Australia · Delayed Price · Currency is AUD Vulcan Steel Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 delivered higher sales, revenue and adjusted profit despite weak conditions, while net debt declined. The Board outlined director succession, FY 2027 growth priorities and five resolutions; proxy advisers recommended support for all five.
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Revenue rose 22% to NZD 1.159 billion, driven by Roofing Industries acquisition and strong second-half growth. Adjusted EBITDA increased 16%, with improved margins and volume, while net debt to EBITDA improved to 2.9x. Positive outlook for FY 2027 amid ongoing cost and market pressures.
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Revenue grew 8.6% year-over-year to NZD 535 million, driven by Roofing Industries' acquisition and higher volumes. EBITDA reached AUD 57 million amid margin pressure, with net debt at NZD 202 million and a 2.9x leverage ratio. Gradual recovery is expected in both Australia and New Zealand.
Fiscal Year 2025
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The meeting addressed a challenging FY2025 with lower sales and profit, but strong cash flow and reduced debt. Leadership transitions, the Roofing Industries acquisition, and a focus on culture, safety, and strategic growth were emphasized. Shareholders approved all resolutions and discussed governance, supply chain, and sustainability.
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Revenue declined year-over-year amid challenging conditions, but gross margin improved and net debt was reduced. The acquisition of Roofing Industries, funded by an equity raise, is expected to be EPS accretive and offers growth and integration opportunities.
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Operating cash flow reached NZD 81 million, with disciplined cost and working capital management limiting EBITDA decline to 30% year-on-year. Signs of recovery are emerging in Queensland and New Zealand, while Victoria remains weak. Dividend payout policy was revised for flexibility.
Fiscal Year 2024
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The meeting addressed challenging economic conditions, with sales and revenue declines but strong cash flow and reduced net debt. Strategic focus remains on hybrid site expansion, long-term incentives, and leadership development. Five resolutions were presented for shareholder approval, and tributes were paid to retiring director Wayne Boyd.
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FY 2024 saw a 9% drop in volumes and a 7% decline in gross profit per ton, with net profit after tax down 55% year-over-year. Despite tough conditions, operating cash flow rose 16% and cost reductions were achieved. Outlook remains cautious, with stable volumes expected until 2025 and ongoing focus on cost control and growth initiatives.