• Revenue up 8.6% to NZ$535.4 million
• EBITDA down 1.1% to NZ$56.3 million
• NPAT down 9.3% to NZ$8.3 million

Vulcan Steel Limited, an Australasia-wide industrial product distributor and value-added processor, has announced its financial performance for the six-month period from 1 July 2025 to 31 December 2025 (1H FY26). The company reported revenue of NZ$535.4 million, up 8.6% from NZ$493.0 million in 1H FY25. EBITDA was NZ$56.3 million, down 1.1% from NZ$56.9 million in the prior corresponding period. NPAT attributable to shareholders of Vulcan was NZ$8.3 million, down 9.3% from NZ$9.2 million in 1H FY25. Excluding significant items, adjusted EBITDA and NPAT attributable to shareholders were NZ$57.3 million and NZ$9.3 million, respectively. Operating cashflows were NZ$38.7 million, down 52.1% from NZ$80.7 million in 1H FY25. The company also declared an interim dividend of NZ 2.5 cents per share for 1H FY26, to be 100% franked and 100% imputed. Vulcan's Managing Director and CEO, Gavin Street, commented that the highlight of the first half was the successful acquisition of Roofing Industries, which has been included in the 1H FY26 results. However, the wider Vulcan business faced a mixed economic climate in New Zealand and Australia, with the December quarter showing signs of recovery in both countries, though pressure on margins remained.

While the economic climate across both New Zealand and Australia remains difficult, early indicators suggest the overall market has stabilised and the industry is entering a recovery phase. In New Zealand, the overall trend of declining interest rates is beginning to stimulate higher levels of sales enquiry and activity, and this should lead to a more sustainable uplift in volumes as FY26 progresses. In Australia, the volume activity achieved in the first six months is expected to continue into the second half of FY26, although regional and business segment variations are likely to persist.