• Expanded into the New Zealand rollforming market through acquisition of Roofing Industries
• Maintained strong operational performance with 98% delivery in full on time (DIFOT) rate
• Grew sales volume with first year-on-year growth since FY22

Vulcan Steel Ltd reported a solid 1HFY26 performance, with revenue up 8.6% to NZ$535m and adjusted EBITDA up 0.7% to NZ$57.3m. The company expanded into the New Zealand rollforming market through the acquisition of Roofing Industries on 30 September 2025, which contributed to the revenue growth. Vulcan maintained a strong operational focus, achieving a 98% delivery in full on time (DIFOT) rate on customer orders and implementing three hybrid sites, with further hybrid sites planned. The company also contained underlying cost growth, with group OPEX excluding rollforming increasing 8.1% year-on-year. Vulcan generated solid operating cash flow of NZ$38.7m in 1HFY26, benefiting from disciplined working capital management, and lowered net debt by NZ$30m (13%) since the end of FY25 to NZ$202m. While gross margin declined slightly by 0.2% to 33.9%, adjusted NPAT attributable to shareholders of the parent was up slightly by NZ$0.1m year-on-year to NZ$9.3m.

The company is focused on increasing the breadth of its geographic and product footprint, further optimising inventory to leverage on the opportunity of a market recovery, and ongoing focus on lifting customer engagement and volumes.