• Revenue up 29% to $393.5 million
• Profit after tax up 55% to $71.2 million
• Interim dividend increased 56% to 19.5 cents per share

Codan Limited has reported a strong financial performance for the first half of the 2026 financial year, with revenue increasing 29% to $393.5 million, EBIT up 52% to $99.8 million, and net profit after tax rising 55% to $71.2 million compared to the prior corresponding period. The company's Communications segment, which includes the DTC and Zetron businesses, delivered 19% revenue growth, while the Metal Detection segment (Minelab) saw a 46% increase in revenue. Minelab's segment profit margin also expanded significantly to 45% during the half. Codan's balance sheet remains strong, with net debt of $88.2 million and a net debt to EBITDA ratio of 0.4 times. The company has undrawn debt facilities of $140 million, plus an additional $150 million in accordion capacity, providing financial flexibility for future strategic initiatives. Codan's Board has declared an interim dividend of 19.5 cents per share, fully franked, up 56% on the prior corresponding period. The company remains focused on investing in engineering and product development to maintain its technology leadership, while also pursuing strategic acquisitions that enhance the quality, resilience and diversification of its earnings.

Codan expects its Communications segment to deliver FY26 revenue growth within a 15-20% target range, supported by strong underlying demand and the full-year contribution from the Kägwerks acquisition. In Metal Detection, the company expects second-half performance to be at least in line with the strong first-half result, driven by favourable gold market conditions and the full six-month contribution from recent product releases.

Market conditions remain positive in both the Communications and Metal Detection segments, reflecting the diversified nature of Codan's portfolio and the quality of its businesses. The company will continue to invest in engineering programs to maintain product and technology leadership and support long-term growth. Codan remains well-positioned to pursue future acquisitions that fit its product and technology roadmaps and enhance the quality, resilience and diversification of its earnings.