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) reported a disappointing trading and earnings guidance update.</li><li>VSL downgraded its FY23 EBITDA and NPAT guidance range by -7%/-14% at the mid-points respectively.</li><li>At the operating level (excl. integration costs), this was c.-7% below our forecast which was primarily driven by a late fourth quarter decline in NZ activity (particularly in the Steel division) with Australian activity holding up better.</li></ul>

Vulcan Steel (VSL) reported a disappointing trading and earnings guidance update.VSL downgraded its FY23 EBITDA and NPAT guidance range by -7%/-14% at the mid-points respectively.At the operating level (excl. integration costs), this was c.-7% below our forecast which was primarily driven by a late fourth quarter decline in NZ activity (particularly in the Steel division) with Australian activity holding up better.

Vulcan Steel: FY23 Trading and Earnings Guidance Update

Vulcan Steel Limited

Vulcan Steel: FY23 Trading and Earnings Guidance Update