• EBITDA down 30.5% to NZ$56.9m
• NPAT down 64.8% to NZ$9.2m
• Operating cashflow down 23.4% to NZ$80.7m
• 2.5 NZ cents per share interim dividend declared

Vulcan Steel Limited (ASX: VSL, NZX: VSL), an Australasia-wide industrial product distributor and value-added processor, has announced its financial performance for the six-month period from 1 July 2024 to 31 December 2024 (1H FY25). EBITDA was NZ$56.9m, down 30.5% from NZ$81.8m in 1H FY24. NPAT was NZ$9.2m, down 64.8% from NZ$26.1m in 1H FY24. Operating cashflow was NZ$80.7m, down 23.4% from NZ$105.3m in 1H FY24. The company declared a 2.5 NZ cents per share interim dividend for 1H FY25, to be 100% franked and 20% imputed. Vulcan's Managing Director and CEO, Rhys Jones, said trading in the first six months of the 2025 financial year was variable and challenging, with economic conditions in both Australia and New Zealand remaining difficult. Despite the headwinds, the company achieved a 10% return on capital employed. During the first half, Vulcan's net bank debt dropped NZ$34.3m to NZ$241.5 million, due to a decrease in working capital and continued positive operating cashflows. The company also implemented five hybrid sites in Australia, adding to the eight hybrid sites completed in FY24.

In New Zealand, the lowering of interest rates has boosted confidence for the future, even though general market activity has been subdued. Pre-sales activity, customer channel checks, and independent business surveys, combined with the Reserve Bank of New Zealand's reduction in the official cash rate, point to improving market volume in the 2025 calendar year. In Australia, expectations are for the Metals segment to remain relatively steady, helped by further improvement as additional hybrid sites are commissioned during the 2025 calendar year. The Queensland and Western Australian markets are expected to perform better in 2025 compared with 2024, while the Steel segment volume is likely to continue to face challenges.