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 stronger-than-expected top-line FY26 growth, but higher costs tempered NPAT.</li><li>The cyclical improvement was evident in 2H26 with EBITDA +18% on the prior year driven by a lift in Steel volumes and improved Metals GP$/tonne.</li><li>We are encouraged by the emerging cyclical earnings recovery, which is now broad-based across divisions and geographies, and continue to forecast strong growth as volumes and margins lift (FY26—FY29 EBITDA CAGR of +21%).</li></ul>

Vulcan Steel (VSL) reported stronger-than-expected top-line FY26 growth, but higher costs tempered NPAT.The cyclical improvement was evident in 2H26 with EBITDA +18% on the prior year driven by a lift in Steel volumes and improved Metals GP$/tonne.We are encouraged by the emerging cyclical earnings recovery, which is now broad-based across divisions and geographies, and continue to forecast strong growth as volumes and margins lift (FY26—FY29 EBITDA CAGR of +21%).

Vulcan Steel FY26 Result—Exiting at a Strong Run-Rate