Vulcan Steel (VSL) investor relations material

Opening remarks and agenda

• Hybrid meeting in Auckland and online; quorum confirmed, opening the fifth AGM as a listed entity and Rhys Jones’s first as Chair.

• Agenda covered Chair and management addresses, Q&A, five ordinary resolutions by poll and general business; the Chair emphasized long-term shareholder value, culture and customer service.

Financial performance review

• FY26 revenue was NZ$1,159m, sales volume 252,820 tonnes and adjusted EBITDA NZ$130m, up 22%, 18% and 16%, respectively; adjusted NPAT was NZ$22m.

• Operating cash flow was NZ$73m; net debt fell NZ$5m to NZ$227m and net debt/EBITDA improved to 2.9x from 3.4x; ROCE was 7.5%, down from 8.8% in FY25.

• Like-for-like FY26 sales and costs each rose 8%, excluding FX effects; DIFOT order fulfilment was 98%.

• 1Q FY27 revenue rose 39% to NZ$353.7m, EBITDA rose 51% to NZ$44.8m and sales volume rose 25% to 73,500 tonnes; net debt was NZ$216m at 30 September 2026.

Board and executive committee updates

• On 1 January 2026, Gavin Street became MD and CEO and joined the Board; Rhys Jones became Chair, and Russell Chenu became lead independent director.

• Search underway for two independent non-executive directors to succeed Bart de Haan and Russell Chenu; appointments expected during 2027, with both remaining through the transition.

• Bart de Haan and Nicola Greer stood for re-election; Gavin Street and Adrian Casey were proposed for FY27 performance-right grants of 443,340 and 127,660 rights, respectively.