Metro Performance Glass Ltd · NZX:MPG
Metro Performance Glass — Investor Presentation (August 2025)
43 slides from Metro Performance Glass's investor presentation, Aug 11, 2025
Slide 1: Metro Performance Glass Equity Raise Investor Presentation
Metro Performance Glass Equity Raise Investor Presentation 11 August 2025 1
Slide 2: Agenda
Agenda Section Item Page Summary 3 1 Metro Overview & Strategy Update 7 2 FY25 Performance & Outlook 18 3 Recapitalisation Overview 22 4 New Debt Facility 31 5 Key Risks 33 6 Disclaimer & Glossary 38 2
Slide 3: Summary
Summary • The equity raise will recapitalise Metro, significantly enhancing its financial position, and provide Metro Performance Glass (Metro) is seeking increased confidence and commitment from customers and employees while also freeing up to raise $15 - 24 million via a combination of a managemen
Slide 4: The Recapitalisation
The Recapitalisation Metro is raising up to $8.9 million in a renounceable rights issue, and at least $6.1 million via a placement of New Shares to a new majority shareholder. Together, these are referred to as the “Recapitalisation” Renounceable Rights Issue Size • Approximately $8.9 million • Elig
Slide 5: Why support Metro now?
Why support Metro now? 1 • Metro’s performance has been poor and disappointed shareholders and customers over a number of years • Significant changes made to: We are addressing – Board and management long standing – Production approach and service levels in New Zealand company issues – Head office c
Slide 6: What will a recapitalisation achieve?
What will a recapitalisation achieve? 1 • The Recapitalisation will raise proceeds of between $15 and $24 million, depending on take up Raise will significantly • Existing bank syndicate has agreed to forgive $10 million of debt provided the Recapitalisation is successful strengthen balance • Net de
Slide 7: 1. Metro Overview & Strategy Update
1. Metro Overview & Strategy Update 7
Slide 8: Group summary
Group summary Metro is a leading producer of double-glazed glass units in both New Zealand and Australia, primarily selling to window manufacturers for use in new residential construction and renovations Metro summary • We operate five glass manufacturing facilities throughout Australasia • Revenue
Slide 9: Overview of operations
Overview of operations FY25 is forecast to be our trough earnings period for the NZ business, as market volumes continue to be depressed and cost-out initiatives reach completion Metro Performance Glass New Zealand (Metro NZ) Australian Glass Group (AGG) • Two glass manufacturing facilities – Auckla
Slide 10: Board and management team
Board and management team Metro has undergone a significant refresh of both Board and management over the last 15 months, establishing a lean and responsive reporting structure Management team Board of Directors Simon Bennett Shawn Beck Executive Director Appointed Executive: May 2024 Chairman Appoi
Slide 11: Addressing Metro's financial performance
Addressing Metro’s financial performance Metro’s profitability was significantly impacted by AGP’s entry into New Zealand glass manufacturing, which significantly reduced the available market and created significant overcapacity Key events Metro share price • Metro was slow to adjust to this structu
Slide 12: Addressing Metro's financial performance (cont'd)
Addressing Metro’s financial performance (cont’d) Rebuilding NZ’s profitability remains the priority, while adjusting Australia’s cost base to match the lower activity in FY25 is expected to return AGG to previous profitability levels Metro NZ EBITDA (NZ$m – pre IFRS 16) AGG EBITDA (NZ$m – pre IFRS
Slide 13: Market backdrop remains challenging
Market backdrop remains challenging While Australasian housing markets remain subdued, changing insultation standards are supporting double-glazed unit growth and provide further upside when markets recover NZ residential square meterage consents (000S) 1 8,000 39% down from peak NZ regulatory chang
Slide 14: Construction Code changes drive Australian growth
Construction Code changes drive Australian growth The Australian government issued changes to the National Construction Code (NCC) which mean windows with certain thermal properties, which double glazing is needed to meet, are now required in certain areas NSW implementation in October 2023 has driv
Slide 15: Group turnaround strategy
Group turnaround strategy NZ Repurpose • High quality and service • Drive profit and cash • Simplify • Entrench market positioning • Deposition competitors • Protect cost position • High quality, controlled cost • Branch reset Turn Business Consolidate Reposition Growth May 24 August 25 FY 26 FY 27
Slide 16: Why do we think it is working?
Why do we think it is working? Sustained improvements in both service and quality have been delivered, which has allowed Metro to stabilise volumes and retain and win customers Improved service – DIFOT improvement 100% • Simplification of business processes and focus on “manufacturing first” has all
Slide 17: Why do we think it is working? (cont'd)
Why do we think it is working? (cont’d) Production efficiency and cost control has flowed through to increased margins Improved production efficiency • DGU production per hour has also increased over DGU per hour the last year • This has been achieved despite lower volumes in recent months • Again,
Slide 18: 2. FY25 Performance and Outlook
2. FY25 Performance and Outlook 18
Slide 19: FY25 results and FY26 outlook
FY25 results and FY26 outlook FY25 results reflected continued difficult conditions, but Metro is budgeting to be profitable at these activity levels in FY26 with initiatives now put in place Market context • Market conditions in FY25 remained challenging, with momentum seen in • New Zealand revenue
Slide 20: FY26 & FY27 forecasts & key assumptions
FY26 & FY27 forecasts & key assumptions Metro’s FY26 & FY27 forecasts assume a continuation of subdued activity levels, but business improvements made return the business to an increasing level of profitability • Metro has a significant fixed cost base (factory overheads, employee costs) and therefo
Slide 21: Path to profitability – FY25 to FY26
Path to profitability – FY25 to FY26 The recovery of the NZ business is at the forefront of Metro’s forecast turnaround of financial performance, driven by operating cost control and margin expansion through efficiency FY25 – FY26 EBITDA bridge (pre-IFRS 16)1 1.7 2.0 1.8 2.5 15.4 1.9 5.6 FY25 EBITDA
Slide 22: 3. Recapitalisation Overview
3. Recapitalisation Overview 22
Slide 23: Renounceable Rights Offer
Renounceable Rights Offer The Recapitalisation includes a renounceable Rights Offer, which will raise up to $8.9 million Size • Approximately $8.9 million • Eligible shareholders will have the right to subscribe for 1.6 New Shares for every 1 existing share held at $0.03 per share Structure • Eligib
Slide 24: Top-up Placement
Top-up Placement The Recapitalisation also includes a Top-up Placement to Amari following completion of the Rights Offer, so Amari will become a 51% shareholder in Metro • After completion of the Rights Offer, Metro will place sufficient New Shares to Amari at $0.03 per share such that it will own a
Slide 25: About Amari
About Amari Amari are a strategic investor and will appoint a representative to the MPG board • Amari are a privately-owned company operating a network of specialised metals distribution brands across Australia. Amari supplies high-quality semi- finished metal materials, including stainless steel, a
Slide 26: Recapitalisation Size / Take Up Scenarios
Recapitalisation Size / Take Up Scenarios The Recapitalisation will raise between $15.0 and $23.9 million1, depending on shareholder take up under the Rights Offer • Metro received commitments from approximately 10 wholesale investors who have collectively committed to subscribe for up to $5.06 mill
Slide 27: Impact on Shareholders
Impact on Shareholders While eligible shareholders will be able to apply for more than their pro-rata entitlement, the shares issued in the Top-up Placement mean most shareholders are likely to be diluted • The table below shows the impact on a shareholder holding 100,000 shares at different levels
Slide 28: Significantly Improved Balance Sheet
Significantly Improved Balance Sheet The Recapitalisation will result in a significant decrease in Metro’s net debt, supported by the existing bank syndicate agreeing to forgive $10 million of debt provided the Recapitalisation is successful • Leverage is expected to fall to between 1.8x- 2.4x depen
Slide 29: Shareholder Resolutions / Implications of Failure
Shareholder Resolutions / Implications of Failure The Recapitalisation requires, and is conditional on, shareholder approval Approval by shareholders by way of ordinary resolution is required under: • Rule 7(d) of The Takeovers Code, as Amari’s participation in the Recapitalisation will cause Amari
Slide 30: Rights Offer Timetable
Rights Offer Timetable If shareholders approve the resolutions, the Rights Offer will open on 1 September 2025 and close on 12 September 2025 • Eligible shareholders should visit Event Date https://metroglass.capitalraise.co.nz and apply online by 5:00pm (NZST) on Friday, 12 September 2025 Announcem
Slide 31: 4. New Debt Facility
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Slide 32: New debt facility
New debt facility Metro and one of its existing bank syndicate members have agreed a new three-year debt facility, subject to the Recapitalisation successfully completing • Subject to a successful equity raise, Metro has entered into a binding agreement for a three-year facility extension ― Similar
Slide 33: 5. Key Risks
5. Key Risks 33
Slide 34: Key Risks
Key Risks This section outlines the key risks that Metro has identified as relevant to investors in the Recapitalisation and an investment in Metro shares. These risks may affect Metro’s future operating and financial performance and its share price. Like any investment, there are risks associated w
Slide 35: Key Risks (cont'd)
Key Risks (cont’d) • Metro’s business is highly dependent on activity levels in the residential and commercial construction industries in New Zealand and Australia, which are cyclical. They are highly sensitive to a broad range of economic and other factors beyond Metro’s control, including general
Slide 36: Key Risks (cont'd)
Key Risks (cont’d) • Metro’s business may be adversely affected by legal and regulatory changes or requirements, including legislation, regulations and codes relating to building and construction. • Recent changes to building codes in both New Zealand (to require an increase in the thermal propertie
Slide 37: Key Risks (cont'd)
Key Risks (cont’d) • Metro purchases all of its float glass from foreign suppliers and, as a result, Metro’s float glass purchases are transacted in foreign currencies. Expenditure on float glass represents a material proportion of Metro’s operating expenditure. Metro’s revenues are earned almost ex
Slide 38: 6. Glossary, Disclaimer, Appendix
6. Glossary, Disclaimer, Appendix 38
Slide 39: Important Notice & Disclaimer
Important Notice & Disclaimer This presentation has been prepared by Metro Performance Glass Limited (the Company or Metro) in relation to an offer of New Shares in the Company (New Shares) by way of a 1.6-for-1 pro rata renounceable Rights Offer to eligible shareholders (Rights Offer) and a placeme
Slide 40: Important Notice & Disclaimer
Important Notice & Disclaimer Any decision to purchase New Shares in the Rights Offer must be made on the basis of all information provided in relation to the Rights Offer, including information to be contained or referred to in the separate offer document made available on NZX and ASX (Offer Docume
Slide 41: Important Notice & Disclaimer
Important Notice & Disclaimer Past performance Past performance information provided in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) a promise, representation, warranty, guarantee or indication as to the past, present or future performance o
Slide 42: Important Notice & Disclaimer
Important Notice & Disclaimer General For the purposes of this Important Notice and Disclaimer, "presentation" means these slides, any oral presentation of these slides by the Company, any question-and-answer session that follows that oral presentation, hard copies of this presentation and any mater
Slide 43: Glossary
Glossary Amari Amari Metals Australia Pty Ltd (ACN 004 496 128) DIFOT Delivery in full and on time EBIT Earnings before interest, tax and abnormal expenses EBITDA Earnings before interest, tax, depreciation, amortisation and abnormal expenses Metro Metro Performance Glass Limited (ARBN 600 486 646 a
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