Slide 1: FY26 Half-year investor presentation cover letter to ASX
19 February 2026 Company Announcements Office Australian Securities Exchange Level 4 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam FY26 Half-year investor presentation Please find attached a copy of Codan Limited’s investor presentation dated 19 February 2026 for release to the market. Yours faith
Slide 2: H1 FY26 Results
H1 FY26 Results Codan Limited 19th February 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, r
Slide 4: Contents
CONTENTS RESULT HIGHLIGHTS BUSINESS UNITS • DTC • Zetron • Minelab STRATEGY UPDATE OUTLOOK & SUMMARY APPENDIX
Slide 5: Codan is a global group of innovative, technology companies
Codan is a global group of innovative, technology companies. We are focused on transforming lives through critical technologies. And delivering solutions across communication, detection and connection. 4
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 of
Slide 7: Group Highlights
GROUP HIGHLIGHTS Disciplined execution of Codan’s strategic plan Favourable market High quality Exceptional Diversified Investing for conditions growth from performance in technology portfolio long-term growth in key regions Communications Metal•Detection Strong gold in detector and markets, while b
Slide 8: H1 FY26 Group Highlights
H1 FY26 GROUP HIGHLIGHTS • Group revenue of $393.5 million, up 29%, reflecting strong organic growth and a full first half contribution from Kägwerks Revenue EBIT • Key profitability metrics increased vs H1 FY25: $393.5m $99.8m o o EBIT up 52% vs pcp, to $99.8 million; and NPAT up 55% vs pcp, to $71
Slide 9: H1 FY26 Performance
H1 FY26 PERFORMANCE Change • Communications performance: PROFIT & LOSS Dec-25 Dec-24 $m $m % o revenue of $221.8 million (+19% vs pcp); Revenue o segment profit of $58.3 million (+17% vs pcp); and Communications $221.8 $187.0 19% Metal Detection $168.0 $115.0 46% • Metal detection performance: Other
Slide 10: Financial Position
FINANCIAL POSITION Flexibility to support future growth opportunities • Net debt increased by $10.0 million half-on-half, reflecting Balance Sheet Dec-25 Jun-25 Change working capital investment associated with continued business $m $m $m growth Receivables 117.0 93.1 23.9 • Net debt-to-EBITDA ratio
Slide 11: Change in Net Debt Position
CHANGE IN NET DEBT POSITION CHANGES IN NET DEBT (DEC-25 VS JUN-25, $M) 49.8 (29.1) (5.7) (78.3) (24.9) (88.2) Jun-25 Operating Dividends PP&E Capex Engineering Dec-25 Net Debt Cashflow Capex Net Debt 10
Slide 12: Engineering Investment
ENGINEERING INVESTMENT Invest in ourselves - strong pipeline of projects • H1 FY26 engineering spend of ~$35.8 million, equating to ~9% of ENGINEERING ENGINEERING SPEND BY Group revenues SPEND ($M)1 BUSINESS UNIT • Ongoing engineering investment across segments supports H1 H2 competitive positioning
Slide 13: Business Units
Ea CODAN Business
Slide 14: Communications
COMMUNICATIONS • H1 FY26 Communications revenue increased by 19% vs pcp, to $221.8 million, driven by: o strong DTC performance; and o full half contribution from Kägwerks¹ • Communications segment profit of $58.3 million, up 17% vs pcp • Segment profit margins of 26.3%, broadly in line with pcp, an
Slide 15: DTC
DTC • DTC delivered strong growth during H1 FY26, driven by demand across defence and unmanned systems applications • Revenue from unmanned systems applications increased 68% to $73 million, with approx. half relating to operational defence in conflict zones, with the balance non-conflict related •
Slide 16: BluSDR
BluSDR -90 KEY HIGHLIGHTS: • Long-range, mission-critical communications, delivering reliable connectivity of up to 150km • High performance in a lightweight form, combining 10W RF output with just a 210g design for uncrewed systems • Proven, secure mesh networking at scale, with continuous advancem
Slide 17: Zetron
ZETRON • Trading conditions for Zetron Americas were temporarily impacted by slower procurement cycles across state and local agencies • As a result, Zetron Americas observed extended sales cycles and deferred orders during the period • Early indications in H2 FY26 are encouraging, with trading cond
Slide 18: Minelab
MINELAB • Minelab’s first half results were exceptional, with revenue up 46% vs pcp, to $168.0 million • Minelab segment profit of $76.2 million, up 86% vs pcp • Segment profit margin increased to 45%, driven by higher margin product mix (H1 FY25: 36%) • Africa delivered revenues of approximately $9
Slide 19: Minelab Gold Monster 2000 key highlights
More precision. More Depth. More Gold. KEY HIGHLIGHTS: Lightweight, high-precision Minelab’s Multi-Au hybrid technology to find ultra-fine gold Exceptional depth and accuracy in mineralised ground Echo Wave Audio “Wow. The new Minelab Gold Monster 2000 is an absolute weapon…If you’re serious about f
Slide 20: Strategy Update
Ea CODAN Strategy Update
Slide 21: 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 across people, process • Globa
Slide 22: Near Term Objectives
NEAR TERM OBJECTIVES Successful execution will see a more-balanced, integrated and sustainable Codan Enhance offering as full Expand systems support & Promote new products & expand solutions provider predictability of recurring revenue channels to market • Ongoing investment in dismounted soldier •
Slide 23: Outlook & Summary
Outlook & Summary
Slide 24: Group Outlook
GROUP OUTLOOK Market conditions remain supportive across both Communications and Metal Detection Codan continues to invest in engineering programs to maintain product & technology leadership to underpin long-term growth Looking ahead to H2 FY26: • Communications on track to deliver FY26 revenue grow
Slide 25: Appendix
Eq CODAN Appendix
Slide 26: 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 27: 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 15 Sites globally, across 10 key countries >1,000 G
Slide 28: 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 27
Slide 29: Historical Performance
HISTORICAL PERFORMANCE Codan’s disciplined execution has expanded the quality and predictability of its revenues and earnings GROUP REVENUE ($M) GROUP EBIT ($M) GROUP NPAT ($M) 146 674 104 551 114 81 100 71 457 88 68 394 FY23 FY24 FY25 H1 FY26 FY23 FY24 FY25 H1 FY26 FY23 FY24 FY25 H1 FY26 NET DEBT/L
Slide 30: Recent Acquisitions
RECENT ACQUISITIONS Successfully acquiring, integrating and delivering value DOMO TACTICAL COMMUNICATIONS ZETRON May 2021 May 2021 Established technology Leading US based provider for high bandwidth wireless communications ~$108M ~$49M company providing mission critical Purchase Price Purchase Price
Slide 31: Leadership Team
LEADERSHIP TEAM Alf Ianniello Michael Barton Marjolijn Woods Pieter Guichelaar Managing Director Chief Financial Officer Chief Human Chief Operating and CEO and Company Secretary Resources Officer Officer Ben Harvey Paul Sangster Scott French Daniel Hutchinson Executive General Executive General Exe
Slide 32: People & Values
PEOPLE & VALUES CUSTOMER DRIVEN TRUST & INTEGRITY HIGH PERFORMING CAN-DO 31
Slide 33: 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 34: 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 Mesh/Sentry-H 6
Slide 35: 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 and sta
Slide 36: 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 D
Slide 37: 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: • Sustained strength in
Slide 38: 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