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 Full year results, released 24 November 2025

Results Summary

• Revenue: $230.2m – up 8% on FY24 with the Group’s recurring revenues 13% higher at $155.4m.
• EBITDA: $27.8m – up 18% on FY24 with all R&D and g2.0 investment costs expensed.
• Statutory NPAT: $20.9m profit – up 119% over FY24.
• Cash: $84.8m an increase of $18.1m over FY24.
• No Dividend payable.

Financial performance

For the Group, revenues increased 8% over the prior period to $230.2m and the Group’s recurring revenue was 13% higher at $155.4m with both our divisions seeing strong recurring revenue growth in FY25.

In our Utilities business, total revenue grew by 7% to $193.4m. Our recurring revenues grew strongly, by 12% as wins and upgrades from prior periods flowed through into recurring revenue. This uplift was partially offset by lower non-recurring revenues (5% lower than in FY24), a reflection of the high level of project work in the prior year and the variable nature of such revenues. We continue to expect strong levels of non-recurring revenue going forward.

Revenues at Veovo grew by 15% to $36.8m. This was driven by new customer wins in the prior year in the UK and the Middle East and from upgrades in APAC. Growth includes both higher recurring revenue, (up 18% over FY24) alongside more project work (non-recurring revenue was 13% higher even though more variable hardware sales, sourced from our supplier network, were $2.6m lower in FY25 at $4.2m).

EBITDA at $27.8m was 18% higher than FY24. We are investing more into our Product including as mentioned landing our first deployment of g2.0 in Genesis Energy and all of this spend has been expensed in the year. We have also increased investment in sales to support the high levels of activity we are seeing in our current pipeline.

Our NPAT of $20.9m is an increase of 119% over the prior year. This increase in profit includes a $2.2m loss being our share (10%) of the losses of Amber (which we account for as an associate company in our financial statements). Also excluded from EBITDA but within our NPAT, is $3.2m of foreign exchange gains arising from the appreciation of some of the currencies, principally Sterling, used by subsidiary companies, within the Group. The Group booked a tax credit of $0.6m in FY25 (compared to a tax charge of $5.1m in FY24), reflecting the tax relief received from the vesting of share-based payments in the year. We will see the benefit of this in our FY26 cashflow with reduced levels of tax paid as a result.