Trajan Group (TRJ) H2 2025 earnings summary

Executive summary

• Achieved record revenue of $166.5M for FY25, up 7.4% year-over-year, surpassing guidance upper end and overcoming a $3.9M biotech syringe loss.

• Normalised EBITDA increased 26.2% to $15.5M, reflecting operational improvements, cost discipline, and strong cash flow.

• Business model emphasizes direct sales, innovation, in-region supply chain adaptation, and strategic expansion in capital equipment.

• Ongoing focus on talent retention, ESG initiatives, and operational flexibility, including emissions reductions and sustainable packaging.

• Robust demand and high shipment levels, with overdue orders rising in Components and Consumables and Disruptive Technologies.

Financial highlights

• Group revenue rose to $166.5M from $155.0M, nEBITDA up to $15.5M from $12.3M, and operating NPATA up 14.3% to $0.8M.

• Components and consumables segment revenue reached $102.7M, up 6.7% year-over-year; gross margin improved to 41.6%.

• Capital equipment segment revenue grew to $58.6M, gross margin declined to 35.1% due to channel and regional mix.

• Disruptive technologies segment revenue increased to $5.1M, gross margin rose to 57%, and nEBITDA loss narrowed to $1.5M.

• Net debt reduced by $3.3M to $29.5M; net debt-to-nEBITDA at 1.9x, with cash and equivalents at $11.9M.

Outlook and guidance

• FY26 net revenue guidance set at $170M–$180M and nEBITDA at $16M–$19M, reflecting robust demand and a strengthened balance sheet.

• Management anticipates continued growth in core and emerging markets, with a focus on operational resilience and conservative forecasts due to macro volatility, tariffs, and U.S. funding uncertainty.

• Modest gross margin improvement embedded in forecasts, with ongoing review of fixed cost base and underutilized facilities.