Trajan Posts 7.4% Revenue Growth to $166.5M, EBITDA Up 26%
Trajan Group Holdings has reported record FY25 revenue of $166.5 million, beating guidance and setting a solid foundation for FY26 with continued organic growth and improved profitability.
- Record FY25 revenue of $166.5M, 7.4% growth year-on-year
- Normalised EBITDA up 26.2% to $15.5M despite missing guidance
- Strong cash position with $11.9M and net debt reduced to $29.5M
- Growth driven by Components & Consumables, Capital Equipment, and Disruptive Technologies
- FY26 guidance projects $170M–$180M revenue and $16M–$19M EBITDA
Record Revenue Amid Challenging Conditions
Trajan Group Holdings Limited has delivered a standout performance in FY25, posting record group revenue of $166.5 million. This figure not only exceeded the company’s upper guidance range but also marked a 7.4% increase over the prior year, underscoring Trajan’s resilience in a complex macroeconomic and geopolitical environment. The growth was broad-based, with Components and Consumables leading at $102.7 million, Capital Equipment at $58.6 million, and Disruptive Technologies contributing $5.1 million.
Profitability and Margin Dynamics
While revenue growth was robust, normalised EBITDA came in at $15.5 million, below the guided range but still a healthy 26.2% improvement from the previous year. This shortfall was influenced by foreign exchange headwinds and margin compression in emerging markets, particularly within the Capital Equipment segment. Trajan’s gross margin dipped slightly to 39.8%, reflecting strategic moves into price-sensitive Asian markets and ongoing efforts to balance growth with profitability.
Balance Sheet Strength and Operational Discipline
Trajan’s financial discipline is evident in its strengthened balance sheet. Cash and equivalents rose to $11.9 million, while net debt was reduced by $3.3 million to $29.5 million, improving the net debt to EBITDA ratio to below 2x. Inventory levels increased modestly to support anticipated demand, signaling confidence in future growth. The company also transitioned its debt facilities to long-term arrangements aligned with its growth strategy, providing greater financial flexibility.
Strategic Growth and Market Positioning
CEO Stephen Tomisich highlighted that approximately one-third of Trajan’s growth was organic, a notable achievement given the company’s history of acquisitions. This organic momentum was driven by strong performance in core consumables and emerging product lines such as coated well plates and microfluidic devices, which saw growth rates exceeding 20%. The company is also expanding its direct presence in key markets to improve margin profiles and customer engagement.
Looking Ahead to FY26
With a solid foundation established, Trajan projects FY26 net revenue between $170 million and $180 million, and normalised EBITDA ranging from $16 million to $19 million. Management remains cautiously optimistic, focusing on mitigating risks from volatile markets while capitalising on growth opportunities. The company’s diversified global footprint and broad product portfolio position it well to navigate ongoing economic uncertainties.
Bottom Line?
Trajan’s record FY25 performance sets the stage for measured growth, but margin pressures and market volatility will test its strategic agility in FY26.
Questions in the middle?
- How will Trajan address margin compression in emerging markets moving forward?
- What impact will currency fluctuations have on profitability in FY26?
- Can Trajan sustain its organic growth momentum amid global economic uncertainties?
