Slide 1: FY26 Full-Year Investor Presentation
20 August 2026 Company Announcements Office Australian Securities Exchange Level 4 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam FY26 Full-Year Investor Presentation Please find attached a copy of Codan Limited’s investor presentation dated 20 August 2026 for release to the market. Yours faithfull
Slide 2: FY26 Results
FY26 Results Codan Limited 20 th August 2026
Slide 3: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER Disclaimer This presentation has been prepared by Codan Limited (ABN 77 007 590 605) This presentation may contain forward ‐looking statements with respect to the (Codan) . The information contained in this presentation is for information purposes financial condition,
Slide 4: Contents
CONTENTS RESULT HIGHLIGHTS BUSINESS UNITS • DTC • Zetron • Minelab STRATEGY UPDATE OUTLOOK & SUMMARY APPENDIX
Slide 5: Codan is a global technology group
Codan is a global technology group. We develop and deliver trusted communications, connection and detection solutions across sectors including defence, public safety, humanitarian, security and consumers. Through a portfolio of innovative businesses, our technology is built to perform when the stake
Slide 6: Building a Stronger Codan
BUILDING A STRONGER CODAN Our success “building a stronger Codan ” is underpinned by both financial and operational objectives INNOVATIVE PRODUCT EXCEPTIONAL LEADERSHIP & DEVELOPMENT CULTURE ACCOUNTABILITY Engineering investment Fosters collaboration Fostering an environment where to enhance suite o
Slide 7: Group Highlights
GROUP HIGHLIGHTS Disciplined execution of Codan’s strategic plan Outstanding Capitalised on Continued high - Excellent performance Investing for performance, structural growth quality growth from in Metal Detection, long - term growth, supported by strength opportunities • Strong gold detector Commu
Slide 8: FY26 Group Highlights
FY26 GROUP HIGHLIGHTS • Strong Group financial performance, driven by excellent contributions from both segments Revenue EBIT • Revenue of $875.0 million, up 30%, reflecting strong organic growth, driven by: $875.0m $244.1m o ongoing high demand for unmanned systems; +30% vs. FY25 +67% vs. FY25 o ne
Slide 9: FY26 Performance
FY26 PERFORMANCE Change • Communications performance: Profit & Loss FY26 FY25 $m $m % o revenue of $506.2 million (+22% vs FY25); Revenue o segment profit of $156.0 million (+45% vs FY25); and Communications $506.2 $413.5 22% o orderbook of $380 million (+50% vs FY25) Metal Detection $362.0 $254.8 4
Slide 10: Financial Position
FINANCIAL POSITION Flexibility to support future growth opportunities Jun - 25 Change • Strong balance sheet, with net cash of $35.7 million as at 30 - Balance Sheet Jun - 26 Jun - 2026, reflecting: $m $m $m 93.1 (4.5) o accelerated revenue growth in H2 FY26 as well as strong Receivables 88.6 cash c
Slide 11: Engineering Investment
ENGINEERING INVESTMENT Invest in ourselves – strong pipeline of projects • FY26 engineering spend of ~$78 million, equating to ~9% of ENGINEERING ENGINEERING SPEND BY Group revenues SPEND ($M) 1 BUSINESS UNIT • Ongoing engineering investment across segments supports H1 H2 competitive positioning and
Slide 12: Business Units
Ea CODAN Business Units
Slide 13: Communications
COMMUNICATIONS • FY26 Communications revenue of $506.2 million (+22% vs FY25), slightly above the top end of the targeted FY26 15 - 20% range, driven primarily by strong demand for unmanned systems • Revenue from defence customers ~58% of total Communications revenue (up from 38% in FY25), underscor
Slide 14: DTC
DTC • DTC delivered another exceptional result in FY26, underpinned by defence and unmanned systems applications across all geographies • Unmanned sector revenue more than doubled to ~$215 million vs the pcp. H2 saw continued acceleration in orders from conflict regions and non- conflict defence & s
Slide 15: The BluSDR Family
THE BLUSDR FAMILY Flexible solutions across the UAS spectrum – deployed where the mission demands PRIMARY COVERAGE Primary coverage BluSDR-6 BluSDR-30 BluSDR-90 BluSDR-90-UL BluSDR-200 26g | 6km | 400mW 110g | 30km+ | 2W From 2.5kg | 90km | 10W 210g | over 90km+ | 10W From 2.7kg | over 200km+ | 20W
Slide 16: Acquisition of Adaptive Dynamics
ACQUISITION OF ADAPTIVE DYNAMICS AI- ENABLED ENHANCES US - BASED MISSION - CRITICAL TECHNICAL CAPABILITIES COMMUNICATIONS IN UNMANNED SOLUTION ANTI - JAMMING & INTERFERENCE MITIGATION TECHNOLOGY LAND, MARITIME EXPAND ADDRESSABLE & AIRBORNE MARKETS, SUPPORTING DOMAINS FUTURE GROWTH BEYOND FY27 STRENG
Slide 17: Zetron
ZETRON • Zetron impacted in 1H FY26 by a temporary slowdown in US procurement and contracting cycles. H2 revenue was broadly in line with H1 ¹ • Order intake strengthened towards the end of H2, resulting in a 25% year - on- year increase in Zetron's orderbook as at 30 - Jun - 2026. Key wins include:
Slide 18: SALUS Platform Transition
SALUS Platform Transition Unifying Zetron’s legacy systems into a single, scalable software and services platform Expands Zetron’s addressable market & PLATFORM FEATURES increases customer lifetime value: Unified control room Combining multiple standalone systems into one platform and a unified expe
Slide 19: Minelab
MINELAB • Minelab’s FY26 results were exceptional, with revenue of $362.0 million (+42% vs FY25). H2 revenue exceeded H1¹, with 15% revenue growth supported by successful product releases • Segment profit of $162.4 million (+65% vs FY25), with segment profit margin increased to 45%, driven by revenu
Slide 20: Ultimate Depth. Ultimate Control.
Ultimate depth across all soils and conditions • Find deep targets Ultimate Depth. • Handle challenging ground Ultimate Control. • Stable depth performance in all soils With • GeoZVT Technology • Echo Sonic Pro Audio • Z-Set Concentric Toroidal Coils GPZ 7000 vs GPZ 8000 •Greater depth and improved
Slide 21: Strategy Update
Ea CODAN Strategy Update = fa | — - i a >
Slide 22: Strategy Overview
STRATEGY OVERVIEW Codan’s growth strategy focuses on three core pillars that drive long - term value INVEST IN OURSELVES STRENGTHEN CORE BUSINESSES DISCIPLINED CAPITAL ALLOCATION GETTING QUALITY OF ACQUISITIONS THAT EVERYTHING RIGHT TOPLINE CREATE VALUE • Continued focus on people, process and • Con
Slide 23: Near Term Objectives
NEAR TERM OBJECTIVES Successful execution will see a more - balanced, integrated and sustainable Codan Enhance offering as full Expand systems support & Maximise new product experience solutions provider predictability of recurring revenue and drive channel expansion • Integration of Adaptive Dynami
Slide 24: People, Values & Community
PEOPLE, VALUES & COMMUNITY Commenced Quarterly Continued investment in STEM education, incl. Values Awards university scholarships, student mentoring & industry engagement. Inaugural Codan Founders' PhD scholarship Continued support for: Variety, Youth Opportunities, KickStart for Kids, Hutt St Cent
Slide 25: Outlook & Summary
Ea CODAN Outlook & Summary Sie
Slide 26: Group Outlook
GROUP OUTLOOK Continuing to deliver on the strategy of “ Building a Stronger Codan ” The Group’s strategic pillars will continue to guide Codan’s focus in FY27 : • Early H1 FY27 Communications trading has been strong : o Communications targets long - term sales growth ~10 - 15% per annum, however th
Slide 27: Appendix
CODAN Appendix
Slide 28: The Journey
THE JOURNEY Key milestones in Codan’s history HF radio communications Successful for school of the air, acquisition & Australian outback integration of 4 community and more businesses emergency services. Minelab acquisition Commencement of & dominance of Entry into US exports metal detection militar
Slide 29: Diversified Global Technology Company
DIVERSIFIED GLOBAL TECHNOLOGY COMPANY Codan develops and manufactures innovative lifesaving, mission critical communications and detection technology for individuals, communities and governments. 150+Countries where Codan products & solutions sold 20 Sites globally, across 11key countries >1,100 Glo
Slide 30: Core Brands
CORE BRANDS Innovative lifesaving, mission critical communications and detection technology Mission - critical communications Market- leading detection technologies solutions First - choice integrated technologies for public safety and critical infrastructure 29
Slide 31: Historical Performance
HISTORICAL PERFORMANCE Codan’s disciplined execution has expanded the quality and predictability of its revenues and earnings GROUP REVENUE ($M) GROUP E BIT ($M) GROUP NPAT ($M) 875 175 244 674 551 104 457 146 114 81 68 88 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 DIVIDENDS PER SHA
Slide 32: Change in Net Debt Position
CHANGE IN NET DEBT POSITION CHANGES IN NET DEBT (JUN - 26 VS JUN - 25, $M) 241.8 (64.6) (51.8) 35.7 (11.5) (78.3) Jun - 25 Operating Dividends Engineering PP&E & Intangibles Jun - 26 Net Debt Cashflow Capex Capex Net Cash 31
Slide 33: Recent Acquisitions
RECENT ACQUISITIONS Successfully integrated >$260 million of accretive acquisitions, delivering value DOMO TACTICAL COMMUNICATIONS ZETRON May 2021 ~$108M May 2021 Established technology provider for high bandwidth wireless communications with specialist capabilities in MIMO MESH networks. ~$49M Purc
Slide 34: Leadership Team
LEADERSHIP TEAM Alf Ianniello Kayi Li Marjolijn Woods Pieter Guichelaar Managing Director Chief Financial Officer¹ Chief Human Chief Operating and CEO Resources Officer Officer Ben Harvey Paul Sangster Scott French Daniel Hutchinson Executive General Executive General Executive General Executive Gen
Slide 35: DTC Primary Markets
DTC Communications solutions that enable customers to be connected PRIMARY MARKETS MILITARY LAW ENFORCEMENT BROADCAST COMMERCIAL/NGO & INTELLIGENCE UNMANNED FAVOURABLE MARKET FUNDAMENTALS: DTC’S COMPETITIVE ADVANTAGE: • Increasing global military and defence spend in the • Advanced waveforms Five Ey
Slide 36: Defence Ecosystem
DEFENCE ECOSYSTEM SPACE ISR UAV AIR SWARM UAV BluSDR - 90- Ul/ BluSDR - 200* BluSDR - 6 / BluSDR - 30* SEA USV Mesh, HF* SOL8SDR - H2 L/S/C Forward Operating Base Sentry - H 6110- MP* RIOS, Sentry - H 6110 / Sentry - H 6120* Sentry Mesh 6161 L/S * Satellite Comms Satellite Comms KEY DIFFERENTIATORS
Slide 37: Zetron Primary Markets
ZETRON True end - to- end mission critical solutions provider PRIMARY MARKETS PUBLIC SAFETY TRANSPORTATION UTILITIES FAVOURABLE MARKET FUNDAMENTALS: ZETRON’S COMPETITIVE ADVANTAGE: • US to upgrade 911 infrastructure, with potential access to long - term federal • Long term customer installed base an
Slide 38: Public Safety Ecosystem
PUBLIC SAFETY ECOSYSTEM SPACE AIR ISR Drone Mesh* First Response Drone P25/Mesh * First Response Drone Mesh* P25/Wireless Mesh* SEA P25 Satellite Comms Mesh, HF* Border Patrol USV Mesh, HF* P25/Wireless Zetron CAD/Dispatch Mesh* Call Triage / Response Orchestration* Mobile Wireless/P25 Gateway * KEY
Slide 39: Minelab Primary Markets
MINELAB Delivering market - leading, innovative detectors PRIMARY MARKETS RECREATION / GOLD PROSPECTING / COUNTERMINE PROFESSIONAL MINING Coin & Treasure, Handheld Landmine Gold Detectors Gold Detectors Detectors FAVOURABLE MARKET FUNDAMENTALS: MINELAB’S COMPETITIVE ADVANTAGE: • Enthusiastic end - u
Slide 40: Contact Us
CONTACT US Codan Limited | ASX: CDA Technology Park 2 Second Avenue Mawson Lakes SA 5095 Australia Phone: +61 (0)8 8305 0392 Email: info@codan.com.au Website: codan.com.au