Metro Performance Glass (MPG) H2 2025 earnings summary

Executive summary

• Faced a challenging year with revenue down 10% to $214.0m and a net loss after tax of $13.0m, but operational improvements and cost reductions have positioned the business for future recovery.

• New Zealand operations saw significant restructuring, including plant closures and a focus on service and margin improvement, while Australia maintained stable revenue and is positioned for growth as new insulation standards drive demand.

• Leadership changes included a new Chair and Executive Director, with a focus on debt reduction, capital raise, and improved stakeholder engagement.

• The company rejected a takeover proposal and is pursuing a capital raise to address high debt and refinance banking facilities.

Financial highlights

• Group revenue fell 10% year-over-year to $214.0m; New Zealand revenue down 16%, Australia flat.

• Loss before significant items, interest, and tax was $0.6m, compared to a $7.0m profit in FY24; net loss after tax improved to $13.0m from $27.0m in the prior year.

• EBITDA before significant items was $16.9m, down from $25.1m in FY24.

• Net debt increased to $60.5m from $53.0m, mainly due to inventory prepayments in Australia after a supplier liquidation.

• Operating cash flow dropped to $2.1m from $18.9m year-over-year.

Outlook and guidance

• No market recovery expected in New Zealand; budget assumes flat market, focus on margin and cost reduction.

• Australia expected to maintain earnings at FY24 levels, with capacity growth targeting a record year in FY27.

• Further $3m in cost reductions targeted for FY26.