Gentrack Group Limited Half-Year Results

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




Results for announcement to the market
Name of issuer Gentrack Group Limited
Reporting Period 6 months to 31 March 2024
Previous Reporting Period 6 months to 31 March 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations

$102,016
21.01%
Total Revenue $102,016 21.01%
Net profit/(loss) from
continuing operations

$5,333 (32.32)%
Total net profit/(loss) $5,333 (32.32)%
Interim/Final Dividend
Amount per Quoted
Equity Security

No dividend payable
Imputed amount per
Quoted Equity Security

Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable

Current period Prior comparable
period
Net tangible assets per
Quoted Equity Security

$0.465 $0.355
A brief explanation of any
of the figures above
necessary to enable the
figures to be understood

For commentary on the results please refer to the market
announcement, financial statements including
chairperson commentary, and investor presentation
attached.

Authority for this announcement
Name of person
authorised to make this
announcement
Anna Ellis
Contact person for this
announcement
Anna Ellis
Contact phone number +64 9 966 6090
Contact email address Anna.ellis@gentrack.com
Date of release through
MAP
20/05/2024
Unaudited financial statements accompany this announcement.

---

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


20 May 2024
Market Announcement
Gentrack Group Limited (NZX/ASX: GTK), a leading provider of software
solutions for utilities and airports, today released its results for the half-year to
31 March 2024.
Results Summary
• Revenue: $102m – up 21% on H1’23 and up 58% when excluding $19.7m
of one-off revenues in prior period from insolvent customers.
• EBITDA: $12.3m and tracking well against our FY24 guidance.
H1’23 EBITDA of $16m included one-off high margin revenue from
insolvent customers.
• Statutory NPAT: $5.3m profit v $7.9m in H1’23
• Cash: $39.3m after investing $12.9m in Amber during period v $41.9m at
H1’23

Across the first half of the financial year, Gentrack has again delivered strong
revenue growth, with even stronger underlying growth when allowing for one-
off revenues from last year. Growth is driven by recent and in-year new
customers as well as upsells and upgrades for existing customers. In Utilities
we have seen growth in all our core markets, (New Zealand, Australia, and the
UK), and this financial year we have added Saudi Arabia as a source of growth.
Veovo expanded its coverage of major airports with new wins in existing
markets such as the UK and the Middle East.
Financial performance
Revenues increased 21% over the prior year period to $102m. In Utilities, total
revenue grew by 17% to $86.5m. Underlying Utilities revenue, excluding
$19.7m of revenue from insolvent customers in the prior year period, grew by
60%. Major projects starting during the period including in Saudi Arabia (a new
customer secured in October 2023) and at Genesis Energy in New Zealand
helped drive our non-recurring revenues 85% higher to $28.9m. Whilst wins
and upsells from prior periods increased our underlying annual recurring
revenues by 49% over the prior period to $57.6m.
New customer wins in the UK and the Middle East have powered Veovo to a
49.4% increase in revenue over the prior period to $15.5m. The project work
to implement these wins alongside upgrades from existing customers have
driven non-recurring revenues 112% higher v H1’23 to $7.6m. This includes
$3.8m ($1.1m in H1’23) of revenue from sales of hardware and related services
sourced from our supplier network. Customer wins and upgrades from prior

2
periods have also pushed annual recurring revenues 16% higher than H1’23 to
$7.9m.
EBITDA at $12.3m is tracking well against guidance for FY24 and our NPAT was
$5.3m v $7.9m for the prior year period, which included one-off profits from
the exit of high margin customer, Bulb. We have continued to increase
investment in strategic R&D, all of which has been expensed, and are
increasing our sales & marketing spend to support our international expansion.
Our cash as of 31 March 2024 was $39.3m. This was after investing $12.9m in
a 10% stake in Amber funded partly out of cash generated during the period
and the remainder from the $49.2m cash balance from the end of the last
financial year.
Gentrack’s Utilities and Veovo businesses both operate in markets with strong
growth potential. The Board continues to believe that the best use of the
company’s capital is to continue to invest in growth. We have therefore
decided not to pay an interim dividend. We will continue to keep the use of
capital under review.
Growing our energy and water customers in our core markets
Our underlying growth in Utilities is a result of recent new customer wins
alongside upselling new products to our existing customers. We have also
started on the journey to upgrade existing customers to our new g2.0 solution
with Salesforce’s Energy and Utility Cloud embedded. In November 2023,
Genesis Energy selected our g2.0 solution to modernise their business and this
transformation program is now underway.
In February 2024, we announced our investment in Amber, an Australian based
technology company and energy retailer that gives customers direct access to
real time energy prices and the technology to automate their home batteries
and EVs. Part of the funds from the investment will be used by Amber to replace
their existing billing platform with Gentrack’s. Our investment also includes an
agreement that will see us work together to develop, and take to market, an
end-to-end solution for billing, care and optimisation for household batteries,
EV chargers and other smart devices to automate load shifting for customers.
Early discussions with our existing and target customers demonstrate high
levels of interest for this leading innovative solution.
We remain confident in growth in Australia where we hold a strong competitive
position and see near term opportunities to grow our customer base.
In the UK, to meet a major new regulatory change starting in 2025, energy
retailers will need to ensure their technology platforms can deliver Market-
wide Half Hourly Settlement (MHHS). We have developed this functionality and
during this half year secured the first two of our existing customers on this new
product with remaining customers expected to follow over the next 12 months.

3
We also secured our first upsell in the UK for our new profit & risk product. This
product enables utilities to achieve a step-change in their understanding of
their volumes and gross margin down to the meter level. Using configurable
dashboards it can provide insights over customer, product level and regional
profitability. It’s another example of how we can help utilities take advantage
of the increasing data flows within their business.
Targeting international expansion for Utilities
Following our first Utilities contract win in Saudi Arabia in October 2023, we
are making good progress deploying our g2.0 solution for both their energy
and water B2C customers. Successful delivery here will help us to build our
pipeline in the region as we target expansion in the wider Middle East.
In Singapore, we already serve the country’s B2C residential market at energy
retailer PacificLight. This half year, our platform has gone live at Senoko Energy
supporting B2B customers there. Our Asian business development team
based at our Singapore hub is making good progress in building our pipeline
for the wider South East Asian region, where we are focused on a few large,
key markets.
Growing our airport customers
In March 2024 we were pleased to announce our contract win at Manchester
Airports Group, which adds the major airports of Manchester and London
Stansted as well as the UK’s East Midlands airport to those using our Passenger
Predictability software.
During this half year, we have also seen our recent customer win in Saudi
Arabia expand its coverage of new airports in that country and have been
progressing our delivery to Dubai airports, also a new customer secured last
year.
Combined with strong demand for upgrades and expanded scope from
existing customers, this has delivered exceptional revenue growth at Veovo.
Revenue for this half year includes a high proportion of project revenues, both
professional services and hardware sales. However, these non-recurring
revenues will lead to higher annual recurring revenues in future periods and
Veovo’s pipeline over both new and existing customers remains strong.
Looking Forward
We have positioned Gentrack as a leader in innovation. We are excited to be
able to demonstrate the increasing value our platforms and new products can
bring to customers.
Both the utilities and airports industries are transforming at pace. They are
dynamic markets in a state of change, and we are confident in our ability to
lead these markets globally over time.

4
We’d like to thank our customers and shareholders for their continued support
and the entire Gentrack team for their achievements and for their commitment
to Gentrack’s future.
Guidance
Both Utilities and Veovo continue to grow strongly as a result of recent wins
and customer upgrades and so we are able to upgrade our previous revenue
guidance of at least $170m for FY24, to new guidance of c.$200m for FY24.
Against this higher revenue guidance, and whilst continuing to invest in
strategic R&D and international expansion, EBITDA is expected to be between
$23.5m and $26.5m (12%-13%). This compares to our previous guidance of
between c. $20.5m and $25.5m.
Presentation Results
Investors are invited to join the presentation of the Half Year Results on Monday
20th May at 10.30am NZT/ 8.30am AEST via webcast:
www.virtualmeeting.co.nz/gtkhy24
It is advised that attendees allow ten minutes prior to the start time to register
and download any necessary webcast software.
To join via audio only, please see details here: https://gentrack.com/half-year-
results-2024-investor-briefing-details/
ENDS
Contact details regarding this announcement:
Anna Ellis – Company Secretary
+64 9 966 6090

About Gentrack
We are entering a new era, with utilities worldwide transforming to meet
business and sustainability targets. For over 35 years Gentrack has been
partnering with the world’s leading utilities, and more than 60 energy and
water companies rely on us.
Gentrack, with our partners Salesforce and AWS, are leading todays
transformation with g2.0, an end-to-end product-to-profit solution. Using low
code / no code, and composable technology, g2.0 allows utilities to launch
new propositions in days, reduce cost-to-serve and lead in total experience.
https://www.gentrack.com

---

Gentrack Group Limited
Interim Financial
Statements
For the six months ended 31 March 2024

GENTRACK INTERIM FINANCIAL STATEMENTS / 2



Contents
3 Commentary
6 Interim Financial Statements
7 Condensed Statement of Comprehensive
Income
8 Condensed Statement of Financial Position
9 Condensed Statement of Changes in Equity
10 Condensed Statement of Cash Flows
11 Notes to Condensed Financial Statements
20 Independent Review Report
22 Corporate Directory

MANAGEMENT COMMENTARY
GENTRACK INTERIM FINANCIAL STATEMENTS / 3













Across the first half of the financial year,
Gentrack has again delivered strong
revenue growth, with even stronger
underlying growth when allowing for one-
off revenues from last year. Growth is driven
by recent and in-year new customers as well
as upsells and upgrades for existing
customers. In Utilities we have seen growth
in all our core markets, (New Zealand,
Australia, and the UK), and this financial year
we have added Saudi Arabia as a source of
growth. Veovo expanded its coverage of
major airports with new wins in existing
markets such as the UK and the Middle East.
Financial performance
Revenues increased 21% over the prior year
period to $102m. In Utilities, total revenue
grew by 17% to $86.5m. Underlying Utilities
revenue, excluding $19.7m of revenue from
insolvent customers in the prior year period,
grew by 60%. Major projects starting during
the period including in Saudi Arabia (a new
customer secured in October 2023) and at
Genesis Energy in New Zealand helped
drive our non-recurring revenues 85%
higher to $28.9m. Whilst wins and upsells
from prior periods increased our underlying
annual recurring revenues by 49% over the
prior period to $57.6m.
New customer wins in the UK and the
Middle East have powered Veovo to a
49.4% increase in revenue over the prior
period to $15.5m. The project work to
implement these wins alongside upgrades
from existing customers have driven non-
recurring revenues 112% higher v H1’23 to
$7.6m. This includes $3.8m ($1.1m in H1’23)
of revenue from sales of hardware and









related services sourced from our supplier
network. Customer wins and upgrades from
prior periods have also pushed annual
recurring revenues 16% higher than H1’23
to $7.9m.
EBITDA at $12.3m is tracking well against
guidance for FY24 and our NPAT was $5.3m
v $7.9m for the prior year period, which
included one-off profits from the exit of high
margin customer, Bulb. We have continued
to increase investment in strategic R&D, all
of which has been expensed, and are
increasing our sales & marketing spend to
support our international expansion.
Our cash as of 31 March 2024 was $39.3m.
This was after investing $12.9m in a 10%
stake in Amber funded partly out of cash
generated during the period and the
remainder from the $49.2m cash balance
from the end of the last financial year.
Gentrack’s Utilities and Veovo businesses
both operate in markets with strong growth
potential. The Board continues to believe
that the best use of the company’s capital is
to continue to invest in growth. We have
therefore decided not to pay an interim
dividend. We will continue to keep the use
of capital under review.
Growing our energy and water customers
in our core markets
Our underlying growth in Utilities is a result
of recent new customer wins alongside
upselling new products to our existing
customers. We have also started on the
journey to upgrade existing customers to
our new g2.0 solution with Salesforce’s
Energy and Utility Cloud embedded. In
• Revenue: $102m – up 21% on H1’23 and up 58% when excluding
$19.7m of one-off revenues in prior period from insolvent customers.
• EBITDA: $12.3m and tracking well against our FY24 guidance.
H1’23 EBITDA of $16m included one-off high margin revenue from
insolvent customers.
• Statutory NPAT: $5.3m profit v $7.9m in H1’23
• Cash: $39.3m after investing $12.9m in Amber during period v
$41.9m at H1’23
• No Dividend payable

MANAGEMENT COMMENTARY
GENTRACK INTERIM FINANCIAL STATEMENTS / 4
November 2023, Genesis Energy selected
our g2.0 solution to modernise their
business and this transformation program is
now underway.
In February 2024, we announced our
investment in Amber, an Australian based
technology company and energy retailer
that gives customers direct access to real
time energy prices and the technology to
automate their home batteries and EVs. Part
of the funds from the investment will be
used by Amber to replace their existing
billing platform with Gentrack’s. Our
investment also includes an agreement that
will see us work together to develop, and
take to market, an end-to-end solution for
billing, care and optimisation for household
batteries, EV chargers and other smart
devices to automate load shifting for
customers. Early discussions with our
existing and target customers demonstrate
high levels of interest for this leading
innovative solution.
We remain confident in growth in Australia
where we hold a strong competitive
position and see near term opportunities to
grow our customer base.
In the UK, to meet a major new regulatory
change starting in 2025, energy retailers will
need to ensure their technology platforms
can deliver Market-wide Half Hourly
Settlement (MHHS). We have developed this
functionality and during this half year
secured the first two of our existing
customers on this new product with
remaining customers expected to follow
over the next 12 months.
We also secured our first upsell in the UK for
our new profit & risk product. This product
enables utilities to achieve a step-change in
their understanding of their volumes and
gross margin down to the meter level. Using
configurable dashboards it can provide
insights over customer, product level and
regional profitability. It’s another example of
how we can help utilities take advantage of
the increasing data flows within their
business.

Targeting international expansion for
Utilities
Following our first Utilities contract win in
Saudi Arabia in October 2023, we are
making good progress deploying our g2.0
solution for both their energy and water
B2C customers. Successful delivery here will
help us to build our pipeline in the region as
we target expansion in the wider Middle
East.
In Singapore, we already serve the country’s
B2C residential market at energy retailer
PacificLight. This half year, our platform has
gone live at Senoko Energy supporting B2B
customers there. Our Asian business
development team based at our Singapore
hub is making good progress in building
our pipeline for the wider South East Asian
region, where we are focused on a few
large, key markets.
Growing our airport customers
In March 2024 we were pleased to
announce our contract win at Manchester
Airports Group, which adds the major
airports of Manchester and London Stansted
as well as the UK’s East Midlands airport to
those using our Passenger Predictability
software.
During this half year, we have also seen our
recent customer win in Saudi Arabia expand
its coverage of new airports in that country
and have been progressing our delivery to
Dubai airports, also a new customer secured
last year.
Combined with strong demand for
upgrades and expanded scope from
existing customers, this has delivered
exceptional revenue growth at Veovo.
Revenue for this half year includes a high
proportion of project revenues, both
professional services and hardware sales.
However, these non-recurring revenues will
lead to higher annual recurring revenues in
future periods and Veovo’s pipeline over
both new and existing customers remains
strong.

MANAGEMENT COMMENTARY
GENTRACK INTERIM FINANCIAL STATEMENTS / 5
Looking Forward
We have positioned Gentrack as a leader in
innovation. We are excited to be able to
demonstrate the increasing value our
platforms and new products can bring to
customers.
Both the utilities and airports industries are
transforming at pace. They are dynamic
markets in a state of change, and we are
confident in our ability to lead these markets
globally over time.
We’d like to thank our customers and
shareholders for their continued support
and the entire Gentrack team for their
achievements and for their commitment to
Gentrack’s future.


Andy Green, CBE Gary Miles
Chairman CEO

GENTRACK INTERIM FINANCIAL STATEMENTS / 6
Interim
Financial
Statements
31 March 2024

CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2024
GENTRACK INTERIM FINANCIAL STATEMENTS / 7

Basic earnings per share is based on total issued shares. Diluted EPS takes into account the impact of shares to be
issued under share based payment schemes where the conditions for these schemes are currently being met.

The above Condensed Statement of Comprehensive Income should be read in conjunction with the accompanying
notes.


6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER 2023
UNAUDITEDUNAUDITEDAUDITED
NOTEN Z $0 0 0N Z $0 0 0N Z $0 0 0
Revenue
3
102,01684,303169,884
Expenditure
4
(89,697)(68,304)(146,692)
12,31915,99923,192
Depreciation and amortisation(4,393)(4,053)(8,451)
Profit before other income, financing,
foreign exchange gain or loss, share of loss
of an associate and tax
7,92611,94614,741
Other Income--1,574
Foreign exchange gains/(losses)82753(184)
Net finance expense
5
(187)(592)(1,106)
Share of loss of an associate(294)--
Profit before tax8,27211,40715,025
Income tax (expense)/income(2,938)(3,527)(4,979)
Profit attributable to the shareholders of
the company
5,3347,88010,046
OTHER COMPREHENSIVE INCOME
Share of other comprehensive loss of an associate(16)--
Translation of international subsidiaries3,7401,6365,056
Total comprehensive income for the period9,0589,51615,102
EARNINGS PER SHARE PROFIT ATTRIBUTABLE TO
THE SHAREHOLDERS OF THE COMPANY
(EXPRESSED IN DOLLARS PER SHARE)
Basic profit per share$0.05$0.08$0.10
Diluted profit per share$0.05$0.07$0.10
Basic102,736101,16199,983
Diluted113,812105,359103,566
Profit before depreciation, amortisation, other
income, financing, foreign exchange gain or loss and
tax
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
ISSUED

CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

GENTRACK INTERIM FINANCIAL STATEMENTS / 8

The above Condensed Statement of Financial Position should be read in conjunction with the accompanying notes.
For and on behalf of the Board who authorised these financial statements for issue on 17 May 2024.



Andy Green Fiona Oliver
Chairman Director
Date: 17 May 2024 Date: 17 May 2024

31 MARCH 202431 MARCH 202330 SEPTEMBER 2023
UNAUDITEDUNAUDITEDAUDITED
NOTEN Z $0 0 0N Z $0 0 0N Z $0 0 0
CURRENT ASSETS
Cash and cash equivalents
6
39,27841,88549,186
Trade and other receivables
7
48,97937,37637,789
Income tax receivable--123
Inventory1,022315408
Total current assets89,27979,57687,506
NON-CURRENT ASSETS
Property, plant and equipment3,0422,7683,092
Lease assets11,94213,60212,637
Goodwill
13
112,188107,549109,420
Intangibles24,26128,49926,311
Investments in an associate
12
12,578--
Deferred tax assets12,71510,26510,607
Total non-current assets176,726162,683162,067
Total assets266,005242,259249,573
CURRENT LIABILITIES
Trade payables and accruals11,6196,8918,591
Lease liabilities2,1842,0112,287
Contract liabilities16,17018,84613,622
GST payable3,2724,5182,493
Employee entitlements14,39812,82519,033
Income tax payable3,0504,5402,748
Total current liabilities50,69349,63148,774
NON-CURRENT LIABILITIES
Lease liabilities14,13616,07515,018
Employee entitlements978739835
Deferred tax liabilities3,2283,8573,530
Total non-current liabilities18,34220,67119,383
Total liabilities69,03570,30268,157
Net assets196,970171,957181,416
EQUITY
Share capital
9
198,966195,193196,031
Share based payment reserve8,5663,9636,187
Foreign currency translation reserve9,7052,5455,965
Accumulated deficit(20,267)(29,744)(26,767)
Total equity196,970171,957181,416

CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2024

GENTRACK INTERIM FINANCIAL STATEMENTS / 9






The above Condensed Statement of Changes in Equity should be read in conjunction with the accompanying note.
31 MARCH 2024
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
UNAUDITED
NOTENZ$000NZ$000NZ$000NZ$000NZ$000
Balance at 1 October196,0316,187(26,767)5,965181,416
Profit attributable to the shareholders of the company--5,334-5,334
Excess income tax benefit on share-based payments--1,182-1,182
Other comprehensive income--(16)3,7403,724
--6,5003,74010,240
TRANSACTION WITH OWNERS
Issue of capital2,935(2,935)---
Share based payments-5,314--5,314
Balance at 31 March198,9668,566(20,267)9,705196,970
Total comprehensive profit for the period, net
of tax
31 MARCH 2023
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
UNAUDITEDNZ$000NZ$000NZ$000NZ$000NZ$000
Balance at 1 October194,0092,877(37,887)909159,908
Profit attributable to the shareholders of the company--7,880-7,880
Excess income tax benefit on share-based payments--263-263
Other comprehensive income---1,6361,636
Total comprehensive profit for the
period, net of tax
--8,1431,6369,779
TRANSACTION WITH OWNERS
Issue of capital1,184(1,184)---
Share based payments-2,270--2,270
Balance at 31 March195,1933,963(29,744)2,545171,957
30 SEPTEMBER 2023
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
AUDITEDNZ$000NZ$000NZ$000NZ$000NZ$000
Balance at 1 October194,0092,877(37,887)909159,908
Profit attributable to the shareholders of the company--10,046-10,046
Excess income tax benefit on share-based payments1,0741,074
Other comprehensive income---5,0565,056
--11,1205,05616,176
TRANSACTION WITH OWNERS
Issue of capital2,022(2,022)---
Share based payments5,332--5,332
Balance at 30 September196,0316,187(26,767)5,965181,416
Total comprehensive profit for the period, net
of tax

CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2024
GENTRACK INTERIM FINANCIAL STATEMENTS / 10

The above Condensed Statement of Cash Flows should be read in conjunction with the accompanying notes.

6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
N Z $0 0 0N Z $0 0 0N Z $0 0 0
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers95,09083,645165,301
Payments to suppliers and employees(87,240)(66,333)(137,647)
Income tax paid(3,790)(96)(1,735)
Net cash inflow from operating activities4,06017,21625,919
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment(514)(1,052)(1,958)
Acquisition of an associate(12,888)--
Net cash outflow from investing activities(13,402)(1,052)(1,958)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for lease liabilities(1,148)(906)(1,634)
Lease liability finance charge(523)(525)(1,069)
Interest received/(paid)335(66)(37)
Net cash outflow from financing activities(1,336)(1,497)(2,740)
Net (decrease)/increase in cash held(10,677)14,66721,221
Foreign currency translation adjustment770(168)578
Cash at beginning of the financial period49,18627,38627,387
Closing cash and cash equivalents39,27841,88549,186

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2024
GENTRACK INTERIM FINANCIAL STATEMENTS / 11
1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
These unaudited interim financial statements of Gentrack Group Limited (the Company) and its subsidiaries (together
“Gentrack Group”) have been prepared in accordance with the New Zealand equivalent of International Accounting
Standard 34: Interim Financial Reporting (NZ IAS 34) and New Zealand Generally Accepted Accounting Practice (NZ
GAAP). In complying with NZ IAS 34, these statements comply with International Accounting Standard 34: Interim
Financial Reporting.
Gentrack Group is a profit-oriented entity for financial reporting purposes.
The Company is an FMC entity for the purposes of the Financial Markets Conduct Act 2013 and is listed on the New
Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).
These unaudited consolidated condensed interim financial statements of Gentrack Group for the six months ended
31 March 2024 have been prepared using the same accounting policies and methods of computation as, and should
be read in conjunction with, the financial statements and related notes included in Gentrack Group’s Annual Report
for the year ended 30 September 2023.

2. OPERATING SEGMENTS
Gentrack Group currently operates in two business segments: utility billing software and airport management software.
These segments have been determined based on the reports reviewed by the Board (Chief Operating Decision Maker)
to make strategic decisions.
In the table below we split the revenues between point in time and over time recognition: Over time recognition is
when the fulfilment of our obligation to provide goods and services and the customer’s ability to obtain the benefit
from that occurs continuously over a period of time. Point in time recognition is where that happens at a point in time.
Revenue recognised over time include annual fees, support services and project revenues recognised over the stages
of completion. Revenue recognised at a point in time includes the part of our managed services revenue which is
recognised when the customer benefits have been confirmed and, within our Veovo business, hardware sales included
as part of the implementation of a project.
The assets and liabilities of Gentrack Group are reported to and reviewed by the Chief Operating Decision Maker in
total and are not allocated by business segment. Therefore, operating segment assets and liabilities are not disclosed.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2024
GENTRACK INTERIM FINANCIAL STATEMENTS / 12
2. OPERATING SEGMENTS (CONTINUED)




6 MONTHS
31 MARCH 2024
UTILITYAIRPORTTOTAL
UNAUDITEDNZ$000NZ$000NZ$000
TIMING OF REVENUE RECOGNITION
Point in time15,2203,82519,045
Over time71,27411,69782,971
Total revenue86,49415,522102,016
Expenditure(76,552)(13,145)(89,697)
Segment contribution (1)9,9422,37712,319
6 MONTHS
31 MARCH 2023
UTILITYAIRPORTTOTAL
UNAUDITEDNZ$000NZ$000NZ$000
TIMING OF REVENUE RECOGNITION
Point in time19,3491,01920,368
Over time54,5669,36963,935
Total revenue73,91510,38884,303
Expenditure(59,855)(8,449)(68,304)
Segment contribution (1)14,0601,93915,999
12 MONTHS
30 SEPTEMBER 2023
UTILITYAIRPORTTOTAL
AUDITEDNZ$000NZ$000NZ$000
TIMING OF REVENUE RECOGNITION
Point in time31,5421,99033,532
Over time116,39519,957136,352
Total revenue147,93721,947169,884
Expenditure(128,403)(18,289)(146,692)
Segment contribution (1)19,5343,65823,192

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2024
GENTRACK INTERIM FINANCIAL STATEMENTS / 13
2. OPERATING SEGMENTS (CONTINUED)
A reconciliation of segment contribution (1) to profit attributable to the shareholders of the company is as follows:


(1) Segment contribution is defined as Profit before depreciation, amortisation, revaluation of financial liabilities,
impairment of goodwill and intangible assets, financing and tax.


6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
Segment contribution (1)12,31915,99923,192
Depreciation and amortisation(4,393)(4,053)(8,451)
Other Income--1,574
Foreign exchange gains/(losses)82753(184)
Net finance expense(187)(592)(1,106)
Share of loss of an associate(294)--
Income tax income / (expense)(2,938)(3,527)(4,979)
Profit attributable to the shareholders of the company5,3347,88010,046
6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
REVENUE BY DOMICILE OF ENTITY
Australia23,94519,15139,543
New Zealand14,5358,23019,824
United Kingdom52,27350,32397,433
Rest of World11,2636,59913,083
Total revenue102,01684,303169,884
REVENUE BY DOMICILE OF CUSTOMER
Australia25,74620,29842,374
New Zealand10,7696,15514,665
United Kingdom47,49948,51295,128
Rest of World18,0029,33817,717
Total revenue102,01684,303169,884

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2024
GENTRACK INTERIM FINANCIAL STATEMENTS / 14
3. REVENUE



4. EXPENDITURE



5. NET FINANCE EXPENSES/INCOME


6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
OPERATING REVENUE:
Annual fees32,50233,25772,673
Support services19,27512,41728,276
Project services31,61317,88734,763
Licenses1,178252490
Managed services13,62319,43631,630
Other3,8251,0542,052
Total revenue102,01684,303169,884
6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
PROFIT/(LOSS) BEFORE TAX INCLUDES THE
FOLLOWING SPECIFIC EXPENSES:
Employee entitlements64,62450,633109,308
Administrative costs3,8053,1336,567
Third party customer-related costs9,9784,7859,897
Advertising and marketing1,2371,1392,940
Consulting and subcontracting6,9946,28012,759
Other operating expenses3,0592,3345,221
Total expenditure89,69768,304146,692
6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
FINANCE INCOME
Interest income533130355
533130355
FINANCE EXPENSE
Interest expense(197)(197)(392)
Lease liability finance charges(523)(525)(1,069)
(720)(722)(1,461)
Net finance expense(187)(592)(1,106)

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2024
GENTRACK INTERIM FINANCIAL STATEMENTS / 15
6. CASH AND CASH EQUIVALENTS


7. TRADE AND OTHER RECEIVABLES




8. BANK LOANS
Gentrack Group has a NZ$25 million multi-currency facility loan agreement with Bank of New Zealand (BNZ). This facility
is to provide additional funding as required for acquisitions and general corporate purposes. The BNZ facility expires
on 16 December 2024.
The facility is secured by a general security agreement under which the bank has a security interest in Gentrack Group
assets. Covenants are in place and compliance is reported quarterly. At all times during the period Gentrack Group has
met the covenant requirements.
At 31 March 2024, $Nil (2023: nil) of the facility has been drawn down.



6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
Cash at banks35,02041,88521,779
Short-term deposits4,258-27,407
Total cash and cash equivalents39,27841,88549,186
6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
Trade receivables24,72929,68628,402
Impairment provision - Expected credit loss(307)(291)(296)
Impairment provision - Specific provision(2,957)(3,749)(3,264)
Provision for volume discounts(210)(265)(267)
Contract assets23,1499,1259,052
Sundry receivables and prepayments4,5752,8704,162
Total trade and other receivables48,97937,37637,789
6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
Opening balance3,5604,0094,009
Movement in impairment provision(426)(8)(564)
Effect of movement in foreign exchange13039129
Bad debt written off--(14)
Total trade receivables impairment provision3,2644,0403,560

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2024
GENTRACK INTERIM FINANCIAL STATEMENTS / 16
9. SHARE CAPITAL


10. RELATED PARTIES
Key management personnel that have the authority and responsibility for planning, directing, and controlling the
activities of Gentrack Group, directly or indirectly and include the Directors, the Chief Executive Officer and their direct
reports.
Key management personnel compensation for the period which includes the accounting charge for LTIs was $8.7m
(2023: $5.8m). Directors fees were $0.3m for the period (2023: $0.3m).
Related parties are materially consistent with those disclosed in the 2023 Annual Report.
11. EMPLOYEE SHARE SCHEME
At the Special Shareholders meeting, held on 9th October 2023, shareholders approved the issue of up to 9,437,000
performance rights in total for the CEO and senior management under the Senior Leadership Long Term Incentive
Scheme in respect of the financial years ending 30 September 2024, 2025, and 2026. These performance rights are
subject to achieving both EPS and share price appreciation hurdles. The Earnings Per Share (EPS) hurdle is set at fixed
rates for each vesting year and for the share price appreciation hurdle an incremental vesting scale applies for
performance rights eligible to vest.
To determine the fair value of each grant made under this scheme for accounting purposes, a weighted estimate of the
number of shares expected to vest is made based on the probability of each share price appreciation hurdle being met
at each vesting date. These probabilities have been derived by considering the published guidance (available at the
date each grant is awarded) of market analysts over Gentrack’s share price and future growth. The weighted estimate
assumes an 80% probability that the share price reached at vesting dates lies within the range created using this
guidance. However, varying this assumption by 5% up or down does not significantly affect the accounting charge
derived from this valuation model.
For grants made in prior financial years under the Senior Leadership Long Term Incentive performance rights are
subject to a combination of tenure and a share price appreciation hurdle, split evenly and that will vest after 18 months
and three years respectively, dependent on achievement of the period of service and performance hurdle. For the
CEO, performance rights granted in prior financial years under CEO Long Term Incentive Scheme, performance rights
are subject to a combination of tenure and performance hurdles vesting across a 3 year period from the date of grant.
The performance hurdles are either dependent on EPS CAGR or Share Price Appreciation.
The Group also operates the Gentrack Long Term Incentive Scheme for selected key employees who are not part of
the Senior Leadership Long Term Incentive Scheme. These performance rights are subject to the participants
continuing to be employed by Gentrack Group at the end of the vesting period.

31 MARCH
2024
31 MARCH
2023
30 SEPTEMBER
2023
31 MARCH
2024
31 MARCH
2023
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITEDUNAUDITEDUNAUDITEDAUDITED
000000000NZ$000NZ$000NZ$000
Ordinary Shares101,798100,480100,480196,031194,009194,009
Issue of new ordinary shares1,3377491,3182,9351,1842,022
103,135101,229101,798198,966195,193196,031
SHARES ISSUEDSHARE CAPITAL

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2024
GENTRACK INTERIM FINANCIAL STATEMENTS / 17
11. EMPLOYEE SHARE SCHEME (CONTINUED)
During the period Gentrack Group granted unlisted performance rights for Nil consideration to employees under the
following schemes:

* To reflect the new senior leadership scheme approved by shareholders on 9 October 2023, effective financial year
2024, the CEO and Senior Leadership performance rights granted after 1 October 2023 are categorised as the
Executive Leadership LTI Scheme.
During the period, performance rights vested are as follows:

* 349,157 performance rights shown above vested on 31 March 2024 but were issued as Share Capital on 2 April 2024.
Please refer to the 2023 Annual Report for further information on the Long Term Incentive Share Schemes.
12. INVESTMENT IN AN ASSOCIATE

On January 31, 2024, Gentrack Group finalised a subscription deed, obtaining a 10% stake in Amber Holding
Corporation Pty Limited (Amber) through shares, valued at approximately $12.9 million (AU$12 million).
Amber is an Australian based technology company and energy retailer that gives customers direct access to real time
energy prices and the technology to automate their home batteries and EVs. Amber is a private entity that is not listed
on any public exchange.
The Group has a seat on Amber’s Board. According to NZ IAS 28, Gentrack’s presence on Amber’s Board signifies the
existence of Gentrack’s significant influence over Amber, leading Gentrack Group to use of the equity method of
accounting for its interest in Amber in the consolidated financial statements.

6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
000000000
Total Senior Leadership LTI Schemes*-771771
Total Gentrack LTI Schemes4191,0341,040
Total CEO LTI Schemes*-584584
Total Executive Leadership LTI Scheme8,446--
Total Performance Rights Granted8,8652,3892,395
6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
000000000
Total Senior Leadership LTI Schemes*463233546
Total Gentrack LTI Schemes479609616
Total CEO LTI Schemes3749090
Total Performance Rights Vested1,3169321,251
6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
Amber Holding Corporation Pty Limited12,578--
Investments in an associate12,578--

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2024
GENTRACK INTERIM FINANCIAL STATEMENTS / 18
13. GOODWILL
Goodwill is stated at its initial fair value less any accumulated impairment losses. Goodwill is allocated to cash-
generating units and is not amortised but is tested annually or when indicators of impairment are present.


14. IMPAIRMENT TESTING
At each reporting date, Gentrack Group assesses whether there is any indication that an asset may be impaired. For
the period ended 31 March 2024 no indicators of impairment were present and as a result no impairment testing was
required to be carried out.

15. FINANCIAL INSTRUMENTS
Gentrack Group’s financial liabilities are measured at amortised cost.
Gentrack Group’s financial assets and liabilities by category are summarised as follows:
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise of cash at bank including cash held on short term deposits and the carrying
amount is equivalent to fair value.
TRADE RECEIVABLES
These assets are short term in nature and are reviewed for impairment; the carrying value approximates to their fair
value.
TRADE PAYABLES
These liabilities are mainly short term in nature with the carrying value approximating to their fair value.
FAIR VALUES
Gentrack Group’s financial instruments that are measured subsequent to initial recognition at fair values are grouped
into levels based on the degree to which their fair value is observable:
Level 1 – fair value measurements derived from quoted prices in active markets for identical assets.
Level 2 – fair value measurements derived from inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly or indirectly.
Level 3 – fair value measurements derived from valuation techniques that include inputs for the asset or liability
which are not based on observable market data.
There have been no transfers between levels or changes in the valuation methods used to determine the fair value of
Gentrack Group’s financial instruments during the period. At 31 March 2024, Gentrack Group has no level 3 financial
instruments (2023: $Nil).


6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
Opening balance109,420106,240106,240
Exchange rate differences2,7681,3093,180
Closing net book value112,188107,549109,420
Goodwill allocated to Utilities109,288104,649106,520
Goodwill allocated to Airport 20/202,9002,9002,900
Net book value112,188107,549109,420

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2024
GENTRACK INTERIM FINANCIAL STATEMENTS / 19
15. FINANCIAL INSTRUMENTS (CONTINUED)

FINANCIAL INSTRUMENTS BY CATEGORY

* 31 March 2023 financial liabilities has been updated to exclude accruals and include lease liabilities.

16. CAPITAL COMMITMENTS
There are no capital expenditure commitments at 31 March 2024 (2024: $Nil).

17. CONTINGENCIES
On behalf of Gentrack Group, BNZ has provided guarantees of $0.6m (2023: ASB New Zealand and BNZ each provided
exchange listings.

18. EVENTS AFTER BALANCE DATE
On 17 May 2024, the Gentrack Group Board determined that no interim dividend will be paid out for the first half of
this financial year (2023: $Nil).


6 MONTHS
31 MARCH 2024
6 MONTHS
31 MARCH 2023
12 MONTHS
30 SEPTEMBER
2023
UNAUDITEDUNAUDITEDAUDITED
N Z $0 0 0N Z $0 0 0
FINANCIAL ASSETS MEASURED AT AMORTISED COST
Cash and cash equivalents39,27841,88549,186
Trade and other receivables48,97937,37633,627
88,25779,26182,813
FINANCIAL LIABILITIES MEASURED AT AMORTISED COST
Trade payables*(4,076)(2,218)(3,420)
Lease liabilities*(16,319)(18,086)(17,306)
(20,395)(20,304)(20,725)

A member firm of Ernst & Young Global Limited
Independent Auditor’s Review Report

To the shareholders Gentrack Group Limited

Conclusion
We have reviewed the interim consolidated financial statements of Gentrack Group Limited and its
subsidiaries (together “the Group”) which comprise the consolidated condensed statement of financial
position as at 31 March 2024, and the consolidated condensed statement of comprehensive income,
consolidated condensed statement of changes in equity and consolidated condensed statement of
cash flows for the six months ended on that date, and other explanatory information. Based on our
review, nothing has come to our attention that causes us to believe that the accompanying interim
consolidated financial statements of the Group do not present fairly, in all material respects, the
financial position of the Group as at 31 March 2024, and its financial performance and its cash flows
for the six months ended on that date, in accordance with New Zealand Equivalent to International
Accounting Standard 34: Interim Financial Reporting (NZ IAS 34) and International Accounting
Standard 34: Interim Financial Reporting (IAS 34).
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to them
in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and the Company’s shareholders as a
body, for our review procedures, for this report, or for the conclusion we have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the
Auditor’s responsibilities for the review of the financial statements section of our report. We are
independent of the Group in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements.
Ernst & Young provides statutory account filing services to Veovo A/S. Partners and employees of our
firm may deal with the Group on normal terms within the ordinary course of trading activities of the
business of the Group. We have no other relationship with, or interest in, the Group.
Directors’ responsibility for the interim consolidated financial statements
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the
interim consolidated financial statements in accordance with New Zealand Equivalent to International
Accounting Standard 34: Interim Financial Reporting and for such internal control as the directors
determine is necessary to enable the preparation and fair presentation of the interim consolidated
financial statements that are free from material misstatement, whether due to fraud or error.

A member firm of Ernst & Young Global Limited
Auditor’s responsibilities for the review of the interim consolidated financial statements
Our responsibility is to express a conclusion on the interim consolidated financial statements based on
our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our
attention that causes us to believe that the interim consolidated financial statements, taken as a
whole, are not prepared in all material respects, in accordance with New Zealand Equivalent to
International Accounting Standard 34: Interim Financial Reporting.
A review of interim consolidated financial statements in accordance with NZ SRE 2410 (Revised) is a
limited assurance engagement. We perform procedures, consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and
consequently do not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion on those
interim consolidated financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Grant
Taylor.




Chartered Accountants
Auckland, New Zealand
17 May 2024

CORPORATE DIRECTORY
GENTRACK INTERIM FINANCIAL STATEMENTS / 22
REGISTERED OFFICE
Gentrack Group Limited
17 Hargreaves Street, St Marys Bay, Auckland 1011,
New Zealand
Phone: +64 9 966 6090
Facsimile: +64 9 376 7223
Level 15, 628 Bourke Street, Melbourne,
Victoria 3000, Australia
Phone: +61 3 9867 9100
Facsimile: +61 9867 9140
POSTAL ADDRESS
PO Box 3288, Shortland Street, Auckland 1140,
New Zealand
NEW ZEALAND INCORPORATION NUMBER
3768390
AUSTRALIAN REGISTERED BODY NUMBER (ARBN)
169 195 751
DIRECTORS
Andy Green, Chairman
Nick Luckock (resigned on 28/02/24)
Fiona Oliver
Stewart Sherriff
Darc Rasmussen
Gary Miles
COMPANY SECRETARY
Anna Ellis
AUDITOR
EY
EY Building, 2 Takutai Square, Britomart
Auckland 1010, New Zealand
Phone: +64 9 377 4790
LEGAL ADVISERS
BELL GULLY
BANKERS
BANK OF NEW ZEALAND
ASB BANK LIMITED
ANZ LIMITED
HSBC PLC
NORDEA BANK DENMARK A/S
TRUIST FINANCIAL
SHARE REGISTRAR
NEW ZEALAND
LINK MARKET SERVICES LIMITED
Level 30, PwC Tower, 15 Customs Street West,
Auckland 1010
PO Box 91 976, Auckland 1142
Phone: +64 9 375 5998
Facsimile: +64 9 375 5990
Email: enquiries@linkmarketservices.com
AUSTRALIA
LINK MARKET SERVICES LIMITED
Level 12, 680 George Street, Sydney, NSW 2000
Locked Bag A14, Sydney South, NSW 1235
Phone: +61 1300 554 474
Facsimile: +2 9287 0303
Email: registrars@linkmarketservices.com.au

CORPORATE DIRECTORY
GENTRACK INTERIM FINANCIAL STATEMENTS / 23

www.gentrack.com

---

© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack Group
FY24
Half Year Update
20 May 2024
[NZX/ASX: GTK]

2
© Gentrack 2024. 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

3
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack
HY24 Business Review
Gary Miles
Chief Executive Officer

4
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Financial Headlines
Revenue growth of 21%
Utilities revenue up 17%:
•This is despite one off revenues of $19.7m from
insolvent UK customers in the prior period. Our last
UK customer to become insolvent was early in FY22
and all had fully exited by end of last financial year.
•Prior period wins & upsells pushing ARR 49%higher.
NRR up 85%including start of Genesis g2.0
transformation and new customer win in Saudi
Arabia.
Veovo revenue up 49.4% at $15.5m (24%
upexcl. $3.8m of hardware sales). Strong project
revenues (NRR up 112%) from airport wins in the UK
and Middle East. ARR growth remains strong at 16%.
EBITDA at $12.3m and tracking well against our
FY24 guidance. Prior period included $19.7m one-off,
high margin revenue from insolvent customers.
Cash,after investing $12.9m in Amber, was $39.3m v
$41.9m at HY23.Business remains debt free.
REVENUE
UTILITIES
REVENUE
VEOVO
REVENUE
-23.0%
EBITDA
21.0%
$41.9M
$39.3M
NET CASH
after$12.9m Amber
Investment.
$45.4M
$65.4M
ARR
excl. insolvent customers
17.0%
49.4%
44.2%
-6.2%
$10.4M
$15.5M
$84.3M
$102.0M
HY23HY24
$16.0M
$12.3M
$73.9M
$86.5M

5
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Outlook: Upgrade for FY24 Revenue and EBITDA
Both Utilities and Veovo continue to grow strongly as a result ofrecent wins and customer
upgrades and so we are able toupgrade our previous revenue guidance of at least $170m
for FY24, to new guidance of c.$200m for FY24.Against this higher revenue guidance, and
whilst continuing to invest in strategic R&D and international expansion, EBITDA is expected
to be between $23.5m and $26.5m (12%-13%).This compares to our previous guidance of
between c. $20.5m and $25.5m.

6
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Our 4+1 Engines of Growth
AUS
NZ
UK
to NZD $8m
International
+62%
Excluding insolvencies
4 + 1
+24%Excluding hardware

7
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Momentum going forward
Gentrack strategic investment
of NZD $12.9m in Feb 2024
Growing pipeline
in core markets
and internationally
▪Business performing well, above targets
▪EV product development on track
▪Billing transformation underway
▪Strong interest from European Tier-1s
South-East Asia
Focusing on
pipeline on
5 key target
markets
Europe &
Middle-East
Large and dynamic
market with 200+
target utilities
ME HQ in
Saudi Arabia
AUS & NZ
Clear market leader
Growth and innovation
continues
G2 strategy is validated and well accepted
▪G2 was the right technology choice
▪Recognised by major analysts as leading solution
▪Resonating well with existing customers
▪Pipeline continues to expand
Our technology

8
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Airport Division Takes Off
Continuous innovation to meet strong demand for digital transformation
Upsells & Renewals
Win new airports
Transformation
projects go-live
2
Numerous upsells,
including in
5
Upgrades
signed
3
New airports in the UK
and continued Saudiexpansion
since the start of the FY
3
tier-1 airports

9
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Sustainability at the heart of Gentrack’s DNA
6,642Items
Single Use Plastics Saved
52,817kg
Carbon Savings
9,076m2
Land use avoided
1.6M Litres
Water Saved
Sustainability Challenge in April
9 events globally
over last 6 months
Organised by our Global
Sustainability Task Force
(GSTF)
3,890 trees planted since April launch
Trees Planted through Ecologi
Achieved 100% Renewable Energy
Our Melbourne, Auckland and London offices
now fully on green energy
Sustainability Platform Launched
March 22
nd
2024

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© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Both the airport and utilities industries are undergoing major transformation as is evidenced by Gentrack’s
strong growth.They are great industries.
Gentrack’s stated ambition is to grow more than15% CAGR over the medium term.
For utilities, our core markets are modernizing in advance of most countries.The strong growth in these
markets validates the scale of change other countries will need to undergo.
In Europe, the Middle East and AsiaPacour pipeline is strengthening and maturing.We have had early
international success, but due to sales cycles, we do not expect to have material contracts signed until FY25.
For Veovo, our focus on major airports is paying off.The industry is taking steps to transform and digitize
which we are well placed to win and serve.
We will continue to assess M&A opportunities as they arise.
We continue to add blue chip investors to the register (69% institutional investors at April 30th) and we want
to thank an engaged investor community for participating on this exciting journey.
CEO Closing Remarks

© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
John Priggen
Chief Financial Officer
Gentrack
HY24 Results

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© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Group Profit and Loss
Revenue up 21%. Strong growth at both Veovo and
Utilities.
Operating costs up 31%to support higher
revenueand higher investment in R&D &
international expansion. Veovo’s costs include higher
hardware costs than prior period to support its NRR.
EBITDA at $12.3m. As previously signposted, HY23
included one-off profits from insolvent customers.
Amber: is accounted for as an Associate. We book
our share (10%) of its results since the date of our
investment. Its results are in line with our
expectations.
1 Underlying EBITDA being earnings before depreciation, amortisation, impairments and non-operating expenses related to acquisitions. EBITDA is a non-GAAP measure
NZ$m

13
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
HY24
HY23
Utilities Revenue Analysis
Total revenue up 21% v HY23
•Strong underlying growth (excl.Bulb & other
insolvent customers) –up 60% v HY23.
•Major projects starting during the period including
in Saudi Arabia (new customer secured Oct 23) &
Genesis Energy helped drive our non-recurring
revenues 85% higher.
•Wins and upsells from prior periods increased
recurring revenues (CMRR & TRR) by 49% over
HY23.
Utilities Revenue HY24 v HY23
Total:$86.5m
Total:$73.9m
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues (NRR)
Revenue from Bulb
& other UK insolvencies
Underlying:$86.5m
Underlying:$54.2m
60%
NZ$m

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© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Utilities –Analysis of Revenue
HY24 v HY23 Revenue by region
Revenue by market segment
HY24
•Strong underlying growth across all regions.
•ROW –HY24 includes Saudi Arabia alongside
revenue from customers in Singapore, Fiji &
Papua New Guinea.
•High level of project revenue increased
customer concentration from c.50% to 61%
Top 10 customers by revenue
HY24
All other
customers
-5%
25%
81%
ROW
300%
Insolvent customersUnderlying revenue
+62%
Underlying growth
NZ$m

15
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Utilities Expenditure Analysis
•$10m increase in direct costs, in people &
hosting, to support higher revenues.
•Higher investment in strategic R&D (up
$3.2m).
•Investment in international expansion (Asia
& EMEA) up $1.6m over prior period to
$3m for HY24.
Utilities Costs HY23 v HY24
NZ$m

16
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
HY24
Revenue Analysis
•Revenue up 49.4% driven by new customer wins in the UK and the Middle East.
•NRR at $7.6m (up 112%) includes $3.8m ($1.1m in HY23) of revenue from sales of hardware and related services
sourced from our supplier network.
•Customer wins and upgrades from prior periods has pushed ARR up by 16%.
VeovoRevenue HY23 v HY24
HY24 v HY23 Revenue by region
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues (NRR)
Total Revenue
Up 49.4% on HY23
Annual
Recurring
Revenue
$7.9m
Up 16.1% on HY23
$15.5m
$10.4m
EMEA
Americas
APAC
49%
HY23
NZ$m

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© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Cashflow
•Cashat31March 2024 was $39.3m. We have
no debt but retain an undrawn $25m credit
facility.
•Underlying cash generated in the period was
$3m, before investing $12.9m in Amber in
February 24.
•We expect the working capital outflow for the
full year to materially narrow in H2. (H1 includes
payment of annual staff bonuses accrued from
prior year)
•We expect tax, capex, property lease payments
and the add back to EBITDA re: LTI share
scheme to be at similar levels in H2 as shown
here for H1.
NZ$m

© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Q&A

19
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Reconciliation to interim statement
•This shows how CMRR; TRR; NRR and
revenue from insolvent customers
shown in this presentation reconciles to
revenue disclosure in the Interim
Statements.
•For HY23, the $19.7m revenue from
insolvent customers is disclosed in the
Interim statements as $5.2m of annual
fees $0.1m of support services and
$14.4m from managed services.
NZ$m

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© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
HY24 on a Constant Currency Basis
NZ$mHY24
HY24
Constant
Currency
Difference
Revenue
102.098.9-3.1-3.1%
Operating Costs
89.786.9-2.8-3.2%
EBITDA
12.312.0-0.3-2.4%
Statutory NPAT
5.35.3-0.0-0.1%
%

© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Thank you