Trajan Group Holdings Limited (ASX:TRJ)

Trajan Group Holdings Limited reported that FY26 was a year of two halves, with materially improved operating performance in the second half driving momentum into FY27 despite a weak first quarter and adverse foreign exchange movements from Australian dollar appreciation. For FY26, group revenue was $161.4 million, down 3.1% on the prior comparable period, and normalised EBITDA was $13.2 million, down 14.7%, while H2 normalised EBITDA rose 61.8% to $8.1 million from $5.0 million in H1 and gross margin improved to 40.6% from 37.4%, or about 41.2% on an FX-adjusted basis. The company said FX reduced H2 results by about $5.0 million in revenue and $2.4 million in normalised EBITDA, and on a currency-adjusted basis H2 normalised EBITDA would have been $10.5 million. Operational improvement was supported by Project Neptune, reduced corporate services headcount, footprint rationalisation, automation, manufacturing transfer to Malaysia and ERP rollout completion, while capital equipment remained affected by weaker North American funding conditions, global food market softness and the discontinuation of Certus revenue. Capex fell to $3.4 million from $4.1 million in FY25 and cash remained stable at $12.6 million. Looking to FY27, Trajan expects mid-single digit organic revenue growth and double-digit normalised EBITDA growth, with priorities focused on cost efficiency, margin expansion, working capital optimisation, debt reduction and disciplined capital allocation.