• Revenue of $74.8m, underpinned by strong Subsea Buoyancy demand
• Record year for SURF, increasing market share
• Recent new SURF awards of ~$45m in July drive momentum for FY26
• Advanced Materials positioned for growth

Matrix Composites & Engineering Ltd reported its FY25 results, with revenue of $74.8m underpinned by strong Subsea Buoyancy demand. The company achieved a record year for its SURF (Subsea Umbilicals Risers and Flowlines) business, increasing its market share. Recent new SURF awards of around $45m in July have driven momentum for FY26, with the Subsea order book now at approximately $57m. While the Drilling sector saw some delays in awards, subduing revenue, the Advanced Materials business is positioned for growth. Corrosion Technologies also delivered steady opex and maintenance revenue, reaching into the energy and resources markets. The company reported operating profitability, with underlying EBITDA of $5.0m. Cash on hand remained robust at $18.3m, with net cash of $10.7m. The balance sheet is stable, supporting the company's opportunity pipeline. Matrix is progressing a formal refinancing process to payout its convertible note and provide enhanced project working capital and bank guarantee support.

Matrix is targeting growth from strengthening Subsea market conditions and capturing opportunities in its Advanced Materials business in FY26.

Matrix is well-positioned to benefit from the strong industry spend forecast in the Subsea market through until at least the end of the decade. The company is also pursuing growth opportunities in the emerging Floating Wind market, as well as its Advanced Materials and Corrosion Technologies divisions.