• EBITDA down 30.5% to NZ$57m
• NPAT down 64.8% to NZ$9m
• Interim dividend of NZ 2.5c per share

Vulcan Steel reported a challenging first half of FY25, with revenue down 12.6% to NZ$493m, EBITDA down 30.5% to NZ$57m, and NPAT down 64.8% to NZ$9m. The company navigated difficult trading conditions through high service levels, enhanced sales efforts, and cost discipline. The Steel segment was particularly impacted, with revenue down 16.8% and EBITDA down 41.8%. The Metals segment also saw revenue and EBITDA decline, down 9.2% and 16.2% respectively. Operating expenditure excluding depreciation decreased by 1.2%, but the reduction in sales volume resulted in OPEX costs per tonne increasing by 8.0%. Net cash inflows from operating activities were NZ$80.7m, down 23.4% from the prior period. The company declared an interim dividend of NZ 2.5c per share, down from NZ 12.0c in the prior period. Despite the challenging conditions, Vulcan remains focused on what it can control, strengthening its foundation, and positioning the company to capitalize on future opportunities.

Trading volumes in New Zealand are anticipated to begin to recover from the second or third quarter of 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 Steel segment volume is anticipated to face continued challenges, especially in Victoria in the near term.