• Strong gold detector demand in Africa
• Continued momentum across Rest of World
• Diversified technology portfolio and markets, strengthening earnings resilience

Codan reported strong H1 FY26 results, with group revenue up 29% to $393.5 million and NPAT up 55% to $71.2 million. The Communications business delivered revenue of $221.8 million (+19% vs pcp) and segment profit of $58.3 million (+17% vs pcp), while the Metal Detection business saw revenue of $168.0 million (+46% vs pcp) and segment profit of $76.2 million (+86% vs pcp). The group continues to invest in engineering programs to maintain product and technology leadership, with H1 FY26 engineering spend of ~$35.8 million, equating to ~9% of group revenues. Looking ahead, the company expects Communications to deliver FY26 revenue growth of 15-20%, supported by elevated defence spend and the full-year contribution from the Kägwerks acquisition. Minelab's H2 FY26 revenue is expected to be at least in line with the strong H1 FY26 performance, supported by favourable gold market conditions and a full six-month contribution from recent product releases.

Codan expects Communications to deliver FY26 revenue growth of 15-20%, supported by elevated defence spend and the full-year contribution from the Kägwerks acquisition. Minelab's H2 FY26 revenue is expected to be at least in line with the strong H1 FY26 performance.

Codan continues to invest in engineering programs to maintain product and technology leadership, underpinning long-term growth. The company remains well positioned to continue investment in the business and pursue future acquisitions that fit the company's product and technology roadmaps and enhance the quality, resilience and diversification of its earnings.