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 FY26 result on 25 August.</li><li>We are positive heading into the result and expect VSL to deliver solid growth despite the recent volatility.</li><li>We expect VSL to maintain a cautious outlook into FY27 in light of the current macro uncertainties and upcoming NZ election, but there are signs of improving demand in NZ, and the upcoming Olympics build in QLD will create opportunities.</li></ul>

Vulcan Steel (VSL) will report its FY26 result on 25 August.We are positive heading into the result and expect VSL to deliver solid growth despite the recent volatility.We expect VSL to maintain a cautious outlook into FY27 in light of the current macro uncertainties and upcoming NZ election, but there are signs of improving demand in NZ, and the upcoming Olympics build in QLD will create opportunities.

Vulcan Steel FY26 Preview—Testing the Metal