Metro Performance Glass (MPG) H2 2025 earnings summary

Executive summary

• Revenue for FY25 was $213.9 million, with a net loss after tax (NPAT) of $(13.5) million, reflecting ongoing market weakness in both Australia and New Zealand.

• Leadership changes and board refresh occurred in early 2024, resulting in improved customer experience and business efficiency.

• The business is stabilised and positioned for future performance improvements, despite unsatisfactory FY25 results.

Financial highlights

• FY25 EBITDA (pre-IFRS 16) was $5.6 million, down from $12.3 million in FY24.

• EBIT for FY25 was $(0.6) million, compared to $7.2 million in FY24.

• Net debt stood at $60.5 million at year-end.

• Goodwill impairment of $20.9 million and other significant items of $(4.7) million impacted results.

• EBITDA before significant items was $16.9 million, within the previously announced guidance range.

Outlook and guidance

• FY26 revenue is budgeted to increase by approximately 8% to around $232 million, with continued operating cost reductions.

• Pre-IFRS 16 EBITDA before significant items is forecast at about $18 million for FY26.

• Revenue is projected to grow to $243 million in FY27 and $254 million in FY28, with further EBITDA improvements expected.

• The market in New Zealand is expected to remain flat through FY26, while Australia may benefit from regulatory changes later in FY26.