Codan (CDA) investor relations material

Opening remarks and agenda

• AGM opened after quorum was confirmed; hybrid attendance enabled in-room and online participation, questions, and voting.

• Agenda covered FY 2026 financial statements, Chair and CEO addresses, formal resolutions, and a general shareholder Q&A; proxies represented 78% of voting shares.

Financial performance review

• FY 2026 revenue reached AUD 875 million, up 30%; EBIT was AUD 244 million, up 67%, and NPAT AUD 175 million, up 69%.

• Communications revenue rose 22% to AUD 506 million; segment profit was AUD 156 million at a 31% margin, while the June 2026 order book rose 50% YoY to AUD 380 million.

• Minelab FY 2026 revenue grew 42% and profit 65% to AUD 162.4 million; segment margin improved to 45% from 39%.

• FY 2027 H1 revenue guidance for communications was AUD 410–420 million, with segment EBIT margin near 40%; H1 NPAT was expected to be at least AUD 162 million, subject to order visibility, product mix, and shipments.

• FY 2027 communications revenue growth was targeted at the upper end of the previously announced 30%–40% range; H2 demand and margins remained uncertain due to low visibility in conflict regions.

Board and executive committee updates

• Heith Mackay-Cruise, People, Remuneration, and Nomination Committee Chair, and Graeme Barclay stood for re-election; Barclay said board succession would be worked through over the next three years.

• Revised CEO remuneration terms aimed to secure Alf Ianniello’s commitment for at least four years, with higher performance goals and largely at-risk equity-linked pay; he intended to sell up to 43,000 shares by year-end for personal obligations.

• CFO and Company Secretary Michael Barton retired on 31 August 2026 after 22 years of service.