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) 1H26 result was in line with our expectations.</li><li>While there was evidence of improving cyclical momentum, competitive pressures on margins persist.</li><li>We estimate underlying Steel segment tonnes per trading day were up +4% in 2H25, with Metals up +3%, while gross profit per tonne increased +1%.</li></ul>

Vulcan Steel (VSL) 1H26 result was in line with our expectations.While there was evidence of improving cyclical momentum, competitive pressures on margins persist.We estimate underlying Steel segment tonnes per trading day were up +4% in 2H25, with Metals up +3%, while gross profit per tonne increased +1%.

Vulcan Steel 1H26 Result—Roll(Form)Ing With The Cycle