Gentrack Group (GTK) AGM 2025 summary

Opening remarks and agenda

• Meeting held virtually to accommodate global board and executive locations, with online participation and voting enabled.

• Chair introduced board members, outlined meeting procedures, and confirmed quorum and notice requirements were met.

• Chair's introduction opened the meeting, followed by addresses to shareholders and a Q&A session.

• Agenda included addresses from the Chair and CEO, Q&A, and voting on resolutions and formal business items.

Financial performance review

• Group revenue for FY2024 rose 25.5% to NZD 213.2 million; utilities revenue up 23% to NZD 181.3 million.

• Non-recurring revenues in utilities surged 104% to NZD 60 million, driven by upgrades and new wins.

• Veovo division revenue increased 45.5% to NZD 31.9 million, with strong growth in the UK and Middle East.

• Group EBITDA was NZD 23.6 million, slightly up from NZD 23.2 million in FY2023, with increased payroll tax costs due to share price rise.

• NPAT was NZD 9.4 million, down from NZD 10 million, including a NZD 1.3 million loss from the Amber associate investment.

• Cash position at year-end was NZD 66.7 million, up NZD 17.5 million after investing NZD 12.9 million in Amber.

• Industry-wide RFP momentum is accelerating, especially in Europe and Asia.

• Pipeline expansion expected to drive 2H FY25 growth due to sales closure timelines of 12–36 months.

• Midterm guidance targets >15% CAGR revenue growth and 15-20% EBITDA margin, with continued growth expected in FY2025.

Board and executive committee updates

• Board members include Andy Green (Chair), Darc Rasmussen, Fiona Oliver, Stewart Sherriff, and Gillian Watson.

• Fiona Oliver stood for re-election and Gillian Watson for election as directors, both supported unanimously by the board.

• Gillian Watson succeeded as chair of the People and Culture Committee in October 2024.

• Board composition and recruitment processes were discussed, including use of a recruitment firm and interviews with multiple candidates.

• CEO Gary Miles provided commentary on company performance and strategy.