Good afternoon. I am Shawn Beck, Chairperson of the Board of Metro Performance Glass. On behalf of the board and the whole Metro team, welcome to our 2026 Annual Shareholder Meeting. Notice of the meeting has been duly given to shareholders, and we have the required quorum. I now declare the 2026 Annual Shareholder Meeting of Metro Performance Glass officially open. Everyone will be joining online, and our meeting is being held by MUFG Corporate Markets. You can read the company documents associated with this meeting. Shareholders and proxies may ask questions and submit votes through the platform. If you have any issues, refer to the virtual annual meeting online portal guide, or you can phone the helpline, which is 0800 200 220. You can submit questions from now on. We will address them at the relevant time in the meeting. Just note that your questions may be moderated, or if they are similar to other questions, we will amalgamate them and ask them as one question. If we do not get time to answer any questions, we will definitely respond via email after the meeting. If you could just clearly state your name and confirm that you are a shareholder when you are asked questions. As of the proxy voting on Saturday, 2.9 million shares had been voted by proxy. As chair, I intend to vote all the discretionary proxies we have received in favor of the resolution as set out in the notice of meeting. Firstly, I will just note that we are having an online meeting, and we have chosen not to have a physical meeting this year. Basically, and I hope everyone understands that it takes a lot of time and it takes a lot of money to travel a lot. Almost all of us would have to actually travel to Auckland and where Metro Glass is, every NZD matters and every minute matters too. Hopefully you shareholders can appreciate the approach that we are taking here. I will just quickly introduce my fellow directors. First, we have Stephen Robertson, Julia Mayne, Pramod Khatri, and in the seminar room at MUFG is Simon Bennett, our Managing Director, and Sarah Hipkiss, our CFO. I would also like to acknowledge and thank Jonathan Kirby from PwC and Sarah Brown from our lawyers, Bell Gully, who are also in attendance. I will now hand over to Simon for his address, and he will give you an update of how we are traveling and what we are focused on. Simon. Hi. Thanks, Shawn. Good afternoon, everybody. Thanks for your attendance online. It is my pleasure to speak to you today. As Shawn said, we are online for cost reasons, and making use of the tech available. Look, it is hard to believe that it is almost been a year since we last spoke and note also nearly six months since our results came out. You will recall when we last spoke, we had really just nailed the successful capital raise. We were continuing to focus on running and improving the business in what has continued to be tough economic conditions. As a business, we are certainly committed to repaying the faith that you had in us, progressing us to some better performance. Operationally, our business improvement continues to be exceptional in New Zealand. This performance can be seen in the improvement in quality, specifically the reduction in reworks required by our customers. It is also evident in our DIFOT, with greater than 95% delivery on time being our goal, which is being exceeded. Our Christchurch plant regularly hitting 100% DIFOT. In Australia also, we continue to deliver well for our customers and have a strong operational performance. This is off a very strong base. This combined improvement in performance made our customers take note and certainly helped our customer retention in a market with too much capacity on both sides of the Tasman. We have finally hit the bottom of the construction cycle and now are beginning to see some growth. We see this in plant volumes. The South Island volumes remain strong and in Auckland meters cut have increased by 6% in FY26 over the prior year. In the last six months by another 7% over the same period last year. However, unfortunately, price is taking longer to come back, as can be seen in the FY26 financial results. So whilst volumes cut were up year on year, the revenue number for FY26 shows the downward impact of price pressure on the market. Our customers are under such price pressure themselves. They are constantly being tested on price by the ultimate customer, be it the developer or homeowner. Little work is carried out with some significant price comparison and scrutiny. So we find ourselves walking a fine line ensuring we help our customers win enough work to stay viable, but maintain suitable operating margins ourselves. Despite this downward pressure on pricing, increased fuel and supply costs, our cost out initiatives and our continued focus on efficiency gains, we have managed to largely hold margins in New Zealand and Australia, which is no mean feat. Our continued focus on efficiency and cost out can be seen in the reduction in cost, with the group operating expenditure NZD 7 million lower than FY25. Of the markets we operate in, the North Island of New Zealand and Australia continued to be tough in FY26. Of these markets we serve, Lower North Island, and in particular Wellington, are probably the weakest in the country. This is followed closely by the Far North and Bay of Plenty. We do continue to see some optimism in Auckland and see underlying performance improving over FY27 year. International global events and the upcoming election have created uncertainty and a slower recovery than anticipated. In Australia, the economic weakness is also very apparent. Victoria, our largest market, has been tough despite DGU penetration increases as a result of the code changes. This has not offset the weakness in the market. We have enjoyed the benefit of code changes in New South Wales, and our plant is performing well, having completed our plant upgrades and growing capacity. This has resulted in some short-term latent capacity that we expect to fill as the year progresses. The equity raise and bank accommodation has strengthened our balance sheet, decreasing bank debt by NZD 31.8 million, which has contributed to an increase in net assets to nearly NZD 60 million, setting us up with an appropriate debt level and equity structure as we move forward. Looking forward, we continue to have a mindset of efficiency and exceptional service delivery. Our branch network in New Zealand is an asset to distribution and regional delivery. However, we can derive more value from this and a focus is on this in the coming months. The New Zealand industry and market itself continues to evolve, and we've seen some small competitors fail, others come on the market. Despite this, there seem to be new players emerging, waiting for an anticipated uplift. We've also seen competitors merging and rationalizing operations, which has reduced overall capacity, which can only be a positive thing. We expect the Australian market to remain challenging for the next several months, particularly in Victoria. However, the long-term prospects remain strong. Through all this, our people have remained committed to our transformation with dedication and determination, and I really want to thank them for their hard work. From our operators through to glaziers, salespeople, and leaders in the business, thank you for your support and commitment. People remain a key focus for us. With a huge amount of work done on continuous improvement and safety in both New Zealand and Australia, our TRIFR has continued to trend down over this time. This improvement in health and safety and a people focus has come on the back of the business continuing to manage headcount. In New Zealand, headcount is 560, 5% down from a year ago. In Australia, our headcount is down by 7% to 235 following previous years' reductions. It's no mean feat to keep teams motivated and engaged during this difficult selective restructuring. In some ways, this current stage we're at is almost more challenging from a people perspective. The economic environment has been hard on our people for some time, and whilst we have ensured the viability of the business and can see a bright future, any pay adjustments have been modest. Although failure is binary and we seemed close to that, success is slower and has many different stages which we are working through. In New Zealand, we're encouraged by our stronger volumes that I've mentioned. These volume increases have continued into the new financial year. In FY27 to August 31, our revenue was circa 6% higher than the same period last financial year, an 8% increase in double glaze volumes. Australia has not fared quite as well, being circa 5% down on prior year with 5% volume decreases, indicating price increases have held somewhat. In NZD, our combined revenue is circa NZD 5 million ahead of last year. Sorry, I tried to sneak another million there. This is us running EBITDA around double last year's level. Although we accept that's off a small base, it is encouraging nevertheless. New residential consent numbers in Australia and New Zealand have not delivered the level of build starts we would have previously expected. But at some point, we expect the rate of new builds to commence in line with these consents. Commercial construction is not really showing any signs of recovery at this stage on either sides of the Tasman. But with the noise and the rhetoric of our poor prior business performance well behind us, the quality of our product and the quality of our service is becoming a differentiating factor for us. We believe our combined offer is market leading and will reward us with a premium price and stronger margins as we continue our journey. Finally, thank you for your support, especially those of you who participated in the equity raise. We're working hard to deliver you a strong return. Again, thanks to our teams across the business. Your efforts are appreciated and defining. To our customers, I visited two this morning in hospital, we love what we do and enjoy working with you. We are committed to your growth and success, and we look forward to a brighter year ahead. Thank you. Thank you, Simon. We now move on to the matters requiring resolution, which are outlined in the notice of meeting. If any shareholders have questions concerning those resolutions, please submit them online now or save them for the end of the meeting when we will address all the questions. Again, if you have any problems, you can call 0800 200 220. Just some voting instructions. Shareholders joining remotely will be able to cast their votes using the electronic voting card, which you would have received when the online registration was validated. To vote, you will need to click Get Voting Card within the meeting platform. You will then be asked to enter your shareholder or proxy number to validate. Please then mark your voting card in the way you wish to vote by clicking For, Against, or Abstain. Once you have made your selection, please click Submit Vote on the bottom of the card to lodge your vote. Again, please refer to the virtual meeting portal guide or call that 0800 number that I just gave you. The outcome of the proxy votes will be displayed, for your information, on all the resolutions. We have one resolution today, which is that the board be authorized to fix the fees and expenses of PwC as auditor for the ensuing year. Please vote by selecting For, Against, or Abstain for resolution on the voting card. You will be able to vote throughout the rest of the meeting. It will be held open. That moves us on to questions and any general business. I would now like to give shareholders the opportunity to ask questions, whether they are related to the presentation, the financial statements, or the management or outlook of the company. Again, I would like to ask that those asking questions identify themselves by name and if they are a shareholder or if they are media. As I said earlier, you can continue to ask questions online and in person. Again, if we do run short of time, we will make sure we answer every question via email after the meeting. If I could open the floor and the platform, I guess, to questions. Thanks, Shawn. Sarah's going to read them out, and we'll see how we go. The first question is a pre-submitted question by Frieda Elizabeth Woizen. Is Metro Performance Glass intending to expand into the solar energy-related production? I think I'll take that one. Good question. We don't actually produce glass in New Zealand or Australia. We process it, and those solar panels are produced offshore. No, we won't, but we're certainly participating in other areas where people are looking for other climate-related gains. Then I've got three questions from the New Zealand Shareholders' Association. The first one is that the NZSA has noted for two years that MPG does not disclose material risks or how they are managed. The annual report confirms a risk framework review is underway. The board has also not completed a skills matrix due to prior board changes. Now that composition is stable, when will shareholders see, A, disclosure of material risks and management processes, and B, a skills matrix attributing specific skills to individual directors? Will both be in the FY27 annual report? Yeah. A lot of work has been done on the risk matrix internally, and I think we will include that in FY27. The skills matrix, I don't think so, because we're not anticipating any changes. I think if we were looking to rejuvenate the board and working through that process, we probably would. But we note the question, and we'll look into it. Second one is NZSA has assessed MPG as having clear gaps in CEO remuneration and audit transparency. There's no formal remuneration policy, no disclosure of the gender pay gap or CEO pay ratio, and no disclosure of audit firm tenure or lead audit partner appointment dates. Will the board commit to, A, adopting a formal remuneration policy, B, disclosing the gender pay gap and CEO pay ratio, and C, disclosing audit firm and lead audit partner appointment dates in FY27? I'm going to talk on behalf of the board and agree to have a big performance incentive for the CEO for next year. No, just kidding. Look, yeah, this is not normal and I think the New Zealand Shareholders' Association would realize that lots of companies would have an incentive plan for CEO that doesn't exist. It's a nice thought. In terms of the auditors, yeah, look, we can definitely do that. We will provide that. In terms of the gender staff look, yeah, we can do that also. The third one from the NZSA is the annual report states FY27 assumes a clear step-up in performance with meaningful improvement in net revenue and gross margin, yet no quantified guidance is provided. Given the balance sheet is now stabilized and restructuring complete, what specific internal metrics or ranges is the board monitoring to measure this step up? Under what conditions would the board consider providing quantified guidance? For example, achieving a certain EBITDA or operating cash flow level in H1 FY27. I think we might hand that one to you, Shawn. Yes, thank you for the question. We've not provided guidance basically because, A, I think as Simon alluded, we're very focused on performance of the business, and totally focused on performance of the business. Turnarounds in a really tough market environment in both New Zealand and Australia are inherently difficult, and mea culpa that we haven't gotten to a couple of the things that normally in a normal steady state situation, we certainly would have gotten to. This basically fits that paradigm. Very volatile. It's very difficult to give guidance when we're in such a volatile operating situation. We are fans of guidance, we are fans of transparency and openness, and I think anyone who's attended the previous two annual shareholder meetings under the current board hopefully will appreciate that we are very open about what we're focused on and what we're doing. Simon has given you a very in-depth look at what he and the team are focused on. We try to be as open as we can in that way. When market conditions have stabilized, when there are no insane wars going on in places that are causing uncertainty and volatility, then we'll look to probably provide some form of guidance. But until things settle down a bit, we're just focused on running the business as best we can and making the business perform as best we can. One more question, and apologies if I pronounce your name incorrectly, Neil Pitkethley. This question is for the Chairman. When Metro Performance Glass forced through its consolidation after raising capital at NZD 0.03, did the board give any thought to the damage this would do to longstanding retail shareholders who paid premium prices, backed every downturn, and supported the recapitalization? Or was our financial loss, including the severe loss of savings for some, irrelevant for the expedience of MPG and some larger wholesale investors? The reason that we did the share consolidation, well, firstly, share consolidations don't have any economic impact on shareholders. It's a simple reduction in the number of shares. Your exact percentage of the total capital outstanding remained exactly the same pre-consolidation to post-consolidation. There is no economic impact of consolidation. It's one of perception, and we felt that with the share price trading in 3, 4, 5, sub NZD 0.05 per share, that that is what, I'll use the word penny dreadfuls. Again, that's just a perception issue. It also means from a liquidity point of view, the shares are quite illiquid. Even 1,000 shares or 2,000 shares can move the share price by a reasonable percentage amount just by going up by, say, NZD 0.002 or NZD 0.003, and that's quite a large percentage movement. To remove that implied volatility and perception, we had a share consolidation to bring the shares up to what would be a more normal share value. This is very common. I think other companies have recently done share consolidations for exactly the same reason. Again, no economic impact whatsoever, no financial impact on your shares at all. It's just a matter of cleaning up unnecessary perceptions and also volatility in the percentage movement of the price on low volumes. Thank you. I have a question from Coralie van Camp, which I think I can answer, which is where is the luxurious location the Chair is speaking from. I believe, Shawn, that you've got a Zoom filter on and your surroundings are probably less salubrious than they appear. Yes, I kind of like this room, actually. It's quite nice, isn't it. I almost wish I was in here instead of in my office, which I've managed to clutter with paper and other things. Yes, no, this is far more salubrious than my existing settings. I have had a question pop through. "Hi, I am Daniel Skinner, a shareholder. How is net debt tracking in the current financial year? The recapitalization document forecasted net debt being NZD 14 million by the end of FY27 if NZD 24 million was raised. Is that still plausible?" I can go. When you have your CFO in the room and she asks a question you expect she is going to answer that. I was going to, but you leaped up. At the moment, it is a little bit early to say. Certainly net debt is tracking consistent with where it was at the end of 31st of March. It is dependent on earnings going forward, and we are not giving guidance at this time. Sorry. That was FY28. Oh, yeah. The 14 million I think was, yes, you are correct. The 14 million was the end of FY 2028, not the end of FY 2027. That was a long time ago. I do not have any more questions at this point. Okay. Thank you, ladies and gentlemen. That concludes our discussion on the items of business. In just a minute, we will close the voting system, so if you could just ensure that you have cast your vote on the resolution, and I will just give us 10 seconds, 15 seconds to make sure everyone has placed their vote. You can look at my lovely place. It is a shame there is no one in here, though. It is kind of lonely in here by myself. Okay, thank you. Voting is now closed. Thank you all for casting your votes. Your votes will be collated and the full results of the voting will be announced to the market later this afternoon. To wrap up, I just want to thank my fellow directors on the board, the executive team, and the whole team at Metro Performance Glass, and Australian Glass Group in Australia, for hard yakka. Bloody hard yakka over what has been quite a challenging 24 months in a turnaround situation. Again, just want to express gratitude for everyone going past that extra mile. I also want to thank all shareholders for your patience and for being shareholders, and for hopefully believing that what we are doing is the right thing and will take the company to a better place. So this concludes our 2026 annual shareholder meeting. Everyone stay safe and happy. Thank you very much.