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>We upgrade our rating on Vulcan Steel (VSL) from NEUTRAL to OUTPERFORM.</li><li>We acknowledge the ongoing uncertainty around the shape of the cyclical recovery but expect the upcoming FY26 result to highlight continued sequential volume and margin improvement despite the recent macro volatility.</li><li>While we have revised our forecasts lower to reflect the impact of recent global events, we still forecast VSL to deliver a FY26–FY28 EBITDA CAGR of +24%.</li></ul>

We upgrade our rating on Vulcan Steel (VSL) from NEUTRAL to OUTPERFORM.We acknowledge the ongoing uncertainty around the shape of the cyclical recovery but expect the upcoming FY26 result to highlight continued sequential volume and margin improvement despite the recent macro volatility.While we have revised our forecasts lower to reflect the impact of recent global events, we still forecast VSL to deliver a FY26–FY28 EBITDA CAGR of +24%.

Vulcan Steel Solid Steel Up to OUTPERFORM