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Vulcan Steel
Vulcan Steel (VSL) investor relations material
Vulcan Steel H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary23 Feb, 2026
Executive summary
Revenue rose 8.6% year-over-year to NZ$535.4 million for 1H FY26, driven by the acquisition of Roofing Industries Limited and volume recovery in key markets.
Adjusted EBITDA was NZ$57.3 million, up 0.7% year-over-year, while adjusted NPAT rose 1.3% to NZ$9.3 million; statutory NPAT fell 9.7% to NZ$8.3 million.
Operating cash flow declined 52.1% to NZ$38.7 million due to increased working capital and acquisition-related outflows.
Net debt reduced by NZ$30.1 million since June 2025, now at NZ$202.3 million, with net debt/EBITDA at 2.9x.
Interim dividend maintained at NZ 2.5c per share, fully franked/imputed.
Financial highlights
Gross margin was 33.9%, down slightly from 34.1% year-over-year.
Sales volume increased 10.8% to 120,988 tonnes, with active trading accounts up 12.6%.
Customer base expanded 12.6% to 25,456 transacting customers.
Adjusted cash conversion dropped to 55.6% from 59.6% year-over-year.
Return on Capital Employed (ROCE) fell to 7.6% from 10.3% year-over-year.
Outlook and guidance
Market conditions are stabilizing, with signs of recovery in New Zealand and Australia, though margin pressure persists.
Demand is expected to improve gradually through FY26, but inflation and potential interest rate hikes remain risks.
Steel segment outlook is positive, while metals segment faces mixed prospects.
Olympic-related project activity in Australia is not expected to impact results until FY27 or later.
Working capital requirements expected to rise over the next 12–18 months due to higher material prices and anticipated demand recovery.
Roofing Industries: H2 contribution outlook?
Steel dumping inquiry: impact on local fabricators?
Conditions for improved industry profitability?
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Next Vulcan Steel earnings date
H2 202624 Aug, 2026
Vulcan Steel
Next Vulcan Steel earnings date
H2 202624 Aug, 2026
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Frequently asked questions
Vulcan Steel Limited is an industrial company that distributes and processes steel products, serving a range of sectors across Australia and New Zealand. The company's product offerings include a variety of steel types, such as stainless steel, structural steel, and aluminum, which are used in construction, manufacturing, and engineering applications. Vulcan Steel provides services like cutting, processing, and customized fabrication to meet specific client requirements. The company is headquartered in Auckland, New Zealand, and its shares are listed on the ASX and NZX.
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