Metro Performance Glass (MPG) H2 2025 earnings summary

Executive summary

• Revenue declined 10% year-over-year to $214.0 million, with New Zealand down 16% and Australia flat compared to FY24.

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

• Significant operational improvements included cost reductions, improved service delivery (DIFOT above 95%), and lower rework rates.

• The company closed its Wellington plant and continued cost-out initiatives, with further $3 million in savings targeted for FY26.

• A capital raise is planned to reduce debt, following unsuccessful refinancing and takeover proposals.

Financial highlights

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

• Gross profit fell to $83.3 million from $98.6 million year-over-year.

• Net debt increased to $60.5 million from $53.0 million, mainly due to advance inventory payments in Australia.

• Operating cash flow dropped to $2.1 million from $18.9 million in FY24.

• Basic EPS was a loss of 7.3 cents per share, improved from a 14.8 cent loss in FY24.

Outlook and guidance

• No market recovery is expected in New Zealand; the FY26 budget assumes a flat market, with focus on market share growth and further cost reduction.

• AGG (Australia) expects earnings similar to FY24, with capacity growth positioning for a record year in FY27.