Metro Performance Glass (MPG) AGM 2026 summary

Opening remarks and agenda

• Online meeting held for cost and travel efficiency; quorum confirmed, with electronic questions and voting available.

• Shawn Beck welcomed attendees and introduced directors and executives; agenda covered the Managing Director’s address, formal business, resolutions and shareholder questions.

Financial performance review

• FY26 revenue was $208.2m, down $5.8m from FY25; gross profit fell $3.9m to $79.3m, and gross margin eased to 38% from 39%.

• Volumes increased YoY, but falling market prices pressured revenue; operating expenditure was NZD 7m below FY25, while operating margins were largely held in New Zealand and Australia despite higher fuel and supply costs.

• EBITDA before significant items improved in New Zealand but declined in Australia; operating cash flow rose from $2m to $15.7m, supported by efficiency gains.

• Interest-bearing liabilities fell from $67m to $35.2m, bank debt declined NZD 31.8m, and net assets rose to nearly $60m; a $23.9m equity raise was completed in September 2025.

• Through August 31 FY27, New Zealand revenue was ~6% higher YoY and double-glaze volumes rose 8%; Australia revenue fell ~5% and volumes 5%. Combined revenue was ~NZD 6m, NZD 5m ahead YoY, with EBITDA at around double last year’s level off a small base.

Board and executive committee updates

• Shawn Beck introduced directors Stephen Robertson, Julia Mayne and Pramod Khatri; Managing Director Simon Bennett and CFO Sarah Hipkiss attended.

• TRIFR continued to trend down; New Zealand headcount was 560, down 5% YoY, and Australia headcount was 235, down 7%.