The Vulcan Steel Ltd (ASX: VSL) share price is in focus after the company reported a 20% lift in FY26 reported earnings per share to NZ 14.4 cents, while reported EBITDA rose 19% to NZ$129.3 million.
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What did Vulcan Steel report?
- Reported EPS: NZ 14.4 cents, up 20% on FY25
- Adjusted EPS: NZ 15.1 cents, up 10.8% on FY25
- Reported EBITDA: NZ$129.3 million, up 19% on FY25
- Adjusted EBITDA: NZ$130.3 million, up 16% on FY25
- Operating cashflow: NZ$73.0 million, down 30% year on year
- Final dividend: 4.5 NZ cents per share, fully franked and imputed; 7.0 NZ cents total for FY26
What else do investors need to know?
Vulcan Steel's recently acquired rollforming business made a strong contribution, exceeding expectations with nine months of trading and bolstering the company's value-added processing. The company delivered its first year-on-year growth in underlying volumes since FY22, helped by both internal improvements and shifting market conditions.
Customer service remained a focus, with Vulcan maintaining a 98% on-time delivery rate. Net bank debt fell by NZ$5.1 million to NZ$227.3 million, and the company continued to invest in its hybrid site network, including opening a new location in Toowoomba, Queensland.
What did Vulcan Steel management say?
Managing Director and CEO Gavin Street said:
Vulcan improved its operational performance in the 2026 financial year, with higher sales volumes and continued market share growth across Australia and New Zealand despite global trade uncertainty and mixed conditions in our domestic markets. The successful integration of the recently acquired rollforming business was a key highlight for the year. Contributing nine months of trading, the division delivered results ahead of expectations and strengthened Vulcan's value-added processing capability.
What's next for Vulcan Steel?
Vulcan said New Zealand's industry is beginning to stabilise with signs of recovery, though the pace may be swayed by the upcoming general election. In Australia, economic conditions remain mixed, with rate settings and policy uncertainty acting as headwinds.
The company aims to keep the momentum going in FY27 by focusing on customer service and margin improvements, while looking for opportunities linked to the Brisbane 2032 Olympics and broader business cycles. Vulcan flagged ongoing risks from global trade and geopolitics but remains focused on supporting growth in both countries.
Vulcan Steel share price snapshot
Over the past 12 months, Vulcan Steel shares have declined 17%, trailing the All Ordinaries Index (ASX: XAO), which has risen 1% over the same period.
