Codan (CDA) AGM 2025 summary

Opening remarks and agenda

• Chair opened the hybrid AGM, acknowledged traditional landowners, and welcomed attendees both in-person and online.

• Introduced the Board of Directors and outlined the meeting's format, including CEO and Chair addresses, financial review, and voting on resolutions.

• Voting procedures and technical contingencies for the virtual platform were explained, with voting declared open.

Financial performance review

• Achieved 22% group revenue growth, 28% EBIT growth, and 27% NPAT growth in FY25.

• Communications business revenue rose 26% to $413 million, with profit margins improving to 27%.

• Minelab revenue increased 16% to $254.8 million, with segment profit up 26% and margins at 39%.

• CounterMine underperformed due to tighter global funding, prompting a shift toward military applications.

• EPS and dividends per share both grew by 27%; share price more than doubled year-on-year.

Board and executive committee updates

• Sarah Adam-Gedge stood for reelection, highlighting her digital, governance, and international experience.

• Board acknowledged feedback on director skill matrix disclosure and committed to consider improvements.

• Pieter Guichelaar appointed as Group COO to enhance operational execution and IT/AI initiatives.