Gentrack Group (ASX:GTK) held its annual shareholder meeting online, with Chair Andy Green citing the company’s global footprint and the cost and logistical benefits of a virtual format. Green chaired the meeting from London alongside Chief Executive Officer Gary Miles and Chief Financial Officer John Priggen, with other directors joining from New Zealand, the UK, and Australia.
Business overview and recent platform milestones
In his address, Green said Gentrack operates across the energy, water, and airport sectors, describing them as “growth segments” providing essential services. He said the utilities mission is to help accelerate a net zero future by modernizing energy and water retailers, noting the company has more than 760 utility professionals.
FY2025 financial performance and capital position
Green reviewed results for the 12 months ended Sept. 30, 2025. He said group revenue increased 8% to NZD 230.2 million, while recurring revenue grew 13% to NZD 155.4 million. Group EBITDA rose 18% to NZD 27.8 million, and net profit after tax increased to NZD 20.9 million, up 119% from the prior year.
By segment, Green said utilities revenue grew 7% to NZD 193.4 million and recurring revenue rose 12%. He said non-recurring utilities revenue was 5% lower than financial year 2024, reflecting the “variable nature” of project services and a higher level of project work in the prior year.
In airports, Green said the Veovo division—operating in more than 25 countries and over 150 airports—grew revenue 15% to NZD 36.8 million, driven by prior-year customer wins in the UK and the Middle East and by upgrades in Asia-Pacific.
Green said the company ended the year with NZD 84.8 million in cash, up NZD 18.1 million from financial year 2024. The board did not declare a dividend, with Green saying the preferred use of capital remains investment in growth, though the board keeps capital allocation under regular review.
Customer wins, renewals, and airport initiatives
Green pointed to opportunities for customer wins in core markets and said Utility Warehouse selected Gentrack in March 2025 to manage billing for nearly 2 million electricity and gas meter points. He also cited long-term billing renewals signed during the year with Engie, Shell Energy, Wave, Castle Water, So Energy, and Marble Power in the UK; Vector in New Zealand; and PacificLight in Singapore.
In airports, Green said Veovo benefited from digital transformation spending and referenced a long-term contract with NAV Canada as an air navigation service provider, describing it as reinforcing Veovo’s aeronautical billing position and opening a new market segment. He also cited multiple airports going live with Veovo’s passenger predictability platform in Saudi Arabia and at Manchester Airport Group, and said work at London Gatwick on integrated airport control is advancing an AI and machine learning prediction platform as part of Gatwick’s Total Airport Management concept. Green said Veovo entered financial year 2026 with a strong backlog and pipeline.
AI discussion and shareholder Q&A
Miles underscored what he described as “G2 momentum” and said Genesis Energy was seeing improvements in call handling time and customer experience. He also addressed artificial intelligence at length, saying Gentrack views AI as an opportunity rather than a risk, citing the company’s role as a “system of record,” the importance of data, security requirements such as SOC 2 and ISO 27000 series, and delivery capability. He said internal use of AI tools has produced development productivity gains, including 15%–30% improvements for legacy code and “500+% performance improvements” for new code and applications. Miles also said AI may increase “build” optionality for product bolt-ons, though he did not rule out technology acquisitions.
During Q&A, the chair said the board had considered but decided not to voluntarily put the remuneration report to a shareholder vote, adding it would remain under review. On pipeline, Miles said it remained “strong and growing,” and that the company’s view of roughly 10 more visible deals had not changed since prior commentary.
Shareholders also raised the share price. Green attributed recent weakness to a broad re-rating of software stocks amid uncertainty around AI impacts across sectors, and said he expects markets to differentiate over time between companies that benefit from AI and those that are threatened by it. He also addressed competition, saying the market includes incumbents and new entrants but remains large, and that Gentrack believes it has clear strengths.
Resolutions and governance items
Shareholders considered four ordinary resolutions, all decided by poll:
- Resolution 1: Re-election of director Darc Rasmussen. In a prerecorded address, Rasmussen said the company had reshaped leadership, reset strategy, and executed a transformation agenda, adding that over five years the company more than doubled revenue and grew revenue and EBITDA at an 18% compound annual growth rate across utilities and Veovo. He described AI as an “accelerator of value creation” and said the company is working to embed AI across its platform and ecosystem.
- Resolution 2: Election of director John Scott, appointed Jan. 1, 2026. Scott described his engineering, management, and governance background and said he was attracted by the company’s people, net zero mission, and growth ambitions.
- Resolution 3: Approval of the issue of accelerated performance rights under the Senior Management LTI Scheme. Green said the company has chosen a more aggressive remuneration approach to compete with larger privately held organizations and attract talent. He also said Miles had only sold shares to pay tax, and that most of Miles’ prior long-term incentive schemes had vested, with a small number lapsing.
- Resolution 4: Authorization for directors to fix auditor remuneration for Ernst & Young, which continues in office under the Companies Act 1993.
Green said results of the meeting’s resolutions would be announced to stock exchanges later that day.
About Gentrack Group (ASX:GTK)
Gentrack Group Limited engages in the development, integration, and support of enterprise billing and customer management software solutions for the energy and water utility, and airport industries. The company operates through two segments, Utility Billing Software and Airport Management Software. Its products portfolio includes end-to-end offerings; customer engagement; billing and finance solutions; business and data applications; distributed energy resource management; customer information systems; and debt management tools.
