Trading Update - FY26 Guidance maintained
| Stock | Trajan Group Holdings Ltd (TRJ.ASX) |
|---|---|
| Release Time | 5 Feb 2026, 9:46 a.m. |
| Price Sensitive | Yes |
Trajan Group maintains FY26 guidance
- Q1 FY26 revenue soft, Q2 indicates return to growth
- Normalised EBITDA lower in H1 FY26 due to FX, freight, and tariff impacts
- Margin expansion expected in H2 FY26 from cost reductions and pricing actions
Trajan Group Holdings (ASX:TRJ) has provided a trading update ahead of its H1 FY26 financial results. The expected H1 FY26 results show a 'tale of two quarters', with Q1 being particularly soft, while Q2 indicates a return to growth. Group net revenue for H1 FY26 is expected to grow 3.8% to $84.1 million, compared to the previous corresponding period (PCP) of $81.0 million. However, Group normalised EBITDA (nEBITDA) is expected to be lower by $2.9 million in H1 FY26, at $5.0 million compared to $7.9 million in the PCP. This includes a $1.3 million expense from the revaluation of balance sheet net trading assets due to FX movements, as well as increased investment in 'in region for region' capabilities and escalated freight costs of more than $0.4 million. Additionally, net US tariff recovery timing differences resulted in a further negative nEBITDA impact of $0.4 million in H1, which is not anticipated to recur. The company experienced a distinct decrease in Capital Equipment revenue in Q1, but Q2 saw record group revenue of $45.4 million and growth in the Capital Equipment order book by $2.8 million, finishing at $10.8 million going into H2. nEBITDA also improved in Q2 FY26 by $4.0 million over Q1 FY26, from $0.5 million to $4.5 million. The company expects margin expansion in H2 FY26 due to cost reductions from Project Neptune and pricing actions effective January 1, 2026. Despite the decline in nEBITDA for H1 FY26 compared to the PCP, Trajan maintains its FY26 guidance, with net revenue expected to exceed $170.0 million and group nEBITDA expected to exceed $16.0 million.
FY26 Net Revenue Guidance still expected to exceed $170.0M; and Group nEBITDA expected to exceed $16.0M.
The company has a strong team focused on the right opportunities to drive the long-term revenue, margin and profitability growth of the Trajan business.