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Vulcan Steel (VSL) investor relations material
Vulcan Steel H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary25 Aug, 2025
Executive summary
Revenue declined to NZ$948M, down over NZ$100M or 11% year-over-year, with adjusted EBITDA down 24% to NZ$112M and adjusted NPAT down 55% to NZ$18M due to challenging market conditions.
Gross margin improved by 0.3 points to 34.2%, but gross profit per tonne fell 4% year-over-year.
Net debt reduced to NZ$232M, and a final dividend of 3.5c per share was declared, representing a 44% payout ratio.
Acquisition of Roofing Industries for NZ$88M–$99M, fully funded by an underwritten equity raise, expands into a new vertical and is expected to be EPS accretive.
Roofing Industries is a well-run business with strong IT systems, high returns, and a strong market position in New Zealand.
Financial highlights
Revenue: NZ$948.1M (-10.9% YoY); Adjusted EBITDA: NZ$112.1M (-24.1% YoY); Adjusted NPAT: NZ$17.9M (-55.2% YoY).
Operating cash flow reached NZ$105M; net debt reduced by NZ$44M year-over-year to NZ$232M.
Gross margin improved to 34.2%, but gross profit per tonne fell 4% to $15.18.
Dividend of 3.5c per share declared, representing a 44% payout of adjusted NPAT.
Return on capital employed (pre-IFRS) at 12.8%, above cost of capital.
Outlook and guidance
Market conditions expected to remain subdued in 1H FY26, with recovery momentum anticipated in 2H FY26 and into FY27.
New Zealand construction recovery is delayed, with gradual uplift expected; Australia shows mixed outlook by state.
Roofing Industries acquisition expected to be EPS accretive, even under conservative scenarios.
FY26 capex expected at NZ$25–30M, with NZ$7–12M for growth initiatives.
Roofing Industries: future growth beyond NZ?
What specific market indicators show a turning point?
What drives Vulcan's gross margin advantage?
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Next Vulcan Steel earnings date
AGM 202531 Oct, 2025
Next Vulcan Steel earnings date
AGM 202531 Oct, 2025
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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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