• Revenue of $26.9m for 1H FY26, with strong uplift secured for 2H
• Underlying EBITDA loss of $4.1m, with positive EBITDA expected for 2H and FY26
• Secured revenue for FY26 increased to $80m with further opportunities

Matrix Composites & Engineering Ltd (ASX: MCE) announced its results for the six months ended 31 December 2025 (1H FY26). The result reflects the timing of secured work during the period, with FY26 secured work of $80m strongly weighted to the second half and positioning the Company for growth in annual revenue and positive EBITDA. Matrix reported revenue of $26.9 million for 1H FY26 (1H FY25: $39.4 million), with the timing of Subsea contracts delivering lower revenue compared to the prior corresponding period. This translated through to an underlying EBITDA loss of $4.1 million (1H FY25: $3.2 million). The production phase on major projects for this year commenced in November, resulting in revenue and profitability being significantly weighted to the second half of FY26. With several new project awards recently added to the Subsea order book, secured revenue for FY26 is already at $80 million for the full year. As a result, a significant step up in activity in the second half is driving expected revenue ahead of FY25, with a further increase for the Company's SURF (Subsea Umbilicals, Risers, and Flowlines) business. Matrix continues to build on its significant market presence in the SURF sector since meaningfully entering the market in 2022. The company also reported a statutory Net Loss After Tax of $9.4 million (1H FY25 $1.0 million profit, 2H FY25 $3.2 million loss) and operating cash flow of $1.4 million, compared to a net outflow of $4.7 million in 1H FY25.

With $80 million of revenue secured for FY26, the Company is set for a significantly improved second half to deliver year on year revenue growth for the full year, up on the $74.8 million for FY25, and an EBITDA positive full year.

The Company continues to build its presence and product offering in the SURF market, where further projects are being pursued for additional FY26 and FY27 production. Around $300 million of competitive quotations have been submitted and are yet to be awarded. The Company also continues to be active in pursuing new work in the drilling sector where there has been a surge in recent quotation work. The quotation pipeline has around $120 million of outstanding quotes in addition to the $9m in drilling awards received in February. Matrix is also exploring further opportunities for its Advanced Materials business across Energy, Mining and Defence.