Codan defends FY25 performance after ASX scrutiny

Codan Limited has responded to an ASX query regarding a significant movement in its share price and trading volume on August 21, 2025, following the release of its full-year FY25 results. The company maintains that its FY25 financial performance, including statutory and underlying earnings, did not materially differ from market expectations.

For FY25, Codan did not issue group-level guidance, but its Communications division targeted 10-15% organic revenue growth. This was expected to exceed 15% with the acquisition of Kägwerks. The actual organic revenue for the Communications division in H2 FY25 was $202 million, approximately 1.5% above the top end of the guidance range. Kägwerks' revenue contribution was materially in line with estimates.

Consensus forecasts from 8 sell-side analysts predicted FY25 revenue of $642 million, EBIT of $141 million, and NPAT of $99 million. Codan stated its results were within 5% variance of these consensus estimates across all metrics, and organic Communications revenue growth showed a 1.5% variance to guidance. The company confirmed compliance with Listing Rules, noting no material variance requiring prior disclosure.