Key Highlights

  • Trajan Group Holdings (ASX:TRJ) shares traded at $0.15 on 11 September 2026, down 6.25% ($0.0100) for the day, and down 81.25% over the past year.
  • Trajan is a global analytical science and device company supplying components, consumables and Capital equipment.
  • FY26 Revenue declined 3.1% to $161.4 million, though H2 FY26 nEBITDA of $8.1 million was up 61.8% on H1 FY26.
  • FY27 guidance points to mid-single digit organic revenue growth and double-digit nEBITDA growth over the prior comparable period.

Trajan Group Holdings Limited (ASX:TRJ) shares traded at $0.15 on 11 September 2026, down 6.25%, or $0.0100, for the day. Over the past 12 months, the stock is down 81.25%. Trajan is a global analytical science and device company, supplying components, consumables, disruptive technologies and capital equipment to laboratories and research customers worldwide.

Latest Developments: FY26 Results

Second-Half Margin Improvement Gains Traction

Trajan reported full-year Group revenue of $161.4 million, down 3.1% on the prior corresponding period, with full-year nEBITDA declining 14.7% to $13.2 million. However, H2 FY26 nEBITDA was $8.1 million, up 61.8% on H1 FY26's $5.0 million, with H2 proforma gross margin improving to 40.6%, up 3.2 percentage points from H1. The company attributed the improvement to margin expansion initiatives under its Project Neptune program, including workforce resizing, footprint rationalisation and increased automation.

Segment Performance and FY27 Priorities

Components and Consumables remained resilient during the year, while Capital Equipment was impacted by weakness in North America. Capital Expenditure was reduced to $3.4 million from $4.1 million, with the company maintaining a stable cash balance of $12.6 million. Given the momentum since the second quarter of FY26, Trajan expects mid-single digit organic revenue growth and double-digit nEBITDA growth in FY27, with priorities centred on cost efficiency, margin expansion and capital management.

Catalysts on Investors' Watch

  • Continued momentum from the H2 FY26 margin recovery carrying into FY27.
  • FY27 guidance for mid-single digit organic revenue growth and double-digit nEBITDA growth.
  • Ongoing Project Neptune initiatives, including expanded Manufacturing capacity in Malaysia and US Supply chain optimisation.
  • The order book at 30 June 2026 standing at $8.7 million, with underlying Demand trends returning to previous levels.

Risks to Watch

  • Full-year revenue and nEBITDA both declined in FY26 compared with the prior year.
  • Appreciation of the Australian dollar affected reported Earnings by an estimated $5.0 million in revenue and $2.4 million in nEBITDA in H2.
  • Capital Equipment remains exposed to ongoing weakness in North America tied to funding conditions.
  • FY27 guidance depends on the cost efficiencies and margin gains from H2 FY26 being sustained across a full financial year.

Conclusion

Trajan's share price on 11 September 2026 continued to decline, extending a fall of 81.25% over the past year, even as the FY26 results showed a pronounced recovery in second-half margins and profitability. The daily price movement and the FY26 results are separate developments, with the company's near-term trajectory tied to whether the second-half improvement can be sustained into FY27.