MPG · NZX

Metro Performance Glass (MPG)

Construction & Materials / Building productsCovered: HY22 - FY2610 published briefings

Metro Performance Glass is an NZX-listed construction & materials / building products company with HY22 - FY26 of published result briefings.

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Snapshot

Latest metrics

FY26, released 27 May 2026

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MPG latest metrics
Metric	Value	Change
Revenue	$208.2m	↓ -2.7%
EBITDA	$18.2m	↑ +225.0%
NPAT	-$0.9m	↑ +93.3%
Operating cash flow	$15.7m	↑ +656.5%
OCF / EBITDA %	86.1%	↑ +49.1pp
Net debt	$27m	↓ -55.4%
Net debt / EBITDA	1.48xOutside range low net debt / ebitda. 1.5x; 4-period range 2.12x to 10.8x. Net debt / EBITDA: 1.50x, below normal range; 4-period mean 5.11x, range 2.12x-10.80x.	↓ -86.3%
ROE %	-1.6%	↑ +30.2pp
PBT	-$0.8m	↑ +95.2%
FCF pre-lease	$12.9m	↑ +1471.6%

Source: latest published briefing (FY26, released 27 May 2026). Change compares against the prior equivalent period: FY25, released 27 May 2025.

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Longitudinal view

Performance over time

The latest period is shown first.

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MPG metric history
Metric	FY2612 MONTHS27 May 2026	HY266 MONTHS24 November 2025	FY2512 MONTHS27 May 2025	HY256 MONTHS28 November 2024	FY2412 MONTHS29 May 2024	HY246 MONTHS29 November 2023	FY2312 MONTHS29 May 2023	HY236 MONTHS29 November 2022	FY2212 MONTHS30 May 2022	HY226 MONTHS22 November 2021	Trend
Revenue	$208.2m	$108m	$213.9m	$114.1m	$239.3m	$130.2m	$263.5m	$138.1m	$236.1m	$116.9m	Chart
Revenue growth %	-2.7%	-5.3%	-10.6%Outside range low revenue growth. -10.6%; 4-period range -9.2% to 11.6%. Revenue growth: -10.6%, below normal range; 4-period mean 0.3%, range -9.2%-11.6%.	-12.4%Outside range low revenue growth. -12.4%; 4-period range -5.7% to 18.2%. Revenue growth: -12.4%, below normal range; 4-period mean 1.8%, range -5.7%-18.2%.	-9.2%	-5.7%	11.6%Unprecedented high revenue growth. 11.6%; 4-period range -10.6% to 1.6%. Revenue growth: 11.6%, unprecedented high; 4-period mean -5.2%, range -10.6%-1.6%.	18.2%Unprecedented high revenue growth. 18.2%; 4-period range -12.4% to -0.1%. Revenue growth: 18.2%, unprecedented high; 4-period mean -5.9%, range -12.4%--0.1%.	1.6%	-0.1%	Chart HY25 Revenue growth %: Outside range low revenue growth. -12.4%; 4-period range -5.7% to 18.2%. Revenue growth: -12.4%, below normal range; 4-period mean 1.8%, range -5.7%-18.2%. FY25 Revenue growth %: Outside range low revenue growth. -10.6%; 4-period range -9.2% to 11.6%. Revenue growth: -10.6%, below normal range; 4-period mean 0.3%, range -9.2%-11.6%.
EBITDA	$18.2m	$9.4m	$5.6m	$9.2m	$12.3m	$16.5m	$18.8m	$15.1m	$24.6m	$12.6m	Chart
EBITDA margin %	8.7%	8.7%	2.6%Unprecedented low ebitda margin. 2.6%; 4-period range 5.1% to 10.4%. EBITDA margin: 2.6%, unprecedented low; 4-period mean 7.9%, range 5.1%-10.4%.	8.1%Outside range low ebitda margin. 8.1%; 4-period range 8.8% to 12.7%. EBITDA margin: 8.1%, below normal range; 4-period mean 10.8%, range 8.8%-12.7%.	5.1%	12.7%Unprecedented high ebitda margin. 12.7%; 4-period range 8.1% to 10.9%. EBITDA margin: 12.7%, unprecedented high; 4-period mean 9.6%, range 8.1%-10.9%.	7.1%	10.9%	10.4%Outside range high ebitda margin. 10.4%; 4-period range 2.6% to 8.7%. EBITDA margin: 10.4%, above normal range; 4-period mean 5.9%, range 2.6%-8.7%.	10.8%	Chart HY25 EBITDA margin %: Outside range low ebitda margin. 8.1%; 4-period range 8.8% to 12.7%. EBITDA margin: 8.1%, below normal range; 4-period mean 10.8%, range 8.8%-12.7%. FY25 EBITDA margin %: Unprecedented low ebitda margin. 2.6%; 4-period range 5.1% to 10.4%. EBITDA margin: 2.6%, unprecedented low; 4-period mean 7.9%, range 5.1%-10.4%.
PBT	-$0.8m	$4.5m	-$16.7m	-$6.8m	-$29.4m	-$9.4m	-$10.6m	$0.6m	-$0.4m	$0.6m	Chart
PBT growth %	—	—	—	—	—	—	—	0.0%	—	-94.4%	Chart
NPAT	-$0.9m	$2.9m	-$13.5m	-$5m	-$27.5m	-$9.2m	-$10.5m	$0.6m	-$0.5m	$0.4m	Chart
NPAT growth %	—	—	—	—	—	—	—	50.0%	—	-94.7%	Chart
Operating cash flow	$15.7m	$5.8m	$2.1m	$3.4m	$18.9m	$13.4m	$5.7m	$1.8m	$13.3m	$9.9m	Chart
OCF / EBITDA %	86.1%	61.1%	37.0%	36.6%	153.8%Unprecedented high ocf / ebitda cash conversion. 153.8%; 4-period range 30.4% to 86.2%. OCF / EBITDA cash conversion: 153.8%, unprecedented high; 4-period mean 51.9%, range 30.4%-86.2%.	81.2%Outside range high ocf / ebitda cash conversion. 81.2%; 4-period range 11.7% to 78.6%. OCF / EBITDA cash conversion: 81.2%, above normal range; 4-period mean 47.0%, range 11.7%-78.6%.	30.4%Outside range low ocf / ebitda cash conversion. 30.4%; 4-period range 37% to 153.8%. OCF / EBITDA cash conversion: 30.4%, below normal range; 4-period mean 82.7%, range 37.0%-153.8%.	11.7%Unprecedented low ocf / ebitda cash conversion. 11.7%; 4-period range 36.6% to 81.2%. OCF / EBITDA cash conversion: 11.7%, unprecedented low; 4-period mean 64.4%, range 36.6%-81.2%.	53.9%	78.6%	Chart FY24 OCF / EBITDA %: Unprecedented high ocf / ebitda cash conversion. 153.8%; 4-period range 30.4% to 86.2%. OCF / EBITDA cash conversion: 153.8%, unprecedented high; 4-period mean 51.9%, range 30.4%-86.2%.
FCF pre-lease	$12.9m	$4.2m	-$0.94m	$1.9m	$14.9m	$11.4m	-$0.37m	-$3.1m	$2.9m	$2.6m	Chart
ROE %	-1.6%	4.6%	-31.8%	-23.1%	-44.2%Unprecedented low roe. -44.2%; 4-period range -31.8% to -0.5%. ROE: -44.2%, unprecedented low; 4-period mean -11.7%, range -31.8%--0.5%.	-13.8%	-13.1%	0.7%	-0.5%Outside range high roe. -0.5%; 4-period range -44.2% to -1.6%. ROE: -0.5%, above normal range; 4-period mean -22.7%, range -44.2%--1.6%.	1.0%	Chart FY24 ROE %: Unprecedented low roe. -44.2%; 4-period range -31.8% to -0.5%. ROE: -44.2%, unprecedented low; 4-period mean -11.7%, range -31.8%--0.5%.
Net debt	$27m	$27.4m	$60.5m	$55.2m	$53m	$52.8m	$60.1m	$59.1m	$52.3m	$47.8m	Chart
Net debt / EBITDA	1.48xOutside range low net debt / ebitda. 1.5x; 4-period range 2.12x to 10.8x. Net debt / EBITDA: 1.50x, below normal range; 4-period mean 5.11x, range 2.12x-10.80x.	2.9xOutside range low net debt / ebitda. 2.9x; 4-period range 3.2x to 5.99x. Net debt / EBITDA: 2.90x, below normal range; 4-period mean 4.22x, range 3.20x-5.99x.	10.8xUnprecedented high net debt / ebitda. 10.8x; 4-period range 1.5x to 4.3x. Net debt / EBITDA: 10.80x, unprecedented high; 4-period mean 2.78x, range 1.50x-4.30x.	5.99xUnprecedented high net debt / ebitda. 5.99x; 4-period range 2.9x to 3.9x. Net debt / EBITDA: 5.99x, unprecedented high; 4-period mean 3.45x, range 2.90x-3.90x.	4.31x	3.2x	3.2x	3.92x	2.12x	3.79x	Chart HY25 Net debt / EBITDA: Unprecedented high net debt / ebitda. 5.99x; 4-period range 2.9x to 3.9x. Net debt / EBITDA: 5.99x, unprecedented high; 4-period mean 3.45x, range 2.90x-3.90x. FY25 Net debt / EBITDA: Unprecedented high net debt / ebitda. 10.8x; 4-period range 1.5x to 4.3x. Net debt / EBITDA: 10.80x, unprecedented high; 4-period mean 2.78x, range 1.50x-4.30x. HY26 Net debt / EBITDA: Outside range low net debt / ebitda. 2.9x; 4-period range 3.2x to 5.99x. Net debt / EBITDA: 2.90x, below normal range; 4-period mean 4.22x, range 3.20x-5.99x. FY26 Net debt / EBITDA: Outside range low net debt / ebitda. 1.5x; 4-period range 2.12x to 10.8x. Net debt / EBITDA: 1.50x, below normal range; 4-period mean 5.11x, range 2.12x-10.80x.
Debtor days	52	52	48Unprecedented low debtor days. 48d; 4-period range 51d to 54d. Debtor days: 48.4 days, unprecedented low; 4-period mean 52.5 days, range 50.9 days-54.0 days.	51	51	52	53	56Unprecedented high debtor days. 56d; 4-period range 44d to 52d. Debtor days: 56.4 days, unprecedented high; 4-period mean 49.4 days, range 43.7 days-51.9 days.	54Outside range high debtor days. 54d; 4-period range 48d to 53d. Debtor days: 54.0 days, above normal range; 4-period mean 51.1 days, range 48.4 days-52.8 days.	44Unprecedented low debtor days. 44d; 4-period range 51d to 56d. Debtor days: 43.7 days, unprecedented low; 4-period mean 52.6 days, range 50.6 days-56.4 days.	Chart FY25 Debtor days: Unprecedented low debtor days. 48d; 4-period range 51d to 54d. Debtor days: 48.4 days, unprecedented low; 4-period mean 52.5 days, range 50.9 days-54.0 days.
Inventory days	42	44Outside range high inventory days. 44d; 4-period range 34d to 43d. Inventory days: 44.3 days, above normal range; 4-period mean 40.1 days, range 34.1 days-43.1 days.	44	43	39Unprecedented low inventory days. 39d; 4-period range 42d to 44d. Inventory days: 39.1 days, unprecedented low; 4-period mean 42.9 days, range 41.5 days-44.1 days.	40	44Outside range high inventory days. 44d; 4-period range 39d to 44d. Inventory days: 44.1 days, above normal range; 4-period mean 41.6 days, range 39.1 days-43.5 days.	43	42	34Unprecedented low inventory days. 34d; 4-period range 40d to 44d. Inventory days: 34.1 days, unprecedented low; 4-period mean 42.7 days, range 40.2 days-44.3 days.	Chart FY24 Inventory days: Unprecedented low inventory days. 39d; 4-period range 42d to 44d. Inventory days: 39.1 days, unprecedented low; 4-period mean 42.9 days, range 41.5 days-44.1 days. HY26 Inventory days: Outside range high inventory days. 44d; 4-period range 34d to 43d. Inventory days: 44.3 days, above normal range; 4-period mean 40.1 days, range 34.1 days-43.1 days.
Total assets	$196m	$199.8m	$203.9m	$217.2m	$218.9m	$235.9m	$254.6m	$285.7m	$272.1m	$241.2m	Chart

Reference: annolyse.ai/companies/mpg

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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The setup & the reality

HY26 → FY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY26 said to watch

From Recapitalisation cut net debt to $27.4m, leverage from 6.0x to 2.9x

No forward targets or order-book disclosures are provided in the release excerpts. Annolyse's second-half shape context shows HY25 carried 164.7% of FY25 EBITDA and 53.3% of FY25 revenue, implying an FY25 second half with negative EBITDA of -$3.6m and an NPAT loss of -$8.5m. That makes the half-on-half compare flattering and raises the question of whether the operating run-rate has genuinely stepped up or whether the second half will again drag.

The current annualised revenue run-rate of $216.0m is broadly consistent with FY25's $213.9m, so investors cannot yet read a top-line recovery from this print – only stabilisation alongside a much lighter capital structure.

Open questions

Open questions from HY26

What specifically drives the -36.7% effective tax rate, and is any portion expected to recur?
What is the run-rate interest expense now that gross borrowings sit at $33.5m?
Why did EBITDA margin compress to the lower edge of the historical range, and what is the path back to the ~10.6% historical mean?
How should investors think about the second-half shape given FY25's -$3.6m implied H2 EBITDA?
What is management's residential and commercial pipeline view, given residential is now 78.7% of revenue?

This briefing cannot assess whether the demand environment in MPG's end markets has stabilised or continues to deteriorate, as no forward order-book or guidance disclosures are supplied.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

FY26 · Released 27 May 2026

EBITDA tripled to $18.2m and leverage fell to 1.5x on a softer top line

Operating cash flow surged to $15.7m and net debt halved to $27.0m, but reported earnings stayed near breakeven.

Read briefing

HY26 · Released 24 November 2025

Recapitalisation cut net debt to $27.4m, leverage from 6.0x to 2.9x

PBT swung 167.1% to $4.5m profit on lower interest and a tax credit, but EBITDA margin sat at the lower edge of MPG's historical range at 8.8%.

Read briefing

FY25 · Released 27 May 2025

EBITDA halved as 2H slipped into loss; leverage hit 10.8x

A 51.1% narrower NPAT loss masks a 54.5% EBITDA decline, an 89% drop in operating cash flow, and second-half EBITDA that turned negative.

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HY25 · Released 28 November 2024

Net debt at 6.0x EBITDA as EBITDA fell 44% on a 12.4% revenue decline

Operating cash flow dropped 74.8% to NZ$3.4m and equity contracted 34.7%, leaving leverage nearly double the historical 3.3x mean.

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FY24 · Released 29 May 2024

MPG flags $15m+ raise as NPAT loss widened to NZ$27.5m

EBITDA fell 32% to NZ$12.3m and leverage sits at 4.3x even after a working-capital-driven NZ$7m debt paydown.

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HY24 · Released 29 November 2023

EBITDA margin hits record 12.7% but PBT swings to -NZ$9.4m loss

Margin recovery and a NZ$9.6m working-capital release drove record cash conversion, but below-the-line charges pushed PBT deeply negative against a

Read briefing

FY23 · Released 29 May 2023

PBT swung to a NZ$10.6m loss despite 11.6% revenue growth

AGG's NZ$6.4m profit milestone was eclipsed by a New Zealand segment swing and a 56.9% drop in operating cash flow.

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HY23 · Released 29 November 2022

Revenue surged 18.2% but a NZ$25.6m working-capital build crushed cash

Operating cash flow fell 82% and debtor days hit an unprecedented 56.4 even as Metroglass reported its first revenue acceleration in years.

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FY22 · Released 30 May 2022

PBT swung from $12.2m profit to $0.4m loss on flat revenue

A NZ$10.0m working-capital build and capex up 79.5% cut operating cash flow from NZ$30.4m to NZ$13.3m, with leverage drifting back up.

Read briefing

HY22 · Released 22 November 2021

NPAT collapsed 94.7% on flat revenue as margins and Australia weakened

COVID restrictions and shipping disruption gutted New Zealand profitability while a tripling in capex compressed free cash flow to NZ$2.6m.

Read briefing

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Metro Performance Glass (MPG)

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Performance over time

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

EBITDA tripled to $18.2m and leverage fell to 1.5x on a softer top line

Recapitalisation cut net debt to $27.4m, leverage from 6.0x to 2.9x

EBITDA halved as 2H slipped into loss; leverage hit 10.8x

Net debt at 6.0x EBITDA as EBITDA fell 44% on a 12.4% revenue decline

MPG flags $15m+ raise as NPAT loss widened to NZ$27.5m

EBITDA margin hits record 12.7% but PBT swings to -NZ$9.4m loss

PBT swung to a NZ$10.6m loss despite 11.6% revenue growth

Revenue surged 18.2% but a NZ$25.6m working-capital build crushed cash

PBT swung from $12.2m profit to $0.4m loss on flat revenue

NPAT collapsed 94.7% on flat revenue as margins and Australia weakened

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Metro Performance Glass (MPG)

Latest metrics

Ask about MPG

Ask about MPG

Sign in to chat

Performance over time

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

EBITDA tripled to $18.2m and leverage fell to 1.5x on a softer top line

Recapitalisation cut net debt to $27.4m, leverage from 6.0x to 2.9x

EBITDA halved as 2H slipped into loss; leverage hit 10.8x

Net debt at 6.0x EBITDA as EBITDA fell 44% on a 12.4% revenue decline

MPG flags $15m+ raise as NPAT loss widened to NZ$27.5m

EBITDA margin hits record 12.7% but PBT swings to -NZ$9.4m loss

PBT swung to a NZ$10.6m loss despite 11.6% revenue growth

Revenue surged 18.2% but a NZ$25.6m working-capital build crushed cash

PBT swung from $12.2m profit to $0.4m loss on flat revenue

NPAT collapsed 94.7% on flat revenue as margins and Australia weakened

Compare this company

Get notified when MPG publishes