Vulcan Steel reported a 22.2% year-on-year increase in full-year revenue to NZ$1.16 billion for FY2026, supported by the integration of Roofing Industries and underlying business improvements. The company operates 82 sites across Australia and New Zealand, serving approximately 26,216 active customers.
Adjusted earnings before interest, tax, depreciation and amortization rose 16.2% to NZ$130.3 million, while adjusted net profit after tax attributable to shareholders increased 21.1% to NZ$21.7 million. Earnings per share climbed to 15.1 cents from 13.6 cents. Sales volume grew 18% to 252,820 tonnes, marking the first year-on-year volume increase since FY2022.
The steel segment delivered the strongest performance, with revenue surging 46.8% to NZ$601.3 million and EBITDA up 77.9% to NZ$78.5 million. EBITDA margin expanded by 2.3 percentage points to 13.1%. The metals segment reported a 3.5% revenue increase to NZ$557.5 million, though EBITDA declined 9.7% to NZ$76.7 million, with EBITDA margin contracting by 2.0 percentage points to 13.8%.
Gross margin compressed slightly to 33.2% from 34.2%, while gross profit per tonne rose 0.4% to NZ$1,524. Operating cash flow declined 30.4% to NZ$73.0 million due to the absence of one-off working capital benefits recorded in FY2025. Net debt improved to NZ$227.3 million, with committed facilities totaling NZ$414 million. Debt coverage strengthened to 2.9 times EBITDA.
Vulcan Steel declared a final dividend of 4.5 NZ cents per share, bringing the total annual dividend to 7.0 cents, a 16.7% increase from FY2025. The payout ratio stood at 47% of adjusted net profit after tax. Net capital expenditure rose 52.2% to NZ$26.2 million, with FY2027 capex forecast between NZ$30 million and NZ$35 million.
The company maintained a 98% delivery-in-full-on-time rate and implemented five hybrid sites during the year. Sustainability metrics improved, with the lost time injury frequency rate declining to 14.0 per million hours worked and total recordable injury frequency rate at 7.1 per 200,000 hours. Scope 1 and 2 greenhouse gas emissions totaled 13,395 tonnes, an 8.4% increase year-on-year, though emissions intensity per sales tonne improved by 8.3%.
