Trajan Group Holdings Limited (ASX:TRJ): FY26 Results, Margin Recovery and Operational Priorities

Aditi Sarkar

06 October 2026 03:48 PM AEDT

Trajan Group Holdings Limited (ASX:TRJ): FY26 Results, Margin Recovery and Operational Priorities

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Highlights

Trajan Group Holdings Limited (ASX:TRJ) reported FY26 group Revenue of AUD 161.4 million, down 3.1% from AUD 166.5 million in FY25.
FY26 normalised EBITDA was AUD 13.2 million, compared with AUD 15.5 million in FY25, while second-half normalised EBITDA increased to AUD 8.1 million from AUD 5.0 million in H1 FY26.
Trajan finished FY26 with AUD 12.6 million in cash, while Capital Expenditure decreased to AUD 3.4 million from AUD 4.1 million in FY25.
At the time of writing this article, Trajan Group Holdings Limited (ASX:TRJ) was trading at AUD 0.255, up 4.08% during today’s trading session.

At the time of writing this article, Trajan Group Holdings Limited (ASX:TRJ) was trading at AUD 0.255, up 4.08% during today’s trading session. Trajan is a global developer and manufacturer of analytical and life sciences products and devices used in the analysis of biological, food and environmental samples. The company reported its FY26 financial results in late August 2026, with the year characterised by softer first-half Earnings followed by improved margins and EBITDA during the second half.

Company Business

Trajan develops, manufactures and supplies analytical science and life sciences products, devices and related solutions. Its products are used across laboratory workflows involving biological, food, water and other environmental samples, with applications extending across pharmaceutical research, analytical testing and healthcare-related measurement.

The company operates internationally, with Manufacturing activities across Australia, the United States, Europe and Malaysia. At the end of FY26, Trajan described itself as a global organisation of approximately 600 employees with seven manufacturing sites. Its operations also extend across Australia, the US, Asia and Europe.

Trajan’s activities include components and consumables, capital equipment and disruptive technologies. The Business has also been increasing manufacturing activity in Malaysia and implementing automation and systems initiatives across its operations.

Recent Development

Trajan released its FY26 results in August 2026. The company reported a noticeable improvement in operating performance during the second half compared with the first six months of the year.

H2 FY26 normalised EBITDA reached AUD 8.1 million, representing a 61.8% increase from AUD 5.0 million in H1 FY26. Pro-forma gross Margin increased from 37.4% in the first half to 40.6% in the second half. On a constant-currency basis, Trajan estimated H2 normalised EBITDA at AUD 10.5 million and gross margin at approximately 41.2%.

Operational measures implemented during FY26 included workforce and Facility reductions under Project Neptune. Trajan reported an AUD 1.2 million H2 benefit from Project Neptune reductions in headcount and facilities, while a reduction in corporate services headcount provided a further AUD 1.2 million benefit.

Other measures included automation of manufacturing processes, increased operational transfer to Malaysia, US supply-chain changes and the final phase of the company’s global ERP rollout into Germany.

Financial Performance and Sector Context

For FY26, Trajan generated group revenue of AUD 161.4 million, down 3.1% from AUD 166.5 million in FY25. Normalised group EBITDA was AUD 13.2 million, 14.7% below the AUD 15.5 million reported in the previous year.

Currency movements affected the reported result. Trajan said appreciation of the Australian dollar during H2 FY26 reduced reported revenue by approximately AUD 5.0 million and normalised EBITDA by about AUD 2.4 million. Excluding the H2 foreign-exchange impact, revenue and normalised EBITDA were within 2.5% of the company’s updated guidance.

Capital expenditure declined to AUD 3.4 million from AUD 4.1 million in FY25, while the year-end cash balance was AUD 12.6 million.

Performance varied across the business. Components and Consumables remained comparatively resilient, while Capital Equipment was affected by weaker conditions in North America associated with funding conditions and by Volatility in the global food market. Discontinuation of Certus also reduced FY26 revenue by approximately AUD 2.1 million. The Capital Equipment order book stood at AUD 8.7 million at 30 June 2026.

Risks to Consider

Trajan’s geographic footprint exposes reported results to movements in foreign exchange rates, particularly where overseas earnings are translated into Australian dollars.

The company also faces Demand fluctuations across analytical equipment markets, including funding-related changes in North America and conditions affecting food-sector customers. Freight costs, tariffs, supply-chain changes and manufacturing transitions can influence operating margins.

Capital management also remains relevant. Trajan has identified working-capital optimisation, cash conversion and Debt reduction as financial priorities for FY27.

What to Watch Next

Trajan expects mid-single-digit organic revenue growth in FY27 at current exchange rates and double-digit normalised EBITDA growth compared with FY26. These figures represent company guidance rather than guaranteed outcomes.

Future reporting will provide further information on whether the margin improvement recorded during H2 FY26 is maintained. Progress in inventory optimisation, debt reduction and cash conversion will also be relevant.

Investors may additionally monitor the Capital Equipment order book, manufacturing activity in Malaysia, benefits from automation and cost-control measures, and the effect of currency movements on reported financial results.

Key Insights

Trajan’s FY26 results reflected lower full-year revenue and normalised EBITDA compared with FY25, alongside a different performance profile between the first and second halves.

The second half recorded higher EBITDA and gross margins than H1 as cost reductions, manufacturing changes and other operational initiatives took effect. Trajan ended the year with AUD 12.6 million in cash and lower annual capital expenditure.

The main factors to monitor through FY27 include revenue development, margin performance, currency effects, Capital Equipment demand, working-capital management and progress on debt reduction.

FAQs

Q:What does Trajan Group Holdings Limited do?

A:Trajan develops and manufactures analytical and life sciences products and devices used in the analysis of biological, food and environmental samples.

Q:What revenue did Trajan report for FY26?

A:Trajan reported FY26 group revenue of AUD 161.4 million, compared with AUD 166.5 million in FY25.

Q:What was Trajan’s FY26 normalised EBITDA?

A:FY26 normalised EBITDA was AUD 13.2 million, compared with AUD 15.5 million in FY25.

Q:How did Trajan perform during H2 FY26?

A:H2 FY26 normalised EBITDA increased to AUD 8.1 million from AUD 5.0 million in H1 FY26, while pro-forma gross margin increased to 40.6%.

Q:What are the main factors to monitor for Trajan in FY27?

A:Relevant areas include revenue and EBITDA performance, margins, foreign-exchange effects, Capital Equipment demand, cash conversion, working-capital management and debt reduction.

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