• Vulcan's banking syndicate grants extension of relaxation of covenant thresholds through to 30 June 2026
• Company continues to operate with strong liquidity and no debt facilities maturing until FY27
• Additional flexibility positions Vulcan to meet customer demand as activity levels improve

Vulcan Steel Limited (ASX: VSL, NZX: VSL) has announced that following constructive discussions, the company's banking syndicate has granted an extension of the relaxation of covenant thresholds through to 30 June 2026. The relaxation was first granted in October 2024 and was due to expire on 31 December 2025. Vulcan continues to operate with strong liquidity and has no debt facilities maturing until the financial year ending 30 June 2027 (FY27). In a still-uncertain global and domestic economic environment, Vulcan has taken this pre-emptive step to ensure it retains ample working capital headroom. The additional flexibility positions the Company to meet customer demand as activity levels in Australia and New Zealand improve over the next 12 months. Managing Director and Chief Executive Officer, Rhys Jones, stated that the company's lenders have again demonstrated their confidence in Vulcan's disciplined approach to capital management, business model, and long-term growth strategy. The extended covenant relief provides the balance-sheet flexibility to navigate the current demand environment while continuing to invest in customer-facing initiatives.

The additional flexibility positions the Company to meet customer demand as activity levels in Australia and New Zealand improve over the next 12 months.