Good morning, ladies and gentlemen. It's now 10:30 A.M., so I'll begin the meeting. My name is Peter Hood, and I am the Chairman of Matrix. It's my pleasure to welcome you to the 2025 Annual General Meeting of the shareholders of Matrix Composites & Engineering. In addition to the shareholders, or it may be just one shareholder, I'm not sure, who have attended this AGM in person, I would also like to extend a very warm welcome to those shareholders who are attending via the webcast. I'm advised that a quorum is present in accordance with Rule 16.7 of the company's constitution, and as such, I declare the meeting open. Sitting with me today are my fellow directors, Chris Sutherland, Alison Terry, Stephan Kirsch, Aaron Begley, Managing Director and CEO, and Brendan Cocks, Executive Director, CFO, and Joint Company Secretary. Present today representing KPMG, the company's auditors, are Graham Hogg and Laura Carty. Also present today is Ms. Catherine Noone from MUFG, the company share registry. I'm advised that proxies have been received from 53 shareholders, representing approximately 35% of the company's issued share capital. All shareholders have been sent a notice of the meeting in accordance with Rule 16.3 of the constitution. If there is no objection, I propose that the notice of meeting be taken as read. There appears to be no objections. Signed minutes of the 2024 Annual General Meeting held on 21st November 2024 are hereby tabled and are available for inspection. I confirm that the register of shareholders is tabled and is available for inspection either during or after the meeting. If shareholders attending via the webcast have questions, you can type them into the questions window on your screen now. If your question relates to a specific resolution, please ensure you stipulate which resolution it relates to. I intend to briefly pause at each resolution to check for online questions. We will read out your full name when asking your question. If shareholders have questions of a general nature, these will be directed to be asked during the general question session at the end of the meeting. Before moving into the formal business of today's meeting, I'd like to make some brief key observations of the company's performance in the 2025 financial year. Matrix demonstrated strong operational and financial resilience in FY 2025, with significant progress in our core Subsea market offsetting weaker conditions in broad drilling markets. We remain focused on disciplined execution of our strategy and were successful in securing a number of contract wins throughout the year, the timing of which can be variable and almost always later than expected. Reported revenue for the year was AUD 74.8 million, compared to AUD 85 million in the previous year. Whilst that is down year-on-year, we have stepped up significantly from earlier years, reporting our second highest revenue since 2016. FY 2025 was impacted by moderating drilling activity, but in contrast, Matrix's SURF business had a record year, achieving over 11% revenue growth and further enhancing our position and market share. While Subsea is currently the driver of near-term performance, Advanced Materials and corrosion technologies continue to contribute towards diversifying our recurring revenue streams. The mining and infrastructure sectors provide ongoing opportunities, which we are pursuing. Our strategic position in the Henderson Defence Precinct, together with our Advanced Materials capability, provides an exciting platform for longer-term growth in the defence sector. The company delivered a positive AUD 5 million operating EBITDA for FY 2025. The lower overall level of drilling activity that I referred to earlier contributed to a net loss after tax of AUD 2.2 million. Importantly, we finished the financial year with AUD 18.3 million cash in hand. We're well-positioned to support growth this year. There was positive free cash flow, a small amount of free cash flow that contributed to that cash position at the end of the year. Our Chief Executive Officer, Aaron Begley, will provide more detail about Matrix's performance in the FY 2025 and our operations and outlook at the conclusion of the formal business of today's meeting. Before turning to the first item of business, I wanted to acknowledge some changes to the Matrix Board that occurred during the year. Mr. Steven Cole retired after almost 11 years of dedicated service to the company. Steven was a significant contributor to the company's development and transformation throughout his tenure, and we express our gratitude for his contribution to Matrix. With us today is Mr. Stephan Kirsch, who joined the Board as a non-executive director in February. Stephan has extensive experience in the resources industry across mining services, and minerals processing, all key areas for further diversification for us. Finally, on behalf of the Matrix Board, I want to thank everyone at Matrix for their contribution and efforts during FY 2025. This includes our management team, employees, and also our contractors. The Board remains confident in Matrix's ability to deliver sustainable shareholder value through its core Subsea business while pursuing further opportunities in emerging markets that I mentioned earlier on. We are seeing positive signs into the 2026 financial year so far. As always, I would like to thank our shareholders for their ongoing trust and support in our mission to create long-term value. We have a positive outlook, a strong financial position, and a capable and motivated team. I look forward to our team continuing to deliver safely and successfully this financial year and beyond. I'll now continue with the formal items on the agenda for the meeting. Annual report. First item of formal business is the presentation of the annual report of the company, which includes the financial report, directors' report, and the auditors' report. Pursuant to the Corporations Act, the company is obliged to present to this meeting the last audited financial statements and report for the year ended 30th of June 2025. These were circulated to all shareholders with the notice of meeting. Whilst there is no requirement for shareholders to approve the annual report and no resolution is required, I now invite shareholders to comment or ask questions in relation to the financial statements. Mr. Hogg from KPMG is also available to answer any questions in relation to the audit of the financial statements. Are there any questions in the room relating to the financial statements? Are there any questions online? No questions. No questions. Resolutions. Before I commence with the reading of the individual resolutions, I advise all resolutions will be voted on by a poll, and the results of the poll will be lodged on the ASX later today. All shareholders and their representatives were provided with voting cards as they entered. On this voting card, there are a series of boxes. Please indicate on your card how you wish to vote by ticking or marking either the for or against box for each resolution for your vote to count. If you are a proxyholder, a summary of the votes to which you are entitled has been provided with a yellow voting card. If you only have directed votes, you need to do nothing other than submit the voting card. Votes at your discretion or open votes are shown in the column titled "Votes Open" on your proxy summary and can be cast at your discretion by marking either the for or against box. Once you have finished marking your card, please place it in the ballot box, which will circulate the room after all resolutions are read. If there are any aspects regarding the voting on which you are uncertain, please do not hesitate to ask the share registry representatives who will be circulating the ballot box. We will now proceed through the resolutions and conduct a poll following the reading of all resolutions. Resolution one. Turning to the next item of business, Resolution One in the notice of meeting pursuant to the Corporations Act, the company is required to include as part of the directors' report, a remuneration report, which includes the specified information. The directors have prepared a remuneration report to 30th of June 2025, which is included in the annual report on pages 14- 26, and that has been made available to shareholders. The Corporations Act requires companies to put to shareholders a non-binding vote to enable shareholders to voice their opinion on matters included in the report. In accordance with the voting exclusion statement set out in the notice of meeting, I further advise that the company will disregard any votes cast on Resolution One by or on behalf of any of the following persons, a member of the key management personnel, details of whose remuneration are included in the remuneration report, or a closely related party of such a member. Are there any questions in the room relating to this resolution? Are there any questions online? No questions. I now move that for the purpose of Section 250R(2) of the Corporations Act, shareholders adopt the remuneration report for the financial year ending 30th of June 2025. With respect to Resolution One, I advise that proxies have been received by the company as follows. They are shown on the screen in front of you. It is worth acknowledging at this point that vote, as it stands, doesn't exceed the 25% threshold on the remuneration report. Resolution One, on that basis, will not be upheld. I'd like to note that the remuneration framework is consistent with last year. There is no significant change there. That was strongly supported at last year's AGM. The remuneration report in the annual report makes it clear that we want to reward executives, KMP, fairly and responsibly. That is the wording used. I know as the committee chairman, that the benchmarking that goes on behind that would show that that is a fair position, somewhat on the low side. The vote is hard to understand, but given the outcome here, we will engage with those shareholders to better understand their concerns over the next 12 months so that we're in a position to deal with this matter in 2026. I should ask again, I think, if there are any questions in relation to what I've just said. If not, okay, I'll move on to Resolution Two. Resolution Two relates to the re-election of Mr. Stephan Kirsch as a director. Set out in the notice of meeting, Mr. Kirsch was appointed as a director following last year's AGM and is offering himself for re-election. Are there any questions in the room relating to this resolution? No questions online or in the room. I now move that Mr. Stephan Kirsch, who was appointed to the Board since the company's last AGM, and who ceases to hold office in accordance with Rule 19.2 of the Constitution and Listing Rule 14.4, and being eligible for election, be re-elected as a director. With respect to Resolution Two, I advise that proxies have been received by the company as shown on the screen behind me, and they would indicate, Stephan, that you have been re-elected. Resolution Three is an ordinary resolution that relates to the grant of options and performance rights to our Managing Director and Chief Executive Officer, Mr. Aaron Begley, under the company's employee awards plan in relation to FY 2024. This resolution is in identical terms to the resolution that was approved by shareholders at last year's Annual General Meeting. As set out in the notice of meeting, due to an administrative oversight, the securities approved under that resolution were not issued within the required three-month period. The company therefore seeks reapproval from shareholders at this meeting. The options and performance rights are structured with appropriate vesting conditions and performance hurdles as set out in the notice of meeting. The vesting conditions and performance hurdles are put in place by the Board to ensure that the long-term performance is incentivized and aligned with the company's strategic objectives. ASX Listing Rule 10.14 requires a listed company to obtain shareholder approval by ordinary resolution prior to the issue of securities under an employee incentive scheme to a director or an associate of a director. Accordingly, the company is seeking approval for the issue of these options and performance rights to Mr. Begley under ASX Listing Rule 10.14. For the purposes of ASX Listing Rule 10.14, information about this proposed allocation is detailed in the explanatory statement accompanying the notice of meeting. A voting exclusion statement applies in relation to Resolution Three and is outlined in the notice of meeting. The directors, with Aaron Begley abstaining, unanimously recommend that shareholders vote in favor of Resolution Three. Are there any questions in the room relating to this resolution? No questions online or in the room. I now move that the issue of 827,123 options and 554,039 performance rights to Mr. Aaron Begley, the Managing Director and CEO of the company, is approved and for the purpose of Listing Rule 10.14. With respect to Resolution Three, I advise that the proxies have been received by the company, as shown on the screen, and that would indicate that Resolution Three is carried. Just as a comment at this stage, I will make sure specifically that those options and performance rights are issued this time around within three months, so that I don't have to read that for a third time. Resolution Four is an ordinary resolution that relates to the grant of options and performance rights to Executive Director, Chief Financial Officer, and Joint Company Secretary, Mr. Brendan Cocks, under the company's employee awards plan in relation to FY 2024. This is also in identical terms to the resolution that was approved by the shareholders at last year's AGM. As set out in the notice of meeting, due to the same administrative oversight, the securities approved under that resolution were not issued within the required three-month period. The company therefore seeks reapproval from shareholders at this meeting. For purposes of ASX Listing Rule 10.14, information about this proposed allocation is detailed in the explanatory statement accompanying the notice of meeting. A voting exclusion statement applies in relation to Resolution Four and is outlined in the notice of meeting. However, the directors, with Brendan Cocks abstaining, unanimously recommend that shareholders vote in favor of Resolution Four. Any questions in the room on this? No questions online. I now move that the issue of 563,948 options and 377,754 performance rights to Mr. Cocks, Executive Director, Chief Financial Officer, and Company Secretary of the company, is approved under and for the purpose of Listing Rule 10.14. With respect to Resolution Four, I advise that proxies have been received by the company as shown on the screen behind me, and that would also indicate that Resolution Four is carried. I will make the same comments on this resolution for Brendan. Please issue the options and performance rights. Resolution Five is an ordinary resolution that relates to the grant of options and performance rights to our Managing Director and CEO, Mr. Aaron Begley, under the company's employee awards plan in relation to FY 2025. For the purposes of ASX Listing Rule 10.14, information about this proposed allocation is detailed in the explanatory statement accompanying the notice of meeting. A voting exclusion statement applies in relation to Resolution Five and is outlined in the notice of meeting. However, the directors, with Aaron Begley as abstaining, unanimously recommend that shareholders vote in favor of Resolution Five. Any questions in the room on Resolution Five? No questions online. I now move that the issue of 1,683,609 performance rights to Mr. Aaron Begley, Managing Director and CEO of the company, is approved under and for the purpose of Listing Rule 10.14. With respect to Resolution Five, I advise that proxies have been received by the company as shown on the screen beside me. It also indicates that Resolution Five has been carried. Resolution Six is an ordinary resolution that relates to the grant of options and performance rights to Executive Director, Chief Financial Officer, and Joint Company Secretary, Mr. Brendan Cocks, under the company's employee awards plan in relation to FY 2025. For the purposes of ASX Listing Rule 10.14, information about this proposed allocation is detailed in the explanatory statement accompanying the notice of meeting. A voting exclusion statement applies in relation to Resolution Six and is outlined in the notice of meeting. However, the directors, with Brendan Cocks abstaining, unanimously recommend that shareholders vote in favor of Resolution Six. Any questions in the room relating to Resolution Six? No questions online. I now move that the issue of 1,141,926 performance rights to Mr. Cocks, Executive Director, CFO, and Company Secretary of the company, is approved under and for the purposes of Listing Rule 10.14. With respect to Resolution Six, I advise that proxies have been received by the company as shown on the screen beside me. It also indicates Resolution Six has been carried. Thanks for bearing with me through those four resolutions. Bringing me to Resolution Seven. Resolution Seven is a special resolution that relates to the approval of an additional 10% in the company's placement capacity under the Listing Rules. That is over and above the normal 15% that is available to listed entities in any 12-month period without the need to obtain shareholder approval. Are there any questions relating to this resolution? There are no questions online. Unless there are any objections, I now move Resolution Eight, set out in the Notice Resolution Seven, I mean, set out in the Notice of Meeting be taken as read. With respect to Resolution Seven, I advise that proxies have been received by the company as shown on the screen beside me. This would indicate that this resolution has not been carried. This resolution is really for the sake of good housekeeping should we want to make a placement. We've got no current intention to do that. The outcome, I'm not certain why it has been not voted for, but it's probably an inconsequential outcome for us. There are other ways to deal with this, and as the resolution outlines, it's on top of 15% that is available to us anyway. Any questions on what I've just said? No. Thank you. Are there any general questions in the room? No questions online. I've now read through all the resolutions and answered the questions by shareholders. We will now conduct the poll. If you haven't already submitted your voting card, please do so now to the share registry representative. Okay. Have all persons who intend to vote now voted? It appears that the voting process has been completed, and I therefore declare the poll closed. The results of the poll will be lodged on the ASX later today. That concludes the formal business of the AGM, and I now close the meeting. I thank shareholders for their continued support, and I will now ask Mr. Begley to provide an update on the performance, strategy, and outlook for the company. Thank you. Thank you, Peter, and good morning, everyone. I'm Aaron Begley, the CEO of Matrix, and I'll be taking those in the room and online through the presentation that's been placed up on the platform this morning, to provide a general overview to the business' activities and strategy and outlook moving forward. Moving to the third slide. Our business is effectively broken into three separate divisions, those being Subsea, Advanced Materials, and Coating Technologies. Subsea encompasses all of the product lines and services that go into the Subsea space, primarily oil and gas, but also for the emerging markets of offshore floating wind and deepwater mining and other related industries. That includes SURF for Subsea production, includes our traditional drilling products, and in the past couple of years, we've also seen some significant orders coming from deepwater mining. They're all included within the Subsea range. Advanced Materials is one of the emerging business lines the company has. It does have some established product lines within that suite that I'll go through in a minute. That includes and encompasses products like well construction consumables, products for the mining sector, and advanced materials and specialty materials for a whole range of industries, including deepwater ROVs, UUVs, and defence applications. Lastly, Coating Technologies really encompasses our paint technology distribution business, where we also wrap services and specialist equipment around those product lines which service the Australian resources sector. Let's move directly to the next slide. There's a quick snapshot of FY 2025. We had another solid year of performance. Unfortunately, we didn't see growth year-on-year from 2024 to 2025, primarily due to project timing and some delays that were evident in the drilling sector. Nevertheless, we have seen significant momentum in our SURF business, and this is a business line that really didn't exist a few years ago to any meaningful extent within the business. This is a group of products that we have developed and tested and qualified here at Matrix, and we now sell to the global market, utilizing the very large plant capacity that we have installed here in Henderson. We've seen some significant growth in that sector. Advanced Materials is also well-positioned for growth. We're particularly excited about some opportunities in both well construction and also mining consumables, and Coating Technologies continue to deliver into the energy and resources space. Our operating profitability was an underlying EBITDA of approximately AUD 5 million. This did result with a small NPAT loss of AUD 2.3 million, again impacted by the timing of completed project delivery awards within the year. At the end of the year, cash was sitting at around about AUD 18 million. You can see from the revenue contribution that the vast majority of our revenue was derived from Subsea buoyancy, of which the vast majority of that revenue was SURF-based. We're moving on to our strategic growth objectives. Our key objective is really around building out our SURF product line. Matrix is known for buoyancy, but we do much more than just buoyancy. We make a whole range of engineered products from engineered polymers. The SURF product line build-out strategy is about increasing the range of products and services that we provide into that sector. Not just buoyancy, but all sorts of ancillaries like VIV and drag reduction technologies, protection for pipelines and for flexibles, and a whole range of other complementary products that are based on our materials technology that we're leveraging into those markets. We will continue to service the global deepwater drilling market. We are leaders in this sector as far as drag reduction and VIV mitigation is concerned, and we have supplied, we think, more than 50% of the current global drilling fleet of buoyancy globally. We'll continue to leverage that strong track record that we've developed. In the area of Advanced Materials, we're going to continue to build out our high-value consumables that we are selling into key markets, primarily resources markets, specifically well construction products and products for the mining sector. Products that are targeting markets such as screening and screening media, wear products, and innovative products for conveyors and materials handling. I'll be showing you some images later on in the slides of some of these products in the field. We're also going to be leveraging our position here in Henderson. We are in the middle of what will become the largest naval shipyard and defence service precinct in the country. There are all sorts of opportunities where we can continue to wrap services around the products that we sell into that sector and also, more broadly, expand our range of technical services, in particular for Navy. Moving to the next slide. This slide gives you a snapshot of the products that we're expanding and/or that we currently provide into the SURF or Subsea sector. Of course, buoyancy is probably the biggest single product line in terms of revenue historically that we sold into this sector. We've actually installed over 1,000 large deepwater modules into this market, primarily into Brazil. We're also supplying modules all through the Americas, including North and South America, and we're targeting markets in places like Indonesia, West Africa, and anywhere else where there's a requirement for SURF spend. More broadly, though, this gives us an opportunity to add on other products to our core product offering. This includes products like protection for flexibles and rigid flow lines, VIV suppression, which is a market we're really excited about. We have been involved in this market peripherally for a number of years, but we're launching new product suites into this market, primarily for SCRs, steel catenary risers, but also for subsea pipelines. The image that you see there is for a product that's being installed off Western Australia on a pipeline for an operator. We have lots of opportunities wherever there generally is a rigid pipeline or a rigid steel catenary riser. There are opportunities for these sorts of products. Installation and decommissioning buoyancy is another one. Very large structures is a really interesting market, not just for subsea applications, but also for surface applications. We're building out our IsoBlox technology that we're selling into that sector to broaden our market, as I said, not just in subsea, but also for large surface or near-surface structures. Finally, we wrap support services around these products. We have personnel at the moment offshore South America helping our customers safely install buoyancy and other products in the field. This generates another revenue opportunity for the business. Very quickly, a snapshot of where these products go and where they're found. The image on the screen here towards the right, you can see various applications of distributed buoyancy, for example, for flexibles, for umbilicals, for steel catenary risers, VIV suppression for rigid risers, and large subsea structures for dealing with field architecture issues on FPSOs and other floating production systems. All right. A snapshot as to our penetration into this market. Over the last three years, we've sold over AUD 170 million of SURF or Subsea production buoyancy into these markets. I think this really demonstrates the company's ability to develop or identify opportunities, develop test products, and fully commercialize them into national and international markets. Some of these products are quite technically challenging, but we've been leveraging our skills in producing large volumes of composite materials at scale, at that facility here in Henderson, coupled with our deep understanding of the way composite materials and polymers perform in demanding engineering environments. These products sometimes have quite a long distance to travel from conception to qualification. Sometimes it's quite quick, but sometimes it can take years. This is an example, though, of how we've shifted from a dependence on the drilling market, which is very, very lumpy and quite unpredictable for us, into a market that has steady state long-term growth for the next 10 years. Look, also, just something to point out on this slide is that we've also started to receive orders directly from the operators. Most of the work that we've done historically has been with the EPCI contractors. Companies like Saipem, Subsea 7, McDermott, Technip, and others, we are now starting to see orders come directly from the operators themselves, and that was evidenced by a recent order of value at about AUD 6 million from an international customer. To support what I've been saying around the outlook for SURF, it's really stronger for longer, I guess, in this market. We're now getting visibility past 2030 as far as projects that are being committed to. SURF should be very strong for the next decade. This is the view of most of our EPCI clients and also the oil operators. Deep water developments are one of the most attractive areas for operators across any sector. More attractive in some regards is the shelf drilling, especially outside the Middle East. The economics are also very attractive when compared to onshore drilling in the United States, which has obviously become quite a large petroleum producer. Really, we're seeing that even at today's oil prices, the majority of deep water developments are economical. It really shows how the technology has shifted to developing these really large deep water fields. Brazil and Guyana are probably the two most preeminent markets in terms of deep water production. We're obviously really well embedded in Brazil now, having delivered a lot of equipment and safely installed that in that market. Guyana is also quite significant with Exxon's activities there, and Matrix is qualified by Exxon. There's opportunities in the Gulf of Mexico that are opening up again, and also the Gulf of America, north of the border, so to speak. There are historical opportunities in West Africa, markets like Indonesia, Malaysia, and interestingly, in Southern Africa. In particular, some very, very large opportunities that are coming in offshore Namibia, where the geology is very, very similar to the sub-salt geology that you'll see in offshore South America. This really paints a very solid pipeline for the company and why we're so focused on building out those product lines because selling buoyancy is great. It leverages what we do. As we add on products like the VIV suppression and protection equipment and insulation and others, potentially an AUD 30 million buoyancy contract can then come with AUD 10 million or AUD 15 million of other ancillaries that you can wrap around that. This is a natural progression for us to build out that SURF product range. Just very quickly on drilling, obviously this was our traditional market. It has been very, very lumpy. The drill rig market did come off pretty substantially in 2025. It is projected to pick up next year. We are seeing lots of inquiries again. The products that we sell into this market are really wrapped around two things. The drag reduction technology, LGS, that we're now seeing specified by operators, where there are areas of high current. That's really encouraging. We do expect to see more orders next year for that technology, and that's actually depicted up on the screen here that you can see. In this shot, there's some LGS that's in the riser rack on a drilling contractor's rig. We do expect to see quite a bit more of that next year, and we are actively pricing inquiries for that, and they'll be used in places like Mozambique, places like the Gulf of Mexico, offshore Brazil, where there are high current areas that make it very challenging to drill. It's quite an enabler. Also, our low-density deep water technology is something else that we sell into this market. It enables our customers to get more out of their existing asset base. This is very much about improving the performance of the existing installed capacity in the market as opposed to waiting for any new rig builds, which are not going to come anytime soon. This is about servicing the existing installed capacity of drill ships and semi subs. Right. Moving on to Advanced Materials. The next slide. This is a very, very interesting business line for us. It's a bit of a bucket for non-oil and gas products that we make. I think in the near future, we'll be reporting these product lines out separately into its constituent target markets as the revenue becomes bigger. It includes steel replacements and advanced composite applications. This is where we're looking at products that are traditionally made from anything ranging from steel to rubber to other traditional products, and displacing those with an advanced polymer technology. For example, the image on the left-hand side is a well construction product, a low friction centralizer. It's a consumable that's used in pretty much every horizontal or deviated well drilled anywhere in the world. It's a big market. It's a consumable, so we like it. It's a standardized product. It's like selling Lego. We love it. It's fantastic. We just want to sell more of it. The image on the top in the middle is screen media, a very large market in West Australia. It's a product we've been developing for some time now. There are no local manufacturers of this product, and we believe we can penetrate this market with a product that lasts longer and is lighter than the competition's. I've got an image up there of a UUV for defence that I'll get to, but interestingly, the image on the bottom right-hand side is another mining product. This is up at one of Rio Tinto's sites, and this is a lightweight composite idler frame that we developed in conjunction with Rio Tinto. It's half the weight of a traditional steel frame, there is a strong safety case to use this product. In an overland conveyor, there are tens of thousands of these, or at least thousands of these frames that are used. This is another exciting product opportunity for the business where we're looking to expand our revenue from these high-value consumables in the resources sector. Right. A bit more information on well construction products. We have about 50 standard sizes with this product line. The image that you see there is of a horizontal well completion. The blue centralizers depict a Matrix centralizer, and it's really designed to reduce friction down hole. We've talked about this in the past. It has contributed significantly to our bottom line in the past, but what we've done is completely reinvigorated this product line. The company's got a really good reputation in this sector. We've got new distributors that have been appointed in Indonesia, Malaysia, one coming in Oman. We have distributors in Saudi. We're approved by Aramco. We've got distributors in Abu Dhabi. We're just about to announce a new distributor in North America and in the U.S., which is one of the largest markets in the world for this product. In terms of the market size, it's about the same size as buoyancy. We have the install capacity to make a lot of this product here at Henderson. It is more fragmented than the buoyancy market, so there are more players in it. Matrix's Max-R and Recon product lines are really considered to be the premium product in the sector. It's well-recognized, but it really does need some reinvigoration of its distribution channels, which is what we set about doing. I do expect this product line to grow quite significantly next year. It's a consumable. It goes down the well and it doesn't come back. Advanced Materials for mining. We now have a dedicated BD resource building sales in this sector. As I mentioned, we're targeting specifically materials handling and conveying and also screening and wear products. We have products in the field now, and we do expect to see some material revenue from this product line within the next 12 months. We are really focusing on our own backyard here, something we haven't done before. There are lots of opportunities in the iron ore, gold, and other hard rock sectors, and also mineral sands within Western Australia. It's part of our strategy to build a base load of consumable products within the business that will complement the other project-based product lines that we sell. The strategy is very much to build this revenue to the point where month on month, year on year, it's sustainable, it's reliable, and ultimately, will make the business profitable just on these product lines. When the project work comes along, that's effectively the cream on the cake. Right. I will just touch on where we are in terms of Matrix and the Australian Marine Complex. We're really right in the middle of what will be the biggest naval complex in service complex in the country. We have most of the properties to the west of us will be reassigned to service the Navy's submarine and surface ship program. There'll be some new build activity here, but also the Navy is looking to service not only our equipment, but also AUKUS's equipment in the near term, but for a long time. There are opportunities to wrap technical services around our products, but also the more sophisticated platforms that Navy will be using in this area. We are actively engaged with talking to Defence as to what else we could do with our capabilities, our sites, and our equipment to broaden our scope of services in this sector. There are some very interesting conversations we've had. Look, Coating Technologies, I'll just touch on this. We're expanding our market into the East Coast. There's lots of opportunities for this business line in New Zealand in particular, and also up into PNG. We're selling the Humidur range across quite a wide range of markets now, and it's good month-to-month business, and gives us OpEx exposure across a very diverse customer base. It also gives us the opportunity for our salespeople and our business development people to show their customers what our other capabilities are. It's really a way of generating revenue, which is sustainable, but also expanding our other business lines. In terms of outlook for this year. Excuse me. Sorry about that. I did leave my phone on the desk, but I have an iWatch for my sins. We've already secured AUD 70 million of revenue for this year. That's already in place. All of that will be executed and delivered within this financial year. Most of that is from the Subsea sector, but we do also expect Advanced Materials and our corrosion division to materially contribute. We have a pipeline of other work, near-term contracts that we expect to land over the next few months that will also contribute to this financial year's revenue. If that happens, we should see year-on-year growth. What we will see, however, is profitability very much skewed to the second half. Because of project timing, the first quarter of this financial year, revenue was very low. We were unable to press the button on a number of projects before this quarter. As a result, that'll mean a small first half or a first half EBITDA loss, but then we're projecting a second half positive EBITDA result that will more than compensate for the first half loss, resulting in a full year positive EBITDA. Very much skewed to the second, third, and fourth quarters in terms of revenue and EBITDA performance for the business. Just really a reflection of that lumpy project cycle, which in the future we hope to moderate with Advanced Materials. In Advanced Materials, look, as I mentioned, we're reinvigorating. Well, let me go back a bit. More broadly with our strategy, we're continuing to build out our sort of product lines. That market looks very strong for the next 10 years or more. We're looking to get a larger share of that market across existing and new products. We'll continue to participate in the drilling market, and we see lots of opportunities with well construction and mining consumables in particular, that we'll continue to pursue quite aggressively, and I believe we'll start seeing some significant revenues within the next year. Lastly, we'll continue to pursue opportunities within the Defence Precinct here in Henderson, but also participate more broadly in the defence market within AUKUS. I think that brings me to the conclusion of my presentation. Thank you for listening. Are there any questions online? Yes, there are. A number of questions from Matthew O'Tannen. Okay. Apologies if I got that wrong. The first question, while the hydrogen and floating wind initiatives align with the energy transition narrative, the technical challenges such as cryogenic micro-cracking in composites are significant. What is the Board's realistic timeline for these segments to becoming material revenue contributors, for example, exceeding 10% of group revenue? Are we effectively funding R&D for the next three years without visibility on commercial scale orders before 2028? Well, there's a lot of questions within that one question. Look, I'll try and address it reasonably holistically. Firstly, there's a reference to hydrogen. Look, we were involved quite heavily with FFI's ambitions to build an electrolyzer plant in Gladstone. We produced quite a lot of products for them. All of that was fully funded by FFI. Currently, the business has no R&D expenditure at all in the hydrogen space. The FFI work, unfortunately, has concluded with the shutting of the Gladstone facility as Fortescue's green ambitions have been shifted. The second part of the question was around offshore floating wind. With offshore floating wind, the world's first commercial scale offshore floating wind farm outside of China, even though China doesn't really have a commercial scale offshore floating wind farm, they do have some very big demonstration units, is likely to reach FID next year. In terms of us generating real revenue from offshore floating wind, it's still a few years away. It's a segment of the offshore wind market that is yet to be fully proven commercially, in a demonstration plant that's not subscale. That's the timeframe on that. As far as stress cracking in composites is concerned with cryogenics, I might leave that one. Next follow-on question. Management has cited moderating activities and delays in the drilling sector. Are these delays purely administrative, or are we seeing project cancellations due to economic viability? Furthermore, at what global rig utilization rate does the Board believe the replacement cycle for riser buoyancy will actively restart rather than the market remaining in a maintenance-only mode until 2027? This year, you did see rig activity drop off for a number of reasons. There was still probably a bit of an overhang in the market. There were too many rigs around and not enough work. The primary drivers behind that were primarily project timing. Also, you saw deactivation and scrapping of rigs right through that period. There's still recovery mode happening, I guess, with some of the larger oil contractors. You've also seen a lot of M&A activity, which has meant there's been not a lot of CapEx sitting behind that. I think, look, rig rates are good. Utilization has come off, in 2025, likely to recover in 2026. There's no more M&A activity on the horizon in the floating sector. There is in the jack-up sector. In terms of replacement, I think the replacement market will be quite subdued. I think what we'll see is the upgrade market will be where we're focusing. LGS to enable rigs to drill in high currents, and an upgrade of riser systems to enable them to drill with 20,000 PSI rated BOPs, so more weight, more buoyancy required. They're the things that will drive demand as opposed to the replacement market, unless the equipment is very old, but then a lot of the really old rigs have been scrapped. Yeah. Next question. Scaling up for defence contracts often requires significant investment in security infrastructure s pecialized tooling. What is the projected CapEx requirement for FY 2026 to bring the Henderson facility up to a standard required for full-rate naval production? How will this impact free cash flow? At this stage, we have no CapEx projected for that particular activity. For the type of work that we are doing and we're projected to do, our current security systems are deemed to be adequate. If there was a large project that were to come through the door, depending on its nature, we would also expect the Commonwealth to help fund any security upgrades that are required. Okay. Matthew's next question. Regarding the Ghost Shark program now being a program of record with Anduril establishing its own manufacturing facility in Sydney, can you clarify Matrix's confirmed role in the full-scale production phase? Does Matrix hold a binding supply agreement for the series production, or is there a risk that Anduril will in-source the syntactic foam manufacturing as volumes scale? I can't comment on defence contracts, except to say that it would be unlikely for a UUV manufacturer to in-source that type of product. Otherwise, I can't comment. Two more questions from Matthew. FY 2025 showed a modest operating cash outflow of AUD 0.4 million, a sharp contrast to the AUD 10.9 million inflow in FY 2024. With an AUD 57 million subsea on order book to deliver, could you unpack the cash conversion cycle dynamics we should expect from FY 2026? Are we seeing extended payment terms from major EPC contractors in Brazil that would require higher utilization of the new trade finance facilities? Well, I'll answer that in reverse. At the moment, there's been no significant change to the payment terms, or the payment cycles associated with the large SURF contracts that we're receiving from the EPCI contractors. The small net cash outflow at the end of last financial year was really reflective of where we were with the working capital cycles associated with contracts that we've completed within FY 2025, and then ultimately, we're committing to for FY 2026. There's been no material change. The new facility that we have will make it probably easier to navigate some of the cash movements and also cash requirements for things like bank guarantees and so forth. We do expect that to become a little bit easier. There's been no material change in the working capital cycles resulting from payment terms from our major customers. Thank you. Final question from Mattie. Given the structural shift in your revenue mix, where high margin drilling revenue has declined while SURF and development stage defence work have increased, are we facing a long-term dilution in gross margins? Specifically, is the target of 15%-18% underlying EBITDA sustainable with this new, more competitive product mix, or should shareholders prepare for a new normal in profitability? It's a good question. Well, certainly, there is a change and different in margins across sector, ranging from drilling products to SURF to our consumables product lines. I don't think there's going to be any material movement in gross margin year on year between 2025 and 2026. It does depend a little bit on how much short-term drilling products work we pull into the business. The consumables that we're targeting generally are high margin, high value consumables. No, I don't think it's lower for longer in terms of gross profit margin. That's a good question. I've got two more questions if that's- Yeah, go ahead. The next question is from Jesse Flazey. Can you please provide an FY 2026 EBITDA guidance range? Not at this stage. Okay. Thank you. Next question from Jesse. You noted there are further material opportunities to add to FY 2026 production in SURF. Can you please elaborate on this and quantify this opportunity set? Thank you. Well, all I can do is refer to what's already in the public domain, which is that we have a AUD 300 million pipeline of opportunities. Some of that will fall into this financial year. At this stage, I'm probably not in a position to quantify it, even though I've got a number in my head. I don't think this is an appropriate forum to reveal that specific number. No more questions. Are there any questions from the room? Yes. I think they're the same as up. Okay. I can run through those questions if you like. Some of them covered and- Yeah, actually, sorry, can you just grab that. All right. If questions are being already answered, I'll just refer to the question and move to the next one. There were some specific questions around Ghost Shark and Anduril. I can't comment specifically on defence contracts. I'm legally bound by confidentiality, I can't do that. What I can say is that we actively sell products into the UUV market and ROV market globally. UUVs are generally military, in terms of applications. ROVs are civilian, generally speaking, we've been active in that sector for a long time. We sell into both the ROV and UUV market globally. There are significant opportunities for us. Beyond that, there is no way I can comment on the details of specific contracts except around materiality for the business when it comes to defence. With defence, we deem our working capital facilities to be adequate to serve a significant growth in this market. Even if there is a substantial expansion, which we hope there will be, of UUV demand within AUKUS, given the way we're structured, we have sufficient working capital because we'll be utilizing our existing facilities, generally speaking. I think I've answered the drilling customer short-term outlook question for you. You had other questions, FID for world's first commercial offshore wind installation. I think I've explained that, FY 2026. Finally, in the presentation, I think I explained that deepwater oil and gas remains one of the most attractive investment spaces in the oil and gas industry, especially outside the Middle East, as technology and scale push those project break-even levels down to below even where the oil price is today. That's where that is. I hope that sufficiently answered your questions. I couldn't answer the defence ones, and I'm unable to. Is there anything else I can help you with? Good. Okay. Thank you for the questions. Okay, I'll conclude that. Thank you for listening, everyone, and we'll see you next year.