• Reported NPAT1 down 60.6% to NZ$15.7m
• Reported EBITDA2 down 26.1% to NZ$109m
• Operating cashflow down 37.8% to NZ$105.0m
• 6.0 NZ cents per share total dividend declared for FY25

Vulcan Steel Limited (Vulcan), an Australasian-wide industrial product distributor and value-added processor, has announced its results for the financial year ended 30 June 2025 (FY25). The company reported a Reported NPAT1 of NZ$15.7m, down 60.6% from NZ$40m in FY24, and Reported EBITDA2 of NZ$109m, down 26.1% from NZ$147.6m in FY24. Adjusted NPAT1, 3 was NZ$17.9m, down 55% from NZ$40m in FY24, and Adjusted EBITDA2, 3 was NZ$112.1m, down 24% from NZ$147.6m in FY24. Operating cashflow was NZ$105.0m, down 37.8% from $168.7m in FY24. The company declared a final dividend of 3.5 NZ cents per share for FY25, resulting in a total dividend of 6.0 NZ cents per share. Vulcan's Managing Director and Chief Executive Officer, Rhys Jones, commented that the company's performance in FY25 was shaped by persistent and evolving economic challenges across both the New Zealand and Australian markets, with the broader trading environment remaining difficult. Despite these challenges, the company achieved a reduction in net debt of NZ$44 million over the financial year, underscoring the resilience of its operations and the success of its disciplined financial management. Vulcan also made progress in its ongoing program to develop hybrid sites, successfully converting or commissioning seven additional sites over the past 12 months.

Over the past three months, Vulcan has observed encouraging signs of stabilisation in its overall daily sales activity. While trading conditions remain subdued, there are early indicators of renewed momentum within select customer segments, contributing to a modest uplift in activity. Looking ahead, the company anticipates daily sales volumes to remain broadly stable at relatively low levels during the first half of FY26, consistent with current market dynamics. However, based on current trends and its pipeline visibility, Vulcan expects a gradual firming of activity in the second half of the new financial year, supported by the easing of macroeconomic pressures and continued recovery in key customer segments.