Thank you, everyone, for joining the call for the FY 2026 results for Vulcan. On the call today, we have our CFO, Kar Yue Yeo; Adrian Casey, our COO; and Luke Cavanagh, our New Zealand leader; and myself, Gavin Street.

If we turn to the agenda on page eight, in this call this morning, we will cover the overview of results, financial and operations, priorities and outlook, and we'll also leave some time through to Q&A. If we go to the overview on page six, to cover off the key points on the performance of our business for the FY '26: revenue was $1.159 billion, up 22% on the prior year, and included nine months of sales from our acquisition, Roofing Industries; underlying business grew, with momentum building through the second half; adjusted EBITDA was up 16% to $130 million, and included the impact of Roofing Industries from October 1; underlying business was steady compared to prior year; gross margin was down 1% to 33.2%, reflecting the impact of mix and addition of Roofing Industries, and gross profit per tonne was relatively flat; the Vulcan board has approved interim dividend of 4.5 cents per share, taking the full-year dividend to 7 cents, up 16%.

If we turn to page seven, the key strategic and operational highlights: the final payment for Roofing Industries in January 2026; integration of the business has gone very well, we are very pleased with the performance of the business, it has a strong culture and alignment to the Vulcan values; improvement in underlying volume with year-on-year growth, and we also saw increased momentum into the second half of the year; the team has continued to focus on our delivery in full, on time, our DIFOT metric, ensuring we have the right stock, the right location, at the right time; we are continuing to execute on our locations, with a new location added in Queensland in the second half of FY '26; costs have continued to be closely monitored; underlying costs have been impacted by inflation, investment into hybrid sites, and increasing capacity to support growth and customer service levels; we have continued to generate cash flow, and managing working capital to support the investment in our business, and a focus on reducing debt cover to 2.9 times. If we turn to page eight, we'll cover the half-yearly volume and financial trends: the graph here provides the half-year trends in revenue, tonnes per day, and EBITDA; all graphs include the impact of Roofing Industries; improvement in revenue year-on-year in the online business, with increased momentum in the second half; total sales, or tonnes per day, increased year-on-year, with underlying sales revenue up on the prior year; adjusted EBITDA reflects the inclusion of Roofing Industries and an improvement in underlying performance of the business in the second half.

If we go to page nine, we'll go to Vulcan business highlights: with the purchase of Roofing Industries, we've now operate in seven verticals: four divisions under our Steel segment, which now includes Roofing Industries and Rollforming and Moulding, and three existing divisions under Metals; New Zealand represented 40% of our sales, and Australia 60%; importantly, as we look at some of the growth opportunities into Australia, Queensland is the largest state, representing 23% of total group sales. If we turn to page 10, we have the map of our current footprint in ANZ: with the addition of Roofing Industries, we now have 82 sites across Australia, up from 81, with the addition of our new site in Toowoomba, with support of over 1,660 employees, serving over 26,000 customers.

On page 11, we have our growth strategy, and under here, we have very clear principles on how we've had in place for a long time, on how we grow our business, and we'll continue to look at opportunities to improve and expand further. We turn to page 13 and the operating backdrop during FY '26: in Australia, we've seen increased interest rates, geopolitical risks, and domestic fiscal policies have provided some uncertainty, with moderating activity in some segments; importantly, activity on our east coast of Queensland, New South Wales, and Victoria has continued to be positive year-on-year; FY '26 tonnes per day increased, with strong improvements in the second half; in New Zealand, interest rates supporting our improved economic activity from a low base, some uncertainty remains with the impact of geopolitical activity, FY '26 tonnes per day increased year-on-year, with more pronounced impact in the second half FY '26; from a global and economic perspective, there is still some uncertain geopolitical environment, metals product prices have increased in FY '26, with more significant impact in the second half FY '26, driven by aluminium and nickel increases; and from a cost pressure perspective, we have continued focus on costs and inflationary impacts across ANZ.

I'll now hand over to Kar Yue, who'll take you through the financial performance.

Thank you, Gavin. Good morning to everyone on the call.

I'd like to spend the next couple of minutes on slide 14. Our 22% year-on-year revenue growth in financial year 2026 was a combination of two things: first, nine months of contribution from the addition of rollforming; second, an improvement in our underlying business volume, of which the vast majority started to come through in the June half.

Our 18% increase in volume is a combination of rollforming acquisition and significant improvement in our underlying business in the June half. Underlying business margin in 2026 was steady year-on-year.

Overall gross margin, as Gavin mentioned, was down 1%. This was due to the percentage mix between our underlying business and rollforming.

Encouragingly, gross profit dollar per tonne was up slightly, a result of better underlying steel and metals dollar profitability, higher dollar per tonne profit for rollforming, and some currency translation impact from our Australian operations. Our earnings before interest, tax, depreciation and amortisation, or EBITDA, for the year increased 16%, with profit contributions from rollforming as well as underlying improvement in our underlying business in the June half, which helped offset the declines that we recorded in the first half of our financial year just completed.

Operating cash flows decreased 30% in the year. This reflected the reversal to operating cash flows in the previous year from significant reduction in working capital in financial year 2025.

Our return on capital employed, while respectable relative to industry peers, is well below our internal expectation. As shown on the next slide, virtually all of our EBITDA improvement in the year was the result of volume growth, including the addition of rollforming and improvement in underlying steel segment, higher volume contributed $61 million to profitability.

Operating expenditure, or opex, increased $44 million during the year. This reflected a combination of the addition of rollforming, currency translation of Australian operations, and investment in additional employees to support growth, not just during financial year 2026, but also for beyond.

At the segment level on the next slide, our steel results benefited from the rollforming acquisition as well as improvement in underlying volume, especially in the June half. A 19% lift in gross profit dollar per tonne in 2026 contributed to EBITDA improvement, as I mentioned earlier on, driven by the addition of rollforming as well as improvement in underlying business in the June half.

Turning to our metals segment, the performance was mixed across Australia and New Zealand. EBITDA in aggregate for this segment fell 10% in the year.

Volume in metals segment was broadly steady. Gross margin declined in the year, but it showed improvement in the June half on a year-on-year basis.

On the next slide, as mentioned earlier, our operating expenditure increased $44 million in 2026 financial year. This reflected the addition of rollforming, the increase in underlying business volume, currency translation impact of a stronger Australian dollar into New Zealand dollar, as well as general cost inflation.

Excluding rollforming and the currency translation impact, our underlying opex increased 9% year-on-year, the majority of those coming in people costs to support growth in 2026 and beyond. Now turning to our cash flow on the next slide, our business generated $73 million in cash from operations, from which $26 million was recycled into capital expenditure and $31 million used for repayment of lease liabilities.

The $94 million capital raised in the first half of our financial year was used substantially for the purchase of Roofing Industries, as well as pay for related transaction costs. Including further investment into rollforming as well as unspent carryover projects from 2026, we expect to spend between $30 to $35 million in 2027 financial year for capital expenditure.

Finally, on our 2026 financials on slide 19, as Gavin mentioned earlier on, our final dividend has been set at 4.5 cents per share, up 1 cent from a year ago, bringing total dividend for the year to 7 cents per share. Our final dividend will be fully imputed and franked.

Net debt finished at $237 million, which translated to 2.9 times net debt to post-rent EBITDA cover, an improvement of three times from 3.4 times from a year ago. Handing the session back to you, Gavin.

Thanks, Kar Yue. Now we'll turn to page 21 and we'll go through the priorities.

We'll continue to focus on driving our organic growth, with focus on customer service and margin improvement; capitalise on opportunities across ANZ for the improvement across the business cycle and in growth segments; continue to support the integration and invest in Roofing Industries to build on a solid base; develop our sites and leverage investment in our hybrid sites; and explore opportunities to further grow our business across ANZ. We now turn to page 22: whilst conditions are still challenging in both countries, we're beginning to see some signs of recovery.

In New Zealand, supportive interest rate environment, with some segments already showing signs of improved activity; building construction activities stabilised, commercial activities may take a little bit longer, but overall, the recovery momentum is anticipated to strengthen throughout 2027. In Australia, the high interest rates potentially to cap rate of economic growth, the Olympic build will start to impact Queensland, where we have 23% of our business; safeguard measures for fabricated steel currently being considered by the Australian government in FY '27, if introduced, likely to have a positive impact; and we'll continue to focus on driving our hybrid sites and new initiatives to deliver full volume benefit.

That's our presentation. I'll now open up for any Q&A.

Good morning, team. That was an impressive 12-minute presentation.

I love your brevity. Roofing EBITDA, look, this result is meaningless without you guys giving some colour on that acquisition.

Can you supply some volume statistics, EBITDA, and anything else relating to roofing that's within this result?

In our interim report, we've actually stated the volume that we've got for the nine months revenue, we've got for the five months of Roofing Industries, it's $135 million for the nine months. I think, Grant, that should give you the ability to back-fill some of your numbers.

Not really. You previously indicated that EBITDA was $5 million for roofing, and it was on track to about $14, $15 million for the year.

Did it come out about $14, $15 million on a post-EBITDA basis?

Right. Grant, obviously, there are some commercial sensitivities in regards to talking specifically about margin and EBITDA.

What I can help you bridge that analytics that you're looking for is that you look at one of the acquisition notes in our notes to the account, as Gavin mentioned, there's $135 million revenue for the nine-month contribution. Obviously, also that the net profit after tax relating to roofing that came from Roofing Industries for the nine months was just a little bit over $8 million, that's net profit after tax basis.

What I can share with you also is that there is no funding cost associated with that net profit after tax of this over $8 million. Now that's for nine months.

We did also say in the same note that had we owned the whole business for the whole 12 months, the net profit after tax would be closer to $10 million. Now, if I draw your attention back to when we first acquired this back in September 2025, the depreciation on a post-rent basis, the depreciation and amortisation on post-rent basis was to the tune of between $6 to $7 million.

If you can rework the net profit after tax from back to pre-tax, given there's no funding cost, you can get a number that's pretty close to what you're looking for in terms of helping you to bridge those numbers forward.

Very helpful. Thanks, Kar Yue.

Then was there any inventory benefit in the final quarter? That was a really good half year-on-year.

Is there anything that comes out in the wash in terms of extra costs that were passed on to customers in that half?

No, there wasn't really any major inventory benefit that came through the second half. You've seen the impact of volume has built over the quarter.

There has been some impact from inflation, some of our metals distribution business, but no, there's no major impact of any inventory adjustments for that second half. It's been a lot of hard work.

Thank you. My final question, just on the fairly conservative dividend payout of 47%, are we going to move back to mid that range as things continue to pick up, of 40% to 80% payout of NPAT?

Yeah. I think we've kept it at 47% for the year, and we think that's the right level for the current year, given where we're managing our debt profile of our earnings and returns.

As we've indicated to the market, it depends on where we are, we'll range between 40% and 80% throughout the next period of time. Obviously, as we continue to grow, there'll be opportunities to change that dividend percentage.

Thanks for answering my questions.

good morning, Gavin, Kar Yue. Thanks for taking my questions.

Firstly, just on strong second-half momentum, can you just talk through the anticipated seasonality benefit in the first half '27 versus the second half '26, alongside the extra three months of rollforming, before we then look to layering on any market improvement? Sort of is it fair your outlook comments in aggregate are calling for a market pick up across both segments and geographies?

Sorry, Harry, it's breaking up a little bit. Can you just run that through again?

Sure. Just on the strong second-half momentum, can you talk through the anticipated seasonality benefits in the first half '27 versus second half '26, alongside the extra three months of rollforming, before we then look at and market improvement, and is it fair your outlook comments in aggregate are calling for a market pick up in both segments and both geographies?

Look, I think for us, the key point we saw in FY '26 results is momentum is building through the second half. We'll have five extra days into first half FY '27 over the second half.

That's the seasonal impact and adjustment we will see. I do think we're going to have the extra three months obviously from Roofing Industries coming into the numbers.

I think you'll need to take that into account when you contemplate what FY '27 looks like. For us, the momentum is building, and the team is continuing to work through that.

Improvement in both metals and steel across both countries, and build that into the second half, which, as I've mentioned, have five extra days.

Thanks. Then just even though this is non-cash, could you just talk through the drivers behind the increased D&A that we saw and in the guide, just to help us for modelling?

Sorry, I just picked up your question, reference to cash, is that right?

No, I'm just asking in reference to the increased depreciation and amortisation in the results and the guide, even though this is non-cash, could you just talk through the drivers for us all, please?

Sure. Thanks for that question.

Harry, what happened, obviously, as rents continue to rise in subject to all rules in Australia and New Zealand, we obviously have got an obligation to rework our capitalised lease obligation requirement. That, effectively, then led to some increases coming through from the interest expense side.

Obviously, as terms and conditions changes for our leases, we continue to roll forward with renewals with some of our landlords across the portfolio. That then requires us to reassess the right-of-use asset value, which then finds its way into depreciation and amortisation for the right-of-use component.

In a sense, the old convention of looking at EBITDA post-rent basis in terms of how we've measured it, but us providing that guidance range relating to financial year 2027 is to make life a little bit easier for people that don't necessarily have the same level of detail as company would have.

Understood. Sorry, it was a bit of a bad line, but were you indicating that negotiations are leading to higher rent costs, or is it just purely rate driving the right-of-use reassessment?

It's a combination of the two. As when we roll forward with our rent, we obviously have to reassess whether the right-of-use assets stayed at that period.

Got it. Then just a final one, I know you've highlighted this and discussed on the last call, just if you could give a bit more of an update on the Productivity Commission safeguard inquiry into imported fabricated steel, I think interim report due in September, just what protections could be implemented, what do you see as the benefit to the industry and yourselves?

Thanks.

The Productivity Commission's been in contact with key players in the marketplace earlier this year. They've got, as you mentioned, Harry, they've got an interim report that's due out in the next couple of weeks in September to update on what their finding, what their intent is going to be, and then they'll expect it to announce in November.

As we've sort of stated before, we see that the volume, import volume coming in of fabricated steel has basically doubled in the last couple of years. The intent is that I think that will be put some sort of safeguard metric, which could be some sort of an additional charge or cost on top to bring steel in from offshore locations, which will then put more capability and volume back into our customers, which are the fabricators.

I think that has a very good chance of being an uplift for our customers, but also for us if that gets delivered into the end of the year into early second half FY '27.

Great. Thank you.

Hi, Gavin, Kar Yue. Thank you very much for the question.

Just quick one, if you could just offer some greater commentary on the ground on the Melbourne market, especially with the upcoming state election, and then more broadly, the Australian market as well. I think you called out Queensland, New South Wales, and Victoria were all seeing positive signs.

Thank you.

Yep. The Melbourne market, good question.

Thanks, Tom, for asking that. I'm obviously based in Melbourne, I'm experiencing that activity in that space.

For us, the market's actually come from quite a low over the last 12 months to stabilising, and I think we've had some solid results in our locations in Melbourne and seeing some improvement. Activity has actually continued to be reasonably solid in Victoria.

We're expecting the state election, as we know, in November. There's been a change, as everyone knows, with the Premier.

That's probably given them a little bit of a bounce in polls, but expectations will be pretty close for a change in government. I think that's going to be positive, overall, for the state, but we're still expecting activity to be pretty solid for us.

Bearing in mind, we only have three locations in Victoria, we've got plenty of opportunity to get market share and market capability in that space. It has been reasonably consistent for the last 12 months in Victoria.

I think we've had some competitive pressures down there which have eased a little bit. We've had consolidation of one of our competitors in that marketplace, which has been positive.

Likewise, across the east coast, we've also had a consolidation of a competitor in sites in Sydney and Brisbane, which I think has been beneficial for the market. We've got 20-as I said, 23% of our business is in Queensland, and we're starting to see reasonably strong activity start to pick up in Queensland.

Saying that, we've not seen any major projects being released for the Olympic build, and we know that demand is going to be coming pretty strong and hard at us in the next couple of months, and I think for Australia in general and for trade in general in Australia, that's going to be a high-demand activity that needs to be taken into account around all the other pressure points that are hitting Australia at the moment around underbuild and data centre builds and so forth.

Awesome. Thank you.

A follow-up: you called out the engineering steel and commenting on the resources sector and maintenance spend. Can you offer an indication of that, as a portion of Australian EBITDA?

Any indication as to sorry, the

EBITDA of?

No, we don't break it down, but just to give an indication of where we see from the engineering steel, is it has been a slightly tougher market, and that's really the maintenance spend that's coming through the miners at this stage has been on the lower end of the scale. We are expecting that to gradually pick up as maintenance cycles will need to be invested back into, but we haven't seen major signs of that really accelerating to the point we think it's going to be.

We also know our market share in that space, there's a couple of key one key competitor, we know where they're at, we know where we're at, I think our position is we've held market share reasonably well in that space. We are expecting the miners to start investing more in their capital expenditure as equipment starts to wear, and I think there's an opportunity that'll come into probably calendar year '27 for that investment.

Great. Then one final one, and I'll jump back in the queue.

Just around the comments earlier around momentum, and maybe this is hard for you to exactly put a finger on, but could you just speak to, I guess, that balance between market lifting, or is it market share gains? Can you be any more specific around that?

It's a good question. I think there's a couple of points.

Talk about New Zealand, I think there is some opportunity for us to get, we have been getting some market share in that space. I think if you look at some of our competitors, they've obviously announced either given some interim announcement, or we'll have announcements tomorrow, I think, for one of our other competitors, which will show where they're at, we'll get a very good idea of where we're at from a market share perspective.

I think generally, from what we've seen and heard, I think we've got some market share and opportunity in New Zealand. I think that helps, plus I think we've also seen some recovery in activity just of the economy in general.

In Australia, I think there's a bit of a combination of, again, one of the major competitors being winding down their sites, six to seven sites have been closed across the east coast of Australia, and that's been beneficial, I think, for the market, and I think for us. Then I think there has been some solid activity in various segments that we've been able to capitalise on.

I think there's, look, without knowing this or without being able to break down the detail, I think there's a combination of both is crossed across both economies.

Appreciate that, Gavin. Thanks very much.

Morning, guys. Just on the underlying opex, I think it's been a bit higher than expected.

I know there's some FX in there, but when you look at that and maybe working capital, do you need to invest further in '27 as the volumes pick up, or is this kind of a base to leverage off?

I think it's a pretty solid base for us to leverage off. Look, if I talk about the people costs, you're right, Rohan, we've got inflationary impact that comes through that, which is a reasonable size number as we've consolidated costs across into NZ dollars.

What we've seen is we've had a headcount increase, and I think we've stated about a 14% increase in headcount from year-on-year. That headcount has been focused on basically sort of four main areas: one is in increased capability, particularly in our processing area, so as that volume's increased, that's a good part of our business, we want to make sure we can service that capability, we've invested headcount into there; we've invested headcount into stainless, and as we've rolled out a hybrid site in our presence in Australia, we wanted to make sure we've got the right resource and capability, for me, that's an investment upfront, I'm not expecting that to grow substantially in the next 12 months; and then the other thing we've invested in is basically, we talk about it in our annual report, we've got a graduate program, which helps us continue to invest in our future and our future capability, we put seven grads on this year; and then we've also continued to invest in our leadership capability across both ANZ.

I think it's been a lot of that investment is building for the future, and it's important we've taken that position in FY '26, that sets us up for FY '27 and beyond. I think as volume increases, we expect to be able to absorb a lot of that volume increase in current infrastructure.

Thanks. Then maybe coming back to the question about what the underlying steel business was doing ex-roofing, if you look at the second half, you had revenue growth of what was it?

Looks like sorry, one second, 22-ish percent year-on-year, 23% year-on-year, that kind of suggests if average selling price is only up low single digits, then you had double-digit volume growth, almost 20% volume growth in steel. Is that kind of in the ballpark?

Then when you go further down the P&L, if you back out Roofing Industries as per your suggestions before, gross profit margins maybe back above 30%? Is that kind of close to where we exed in

'26? Definitely, if you talk about steel, total steel, across ANZ, that would be gives you the plus-20 that you mentioned, a very strong second half for steel, and that's a mix of both in New Zealand and Australia, and growth in both locations in the double digit.

It has been, I think, a solid second half, particularly around steel, in both countries and both locations, and been able to drive in some of that second-half performance. Then

dropping down to margins as well, from my calculations, it feels like margins improved in the second half.

Definitely have.

Again, yeah,

margins have improved in the second half. We've seen a lot of work done in that space from the team, and making sure that we continue to apply the discipline around margin management, which, to be honest, we really haven't seen a lot of that from our competitive landscape perspective, but we focused on what we're doing, we focused on our capability.

Excellent. That's all from me at the moment.

I'll let someone else have a go.

Thanks, Ro.

hi, thanks for taking my follow-ups. Just firstly, working capital requirements in FY '27, given I guess the positive outlook commentary, strong run rate, would you anticipate some builds in '27?

Then I think you're calling for lower Net Debt/EBITDA as well.

We will expect inventory builds to continue as we go through an improved environment in both ANZ. One thing that we see is being critical is that we need to make sure we've got the right stock for each location at the right time.

That's the real mandate for us, it's been a mandate focus for us for a period of time. Actually, we've seen some of the stock shortages and outrages have been a bit an issue particularly here in New Zealand, I think that's an opportunity for us to continue to show our service and our capability, which will help us continue to grow the top line.

Big focus for us, understanding the customer needs, what they require, when they expect it for the future, is something that any distributor wants to make sure they're understanding quite clearly in a growing environment.

Thanks. A last one for me, just given the continued investment in hybrid sites this year, the new site and converting four locations, can you just talk through the benefits you'd expect from this in '27, and which you expect to continue to invest in this next year?

We do. We've got a couple of sites again planned for FY '27.

We see this is a natural fit for us as we continue to grow our hybrid positioning. It takes time, right, you need to build customer presence, customer capability, product understanding, and then we need to grow that into the marketplace.

We'll continue on the journey. We know that where we've put in place and got it working well, it's great, it works very well for us.

We think it's a good fit from a customer-base perspective, and we think it's great from a regional perspective as well. We've got five further plans in order to add hybrid capability across our business, and I think that's something that we see as being an opportunity for us to continue to get better at, and continue to try that service and capability for our customers.

Thank you.

I just wanted to thank everybody for dialling in this morning, and appreciate taking the calls and the interest in our business. Look forward to catching up with various market first members over the next couple of days and next couple of months.

Appreciate your time, and thank you for joining the call today.