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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.
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H2 2025 earnings summary21 Aug, 2025

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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Frequently asked questions

Codan Limited is an international company specializing in the design, development, and manufacture of electronic communications equipment. With a focus on metal detection and land mobile radio (LMR) equipment, Codan serves a variety of markets, including government, corporate, non-governmental organizations (NGOs), and consumers globally. The company's product portfolio is known for its ruggedness and reliability, catering to the needs of clients like United Nations organizations, mining companies, security and military groups, government departments, and private individuals. The company is headquartered in Adelaide, South Australia, and its shares are listed on the Australian Securities Exchange.

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