Matrix Composites & Engineering Ltd · ASX:MCE
Matrix Composites & Engineering — H1 FY2025 Earnings Presentation
18 slides from Matrix Composites & Engineering's earnings presentation, Feb 26, 2025
Slide 1: 2025 Half Year Results Presentation
2025 HALF YEAR RESULTS PRESENTATION AARON BEGLEY – CEO BRENDAN COCKS – CFO 26 February 2025 MATRIXENGINEERED.COM WWW.MATRIXENGINEERED.COM
Slide 2: Disclaimer
DISCLAIMER Important information: The following notice and disclaimer applies to this investor presentation issued by Matrix Composites & Engineering Ltd (the Company). You are advised to read these disclaimers carefully before reading or making any other use of this presentation or information cont
Slide 3: Our Business
THE POWER OF ADVANCED MATERIALS OUR BUSINESS Matrix designs, engineers and manufactures engineered products from composite and advanced materials to: • Deliver subsea buoyancy solutions to the world. • Support growth of renewable energy sector. • Protect key infrastructure with corrosion resistant c
Slide 4: 1H FY25 – Continues Positive Momentum
1H FY25 – CONTINUES POSITIVE MOMENTUM Revenue Growth $85.0m • Revenue up 47% on 1H FY24 to $39.4m. 1H 2H • Offshore oil & gas market continuing to drive strong Subsea $11.8m Buoyancy demand. $39.4m $13.7m • New SURF awards with secured revenue for FY25 now at ~$60m, $8.1m will be a record year. • Ad
Slide 5: 1H FY25 Financial Results
1H FY25 FINANCIAL RESULTS CFO – BRENDAN COCKS 5
Slide 6: Key Financial Metrics - 1H FY25
KEY FINANCIAL METRICS - 1H FY25 Revenue Underlying EBITDA 1 • Revenue uplift driven by subsea contract awards $39.4m from $26.7m $3.2m from $0.6m Total Revenue ($m) 58.3 39.4 8.1% margin up from 2.2% 35.4 26.7 EBITDA Net Profit After Tax 11.8 5.7m from $0.6m loss $1.0m from $3.8m loss 1H FY2
Slide 7: Balance Sheet
BALANCE SHEET $m 31 Dec 24 30 Jun 24 Cash and Term Deposits 15.7 23.3 • Balance sheet stable, supporting opportunity pipeline. Trade and other receivables 21.9 26.1 Inventory 10.4 8.7 • Net cash balance lowered principally on working capital Prepayments 2.4 1.6 / project milestone timing - early pro
Slide 8: Cash Flow from Operations
CASH FLOW FROM OPERATIONS $m 1H FY25 1H FY24 Underlying EBITDA 3.2 0.6 • Operating cash outflow stemming from contract timing and working capital movement impacts: Receivables 4.2 13.0 Trade Payables 0.3 3.8 • Progress claims in advance reduced ~$10m from higher level at 30 Jun 24. Inventory (1.7) (
Slide 9: Matrix Outlook Growth
MATRIX OUTLOOK GROWTH CEO – AARON BEGLEY 9
Slide 10: Three Business Pillars
THREE BUSINESS PILLARS CORE TRADITIONAL EMERGING CORROSION ADVANCED SUBSEA TECHNOLOGIES MATERIALS Advanced composite material solutions for Renewables / Defence / Resources Growing anti-corrosion coating, application equipment and technical services SURF, deep water drilling and well construction. E
Slide 11: Subsea – Matrix Deepwater Focused
STRONG OUTLOOK SUBSEA – MATRIX DEEPWATER FOCUSED Increasing Deepwater Investment and Production • Global deepwater investment expected to significantly step up from current levels • Increasing deepwater share of global oil production • Underlying market fundamentals exhibit strong demand to 2030 • M
Slide 12: Subsea Production (SURF)
MOMENTUM BUILDING SUBSEA PRODUCTION (SURF) MATRIX STRENGTHENING MARKET POSITION Matrix SURF Revenue Already ~$60m • FY23 turning point for Matrix presence in global SURF Market, $80 Secured +$120m secured across 4 projects in last 2.5 years. $60 $ million • Continue to build on successful track reco
Slide 13: Drilling Market
INDUSTRY RECOVERY HAS TEMPERED DRILLING MARKET INDUSTRY LEADER • +$1B of syntactic foam buoyancy delivered by Matrix to the drilling sector in last 15 years. • Global fleet of ~200 Rigs and Drill ships, with ~$2B of Buoyancy. • Large installed fleet supports demand for replacements and upgrades. DRI
Slide 14: Supporting Energy Transition
PRODUCT GROWTH OPPORTUNITIES SUPPORTING ENERGY TRANSITION OFFSHORE WIND • Significant global and APAC growth projected for offshore wind to 2030. • Matrix product solutions include mooring buoyancy, power cable buoyancy, VIV suppression, cable protection. FLOATING WIND LARGEST OPPORTUNITY • Leverage
Slide 15: Corrosion Technologies
EXTENDING INTO ENERGY AND RESOURCES MARKETS CORROSION TECHNOLOGIES TECHNOLOGY SOLUTIONS • Humidur® Coatings • Composite repairs • Equipment hire • Rotolining: Thermoplastic lining LOCAL RESOURCES SECTOR • LNG Matrix Composites & Engineering • Brownfield developments • Operational maintenance PROGRES
Slide 16: Advanced Materials
EMERGING MARKET SPACE ADVANCED MATERIALS TECHNOLOGY SOLUTIONS DEFENCE ADVANCING • Syntactic foam for Unmanned Underwater Vehicles (UUV) • Matrix - DISP member and part of Australian Marine Complex • Steel replacement and advanced composites • Already supplying advanced material solutions into crewed
Slide 17: Matrix's Growth Proposition
THE POWER OF ADVANCED MATERIALS MATRIX’S GROWTH PROPOSITION Strong revenue expansion delivered, Recurrent accretive revenue via growth trajectory. 2H FY25 likely similar Corrosion Technologies sustainment work to 1H, given subsea award delays Strengthening subsea market, Advanced materials emerging,
Slide 18: Contact
CONTACT AARON BEGLEY CHIEF EXECUTIVE OFFICER T: +61 8 9412 1200 E: aaron.begley@matrixengineered.com BRENDAN COCKS CHIEF FINANCIAL OFFICER T: +61 8 9412 1200 | E: brendan.cocks@matrixengineered.com MATRIXENGINEERED.COM WWW.MATRIXENGINEERED.COM
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