Metro Performance Glass Limited (ASX: MPP) has announced its audited financial results for the 12 months ended 31 March 2026, reporting a significantly stronger financial and operating position. The company, a leading provider of glass solutions for residential and commercial applications in Australasia, including insulated glass units, balustrades, and showers, achieved this improvement despite challenging market conditions in New Zealand and Australia. The group materially strengthened cash flow, reduced debt, and reset its capital structure through a September 2025 equity raise and refinancing.
Revenue for FY26 stood at $208.2 million, a 2.7% decrease on FY25, attributed to weaker construction markets, particularly in New Zealand residential and Victoria, Australia. Despite the revenue dip, EBITDA before significant items increased to $18.2 million from $16.9 million. EBIT before significant items also improved to $0.9 million from a loss of $0.6 million in FY25, with New Zealand returning to positive EBIT. Operating cash flow rose substantially to $15.7 million from $2.1 million, contributing to a significant reduction in net debt, which now stands at $27.0 million from $60.5 million. The company also completed a $23.9 million equity raise and secured a renegotiated banking facility.
Operationally, Metro Performance Glass enhanced service and quality across its network, with New Zealand achieving record Delivery In Full, On Time (DIFOT) and quality outcomes. In Australia, the Australian Glass Group (AGG) maintained strong customer service during its transition to a full import model. Looking ahead, Metro anticipates further improvements in cash flow, debt, and profitability, driven by the full-year benefits of restructuring and operational gains. However, the company is not assuming market improvement in its base outlook and is not providing formal earnings guidance for FY27 due to ongoing uncertainty. Management noted that the business is now better positioned to respond as conditions recover.
