Annual Results for the year ended 30 September 2025
Gentrack Group Ltd
17 Hargreaves Street, St Marys Bay Auckland 1011,
PO Box 3288, Auckland 1140, New Zealand
Ph: +64 9 966 6090
Email: info@gentrack.com
www.gentrack.com
Gentrack Group Ltd | ARBN 169 195 751
Results for announcement to the market
Name of issuer Gentrack Group Limited
Reporting Period 12 months to 30 September 2025
Previous Reporting Period 12 months to 30 September 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$230,194 8%
Total Revenue $230,194 8%
Net profit/(loss) from
continuing operations
$20,870 119%
Total net profit/(loss) $20,870 119%
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
$1.00 $0.72
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, 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
24/11/2025
Audited 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
Gentrack Group Ltd | ARBN 169 195 751
24 November 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 full-year to 30 September 2025.
Results Summary
• Revenue: $230.2m – up 8% on FY24 with the Group’s recurring revenues 13%
higher at $155.4m.
• EBITDA: $27.8m – up 18% on FY24 with all R&D and g2.0 investment costs
expensed.
• Statutory NPAT: $20.9m profit – up 119% over FY24.
• Cash: $84.8m an increase of $18.1m over FY24.
• No Dividend payable.
Overview
In October 2025 we passed a key milestone for our Utilities business with Genesis
Energy of New Zealand going live on the first full scope deployment of g2.0, our new
cloud-based platform with Salesforce’s CRM embedded. Existing customers and
prospects are engaged in understanding the benefits and experiences that g2.0 can
bring to their customers. Soon ACEN of the Philippines will go live with g2.0 marking
our first Asian customer with a full end to end g2.0 stack. Furthermore, as
announced we have signed our first g2.0 water customer in the UK with our recent
win at Pennon Water Services. Supporting B2B and mass market across both energy
and water is a strong differentiator for Gentrack.
Our airports division, Veovo, which operates in 25+ countries and over 150 airports,
has had another strong year. Veovo has continued to grow with current customers
and win new customers while delivering more projects than ever before. This has led
to an underlying revenue growth of 30% (excluding hardware sales) which has
translated into excellent growth in recurring revenues and EBITDA contribution.
Financial performance
For the Group, revenues increased 8% over the prior period to $230.2m and the
Group’s recurring revenue was 13% higher at $155.4m with both our divisions
seeing strong recurring revenue growth in FY25.
In our Utilities business, total revenue grew by 7% to $193.4m. Our recurring
revenues grew strongly, by 12% as wins and upgrades from prior periods flowed
through into recurring revenue. This uplift was partially offset by lower non-recurring
revenues (5% lower than in FY24), a reflection of the high level of project work in the
prior year and the variable nature of such revenues. We continue to expect strong
levels of non-recurring revenue going forward.
2
Revenues at Veovo grew by 15% to $36.8m. This was driven by new customer wins in
the prior year in the UK and the Middle East and from upgrades in APAC. Growth
includes both higher recurring revenue, (up 18% over FY24) alongside more project
work (non-recurring revenue was 13% higher even though more variable hardware
sales, sourced from our supplier network, were $2.6m lower in FY25 at $4.2m).
EBITDA at $27.8m was 18% higher than FY24. We are investing more into our
Product including as mentioned landing our first deployment of g2.0 in Genesis
Energy and all of this spend has been expensed in the year. We have also increased
investment in sales to support the high levels of activity we are seeing in our current
pipeline.
Our NPAT of $20.9m is an increase of 119% over the prior year. This increase in
profit includes a $2.2m loss being our share (10%) of the losses of Amber (which we
account for as an associate company in our financial statements). Also excluded from
EBITDA but within our NPAT, is $3.2m of foreign exchange gains arising from the
appreciation of some of the currencies, principally Sterling, used by subsidiary
companies, within the Group. The Group booked a tax credit of $0.6m in FY25
(compared to a tax charge of $5.1m in FY24), reflecting the tax relief received from
the vesting of share-based payments in the year. We will see the benefit of this in our
FY26 cashflow with reduced levels of tax paid as a result.
We continue to generate cash and maintain a strong balance sheet. Our cash at the
end of the year was $84.8m, a $18.1m increase over FY24.
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 continue to see new opportunities for more
water and energy customer wins across our core markets. Utility Warehouse, one of
the UK’s fastest growing retailers and a new billing customer win in FY25, supply
energy and telecommunications products to nearly two million meter points and are
combining Gentrack’s billing software with their multi service delivery platform.
Across FY25, we signed several, long term billing renewals including with Engie,
Shell Energy, Wave, Castle Water, So Energy and Marble Power in the UK, Vector in
New Zealand and Singapore’s Pacific Light. We also continue to work with our
customers to enable innovative solutions across our base including for battery
services at Ecotricity with Amber and for heat cylinder optimization and grid stability
with Mercury in New Zealand.
Strong track record of successful transformations for our customers
Gentrack’s track record of successful transformations is a core strength of our
business and critical for customers and potential customers when choosing a
software vendor. This last year we migrated Power and Water Corporation which is
one of the more complex transformations worldwide representing a retailer that
supports networks, energy and water to service consumers, industry and SMEs in a
single platform. Also in Australia, Amber and Vocus, both new customer wins in
FY24, are now live on their Gentrack platforms. In the UK, just over 6 months after
3
contracting with Utility Warehouse, we have migrated their first customers across to
their new platform.
During FY25, Gentrack successfully enabled 10 UK energy retailers to pass critical
milestones in the Market-Wide Half-Hourly Settlement (MHHS) programme. This
programme is central to the UK’s energy transition and by enabling the settlement of
half-hourly data for all electricity customers, it will support a more flexible, efficient,
and greener system. Industry-wide change on this scale is complex. Building on our
global experience (including Australia’s transition from 30-minute to 5-minute
settlement) we are helping our customers move through this transformation with
confidence. We will continue working with our customers in FY26 to complete their
MHHS transitions.
Veovo’s Leading Technology Capabilities
Veovo’s growth story has continued in FY25, driven by airports investing in digital
transformation. This has meant major expansion within our largest customers, a
continued move to our latest platform with Gen8 upgrades and new customers in
the US, Canada, Brazil and APAC. Of note, is the signing of our contract with NAV
CANADA, the Air Navigation Service Provider (ANSP) for Canadian Air Traffic
Control. This contract will see the Veovo Billing platform responsible for all charging
for the world’s second largest ANSP. This is a long-term contract that reinforces
Veovo’s market leading position in aeronautical billing combined with entry into a
new market segment with global potential.
FY25 has seen Veovo deliver more projects than ever before. This has seen multiple
airports go-live in Saudi Arabia and at the Manchester Airport Group with our
Passenger Predictability platform; Edinburgh Airport live with our Airport Operations
Platform and a continued rollout of our Gen8 platform in Australia, New Zealand and
EMEA ensuring continued customer retention.
Our Next Generation Resource Management System, brings this module on to our
modern SaaS platform, with greater intelligence and optimisation capability. This is
now in deployment at two airports, with a wider global rollout planned in 2026. Our
win with London Gatwick for Integrated Airport Control is driving forward our AI/ML
prediction platform as we deliver the first phase of their Total Airport Management
concept.
Veovo enters FY26 with a very strong backlog of projects and strong pipeline. We
expect the story to continue.
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 commitment to Gentrack’s
future.
Outlook
Consistent with managements’ track record, we are pleased to continue to deliver on
our guidance, which for FY25 was $230m revenue at 12% EBITDA margin.
4
Based on the scale and maturity of our pipeline we are confident that revenue growth
will be higher in FY26 than in FY25, but it is too early to provide further guidance.
With strong and growing engagement across EMEA and APAC, 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 Full Year Results on Monday 24th
November 2025 at 10.30am NZDT/ 8.30am ADST via webcast:
URL Link: www.virtualmeeting.co.nz/gtkfy25
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/full-year-results-announcement-date-2025/
ENDS
Contact details regarding this announcement:
Anna Ellis
Company Secretary
Gentrack Group Limited
+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
---
Jo:
Gentrack Group Limited
Financial
Statements
For the year ended 30 September 2025
GENTRACK FINANCIAL STATEMENTS / 2
Contents
3 Management Commentary
6 Auditor’s Report
9 Directors’ Responsibility Statement
10 Financial Statements
11 Statement of Comprehensive Income
12 Statement of Financial Position
13 Statement of Changes in Equity
14 Statement of Cash Flows
15 Notes to the Financial Statements
47 Corporate Directory
Chairman’s and CEO’s Commentary
GENTRACK 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 leading the
global modernisation of energy and water retailers.
Gentrack has over 760, and growing, utility
professionals who are passionate about this
purpose. We are a market leader 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 targeting expansion into
Asia and EMEA.
In October 2025 we passed a key milestone for our
Utilities business with Genesis Energy of New
Zealand going live on the first full scope deployment
of g2.0, our new cloud-based platform with
Salesforce’s CRM embedded. Existing customers and
prospects are engaged in understanding the benefits
and experiences that g2.0 can bring to their
customers. Soon ACEN of the Philippines will go live
with g2.0 marking our first Asian customer with a
full end to end g2.0 stack. Furthermore, as
announced we have signed our first g2.0 water
customer in the UK with our recent win at Pennon
Water Services. Supporting B2B and mass market
across both energy and water is a strong
differentiator for Gentrack.
Our airports division, Veovo, which operates in 25+
countries and over 150 airports, has had another
strong year. Veovo has continued to grow with
current customers and win new customers while
delivering more projects than ever before. This has
led to an underlying revenue growth of 30%
(excluding hardware sales) which has translated into
excellent growth in recurring revenues and EBITDA
contribution.
Financial performance
For the Group, revenues increased 8% over the prior
period to $230.2m and the Group’s recurring
revenue was 13% higher at $155.4m with both our
divisions seeing strong recurring revenue growth in
FY25.
In our Utilities business, total revenue grew by 7% to
$193.4m. Our recurring revenues grew strongly, by
12% as wins and upgrades from prior periods flowed
through into recurring revenue. This uplift was
partially offset by lower non-recurring revenues (5%
lower than in FY24), a reflection of the high level of
project work in the prior year and the variable
nature of such revenues. We continue to expect
strong levels of non-recurring revenue going
forward.
Revenues at Veovo grew by 15% to $36.8m. This
was driven by new customer wins in the prior year
in the UK and the Middle East and from upgrades in
APAC. Growth includes both higher recurring
revenue, (up 18% over FY24) alongside more project
work (non-recurring revenue was 13% higher even
though more variable hardware sales, sourced from
our supplier network, were $2.6m lower in FY25 at
$4.2m).
EBITDA at $27.8m was 18% higher than FY24. We
are investing more into our Product including as
mentioned landing our first deployment of g2.0 in
Genesis Energy and all of this spend has been
expensed in the year. We have also increased
investment in sales to support the high levels of
activity we are seeing in our current pipeline.
•Revenue: $230.2m – up 8% on FY24 with the Group’s recurring revenues 13%
higher at $155.4m.
•EBITDA: $27.8m – up 18% on FY24 with all R&D and g2.0 investment costs
expensed.
•Statutory NPAT: $20.9m profit – up 119% over FY24.
•Cash: $84.8m an increase of $18.1m over FY24.
•No Dividend payable.
Chairman’s and CEO’s Commentary
GENTRACK FINANCIAL STATEMENTS / 4
Our NPAT of $20.9m is an increase of 119% over the
prior year. This increase in profit includes a $2.2m
loss being our share (10%) of the losses of Amber
(which we account for as an associate company in
our financial statements). Also excluded from
EBITDA but within our NPAT, is $3.2m of foreign
exchange gains arising from the appreciation of
some of the currencies, principally Sterling, used by
subsidiary companies, within the Group. The Group
booked a tax credit of $0.6m in FY25 (compared to a
tax charge of $5.1m in FY24), reflecting the tax relief
received from the vesting of share-based payments
in the year. We will see the benefit of this in our
FY26 cashflow with reduced levels of tax paid as a
result.
We continue to generate cash and maintain a strong
balance sheet. Our cash at the end of the year was
$84.8m, a $18.1m increase over FY24.
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 continue to see
new opportunities for more water and energy
customer wins across our core markets. Utility
Warehouse, one of the UK’s fastest growing retailers
and a new billing customer win in FY25, supply
energy and telecommunications products to nearly
two million meter points and are combining
Gentrack’s billing software with their multi service
delivery platform.
Across FY25, we signed several, long term billing
renewals including with Engie, Shell Energy, Wave,
Castle Water, So Energy and Marble Power in the
UK, Vector in New Zealand and Singapore’s Pacific
Light. We also continue to work with our customers
to enable innovative solutions across our base
including for battery services at Ecotricity with
Amber and for heat cylinder optimization and grid
stability with Mercury in New Zealand.
Strong track record of successful transformations
for our customers
Gentrack’s track record of successful
transformations is a core strength of our business
and critical for customers and potential customers
when choosing a software vendor. This last year we
migrated Power and Water Corporation which is one
of the more complex transformations worldwide
representing a retailer that supports networks,
energy and water to service consumers, industry
and SMEs in a single platform. Also in Australia,
Amber and Vocus, both new customer wins in FY24,
are now live on their Gentrack platforms. In the UK,
just over 6 months after contracting with Utility
Warehouse, we have migrated their first customers
across to their new platform.
During FY25, Gentrack successfully enabled 10 UK
energy retailers to pass critical milestones in the
Market-Wide Half-Hourly Settlement (MHHS)
programme. This programme is central to the UK’s
energy transition and by enabling the settlement of
half-hourly data for all electricity customers, it will
support a more flexible, efficient, and greener
system. Industry-wide change on this scale is
complex. Building on our global experience
(including Australia’s transition from 30-minute to 5-
minute settlement) we are helping our customers
move through this transformation with confidence.
We will continue working with our customers in
FY26 to complete their MHHS transitions.
Veovo’s Leading Technology Capabilities
Veovo’s growth story has continued in FY25, driven
by airports investing in digital transformation. This
has meant major expansion within our largest
customers, a continued move to our latest platform
with Gen8 upgrades and new customers in the US,
Canada, Brazil and APAC. Of note, is the signing of
our contract with NAV CANADA, the Air Navigation
Service Provider (ANSP) for Canadian Air Traffic
Control. This contract will see the Veovo Billing
platform responsible for all charging for the world’s
second largest ANSP. This is a long-term contract
that reinforces Veovo’s market leading position in
aeronautical billing combined with entry into a new
market segment with global potential.
FY25 has seen Veovo deliver more projects than
ever before. This has seen multiple airports go-live
in Saudi Arabia and at the Manchester Airport
Group with our Passenger Predictability platform;
Edinburgh Airport live with our Airport Operations
Platform and a continued rollout of our Gen8
platform in Australia, New Zealand and EMEA
ensuring continued customer retention.
Chairman’s and CEO’s Commentary
GENTRACK FINANCIAL STATEMENTS / 5
Our Next Generation Resource Management
System, brings this module on to our modern SaaS
platform, with greater intelligence and optimisation
capability. This is now in deployment at two
airports, with a wider global rollout planned in
2026. Our win with London Gatwick for Integrated
Airport Control is driving forward our AI/ML
prediction platform as we deliver the first phase of
their Total Airport Management concept.
Veovo enters FY26 with a very strong backlog of
projects and strong pipeline. We expect the story to
continue.
Some Global Economic Trends and Key Risks
As we set out in the half year results, Gentrack
operates in industries that are strong growth
verticals and are well protected from potential
negative global macro-economic trends. Gentrack
provides essential services for utilities and airports,
industries which are going through technology
modernisation and digitisation. There has been
some pull back against net-zero targets, which could
potentially affect change programs for utilities, but
we do not see this as a current risk in our target
utility expansion markets of EMEA and APAC.
We see the rise in AI as a benefit to our customers
and to our own operational performance. AI
adoption in our tooling and ways of working has led
to savings and throughput improvements.
Furthermore, we support AI and data capabilities
through our technology stacks across both utilities
and airports. We also see amazing potential for our
SalesForce customers to leverage the innovation
that SalesForce AI investments have unlocked.
In the event of an unexpected global economic
downturn, passenger travel numbers could slow the
rate of airport transformations, but Veovo has
proven to be resilient in such circumstances as was
evidenced during the Covid era.
Concerning our currency exposure, 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
commitment to Gentrack’s future.
______________________________________ ______________________________________
Andy Green, CBE Gary Miles
Chairman CEO
6
Independent auditor’s report to the shareholders of Gentrack Group Limited
Opinion
We have audited the financial statements of Gentrack Group Limited (the “Company”) and its
subsidiaries (together the “Group”) on pages 11 to 46, which comprise the consolidated statement of
financial position of the Group as at 30 September 2025, and the consolidated statement of
comprehensive income, consolidated statement of changes in equity and consolidated statement of
cash flows for the year then ended of the Group, and the notes to the consolidated financial
statements including material accounting policy information.
In our opinion, the consolidated financial statements on pages 11 to 46 present fairly, in all material
respects, the consolidated financial position of the Group as at 30 September 2025 and its
consolidated financial performance and cash flows for the year then ended in accordance with New
Zealand Equivalents to International Financial Reporting Standards and International Financial
Reporting Standards.
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to them
in an auditor’s 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 audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the
audit of the financial statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Ernst & Young provides statutory 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.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the consolidated financial statements of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, but we do not provide a separate opinion on these matters. For each matter below,
our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the
financial statements section of the audit report, including in relation to these matters.
7
Accordingly, our audit included the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the financial statements. The results of our audit
procedures, including the procedures performed to address the matters below, provide the basis for
our audit opinion on the accompanying consolidated financial statements.
Revenue recognition –implementation projects
Why significant How our audit addressed the key audit matter
A substantial amount of the Group's revenue relates to
revenue from implementation projects. Where these
contracts are fixed price and have a long-term duration,
revenue and margin are recognised over time as the services
are performed. This is calculated based on the proportion of
total hours incurred at the reporting date compared to the
Group's estimation of total hours required to fulfil the
contract, applied to the total expected revenue from the
relevant contract.
Expected revenue comprises fixed contractual revenue and,
where relevant, other amounts such as variations due to
scope changes. Where the unavoidable costs of meeting the
obligations under a contract exceed the economic benefits
expected to be received under that contract, an onerous
contract provision is recorded for the difference between
these amounts.
There is a high level of management judgement and
estimation involved in accounting for the Group's fixed price
and long-term implementation projects, in particular relating
to:
► Detailed knowledge of individual characteristics
of a contract, including its unique terms,
knowledge of the software and expected length
of time to complete contractual milestones;
► Ongoing adjustments to estimated hours to
complete implementation taking into
consideration changes in scope, estimated
timing and project delays;
► Changes to total expected project revenue for
contract variations or additional billing for
changes in scope or additional hours incurred;
and
► Estimation of the unavoidable cost and economic
benefits expected when a contract has become
onerous.
Disclosures in relation to the Group’s revenue are included in
note 3.2 to the consolidated financial statements.
In obtaining sufficient appropriate audit evidence, we:
► confirmed our understanding of the Group's processes
and associated controls regarding the accounting for
fixed priced implementation project revenues.
► selected a sample of fixed priced implementation
projects that were in progress at balance date, based
on a number of quantitative and qualitative factors.
The qualitative factors included known or potentially
onerous contracts, significant unapproved variations
and other factors which might indicate a greater level
of judgement was required by the Group. For the
projects selected, where relevant, we:
► assessed whether revenue recognised was
consistent with contractual terms and NZ IFRS
15, including any allocations of contract revenue
between initial license fee, design and
implementation, and maintenance phases of the
contracts;
► recalculated revenue to date based on actual
hours incurred as a percentage of total forecast
hours to ensure revenue was recognised in line
with the project manager’s estimate;
► assessed the forecast hours to complete and
project status through discussion with project
managers and senior management;
► sample tested project hours and costs incurred
to assess the accuracy of their recording;
► used data analysis techniques to assess the
correlation between revenue, deferred revenue,
accounts receivable, and cash; and
► evaluated project performance in the period
since year end to the date of this report to
assess the Group's year end judgements in
respect of revenue recognition and forecast
hours to complete.
► considered the adequacy of the associated disclosures
in the financial statements.
Information other than the financial statements and auditor’s report
The directors of the Company are responsible for the other information. The other information
comprises the Management Commentary, the Directors’ Responsibility Statement and the Corporate
Directory but does not include the consolidated financial statements and our auditor’s report thereon,
which we obtained prior to the date of this auditor’s report, and the remainder of the annual report
including the climate statement, which is expected to be made available to us after that date.
Our opinion on the consolidated financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
8
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained during the audit, or otherwise
appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date
of this auditor’s report, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard. When we read the
remainder of the annual report, including the climate statement, if we conclude that there is a
material misstatement therein, we are required to communicate the matter to those charged with
governance and, if uncorrected, to take appropriate action to bring the matter to the attention of
users for whom our auditor’s report was prepared.
Directors’ responsibilities for the financial statements
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the
consolidated financial statements in accordance with New Zealand Equivalents to International
Financial Reporting Standards and International Financial Reporting Standards, and for such internal
control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on
behalf of the entity the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the Group or cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with International Standards on Auditing
(New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these consolidated
financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is
located at the External Reporting Board’s website: https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-1/. This description forms part of our auditor’s
report.
The engagement partner on the audit resulting in this independent auditor’s report is Rob Yeardley.
Chartered Accountants
Auckland
21 November 2025
GENTRACK FINANCIAL STATEMENTS / 9
DIRECTORS’ RESPONSIBILITY STATEMENT
The Directors are required to prepare financial statements for each financial year that present fairly the financial
position of Gentrack Group and its operations and cash flows for that period.
The Directors consider these financial statements have been prepared using accounting policies suitable to Gentrack
Group’s circumstances, which have been consistently applied and supported by reasonable judgements and
estimates, and that all relevant financial reporting and accounting standards have been followed.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy, at any
time, the financial position of Gentrack Group and to enable them to ensure that the financial statements comply with
the Companies Act 1993. They are also responsible for safeguarding the assets of Gentrack Group and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Board of Directors of Gentrack Group authorised these financial statements for issue on 21 November 2025.
For and on behalf of the Board of Directors:
Andy Green Fiona Oliver
Chairman
Date: 21 November 2025
Director
Date: 21 November 2025
GENTRACK FINANCIAL STATEMENTS / 10
Financial
Statements
30 September
2025
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 11
The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
2025
2024
SECTION
N Z $0 0 0
N Z $0 0 0
Revenue
3.1,3.2
230,194
213,242
Expenditure
3.4
(202,406)
(189,657)
Profit before depreciation, amortisation, other income,
foreign exchange gain or loss, financing, share of loss of an
associate and tax
27,788
23,585
Depreciation and amortisation
3.5
(9,549)
(8,993)
Profit before other income, foreign exchange gain or loss,
financing, share of loss of an associate and tax
18,239
14,592
Other Income
3.3
971
1,693
Foregin exchange gains
3,243
36
Finance expense
3.6
(1,341)
(1,497)
Finance income
3.6
1,308
1,131
Share of loss of an associate
2.4
(2,185)
(1,339)
Profit before tax
20,235
14,616
Income tax expense
7.1
635
(5,070)
Profit attributable to the shareholders of the company
20,870
9,546
OTHER COMPREHENSIVE INCOME
Other comprehensive income that may be reclassified to profit
or loss in subsequent periods (net of tax):
Share of other comprehensive profit of an associate
2.4
77
252
Translation of international subsidiaries
11,370
3,417
Total comprehensive profit for the period
32,317
13,215
EARNINGS PER SHARE ATTRIBUTABLE TO THE
SHAREHOLDERS OF THE COMPANY
(EXPRESSED IN DOLLARS PER SHARE)
Basic earnings per share
6.4
$0.20
$0.09
Diluted earnings per share
6.4
$0.19
$0.08
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES ISSUED
Basic
6.4
107,026
103,112
Diluted
6.4
112,682
113,828
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 12
The above 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 21 November 2025.
Andy Green Fiona Oliver
Chairman Director
Date: 21 November 2025 Date: 21 November 2025
20252024
SECTION
N Z $0 0 0N Z $0 0 0
CURRENT ASSETS
Cash and cash equivalents
4.3
84,81666,679
Trade and other receivables
5.1
53,49944,434
Income tax receivable3,087167
Inventory
5.8
758576
Total current assets142,160111,856
NON-CURRENT ASSETS
Property, plant and equipment
5.5
3,2822,898
Lease assets
9.1
11,89512,823
Goodwill
5.2
119,270111,955
Intangibles
5.4
17,44721,510
Investment in an associate
2.4
14,54711,801
Deferred tax assets
7.2
16,18514,840
Total non-current assets182,626175,827
Total assets324,786287,683
CURRENT LIABILITIES
Trade payables and accruals
5.6
14,62211,933
Lease liabilities
9.1
3,6402,738
Contract liabilities18,45517,056
GST payable4,7652,751
Employee entitlements
5.7
22,30322,686
Income tax payable-1,626
Total current liabilities63,78558,790
NON-CURRENT LIABILITIES
Lease liabilities
9.1
12,63614,417
Employee entitlements
5.7
1,5033,897
Deferred tax liabilities
7.2
2,6692,776
Total non-current liabilities16,80821,090
Total liabilities80,59379,880
Net assets244,193207,803
EQUITY
Share capital
6.1
206,465200,698
Share-based payment reserve12,26611,738
Foreign currency translation reserve20,7529,382
Retained earnings4,710(14,015)
Total equity244,193207,803
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 13
The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.
2025
N Z $ 0 0 0
SECTION
Balance as at 1 October
200,698
11,738
(14,015)
9,382
207,803
-
-
20,870
-
20,870
Other comprehensive income
-
-
77
11,370
11,447
-
-
20,947
11,370
32,317
TRANSACTION WITH OWNERS
-
-
(2,222)
-
(2,222)
Issue of share capital
6.1
5,767
(5,767)
-
-
-
Share-based payments
6.2
-
6,295
-
-
6,295
Balance at 30 September
206,465
12,266
4,710
20,752
244,193
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
SHARE
CAPITAL
SHARE
BASED
PAYMENT
Excess income tax benefit on share-
based payments
Profit attributable to the
shareholders of the company
Total comprehensive income for
the period, net of tax
2024
N Z $ 0 0 0
SECTION
Balance as at 1 October
196,031
6,187
(26,767)
5,965
181,416
-
-
9,546
-
9,546
Other comprehensive income
-
-
252
3,417
3,669
-
-
9,798
3,417
13,215
TRANSACTION WITH OWNERS
-
-
2,954
-
2,954
Issue of share capital
6.1
4,667
(4,667)
-
-
-
Share-based payments
6.2
-
10,218
-
-
10,218
Balance at 30 September
200,698
11,738
(14,015)
9,382
207,803
Profit attributable to the
shareholders of the company
RETAINED
EARNINGS
TRANSLATION
RESERVE
SHARE
CAPITAL
SHARE
BASED
PAYMENT
TOTAL
EQUITY
Excess income tax benefit on share-
based payments
Total comprehensive income for
the period, net of tax
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 14
*Government grants shown as a separately line.
The above Statement of Cash Flows should be read in conjunction with the accompanying notes.
2025
2024
SECTION
N Z $0 0 0
N Z $0 0 0
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
225,359
212,672
Payments to suppliers and employees
(197,339)
(171,654)
Receipts from government grants*
1,693
1,574
Income tax paid*
(7,703)
(8,206)
Net cash inflow from operating activities
22,010
34,386
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment
5.5
(1,743)
(1,087)
Investment in an associate
2.4
(4,854)
(12,888)
Net cash outflow from investing activities
(6,597)
(13,975)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for lease liabilities
9.1
(2,638)
(2,534)
Lease liability finance charge
9.1
(1,073)
(1,108)
Interest paid
(268)
(389)
Interest received
1,308
1,131
Net cash outflow from financing activities
(2,671)
(2,900)
Net increase in cash held
12,742
17,511
Foreign currency translation adjustment
5,395
(18)
Cash at beginning of the financial period
66,679
49,186
Closing cash and cash equivalents
84,816
66,679
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 15
GENERAL INFORMATION ACCOUNTING POLICES CRITICAL JUDGEMENTS
GENERAL INFORMATION
The notes are consolidated into nine sections. Each section contains an introduction and general information
which is indicated by the symbol above. The layout of these financial statements has been streamlined to
present them in a way that is more intuitive for readers to follow. This is achieved by laying out the accounting policies
and critical judgements alongside the notes and focusing information in a way which provides increased clarity and
ease of understanding.
The first section details general information about Gentrack Group and guidance on how to navigate through the
financial statements.
MATERIAL ACCOUNTING POLICY INFORMATION
The principal accounting policies adopted in the preparation of these financial statements are set out
throughout the document where they are applicable. These policies have been consistently applied to all
the years presented, unless otherwise stated.
Accounting policies are identified by this symbol above.
CRITICAL JUDGEMENTS
The preparation of the financial statements requires management to make judgements, estimates
and assumptions that affect the reported amounts in the financial statements. Management continually
evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue, and
expenses. Management bases its judgements and estimates on historical experience and on various other
factors it believes to be reasonable under the circumstances, the result of which form the basis of the carrying
values for assets and liabilities that are not readily apparent from other sources. Actual results may differ from
these estimates under different assumptions and conditions and may materially affect financial results or the
financial position reported in future periods.
Further details of the nature of these critical judgements and estimates may be found throughout the financial
statements as they are applicable and are identified by this symbol.
1. GENERAL INFORMATION
Gentrack Group Limited is a limited liability company, domiciled and incorporated in New Zealand and registered
under the New Zealand Companies Act 1993. The registered office of Gentrack Group Limited (Company) is 17
Hargreaves Street, St Marys Bay, Auckland 1011, New Zealand.
The financial statements presented are for Gentrack Group Limited (the parent) and its subsidiaries (Gentrack Group)
for the year ended 30 September 2025. Prior year comparatives are for the year ended 30 September 2024.
The financial statements of Gentrack Group for the year ended 30 September 2025 were authorised for issue in
accordance with a resolution of the directors on 21 November 2025.
Gentrack Group’s principal activity is the development, integration, and support of enterprise billing and customer
management software solutions for the utility (energy and water) and airport industries.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 16
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
This section outlines the legislation and accounting standards which have been followed in the preparation of
the financial statements along with explaining how the information has been consolidated and presented.
2.1 KEY LEGISLATION AND ACCOUNTING STANDARDS
The financial statements of Gentrack Group have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (NZ GAAP). They comply with the New Zealand Equivalents to International Financial
Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards as appropriate to profit-oriented
entities. The financial statements comply with International Financial Reporting Standards (IFRS).
Gentrack Group is a FMC entity for the purposes of the Financial Reporting Act 2013 and Financial Markets Conduct
Act 2013 and is listed on the New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).
The financial statements have been prepared in accordance with the requirements of the Financial Markets Conduct
Act 2013.
2.2 BASIS OF CONSOLIDATION
Subsidiaries are entities over which Gentrack Group has control. Gentrack Group controls an entity when it is exposed
to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power
over the entity. In assessing control, potential voting rights that currently are exercisable are considered. Subsidiaries
are fully consolidated from the date that control is transferred to Gentrack Group. They are deconsolidated from the
date that control ceases.
The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted
by Gentrack Group.
Intra-group balances and any unrealised income and expenses arising from intra-group transactions, are fully
eliminated in preparing the financial statements.
FUNCTIONAL AND PRESENTATION CURRENCY
Items included in the financial statements of each of Gentrack Group’s entities are measured using the currency of the
primary economic environment in which the entity operates (the functional currency). The financial statements are
presented in New Zealand dollars (NZD) which is Gentrack Group’s presentation currency. All financial information
has been presented rounded to the nearest thousand dollars ($000) in the financial statements.
TRANSACTIONS AND BALANCES
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies
are recognised in the profit or loss.
FOREIGN CURRENCY TRANSLATION RESERVE (FCTR)
Gentrack Group translates the results of its foreign operations from their functional currencies to the presentation
currency using the closing exchange rate at balance date for assets and liabilities and the average monthly exchange
rates for income and expenses. The difference arising from the translation of the statement of financial position at the
closing rates and the statement of comprehensive income at the average rates is recorded within the foreign currency
translation reserve within the statement of comprehensive income.
2.3 BUSINESS COMBINATIONS
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on
which control is transferred to Gentrack Group. Control is the exposure or right to variable returns from involvement with
the entity and the ability to affect those returns through power over the entity.
Gentrack Group recognises the fair value of all identifiable assets, liabilities, and contingent liabilities of the acquired
business. Goodwill is measured as the excess cost of the acquisition over the recognised assets and liabilities. When
the excess is negative (negative goodwill), the amount is recognised immediately in the statement of comprehensive
income.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 17
2.3 BUSINESS COMBINATIONS (CONTINUED)
Gentrack Group has not made any acquisitions during the year ended 30 September 2025 or 2024. For details of
acquisitions made in prior years refer to the 2018 Annual Report.
2.4 INVESTMENT IN ASSOCIATES
An associate is an entity over which Gentrack Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but is not control or joint control over those
policies.
On January 31, 2024, Gentrack Group finalised a subscription deed, acquiring a 10% interest in Amber Holding
Corporation Pty Limited (Amber). Between May 2025 to October 2025 Amber raised further capital in which Gentrack
Group participated, resulting in Gentrack Group holding 9.9% at end of financial year 2025 and 9.7% post the final
investor investment in October 2025.
Amber’s primary business activities are software sales and energy retail. The Group has a seat on Amber’s Board.
According to NZ IAS 28 Investment in Associates, 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.
Amber’s financial year ends in June. To align with Gentrack Group’s financial reporting, Amber's financial statements
are adjusted for the effects of significant transactions or events that occur between the date of those financial
statements and the date of the consolidated financial statements. The accounting policies of Amber are consistent
with Gentrack Group's policies. As a result, no additional adjustments are required when recognising and measuring
Gentrack Group’s share of Amber's profit or loss after the acquisition date.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 18
2.5 GROUP INFORMATION
The financial statements include the following subsidiaries:
In October 2024, Gentrack France SAS, a wholly owned subsidiary of Gentrack UK Limited, was incorporated to
support the Gentrack Group in software development and sales initiatives.
In July 2025, the Company completed the deregistration of CA Plus Limited, a wholly owned dormant subsidiary of
Veovo Group Limited and it no longer forms part of the consolidated Gentrack Group. The entity had no operations
at the time of dissolution, and removal does not impact Gentrack Group’s ongoing operations and financial position.
2.6 IMPACT OF STANDARDS ISSUED BUT NOT YET ADOPTED
The External Reporting Board has issued NZ IFRS 18 Presentation and Disclosure in Financial Statements, as well as
amendments to existing international accounting standards. Gentrack Group will adopt NZ IFRS 18 when
mandatory. Management is currently assessing the impact of NZ IFRS 18 on the Group’s financial statements.
There were no other new effective standards adopted on 1 October 2024 that had a material impact on the
financial statements.
ENTITY
PRINCIPAL ACTIVITY
COUNTRY OF
INCORPORATION
SHAREHOLDING
2025
SHAREHOLDING
2024
Gentrack Group Australia Pty
Limited
Holding company
Australia
100%
100%
Gentrack Pty Limited
Software sales and
support
Australia
100%
100%
Veovo Holdings (Denmark) ApS
Holding company
Denmark
100%
100%
Veovo A/S (formally Blip Systems
A/S)
Software development
sales and support
Denmark
100%
100%
CA Plus Limited
Software development
sales and support
Malta
0%
100%
Veovo Group Limited
Holding company
New Zealand
100%
100%
Gentrack Limited
Software development
sales and support
New Zealand
100%
100%
Gentrack Holdings (UK) Limited
Holding company
United Kingdom
100%
100%
Gentrack UK Limited
Software development
sales and support
United Kingdom
100%
100%
Junifer Systems Limited
Dormant
United Kingdom
100%
100%
Evolve Parent Limited
Holding company
United Kingdom
100%
100%
Evolve Analytics Limited
Dormant
United Kingdom
100%
100%
Gentrack Software Private Limited
Software development
and support
India
100%
100%
Gentrack Information Systems
Technology Company
Software sales and
support
Kingdom of Saudi
Arabia
100%
100%
Gentrack (Singapore) Pte Limited
Software sales and
support
Singapore
100%
100%
Gentrack France SAS
Software sales and
support
France
100%
0%
Veovo Inc
Software sales and
support
United States of
America
100%
100%
Veovo NZ Limited
Software sales and
support
New Zealand
100%
100%
Veovo UK Limited
Software sales and
support
United Kingdom
100%
100%
Veovo IP Limited
Software development
New Zealand
100%
100%
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 19
3. GROUP PERFORMANCE
This section outlines further details of Gentrack Group’s financial performance by building on the information
presented in the Statement of Comprehensive Income.
3.1 OPERATING SEGMENTS
An operating segment is a component of an entity that engages in business activities from which it may earn revenue
and incur expenses, whose operating results are regularly reviewed by the entity’s Chief Operating Decision Maker
(CODM) to make decisions about resources to be allocated to the segment and assess its performance, and for which
discrete financial information is available. Operating segments are aggregated for disclosure purposes where they
have similar products and services, production processes, customers, distribution methods and regulatory
environments.
Gentrack Group currently operates in two business segments, utility billing software and airport management
software. Consistent with prior years, Gentrack Group’s corporate costs are included in the utility segment.
These segments have been determined based on the reports reviewed by the Board (CODM) 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 part of our managed services revenue which is
recognised when the customer benefits have been confirmed and, within our airport segment (also referred to as the
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 CODM in total and are not allocated
by business segment. Therefore, operating segment assets and liabilities are not disclosed.
(1) Segment contribution is defined as profit before depreciation, amortisation, other income, foreign exchange gain
or loss, financing, share of loss of an associate and tax.
2025
UT IL IT Y
AIRP O RT
T O T AL
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
TIMING OF REVENUE RECOGNITION
Point in time
29,981
4,416
34,397
Over time
163,420
32,377
195,797
Total revenue
193,401
36,793
230,194
EXPENDITURE
Employee entitlements
(123,783)
(17,087)
(140,870)
Other operating expenses
(49,345)
(12,191)
(61,536)
Total expenditure
(173,128)
(29,278)
(202,406)
Segment contribution (1)
20,273
7,515
27,788
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 20
3.1 OPERATING SEGMENTS (CONTINUED)
A reconciliation of segment contribution to profit attributable to the shareholders of the company is as follows:
In 2025, no individual customer contributed 10% or more of the Group’s total revenue. In 2024, Gentrack Group
generated $24.6m from a single utility customer.
2024UT IL IT YAIRP O RTT O T AL
N Z $0 0 0N Z $0 0 0N Z $0 0 0
TIMING OF REVENUE RECOGNITION
Point in time29,0256,79935,824
Over time152,28525,133177,418
Total revenue181,31031,932213,242
EXPENDITURE
Employee entitlements(119,658)(15,839)(135,497)
Other operating expenses(43,406)(10,754)(54,160)
Total expenditure(163,064)(26,593)(189,657)
Segment contribution18,2465,33923,585
2025
2024
N Z $0 0 0
N Z $0 0 0
Segment contribution (1)
27,788
23,585
Depreciation and amortisation
(9,549)
(8,993)
Other Income
971
1,693
Foreign exchange gains
3,243
36
Finance expense
(1,341)
(1,497)
Finance income
1,308
1,131
Share of loss of an associate
(2,185)
(1,339)
Income tax expense
635
(5,070)
Profit attributable to the shareholders of the company
20,870
9,546
20252024
N Z $0 0 0N Z $0 0 0
REVENUE BY DOMICILE OF ENTITY
Australia51,47451,388
New Zealand32,36134,617
United Kingdom119,980105,892
Rest of World26,37921,345
Total revenue230,194213,242
REVENUE BY DOMICILE OF CUSTOMER
Australia57,21855,252
New Zealand23,85226,982
United Kingdom111,84398,763
Rest of World37,28132,245
Total revenue230,194213,242
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 21
3.2 OPERATING REVENUE
Gentrack Group recognises revenue from customers when the performance obligation has been
accomplished. A performance obligation is accomplished when the customer has received all the benefits
promised under the performance obligation. The following sections detail the type of revenue recognised
within each category.
Revenue recognition involves certain revenue streams being recognised based on the stage of completion.
This process uses estimations of time required to complete the project and is based on detailed information
on hours worked to date, prior experience, and project scheduling tools. Gentrack Group employs project
managers to provide regular information to management on the progress of all projects. All material estimates are
reviewed by management prior to revenue recognition.
Contract assets are initially recognised for revenue earned from services in progress and are reclassified to trade
receivables when there is an unconditional right to receive the consideration due from customer. Contract assets are
subject to impairment assessments.
Contract liabilities are recognised if a payment is received, or a payment is due (whichever is earlier) from a customer
before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the
Group performs under the contract.
Contract assets and contract liabilities typically are recognised as trade receivables and revenue (respectively) within
a 12-month period.
ANNUAL FEES
Annual fees include software support and maintenance charged on software licenses and software subscriptions.
Revenue from annual fees is generally recognised on a straight-line basis over the period the benefits are consumed
by the customer.
SUPPORT SERVICES
Support services are post implementation value-add professional services related to ongoing upgrades, minor
software revisions and extended support. Support services revenue is recognised when the service is complete or on
a stage of completion basis.
LICENSES
Revenue from license fees is recognised when the customer can benefit from the licensed software. License fees that
are highly interrelated with project services are recognised based on the stage of completion of the project.
PROJECT SERVICES
Revenue from project services is recognised based on the stage of completion of the project. This is typically in
accordance with the achievement of contract milestones and/or hours expended and forecast hours to complete the
project.
MANAGED SERVICES
Managed Services include revenues where Gentrack uses its own software and expertise, on behalf of customers, to
deliver either improvements in the energy reconciliation process or supporting customers with billing and
operational back-office processes. Revenue is recognised when the service is complete or over the period that the
benefits are consumed by the customer.
OTHER
Other revenue is primarily revenue from hardware and the recharge of ad-hoc costs that are recharged to customers.
Revenue from hardware sales is recognised when the hardware has been delivered to the customer.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 22
3.2 OPERATING REVENUE (CONTINUED)
3.3 OTHER INCOME
GOVERNMENT GRANTS
Government grants including certain types of credits receivable from tax authorities are recognised at their
fair value where there is a reasonable assurance that the grant will be received, and Gentrack Group will
comply with all attached conditions. When a grant relates to an expense item, it is recognised as income over
the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate.
Included as other income in the statement of comprehensive income during the financial year are amounts expected
to be received from the UK tax authorities as a credit against UK corporation tax in the form of Research and
Development Expenditure Credits (RDEC) to compensate for eligible research and development activities performed
in the United Kingdom.
3.4. EXPENDITURE
The table below provides a detailed breakdown of the total expenditure presented in the statement of
comprehensive income.
Included in the total expenditure above, Gentrack Group has expensed $21.6m in Research and Development
expenditure (2024: $22.7m). This Research and Development expenditure includes payroll costs, employee benefits
and other employee related costs, direct overheads, and other directly attributable costs related to performing
Research and Development activities.
20252024
N Z $0 0 0N Z $0 0 0
OPERATING REVENUE:
Annual fees82,09268,989
Support services42,28438,491
Project services65,97664,133
Licenses4,2184,757
Managed services31,00330,067
Other4,6216,805
Total operating revenue230,194213,242
2025
2024
N Z $0 0 0
N Z $0 0 0
PROFIT / (LOSS) BEFORE TAX INCLUDES THE FOLLOWING SPECIFIC EXPENSES:
Employee entitlements
140,870
135,497
Administrative costs
9,409
7,851
Third party customer-related costs
22,529
21,304
Advertising and marketing
2,868
2,255
Consulting and subcontracting
17,889
16,097
Other operating expenses
8,841
6,653
Total expenditure
202,406
189,657
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 23
3.5 DEPRECIATION AND AMORTISATION
Depreciation on property, plant and equipment is calculated using the straight-line method to allocate the
difference between their original cost and their residual value over their estimated useful lives. For right-of-
use assets, amortisation is charged over the shorter of the lease term and the asset’s estimated useful life.
Except for goodwill and brands, intangible assets are amortised on a straight-line over their estimated useful lives,
from the date that they are available for use.
3.6. NET FINANCE EXPENSES
Finance income comprises interest income that is recognised in the Statement of Comprehensive Income. Interest
income is recognised as it accrues, using the effective interest method.
Finance expense comprises interest expense on borrowings and lease liability finance charges that are recognised in
the statement of comprehensive income. All borrowing costs are recognised in the statement of comprehensive
income using the effective interest method.
2025
2024
SECTION
N Z $0 0 0
N Z $0 0 0
DEPRECIATION EXPENSE
Depreciation on property plant and equipment
1,453
1,300
Depreciation on lease assets
9.1
2,591
2,183
4,044
3,483
AMORTISATION EXPENSE
Amortisation
5,505
5,510
5,505
5,510
Total depreciation and amortisation
9,549
8,993
20252024
SECTIONN Z $0 0 0N Z $0 0 0
FINANCE INCOME
Interest income1,3081,131
1,3081,131
FINANCE EXPENSE
Interest expense(268)(389)
Lease liability finance charges9.1(1,073)(1,108)
(1,341)(1,497)
Net finance expense(33)(366)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 24
4. CASH, BORROWINGS AND CASH FLOWS
This section outlines further from the statement of cashflows and provides details on the cash and cash
equivalents held in the statement of financial position. Cash comprises cash at bank and short-term deposits.
4.1 RECONCILIATION OF NET SURPLUS TO CASH FLOWS
2025
2024
SECTION
N Z $0 0 0
N Z $0 0 0
RECONCILIATION OF OPERATING CASH FLOWS WITH NET PROFIT AFTER TAX:
Profit after tax
20,870
9,546
ADJUSTMENTS FOR NON-CASH ITEMS
Deferred tax
7.2
(3,232)
(2,066)
Impairment provision - Trade receivables
(132)
(486)
(Gain)/Loss on foreign exchange transactions
(3,223)
(38)
Share based payments
6,327
10,218
Interest expense
3.6
268
389
Interest income
3.6
(1,308)
(1,131)
Lease liability finance charges
3.6
1,073
1,108
Depreciation and amortisation
3.5
9,549
8,993
Share of loss of an associate
2,185
1,339
Non-cash items
11,507
18,326
ADD/(DEDUCT) MOVEMENTS IN OTHER WORKING CAPITAL ITEMS:
Increase in trade and other receivables
(5,259)
(5,308)
(Increase)/Decrease in tax payable
(4,404)
(1,189)
Increase/(Decrease) in GST payable
1,643
146
Increase in contract liabilities
280
3,340
Increase in employee entitlements
(4,534)
6,280
Increase in trade payables and accruals
1,907
3,245
Net working capital movements
(10,367)
6,514
Net cash inflow from operating activities
22,010
34,386
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 25
4.2 BANK FACILITIES AND BORROWINGS
On 16 December 2024, Gentrack Group refinanced the $25 million multicurrency facility loan agreement with Bank of
New Zealand (BNZ). The renewed facility is available to provide additional funding for acquisitions and general
corporate purposes, 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 30 September 2025 $Nil (2024: $Nil) of the facility has been drawn down.
4.3. CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash in hand, deposits held at call with banks, other short-term and
highly liquid investments with original maturities of six months or less.
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 six months, depending on the immediate cash requirements of Gentrack
Group, and earn interest at the respective short-term deposit rates.
5. ASSETS AND LIABILITIES
This section outlines further details of Gentrack Group’s financial position by building on information
presented in the statement of financial position.
5.1. TRADE AND OTHER RECEIVABLES
Gentrack Group recognises trade and other receivables initially at fair value and subsequently measured at
amortised cost using the effective interest method, less provision for impairment. An impairment provision
for trade receivables and contract assets consists of the expected credit loss in accordance with NZ IFRS 9
Financial Instruments and a specific provision.
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair
value through profit or loss. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the Group expects to receive.
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the
Group does not track changes in credit risk, but instead recognises a loss allowance based on trade receivables and
contract assets net of specific provisions applying lifetime ECLs at each reporting date. The Group has established a
provision matrix that is based on its historical credit loss experience, and the age profile of the debtor balances
adjusted for forward-looking factors specific to the debtors.
A specific provision is established when there is forward looking evidence that Gentrack Group will not be able to
collect all amounts due according to the original terms of the receivables. The carrying amount of an asset is reduced
using provision accounts, and the amount of the loss is recognised in the profit and loss. When a receivable is
uncollectible, it is written off against the specific impairment provision account. Subsequent recoveries of amounts
previously written off are credited against the profit and loss.
2025
2024
N Z $0 0 0
N Z $0 0 0
Cash at banks
39,315
33,285
Short-term deposits
45,501
33,394
Total cash and cash equivalents
84,816
66,679
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 26
5.1. TRADE AND OTHER RECEIVABLES (CONTINUED)
MOVEMENT IN TRADE RECEIVABLES IMPAIRMENT PROVISION
Most of the impairment provision is reflective of B2C energy suppliers in the United Kingdom that went into
administration during 2022 and 2021. The Administrator reports continue to indicate possible recovery on retained
balances.
The expected credit loss provision for trade receivables and contract assets has been measured using the same
techniques as the prior year, determined as follows.
2025
2024
NZ $ 0 0 0
NZ $ 0 0 0
Trade receivables
28,559
28,021
Impairment provision - Expected credit loss
(293)
(317)
Impairment provision - Specific provision
(1,277)
(967)
Provision for volume discounts
(353)
(91)
Contract assets
20,875
12,401
Sundry receivables and prepayments
5,988
5,387
Total trade and other receivables
53,499
44,434
2025
2024
NZ $ 0 0 0
NZ $ 0 0 0
Opening balance
1,284
3,560
Increase in impairment provision
286
21
Amounts received
(24)
(443)
Effect of movement in foreign exchange
101
63
Bad debt written off
(77)
(1,917)
Total trade receivables impairment provision
1,570
1,284
2025CURRENT
1- 60 DAYS
PAST DUE
61- 120 DAYS
PAST DUE
121- 180 DAYS
PAST DUE
OVER 180 DAYS
PAST DUE
TOTAL
N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0
Gross carrying amount22,3933,3631,1323771,29428,559
Expected credit loss allowance11250573342293
2024CURRENT
1- 60 DAYS
PAST DUE
61- 120 DAYS
PAST DUE
121- 180 DAYS
PAST DUE
OVER 180 DAYS
PAST DUE
TOTAL
N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0
Gross carrying amount18,6247,42392151,04728,021
Expected credit loss allowance9311338072317
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 27
5.2 GOODWILL
Goodwill represents the difference between the cost of acquisition and the fair value of the net identifiable
assets acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to
cash-generating units (CGU) and is not amortised but is tested annually for impairment.
5.3 IMPAIRMENT TESTING
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. Where an indicator of impairment exists, Gentrack Group makes a formal estimate of the
recoverable amount. Where the carrying value of an asset exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount. Recoverable amount is the greater of fair value
less costs to sell and the asset’s value in use. For the purposes of assessing impairment, assets are grouped at the
lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other
than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting
date.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects the current market assessments and the time value of money and the risks specific to the
asset. Value in use is determined by discounting the future cash flows generated by each CGU. Cash flows were
projected based on five-year business plans. The Weighted Average Cost of Capital (WACC) is an average of the latest
rates used by the analysts that cover Gentrack. The WACC for each CGU is reviewed at least annually.
Gentrack Group tests annually whether goodwill has suffered any impairment or more often as required, in
accordance with the accounting policy stated above. The recoverable amounts of cash-generating units have
been determined based on value in use calculations. In preparing the five-year forecasts, management has reviewed
the assumptions and weighed up the information available at the time to ensure the forecasts are appropriate given
the CGU’s position and the prevailing market conditions. The WACC and terminal growth rates used in these
calculations are set out in the table below:
20252024
N Z $0 0 0N Z $0 0 0
Opening balance111,955109,420
Exchange rate differences7,3152,535
Net book value119,270111,955
Goodwill allocated to Utilities116,370109,055
Goodwill allocated to Veovo2,9002,900
Net book value119,270111,955
CASH GENERATING UNIT
WACC
2025
Terminal Growth
Rate 2025
WACC
2024
Terminal Growth
Rate 2024
Utilities9.9%2.8%9.8%2.6%
Veovo9.9%2.8%9.8%2.6%
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 28
5.3 IMPAIRMENT TESTING (CONTINUED)
IMPAIRMENT TESTING RESULTS
The calculations confirmed there was no impairment of goodwill during the year for the Utilities or Veovo CGU’s.
For the Utilities business the key assumption is the CAGR of revenue across the five-year period commencing 1st
October 2025. Under management’s projections this would need to drop below 0% for the recoverable amount to be
less than the carrying value of the Utilities CGU. Management’s projections, under all scenarios, project a CAGR
comfortably above this and this compares to growth in revenue in FY25 for the Utilities business of 6.7% (2024:
22.6%).
For the Veovo business, the carrying value of the CGU is below the annual cashflow being generated by this business
and so the assessment is not sensitive to changes in assumptions in management’s projections.
Management believes that any reasonably possible change in the key assumptions for either CGU would not cause
the carrying amount to exceed the recoverable amount.
5.4 INTANGIBLE ASSETS
CAPITALISED DEVELOPMENT
Costs that are directly associated with the development of software are recognised as intangible assets
where the following criteria are met:
• it is technically feasible to complete the software product so that it will be available for use;
• management intends to complete the software product and use or sell it;
• there is an ability to use or sell the software product;
• it can be demonstrated how the software product will generate probable future economic benefits;
• adequate technical, financial, and other resources to complete the development and to use or sell the software
product are available; and
• the expenditure attributable to the software product during its development can be reliably measured.
Software development costs that meet the above criteria are capitalised. Other development expenditure that does not
meet the above criteria is recognised as an expense as incurred. Development costs previously recognised as expenses
are not recognised as assets in a subsequent period. Software development costs recognised as assets are amortised
over their estimated useful lives.
BRANDS
Brands acquired are considered to have an indefinite useful life and are held at cost and are not amortised but are subject
to an annual impairment test consistent with the methodology outlined for goodwill above.
OTHER INTANGIBLE ASSETS
Other intangible assets consist of internal use software, acquired source code, trade-marks, and acquired customer
relationships. They have finite useful lives and are measured at cost less accumulated amortisation and accumulated
impairment losses.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 29
5.4 INTANGIBLE ASSETS (CONTINUED)
AMORTISATION
Except for goodwill and brands, intangible assets are amortised on a straight-line basis in the statement of
comprehensive income over their estimated useful lives, from the date that they are available for use.
The estimated useful lives for the current and comparative periods are as follows:
• Acquired source code 10 years
• Internal use software 3 years
• Customer relationships 10 years
• Trademarks 4 years
• Capitalised development 5 years
Amortisation methods, useful lives and residual values are reviewed at each financial year end and adjusted if
appropriate. No changes were made to useful lives and residual values during financial year 2025. Acquired source
code and internal use software are categorised as software in the below table.
2025
SOFTWARE
CUSTOMER
RELATIONSHIPS
BRAND
NAMES
TRADEMARKS
CAPITALISED
DEVELOPMENT
TOTAL
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
Opening balance
10,888
5,584
5,024
-
14
21,510
Amortisation
(3,649)
(1,842)
-
-
(14)
(5,505)
Movement in foreign exchange
953
489
-
-
-
1,442
Closing net book value
8,192
4,231
5,024
-
-
17,447
Cost
51,052
27,213
5,024
995
2,948
87,232
Accumulated amortisation
(42,860)
(22,982)
-
(995)
(2,948)
(69,785)
Net book value
8,192
4,231
5,024
-
-
17,447
2024SOFTWARE
CUSTOMER
RELATIONSHIPS
BRAND
NAMES
TRADEMARKS
CAPITALISED
DEVELOPMENT
TOTAL
N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0
Opening balance13,8357,0705,024-38226,311
Amortisation(3,415)(1,725)--(370)(5,510)
Movement in foreign exchange468239--2709
Closing net book value10,8885,5845,024-1421,510
Cost47,52725,4325,0249052,82081,708
Accumulated amortisation(36,639)(19,848)-(905)(2,806)(60,198)
Net book value10,8885,5845,024-1421,510
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 30
5.5 PROPERTY PLANT AND EQUIPMENT
In the statement of financial position property, plant and equipment is stated at historical cost less
depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Depreciation on assets is calculated using the straight-line method to allocate the difference between their original
costs and their residual values over their estimated useful lives, as follows:
• Furniture & equipment 7 years
• Computer equipment 3 to 7 years
• Leasehold improvements Term of lease
The assets’ residual values and useful lives are reviewed and adjusted if appropriate at each balance sheet date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amounts and are recognised in
the statement of comprehensive income.
2025
FURNITURE &
EQUIPMENT
COMPUTER
EQUIPMENT
LEASEHOLD
IMPROVEMENTS
TOTAL
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
Opening balance
530
1,560
808
2,898
Additions
30
1,713
-
1,743
Depreciation
(125)
(1,199)
(129)
(1,453)
Disposal
(16)
(20)
(2)
(38)
Movement in foreign exchange
26
79
27
132
Net book value
445
2,133
704
3,282
Cost
1,131
6,780
1,460
9,371
Accumulated depreciation
(686)
(4,647)
(756)
(6,089)
Net book value
445
2,133
704
3,282
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 31
5.5 PROPERTY PLANT AND EQUIPMENT (CONTINUED)
5.6 TRADE PAYABLES AND ACCRUALS
Gentrack Group recognises trade and other payables initially at fair value and subsequently measured at
amortised cost using the effective interest method. They represent liabilities for goods and services provided
prior to the end of the financial year that are unpaid. The amounts are unsecured, non-interest bearing and
are usually paid within 45 days of recognition.
5.7 EMPLOYEE ENTITLEMENTS
Liabilities for salaries and wages, including non-monetary benefits, payroll taxes, long service leave, and
annual leave are recognised in employee benefits in respect of employees’ services up to the reporting date.
They are measured at the amounts expected to be paid when the liabilities are settled. Cost for non-
accumulating sick leave is recognised when the leave is taken and measured at the rates paid or payable.
2024
FURNITURE &
EQUIPMENT
COMPUTER
EQUIPMENT
LEASEHOLD
IMPROVEMENTS
TOTAL
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
Opening balance
542
1,635
915
3,092
Additions
77
1,002
8
1,087
Depreciation
(89)
(1,090)
(121)
(1,300)
Disposal
(9)
(12)
(1)
(22)
Movement in foreign exchange
9
25
7
41
Net book value
530
1,560
808
2,898
Cost
1,227
5,001
1,424
7,652
Accumulated depreciation
(697)
(3,441)
(616)
(4,754)
Net book value
530
1,560
808
2,898
2025
2024
N Z $0 0 0
N Z $0 0 0
Trade creditors
6,098
4,738
Sundry accruals
8,524
7,195
Total trade payables and accruals
14,622
11,933
20252024
N Z $0 0 0N Z $0 0 0
CURRENT
Long service leave770629
Other short-term employee benefits21,53322,057
22,30322,686
NON- CURRENT
Long service leave1,4141,104
Other employee benefits892,793
1,5033,897
Total employee entitlements23,80626,583
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 32
5.8 INVENTORY
Inventories are stated at the lower of cost and net realisable value. Cost is calculated using a weighted average
method and includes expenditure incurred to purchase the inventory and transport it to its current location.
Net realisable value is the estimated selling price of the inventory in the ordinary course of business less costs
necessary to make the sale. The cost of inventories consumed during the year are recognised as an expense
and included in expenditure in the statement of comprehensive income.
6. CAPITAL STRUCTURE
This section outlines Gentrack Group’s capital structure and details of share-based employee
incentives which have an impact on Gentrack Group’s equity.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and
share options are recognised as a deduction from equity, net of any tax effects. Where any Gentrack Group
company purchases the Company’s equity share capital (treasury shares), the consideration paid is deducted
from equity attributable to the Company’s equity holders until the shares are transferred outside the Gentrack Group.
Ordinary shares are fully paid and have no par value. The holders of ordinary shares are entitled to receive dividends as
declared from time to time and are entitled to one vote per share at meetings of the Company and rank equally with
regard to the Company’s residual assets.
6.1 CAPITAL MANAGEMENT
The capital structure of Gentrack Group consists of equity raised by the issue of ordinary shares in the parent
company.
Gentrack Group manages its capital to ensure that companies in the Group can continue as a going concern.
Gentrack Group is not subject to any externally imposed capital requirements.
During 2025 4,222,110 performance rights (2024: 1,667,850) in relation to the Long Term Incentive Schemes vested,
resulting in the same number of new shares being issued. Also 9,420 (2024: 24,358) shares were issued as part
payment of Gentrack Group Directors fees.
6.2 SHARE-BASED PAYMENTS
Gentrack Group operates equity settled, share-based payments schemes under which it receives services
from employees, as consideration for equity instruments of Gentrack Group Limited. A valuation is completed
for each scheme at the grant date to estimate the fair value of the performance rights granted. Management
also makes estimates about the number of performance rights that are expected to vest which determines
the expense recorded in the statement of comprehensive income.
The share-based payments were introduced to retain, attract, incentivise and align employees with shareholder
and Company objectives. Under the scheme rules, the Board at its discretion, reserves the right to classify a
departing participant as a good leaver, subject to applicable performance conditions.
2025
2024
2025
2024
000
000
N Z $0 0 0
N Z $0 0 0
Ordinary Shares
103,490
101,798
200,698
196,031
Issue of new ordinary shares
4,232
1,692
5,767
4,667
107,722
103,490
206,465
200,698
SHARES ISSUED
SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 33
6.2 SHARE BASED PAYMENTS (CONTINUED)
Gentrack Group operated the following three share schemes during the year:
- Senior Leadership Long Term Incentive Scheme
o 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 Chief Executive Officer (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 tenure
and achieving both Earnings Per Share (EPS) and share price appreciation hurdles. The 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.
o For Senior Leadership Long Term Incentive grants made in prior years, performance rights are
subject to a combination of tenure and the share price appreciation hurdles, split evenly and that will
vest after 18 months and three years respectively, dependent on achievement of the period of
service and the share price appreciation hurdle.
- 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.
- 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. The 2021 and 2022 awards have fully vested while the 2022 award has
partially vested. The remaining performance rights under this scheme are subject to a combination of tenure
and share price appreciation hurdles.
For accounting purposes, the fair valuation of the schemes are as follows:
- Executive Leadership LTI Scheme - under this grant 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.
- All other schemes - the fair value of the performance rights is determined at the grant date using the Black
Scholes valuation method. The key input in the model is the share price at the time the grant offer was
accepted.
The fair value of the performance rights is recorded as an expense in the profit or loss over the vesting period, based
on Gentrack Group’s estimate of the number of performance rights that will vest, with a corresponding entry to the
share-based payment reserve within equity. During the year ended 30 September 2025 $6.3m has been recognised in
the profit or loss (2024: $10.2m).
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 34
6.2 SHARE BASED PAYMENTS (CONTINUED)
Below is the table of remaining outstanding performance rights at 30 September 2025.
*The number of performance rights that will vest on each vesting date is dependent on meeting the performance
hurdles and the share price at that date.
GRANT DATE
VESTING DATE
TOTAL VALUE OF
GRANTED
PERFORMANCE
RIGHTS
PERFORMANCE
RIGHTS GRANTED
2025
N Z $0 0 0
000
1 October 2022
Early December 2025
1,543
322
Total Senior Leadership LTI Schemes
1,543
322
1 October 2022
End of November 2025
995
292
1 October 2023
End of November 2025
846
126
1 October 2023
End of November 2026
846
126
1 October 2024
End of November 2025
1,031
78
1 October 2024
End of November 2026
1,031
78
1 October 2024
End of November 2027
1,031
78
Total Gentrack LTI Schemes
5,780
778
1 October 2022
31 October 2025
266
97
1 October 2022
Early December 2025
266
98
Total CEO LTI Schemes
532
195
1 October 2023
Early December 2025 and 2026*
6,445
Up to 4,361
Total Executive Leadership LTI Schemes
6,445
4,361
Total Performance Rights Outstanding
14,299
5,656
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 35
6.2 SHARE BASED PAYMENTS (CONTINUED)
*The actual date will be dependent on the date of release of the financial statements.
GRANT DATE
VESTING DATE
TOTAL VALUE OF
GRANTED
PERFORMANCE
RIGHTS
PERFORMANCE
RIGHTS GRANTED
2024
N Z $0 0 0
000
1 October 2021
Early December 2024
266
183
1 October 2022
Early December 2025
1,672
349
Total Senior Leadership LTI Schemes
1,938
532
1 October 2021
End of November 2024
282
161
1 October 2022
End of November 2024
1,055
309
1 October 2022
End of November 2025
1,055
309
1 October 2023
End of November 2024
863
129
1 October 2023
End of November 2025
863
129
1 October 2023
End of November 2026
863
129
Total Gentrack LTI Schemes
4,980
1,167
1 October 2021
31 October 2024
157
90
1 October 2021
End of November 2024
157
90
1 October 2022
31 October 2024
266
97
1 October 2022
Early December 2024
266
97
1 October 2022
31 October 2025
266
97
1 October 2022
Early December 2025
266
98
Total CEO LTI Schemes
1,378
570
1 October 2023
Early December 2024
4,812
3,191
1 October 2023
Early December 2025 and 2026*
7,925
Up to 5,256
Total Executive Leadership LTI Schemes
12,737
8,447
Total Performance Rights Outstanding
21,032
10,715
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 36
6.2 SHARE BASED PAYMENTS (CONTINUED)
PERFORMANCE RIGHTS MOVEMENTS
Below is a summary of all performance rights, granted, vested and forfeited across all the equity settled share-based
payments schemes operated by Gentrack Group:
6.3 DIVIDENDS
During the financial year 2025, $Nil dividends were paid (2024: $Nil).
6.4 EARNINGS PER SHARE
Gentrack Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is
calculated by dividing the net profit attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares on issue during the year, excluding shares purchased and held as treasury
shares.
Diluted EPS is determined by adjusting the net profit attributable to ordinary shareholders and the weighted average
number of ordinary shares on issue for the effects of the dilutive impact of potential ordinary shares, which comprise
performance share rights granted to employees.
Potential ordinary shares are treated as dilutive when, and only when, their conversion to ordinary shares would decrease
EPS or increase the loss per share.
GRANT DATE
AVERAGE VALUE PER
PERFORMANCE
RIGHT
NUMBER OF
PERFORMANCE
RIGHTS
AVERAGE VALUE PER
PERFORMANCE
RIGHT
NUMBER OF
PERFORMANCE
RIGHTS
000000
As at 1 October $4.9110,715$2.903,584
Granted during the year$13.27244$5.328,858
Vested during the year$1.34(4,222)$2.74(1,668)
Forfeited during the year$3.98(1,081)$4.88(58)
As at 30 September $5.445,656$4.9110,715
20252024
20252024
Profit attributable to the shareholders of the company20,8709,546
Basic weighted average number of ordinary shares issued107,026103,112
Shares deemed to be issued for no consideration in respect
of share-based payments
5,65610,715
Weighted average number of shares used in diluted earnings
per share
112,682113,828
Basic earnings per share$0.20$0.09
Diluted earnings per share$0.19$0.08
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 37
7. TAX
7.1 INCOME TAX EXPENSE
In the statement of comprehensive income, the income tax expense comprises current and deferred tax.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Current tax payable also includes any tax liability arising from the declaration of dividends.
RECONCILIATION OF INCOME TAX EXPENSE
The relationship between the expected income tax expense based on the domestic effective tax rate of Gentrack
Group at 28% (2024: 28%) and the reported tax expense in the statement of comprehensive income can be
reconciled as follows:
*Share based payments arise from allowable deductions in the United Kingdom and New Zealand.
**Amortisation related to intangibles created on acquisition are non-deductible for tax purposes. The intangibles
amortisation and related deferred tax are amortised over 10 years.
***The tax expense for the period includes the impact of tax losses for which no deferred tax asset has been
recognized. These tax losses have arisen in entities where the generation of sufficient future taxable profits to utilise
the losses remains less certain.
As at 30 September 2025 Gentrack Group has $16.3m (2024: $14.6m) of imputation credits available for use in
subsequent reporting periods.
2025
2024
N Z $0 0 0
N Z $0 0 0
INCOME TAX EXPENSE COMPRISES:
Current tax expense
2,597
10,084
Deferred tax expense
(3,232)
(5,014)
Tax expense
(635)
5,070
2025
2024
N Z $0 0 0
N Z $0 0 0
Profit before tax
20,235
14,616
Taxable income
20,235
14,616
Domestic tax rate for Gentrack Group
28%
28%
Expected tax expense
5,666
4,092
Non-assessable income
-
(471)
Share based payments - deductible vesting and temporary
differences*
(10,759)
(1,127)
Non- deductible expense**
2,021
1,025
Recognition previously unrecognised losses
(1,496)
(306)
Tax losses for which no deferred tax was recognised***
4,196
1,293
Difference in tax rates of overseas subsidiaries
(76)
223
Prior period adjustments
(187)
340
Actual tax expense
(635)
5,070
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 38
7.2 DEFERRED TAX ASSETS AND LIABILITIES
Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the financial statements.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted
by the reporting date and are expected to apply when the related deferred income tax asset is realised, or the
deferred income tax liability is settled.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries, except for deferred
income tax liabilities where the timing of the reversal of the temporary difference is controlled by Gentrack Group
and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income tax levied
by the same taxation authority on either the same taxable entity or different entities where there is an intention to
settle the balance on a net basis.
Additional income tax expenses that arise from the distribution of cash dividends are recognised while the liability to
pay the related dividend is recognised. Gentrack Group does not distribute non-cash assets as dividends to its
shareholders.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable
that the related benefits will be realised. At 30 September 2025 the Group had tax losses carried forward of $29.2m
(2024: $16.7m) for which no deferred tax asset has been recognised.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available
against which temporary differences can be utilised. Management applies judgement when reviewing
current business plans and forecasts to ascertain the likelihood of future taxable profits.
The movement in temporary differences has been recognised in the statement of comprehensive income. Deferred tax has
been recognised at a rate at which they are expected to be realised:25% for United Kingdom entities, 28% for New
Zealand entities, 30% for Australian entities, 22% for Denmark entities, 21% for US entities, 17% for Singapore entity
and 25% for India.
Movement in temporary timing differences during the year:
2025
OPENING
BALANCE
TEMPORARY
MOVEMENT
RECOGNISED
CURRENCY
TRANSLATION
CLOSING
BALANCE
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
DEFERRED TAX ASSETS
Trade and other receivables
1
(1)
-
-
Intangible assets
1,661
565
-
2,226
Contract liabilities
1,182
25
53
1,260
Provisions for doubtful debts and sundry
accruals
11,470
(2,775)
610
9,305
Losses carried forward
526
2,776
92
3,394
Total deferred tax assets
14,840
590
755
16,185
DEFERRED TAX LIABILITIES
Intangible assets
(2,609)
550
(275)
(2,334)
Other
(167)
(150)
(18)
(335)
Total deferred tax liabilities
(2,776)
400
(293)
(2,669)
Net deferred tax
12,064
990
462
13,516
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 39
7.2 DEFERRED TAX ASSETS AND LIABILITIES (CONTINUED)
8. FINANCIAL RISK MANAGEMENT
Gentrack Group is exposed to credit risk, liquidity risk and market risks which include foreign currency risk,
and interest risk. This section details each of these financial risks and how they are managed by Gentrack
Group.
The Board of Directors has overall responsibility for the establishment and oversight of Gentrack Group’s risk
management framework. Gentrack Group’s risk management policies are established to identify and analyse
(amongst other risks) the financial risks faced by Gentrack Group, to set appropriate risk limits and controls,
and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect
changes in market conditions and Gentrack Group’s activities.
8.1 CREDIT RISK
Credit risk is the risk of financial loss to Gentrack Group if a customer or counter party to a financial instrument fails to
meet its contractual obligations, and it arises principally from Gentrack Group’s trade receivables from customers in the
normal course of business.
Gentrack Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
The credit worthiness of a customer or counter party is determined by several qualitative and quantitative
factors. Qualitative factors include external credit ratings (where available), payment history and strategic
importance of customer or counter party. Quantitative factors include transaction size, net assets of customer or counter
party, and ratio analysis on liquidity, cash flow and profitability.
In relation to trade receivables and contract assets, it is Gentrack Group’s policy that all customers who wish to trade on
terms are subject to credit verification on an ongoing basis with the intention of minimising bad debts. The nature of
Gentrack Group’s trade receivables is represented by regular billing of customers based on the contractual payment terms.
Gentrack Group has an impairment provision that represents its estimate of future incurred losses in respect of trade and
other receivables. The impairment provision consists of the expected credit loss provision in accordance with NZ IFRS
9 and a specific doubtful debt provision is used where there is internal and external evidence that indicates a trade
receivable is impaired.
The carrying amount of Gentrack Group’s financial assets represents the maximum credit exposure as summarised in
the table below:
2024
OPENING
BALANCE
TEMPORARY
MOVEMENT
RECOGNISED
CURRENCY
TRANSLATION
CLOSING
BALANCE
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
DEFERRED TAX ASSETS
Trade and other receivables
(1)
2
-
1
Intangible assets
1,862
(201)
-
1,661
Contract liabilities
1,237
(73)
18
1,182
Provisions for doubtful debts and sundry
accruals
6,551
4,863
56
11,470
Losses carried forward
1,471
(983)
38
526
11,120
3,608
112
14,840
DEFERRED TAX LIABILITIES
Intangible assets
(3,957)
1,484
(136)
(2,609)
Other
(86)
(79)
(2)
(167)
(4,043)
1,405
(138)
(2,776)
Net deferred tax
7,077
5,013
(26)
12,064
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 40
8.1 CREDIT RISK (CONTINUED)
*Current includes contract assets.
Gentrack Group’s trade receivables and contract assets are not exposed to any significant credit exposure to any
single counterparty or group of counterparties having similar characteristics. Trade receivables and contract assets
consist of several customers in various geographical areas. Based on historic information about customer default
rates, management considers the credit quality of trade receivables that are not past due or impaired to be good.
Sundry receivable and prepayments comprise of prepaid expenses and lease bonds that do not carry credit risk.
As at 30 September 2025 and 2024 there are no significant concentrations of credit risk for financial assets
designated as at amortised cost or at fair value. The carrying amount reflects Gentrack Group’s maximum exposure to
credit risk for these financial assets.
Judgement has been applied to the recovery of all trade receivables and contract assets, with management
confirming that all net carrying amounts are deemed to be recoverable and not impaired.
The credit risk for cash and cash equivalents is considered negligible since the counterparties are highly reputable
financial institutions with high quality external credit ratings.
8.2 MARKET RISK
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect
Gentrack Group’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising the
return on risk.
FOREIGN CURRENCY RISK
Gentrack Group is exposed to currency risk on transactions that are denominated in a currency other than the
functional currency of Gentrack Group (NZD), primarily the following currencies Australian Dollar (AUD), Pound
Sterling (GBP), EURO (EUR), US Dollar (USD), Danish Kroner (DKK), Singaporean Dollars (SGD), Saudi Riyal (SAR) and
Indian Rupees (INR). In 2024, trades in INR were not significant for disclosure.
Gentrack Group’s exposure to foreign currency risk at the reporting date was as follows (all amounts are
denominated in New Zealand Dollars):
GROSS
IMPAIRMENT
PROVISION
GROSS
IMPAIRMENT
PROVISION
N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0
Current*43,268(112)31,025(93)
Past due 1-60 days3,363(50)7,423(113)
Past due 61-120 days1,132(57)921(30)
Past due 121-180 days377(57)6(1)
Past due over 180 days1,294(1,294)1,047(1,047)
49,434(1,570)40,422(1,284)
20252024
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 41
8.2 MARKET RISK (CONTINUED)
The following table summarises the sensitivity of total comprehensive income and equity with regards to Gentrack
Group’s financial assets and financial liabilities affected by the NZD exchange rate against AUD, GBP, EUR, USD, DKK,
SGD, SAR, and INR with all other aspects being equal. It assumes a +/-10% change in the NZD to the currency
exchange rate for the year ended 30 September 2025 (2024: 10%). These +/-10% sensitivities have been determined
based on the average market volatility in exchange rates in the preceding 12 months.
Gentrack Group’s exposure to foreign exchange rates varies during the year depending on the volume of foreign
currency transactions. Even so, the analysis above is representative of Gentrack Group’s exposure to market risk.
AUDG BPEURUS DDKKS G DS ARINR
2025
N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0
Cash and cash equivalents12,45052,6523,0901,5071572,9646,770312
Trade and other receivables7,55626,8991,9036057291,3922,826697
Trade and other payables(863)(6,521)(733)(2,240)(202)(535)(977)(460)
Net exposure19,14373,0304,260(128)6843,8218,619549
2024
Cash and cash equivalents10,62236,1892,3177,0921671,9391,144
Trade and other receivables*6,60227,281--9722,1603,349
Trade and other payables(3,282)(2,937)(416)(116)(152)(744)-
Net exposure13,94260,5331,9016,9769873,3554,494
AUD
G BP
EUR
US D
DKK
S G D
S AR
INR
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
2025
10% strengthening in NZD
(1,740)
(6,639)
(387)
12
(62)
(347)
(784)
(50)
10% weakening in NZD
2,127
8,114
473
(14)
76
425
958
61
2024
10% strengthening in NZD
(1,267)
(5,503)
(173)
(634)
(90)
(305)
(409)
-
10% weakening in NZD
1,549
6,726
211
775
110
373
499
-
T O T A L C O M P R E H E N S IV E IN C O M E / E Q UIT Y
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 42
8.3 LIQUIDITY RISK
Liquidity risk is the risk that Gentrack Group will not be able to meet its financial obligations as and when they
become due and payable. Gentrack Group’s approach to managing liquidity risk is to ensure, as far as possible, that it
will always have sufficient liquidity to meet its liabilities when they become due and payable, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to Gentrack Group’s reputation.
Gentrack Group has sufficient cash to meet its requirements in the foreseeable future.
The following table details Gentrack Group’s contractual maturities of financial liabilities, as at the reporting date:
8.4 INTEREST RATE RISK
Gentrack Group’s interest rate risk primarily arises from short term bank borrowing and cash. Borrowings and deposits at
variable interest rates expose Gentrack Group to cash flow interest rate risk.
Borrowings and deposits at fixed rates expose Gentrack Group to fair value interest rate risk.
The following tables detail the current interest rate of the interest-bearing financial assets and liabilities and interest
rate repricing profile.
ON DEMAND
LESS THAN 3
MONTHS
3 TO 12
MONTHS
1 TO 5
YEARS
>5 YEARS
TOTAL
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
2025
Trade payables
-
6,098
-
-
-
6,098
Lease liabilities
-
1,071
3,213
19,121
1,924
25,328
-
7,169
3,213
19,121
1,924
31,427
2024
Trade payables
-
4,738
-
-
-
4,738
Lease liabilities
-
951
2,854
14,018
2,868
20,691
-
5,690
2,854
14,018
2,868
25,430
2025FLOATING
FIXED UP TO
3 MONTHS
FIXED UP TO
6 MONTHS
FIXED UP TO
5 YEARS
TOTAL
N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0N Z $0 0 0
ASSETS
Cash on demand39,315---39,315
Term deposit-41,9423,559-45,501
Total exposure39,31541,9423,559-84,816
EFFECTIVE
INTEREST
RATE +1%
EFFECTIVE
INTEREST
RATE - 1%
N Z $0 0 0N Z $0 0 0
Cash on demand397(397)
Term deposit460(460)
Total exposure857(857)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 43
8.4 INTEREST RATE RISK (CONTINUED)
8.5 FINANCIAL INSTRUMENTS
Gentrack Group’s financial assets are measured at amortised cost. Gentrack Group’s financial assets are held
within a business model whose objective is to hold the financial asset to collect contractual cash flows and the
financial asset gives rise to contractual cash flows on specified dates that are payments of principal and
interest on the principal outstanding.
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 and on hand 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 their fair value.
TRADE PAYABLES
These liabilities are mainly short term in nature with the carrying value approximating the fair value.
FAIR VALUES
Gentrack Group’s financial instruments that are measured after 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. As at 30 September 2025 Gentrack Group has no level 3
financial instruments (2024: $Nil).
2024
FLOATING
FIXED UP TO
3 MONTHS
FIXED UP TO
6 MONTHS
FIXED UP TO
5 YEARS
TOTAL
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
N Z $0 0 0
ASSETS
Cash on demand
33,285
-
-
-
33,285
Term deposit
-
33,394
-
-
33,394
Total exposure
33,285
33,394
-
-
66,679
EFFECTIVE
INTEREST
RATE +1%
EFFECTIVE
INTEREST
RATE - 1%
N Z $0 0 0
N Z $0 0 0
Cash on demand
336
(336)
Term deposit
337
(337)
Total exposure
674
(674)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 44
8.5 FINANCIAL INSTRUMENTS (CONTINUED)
FINANCIAL INSTRUMENTS BY CATEGORY
9. OTHER INFORMATION
9.1 LEASE ASSETS AND LEASE LIABILITIES
RECOGNITION AND MEASUREMENT OF GENTRACK GROUP LEASING ACTIVITIES
Gentrack Group predominantly leases property for fixed periods of 1-12 years and may have extension
options. These extension options are usually at the discretion of Gentrack Group and are included in the
measurement of the lease asset if management intends to exercise the extension. Lease terms are negotiated
on an individual basis and contain a variety of terms and conditions. However, these lease agreements do not impose
any covenants. Lease amendments relate to short-term lease extensions.
Leases are recognised as a right of use asset (lease asset) and a corresponding lease liability at the date at which the
leased asset is available for use. Each lease payment is allocated between the liability and finance cost. The finance
cost is charged to profit or loss over the lease period and recorded as financing activities in the statement of cash
flows. The lease asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line
basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
• fixed payments (including in-substance fixed payments), less any lease incentives receivable
• variable lease payments that are based on an index or a rate
• amounts expected to be payable by the lessee under residual value guarantees
• the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
• payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the Group’s incremental borrowing rate, being the rate that the lessee
would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic
environment with similar terms and conditions.
Lease assets are measured at cost comprising the following:
• the amount of the initial measurement of lease liability
• any lease payments made at or before the commencement date less any lease incentives received
• any initial direct costs, and
• restoration costs.
Key movements related to the lease assets and lease liabilities are presented below:
20252024
N Z $0 0 0N Z $0 0 0
FINANCIAL ASSETS MEASURED AT AMORTISED COST
Cash and cash equivalents84,81666,679
Trade receivables and contract assets47,51239,047
132,328105,726
FINANCIAL LIABILITIES MEASURED AT AMORTISED COST
Trade payables(6,098)(4,738)
Lease liabilities(16,276)(17,155)
(22,374)(21,894)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 45
9.1 LEASE ASSETS AND LEASE LIABILITIES (CONTINUED)
LEASE ASSETS
LEASE LIABILITIES
LEASE EXPENSES
2025
2024
N Z $0 0 0
N Z $0 0 0
Balance at 1 October
12,823
12,637
Additions
1,192
2,136
Terminations
-
-
Amendments
(143)
-
Depreciation charges
(2,591)
(2,183)
Exchange differences
614
233
Lease assets at 30 September
11,895
12,823
Property
11,895
12,823
Lease assets at 30 September
11,895
12,823
2025
2024
N Z $0 0 0
N Z $0 0 0
Balance at 1 October
17,155
17,306
Additions
1,192
2,136
Terminations
-
-
Amendments
(155)
-
Payments
(3,711)
(3,642)
Accretion of interest
1,073
1,108
Exchange differences
722
247
Lease liabilities at 30 September
16,276
17,155
Less than one year
3,640
2,738
One to five years
10,602
11,821
More than five years
2,034
2,596
Lease liabilities at 30 September
16,276
17,155
20252024
N Z $0 0 0N Z $0 0 0
Depreciation charges2,5912,183
Finance charges1,0731,108
Lease expenses3,6643,291
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
GENTRACK FINANCIAL STATEMENTS / 46
9.2 AUDITORS REMUNERATION
The table below sets out the amounts paid to Gentrack Group’s auditors, EY, and non-EY auditors during the year
ended 30 September 2025.
9.3 KEY MANAGEMENT AND RELATED PARTIES
Key management personnel are defined as those persons having authority and responsibility for planning,
directing, and controlling the activities of Gentrack Group, directly or indirectly, and include the Directors,
the Chief Executive, and their direct reports. The following table summarises remuneration paid to key management
personnel.
Gentrack Group’s Directors are also directors of other companies.
Some of the Directors and key management personnel are shareholders in Gentrack Group Limited. Gentrack Group
does not transact with the Directors or key management personnel, and their related parties, other than in their
capacity as Directors, consultants, and employees. Refer to note 2.4 for more information on other related parties.
9.4 OTHER DISCLOSURES
CAPITAL COMMITMENTS
There are no capital commitments at 30 September 2025 (2024: $Nil).
CONTINGENCIES
BNZ has provided guarantees of $0.4m (2024: $0.4m) on behalf of the Gentrack Group, these guarantees are in place
for compliance, property leases and credit card programs.
EVENTS AFTER BALANCE DATE
There were no material events after balance date.
On 21 November 2025, the Gentrack Group Board determined that no final dividend will be paid out for the 2025
financial year (2024: nil).
2025
2024
N Z $0 0 0
N Z $0 0 0
EY
Audit of the consolidated financial statements
464
395
Review of the interim consolidated financial statements
90
90
Other assurance services and other agreed-upon procedures
engagements
5
7
Total fees for services provided by EY
559
492
Non EY audit firm fees:
- Total audit and review related services
41
56
- Other assurance services, agreed upon procedures,
accounting advise and taxation & compliance services
6
69
47
125
Total fees paid to auditor(s)
606
617
Total fees for services provided by non-EY audit or review firm
2025
2024
N Z $0 0 0
N Z $0 0 0
Short-term employee benefits
8,452
7,332
Share-based payments
3,465
5,544
Directors fees
765
677
Remuneration paid to Key Management Personnel
12,682
13,553
CORPORATE DIRECTORY
GENTRACK FULL YEAR FINANCIAL STATEMENTS / 47
REGISTERED OFFICE
Gentrack Group Limited
17 Hargreaves Street, St Marys Bay, Auckland 1011,
New Zealand
Phone: +64 9 966 6090
Level 15, 628 Bourke Street, Melbourne, VIC 3000
Australia
Phone: +61 3 9867 9100
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, Chair
Darc Rasmussen
Gary Miles
Gillian Watson
Fiona Oliver
Stewart Sherriff
COMPANY SECRETARY
Anna Ellis
AUDITOR
EY
EY Building, 2 Takutai Square, Britomart
Auckland 1010
Phone: +64 9 377 4790
LEGAL ADVISERS
BELL GULLY
Level 14 Deloitte Centre
1 Queen Street
Auckland 1010
BANKERS
BANK OF NEW ZEALAND
ANZ LIMITED
HSBC PLC
NORDEA 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@linkmarketservices.com
AUSTRALIA
MUFG PENSION & MARKET SERVICES
Level 41, 161 Castlereagh Street, Sydney, NSW
2000 Locked Bag A14, Sydney South, NSW 1235
Phone: +61 1300 554 474
Facsimile: +2 9287 0303
Email: enquiries@linkmarketservices.com
www.gentrack.com
---
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack Group
FY25
Delivering on Guidance and Positioning for
Growth
24 Nov 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.
Key metrics across the last 5 years
5Y CAGR 22%5Y CAGR 21%
4
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack
FY25 Business Review
Gary Miles
Chief Executive Officer
5
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Financial Headlines
REVENUE
17.8%
$23.6M
$27.8M
EBITDA
7.9%
FY24FY25
$213.2M
$230.2M
UTILITIES
REVENUE
6.7%
$181.3M
$193.4M
VEOVO
REVENUE
15.2%
$31.9M
$36.8M
GROUP RECURRING
REVENUE
13.0%
$137.5M
$155.4M
NET CASH
27.2%
$66.7M
$84.8M
Revenue growth of 8% to $230.2m, results in
line with guidance.
Utilities revenue up 7%:
•Recurring revenue is 12% higher from prior period wins
& upsells.
•Offset by lower NRR (down 5%), reflecting the high
levels of project work in FY24. We continue to expect
strong levels of non-recurring revenues going forward
Veovo: revenue 15% higher (or 30% higher if excluding
hardware sales). This includes 18% growth in recurring
revenues and continued strong levels of project work (up
13%) from prior periods’ wins and upgrades in APAC,
Europe and Middle East.
EBITDA at $27.8m (up 18%) and % EBITDA margin
up 1% to 12%. Our investment in Product including the
costs of landing our first deployment of g2.0 are all
expensed in the year.
NPAT at $20.9m (up 119%) - includes credit to tax in
the year (from income tax treatment of LTIs) and forex gains
on intercompany loans.
Cash at $84.8m is $18.1m higher. We continue to
generate cash and our balance sheet remains strong.
119%
$9.5M
$20.9M
NPAT
6
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Outlook
Consistent with managements’ track record, we are pleased to continue to deliver on our
guidance, which for FY25 was $230m revenue at 12% EBITDA margin.
Based on the scale and maturity of our pipelinewe are confident that revenue growth will be
higher in FY26 than in FY25, but it is too early to provide further guidance.
With strong and growing engagement across EMEA and APAC, our proven track record and the
market potential, we remain confident of our mid-term guidance of growing revenue more than
15% CAGR and an EBITDA margin of 15-20% after expensing all development costs.
7
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Our Strategy Evolution for Utilities
STABILIZE AND
GROW BASE
MODERNIZE
AND EXPAND
ACCELERATE GROWTHOUR AMBITION
106
170
213
FY21FY22FY23FY24FY25FY26 onward
230
126
Total Group Revenue in
NZ$ million
Launch g2.0 technology stack
Enter Asia and EMEA markets
Lead the global modernization
of energy & water retailers
Win our share of the NZ$17bn
TAM
Be in 40+ countries, cover
400m+ meter points
Execute against our pipeline in Asia
and EMEA – Growing >15% CAGR
Deploy g2.0 across our base & pipeline
Focus on core markets, customer
centricity & returning to growth
New customers
in new countries
g2.0 full
stack LIVE
Launch of g2.0
490
End of fiscal year Headcount (incl. Veovo)
584
748
782
861
New mgt
team
8
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Customer Momentum
RENEWALS
GO-LIVES
MAJOR RENEWALS, UPSELLNEW LOGOS
6 months from
contract to
1
st
live customer
NEW PROJECTS
with
District
heating UK
utilities
Santos Dumont Rio
9
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
NAV Canada Billing Contract
Veovo's largest billing customer | new market segment | long term contract | strategic partnership
About NAV Canada
Why Veovo?
Business Impact on Veovo
Air traffic control services for the
whole of Canada
World 2nd largest Air Navigation
Service Provider (ANSP)
18M km2 of airspace
>12M flights annually
Provision of a national SaaS Billing
Platform, including charge
calculation & invoicing for users of
Canadian airspace including
landing, departing, overflights and
private pilots
Resilience and future readiness: SaaS
platform to meet needs of next 20 years
Accuracy and scale: All charge calc. for
all users of Canadian airspace
Performance: Invoicing >$2Bn CAD a year
New market segment
Long term contract
Strategic partnership to further
develop the product and ANSP
market
Project Scope
10
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Following a year of international pipeline development in FY25 we look to return to higher
revenue growth this year.
Strong and growing pipeline across EMEA & APAC gives us confidence in our medium-term
targets.
Going live at Genesis was a key milestone for the business. As the Pennon win re-enforces,
g2.0 is resonating with energy and water utilities across our markets.
Veovo has momentum and continues to win major contracts globally and grow its pipeline.
When we exclude hardware sales it is operating towards a-rule of 50 business. Bolt on M&A
could add products and capacity to provide for even strongergrowth.
We look forward to sharing industry and sales insights at our Strategy Day on 1
st
December.
.
CEO Closing Remarks
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
John Priggen
Chief Financial Officer
Gentrack
FY25 Results
12
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Group Profit and Loss
EBITDA being earnings before depreciation, amortisation, other income, financing, forex, loss from associate and tax. EBITDA is a non-GAAP measure
NZ$m
FY 24
FY 25
•Group revenue up 8% includes strong growth in recurring
revenues of 13%.
•EBITDA up 18% to $27.8m, margin up 1% to 12%.
oMargin before LTI costs of 16% v 19% in FY24. We have
increased our investment in Product including the costs of
landing our first deployment of g2.0.
oLTI accounting charge & payroll tax as guided is lower in FY25.
•NPAT more than doubled to $20.9m
oAmber (GTK own a 10% equity stake): share of loss at $2.2m is
for a full year v 8 months in FY24. Amber continues to invest in
its strong growth.
o$3.2m of forex gains arising when consolidate intercompany
funding due to depreciation of NZD.
oIncome tax a P&L credit of $0.6m. In UK/NZ shares (LTIs) are
tax deductible at vesting price not accounting values. This
creates taxable deductions recoverable against future tax
payable. In FY26 our effective tax rate (in the P&L) will move
back towards the statutory tax rates (25% to 28%) but see a
lower level of tax paid in our cashflow.
13
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Utilities Revenue Analysis
FY25 v FY24 Revenue by region
Utilities revenue grew by 7% to $193.4m, with recurring
revenues up 12%: from prior periods wins and upgrades.
This uplift was partially offset by lower non-recurring revenues (5%
lower than in FY24), a reflection of the high level of project work in the
prior year.
Strong growth in EMEA in FY25: We have reorganized Utilities
into two regions, EMEA and APAC (from UK, Australia, NZ and Rest of
World) to consolidate our focus on growing in these two dynamic wider
regions.
0%
NZ$m
Revenue
by market segment
13%
Top 10 customers
by revenue
FY 25
FY 24
Total:$193.4m
Total:$181.3m
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues
(NRR)
EMEA
APAC
81.7m
82.2m
111.7m
99.2m
14
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Utilities Operating costs
•In FY25 we stepped up our investment in Product,
including the cost of taking g2.0 to market, to
$37.4m.
•Our sales & marketing spend increased by $1.7m in
FY25 v FY24.
•We will continue to invest strongly in both Product
and Sales to drive faster revenue growth.
•With revenue growth we benefit from operating
leverage, so other operating costs increased more
slowly than revenue.
•As guided, our LTI costs were lower in FY25 than in
FY24. In FY26, we expect that our LTI costs will be at a
similar level (a reduction as a % revenue v FY25.)
Utilities Costs FY25 v FY24
NZ$m
FY24
FY25
YoY %
Utilities Revenue
181.3
193.4
6.7%
Product investment/ taking g2.0 to market
27.3
37.4
37.1%
Costs as a % of revenue
15%
19%
Sales & marketing spend
18.4
20.1
9.8%
Costs as a % of revenue
10%
10%
Other operating costs
101.5
106.6
5.0%
Costs as a % of revenue
56%
55%
Operating costs
147.2
164.2
11.6%
Costs as a % of revenue
81%
85%
LTI costs
15.9
8.9
-43.8%
Costs as a % of revenue
9%
5%
EBITDA
18.3
20.3
11.0%
EBITDA %
10.1%
10.5%
15
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Revenue at $36.8m,15% growth
over FY24
•Veovo has had another strong year,
continuing to grow, win and renew
customers while delivering more
projects than ever before.
•Major contract wins in the prior year in
the UK and Middle East and upgrades in
APAC has delivered an underlying
revenue growth of 30% (when excluding
hardware sales).
•This has also translated into excellent
growth in recurring revenues (up 18% v
FY24).
FY 25
Revenue Analysis
Veovo Revenue FY25 v FY24
Revenue by region
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Projects Non-recurring
Revenues (NRR - Projects)
$36.8m
$31.9m
EMEA
AMERICAS
APAC
FY 24
NZ$m
Hardware Non-recurring
Revenues (NRR - Hardware)
$22.5m
$20.2m
$5.5m
$5.0m
$8.7m
$6.7m
30%
16
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Cashflow
•Cash at $84.8m is $18.1m higher than the
start of the year and we have no external
debt.
•Strong cash conversion demonstrating quality of
earnings – underlying cash generation of $23m is 83%
of EBITDA which follows more than 100% in prior year.
•The working capital outflow for employee costs is from
the payment of payroll taxes on LTIs which were
accrued in FY24.
•We will see the benefit of the income tax credit booked
in the P&L in FY25, with low levels of tax being paid in
FY26.
•We invested a further $4.9m in Amber in FY25. We
value our partnership with Amber and see the progress
they are making, and were keen to take part in their
funding round in line with our 10% stake.
•Cash held by overseas subsidiaries has benefitted from
forex gains of $5.4m.
NZ$m
YoY %
Cash Balance as at Beginning of Period49.266.736%
EBITDA23.627.818%
Change in working capital (employee costs)6.3-4.5>100%
Change in working capital (receivables, payables & other)1.0-1.6>100%
Tax-6.6-6.0-9%
Capex-1.1-1.760%
Property leases-3.6-3.72%
Net Interest Received0.71.040%
LTI share schemes (non cash item in EBITDA)10.26.3-38%
Foreign exchange-0.05.4>100%
Underlying Cash Generated in Period30.423.0-24%
Investment in Amber-12.9-4.9
Cash Balance as at End of Period66.784.827%
FY 24
FY 25
17
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
Growth in FY26 and into FY27
Utilities Growth
•Recurring Revenues: we expect our software & support revenues to grow c.10% in FY26 following
several recent go-lives and others expected. It is too early to forecast Managed Services recurring
revenue growth.
•NRR: we plan to grow this revenue from new customer wins targeted for FY26.
•Moving to our medium-term growth target of >15%: our pipeline has matured considerably.
Currently we are preferred vendor at 3 prospects; shortlisted by 3 and well placed at another 4 for a
2026 decision. These opportunities represent c.30m meter points. Contracting 3 to 4 of these would
set us up to grow strongly in FY27.
Veovo Growth: For FY26, we have highvisibility to match FY25’s growth of 15% and a strong pipeline
that could see that accelerate.
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Q&A
19
© Gentrack 2025. All rights reserved.
This document is the intellectual property of Gentrack.
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
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Thank you
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- HLG — Hallenstein Glasson Holdings Limited: HLG Full Year Results for the period ending 1 August 20252025-09-25
“New Zealand Stock Exchange Listing Rules Disclosure Full Year Report For the year ending 1 August 2025 Contents Media Release Results Announcement Audited Financial Statements & Audit Report Distribution Notice --- Results announcement Results for announ…”