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 2025
Previous Reporting Period
6 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$112,002 9.79%
Total Revenue $112,002 9.79%
Net profit/(loss) from
continuing operations
$7,185 34.70%
Total net profit/(loss) $7,185 34.70%
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
$0.718 $0.465
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
19/05/2025
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


19 May 2025
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 2025.
Results Summary
• Revenue: $112m – up 9.8% on H1 24, with the Group’s recurring
revenues 16.7% higher at $76.4m.
• EBITDA: $13m – up 5.1% on H1 24 as we invest more in sales and
g2.0. For the full year we expect EBITDA to grow faster than
revenue.
• Statutory NPAT: $7.2m profit – up 34.7% on H1 24.
• Cash: $70.7m v $39.3m at H1 24 and $4m higher since the start of
the year.

Financial performance
For the Group, revenues increased 9.8% over the prior period to $112m. In our
Utilities business, total revenue grew by 7.2% to $92.8m. Our recurring
revenues grew strongly, by 17% as prior periods wins and upgrades flowed
through into recurring revenue. This uplift was partially offset by lower non-
recurring revenues (12% lower than in H1 24), a reflection of the high level of
project work last year and the variable nature of such revenues. We continue
to expect strong levels of non-recurring revenues going forward.

Revenues at Veovo grew by 24% over the prior period to $19.2m. This was
driven by customer wins last year in the UK and the Middle East and from
upgrades in APAC. Growth includes both higher recurring revenues, (up 14%
over H1 24) alongside more project work (non-recurring revenues were 34%
higher than H1 24). Our non-recurring revenues included $3.6m ($3.8m in H1
24) of revenue from sales of hardware sourced from our supplier network.

EBITDA at $13m was 5.1% higher than H1 24. We are investing more into our
Product (all expensed) including landing our first deployment of g2.0 in
Genesis Energy. We have also increased investment into sales to support the
high levels of activity we are seeing in our current pipeline.

Our NPAT of $7.2m is an increase of 34.7% over the prior period ($5.3m in H1
24). This increase in profits includes a $1.1m loss being our share (10%) of the

2
losses of Amber Energy (we account for our investment in Amber as an
associate company in our financial statements). Also excluded from EBITDA
but within our NPAT, when we consolidate intercompany balances we benefit
from $2.1m of foreign exchange gains arising from the appreciation of some
of the currencies, principally Sterling, used by subsidiary companies, within the
Group.

The Group’s tax charge fell by 33.7% against the prior period to $1.9m in spite
of the 10.4% increase in profit before tax to $9.1m. Our effective income tax
rate of 21.3% is lower than the statutory rates of our main operating companies
and far lower than the 35.5% effective rate booked in the prior year. This low
tax charge mainly reflects the tax relief received from the vesting of share
based payments in the half year.

We continue to generate cash and maintain a strong balance sheet. Our cash
as of 31 March 2025 was $70.7m, a $4m increase over the start of the year and
compares to $39.3m at the end of H1 24.

Gentrack’s Utilities and Veovo businesses both operate in high growth and
consolidating markets. The Board believes that the best use of the company’s
capital is to continue to invest in growth. We have therefore decided not to pay
a dividend. We will keep the use of capital under regular review.
Bringing value to our Energy and Water customers
In addition to global expansion, we also see promising growth in our core
markets. In the UK we contracted with Utility Warehouse, who supply energy
and telecom products to nearly two million meter points, to combine
Gentrack’s billing software with their multi service delivery platform. They are
one of the fastest growing retailers in the UK and currently hold the top spot
for Energy Retail Customer Experience in the UK according to Citizens Advice.

We also signed several, long term billing renewals including Wave, Castle
Water, So Energy and Marble Power in the UK, Vector in New Zealand and
Singapore’s Pacific Light. We have signed several innovative solutions across
our base including for battery services at Ecotricity with Amber Electric and for
heat cylinder optimization and grid stability with Mercury in New Zealand.
Veovo’s Leading Technology Capabilities
Veovo has continued to grow as we deliver to our backlog of new customers
and on upgrades to existing customers.

We have achieved significant milestones recently, including major “go-lives” in
Edinburgh with our Airport Operational Suite, the operational launch of our

3
first Saudi Arabian airport, and the successful completion of an important part
of the first phase of our contract with the Manchester Airports Group.
Additionally, we have delivered Gen8 upgrades to two major Australasian
airports. Over the past six months, we have delivered and transitioned more
capabilities into operation than ever before.

In Europe, we are excited to have won London Gatwick’s Integrated Airport
Control project following a highly competitive process. This is a first of its type
and is the enabler for Gatwick’s journey to airport 4.0 and will support
expansion of Veovo’s AI/ML capabilities. This is a significant development in
our relationship with Gatwick who currently use our Queue Management
capabilities.

As we look forward to H2 25, delivery will continue to be a key focus with
many projects planned for operational transition. We also expect a further
tranche of Gen8 upgrades in both Europe and Australia.
Global Economic Trends
Three global macro-economic trends have developed which we analyse
below in relation to Gentrack.
First, Gentrack provides essential services with little direct impact from global
tariff uncertainties. In case of a global downturn, we do not expect the rate of
transformation of utility companies to slow however, passenger travel
numbers could slow the rate of airport transformations.
Second, there is some pull back against net-zero targets which could
potentially affect change programs for utilities. We do not see this as a
current risk in our target utility markets of Europe, the Middle East and Asia.
Rather, we see the pace of change accelerating as the energy transition picks
up pace, and the move to the cloud and adoption of AI gain momentum.
Finally, the weakening of the New Zealand and Australian dollars has
benefited Gentrack due to our global customer base and operating theatres.
Looking Forward
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 would 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.

4
FY25 Outlook
For FY25, we expect revenue to be at or above $230m and our EBITDA
margin to be above 12%.
This is a year of transition as we expand into Asia, the Middle East and
Europe, building on early wins and a maturing pipeline.
With our global leadership ambitions, our proven track record and the market
potential, we remain confident of our mid-term guidance of growing revenue
more than 15% CAGR and an EBITDA margin of 15-20% after expensing all
development costs.
Presentation Results
Investors are invited to join the presentation of the Half Year Results on
Monday 19th May at 10.30am NZT/ 8.30am AEST via webcast:
www.virtualmeeting.co.nz/gtkhy25
It is advised that attendees allow ten minutes prior to the start time to register
and download any necessary webcast software.
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 today’s
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 2025

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














Gentrack operates in the energy, water, and
airports sectors – all of which are growth
segments providing essential services. Our
mission in utilities is to help the world
accelerate towards a net zero future by
supporting the global modernisation of
energy and water retailers. Gentrack has
c.715 committed utility professionals who
are passionate about this purpose. We are
market leaders in our core markets of
Australia with 22 retailers, New Zealand with
over fifty percent of homes and industry
serviced by our systems, and the United
Kingdom where 24 retailers are using our
technology across energy and water. We are
expanding into Asia, Europe and the Middle
East. Following wins last year in the
Philippines and Saudi Arabia, we are
targeting further wins in new territories this
year and beyond as we pursue global
leadership.
Our Airports division, Veovo, which
operates in 25+ countries and over 150
airports, is playing a leading role in the
digitization and modernisation of the
industry. We have a top-class team and
great technology with c.100 professionals in
the division.
We expect continued progress at Veovo
with low customer churn, renewals, upsells
and new wins from our strong pipeline in
FY25.
Financial performance
For the Group, revenues increased 9.8%
over the prior period to $112m. In our










Utilities business, total revenue grew by
7.2% to $92.8m. Our recurring revenues
grew strongly, by 17% as prior periods wins
and upgrades flowed through into recurring
revenue. This uplift was partially offset by
lower non-recurring revenues (12% lower
than in H1 24), a reflection of the high level
of project work last year and the variable
nature of such revenues. We continue to
expect strong levels of non-recurring
revenues going forward.
Revenues at Veovo grew by 24% over the
prior period to $19.2m. This was driven by
customer wins last year in the UK and the
Middle East and from upgrades in APAC.
Growth includes both higher recurring
revenues, (up 14% over H1 24) alongside
more project work (non-recurring revenues
were 34% higher than H1 24). Our non-
recurring revenues included $3.6m ($3.8m
in H1 24) of revenue from sales of hardware
sourced from our supplier network.
EBITDA at $13m was 5.1% higher than H1
24. We are investing more into our Product
(all expensed) including landing our first
deployment of g2.0 in Genesis Energy. We
have also increased investment into sales to
support the high levels of activity we are
seeing in our current pipeline.
Our NPAT of $7.2m is an increase of 34.7%
over the prior period ($5.3m in H1 24). This
increase in profits includes a $1.1m loss
being our share (10%) of the losses of
Amber Energy (we account for our
investment in Amber as an associate
company in our financial statements). Also
• Revenue: $112m – up 9.8% on H1 24, with the Group’s recurring
revenues 16.7% higher at $76.4m.
• EBITDA: $13m – up 5.1% on H1 24 as we invest more in sales and
g2.0. For the full year we expect EBITDA to grow faster than revenue.
• Statutory NPAT: $7.2m profit – up 34.7% on H124.
• Cash: $70.7m v $39.3m at H1 24 and $4m higher since the start of the
year.

MANAGEMENT COMMENTARY
GENTRACK INTERIM FINANCIAL STATEMENTS / 4
excluded from EBITDA but within our NPAT,
when we consolidate intercompany
balances we benefit from $2.1m of foreign
exchange gains arising from the
appreciation of some of the currencies,
principally Sterling, used by subsidiary
companies, within the Group.
The Group’s tax charge fell by 33.7% against
the prior period to $1.9m in spite of the
10.4% increase in profit before tax to $9.1m.
Our effective income tax rate of 21.3% is
lower than the statutory rates of our main
operating companies and far lower than the
35.5% effective rate booked in the prior
year. This low tax charge mainly reflects the
tax relief received from the vesting of share-
based payments in the half year.
We continue to generate cash and maintain
a strong balance sheet. Our cash as of 31
March 2025 was $70.7m, a $4m increase
over the start of the year and compares to
$39.3m at the end of H1 24.
Gentrack’s Utilities and Veovo businesses
both operate in high growth and
consolidating markets. The Board believes
that the best use of the company’s capital is
to continue to invest in growth. We have
therefore decided not to pay a dividend. We
will keep the use of capital under regular
review.
Bringing value to our Energy and Water
customers
In addition to global expansion, we also see
promising growth in our core markets. In the
UK we contracted with Utility Warehouse,
who supply energy and telecom products to
nearly two million meter points, to combine
Gentrack’s billing software with their multi
service delivery platform. They are one of
the fastest growing retailers in the UK and
currently hold the top spot for Energy Retail
Customer Experience in the UK according to
Citizens Advice.
We also signed several, long term billing
renewals including Wave, Castle Water, So
Energy and Marble Power in the UK, Vector in
New Zealand and Singapore’s Pacific Light.
We have signed several innovative solutions
across our base including for battery services
at Ecotricity with Amber Electric and for heat
cylinder optimization and grid stability with
Mercury in New Zealand.
Veovo’s Leading Technology Capabilities
Veovo has continued to grow as we deliver
to our backlog of new customers and on
upgrades to existing customers.
We have achieved significant milestones
recently, including major “go-lives” in
Edinburgh with our Airport Operational
Suite, the operational launch of our first
Saudi Arabian airport, and the successful
completion of an important part of the first
phase of our contract with the Manchester
Airports Group. Additionally, we have
delivered Gen8 upgrades to two major
Australasian airports. Over the past six
months, we have delivered and transitioned
more capabilities into operation than ever
before.
In Europe, we are excited to have won
London Gatwick’s Integrated Airport Control
project following a highly competitive
process. This is a first of its type and is the
enabler for Gatwick’s journey to airport 4.0
and will support expansion of Veovo’s AI/ML
capabilities. This is a significant development
in our relationship with Gatwick who
currently use our Queue Management
capabilities.
As we look forward to H2 25, delivery will
continue to be a key focus with many
projects planned for operational transition.
We also expect a further tranche of Gen8
upgrades in both Europe and Australia.
Global Economic Trends
Three global macro-economic trends have
developed which we analyse below in
relation to Gentrack.
First, Gentrack provides essential services with
little direct impact from global tariff
uncertainties. In case of a global downturn, we
do not expect the rate of transformation of
utility companies to slow however, passenger
travel numbers could slow the rate of airport
transformations.

MANAGEMENT COMMENTARY
GENTRACK INTERIM FINANCIAL STATEMENTS / 5
Second, there is some pull back against net-
zero targets which could potentially affect
change programs for utilities. We do not see
this as a current risk in our target utility
markets of Europe, the Middle East and
Asia. Rather, we see the pace of change
accelerating as the energy transition picks
up pace, and the move to the cloud and
adoption of AI gain momentum.
Finally, the weakening of the New Zealand
and Australian dollars has benefited
Gentrack due to our global customer base
and operating theatres.
Looking Forward
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 would 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 2025

CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2025
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 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER 2024
UNAUDITED
UNAUDITED
AUDITED
NOTE
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
Revenue
3
112,002
102,016
213,242
Expenditure
4
(99,052)
(89,697)
(189,657)
12,950
12,319
23,585
Depreciation and amortisation
(4,719)
(4,393)
(8,993)
Profit before other income, financing, foreign
exchange gain or loss, share of loss of an
associate and tax
8,231
7,926
14,592
Other income
-
-
1,693
Foreign exchange gains
2,054
827
36
Finance expense
5
(760)
(720)
(1,497)
Finance income
5
701
533
1,131
Share of loss of an associate
(1,093)
(294)
(1,339)
Profit before tax
9,133
8,272
14,616
Income tax expense
(1,948)
(2,938)
(5,070)
Profit attributable to the shareholders of the
company
7,185
5,334
9,546
OTHER COMPREHENSIVE INCOME
Share of other comprehensive income/(loss) of an associate
20
(16)
252
Translation of international subsidiaries
8,400
3,740
3,417
Total comprehensive income for the period
15,605
9,058
13,215
EARNINGS PER SHARE PROFIT ATTRIBUTABLE TO THE
SHAREHOLDERS OF THE COMPANY
(EXPRESSED IN DOLLARS PER SHARE)
Basic profit per share
$0.07
$0.05
$0.09
Diluted profit per share
$0.06
$0.05
$0.08
Basic
106,167
102,736
103,112
Diluted
112,347
113,812
113,828
Profit before depreciation, amortisation, other income,
financing, foreign exchange gain or loss, share of loss of an
associate and tax
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES ISSUED

CONDENSED STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS ENDED 31 MARCH 2025

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 16 May 2025.


Andy Green Fiona Oliver
Chairman Director
Date: 16 May 2025 Date: 16 May 2025
31 MARCH 2025
31 MARCH 2024
30 SEPTEMBER 2024
UNAUDITED
UNAUDITED
AUDITED
NOTE
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
CURRENT ASSETS
Cash and cash equivalents
6
70,734
39,278
66,679
Trade and other receivables
7
50,207
48,979
44,434
Income tax receivable
220
-
167
Inventory
845
1,022
576
Total current assets
122,006
89,279
111,856
NON-CURRENT ASSETS
Property, plant and equipment
3,369
3,042
2,898
Lease assets
12,086
11,942
12,823
Goodwill
13
117,258
112,188
111,955
Intangibles
19,922
24,261
21,510
Investments in an associate
12
10,728
12,578
11,801
Deferred tax assets
14,908
12,715
14,840
Total non-current assets
178,271
176,726
175,827
Total assets
300,277
266,005
287,683
CURRENT LIABILITIES
Bank loans
8
-
-
-
Trade payables and accruals
13,682
11,619
11,933
Lease liabilities
2,985
2,184
2,738
Contract liabilities
20,330
16,170
17,056
GST payable
3,908
3,272
2,751
Employee entitlements
16,789
14,398
22,686
Income tax payable
-
3,050
1,626
Total current liabilities
57,694
50,693
58,790
NON-CURRENT LIABILITIES
Lease liabilities
13,350
14,136
14,417
Employee entitlements
1,431
978
3,897
Deferred tax liabilities
2,507
3,228
2,776
Total non-current liabilities
17,288
18,342
21,090
Total liabilities
74,982
69,035
79,880
Net assets
225,295
196,970
207,803
EQUITY
Share capital
9
206,415
198,966
200,698
Share based payment reserve
9,788
8,566
11,738
Foreign currency translation reserve
17,782
9,705
9,382
Accumulated deficit
(8,690)
(20,267)
(14,015)
Total equity
225,295
196,970
207,803

CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2025

GENTRACK INTERIM FINANCIAL STATEMENTS / 9






The above Condensed Statement of Changes in Equity should be read in conjunction with the accompanying note.
31 MARCH 2025
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
UNAUDITED
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
Balance at 1 October
200,698
11,738
(14,015)
9,382
207,803
Profit attributable to the shareholders of the company
-
-
7,185
-
7,185
Other comprehensive income
-
-
20
8,400
8,420
-
-
7,205
8,400
15,605
TRANSACTION WITH OWNERS
Issue of capital
5,717
(5,717)
-
-
-
Share based payments
-
3,767
-
-
3,767
Excess income tax benefit on share-based payments
-
-
(1,880)
-
(1,880)
Balance at 31 March
206,415
9,788
(8,690)
17,782
225,295
Total comprehensive profit for the period, net of
tax
31 MARCH 2024
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
UNAUDITED
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
Balance at 1 October
196,031
6,187
(26,767)
5,965
181,416
Profit attributable to the shareholders of the company
-
-
5,334
-
5,334
Other comprehensive income
-
-
(16)
3,740
3,724
Total comprehensive profit for the
period, net of tax
-
-
5,318
3,740
9,058
TRANSACTION WITH OWNERS
Issue of capital
2,935
(2,935)
-
-
-
Share based payments
-
5,314
-
-
5,314
Excess income tax benefit on share-based payments
-
-
1,182
-
1,182
Balance at 31 March
198,966
8,566
(20,267)
9,705
196,970
30 SEPTEMBER 2024
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
AUDITEDNZ $ 0 0 0NZ $ 0 0 0NZ $ 0 0 0NZ $ 0 0 0NZ $ 0 0 0
Balance at 1 October196,0316,187(26,767)5,965181,416
Profit attributable to the shareholders of the company--9,546-9,546
Other comprehensive income--2523,4173,669
--9,7983,41713,215
TRANSACTION WITH OWNERS
Issue of capital4,667(4,667)---
Share based payments-10,218--10,218
Excess income tax benefit on share-based payments--2,954-2,954
Balance at 30 September200,69811,738(14,015)9,382207,803
Total comprehensive profit for the period, net of
tax

CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2025
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 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER 2024
UNAUDITED
UNAUDITED
AUDITED
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
111,867
95,090
212,672
Payments to suppliers and employees
(103,535)
(87,240)
(171,654)
Income tax paid
(5,464)
(3,790)
(6,632)
Net cash inflow from operating activities
2,868
4,060
34,386
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment
(1,083)
(514)
(1,087)
Acquisition of an associate
0
(12,888)
(12,888)
Net cash outflow from investing activities
(1,083)
(13,402)
(13,975)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for lease liabilities
(1,409)
(1,148)
(2,534)
Lease liability finance charge
(556)
(523)
(1,108)
Interest paid
(202)
(195)
(389)
Interest received
700
530
1,131
Net cash outflow from financing activities
(1,467)
(1,336)
(2,900)
Net increase/(decrease) in cash held
318
(10,677)
17,511
Foreign currency translation adjustment
3,737
770
(18)
Cash at beginning of the financial period
66,679
49,186
49,186
Closing cash and cash equivalents
70,734
39,278
66,679

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2025
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 2025 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 2024.

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 2025
GENTRACK INTERIM FINANCIAL STATEMENTS / 12
2. OPERATING SEGMENTS (CONTINUED)



6 MONTHS
31 MARCH 2025
UT IL IT Y
AIRP O RT
T O T AL
UNAUDITED
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
TIMING OF REVENUE RECOGNITION
Point in time
15,929
3,611
19,540
Over time
76,833
15,629
92,462
Total revenue
92,762
19,240
112,002
Expenditure
(84,426)
(14,626)
(99,052)
Segment contribution (1)
8,336
4,614
12,950
6 MONTHS
31 MARCH 2024
UT IL IT Y
AIRP O RT
T O T AL
UNAUDITED
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
TIMING OF REVENUE RECOGNITION
Point in time
15,220
3,825
19,045
Over time
71,274
11,697
82,971
Total revenue
86,494
15,522
102,016
Expenditure
(76,552)
(13,145)
(89,697)
Segment contribution (1)
9,942
2,377
12,319
12 MONTHS
30 SEPTEMBER 2024
UT IL IT Y
AIRP O RT
T O T AL
AUDITED
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
TIMING OF REVENUE RECOGNITION
Point in time
29,025
6,799
35,824
Over time
152,285
25,133
177,418
Total revenue
181,310
31,932
213,242
Expenditure
(163,064)
(26,593)
(189,657)
Segment contribution (1)
18,246
5,339
23,585

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2025
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, other income, financing, foreign
exchange gain or loss and tax.
* In the UK and New Zealand, for tax purposes the deduction for the share-based payments is the fair value at vesting
date, for accounting purposes this deduction is the fair value at grant date. Following the strong share price rise over
the last two years, the tax deduction is higher than the accounting cost and has created a taxable loss in the respective
subsidiaries of the Group in this the six months period. We have recognised deferred tax assets on these losses to the
extent we expect such taxable losses will be recoverable against future taxable profits.




6 MONTHS
31 MARCH
2025
6 MONTHS
31 MARCH
2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITEDUNAUDITEDAUDITED
NZ $ 0 0 0NZ $ 0 0 0NZ $ 0 0 0
Segment contribution (1)12,95012,31923,585
Depreciation and amortisation(4,719)(4,393)(8,993)
Other income--1,693
Foreign exchange gains2,05482736
Finance expense(760)(720)(1,497)
Finance income7015331,131
Share of loss of an associate(1,093)(294)(1,339)
Income tax expense*(1,948)(2,938)(5,070)
Profit attributable to the shareholders of the company7,1855,3349,546
6 MONTHS
31 MARCH
2025
6 MONTHS
31 MARCH
2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITED
UNAUDITED
AUDITED
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
REVENUE BY DOMICILE OF ENTITY
Australia
26,585
23,945
51,388
New Zealand
14,774
14,535
34,617
United Kingdom
57,695
52,273
105,892
Rest of World
12,948
11,263
21,345
Total revenue
112,002
102,016
213,242
REVENUE BY DOMICILE OF CUSTOMER
Australia
28,850
25,746
55,252
New Zealand
11,369
10,769
26,982
United Kingdom
52,298
47,499
98,763
Rest of World
19,485
18,002
32,245
Total revenue
112,002
102,016
213,242

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2025
GENTRACK INTERIM FINANCIAL STATEMENTS / 14
3. REVENUE



4. EXPENDITURE



5. NET FINANCE EXPENSES/INCOME


6 MONTHS
31 MARCH 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITED
UNAUDITED
AUDITED
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
OPERATING REVENUE:
Annual fees
41,138
32,502
68,989
Support services
19,014
19,275
38,491
Project services
29,850
31,613
64,133
Licenses
1,973
1,178
4,757
Managed services
16,267
13,623
30,067
Other
3,760
3,825
6,805
Total revenue
112,002
102,016
213,242
6 MONTHS
31 MARCH 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITEDUNAUDITEDAUDITED
NZ $ 0 0 0NZ $ 0 0 0NZ $ 0 0 0
PROFIT/(LOSS) BEFORE TAX INCLUDES THE
FOLLOWING SPECIFIC EXPENSES:
Employee entitlements69,17764,624135,497
Administrative costs4,2473,8057,851
Third party customer-related costs11,4869,97821,304
Advertising and marketing1,4311,2372,255
Consulting and subcontracting8,5496,99416,097
Other operating expenses4,1623,0596,653
Total expenditure99,05289,697189,657
6 MONTHS
31 MARCH 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITEDUNAUDITEDAUDITED
NZ $ 0 0 0NZ $ 0 0 0NZ $ 0 0 0
FINANCE INCOME
Interest income7015331,131
7015331,131
FINANCE EXPENSE
Interest expense(204)(197)(389)
Lease liability finance charges(556)(523)(1,108)
(760)(720)(1,497)
Net finance expense(59)(187)(366)

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2025
GENTRACK INTERIM FINANCIAL STATEMENTS / 15
6. CASH AND CASH EQUIVALENTS

Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for
varying periods of between one day and three months, depending on the immediate cash requirements of Gentrack
Group, and earn interest at the respective short-term deposit rates.

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 17 December 2027.
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 2025, $Nil (2024: nil) of the facility has been drawn down.

6 MONTHS
31 MARCH 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITEDUNAUDITEDAUDITED
NZ$ 0 0 0NZ$ 0 0 0NZ$ 0 0 0
Cash at banks41,87235,02033,285
Short-term deposits28,8624,25833,394
Total cash and cash equivalents70,73439,27866,679
6 MONTHS
31 MARCH 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITED
UNAUDITED
AUDITED
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
Trade receivables
28,031
24,729
28,021
Impairment provision - Expected credit loss
(351)
(307)
(317)
Impairment provision - Specific provision
(1,038)
(2,957)
(967)
Provision for volume discounts
(394)
(210)
(91)
Contract assets
17,816
23,149
12,401
Sundry receivables and prepayments
6,143
4,575
5,387
Total trade and other receivables
50,207
48,979
44,434
6 MONTHS
31 MARCH 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITED
UNAUDITED
AUDITED
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
Opening balance
1,284
3,560
3,560
Movement in impairment provision
18
(426)
21
Amounts received
-
-
(443)
Effect of movement in foreign exchange
87
130
63
Bad debt written off
-
-
(1,917)
Total trade receivables impairment provision
1,389
3,264
1,284

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2025
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 $7.6m
(2024: $8.7m). Directors’ fees were $0.4m for the period (2024: $0.3m).
Related parties are materially consistent with those disclosed in the 2024 Annual Report.

11. EMPLOYEE SHARE SCHEME
Gentrack Group operates the follow three share schemes:
- CEO Long Term Incentive Scheme - This scheme was introduced in 2020 for the CEO and the final grant under
this scheme was made in October 2022. All except the 2022 award have fully vested. The remaining
performance rights under this scheme are subject to a combination of tenure and share price appreciation
hurdles.

- Senior Leadership Long Term Incentive Scheme – Grants made under the Senior Leadership Long Term
Incentive up to financial year 2023 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.

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.
Effective financial year 2024, for ease of reference, this new senior leadership scheme, the CEO and Senior
Leadership performance rights granted after 1 October 2023, are categorised as the Executive Leadership LTI
Scheme.
- Gentrack Long Term Incentive Scheme - This scheme is for selected key employees who are not part of
the senior leadership long term incentive scheme. The performance rights vesting under this scheme are
subject to the participants continuing to be employed by Gentrack Group at the end of the vesting period.



31 MARCH
2025
31 MARCH
2024
30 SEPTEMBER
2024
31 MARCH
2025
31 MARCH
2024
30 SEPTEMBER
2024
UNAUDITEDUNAUDITEDAUDITEDUNAUDITEDUNAUDITEDAUDITED
000000000NZ $ 0 0 0NZ $ 0 0 0NZ $ 0 0 0
Ordinary Shares103,490101,798101,798200,698196,031196,031
Issue of new ordinary shares4,2271,3371,6925,7172,9354,667
107,717103,135103,490206,415198,966200,698
SHARES ISSUEDSHARE CAPITAL

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2025
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:

During the period, performance rights vested are as follows:

* 349,157 performance rights shown above as vested on 31 March 2024 were issued as Share Capital on 2 April 2024.
Please refer to the 2024 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 the equity method of
accounting for its interest in Amber in the consolidated financial statements.

6 MONTHS
31 MARCH 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITED
UNAUDITED
AUDITED
000
000
000
Total Executive Leadership LTI Scheme
-
8,446
8,447
Total Gentrack LTI Schemes
241
419
411
Total Performance Rights Granted
241
8,865
8,858
6 MONTHS
31 MARCH 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITED
UNAUDITED
AUDITED
000
000
000
Total CEO LTI Schemes
374
374
374
Total Senior Leadership LTI Schemes*
183
463
812
Total Executive Leadership LTI Scheme
3,084
-
-
Total Gentrack LTI Schemes
581
479
482
Total Performance Rights Vested
4,222
1,316
1,668
6 MONTHS
31 MARCH 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITED
UNAUDITED
AUDITED
NZ$ 0 0 0
NZ$ 0 0 0
NZ$ 0 0 0
Amber Holding Corporation Pty Limited
10,728
12,578
11,801
Investments in an associate
10,728
12,578
11,801

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2025
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 OF GOODWILL AND OTHER ASSETS
At each reporting date, Gentrack Group assesses whether there is any indication that an asset may be impaired. For
the period ended 31 March 2025 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 assets and liabilities are measured at amortised cost.
Gentrack Group’s financial assets and liabilities by category are summarised as follows:
FINANCIAL INSTRUMENTS BY CATEGORY

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.

6 MONTHS
31 MARCH 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITED
UNAUDITED
AUDITED
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
Opening balance
111,955
109,420
109,420
Exchange rate differences
5,303
2,768
2,535
Closing net book value
117,258
112,188
111,955
Goodwill allocated to Utilities
114,358
109,288
109,055
Goodwill allocated to Airport 20/20
2,900
2,900
2,900
Net book value
117,258
112,188
111,955
6 MONTHS
31 MARCH 2025
6 MONTHS
31 MARCH 2024
12 MONTHS
30 SEPTEMBER
2024
UNAUDITED
UNAUDITED
AUDITED
NZ $ 0 0 0
NZ $ 0 0 0
NZ $ 0 0 0
FINANCIAL ASSETS MEASURED AT AMORTISED COST
Cash and cash equivalents
70,734
39,278
66,679
Trade and other receivables
44,064
44,404
39,047
114,798
88,257
105,726
FINANCIAL LIABILITIES MEASURED AT AMORTISED COST
Trade payables
(4,972)
(4,076)
(4,738)
Lease liabilities
(16,335)
(16,319)
(17,155)
(21,307)
(20,395)
(21,894)

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2025
GENTRACK INTERIM FINANCIAL STATEMENTS / 19
16. CAPITAL COMMITMENTS
There are no capital expenditure commitments at 31 March 2025 (2024: $Nil).

17. CONTINGENCIES
On behalf of Gentrack Group, BNZ has provided guarantees of $0.5m (2024: $0.6m). These guarantees are in place
for compliance, property leases and credit card programs.

18. EVENTS AFTER BALANCE DATE
On 16 May 2025, the Gentrack Group Board determined that no interim dividend will be paid out for the first half of
this financial year (2024: $Nil).

A member firm of Ernst & Young Global Limited


Independent auditor’s review report to the shareholders of Gentrack Group
Limited
Conclusion
We have reviewed the consolidated condensed interim financial statements of Gentrack Group Limited
(“the Company”) and its subsidiaries (together “the Group”) on pages 7 to 19 which comprise the
condensed statement of financial position as at 31 March 2025, and the condensed statement of
comprehensive income, condensed statement of changes in equity and condensed statement of cash
flows for the six months ended on that date, and explanatory notes. Based on our review, nothing has
come to our attention that causes us to believe that the accompanying consolidated condensed interim
financial statements of the Group do not present fairly, in all material respects, the consolidated
financial position of the Group as at 31 March 2025, and its consolidated financial performance and its
consolidated 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 filling 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 financial statements
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the
consolidated condensed interim financial statements in accordance with NZ IAS 34 and IAS 34 and for
such internal control as the directors determine is necessary to enable the preparation and fair
presentation of the consolidated condensed interim financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the consolidated condensed interim 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 consolidated condensed interim financial statements, taken
as a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.

A member firm of Ernst & Young Global Limited


A review of interim 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 consolidated condensed interim
financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Rob
Yeardley.



Chartered Accountants
Auckland, New Zealand
16 May 2025

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
Darc Rasmussen
Fiona Oliver
Gary Miles
Gillian Watson
Stewart Sherriff
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
SHARE REGISTRAR
NEW ZEALAND
MUFG PENSION & MARKET SERVICES
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.nz@cm.mpms.mufg.com
AUSTRALIA
MUFG PENSION & MARKET SERVICES
161 Castlereagh St, Sydney NSW 2000, Australia
Locked Bag A14, Sydney South, NSW 1235
Phone: +61 1300 554 474
Facsimile: +2 9287 0303
Email: enquiries.nz@cm.mpms.mufg.com

CORPORATE DIRECTORY
GENTRACK INTERIM FINANCIAL STATEMENTS / 23

www.gentrack.com

---

© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack Group
HY25
19 May 2025
[NZX/ASX: GTK]

2
© Gentrack 2025. 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 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack
HY25 Business Review
Gary Miles
Chief Executive Officer

4
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Financial Headlines
REVENUE
5.1%
$12.3M
$13.0M
EBITDA
9.8%
HY24HY25
$102.0M
$112.0M
UTILITIES
REVENUE
7.2%
$86.5M
$92.8M
VEOVO
REVENUE
24.0%
$15.5M
$19.2M
RECURRING REVENUE
16.7%
$65.5M
$76.4M
NET CASH
80.1%
$39.3M
$70.7M
Revenue growth of 9.8% to $112m
Utilities revenue up 7.2%:
•Recurring revenue is 17% higher from prior period
wins & upsells.
•Offset by lower NRR (down 12%), reflecting the high
levels of project work last year. Current pipeline can
support higher levels of NRR in H2.
Veovo: revenue up 24% - includes 14% growth in
recurring revenues and continued strong levels of
project work (up 34%) from prior periods’ wins and
upgrades in APAC, Europe and Middle East.
EBITDA at $13m (up 5.1%) - includes higher levels
of investment in Sales and in Product to support currently
high levels of sales activity.
NPAT at $7.2m (up 34.7%) - includes lower effective
tax rate (from income tax treatment of LTIs) and forex
gains on intercompany loans.
Cash at $70.7m is c.$4m higher than the start of
the year and compares to $39.3m at HY24. We continue
to generate cash and our balance sheet remains strong.
34.7%
$5.3M
$7.2M
NPAT

5
© Gentrack 2025. All rights reserved.
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FY25 Outlook
For FY25, we expect revenue to be at or above $230m and our EBITDA margin to be above 12%.
This is a year of transition as we expand into Asia, the Middle East and Europe, building on early
wins and a maturing pipeline.
With our global leadership ambitions, our proven track record and the market potential,
we remain confident of our mid-term guidance of growing revenue more than 15% CAGR and
an EBITDA margin of 15-20% after expensing all development costs.

6
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Accelerating the world towards a net zero future by
leading the global modernization of energy & water retailers
Our Vision

7
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
G2 is the best technical stack to maximize business performances
Technology Momentum
BEST-IN-CLASS MODERN BILLING & CRM → G2
BEST-IN-CLASS SERVICES
▪Customer Experience - CSAT/NPS 
▪Operational Efficiencies - Cost-to-Serve 
▪Financial Performances - Gross Margins 
▪Latest Agentic & Assisting AI technologies
▪New Operating Model (SOM)
▪OOTB & low code / no-code
▪WE’RE GLOBAL
deployed across multiple countries and
markets for Energy and Water ;
from residential (B2C) to Industrial &
Commercial (B2B)
▪WE KNOW HOW TO DELIVER
100% Success rate for transformations
▪WE EMBRACE PARTNERSHIPS
Strong partnerships with
vendors ecosystem, Systems Integrators
and advisors

8
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Customer Momentum
▪Multi-Products
▪~2m meter points | 3m home services
▪#1 in Customer Service
Q4 2024
▪Recommended Provider for both
Energy & Broadband 2025
RENEWALSNEW PROJECTS
with
Our customers excel in
CUSTOMER EXPERIENCE
Nb1
UK
Nb1
AUS
Nb1
NZ
Most Satisfied
Customers (2024)
NSW, QLD, VIC, Dual Fuel
People’s Choice
Award (2024)
Best Customer
Service (2024)
NEW CUSTOMER (BILLING)CUSTOMER SUCCESSCUSTOMER RENEWALS, UPSELL
REGULATORY COMPLIANCE
EXCELLENCE
E.g. of the 4 largest energy utilities in Australia, the fines
over the last 12 months (in $/customer accounts) of those
on our competitors' stacks are17to 20 times higher than
the one on our stack.
District heating UK

9
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Becoming a Global Leader as the World Transforms
Q4 2015
Q4 2024
Electricity supply market share
by utilities using SAP & Oracle.
Domestic GB Elec.
In <10 years, utilities modernised,
moving off SAP & Oracle.
GREAT BRITAIN STACK MODERNISATION
CASE STUDY
ON LEGACY
ON LEGACY
WE EXPECT WATER INDUSTRY
(RESIDENTIAL) TO BE NEXT IN GB
WE BELIEVE THE REST OF THE WORLD WILL FOLLOW
WORLDWIDE TAM (INCLUDING COUNTRIES ABOVE) ESTIMATED AT NZD ~17 bn
As part of our global expansion, our focus areas
and targeted utilities (Energy & Water) are:
Europe
▪28 countries
▪200m households
▪324 addressable utilities
Middle-East
▪7 countries
▪16m households
▪24 utilities to qualify
Asia
▪9 countries
▪180m households
▪58 utilities

10
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Amber Momentum
Amber in World’s Top 250 list:
“WORLD’S TOP GREENTECH
COMPANIES OF 2025”
Award for Amber V2G technology
“2025
INNOVATION EXCELLENCE
AWARD WINNER”
MARKET ADOPTION ACCELERATION
Amber is the market leader for battery
automation in Australia with an estimated
~40% market share.
New battery subsidies in Australia are likely
to drive continued rapid segment growth.
AMBER FOR EV LAUNCH → V2G
Completed first smart charging
automation trial, helping households
charge at the lowest-cost, and lowest-
emissions times.
This marks a key step toward delivering
Vehicle-to-Grid (V2G) in Australia.
Amber acquired Charge HQ App
(Feb 2025).
SECURED SECOND UK PARTNER,
ECOTRICITY, BUILDING ON
MOMENTUM FROM E.ON NEXT
ECOTRICITY MAY 9
TH
2025 (LINKEDIN)
“We’ve just taken a big step forward in
the energy revolution.
By joining forces with Amber Electric and
Gentrack Ltd (Global), we're launching a
dynamic energy pricing model that puts
real power in the hands of households
with solar panels, home batteries and
EVs.”
This is the second utility in the UK
partnering with Amber, following E.ON
Next (UK) announcement last Sept 2024.
TECH & MARKET UPDATESAWARDS
INTERNATIONAL SUCCESS

© Gentrack 2024. All rights reserved.
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John Priggen
Chief Financial Officer
Gentrack
HY25 Results

12
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Group Profit and Loss
EBITDA being earnings before depreciation, amortisation, other income, financing, forex, loss from associate and tax. EBITDA is a non-GAAP measure
NZ$m
HY 24HY 25
•Group revenue up 9.8% includes strong growth in recurring
revenues of 16.7%.
•EBITDA at $13m v $12.3m in HY24
oMargin before LTI costs of 17% v 18% in HY24 as we invest
more in Sales and our Product (see slide 16)
oLTI accounting charge, as guided, is lower than HY24.
oLTI payroll tax: in FY24, we booked $7.1m against these costs,
all but $0.7m of that was in H2. We expect the full year charge to
be lower than last year’s level and less than 1% revenue in FY26.
•NPAT up 34.7% at $7.2m
oAmber (GTK own a 10% equity stake): share of loss at $1.1m is
for 6 months v 2 in HY24. Amber is investing in its strong
growth: expect similar H2 charge.
o$2.1m of forex gains arising when consolidate intercompany
funding due to depreciation of NZD.
oIncome tax 33.7% lower v HY24 despite higher profit before
tax. In UK/NZ shares (LTIs) are tax deductible at vesting price not
accounting values, helping to lower our effective tax rate to 21%
of profit before tax v 35.5% in HY24.
Utilities
Veovo
Total
Utilities
Veovo
Total
Recurring Revenue
57.6
7.9
65.5
67.4
9.0
76.4
Non Recurring Revenue
28.9
7.6
36.6
25.4
10.2
35.6
Revenue
86.5
15.5
102.0
92.8
19.2
112.0
Operating Costs
-71.1
-12.7
-83.8
-78.8
-13.8
-92.6
EBITDA before LTI Schemes
15.4
2.9
18.2
14.0
5.4
19.4
%
18%
18%
18%
15%
28%
17%
LTI Accounting Charge
-4.8
-0.5
-5.3
-3.3
-0.4
-3.7
LTI Payroll Tax
-0.7
-
-0.7
-2.3
-0.4
-2.7
EBITDA
9.9
2.4
12.3
8.3
4.6
13.0
EBITDA %
11%
15%
12%
9%
24%
12%
Depreciation & Amortisation
-4.4
-4.7
Foreign Exchange Gains/Losses
0.8
2.1
Net Finance Expense
-0.2
-0.1
Share of Amber's Loss
-0.3
-1.1
Income Tax Charge
-2.9
-1.9
NPAT
5.3
7.2

13
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HY 25
HY 24
Utilities Revenue Analysis
•Revenue at $92.8m: 7.2% growth over HY24
•Recurring revenue up 17% v HY24 as prior
periods wins and upgrades follow through into
recurring revenue.
•Partially offset by lower non-recurring
revenues (12% lower v HY24)
oReflects high level of project work last year and the
variable nature of such revenues.
oExpect strong levels of non-recurring revenues going
forward – from established and new customers.
Utilities Revenue HY25 v HY24
Total:$92.8m
Total:$86.5m
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues (NRR)
NZ$m
7.2%

14
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Utilities Revenue Analysis
HY25 v HY24 Revenue by region
•Continued growth in UK & Australia.
•NZ revenue flat, with Genesis upgrade spanning
FY24 to FY26.
•ROW includes Saudi Arabia; Singapore,
Philippines and Pacific Islands.
Top 10 customers by revenue

All other
customers
11%
2%
ROW
0%
Underlying revenue
NZ$m
Revenue by market segment
8%

15
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•Revenue at $19.2m: 24% growth
over HY24. Diven by customer wins
last year in the UK and the Middle East
and upgrades in APAC.
•14% higher recurring revenues v
prior period
•Non-recurring revenues 34%up
on HY24.
oContinued strong levels of project
work.
oIncludes similar levels of hardware
sales as in prior period ($3.6m v $3.8m
in HY24). This type of revenue can be
highly variable from prior to period.
HY 25
Revenue Analysis
Veovo Revenue HY25 v HY24
Revenue by region
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Projects Non-recurring
Revenues (NRR - Projects)
$19.2m
$15.5m
EMEA
AMERICAS
APAC
HY 24
NZ$m
Hardware Non-recurring
Revenues (NRR - Hardware)
$12.4m
$10.0m
$2.9m
$2.7m
$4.0m
$2.8m
33%

16
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This document is the intellectual property of Gentrack.
Utilities Expenditure Analysis
•$3.5m increase in direct costs to support
higher revenues.
•Increased our investment in Product/R&D
this half, spending c.16% of Utilities’ revenue v
c.14% in HY24, an increase of $2.5m.
•$1.3m increase in Sales and Product
Marketing to support high levels of sales activity
on our current pipeline.
Utilities Costs HY25 v HY24
NZ$m

17
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Cashflow
•Cash at $70.7m is c.$4m higher than the start
of the year
•Compares to $39.3m at HY24.
•H1 is when we pay staff bonuses, commissions & payroll
taxes on LTIs (which vest in November/December each
year). This cycle creates a working capital outflow for
“employee costs”. The increased outflow in H1 FY25
reflects the higher payroll costs on LTI schemes which
were accrued in H2 FY24.
•In HY25, other working capital movements, on
receivables and trade payables was flat.
•Cash held by overseas subsidiaries has benefitted from
forex gains of $3.7m.
NZ$m
YoY %
Cash Balance as at Beginning of Period
49.2
66.7
36%
EBITDA
12.3
13.0
5%
Change in working capital (employee costs)
-4.9
-9.5
93%
Change in working capital (receivables, payables & other)
-4.8
1.0
>100%
Tax
-3.8
-5.5
44%
Capex
-0.5
-1.1
>100%
Property leases
-1.7
-2.0
18%
Net Interest Received
0.3
0.5
49%
LTI share schemes (non cash item in EBITDA)
5.3
3.8
-28%
Foreign exchange
0.8
3.7
>100%
Underlying Cash Generated in Period
3.0
4.1
36%
Investment in Amber
-12.9
0.0
Cash Balance as at End of Period
39.3
70.7
80%
HY 24
HY 25

18
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Across water, energy and airports our pipeline continues to strengthen and mature. We achieved
growth in our base and secured exciting new projects like Utility Warehouse.
We target to announce new wins in the second half of this year as g2 gains momentum.
At a time of increasing global uncertainty the energy & water industry is a good place to be. Utilities
need to keep transforming and the addressable market is significant.
Veovo continues to perform exceptionally well, delivering on its backlog and targeting new wins.
We have a strong balance sheet and will assess M&A opportunities as they arise.
We have a strong investor register and we are glad to have you on this exciting journey.
CEO Closing Remarks

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Q&A

20
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HY25 on a Constant Currency Basis
NZ$mHY25
HY25
Constant
Currency
Difference
Revenue
112.0107.3-4.8-4.2%
Operating Costs
99.195.2-3.9-3.9%
EBITDA
13.012.1-0.9-6.8%
Statutory NPAT
7.26.7-0.5-6.8%
%
.
Most of the difference is from an average 6.2% depreciation of NZD v GBP.
This compares HY25 results against what those results would have been if they had been booked at HY24 exchange
rates.

21
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Reconciliation to Financial Statements
•This sets out how CMRR; TRR and NRR
shown in this presentation reconciles to
revenue disclosure in the Financial
Statements.
NZ$m

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This document is the intellectual property of Gentrack.
Thank you