• Group revenue of $674.2 million, up 22% vs FY24
• Net profit after tax of $103.5 million, up 27% vs FY24
• All profitability metrics increased vs FY24, with EBIT and NPAT up 28% and 27% respectively

Codan Ltd reported a strong set of financial results for the full year ended 30 June 2025. Group revenue increased by 22% to $674.2 million, reflecting strong organic growth supplemented by the acquisition of Kägwerks. Net profit after tax grew by 27% to $103.5 million, with all profitability metrics improving compared to the prior year. The Communications division delivered a 26% increase in revenue to $413.5 million, driven by robust performance in the DTC business and further enhanced by the Kägwerks acquisition. The Metal Detection division also performed well, with revenue up 16% to $254.8 million. The company continued to invest in product development, with engineering spend of $69 million representing around 10% of group revenues. Codan maintained a strong balance sheet, with net debt to EBITDA ratio of less than 0.5 times. Looking ahead, the company expects to deliver further revenue and profitability growth in FY26, supported by a strong orderbook in the Communications division and new product releases in Metal Detection.

Codan expects Communications revenue to grow 15-20% in FY26, supported by $155 million of revenue already secured in the orderbook, increased defence spend, ongoing growth in unmanned systems, and the first full year contribution from the Kägwerks acquisition. Minelab is also positioned to deliver continued revenue growth, driven by four new product releases scheduled in FY26 across recreational, gold, and Countermine, as well as favourable macroeconomic conditions in key regions.

Looking ahead, Codan is well positioned for sustained growth, supported by favourable market conditions. The company will continue to invest in product development, expand its commercial capabilities, and leverage key partnerships to enhance its offering as a full solutions provider. Codan is also focused on expanding its presence in the public safety sector, introducing new services-based platforms, and streamlining its commercial systems and processes to improve efficiency and partner experience.