Steel & Tube - 1H26 Interim Result

STEEL & TUBE HOLDINGS LIMITED
2026
HALF YEAR
REPORT

1
STEEL & TUBE HALF YEAR REPORT 2026
INTERIM
FINANCIAL
STATEMENTS
FOR THE SIX MONTHS
ENDED 31 DECEMBER 2025
Contents
02 Interim Financial Statements
06 Notes to the Interim Financial Statements
These interim financial statements do
not include all the notes and information
normally included in the annual financial
statements. Accordingly, they should be
read in conjunction with the annual financial
statements for the year ended 30 June 2025.
Due to rounding, numbers presented
throughout the financial statements may not
add up precisely to the totals provided.
1
STEEL & TUBE HALF YEAR REPORT 2026

2
STEEL & TUBE HALF YEAR REPORT 2026
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 31 December 2025
Notes
Unaudited
December
2025
$000
Unaudited
December
2024
$000
Sales revenue3 211,890 196,027
Other operating income 218 40
Cost of sales2(171,271) (158,933)
Operating expenses2(51,609) (4 7, 7 2 6)
Software as a Service (SaaS) upfront expenditure
(1,1 59) (309)
(Loss)/Earnings before interest, tax, other gains and losses(11,931) (10,901)
Other gains/(losses) 38 (21)
(Loss)/Earnings before interest and tax(11,893) (10,922)
Finance income 147 268
Finance costs(5, 3 29) (3,614)
(Loss)/Profit before tax(1 7, 0 7 5) (14,268)
Tax credit/(expense) 4,676 3,874
(Loss)/Profit for the period attributable to owners of the company(1 2 , 39 9) (10,394)
Items that may subsequently be reclassified to profit or loss
Other comprehensive income - hedging reserve
258 215
Total comprehensive (loss)/income(12,141) (10,179)
Basic (loss)/earnings per share (cents)
(6 . 8) (6. 2)
Diluted (loss)/earnings per share (cents)
(6 . 8) (6. 2)
The accompanying notes form part of these financial statements.

3
STEEL & TUBE HALF YEAR REPORT 2026
STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2025
Share
capital
$000
Retained
earnings
$000
Hedging
reserve
$000
Share-
based
payments
$000
Total
equity
$000
Balance at 1 July 2025 166,921 14,566 (2 58) 1,105 182,334
Comprehensive income
Loss after tax - (1 2 , 39 9) - - (1 2 , 39 9)
Other comprehensive income
Hedging reserve (net of tax) - - 258 - 258
Total comprehensive (loss)/income - (1 2 , 39 9) 258 - (12,141)
Transactions with owners
Employee share schemes - 366 - (197) 169
Unaudited balance at 31 December 2025
166,921 2,533 - 908 170,362
Balance at 1 July 2024 155,127 42,050 (26) 1,039 198,190
Comprehensive income
Loss after tax - (10,394) - - (10,394)
Other comprehensive income
Hedging reserve (net of tax) - - 215 - 215
Total comprehensive (loss)/income - (10,394) 215 - (10,179)
Transactions with owners
Dividends paid - (3, 348) - - (3, 348)
Employee share schemes 285 234 - (237) 282
Dividend reinvestment plan 233 - - - 233
Unaudited balance at 31 December 2024
155,645 28,542 189 802 185,178
The accompanying notes form part of these financial statements.

4
STEEL & TUBE HALF YEAR REPORT 2026
BALANCE SHEET
As at 31 December 2025
Notes
Unaudited
December
2025
$000
Audited
June
2025
$000
Current assets
Cash and cash equivalents 6,969 13,738
Trade and other receivables 54,172 59,444
Contract assets 1,623 2,633
Inventories4 115,927 113,598
Income tax receivable 1,172 1,171
Derivative assets 105 1
179,968 190,585
Non-current assets
Loan receivable 1,660 1,624
Deferred tax 13,335 8 ,9 0 9
Property, plant and equipment 45,173 45,068
Intangibles 54,277 54,619
Right-of-use assets 98,753 101,794
213,198 212,014
Total assets 393,166 402,599
Current liabilities
Trade and other payables 48,807 42,371
Borrowings6 50,000 20,000
Provisions 216 247
Derivative liabilities 102 1,069
Short term lease liabilities 18,712 1 7,9 6 8
1 1 7, 8 3 7 81,655
Non-current liabilities
Borrowings6 - 30,000
Trade and other payables 5,240 5,504
Provisions 1,629 1,629
Long term lease liabilities 98,098 101,477
104,967 138,610
Equity
Share capital 166,921 166,921
Retained earnings 2,533 14,566
Other reserves 908 847
170,362 182,334
Total equity and liabilities 393,166 402,599
Susan Paterson ChairKaren Jordan Director
These financial statements and the accompanying notes were authorised by the board on 24 February 2026.
For the board:
The accompanying notes form part of these financial statements.

5
STEEL & TUBE HALF YEAR REPORT 2026
STATEMENT OF CASH FLOWS
For the six months ended 31 December 2025
Unaudited
December
2025
$000
Unaudited
December
2024
$000
Cash flows from operating activities
Customer receipts 219,861 215,438
Interest receipts 111 218
Payments to suppliers and employees(208,977) (188,906)
Payments for interest on leases(3,435) (3,166)
Income tax payments - (28)
Interest payments(1,98 3) (4 0 8)
Net cash inflow from operating activities 5,577 23,148
Cash flows from investing activities
Property, plant and equipment disposal proceeds 59 12
Property, plant and equipment and intangible asset purchases(3,759) (3,887)
Net cash outflow from investing activities(3,700) (3,875)
Cash flows from financing activities
Dividends paid - (3,114)
Payment for leases(8 ,6 4 6) ( 7, 3 4 4)
Net cash outflow from financing activities(8 ,6 4 6) (10,458)
Net (decrease)/increase in cash and cash equivalents(6,769) 8,815
Cash and cash equivalents at the beginning of the period 13,738 8,699
Cash and cash equivalents at the end of the period 6,969 1 7, 5 1 4
Represented by:
Cash and cash equivalents 6,969 1 7, 5 1 4
6,969 1 7, 5 1 4
The accompanying notes form part of these financial statements.

6
STEEL & TUBE HALF YEAR REPORT 2026
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 31 December 2025
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
General Information
Steel & Tube Holdings Limited (the company or Steel & Tube) is registered under the
Companies Act 1993 and is a FMC Reporting Entity under the Financial Markets Conduct Act
2013. The company is a limited liability company incorporated and domiciled in New Zealand.
The group comprises Steel & Tube Holdings Limited and its subsidiaries.
The registered office of the company is 7 Bruce Roderick Drive, East Tamaki, Auckland, 2013,
New Zealand.
These interim financial statements are unaudited and were approved for issue on 24 February
2026.
These interim financial statements are presented in New Zealand dollars and rounded to the
nearest thousand.
Basis of Preparation
The group is a for-profit entity. The interim financial statements have been prepared in
accordance with, and comply with, New Zealand Generally Accepted Accounting Practice (NZ
GAAP). They comply with NZ IAS 34: Interim Financial Reporting and the NZX Main Board Listing
Rules (issued 31 January 2025).
These interim financial statements do not include all the information required for an annual
financial report and consequently should be read in conjunction with the audited financial
statements of the group for the year ended 30 June 2025. Non-GAAP measures shown in the
interim financial statements are defined in the 2025 Annual Report.
These interim financial statements have been prepared using the same accounting policies and
methods of computation as the financial statements for the year ended 30 June 2025.
The preparation of the interim financial statements requires the exercise of judgements that
affect the application of accounting policies, the reported amounts of assets and liabilities,
and income and expenses. Where applicable and based on information available at the time of
preparing the interim financial statements, the group has updated its judgements, estimates and
assumptions adopted since the audited financial statements of the group for the year ended 30
June 2025.
These interim financial statements have been prepared on a going concern basis as the group
will be able to discharge its liabilities.
The carrying value of all financial instruments approximates fair value. All financial instruments
are held at amortised cost, with the exception of derivative instruments which are accounted
for at fair value through profit or loss. The derivative instruments comprise forward foreign
exchange contracts, the fair value of which are calculated using forward exchange rates that are
quoted in an active market. All financial instruments accounted for at fair value through profit or
loss are classified as level 2 of the fair value hierarchy. The group applies hedge accounting and
where derivative instruments are designated as hedging instruments in a cash flow hedge, fair
value gains/losses are recognised in other comprehensive income and released either to profit
or loss or the hedged item when the forecast transaction takes place.

7
STEEL & TUBE HALF YEAR REPORT 2026
2. EXPENSES
Unaudited
December
2025
$000
Unaudited
December
2024
$000
Cost of sales and operating expenses:
Inventories expensed in cost of sales 151,189 142,785
Employee benefits 42,557 3 7,1 2 0
Depreciation and amortisation 13,134 11,483
Information technology expenses 3,743 3,605
Defined contribution plans 1,025 992
Directors' fees 275 321
Short term and low value lease costs 139 87
Impairment loss/(reversal) on trade receivables 326 77
Foreign exchange losses/(gains) 59 11
Other expenses 10,433 10,178
Total cost of sales and operating expenses 222,880 206,659
Inventory sold during the period is expensed as cost of sales. Depreciation of $1.0m (31 December
2024: $0.9m) related to equipment used to manufacture products is included in cost of sales.
Depreciation of right-of-use assets and other depreciation is included in operating expenses.
Information technology expenses disclosed in the above table excludes SaaS upfront
expenditure. This has been disclosed separately on the Statement of Profit or Loss and Other
Comprehensive Income.
Employee benefits expense in the current period include restructuring costs of $0.2m
recognised as part of a board approved restructuring plan.
Included in the above table is $0.2m of integration costs in relation to the acquisition of Perry
Metal Protection.
3. OPERATING SEGMENTS
The group has identified three reporting segments as at 31 December 2025 having regard for
the criteria outlined in NZ IFRS 8 Operating Segments (NZ IFRS 8). The group’s Chief Operating
Decision Maker (being the CEO) receives financial reports which aggregate the activities of the
group’s various operating segments into three distinct divisions, being Distribution, Processing
(formerly known as Infrastructure) and Others.
These reportable segments have been determined by having regard to the nature of products,
services and processes the various Business Units undertake to service customers. The group
has a diverse range of customers from various industries, with no single customer contributing
more than 10% of the group’s revenue.

8
STEEL & TUBE HALF YEAR REPORT 2026
The group derives its revenue from the distribution, processing and galvanizing of steel and
associated products. Within the Distribution business, the primary focus is on the distribution of
steel products and fasteners, servicing similar customer groups, sharing similar business models
and trading skills, and using similar sales channels. The majority of product is traded and sales
staff are tasked to know the full range of products. Within the Processing business, product
is predominately steel product which is bought and processed/manufactured in warehouse
facilities for project/contract customers. Others include the galvanizing business which primarily
provides hot dip galvanizing services to customers.
The CEO uses EBIT as a measure to assess the performance of segments. The segment
information provided to the CEO for the period ended 31 December 2025 is as follows:
December 2025
Distribution
$000
Processing
$000
Others
$000
Reconciled
to group
$000
Timing of revenue recognition
At a point in time 116,425 51,811 16,405 184,641
Over time - 2 7, 24 9 - 2 7, 2 4 9
Revenue from external customers 116,425 79,060 16,405 211,890
Depreciation and amortisation(6,420) (5,458) (1, 2 56) (13,134)
Expenses(118, 528) ( 7 9,9 7 3) (12,148) (210,6 49)
Segment EBIT (8, 523) (6, 3 7 1) 3,001 (11,893)
Interest on leases (1,585) (1, 3 29) (521) (3,435)
Interest - others (net)(1,747)
Reconciled to group loss before tax(1 7, 0 7 5)
December 2024
Distribution
$000
Processing
$000
Reconciled
to group
$000
Timing of revenue recognition
At a point in time 114,664 54,295 168,959
Over time - 2 7, 0 6 8 2 7, 0 6 8
Revenue from external customers 114,664 81,363 196,027
Depreciation and amortisation(6, 261) (5,222) (11,483)
Expenses(115,201) (80, 265) (195,4 6 6)
Segment EBIT (6,798) (4,1 2 4) (10,92 3)
Interest on leases (1,74 4) (1,422) (3 ,16 6)
Interest - others (net)(180)
Reconciled to group profit before tax(14,269)

9
STEEL & TUBE HALF YEAR REPORT 2026
Operating segments are reported in a manner consistent with the internal reports that the CEO
uses to assess performance. The operating segments include the reallocation of the head office
function costs to respective segments. Comparative figures have been amended to align with
current period presentation.
Depreciation and amortisation recognised as at 31 December 2025 is inclusive of depreciation
recognised under NZ IFRS 16 Leases, which is in line with the financial reports received by the CEO.
Interest recognised under NZ IFRS 16 Leases is shown separately in the financial reports provided
to the CEO. Other interest income and expense are not allocated to segments as these are
driven by the central treasury function, which manages the cash position of the group.
Assets and liabilities are reported to the CEO on a group basis, and are not separately reported
with respect to the individual operating segments.
Sales between segments are eliminated on consolidation. The amounts provided to the CEO
with respect to segment revenue are measured in a manner consistent with that of the financial
statements.
4. INVENTORY
The group holds inventories valued at $115.9m (30 June 2025: $113.6m).
Inventories ($000s)
Goods in transit
Provision for
write-down
Finished goods
at cost price
Dec 2025
113,598
5,887
(1,432)
$109,143
Jun 2025
115,927
13,912
(1,562)
$103,577
5. IMPAIRMENT TESTING
Key Judgement - Impairment Testing
NZ IAS 36 Impairment of Assets (NZ IAS 36) requires the group to assess at the end of each
reporting period for any indicators of impairment and also to test the recoverable amount of
the group’s assets against its carrying value to assess whether there is any indication that an
asset may be impaired. The recoverable amount is the higher of an asset’s fair value less costs of
disposal (FVLCD) and value-in-use (VIU).
As at 31 December 2025, the group’s market capitalisation was $119.4m and the carrying value of
its net assets was $170.4m. Accounting standards consider this to be an indicator of impairment.
The market capitalisation value excludes any control premium and may not reflect the value of
100% of the group’s net assets.

10
STEEL & TUBE HALF YEAR REPORT 2026
For the purpose of assessing impairment, assets are grouped in the smallest identifiable group
of assets that generates cash inflows that are largely independent of the cash inflows from other
assets or groups of assets (cash generating unit or CGU), which as at 31 December 2025 were
identified as being Distribution, Reinforcing/CFDL, Rollforming and Galvanizing.
To complete the impairment testing, management assessed the recoverable amount of each
of the CGU of which goodwill, property plant and equipment and finite life intangible assets
have been allocated by undertaking a VIU calculation for each of the CGUs. A VIU calculation
is a valuation based on forecast cash flows. These forecast cash flows are discounted back
to present value to estimate a value for the CGU. If the VIU exceeds the carrying value of the
assets, no impairment is recognised. The recoverable amounts of the CGU were estimated
based on the following key assumptions:
Key AssumptionsDistribution
Reinforcing/
CFDLRollformingGalvanizing
Revenue growth (FY26 to FY30 CAGR)10.2%12.0%8.8% 6.0%
Gross margin growth (FY26 to FY30 CAGR)1 7.1 %25.6%13.3%5.8%
Discount rate (post tax)11.0%11.0%11.0%11.0%
Discount rate (pre tax)14.2%14.2%14.0%14.5%
Future cash flows were projected for 5 years and a terminal growth rate of 2% was applied to
2030 and thereafter. Key assumptions for earnings are based on the board approved forecast
for the FY26 period with the forecast period growth rates applied over the remaining forecast
period (2027 to 2030). The 2026 forecast assumption is largely based on earnings returning to
levels evidenced in 2021 to 2023 as well as other strategic initiatives.
The group has conducted analysis of the sensitivity of the impairment test to changes in key
assumptions used to determine the recoverable amounts for the applicable CGUs. Change
in individual assumptions, while keeping all other assumptions constant which results in the
recoverable value to equate to the carrying value is shown in the sensitivity analysis below:

Input required for the VIU to equate to the carrying value
Key AssumptionsDistributionReinforcing/CFDLRollforming
Revenue growth (FY26 to FY30 CAGR)6.8%11.1%7. 4%
Gross margin growth (FY26 to FY30 CAGR)3.2%22.2%7.9 %
Discount rate (post tax)16.1%12.1%13.4%
Sensitivity analysis was undertaken which concluded that the Galvanizing results are not
particularly sensitive to changes in the underlying assumptions.

11
STEEL & TUBE HALF YEAR REPORT 2026
The group has also calculated the recoverable amount of the CGUs using the FVLCD method.
The resulting outcome of the FVLCD calculations have shown a higher headroom between
the recoverable amount and carrying value when compared to the VIU method. The group
concluded that the recoverable amount of each of the CGU were higher than their respective
carrying values and therefore no impairment was considered necessary at 31 December 2025.
The group has also concluded that no reversal of the previous impairment of intangible assets
should be made following an assessment that previous assumptions applied remain consistent in
the current period.
6: BORROWINGS
Unaudited
December
2025
$000
Audited
June
2025
$000
Trade Loan facility – current 20,000 20,000
Revolving Term Advance facility – current 30,000 -
Revolving Term Advance facility – non current - 30,000
Bank loans 50,000 50,000
Key Policy
Borrowings are recognised initially at fair value and net of transaction costs incurred.
Borrowings are subsequently stated at amortised cost and any difference between the
net proceeds and redemption value is recognised in profit or loss over the period of the
borrowings using the effective interest method. The movement in borrowings shown
in the Statement of Cash Flows is the net of repayments and drawdowns of borrowings.
Borrowings are classified as current liabilities if there is no right to defer settlement for
greater than 12 months. The group is required to comply with certain financial covenants.
The group has in place committed bank borrowing facilities of $80m, comprising a $20m
Revolving Cash Advance facility and a $30m Revolving Term Advance facility with an expiry date
of 4 August 2026, and a $30m Trade Loan facility with no expiry date and has the effect of being
repayable on demand. The interest rate is variable with reference to a base rate (BKBM bid rate)
plus a margin. Borrowing facilities arranged with the group’s banking partner can be drawn at
any time, subject to meeting the terms of the group’s Facility Agreement.
Both facilities are subject to compliance with covenants based on earnings and net debt tested
periodically across the next twelve months. If certain of these covenants are breached, they may
render the Revolving Term Advance Facility payable on demand.
The group had no events of review or default as at 31 December 2025.
In February 2026, the group has agreed revised covenants with its banking partner. The group
expects to meet these revised covenants in the upcoming financial year. The group has also
extended its Revolving Cash Advance and Revolving Term Advance facilities with an expiry date
of 4 March 2027.

12
STEEL & TUBE HALF YEAR REPORT 2026
7. RELATED PARTY AND SHARE BASED PLANS
The group has related party relationships with its subsidiaries and with key management
personnel.
There have been no material changes in the nature or amount of related party transactions for
the group since 30 June 2025.
8. SUBSEQUENT EVENTS
In February 2026, the group has agreed revised covenants with its banking partner and extended
its bank facilities with an expiry date of 4 March 2027 (refer Note 6).

13
STEEL & TUBE HALF YEAR REPORT 2026
Registered Office
7 Bruce Roderick Drive, East Tamaki,
Auckland 2013, New Zealand
PO Box 58880, Botany, Auckland 2163,
New Zealand
Ph: +64 4 570 5000 Fax: +64 4 570 2453
Email: info@steelandtube.co.nz
Website: www.steelandtube.co.nz
Directors
Susan Paterson Chair and Independent
Director
Steve Reindler Independent Director
Christopher Ellis Independent Director
Karen Jordan Independent Director
Andrew Flavell Independent Director
Auditor
KPMG Auckland
18 Viaduct Harbour Avenue, Auckland 1010
Share Registry
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142, New Zealand
Ph: +64 9 488 8777 Fax: +64 9 488 8787
Email: enquiry@computershare.co.nz
Website: www.computershare.co.nz
Bankers
ANZ New Zealand
ANZ Centre, 23-29 Albert Street, Auckland 1010
Solicitors
Chapman Tripp Auckland
Level 34, PwC Tower, 15 Customs Street West
PO Box 2206, Auckland 1140
Financial Calendar
Half year results announced February
End of financial year 30 June
Annual results announced August
Annual report August
Stock Exchange
The company’s shares trade on the
New Zealand Exchange under the code STU
Directory

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Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025



Results for announcement to the market
Name of issuer Steel & Tube Holdings Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$211,890 8.1%
Total Revenue $211,890 8.1%
Net profit/(loss) from
continuing operations
$(12,399) (19.3)%
Total net profit/(loss) $(12,399) (19.3)%
Final Dividend
Amount per Quoted Equity
Security
n/a
Imputed amount per Quoted
Equity Security
n/a
Record Date n/a
Dividend Payment Date n/a
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$0.63 $1.02
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Steel & Tube uses several non-GAAP measures when
discussing financial performance. This includes normalised
EBITDA and normalised EBIT. 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. Reconciliations of non-GAAP
measures to GAAP measures are detailed within this
announcement.
Steel & Tube’s normalised EBITDA is $2.8m for 1H26 (1H25:
$2.0m, 40.3% increase) and normalised EBIT is $(10.3)m loss
for 1H26 (1H25: $(9.5m) loss, 8.9% movement). Further details
on the unusual transactions/non-trading adjustments are
included in the investor presentation for the period ended 31
December 2025. The net tangible assets per quoted equity
security is $0.63 at 31 December 2025 which is impacted by the

issuance of 15,476,755 shares arising from the acquisition of
Perry Metal Protection in May 2025.

Definitions:
• EBITDA: this means earnings before interest, tax,
depreciation and amortisation and is calculated as profit for
the period before net finance costs, tax, depreciation and
amortisation
• Normalised EBITDA: this means EBITDA after normalisation
adjustments
• EBIT: this means earnings before interest and tax and is
calculated as profit for the period before net finance costs
and tax
• Normalised EBIT: this means EBIT after normalisation
adjustments
• Normalisation adjustments: these are transactions that are
unusual by size or nature in a particular accounting period.
Excluding these transactions can assist users in forming a
view of the underlying performance of the group. 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

Authority for this announcement
Name of person

authorised
to make this announcement
Mark Malpass
Contact person for this
announcement
Mark Malpass
Contact phone number +64 27 777 0327
Contact email address mark.malpass@steelandtube.co.nz
Date of release through MAP

25 February 2026

Unaudited financial statements accompany this announcement.

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1H26 Results Presentation
For 6 months ended 31 December 2025
25 February 2026

1H26 Outtakes
Primed for upside as the cycle turns
Persistent
economic
headwinds
•Continued tough economic environment
•Some volume improvement however base business margins squeezed
•Growth investments have mitigated base declines
•Outperformance from Perry galvanizing acquisition
Balance sheet
discipline
•Working capital continues to be prioritised
•Debt increased to fund Perry galvanizing acquisition and ongoing operations
•Close cash control mechanisms in place
Emerging
market
recovery
•Maintaining market share
•Loyal customer base supported through strong service offer
•Market indicators starting to track positively e.g. PMI, consents
•Government spend expected to increase in the latter half of calendar 2026

1H26 Financial Summary
Growth investments supporting results
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
Due to rounding, numbers presented throughout this presentation may not add up precisely to the totals provided
Volume
Normalised
EBITDA
Normalised
OPEX
Product Margin
%
Inventory
54,213t
1H25: 48,667t
$2.8m
1H25: $2.0m
$39.1m
1H25: $36.0m
31.1%
1H25: 28.7%
$115.9m
1H25: $109.6m
Revenue
Normalised
EBIT
NPAT/NLAT
Operating Cash
Flows
Net Debt/Cash
$211.9m
1H25: $196.0m
-$10.3m
1H25: -$9.5m
-$12.4m
1H25: -$10.4m
$5.6m
1H25: $23.1m
-$43.0m
1H25: $17.5m

4
300
400
500
600
700
800
900
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2,600
2,800
3,000
3,200
Jul-2017
Sep-2017
Nov-2017
Jan-2018
Mar-2018
May-2018
Jul-2018
Sep-2018
Nov-2018
Jan-2019
Mar-2019
May-2019
Jul-2019
Sep-2019
Nov-2019
Jan-2020
Mar-2020
May-2020
Jul-2020
Sep-2020
Nov-2020
Jan-2021
Mar-2021
May-2021
Jul-2021
Sep-2021
Nov-2021
Jan-2022
Mar-2022
May-2022
Jul-2022
Sep-2022
Nov-2022
Jan-2023
Mar-2023
May-2023
Jul-2023
Sep-2023
Nov-2023
Jan-2024
Mar-2024
May-2024
Jul-2024
Sep-2024
Nov-2024
Jan-2025
Mar-2025
May-2025
Jul-2025
Sep-2025
Nov-2025
Tonnes
Revenue ($000s)
Revenue per trading day (LHS)Tonnes per trading day (RHS)
Cyclical stock; executed three cost out programmes
Covid-19 affectedCost Out
Programme
1
Cost Out
Programme
3
Cost Out
Programme
2
Peak of cycleMid-cycleLow-cycle
Cycles

5
Fundamentals driving the business
Diversified sector exposure, focused on growth markets
Source: BusinessNZ
Manufacturing (39% of revenue): improving business confidence and
investment in the manufacturing sector
Construction
Manufacturing
Non-Residential
(Commercial)
Residential
Infrastructure
Agriculture and
other
39%
27%
19%
4%
11%
36%
31%
19%
8%
6%
1H26
Long-
term avg.
1
1
From FY22 to 1H26
30
40
50
60
Jan-21Jan-22Jan-23Jan-24Jan-25Jan-26
Performance of Manufacturing Index (PMI)

6
Long-term construction forecast
Gradual recovery and trend upwards to $65.4b in 2030
Source: BRANZ/Pacifecon/Stats NZ
Non-residential (27% of revenue): forecast to
recover and rise steadily
Residential (19% of revenue): home consents have
increased in the past few months and property
prices are expected to rise over the next year.
Lower interest rates and better credit access will
help stimulate demand
Infrastructure (4% of revenue): New Zealand
Infrastructure Commission’s September 2025
National Infrastructure Pipeline included $181b of
initiatives underway and in planning reported as
having full funding, part funding or a confirmed
funding source. Pipeline of projects includes land
transport, hospitals, social infrastructure, energy,
water and education
MBIE National Construction Pipeline Report 2025

7
Perry Metal Protection
Measured and strategic buy at the bottom of the cycle
•Strong endorsement of strategic initiative
to grow into higher value product and
services
•Bottom of the cycle purchase, favourable
deal structure
•Consistent earnings through the cycle
•Exceeded year 1 normalised EBIT before
corporate levy target within the first 8
months of ownership
•Integration on track and delivering
revenue synergies above expectations
•Maintained market share at 44%
EBIT excludes corporate levy.
MayJunJulAugSeptOctNovDec
Revenue Trending
Monthly
Actual
Business case
MayJunJulAugSeptOctNovDec
EBIT Trending
Monthly
Actual
Business case

8
Perry Metal Protection
Initial business case scorecard
Business case expectationAssessment
RevenueExceeding
EBITExceeding
Earnings per shareExceeding
Cross-sell synergiesExceeding
Cost synergiesOn track
Integration planExceeding
Health and safetyNow aligned with Steel & Tube standards
Operational resilienceOngoing manufacturing operational excellence

9
Actively managing market challenges
Market
Challenges
1H252H251H26Response and Mitigation
Continuing
weak economic
drivers
HighHighHigh
•Continuous focus on optimising the cost structure
•Expanding existing customer share of wallet
•Focus on higher value products and services
•Diversified business with limited exposure to any one sector
Lack of
infrastructure
spend
HighHighHigh
•Staying close to Government and industry players
•Positioned for commencement of Government infrastructure investment
•Specialist expertise and technical know-how
Cashflow
management
LowMedHigh
•Galvanizing acquisition reducing future cash flow risks however increased short to
medium term debt
•Close control and management of cash, working capital and debtors - minimal
levels of bad debt despite increasing construction liquidations
Commodity
price volatility
MedMedMed
•Actively managing inventory cover
•Buying the right products, at the right time
•Monitoring exchange rates, disciplined buying strategy
•Focus on dollar margin capture on existing inventory
Political
environment
MedMedMed
•International - maintaining diversity of suppliers and securing shipping lanes
•Domestic – general election, 7 November 2026

10
•Volume and revenue increased by 11.3% and 8.1%
on 1H25 and 6.7% and 11.9% on 2H25
•Increase in average selling price reflects
diversification into galvanizing sector
•Customer satisfaction scores remain at high levels
•Continuing to strengthen value proposition –
focus on customer service, delivery in full on time
and in spec, pricing discipline and cross selling
•Maintaining market share
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
50
100
150
200
250
300
350
1H232H231H242H241H252H251H26
Average Selling Price ($/t)
Revenue ($m)
Revenue & Average Selling Price
RevenueAverage Selling Price
Revenue
Economic headwinds persisted, cautious growth outlook
300
400
500
600
1000
1200
1400
1600
1800
2000
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
Jan-26
Feb-26
Tonnes
Revenue $ (000s)
Revenue & Tonnes per Trading Day
RevenueTonnes

11
•Underlying industry margins currently insufficient
to provide a fair return on cost of capital
•Diversification into Perry galvanizing sector drove
improvement
•Competitive advantage through share of wallet
growth into higher value product and services
•Margin expansion expected through operating
leverage as volumes recover
Product margins
Improvement driven by growth investments
Product Margin includes freight and excludes direct and sub-contract labour
1
Tonnes include zinc tonnes consumed in galvanizing (1H26: 439 tonnes). Consistent with other industry participants $ per tonne includes owned tonnes only
28.7%
28.0%
29.9%
29.7%
28.7%
27.5%
31.1%
1,126
1,162
1,252
1,220
1,155
1,024
1,214
1H232H231H242H241H252H251H26
Product Margin % and $/tonne
1
PM%PM/tonne
91
77
78
65
56
52
66
1H232H231H242H241H252H251H26
Product Margin ($m)
Product Margin

12
1H26
Financial
results

13
Group financial summary
•Strategic growth investments underpinning
results
•Significant operating leverage - will drive
profit expansion when broader demand
returns
•Annualised $6m cost out programme
underway ($3m direct costs, $3m OPEX),
expected FY26 impact of $3.5m
•Normalised EBITDA remains positive
•Disciplined cash management delivering
positive operating cashflow
•No dividend declared
Financial performance
1H25, 2H25 and 1H26 Normalised EBITDA and EBIT have been adjusted to exclude non-trading adjustments. Further details included in appendix to this presentation.
$m1H262H251H25
Revenue
211.9189.4
196.0
Volume (Ktonnes)
54.250.8
48.7
PM$/tonne
1,2141,024
1,155
EBITDA
1.2(3.1)
0.6
Normalised EBITDA*
2.80.1
2.0
EBIT
(11.9)(15.0)
(10.9)
Normalised EBIT*
(10.3)(11.9)
(9.5)
NPAT
(12.4)(14.0)
(10.4)
Net Operating cash flow
5.6(12.7)23.1

14
Normalised operating expenses
Third wave of cost out programme underway: $3m annualised OPEX benefit
from FY27
•9.3% of 1H26 normalised OPEX relates
to growth investments
•Normalised OPEX, excluding growth
investments, maintained in line with
1H25
•Cost initiatives focused on back-office
functions, site consolidations,
efficiencies, and close control of
discretionary spending
•FY24 and FY25 cost out programmes
of $5m and $7m offsetting inflation
pressures
1H26 Normalised OPEX excludes restructuring costs of $0.2m, acquisition & integration costs of $0.2m and the $1.2m impact of SaaS, as well as non-trading adjustments
previously reported, Normalised OPEX excludes D&A
*Growth investments includes OPEX generated from the day-to-day operations of Galvanizing, Aluminium, Kiwi Pipe, Plate Processing, Fasteners NZ and Group Freight
**Inflation of 3.1% as reported by Statistics NZ in their December 2025 release

15
Normalised EBITDA
Growth investments and opex savings partially offsetting margin impacts
•Positive contribution from new
investments and strategic focus on
higher value products and services
•Volume increase offset by base business
margin decline driven by intense market
competition and product mix
•Remain focused on pricing discipline,
customer value add to win business
•Further ~$3.5m of direct and operating
expense savings expected in FY26
•Headcount reduced by 5.8% (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 Galvanizing, Aluminium, Kiwi Pipe, Plate Processing, Fasteners NZ and Group Freight
**Inflation of 3.1% as reported by Statistics NZ in their December 2025 release

16
•Prudent management of working capital in
tough economic conditions
•YOY increase in Net Debt due to funding of
ongoing operations and Perry’s acquisition –
performing well ahead of business case
•M&A activity paused, capital discipline focused
on rebuilding balance sheet capacity
•Continued investment in inventory to support
customer gains
•Net debt over total debt plus equity 20%
$m1H262H251H25
Trade and other receivables57.163.251.4
Inventories115.9113.6109.6
Trade and other payables(73.1)(61.7)(54.0)
Working Capital99.9115.1107.0
Total Facility
80.080.0100.0
Borrowings
(50.0)(50.0)-
Available Facility/Undrawn
30.030.0100.0
Cash and cash equivalents7.013.717.5
Borrowings(50.0)(50.0)-
Net Cash/(Debt)(43.0)(36.3)17.5
Net Tangible Assets (NTA) 116.1127.7172.3
Funds Employed287.2301.8293.6
Balance sheet summary
Disciplined capital management

17
•Focus on cash conversion and margin
discipline
•Tight working capital management –
inventory, receivables, payables
•1H26 net cash outflow improved on 2H25
excluding Perry’s drawdown ($30.2m, May
2025)
•Cashflow initiatives taken:
-M&A paused
-Capex restrictions in place
-Third wave cost reduction
-Dividends on hold
•Cashflow improvement to be driven by
increased earnings and ongoing reviews of
lease consolidation opportunities
Cashflow and Net Debt
Staying the course, disciplined cashflow management

18
5,000
7,000
9,000
11,000
13,000
15,000
17,000
19,000
21,000
23,000
25,000
1H242H241H252H251H26
Number of active SKUs
Inventory
•Focused on investing in a high-quality range
•Reduced from 23k to 15k active SKUs from
1H25
•Inventory value up as we invest in availability
of key inventory lines
•Actively managing discontinued inventory
lines
2.3
2.3
2.4
2.4
2.5
2.5
2.6
2.6
100
105
110
115
120
125
130
135
1H242H241H252H251H26
Stock turns
$m
Inventory turnover
InventoryStock turns

19
Moving
forward

20
•Economy expected to firm over CY 2026, although recovery uneven
•Planned construction work is increasing - will take time to filter through to spades in the ground
•Manufacturing demand on the rise, driven by export market
•Lower interest rates should lead to improved activity
•Infrastructure upside remains over the medium term
•Steel pricing expected to remain stable
•General election could impact 2H26 activity
2H26 Market Outlook

21
Key Priorities
Implemented
Disciplined control
Customer share of wallet growth
embedded
Tight focus on customer value
(differentiated service, pricing
and product availability)
Effective integration and value
capture from acquisitions
M&A activity paused, capex
restrictions and dividends on
hold
Cost discipline – recent third
wave of cost out initiatives
(includes 60 roles)
Short term
Optimise the recovery
oBuilding on strategic customer
alliances and share of wallet
oOngoing synergy capture from
existing acquisitions
oContinued margin growth
initiatives
oValue capture from warehouse
and freight initiatives
oCost discipline - optimisation of
supply chain and SKUs leads to
better ROIs
oOngoing focus on balance sheet
management
Medium term
Return to growth
oBenefit realisation from growth
initiatives:
oM&A
oShare of wallet
oInvestment in higher value
products and services
oReduce debt
oRecommence dividend
payments
oRe-engage M&A activity

Discussion

23
Appendix

24
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
1H26 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 31
December 2025, 30 June 2025 and 31 December 2024 reconcile to
normalised earnings. Non-trading adjustments of $(1.6) million are
included in the 1H26 EBIT & EBITDA.
6-month periodEBITDAEBIT
$000s1H262H251H251H262H251H25
Reported 1,240(3,056)561(11,893)(15,031)(10,922)
Palletised warehouse project costs-458906-458906
Business restructuring costs240472227240472227
Acquisition and integration costs170903-170903-
Software as a Service (SaaS) upfront expenditure1,1591,2923091,1591,292309
Normalised2,809692,003(10,324)(11,906)(9,480)

25
Customer, employee and sustainability update
1.14
0
3.5
2.76
0.00
1.00
2.00
3.00
4.00
5.00
FY23FY24FY251H26
Employee Satisfaction (eNPS
2
)
Employee Safety Measure (TRIFR
1
)
Emissions kgCO
2
e per tonne
3,4
42
50
42
48
0
20
40
60
FY23FY24FY251H26
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
4.1H26 increase driven by galvanizing emissions
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
29
31
32
33
27
28
29
30
31
32
33
34
Dec-23May-24Jun-25Dec-25
92
111
118
138
80
90
100
110
120
130
140
150
FY23FY24FY251H26
kgCO2
-
e (000s)

26
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

27
Business performance
*Product Margin includes freight and excludes direct and sub-contract labour
**Processing is the Infrastructure and Others segments combined
Distribution1H261H25
% of Group revenue54.9%58.5%
Revenue ($m)116.4114.7
Product Margin*23.9%26.5%
Product Margin $/tonne8731,058
Processing**1H261H25
% of Group revenue45.1%41.5%
Revenue ($m)95.581.4
Product Margin*37.2%29.9%
Product Margin $/tonne1,5911,223

28
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

29
•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

---

Company Announcement
25 February 2026






Steel & Tube Holdings Limited, PO Box 58880, Botany, Auckland 2163, New Zealand
P +64 4 570 5000 www.steelandtube.co.nz
STU 1H26 Interim Results for six months ending 31 December 2025
Challenging 1H, early recovery in 2H, and upside beyond FY26

• Outperformance from galvanizing acquisition, partially offsetting base business margin squeeze
• Sales revenue up 8% to $211.9m, volumes up 11% to 54.2 ktonnes
• Normalised EBITDA $2.8m
1
with reported EBITDA of $1.2m
• Normalised EBIT $(10.3)m
1
with EBIT of $(11.9)m, net loss after tax of $(12.4)m
• Annualised $6m cost and efficiency programme underway; will further enhance operating leverage
• Close working capital and cash controls in place to support balance sheet. No dividend has been
declared

Steel & Tube Holdings Limited (NZX: STU) has reported its 1H26 results for the six months ended 31
December 2025, with strategic growth investments underpinning the result through the bottom of the cycle,
as challenging economic headwinds continued to impact on base business performance.

CEO of Steel & Tube, Mark Malpass, commented: “The acquisition of galvanizing business Perry Metal
Protection – a measured and strategic buy at the bottom of the cycle - has done exactly what we wanted:
providing consistent high value earnings. The base business continued to be impacted by a stop-start market
recovery, particularly across the construction sector, with margins also impacted by the competitive
environment. However, we are starting to see some positive signs - manufacturing demand is on the rise,
Fast-Track projects will support the near term infrastructure pipeline, and the rollover of fixed mortgages to
lower interest rates and easier access to credit will help to stimulate construction.

“We are actively managing market challenges and have continued to improve operating leverage.
Importantly, we have maintained market share and customer satisfaction scores remain at high levels as we
continue to strengthen our value proposition with a focus on service, pricing discipline, cross selling and high-
value products and services that reinforce our competitive advantage. As a cyclical business, Steel & Tube is
positioned for the upside, with significant operating leverage, a strong market position, a high-quality team,
and a broad product and service offer that has been further enhanced by recent acquisitions.”

1H26 performance

Sales revenue was up 8.1% YOY to $211.9m, with volumes increasing 11.3% to 54.2 ktonnes. Revenue per
trading day improved to $1,933k in December 2025, the highest since December 2023, and product margin
lifted to 31.1%.

Normalised EBITDA remained positive at $2.8m
1
, an improvement on 2H25. Including non-trading
adjustments of $(1.6)m
1
, EBITDA was $1.2m. Normalised EBIT was $(10.3)m
1
with EBIT of $(11.9)m. The
company reported a net loss after tax of $(12.4)m. No dividend has been declared.

Costs have been further reduced with a third cost-out phase underway and expected to deliver an annualised
$3m reduction in operating expenses alongside a $3m reduction in direct costs. Overall, the multi-year cost

out and efficiency programme has delivered more than $12m in opex savings to date, offsetting inflationary
pressures.

Working capital continues to be prioritised, with close cash control mechanisms in place. Net operating cash
was $5.6m for the period, with year-on-year net debt increase attributable to the galvanizing acquisition and
support for ongoing operations. The focus over the short term is on rebuilding balance sheet capacity and
capturing value from recent investments and growth initiatives, with M&A activity paused. Enhanced
operating leverage alongside growth will drive free cashflow and improve balance sheet flexibility.

$m
1H26 2H25 1H25
Revenue
211.9 189.4 196
Volume (ktonnes)
54.2 50.8 48.7
Product Margin (%)
31.1% 27.5% 28.7%
EBITDA
1.2 -3.1 0.6
Normalised EBITDA
1

2.8 0.1 2
EBIT
-11.9 -15 -10.9
Normalised EBIT
1

-10.3 -11.9 -9.5
NLAT
-12.4 -14 -10.4
Net operating cash flow 5.6 -12.7 23.1


Outlook

Demand started to stabilise in 2Q26, with improved trading seen in January and into February 2026. A gradual
market recovery is expected over CY 2026. Global and economic uncertainty, along with the NZ general
election, remain risks to the rate of recovery.

Increased access to credit and lower fixed mortgage rates are expected to boost the construction sector,
alongside short term infrastructure projects and continued momentum in the manufacturing sector. As a
cyclical business, Steel & Tube is well positioned to benefit from improvement in demand across a broad range
of end markets.

Investor call and webcast
Steel & Tube will be holding an investor call at 10.00am today (25 February 2026) to discuss the 1H26 results,
performance and outlook. Details can be found here: https://www.nzx.com/announcements/466944

ENDS

For media or investor enquiries, please contact: Jackie Ellis t: +64 27 246 2505 or e: 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


1
Normalised EBITDA and Normalised EBIT exclude non-trading adjustments of $1.6m in 1H26. More information is available in the Results presentation.