Gentrack Group (GTK) H2 2025 earnings summary

Executive summary

• FY25 revenue reached $230.2m, up 8% year-over-year, with recurring revenues rising 13% and EBITDA up 18% to $27.8m.

• NPAT more than doubled to $20.9m, driven by strong operational performance, tax credits, and forex gains.

• Major milestones included the first full-scope g2.0 deployment, Genesis go-live, and major contract wins in utilities and airports, including Pennon and NAV CANADA.

• Cash position strengthened to $84.8m, up $18.1m from FY24, with no external debt.

• Strong international pipeline and project backlog position the business for accelerated growth.

Financial highlights

• Five-year revenue CAGR of 22% and EBITDA CAGR of 21%.

• Group recurring revenue grew 13% to $155.4m; non-recurring revenue declined 1% due to prior year project work.

• Utilities revenue up 7% to $193.4m, with recurring revenue up 12% and non-recurring down 5%.

• Veovo revenue up 15% to $36.8m, with underlying growth of 30% excluding hardware sales; recurring revenue up 18%.

• EBITDA margin improved to 12% (16% before LTI costs); cash conversion strong at 83% of EBITDA.

Outlook and guidance

• FY25 guidance delivered: $230m revenue at 12% EBITDA margin.

• Management expects higher revenue growth in FY26 than FY25, with Veovo targeting 15%+ growth.

• Medium-term guidance remains at >15% CAGR revenue and 15-20% EBITDA margin after expensing all development costs.

• Utilities recurring revenues expected to grow ~10% in FY26; strong pipeline for new customer wins and further growth in FY27.

• Strong project backlog and pipeline in both utilities and airports support positive outlook.