Steel & Tube (STU) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and agenda, including presentations, Q&A, and voting on resolutions.

• Online and in-person participation enabled, with voting conducted by poll and Q&A open throughout.

• Directors and leadership team introduced; John Beveridge acknowledged for his service as he steps down at end of 2025.

• Chair and CEO presentations opened the meeting, followed by discussion, resolutions, and other business.

Financial performance review

• Revenue for FY25 was $385.4m, down from $479.1m in FY24, with volumes also declining.

• Normalized EBIT was a loss of $21.4 million, down from $14.5 million in FY24; NPAT was -$24.4m.

• Operating cash flows decreased to $10.4m from $42.2m in FY24, but remained positive.

• Net debt increased to $36.3 million, mainly due to the $30 million Perry Metal Protection acquisition.

• $7 million in costs removed in FY2025, following $5 million in FY2024.

Board and executive committee updates

• Board and CEO took a temporary 20% pay reduction; leadership team pay freeze implemented.

• Susan Paterson continues as Chair; Andrew Flavell stands for re-election; John Beveridge to stand down at end of 2025.

• Board focused on navigating the downturn, strategy, value-adding growth, risk management, and preparing for recovery.

• No immediate plan to replace retiring director John Beveridge; board skills considered sufficient for now.