Metro Performance Glass (MPG) AGM 2026 summary

Opening remarks and agenda

• Meeting opened online for cost efficiency, with quorum confirmed and voting instructions provided.

• Chairman Shawn Beck welcomed attendees and introduced the board and executive team, including both independent and non-independent directors.

• The agenda included the Managing Director's address, formal business and resolutions, and a session for shareholder questions.

• Shareholders could submit questions and vote electronically, with support available for technical issues.

• Board members, executive team, auditors, and legal counsel were introduced.

Financial performance review

• FY26 revenue was $208.2m, down $5.8m from FY25; gross profit decreased by $3.9m to $79.3m, with a gross profit margin of 38%.

• Operational improvements in New Zealand led to reduced rework and over 95% on-time delivery, with Christchurch plant achieving 100%.

• Plant volumes increased, especially in Auckland, but price recovery lagged, impacting FY 2026 revenue despite higher volumes.

• Group operating expenditure reduced by NZD 7 million from FY 2025; margins largely held despite price and cost pressures.

• Operating cash flow rose from $2m in FY25 to $15.7m in FY26, aided by efficiency gains.

Board and executive committee updates

• Board composition now stable, with directors and executive team introduced at the meeting, including a mix of independent and non-independent directors.

• Simon Bennett served as Managing Director.