Matrix Composites & Engineering : AGM Chairman’s Address and CEO’s Presentation

17 November 2022

AGM Chairman's Address and CEO's Presentation

The 2022 Annual General Meeting (AGM) of Matrix Composites & Engineering Ltd (ASX: MCE) will be held today at 10:00am (WST).

In accordance with ASX Listing Rule 3.13.3, copies of the Chairman's address and CEO's presentation that will be delivered at the AGM are attached.

This announcement was authorised for release by Paul Hardie, Joint Company Secretary.

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For further information, please contact:

Investors
Aaron Begley	Brendan Cocks
Chief Executive Officer	Chief Financial Officer
Ph: [phone]	Ph: [phone]
Email:[e-mail]	Email:[e-mail]
Media
Adrian Rauso
FTI Consulting
Ph: [phone]
Email:[e-mail]

About Matrix Composites & Engineering

Matrix Composites & Engineeringspecialises in the design, engineering, and manufacture of composite and advanced material technology solutions for the oil and gas, civil and infrastructure, resources, defence, and transportation industries. With more than 20 years' experience, Matrix has gained a reputation as an industry leader and has become a major exporter of Australian goods and services with customers located all over the world. From its award-winning head office in Australia and offices in the United States, and a global network, Matrix is uniquely positioned to deliver complete turnkey solutions offerings with localised customer support.

More information can be found at www.matrixengineered.com.

MATRIX COMPOSITES & ENGINEERING LTD

150 Quill Way, Henderson, WA, Australia 6166, T: [phone] ABN 54 009 435 250 [e-mail] www.matrixengineered.com

17 November 2022

Chairman's Address to Shareholders 2022 Annual General Meeting

Welcome ladies and gentlemen. Before commencing the formal business of today's meeting, I would like to give you an overview of Matrix's performance and developments over the past year and our strategic direction.

Matrix's Chief Executive Officer, Aaron Begley, will then provide a more comprehensive presentation on our operations and outlook at the end of the meeting, following the formal proceedings.

The impacts of COVID-19 on our operations and the broader industry continued to linger during the 2022 financial year, but despite these challenges Matrix delivered on its strategic growth initiative, which was an initiative I spoke to during last year's AGM.

We have strong momentum and are in this position as activity across our traditional energy products continue to rebound, enhanced opportunities across the resources sector and renewable energy market emerge, and as the Company's revenue base evolves to be increasingly diversified and sustainable.

We capitalised on our prudent decision to maintain capability across our traditional product lines as demand begins to recover. For FY22, we generated a 50% rise in revenue across our subsea products to reach $16.6 million.

Additionally, in FY22 we continued to grow our OPEX-focused Corrosion Technology business, which generated revenue of $10.4 million for the fiscal year, compared to $5.8 million for FY21. The business is expanding across the local energy and resources sectors, and increasingly provides Matrix with exposure to a major source of stable, recurring revenue.

As a result, we delivered Group revenue of $28.6 million for FY22, an increase of over 60% on the FY21 result, and we significantly narrowed our net loss after tax to $4.8 million from $27.9 million in the prior corresponding period.

Pleasingly, this positive momentum has accelerated in FY23, including the award of two significant buoyancy orders since June totalling approximately $30 million. We are on track to deliver significant growth again this year, with our four months year-to-date revenue plus secured orders for the year, currently totalling around $43 million, substantially higher than last year's full year revenue of $28.6m, with further FY23 orders being pursued.

As FY23 progresses, Matrix will have a key focus on capturing further opportunities in the subsea space, and as I noted in our 2022 Annual Report, we are well positioned to capitalise on the numerous competitive major buoyancy tenders currently in play across the subsea and SURF markets.

MATRIX COMPOSITES & ENGINEERING LTD

150 Quill Way, Henderson, WA, Australia 6166, T: [phone] ABN 54 009 435 250 [e-mail] www.matrixengineered.com

Another key focus for Matrix will be to ensure our advanced materials offerings continue to evolve, with further traction into the resources sector and broadening into fast emerging opportunities in renewables and clean energy.

We are making tangible strides in delivering on this initiative, evidenced by the announcement in September that we had entered into a Joint Development Agreement with Rio Tinto to develop, manufacture, and trial a replacement product for structural steel components at its iron ore operations in Western Australia.

The trial at Rio Tinto's operations, which has the potential to lead to a mass-produced solution across numerous commodities, leverages our advanced composites technology expertise to create a product that is substantially lighter than steel and 100% recyclable.

This trial complements other eco-efficient advanced materials projects we will progress throughout FY23, including a services contract signed during FY22 with Fortescue Future Industries to develop equipment and materials technologies for FFI's green hydrogen objectives.

Matrix is also actively discussing broader clean energy opportunities including new technological developments in hydrogen and wind.

We are now better placed than ever to capture these long-term renewable energy opportunities, following our award post-FY22 of the ISO 14001 certification, a key ESG accreditation.

On behalf of the Matrix Board, I would like to thank our senior management and employees for their commitment and hard work during the year, which has underpinned our rebound.

Finally, I would once again like to sincerely thank you, our shareholders, for your patience and loyalty during the challenging COVID-impacted period that we are now beginning to emerge from.

Matrix has methodically built the operational capability and diversity to continue to grow our revenue base sustainably with an increasing exposure to the renewable energy transition. We are advancing with considerable positive momentum and a robust platform to deliver long-term value for our shareholders.

Peter Hood AO

Chairman

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ANNUAL GENERAL MEETING

17 November 2022

WWW.MATRIXENGINEERED.COM

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 contained in this presentation. By attending or otherwise accessing this presentation, you represent and warrant that you are entitled to receive this Presentation in accordance with its terms and the restrictions set out herein and agree to the limitations contained within.

Reliance on third party information: The information and views expressed in this presentation were prepared by the Company and may contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of any public, third party or market information.

Presentation is a summary only: This presentation is information in a summary form only and does not purport to be complete. It should be read in conjunction with the Company's 2022 Full Year Accounts and all other periodic and continuous disclosure lodged by the Company with the ASX, which is available at www.asx.com.au. Any information or opinions expressed in this presentation are subject to change without notice. Reliance should not be placed on information or opinions contained in this presentation and, subject only to any legal obligation to do so, the Company will not update or keep current the information contained within this presentation.

Not investment advice: This presentation is not intended and should not be considered to be the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. The information provided in this presentation has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs. Each party to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary.

No offer of securities: Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell Company securities in any jurisdiction. In particular this presentation does not include an offer to, and is not for publication or distribution in, the United States of America and its territories or possessions, including to any US person within the meaning of Regulation S of the United States Securities Act of 1933.

Forward looking statements: This presentation may include forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, these statements are not guarantees or predictions of future performance, and involve both known and unknown risks, uncertainties and other factors, many of which are beyond the Company's control. As a result, actual results or developments may differ materially from those expressed in the statements contained in this presentation. Investors are cautioned that statements contained in the presentation are not guarantees or projections of future performance and actual results or developments may differ materially from those projected in forward-looking statements.

Investment risk: An investment in Matrix shares is subject to known risks, and also unknown risks, any of which are beyond the control of the Company. These risks include, among others, counterparty contractual compliance, currency fluctuations, economic and financial market conditions in various territories and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. The Company does not guarantee any particular rate of return or performance of the Company.

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