Gentrack Group Limited (ASX: GTK), a technology company specialising in software solutions for the energy and water utilities and airport sectors, has released its interim financial statements for the six months ended 31 March 2026. The company reported a total group revenue of $110.1 million, a slight decrease from $112.0 million in the prior corresponding period. Recurring revenue, however, demonstrated strong growth, increasing by 12% to $85.3 million. Statutory Net Profit After Tax (NPAT) for the period was $5.1 million, down from $7.2 million, while EBITDA, excluding acquisition costs, stood at $7.9 million, compared to $13.0 million previously. The reduction in EBITDA was primarily attributed to delays in new Utilities projects and continued investment in product development and international expansion.
The Utilities segment saw recurring revenue grow by 9% to $73.3 million. Non-recurring revenue in this division was lower at $17.0 million, following successful project completions at the end of the last financial year and some pipeline delays for new customers. Strategically, Gentrack’s g2 platform achieved significant milestones with new go-lives including Genesis Energy in New Zealand, ACEN Energy in the Philippines marking its first B2B and Asian deployment, and Pennon Water Services in the UK becoming its first g2 water and UK g2 customer. Meanwhile, the Veovo airport business delivered a robust performance, with a 33% uplift in recurring revenues to $12.0 million, driven by new customer wins and upgrades, including NavCanada.
Looking beyond the reporting period, Gentrack announced two strategic bolt-on acquisitions in May 2026, which were not included in the half-year results. Veovo will acquire Dubai Technology Partners (DTP), enhancing its intelligent airport platform with AI-centric technology and strengthening its Middle East presence. For its Utilities business, Gentrack acquired Factor (Prospero Energy Ltd), adding specialist forecasting and pricing capabilities to its g2 platform for energy customers. The company maintains a strong balance sheet with $73.2 million in cash reserves and no external debt. The Board has decided not to pay an interim dividend for this period, but on 5 May 2026, it announced an intention to undertake an on-market share buyback of up to $20 million, subject to market conditions.
