Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to the Matrix first-half fiscal year 2026 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at that time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. I would now like to turn the conference over to Aaron Begley, Chief Executive Officer. Aaron, please go ahead. Thank you very much, and welcome to Matrix's 2026 half-year results presentation. I'm here today with Brendan Cocks, our CFO, and we'll be presenting to the presentation that's been loaded up on the ASX platform. I'll be talking to each slide, and as I turn through the slides and Brendan turns through the slides, we'll refer the page number that we're talking to. I'll get started. Turn directly to page number three, just a quick description of who we are and what we do. Matrix is a manufacturer of engineered products for the subsea, defense, and resources sectors. Specifically, we manufacture advanced materials and provide other services to those three markets. We're located in Western Australia, where the majority of our manufacturing takes place in our state-of-the-art facility just south of Perth in the Australian Marine Complex. You can see the image of our plant in the image displayed on slide three. We refer to that facility as the Henderson facility. An overview of our first half results on slide four. Look, this is very much a full-year story. We saw revenue from projects that we'd secured early in the year and late last year pushed from the first half into the second half. This resulted in lower revenue than we would have expected at around about AUD 26.9 million. It was lower than the prior period due to the timing of some large subsea buoyancy projects. Our second half secured work is greater than AUD 50 million on improved margins for the first half. We expect our full-year revenue to exceed AUD 80 million, which will result in growth year-on-year from 2025. Very much a full-year growth story. The shift of revenue and associated margin from the first half to the second half, but we've secured enough work, at this point in time, to grow year on year. We expect to do at least AUD 80 million this financial year. We continue to see a strong pipeline of opportunities for the business, with a significant forward pipeline of quoted work for contracts that are going to be executed by our customers. We've had ongoing in-field success in our key markets. We've seen our equipment being successfully installed in areas like Brazil for companies like Petrobras, where we've installed equipment in deep water field operations down to 2,500 meters of seawater. This has continued to reinforce our position in the market, demonstrates the quality of our products, and our position in the market. We expect to be able to capitalize on that in the future. We've also seen recovery in some of our historical markets that have been very flat and depressed for some time, in particular the drilling sector. I'll talk to that in more detail as I get into the Outlook slides further into the presentation. We have continued to build out our product suite to diversify our product offering within the subsea market, but also in growth markets in both defense and also in the resources sector. We did record an underlying EBITDA loss of AUD 4.1 million as a result of that production shift from the first half to the second half. We do carry a fixed cost base which is not that variable across that period. That's resulted in both earnings and our gross margin production shifting towards the back half of this financial year. Cash on hand remained robust at the end of the period. It was about AUD 18 million and net cash of AUD 10.4 million. All in all, a full-year story for the business skewed to this current half, the second half. That just concludes the introduction. I'm gonna pass on to Brendan now who will take you through the financial results in more detail. Over to you, Brendan. Thanks, Aaron, and good morning, everyone. If you just turn to the slide, Key Financial Metrics, which is the first one in the financial section. As Aaron mentioned, we recorded a revenue of AUD 26.9 million, generating an EBITDA loss of AUD 4.1 million. I'll just touch in a bit more detail on the project timing, what Aaron was referring to. As a business, we run with a fixed overhead to support an AUD 80 million-AUD 100 million per annum business. Those fixed overheads come through pretty similar level each month. We've got a good handle on what those overheads are. The project profile that we run, we win these large projects that go for about 18 months, but then the vast majority of the revenue recognitions happens within a four to five-month production window for those projects. What we're seeing this year is we have one really large project, but three larger projects that we've been working on during the first half. Our engineering team's been very busy working with our clients on the design phase, procuring the tooling and readying for production. That production of those three projects will happen effectively between November and May. The profitability profile for the business looks like making a monthly loss each month for the first four months. For the next eight months, we run a strong profit. That's what gives us the confidence that as a business, we'll have a really strong second half. We'll do in excess of AUD 50 million in revenue, which is effectively double the revenue that we've done in the first half. We'll make a strong profitable second half and a return to profitability across the full year on an EBITDA basis. You'll see cash there, AUD 18 million, which is at a similar level to where it was at the end of the year. That's a healthy level, which is good for what's the start of a pretty busy period for us. Just turn to the balance sheet slide. There's not too much detail here. Effectively, a lot of the movements reflect our working capital movements. We've had a reduction in our trade receivables, so that's collection of receivables for projects that we delivered late last financial year, where the back end of all those receivables come in during this half. We've also had a buildup of inventory, which just reflects the activity levels we're facing over the coming period. With our debt, end of last financial year, we had a convertible note sitting in our current liabilities. During the period, we've put in place a new banking facility with a Big Four bank in NAB, which means we've now got term debt sitting there of AUD 7.5 million. Other thing I'll just note is, it doesn't sit on the balance sheet, we've still got a tax asset, AUD 140 million of tax losses. The tax effect of that, in excess of AUD 40 million, which we've got the ability to use in future periods to offset any tax expense we get. If we just turn to the cash flow for operations, probably as I was mentioning on the last slide, a lot of the movements in this cash bridge reflect our working capital during the period, movements in those working capital accounts. I will note CapEx and intangibles, we'd spent AUD 1.2 million for the period. A little bit of that was sustaining CapEx. There's also a significant amount of money that we spent on development of new products and offerings for the SURF market. It's part of that product build-out strategy, which Aaron will refer to in his coming slides. I will. I'll hand back to you now. Thank you, Brendan. If we could turn directly to slide number 10, please. Three business pillars. I'll just touch on this very briefly. These three pillars of business, Subsea, Advanced Materials, and Coating Technologies, are really what we refer to in terms of our capabilities and how we service three distinct markets, which are Subsea, Defense, and Resources. Across Subsea, Advanced Materials, and Coating Technologies, we have a suite of product solutions, manufacturing technologies, and capabilities that enable us to service those three markets in Subsea, Defense, and Resources. Subsea includes, just for clarity, oil and gas subsea production, exploration, deepwater drilling, deepsea mining, subsea marine, and the emerging floating wind opportunity that we see. Jumping now to slide 11 in a bit more detail. We've traditionally been known for buoyancy. That is still the biggest part of our business, deepwater buoyancy. Our customers use a lot of other engineered products in the projects that we service that are made of polymers. We've had a strategy over the last few years to build out our product portfolio so we can supply more products to the projects that we're supplying into. Some of these products include things like our protection systems, VIV suppression, which is a very big opportunity for the business. Something we've done a bit of in the pipeline sector for a number of years, we're now starting to service the riser market, we have lots of opportunities. Pretty much every project we bid buoyancy to, we're bidding VIV suppression products into. Installation products as well. Installation buoyancy is something that we supply to most of the SURF projects, or at least bid most of the SURF projects that we're active with. Opportunities for large structures, which are used in both subsea oil and gas and potentially offshore floating wind, and a growing market in support services. Something we haven't really done a lot of before. We help our customers install our equipment, maintain our equipment, repair our equipment as needed. We do that in country. We currently have people offshore Brazil at the moment, about to deploy people into areas like the Gulf of Mexico as distinct to the Gulf of America, and also in other parts of the U.S. Turning to slide number 13, subsea production SURF. As you'll see from the graphic on the top right-hand side, year on year, we're growing our presence and growing our revenues from the SURF market. This came from a standing start in FY 2022 when we were doing nothing really in this marketplace. If you go back pre-COVID, again, it was quite limited the amount of work we've done in SURF. We've leveraged our materials, technologies, and our production capability to enter a market that we haven't really been present in before up until recently. Each year, we're continuing to grow our market share and growing our presence in that market. We've secured AUD 170 million of projects since August 2022. We've successfully deployed over 2,000 ultra-deepwater modules in locations like South America and other parts of the world. We've continued to build out our product suite so we can sell more products to the projects that we're bidding into. Most of those products are polymeric. They're polymer-based, and they're almost all engineered products that have some mechanical complexity to them, so there's a good moat around them. Look, there is some competitive pressure. We've come into this market, not quite out of the blue, but come into this market and taken market share. There is a bit of a churn in that pipeline, but we're continuing to win work with our key customers. What we are seeing is a greater number of smaller to medium-sized orders across our order book. We tend not to announce those orders. They do get aggregated when we do an update with our backlog. We are seeing a greater number of smaller to medium-sized orders. This is a good thing because it helps sustain the business on a quarter-by-quarter basis. It tends to be less lumpy, a little more overhead-intensive, but we're adapting the business to continue to be able to service that. We've got a long runway, a long visibility of forward visibility of projects, in this space. Unlike the drilling sector, which can be very patchy and very short-term, the investments that are required in the deepwater fields is immense. The project planning tends to go out three to four years. We've got customers like Petrobras, Woodside, Exxon, Total, who are doing forward planning on projects, mainly around the Atlantic Rim, places like South America, West Africa, and North America. They're looking at projects that are many billions of AUD per project. You do have a long runway. We're seeing that with the forecast global subsea EPC spend. We've got a graph there that we've produced from various data sources, and that shows a very solid period of activity from 2026 to 2030. This is something that's corroborated by our clients like Technip and McDermott, Saipem, Subsea 7, et cetera, that see a long period of EPC spend. What's not in that graph, and probably understates the spend, is the amount of refurbishment work that has to take place in some of these areas, such as Brazil, where towards sort of 2027, 2028 onwards, there'll be a big spike in demand for umbilicals and risers, and corresponding ancillaries that we manufacture. We expect things to be very busy in that sector for a long time. Okay, turning to slide number 15. We have seen recent drilling market recovery, which is very encouraging. This is after really 10 years of very flat demand, a little bit of sporadic demand here and there. What we're seeing is demand, in particular for our drag and fatigue suppression systems that we incorporate into our buoyancy, a patented product that we have the exclusive rights to. We are seeing demand for this product come out of places like Mozambique, Brazil, Gulf of Mexico, anywhere where there are high currents or inclement sea state conditions. It's a great market for us. We're very well regarded in that sector. When we left off our peak in drilling, we had 60%- 70% market share, and we retain a very strong market share in that area, reinforced by this technological moat that we've got around our LGS system. We are seeing our product now specified in those drilling operations that are occurring in these inclement weather areas. The great thing about this product as well for us is we've got a very big tooling suite. If a customer rings us and needs some buoyancy, we can very quickly produce it. One of the projects that we announced recently was for a customer in Europe, who needed some deepwater buoyancy. Another one needed some LGS products. The deepwater buoyancy customer placed the order with us beginning of last week, wasn't it, Brendan? Something like that. Yeah. We started production on Monday. It's that quick. We can turn these around that quickly. There's short-term opportunities there. We're seeing some great recovery, which could give us some short-term benefits. Look, quick turn to slide 16. I'm not going to spend a lot of time on this. We did talk about it a bit, there doesn't seem to be much activity in terms of project wins. Floating wind is something, a market where we have to be in it to win it. We have to be actively participating in offshore floating wind in some of the project bids to be considered for the long term. The sort of products that we would supply to this market are things like mooring buoyancy, cable buoyancy, cable protection systems, ballast, and potentially even large structures made out of composites. Lots of promise. Everything keeps moving to the right, shifting to the right for this market. The first major commercial-scale project is likely to be either in the U.K. or in Korea. The Korean one, obviously, we're geographically very well positioned for that. We'll see what happens. We're making sure that we're active and participating in this. Don't expect any short-term revenue opportunities from this at all. It is a very large looming possibility for an opportunity for the company. Switching quickly to slides 17 and 18, advanced materials. This is just a bit of an overview slide. The sorts of things that fall under the advanced materials banner that we sell under all of our subsets of market opportunities, subsea, defense, and resources. Including things like engineered polymer products for mining, steel replacement composites, where we're using 3D printing technologies to replace steel in mining operations, syntactic foam for unmanned underwater vehicles for the Navy, and for civilian applications. We're really targeting opportunities in large current established markets where there's existing demand for this type of product, especially in the resources space. Quickly turning to slide 19. One of the applications of this technology is well construction products. Look, it has been a little bit of a flat year for this product as we've reorganized our global distribution strategies. We now have distributors in North America, all through Southeast Asia, Thailand, Indonesia, Malaysia, Norway, Africa. We have a number of new distributors that we've brought on board that were established at the back end of last calendar year. We've got a fantastic track record with this product, 45,000 centralizers. They're a quasi-consumable. They go down whole. They're only used once. They're used in the well construction process of horizontal wells. They're used in fracking and other non-standing completions. Standard size, we've got about 20 different sizes or so. We're qualified with just about everyone. Ranging from Aramco to ADNOC to Chevron to Woodside to Total to Exxon. We've got such a broad track record. Becoming a competitive market, a bit more commoditized, but we have very low manufacturing costs for this particular product. We expect to see recovery in sales this year. Moving on to mining. I'm actually going to direct you to slide 20 here. High-performance composites for mining. Just to give you a bit of a feel for the areas that we're targeting. Our processes suit applications mainly in screening and in conveyor components. They're the two key areas that we're targeting. There are secondary applications for corrosion protection and wear media. The areas where we're getting the most traction right now are in screening media and lightweight conveyor components. Turn to slide 21. The mining consumables market in West Australia is enormous. It's on our doorstep. There's a surprising lack of local manufacturing of polymer products for this market. It all tends to be made in other parts of Australia or imported. We see a real opportunity to use our advanced manufacturing processes to competitively supply consumables and wear products into this market. The two key areas that we're focusing on are screening media. That market's worth more than AUD 500 million per annum in West Australia, and we're chasing a slice of that. Products for conveyors, in particular componentry for idler conveyors, applications in ship loaders and stackers and reclaimers. Again, a very large market, a local market, consumable-based. We expect to be able to talk to this in more detail as we build revenue from this over the coming year. We have received some small orders already in this sector. We are actively working with Rio Tinto and others. This is a great opportunity for the business. No material revenue yet, but it is coming. With coating technologies on slide 22, we continue just to crank the handle with this product line, and continuing to sell products into the LNG sector, primarily. Woodside is our largest customer for this. The Humidur coating systems got a great reputation for being able to be applied easily from that space. Turning to slide 23, a bit of a snapshot of some of the things that we do in defense. Defense is a big opportunity for Matrix, not just because of the products we make, which are very niche, but because of our location. We're currently making products for submarines, unmanned submarines, this is in the public domain, for autonomous underwater vehicles, and we make other types of subsea equipment. These get delivered into the AUKUS partners, so the U.S., Australia, the U.K. With Australia and the U.S. being the biggest users of the sorts of products that we make. Very sticky, good margins, and in some cases we're the only company in Australia, in some cases the world, that do exactly what we do. Turning to slide 24, in terms of our position, we are smack in the heart of the Australian Marine Complex, which is emerging as the Henderson Defense Precinct. There's AUD 12 billion committed for the defense precinct from the Commonwealth for AUKUS, defense sustainment, and shipbuilding. You might have read recent announcements around Austal Ships and their activities there. The fact that it's likely that Virginia-class sustainment will happen in the Henderson precinct, and that there will be growing sustainment shipbuilding and support activities for unmanned underwater vehicles, surface vehicles, and manned platforms as well. We have 29 years left on our lease. Unique access to the port, we can see it from our office, and the high wide load corridors that surround the site. There are lots of opportunities that we're pursuing and are being actively canvassed for the use of our site and how we might be able to increase our involvement in defense sustainment. We can't get into specifics for obvious reasons, but we are actively supplying materials and technologies into companies like ASC, Thales, and Anduril, and others. To wrap things up on slide 25. FY 2026 is very much a full-year story. As Brendan explained, the first half revenues are down because the projects that we secured, the production and therefore the revenue recognition's been shifted into the second half. We expect year-on-year growth with the orders that we currently have today in the bag. We're likely to continue to pick up more orders, that may feed into this financial year's results. Importantly, we have a very strong pipeline in front of us of opportunities across the subsea sector in SURF, in drilling, and in other sectors that will continue to feed growth for the business. That's supported by that long-term view of subsea spend, EPCI spend globally, and our growing platform and build-out of products that we're going to be servicing into that sector. We see sustainable growth coming from the mining sector and defense in the long term. They're not long-term, they're medium-term opportunities for us. They're very important because they will give us that month-to-month sustainable revenue that the business needs to flatten out the very lumpy project cycles that we're experiencing. We're going to be leveraging our position in the Australian Marine Complex to increase our exposure to defense. That leads me to the conclusion of the formal part of the presentation. Thank you for listening, and I'll pass back to the moderator, Bernie, to determine whether there's any questions. Thank you. If you would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw that question, again, press star one. We'll pause for a moment to compile the Q&A roster. Your first question comes from the line of Oliver Porter with Euroz Hartleys. Please go ahead. Oliver, how are you? Oliver, how are you, Brendan? Thanks. Good, mate. Thank you for running us through that. Just a quick one from me. You talked of top-line growth year-on-year. Just wanted to see your thoughts on how that translates to EBITDA. Noting a bit of a shortfall in the first half, so we'll need a big second half to make that up, if growth to carry through that line. Just wanted to get your thoughts on how that's shaping up. Yeah. Look, Oli, we're certainly looking at the revenue growth. The profitability, probably from an EBITDA point of view, is gonna be around where it was last year, based on the levels we're looking at. For the full year. Yeah, for the full year. We're still working on a few near-term opportunities to see how that pans out. Yeah. We did just under AUD 75 for last year. We'll do over AUD 80 this year. We've had a little bit of margin compression holding from both competitor pressures and the fact that we didn't do a lot in the first four months of the year. Yeah, that EBITDA margin will come down a bit. Of course, we're making up for all of the first half and we will overall have a positive EBITDA result for the full year. That's what we expect. Okay, thanks. Then just the other one from me in terms of that sort of revenue mix. Are you expecting something similar to the first half that's split across the north of 80, something like that, 91%, 5%, 4%, or do you see that moving around at all? The revenue mix, what do you mean? From a product base? Or- Between subsea, corrosion, and advanced materials. I think you split it out as 91%, 5%, 4% in the first half. Oh, right. Are you expecting similar? Yeah. Similar. It's gonna be stronger subsea. What we will see is there's a bit more drilling within subsea. There's a bit more drilling, which is why we expect to get better second half, I suppose, gross margin. Yeah. Some of that will also come from non-buoyancy products as well. We've got products that are not buoyancy-based, but going into the subsea industry. Like some of our VIV suppression products and that sort of thing. Okay. Gotcha. Thanks. That's it from me. Awesome. Thanks a lot, Bernie. Again, if you would like to ask a question, please press star one on your telephone keypad. Your next question comes from the line of Franz Snyman. Please go ahead. Hello, Aaron and Brendan. A question on, you've mentioned competitive pressure in SURF. Now that Saipem and Subsea 7 are merging, how are you gonna protect your margins against their buying power? It doesn't make a lot of difference, frankly. They'll both be buyers of buoyancy. There's only three vendors. In that space, probably only two that both of those companies buy from. I don't think it's really gonna make a lot of difference. Now what will happen is, the Subsea 7 is likely to Saipem is incredibly diverse in terms of its product spaces. Our understanding is that Subsea 7 will lead the subsea part of that business. We're not anticipating much of an effect from that. I mean, look, it is wait and see. The restructuring of that business is more or less happening now in terms of restructuring across those two groups. We'll know a bit more over the next sort of 3 months- 6 months. Right now we think we're gonna be dealing with the same people within Subsea7 we've been dealing with for the last three years for the group applications. It remains to be seen. Saipem also tends to be a bit more. Subsea7 is quite global in the way they procure things. Saipem is more regional. I suspect it will become more global, and Subsea7 business unit, if you like, will be playing a larger role. That's good. Thank you. Thank you. That concludes our question and answer session. I will now turn the conference back over to Aaron Begley for closing comments. Thank you very much for listening. We appreciate your time and your interest in Matrix. Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.