New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Vulcan Steel (VSL) will report its 1H26 result on Tuesday 24 February.</li><li>We expect EBITDA of NZ$55m, down -4% on the prior year, as ongoing pressure on pricing and margin more than offsets a modest pick-up in volumes from cyclical lows.</li><li>Key areas of focus will be: (1) commentary on the pace of recovery in volumes, pricing, and margins on both sides of the Tasman; (2) an update on growth initiatives, including hybrid site roll-out; and (3) the integration and profitability of Roofing Industries.</li></ul>

Vulcan Steel (VSL) will report its 1H26 result on Tuesday 24 February.We expect EBITDA of NZ$55m, down -4% on the prior year, as ongoing pressure on pricing and margin more than offsets a modest pick-up in volumes from cyclical lows.Key areas of focus will be: (1) commentary on the pace of recovery in volumes, pricing, and margins on both sides of the Tasman; (2) an update on growth initiatives, including hybrid site roll-out; and (3) the integration and profitability of Roofing Industries.

Vulcan Steel 1H26 Preview—Steely Resolve