Matrix Composites & Engineering (MCE) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, introduction of board members and auditors, and a focus on business performance, strategic growth, and market outlook for FY25 and FY26.

• Notice of meeting and previous AGM minutes tabled; shareholders invited to ask questions in person or online.

Financial performance review

• FY25 revenue was AUD 85 million, with subsea buoyancy contributing 89%; this was the second highest since 2016.

• SURF business achieved over 11% revenue growth, offsetting weaker drilling markets.

• Operating/underlying EBITDA was positive at AUD 5 million; net loss after tax was AUD 2.3 million due to project delivery timing.

• Cash at year-end was AUD 18.3 million, with net cash of AUD 10.7 million and positive free cash flow.

• Subsea order book stood at approximately AUD 65 million for FY25 delivery; record SURF year with over AUD 170 million secured since August 2022 and AUD 50 million in new awards since July.

Board and executive committee updates

• Steven Cole retired from the board after 11 years; Stephan Kirsch joined as non-executive director.