• Vulcan to acquire Roofing Industries, a leading supplier of roll-formed roof and cladding products in New Zealand
• Acquisition price of NZ$88 million, representing an enterprise value of NZ$99 million
• Equity raising of approximately A$87.1 million (NZ$96.3 million) through a fully underwritten pro-rata accelerated renounceable entitlement offer

Vulcan Steel Limited (Vulcan) has signed a conditional sale and purchase agreement to acquire all the shares in Roofing Industries Limited (Roofing Industries) for NZ$88 million. Roofing Industries is one of the leading suppliers of roll-formed roof and cladding products in New Zealand with a large sales network. In the financial year ended 31 March 2025, Roofing Industries had in excess of NZ$160 million in revenue and NZ$25 million in EBITDA (NZ$21 million pre-IFRS 16). The acquisition of Roofing Industries marks a strategic milestone for Vulcan, representing its entry into a new market vertical and diversifying its portfolio. Roofing Industries operates from 15 locations nationwide, which will immediately enhance Vulcan's operational footprint. The acquisition also opens up significant opportunities for cross-selling across both Vulcan's and Roofing Industries' customer bases. To fund the acquisition, Vulcan has announced a fully underwritten pro-rata accelerated renounceable entitlement offer to raise approximately A$87.1 million (NZ$96.3 million). The entitlement offer will be conducted at an offer price of A$5.95 per new share, representing a 9.0% discount to the theoretical ex-rights price and a 9.8% discount to Vulcan's last closing share price on ASX.