Vulcan Steel FY22 Investor Presentation

RESULTS PRESENTATION FY22
1

Our ambition is driven by our unparalleled dedication
to continuous improvement. These past two years have
demonstrated how our willingness to capitalise on
opportunities and take considered risks over time, reaps
rewards. We are always looking ahead and know that
embracing change – the only constant in life – is fundamental
to advancement and increasing value for all stakeholders.

Our growth over time speaks for our record of reliability and
our mindset of constantly raising the bar on performance.

Disclaimer
The material contained in this document is a presentation
of information about Vulcan Steel Limited’s (“Vulcan”) and
Ullrich Aluminium Limited’s (“Ullrich”) activities current as of
24 August 2022.
It is provided in summary form and does not purport to be
complete. It should be read in conjunction with Vulcan’s
periodic reporting and other announcements lodged with
the Australian Securities Exchange (ASX) and New Zealand
Stock Exchange (NZX).
This document contains projections and other forward-
looking statements, current intention, opinion and
predictions regarding the Company’s present and future
operations, possible future events and future financial
prospects. These represent Vulcan’s assumptions and
views, including expectations and projections about
Vulcan’s business, the industry in which it operates and
management’s own beliefs and assumptions. While
these statements reflect expectations at the date of
this document, they are, by their nature, not certain
and are susceptible to change. Such matters require
subjective judgement and analysis and may be based on
assumptions which are incorrect.
They may also be based on factors which are subject to
significant uncertainties and contingencies which may
be outside the control of Vulcan and are provided only
as a general guide or statement and should not be relied
upon as an indication or guarantee (expressed or implied)
of future performance. Except as required by applicable
law or the ASX and NZX Listing Rules, Vulcan disclaims any
obligation or undertaking to publicly update such forward-
looking statements.
This document is not intended to be relied upon as advice
to investors or potential investors and does not take into
account the investment objectives, financial situation or
needs of any particular investor.
Unless otherwise stated, financials (including comparatives)
reflect the adoption of IFRS 16 Leases. This presentation
contains non-IFRS financial measures to assist readers
of this document to assess the underlying financial
performance of Vulcan. The non-IFRS financial measures
in this presentation were not subject to a review or an audit
by Deloitte.
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
3

Agenda
It has been a historic period in FY22, including our listing
on the ASX and NZX.
For the financial year ended 30 June 2022 (FY22), the Vulcan team delivered
a record performance - an outstanding achievement considering the challenges
of COVID-19, with added disruptions caused by major widespread floods that
occurred in some of our operating locations.
Vulcan also announced in July 2022 the acquisition of Ullrich Aluminium Co Ltd
(Ullrich), one of Australasia’s major aluminium product distributors. This is another
step in our growth strategy to be the most service focused and efficient steel and
metal products distributor and value-added processor in Australasia.
01
02
03
04
05
Overview
Financials and Operations
Outlook & Guidance
Q&A
Supplementary Information
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
4

Overview
01
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
5

Performance Highlights
ADJUSTED EBITDA
2

(EXCLUDING OFFER COSTS & SHARE GIFT)
(NZ$218m pre-IFRS 16
3,4
basis)
+82% on NZ$133m in FY21
+63% vs NZ$149m in Prospectus
NZ$243m
FINAL DIVIDEND
(TOTALLING NZ$49m)
Record date 23 Sep 2022
Payable on 7 Oct 2022
Fully franked, 80% imputed
8
NZ 37.5c
CUSTOMERS TRANSACTED
WITH VULCAN
9
-175 or -1.4% on 1H FY22
11,839
SALES VOLUME
+1% on 259,728 tonnes in FY21
263,175 t
ADJUSTED NPAT
5

(EXCLUDING OFFER COSTS & SHARE GIFT)
(NZ$146m pre-IFRS 16 basis)
+119% on NZ$65m in FY21
+89% vs NZ$75m in Prospectus
8
NZ$142m
ADJUSTED EPS
6

(EXCLUDING OFFER COSTS)
(NZ 110.8c pre-IFRS 16 basis)
+119% on 49.3 NZ cents in FY21
+89% vs NZ 57.2c in Prospectus
NZ 108.1c
REVENUE
+33% on NZ$732m in FY21
+20% vs NZ$809m in Prospectus
7
NZ$973m
1
OPERATING CASH FLOW
(INCLUDING OFFER COSTS)
-88% on NZ$105m in FY21
NZ$12m
GROSS MARGIN
+301 bps
10
on 37.0% in FY21
+401 bps vs 36% in Prospectus
40.0%
NET DEBT TO EBITDA COVER
vs 0.62x as at June 2021
0.86x
GHG
11
INVENTORY SCOPE 1 AND 2 TOTAL
c 9,400t in FY21
9,164t CO
2

GROSS PROFIT DOLLAR
PER TONNE
+42% or NZ$1,041 in FY21
NZ$1,477
1. m - millions. 2. Earnings before interest, depreciation and amortisation. 3. IFRS 16 - New Zealand accounting recognition of right of use assets and corresponding liabilities on leases adopted in FY20. 4. Pre-IFRS 16 - NZ International Accounting Standard
17 – accounting treatment of leases prior to the introduction of IFRS 16 in FY20. 5. Net profit after tax. 6. Earnings per share. 7. Initial Public Offering Prospectus dated 15 October 2021. 8. The levels of franking and imputation on dividends in future financial years
will be subject to the tax credits available for use. 9. Based on customers that transacted with Vulcan at least once in the relevant period. 10. bps: basis points. 11. Green House Gas.
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
6

Vulcan recently added aluminium to the company’s steel & metals distribution and processing services offering
c. 7,000 monthly active trading accounts (excluding aluminium customers) which operate across a range of end-markets
Vulcan’s Business
VIC
NSW
QLD
South Island
WA
North Island
SA
GEOGRAPHY*
25%
16%
15%
5%
Australia
63%
New Zealand
37%
2%
27%
10%
Fabricating
Manufacturing
Engineering
Mining
Transport
Sheetmetal
Other
Food & Agriculture
Rollformers
MARKET SEGMENTS*
25%
18%
18%
8%
4%
5%
4%
3%
15%
Other Customers
Customers #2-#20
Customer #1
CUSTOMER*
11%
2%
87%
* Based on Vulcan’s FY22 revenue.
Plate Processing
Processes steel plate to
customer specifications
(including cutting, drilling,
tapping, counter-sinking
and folding)
Steel Distribution
Distributes steel hollows,
merchant products (bars,
beams, angles, channels)
and unprocessed coil
and plate
Coil Processing
Processes steel coil to
customer specifications
(including sheeting
and slitting)
Stainless Steel
Distributes stainless steel
hollows, bars, fittings
and sheets/plate, and
processes stainless
steel plate
Engineering Steels
Distributes high
performance engineering
steel and metal products,
and processes engineering
steel and metal products
Aluminium
Distributes internally
extruded standard and
customised products
and third party products
including sheet, plate
and coil products
METALSSTEEL
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
7

8
T OWNSV ILLE
MACKAY
BRISBANE
NEWCASTLE
LAUNCESTON
HOBART
S Y D N E Y
CANBERRA
MELBOURNE
ADELA I D E
PERTH
KURRI KURRI
BATHURST
ALBURY
DARWIN
BUNBURY
CAIRNS
ROCKHAMPTON
CALOUNDRA
GOLD COAST
DUNDOWRAN
COFFS HARBOUR
x2
x4
x2
x2
x3x3
WHANGAREI
AUCKLAND
x3x3
TAURANGA
ROTORUA
NAPIER
DUNEDIN
CHRISTCHURCH
WELLINGTON
SILVERDALE
NEW PLYMOUTH
HAMILTON
PALMERSTON NORTH
INVERGARGILL
TIMARU
NELSON
x2
x2x2
Trans-Tasman positions with a national footprint and significant scale drive operating leverage and supply chain capability
Vulcan’s Business continued
72
~
150012k
SITES STRATEGICALLY LOCATED TO
SERVE THE LOCAL CUSTOMER BASE
COMPANY
EMPLOYEES
ACTIVE
CUSTOMERS*
* Excluding Aluminium
VULCAN RESULTS PRESENTATION FY22VULCAN.CO

Vulcan’s Business continued
Health & Safety
• Committed to providing a safe and healthy work environment
• Trialling Inviol artificial intellingence assisted video technology to mitigate high risk
events across a range of workspaces including the back of trucks, the warehouse,
manufacturing sites
Environment
• Scope 1 and 2 greenhouse gas emissions totalled 9.2k tonnes in FY22 compared
with 9.4k tonnes in 2021
• Vulcan current initiatives
Community and Social
• Support to local community organisations - Halberg Youth Council, New Zealand
Dance Company, Arts Centre Melbourne
• Workplace and personal support to all staff and immediate family
0
5
10
15
20
25
30
35
FY22FY21FY20FY19FY18
LTIFRLTIFR (Severe)
17.6
18.4
13.3
31.1
2.0
13.3
0.6
3.1
0.6
1.3
0
2
4
6
8
10
12
14
16
FY22FY21FY20FY19FY18
TRIFR
6.9
5.7
7.3
7.4
12.7
LONG TERM INJURY FREQUENCY RATE (LTIFR)
1
(per 1,000,000 hours worked)
TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)
1
(per 200,000 hours worked)
Shifting to
hybrid cars
Commenced first
electric truck trial in 2022
The introduction of
biofuel use over time
Monitoring supplier
progress in green steel
Ongoing solar rollout
at various sites
ICON
1. Prior period metrics have adjusted slightly due to reclassification of incidents post review.
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
9

Growth Strategy
• Strong track record in
brownfield expansions -
additional sites identified
for expansion
• Focus on new customer
wins and increase share
of wallet
• Expanded into 10 regional
markets though greenfield
initiatives across Australasia
• New opportunities identified
to expand footprint within
Australasia
• Successfully introduced and
cross sell 2 major product
categories in the last 7 years
• Acquired Ullrich Aluminium
in August 2022
• Considering opportunities in
other steel segments
• Acquired and successfully
integrated 10 businesses
since 1995
• Opportunities for further
consolidation
• Ongoing focus on
productivity gain to offset
cost inflation
• Embarked on several
initiatives with $60m of
annual run rate revenue
over 36 months
• 10 of 17 initiatives previously
identified are now in
revenue generation phase
Brownfield
expansion
Entry into new
geographies
Expansion of
product and/or
service offering
Opportunistic
M&A
Business
improvement
initiatives
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
10

1. Only includes products that are sold by weight or where sales weight are measured.
2. Return on Capital Employeed is based on pre-IFRS 16 EBIT divided by shareholders funds and net debt excluding capitalised lease obligations.
3. Excludes NZ$79m capitalised lease obligations.
4. Subject to account finalisation and acquisition accounting standards
Ullrich Aluminium acquisition
- a compelling opportunity
23,000t
1
10-12%
1.0x
TONNES OF ALUMINIUM
PRODUCTS SOLD IN FY22
+7.6% CAGR FY18-22
PRE-COVID-19 ROCE
2
FY18-20
ACQUISITION PRICE/NTA
Ullrich is an integrated distribution-centric operator with a large sales
network, together with extrusion facilities and fabrication operations
Supportive transaction metric
• Acquisition price at projected book equity value (net tangible assets, NTA) of NZ$131m
• An equivalent enterprise value of NZ$165m (A$149m) including NZ$34m net debt
3
assumed
• An enterprise value of NZ$145m after adjusting for NZ$20m deferred working capital settlement
• The acquisition is fully debt-funded
• Earnings and shareholder value accretive
Operational Upside
• Complementary with Vulcan’s stainless product, offering potential for hybrid sites and
cross selling
• A customer-centric service model which includes own truck fleet operated by employee drivers
• Margin enhancement opportunity
• Potential for optimisation of working capital
• The introduction of value added processing opportunity for aluminium
• Site optimisation and productivity gain opportunity
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
11

Integration workstreams underway
• The Ullrich brand is being retained to become Vulcan Ullrich Aluminium
• Vulcan Ullrich Aluminium will be part of Vulcan’s Metals division
• An executive team has been established to support the
integration process
• Staff and customer communications have commenced in August
alongside an action planning process
• Key staff now appointed to spearhead workstreams and identify
opportunities and systematically analyse initiatives needed
• Action plans will be assessed for quality of synergies and placed on
a project timeline before being approved by the steering committee
• We will draw on our past integration experience from the Sandvik
Australasia (stainless steel), Global Metal/Interlloy (engineering steel)
and Horan Steel acquisitions
• Integration costs of up to NZ$5m in FY23 with synergy benefits to
become more tangible in 1H FY24
• Our initial assessment is for annualised synergy benefits to be in
excess of NZ$10m over the next few years
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
12

13
Financials
& Operations
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
02

• Australia and New Zealand activity level
- Strong momentum in 1H FY22 after the easing of COVID-19 restrictions
- 2H FY22 saw a number of cross currents - COVID-19 related
absenteeism, major floods across parts of Queensland and
New South Wales and weakening business confidence levels
• Global & local market steel and metal prices
- World steel production lifted in 2H FY22
- Global steel prices peaked in 1H FY22 and have since weakened
- Stainless steel prices have also declined but have been less
volatile than steel prices
• A$ and NZ$ have weakened against the US$ during FY22
Operating backdrop during FY22
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
14

Global Sector Indicators
World steel demand is forecast to lift >2% in 2023
Short term production appears to be have peaked
Oct-20 fcstApr-21 fcstOct-21 fcstApr-22 fcst
1200
1300
1400
1500
1600
1700
1800
1900
2000
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
ChinaRest of World
0
20
40
60
80
100
120
Jun-22
May-22
Apr-22
Mar-22
Feb-22
Jan-22
Dec-21
Nov-21
Oct-21
Sep-21
Aug-21
Jul-21
Jun-21
May-21
Apr-21
Mar-21
Feb-21
Jan-21
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
GLOBAL STEEL DEMAND FORECAST (m tonnes)WORLD CRUDE STEEL PRODUCTION (m tonnes)
m - million, fcst- forecast. Source: World Steel Association.
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
15

Steel, Stainless, Nickel & Freight Prices
0
200
400
600
800
1000
1200
Dec-22
Dec-21
Dec-20
Dec-19
Dec-18
Dec-17
Dec-16
Dec-15
Dec-14
Dec-13
Dec-12
Dec-11
Dec-10
Dec-09
Dec-08
Dec-07
Dec-06
0
2000
4000
6000
8000
10000
12000
Jul-22
Apr-22
Jan-22
Oct-21
Jul-21
Apr-21
Jan-21
Oct-20
Jul-20
Apr-20
Jan-20
Oct-19
Jul-19
0
10000
20000
30000
40000
50000
60000
Dec-22
Dec-21
Dec-20
Dec-19
Dec-18
Dec-17
Dec-16
Dec-15
Dec-14
Dec-13
Dec-12
Dec-11
Dec-10
Dec-09
Dec-08
Dec-07
Dec-06
0
5000
10000
15000
20000
25000
30000
35000
Dec-22
Dec-21
Dec-20
Dec-19
Dec-18
Dec-17
Dec-16
Dec-15
Dec-14
Dec-13
Dec-12
Dec-11
Dec-10
Dec-09
Dec-08
Dec-07
HOT ROLLED COIL PRICE (US$/tonne)
WORLD CONTAINER INDEX (US$/40-foot equivalent)LME NICKEL CASH OFFICIAL (US$/tonne)
STAINLESS STEEL PRICE (2mm, 304 RMB/tonne)
Source: Fastmarkets, Drewry.
HRC price in NZ Dollars has fallen by c20% in Jul-Aug 2022 from
Jan-Jun 2022 average, container rates have fallen but break bulk
rates to New Zealand remain elevated
Stainless price in NZ Dollars has receded c11% in Jul-Aug 2022
from Jan-Jun 2022 average while nickel price remains elevated
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
16

Australia and New Zealand
Economic Trend
Australia Economic ActivityNew Zealand Economic Activity
-10
-8
-6
-4
-2
0
2
4
6
8
10
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
NSWVICQLDSAWA
52000
54000
56000
58000
60000
62000
64000
66000
68000
70000
72000
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Sep-18
Jun-18
Mar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-16
4000
6000
8000
10000
12000
14000
16000
18000
20000
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Sep-18
Jun-18
Mar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-16
-10
-8
-6
-4
-2
0
2
4
6
8
10
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
NSWVICQLDSAWA
AU STATE FINAL DEMAND QUARTERLY GROWTH
(seasonally adjusted, %)
NZ GROSS DOMESTIC PRODUCT QUARTERLY GROWTH
(seasonally adjusted, NZ$m)
NZ GROSS FIXED CAPITAL FORMATION QUARTERLY GROWTH
(seasonally adjusted, NZ$m)
AUSTRALIA GROSS FIXED CAPITAL FORMATION QUARTERLY GROWTH
(seasonally adjusted, %)
Source: ABS, Statistics NZ.
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
17

Australia and New Zealand
Building Activity
New Zealand Building ActivityAustralia Building Activity
0
10000
20000
30000
40000
50000
60000
70000
Jun-22
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Sep-18
Jun-18
Mar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-16
Sep-16
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
Jun-22
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Sep-18
Jun-18
Mar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-16
Sep-16
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
Jun-22
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Sep-18
Jun-18
Mar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-16
Sep-16
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
Jun-22
Mar-22
Dec-21
Sep-21
Jun-21
Mar-21
Dec-20
Sep-20
Jun-20
Mar-20
Dec-19
Sep-19
Jun-19
Mar-19
Dec-18
Sep-18
Jun-18
Mar-18
Dec-17
Sep-17
Jun-17
Mar-17
Dec-16
Sep-16
AUSTRALIAN QUARTERLY BUILDING APPROVALS
(seasonally adjusted, dwelling units)
NZ QUARTERLY BUILDING VALUE CONSENTED
(seasonally adjusted, NZ$m)
AUSTRALIAN QUARTERLY BUILDING VALUE APPROVED
(seasonally adjusted, A$m)
NZ QUARTERLY BUILDING WORK DONE
(seasonally adjusted, NZ$m)
Source: ABS, Statistics NZ.
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
18

• Revenue driven by 1% year-on-year (YOY)
volume growth and 32% YOY product price
inflation in FY22
• Gross margin improved 301 bps YOY to 40%
in FY22
• Gross margin improvement and productivity
gain led to 669 bps YOY increase in EBITDA
margin to 24.9%in FY22
• The YOY decline in FY22 operating cash
flow was due to increased investment
in inventory
• ROCE lifted to 37.2% in FY22 from 23.9%
in FY21
• Final Dividend of 37.5 NZ cps bringing total
dividend for FY22 to 65.0 NZ cps which
represents 60% payout on NPAT before
significant items
Group Financial Performance
MILLION NZ$FY22
FY21CHANGE
Revenue972.7731.5+33.0%
Adjusted EBITDA
1,4
242.5133.4+81.8%
Adjusted EBIT
2,4
215.1103.5+107.8%
Adjusted NPAT

3, 4
142.064.8+119.1%
Reported NPAT

3
124.064.8+91.4%
Earnings per share (cents)
5
108.149.3+119.2%
Operating cashflow (OCF)
4
28.1105.4-73.3%
Adjusted cash conversion
5
85%78%+6.9%
Net Bank Debt
186.969.8
Capital Employed
6
574.5418.6+37.2%
ROCE
7
37.2%23.9%1,331 bps
Dividend per share (cents)
65.080.8-
PRE IFRS 16
5,8
(MILLION NZ$)FY22
FY21CHANGE
Adjusted EBITDA218.1109.9+98.5%
Adjusted EBIT
208.998.6+111.8%
Adjusted NPAT
145.769.4+109.9%
1. EBITDA - Earnings Before Interest, Tax, Depreciation and Amortisation
2. EBIT - Earnings Before Interest and Tax
3. NPAT - Net Profit After Tax
4. Before significant items (offer costs and share gift in FY22 and gain on property sale in FY21)
5. (EBITDA - lease payment - capital expenditure) / (EBITDA - lease payments)
6. Capital Employed = Equity + Net Debt + Capitalised Leased Obligations
7. 1H FY21 ROCE is based on FY21 outlined in prospectus
8. New Zealand International Accounting Standard 17 – accounting treatment of operating leases and
finance leases prior to the introduction of International Financial Reporting Standard 16 in FY20.

VULCAN RESULTS PRESENTATION FY22VULCAN.CO
19

• Volume growth contributed NZ$5m YOY
• Margin growth contributed NZ$113m
• YOY Net OPEX in FY21 included NZ$3m gain
on property sale. Gross OPEX in FY22 was
up NZ$9m YOY.
•
Significant items include $16m of IPO offer
costs and $2m share gift non-cash expense
Group Financials –
Key drivers of EBITDA change
300
250
200
150
100
50
0
FY22 Statutory
Significant items
FY22 (ex-significant items)
Opex (ex-significant items)
Gross Margin
Volume
FY21 Statutory
Property Gain
FY21 (ex-property gain)
130.3
133.4
113.3
5.1
-9.3
-18.1
224.4
242.5
3.1
EBITDA MOVEMENT FROM FY21 TO FY22 (NZ$m)
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
20

• Revenue increase was driven by 1% YOY
growth in volume and 37% YOY product
price inflation
- Throughput in distribution and plate
processing were disrupted by COVID
restrictions across Australasia and major
floods across parts of Queensland and
New South Wales
- Growth in coil units
• Gross profit per tonne lifted 48% YOY to
NZ $1,118
• Cost control delivered positive operating
leverage and led to a 592 bps YOY EBITDA
margin increase in FY22
Steel Segment, Steel GP$/tonne
(STEEL, MILLION NZ$)FY22
FY21CHANGE
Revenue626.2450.239%
EBITDA
1,2
168.594.578%
Sales Volume (000 tonnes)214.0211.01%
Revenue / Tonne ($)2,9262,13437%
EBITDA Margin
1,2
26.9%21.0%592 bps
1. Post IFRS 16 basis.
2. Before significant items.
0
250
500
750
1000
1250
1500
FY22FY21FY20FY19FY18FY17FY16FY15FY14
Steel Gross Profit (NZ$/tonne, pro-forma basis)
HRC price (NZ$/tonne)
STEEL MARGIN VS HOT ROLLED COIL PRICE
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
21

• Revenue increase was due to 1% YOY growth
in volume and 22% product price inflation
• Gross profit per tonne lifted 33% YOY
• Volume growth delivered positive
operating leverage and led to a 638 bps
EBITDA margin increase in FY22
• OPEX increased by 5% YOY in FY22 driven
principally by higher fuel prices in Selling
and Distribution and public company
costs in General and Administration
• Staff level was broadly steady in FY22.
This is expected to increase in FY23 (before
including our aluminium business)
Metals Segment, Group OPEX
(METALS, MILLION NZ$)FY22
FY21CHANGE
Revenue346.5281.323%
EBITDA
1,2
95.959.960%
Sales Volume (000 tonnes)49.248.81%
Revenue/Tonne ($)7,0495,76822%
EBITDA Margin
1,2
27.7%21.3%638 bps
1. Post IFRS 16 basis.
2. Before significant items.
(OPEX , MILLION NZ$)FY22
FY21CHANGE
Employee Benefits92.590.72%
Selling & Distribution (S&D)18.417.08%
Occupancy Costs6.36.7-6%
General & Admin. (G&A)29.125.614%
Operating Expenses
1,2
146.3140.05%
Average staff numbers8588412%
Sales Volume (000 Tonnes)263.2259.71%
Total Opex/Tonne ($)555.9539.03%
1. Exclude Depreciation & Amortisation.
2.Before significant items (offer costs and share gift in FY22).
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
22

Cashflow & Working Capital
(MILLION NZ$)FY22
FY21CHANGE
Receipts from customers1,005.4786.328%
Payments to suppliers & employees-937.2-648.844%
Interest paid-4.2-2.383%
Tax paid-40.3-18.4119%
Lease interest paid-11.5-11.41%
Net cash flows from operating
activities
12.2105.4-88%
Capital expenditure-12.2-5.7114%
Lease liability payments-12.9-12.26%
Dividends-104.1-53.096%
-50
0
50
100
150
200
250
300
CF pre-dividend
IPO Offer costs
CF pre offer costs
Principal pymt on lease
Capex
Operating CF pre offer costs
W/Capital
CF pre W/Capital
Tax
Bank interest
Interest pymt on lease
EBITDA pre IPO costs
-158.5
242.5
-12.9
-15.8
-13.0
2.9
28.0
-12.2
186.5
-11.5
-4.2
-40.3
400
350
300
250
200
150
100
50
0

Jun-22CreditorsDebtorsInventory Jun-21
IncreaseDecreaseTotal
-27.2
343.3
161.7
29.1
179.8
FY22 EARNINGS AND CASHFLOW (CF) MOVEMENTS
WORKING CAPITAL MOVEMENT (NZ$ million)
(exclude tax accounts movements)
• Strong EBITDA uplift accompanied by higher tax paid
and inventory build
• Working capital requirement is expected to ease in FY23
• Capex was NZ$12m in FY22
• Capex for FY23 is expected to be NZ$25m - NZ$27m including Aluminium
• IPO offer costs payment of NZ$16m in FY22
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
23

• Increase in funds employed in FY22 reflects working capital
requirement which is expected to ease in FY23
• Strong balance sheet position to execute on growth strategy
• Banking facilities of NZ$400m
• We expect to maintain 60%-80% annual dividend payout policy
in FY23
Balance Sheet Metrics & Dividend
0
100
200
300
400
CurrentJun-22Dec-21Jun-21
250
400
160160
Committed Facilities
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Banking CovenantJun-22*Dec-21Jun-21
3.00
0.68
1.41
0.62
0
100
200
300
400
500
600
Jun-22Dec-21Jun-21Dec-20
453.5
406.5
418.6
197.1
123.5
85.9
69.8
194.7
154.1
139.5
113.3
200.6
574.5
185.3
186.9
202.3
Shareholders’ FundsNet DebtLease Liabilities
BANKING FACILITIES
NET DEBT COVER (NET DEBT/EBITDA, PRE IFRS 16)
FUNDS EMPLOYED (NZ$ million)
* Proforma with Aquisition
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
24

Outlook &
Guidance
03
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
25

Outlook
• Global market conditions
- Ongoing COVID-19 disruption in some major markets
- Rising interest rates likely to temper global economic activity
- Global steel prices have declined from their recent peaks
and likely to remain volatile
• Australia and New Zealand market conditions
- Expect a more challenging industry environment in FY23
due to the impact of higher interest rate
- New Zealand business confidence remains weak
- Australia economic activity appears more resilient for now
- Localised COVID-19 outbreaks remain a factor
• Some normalisation in industry margins will likely occur in FY23
• FY23 depreciation and amortisation (including for right-of use
assets) expected to be in the range of NZ$40m - NZ$42m due
to the commissioning of plant and equipment investment made
in FY22 and the aluminium operation acquired
• We expect a step-up in funding costs to approximately NZ$35m
in FY23 from NZ$16m in FY22 due to higher interest rates, the
debt-funded aluminium acquisition and the interest on capitalised
lease obligations assumed as part of the acquisition.
Outlook & Guidance
Earnings Guidance
• Our EBITDA guidance of between NZ$215m and NZ$235m (pre-IFRS
16 EBITDA of between NZ$180 and NZ$200m) reflects these business
cycle and industry headwinds
• Our Aluminium business is forecast contribute pre-synergy EBITDA
of between NZ$25m and NZ$27m (pre-IFRS 16 EBITDA of between
NZ$14m and NZ$16m) to Group EBITDA in FY23, including an estimated
NZ$5m in integration cost. The synergy benefits between our
aluminium business and other units should become tangible
in 1H FY24.
• Combined with higher depreciation and amortisation and funding
costs, we expect NPAT to be between NZ$93m and NZ$107m
(pre-IFRS 16 NPAT of between NZ$98m and NZ$113m)
POST IFRS 16EBITDA
NPAT
MILLION NZ$ Post-IFRS 16Pre-IFRS 16Post-IFRS 16Pre-IFRS 16
Steel, Stainless & Engineering190-208166-184--
Aluminium*25-2714-16--
FY23 Guidance Range215-235180-20093-10798-113
FY22 (before significant items)243218142146
* includes integration costs
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
26

Q&A
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
04
27

Supplementary
Information
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
05
28

Profit and Loss Segment Disclosure
STEELMETAL
CORPORATETOTAL
POST IFRS 16
1
IN MILLION NZ$
FY22FY21CHANGEFY22FY21CHANGEFY22FY21CHANGEFY22FY21CHANGE
Revenue626.2450.239%346.5281.323%0.00.0-972.7731.533%
Adjusted EBITDA
2
168.594.578%95.959.960%-21.9-21.04%242.5133.482%
Significant items

0.00.00.00.0-18.10.0-18.10.0
EBITDA post IFRS 16 & significant items168.594.578%95.959.960%-40.0-21.090%224.4133.468%
Depreciation and amortisation (D&A)-27.4-29.9
EBIT

197.1103.590%
Finance costs
-15.7-13.7
PBT
181.389.8102%
Tax expense
-57.3-25.1
NPAT
124.064.891%
D&A of PPE and intangibles
-9.1-11.3
Amortisation of right of use assets
-18.3-18.6
Total D&A
-27.4-29.9-8%
Finance income
0.00.0
Finance charges on bank debt
-4.2-2.3
Finance charges on lease liabilities
-11.5-11.4
Finance charges
-15.7-13.7
Lease payments
-13.8-13.2-10.6-10.30.00.0-24.4-23.5
EBITDA pre-IFRS 16
154.781.390%85.349.672%-21.9-21.04%218.1109.998%
Sales (000 tonnes)
214.0211.01%49.248.81%263.2259.71%
Revenue/Tonne
2,9262,13437%7,0495,76822%3,6962,81631%
Gross Margin (%)
40.0%37.0%301 bps
EBITDA Margin
2
26.9%21.0%592 bps27.7%21.3%638 bps24.9%18.2%669 bps
EBIT Margin
2
24.5%17.5%707 bps24.5%17.0%747 bps22.1%14.1%797 bps
1. NZ International Financial Reporting Standard (IFRS) 16 – accounting recognition of right of use assets and corresponding liabilities on leases adopted in FY20.
2. Before significant items (offer costs in FY22).

VULCAN RESULTS PRESENTATION FY22VULCAN.CO
29

Statutory Non-GAAP Earnings Reconciliation
REVENUE EBITDA
EBIT NPAT EPS (NZ CENTS)
IN MILLION NZ$ (UNLESS STATED)
FY22FY21FY22FY21FY22FY21FY22FY21FY22FY21
Statutory basis972.7731.5224.4133.4197.1103.5124.064.894.449.3
+ offer costs--15.8-15.8-15.8-12.1-
+ Founder share gift to employees2.22.22.21.7
Adjusted basis before significant items972.7731.5242.5133.4215.1103.5142.064.8108.149.3
Proforma items
1
Gain on property sale----3.1--3.1--3.1--2.4
Public company costs---1.3-3.9-1.3-3.9-0.9-2.8-0.7-2.1
Employee incentives---3.2-3.2-2.3-1.8
Interests on proforma of bank debt-------0.5-0.2-0.4-0.2
Proforma basis972.7731.5241.2129.7213.899.9140.561.1107.046.5
Adjusted basis
972.7731.5242.5133.4215.1103.5142.064.8108.149.3
- operating leases adjustment---24.4-23.5-6.2-4.93.74.62.83.5
Adjusted pre-IFRS 16 basis972.7731.5218.1109.9208.998.6145.769.4110.952.8
1. As outlined in Vulcan’s prospectus (15 October 2021).
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
30

FY22 compared with Prospectus Forecast
REVENUE EBITDA
EBIT NPAT EPS (NZ CENTS)
IN MILLION NZ$ (UNLESS STATED)
FY22P’SPCTUS
1
FY22P’SPCTUS
1
FY22P’SPCTUS
1
FY22P’SPCTUS
1
FY22P’SPCTUS
1
Statutory basis972.7809.3224.4130.7197.1102.5124.057.194.443.5
+ Offer costs--15.818.015.818.015.818.012.113.7
+ Founder share gift to employees2.22.22.21.7
Adjusted basis, before significant items972.7809.3242.5148.7215.1120.5142.075.1108.157.2
Proforma items
1
Gain on property sale----------
Public company costs---1.3-1.3-1.3-1.3-0.9-0.9-0.7-0.7
Employee incentives----------
Interests on pro forma bank debt-------0.5-0.5-0.4-0.4
Proforma basis972.7809.3241.2147.4213.8119.2140.573.7107.056.1
Adjusted basis
972.7809.3242.5148.7215.1120.5142.075.1108.157.2
- Operating leases adjustment---24.4-24.0-6.2-24.03.73.82.82.9
Adjusted pre-IFRS 16 basis972.7809.3218.1124.7208.996.5145.778.9110.960.0
1. As outlined in Vulcan’s prospectus (15 October 2021).
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
31

Balance Sheet
IN MILLION NZ$30-JUN-2230-JUN-21
CHANGE
Trade and other receivables157.2128.123%
Inventories353.2191.584%
less trade and other payables-167.1-139.919%
Working capital excluding tax items343.3179.8
Tax payable-29.7-13.8116%
Working capital313.6166.089%
Property, plant equipment56.251.88%
Intangibles12.813.3-4%
Right-of-use assets180.7179.01%
Other assets and liabilities11.28.532%
Lease liabilities-202.3-194.74%
Net banking debt-186.9-69.8168%
Net assets / Shareholders funds185.3154.120%
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
32

Operational Footprint
IN MILLION NZ$NEW ZEALAND
AUSTRALIA
Steel
National footprintCompetes selectively
1
Plate Processing
National footprintCompetes selectively
1
Col Processing
National footprintCompetes selectively
1
Stainless Steel
National footprintNational footprint
Engineering Steels
National footprintNational footprint
Aluminium
National footprintNational footprint
1. Competes selectively means that Vulcan services certain locations only.
VULCAN RESULTS PRESENTATION FY22VULCAN.CO
33

VULCAN.CO