• Reported EBITDA expected in range of NZ$106-109 million
• Reported NPAT expected in range of NZ$14-16 million
• Net debt reduced to NZ$232 million from NZ$276 million in FY24

Vulcan Steel Limited (ASX: VSL, NZX: VSL), an Australasian-wide industrial product distributor and value-added processor, has announced a preliminary update on its full year results for the financial year ended 30 June 2025 (FY25). The company expects reported earnings to be in the following ranges: Earnings before interest tax, depreciation and amortisation (EBITDA) of NZ$106 million to NZ$109 million, and Net profit after tax (NPAT) of NZ$14 million to NZ$16 million. The FY25 reported earnings include approximately NZ$3 million impairment (NZ$2 million after tax basis) from the sale of assets of the Wintec operation in Australia. Vulcan's net debt position has reduced further to NZ$232 million from NZ$242 million at 31 December 2024, and from NZ$276 million at the end of FY24. The company's banking syndicate has also granted an extension of the financial covenant relaxation to 30 June 2026, and Vulcan continues to comply with all covenants for FY25. Vulcan's Managing Director and Chief Executive Officer, Rhys Jones, commented that the 2025 financial year was influenced by persistent economic challenges in both New Zealand and Australia, contributing to a demanding trading environment and aggressive pricing by some market participants. However, there are encouraging signs that the downward trend is beginning to level out, with stabilisation in daily sales activity and early signs of renewed momentum in specific customer segments.

Vulcan expects daily sales volume to remain broadly stable at low levels in the first half of FY26, before firming in the second half of FY26. The company remains focused on maintaining customer service levels, managing working capital, and controlling operating costs to respond effectively as market conditions improve.