Mattr (MATR) 15th Annual Midwest IDEAS Investor Conference summary

Organizational transformation and strategy

• Underwent a major transformation, divesting oil field pipeline businesses to focus on infrastructure products with high growth and margin potential.

• Now operates two main segments: Composite Technologies (60% of revenue) and Connection Technologies (40%).

• Composite Technologies focuses on fiberglass-reinforced plastics for liquid storage, stormwater management, and spoolable composite pipe for energy markets.

• Connection Technologies provides wire, cable, and protective tubing for electrification-driven markets, including utilities, transit, and aerospace.

• Products serve critical infrastructure applications in extreme environments, with limited competition and high customer value.

Financial performance and capital allocation

• Achieved over CAD 479 million in gross proceeds from transformation activities.

• Deployed about CAD 200 million in CapEx (2023–2024) for four new production sites, boosting capacity and efficiency.

• Maintains a strong balance sheet with net debt to EBITDA below 0.23, and a net cash position excluding leases.

• Invested over CAD 70 million in share buybacks, remaining active in the NCIB program.

• Annual maintenance CapEx is low (CAD 10–15 million), with future growth CapEx expected at CAD 30–50 million to support revenue doubling by 2030.

Growth outlook and targets

• Targets average annual organic growth of 10%, aiming to double revenue by 2030.

• Expects to exceed 20% adjusted EBITDA margins and achieve over 70% free cash flow conversion post-investment cycle.

• 2024 is a transition year with lower growth rates, but 2025 will see increased capacity and efficiency.

• Sees the business as undervalued due to recent visibility of growth potential.