Highlights

  • Operating Cash Flow increased significantly while net Debt declined sharply in FY26.
  • EBITDA before significant items improved despite weaker construction markets.
  • Metro strengthened its Balance Sheet through an Equity raise and refinancing initiatives.

Overview

Metro Performance Glass Limited (NZX:MPG) delivered improved financial and operational performance for the 12 months ended 31 March 2026 despite ongoing weakness in construction activity across New Zealand and Australia. Revenue declined slightly due to softer residential Demand and challenging trading conditions, particularly in Victoria. However, the company strengthened its operating platform through cost reduction initiatives, Manufacturing improvements, and service enhancements. EBITDA before significant items increased while operating cash flow improved substantially, helping reduce net debt significantly during the year. Metro also strengthened its Capital Structure through an equity raise and refinancing arrangements, positioning the Business with improved Liquidity and operational flexibility heading into FY27.

How Did Metro Improve Cash Flow and Reduce Debt in FY26?

Metro Performance Glass delivered a major improvement in operating cash flow during FY26, supported by disciplined cost management, operational efficiencies, and improved manufacturing outcomes. The stronger cash generation helped reduce net debt significantly compared to the prior year. The company also completed an equity raise and secured refinancing arrangements extending through 2028, improving financial flexibility and strengthening its balance sheet position. Management highlighted that deliberate restructuring actions and tighter operational discipline contributed progressively to the turnaround achieved throughout the financial year despite ongoing market softness.

What Challenges and Opportunities Is Metro Facing Ahead?

The company continues operating in difficult construction markets across both New Zealand and Australia, particularly within residential activity and the Victorian market. Despite these conditions, Metro achieved record service and quality outcomes across parts of its manufacturing network while improving processing efficiency. In Australia, the transition to a full Import model following the closure of Oceania Glass continued during the year. Looking ahead, Metro expects further improvement in profitability, debt levels, and cash flow as the benefits of restructuring, operational gains, and cost-saving initiatives continue flowing through the business over the full year.