I would lead with questions that focus on results achieved and lessons learned. For example, “What outcomes did we achieve since our last meeting?” or “What progress have we made toward our goals?”
Ideally, and prior to that meeting, I would have defined and set (with the team) clear OKRs/KPIs/Metrics and assigned responsibilities accordingly. As a result, we will be able to check achievements against those OKRs/KPIs/Metrics and measure progress toward the desired outcomes (what has been set previously). Rather than checking on activities only.
On the other hand, I would explain the current standing and where we want to be, while also explaining the “why” and “how” (where possible). Additionally, I would explain how this contributes to the organization, i.e., the impact.
Finally, I would recognize achievements, and address the downfalls, as per the assigned accountabilities and ownership.