Metro Performance Glass (MPG) H1 2026 earnings summary

Executive summary

• Achieved a net profit of $2.9m for the half year ended 30 September 2025, reversing a prior net loss of $5.0m.

• Revenue declined 5% year-over-year to $108.0m, reflecting subdued market conditions.

• Profit before significant items rose to $964k from $349k in the prior period.

• EBIT improved to $9.54m from a loss of $1.08m, driven by significant items and restructuring.

• Significant items of $8.6m, mainly from debt extinguishment and restructuring, positively impacted EBIT.

Financial highlights

• Gross profit decreased to $41.3m from $44.9m year-over-year.

• Net debt reduced from $60.5m at 31 March 2025 to $27.4m at end of H1, following a $23.9m equity raise.

• Cost reduction initiatives removed $3m in FY25, with another $3m targeted by end of FY26.

• Basic and diluted EPS rose to 1.0 cents per share from a loss of 2.3 cents per share.

• Net cash from operating activities increased to $5.8m from $3.4m year-over-year.

Outlook and guidance

• Directors expect subdued market conditions in New Zealand and Australia to persist in the short to medium term.

• Further cost savings are anticipated to benefit H2 and FY27 results.

• Australian growth delayed due to challenging economic conditions, especially in Victoria.

• Some volume improvement seen in New Zealand, particularly in the South Island and Auckland.

• Focus remains on improving profitability and complying with renegotiated banking facility conditions.