Annual Meeting of shareholders presentation

Vulcan Steel Limited (ASX: VSL, NZX: VSL)

ASX and NZX release

8 November 2023

2023 Annual meeting of shareholders – Chair and MD/CEO addresses

Attached are the following documents in connection with Vulcan Steel Limited’s (Vulcan)
2023 annual meeting of shareholders (Annual Meeting) to be held today (Wednesday,
8 November 2023) at 11:00am NZT (9:00am AEDT):
 address from the Chair of the Board of Directors, Russell Chenu;
 address from the Managing Director and Chief Executive Officer, Rhys Jones; and
 presentation.
As previously notified, Vulcan’s Annual Meeting is a hybrid meeting, allowing shareholders
to attend in person (at Eden Park in Auckland, New Zealand) or virtually via an online portal.
Information about the Annual Meeting is also available at
https://investors.vulcan.co/investor-centre/?page=annual-meetings-of-shareholders

ENDS

Kar Yue Yeo
Investor and media contact
Email: karyue.yeo@vulcan.co
Phone: +64 9 273 7214
This announcement was authorised by Vulcan’s Chair of the Board.

About Vulcan
Founded in 1995, Vulcan is an Australasian-wide industrial product distributor and value-
added processor with 72 logistics and processing facilities employing approximately 1,325
staff across the company’s Steel and Metals divisions.

Address from the Chair of the Board of Directors, Russell Chenu
Ladies and Gentlemen, fellow Shareholders.

FY2023 has been a year of both challenge and opportunity for your company. Opportunity,
with the acquisition of Ullrich Aluminium, which we completed in August last year. And
challenge, with the softening of demand that we experienced in both Australia and New
Zealand during the year. Increasing inflation and higher interest rates adversely impacted
business and consumer confidence, especially in New Zealand.

Financial Performance
It is pleasing to report that Vulcan achieved record revenue in FY2023. This included an
eleven-month contribution from Ullrich Aluminium. However, earnings were lower in FY2023
than in the prior year.

A highlight of the year was the very strong cash flow performance, with operating cash flow
driven by disciplined working capital management. This strong cash flow performance
enabled us to reduce net borrowings during the year. Following the purchase of Ullrich, net
borrowings peaked at NZ$435 million during the year. By the end of June this year, we had
reduced net debt to NZD340 million, a reduction of NZ$95 million from the peak.

We continue to maintain a strong financial position with unutilised borrowing facilities of
NZ$100 million available to us at the end of June this year.

Rhys will comment further on FY2023 results in his presentation.

Dividend
We declared dividends of NZD0.55 per share for FY2023. The dividend amounts to NZD72
million, which represents 76% of net profit after tax.

The FY2023 dividend for the year was 76% imputed for New Zealand shareholders and 100%
franked for Australian shareholders.

Board
In September we announced the appointment of Nicola Greer as a director of the company.
We welcome Nicola to the board and her election is one of the resolutions for this meeting.
Nicola’s appointment reinstates a majority of independent directors on the board.

I would like to thank all directors for their contribution during the year as we continue our
journey of transition from a private to a listed company. Both the Audit and Risk Committee
and the People and Remuneration Committee made significant progress on governance
during the year, and we are indebted to Carolyn Steele and Bart de Haan respectively, for
their chairmanship of those committees.

In September this year, Vulcan was admitted to the ASX300 Index and the NZX MidCap Index.
We want to take a moment to acknowledge these milestones today as they are recognition
of the collective contribution of our employees to the successes achieved by your
company.

Address from the Chair of the Board of Directors, Russell Chenu

Sustainability
We are committed to reducing our environmental footprint over time. As a value-added
processor and distributor of metal products, we are pursuing incremental and ongoing
improvement to our emissions level. In FY2023, the acquisition of our aluminum business
during the year contributed 5,536 tonnes to our overall emissions level. Scope 1 and 2
greenhouse gas emissions for pre-existing businesses was 737 tonnes lower in FY2023 at
8,427 tonnes compared with 9,164 tonnes in FY2022, a reduction of 8%.

Outlook
Vulcan demonstrated considerable resilience in FY2023. Our people continue to execute
with their renowned commitment to customer service. Economic corrections often provide
quality businesses with a strong balance sheet with opportunities to enhance their business
model and improve their relative market position. The Board believes this may be such a
time, notwithstanding current headwinds, we believe that in the medium term, our
commitment to our business strategies will deliver a stronger, more prosperous company.

On behalf of your Board, I would like to thank all of our employees for their commitment, our
customers for their trust in our company, and you our shareholders for your ongoing
support.

I will now ask Rhys to make his CEO presentation.

Address from the Managing Director and Chief Executive Officer, Rhys Jones
Page 4 of 7

Thank you, Russell, and welcome everyone to Vulcan Steel’s 2023 Annual Shareholder
Meeting.

Summary of FY2023 Performance
The past year has been volatile and challenging with global inflation and rapidly rising
interest rates impacting all of our key markets. Despite this difficult economic environment
Vulcan Steel’s financial performance produced a number of highlights in a period in which
a major acquisition was completed.

Our business generated $145m of operating cash flow from an EBITDA of $219m as supply
chains normalised and working capital was reduced. The EBITDA of $219m on sales revenue
of $1,245 million represented a return on sales of 17.6% while return on capital employed was
21%. Excluding the impact of lease accounting standard or IFRS 16, our return on capital
employed was 32% in FY2023. This is a key performance metric and incentive hurdle for the
leaders in our business.

A net profit after tax of $95m was achieved, while the net debt to EBITDA cover was
comfortably within target at 1.85x at the end of the financial year after the successful
integration of Ullrich Aluminium. We are pleased with the contribution from our aluminium
business in the 11 months under Vulcan’s ownership in FY2023.

Vulcan Steel’s Business
One of the highlights this past year was the NZ$169 million acquisition of Ullrich Aluminium.
This NZ$300 million trans-Tasman aluminium distributor is a strong fit culturally and
strategically with the existing business. The Vulcan value proposition of providing high stock
availability and delivery in full on time is a strong cultural fit with aluminium which has
ensured the retention of customers during a period of significant change. The aluminium
unit has much potential to grow and improve in all aspects of its operational and financial
performance.

The addition of aluminium has further diversified Vulcan Steel’s customer base and
increased the number of monthly active trading customers by 80% excluding accounts that
overlap with pre-existing business. The Metals division now includes aluminium,
engineering steels and stainless steel. The combined revenue of this division is now similar
to the steel division which consists of distribution, coil and plate processing. This deliberate
strategy of product, customer and geographic diversification will enhance the reliability of
earnings.

Vulcan Steel’s Network
The Ullrich acquisition has significantly increased the footprint of Vulcan across Australasia.
The number of sites has increased from 29 to 70 in the past year. The aluminium network
operates in many regional cities and towns where Vulcan did not previously have a
presence.

Address from the Managing Director and Chief Executive Officer, Rhys Jones
Page 5 of 7

The opportunity to cross sell complementary products to aluminium from this expanded
network is significant. Sites which sell more than one product type are called hybrid units.
For example a unit which sells both aluminium and stainless steel. A number of hybrid sites
are being created primarily in the aluminium branch network. This hybrid branch strategy
provides greater service and product availability to our customers whilst reducing unit
costs. This strategy enables customers of different divisions to buy seamlessly through one
point of contact. The Vulcan IT system is a critical plank in enabling the business model to
be rolled out rapidly in a newly acquired division.

Growth Strategy
The core principle or criteria behind Vulcan Steel’s growth strategy is that it must add value
to the customer and Vulcan’s shareholders. Careful consideration is also paid to ensuring
readily accessible synergies are present.

Brownfield expansions of existing sites or winning new customers or a greater share of an
existing customer’s spend are a core growth strategy. This is particularly important in a
challenging economic environment. Similarly, greenfield entry into new geographies is
another low-risk growth strategy particularly when the hybrid strategy described previously
is employed. A number of greenfield sites have been identified and sequenced for
implementation. The hybrid roll out will progressively gain traction over the coming two
years.

The growth strategy of further expanding the product range or service offered has been
successful over the past nine years. Metals - aluminium, engineered steels and stainless
steel- has grown from nil revenue to over $600 million per year with approximately 20%
EBITDA margin. This strategy involves considering opportunities in other steel and metal
market segments in which Vulcan does not presently operate, but are complementary to
the existing business divisions.

Mergers or acquisitions of businesses that operate in our existing portfolio which offer
consolidation or geographic diversification are also being identified. These opportunities
are regularly considered.

FY2024 Priorities
The priorities for the coming year include:
1. ensuring that Vulcan’s customer service mindset and culture are embedded in the
aluminium business.
2. that the planned hybrid roll out in five locations by June 2024 is implemented to a
consistently high standard
3. that the ongoing focus of offsetting inflationary pressures through productivity
improvements and cost reduction is effective and complementary to a culture of
personal accountability and ownership.
4. explore other complementary product platforms and adjacencies.

Address from the Managing Director and Chief Executive Officer, Rhys Jones
Page 6 of 7

Health and Safety, Employee and Community Initiatives
Health and safety are paramount given our employees are handling heavy metal products
daily. We are committed to providing a safe and healthy work environment. We continue to
focus on increasing awareness through ongoing risk education and training as well as the
use of technology to reduce injury frequency rate over time.

To help our employees achieve their maximum potential, we have established our internal
development programme and supplement this with external courses where appropriate.
We provide workplace and personal support to our employees and their immediate family
in assisting with work and personal challenges.

We believe in giving back to and supporting the communities that support us and our
people. Our philosophy around community support is that wherever possible, we are
actively involved and ensure that our support goes directly where it is needed - ideally
directly to individuals. We are especially proud of how our employees came together to
reach out through their personal and work network to victims of New Zealand’s devastating
floods in February 2023. We donated a total of $85,000 directly to individuals in the
community to support them and their families in the immediate aftermath of Cyclone
Gabrielle.

Trading Update for the first four months of FY2024
The weak international economic environment has resulted in lower metal product prices
while domestic demand across Australasia is weaker than the comparable period last year.
This has resulted in revenue declining by 9%.

The EBITDA year to date is lower by 29% due to lower volume, reduced revenue per tonne
and increased operational costs due to inflation.

The volume in Australia was stable in the first four months of FY2024 compared to the
second half year of FY2023 while New Zealand volume was lower for the comparable
period.

Volumes in New Zealand in October were adversely impacted by the general election.

Outlook Statement
The volume outlook appears to be stabilising with a potentially gradual improvement in the
first half of next calendar year. The ongoing impact of high interest rates are expected to
limit the extent of any significant recovery well into next year.

Lead activity indicators for New Zealand are showing some improvement in 2H FY2024.
However, the outlook for Australia appears to be weakening.

Address from the Managing Director and Chief Executive Officer, Rhys Jones
Page 7 of 7

Conclusion
The past year has been successful, but the macro-economic outlook appears challenging
in the year ahead due to ongoing economic and geopolitical uncertainties as well as
inflation pressure on operating costs. Despite the tough environment there are a number of
opportunities to position Vulcan to grow strongly now and in future years. Thank you.

ANNUAL MEETING OF SHAREHOLDERS
8 NOVEMBER 2023

As we collaborate with our new colleagues in aluminium, we are forging new
pathways for growth. Our principles dedicated to improvement and ambition
guide us at every step.
Economic ups and downs will not sway our motivation or determine our direction.
We see challenges as opportunities to strengthen our resilience.
Years from now, we at Vulcan aim to reflect on this time, recognising it as another
waypoint in our company’s journey to create continued value for all stakeholders.
Welcome
WE INVITE YOU TO JOIN US ON THIS JOURNEY
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
22

Agenda
01
02
03
04
05
06
07
CHAIR ADDRESS
SHORT VIDEO
Q&A
MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER ADDRESS
RESOLUTIONS FOR APPROVAL
VOTING
GENERAL BUSINESS
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
3

Link Market Services helpdesk
New Zealand – 0800 200 220
Australia – 1800 990 363
Voting and asking questions
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
4

Adrian Casey
EXECUTIVE DIRECTOR AND
CHIEF OPERATING OFFICER
Your Board of Directors
Russell Chenu
CHAIR AND INDEPENDENT
NON-EXECUTIVE DIRECTOR
Rhys Jones
MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER
Wayne Boyd
NON-EXECUTIVE DIRECTOR
Carolyn Steele
INDEPENDENT NON-EXECUTIVE DIRECTOR
Bart de Haan
INDEPENDENT NON-EXECUTIVE DIRECTOR
Nicola Greer
INDEPENDENT NON-EXECUTIVE DIRECTOR
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
5

Your Leadership Team
Rhys Jones
MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER
Kar Yue Yeo
CHIEF FINANCIAL OFFICER
Adrian Casey
CHIEF OPERATING OFFICER
James Wells
CHIEF INFORMATION OFFICER
Sarah-Jane Lawson
COMPANY SECRETARY
Helene Deschamps
LEADERSHIP DEVELOPMENT
Matthew Lee
AUSTRALIAN LEADER
Bradley Childs
AUSTRALIAN LEADER
Ken Collin
AUSTRALIAN LEADER
Richard Love
AUSTRALIAN LEADER
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
6

Video
Melbourne Distribution
01
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
7

Agenda
01
02
03
04
05
06
07
CHAIR ADDRESS
SHORT VIDEO
Q&A
MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER ADDRESS
RESOLUTIONS FOR APPROVAL
VOTING
GENERAL BUSINESS
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
8

Chair
Address
Russell Chenu
02
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
9

Chair Address
• A good FY23 performance considering operating conditions
• Further executed on our growth strategy with the integration

of systems for our aluminium business now completed
• Board update
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
10

FY23 Dividend of 55 NZ cents per share
• Vulcan’s declared dividend of NZ$72m
for FY23 represented a 76% payout on
the company’s NZ$95m net profit after
tax (adjusted for significant items)
• The company has a current target
payout ratio of 60-80% of NPAT
(adjusted for significant items)
• For New Zealand shareholders, the
overall imputation was 76% for FY23
dividends compared with 91% in FY22
• For Australian shareholders, the FY23
dividends were fully franked compared
with 65% for dividends in FY22
0
10
20
30
40
50
60
70
in NZ$ centsin A$ cents
FY23
51.4
FY22
58.4
FY23
55.0
FY22
65.0
TOTAL DECLARED DIVIDEND PER SHARE
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
11

Vulcan’s share price performance
VSL relative share price performance
• -2% vs S&P/ASX300 and -2% vs peers in the last twelve months
• +11% vs S&P/ASX300 and +30% vs peers since IPO
• + 5% vs S&P/NZX50 Capital Index in the last twelve months
• +28% vs S&P/NZX50 Capital Index since IPO
1. Data based on closing prices as at 1 November 2023.
2. Company share prices included in Median of Peer performance: AdBri, Bapcor, Bluescope, Boral, CSR, Fletcher Building, GUD, GWA, James Hardie, Reliance Worldwide and Steel & Tube.
3. VSL.NZ gross return including dividends was 9% vs S&P NZX50 Gross Index in the last twelve months and +39% vs S&P/NZ50 Gross Index since IPO.
ASX300, VSL.AX & PEERS PERFORMANCE
1
VSL.AXS&P/ASX300 IndexMedian of Peers
2
0
20
40
60
80
100
120
140
160
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Oct-23
S&P/NZX50 CAPITAL INDEX & VSL.NZ PERFORMANCE
1,3
VSL.NZS&P/NZX50 Capital Index
0
20
40
60
80
100
120
140
160
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Spe-23
Oct-23
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
12

Vulcan’s environment and sustainability update
Environment
• Scope 1 and 2 greenhouse gas (GHG)
emissions for pre-existing businesses was
737 tonnes lower in FY23 at 8,427 tonnes
compared with 9,164 tonnes in FY22
• Total Group Scope 1 and 2 GHG emission
was 13,963 tonnes in FY23 including 5,536
tonnes from our aluminium business
acquired in August 2022
Shifting to
hybrid cars
Continued our electric truck trial
which we commenced in 2022
The introduction of biofuel use,
where available, over time
Monitoring supplier
progress in green steel
Ongoing solar rollout
at targeted sites
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
13

MD & CEO
Address
Rhys Jones
03
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
14

A sound return in FY23
1. ROCE - Return on Capital Employed. 2. m – millions. 3. EBITDA - Earnings before interests, tax, depreciation and amortisation. 4. NPAT - Net profit after tax. 5. Cash Conversion: (EBITDA - lease payments - capital expenditure)/(EBITDA - lease payments)
6. Debt cover: Net debt to pre-IFRS 16 EBITDA. 7. IFRS 16 - International Financial Reporting Standard 16 relates to accounting for operating leases.
ADJUSTED EBITDA
3
NZ$
down 10% on $243m in FY22
$219m
ADJUSTED NPAT
4
NZ$
down 33% from $142m in FY22
$95m
OPERATING CASHFLOW NZ$
up $133m from $12m in FY22
$145m
CASH CONVERSION
5

down 8% from 95% in FY22
87%
NET DEBT COVER
6

up from 0.86 in FY22
1.85x
ROCE
1
down 16% from 37% in FY22
21%
REVENUE NZ$
up 28% on $973m in FY22
$1,245m
2
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
15

Vulcan’s business
Vulcan added aluminium to the company’s steel & metals distribution and processing services offering in August 2022
Circa 7,000 monthly active trading accounts (excluding aluminium customers) which operate across a range of end-markets
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
Extrude and distribute standard
and customised products and
third party products including
sheet, plate and coil products
METALSSTEEL
87%
GEOGRAPHY
1
23%
17%
15%
5%
3%
26%
11%
N
e
w

Z
e
a
l
a
n
d


3
7
%
A
u
s
t
r
a
l
i
a


6
3
%

VIC
NSW
QLD
South Island
WA
North Island
SA
MARKET SEGMENTS
1
21%
20%
14%
8%
9%
5%
3%
3%
21%
Fabricating
Manufacturing
Engineering
Mining
Transport
Sheetmetal
Other
Food & Agriculture
Rollformers
CUSTOMER
1
11%
2%
87%
Other Customers
Customers #2-#20
Customer #1
1. Based on FY23 data, and excluding aluminium customers.
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
16

Vulcan’s network
Opportunity to drive more operating leverage from our footprint and scale
LAUNCESTON
HOBART
SYDNEY x 4
CANBERRA
MELBOURNE x 3
ADELAIDE x 2
KURRI KURRI
BATHURST
DARWIN
CAIRNS
ROCKHAMPTON
CALOUNDRA
ALBURY x 2
DUNDOWRAN
PERTH x 2
BUNBURY
COFFS HARBOUR
BRISBANE x 6
NEWCASTLE x 3
GOLD COAST x 2
TOWNSVILLE x 2
MACKAY x 2
ROTORUA
NAPIER x 2
DUNEDIN x 2
WELLINGTON
SILVERDALE
NEW PLYMOUTH
HAMILTON x 2
PALMERSTON NORTH x 2
INVERGARGILL x 2
NELSON x 2
CHRISTCHURCH x3
TIMARU
TAURANGA x 2
AUCKLAND x 6
WHANGAREI x 2
70
STRATEGICALLY LOCATED SITES
1
1
,
325
COMPANY EMPLOYEES
1
12k
ACTIVE CUSTOMERS
2
1. As at 31 October 2023. 2. Excluding Aluminium.
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
17

Growth strategy and update
• Strong track record in
brownfield expansions and
additional sites identified
for future expansion
• Focus on new customer wins
and increase share of wallet
• Expanded into 10 regional
markets through greenfield
initiatives across Australasia
• New opportunities identified
to expand footprint within
Australasia
• Increasing the breadth
and depth of our network
offering over time
• Successfully introduced

and cross-sold two major
product categories in the
last eight years
• Added aluminium products
into our offering in FY23
• Considering opportunities
in other steel segments
• Acquired and successfully
integrated 11 businesses
since 1995
• Acquired Ullrich Aluminium
in August 2022
• Opportunities for further
consolidation
• Ongoing focus on productivity
gains to offset cost inflation
• Further extend hybrid
offering to existing and
new locations
• Ongoing focus on lifting
customer engagement
and volumes
Brownfield
expansion
Entry into new
geographies
Expansion of

product and/or
service offering
Mergers and
Acquisitions
Business

improvement
initiatives
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
18

Vulcan’s health and safety & community update
Health and safety
• Committed to providing a safe and healthy work environment
• Trialling artificial intelligence assisted technology to

mitigate high risk events across a range of workspaces
Community and Social
• Support to local community
organisations - Halberg Youth
Council, New Zealand Dance
Company, Auckland Rescue
Helicopter Trust, Arts Centre
Melbourne
• Direct donations to individuals

and their families to support
them in the immediate aftermath
of Cyclone Gabrielle in New
Zealand in February 2023
• Workplace and personal support
to all employees and immediate
family
0
5
10
15
20
25
30
35
FY23FY22FY21FY20FY19FY18
LTIFRLTIFR (Severe)
20.0
18.7
22.4
16.1
31.2
1.9
13.8
0.6
0.0
3.6
0.6
1.3
LOST TIME INJURY FREQUENCY RATE (LTIFR)
(per 1,000,000 hours worked)
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
19

Trading in first 4 months of FY24
• Revenue decline of 9% year-on-year (yoy) was driven by lower
average selling price and volume compared with previous
corresponding period
• The yoy weakness in 4M FY24 EBITDA was due to a combination

of lower volume, margin and inflation impact on operating costs
• Sales tonnes per day in 4M FY24 compared with 2H FY23 has
been mixed:
- Australia has remained steady; and
- New Zealand has weakened further, reflecting market conditions.
• Volumes in New Zealand in October were adversely impacted by
the general election
NZ$m4M FY24
1
4M FY23
3
Change
Revenue
2
400438-9%
EBITDA
2
5882-29%
Volume (000 tonnes)
2
8490-7%
1. 4M FY24: Four months from 1 July to 31 October 2023.
2. Based on unaudited management accounts post International Financial Reporting Standards 16.
3. The four months from 1-July to 31 October 2022 in the previous corresponding period (4MFY23) included three months
of contributions from aluminium following the purchase of Vulcan’s aluminium business on 1 August 2022.
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
20

FY24 outlook
• Based on the first four months of trading in FY24, sales volumes
are showing early signs of stabilising
• High interest rate levels are expected to limit the extent of

a recovery
• Trading in New Zealand was variable in the first four months of
FY24. The lead activity indicators for New Zealand suggest some
recovery in 2H FY24, although this could remain tepid.
• In Australia, the outlook for Vulcan’s Metals segment remains
steady, while the Steel segment will likely continue to be
challenging in the near term
• December and January months are seasonally lower sales and
volume period due to fewer effective trading days for Vulcan
• Global commodity prices are expected to remain range-bound
for a period
• Focusing on productivity to offset the inflation pressure on
Vulcan’s cost base
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
21

Q&A
04
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
22

Resolutions
for approval
05
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
23

Resolution 1 - Auditor’s remuneration
• That the Board of Vulcan is authorised to fix the fees and
expenses of Deloitte Limited (New Zealand), as Vulcan’s
auditor, for the financial year ending 30 June 2024
• Proxies received:
For - 39,984,406 shares (30.4275%)
Open/Undirected - 2,298,912 shares (1.7494%)
Against - 52,920 shares (0.0403%)
Abstain - 4,303 shares (0.0033%)
TOTAL - 42,340,541 shares of 131,408,572 shares (32.2205%)
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
24

Resolution 2 - Election of Nicola Greer
• That Nicola Greer, who was appointed as a director of
Vulcan by the Board from 5 September 2023, be elected
as a director of Vulcan
• Proxies received:
For - 40,029,040 shares (30.4615%)
Open/Undirected - 2,301,490 shares (1.7514%)
Against - 2,996 shares (0.0023%)
Abstain - 7,015 shares (0.0053%)
TOTAL - 42,340,541 shares of 131,408,572 shares (32.2205%)
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
25

Resolution 3 - Re-election of Bart de Haan
• That Bart de Haan, who retires as a director of Vulcan
by rotation and is eligible for re-election, is re-elected
as a director of Vulcan
• Proxies received:
For - 39,816,516 shares (30.2998%)
Open/Undirected - 2,299,840 shares (1.7501%)
Against - 220,930 shares (0.1681%)
Abstain - 3,255 shares (0.0025%)
TOTAL - 42,340,541 shares of 131,408,572 shares (32.2205%)
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
26

Resolution 4 – Grant of performance share rights
to Rhys Jones as MD and CEO
• That, for the purposes of ASX Listing Rule 10.14 and for all other
purposes, the issue of 229,798 performance share rights to
Vulcan’s Managing Director and Chief Executive Officer,
Rhys Jones, under Vulcan’s FY24 Long-Term Incentive Plan
and on the terms and conditions set out in the Explanatory
Notes be approved
• Proxies received:
For - 40,676,630 shares (30.9543%)
Open/Undirected - 1,133,844 shares (0.8628%)
Against - 443,543 shares (0.3375%)
Abstain - 86,524 shares (0.0658%)
TOTAL - 42,340,541 shares of 131,408,572 shares (32.2205%)
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
27

Resolution 5 – Grant of performance share rights
to Adrian Casey as COO
• That, for the purposes of ASX Listing Rule 10.14 and for all other
purposes, the issue of 91,217 performance share rights to
Vulcan’s Chief Operating Officer, Adrian Casey, under Vulcan’s
FY24 Long-Term Incentive Plan and on the terms and conditions
set out in the Explanatory Notes be approved
• Proxies received:
For - 40,678,837 shares (30.9560%)
Open/Undirected - 1,131,438 shares (0.8610%)
Against - 443,543 shares (0.3375%)
Abstain - 86,723 shares (0.0660%)
TOTAL - 42,340,541 shares of 131,408,572 shares (32.2205%)
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
28

Voting
06
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
29

General
Business
07
VULCAN ANNUAL MEETING OF SHAREHOLDERS 2023VULCAN.CO
30

Thank-you for joining us.
VULCAN.CO