• Revenue of $74.8m for FY25, including a record year for SURF work
• EBITDA of $7.8m, Underlying EBITDA of $5.0m
• Reported Net Loss After Tax of $2.2m
• Secured $57m in Subsea work for FY26, providing momentum

Matrix Composites & Engineering Ltd (ASX: MCE) has announced its results for the financial year ended 30 June 2025 (FY25). The company reported revenue of $74.8 million for FY25, down 12% from FY24 due to moderating drill rig activity. However, FY25 was a record year for the company's SURF (Subsea Umbilicals Risers and Flowlines) business, which grew revenue by more than 11% and further increased market share. Matrix delivered EBITDA of $7.8 million for FY25 (FY24: $10.9 million), with underlying EBITDA of $5.0 million (FY24: $11.0 million). The company reported a Net Loss After Tax of $2.2 million for FY25, down from a $3.6 million profit in FY24. Cash on hand at 30 June 2025 was $18.3 million, with net cash including the Convertible Note at $10.7 million. Matrix has started FY26 strongly, with Subsea work in hand currently more than $57 million, including recent significant new project wins. The company remains confident that the levels of project activity remain buoyant, and that it is well positioned to benefit from continued growth in energy, mining and defence spending.

Matrix has a strong balance sheet with over $10 million in net cash and has started FY26 with positive momentum following ~$45 million of new contract wins. The longer term demand outlook for Matrix's core energy markets remains positive, and the company is well positioned to benefit from growth in the Australian defence sector. Matrix continues to pursue an active pipeline of project opportunities, with ~$300 million of competitive quotations yet to be awarded in the SURF market and over $200 million of upcoming projects to be quoted.