Metro Performance Glass Limited Analysis

Overview

Metro Performance Glass Limited produces a range of customised glass products that are predominantly used in residential and non-residential construction applications such as windows, doors, internal partitions, balustrades, facades, showers, mirrors, furniture and splashbacks.

Metroglass is the New Zealand market leader in the value added glass processing market with a circa. 50% market share and is twice the size of its nearest competitor by market share. Metro Performance Glass market leadership is supported by a number of competitive advantages that have been developed over more than 30 years, including its high customer service standards, manufacturing capability and scale, distribution footprint, product offering and glazing capability.

Metroglass also operates in Australia through Australian Glass Group, which has glass processing operations in Victoria, New South Wales and Tasmania.

MPG listed on the NZX Main Board on 30 July 2014.

Performance

The following information was extracted from Metro Performance Glass's Full year results, released in 27 May 2026:

Operating cash flow of $15.7m | Net debt reduced to $27.0m | EBITDA before significant items up to $18.2m

Metro exited FY26 in a stronger financial and operating position. While market conditions in New Zealand and Australia remained very challenging, the Group improved underlying trading performance, materially strengthened cash flow, reduced debt and reset its capital structure through the September 2025 equity raise and refinancing.

• Revenue was $208.2 million, down 2.7% on FY25, reflecting weaker construction markets, particularly in New Zealand residential and Victoria in Australia.

• EBIT before significant items improved to $0.9 million from a loss of $0.6 million in FY25, with New Zealand returning to positive EBIT before significant items of $1.5 million.

• EBITDA before significant items increased to $18.2 million from $16.9 million, supported by cost reduction initiatives, improved manufacturing performance and stronger service outcomes.

• Operating cash flow increased to $15.7 million from $2.1 million, contributing to a reduction in net debt to $27.0 million from $60.5 million.

• The Group completed a $23.9 million equity raise, secured a renegotiated banking facility through September 2028 and ended the year with positive working capital of $27.5 million.