ASM Chair’s address and Presentations

Gentrack Group Ltd
17 Hargreaves Street, St Marys Bay Auckland 1011,
PO Box 3288, Auckland 1140, New Zealand
Ph: +64 9 966 6090
Email: info@gentrack.com
www.gentrack.com

Gentrack Group Ltd | ARBN 169 195 751

23 February 2023

Annual Meeting of Shareholders Chair’s address

The fiscal year 2022 has been a successful year for Gentrack. We won several new
customers and are successfully expanding into larger customers in line with our
strategy. Our peoples’ pride and engagement is strong and continues to improve –
helping us to deliver great results across our customer programs.
The Group’s strong revenue results were driven by a 21.6% increase in the Utilities
business to $108.2m. This impressive growth was achieved against the backdrop of
UK insolvencies at the start of the year in the B2C energy market. Our underlying
growth, excluding those insolvencies was 24.3%. Veovo’s annual recurring revenue
continued to grow up 9.2% over FY21, underpinning total Veovo revenue growth of
7.9% to $18.1m.
EBITDA performance was $8.1m, $4.6m lower than FY21 after funding our planned
increase in strategic R&D spend alongside growing our Sales & Marketing base and
investment in our people capability.
Our cash position improved against the backdrop of business growth, which allowed
us to both invest in our products and our people and generate cash in the year. Net
cash at $27.4m on 30 September 2022 was $1.4m higher than the prior year.
FY22 has reinforced Gentrack’s increasing win rate and innovation with existing
customers. We secured 6 new logos in our Utilities business including Mercury, now
New Zealand’s largest energy supplier, who chose to integrate their newly acquired
Trustpower business onto the Gentrack platform. We see growth opportunities in
Australia, New Zealand and the UK across both the water and energy sectors.
Looking forward, we plan to expand beyond these core geographies and have
launched our 50 in 15 program; the first big step towards our global leadership by
striving to service 50 million meter points in 15 countries. During the year we secured
a major new customer in Singapore which is an example of the progress we are
making in growing our pipeline in the wider APAC region. Alongside Asia, we will
focus on expanding out into EMEA from our UK base.
Our Veovo business has consistently grown its recurring revenue across the aviation
downturn winning new work with Norway’s Avinor as well as expanding our scope with
Tier one airports. This reinforces our success in selling to, and servicing, the larger
airports and airport groups which are our key growth target.
In September 2022, we launched our new composable, cloud based, technology
stack, g2.0. This is a key milestone for our Utilities business and brings together three
technology leaders; Gentrack, Salesforce and AWS. This will allow our existing
customers the opportunity to benefit from greater flexibility and innovation and
positions us well to win and service new Tier one and Tier two operators.
At Veovo, our investments in our technology during the pandemic are showing
positive signs in both new customer pipeline and upsells at existing customers.

2
Both water and energy are essential services which should be less impacted in the
event of a global economic downturn. Meanwhile, sustainability targets for energy and
water are still in effect and are driving an increasingly accelerating trend of IT and
business transformations in the sector which will benefit Gentrack.
The UK government has taken corrective action to stabilise the UK B2C energy market.
We have not seen any further customer insolvencies since December 2021, and we
expect this market stabilisation will continue. In December 2022, the Government
completed the sale of Bulb, which had been in special administration. During fiscal
year 2023, we will continue to support the administrators of Bulb as we manage the
exit of this customer from our platform.
The aviation sector is now seeing passenger numbers and travel demand returning.
We see signs that this recovery will result in new business as airports seek to invest in
ways to improve efficiency and service and catch up with pent up IT demand for
modernisation.
We are pleased with the progress made in the year, on sales, on delivering customer
transformations, on building our people capability and modernising our technology.
The water, energy and airports industries are in need of transformation and Gentrack
is well positioned to capture the global market opportunity.
In closing I’d like to thank all our customers and shareholders for their continuing
support of Gentrack this year and to recognise the tremendous achievements of the
whole Gentrack Team in driving the renewal of the business over the past year.

Thank you very much.

Andy Green
Chair

ENDS
Contact details regarding this announcement:
Kerry Nickels – Company Secretary
+64 9 966 6090

About Gentrack
For over 30 years Gentrack has been partnering with the world’s leading utilities. More
than 50 energy and water companies rely on Gentrack. Our g2.0 solution combines
this wealth of experience with Salesforce’s unbeatable CRM, Gentrack’s leading
meter-to-cash platform, and a composable architecture on AWS. g2.0 ensures high
performance, security, scalability, and rapid prototyping for innovation at pace.
When it comes to transformations, you can count on us. https://www.gentrack.com

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© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack Group
Annual Shareholder
Meeting
23 February 2023

2
© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
This presentation may contain forward-looking statements.
Forward-looking statements often include words such as
‘anticipate’, ‘expect’, ‘plan’ or similar words in connection with
discussions of future operating or financial performance.
The forward-looking statements are based on management’s
and directors’ current expectations and assumptions regarding
Gentrack’s business and performance, the economy and other
future conditions, circumstances and results. As with any
projection or forecast, forward-looking statements are
inherently susceptible to uncertainty and changes in
circumstances. Gentrack’s actual results may vary materially
from those expressed or implied in its forward-looking
statements.
All figures are shown in NZ$M.
Disclaimer

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© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
To vote, you will need to click “Get Voting Card” within the online meeting platform. You will be
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Once you have made your selection please click “Submit Vote” on the bottom of the card to
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I would encourage you to send through your questions as soon as you can through the virtual
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Voting Details
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or +64 9 967 7751 if you’re outside New Zealand if you require assistance.

4
© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
The Gentrack Board
DarcRasmussen
Non-Executive
Director
Nick Luckock
Non-Executive
Director
Fiona Oliver
Non-Executive
Director
Andy Green
Chair
Gary Miles
CEO
Stewart Sherriff
Non-Executive
Director

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© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Proxieshave been appointed for the purposes of this meeting in respect of
approximately55millionshares, representing over54%of the total number of shares.
Proxy Voting

6
© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Agenda
1
Chair’s Address
2
CEO’s Address
3
Formal business of the meeting which
includes the resolutions of the meeting
4
General Business

© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Chair’s Address
Andy Green
Chairman

© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
CEO Commentary
Gary Miles
Chief Executive Officer

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© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Financial Headlines
Revenue growth driven by 21.6%
increase at utilities:
•Customer wins and transformations are
driving underlying growth. Excluding
customers in insolvencies, revenue up 24%
Veovorevenue up 7.9% at $18.1m
•Continued strong growth in ARR (up 9.2%)
EBITDA at $8.1m (down $4.6m)
•Planned reduction driven by investment in
strategic R&D and sales spend
Cash up $1.4m at $27.4m
•Strong growth has allowed us to both
invest in our capability and product and
generate cash in the year
REVENUE
UTILITIES
REVENUE
$89.0M
$108.2M
VEOVO
REVENUE
36.2%
$12.7M
$8.1m
EBITDA
19.5%
$26.0M
$27.4M
NET CASH
$81.9M
$95.3M
ARR
21.6%
7.9%
16.4%
5.4%
$16.8M
$18.1M
$105.7M
$126.3M
FY 21FY 22

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© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Utilities: Phase 1-Built the Base in Core Markets
Phase 1 / ‘21-22
+20%
Invested in our people
and systems to scale
Managed the UK B2C insolvencies
through to market stabilisation
Accelerated growth and
winning in core markets
Continued to demonstrate our credibility as a
Transformation Powerhouse
Launched new composable
cloud Trilogy tech stack

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© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Utilities: Phase 1-Built the Base in Core Markets
Phase 1 / ‘21-22
+20%
Invested in our people
and systems to scale
Managed the UK B2C insolvencies
through to market stabilisation
Accelerated growth and
winning in core markets
Launched new composable
cloud Trilogy tech stack
Continued to demonstrate our credibility as a
Transformation Powerhouse
Papua New Guinea |
cloud transformation
New Zealand |
New Customer
& Merger
UK |
Transformation
Australia|
Transformation
UK | Extension
UK | New customer
New Zealand | Extension
Certified as a consulting
partner, Trilogy Utilities stack,
joint references and joint selling
Signed a global
strategic agreement
Accelerate transformation to
the cloud, with 90%+ of our
UK customers moved toAWS
UK | Cloud
transformation

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© Gentrack 2023. All rights reserved.
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Utilities: Next Phase -Lead globally
Grow and expand globally
Implement booked wins in Australia, New Zealand and UK
Upsell G2, cloud services and innovation highway to all existing customers
Reach new Tier1/Tier2 B2Cand B2B energy customers
Use Singapore as a base to expand into Asia and the UK into EMEA
Use our partnership strategy to replace SAP, Oracle and other legacy tech
providers

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© Gentrack 2023. All rights reserved.
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Veovo’s Runway to Growth
Unwavering focus on customers and strategy has put Veovoin a strong position
Weathering the storm
Solid growth > 20%
Trusted and respected
by customers –low
attrition
High recurring
revenues -56%
Great people in 5
global locations
Business critical
technology
Retained profitability
Accelerated
technology
development
Supported customers
with Innovationand
contract changes
Increase in tenders
and projects
New Tier 1/ 2
customers
Gone live with new
technology at first
Tier 1 customer
Strong foundations
pre pandemic
Well positioned to
capitalise on rebound
Invested and held
ground during
pandemic
2019
2020 –2022
2023 & beyond
Growth in recurring revenues throughout

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© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.
Old v New Targets (issued November '22)
NZ$MOld Targets
New Targets
(issued November 2022)
GroupFY24FY24FY25 -FY27
Revenue~$130m$150m
>15% CAGR v
FY24
EBITDA
15-20%
12-17%15-20%
Utilities
•Our new FY24 targets, issued in Nov'22, include both
stronger growth in our Core Markets and expansion into
new markets.
•We plan to invest c.3% of our Utilities revenue to expand
in Asia and EMEA. So FY24 EBITDA target is now 12-17%.
Veovo
•Our old targets assumed limited growth for Veovo, but
recovery in the aviation market increases our confidence.
Group
•As a result, in Nov '22, weupdated our FY24 guidance
to $150m.
Our targeted spend on R&D remains at 15% throughout

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© Gentrack 2022. All rights reserved.
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Updated Guidance for FY23
Today, we provided the following updated guidance for FY23
In FY23 we now expect to earn c.$25m from managing the exit of a major UK customer,
which is c.$12m more than we had previously guided. This additional revenue and the
associated EBITDA benefit is expected to be a one-off increase and will be recognised
substantially in the first half of the year. In line with our previous guidance, we do not expect
significant revenue from this customer beyond the current financial year and so our guidance
for FY24 of revenue of c.$150m and an EBITDA margin of 12-17% remains unchanged.

© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Formal Business
of Meeting

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© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
To vote, you will need to click “Get Voting Card” within the online meeting platform. You will be
asked to enter your Shareholder or Proxy Number to validate. Please then mark your voting
card in the way you wish to vote by clicking “FOR”, “AGAINST” or "ABSTAIN" on the voting card.
Once you have made your selection please click “Submit Vote” on the bottom of the card to
lodge your vote.
Voting will remain open until 5 minutes after the conclusion of the meeting.
Results of the vote will be announced via the Stock Exchanges.
Voting on the resolutions
Please refer to the virtual meeting online portal guide or use the help line on 0800 200 220 if you’re in New Zealand
or +64 9 967 7751 if you’re outside New Zealand if you require assistance.

18
© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
That,for the purposes of NZX Listing Rule 4.2.4, the terms of the remaining performance rights to be issued to Gary Miles be amended in accordance with
the terms and conditions set out in this Notice of Meeting.
Resolution One
Please refer to the virtual meeting online portal guide or use the help line on 0800 200 220 if you’re in New Zealand
or +64 9 967 7751 if you’re outside New Zealand if you require assistance.
Amendment to terms of Chief Executive Officer’s performance rights
Results of Proxy Votes
For37,504,534
Against17,310,824
Discretionary283,628

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© Gentrack 2023. All rights reserved.
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Resolution Two
Please refer to the virtual meeting online portal guide or use the help line on 0800 200 220 if you’re in New Zealand
or +64 9 967 7751 if you’re outside New Zealand if you require assistance.
Appointment of auditors and authorisation to fix auditors’ remuneration
Results of Proxy Votes
For54,797,568
Against9,974
Discretionary282,710

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© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Resolution Three
Please refer to the virtual meeting online portal guide or use the help line on 0800 200 220 if you’re in New Zealand
or +64 9 967 7751 if you’re outside New Zealand if you require assistance.
Re-election of DarcRasmussen as Director
Results of Proxy Votes
For54,749,162
Against27,542
Discretionary283,532

© Gentrack 2023. All rights reserved.
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General
Business
Questions

© Gentrack 2023. All rights reserved.
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Close
of Meeting