2026 Annual meeting of shareholders presentation amended

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
21 October 2026
2026 Annual meeting of shareholders – Presentations

Attached are the following documents in connection with Vulcan Steel Limited’s (Vulcan)
2026 annual meeting of shareholders (Annual Meeting) to be held at 11:00am NZT
(9:00am AEDT) today (Wednesday, 21 October 2026):
 presentation;
 address from the Chair of the Board of Directors, Rhys Jones; and
 address from Managing Director and Chief Executive Officer, 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 82 logistics and processing facilities employing approximately 1,650
staff across the company’s Steel, Metals and Roofing divisions.

Future
Forged
ANNUAL MEETING
OF SHAREHOLDERS
21 OCTOBER 2026

Our focus on building lasting long term shareholder value, maintaining
our culture, putting our customers and team first have helped Vulcan
navigate through the challenging times in the past four years
That same commitment is pushing us to sharpen our operations, lift
customer service, and target opportunities that create value - our entry
into the rollforming market being an example.
While the economic climate remains uncertain, we are cautiously
optimistic that conditions are beginning to improve and are excited by the
opportunities ahead as we build on the momentum from the past year.
VULCAN ANNUAL MEETING OF SHAREHOLDERS /
2
2

Voting and asking questions
MUFG Corporate Markets helpdesk
New Zealand – 0800 200 220
Australia – 1800 990 363
VULCAN ANNUAL MEETING OF SHAREHOLDERS /
3

Vulcan’s Board
Bart de Haan
INDEPENDENT NON-EXECUTIVE DIRECTOR
Gavin Street
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
Rhys Jones
BOARD CHAIR
NON-EXECUTIVE DIRECTOR
Russell Chenu
LEAD INDEPENDENT NON-EXECUTIVE DIRECTOR
Adrian Casey
EXECUTIVE DIRECTOR AND CHIEF OPERATING OFFICER
Nicola Greer
INDEPENDENT NON-EXECUTIVE DIRECTOR
Carolyn Steele
INDEPENDENT NON-EXECUTIVE DIRECTOR
VULCAN ANNUAL MEETING OF SHAREHOLDERS /
4

01
Chair
Address
02
Management
Address
03
Q&A
04
Resolutions
for approval
06
General
Business
05
Voting
Agenda
VULCAN ANNUAL MEETING OF SHAREHOLDERS /
5

Chair
address
01
SECTION
Rhys Jones

FY26 total dividend of NZ 7.0 cents per share
• Interim dividend of NZ 2.5 cents per share and final dividend of NZ 4.5 cents
per share.
• Vulcan’s declared dividend for FY26 was NZ$10.3m.
• Represents a 47% payout on Vulcan’s statutory net profit after tax (NPAT)
attributable to shareholders of NZ$20.7m (post-IFRS 16).
• The company has a current target payout ratio of 40% to 80% of NPAT
(adjusted for significant items).
• FY26 dividends were fully imputed for New Zealand shareholders and fully
franked for Australian shareholders.
0
10
20
30
40
50
60
in NZ$ centsin A$ cents
51.4
22.8
55.0
24.0
5.4
5.6
6.0
7.0
FY25FY26FY24FY23FY25FY26FY24FY23
TOTAL DECLARED DIVIDEND PER SHARE
VULCAN ANNUAL MEETING OF SHAREHOLDERS / CHAIR ADDRESS
7

Vulcan’s environment and sustainability update
2026 EMISSIONS BREAKDOWN
Diesel NZ
Petrol AU
Diesel AU
Electricity NZ
Petrol NZ
Electricity AU
Environment
In FY26, our emissions intensity was 53.0 kg CO2e per tonne of product sold.
Vulcan in FY26 had an 8% improvement on FY25. Even as our business grew, we
became more efficient through greening of the grid and Vulcan’s own initiatives.
FY26 EMISSIONS
(tCO2e)FY26FY25FY24FY23
Absolute emissions
(tCO2e)
Scope 17,6755,9256,5326,400
Scope 25,7206,4327,333 7,563
TOTAL13,39512,357 13,865 13,963
Intensity emissions
(kg CO2e/t product)
Scope 1 & 2 emissions per
tonne of product sold
53.05 7. 860.755.6
29%
22%
5%
38%
3%
3%
13,395
tCO
2
e
VULCAN ANNUAL MEETING OF SHAREHOLDERS / CHAIR ADDRESS
8

Board succession
VULCAN ANNUAL MEETING OF SHAREHOLDERS / MANAGEMENT ADDRESS
9

Management
address
02
SECTION
Gavin Street

Sound financial returns in FY26
1. m - millions. 2. Tonnes. 3. Earnings before interest, tax, depreciation and amortisation. 4. Excluding acquisition costs in FY26 and sale of wintec products and fixed assets in FY25.
5. Return on capital employed is based on adjusted EBIT, and capital employed is based on equity, net debt and capitalised lease obligations.
+22% on $948m in FY25
$1,159m
1
REVENUE NZ$
+16% on $112m in FY25
$130m
ADJUSTED EBITDA
3
NZ$
(EXCLUDING SIGNIFICANT ITEMS
4
)
+18% on 213,827 tonnes in FY25
252,820t
2
SALES VOLUME
-30% on $105m in FY25
$73m
OPERATING CASH FLOW NZ$
-1.3% FROM 8.8% in FY25
7. 5 %
ROCE
5
+16.7% on 6.0 cents in FY25
7. 0 c
FY26 TOTAL DIVIDEND NZc
+22% on $18m in FY25
$22m
ADJUSTED NPAT NZ$
(EXCLUDING SIGNIFICANT ITEMS
4
)
vs $232m as at 30 June 2025
$227m
NET DEBT NZ$
VULCAN ANNUAL MEETING OF SHAREHOLDERS / MANAGEMENT ADDRESS
11

Our people, principles and ethos
Our principles
• Provide an enjoyable workplace
• Promote a safe working environment
• Be financially prosperous
• Remain ambitious
• Balance the above
Our ethos
• Team first with respect for the individual
• Each person responsible with minimum
understanding
• Support our local communities
• Relaxed, professional and committed
• Clear profit centre goals
VULCAN ANNUAL MEETING OF SHAREHOLDERS / MANAGEMENT ADDRESS
12

Vulcan in the community
Sponsoring mental health
initiatives through MATES
in Construction
Vulcan’s support reflects a
commitment to the wellbeing of the
construction community we work
alongside, extending our focus on
safety beyond physical risk to include
mental health.
Supporting Auckland Rescue
Helicopter Trust
For more than 20 years, Vulcan has
proudly supported the Auckland
Westpac Rescue Helicopter Trust —
a service that has been there for our
communities, in their most critical
moments, for over 50 years
Partnership with Halberg
Youth Council, New Zealand
The Halberg Foundation provides young
New Zealanders with physical disabilities
the opportunities to participate, belong
and thrive through sport.
Supporting Arts Centre
Melbourne
Vulcan proudly supports Arts Centre
Melbourne through contributing to
the Technical Production Traineeship
Programmes.
VULCAN ANNUAL MEETING OF SHAREHOLDERS / MANAGEMENT ADDRESS
13

Priorities for FY27 and FY28
Build on the momentum in 2H FY26 - accelerate growth through our product platforms and foundation.
Further drive
organic growth
through customer
service and margin
improvement.
Capitalise on market
and business cycle
opportunities going
forward.



Continue to integrate,
support and invest in
our rollforming business
to accelerate growth.



Utilise bench strength
to support growth and
leverage investments
made in hybrid sites for
volume growth.
Further explore
other opportunities.
12345
VULCAN ANNUAL MEETING OF SHAREHOLDERS / MANAGEMENT ADDRESS
14

Trading in 1Q FY27
• Revenue increased by 39% year-on-year (YoY) to NZ$353.7m in 1Q FY27, from
NZ$254.0m in 1Q FY26, reflecting a combination of higher selling price and volume
as well as contribution from Roofing Industries.
• Sales tonnes per day (TPD) in 1Q FY27 increased by 27% YoY with improvement in
our Steel and Metals segments and contribution from Roofing Industries.
- NZ underlying (ex-Roofing Industries) TPD improved 16% YoY.
- Australia TPD improved 13% YoY.
• EBITDA increased by 51% to NZ$44.8m in 1Q FY27, from NZ$29.6m in 1Q FY26.
- Underlying (ex-Roofing Industries) EBITDA lifted 21% YoY.
- EBITDA contribution from Roofing Industries was NZ$9.1m in 1Q FY27.
- As Roofing Industries was acquired on 1 October 2025, underlying growth rates
(ex-Roofing Industries) will be provided for 1Q FY27 only.
• Net debt improved to NZ$216m at 30 September 2026, from NZ$227m at 30 June 2026.
• We will continue to invest in the business strategically with discipline.
NZ$m1Q FY27
2
1Q FY26
3
Change
Revenue

1
353.7254.039%
EBITDA
1
44.829.651%
Volume (000 tonnes)
1
73.559.025%
1. Based on unaudited management accounts at 30 September 2026 post-IFRS 16.
2. 1Q FY27: Three months from 1 July 2026 to 30 September 2026.
3. 1Q FY26: Three months from 1 July 2025 to 30 September 2025.
VULCAN ANNUAL MEETING OF SHAREHOLDERS / MANAGEMENT ADDRESS
15

Outlook
We are cautiously optimistic about the year ahead as overall pace of recovery is uncertain.
NEW ZEALAND
• The New Zealand economy is beginning to recover and
business confidence improving.
• Depending on the New Zealand general election
outcome, Interest rate levels should moderately
support households and businesses through FY27.
• Construction and export activity provide further
support.
• Inflation, energy costs and global uncertainty
continuing to create headwinds.
AUSTRALIA
• The Australian economy is continuing to grow at
a modest pace.
• Higher interest rates, persistent inflation and elevated
household costs are likely to constrain consumer
spending.
• Upcoming state elections in Victoria and New South
Wales could potentially impact on consumer and
business sentiment and activity levels.
• Queensland Olympics, infrastructure, population
growth provide some support.
• Overall, we expect a steady but challenging
environment, with the pace of recovery dependent
on inflation continuing to moderate and interest rates
eventually easing.
TRADING UPDATE
• 1H FY27 mid-February 2027.
VULCAN ANNUAL MEETING OF SHAREHOLDERS / MANAGEMENT ADDRESS
16

03
SECTION
Q&A

04
SECTION
Resolutions
for approval

RESOLUTION 1
Auditor’s remuneration
• That the Board of Vulcan is authorised to fix the fees and expenses of
Deloitte Limited (New Zealand), as Vulcan’s auditor, for the financial
year ending 30 June 2027 (FY27).
• Proxies received:

FOR 57,315,584 (97.99%)
OPEN/UNDIRECTED 1,168,597 (2.00%)
AGAINST 6,059 (0.01%)
TOTAL VOTED 58,490,240 shares of 146,529,960 (39.92%)
ABSTAIN 7,584
VULCAN ANNUAL MEETING OF SHAREHOLDERS / RESOLUTIONS FOR APPROVAL
19

RESOLUTION 2
Re-election of Bart de Haan
as a director
• That Bart de Haan, who retires and in accordance with the terms
of Vulcan’s Constitution and is eligible for re-election, be re-elected
as a director of Vulcan.
• Proxies received:
FOR 55,912,583 (95.58%)
OPEN/UNDIRECTED 1,165,253 (1.99%)
AGAINST 1,418,578 (2.43%)
TOTAL VOTED 58,496,414 shares of 146,529,960 (39.92%)
ABSTAIN 1,410
VULCAN ANNUAL MEETING OF SHAREHOLDERS / RESOLUTIONS FOR APPROVAL
20

RESOLUTION 3
Re-election of Nicola Greer
as a director
• That Nicola Greer, who retires and in accordance with the terms
of Vulcan’s Constitution and is eligible for re-election, be re-elected
as a director of Vulcan.
• Proxies received:
FOR 57,326,955 (98.00%)
OPEN/UNDIRECTED 1,164,733 (1.99%)
AGAINST 4,727 (0.01%)
TOTAL VOTED 58,496,415 shares of 146,529,960 (39.92%)
ABSTAIN 1,409
VULCAN ANNUAL MEETING OF SHAREHOLDERS / RESOLUTIONS FOR APPROVAL
21

RESOLUTION 4
Grant of performance share
rights to Gavin Street as
Vulcan’s MD and CEO
• That, for the purposes of ASX Listing Rule 10.14 and for all other purposes,
the issue of 443,340 performance share rights to Vulcan’s Managing
Director and Chief Executive Officer, Gavin Street, under Vulcan’s FY27
long-term incentive plan and on the terms and conditions set out in the
Explanatory Notes be approved.
• Proxies received:
FOR 57,299,542 (97.96%)
OPEN/UNDIRECTED 1,166,054 (1.99%)
AGAINST 26,827 (0.05%)
TOTAL VOTED 58,492,423 shares of 146,529,960 (39.92%)
ABSTAIN 5,401
VULCAN ANNUAL MEETING OF SHAREHOLDERS / RESOLUTIONS FOR APPROVAL
22

RESOLUTION 5
Grant of performance share
rights to Adrian Casey
as Vulcan’s COO
• That, for the purposes of ASX Listing Rule 10.14 and for all other
purposes, the issue of 127,660 performance share rights to Vulcan’s
Chief Operating Officer, Adrian Casey, under Vulcan’s FY27 long-
term incentive plan and on the terms and conditions set out in the
Explanatory Notes be approved.
• Proxies received:
FOR 57,305,084 (97.97%)
OPEN/UNDIRECTED 1,166,054 (1.99%)
AGAINST 22,089 (0.04%)
TOTAL VOTED 58,493,027 shares of 146,529,960 (39.92%)
ABSTAIN 4,597
VULCAN ANNUAL MEETING OF SHAREHOLDERS / RESOLUTIONS FOR APPROVAL
23

Voting
05
SECTION

General
business
06
SECTION

VULCAN.CO
Thank you for joining us.

Address from Vulcan Steel Limited‘s Chair of the Board - Rhys Jones

Ladies and Gentlemen, fellow shareholders.
The Financial Year 2026 in review
Vulcan delivered a resilient performance in FY26, despite continuing economic challenges.
Cost-of-living pressures, weak business confidence and high interest rates in Australia
weighed on economic activity levels. Conflict in the Middle East added volatility to energy
markets as well as challenges to freight routes and supply chains across both our markets
in Australia and New Zealand
Against that backdrop, Vulcan strengthened its competitive position in both countries,
growing its sales volumes by 18%, revenue rose 22%, and adjusted net profit after tax
increased 28%.
The Board declared a final dividend of 4.5 cents per share, bringing the total dividend for
FY26 to 7.0 cents per share, up from 6.0 cents last year. That totals $10.3 million, or 47% of
net profit after tax before significant items, within our policy range of 40% to 80%.
Gavin will cover the FY26 year in more detail shortly.
Climate and sustainability
FY26 was our third year for climate-related disclosures under New Zealand law, and our first
under Australia’s new climate reporting standard. With Roofing Industries joining the Group,
our total Scope 1 and 2 emissions rose 8% to 13,395 tonnes. However, our emissions per tonne
of product sold improved by 8%, helped by our investment in solar power and our hybrid
vehicle fleet programme.
Board and leadership changes
On 1 January 2026, we completed a planned leadership transition. Gavin Street became
Managing Director and CEO and joined the Board, and I moved from CEO to Chair. Russell
Chenu, who had chaired the Board since 2021, became our lead independent director. On
behalf of the Board, I thank Russell for his leadership as Chair and for his continuing
contribution.
Gavin has quickly built strong relationships with our people, customers and other
stakeholders across both countries, while continuing to execute our strategy. The transition
was completed without disruption to the business, which reflects the strength of our
leadership team. The Board continues to have a majority of independent directors.
Board succession and renewal
Good governance means planning for Board renewal well ahead of time. As part of that
planning, the Board has begun a search for two new independent non-executive directors,
who will in time succeed Bart de Haan and Russell Chenu.
Bart has served on the Board for more than 11 years. Russell has served for more than five
years, including as our Chair until the end of 2025. Both have agreed to remain on the Board
through a transition period, so that new directors can be appointed and settle into the role
before Bart and Russell retire. This will give the Board continuity, retain their valuable
knowledge of Vulcan, and support an orderly handover.

The search for new directors will focus on the skills and experience the Board will need as
Vulcan grows, guided by our Board skills matrix set out in our Annual Report and our
commitment to diversity. We expect to announce new appointments during 2027. Any new
director will stand for election by shareholders at the first annual meeting after their
appointment.
Bart is standing for re-election today on that basis. His re-election will provide continuity
during the transition, and he is likely to retire once his successor is in place and following an
appropriate transition period – however long that may be. On behalf of the Board, I thank
Bart and Russell for their commitment to Vulcan, and for their support in making this a
smooth transition.
Thank you
On behalf of the Board, I thank our employees for their hard work, our customers for their
continued support, and you, our shareholders, for your confidence in Vulcan.
I will now invite Gavin to give his address.

Address from Vulcan Steel Limited‘s Managing Director and Chief Executive Officer -
Gavin Street

Thank you, Rhys, and thank you to everyone joining us for our 2026 Annual Shareholder
Meeting, both here in the room and online.
This is my first annual shareholders meeting as Managing Director and CEO. I want to thank
Rhys, our Board, our people and you, our shareholders, for your support during my first year
in the role. Vulcan’s success over more than 30 years comes from our culture and our
people, and it is a privilege to lead the team as we grow value for our shareholders.
Summary of Financial Year 2026 performance
Market conditions stayed challenging for much of the 2026 financial year. New Zealand’s
recovery was gradual, and restrictive interest rates in Australia weighed on investment.
Even so, the business moved forward, and we saw clear improvement in the second half of
the year.
Revenue grew to $1.16 billion, adjusted EBITDA rose to $130 million and adjusted net profit
after tax increased to $22 million, reflecting nine months’ contribution from Roofing
Industries and a return to volume growth. Sales volumes rose 18% to almost 253,000 tonnes.
On a like for like basis, sales increased 8%, with a stronger second half of the 2026 financial
year. Like for like costs were up 8% excluding the impact of foreign currency and reflecting
the impact of inflation and investment in people to support increased activity in processing,
the rollout of our hybrid strategy in Australia and investing in our leadership capability in
both Australia and New Zealand.
Stock management remained a key focus for our business leaders in FY26. We took a
balanced approach, supporting higher volumes while keeping product availability for our
customers high. We kept investing for growth. We opened a new greenfield hybrid site in
Toowoomba, west of Brisbane, and implemented five hybrid sites across the network. We
also kept customer service high, with an industry-leading order fulfilment rate, or DIFOT, of
98% across all orders in FY26.
Vulcan generated $73 million in operating cashflow. That was lower than FY25, which
benefited from significant reduction in working capital in the prior year. Net debt fell by $5
million to $227 million, and our net debt to EBITDA cover ratio improved to 2.9 times from 3.4
times.
Our return on capital employed, or ROCE, was 7.5% for FY26, compared with 8.8% in FY25.
This partly reflects the capital we invested in Roofing Industries, which contributed only nine
months of earnings. As a team we are not satisfied with that return and improving it to
between 20% to 30% remains a clear focus for the Board and management.

Roofing Industries – First Year in the Group
It is now a year since Roofing Industries joined the Vulcan Group on 1 October 2025. This was
our first step into roofing and cladding, a new vertical for Vulcan. The business has been
successfully integrated and has performed ahead of our expectations. In its first nine
months with us, it contributed $135 million in revenue, and its strength through the second
half of FY26 has continued into the new financial year.
In the recent July to September quarter, our roll-forming business has secured two major
projects, in Christchurch and Auckland, that start this 2027 financial year. I want to thank
the Roofing Industries team and our local owner-operator partners. Their service mindset
and shared ownership are exactly what we hoped this business would bring to the Group.
Vulcan’s network now covers 82 sites across Australia and New Zealand.
Our people, Principles and Ethos
Our Principles and Ethos remain the foundation of Vulcan and how we work. Our team now
consists of over 1,650 employees working across 82 sites in Australia and New Zealand. We
believe our people are our greatest strength, and we continue to invest in creating an
environment where they can develop, perform and thrive.
Our 2026 Employee Engagement Survey reflected a positive experience across the
business, with 85% of employees prepared to put in extra effort for Vulcan’s success, 80%
agreeing they have clear goals, and 75% saying Vulcan puts team first with respect for the
individual.
We continued to invest in the wellbeing and development of our people, including our first
network-wide wellbeing step challenge, our graduate programme, leadership
development, coaching and mentoring, and expanded online learning.
Turning to health and safety, Vulcan is committed to providing a safe and healthy work
environment for everyone. We are now expanding the rollout of in-cab safety cameras to
support safe driving for our business. Our total recordable injury frequency rate improved
to 7.1, from 7.8 in FY25. We will keep working to improve on that.
Our community
Our commitment also extends to the communities in which we operate. During the year, we
supported organisations including MATES in Construction, Auckland Westpac Rescue
Helicopter Trust, the Halberg Foundation and Arts Centre Melbourne, alongside many locally
led community initiatives identified by our people.

Trading Update – First quarter of FY27
Turning to our financial performance so far in FY27. It is still early in the year, but the first
quarter has been encouraging. In the first three months, Group revenue was $353.7 million,
up 39% on the same period last year.
Sales tonnes per day in 1Q FY27 increased by 27% year-on-year, with improvement in our
Steel and Metals segments and contribution from Roofing Industries.
Sales tonnes per day in New Zealand excluding Roofing Industries improved 16% year-on-
year and 13% year-on-year in Australia.
EBITDA was up 51%, compared with the same quarter last year. Our Steel segment led the
improvement. Underlying EBITDA excluding Roofing Industries lifted 21% year-on-year.
EBITDA contribution from Roofing Industries was NZ$9.1 million in 1Q FY27.
At 30 September 2026, net debt was $216 million, an improvement on NZ$227 million from
30 June.
Three months is a short period, and monthly results can vary. But these results show that
the momentum we built in the second half of FY26 has carried into the new year.
Priorities
Our priority for FY27 and FY28 is to build on that momentum. We will keep driving organic
growth through customer service and margin improvement. We will be ready to capitalise
on the business cycle as it turns. We will keep investing in our roll-forming Roofing Industries
business. We will use our bench strength and the investment we have made in hybrid sites
to grow volumes. And we will keep exploring other opportunities.
Outlook
The industry is beginning to stabilise and there are signs of recovery, acknowledging that
conditions remain challenging and the overall pace of recovery is uncertain.
In New Zealand the economy is beginning to recover, with business confidence improving
and activity starting to strengthen. Interest rate levels should support households and
businesses through FY27, while construction and export activity provide further support. The
recovery is likely to remain uneven, however, with inflation, energy costs and global
uncertainty continuing to create headwinds.
The Australian economy is continuing to grow at a modest pace, but the recovery is
expected to be gradual. Higher interest rates, persistent inflation and elevated household
costs are likely to constrain consumer spending, while Queensland Olympics, infrastructure,
and population growth provide some support. Overall, we expect a steady but challenging
environment, with the pace of recovery dependent on inflation continuing to moderate
and interest rates eventually easing.
We will stay disciplined on product availability, service level and cost-to-serve. As
conditions improve, we are well positioned to benefit.
The FY27 half-year results are due to be released in mid-February 2027.

Closing
As always, our employees are the most important asset in our business. Our culture,
customer focus and teamwork have carried us through a difficult period and into the early
stages of recovery. I want to thank all of our people across Vulcan and Roofing Industries
for their commitment, and our customers and suppliers for their ongoing support.
Thank you. I will now hand back to Rhys.