Matrix Composites & Engineering (MCE) AGM 2025 summary

Opening remarks and agenda

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

• Notice of meeting and prior AGM minutes tabled and made available for inspection.

• Shareholders invited to submit questions in person or online, with agenda covering financial performance, board changes, and resolutions.

Financial performance review

• FY25 revenue was AUD 74.8 million, down from AUD 85 million in FY24, but subsea buoyancy contributed 89% and it 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 2.2–2.3 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, 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 after 11 years; Stephan Kirsch joined as non-executive director in February.

• Board expressed confidence in delivering sustainable value and thanked management and staff.