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 has reported a very strong debut result with FY22 EBITDA (before significant items) and NPAT doubling to NZ$243m and NZ$181m respectively</li><li>VSL expects some normalisation in industry margins in FY23 driven by lower global steel prices</li><li>We expect minimal changes to operating forecasts on the back of FY23 guidance but higher interest rates will weigh on NPAT</li></ul>

Vulcan Steel has reported a very strong debut result with FY22 EBITDA (before significant items) and NPAT doubling to NZ$243m and NZ$181m respectivelyVSL expects some normalisation in industry margins in FY23 driven by lower global steel pricesWe expect minimal changes to operating forecasts on the back of FY23 guidance but higher interest rates will weigh on NPAT

Vulcan Steel: FY22 Result – First Impressions

Vulcan Steel Limited

Vulcan Steel: FY22 Result – First Impressions