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) 1Q26 trading update was largely as expected.</li><li>Volumes are slowly picking up from cyclical lows, but competitive pressure on price and margin remains.</li><li>VSL expects the recovery to strengthen over the year as: (1) lower interest rates lift NZ activity from a deep cyclical low; and (2) improving demand in Australia is underpinned by the Queensland Olympics build, an improving Victoria, and better long-steel pricing.</li></ul>

Vulcan Steel (VSL) 1Q26 trading update was largely as expected.Volumes are slowly picking up from cyclical lows, but competitive pressure on price and margin remains.VSL expects the recovery to strengthen over the year as: (1) lower interest rates lift NZ activity from a deep cyclical low; and (2) improving demand in Australia is underpinned by the Queensland Olympics build, an improving Victoria, and better long-steel pricing.

Vulcan Steel Vulcan Steel Climbing Off Cyclical Lows