CODAN LIMITED — Interim / Quarterly Report 2026

Feb 18, 2026

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ASX RELEASE

19 February 2026

CODAN H1 FY26 RESULTS

H1 FY26 HIGHLIGHTS:

• Strong Group financial performance, with continued momentum across both segments:

  • Revenue of $393.5 million, up 29% vs the prior corresponding period (“pcp”);

  • Earnings before interest and tax of $99.8 million, up 52% vs the pcp; and

  • Net profit after tax of $71.2 million, up 55% vs the pcp.

• Communications:

  • Revenue of $221.8 million, up 19% vs the pcp;

  • Segment profit of $58.3 million, up 17% vs the pcp; and

  • Orderbook of $294 million, up 19% vs the pcp.

• Metal Detection:

  • Revenue of $168.0 million, up 46% vs the pcp; and

  • Segment profit of $76.2 million, up 86% vs the pcp.

• Earnings per share of 39.2 cents, up 54% vs the pcp.

• Interim dividend declared of 19.5 cents, fully franked, up 56% vs the pcp.

• Results briefing to be held at 11:15am AEDT Friday 19 February 2026 (Click here to register)

Codan Limited (“ ASX:CDA ”, “ Codan ”, “ Group ” or “ the Company ”), the Australian-based technology company, today announced its half year results for the period ended 31 December 2025 (“ H1 FY26 ”), in line with the H1 FY26 Trading Update released on 9 January 2026.

Commenting on the results, Chief Executive Officer, Alf Ianniello, said:

“Codan has delivered another strong financial result for the first half of FY26, with Group revenues growing 29% to $394 million, and both EBIT and NPAT up by more than 50% versus the first half of FY25. The Group’s performance reflects disciplined execution of our strategic plan, favourable market conditions in key regions, and the benefits of our diversified technology portfolio.

Our Communications segment continues to deliver high-quality growth at the top end of our FY26 target range, while Metal Detection delivered exceptional performance, driven by gold detector demand in Africa and continued momentum across rest-of-world markets. These results reinforce Codan’s strategy of building a stronger, more diversified earnings base while investing for long-term growth.”

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Group revenue increased 29% compared to the pcp, reflecting strong organic growth and a full first half contribution from Kägwerks[1] .

Expenses increased during the half, primarily due to targeted investment in strengthening the Group’s shared services, higher performance-linked accruals reflecting the strong first half results, product-launch costs, and the inclusion of Kägwerks cost base for the full period.

EBIT and NPAT respectively increased by 52% and 55% versus the pcp, demonstrating strong operating leverage across the Group.

Net Debt and Balance Sheet

Net debt increased by approximately $10 million to $88.2 million at 31 December 2025, reflecting working capital investment associated with continued business growth in H1 FY26. The Group balance sheet is in a strong position with a net debt to EBITDA ratio of 0.4 times, undrawn debt facility of $140 million, with a further $150 million in accordion capacity available subject to bank approval. These facilities provide Codan with financial flexibility to pursue strategic inorganic growth opportunities.

1 Kägwerks acquisition settled 5 December 2024

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Communications (DTC & Zetron)

Codan’s Communications business designs and manufactures mission-critical communication solutions for global military and public safety applications. These solutions allow customers to save lives, enhance security and support peacekeeping activities worldwide.

Communications revenue increased 19% to $221.8 million compared to the pcp. Communications segment profit was $58.3 million, up 17% compared to the pcp, with segment profit margins of 26.3% broadly in line with the pcp. This segment margin is a result of the challenging trading environment for Zetron during H1 FY26, in addition to the inclusion of Kägwerks for the full period, which temporarily moderated the pace of segment profit margin improvement. The Group remains focused on increasing Communications’ segment profit margins, targeting 30% by the end of FY27.

DTC delivered strong growth during the first half, particularly from defence and unmanned systems applications demand. Revenue from the high-growth unmanned sector increased 68 % to $73 million during H1 FY26 versus pcp. Approximately half of this unmanned revenue, during the period related to operational defence applications in conflict zones, with the balance being driven by the adoption of DTC’s technologies, across non-conflict defence and security programs in Asia, the US and Europe. Importantly, growth rates across both conflict and nonconflict markets were broadly consistent, reinforcing the structural expansion of the unmanned systems market. This performance reflects continued product evolution, including increased adoption of DTC’s software-defined radio platform and the BLU-SDR-90, which delivers longrange, high-bandwidth connectivity in a compact, low size, weight and power (SWaP) form factor. The BLU-SDR-90 is optimised for contested environments and is increasingly deployed within unmanned and autonomous system applications.

Kägwerks delivered a full first-half contribution in line with expectations and continued to integrate effectively within Codan’s DTC division. The business contributed to Communications segment performance through its established position within the US military communications market, including ongoing participation in the Nett Warrior Program of Record.

Trading conditions for Zetron Americas were temporarily impacted by slower procurement cycles across the state and local agencies that we serve, which extended sales cycles and deferred order timing during the half. Early indications in the second half of FY26 are encouraging, with trading conditions showing signs of improvement as funding approvals progress . EMEA and APAC markets delivered stable performance during the H1 FY26. Research and development efforts remain focused on advancing Next Generation 911 (NG911) capabilities, including IP-based call handling, multimedia intake (text, image and video) and enhanced location accuracy, alongside the continued development of the SALUS platform. The SALUS platform is designed to provide a more integrated, standards-based and flexible solution across command and control, supporting long-term platform consistency and interoperability.

Collectively, Communications’ aggregate orderbook grew to $294 million at 31 December 2025 (up 19% versus the pcp), driven by strong order intake in both DTC and Zetron.

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Metal Detection (Minelab)

Minelab is the world leader in handheld metal detection technologies for the recreational, gold mining, demining and military markets. For more than 30 years Minelab has led the metal detection industry to new levels of technological excellence.

Minelab’s first half results were exceptional, with revenue up 46% vs pcp to $168.0 million and segment profit was $76.2 million, up 86% versus the pcp. As a result of an increase in the proportion of revenue generated from gold detector sales, Minelab increased segment profit margin to 45% during the half, versus 36% in the pcp.

Minelab Africa delivered an exceptional H1 FY26 result, with revenues of approximately $95 million, driven primarily by strong demand from West Africa for Minelab’s gold detection technologies and favourable gold price conditions.

Minelab Rest of World (RoW) delivered high-teens revenue growth in H1 FY26, more than offsetting variability associated with the project-based countermine business. RoW performance reflects continued strength across key recreational markets and was supported by strong underlying demand, an excellent contribution from recent product introductions, and the ongoing expansion of Minelab’s direct-to-consumer e-commerce platform.

Minelab continues to invest in product innovation and engineering to support its technology leadership across its detection portfolio. During H1 FY26, Minelab launched three new and upgraded products, including the Gold Monster 2000, the upgraded Vanquish 60 series, and the MDS-20 detector. Customer feedback on the Gold Monster 2000 to date has been very positive, reflecting strong interest in its enhanced performance and ease of use. The Vanquish upgrade further strengthens Minelab’s offering in the accessible multi-purpose segment, while the release of the MDS-20 extends the application of Minelab’s detection technology into military environments. A new high-end gold detector is scheduled for release in the coming weeks, continuing the cadence of product releases and innovation.

Minelab continues to invest in the development of new detector platforms to support future product refreshes and extend its technology leadership in its core markets. Collectively, these product launches demonstrate the depth of Minelab’s innovation capability and reinforce its leading position in recreational and specialist detection markets.

Outlook

Market conditions remain positive in both Communications and Metal Detection, reflecting the diversified nature of the Group’s portfolio and the quality of our businesses. Codan’s strategy is to continue to invest in engineering programs to maintain product and technology leadership and to underpin long-term growth.

In Communications, elevated defence spending and ongoing geopolitical tensions globally continue to generate strong demand for unmanned systems products. Communications is on track to deliver FY26 revenue growth within a 15 to 20% target range, supported by strong underlying demand and the full-year contribution from Kägwerks.

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Minelab revenue in the second half of FY26 to date is tracking in line with strong first-half performance. Based on current trading conditions, the Group expects second-half performance to be at least in line with the first half, supported by favourable gold market conditions and a full six-month contribution from recent product releases.

With balance sheet capacity and a disciplined approach to capital allocation, Codan remains well positioned to continue investment in the business and pursue future acquisitions that fit our product and technology roadmaps and enhance the quality, resilience and diversification of its earnings.

CFO and Company Secretary Changes

Michael Barton has advised that, after 22 years of service, he will retire as Codan’s Chief Financial Officer and Company Secretary on 31 August 2026. Kayi Li, who is currently Codan’s Deputy CFO, will succeed Michael as Chief Financial Officer. Daniel Widera, who is currently Codan’s General Counsel and Joint Company Secretary, will become Codan’s sole Company Secretary upon Michael’s retirement.

To ensure there is an orderly and seamless transition, Michael will remain available to Codan for a 12-month period following his retirement, working alongside Kayi and Daniel during the transition.

H1 FY26 Results Briefing

A briefing with Managing Director, Alf Ianniello, at 11:15am (Australian Eastern Daylight Time) on 19 February 2026. This briefing will be available via the following link – 2026 Half Year Results Announcement.

On behalf of the Board

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Daniel Widera Company Secretary

This announcement was authorised by the Board of Directors.

Codan is a technology company that develops robust technology solutions to solve customers’ communications, safety, security and productivity problems in some of the harshest environments around the world.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Alf Ianniello Michael Barton Managing Director & CEO Company Secretary & CFO Codan Limited Codan Limited (08) 8305 0392 (08) 8305 0392

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