• Group revenues grew 22%, EBIT up 28%, NPAT up 27% in FY25
• Communications business delivered 26% revenue growth, 34% segment profit increase
• Minelab revenue up 16%, segment margins improved to 39%
• Completed Kägwerks acquisition, strengthening U.S. defence capabilities
• Investing ~10% of revenues in engineering for future innovation

Codan Ltd has reported another year of strong financial performance in FY25, with group revenues growing 22%, EBIT up 28%, and NPAT increasing by 27%. Each of the company's businesses contributed to the improved results. The Communications business, comprising Zetron and DTC, grew revenues by 26% to $413.5 million and segment profit by 34% to $107.9 million. Minelab also delivered a strong year, with revenue up 16% to $254.8 million and segment profit margins improving to 39%. Minelab Africa was a standout, with revenues increasing 64% to $115 million. The company completed the acquisition of Kägwerks during FY25, which expanded its relevance in the U.S. defence ecosystem and provided access to the Nett Warrior Program of Record. Codan continues to invest heavily in engineering, spending approximately $69 million or 10% of revenues, to maintain its competitive position and develop future technologies. The company has also taken steps to enhance its organizational scalability, including the appointment of a new Group Chief Operating Officer. Looking ahead, Codan expects its Communications business to deliver 15-20% revenue growth in FY26, supported by continued strength in defence spending and geopolitical tensions. Minelab is also well-positioned, with four new product launches scheduled for FY26 and sustained strength in the gold price. With a strong balance sheet and renewed debt facilities, Codan remains well-positioned to continue investing in the business and pursuing strategic acquisitions.

Codan expects its Communications business to deliver 15-20% revenue growth in FY26, with growth in the first half expected to be at the upper end of this range. Minelab's revenues for the first quarter of FY26 have exceeded the monthly average achieved in FY25 by 16%, supported by sustained strength in the gold price.

Codan remains well-positioned for continued growth, with a strong balance sheet, renewed debt facilities, and a disciplined approach to capital allocation. The company will continue to invest in the business, including through strategic acquisitions that enhance the quality and predictability of its revenues.