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C CODAN Canaccord Boston Growth Conference Codan Limited August 2026 Innovation wherever you are
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2 Disclaimer This presentation has been prepared by Codan Limited (ABN 77 007 590 605) (Codan). The information contained in this presentation is for information purposes only and is not investment, financial product, legal or tax advice. This presentation contains summary information about the current activities of Codan and its subsidiaries. The information in this presentation does not purport to be complete nor does it purport to contain all the information that a prospective investor may require in evaluating a possible investment in Codan. This presentation should be read in conjunction with Codan’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au. Statements in this presentation are made only as of the date of this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. Codan is not responsible for providing updated information to any prospective investors. Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. The historical information in this presentation is, or is based upon, information that has been released to the market. For further information, please see past announcements released to ASX. This presentation may contain forward‐looking statements with respect to the financial condition, results of operations, business of Codan and certain plans and objectives of the management of Codan. Actual outcomes may differ materially from forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are likely to involve uncertainties, assumptions, contingencies and other factors. As a result, unknown risks may arise, many of which are outside the control of Codan. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Codan disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law or the ASX Listing Rules. Should you have any specific queries in respect of this disclaimer please contact Codan directly. IMPORTANT NOTICE AND DISCLAIMER
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CONTENTS CODAN OVERVIEW HISTORICAL FINANCIALS STRATEGY BUSINESS UNITS • DTC • Zetron • Minelab APPENDIX
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4 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.
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5 CORE BRANDS Market-leading detection solutions First-choice integrated technologies for public safety and critical infrastructure Mission-critical communications technologies Innovative lifesaving, mission critical communications and detection technology
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6 FY25 Percentage of Revenue by Region 150+ Countries where Codan products & solutions sold >1,100 Global employees, >30% engineering Codan develops and manufactures innovative lifesaving, mission critical communications and detection technology for individuals, communities and governments. 20 Sites globally, across 11 key countries 40% 1% 18% 30% 4% 7% CODAN’S CORE BRANDS: DIVERSIFIED GLOBAL TECHNOLOGY COMPANY
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7 Kayi Li Chief Financial Officer¹ Alf Ianniello Managing Director and CEO Marjolijn Woods Chief Human Resources Officer Paul Sangster Executive General Manager, DTC Scott French Executive General Manager, Zetron Executive General Manager, Minelab Ben Harvey Daniel Hutchinson Executive General Manager, Strategy, Corporate Development and M&A Pieter Guichelaar Chief Operating Officer LEADERSHIP TEAM 1. Formally transitioning to CFO role, effective 1 September 2026.
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8 Key milestones in Codan’s history Founded by three university friends 1959 1960s-1980s HF radio communications for school of the air, Australian outback community and emergency services. Commencement of exports 2003 2008 2021 2021-2024 2025-2026 Listed on ASX Minelab acquisition & dominance of metal detection Successful acquisition & integration of 4 more businesses Entry into US military programs Significant growth in defence & unmanned systems TODAY Building a Stronger Codan Diversification through acquisition of DTC and Zetron THE JOURNEY 8
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Historical Financials
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10 88 114 146 100 FY23 FY24 FY25 H1 FY26 68 81 104 71 FY23 FY24 FY25 H1 FY26 457 551 674 394 FY23 FY24 FY25 H1 FY26 10 Codan’s disciplined execution has expanded the quality and predictability of its revenues and earnings 24.7% 24.6% 26.1% 26.3% FY23 FY24 FY25 H1 FY26 METAL DETECTION SEGMENT PROFIT (MARGIN,%) 32.3% 35.4% 38.5% 45.4% FY23 FY24 FY25 H1 FY26 COMMUNICATIONS SEGMENT PROFIT (MARGIN,%) GROUP REVENUE ($M) GROUP NPAT ($M) GROUP EBIT ($M) 0.4 0.5 0.4 0.4 Jun-23 Jun-24 Jun-25 Dec-25 NET DEBT/LTM EBITDA (x) HISTORICAL PERFORMANCE
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11 • Communications revenue growth expected at the top end of the 15% to 20% range, reflecting: • strong demand from defence customers for unmanned systems, supported by ongoing geopolitical tensions; and • Zetron 2H FY26 revenue expected to be broadly in line with 1H FY26 • Communications segment profit margin expected to achieve 30% for FY26, driven by strong revenue growth combined with operating leverage • Minelab 2H FY26 revenue tracking ahead of strong 1H FY26 performance, supported by favourable gold price and recent successful product releases • In summary, the Group provided the following FY26 guidance: • EBIT of approx. $235 million; and • NPAT of approx. $170 million • Both measures represent growth of greater than 60% versus FY25. MARKET UPDATE (APRIL 2026) On 29 April 2026, Codan provided the following guidance for full year FY26:
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12 Strategy
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13 Our success “building a stronger Codan” is underpinned by both financial and operational objectives Targeting sustainable growth in cash, revenue and profitability across business segments PROFITABLE AND CASH GENERATIVE GROWTH Customer Driven, Trust & Integrity, High Performing and Can-Do to achieve excellence in all we do CORE VALUES Targeting large, globally addressable markets, notably within developed market economies GLOBAL OPPORTUNITY AND DIVERSIFIED EARNINGS Engineering investment to enhance suite of future products and solutions INNOVATIVE PRODUCT DEVELOPMENT Fosters collaboration and inclusivity, inspiring individuals to excel and achieve their full potential EXCEPTIONAL CULTURE Fostering an environment where everyone is empowered to make a meaningful impact LEADERSHIP & ACCOUNTABILITY BUILDING A STRONGER CODAN
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14 23 28 31 36 22 29 38 FY23 FY24 FY25 FY26 H1 H2 ENGINEERING SPEND ($M)1 ENGINEERING SPEND BY BUSINESS UNIT 72% 28% ~9% of revenue Metal Detection Communications Invest in ourselves - strong pipeline of projects ENGINEERING INVESTMENT • H1 FY26 engineering spend of ~$35.8 million, equating to ~9% of Group revenues • Ongoing engineering investment across segments supports competitive positioning and drives organic growth strategy, for example: o advanced tactical communications platforms optimised for contested environments and low size, weight and power (SWAP) applications; o continued development of Next Generation 911 (NG911) and integrated command-and-control platforms; and o new and upgraded detection products across recreational, gold and military markets. • Global team of highly skilled engineers and research scientists to drive product and customer roadmaps 1. Engineering spend reflects cash costs of engineering teams, of which $24.9 million was capitalised during H1 FY26.
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15 RECENT ACQUISITIONS ~$19M ~$36M ~$21M ~$9M ~$20M ZETRON Leading US based company providing critical communications and interoperability solutions. May 2021 Purchase Price ~$49M DOMO TACTICAL COMMUNICATIONS Established technology provider for high bandwidth wireless communications with specialist capabilities in MIMO MESH networks. May 2021 Purchase Price ~$108M BROADCAST WIRELESS & WAVE CENTRAL¹ Leading systems integrator of wireless broadcast equipment (BWS) and a portfolio of high- quality wireless video broadcast products (WC). 2021 – 2023¹ Aggregate Purchase Price KÄGWERKS Leader in tactical, operator- worn networking technology, giving soldiers a lightweight network hub. Dec 2024 Purchase Price ADADPTIVE DYNAMICS US-based specialising in development of anti-jamming and interference mitigation technologies, across domains. Jul 2026 Purchase Price GEOCONEX Leading integrator of US Public Safety and Homeland Security systems. Feb 2023 Purchase Price EAGLE Leading UK software supplier to the emergency services, public safety and control room markets. Aug 2023 Purchase Price Successfully integrated >$260 million of accretive acquisitions, delivering value 1. Broadcast Wireless Systems (“BWS”), Dec 2021, $8.4 million. Wave Central (“WC”), Dec 2023, $10.8 million.
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Business Units
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17 PRIMARY MARKETS FAVOURABLE MARKET FUNDAMENTALS: • Increasing global military and defence spend in the Five Eyes1 and NATO • Heightened geopolitical tensions driving required investment in force modernisation, protection and readiness • High-volume, attritable platforms creating larger equipment volumes and shorter technology-refresh cycles • Rapid growth in counter-UAS requirements alongside the expanding drone market • Growth in use of unmanned systems across diverse industries DTC’S COMPETITIVE ADVANTAGE: • Advanced waveforms • Ability to transmit voice/data/video utilizing high quality infrastructure-less equipment • Optimized latency strength - use of token-passing waveform results in enhanced reliability • Ability to offer and adopt multi waveforms • Size, weight and power (SWAP) - ability to penetrate adjacent markets • Global scale with local delivery – engineering and manufacturing capabilities in the US, UK and Australia provide sovereign production, shorter lead times and responsive regional support Communications solutions that enable customers to be connected DTC BROADCAST COMMERCIAL/NGOMILITARY UNMANNEDLAW ENFORCEMENT & INTELLIGENCE 1. United States, Canada, United Kingdom, Australia and New Zealand.
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18 GROUP 2 MEDIUM RANGE GROUP 3 LONG RANGE GROUP 4 EXTENDED RANGE GROUP 5 EXTRA LONG RANGE RANGE 0.3 to 15 km 10 to 80 km 50 to 200 km 150 to 1,000 km 500 km to global THE BLUSDR FAMILY Flexible solutions across the UAS spectrum – deployed where the mission demands DTC’s strength is in Groups 2-3 with selective participation in extended-range applications Products are deployed flexible across platform groups depending on mission requirements PRIMARY COVERAGE BluSDR-30 110g | 30km+ | 2W BluSDR-6 26g | 6km | 400mW BluSDR-90-UL 210g | over 90km+ | 10W BluSDR-90 From 2.5kg | 90km | 10W BluSDR-200 From 2.7kg | over 200km+ | 20W Primary coverage GROUP 1 SHORT RANGE
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19 PRIMARY MARKETS True end-to-end mission critical solutions provider ZETRON TRANSPORTATION UTILITIESPUBLIC SAFETY FAVOURABLE MARKET FUNDAMENTALS: • US to upgrade 911 infrastructure, with potential access to long-term federal and state funding under the NG911 framework • Long term contracts – recurring revenue stream • Technology convergence of broadband, IoT, land mobile radio and AI driving investment and upgrades • Heightened security risks and natural disasters • Continued modernisation and consolidation of utilities industry ZETRON’S COMPETITIVE ADVANTAGE: • Long term customer installed base • End-to-end solution – integrated systems that streamline entire mission critical communication • Command & control capability – powering complex control room environments • Leading wired/wireless integration and interoperability • Exceptionally low power consumption solutions
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Zetron Company Confidential20 SALUS: Platform Transition Driving Growth and Recurring Revenue Multiple standalone systems (ACOM, MAX, Cortex) Unifying Zetron’s legacy systems into a single, scalable software and services platform Hardware-led, project-based revenue BEFORE: CURRENT MODEL Limited integration across workflows Ongoing service and support Established relationships delivering support, maintenance and lifecycle services Unified control room platform One platform, unified experience Modular applications Dispatch, CAD, alerting, mapping and more AFTER: SALUS PLATFORM MODEL Integrated ecosystem End-to-end workflows across customers and agencies Scalable service and support Expanded and enhanced through managed services and lifecycle solutions PLATFORM TRANSFORMATION Expands Zetron’s addressable market and increases customer lifetime value 1. Higher customer value More modules, cross sell and upsell opportunities 2. Recurring revenue Grow recurring revenue through hosting and managed services 3. Margin expansion Software-led model with scalable cost base
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21 PRIMARY MARKETS RECREATION / PROFESSIONAL FAVOURABLE MARKET FUNDAMENTALS: • Enthusiastic end-user acceptance of FY26 new product launches • Growing global affinity to recreational metal detection • Consumer commercial shift towards marketplace and proprietary eCommerce channels • Sustained growth via emerging market performance underpinned by enhanced distribution networks (e.g. Latin America, Asia-Pacific) • Ongoing strength in precious metal prices MINELAB’S COMPETITIVE ADVANTAGE: • Breakthrough technology • Improved detection depth • Advanced target discrimination • Intuitive consumer interface • Demand creation focus across current and emerging markets via enhanced customer experience • Complete assortment of products across key price points and skill levels • Scale and momentum as the largest hand-held metal detection company in the world Delivering market-leading, innovative detectors MINELAB Coin & Treasure, Gold Detectors GOLD PROSPECTING / MINING COUNTERMINE Handheld Gold Detectors Landmine Detectors
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Ultimate Depth. Ultimate Control. Ultimate depth across all soils and conditions • Find deep targets • Handle challenging ground • 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 sensitivity to smaller gold •Enhanced ground handling in highly mineralized soils •Faster and more stable target response •Improved ergonomics and reduced weight •Breakthrough coil architecture 22
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More Precision. More Depth. More Gold. Extreme sensitivity across all gold sizes and terrains • Find ultra-small and deeper gold • Handle highly mineralized ground with ease • Stable performance in changing conditions With • Multi-Au® Technology • Advanced Target ID & Gold Chance Indicator • Echo Wave® AudioGOLD MONSTER 2000 vs GOLD MONSTER 1000 • Greater depth across more gold sizes • Better performance in mineralized ground • Advanced target ID and clearer signals • Improved audio and usability • Lighter, stronger, and more durable
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Appendix
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25 DEFENCE ECOSYSTEM ✓ Full Solution Provider ✓ Multi-waveform interoperability (no vendor lock) ✓ Low-latency IP interconnectivity ✓ End-to-end security with sovereign encryption capability SEA LAND AIR BluSDR -90-Ul/ BluSDR -200* BluSDR -6 / BluSDR -30* Sentry Mesh 6161 L/S * Satellite Comms SOL8SDR -H2 L/S/C Sentry-H 6110-MP* Mesh/Sentry -H 6120* SWARM UAV Mobile Assets NetNode Dual L/S Sentry-H 6120-BM* Specialist Units Kägwerks DockUltra IP Mesh * ISR UAV SPACE UGV NetNode Dual L/S * Forward Operating Base RIOS, Sentry -H 6110 / Sentry -H 6120* Satellite Comms USV Mesh, HF* KEY DIFFERENTIATORS 25* Codan Communications Technology
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Wireless Mesh, HF* ✓ Unified Dispatch + Field Connectivity ✓ P25, wireless, IP Mesh Interoperability ✓ Low-latency IP interconnectivity (scalable performance) ✓ Field-proven Safe Cities deployments ✓ Rugged low-power LMR infrastructure PUBLIC SAFETY ECOSYSTEM KEY DIFFERENTIATORS * Codan Communications Technology 26 P25/Cascade/Mesh MT4E* SEA LAND AIR P25/Wireless Mesh* HQ Building Zetron Command & Control Mesh, HF* Satellite Comms First Response Drone P25/Mesh * P25/Wireless P25/Wireless Mesh, HF* Border Patrol USV Mesh, HF* Mobile Wireless/P25 Gateway* ISR Drone Mesh* First Response Drone Mesh* Zetron CAD/Dispatch Call Triage / Response Orchestration* P25 Satellite Comms SPACE Mesh* P25/Wireless Mesh*