2026 Annual meeting of shareholders presentation amended

• Vulcan Steel Ltd. reported a resilient performance in FY26 with sales volumes up 18%, revenue up 22%, and adjusted net profit after tax up 28%.
• The company declared a final dividend of 4.5 cents per share, totaling 7.0 cents per share for FY26.
• Vulcan Steel Ltd. has begun a search for two new independent non-executive directors to succeed Bart de Haan and Russell Chenu.

Vulcan Steel Ltd. delivered a resilient performance in FY26, with sales volumes up 18%, revenue up 22%, and adjusted net profit after tax up 28%. The company declared a final dividend of 4.5 cents per share, totaling 7.0 cents per share for FY26, representing a 47% payout on Vulcan's statutory net profit after tax (NPAT) attributable to shareholders of NZ$20.7m (post-IFRS 16). The company has a current target payout ratio of 40% to 80% of NPAT (adjusted for significant items). FY26 dividends were fully imputed for New Zealand shareholders and fully franked for Australian shareholders. The company has begun a search for two new independent non-executive directors to succeed Bart de Haan and Russell Chenu, who will retire after a transition period.

FY26 revenue: NZ$1,159m (up 22% YoY), adjusted EBITDA: NZ$130m (up 16% YoY), net debt: NZ$216m

Vulcan Steel Ltd. is cautiously optimistic about the year ahead. The New Zealand economy is beginning to recover, while the Australian economy is growing at a modest pace. However, inflation, energy costs, and global uncertainty continue to create headwinds.