECONOMIC GROWTH
3

( seasonally adjusted, %)
-80
-60
-40
-20
0
20
40
60
80
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 confidenceOwn activity outlookInvestment intentions
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 INVESTOR PRESENTATION 1H FY26VULCAN.CO
28

Australian and New Zealand building activity
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
55000
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 doneEngineering work doneValue of building work approved
AU QUARTERLY CONSTRUCTION ACTIVITY - VALUE
1

( seasonally adjusted, A$m)
10000
20000
30000
40000
50000
60000
70000
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
Dec 25
Jun 25
Dec 24
Jun 24
Dec 23
Jun 22
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
Dec 25
Jun-25
Dec 24
Jun 24
Dec 23
Jun 22
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, VSL.
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
29

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
Oct 24 fcstApr 25 fcstOct 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
202320242025
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
202320242025
WORLD PRIMARY ALUMINIUM PRODUCTION (thousand tonnes)
2
m - million. 1. Source: World Steel Association. 2. Source: International Aluminium Institute.
World steel
demand growth
is forecast to
recover modestly
in CY26
Steel production
in 2H of CY25 was
2.8% lower YoY

after being down
2.3% YoY in

1H CY25
Aluminium
production
growth in 2H CY25
further slowed

to 1.0% YoY after
a 1.8% YoY lift in
1H CY25
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
30

Steel, stainless, nickel, aluminium & 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
Jun 10
Jun 09
Jun 08

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
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 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
750
1500
2250
3000
3750
4500
5250
6000
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 2H CY25
increased 2% HoH

following a 3% HoH
drop in 1H CY25
Price for nickel

- a key material
for stainless
products -
has increased
approximately
15% since

31 December 2025
Japan port
premiums - a
cost component
included buying

aluminium billet
- has increased
materially in
recent months
Aluminium
price increased
materially in
January 2026

following a 10%
HoH increase in

2H CY25
VULCAN INVESTOR PRESENTATION 1H FY26VULCAN.CO
31

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