• Revenue of $26.9m, lower than prior year due to timing of Subsea Buoyancy projects
• Secured over $50m in work for 2H FY26 with improved margins
• Expected full year (FY26) revenue of over $80m underpinned by Subsea contracts

Matrix Composites & Engineering Ltd reported its 1H FY26 results, with revenue of $26.9m, lower than the prior corresponding period due to the timing of Subsea Buoyancy projects. The company has secured over $50m in work for 2H FY26 at improved margins, and expects full year (FY26) revenue of over $80m, underpinned by Subsea contracts. Another year of growth is expected for the Subsea business, with further near-term opportunities potentially adding to FY26. The Advanced Materials division presents opportunities for diversification into Defence, Energy, and Mining, while the Coating Technologies business continues to provide sustainment work. The company reported an underlying EBITDA loss of $4.1m for 1H FY26, with profitability heavily weighted to the second half as production on major projects started in November. Matrix ended the period with a robust cash position of $18.0m and net cash of $10.4m, supporting its opportunity pipeline.

Matrix expects full year (FY26) revenue of over $80m, with a return to positive EBITDA for the full year.

Matrix is well-positioned for year-on-year growth, with near-term Subsea opportunities remaining and the potential to add to FY26. The company is also targeting growth from the strengthening Subsea market and capturing opportunities in Advanced Materials, including in the Defence sector where it is strategically positioned in the emerging Henderson Defence precinct.