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Steel & Tube
Steel & Tube (STU) investor relations material
Steel & Tube H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary24 Feb, 2026
Executive summary
Sales revenue increased 8.1% year-over-year to $211.9m, with volumes up 11.3% to 54,213 tonnes, despite a challenging operating environment and slow economic recovery.
Net loss after tax widened to $12.4m from $10.4m in the prior year, with basic and diluted loss per share at (6.8) cents.
Perry's Galvanizing acquisition outperformed expectations, delivering above-expected synergies and offsetting margin pressure in the base business.
Cost reductions, efficiency gains, and SKU rationalization from 23,000 to 15,000 have made the business leaner and more efficient.
No interim dividend declared as capital discipline and balance sheet rebuilding are prioritized.
Financial highlights
Net loss after tax for the six-month period was $12.4m, with normalised EBITDA at $2.8m, up from $2.0m in 1H25.
Operating cash flow was $5.6m, down from $23.1m in 1H25.
Product margin improved to 31.1% from 28.7% year-over-year, and per tonne margin rose to $1,214.
Net debt increased to $43.0m, mainly due to the Perry acquisition, with net debt to total debt plus equity at 20%.
Inventory at period end was $115.9m, with turnover stable at 2.3x.
Outlook and guidance
Economic recovery is expected to be gradual and uneven through 2026, with cautious optimism for improvement.
Construction and manufacturing demand forecast to rise, supported by lower interest rates, government spending, and infrastructure projects.
No formal guidance provided, but management expects EBIT to improve in the second half, aiming for breakeven.
Medium-term plans include debt reduction, resumption of dividends, and continued M&A activity as conditions allow.
Management expects to meet revised banking covenants in the upcoming financial year.
Given market cap vs net assets, detail impairment rationale
What factors necessitated revised bank covenants?
Clarify 2024 'Others' segment performance
Impact of SKU reduction on market share and breadth?
Detail debt management strategy and covenant approach.
What drives the path to monthly EBIT breakeven?
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Next Steel & Tube earnings date
H2 202623 Aug, 2026
Steel & Tube
Next Steel & Tube earnings date
H2 202623 Aug, 2026
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Frequently asked questions
Steel & Tube Holdings Limited is a New Zealand-based company specializing in the distribution, processing, and fabrication of steel and related products. The company provides a broad range of steel products, including structural steel, roofing, reinforcing, and stainless steel, serving industries such as construction, manufacturing, and infrastructure. Steel & Tube offers additional services like customized steel processing, product design, and technical support to meet specific client needs. The company is known for its extensive supply network, enabling efficient distribution across New Zealand. The company is headquartered in Wellington, New Zealand, and its shares are listed on the NZX.
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