Gentrack Group Limited Analysis

Overview

Gentrack has an extensive history of developing, implementing and supporting its specialist software for energy utilities, water companies and airports. Established in 1989, Gentrack now has over 150 utilities and airports using its software, including some of the most innovative utilities companies in Australasia and the UK, and Tier 1 airports around the world.

Active involvement in deregulating energy markets, reforming water markets and rapidly evolving airport businesses has created unprecedented demand for Gentrack's software solutions and professional services. As a result our global presence is growing rapidly, now with offices worldwide including Melbourne, Brisbane, London, and Auckland.

Gentrack is a dynamic company thriving on a diverse and energised company culture. With proven solutions and a low risk approach to implementation we continue to demonstrate our commitment to on-time and on-budget projects. Backed by a team with local industry expertise, and the right AGILITY, ABILITY and ATTITUDE, we continue to deliver where our competitors can't.

Performance

The following information was extracted from Gentrack Group Limited's Half year results, released 18 May 2026:

Results Summary

• Group revenue at $110.1m ($112.0m in H1 25)

• Recurring revenue at $85.3m ($76.4m in H1 25)

• EBITDA, excluding acquisition costs at $7.9m ($13.0m in H1 25)

• Statutory NPAT at $5.1m ($7.2m in H1 25)

• Cash at $73.2m ($70.7m in H1 25)

• Two acquisitions announced in May 2026 DTP, adding AI-centric technology and Middle East depth to Veovo, and Factor, adding forecasting and pricing capability to g2.

Financial Performance

Group recurring revenue increased to $85.3m (up 12% over prior period). This was offset by lower non-recurring revenue (NRR) which fell to $24.9m (30% lower), leaving total revenue at $110.1m ($112m in H1 25)

In Utilities, recurring revenue grew by 9% to $73.3m. NRR was lower at $17.0m following the successful go-live of several projects (both with new and existing customers) around the end of the last financial year, combined with delays in our pipeline for new customers.

At Veovo, it was another very strong period. The 3% growth in total revenue to $19.8m understates Veovo’s performance as the prior period included a high level of hardware sales (which we sell combined with new customer implementations or upgrades). Excluding such revenue, Veovo grew 20%, including a 33% step up in recurring revenues to $12.0m. This uplift was spread across several prior period new wins and upgrades as well NavCanada, secured at the start of this half-year.

EBITDA, excluding acquisition costs of $0.6m, was $7.9m compared to $13m in the prior period. The reduction in EBITDA occurred in our Utilities business. This was driven by the delay in new project revenue combined with a decision to continue to invest in Product and international growth.

The impact that this lower EBITDA has had on our NPAT has been partially offset by a $3.9m tax credit in the P&L compared to a $1.9m charge in the prior period. This reflects the favourable tax treatment of LTI costs in the UK and New Zealand. As a result, NPAT was $5.1m v $7.2m in the prior period.