Metroglass provides 1H26 results (unaudited)

5 Lady Fisher Place
East Tamaki
Auckland, 2013

PO Box 58 144 Botany
Auckland, 2163
P 09 927 3000

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NZX: MPG | ASX: MPP

24 November 2025


Metroglass provides H126 results (unaudited)

• Capital raise settled September 19th
• Net debt reduced from $60.5 m 31 March 25 to $27.4m at end H1
• Revenue reduced from $114 m to $108m for corresponding period
• Profit before significant items $964k vs $349 prior period
• Profit before interest and tax increased from $(1.08)m to $9.54m

Please refer to our half year results for the six months ended 30 September 2025.
Group revenue was down 5% to $108 million, with profit for the six months ended 30 September
2025 at $2.9m, broadly in line with previous announcements. With the successful
recapitalisation of Metroglass in September, our net debt decreased from $60.5m at 31 March
2025 to $27.4m.
Softness in the markets we operate in impacted our H126 trading results and as previously
predicted, this market softness is expected to continue. We are confident that our revenue
decline has not been a result of loss of market share.
Our main focus has continued to be on our New Zealand turnaround, and in both New Zealand
and Australia, increasing our efficiency and productivity and our market positioning for success
in the future. We are focused on getting quality product to our customers in full and on time as
can be seen in our DIFOT being consistently above 90-95%.
The business now has a sustainable level of debt, commensurate with this stage of the economic
cycle and for our business. Our key focus remains to build a predictable and profitable business,
for the benefit of our shareholders, customers and employees.
Our turnaround plan has been simple. We remain committed to being the best supplier of quality
processed glass and to having the highest service levels in the market. With the competitive
pressure on our selling price, it has been crucial to fight for our market share with high service
levels. In addition, we must continue to reduce our processing costs and financial shape to
ensure that we are ready and profitable in the current subdued market conditions.

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We have taken cost out where we can and continue to drive cost out programmes. We have
finalised the closure of two larger processing factories and relocated and scaled into a smaller
footprint and re-leased the surplus space. As reported previously we have taken circa $3 million
of cost out in FY25 and are well on track to take out a further $3 million looking forward to the end
of FY26. We expect these gains to flow through to H2 and into FY27.
Notwithstanding the continuing cost out and efficiency initiatives, the market remains
competitive both in New Zealand and Australia.
In Australia, whilst the future macroeconomic conditions and positive indicators such as the
implementation of the NCC changes which increases the penetration of double glazing remain,
the current economic conditions, particularly in Victoria, mean that the growth in Australia has
been delayed.
In New Zealand we are starting to see some more positivity in the lead into Xmas. The South
Island and Auckland volumes are strengthening.
I am very grateful to our team. They have sacrificed overtime, gone without pay rises and yet
worked harder than ever to deliver the performance we need to satisfy our customers. We are in
good shape and getting better despite the difficult trading conditions.
ENDS

For further information please contact:

Simon Bennett – Managing Director: 021 036 8387

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Interim Financial Statements
For the Half Year ended 30 September 2025
INTERIM FINANCIAL
STATEMENTS

Consolidated Interim Statement of Comprehensive Income1
Consolidated Interim Statement of Financial Position2
Consolidated Interim Statement of Changes in Equity3
Consolidated Interim Statement of Cash Flows4
Notes to the Consolidated Interim Financial Statements5
Company Directory10
CONTENTS
Metro Glass Interim Financial Statements

Consolidated Interim Statement of Comprehensive Income
for the half year ended 30 September 2025 (unaudited)
NOTESCONSOLIDATEDCONSOLIDATED
Sep-25
$’000
Sep-24
$’000
Revenue2.1108,014 114,063
Cost of sales(66,703)(69,120)
Gross profit2.141,311 44,943
Distribution and glazing-related expenses(19,912)(22,396)
Selling and marketing expenses(5,868)(6,294)
Administration expenses(14,617)(16,060)
Share of profits of associate–130
Other income and gains and losses51 26
Profit before significant items, interest and tax965 349
Significant items2.28,582 (1,434)
Profit/(Loss) before interest and tax9,547 (1,085)
Finance expense(5,024)(5,717)
Finance income 18 39
Profit/(Loss) before tax4,541 (6,763)
Income tax (expense)/benefit(1,668)1,738
Profit/(Loss) for the period2,873 (5,025)
Other comprehensive income
Items that may be reclassified to profit or loss in the future:
Exchange differences on translation of foreign operations1,557 (130)
Change in fair value of hedging instruments (net of tax)(479)(152)
Total comprehensive profit/(loss) for the period attributable to shareholders3,951 (5,307)
Earnings per share
Basic and diluted earnings per share (cents per share)1.0(2.3)
The Board of Directors authorised these financial statements for issue on 24 November 2025.
For and on behalf of the board:
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Shawn Beck Julia Mayne
Chair Director
1
Metro Glass Interim Financial Statements

Consolidated Interim Statement of Financial Position
at 30 September 2025 (unaudited)
CONSOLIDATEDCONSOLIDATEDCONSOLIDATED
Sep-25
$’000
(AUDITED)
Mar-25
$’000
Sep-24
$’000
ASSETS
Current assets
Cash and cash equivalents5,398 6,538 9,312
Trade receivables30,571 28,372 31,684
Current income tax asset488 186 –
Inventories26,308 25,506 26,989
Derivative financial instruments37 61 –
Other current assets2,254 3,412 2,807
Total current assets65,056 64,075 70,792
Non-current assets
Property, plant and equipment37,777 39,891 43,271
Right-of-use assets57,813 60,237 62,163
Deferred tax assets14,373 15,740 14,219
Investment in Associate– – 2,157
Intangible assets24,786 23,926 23,659
Other non-current assets42 42 897
Total non-current assets134,791 139,836 146,366
Total assets199,847 203,911 217,158
LIABILITIES
Current liabilities
Trade and other payables24,686 20,131 25,908
Deferred income1,672 1,247 1,826
Derivative financial instruments41 10 76
Interest-bearing liabilities– 65,520 62,836
Lease liabilities8,479 7,842 7,705
Provisions969 1,048 1,129
Total current liabilities35,847 95,798 99,480
Non-current liabilities
Interest-bearing liabilities33,527 1,512 1,714
Lease liabilities66,206 68,723 69,067
Provisions2,219 2,296 3,445
Total non-current liabilities101,952 72,531 74,226
Total liabilities137,799 168,329 173,706
Net assets62,048 35,582 43,452
Equity
Contributed equity329,710 307,198 307,198
Accumulated losses(98,839)(101,877)(93,432)
Group reorganisation reserve(170,665)(170,665)(170,665)
Share-based payments reserve366 528 461
Foreign currency translation reserve2,502 945 406
Hedge reserve(1,026)(547)(516)
Total equity62,048 35,582 43,452
The above consolidated interim statement of financial position should be read in conjunction with the accompanying notes.
2
Metro Glass Interim Financial Statements

Consolidated Interim Statement of Changes in Equity
for the half year ended 30 September 2025 (unaudited)
CONSOLIDATED
Contributed
equity
$’000
Reserves
$’000
Accumulated
losses
$’000
Total
$’000
Opening balance at 1 April 2024307,198 (169,431)(88,776)48,991
Loss for the period––(5,025)(5,025)
Movement in foreign currency translation reserve–(130)–(130)
Other comprehensive income for the period–(152)–(152)
Total comprehensive (loss)/income for the period-(282)(5,025)(5,307)
Expiry of share-based payments–(369)369 –
Movement in share-based payments reserve–(232)–(232)
Total transactions with owners, recognised directly in equity-(601)369 (232)
Unaudited closing balance at 30 September 2024307,198 (170,314)(93,432)43,452
Contributed
equity
$’000
Reserves
$’000
Accumulated
losses
$’000
Total
$’000
Opening balance at 1 October 2024307,198 (170,314)(93,432)43,452
Loss for the period– – (8,445)(8,445)
Movement in foreign currency translation reserve– 539 – 539
Other comprehensive (loss) for the period– (31)–(31)
Total comprehensive income/(loss) for the period– 508 (8,445)(7,937)
Expiry of share-based payments– – – –
Movement in share-based payments reserve– 67 – 67
Total transactions with owners, recognised directly in equity– 67 – 67
Audited closing balance at 31 March 2025307,198 (169,739)(101,877)35,582
Contributed
equity
$’000
Reserves
$’000
Accumulated
losses
$’000
Total
$’000
Opening balance at 1 April 2025307,198 (169,739)(101,877)35,582
Profit/(loss) for the period– – 2,8732,873
Movement in foreign currency translation reserve– 1,557 – 1,557
Other comprehensive income for the period– (479)– (479)
Total comprehensive income for the period– 1,078 2,873 3,951
Ordinary shares issued
1
22,512 –– 22,512
Expiry of share-based payments– (165)165 –
Movement in share-based payments reserve– 3 – 3
Total transactions with owners, recognised directly in equity22,512 (162)165 22,515
Unaudited closing balance at 30 September 2025329,710 (168,823)(98,839)62,048
The above consolidated interim statement of financial position should be read in conjunction with the accompanying notes.
1 The Group undertook an equity raise including a rights issue for existing shareholders and an issue of ordinary shares to Amari Metals Australia Pty Limited. These transactions settled
on 19 September 2025 raising a total of $23.9m which was primarily used to repay debt. This was offset by $1.4m of capital raise related costs.
3
Metro Glass Interim Financial Statements

Consolidated Interim Statement of Cash Flows
for the half year ended 30 September 2024 (unaudited)
CONSOLIDATEDCONSOLIDATED
2025
$’000
2024
$’000
Cash flows from operating activities
Receipts from customers106,492 115,675
Payments to suppliers and employees(95,255)(106,755)
Government wage subsidy and grants received2 24
Interest received–34
Interest paid(2,727)(3,081)
Interest paid on leases(2,436)(2,523)
Income tax payments(299)(1)
Net cash inflow from operating activities5,777 3,373
Cash flows from investing activities
Proceeds from sale of property, plant and equipment133 –
Payments for property, plant and equipment(1,534)(1,522)
Net cash outflow from investing activities(1,401)(1,522)
Cash flows from financing activities
Lease liabilities principal payments(3,971)(3,750)
Repayment of bank borrowings(23,974)(1,000)
Drawdown of borrowings–6,000
Repayment of other financing(201)(223)
Ordinary shares issued23,948 –
Ordinary share placement costs(1,436)–
Net cash inflow from financing activities(5,634)1,027
Net (decrease)/increase in cash and cash equivalents(1,258)2,878
Cash and cash equivalents at the beginning of the period6,538 6,634
Effects of exchange rate changes on cash and cash equivalents118 (200)
Cash and cash equivalents at end of the period5,398 9,312
The above consolidated interim statement of cash flows should be read in conjunction with the accompanying notes.
4
Metro Glass Interim Financial Statements

Notes to the Consolidated Interim Financial Statements (unaudited)
1 BASIS OF PREPARATION
Reporting entity
These consolidated interim financial statements are for Metro Performance Glass Limited (‘the Company’) and its subsidiaries
(together, ‘the Group’). The Group supplies processed flat glass and related products primarily to the residential and commercial
building sectors. The Company is a for-profit entity for financial reporting purposes and has operations and sales in New Zealand
and Australia.
Statutory base
The Company is a limited liability company incorporated and domiciled in New Zealand. The address of its registered office is
5 Lady Fisher Place, East Tamaki, Auckland.
The incorporation date for Metro Performance Glass Limited was 30 May 2014 and as part of a group reorganisation was listed
on the New Zealand Securities Exchange (NZSX) on 29 July 2014.
The comparative trading results presented encompass the six-month period from 1 April 2024 to 30 September 2024.
Basis of preparation
These consolidated interim financial statements have been approved for issue by the Board of Directors on 24 November 2025.
The Group’s unaudited condensed consolidated interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (NZ GAAP). They comply with the requirements of International Accounting Standard (IAS)
34 Interim Financial Reporting and with New Zealand Equivalent to International Accounting Standard (NZ IAS) 34 Interim Financial
Reporting.
These consolidated interim financial statements are presented in New Zealand dollars and rounded to the nearest thousand. These
condensed financial statements do not include all the information required for full financial statements, and consequently should be
read in conjunction with the full financial statements of the Group for the year ended 31 March 2025. The same accounting policies,
presentation and methods of computation have been followed in these condensed financial statements as were applied in the
preparation of the Group’s audited financial statements for the year ended 31 March 2025.
Metro Performance Glass Limited is a limited liability company registered under the New Zealand Companies Act 1993 and is a Financial
Markets Conduct reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The financial statements of the Group have
been prepared in accordance with the requirements of the NZX Main Board Listing Rules.
The Group’s revenue and profitability follow a seasonal pattern with lower sales and net profits typically achieved in the second half
of the financial year as a result of lower sales generated during the Christmas shutdown period.
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for the revaluation of certain financial
assets and financial liabilities at fair value.
Principles of consolidation
The consolidated interim financial statements incorporate the assets and liabilities of all subsidiaries of Metro Performance Glass
Limited (‘the company’ or ‘the parent entity’) as at 30 September 2025 and the results of all subsidiaries for the period then ended.
Subsidiaries are all entities over which the Group has control. A subsidiary is a controlled entity of Metro Performance Glass if Metro
Performance Glass is exposed and has a right to variable returns from the entity and is able to use its power over the entity to affect
those returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated
from the date that control ceases.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised
losses are also eliminated unless the transaction provided evidence of the impairment of the asset transferred.
5
Metro Glass Interim Financial Statements

Notes to the Consolidated Interim Financial Statements (unaudited)
(continued)
Foreign currency translation
Functional and presentation currency
The consolidated financial statements are presented in New Zealand dollars which is the Company’s functional and presentation
currency and rounded where necessary to the nearest thousand dollars.
Transactions and balances
Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the translation at period end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. They are deferred in equity if they
relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a
foreign operation.
The results and financial position of foreign operations that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
• assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
• income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange
rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which
case income and expenses are translated at the dates of the transactions); and
• all resulting exchange differences are recognised in other comprehensive income.
• on consolidation, exchange differences arising from the translation of any net investment in foreign entities, and the borrowings and
other financial instruments designated as hedges of such investments, are recognised in other comprehensive income. When a foreign
operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified
to profit or loss, as part of the gain or loss on sale.
Goods and Services Tax (GST)
The consolidated interim statement of comprehensive income has been prepared so that all components are stated exclusive of
GST. All items in the consolidated interim statement of financial position are stated net of GST, with the exception of receivables and
payables, which include GST invoiced.
Standards, Amendments and Interpretations to Existing Standards that are not yet Effective
There are no published new or amended standards or interpretations that become effective on or after 1 October 2025 that would
have a material impact on the Group’s consolidated interim financial statements.
Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal
the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are discussed in each accounting note as appropriate.
The critical accounting estimates and judgements at 30 September 2025 include:
- going concern (refer: going concern disclosure below)
Going Concern
In preparing these financial statements, the Directors have considered the Group’s ability to continue as a going concern.
These considerations are outlined below:
The Group reported a profit before tax for the 6 months ended 30 September 2025 of $4.5m (2024: loss of $6.7m). As at 30 September
2025 the Group has positive working capital of $29.2m (31 March 2025: negative $31.7m; 30 September 2024: negative $28.7m).
The Group undertook an equity raise including a rights issue for existing shareholders and an issue of ordinary shares to Amari Metals
Australia Pty Limited. These transactions settled on 19 September 2025 raising a total of $23.9m which was primarily used to repay
debt. Debt was further reduced by a $10.0m debt accommodation from the banking syndicate.
At 30 September 2025 the Group’s banking facility (which was renegotiated together with the equity raise) stands at $41.0m (31 March
2025: $70.0m) of which $32.1m has been drawn (31 March 2025 $65.5m). The renegotiated facility expires on 19 September 2028 and
the liability is therefore classified as non-current in the consolidated statement of financial position at 30 September 2025.
The Directors remain focused on growing and improving both the Australian and New Zealand businesses and continue to engage in
actions to improve the profitability of the Group. Market conditions in New Zealand and Australia remain subdued and this is expected
to continue in the short to medium term however the Directors expect to be able to comply with the conditions of the renegotiated
banking facility .
Based on these factors the Directors concluded the Group’s financial statements should be prepared on a going concern basis.
6
Metro Glass Interim Financial Statements

Notes to the Consolidated Interim Financial Statements (unaudited)
(continued)
2 FINANCIAL PERFORMANCE
2.1 Segment information
Operating segments of the Group at 30 September 2025 have been determined based on financial information that is regularly
reviewed by the board in conjunction with the Managing Director and Chief Financial Officer, collectively known as the Chief Operating
Decision-Maker for the purpose of allocating resources, assessing performance and making strategic decisions.
Substantially all of the Group’s revenue is derived from the sale of glass and related products and services. This revenue is split by
channel only at the revenue level into Commercial Glazing, Residential and Retrofit. Commercial glazing revenue reflects sales through
four specific commercial glazing operations in New Zealand. Retrofit revenue reflects sales through four specific retrofit operations
in New Zealand and the retrofit channel sales from all (Metro Direct) branches across New Zealand. Residential revenue reflects all
other sales channels. The allocation of sales between residential and commercial can be difficult as the Group does not always know
the end-use application. Following the acquisition of Australian Glass Group Pty Ltd (AGG) on 1 September 2016 the Group operates
in two geographic segments, New Zealand and Australia.
Group costs consist of insurance, professional services, director fees and expenses, listing fees and share incentive scheme costs.
SEP-25
New Zealand
$’000
Australia
$’000
Eliminations
and other
$’000
Group
$’000
Commercial Glazing11,940 ––11,940
Residential44,156 40,865 –85,021
Retrofit11,053 ––11,053
Total revenue67,149 40,865 –108,014
Gross profit29,442 11,869 –41,311
Segmental EBITDA before significant items6,545 3,036 –9,581
Group costs––(133)(133)
Group EBITDA before significant items9,448
Depreciation and amortisation(6,003)(2,480)–(8,483)
EBIT before significant items542 557 (134)965
Significant items(278)(333)9,971 9,360
EBIT264 223 9,837 10,324
Segment assets262,545 75,491 (138,189)199,847
Segment non-current assets (excluding deferred tax assets)64,558 55,860 –120,418
Segment liabilities76,782 31,802 29,215 137,799
SEP-24
New Zealand
$’000
Australia
$’000
Eliminations
and other
$’000
Group
$’000
Commercial Glazing13,567 ––13,567
Residential44,493 43,248 –87,741
Retrofit12,755 ––12,755
Total revenue70,815 43,248 –114,063
Gross profit30,009 14,934 –44,943
Segmental EBITDA3,813 5,567 –9,380
Group costs––(157)(157)
Group EBITDA9,223
Depreciation and amortisation(6,437)(2,437)–(8,874)
EBIT before significant items(2,624)3,130 (157)349
Significant items(529)(838)(67)(1,434)
EBIT(3,153)2,292 (224)(1,085)
Segment assets275,058 77,229 (135,129)217,158
Segment non-current assets (excluding deferred tax assets)80,313 51,834 –132,147
Segment liabilities83,923 30,637 59,146 173,706
7
Metro Glass Interim Financial Statements

Notes to the Consolidated Interim Financial Statements (unaudited)
(continued)
2.2 Significant items
CONSOLIDATEDCONSOLIDATED
Sep-24
$’000
Sep-23
$’000
Net extinguishment of debt(9,222)–
Restructure of the NZ operations608 971
Refinancing, divestment, capital raise, equity investment and takeover related expenses32 463
Total significant items before taxation(8,582)1,434
Tax expense/(benefit) on above items2,396 (418)
Total significant items after taxation(6,186)1,016
Accounting policy
Significant items are a non-GAAP measure and are based on the Group’s internal policy as follows. Transactions considered for
classification as significant items are material restructuring costs, acquisition and disposal costs, impairment or reversal of
impairment of assets, business integration, and transactions or events outside of the Group’s ongoing operations that have a
significant impact on reported profit.
Net extinguishment of debt
The capital raise resulted in the bank syndicate providing an accommodation of $10 million reduction in the debt and facility levels,
netted off against any fees or costs incurred in relation to the renegotiation of the debt facility.
Restructure of the NZ operations
The Group has reinvigorated its cost out programme, continuing the comprehensive review of its organisational structure and
manufacturing footprint along with the development of a project team to identify and target efficiencies. This resulted in the
mothballing of the Wellington manufacturing facility in February 2024, followed by its subsequent closure in FY2025 as well as other
staff restructuring costs. The costs of this programme are included in the ‘Restructure of NZ operations’ significant item. The nature
of the costs incurred include redundancy payments, loss on disposal of inventory and some assets, and costs incurred transporting
and re-commissioning assets in other plants within the Group.
Refinancing, divestment, capital raise, equity investment and takeover related expenses
On 6 May 2024 the Group announced that it will progress a capital raise to further reduce its debt level, which occurred in
September 2025. The capital raise costs include legal and professional fees incurred in the exploration of this activity. On 12 September
2024 the Group announced conditional refinance, placement and capital raise with Cowes Bay Group Pty. This transaction was
cancelled on 16 December 2024 as key terms could not be agreed. On 17 December 2024, the Group received a non-binding, indicative,
conditional proposal from CCP VI Bidco (NZ) Ltd - a company managed by Crescent Capital Partners. The takeover did not progress.
Takeover related expenses relate to professional and legal expenses incurred related to these activities.
3 PROPERTY, PLANT AND EQUIPMENT
During the six months ended 30 September 2025, the Group acquired assets with a total cost of $1.6 million (September 2024:
$1.6 million) and disposed of assets with a total book value of $0.08 million (September 2024: $0.05 million). There have been no
material changes in the estimated useful life of key items of plant and machinery. The depreciation expense for the six months
ended 30 September 2025 was $4.1 million (September 2024: $4.4 million).
4 FINANCIAL INSTRUMENTS
Interest rate swaps and forward exchange contracts
These financial instruments were measured at fair value based on valuations provided by Westpac Banking Corporation. All significant
inputs were based on observable market data and accordingly have been categorised as level 2. At balance date, the fair value of
forward exchange contracts are $0.005 million liability (March 2025: $0.05 million liability).
The movements in fair value are disclosed in cash flow hedges (net of tax) through other comprehensive income, with a gain
recognised on forward exchange contracts of $0.1 million (30 September 2024: $0.1 million gain), no movement on interest rate
swaps (30 September 2024: nil), and a gain of $0.5 million on the net investment hedge (30 September 2024: $0.1 million gain).
8
Metro Glass Interim Financial Statements

Notes to the Consolidated Interim Financial Statements (unaudited)
(continued)
5 INTANGIBLE ASSETS
The Group’s segments have been classified as New Zealand and Australia aligning with the way the business is reviewed. The Australian
goodwill arose in August 2016 with the acquisition of AGG. Goodwill balances are as follows:
CONSOLIDATEDCONSOLIDATED
Sep-25
$’000
(Audited)
Mar-25
$’000
Australia24,737 23,853
To ensure that the intangible assets are not carried at above their recoverable amounts, impairment testing for both CGUs is
completed at least annually for goodwill with indefinite lives, and where there is an indication that the assets may be impaired.
Impairment tests are performed by assessing the recoverable amount of each individual asset or CGU. The recoverable amount
is determined as the higher amount calculated under a value-in-use (VIU) or a fair value less costs of disposal (FVLCD) calculation.
Both methods utilise pre-tax cash flow projections based on financial projections approved by the directors. The impairment tests
of the Australian cash-generating-unit (CGU) and New Zealand CGU were performed at 31 March 2025 as part of the annual tests.
Goodwill and intangible assets were reviewed at 30 September 2025, with no indicators of impairment noted and no changes made
to the estimated recoverable amount of goodwill.
6 INTEREST-BEARING LIABILITIES
SEP-25MAR-25SEP-24
$’000$’000$’000
Bank borrowings – non-current32,15765,520 62,836
Less: cash and cash equivalents(5,398)(6,538)(9,312)
Net bank debt26,759 58,982 53,524
Other financing – non-current1,370 1,512 1,714
Net debt28,129 60,494 55,238
7 RELATED-PARTY TRANSACTIONS
During the financial year ended 31 March 2025, the Group disposed of its entire interest in 5R Solutions Limited, a company in which it
previously held a 50% ownership interest and accounted for using the equity method. Following the disposal, the Group no longer has
significant influence over 5R Solutions Limited, and the investment has been de-recognised from the Group’s consolidated financial
statements.
No services were provided from associates in the 6 months to 30 September 2025.
8 EVENTS AFTER BALANCE DATE
There are no significant subsequent events.
9
Metro Glass Interim Financial Statements

Registered Office
5 Lady Fisher Place
East Tamaki
Auckland 2013
New Zealand
Phone: +64 927 3000
Board of Directors
Shawn Beck – Chair and Non-Executive
Independent Director
Simon Bennett – Managing Director
Julia Mayne – Non-Executive Independent Director
and Chair of Audit and Risk Committee
Pramod Khatri – Non-Executive Independent Director
and member of Audit and Risk Committee
Stephen Robertson – Non-Executive Director
Senior Leadership Team
Simon Bennett – Managing Director
Sarah Hipkiss – Chief Financial Officer
Nick Hardy-Jones – Country Manager New Zealand Manager
Dayna Roberts – General Manager - People, New Zealand
and Australia
Jason McGrath – Country Manager Australia
Auditor
PricewaterhouseCoopers
15 Customs Street West
Auckland 1010
New Zealand
Lawyers
Bell Gully
Vero Centre
48 Shortland Street
Auckland 1140
New Zealand
Bankers
Westpac New Zealand Limited
Share registrar
MUFG Pension & Market Services
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
PO Box 91976, Auckland 1142
New Zealand
Further information online
This Interim Report, all our core governance documents
(our constitution, some of our key policies and charters),
our investor relations policies and all our announcements
can be viewed on our website:
www.metroglass.co.nz/investor-centre/
COMPANY
DIRECTORY
Investor calendar
2026 Full Year balance date31 March 2026
2026 Full Year results announcementMay 2026
10
Metro Glass Interim Financial Statements

metroglass.co.nz

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 8 May 2019



Results for announcement to the market
Name of issuer Metro Performance Glass Limited
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$108,014 Down
5%
Total Revenue $108,014 Down
5%
Net profit/(loss) from continuing
operations
$2,873 Up 157%
Total net profit/(loss) $2,873 Up 157%
Interim/Final Dividend
Amount per Quoted Equity
Security
Not Applicable
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable

Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.0378 $0.1361
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Accompanying this announcement are the Group’s unaudited
consolidated financial statements for the six months ended 30 September
2025. These financial statements and the half year result commentary
dated 24 November 2025 provide the balance of information
requirements in accordance with NZX Listing Rule 3.5 and Appendix 2.

Authority for this announcement
Name of person authorised to
make this announcement
Sarah Hipkiss CFO
Contact person for this
announcement
Sarah Hipkiss
Contact phone number +64 9 927 3010
Contact email address Sarah.hipkiss@metroglass.co.nz
Date of release through MAP 24 November 2025

Unaudited financial statements accompany this announcement.