METRO PERFORMANCE GLASS LIMITED — AGM Information 2021

Aug 5, 2021

METRO PERFORMANCE GLASS 2021 Annual Shareholders’ Meeting 6 August 2021

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Today’s agenda

1. Welcome and introductions

2. Chair’s address

3. Chief Executive’s address

4. General business and shareholder questions

5. Formal business and resolutions

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Metro Performance Glass Board of Directors

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Peter Griffiths Mark Eglinton

Angela Bull

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Rhys Jones

Graham Stuart

Russell Chenu

Retired from the board in advance of the 2021 ASM

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Chair’s address

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Key messages

• The Group displayed resilience throughout FY21, with improved results in Australia and a solid result in the ‐

• competitive NZ market, while COVID 19 impacts overshadowed underlying performance.

• Strong operating cashflows contributed to significant debt reduction in FY21.

• Dividends are expected to be reinstated alongside the FY22 interim results.

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5

Our strategy and values

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Metroglass’ dividend policy

• The success of Metroglass’ debt reduction and increased confidence in the Group’s market positions and future financial performance enabled the Board to reassess its approach to capital allocation and dividends

• The Board’s current intention is to reinstate dividends alongside the company’s FY22 interim results in November

• Going forward, Metroglass expects to pay fully imputed dividends of between 50% and 70% of net profit after tax before significant items

• In determining any dividend, the Board will consider a range of factors including group financial performance, one-off or non-recurring events, prevailing and anticipated business and economic conditions

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Chief Executive’s address

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Unified and resilient throughout a disruptive year

OUR PEOPLE

• Strong focus on safety and wellbeing

• Resilient and united team able to adapt at pace and maintain service to customers

• First cohort of staff completed our award-winning Brighter Minds programme

• Growing apprenticeship scheme with 80+ enrolled, 15 qualifying in FY21

OUR BUSINESS

• Business operations regularly impacted by fluctuating COVID-19 restrictions and international supply chain disruptions

• Metroglass delivered a solid result in the competitive NZ market, while COVID ‐ 19 shutdown impacts overshadowed underlying performance

• The Australian business turnaround progressed well with stable operational performance and significantly improved financial results

• Focus on managing discretionary costs and capex across the group

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Significant achievements in FY21

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• Skills Highway Champion Awards, Metro achieved Highly

commended under the champion employer category for our Brighter Minds programme

• CFO Awards 2021: Financial Innovation Project of the year for the

successfully planned and executed a major finance innovation project, Metroglass’ finance and operations ERP system

Window and Glass Association awards :

Won the Sustainability award for The Turanga Library in Christchurch, featuring Metroglass high-performance Low E double glazing structurally glazed by the Metroglass Christchurch team

Finalists:

• Design Awards – commercial over $101k All Souls Anglican Church (Glazed by the Metroglass Christchurch team)

• Designing with Glass – Commercial The Hotel Britomart (Glazed by Metroglass Auckland team)

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FY21 key financial outcomes[1]

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GROUP
Revenue
NEW ZEALAND 2
$232.3m -9%
(FY20: $254.9m)
Revenue EBIT
$179.8m, -11% $19.4m, -27%
(FY20: $203.0m) (FY20: $26.4m)
EBIT NPAT
$17.9m -18% $7.9m -21%
(FY20: $21.8m) (FY20: $9.9m)
AUSTRALIA
Revenue EBIT
Net debt Leverage ratio $52.5m, +1% ($0.7m), +$2.9m
(FY20: $51.9m) (FY20: -$3.6m)
$48.0m -$18.9m 1.7x -14%
(FY20: $66.9m)
(FY20: 2.0x)
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1 Unless otherwise stated, results are shown in NZ$m and before significant items. Details on the significant items are provided in note 2.4 to the FY21 financial statements. 2 The full segment note is available in note 2 of the financial statements.

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We regularly engage with our customers to identify the areas that are going well and those where improvement is needed

New Zealand

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7.3 7.6 7.3 7.9 7.8
June 2019 November June 2020 December May 2021
2019 2020
Australia
8.0 8.0 8.1 7.7 7.9
June 2019 November June 2020 December May 2021
2019 2020
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1 Survey question: “On a scale of 1 to 10, how likely are you to recommend Metroglass to a friend or colleague?”

Word map of New Zealand customer feedback (positive then negative mentions)

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Trading update: April to July 2021[1]

Activity levels have been solid in both NZ and Australia in the first quarter of FY22 (YTD)

• While YTD Group revenue is significantly ahead of last year, any comparisons to Q1 FY21 have little relevance given the Alert-Level 4 shutdown period in New Zealand

• Strong residential consents and approvals are supporting a robust and stable level of construction activity across both NZ and Australia

• In NZ, Metroglass’ market share in the residential window manufacturing segment has now stabilised following the entry and subsequent growth of a new competitor over the course of FY21. Annualised revenue impacts will increase progressively over FY22

• Metroglass remains the clear NZ market leader and is continuing to reposition its sales mix to where it sees opportunities. This includes some pleasing recent customer wins and further strength in the Retrofit double-glazing segment YTD

• YTD sales in Australia have been ahead of last year, buoyed by strong market activity across each of our key regions

• From the middle of July, AGG has been operating under escalating COVID-19 restrictions in New South Wales (NSW) in particular. Victoria and Tasmania currently fully operational, while NSW operating on a restricted basis under strict COVID-19 safety protocols

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1 Based on unaudited management accounts.

Trading update: April to July 2021 (YTD)

Tight labour market adding to supply and capacity pressures

• Compared to last year, higher NZ revenues in FY22 YTD are being offset to an extent by increased material costs, supply chain disruptions and the non-repeated 2020 Government wage subsidy

• Raw material and international shipping costs have increased year on year and impacting margins. Price increases have recently been announced in both NZ and Australia which will partially offset these increased costs

• To support the next stage of AGG’s growth, second shifts are being progressively introduced in both the New South Wales and Tasmania factories. This process creates some inefficiencies in the short term as new staff are recruited and trained which has increased labour costs YTD

• Recruitment is challenging with a tight labour market and reduced migration placing pressures on supply, capacity and wage inflation

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Outlook for FY22 – solid pipeline of work

• Activity levels across both NZ and Australia will likely be stable and sustained at current levels for the rest of the 2021 calendar year

• The continued strength in residential building consents provides a positive signal of a strong and stable pipeline of activity, though in NZ industry capacity constraints may limit growth in the near term

• The residential segment in NZ will continue to be competitive and dynamic

• In Australia, we are confident that AGG has embedded the improvements achieved in FY21. The level of residential approvals in Australia improved significantly through FY21 which will provide some support through FY22.

• The group remains alert to COVID-19 risks and the significant disruptions in international shipping. Both are likely to continue for the foreseeable future

• The group intends to invest more capital expenditure in FY22 v FY21 and will continue to take a prudent approach to managing operating costs

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We remain focussed on our strategy and near-term goals

To maintain Metroglass’ Grow and improve leadership position in profitability in Australia, New Zealand benefiting from increasing demand for double-glazing

Our balance sheet is strong and robust to cope with future risks and opportunities

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General business and shareholder questions

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Resolutions

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Resolution 1: Auditor remuneration

To consider and, if thought fit, pass the following ordinary resolution: That the Board be authorised to fix the fees and expenses of PwC as Auditor for the ensuing year.

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Resolution 2: Peter Griffiths

To consider and, if thought fit, pass the following ordinary resolution: That Peter Griffiths be elected as a Director of the Company.

While Peter was not required to stand for re-election at this year’s meeting (per NZX Listing Rule 2.7.1), the board prefers that a relatively consistent portion of the Directors stand for re-election each year. Accordingly, Peter has voluntarily retired and offers himself for re-election.

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Resolution 3: Rhys Jones

To consider and, if thought fit, pass the following ordinary resolution: That Rhys Jones be elected as a Director of the Company.

Rhys retires by rotation per NZX Listing Rule 2.7.1 and offers himself for re-election.

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Q&A
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Contact information

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Metro Performance Glass Limited 5 Lady Fisher Place, East Tamaki, Auckland 2013

Ph: + 64 9 927 3000 www.metroglass.co.nz/

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Simon Mander – Chief Executive Officer Simon.Mander@metroglass.co.nz (+64) 029 636 2661 Brent Mealings – Chief Financial Officer Brent.Mealings@metroglass.co.nz (+64) 027 551 6751 Liam Hunt – Investor Relations Liam.hunt@metroglass.co.nz (+64) 022 010 4377

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Disclaimer

This presentation (“ Presentation ”) has been prepared by Metro Performance Glass Limited (Company Number 5267882) (“ Metro Performance Glass ”).

Please do not read this Presentation in isolation

This presentation contains some forward looking statements about Metro Performance Glass and the environment in which the company operates. Forward looking statements can generally be identified by the use of forward looking words such as “anticipate”, “expect”, “likely”, “intend”, “should”, “could”, “may”, “propose”. “will”, “believe”, “forecast”, “estimate”, “outlook”, “target”, “guidance” and other similar expressions. Forward looking statements, opinions and estimates provided in this presentation are inherently uncertain and are based on assumptions and estimates which are subject to certain risks, uncertainties and change without notice. Because these statements are forward looking, Metro Performance Glass’ actual results could differ materially. Any past performance information in this presentation should not be relied upon as (and is not) an indication of future performance. Media releases, management commentary and analysts presentations are all available on the company’s website. Please read this presentation in the wider context of material previously published by Metro Performance Glass.

There is no offer or investment advice in this Presentation

This presentation is not an offer of securities, or a proposal or invitation to make any such offer. It is not investment advice or a securities recommendation, and does not take into account any person’s individual circumstances or objectives. Every investor should make an independent assessment of Metro Performance Glass on the basis of independent expert financial advice. All information in this presentation is current at the date of this presentation, and all currency amounts are in NZ dollars, unless otherwise stated. Metro Performance Glass is under no obligation to, and does not undertake to, update the information in this Presentation, including any assumptions.

Disclaimer

To the maximum extent permitted by law, Metro Performance Glass and its affiliates and related bodies corporate, officers, employees, agents and advisors make no representation or warranty (express or implied) as to the currency, accuracy, reliability or completeness of the information in this presentation and disclaim all liability for the information (whether in tort (including negligence) or otherwise) to you or any other person in relation to this presentation, including any error in it.

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