• Revenue up 8.6% to NZ$535.4 million
• NPAT up 1.3% to NZ$9.3 million (excluding significant items)
• Successful acquisition of Roofing Industries Limited

Vulcan Steel Limited (ASX: VSL, NZX: VSL), an Australasian industrial product distributor and value-added processor, recorded a sound performance under challenging economic conditions for the six months ended 31 December 2025 (1H FY26). Revenue increased 8.6% to NZ$535.4 million, while NPAT (excluding significant items) was up 1.3% to NZ$9.3 million. The highlight of the period was the successful acquisition of Roofing Industries Limited and its subsidiaries, which added a complementary product range to Vulcan's Steel segment. The rollforming division results for the first three months of Vulcan's ownership were in line with expectations. Trading conditions remained challenging in both New Zealand and Australia, with inflation and interest rate pressures affecting industry profitability. However, there were signs of recovery, particularly in the second quarter, with residential consents improving and overall volumes stabilizing in certain sectors. Vulcan continues to focus on cost control, identifying opportunities to improve efficiencies and reduce the impact of inflationary pressures. The company also implemented three hybrid sites during the period and plans further hybrid site development. Overall, Vulcan is well-positioned to capitalize on the expected market recovery and growth opportunities.

Vulcan did not provide any high-importance, price-sensitive forward-looking financial metrics in the announcement.

While the economic climate remains challenging, Vulcan is cautiously optimistic that conditions are beginning to improve and is excited by the opportunities ahead. The company continues to focus on creating sustainable long-term shareholder value, with its ethos of the company and team first guiding its most challenging decisions.