Slide 1: FY25 Full-year investor presentation (ASX cover letter)
21 August 2025 Company Announcements Office Australian Securities Exchange Level 4 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam FY25 Full-year investor presentation Please find attached a copy of Codan Limited’s investor presentation dated 21 August 2025 for release to the market. Yours faithfull
Slide 2: FY25 Full Year
FY25 FULL YEAR Codan Limited 21st August 2025
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 CASE STUDIES STRATEGY UPDATE OUTLOOK AND SUMMARY APPENDIX 3
Slide 5: Building a Stronger Codan
BUILDING A STRONGER CODAN Our success “building a stronger Codan” is underpinned by both financial and operational objectives GLOBAL OPPORTUNITY AND EXCEPTIONAL DIVERSIFIED EARNINGS CULTURE Large, globally addressable Fosters collaboration market, notably within and inclusivity, inspiring developed
Slide 6: FY25 Group Highlights
FY25 GROUP HIGHLIGHTS • Group revenue of $674.2 million, up 22%, reflecting strong organic growth, supplemented by Kägwerks acquisition¹ • Net profit after tax of $103.5 million, up 27% Revenue EBIT • All profitability metrics increased vs FY24, with EBIT and NPAT $674.2m $146.0m up 28% and 27% resp
Slide 7: FY25 Performance
FY25 PERFORMANCE PROFIT & LOSS FY25 FY24 Change • Communications performance: $m $m % o revenue of $413.5 million (+26% vs pcp); Revenue Communications $413.5 $326.9 26% o segment profit of $107.9 million (+34% vs pcp); and Metal Detection $254.8 $219.9 16% o expanding orderbook of $253 million (+28
Slide 8: Financial Position
FINANCIAL POSITION Flexibility to support future growth opportunities • Net debt increased by $2.8 million year-on-year, after funding Balance Sheet Jun-25 Jun-24 Change $m $m $m $35.7 million for acquisitions Receivables 93.1 93.9 (0.8) • Strong second-half performance drove a $45.8 million Invento
Slide 9: Change in Net Debt Position
CHANGE IN NET DEBT POSITION CHANGES IN NET DEBT (JUN-25 VS JUN-24, $M) 139.8 (44.5) (35.7) (13.2) (75.4) (49.3) (78.3) Jun-24 Operating Dividends Acquisitions¹ PP&E Capex Engineering Jun-25 Net Debt Cashflow Capex Net Debt 1. Cash consideration for acquisitions. 8
Slide 10: Engineering Investment
ENGINEERING INVESTMENT Invest in ourselves - strong pipeline of projects • Ongoing engineering investment across segments supports competitive positioning and drives inorganic growth strategy ENGINEERING ENGINEERING SPEND BY SPEND ($M)1 BUSINESS UNIT • Global team of highly skilled engineers and res
Slide 11: Business Units
Business Units CODAN
Slide 12: Communications
COMMUNICATIONS • FY25 Communications revenue increased by 26% vs pcp, to $413.5 million, driven by: o robust DTC performance; o further enhanced by Kägwerks acquisition¹; and o supplemented by strong momentum in Zetron (ex. U.S.) revenues • Communications organic revenue growth of 19%, well above th
Slide 13: DTC
DTC • DTC delivered an exceptionally strong FY25 result, underpinned by: o growing global defence expenditure, particularly in unmanned systems; and o continued momentum across law enforcement verticals • Ongoing benefit from leading MESH radio technology and solutions, demonstrating exceptional per
Slide 14: Zetron
ZETRON • Zetron EMEA and Asia Pacific performed strongly, delivering revenue growth within the targeted 10 to 15% range, notable wins including: o a 10-year, $14 million nationwide public safety contract (Australasia); and o several smaller awards (incl. ACOM adoption by major UK airline and CallTou
Slide 15: Minelab
MINELAB • FY25 Minelab revenue increased 16% vs pcp, to $254.8 million • Segment profit margin increased to 39%, driven by higher margin product mix, incl. greater proportion of gold detector sales (FY24: 35%) • Strong Africa revenues of approximately $115 million (+64% HoH, +54% YoY), reflecting re
Slide 16: Minelab New Product Launch – Q1 FY26
MINELAB NEW PRODUCT LAUNCH – Q1 FY26 More precision. More Depth. More Gold. HIGH-PERFORMANCE, ALL-SOILS, EASY TO USE
Slide 17: Case Studies
Case Studies CODAN
Slide 18: Defence Ecosystem
DEFENCE ECOSYSTEM SPACE ISR UAV AIR SWARM UAV BluSDR -90-Ul/ BluSDR -200* BluSDR -6 / BluSDR -30* USV SEA Mesh, HF* SOL8SDR-H2 L/S/C Forward Operating Base Sentry-H 6110-MP* Sentry Mesh 6161 L/S* RIOS, Sentry-H 6110 / Sentry-H 6120* Satellite Comms Satellite Comms KEY DIFFERENTIATORS Mesh/Sentry-H 6
Slide 19: Public Safety Ecosystem
PUBLIC SAFETY ECOSYSTEM SPACE AIR ISR Drone Mesh* First Response Drone P25/Mesh* First Response Drone Mesh* P25/Wireless Mesh* P25 Satellite Comms Mesh, HF* Border Patrol USV SEA Mesh, HF* P25/Wireless Zetron CAD/Dispatch Mesh* Call Triage / Response Orchestration* Mobile Wireless/P25 Gateway* KEY D
Slide 20: Strategy Update
Strategy Update CODAN
Slide 21: Strategic Update
STRATEGIC UPDATE Execution against Codan’s growth strategy continued in FY25, driving long-term value OURSELV PITAL ALL NVEST IN ES INED CA OCA I IPL TIO SC N DI GETTING QUALITY OF ACQUISITIONS THAT EVERYTHING RIGHT TOPLINE CREATE VALUE • • Expanded commercial capability across • STRATEGY Appointed
Slide 22: Near Term Objectives
NEAR TERM OBJECTIVES Successful execution will see a more-balanced, integrated and sustainable Codan Enhance offering as full solutions Expand systems support & Promote new products & expand provider predictability of recurring revenue channels to market • First release of the multi-waveform radio •
Slide 23: Social & Environmental
SOCIAL & ENVIRONMENTAL Long-term scholarship Continued sponsorship Consider scope 1, 2 & 3 reduction targets Climate Change Framework Priority Areas Broad Community Engagement Initiatives & cultural funding to of Adelaide University 1 2 3 Scotch College Solar Racing Team Committee for Adelaide & Ame
Slide 24: Outlook & Summary
Outlook & Summary CODAN
Slide 25: Group Outlook
GROUP OUTLOOK Codan is well positioned for sustained growth and supported by favourable market conditions Codan expects to continue to grow revenue and profitability to deliver long-term value to shareholders Looking ahead to FY26: • Communications positioned for long-term revenue growth of 10-15%.
Slide 26: Appendix
Appendix CODAN
Slide 27: The Journey
THE JOURNEY Key milestones in Codan’s history FOUNDED ASX LISTED MINELAB ACQUISITION DOMINANCE OF METAL COVID IMPACT A STRONGER CODAN 1959 2003 2008 DETECTION 2020/2021 2021 > TODAY Friends from University Codan Limited lists on Codan acquires Minelab, Minelab takes metal Unprecedented A strong dive
Slide 28: Globally Diversified Technology Company
GLOBALLY DIVERSIFIED 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 >1,000 Global employees, >30% engineering Codan’s
Slide 29: 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 Man
Slide 30: Core Values
CORE VALUES CUSTOMER TRUST & HIGH CAN-DO DRIVEN INTEGRITY PERFORMING Foster a positive experience Act honestly with Commit to defining and Positive determination to for all our customers, both transparency and embrace achieving ambitious goals. take the right action to internal and external. diversi
Slide 31: Strategy Overview
STRATEGY OVERVIEW Codan’s renewed growth strategy focuses on three core pillars that drive long-term value OURSELV PITAL ALL NVEST IN ES INED CA OCA I IPL TIO SC N DI GETTING QUALITY OF ACQUISITIONS THAT EVERYTHING RIGHT TOPLINE CREATE VALUE • Continued focus across people, • Global opportunity - On
Slide 32: Recent Acquisitions
RECENT ACQUISITIONS Successfully acquiring, integrating and delivering value DOMO TACTICAL COMMUNICATIONS ZETRON May 2021 May 2021 Established technology provider Leading US based company for high bandwidth wireless providing mission critical communications with specialist Purchase Purchase communic
Slide 33: Primary Markets: DTC
DTC Communications solutions that enable customers to be connected FAVOURABLE MARKET FUNDAMENTALS: MILITARY • Increasing global military and defence spend in the Five Eyes Intelligence community1 PRIMARY MARKETS • Smart and safe city initiatives, growing adoption of Internet of Things (IoT) applicat
Slide 34: Primary Market: Zetron
ZETRON True end-to-end mission critical solutions provider FAVOURABLE MARKET FUNDAMENTALS: PRIMARY MARKET • Ongoing US momentum to upgrade 911 infrastructure, PUBLIC SAFETY with potential access to long-term federal and state funding under the NG911 framework • Long term contracts – recurring revenu
Slide 35: Primary Markets: Minelab
MINELAB Delivering market-leading, innovative detectors FAVOURABLE MARKET FUNDAMENTALS: • Emerging awareness of recreational metal detection RECREATION / PROFESSIONAL • Shift in consumer preference towards direct-to-consumer Coin & Treasure, Gold Detectors and eCommerce channels • Continued geograph
Slide 36: 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