Codan Ltd (ASX:CDA)

Half Year 2026 Codan Ltd Earnings Call Transcript

Feb 18, 2026 / 12:15 AM GMT

Release Date Price: A$34.55 (-0.26%)

Transcript

Key Points

Positve

Codan Ltd (CODAF) reported a 29% increase in group revenue to $394 million, driven by strong organic growth and contributions from Cagworks.
EBIT increased by 52% and net profit after tax (NPAT) rose by 55% to $71 million, demonstrating strong operating leverage.
The company declared a fully franked interim dividend of $0.19 per share, up 56% from the previous period.
Mind Lab delivered exceptional performance with a 46% increase in revenue, supported by elevated gold prices and strong demand in Africa.
Codan Ltd (CODAF) maintains a conservative leverage ratio of 0.4 times EBITDA, with significant financial flexibility for future growth opportunities.

Negative

Operating expenses increased due to targeted investments in shared services and higher performance-linked expenses.
Trading conditions for Zetron Americas were impacted by slower procurement cycles, extending sales cycles and deferring order timing.
The tax expense increased to 25%, with more profits from metal detection taxed in Australia.
The company faces challenges in achieving its target of 30% communications margins by FY27, requiring further integration and scale efficiencies.
The competitive landscape in the defense sector remains intense, with high multiples for acquisitions, making strategic M&A challenging.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CDA.AX - Codan Ltd
Half Year 2026 Codan Ltd Earnings Call
Feb 19, 2026 / 12:15AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to CodA's H1FY26 results presentation. I'm Alfian Yellow, Managing Director and CEO, and joining me today is our CFO and company secretary, Michael Barton.

As announced this morning, after more than 22 years with Codan, Michael has informed us of his decision to retire at the end of August following our FY26 full year results.

Over that time, Michael has played a pivotal role in shaping Codan's financial discipline, capital allocation framework, and acquisition strategy.

On behalf of the board and the broader team, I'd like to sincerely thank him for his contribution.

I'm also pleased to confirm that Kayye Lee, currently our deputy CFO, will succeed Michael as our Chief Financial Officer

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