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Codan (CDA) investor relations material
Codan H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Group revenue reached $674M, up 22% year-over-year, driven by strong organic growth and the CAGWorks/Kägwerks acquisition.
Net profit after tax rose 27% to $103.5M, with all profitability metrics improving versus FY24.
Communications and MineLab/Metal Detection segments delivered double-digit revenue and profit growth.
Strategic investments in people, processes, and systems, including integration of communication businesses and new senior hires.
Annual dividend increased 27% to 28.5¢, fully franked.
Financial highlights
EBIT reached $146M, up 28%; EBITDA was $183.7M, up 25% year-over-year.
EPS increased 27% to 57.1¢; NPAT margin improved to 15.3% of sales.
Communications segment profit rose 34% to $108M; MineLab/Metal Detection profit up 26% to $98M.
Non-recurring acquisition due diligence costs of ~$5M expensed.
Net working capital reduced by $5M, supporting strong cash generation.
Outlook and guidance
Communications business targets 15–20% revenue growth in FY26, supported by a 28% higher order book and CAGWorks/Kägwerks contribution.
MineLab to launch four new products in FY26, with continued growth expected and favorable macroeconomic conditions.
Communications segment profit margin targeted at 30% by end of FY27.
Strong balance sheet and renewed $250M debt facility provide flexibility for future acquisitions.
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