2025 Annual Report, Climate Statement, Corporate Governance

Contents
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This report is dated 19 December 2025.
The annual report has been approved by the
Board and is signed on behalf of the Board by:
Andy Green
Chairman
Fiona Oliver
Director

Cash:
$84.8m
An increase of
$18.1m over FY24
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 investment
costs expensed
Up 119% over FY24
Statutory NPAT:
$20.9m profit
No
dividend
payable
Overview
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, our new cloud-based platform with Salesforce’s
Chairman and CEO’s commentary
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CRM embedded. Existing customers and prospects are engaged in
understanding the benefits and experiences that g2 can bring to their
customers. Soon ACEN of the Philippines will go live with g2 marking our
first Asian customer with a full end to end g2 stack. Furthermore, as
announced we have signed our first g2 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 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 optimisation and grid stability with
Mercury in New Zealand.
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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.
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.
5

Andy Green, CBE
Chairman
Gary Miles
CEO
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.
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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.

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Facts and statistics
energy meter points
covered by our retail
partners in NZ
>50%
Market
leader
in B2B
water
UK
people
within our
centre of
excellence

in India
171
861
colleagues in
Gentrack Group
e
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g
y

&

w
a
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e
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c
u
s
t
o
m
e
r
s

w
o
r
l
d
w
i
d
e
airports supported
150
passenger
journeys
annually
1bn+
countries
worldwide
25+
25+

Board of Directors
Additional roles:
Advisor to the National Infrastructure and Service
Transformation Authority
Senior Independent Director, Airtel Africa
Chair, WaterAid
Chair, Lowell
Chair, Nominet
Chair, Jersey Telecom
Andy Green, CBE
Chairman
Stewart Sherriff
Non-Executive
Director
Additional roles:
Board Member, Guardians of New Zealand Superannuation
Board Member and Audit & Risk Committee Chair, Summerset
Group Holdings Ltd (NZX/ASX)
Board Member, Kingfish Limited, Barramundi Limited, Marlin
Global Limited
Board Member, Freightways Limited (NZX)
Board Member and Audit & Risk Committee Chair, Clarus Group
Additional roles:
Non-Executive Director, Objective Corporation (ASX:OCL)
Chair of the Board, Urbanise.com (ASX:UBN)
Director, Strategic Outcomes
Fiona Oliver
Non-Executive
Director
Audit & Risk
Committee Chair
Gary Miles
Chief Executive Officer
Darc Rasmussen
Non-Executive
Director
Additional roles:
Chair, char.gy Ltd
Non-Executive Director, Statera Energy Ltd
Non-Executive Director, Vidrala SA
Senior Independent Director, Carr’s Group plc
Non-Executive Director, DC 25 Investment Fund
Gillian Watson
Non-Executive
Director
People & Culture
Committee Chair
8

Our leadership
9
Paolo
Colella
Chief
Revenue
Officer
EMEA
John
Priggen
Chief
Financial
Officer
The energy transition, climate targets and digital expectations are creating a once-in-
a-generation opportunity for reinvention. As utilities redefine how they operate and
serve their customers, Gentrack is focused on enabling that transformation through
technology, collaboration and insight.
Our vision is to accelerate the world towards a net zero future by leading the global
modernisation of energy and water retailers – a responsibility we take seriously as we
help build the digital foundations of a more sustainable industry.
Gary Miles – Chief Executive Officer
Mike
Carruthers
Chief
Strategy
Officer
Allan
Sampson
General
Manager
New Zealand
Matt
Loreille
Chief
Marketing
Officer
Mark
Humphreys

Chief
Revenue
Officer
APAC
Jen
Mounce
Chief
People
Officer
James
Williamson
Chief
Executive
Officer
Veovo
Geoff
Childs
Chief Revenue
Officer, Global
Partnerships
and Strategic
Accounts

Business update
10
Gentrack’s mission statement is:
“Accelerating the world towards a net zero
future by leading the global modernisation
of energy & water retailers.”
To understand how Gentrack brings this mission to life, let’s take a closer look at the two areas where
we focus our efforts:
1. Accelerate the transition to a net zero future
Billing and CRM systems sit at the heart of every utility’s operations, yet when they become
obsolete, they significantly limit innovation and prevent the launch of new product offerings
essential for driving the energy transition. They also constrain utilities from realising the
efficiencies and cost savings that full automation, AI, and data-driven decision-making can deliver.
To truly accelerate the energy transition, utility retailers need to feel more confident that a
transformation program will be relatively straightforward to implement with lower risk of cost and
scope overruns. Once the industry experiences a trend of successful, short to value programs,
then the entire industry will pick up the pace to transform. The industry has now reached a point
where some of the industry vendors, including Gentrack as a leader in this area, is well positioned
to deliver multiple simultaneous transformations programs on time and on budget. These proof
points are accelerating the industry modernisation. Key steps to building industry confidence
includes having:
• Evolved the transformation delivery model
• Guaranteed short and predictable project durations (under 12 months)
• Committed to meeting agreed upfront transformation costs

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The Toolbox Platform + Services Model:
“Tell me what you want”
This model relies on providing an open platform
and using a systems integrator or internal IT team
to rebuild an entire new solution repeatedly. This
transformation approach requires long scoping
and design phases, extensive blueprinting, and
lengthy build-and-test cycles before migration
can begin. This model has proven challenging,
often leading to significant cost overruns and
major project delays. Once live, systems continue
to evolve through costly change requests (CRs)
and often outrageous delivery timelines.
The Off-The-Shelf Product Model:
“This is what you get”
This model relies on offering a predefined, finite
product. It brings the advantage of a short
transformation timeline, with minimal scoping,
configuration, or testing, and a clear project
scope from day one. However, it often requires
utilities to adjust their go-to-market strategies
and adapt the way they operate their business.
This model also creates a high dependency on the
vendor and limits opportunities for differentiation
or for quickly responding to market and
regulatory changes.
The OOTB (Out-Of-The-Box) Solution:
“Launch fast and keep ownership”
This is the model offered by the new Gentrack
g2 stack. At its core is a best-in-class platform
that combines the market’s most mature billing
system with a feature-rich CRM solution built
by Gentrack on top of the industry-leading
Salesforce CRM platform. Engineered specifically
to meet the needs of energy and water utilities,
g2 brings together more than 30 years of
industry expertise and the latest technological
innovations.
The g2 stack offers a robust data model, ready-
to-use business processes, and a rich feature set,
driving short transformation timeline and go-live
dates. And the value continues post-launch:
the solution stays highly adaptable thanks to
low-code / no-code capabilities, enabling
utilities to innovate, differentiate, and react to
market changes with unprecedented speed
and flexibility.
Genesis in New Zealand has become the first
customer to launch our new g2 stack end to
end in October 2025, while other customers
have started their g2 transformation journey by
integrating one or two g2 elements such as the
Meter Data Services (MDS) or Data & Analytics
(D&A) components.
Over recent years, the industry has changed and now calls for a new transformation project approach, moving away from the traditional “Toolbox platform +
Professional Services” model toward an “Off-The-Shelf Product” model or even better, an “Out-Of-The-Box (OOTB) Solution” model.
Our new billing and CRM platform enables us to streamline retail operations, deliver better
experiences for our customers and teams, and explore new opportunities in the years ahead...
It’s a key enabler of our Gen35 strategy, allowing us to simplify, automate and innovate across
our retail business to support our customers through the energy transition.
Ed Hyde
Chief Transformation & Technology Officer

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In New Zealand, Mercury partnered with Gentrack in FY25 to deliver an
innovative DERM solution that remotely controls household hot-water
cylinders, helping customers reduce their energy bills while easing
pressure on the national grid during peak times.
This innovation, combined with other behind-the-meter control solutions,
can have a significant impact on accelerating the transition to net zero.
Accelerating the transition to net zero also means collaborating with
innovators who are reshaping the energy landscape. Amber in Australia,
supported by a further Gentrack investment in FY25, is leading the
industry in next-generation DERM technology, including smart EV
charging and cutting-edge Vehicle-to-Grid (V2G) and
Vehicle-to-Home (V2H) solutions.
Amber Electric (the utility arm of Amber) has gone live on Gentrack’s
new g2 billing core system in Australia, whilst in the UK we are working
together to deliver Amber’s DERMS platform combined with Gentrack’s
billing platform into Ecotricity (a Gentrack customer).
Through our partnership with Gentrack, we can reach more
markets faster.
Dan Adams
Co-CEO and Co-Founder
This programme represents a step change for energy flexibility
in New Zealand, made possible by the combination of Mercury’s
innovation and Gentrack’s proven platform.
Vince Hawksworth
Chief Executive Officer

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2. Lead the global modernisation
Our ambition is to lead the global modernisation of energy and water retailers,
establishing Gentrack as one of the top three vendors driving this global
transformation. The first end-to-end go-live of the g2 stack at Genesis,
combined with our proven delivery capabilities and exceptional transformation
success rate, puts us in a strong position to accelerate our global expansion.
In FY25, we strengthened our position across core markets with significant
new wins, notably Utility Warehouse in the UK, which serves nearly
2 million meter points and delivers more than 3.1 million home services,
including electricity, gas, landline and mobile telephony, broadband, and
insurance services.
We’re putting cutting-edge technology to work for British
households to bring smarter energy management.
Rob Harris
Chief Operations Officer
We also secured major contract renewals across both the energy and water
sectors, including ENGIE, Shell Energy, So Energy, Marble Power, Pacific Light,
and Vector, as well as Wave and Castle Water. New projects were also initiated
with ENGIE, Shell Energy, nPower Business Solutions, E.ON District Heating,
Ecotricity, and Mercury.
These major renewals and new wins underscore the strength and depth of
the trust our customers place in Gentrack.
Marble Power is focused on providing customers with excellent
service and transparency. Our continued partnership with Gentrack
ensures we have the right systems in place to deliver that.
James Neville
General Manager
Furthermore, we also continued our international expansion with ACEN, an
energy retailer in the Philippines.
Gentrack’s ongoing innovation and support ensure that we
provide reliable and efficient service, reinforcing trust in our
systems and customer experience.
Geraldine Tan
General Manager
This partnership aligns with our long-term strategy, providing the
scalability, flexibility, and reliability to stay ahead in the dynamic
energy space.
Tony Valdez
SVP and Head of Market Transformation

Business update: airports
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FY25 marked another strong year for Veovo, with
revenue growing by 15% (an underlying growth
of 30% excluding hardware) and momentum
continuing across every region. Our technology
supports over one billion passenger journeys
annually at more than 150 airports, including
many of the world’s most complex and high-
volume hubs. This momentum reflects not only
our ability to deliver, but the trust placed in us
to support critical infrastructure and long-term
transformation.
Strong growth and
scalable delivery
Our growth has been driven by major wins in the
Middle East, the UK, Australia and mainland Europe.
We have increased our customer footprint with
new customers in South America with our first
Brazilian contract in Rio; a new tier 1 airport in the
US and an additional Australian airport.
We have delivered our largest volume of projects
ever in FY25 with “go lives” in Saudi Arabia and
Manchester Airport Group representing the world’s
largest Queue Measurement Programme and one
of the largest deployments of LiDAR technology
respectively. We have also taken a new Airport
Operational System live at Edinburgh Airport.
James Williamson
Chief Executive Officer
The future of airport operations lies in predictive
decision-making. With Veovo, we are building a
system that provides a clear operational picture
and proactively guides the right actions to
minimise disruptions and enhance efficiency.
This is about building fantastic passenger
journeys, optimising resources and

improving on-time performance.
Neil Harvey
Head of Operations, London Gatwick
Increasing value across our
customer base
We continue to deepen relationships with
customers, securing upgrade and support
extensions globally and retaining our market
leading retention rates. Our next generation
‘Gen8’ Airport Operations platform saw upgrades
signed across Australia, New Zealand, the UK,
Canada and Scandinavia, each accompanied by
contract extensions usually of around 5 years.

Powering the next phase of
airport transformation
Airports are busier than ever, yet the challenge
isn’t just about handling more, it’s about handling
it in the best way possible. Veovo’s technology
helps operators anticipate bottlenecks, keep
flights on time, turn gates quickly, and keep
costs under control.
Our relentless focus on Airport 4.0 is to provide
airports with the technology that enables them
to handle more flights, more passengers and
deliver better experiences.
Our technology, driven by machine learning is
like having a predictive radar tuned to the pulse
of the terminal, one that picks up subtle shifts in
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passenger behaviour or flight timing, suggests
alternative plans and helps operations teams
adjust before those signals turn into pressure
points. This enables smarter lane openings, better
staff deployment and more consistent on-time
performance, even in dynamic conditions.
With the roll out of our new next generation
Resource Management System covering gates,
check in and baggage, we’re ensuring Veovo
remains at the forefront of technology needed
by the world’s leading airports. Alongside this,
our Gen8 Billing Platform enables accurate airline
billing across complex commercial models and
environmental incentives, with further major
customers joining in early FY26.
Looking ahead, we see significant go-to-market
opportunity in expanding our position in APAC and
the Middle East through strategic partnerships,
and in supporting airports as they adopt more
predictive and collaborative models.
With a growing global footprint, a clear strategic
direction and a world-leading technology
platform, Veovo is well-positioned to support
the next phase of airport transformation and
deliver growth.
FY26 will see Veovo start delivery with NAV
CANADA of their Integrated Billing System project.
This will see the Veovo SaaS Billing platform used
for charging all airspace users in Canada. This is a
significant contract for Veovo that sees widening
of our target customers from Airports to Air
Navigation Service Providers.
This is a transformative initiative with Veovo that will redefine the
passenger experience at Saudi Arabia’s airports: a state-of-the-art
queue management system across all Saudi airports. This isn’t just
about convenience; it’s about transparency and efficiency.
Abdulaziz Aldahmash
Executive Vice President for Quality and Customer Experience
GACA (General Authority of Civil Aviation)
Our recurring revenues have been strengthened
by the introduction of our “continuous upgrade”
approach, enabling customers to stay current
with functionality and cyber compliance.
Our final growth driver is expansion within
current customers of our capability footprint.
Examples include:
• AI/ML forecasting and optimisation for the TSA
checkpoints at one of the US’ biggest airports
• London Gatwick’s Integrated Airport Control
platform – powered by Veovo’s AI/ML prediction
platform
• Expanded deployments of Queue Measurement
and Kerb to gate passenger flow management
at Tier 1 and Tier 2 customers, such as
Amsterdam, Brussels and Buenos Aires

At Gentrack, our strongest asset is our
people. Their commitment to our company
vision – to accelerate the world towards
a net zero future by leading the global
modernisation of energy and water retailers
– is reflected in everything they do.
Gentrackers are key to our customers’
success. They bring deep technical
expertise and a passion for developing
solutions that enable our customers’
transformations.
Our people are at the heart of this change.
Gentrack’s success is built on a one-team
mindset and a culture that is inclusive,
engaging and connected across our
global footprint.
Our people combine deep technical expertise
with a passion and energy needed to deliver real
impact. Guided by our shared value of respect
for one another, we continue to build an inclusive
environment where collaboration and continuous
improvement drive success. Our people strategy
is focussed on keeping Gentrackers engaged,
empowered and connected, so we can grow
together as one team.
Our people
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for our customersfor each other
for the planet
We express our opinions
and take accountability
We are one team,
we play to win
We believe cleantech is
the way forward
Priorities in FY26
Our strategic focus for FY26 is grounded in
evolving our platform to enable more growth. The
strategy has three pillars to support the growth
of: our business, our people, and our function.
The business pillar priorities include: transforming
our workforce planning to increase the cross-
functional lens in the process and evolving our
operational workflows to increase communication
between teams and improve efficiency.
The workforce planning priority will include how we
maximise all aspects of a buy (recruit talent), build
(train talent), and borrow (move talent) model to
ensure we utilise all levers appropriately.
The people pillar priorities include five focus areas:
1. Creating opportunities for technical capability
development
2. Operationalising global mobility to provide
people opportunities for career development
and advancement across the organisation
3. Using AI to improve our ability to knowledge
share across geographies, time zones and
technical platforms
4. Strengthening our goal setting, performance
and career development conversations
5. Developing management and leadership
programs to continue to build our talent and
promote from within
The function pillar priorities include reorganising
to create centralised focus on talent development
and talent acquisition. This transformation of
the function will directly support the business
pillar focus on workforce planning. We will also
prioritise how we can use technology to be more
operationally efficient with our processes.
These focus areas will support our success in FY26.

FY25 highlights
People development and growth
FY24 saw the pilot launch of a new approach to People Development – a
bespoke product that connects online development plans, 360⁰ feedback on
leadership styles and approaches, and a dashboard that provides insights for
our Executive and Senior Leadership teams.
In FY25, this evolved into a global initiative with all employees able to access
360⁰ feedback to gain developmental insights. Over 75% of our people now
have tailored developmental action plans as a result. Facilitated in-person
workshops were also held with our India team to help employees understand
how to make the most of the programme and view their career development
plans as active tools supporting ongoing growth and development.
Our people are at the core of our success, and through career development
programmes, such as this, we can better understand individual growth
aspirations, motivations and mobility for global development. This ensures
our people’s expertise is fully utilised, continuously invested in, and
always evolving.
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Emerge & Evolve
Emerge & Evolve are bespoke leadership and
management programmes, designed to equip
aspiring and existing leaders with the tools to
grow and develop in their careers.
Established in FY24, we are already seeing the
positive impact, with a 95% retention rate among participants in our Australia
and New Zealand cohorts.
In FY25, the programme grew further by adding cohorts in India and running
a successful third series across the UK, Australia and New Zealand.
Succession planning
As we position the business for continued growth and resilience, we have
evolved our approach to talent and succession planning. Drawing on insights
from our global senior leadership team’s career development plans, 360⁰
reviews, engagement scores and individual performance ratings, we have
implemented tailored, data-driven actions. This approach enables every
executive leader to strengthen and advance their succession plans, ensuring
a robust leadership pipeline for the future.
Focus in FY25
FY25 was a key year in elevating our growth mindset – embracing a “learn it
all” rather than a “know it all” approach to our work.
We rolled out our career development program and expanded the reach of
our manager and leadership development programs.

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Equity, Diversity and Inclusion
In FY24, we launched GenUine, our refreshed
Equity, Diversity and Inclusion (EDI) strategy.
Together, we are committed to building an
equitable and inclusive environment that empowers our diverse teams to
thrive. We achieve this as one team through the power of Allyship.

In FY25, we intentionally focused on specific activities aligned to our
4 key pathways:

• Learning and development: We launched mandatory global training on
unconscious bias, allyship, and the GenUine strategy for all colleagues.
• Global programs: Recognising that our workforce spans five generations,
we launched a global intergenerational campaign. By understanding the
unique values and motivators of each generation, we can take tailored
approaches that support individual needs, encourage meaningful
collaboration, and spark innovation across our teams.

• Regional initiatives: We continue to empower
our people to drive meaningful local progress
on equity, diversity, and inclusion through
regional Employee Resource Groups (ERGs).
Our Gen-U-Wun ERG has played a pivotal role
in championing gender equity, providing
female colleagues with access to industry
expertise, coaching, and valuable networking
opportunities. These efforts have
strengthened support for women
across our business and earned
external recognition, with Gentrack
named Best Employer (over 500
employees) for Women by the
Womens Utilities Network.
• Staying GenUine: The voice of our people matters, and we believe in
creating shared strategies. Our annual survey and communications
platform provide opportunities to listen and collaborate as one diverse
team. In response to feedback from the FY25 survey, our senior and
executive leaders across the globe came together to identify ways to
remove organisation bottlenecks and empower leaders at all to make
decisions and resolve issues more efficiently.

Our culture enables our diverse teams to feel valued, included, and
empowered to succeed. Together, we are GenUine.
Defining
traits
Independent, resourceful,
strong communicators
Tech savvy,
collaborative,
socially conscious
Digitally native,
entrepreneurial,
embrace diversity
Optimistic, mentor
focused, resilient
Core
values
Autonomy,
balance, efficiency,
pragmatism
Purpose, growth, teamwork,
continuous learning
Individuality, authenticity,
recognition, mental health
Hard work, loyalty,
financial security,
achievement
Work
style
Self reliant, focused on
results, value flexibility
Collaborative, tech
enabled, thrive
on feedback
Adaptable, tech centric,
thrive in flexible settings
Goal orientated, prefer
clear hierarchy
Communication
preferences
Email, direct
communication
Instant messaging,
collaborative platforms
Digital first, prefer texting
and messaging apps
In person, over the
phone
Preferred
benefits
Flexible schedules,
remote work
Career development,
wellness programs
Hybrid work,
mental health
support
Healthcare,
retirement plans
How to
lead
Provide autonomy,
focus on outcomes
Offer feedback,
clear plans
for growth
Prioritise mental health,
offer flexible schedules
Encourage mentorship,
recognise experience
Baby
Boomers
(1946-1964)
Gen X
(1965-1980)
Millennials
(1981-1996)
Gen Z
(1997-2012)
WWaanntt ttoo lleeaarrnn mmoorree?? VViissiitt tthhee GGeennHHuubb ttoo lleeaarrnn mmoorree aabboouutt oouurr GGeennUUiinnee aapppprrooaacchh..
TToo lleeaadd aa mmuullttii--ggeenneerraattiioonnaall tteeaamm,, yyoouu nneeeedd ttoo uunnddeerrssttaanndd eeaacchh ggeenneerraattiioonnss vvaalluueess aanndd ddrriivveerrss..
HHoowweevveerr,, eeaacchh ppeerrssoonn iiss uunniiqquuee,, aanndd wwee sshhoouulldd aallll ttaaiilloorr oouurr aapppprrooaacchh ttoo ssuuiitt iinnddiivviidduuaallss..
Defining
traits
Independent, resourceful,
strong communicators
Tech savvy,
collaborative,
socially conscious
Digitally native,
entrepreneurial,
embrace diversity
Optimistic, mentor
focused, resilient
Core
values
Autonomy,
balance, efficiency,
pragmatism
Purpose, growth, teamwork,
continuous learning
Individuality, authenticity,
recognition, mental health
Hard work, loyalty,
financial security,
achievement
Work
style
Self reliant, focused on
results, value flexibility
Collaborative, tech
enabled, thrive
on feedback
Adaptable, tech centric,
thrive in flexible settings
Goal orientated, prefer
clear hierarchy
Communication
preferences
Email, direct
communication
Instant messaging,
collaborative platforms
Digital first, prefer texting
and messaging apps
In person, over the
phone
Preferred
benefits
Flexible schedules,
remote work
Career development,
wellness programs
Hybrid work,
mental health
support
Healthcare,
retirement plans
How to
lead
Provide autonomy,
focus on outcomes
Offer feedback,
clear plans
for growth
Prioritise mental health,
offer flexible schedules
Encourage mentorship,
recognise experience
Baby
Boomers
(1946-1964)
Gen X
(1965-1980)
Millennials
(1981-1996)
Gen Z
(1997-2012)
WWaanntt ttoo lleeaarrnn mmoorree?? VViissiitt tthhee GGeennHHuubb ttoo lleeaarrnn mmoorree aabboouutt oouurr GGeennUUiinnee aapppprrooaacchh..
TToo lleeaadd aa mmuullttii--ggeenneerraattiioonnaall tteeaamm,, yyoouu nneeeedd ttoo uunnddeerrssttaanndd eeaacchh ggeenneerraattiioonnss vvaalluueess aanndd ddrriivveerrss..
HHoowweevveerr,, eeaacchh ppeerrssoonn iiss uunniiqquuee,, aanndd wwee sshhoouulldd aallll ttaaiilloorr oouurr aapppprrooaacchh ttoo ssuuiitt iinnddiivviidduuaallss..

Our commitment to respecting the planet is
supported by our global sustainability strategy.
Our strategy consists of four key pillars which
reach across our people, partners and product.
Our planet
19
G
l
o
b
a
l

S
u
s
t
a
i
n
a
b
i
l
i
t
y

C
h
a
r
t
e
r
S
u
s
t
a
i
n
a
b
i
l
i
t
y

S
t
r
a
t
e
g
y

R
e
s
p
e
c
t

f
o
r

o
u
r

P
l
a
n
e
t
Power through partnerships
We cannot cross the finish line alone
We recognise the importance of our partners and the industry in achieving a
sustainable future. We will actively collaborate in sustainability programmes to
achieve collective success. We will directly engage our customers and value chain
to develop, learn, and grow collectively.
Enable our people
We play to win, and our commitment is serious
We have established a Global Sustainability Task Force (GSTF) that is empowered to
drive our ambitions and support our local communities. The GSTF aims to identify,
establish, and deliver sustainable campaigns that have lasting impact whilst
engaging our people on the journey.
Share our progress
We take accountability and show integrity
We commit to producing an annual Climate Statement that is published on our
website and includes our carbon emissions, measured in accordance with the GHG
protocol. We actively take efforts to reduce emissions across our global enterprise
in accordance with our decarbonisation and climate transition plan.
Get there faster
We enable our customers to make a difference
We will invest in technologies that empower our customers to advance
sustainability across both the water and energy sectors. Through continuous
innovation and optimisation, we’re committed to delivering solutions that
accelerate the global journey toward net zero.

Power through
partnerships
Our strategy places collaboration at the core,
recognising that meaningful climate action
requires strong partnerships across our
ecosystem. We actively participate in joint
initiatives to amplify our collective impact.
Working alongside our hosting provider Amazon
Web Services, we have deepened our expertise in
carbon emissions reporting and data transparency,
enabling more accurate tracking and management.
Sustainability partnerships with our customers
also create opportunities to unite our teams
around shared goals. This year, we hosted
sustainability events with Wave, Senoko, and
PacificLight, reinforcing our commitment to
global climate action.
Following a recent technology upgrade at our
London site, we were able to repurpose legacy IT
hardware, diverting it from landfill. Much of this
equipment was donated to Great Ormond Street
Hospital, supporting both environmental and
community wellbeing.
20
Our Singapore team
joined forces with
leading utility retailers
PacificLight Power Pte
Ltd and Senoko Energy
to support Singapore’s
goal of planting 1 million
new trees by 2030.
Gentrack’s London office
upgraded its IT systems and
reconditioned the legacy
equipment for use at a local
children’s hospital.
Our Executive Leadership Team
visited a NAAM Foundation
irrigation project in Pune, India
to see the impact it is having in
protecting local villages.

Enable our people
We take great pride in the deep sense of purpose
that motivates our people. Now in its second
year, our Global Sustainability Task Force (GSTF)
continues to act as a catalyst for meaningful
action across the globe. From tree planting and
pond building to bush clearance and flood relief,
our teams have driven a wide range of impactful
initiatives across all our locations.
In India, our partnership with the NAAM
Foundation has supported climate resilience
efforts in Maharashtra. This year, our Executive
Team visited a local village to better understand
the challenges faced and witness the positive
impact of our collaboration.

Our GSTF New Zealand team supported
the Papakura Stream Planting
initiative, planting an impressive 937
native species in a single day.
21
GSTF-led activities remain central to our
sustainability strategy. By promoting climate
awareness, sharing best practices, and
embedding environmental education across our
sites, we continue to advance our mission as a
purpose-driven organisation.
Our GSTF Australia team helped to
restore Westgate Park’s biodiversity
following an arson attack.

Share our progress
As a second-year Climate Reporting Entity (CRE),
we have published a dedicated Climate Statement
for FY25, now published on our website. This years
Climate Statement highlights our progress and
includes our carbon emissions for Scope 1 and 2.
Although our greatest impact on sustainability
comes through the solutions we deliver to our
customers, we are equally committed to reducing
our own environmental footprint.
The UK GSTF partnered with
Wave to build a biodiverse
nature pond for a central
London school.

Get there faster
We recognise the climate crisis as the defining
challenge of our time, and we are committed to
accelerating the transition of global utilities to
net zero. In FY25, we partnered with customers
around the world to deliver green tariffs, deploy
solar and battery solutions, and integrate EV
charging infrastructure into their operations.
These initiatives are already driving emissions
reductions and showcase how our technology
empowers practical and scalable decarbonisation.
trees planted, improving
biodiversity and supporting
local communities
7,457
attendees at
GSTF-run events
throughout
the year
903
sustainability events
delivered this year
34

Corporate governance
The Board recognises the importance of good corporate governance, particularly its role in
delivering improved corporate performance and protecting the interests of all stakeholders.
The Board is responsible for establishing and implementing the Company’s corporate governance
frameworks and is committed to fulfilling this role in accordance with best practice while observing
applicable laws, and NZX Corporate Governance guidance. The Company considers that it complies
with the recommendations of the NZX Corporate Governance Code, 31 January 2025 edition (NZX Code)
in all material respects. The 2025 Corporate Governance Statement can be found at:
www.gentrack.com/investor-centre
The Board’s role and responsibilities
The Board Charter describes the Board’s role and responsibilities and regulates internal Board procedures;
a copy of this document is available in the Investor Centre section on the Company’s website. The Board
directs, and supervises the management of the business affairs of the Company including, in particular:
• ensuring that the Company’s goals are clearly established, and that strategies and resources are in
place for achieving them;
• ensuring that there is an ongoing review of performance against the Company’s strategic objectives;
• approving transactions relating to acquisitions and divestments and capital expenditure above
delegated authority limits;
• ensuring that there is an ongoing assessment of key business risks and that there are appropriate
control and accountability systems in place to manage them;
• monitoring the performance of management and overseeing company-wide remuneration, employment
and health and safety practices;
• appointing the Chief Executive Officer, setting the terms of their employment and, where necessary,
terminating their employment;
• approving and monitoring the Company’s financial and other reporting and ensuring the Company’s
financial statements represent a true and fair view; and
• setting the dividend policy.
22

Composition of the Board
As at 30 September 2025 the Board comprised six Directors, as follows:
Since the date of appointment, Directors have been re-appointed at Annual
Meetings when retiring by rotation as required. Any Director who is appointed
by the Board will stand for election at the next Annual Shareholder Meeting
after their appointment. Information about candidates for election or
re-election is included in the notice of meeting, to assist the shareholders’
decision whether to elect or re-elect the candidate.
Profiles of each current Director are available in the Investor Centre section
on the Company’s website.
The Board Charter requires that at least 50% of Directors be “independent”.
The Board takes into account the guidance provided under the NZX Listing
Rules in determining the independence of Directors.
The Board will review any determination it makes as to a Director’s
independence on becoming aware of any information that may have an
impact on the independence of the Director. For this purpose, Directors are
required to ensure that they immediately advise the Board of any relevant
new or changed relationships to enable the Board to consider and determine
the materiality of the relationships.
DIRECTORAPPOINTMENT DATE
Andy Green (Non-executive Chair)2 November 2020
Stewart Sherriff (Non-executive Director)5 October 2020
Gary Miles (Managing Director)1 October 2020
Fiona Oliver (Non-executive Director)26 February 2019
Darc Rasmussen (Non-executive Director)12 December 2019
Gillian Watson (Non-executive Director)1 June 2024
The Board considers that all of the current non-executive Directors are
independent Directors as they are not executives of the company and do
not have a direct or indirect interest or relationship that could reasonably
influence (or be perceived to influence), in a material way, their decisions in
relation to the Company. None of the factors set out in the NZX Corporate
Governance Code that may cause a Board to determine that a Director is
not independent apply to these Directors. Gary Miles is an employee of the
Group and is not considered to be an independent Director.
The Chair of the Board is elected by the non-executive Directors. The Board
supports the separation of the role of Chair and Chief Executive Officer. The
Chair’s role is to manage the Board effectively, to provide leadership to the
Board, and to facilitate the Board’s interface with the Chief Executive Officer.
Andy Green was appointed by the Board as Chair on 2 November 2020.
As noted above, Andy Green is an independent Director. Andy brings
transformation and technology leadership to the role of the Chair. In 2020
he was awarded Commander of the British Empire (CBE) for his contributions
to the Information Technology and British Space Industries. His passion to
transform the industry to support sustainable water and energy resources
is further demonstrated by his roles as the Chair of WaterAid UK and as
an adviser to the UK National Infrastructure and Service Transformation
Authority (NISTA). Andy spends his time in both Australia and the UK which
contributes both a local presence and global perspective to the Company’s
customers and shareholders.
23

Retirement and re-election
The Board acknowledges and observes the relevant Director rotation/
retirement rules under the NZX Listing Rules.
Indemnities and insurance
Deeds of Indemnity have been granted by the Company in favour of the
Directors in relation to potential liabilities and costs they may incur for acts
or omissions in their capacity as Directors.
The Company has Directors’ and Officers’ Liability insurance, which covers
risks normally covered by such policies arising out of acts or omissions of
Directors and employees in their capacity as such.
Board meetings
The Board has a standard schedule which includes a minimum of six
meetings per annum. In addition, other Board meetings are held as needed
to deal with specific matters such as acquisition-related activity. There were
also separate meetings of the Board Committees. Directors receive detailed
information in Board papers to facilitate decision making. At each meeting
the Board considers key financial and operational information as well as
matters of strategic importance.
Executives regularly attend Board meetings and are also available to be
contacted by Directors between meetings. Directors who are not members of
the Committees are invited to attend all meetings of the Committees.
The table below sets out Director attendance at Board and Committee
meetings during the year ended 30 September 2025.
Attendance at Committee meetings of Directors who are not Committee members is included in the table above.
24
BOARDAUDIT AND RISK COMMITTEEPEOPLE AND CULTURE COMMITTEE
No. of
meetings
No.
attended
No. of
meetings
No.
attended
No. of
meetings
No.
attended
Andy Green886655
Fiona Oliver886655
Darc Rasmussen8865-3
Stewart Sherriff88--55
Gillian Watson88--55
Gary Miles88---2

The Board has a broad range of skills and expertise necessary to meet its
objectives and adequately discharge its responsibilities. Using a Board skills
matrix, the Board has determined that to operate effectively and to meet its
responsibilities it particularly requires competencies in the following areas:
industry knowledge, technology and digital, software, cloud, online and
operating platforms, customer focus, strategy and development, financial
acumen, risk, governance, environmental and social, people and culture, and
executive leadership. The Board skills matrix is set out opposite.
Board access to information and advice
The Company Secretary is responsible for supporting the effectiveness
of the Board by ensuring that policies and procedures are followed and
co-ordinating the completion and dispatch of the Board agendas and papers.
All Directors have access to the senior management team to discuss issues
or obtain information on specific areas in relation to items to be considered
at Board meetings or other areas as they consider appropriate. Further,
Directors have unrestricted access to Group records and information as
required for the performance of their duties. The Board is encouraged, and
provided with opportunities, to engage with employees from all levels of
the business.
The Board, the Board Committees and each Director have the right, subject
to the approval of the Chair, to seek independent professional advice at
the Company’s expense to assist them to carry out their responsibilities.
Further, the Board and Board Committees have the authority to secure
the attendance at meetings of external advisers with relevant experience
and expertise.
25
Technology and digital
Experience in developing or overseeing the development
and application of technology in large and complex
businesses, with reference to technology, innovation,
digital transformation and customer experience
Industry knowledge
Experience working in the utilities and/or airport
software industries with knowledge of relevant markets,
economic drivers and global business perspectives
Software, cloud, online and operating platforms
Expertise and experience in the development and
delivery of software and digital solutions through
managed services and cloud and/or online platforms
Customer focus
Experience in developing and overseeing the
embedding of a strong customer-focused culture in
large and complex organisations, and a demonstrable
commitment to achieving customer outcomes
Strategy and development
Expertise in corporate strategy, defining strategic
objectives and developing businesses, including
experience in strategic reviews, M&A and strategic
partnerships
Financial acumen
Highly proficient in financial accounting and reporting
for public companies, experience in capital markets
and investor relations
Risk
Experience in anticipating, recognising and managing
risks, including financial, non-financial and emerging
risks, and monitoring risk management frameworks
and controls
Governance
Experience as a Director of a listed entity, with knowledge
of governance issues, with reference to applicable legal,
compliance, regulatory and voluntary frameworks
Environmental and social
Experience in understanding and identifying potential
risks and opportunities arising from environmental
and social issues, including human rights and climate
related reporting
People and culture
Experience in workplace health and safety, cultures,
morale, inclusion and diversity, management
development, succession, workforce planning,
remuneration and talent retention initiative
Executive leadership
Experience in a CEO or similar senior leadership role
in an organisation of significant size or complexity
Andy Green
Chair
Fiona Oliver
Non-Executive Director
Darc Rasmussen
Non-Executive Director
Stewart Sherriff
Non-Executive Director
Gary Miles
CEO
Gillian Watson
Non-Executive Director
Highly CompetentHighly Competent - Extensive experience, including
serving as a key resource and advising others

Competent Competent - Complete understanding and experience
in practical application
Aware Aware - Fundamental understanding
and knowledge
GENTRACK GROUP BOARD SKILLS MATRIX

Conflicts of interest
The Board Charter outlines the Board’s policy on conflicts of interest. Where
conflicts of interest do exist, Directors excuse themselves from discussions
and do not exercise their right to vote in respect of such matters.
Review of the Board and Director
performance
An in-house Board evaluation has recently been completed. The Board
assesses its own performance, and the Chair continually reviews the
dynamics of the Board to ensure it is functioning effectively.
Board committees
Audit and Risk Committee
Members: Fiona Oliver (Chair), Andy Green, Darc Rasmussen
People and Culture Committee
Members: Gillian Watson (Chair), Fiona Oliver, Andy Green, Stewart Sherriff
All of the members of the above committees are independent Directors.
Management and other employees attend committee meetings at the
invitation of the respective committee. The CFO is regularly invited to attend
Audit and Risk Committee meetings. The CPO is regularly invited to attend
People and Culture Committee meetings. The Charters of each Committee are
in the Investor Centre section of the Company’s website.
The Board updated the Company’s Takeover Response Manual in 2024. The
Takeover Response Manual has been prepared for the Company by external
advisers and has been accepted by the Board. The manual outlines the
procedures to follow in the event the Company receives an unsolicited
takeover offer or approach by a potential acquirer and is designed to ensure
the Company manages any takeover offer or approach in accordance with
applicable laws.
The Company is committed to maintaining a fully informed market through
effective communication with the NZX and ASX, the Company’s shareholders,
analysts, media and other interested parties. The Company provides all
stakeholders with equal and timely access to material information that is
accurate, balanced, meaningful and consistent.
The Board has adopted a Market Disclosure and Communications Policy,
copies of which are available in the Investor Centre section on the Company’s
website. This policy has been communicated internally to ensure that it
is strictly adhered to by the Board and the Company’s employees. The
Company has been listed on the NZX Main Board and the ASX since 25 June
2014 and has at all times complied with its continuous disclosure obligations.
Directors consider at each Board meeting whether there is any material
information which should be disclosed to the market.
Code of ethics and policies
The “Code of Ethics”, Board Committee Charters and other key
governance documents are available in the Investor Centre section of
the Company’s website.
Our corporate policies address key risks and set expected standards of
behaviour for our people. Information about how our key policies operate is
in our Corporate Governance Statement and the policies themselves.
26

Remuneration report
Dear Shareholders,
As the Chair of the People & Culture Committee
Chair, I am pleased to present you with Gentrack’s
Remuneration Report for the financial year
2025. Our people are critical to our success and
remuneration is a key element in our attraction
and retention of great people.
Overall remuneration
approach
We believe that the structure and components
of Gentrack’s remuneration continue to serve the
company well. Our LTI programme for staff who
are not part of the executive team, has not been
changed over the past year. The Executive LTI
scheme has largely come to a close this year so,
in preparation, a new scheme is being considered.
As part of this work, the Company has completed
benchmarking on alternative schemes and
performance hurdles.
A detailed overview of employee remuneration is
set out in this section of the Annual Report. Our
remuneration practices ensure employees are
fairly and equitably remunerated. We are pleased
to provide a range of benefits to our employees
including health and life insurance to eligible
employees, enhanced parental leave provisions
and for life-balance there’s the flexibility to take
off early on a Friday if all work is completed for
the week. We offer long-term savings options in a
number of countries. In New Zealand, employees
who elect to participate in KiwiSaver currently
receive a company contribution of 3%. Similarly
we offer superannuation in Australia in compliance
with compulsory employer contributions, and
there’s an established pension plan in the UK
that provides a company contribution of 4%.
We recognise that strong financial wellbeing is
important to our people. In general, remuneration
is reviewed annually and our process supports our
intention to pay our people fairly.
Remuneration reporting
In an effort to further improve our remuneration
reporting and in response to feedback, we have
extended the detail on executive remuneration
further in this report, with more complete
coverage of CEO remuneration for both FY24
and FY25.
Gender pay
We have provided information on Gentrack’s
gender pay gap and pay equity in Gender
Pay reporting included on our website. This
continues to be a focus for us and we are proud
of the significant progress we’ve made, driven
by intentional efforts to achieve better gender
balance in senior leadership. By incorporating
global feedback and insights from our latest
Equity, Diversity, and Inclusion survey, we’ve
refined our strategy, with all colleagues actively
championing allyship to cultivate an inclusive
culture. We remain committed to continuously
evolving our strategies to improve gender
pay equity.
Being a good employer
Beyond remuneration, we are continuously
looking for ways to improve as part of our
commitment to being a good employer. We obtain
feedback from Gentrack people through regular
engagement surveys, encourage staff to take part
in Social Club, Employee Resource Groups and
Global Sustainability Taskforce events, courses
and executive development activities.
Gillian Watson
Chair, People & Culture Committee
27

People & culture committee
The People and Culture Committee of the Board
comprises Gillian Watson (Chair), Fiona Oliver, Andy
Green and Stewart Sherriff. Gillian Watson took
over the role of Chair of the People and Culture
Committee from Fiona Oliver from 1 October 2024.
Fiona Oliver remains a member of this Committee.
All members are independent Directors.
The Committee’s principal functions are to
oversee the remuneration strategies and policies
of the Company and to review and recommend
to the Board the company’s approach
to remuneration. This includes managing
remuneration matters related to Directors and
reviewing executive performance in consultation
with the Chief Executive Officer. The People
and Culture Committee is governed by a formal
charter, a copy of which is available in the Investor
Centre section on the Company’s website. The
Gentrack Remuneration Policy Statement is
available in the Investor Centre section of the
Company’s website.
Members of the executive team only attend
People and Culture Committee meetings by
invitation.
Director remuneration
Following Gillian Watson’s appointment to the
Board in June 2024, the Board adopted a new fee
structure commencing 1 July 2024 so that Director
remuneration was standardised internationally
(and remained within the cap at the time which
was $800,000). In adopting this fee structure,
the Board considered a review of external and
independent benchmarking data in relation to
the fee pool and fees paid to Gentrack’s non-
executive Directors prepared by KPMG. The Board
reviewed this benchmarking data and based on
a comparison of Gentrack’s Directors’ fees to the
market data, concluded that the remuneration
levels set out in the table are appropriate and
aligned to the international nature of Gentrack’s
business. The Board considers that alignment of
Directors’ fees to market is important in order for
Gentrack to be able to continue to attract and
retain high performing Directors whose skills and
experience are well suited to its requirements.
At the February 2025 Annual Shareholders
Meeting, shareholders approved an increase in
the fee pool for non-executive Directors from NZD
$800,000 to $850,000 per annum, effective from
1 March 2025. The reason for the increase is to
create sufficient flexibility if changes to Director’s
remuneration are determined to be appropriate in
the future. This may occur, for example, if changes
to committee composition are appropriate to best
achieve the Company’s strategic goals, for one-off
project work or for accommodating for inflation
in coming years. No changes to Directors’ fees
have been made since the increase was approved.
This fee pool is for non-executive Directors
only, as Directors’ fees are not paid to executive
Directors (such as Gary Miles). Gentrack operates
in international markets and needs to attract high
quality Directors from Europe, Australia and in the
future, potentially, Asia.
Gentrack employs an unbundled model for
Directors’ remuneration, where base fees are paid
to each non-executive Director as members of the
Board and separate fees are paid for participation
in the committees of the Board, having regard
to the expected commitment required (except
for the Chair, who is paid a set fee including
membership of both Board committees). The fees
set do not include Director’s expenses or fees
agreed to be paid for unscheduled additional work
requested of Directors.
At the annual meeting of shareholders of the
Company in February 2021, shareholders approved
the Directors having a discretion to pay all or
some of a non-executive Director’s remuneration
through an issue of shares in the Company. For
the 2022 financial year onward, it was agreed that
the equity-based component of Andy Green’s
remuneration was set at one-third of his total
annual remuneration (i.e., currently $100,000 per
annum), to be satisfied through the issue of shares
in the Company.
The actual total amount of fees paid in the past
year was $765,000. Gary Miles’ CEO remuneration is
disclosed in the section on CEO remuneration below.
Gary does not receive additional remuneration for
his role as an executive Director of the Company.
28

29
Director remuneration from 1 October 2024 until 30 September 2025
DIRECTORFEE FOR BOARD
FEE FOR AUDIT &
RISK COMMITTEE
FEE FOR PEOPLE
AND CULTURE
COMMITTEE
OVERSEAS BOARD
MEETING TRAVEL
ALLOWANCE
TOTAL ANNUAL
REMUNERATION
Andy Green (Chair)*$200,000 Salary +
$100,000 Shares
---$300,000
Fiona Oliver $100,000$20,000 (Chair)$7,500-$127,500
Darc Rasmussen$100,000$10,000-$5,000$115,000
Stewart Sherriff$100,000-$7,500-$107,500
Gillian Watson $100,000-$15,000 (Chair)-$115,000
Nick Luckock-----
TOTAL$700,000$30,000$30,000$5,000$765,000
* The Board Chair’s fee includes his attendance at all subcommittee meetings of the Board as an ex-officio member.
** Nick Luckock was paid $35,417 in Directors’ fees for FY24. This is included in the total for the 2024 Total Annual Remuneration. He ceased to be a Director during FY24.
Directors are not paid any additional fees or benefits that do not relate to services as a Director. Gillian Watson was appointed to the Board on 1 June 2024 (during FY24),
and her Director’s remuneration was GBP£50,000 per annum (approximately NZD$104,500) until the new fee structure above commenced on 1 July 2024.
Directors are expected to acquire shares in Gentrack over a three-year period with a view to accumulating a holding that is equivalent to 50% of their base Directors’ fee.
Once this stake has been acquired, movements in Gentrack’s share price will not trigger any further expectation to acquire shares.
2024 TOTAL ANNUAL
REMUNERATION
$200,000 Salary +
$100,000 Shares
$121,250
$96,250
$95,625
$35,590
$35,417
$684,132**

30
Overall CEO remuneration
YEARFIXED REMUNERATIONANNUAL INCENTIVE PLAN (STI)
Base Salary
NZ$000
(GBP£000)
Other Benefits
(pension)
NZ$000
(GBP£000)
Earned
NZ$000
(GBP£000)
Amount Earned (%
amount earned of
maximum of 100%
of base salary)
Total cash-based
remuneration Earned
NZ$000
(GBP£000)
FY25898 (403)49 (22)00.0%947 (425)
FY24805 (403)43 (22)825 (413)102.5%1,673 (838)
YEAR
CEO LTI SCHEMES
(OCTOBER VESTING)
CEO LTI SCHEMES
(DECEMBER VESTING)
EXECUTIVE LEADERSHIP LTITOTAL
Number of
Shares Vested
Market Value
at Vesting Date
NZ$000
Number of
Shares Vested
Market Value
at Vesting Date
NZ$000
Number of
Shares Vested
% of Maximum
Awarded for
the relevant
performance
period
Market Value
at Vesting Date
NZ$000
Fixed rem +
STI Earned +
LTI Vested
NZ$000
FY25187,1911,872187,1912,433926,892100%12,05017,302
FY24187,191918187,1911,085---3,676
The FY25 remuneration of the CEO in the remuneration table above includes the LTI incentive payments made during the year ended 30 September 2025 in respect of the
2024 financial year performance (as the assessment of the LTI performance hurdle was made after the FY24 balance date).
While the CEO did earn an Annual Incentive Plan payment of 40% of base salary in FY25, he has chosen not to take a bonus for FY25, but instead to invest his bonus money
into the bonus pool for the larger employee population.
The CEO’s notice period is 6 months, and he is not eligible for any golden parachute payments on leaving Gentrack.

The CEO’s remuneration package includes
performance rights awarded under an LTI scheme
that was introduced in 2020. The final grant
under this scheme was made in October 2022.
The last award fully vested in December 2025.
Half of these rights vested subject to Gentrack
Group achieving a share price appreciation hurdle
(if the calculated VWAP share price is NZ$2.14
or higher with respect to the vesting date) and
the other half of the rights vested subject
to tenure. In FY24, the CEO was also granted
2,453,600 performance rights under the
Executive Leadership LTI Scheme, of which a
total of 2,235,462 have vested.
CEO and Executive
remuneration
The CEO and Executive team (ELT) remuneration
is reviewed by our Board each year. The Board
works closely with and is advised by Gentrack’s
People and Culture Committee, considering market
remuneration data benchmarks, achievement
of performance goals and factoring in creation
of long-term sustainable shareholder value.
Total remuneration is made up of a fixed
remuneration component, which includes base
salary and other employment benefits, such as
pension contribution, and pay for performance
remuneration including an annual incentive plan
(bonus scheme) and long-term incentives (equity
awarded through performance share rights).
The Company has sought independent
benchmarking advice from external consultants
– People, Performance, Reward, on executive
compensation matters.
Awards under the annual incentive plan are
assessed using the Company scorecard
with approval at the discretion of the Board.
Scorecard goals have been chosen to encourage
implementation of strategy and in combination
reinforce the success of the Company. During
FY25 there were eight executives eligible for an
annual incentive plan award (seven executives in
FY24). The four General Managers have aligned
commission plans to drive revenue growth and
achieve new customer wins. The Executive team
(including General Managers) chose not to take
bonuses or commissions in FY25, but instead to
invest their bonus money into the bonus pool for
the larger employee population.
31
CEO and Executive team short-term variable remuneration structure FY25
SCHEMEDESCRIPTIONPERFORMANCE MEASURES/SCORECARDPOTENTIAL
For Executive
Team – Annual
Incentive Plan
Cash short term incentive
is a discretionary scheme
based on achievement of
corporate shared KPIs
• 50% Financial Performance (FY25 EBITDA and FY25 Revenue)
Weighted outcome 0%
• 20% Employee metrics on Engagement/Staff Attrition
Weighted outcome 15%
• 30% Strategic Initiatives on Sales and Technology
Weighted outcome 25%
Executive Team maximum potential 30%-50%
of base salary
CEO maximum potential 110% of base salary
For General
Managers
– Sales
Commission
Cash commission
payment aligned with the
performance ratings of
the team
• 80% Financial Performance and Sales Targets
• 20% based on the Scorecard above
Maximum potential 40-50% of base salary plus
spot commissions

32
CEO and Executive team long-term variable remuneration structure FY25
SCHEMEPERFORMANCE MEASURESPOTENTIAL
Executive Leadership
Long Term Incentive
scheme Oct 2023 Award
Along with continued employment at Gentrack, the hurdles to receive these are:
1. An EPS hurdle for the respective financial years as set out below:
• NZ$0.16 in respect of the financial year ending 30 September 2024 (achieved for FY24);
• NZ$0.19 in respect of the financial year ending 30 September 2025; and
• NZ$0.22 in respect of the financial year ending 30 September 2026.
If the EPS hurdle
1
is satisfied at the relevant vesting date, the share price appreciation hurdle
then determines how many (if any) performance rights will vest at the relevant vesting date.
2. VWAP share price
2
used to assess the share price appreciation (SPA) hurdle must be between
NZ$5.00 and NZ$10.00.
Hurdles are tested annually for the duration of the Scheme. Potential vesting dates will be shortly
after the release of Gentrack’s audited financial statements for each financial year (the first two
vesting dates have now passed).
Up to 9,437,000 performance rights were available
to be allocated across the team in respect of the
financial years ending 30 September 2024, 30
September 2025 and 30 September 2026. 8,446,200
have been awarded of which 1,001,859 were
forfeited by leavers. In December 2024, 3,083,759
rights vested and from the remaining 4,360,482
performance rights, a further 3,737,536 of those
performance rights vested in December 2025
(during FY26). KPMG provided an advisory letter on
the achievement of the performance hurdles.
Except where additional shares are required to
be sold to satisfy a participant’s tax liability,
participants must retain at least 50% of the
Gentrack shares issued to them for 12 months
following the relevant vesting date.
Oct 2022 CEO Award
(CEO only)
Subject to either tenure or SPA hurdle (100% vests if the calculated VWAP share price is NZ$2.14 or
higher with respect to the vesting date).
For FY25:
97,380 performance rights subject to tenure.
97,380 performance rights subject to SPA hurdle.
This award fully vested in December 2025 and there
are no more performance rights outstanding.
Oct 2022 ELT Award
(CEO not included)
The performance hurdle required to be met in relation to this award is SPA, and 100% of the LTI
vests if the calculated VWAP share price is NZ$2.33 or higher.
For FY25:
322,040 performance rights allocated across the
team. This award fully vested in December 2025 and
there are no more performance rights outstanding.
1. For these purposes EPS is that reported in Gentrack’s audited financial statements for the relevant
financial year with adjustments made to Net Profit After Tax to reflect:
• expensing amounts capitalised in the year (if any) in respect of research and development;
• adding back any amortisation of intangible assets;
• adding back the (non-cash) accounting charge for share based payments; and
• adjusting for the tax or deferred tax impact on the items set out above.
Where shares have been issued following vesting of the performance rights, issued in this tranche, or
vesting is expected in respect of those performance rights, those shares are also excluded from the
calculation of EPS in respect of this hurdle.
2. The share price used to assess the share price appreciation hurdle is calculated as the volume
weighted average price of Gentrack’s shares as quoted on the NZX Main Board and the ASX (including
both on-market and off-market trades) over the ten trading days immediately following the release of
Gentrack’s audited financial statements for the financial year immediately prior to the relevant vesting
date (“VWAP share price”).
An incremental vesting scale applies should the VWAP share price used to assess the share price
appreciation hurdle be between NZ$5.00 and NZ$10.00 with respect to a vesting date. When assessing
how many (if any) performance rights will vest at the VWAP share price on the second and third vesting
dates, any performance rights that have vested on a previous vesting date are deducted from the
number of performance rights to vest on that vesting date.

33
Gender breakdownGender pay
BOARDSENIOR EXECUTIVESALL EMPLOYEES
FY25
Female21260
Male48598
Non-Binary--2
Unspecified--1
% Female33%11%30%
FY24
Female21243
Male410539
Non-Binary---
% Female33%9%31%
At 30 September 2025, the gender breakdown for the Company
(and its wholly owned subsidiaries) was as follows:
CEO/worker ratio
The pay gap represents the number of times greater the Chief Executive
Officer’s remuneration is to the remuneration of an employee paid at the
median of all employees. For the purposes of determining the median
paid to all employees, all permanent full-time, permanent part-time and
fixed-term employees are included, with part-time employee remuneration
adjusted to a full-time equivalent amount.
As at the balance date, the Chief Executive Officer’s base salary of
NZ$897,541 was 7.7 times that of the median employee at NZ$117,102
per annum.
Gender pay gap
The gender pay gap measures the median pay (base pay only) between
men and women regardless of the nature of work.
At 30 September 2025, the gender pay gap is 0.09%. That is, women earn
NZ$0.91 for every NZ$1 that men earn. The median pay is NZ$117,102. For this
year’s remuneration cycle, merit increases for women are slightly higher
(3.98%) than merit increases provided for males (3.77%). This supports our
continued work to decrease the gap in gender pay.
These figures include permanent full-time, permanent part-time and fixed-
term employees, but not independent contractors or consultants. A Senior
Executive is defined as an employee who reports directly to the Chief
Executive Officer. The Company recruits for predominantly technology roles.
Details of our approach to Equity, Diversity and Inclusion can be found in the
Our People section of the Annual Report. The Board considers that for the
year ended 30 September 2025, the objectives for achieving diversity have
been met.

Risk management
Gentrack’s risk management framework is used to
actively manage strategic and operational risks.
The management team uses risk management
techniques and capability to identify and focus
on potential future vulnerabilities, implement
mitigation strategies and thereby improve the
likelihood of meeting business objectives.
Management and all employees are accountable
to employ risk management processes within
their area of responsibility to aid in the
achievement of business objectives. All key
decisions follow a process to ensure risk has
been adequately identified, considered and can
be managed. The Chief Executive Officer, Chief
Financial Officer and management team ensure
that risks to the business are identified, evaluated
and, where necessary, reported to the Board, that
effective responses and control activities are
developed and that appropriate monitoring and
re-evaluation is conducted in a timely manner.
Aside from climate related risks and any key
risks which Gentrack considers are relevant to
shareholders and other external stakeholders,
the Company does not report externally on
material risks which may apply to Gentrack.
The main strategic risks identified include risks
arising from technology modernisation decisions,
meeting delivery expectations and sales targets,
international expansion and the competitive
landscape.
The Board and its Audit & Risk Committee receive
regular updates on business risk topics, and are
responsible for setting policy, assessing and
monitoring strategic risks, assessing the level
of tolerance for risk and ensuring management
maintains an effective risk management framework.
External consultants may be engaged to assist
with risk assessment and advice where required.
To support its commitment to Information
Security and Data Privacy, the Company maintains
a comprehensive management system certified
to ISO/IEC 27001:2022, the international standard
for information security. In addition, the Company
has achieved certification to ISO/IEC 27701,
the privacy information management standard
that extends GDPR and other global privacy
regulations, embedding privacy-by-design across
its operations.
The Company also maintains SOC 2 attestation,
independently audited against the Trust Services
Criteria for Security and Availability. All Gentrack
g2 cloud services are covered under a SOC 2 Type
1 attestation, with the Junifer billing platform and
Market Operations (MIF) additionally certified
under SOC 2 Type 2.
These frameworks are underpinned by a culture
of continuous improvement and risk-based
management, ensuring controls evolve alongside
emerging threats, regulatory changes, and
customer expectations.
The Company considers that it has a low exposure
to economic risks, because the sectors the
Company serves are essential services that
do not react significantly to economic cycles,
and it considers that it does not have any
material exposure to environmental and social
sustainability risks.
Employees are required to adhere to health and
safety compliance documents and instructions,
in particular the Health and Safety Policy. Staff
wellbeing is a key focus for our People team.
We regularly run EDI campaigns, initiatives and
learning seminars to maintain high levels of
engagement with these topics.
34

Audit & risk committee
The Board is committed to a transparent system for auditing and reporting
of the Company’s financial performance. The Board established an Audit
and Risk Committee, which performs a central role in achieving this goal.
The members of the Committee provide a balance of independence, sector
experience and relevant professional experience and qualifications.
The Audit and Risk Committee’s principal functions are:
• to assist the Board in fulfilling its responsibilities for the Company’s
financial statements and external financial reporting;
• to assist the Board in ensuring that the ability and independence of the
external auditors to carry out their statutory audit role is not impaired, or
could reasonably be perceived to be impaired;
• to assist the Board in ensuring appropriate accounting policies and
internal controls are established and maintained; and
• to assist the Board in ensuring the efficient and effective management of
all key business risks.
One of the main purposes of the Audit and Risk Committee is to ensure the
quality and independence of the external audit process. The Chairman of the
Audit and Risk Committee and Chief Financial Officer work with the external
auditors to plan the audit approach. All aspects of the audit are reported
back to the Audit and Risk Committee and the auditors are given the
opportunity at Audit and Risk Committee meetings to meet with the Board
without management present.
The Audit and Risk Committee has adopted a formal Charter, a copy of which is
available in the Investor Centre section on the Company’s website. The Audit
and Risk Committee meets regularly to identify and monitor key risks and
provide effective oversight of the risk management framework. The Company
uses external contractors as required for specific internal audit reviews.
The external auditors have not provided assurance services in connection
with Gentrack greenhouse gas emissions reporting or climate-related
disclosures. Another assurance firm has completed this work.
Statutory information
Entries recorded in the interests register
The Company maintains an Interest Register in accordance with the
Companies Act 1993. The following entries were made in the Interests Register
for the period 1 October 2024 to 30 September 2025 and require disclosure:
• Andy Green advised that since 1 April 2025 he is no longer a National
Infrastructure Commissioner but an advisor to the National Infrastructure
and Service Transformation Authority (NISTA).
His other current interests include:
• Simon Midco Ltd (holding company of Lowell Group) – Chair and Director
• Airtel Africa PLC – SID and Director
• Bloc Ventures Limited – Director
• Nominet UK – Chair
• Chartered Management Institute – Companion
• Fiona Oliver retired by rotation from the New Zealand Water Polo Board as
of 5 April 2025.
35
Shareholdings of Directors in Gentrack Group Limited
at 30 September 2025
TYPE OF
HOLDING
2025
RELEVANT INTEREST
IN SHARES HELD
2024
RELEVANT INTEREST
IN SHARES HELD
Gary MilesDirect1,771,6651,085,890
Andy GreenBeneficial Interest106,780137,360
Darc RasmussenBeneficial Interest13,00013,000
Stewart SherriffBeneficial Interest20,00020,000
Fiona OliverBeneficial Interest4,5704,570

36
NATURE OF
RELEVANT INTEREST
DATE OF
TRANSACTION
NUMBER OF SECURITIES
ACQUIRED/(DISPOSED)
CONSIDERATION
Gary MilesDirect1 November 2024187,191Nil. Vesting of Performance rights under the Senior Management LTI Scheme
Direct4 November 2024(87,980)$10.12 per share. On-market disposal to pay tax on LTI award
Direct10 December 20241,114,083Nil. Issue of new ordinary shares in Gentrack Group Limited upon vesting
of Performance rights under 2021 CEO Award, 2022 CEO Award the Senior
Management LTI Scheme
Direct10 December 2024(527,519)$13.00 per share. On-market disposal to pay tax on LTI award
Andrew Green Direct9 October 20244,617$10.83 per share. Issue of Ordinary Shares in part payment of Director
remuneration for the period
Direct29 October 2024137,360Transfer from beneficial relevant interest to personal holding –
no consideration
Direct10 December 2024(40,000)$13.00 per share. On-market disposal to pay expected tax liability
Direct9 April 20254,803$10.41 per share. Issue of Ordinary Shares in part payment of Director
remuneration for the period
Securities dealings of Directors
During the year, Directors disclosed the following transactions in respect of Section 148(2) of the Companies Act 1993. These transactions took place in
accordance with the Company’s Share Trading Policy.

37
REMUNERATIONNUMBER OF EMPLOYEES
$100,000 - $110,00071
$110,001 - $120,00039
$120,001 - $130,00039
$130,001 - $140,00031
$140,001 - $150,00041
$150,001 - $160,00029
$160,001 - $170,00027
$170,001 - $180,00022
$180,001 - $190,00020
$190,001 - $200,00025
$200,001 - $210,00011
$210,001 - $220,0008
$220,001 - $230,00016
$230,001 - $240,00014
$240,001 - $250,00012
$250,001 - $260,00011
$260,001 - $270,0007
$270,001 - $280,0004
REMUNERATIONNUMBER OF EMPLOYEES
$280,001 - $290,0006
$290,001 - $300,0006
$300,001 - $310,0003
$310,001 - $320,0006
$320,001 - $330,0005
$330,001 - $340,000 5
$340,001 - $350,000 2
$350,001 - $360,000 1
$360,001 - $370,0002
$370,001 - $380,000 1
$380,001 - $390,000 2
$390,001 - $400,000 3
$400,001 - $410,000 2
$410,001 - $420,000 4
$420,001 - $430,000 2
$430,001 - $440,000 2
$440,001 - $450,0001
$450,001 - $460,000 3
REMUNERATIONNUMBER OF EMPLOYEES
$490,001 - $500,000 1
$500,001 - $510,000 1
$510,001 - $520,000 1
$550,001 - $560,000 1
$560,001 - $570,000 2
$570,001 - $580,000 1
$610,001 - $620,000 1
$2,080,001 - $2,090,0001
$2,660,001 - $2,670,000 1
$2,870,001 - $2,880,000 1
$3,160,001 - $3,170,000 1
$3,960,001 - $3,970,000 1
$4,140,001 - $4,150,000 1
$4,450,001 - $4,460,000 1
$5,870,001 - $5,880,000 1
$18,370,001 - $18,380,000 1
Employee remuneration
The number of current employees of the parent and subsidiaries receiving remuneration and benefits above $100,000 in the year ended 30 September 2025 are
set out in the table below:
The table above shows the number of employees whose remuneration and benefits for the year ended 30 September 2025 were within the specified bands
above $100,000. The remuneration figures shown in the table include all monetary payments actually paid during the year ended 30 September 2025, including
bonus/commission payments and the market value of shares (issued under LTI schemes) which have vested during the year. The table does not include amounts
paid post 30 September 2025 that related to the year ended 30 September 2025, such as bonuses/commission payments or the accounting value attributed to
shares issued under LTI schemes during the year ended 30 September 2025.

38
SIZE OF HOLDING
NUMBER OF
HOLDERS
FULLY PAID ORDINARY SHARES
NUMBER OF SHARES
% OF ISSUED CAPITAL
1 – 1,0002,068824,3160.77
1,001 – 5,0001,1172,703,9482.51
5,001 – 10,0002491,837,3331.71
10,001 – 50,0001843,661,9063.4
50,001 – 100,000322,491,4832.31
Greater than 100,0004696,207,88789.31
TOTAL3,696107,726,873100
Spread of shareholdings
The analysis of shareholding by size of holding as at 23 October 2025 is:

39
NAMENUMBER OF ORDINARY SHARES HELD% OF ISSUED SHARE CAPITAL
J P Morgan Nominees Australia Pty Limited17,295,89016.06
Citicorp Nominees Pty Limited15,218,25214.13
HSBC Custody Nominees (Australia) Limited14,301,69313.28
BNP Paribas Nominees NZ Limited Bpss405,443,0955.05
HSBC Nominees (New Zealand) Limited4,973,5074.62
Accident Compensation Corporation4,424,0134.11
HSBC Nominees (New Zealand) Limited4,137,8203.84
BNP Paribas Noms Pty Ltd2,410,6782.24
New Zealand Depository Nominee2,162,1502.01
Apex Custodian Nominees2,141,9591.99
Gary Miles1,771,6651.64
New Zealand Superannuation Fund Nominees Limited1,750,8711.63
UBS Nominees Pty Ltd1,715,4561.59
Warbont Nominees Pty Ltd1,596,0041.48
Anacacia Pty Ltd1,441,9601.34
Mirrabooka Investments Limited1,427,4831.33
Custodial Services Limited1,307,7321.21
Public Trust1,046,9320.97
Citibank Nominees (NZ) Ltd966,9600.9
BNP Paribas Nominees Pty Ltd863,4370.8
TOTAL86,397,55780.22
Twenty largest shareholders
The twenty largest shareholders of fully paid ordinary shares as at 22 October 2025 were:
The percentage shareholding of the 20 largest shareholders of Gentrack Group Limited fully paid ordinary shares was 80.22%.

40
Substantial product holder notices received as at 30 September 2025
According to notices given under the Financial Markets Conduct Act 2013 the following persons were substantial holders in Gentrack Group Limited at 30
September 2025 in respect of the number of voting securities set out opposite their names. The below shares may not represent the exact amount of shares
currently held by these shareholders due to subsequent changes in shareholding after the lodging of the various Substantial Product Holder notices and after
the financial year end.
The total number of issued voting shares of Gentrack Group Limited at 30 September 2025 was 107,721,896. Voting at a meeting of the shareholders is via a poll.
At the meeting, every shareholder present in person, or by representative has one vote for each fully paid ordinary share in the Company.
At 30 September 2025, there were 193 shareholders holding unmarketable parcels of less than $500.
NAMENUMBER OF ORDINARY SHARES HELD% OF ISSUED SHARE CAPITALDATE OF NOTICE
Milford Asset Management Limited7,089,7246.58218 August 2025
Regal Funds Management Pty Ltd7,826,6327.26619 August 2025
Wilson Asset Management Group5,823,8415.4129 August 2025
The Vanguard Group, Inc.5,603,2445.20224 September 2025
TOTAL26,343,44124.46

41
Subsidiary company Directors
The following people held office as Directors of subsidiary companies at 30 September 2025:
The following former Directors of the Company’s subsidiaries ceased to hold office during the 2025 year: Mr. Amitesh Kumar Sahu (TMF)
from Gentrack Software Private Ltd
Directors of the Company’s subsidiaries do not receive any remuneration or other benefits in respect of their appointments.
Gentrack Limited John Priggen, Allan Sampson
Veovo Group LimitedJohn Priggen, James Williamson, Gary Miles, Hayden Davies
Gentrack Group Australia Pty LimitedJohn Priggen, Mark Humphreys
Gentrack Pty LimitedJohn Priggen, Mark Humphreys, Gary Miles
Gentrack UK LimitedJohn Priggen, Mike Carruthers
Gentrack Holdings UK LimitedJohn Priggen, Mike Carruthers
Junifer Systems Limited (not trading)John Priggen
Gentrack (Singapore) Pte LtdJohn Priggen, Geoffrey Childs, K Kalaai Araasi Pillai (Stepping Stone)
Gentrack Software Private LtdJohn Priggen, Mrs. Jinal Jain (TMF), Mrs. Kanchan Girish Hoondlani (TMF)
Gentrack Information Systems Technology CompanyMohammed Al-Humoud, Mike Carruthers
Gentrack France SASJohn Priggen
Veovo Holdings (Denmark) A/SJames Williamson, John Priggen, Peter Knudsen
Veovo A/SJames Williamson, John Priggen, Peter Knudsen
CA Plus Limited (Currently in the process of being wound up)James Williamson, John Priggen
Evolve Analytics Limited (not trading)John Priggen
Evolve Parent Limited (not trading)John Priggen
Veovo IncJohn Priggen, James Williamson
Veovo NZ Limited (trading from 1 October 2020)John Priggen, James Williamson, Hayden Davies
Veovo UK Limited (trading from 1 October 2020)John Priggen, James Williamson
Veovo IP Limited (trading from 1 October 2020)John Priggen, James Williamson, Hayden Davies

42
Donations
In accordance with section 211(1)(h) of the Companies Act 1993, the
Company made donations of $632 during the year ended 30 September 2025
to Diversity Works NZ.
No donations were made to political parties.
Credit rating
The Company has no credit rating.
Foreign exempt listing
ASX approved a change in the Company’s ASX admission category from
an ASX Listing to an ASX Foreign Exempt Listing, effective from the
commencement of trading on 30 March 2016.
The Company continues to have a full listing on the NZX Main Board, and
the Company’s shares are still listed on the ASX. The Company is primarily
regulated by the NZX, complies with the NZX Listing Rules, and is exempt
from complying with most of the ASX Listing Rules (based on the principle of
substituted compliance).
Waivers
No waivers from the application of the NZX Listing Rules have been utilized
by the Company during the year ended 30 September 2025.
Annual meeting
Gentrack Group Limited’s Annual Meeting of Shareholders is expected to
be held in February 2026. A notice of Annual Meeting and Proxy Form is
expected to be circulated to shareholders in January 2026.

Gentrack
Financial
Statements
For the year ended 30 September 2025
43

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
4ϳ to 64, 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 4ϳ to 64 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 fil ing 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.
44
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.
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
4ϳ to 64, 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 4ϳ to 64 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 fil ing 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.

45


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

Financial
Statements
30 September
2025
46

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20252024
SECTIONNZ$000NZ$000
Revenue3.1,3.2230,194213,242
Expenditure3.4(202,406)(189,657)
Profit before depreciation, amortisation, other income,
foreign exchange gain or loss, financing, share of loss of an
associate and tax
27,78823,585
Depreciation and amortisation3.5(9,549)(8,993)
Profit before other income, foreign exchange gain or loss,
financing, share of loss of an associate and tax
18,23914,592
3.39711,693
3,24336
3.6(1,341)
(1,497)
3.61,3081,131
Other Income
Foreign exchange gains
Financ e expense
Financ e inc ome
Share of loss of an associate
2.4
(2,185)(1,339)
Profit before tax20,23514,616
Inc ome tax expense7.1635(5,070)
Profit attributable to the shareholders of the company20,8709,546
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 associate2.477252
Translation of international subsidiaries11,3703,417
Total comprehensive profit for the period32,31713,215
EARNINGS PER SHARE ATTRIBUTABLE TO THE
SHARE HOLDE RS OF THE COMPANY
(EXPRESSED IN DOLLARS PER SHARE)
Basic earnings per share6.4$0.20$0.09
Diluted earnings per share6.4$0.19$0.08
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES ISSUED
Basic6.4107,026103,112
Diluted6.4112,682113,828
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ďĞŚĂůĨŽĨƚŚĞŽĂƌĚǁŚŽĂƵƚŚŽƌŝƐĞĚƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌŝƐƐƵĞŽŶϮϭEŽǀĞŵďĞƌϮϬϮρ͘
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ĂƚĞ͗ ϮϭEŽǀĞŵďĞƌϮϬϮ ρĂƚĞ͗ ϮϭEŽǀĞŵďĞƌϮϬϮ ρ
20252024
SECTION
NZ$000NZ$000
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- CURRE NT ASSE TS
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 assoc iate
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
Contrac t 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- CURRE NT LIABILITIE S
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
47

48
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2025
NZ$000
SECTION
Balance as at 1 October200,69811,738(14,015)9,382207,803
--20,870-20,870
Other comprehensive income--7711,37011,447
--20,94711,37032,317
TRANSACTION WITH OWNE RS
--(2,222)-(2,222)
Issue of share capital6.15,767(5,767)---
Share-based payments6.2-6,295--6,295
Balance at 30 September206,46512,2664,71020,752244,193
RETAINED
EARNINGS
TRANSLATION
RES ERV E
TOTAL
EQ UITY
SHARE
CAPITAL
SHARE
BASED
PAYMENT
E xc ess inc ome tax benefit on share-
based payments
Profit attributable to the
shareholders of the company
Total comprehensive income for
the period, net of tax
2024
NZ$000
SECTION
Balance as at 1 October196,0316,187(26,767)5,965181,416
--9,546-9,546
Other comprehensive income--2523,4173,669
--9,7983,41713,215
TRANSACTION WITH OWNE RS
--2,954-2,954
Issue of share capital6.14,667(4,667)---
Share-based payments
6.2-10,218--10,218
Balance at 30 September200,69811,738(14,015)9,382207,803
Profit attributable to the
shareholders of the company
RETAINED
EARNINGS
TRANSLATION
RES ERV E
SHARE
CAPITAL
SHARE
BASED
PAYMENT
TOTAL
EQ UITY
E xc ess inc ome tax benefit on share-
based payments
Total comprehensive income for
the period, net of tax
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20252024
SECTION
NZ$000NZ$000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
225,359212,672
Payments to suppliers and employees(197,339)(171,654)
Receipts from government grants*1,6931,574
Income tax paid*(7,703)(8,206)
Net cash inflow from operating activities
22,01034,386
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment5.5(1,743)(1,087)
Investment in an assoc iate2.4(4,854)(12,888)
Net cash outflow from investing activities(6,597)(13,975)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for lease liabilities9.1(2,638)(2,534)
Lease liability finance charge
9.1(1,073)(1,108)
Interest paid(268)
(389)
Interest received
1,3081,131
Net cash outflow from financing activities(2,671)(2,900)
Net increase in cash held12,742
17,511
Foreign c urrenc y translation adjustment5,395(18)
Cash at beginning of the financ ial period66,67949,186
Closing cash and cash equivalents84,81666,679

49
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dŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƌĞƋƵŝƌĞƐŵĂŶĂŐĞŵĞŶƚƚŽŵĂŬĞũƵĚŐĞŵĞŶƚƐ͕ĞƐƚŝŵĂƚĞƐ
ĂŶĚĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚĂĨĨĞĐƚƚŚĞƌĞƉŽƌƚĞĚĂŵŽƵŶƚƐŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘DĂŶĂŐĞŵĞŶƚĐŽŶƚŝŶƵĂůůLJ
ĞǀĂůƵĂƚĞƐŝƚƐũƵĚŐĞŵĞŶƚƐĂŶĚĞƐƚŝŵĂƚĞƐŝŶƌĞůĂƚŝŽŶƚŽĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐ͕ĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐ͕ƌĞǀĞŶƵĞ͕ĂŶĚ
ĞdžƉĞŶƐĞƐ͘DĂŶĂŐĞŵĞŶƚďĂƐĞƐŝƚƐũƵĚŐĞŵĞŶƚƐĂŶĚĞƐƚŝŵĂƚĞƐŽŶŚŝƐƚŽƌŝĐĂůĞdžƉĞƌŝĞŶĐĞĂŶĚŽŶǀĂƌŝŽƵƐŽƚŚĞƌ
ĨĂĐƚŽƌƐŝƚ ďĞůŝĞǀĞƐƚŽďĞƌĞĂƐŽŶĂďůĞƵŶĚĞƌƚŚĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ƚŚĞƌĞƐƵůƚŽĨǁŚŝĐŚĨŽƌŵƚŚĞďĂƐŝƐŽĨƚŚĞ ĐĂƌƌLJŝŶŐ
ǀĂůƵĞƐ ĨŽƌ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ƚŚĂƚ ĂƌĞ ŶŽƚƌĞĂĚŝůLJĂƉƉĂƌĞŶƚ ĨƌŽŵ ŽƚŚĞƌ ƐŽƵƌĐĞƐ͘ ĐƚƵĂů ƌĞƐƵůƚƐ ŵĂLJ ĚŝĨĨĞƌ ĨƌŽŵ
ƚŚĞƐĞĞƐƚŝŵĂƚĞƐƵŶĚĞƌĚŝĨĨĞƌĞŶƚĂƐƐƵŵƉƚŝŽŶƐĂŶĚĐŽŶĚŝƚŝŽŶƐĂŶĚŵĂLJŵĂƚĞƌŝĂůůLJĂĨĨĞĐƚĨŝŶĂŶĐŝĂůƌĞƐƵůƚƐŽƌƚŚĞ
ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶƌĞƉŽƌƚĞĚŝŶĨƵƚƵƌĞƉĞƌŝŽĚƐ͘

&ƵƌƚŚĞƌĚĞƚĂŝůƐŽĨƚŚĞ ŶĂƚƵƌĞŽĨƚŚĞƐĞĐƌŝƚŝĐĂůũƵĚŐĞŵĞŶƚƐĂŶĚĞƐƚŝŵĂƚĞƐŵĂLJďĞ ĨŽƵŶĚ ƚŚƌŽƵŐŚŽƵƚƚŚĞ ĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐĂƐƚŚĞLJĂƌĞĂƉƉůŝĐĂďůĞĂŶĚĂƌĞŝĚĞŶƚŝĨŝĞĚďLJƚŚŝƐƐLJŵďŽů͘

ϭ͘
'EZ> /E&KZDd/KE
'ĞŶƚƌĂĐŬ'ƌŽƵƉ>ŝŵŝƚĞĚŝƐĂůŝŵŝƚĞĚůŝĂďŝůŝƚLJĐŽŵƉĂŶLJ͕ĚŽŵŝĐŝůĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶEĞǁĞĂůĂŶĚĂŶĚƌĞŐŝƐƚĞƌĞĚ
ƵŶĚĞƌƚŚĞEĞǁĞĂůĂŶĚŽŵƉĂŶŝĞƐĐƚϭεεϯ͘dŚĞƌĞŐŝƐƚĞƌĞĚŽĨĨŝĐĞŽĨ'ĞŶƚƌĂĐŬ'ƌŽƵƉ>ŝŵŝƚĞĚ;ŽŵƉĂŶLJͿŝƐϭϳ
,ĂƌŐƌĞĂǀĞƐ^ƚƌĞĞƚ͕^ƚDĂƌLJƐĂLJ͕ƵĐŬůĂŶĚϭϬϭϭ͕EĞǁĞĂůĂŶĚ͘

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƉƌĞƐĞŶƚĞĚĂƌĞĨŽƌ'ĞŶƚƌĂĐŬ'ƌŽƵƉ>ŝŵŝƚĞĚ;ƚŚĞƉĂƌĞŶƚͿĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;'ĞŶƚƌĂĐŬ'ƌŽƵƉͿ
ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϮρ͘WƌŝŽƌLJĞĂƌĐŽŵƉĂƌĂƚŝǀĞƐĂƌĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϮκ͘

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ'ĞŶƚƌĂĐŬ'ƌŽƵƉĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϮρǁĞƌĞĂƵƚŚŽƌŝƐĞĚĨŽƌŝƐƐƵĞŝŶ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƌĞƐŽůƵƚŝŽŶŽĨƚŚĞĚŝƌĞĐƚŽƌƐŽŶϮϭEŽǀĞŵďĞƌϮϬϮρ͘

Gentrack Group’s principal activity is the development, integration, and support of enterprise billing and customer
ŵĂŶĂŐĞŵĞŶƚƐŽĨƚǁĂƌĞƐŽůƵƚŝŽŶƐĨŽƌƚŚĞƵƚŝůŝƚLJ;ĞŶĞƌŐLJĂŶĚǁĂƚĞƌͿĂŶĚĂŝƌƉŽƌƚŝŶĚƵƐƚƌŝĞƐ͘

EKd^dKd,&/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϭς




Ϯ͘
^/^ K&WZWZd/KEE KhEd/E'WK>//^
dŚŝƐƐĞĐƚŝŽŶŽƵƚůŝŶĞƐƚŚĞůĞŐŝƐůĂƚŝŽŶĂŶĚĂĐĐŽƵŶƚŝŶŐƐƚĂŶĚĂƌĚƐǁŚŝĐŚŚĂǀĞďĞĞŶĨŽůůŽǁĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨ
ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂůŽŶŐǁŝƚŚĞdžƉůĂŝŶŝŶŐŚŽǁƚŚĞŝŶĨŽƌŵĂƚŝŽŶŚĂƐďĞĞŶĐŽŶƐŽůŝĚĂƚĞĚĂŶĚƉƌĞƐĞŶƚĞĚ
͘

Ϯ͘ϭ
<z >'/^>d/KEE KhEd/E'^dEZ^
dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ'ĞŶƚƌĂĐŬ'ƌŽƵƉŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚEĞǁĞĂůĂŶĚ'ĞŶĞƌĂůůLJ
ĐĐĞƉƚĞĚĐĐŽƵŶƚŝŶŐWƌĂĐƚŝĐĞ;E'WͿ͘dŚĞLJĐŽŵƉůLJǁŝƚŚƚŚĞEĞǁĞĂůĂŶĚƋƵŝǀĂůĞŶƚƐƚŽ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂů
ZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ;E/&Z^ͿĂŶĚŽƚŚĞƌĂƉƉůŝĐĂďůĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐĂƐĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽĨŝƚͲŽƌŝĞŶƚĞĚ
ĞŶƚŝƚŝĞƐ͘dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉůLJǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ;/&Z^Ϳ͘

'ĞŶƚƌĂĐŬ'ƌŽƵƉŝƐĂ&DĞŶƚŝƚLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐĐƚϮϬϭϯĂŶĚ&ŝŶĂŶĐŝĂůDĂƌŬĞƚƐŽŶĚƵĐƚ
ĐƚϮϬϭϯĂŶĚŝƐůŝƐƚĞĚŽŶƚŚĞEĞǁĞĂůĂŶĚ^ƚŽĐŬdžĐŚĂŶŐĞ;EyͿĂŶĚƚŚĞƵƐƚƌĂůŝĂŶ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞ;^yͿ͘

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ&ŝŶĂŶĐŝĂůDĂƌŬĞƚƐŽŶĚƵĐƚ
ĐƚϮϬϭϯ͘


Ϯ͘Ϯ
^/^ K&KE^K>/d/KE
^ƵďƐŝĚŝĂƌŝĞƐĂƌĞĞŶƚŝƚŝĞƐŽǀĞƌǁŚŝĐŚ'ĞŶƚƌĂĐŬ'ƌŽƵƉŚĂƐĐŽŶƚƌŽů͘'ĞŶƚƌĂĐŬ'ƌŽƵƉĐŽŶƚƌŽůƐĂŶĞŶƚŝƚLJǁŚĞŶŝƚŝƐĞdžƉŽƐĞĚ
ƚŽ͕ ŽƌŚĂƐ ƌŝŐŚƚƐ ƚŽ͕ ǀĂƌŝĂďůĞ ƌĞƚƵƌŶƐ ĨƌŽŵ ŝƚƐ ŝŶǀŽůǀĞŵĞŶƚǁŝƚŚ ƚŚĞ ĞŶƚŝƚLJ ĂŶĚ ĐĂŶĂĨĨĞĐƚƚŚŽƐĞ ƌĞƚƵƌŶƐ ƚŚƌŽƵŐŚ ŝƚƐ ƉŽǁĞƌ
ŽǀĞƌƚŚĞĞŶƚŝƚLJ͘/ŶĂƐƐĞƐƐŝŶŐĐŽŶƚƌŽů͕ƉŽƚĞŶƚŝĂůǀŽƚŝŶŐƌŝŐŚƚƐƚŚĂƚĐƵƌƌĞŶƚůLJĂƌĞĞdžĞƌĐŝƐĂďůĞĂƌĞĐŽŶƐŝĚĞƌĞĚ͘^ƵďƐŝĚŝĂƌŝĞƐ
ĂƌĞĨƵůůLJĐŽŶƐŽůŝĚĂƚĞĚĨƌŽŵƚŚĞĚĂƚĞƚŚĂƚĐŽŶƚƌŽůŝƐƚƌĂŶƐĨĞƌƌĞĚƚŽ'ĞŶƚƌĂĐŬ'ƌŽƵƉ͘dŚĞLJĂƌĞĚĞĐŽŶƐŽůŝĚĂƚĞĚĨƌŽŵƚŚĞ
ĚĂƚĞƚŚĂƚĐŽŶƚƌŽůĐĞĂƐĞƐ͘

dŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐŽĨƐƵďƐŝĚŝĂƌŝĞƐŚĂǀĞďĞĞŶĐŚĂŶŐĞĚǁŚĞŶŶĞĐĞƐƐĂƌLJƚŽĂůŝŐŶƚŚĞŵǁŝƚŚƚŚĞƉŽůŝĐŝĞƐĂĚŽƉƚĞĚ
ďLJ'ĞŶƚƌĂĐŬ'ƌŽƵƉ͘

/ŶƚƌĂ ͲŐƌŽƵƉďĂůĂŶĐĞƐĂŶĚĂŶLJƵŶƌĞĂůŝƐĞĚŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐĂƌŝƐŝŶŐĨƌŽŵŝŶƚƌĂͲŐƌŽƵƉƚƌĂŶƐĂĐƚŝŽŶƐ͕ĂƌĞĨƵůůLJ
ĞůŝŵŝŶĂƚĞĚŝŶƉƌĞƉĂƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

&hEd/KE>E WZ^Edd/KEhZZEz
/ƚĞŵƐŝŶĐůƵĚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨĞĂĐŚŽĨ'ĞŶƚƌĂĐŬGroup’s entities are measured using theĐƵƌƌĞŶĐLJ ŽĨƚŚĞ
ƉƌŝŵĂƌLJĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚŝŶǁŚŝĐŚƚŚĞĞŶƚŝƚLJŽƉĞƌĂƚĞƐ;ƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJͿ͘dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞ
ƉƌĞƐĞŶƚĞĚŝŶEĞǁĞĂůĂŶĚĚŽůůĂƌƐ;EͿ ǁŚŝĐŚ ŝƐGentrack Group’sƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJ͘ ůů ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ
ŚĂƐďĞĞŶƉƌĞƐĞŶƚĞĚƌŽƵŶĚĞĚƚŽƚŚĞŶĞĂƌĞƐƚƚŚŽƵƐĂŶĚĚŽůůĂƌƐ;ΨϬϬϬͿŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

dZE^d/KE^E >E^
&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞƚƌĂŶƐůĂƚĞĚŝŶƚŽƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJƵƐŝŶŐƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞƐƉƌĞǀĂŝůŝŶŐĂƚƚŚĞ
ĚĂƚĞƐŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶƐ͘&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞŐĂŝŶƐĂŶĚůŽƐƐĞƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞƐĞƚƚůĞŵĞŶƚŽĨƐƵĐŚƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚ
ĨƌŽŵ ƚŚĞ ƚƌĂŶƐůĂƚŝŽŶĂƚLJĞĂƌ ͲĞŶĚĞdžĐŚĂŶŐĞƌĂƚĞƐŽĨŵŽŶĞƚĂƌLJĂƐƐĞƚƐ ĂŶĚůŝĂďŝůŝƚŝĞƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐ
ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉƌŽĨŝƚ ŽƌůŽƐƐ ͘

&KZ/'E hZZEzdZE^>d/KEZ^Zs ;&dZͿ
'ĞŶƚƌĂĐŬ'ƌŽƵƉƚƌĂŶƐůĂƚĞƐƚŚĞƌĞƐƵůƚƐŽĨŝƚƐĨŽƌĞŝŐŶŽƉĞƌĂƚŝŽŶƐĨƌŽŵƚŚĞŝƌĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐŝĞƐƚŽƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶ
ĐƵƌƌĞŶĐLJƵƐŝŶŐƚŚĞĐůŽƐŝŶŐĞdžĐŚĂŶŐĞƌĂƚĞĂƚďĂůĂŶĐĞĚĂƚĞĨŽƌĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂŶĚƚŚĞĂǀĞƌĂŐĞŵŽŶƚŚůLJĞdžĐŚĂŶŐĞ
ƌĂƚĞƐĨŽƌŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐ͘dŚĞĚŝĨĨĞƌĞŶĐĞĂƌŝƐŝŶŐĨƌŽŵƚŚĞƚƌĂŶƐůĂƚŝŽŶŽĨƚŚĞ ƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶĂƚƚŚĞ
ĐůŽƐŝŶŐƌĂƚĞƐĂŶĚƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƚƚŚĞĂǀĞƌĂŐĞƌĂƚĞƐŝƐƌĞĐŽƌĚĞĚǁŝƚŚŝŶƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJ
ƚƌĂŶƐůĂƚŝŽŶƌĞƐĞƌǀĞǁŝƚŚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘


Ϯ͘ϯ
h^/E^^ KD/Ed/KE^
ƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶƐĂƌĞ ĂĐĐŽƵŶƚĞĚĨŽƌ ƵƐŝŶŐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚĂƐĂƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͕ǁŚŝĐŚŝƐƚŚĞĚĂƚĞŽŶ
ǁŚŝĐŚ ĐŽŶƚƌŽů ŝƐƚƌĂŶƐĨĞƌƌĞĚƚŽ'ĞŶƚƌĂĐŬ 'ƌŽƵƉ͘ ŽŶƚƌŽů ŝƐƚŚĞ ĞdžƉŽƐƵƌĞ ŽƌƌŝŐŚƚ ƚŽǀĂƌŝĂďůĞ ƌĞƚƵƌŶƐ ĨƌŽŵ ŝŶǀŽůǀĞŵĞŶƚǁŝƚŚ
ƚŚĞ ĞŶƚŝƚLJ ĂŶĚƚŚĞ ĂďŝůŝƚLJ ƚŽĂĨĨĞĐƚ ƚŚŽƐĞƌĞƚƵƌŶƐƚŚƌŽƵŐŚƉŽǁĞƌŽǀĞƌ ƚŚĞ ĞŶƚŝƚLJ͘

'ĞŶƚƌĂĐŬ 'ƌŽƵƉ ƌĞĐŽŐŶŝƐĞƐƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨĂůů ŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐ͕ ůŝĂďŝůŝƚŝĞƐ͕ĂŶĚĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŽĨƚŚĞĂĐƋƵŝƌĞĚ
ďƵƐŝŶĞƐƐ͘'ŽŽĚǁŝůůŝƐŵĞĂƐƵƌĞĚĂƐƚŚĞĞdžĐĞƐƐĐŽƐƚŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽǀĞƌƚŚĞƌĞĐŽŐŶŝƐĞĚĂƐƐĞƚƐĂŶĚ ůŝĂďŝůŝƚŝĞƐ͘ tŚĞŶ
ƚŚĞĞdžĐĞƐƐŝƐŶĞŐĂƚŝǀĞ;ŶĞŐĂƚŝǀĞŐŽŽĚǁŝůůͿ͕ƚŚĞĂŵŽƵŶƚŝƐƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůLJŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞ͘


50
EKd^ dKd, &/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϭϳ




Ϯ͘ϯ
h^/E^^ KD/Ed/KE^;KEd/EhͿ
'ĞŶƚƌĂĐŬ'ƌŽƵƉŚĂƐŶŽƚŵĂĚĞĂŶLJĂĐƋƵŝƐŝƚŝŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϮρŽƌϮϬϮ κ͘&ŽƌĚĞƚĂŝůƐŽĨ
ĂĐƋƵŝƐŝƚŝŽŶƐŵĂĚĞŝŶƉƌŝŽƌLJĞĂƌƐƌĞĨĞƌƚŽƚŚĞϮϬϭΘŶŶƵĂůZĞƉŽƌƚ͘


Ϯ͘κ
/Es^dDEd/E^^K/d^
ŶĂƐƐŽĐŝĂƚĞŝƐĂŶĞŶƚŝƚLJŽǀĞƌǁŚŝĐŚ'ĞŶƚƌĂĐŬ'ƌŽƵƉŚĂƐƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞ͘^ŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞŝƐƚŚĞƉŽǁĞƌƚŽ
ƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞĨŝŶĂŶĐŝĂůĂŶĚŽƉĞƌĂƚŝŶŐƉŽůŝĐLJĚĞĐŝƐŝŽŶƐŽĨƚŚĞŝŶǀĞƐƚĞĞ ďƵƚ ŝƐŶŽƚ ĐŽŶƚƌŽů ŽƌũŽŝŶƚĐŽŶƚƌŽůŽǀĞƌƚŚŽƐĞ
ƉŽůŝĐŝĞƐ͘

KŶ:ĂŶƵĂƌLJϯϭ͕ϮϬϮκ͕'ĞŶƚƌĂĐŬ'ƌŽƵƉĨŝŶĂůŝƐĞĚĂƐƵďƐĐƌŝƉƚŝŽŶĚĞĞĚ͕ĂĐƋƵŝƌŝŶŐĂϭϬй ŝŶƚĞƌĞƐƚ ŝŶŵďĞƌ,ŽůĚŝŶŐ
ŽƌƉŽƌĂƚŝŽŶWƚLJ>ŝŵŝƚĞĚ;ŵďĞƌͿ͘ĞƚǁĞĞŶ DĂLJϮϬϮρƚŽ KĐƚŽďĞƌ ϮϬϮρŵďĞƌ ƌĂŝƐĞĚ ĨƵƌƚŚĞƌ ĐĂƉŝƚĂů ŝŶǁŚŝĐŚ'ĞŶƚƌĂĐŬ
'ƌŽƵƉƉĂƌƚŝĐŝƉĂƚĞĚ͕ƌĞƐƵůƚŝŶŐŝŶ'ĞŶƚƌĂĐŬ'ƌŽƵƉŚŽůĚŝŶŐε͘εй ĂƚĞŶĚŽĨĨŝŶĂŶĐŝĂůLJĞĂƌϮϬϮρĂŶĚ ε͘ϳй ƉŽƐƚƚŚĞĨŝŶĂů
ŝŶǀĞƐƚŽƌ ŝŶǀĞƐƚŵĞŶƚŝŶKĐƚŽďĞƌϮϬϮρ͘
Amber’s primary business activities are ƐŽĨƚǁĂƌĞƐĂůĞƐĂŶĚĞŶĞƌŐLJƌĞƚĂŝů͘The Group has a seat on Amber’s Board.
ĐĐŽƌĚŝŶŐƚŽE/^ϮΘ/ŶǀĞƐƚŵĞŶƚŝŶƐƐŽĐŝĂƚĞƐ͕Gentrack’s presence on Amber’sŽĂƌĚƐŝŐŶŝĨŝĞƐƚŚĞĞdžŝƐƚĞŶĐĞŽĨ
Gentrack’s significant influence over Amber, leading Gentrack Group to use the equity method of accounting for its
ŝŶƚĞƌĞƐƚŝŶŵďĞƌŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

Amber’s financial year ends in June. To align with Gentrack Group’s financial reporting, Amber's financial statements
ĂƌĞĂĚũƵƐƚĞĚĨŽƌƚŚĞĞĨĨĞĐƚƐŽĨƐŝŐŶŝĨŝĐĂŶƚƚƌĂŶƐĂĐƚŝŽŶƐŽƌĞǀĞŶƚƐƚŚĂƚŽĐĐƵƌďĞƚǁĞĞŶƚŚĞĚĂƚĞŽĨƚŚŽƐĞĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞĚĂƚĞŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐŽĨŵďĞƌĂƌĞĐŽŶƐŝƐƚĞŶƚ
ǁŝƚŚ'ĞŶƚƌĂĐŬ'ƌŽƵƉΖƐƉŽůŝĐŝĞƐ͘ƐĂƌĞƐƵůƚ͕ŶŽĂĚĚŝƚŝŽŶĂůĂĚũƵƐƚŵĞŶƚƐĂƌĞƌĞƋƵŝƌĞĚǁŚĞŶƌĞĐŽŐŶŝƐŝŶŐĂŶĚŵĞĂƐƵƌŝŶŐ
Gentrack Group’s share of Amber's profit or loss afƚĞƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͘




EKd^dKd, &/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϭΘ


Ϯ͘ρ 'ZKhW /E&KZDd/KE
dŚĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŝŶĐůƵĚĞƚŚĞ ĨŽůůŽǁŝŶŐ ƐƵďƐŝĚŝĂƌŝĞƐ͗




/ŶKĐƚŽďĞƌϮϬϮκ͕'ĞŶƚƌĂĐŬ&ƌĂŶĐĞ^^͕ĂǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJŽĨ'ĞŶƚƌĂĐŬh<>ŝŵŝƚĞĚ͕ǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚƚŽ
ƐƵƉƉŽƌƚƚŚĞ'ĞŶƚƌĂĐŬ'ƌŽƵƉŝŶƐŽĨƚǁĂƌĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƐĂůĞƐŝŶŝƚŝĂƚŝǀĞƐ͘


/Ŷ:ƵůLJϮϬϮρ͕ƚŚĞŽŵƉĂŶLJĐŽŵƉůĞƚĞĚƚŚĞĚĞƌĞŐŝƐƚƌĂƚŝŽŶŽĨWůƵƐ>ŝŵŝƚĞĚ͕ĂǁŚŽůůLJ ŽǁŶĞĚ ĚŽƌŵĂŶƚ ƐƵďƐŝĚŝĂƌLJŽĨ
sĞŽǀŽ'ƌŽƵƉ>ŝŵŝƚĞĚĂŶĚ ŝƚŶŽůŽŶŐĞƌĨŽƌŵƐƉĂƌƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ'ĞŶƚƌĂĐŬ 'ƌŽƵƉ ͘dŚĞĞŶƚŝƚLJŚĂĚŶŽŽƉĞƌĂƚŝŽŶƐ
ĂƚƚŚĞƚŝŵĞŽĨĚŝƐƐŽůƵƚŝŽŶ͕ĂŶĚƌĞŵŽǀĂůĚŽĞƐŶŽƚŝŵƉĂĐƚ'ĞŶƚƌĂĐŬ 'ƌŽƵƉ’s ongoing operations and financial position.


Ϯ͘ς /DWd K&^dEZ^/^^h hd EKd zdKWd
dŚĞdžƚĞƌŶĂůZĞƉŽƌƚŝŶŐŽĂƌĚŚĂƐŝƐƐƵĞĚE/&Z^ϭΘWƌĞƐĞŶƚĂƚŝŽŶĂŶĚŝƐĐůŽƐƵƌĞŝŶ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͕ĂƐǁĞůůĂƐ
ĂŵĞŶĚŵĞŶƚƐƚŽĞdžŝƐƚŝŶŐŝŶƚĞƌŶĂƚŝŽŶĂůĂĐĐŽƵŶƚŝŶŐƐƚĂŶĚĂƌĚƐ͘'ĞŶƚƌĂĐŬ'ƌŽƵƉǁŝůůĂĚŽƉƚE/&Z^ϭΘǁŚĞŶ
ŵĂŶĚĂƚŽƌLJ͘Management is currently assessing the impact of NZ IFRS 18 on the Group’s financial statements.
dŚĞƌĞǁĞƌĞŶŽŽƚŚĞƌŶĞǁĞĨĨĞĐƚŝǀĞƐƚĂŶĚĂƌĚƐĂĚŽƉƚĞĚŽŶϭKĐƚŽďĞƌϮϬϮκƚŚĂƚŚĂĚĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞ
ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘

ENTITYPRINCIPAL ACTIVITY
COUNTRY OF
INCORPORATION
SHAREHOLDING
2025
SHAREHOLDING
2024
Gentrack Group Australia Pty
Limited
Holding companyAustralia100%100%
G entrac k Pty L imited
Software sales and
support
Australia100%100%
Veovo Holdings (Denmark) ApSHolding companyDenmark100%100%
Veovo A/S (formally Blip Systems
A/S)
Software development
sales and support
Denmark100%100%
CA Plus Limited
Software development
sales and support
Malta0%100%
Veovo Group LimitedHolding companyNew Zealand100%100%
G entrac k L imited
Software development
sales and support
New Zealand100%
100%
Gentrack Holdings (UK) LimitedHolding companyUnited Kingdom100%100%
G entrac k UK L imited
Software development
sales and support
United Kingdom100%100%
Junifer Systems LimitedDormant United Kingdom100%100%
E volve Parent L imitedHolding companyUnited Kingdom100%100%
E volve Analytic s LimitedDormant United Kingdom100%100%
G entrac k Software Private L imited
Software development
and support
India100%100%
G entrac k 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%
Gentrac k Franc e SAS
Software sales and
support
Franc e100%0%
Veovo Inc
Software sales and
support
United States of
America
100%100%
Veovo NZ Limited
Software sales and
support
New Zealand100%100%
Veovo UK Limited
Software sales and
support
United Kingdom100%100%
Veovo IP LimitedSoftware developmentNew Zealand100%100%

51
EKd^ dKd, &/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϭε




ϯ͘
'ZKhW WZ&KZDE
This section outlines further details of Gentrack Group’s financial performance by building on the information
ƉƌĞƐĞŶƚĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘


ϯ͘ϭ
KWZd/E'^'DEd^
ŶŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚŝƐĂĐŽŵƉŽŶĞŶƚŽĨĂŶĞŶƚŝƚLJƚŚĂƚĞŶŐĂŐĞƐŝŶďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐĨƌŽŵǁŚŝĐŚŝƚŵĂLJĞĂƌŶƌĞǀĞŶƵĞ
and incur expenses, whose operating results are regularly reviewed by the entity’s Chief Operating Decision Maker
; KDͿ ƚŽŵĂŬĞĚĞĐŝƐŝŽŶƐĂďŽƵƚƌĞƐŽƵƌĐĞƐƚŽďĞĂůůŽĐĂƚĞĚƚŽƚŚĞƐĞŐŵĞŶƚĂŶĚĂƐƐĞƐƐŝƚƐƉĞƌĨŽƌŵĂŶĐĞ͕ĂŶĚĨŽƌǁŚŝĐŚ
ĚŝƐĐƌĞƚĞĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŝƐĂǀĂŝůĂďůĞ͘ KƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ ĂƌĞĂŐŐƌĞŐĂƚĞĚĨŽƌ ĚŝƐĐůŽƐƵƌĞƉƵƌƉŽƐĞƐǁŚĞƌĞ ƚŚĞLJ 
ŚĂǀĞƐŝŵŝůĂƌƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ͕ƉƌŽĚƵĐƚŝŽŶƉƌŽĐĞƐƐĞƐ͕ĐƵƐƚŽŵĞƌƐ͕ĚŝƐƚƌŝďƵƚŝŽŶŵĞƚŚŽĚƐĂŶĚƌĞŐƵůĂƚŽƌLJ
ĞŶǀŝƌŽŶŵĞŶƚƐ͘

'ĞŶƚƌĂĐŬ'ƌŽƵƉĐƵƌƌĞŶƚůLJŽƉĞƌĂƚĞƐŝŶƚǁŽďƵƐŝŶĞƐƐƐĞŐŵĞŶƚƐ͕ƵƚŝůŝƚLJďŝůůŝŶŐƐŽĨƚǁĂƌĞĂŶĚĂŝƌƉŽƌƚŵĂŶĂŐĞŵĞŶƚ
software. Consistent with prior years, Gentrack Group’s corporate costs are included in the utility segment.

dŚĞƐĞƐĞŐŵĞŶƚƐŚĂǀĞďĞĞŶĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƚŚĞƌĞƉŽƌƚƐƌĞǀŝĞǁĞĚďLJƚŚĞŽĂƌĚ;KD ͿƚŽŵĂŬĞ
ƐƚƌĂƚĞŐŝĐĚĞĐŝƐŝŽŶƐ͘


/ŶƚŚĞƚĂďůĞďĞůŽǁǁĞƐƉůŝƚƚŚĞƌĞǀĞŶƵĞƐďĞƚǁĞĞŶƉŽŝŶƚŝŶƚŝŵĞĂŶĚŽǀĞƌƚŝŵĞƌĞĐŽŐŶŝƚŝŽŶ͗KǀĞƌƚŝŵĞƌĞĐŽŐŶŝƚŝŽŶŝƐ
when the fulfilment of our obligation to provide goods and services and the customer’s ability to obtain the benefit
ĨƌŽŵ ƚŚĂƚ ŽĐĐƵƌƐ ĐŽŶƚŝŶƵŽƵƐůLJŽǀĞƌ ĂƉĞƌŝŽĚŽĨ ƚŝŵĞ͘ WŽŝŶƚŝŶƚŝŵĞƌĞĐŽŐŶŝƚŝŽŶŝƐǁŚĞƌĞ ƚŚĂƚŚĂƉƉĞŶƐĂƚĂƉŽŝŶƚ ŝŶƚŝŵĞ͘
ZĞǀĞŶƵĞƌĞĐŽŐŶŝƐĞĚŽǀĞƌƚŝŵĞŝŶĐůƵĚĞĂŶŶƵĂůĨĞĞƐ͕ƐƵƉƉŽƌƚƐĞƌǀŝĐĞƐĂŶĚƉƌŽũĞĐƚƌĞǀĞŶƵĞƐƌĞĐŽŐŶŝƐĞĚŽǀĞƌƚŚĞƐƚĂŐĞƐ
ŽĨĐŽŵƉůĞƚŝŽŶ͘ZĞǀĞŶƵĞƌĞĐŽŐŶŝƐĞĚĂƚĂƉŽŝŶƚŝŶƚŝŵĞŝŶĐůƵĚĞƐƉĂƌƚŽĨŽƵƌŵĂŶĂŐĞĚƐĞƌǀŝĐĞƐƌĞǀĞŶƵĞǁŚŝĐŚŝƐ
ƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞĐƵƐƚŽŵĞƌďĞŶĞĨŝƚƐŚĂǀĞďĞĞŶĐŽŶĨŝƌŵĞĚĂŶĚ͕ǁŝƚŚŝŶŽƵƌĂŝƌƉŽƌƚƐĞŐŵĞŶƚ;ĂůƐŽƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ
sĞŽǀŽďƵƐŝŶĞƐƐͿŚĂƌĚǁĂƌĞƐĂůĞƐŝŶĐůƵĚĞĚĂƐƉĂƌƚŽĨƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĂƉƌŽũĞĐƚ͘


dŚĞĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŽĨ'ĞŶƚƌĂĐŬ'ƌŽƵƉĂƌĞƌĞƉŽƌƚĞĚƚŽĂŶĚƌĞǀŝĞǁĞĚďLJƚŚĞKD ŝŶƚŽƚĂůĂŶĚĂƌĞŶŽƚĂůůŽĐĂƚĞĚ
ďLJďƵƐŝŶĞƐƐƐĞŐŵĞŶƚ͘dŚĞƌĞĨŽƌĞ͕ŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞŶŽƚĚŝƐĐůŽƐĞĚ
͘


;ϭͿ ^ĞŐŵĞŶƚĐŽŶƚƌŝďƵƚŝŽŶŝƐĚĞĨŝŶĞĚĂƐƉƌŽĨŝƚďĞĨŽƌĞĚĞƉƌĞĐŝĂƚŝŽŶ͕ĂŵŽƌƚŝƐĂƚŝŽŶ͕ŽƚŚĞƌŝŶĐŽŵĞ͕ĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞŐĂŝŶ
ŽƌůŽƐƐ͕
ĨŝŶĂŶĐŝŶŐ ͕ƐŚĂƌĞŽĨůŽƐƐŽĨĂŶĂƐƐŽĐŝĂƚĞĂŶĚƚĂdž͘

2025
UTILITYAIRPORTTOTAL
NZ$000NZ$000NZ$000
TIMING OF REVENUE RECOGNITION
Point in time29,9814,41634,397
Over time163,42032,377195,797
Total revenue193,40136,793230,194
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)20,2737,51527,788
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&KZd,zZEϯϬ^WdDZϮϬϮρ
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ϯ͘ϭ
KWZd/E'^'DEd^;KEd/EhͿ



ƌĞĐŽŶĐŝůŝĂƚŝŽŶŽĨƐĞŐŵĞŶƚ ĐŽŶƚƌŝďƵƚŝŽŶƚŽƉƌŽĨŝƚ ĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐŽĨƚŚĞ ĐŽŵƉĂŶLJŝƐĂƐĨŽůůŽǁƐ͗ 




/ŶϮϬϮ ρ͕no individual customer contributed 10% or more of the Group’s total revenue. In 2024,'ĞŶƚƌĂĐŬ'ƌŽƵƉ
ŐĞŶĞƌĂƚĞĚΨϮκ͘ςŵĨƌŽŵĂƐŝŶŐůĞƵƚŝůŝƚLJĐƵƐƚŽŵĞƌ͘


2024UTILITYAIRPORTTOTAL
NZ$000NZ$000NZ$000
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
20252024
NZ$000NZ$000
Segment contribution (1)27,78823,585
Depreciation and amortisation(9,549)(8,993)
Other Inc ome9711,693
Foreign exchange gains3,24336
Financ e expense(1,341)(1,497)
Financ e inc ome
1,3081,131
Share of loss of an associate
(2,185)(1,339)
Income tax expense635(5,070)
Profit attributable to the shareholders of the company20,8709,546
20252024
NZ$000NZ$000
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

52
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'ĞŶƚƌĂĐŬ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐƌĞǀĞŶƵĞĨƌŽŵĐƵƐƚŽŵĞƌƐǁŚĞŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƚŝŽŶŚĂƐďĞĞŶ
ĂĐĐŽŵƉůŝƐŚĞĚ͘ƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƚŝŽŶŝƐĂĐĐŽŵƉůŝƐŚĞĚǁŚĞŶƚŚĞĐƵƐƚŽŵĞƌŚĂƐƌĞĐĞŝǀĞĚĂůůƚŚĞďĞŶĞĨŝƚƐ
ƉƌŽŵŝƐĞĚ ƵŶĚĞƌ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƚŝŽŶ͘dŚĞ ĨŽůůŽǁŝŶŐ ƐĞĐƚŝŽŶƐ ĚĞƚĂŝů ƚŚĞ ƚLJƉĞ ŽĨƌĞǀĞŶƵĞ ƌĞĐŽŐŶŝƐĞĚ

ǁŝƚŚŝŶ ĞĂĐŚ ĐĂƚĞŐŽƌLJ͘
ZĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶŝŶǀŽůǀĞƐĐĞƌƚĂŝŶƌĞǀĞŶƵĞƐƚƌĞĂŵƐďĞŝŶŐƌĞĐŽŐŶŝƐĞĚďĂƐĞĚŽŶ ƚŚĞƐƚĂŐĞŽĨĐŽŵƉůĞƚŝŽŶ͘
dŚŝƐƉƌŽĐĞƐƐƵƐĞƐĞƐƚŝŵĂƚŝŽŶƐŽĨƚŝŵĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůĞƚĞƚŚĞƉƌŽũĞĐƚĂŶĚŝƐďĂƐĞĚŽŶĚĞƚĂŝůĞĚŝŶĨŽƌŵĂƚŝŽŶ
ŽŶŚŽƵƌƐǁŽƌŬĞĚƚŽĚĂƚĞ͕ƉƌŝŽƌĞdžƉĞƌŝĞŶĐĞ͕ĂŶĚƉƌŽũĞĐƚƐĐŚĞĚƵůŝŶŐƚŽŽůƐ͘'ĞŶƚƌĂĐŬ'ƌŽƵƉĞŵƉůŽLJƐƉƌŽũĞĐƚ

ŵĂŶĂŐĞƌƐƚŽƉƌŽǀŝĚĞƌĞŐƵůĂƌŝŶĨŽƌŵĂƚŝŽŶƚŽŵĂŶĂŐĞŵĞŶƚŽŶƚŚĞƉƌŽŐƌĞƐƐŽĨĂůůƉƌŽũĞĐƚƐ͘ůůŵĂƚĞƌŝĂů ĞƐƚŝŵĂƚĞƐĂƌĞ
ƌĞǀŝĞǁĞĚďLJŵĂŶĂŐĞŵĞŶƚƉƌŝŽƌƚŽƌĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶ͘

ŽŶƚƌĂĐƚĂƐƐĞƚƐĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝƐĞĚĨŽƌƌĞǀĞŶƵĞĞĂƌŶĞĚĨƌŽŵƐĞƌǀŝĐĞƐŝŶƉƌŽŐƌĞƐƐĂŶĚĂƌĞƌĞĐůĂƐƐŝĨŝĞĚƚŽƚƌĂĚĞ
ƌĞĐĞŝǀĂďůĞƐǁŚĞŶƚŚĞƌĞŝƐĂŶƵŶĐŽŶĚŝƚŝŽŶĂůƌŝŐŚƚƚŽƌĞĐĞŝǀĞƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶĚƵĞĨƌŽŵĐƵƐƚŽŵĞƌ͘ŽŶƚƌĂĐƚĂƐƐĞƚƐĂƌĞ
ƐƵďũĞĐƚƚŽŝŵƉĂŝƌŵĞŶƚĂƐƐĞƐƐŵĞŶƚƐ͘

ŽŶƚƌĂĐƚůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝĨĂƉĂLJŵĞŶƚŝƐƌĞĐĞŝǀĞĚ͕ŽƌĂƉĂLJŵĞŶƚŝƐĚƵĞ;ǁŚŝĐŚĞǀĞƌŝƐĞĂƌůŝĞƌͿĨƌŽŵĂĐƵƐƚŽŵĞƌ
ďĞĨŽƌĞƚŚĞ'ƌŽƵƉƚƌĂŶƐĨĞƌƐƚŚĞƌĞůĂƚĞĚŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐ͘ŽŶƚƌĂĐƚůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚĂƐƌĞǀĞŶƵĞǁŚĞŶƚŚĞ
'ƌŽƵƉƉĞƌĨŽƌŵƐƵŶĚĞƌƚŚĞĐŽŶƚƌĂĐƚ͘

ŽŶƚƌĂĐƚĂƐƐĞƚƐĂŶĚĐŽŶƚƌĂĐƚůŝĂďŝůŝƚŝĞƐƚLJƉŝĐĂůůLJĂƌĞƌĞĐŽŐŶŝƐĞĚĂƐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚƌĞǀĞŶƵĞ;ƌĞƐƉĞĐƚŝǀĞůLJͿǁŝƚŚŝŶ
ĂϭϮ ͲŵŽŶƚŚƉĞƌŝŽĚ͘

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ŶŶƵĂůĨĞĞƐŝŶĐůƵĚĞƐŽĨƚǁĂƌĞƐƵƉƉŽƌƚĂŶĚŵĂŝŶƚĞŶĂŶĐĞĐŚĂƌŐĞĚŽŶƐŽĨƚǁĂƌĞůŝĐĞŶƐĞƐĂŶĚƐŽĨƚǁĂƌĞƐƵďƐĐƌŝƉƚŝŽŶƐ͘
ZĞǀĞŶƵĞĨƌŽŵĂŶŶƵĂůĨĞĞƐŝƐŐĞŶĞƌĂůůLJƌĞĐŽŐŶŝƐĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƉĞƌŝŽĚƚŚĞďĞŶĞĨŝƚƐĂƌĞĐŽŶƐƵŵĞĚ
ďLJƚŚĞĐƵƐƚŽŵĞƌ͘

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ĂƐƚĂŐĞŽĨĐŽŵƉůĞƚŝŽŶďĂƐŝƐ͘

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Kd,Z/EKD
'KsZEDEd'ZEd^

'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐŝŶĐůƵĚŝŶŐĐĞƌƚĂŝŶƚLJƉĞƐŽĨĐƌĞĚŝƚƐƌĞĐĞŝǀĂďůĞĨƌŽŵƚĂdžĂƵƚŚŽƌŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚĂƚƚŚĞŝƌ
ĨĂŝƌǀĂůƵĞǁŚĞƌĞƚŚĞƌĞŝƐĂƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞŐƌĂŶƚǁŝůůďĞƌĞĐĞŝǀĞĚ͕ĂŶĚ'ĞŶƚƌĂĐŬ'ƌŽƵƉǁŝůů
ĐŽŵƉůLJǁŝƚŚĂůůĂƚƚĂĐŚĞĚĐŽŶĚŝƚŝŽŶƐ͘tŚĞŶĂŐƌĂŶƚ ƌĞůĂƚĞƐƚŽĂŶĞdžƉĞŶƐĞŝƚĞŵ͕ŝƚŝƐƌĞĐŽŐŶŝƐĞĚĂƐŝŶĐŽŵĞŽǀĞƌ

ƚŚĞ ƉĞƌŝŽĚ ŶĞĐĞƐƐĂƌLJƚŽŵĂƚĐŚ ƚŚĞ ŐƌĂŶƚ ŽŶĂƐLJƐƚĞŵĂƚŝĐďĂƐŝƐ ƚŽƚŚĞ ĐŽƐƚƐ ƚŚĂƚ ŝƚŝƐŝŶƚĞŶĚĞĚ ƚŽĐŽŵƉĞŶƐĂƚĞ͘
/ŶĐůƵĚĞĚĂƐŽƚŚĞƌŝŶĐŽŵĞŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĂƌĞĂŵŽƵŶƚƐĞdžƉĞĐƚĞĚ
ƚŽďĞƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞh<ƚĂdžĂƵƚŚŽƌŝƚŝĞƐĂƐĂĐƌĞĚŝƚĂŐĂŝŶƐƚh<ĐŽƌƉŽƌĂƚŝŽŶƚĂdžŝŶƚŚĞĨŽƌŵŽĨZĞƐĞĂƌĐŚĂŶĚ
ĞǀĞůŽƉŵĞŶƚdžƉĞŶĚŝƚƵƌĞƌĞĚŝƚƐ;ZͿ ƚŽĐŽŵƉĞŶƐĂƚĞĨŽƌĞůŝŐŝďůĞƌĞƐĞĂƌĐŚĂŶĚĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚŝĞƐƉĞƌĨŽƌŵĞĚ
ŝŶƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵ͘


ϯ͘κ͘
yWE/dhZ

dŚĞƚĂďůĞ ďĞůŽǁƉƌŽǀŝĚĞƐĂĚĞƚĂŝůĞĚďƌĞĂŬĚŽǁŶŽĨƚŚĞƚŽƚĂůĞdžƉĞŶĚŝƚƵƌĞƉƌĞƐĞŶƚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
͘




/ŶĐůƵĚĞĚŝŶƚŚĞƚŽƚĂůĞdžƉĞŶĚŝƚƵƌĞĂďŽǀĞ͕'ĞŶƚƌĂĐŬ'ƌŽƵƉŚĂƐĞdžƉĞŶƐĞĚΨϮϭ͘ςŵŝŶZĞƐĞĂƌĐŚĂŶĚĞǀĞůŽƉŵĞŶƚ
ĞdžƉĞŶĚŝƚƵƌĞ;ϮϬϮκ͗ΨϮ Ϯ͘ϳ ŵͿ͘dŚŝƐZĞƐĞĂƌĐŚĂŶĚĞǀĞůŽƉŵĞŶƚĞdžƉĞŶĚŝƚƵƌĞŝŶĐůƵĚĞƐƉĂLJƌŽůůĐŽƐƚƐ͕ĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ
ĂŶĚŽƚŚĞƌĞŵƉůŽLJĞĞƌĞůĂƚĞĚĐŽƐƚƐ͕ĚŝƌĞĐƚŽǀĞƌŚĞĂĚƐ͕ĂŶĚŽƚŚĞƌĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞĐŽƐƚƐƌĞůĂƚĞĚƚŽƉĞƌĨŽƌŵŝŶŐ
ZĞƐĞĂƌĐŚ ĂŶĚĞǀĞůŽƉŵĞŶƚĂĐƚŝǀŝƚŝĞƐ͘



20252024
NZ$000NZ$000
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
20252024
NZ$000NZ$000
PROFIT / (LOSS) BEFORE TAX INCLUDES THE FOLLOWING SPECIFIC EXPENSES:
Employee entitlements140,870135,497
Administrative c osts9,4097,851
Third party customer-related costs22,52921,304
Advertising and marketing2,8682,255
Consulting and subc ontrac ting17,88916,097
Other operating expenses8,8416,653
Total expenditure202,406189,657

53
EKd^ dKd,&/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϮϯ




ϯ͘ρ
WZ/d/KEE DKZd/^d/KE
ĞƉƌĞĐŝĂƚŝŽŶŽŶƉƌŽƉ ĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞƐƚƌĂŝŐŚƚͲůŝŶĞ ŵĞƚŚŽĚƚŽĂůůŽĐĂƚĞƚŚĞ
ĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŝƌŽƌŝŐŝŶĂůĐŽƐƚĂŶĚƚŚĞŝƌƌĞƐŝĚƵĂůǀĂůƵĞŽǀĞƌƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͘& ŽƌƌŝŐŚƚ ͲŽĨͲ
ƵƐĞĂƐƐĞƚƐ͕ĂŵŽƌƚŝƐĂƚŝŽŶŝƐĐŚĂƌŐĞĚ ŽǀĞƌƚŚĞƐŚŽƌƚĞƌŽĨƚŚĞůĞĂƐĞƚĞƌŵĂŶĚƚŚĞasset’s ĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝĨĞ͘


džĐĞƉƚĨŽƌŐŽŽĚǁŝůůĂŶĚďƌĂŶĚƐ͕ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞĂŵŽƌƚŝƐĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞŽǀĞƌƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͕
ĨƌŽŵƚŚĞĚĂƚĞƚŚĂƚƚŚĞLJĂƌĞĂǀĂŝůĂďůĞĨŽƌƵƐĞ͘



ϯ͘ς͘Ed &/EE yWE^^
&ŝŶĂŶĐĞŝŶĐŽŵĞĐŽŵƉƌŝƐĞƐŝŶƚĞƌĞƐƚŝŶĐŽŵĞƚŚĂƚŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘/ŶƚĞƌĞƐƚ
ŝŶĐŽŵĞŝƐƌĞĐŽŐŶŝƐĞĚĂƐŝƚĂĐĐƌƵĞƐ͕ƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘


&ŝŶĂŶĐĞĞdžƉĞŶƐĞĐŽŵƉƌŝƐĞƐŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞŽŶďŽƌƌŽǁŝŶŐƐĂŶĚ ůĞĂƐĞůŝĂďŝůŝƚLJĨŝŶĂŶĐĞĐŚĂƌŐĞƐƚŚĂƚĂƌĞ ƌĞĐŽŐŶŝƐĞĚŝŶ
ƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘ůůďŽƌƌŽǁŝŶŐĐŽƐƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘


20252024
SECTIONNZ$000
NZ$000
DEPRECIATION EXPENSE
Depreciation on property plant and equipment1,4531,300
Depreciation on lease assets9.12,5912,183
4,0443,483
AMORTISATION E XPE NSE
Amortisation5,505
5,510
5,5055,510
Total depreciation and amortisation
9,5498,993
20252024
SECTIONNZ$000NZ$000
FINANCE INCOME
Interest inc ome1,3081,131
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)
EKd^dKd,&/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϮκ




κ͘
^,͕KZZKt/E'^E^,&>Kt^
dŚŝƐƐĞĐƚŝŽŶŽƵƚůŝŶĞƐĨƵƌƚŚĞƌĨƌŽŵƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁƐĂŶĚƉƌŽǀŝĚĞƐĚĞƚĂŝůƐŽŶƚŚĞĐĂƐŚĂŶĚĐĂƐŚ
ĞƋƵŝǀĂůĞŶƚƐŚĞůĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘ĂƐŚĐŽŵƉƌŝƐĞƐĐĂƐŚĂƚďĂŶŬĂŶĚƐŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐ
͘

κ͘ϭ
ZKE/>/d/KEK&Ed ^hZW>h^ dK^, &>Kt^




20252024
SECTIONNZ$000NZ$000
RECONCILIATION OF OPERATING CASH FLOWS WITH NET PROFIT AFTER TAX:
Profit after tax20,8709,546
ADJUSTME NTS FOR NON- CASH ITE MS
Deferred tax7.2(3,232)(2,066)
Impairment provision - Trade receivables
(132)(486)
(Gain)/Loss on foreign exc hange transac tions(3,223)(38)
Share based payments6,32710,218
Interest expense3.6268389
Interest inc ome3.6(1,308)(1,131)
Lease liability finance charges3.61,0731,108
Depreciation and amortisation
3.59,5498,993
Share of loss of an associate2,1851,339
Non-cash items11,50718,326
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 payable1,643146
Increase in contract liabilities2803,340
Increase in employee entitlements
(4,534)6,280
Increase in trade payables and accruals
1,9073,245
Net working capital movements(10,367)6,514
Net cash inflow from operating activities22,01034,386

54
EKd^ dKd,&/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϮρ




κ͘Ϯ
E< &/>/d/^E KZZKt/E'^
KŶϭςĞĐĞŵďĞƌϮϬϮκ͕'ĞŶƚƌĂĐŬ'ƌŽƵƉƌĞĨŝŶĂŶĐĞĚƚŚĞ ΨϮρŵŝůůŝŽŶŵƵůƚŝĐƵƌƌĞŶĐLJĨĂĐŝůŝƚLJůŽĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚĂŶŬŽĨ
EĞǁĞĂůĂŶĚ;EͿ͘dŚĞƌĞŶĞǁĞĚĨĂĐŝůŝƚLJŝƐĂǀĂŝůĂďůĞƚŽƉƌŽǀŝĚĞĂĚĚŝƚŝŽŶĂůĨƵŶĚŝŶŐĨŽƌĂĐƋƵŝƐŝƚŝŽŶƐĂŶĚŐĞŶĞƌĂů
ĐŽƌƉŽƌĂƚĞƉƵƌƉŽƐĞƐ͕ĞdžƉŝƌĞƐŽŶϭϳĞĐĞŵďĞƌϮϬϮϳ͘
dŚĞĨĂĐŝůŝƚLJŝƐƐĞĐƵƌĞĚďLJĂŐĞŶĞƌĂůƐĞĐƵƌŝƚLJĂŐƌĞĞŵĞŶƚƵŶĚĞƌǁŚŝĐŚƚŚĞďĂŶŬŚĂƐĂƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚŝŶ'ĞŶƚƌĂĐŬ'ƌŽƵƉ
ĂƐƐĞƚƐ͘ ŽǀĞŶĂŶƚƐĂƌĞ ŝŶƉůĂĐĞ ĂŶĚĐŽŵƉůŝĂŶĐĞŝƐƌĞƉŽƌƚĞĚƋƵĂƌƚĞƌůLJ͘ƚ Ăůů ƚŝŵĞƐĚƵƌŝŶŐƚŚĞ ƉĞƌŝŽĚ 'ĞŶƚƌĂĐŬ 'ƌŽƵƉ
ŚĂƐŵĞƚƚŚĞĐŽǀĞŶĂŶƚƌĞƋƵŝƌĞŵĞŶƚƐ͘

ƚ ϯϬ^ĞƉƚĞŵďĞƌϮϬϮ ρΨEŝů ;ϮϬϮ κ͗ΨEŝůͿ ŽĨƚŚĞ ĨĂĐŝůŝƚLJ ŚĂƐ ďĞĞŶ ĚƌĂǁŶ ĚŽǁŶ͘

κ͘ϯ͘^, E ^, Yh/s>Ed^

ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĐŽŵƉƌŝƐĞĐĂƐŚŝŶŚĂŶĚ͕ĚĞƉŽƐŝƚƐŚĞůĚĂƚĐĂůůǁŝƚŚďĂŶŬƐ͕ŽƚŚĞƌƐŚŽƌƚͲƚĞƌŵĂŶĚ
ŚŝŐŚůLJůŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚŽƌŝŐŝŶĂůŵĂƚƵƌŝƚŝĞƐŽĨƐŝdž ŵŽŶƚŚƐŽƌůĞƐƐ͘


ĂƐŚĂƚďĂŶŬƐĞĂƌŶƐŝŶƚĞƌĞƐƚĂƚĨůŽĂƚŝŶŐƌĂƚĞƐďĂƐĞĚŽŶĚĂŝůLJďĂŶŬĚĞƉŽƐŝƚƌĂƚĞƐ͘^ŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐĂƌĞŵĂĚĞĨŽƌ
ǀĂƌLJŝŶŐƉĞƌŝŽĚƐŽĨďĞƚǁĞĞŶŽŶĞĚĂLJĂŶĚƐŝdž ŵŽŶƚŚƐ͕ĚĞƉĞŶĚŝŶŐŽŶƚŚĞŝŵŵĞĚŝĂƚĞĐĂƐŚƌĞƋƵŝƌĞŵĞŶƚƐŽĨ'ĞŶƚƌĂĐŬ
'ƌŽƵƉ͕ĂŶĚĞĂƌŶŝŶƚĞƌĞƐƚĂƚƚŚĞƌĞƐƉĞĐƚŝǀĞƐŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƌĂƚĞƐ͘


ρ͘
^^d^ E >//>/d/^

This section outlines further details of Gentrack Group’s financial position by building on information
ƉƌĞƐĞŶƚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘


ρ͘ϭ͘dZ E Kd,Z Z/s>^
'ĞŶƚƌĂĐŬ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐŝŶŝƚŝĂůůLJĂƚĨĂŝƌǀĂůƵĞĂŶĚƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚ
ĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͕ůĞƐƐƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ͘ŶŝŵƉĂŝƌŵĞŶƚƉƌŽǀŝƐŝŽŶ
ĨŽƌƚƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐĂŶĚĐŽŶƚƌĂĐƚĂƐƐĞƚƐĐŽŶƐŝƐƚƐŽĨƚŚĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE/&Z^ε

&ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐĂŶĚ ĂƐƉĞĐŝĨŝĐ ƉƌŽǀŝƐŝŽŶ͘
dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐĂŶĂůůŽǁĂŶĐĞĨŽƌĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐ;>ƐͿĨŽƌĂůůĚĞďƚŝŶƐƚƌƵŵĞŶƚƐŶŽƚŚĞůĚĂƚĨĂŝƌ
ǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘>ƐĂƌĞďĂƐĞĚŽŶƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĐŽŶƚƌĂĐƚƵĂůĐĂƐŚĨůŽǁƐĚƵĞŝŶ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐŽŶƚƌĂĐƚĂŶĚĂůůƚŚĞĐĂƐŚĨůŽǁƐƚŚĂƚƚŚĞ'ƌŽƵƉĞdžƉĞĐƚƐƚŽƌĞĐĞŝǀĞ͘

&ŽƌƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚĐŽŶƚƌĂĐƚĂƐƐĞƚƐ͕ƚŚĞ'ƌŽƵƉĂƉƉůŝĞƐĂƐŝŵƉůŝĨŝĞĚĂƉƉƌŽĂĐŚŝŶĐĂůĐƵůĂƚŝŶŐ>Ɛ͘dŚĞƌĞĨŽƌĞ͕ƚŚĞ
'ƌŽƵƉĚŽĞƐŶŽƚƚƌĂĐŬĐŚĂŶŐĞƐŝŶĐƌĞĚŝƚƌŝƐŬ͕ďƵƚŝŶƐƚĞĂĚƌĞĐŽŐŶŝƐĞƐĂůŽƐƐĂůůŽǁĂŶĐĞďĂƐĞĚŽŶƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚ
ĐŽŶƚƌĂĐƚĂƐƐĞƚƐŶĞƚŽĨƐƉĞĐŝĨŝĐƉƌŽǀŝƐŝŽŶƐĂƉƉůLJŝŶŐůŝĨĞƚŝŵĞ>ƐĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞ͘dŚĞ'ƌŽƵƉŚĂƐĞƐƚĂďůŝƐŚĞĚĂ
ƉƌŽǀŝƐŝŽŶŵĂƚƌŝdžƚŚĂƚŝƐďĂƐĞĚŽŶŝƚƐŚŝƐƚŽƌŝĐĂůĐƌĞĚŝƚůŽƐƐĞdžƉĞƌŝĞŶĐĞ͕ĂŶĚ ƚŚĞĂŐĞƉƌŽĨŝůĞŽĨƚŚĞĚĞďƚŽƌďĂůĂŶĐĞƐ
ĂĚũƵƐƚĞĚĨŽƌĨŽƌǁĂƌĚͲůŽŽŬŝŶŐĨĂĐƚŽƌƐƐƉĞĐŝĨŝĐƚŽƚŚĞĚĞďƚŽƌƐ ͘


ƐƉĞĐŝĨŝĐƉƌŽǀŝƐŝŽŶŝƐĞƐƚĂďůŝƐŚĞĚǁŚĞŶƚŚĞƌĞŝƐĨŽƌǁĂƌĚůŽŽŬŝŶŐĞǀŝĚĞŶĐĞƚŚĂƚ'ĞŶƚƌĂĐŬ'ƌŽƵƉǁŝůůŶŽƚďĞĂďůĞƚŽ
ĐŽůůĞĐƚĂůůĂŵŽƵŶƚƐĚƵĞĂĐĐŽƌĚŝŶŐƚŽƚŚĞŽƌŝŐŝŶĂůƚĞƌŵƐŽĨƚŚĞƌĞĐĞŝǀĂďůĞƐ͘dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĂŶĂƐƐĞƚŝƐƌĞĚƵĐĞĚ
ƵƐŝŶŐƉƌŽǀŝƐŝŽŶĂĐĐŽƵŶƚƐ͕ĂŶĚƚŚĞĂŵŽƵŶƚŽĨƚŚĞůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉƌŽĨŝƚĂŶĚůŽƐƐ͘tŚĞŶĂƌĞĐĞŝǀĂďůĞŝƐ
ƵŶĐŽůůĞĐƚŝďůĞ͕ŝƚŝƐǁƌŝƚƚĞŶŽĨĨĂŐĂŝŶƐƚƚŚĞƐƉĞĐŝĨŝĐŝŵƉĂŝƌŵĞŶƚƉƌŽǀŝƐŝŽŶĂĐĐŽƵŶƚ͘^ƵďƐĞƋƵĞŶƚƌĞĐŽǀĞƌŝĞƐŽĨĂŵŽƵŶƚƐ
ƉƌĞǀŝŽƵƐůLJǁƌŝƚƚĞŶŽĨĨĂƌĞĐƌĞĚŝƚĞĚĂŐĂŝŶƐƚƚŚĞƉƌŽĨŝƚĂŶĚůŽƐƐ͘









20252024
NZ$000NZ$000
Cash at banks39,31533,285
Short- term deposits45,50133,394
Total cash and cash equivalents
84,81666,679
EKd^dKd,&/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϮς



ρ͘ϭ͘  dZEKd,ZZ/s>^;KEd/EhͿ



DKsDEd/EdZZ/s>^/DW/ZDEdWZKs/^/KE



DŽƐƚŽĨ ƚŚĞŝŵƉĂŝƌŵĞŶƚƉƌŽǀŝƐŝŽŶŝƐƌĞĨůĞĐƚŝǀĞŽĨϮĞŶĞƌŐLJƐƵƉƉůŝĞƌƐŝŶƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵƚŚĂƚǁĞŶƚŝŶƚŽ
ĂĚŵŝŶŝƐƚƌĂƚŝŽŶĚƵƌŝŶŐϮϬϮϮĂŶĚϮϬϮϭ͘dŚĞ ĚŵŝŶŝƐƚƌĂƚŽƌƌĞƉŽƌƚƐĐŽŶƚŝŶƵĞƚŽŝŶĚŝĐĂƚĞƉŽƐƐŝďůĞƌĞĐŽǀĞƌLJŽŶƌĞƚĂŝŶĞĚ
ďĂůĂŶĐĞƐ͘


dŚĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐƉƌŽǀŝƐŝŽŶĨŽƌƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚĐŽŶƚƌĂĐƚĂƐƐĞƚƐŚĂƐďĞĞŶŵĞĂƐƵƌĞĚƵƐŝŶŐƚŚĞƐĂŵĞ
ƚĞĐŚŶŝƋƵĞƐĂƐƚŚĞƉƌŝŽƌLJĞĂƌ͕ĚĞƚĞƌŵŝŶĞĚĂƐĨŽůůŽǁƐ͘




20252024
NZ$000NZ$000
Trade receivables28,55928,021
Impairment provision - Expected credit loss(293)(317)
Impairment provision - Specific provision(1,277)(967)
Provision for volume discounts
(353)(91)
Contract assets20,87512,401
Sundry receivables and prepayments5,9885,387
Total trade and other receivables
53,49944,434
20252024
NZ$000NZ$000
Opening balance1,2843,560
Increase in impairment provision28621
Amounts received(24)(443)
Effect of movement in foreign exchange
10163
Bad debt written off(77)(1,917)
Total trade receivables impairment provision1,5701,284
2025CURRENT
1- 60 DAYS
PAST DUE
61- 120 DAYS
PAST DUE
12 1- 18 0 D A Y S
PAST DUE
OVER 180 DAYS
PAST DUE
TOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Gross carrying amount22,3933,3631,1323771,29428,559
Expected credit loss allowance11250573342293
2024CURRENT
1- 60 DAYS
PAST DUE
61- 120 DAYS
PAST DUE
12 1- 18 0 D A Y S
PAST DUE
OVER 180 DAYS
PAST DUE
TOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Gross carrying amount18,6247,42392151,04728,021
Expected credit loss allowance9311338072317

55
EKd^ dKd,&/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϮϳ




ρ͘Ϯ
'KKt/>>
'ŽŽĚǁŝůůƌĞƉƌĞƐĞŶƚƐƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĐŽƐƚŽĨĂĐƋƵŝƐŝƚŝŽŶĂŶĚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŶĞƚŝĚĞŶƚŝĨŝĂďůĞ
ĂƐƐĞƚƐĂĐƋƵŝƌĞĚ͘'ŽŽĚǁŝůůŝƐƐƚĂƚĞĚĂƚĐŽƐƚůĞƐƐĂŶLJĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘'ŽŽĚǁŝůůŝƐĂůůŽĐĂƚĞĚƚŽ
ĐĂƐŚ ͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐ;'hͿĂŶĚŝƐŶŽƚĂŵŽƌƚŝƐĞĚďƵƚŝƐƚĞƐƚĞĚĂŶŶƵĂůůLJĨŽƌŝŵƉĂŝƌŵĞŶƚ͘





ρ͘ϯ /DW/ZDEdd^d/E'

/DW/ZDEdd^d/E' K&'KKt/>>E Kd,Z ^^d^
ƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞ͕'ĞŶƚƌĂĐŬ'ƌŽƵƉĂƐƐĞƐƐĞƐǁŚĞƚŚĞƌƚŚĞƌĞŝƐĂŶLJŝŶĚŝĐĂƚŝŽŶƚŚĂƚĂŶĂƐƐĞƚŵĂLJďĞ
ŝŵƉĂŝƌĞĚ͘tŚĞƌĞĂŶŝŶĚŝĐĂƚŽƌŽĨŝŵƉĂŝƌŵĞŶƚĞdžŝƐƚƐ͕'ĞŶƚƌĂĐŬ'ƌŽƵƉŵĂŬĞƐĂĨŽƌŵĂůĞƐƚŝŵĂƚĞŽĨƚŚĞ
ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘tŚĞƌĞƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨĂŶĂƐƐĞƚĞdžĐĞĞĚƐŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͕ƚŚĞĂƐƐĞƚŝƐ

ĐŽŶƐŝĚĞƌĞĚŝŵƉĂŝƌĞĚĂŶĚŝƐǁƌŝƚƚĞŶĚŽǁŶƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ZĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐƚŚĞŐƌĞĂƚĞƌŽĨĨĂŝƌǀĂůƵĞ
ůĞƐƐĐŽƐƚƐƚŽƐĞůůĂŶĚ the asset’s value in use. For the purposes of assessing impairment, assets are grouped at the
ůŽǁĞƐƚůĞǀĞůƐĨŽƌ ǁŚŝĐŚ ƚŚĞƌĞĂƌĞ ƐĞƉĂƌĂƚĞůLJŝĚĞŶƚŝĨŝĂďůĞĐĂƐŚĨůŽǁƐ;ĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐͿ͘ EŽŶ ͲĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽƚŚĞƌ
ƚŚĂŶŐŽŽĚǁŝůůƚŚĂƚƐƵĨĨĞƌĞĚĂŶŝŵƉĂŝƌŵĞŶƚĂƌĞƌĞǀŝĞǁĞĚĨŽƌƉŽƐƐŝďůĞƌĞǀĞƌƐĂůŽĨƚŚĞŝŵƉĂŝƌŵĞŶƚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐ
ĚĂƚĞ͘

/ŶĂƐƐĞƐƐŝŶŐǀĂůƵĞŝŶƵƐĞ͕ƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂƌĞĚŝƐĐŽƵŶƚĞĚƚŽƚŚĞŝƌƉƌĞƐĞŶƚǀĂůƵĞƵƐŝŶŐĂƉƌĞͲƚĂdž
ĚŝƐĐŽƵŶƚƌĂƚĞƚŚĂƚƌĞĨůĞĐƚƐƚŚĞĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐĂŶĚƚŚĞƚŝŵĞǀĂůƵĞŽĨŵŽŶĞLJĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĨŝĐƚŽƚŚĞ
ĂƐƐĞƚ͘sĂůƵĞŝŶƵƐĞŝƐĚĞƚĞƌŵŝŶĞĚďLJĚŝƐĐŽƵŶƚŝŶŐƚŚĞĨƵƚƵƌĞĐĂƐŚĨůŽǁƐŐĞŶĞƌĂƚĞĚďLJĞĂĐŚ'h͘ĂƐŚĨůŽǁƐǁĞƌĞ
ƉƌŽũĞĐƚĞĚďĂƐĞĚŽŶĨŝǀĞͲLJĞĂƌďƵƐŝŶĞƐƐƉůĂŶƐ͘dŚĞ tĞŝŐŚƚĞĚǀĞƌĂŐĞŽƐƚŽĨĂƉŝƚĂů;tͿŝƐĂŶĂǀĞƌĂŐĞŽĨƚŚĞůĂƚĞƐƚ
ƌĂƚĞƐƵƐĞĚďLJƚŚĞĂŶĂůLJƐƚƐƚŚĂƚĐŽǀĞƌ'ĞŶƚƌĂĐŬ͘dŚĞ t ĨŽƌ ĞĂĐŚ 'h ŝƐƌĞǀŝĞǁĞĚĂƚůĞĂƐƚ ĂŶŶƵĂůůLJ͘


'ĞŶƚƌĂĐŬ'ƌŽƵƉƚĞƐƚƐĂŶŶƵĂůůLJǁŚĞƚŚĞƌŐŽŽĚǁŝůůŚĂƐƐƵĨĨĞƌĞĚĂŶLJŝŵƉĂŝƌŵĞŶƚŽƌŵŽƌĞŽĨƚĞŶĂƐƌĞƋƵŝƌĞĚ͕ŝŶ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJ ƐƚĂƚĞĚĂďŽǀĞ͘dŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚƐŽĨĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐŚĂǀĞ

ďĞĞŶĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶǀĂůƵĞŝŶƵƐĞĐĂůĐƵůĂƚŝŽŶƐ͘/ŶƉƌĞƉĂƌŝŶŐƚŚĞĨŝǀĞͲLJĞĂƌĨŽƌĞĐĂƐƚƐ͕ŵĂŶĂŐĞŵĞŶƚŚĂƐƌĞǀŝĞǁĞĚ
ƚŚĞĂƐƐƵŵƉƚŝŽŶƐĂŶĚǁĞŝŐŚĞĚƵƉƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂǀĂŝůĂďůĞĂƚƚŚĞƚŝŵĞƚŽĞŶƐƵƌĞƚŚĞĨŽƌĞĐĂƐƚƐĂƌĞĂƉƉƌŽƉƌŝĂƚĞŐŝǀĞŶ
the CGU’s position and the ƉƌĞǀĂŝůŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͘dŚĞtĂŶĚƚĞƌŵŝŶĂůŐƌŽǁƚŚƌĂƚĞƐƵƐĞĚŝŶƚŚĞƐĞ
ĐĂůĐƵůĂƚŝŽŶƐĂƌĞƐĞƚŽƵƚŝŶƚŚĞƚĂďůĞďĞůŽǁ͗





20252024
NZ$000NZ$000
Opening balanc e111,955109,420
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%
EKd^dKd,&/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϮΘ




ρ͘ϯ /DW/ZDEdd^d/E' ;KEd/EhͿ

/DW/ZDEdd^d/E' Z^h>d^

dŚĞĐĂůĐƵůĂƚŝŽŶƐĐŽŶĨŝƌŵĞĚƚŚĞƌĞ ǁĂƐŶŽ ŝŵƉĂŝƌŵĞŶƚŽĨŐŽŽĚǁŝůů ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌĨŽƌ ƚŚĞ hƚŝůŝƚŝĞƐŽƌsĞŽǀŽCGU’s.
&ŽƌƚŚĞhƚŝůŝƚŝĞƐďƵƐŝŶĞƐƐƚŚĞŬĞLJĂƐƐƵŵƉƚŝŽŶŝƐƚŚĞ'ZŽĨƌĞǀĞŶƵĞĂĐƌŽƐƐƚŚĞĨŝǀĞͲLJĞĂƌƉĞƌŝŽĚĐŽŵŵĞŶĐŝŶŐϭƐƚ
KĐƚŽďĞƌϮϬϮρ. 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
ĐŽŵĨŽƌƚĂďůLJĂďŽǀĞƚŚŝƐĂŶĚƚŚŝƐĐŽŵƉĂƌĞƐƚŽŐƌŽǁƚŚŝŶƌĞǀĞŶƵĞŝŶ&zϮρĨŽƌƚŚĞhƚŝůŝƚŝĞƐďƵƐŝŶĞƐƐŽĨς͘ϳ й;ϮϬϮ κ͗
ϮϮ͘ ςйͿ͘

&ŽƌƚŚĞsĞŽǀŽďƵƐŝŶĞƐƐ͕ƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞ'hŝƐďĞůŽǁƚŚĞĂŶŶƵĂůĐĂƐŚĨůŽǁďĞŝŶŐŐĞŶĞƌĂƚĞĚďLJƚŚŝƐďƵƐŝŶĞƐƐ
and so the assessment is not sensitive to changes in assumptions in management’s projections.

DĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƐƚŚĂƚĂŶLJƌĞĂƐŽŶĂďůLJƉŽƐƐŝďůĞĐŚĂŶŐĞŝŶƚŚĞŬĞLJĂƐƐƵŵƉƚŝŽŶƐĨŽƌĞŝƚŚĞƌ'hǁŽƵůĚŶŽƚĐĂƵƐĞ
ƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƚŽĞdžĐĞĞĚƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘

ρ͘κ
/EdE'/>^^d^
W/d>/^s>KWDEd

ŽƐƚƐƚŚĂƚĂƌĞĚŝƌĞĐƚůLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƐŽĨƚǁĂƌĞĂƌĞƌĞĐŽŐŶŝƐĞĚĂƐŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ǁŚĞƌĞƚŚĞĨŽůůŽǁŝŶŐĐƌŝƚĞƌŝĂĂƌĞŵĞƚ͗

• ŝƚŝƐƚĞĐŚŶŝĐĂůůLJĨĞĂƐŝďůĞ ƚŽĐŽŵƉůĞƚĞ ƚŚĞ ƐŽĨƚǁĂƌĞ ƉƌŽĚƵĐƚ ƐŽƚŚĂƚ ŝƚǁŝůů ďĞĂǀĂŝůĂďůĞ ĨŽƌ ƵƐĞ ͖
• ŵĂŶĂŐĞŵĞŶƚŝŶƚĞŶĚƐ ƚŽĐŽŵƉůĞƚĞ ƚŚĞ ƐŽĨƚǁĂƌĞ ƉƌŽĚƵĐƚ ĂŶĚ ƵƐĞ ŽƌƐĞůů ŝƚ͖
• ƚŚĞƌĞ ŝƐĂŶĂďŝůŝƚLJ ƚŽƵƐĞ ŽƌƐĞůů ƚŚĞ ƐŽĨƚǁĂƌĞ ƉƌŽĚƵĐƚ ͖
• ŝƚĐĂŶ ďĞĚĞŵŽŶƐƚƌĂƚĞĚŚŽǁ ƚŚĞ ƐŽĨƚǁĂƌĞ ƉƌŽĚƵĐƚ ǁŝůů ŐĞŶĞƌĂƚĞ ƉƌŽďĂďůĞ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ͖
• ĂĚĞƋƵĂƚĞ ƚĞĐŚŶŝĐĂů͕ ĨŝŶĂŶĐŝĂů͕ ĂŶĚ ŽƚŚĞƌ ƌĞƐŽƵƌĐĞƐƚŽĐŽŵƉůĞƚĞ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚĂŶĚ ƚŽƵƐĞ ŽƌƐĞůů ƚŚĞ ƐŽĨƚǁĂƌĞ
ƉƌŽĚƵĐƚĂƌĞĂǀĂŝůĂďůĞ͖ĂŶĚ

• ƚŚĞ ĞdžƉĞŶĚŝƚƵƌĞĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞ ƐŽĨƚǁĂƌĞ ƉƌŽĚƵĐƚ ĚƵƌŝŶŐ ŝƚƐ ĚĞǀĞůŽƉŵĞŶƚĐĂŶ ďĞƌĞůŝĂďůLJ ŵĞĂƐƵƌĞĚ͘

^ŽĨƚǁĂƌĞ ĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ ƚŚĂƚ ŵĞĞƚ ƚŚĞ ĂďŽǀĞ ĐƌŝƚĞƌŝĂ ĂƌĞ ĐĂƉŝƚĂůŝƐĞĚ͘KƚŚĞƌ ĚĞǀĞůŽƉŵĞŶƚĞdžƉĞŶĚŝƚƵƌĞƚŚĂƚ ĚŽĞƐ ŶŽƚ
ŵĞĞƚƚŚĞĂďŽǀĞĐƌŝƚĞƌŝĂŝƐ ƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞdžƉĞŶƐĞ ĂƐŝŶĐƵƌƌĞĚ͘ ĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ ƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝƐĞĚĂƐĞdžƉĞŶƐĞƐ
ĂƌĞŶŽƚ ƌĞĐŽŐŶŝƐĞĚĂƐĂƐƐĞƚƐ ŝŶĂƐƵďƐĞƋƵĞŶƚƉĞƌŝŽĚ͘^ŽĨƚǁĂƌĞĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐƌĞĐŽŐŶŝƐĞĚĂƐĂƐƐĞƚƐĂƌĞĂŵŽƌƚŝƐĞĚ
ŽǀĞƌƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͘


ZE^
ƌĂŶĚƐĂĐƋƵŝƌĞĚĂƌĞ ĐŽŶƐŝĚĞƌĞĚƚŽŚĂǀĞ ĂŶŝŶĚĞĨŝŶŝƚĞ ƵƐĞĨƵů ůŝĨĞ ĂŶĚ ĂƌĞ ŚĞůĚ ĂƚĐŽƐƚ ĂŶĚ ĂƌĞ ŶŽƚ ĂŵŽƌƚŝƐĞĚďƵƚĂƌĞ ƐƵďũĞĐƚ
ƚŽĂŶĂŶŶƵĂů ŝŵƉĂŝƌŵĞŶƚ
ƚĞƐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŵĞƚŚŽĚŽůŽŐLJŽƵƚůŝŶĞĚĨŽƌŐŽŽĚǁŝůůĂďŽǀĞ͘

Kd,Z /EdE'/>^^d^
KƚŚĞƌ ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ ĐŽŶƐŝƐƚ ŽĨŝŶƚĞƌŶĂů ƵƐĞ ƐŽĨƚǁĂƌĞ͕ ĂĐƋƵŝƌĞĚ ƐŽƵƌĐĞ ĐŽĚĞ͕ ƚƌĂĚĞ ͲŵĂƌŬƐ͕ ĂŶĚ ĂĐƋƵŝƌĞĚ ĐƵƐƚŽŵĞƌ 
ƌĞůĂƚŝŽŶƐŚŝƉƐ͘dŚĞLJŚĂǀĞ ĨŝŶŝƚĞ ƵƐĞĨƵůůŝǀĞƐĂŶĚĂƌĞŵĞĂƐƵƌĞĚĂƚĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚĂĐĐƵŵƵůĂƚĞĚ
ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘




56
EKd^ dKd,&/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϮε




ρ͘κ /EdE'/>^^d^ ;KEd/EhͿ

DKZd/^d/KE

džĐĞƉƚĨŽƌŐŽŽĚǁŝůůĂŶĚďƌĂŶĚƐ͕ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞĂŵŽƌƚŝƐĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽǀĞƌƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͕ĨƌŽŵƚŚĞĚĂƚĞƚŚĂƚƚŚĞLJĂƌĞĂǀĂŝůĂďůĞĨŽƌƵƐĞ͘

dŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ ĨŽƌ ƚŚĞĐƵƌƌĞŶƚĂŶĚ ĐŽŵƉĂƌĂƚŝǀĞƉĞƌŝŽĚƐĂƌĞĂƐĨŽůůŽǁƐ͗
• ĐƋƵŝƌĞĚ ƐŽƵƌĐĞ ĐŽĚĞϭϬ LJĞĂƌƐ
• /ŶƚĞƌŶĂů ƵƐĞ ƐŽĨƚǁĂƌĞϯLJĞĂƌƐ
• ƵƐƚŽŵĞƌƌĞůĂƚŝŽŶƐŚŝƉƐϭϬ LJĞĂƌƐ
• dƌĂĚĞŵĂƌŬƐκLJĞĂƌƐ
• ĂƉŝƚĂůŝƐĞĚĚĞǀĞůŽƉŵĞŶƚρLJĞĂƌƐ
ŵŽƌƚŝƐĂƚŝŽŶŵĞƚŚŽĚƐ͕ƵƐĞĨƵůůŝǀĞƐĂŶĚƌĞƐŝĚƵĂůǀĂůƵĞƐĂƌĞƌĞǀŝĞǁĞĚĂƚĞĂĐŚĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĂŶĚĂĚũƵƐƚĞĚŝĨ
ĂƉƉƌŽƉƌŝĂƚĞ͘EŽĐŚĂŶŐĞƐǁĞƌĞŵĂĚĞƚŽƵƐĞĨƵůůŝǀĞƐĂŶĚƌĞƐŝĚƵĂůǀĂůƵĞƐĚƵƌŝŶŐĨŝŶĂŶĐŝĂůLJĞĂƌϮϬϮρ͘ĐƋƵŝƌĞĚƐŽƵƌĐĞ
ĐŽĚĞĂŶĚŝŶƚĞƌŶĂůƵƐĞƐŽĨƚǁĂƌĞĂƌĞĐĂƚĞŐŽƌŝƐĞĚĂƐƐŽĨƚǁĂƌĞŝŶƚŚĞďĞůŽǁƚĂďůĞ͘




2025SOFTWARE
CUSTOME R
RELATIONSHIPS
BRAND
NAME S
TRADEMARKS
CAPITALISED
DEVELOPMENT
TOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Opening balance10,8885,5845,024-1421,510
Amortisation(3,649)(1,842)--(14)(5,505)
Movement in foreign exc hange953489---1,442
Closing net book value8,1924,2315,024
--17,447
Cost51,05227,2135,0249952,94887,232
Accumulated amortisation(42,860)(22,982)-(995)(2,948)(69,785)
Net book value8,1924,2315,024--17,447
2024SOFTWARE
CUSTOME R
RELATIONSHIPS
BRAND
NAME S
TRADEMARKS
CAPITALISED
DEVELOPMENT
TOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Opening balance13,8357,0705,024-38226,311
Amortisation(3,415)(1,725)--(370)(5,510)
Movement in foreign exc hange468239--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
EKd^dKd,&/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϯϬ



ρ͘ρ
WZKWZdzW>Ed E Yh/WDEd
/ŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐƐƚĂƚĞĚĂƚŚŝƐƚŽƌŝĐĂůĐŽƐƚůĞƐƐ
ĚĞƉƌĞĐŝĂƚŝŽŶ͘,ŝƐƚŽƌŝĐĂů ĐŽƐƚŝŶĐůƵĚĞƐĞdžƉĞŶĚŝƚƵƌĞƚŚĂƚ ŝƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƚŚĞ ŝƚĞŵƐ͘

ĞƉƌĞĐŝĂƚŝŽŶŽŶĂƐƐĞƚƐŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞƐƚƌĂŝŐŚƚͲůŝŶĞŵĞƚŚŽĚƚŽĂůůŽĐĂƚĞƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŝƌŽƌŝŐŝŶĂů
ĐŽƐƚƐĂŶĚƚŚĞŝƌƌĞƐŝĚƵĂůǀĂůƵĞƐŽǀĞƌƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͕ĂƐĨŽůůŽǁƐ͗

• &ƵƌŶŝƚƵƌĞ ΘĞƋƵŝƉŵĞŶƚϳLJĞĂƌƐ
• ŽŵƉƵƚĞƌĞƋƵŝƉŵĞŶƚϯƚŽϳLJĞĂƌƐ
• >ĞĂƐĞŚŽůĚŝŵƉƌŽǀĞŵĞŶƚƐdĞƌŵ ŽĨ ůĞĂƐĞ
dŚĞassets’ residualǀĂůƵĞƐ ĂŶĚ ƵƐĞĨƵů ůŝǀĞƐĂƌĞ ƌĞǀŝĞǁĞĚ ĂŶĚ ĂĚũƵƐƚĞĚŝĨĂƉƉƌŽƉƌŝĂƚĞĂƚĞĂĐŚ ďĂůĂŶĐĞ ƐŚĞĞƚ ĚĂƚĞ͘
Ŷ asset’sĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŝƐǁƌŝƚƚĞŶ ĚŽǁŶ ŝŵŵĞĚŝĂƚĞůLJƚŽŝƚƐ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ ŝĨƚŚĞ asset’sĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŝƐ
ŐƌĞĂƚĞƌƚŚĂŶŝƚƐĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘


'ĂŝŶƐĂŶĚůŽƐƐĞƐŽŶĚŝƐƉŽƐĂůƐĂƌĞĚĞƚĞƌŵŝŶĞĚďLJĐŽŵƉĂƌŝŶŐƉƌŽĐĞĞĚƐǁŝƚŚĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐĂŶĚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶ
ƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘


2025
FURNITURE &
EQUIPMENT
COMPUTE R
EQUIPMENT
LEASEHOLD
IMPROVEMENTS
TOTAL
NZ$000NZ$000NZ$000NZ$000
Opening balance5301,5608082,898
Additions301,713-1,743
Depreciation(125)(1,199)
(129)(1,453)
Disposal(16)(20)(2)(38)
Movement in foreign exc hange267927132
Net book value4452,1337043,282
Cost1,1316,7801,4609,371
Accumulated depreciation(686)(4,647)(756)(6,089)
Net book value4452,1337043,282

57
EKd^ dKd,&/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϯϭ




ρ͘ρ
WZKWZdzW>EdE Yh/WDEd;KEd/EhͿ


ρ͘ς
dZ Wz>^E Zh>^

'ĞŶƚƌĂĐŬ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐŝŶŝƚŝĂůůLJĂƚĨĂŝƌǀĂůƵĞĂŶĚƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚ
ĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘dŚĞLJƌĞƉƌĞƐĞŶƚůŝĂďŝůŝƚŝĞƐĨŽƌŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚ
ƉƌŝŽƌƚŽƚŚĞĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌƚŚĂƚĂƌĞƵŶƉĂŝĚ͘dŚĞĂŵŽƵŶƚƐĂƌĞƵŶƐĞĐƵƌĞĚ͕ŶŽŶͲŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĂŶĚ

ĂƌĞƵƐƵĂůůLJ ƉĂŝĚ ǁŝƚŚŝŶ κρĚĂLJƐŽĨ ƌĞĐŽŐŶŝƚŝŽŶ͘


ρ͘ϳ
DW>KzEd/d>DEd^

>ŝĂďŝůŝƚŝĞƐĨŽƌƐĂůĂƌŝĞƐĂŶĚǁĂŐĞƐ͕ŝŶĐůƵĚŝŶŐŶŽŶͲŵŽŶĞƚĂƌLJďĞŶĞĨŝƚƐ͕ƉĂLJƌŽůůƚĂdžĞƐ͕ůŽŶŐƐĞƌǀŝĐĞůĞĂǀĞ͕ĂŶĚ
annual leave are recognised in employee benefits in respect of employees’ services up to the reporting date.
dŚĞLJĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞĂŵŽƵŶƚƐĞdžƉĞĐƚĞĚƚŽďĞƉĂŝĚǁŚĞŶƚŚĞůŝĂďŝůŝƚŝĞƐĂƌĞƐĞƚƚůĞĚ͘ŽƐƚĨŽƌŶŽŶͲ

ĂĐĐƵŵƵůĂƚŝŶŐƐŝĐŬ ůĞĂǀĞŝƐ ƌĞĐŽŐŶŝƐĞĚǁŚĞŶ ƚŚĞ ůĞĂǀĞ ŝƐƚĂŬĞŶ ĂŶĚ ŵĞĂƐƵƌĞĚĂƚƚŚĞ ƌĂƚĞƐƉĂŝĚŽƌƉĂLJĂďůĞ͘

2024
FURNITURE &
EQUIPMENT
COMPUTE R
EQUIPMENT
LEASEHOLD
IMPROVEMENTS
TOTAL
NZ$000NZ$000NZ$000NZ$000
Opening balance5421,6359153,092
Additions771,00281,087
Depreciation(89)(1,090)
(121)(1,300)
Disposal(9)(12)(1)(22)
Movement in foreign exc hange
925741
Net book value5301,560
8082,898
Cost1,2275,0011,4247,652
Accumulated depreciation
(697)(3,441)(616)(4,754)
Net book value5301,5608082,898
20252024
NZ$000NZ$000
Trade creditors6,0984,738
Sundry ac c ruals8,5247,195
Total trade payables and accruals14,62211,933
20252024
NZ$000NZ$000
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
EKd^dKd,&/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϯϮ




ρ͘Θ
/EsEdKZz
/ŶǀĞŶƚŽƌŝĞƐĂƌĞƐƚĂƚĞĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚĂŶĚŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞ͘ŽƐƚŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐĂǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞ
ŵĞƚŚŽĚĂŶĚŝŶĐůƵĚĞƐĞdžƉĞŶĚŝƚƵƌĞŝŶĐƵƌƌĞĚƚŽƉƵƌĐŚĂƐĞƚŚĞŝŶǀĞŶƚŽƌLJĂŶĚƚƌĂŶƐƉŽƌƚŝƚƚŽŝƚƐĐƵƌƌĞŶƚůŽĐĂƚŝŽŶ͘
EĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞŝƐƚŚĞĞƐƚŝŵĂƚĞĚƐĞůůŝŶŐƉƌŝĐĞŽĨƚŚĞŝŶǀĞŶƚŽƌLJŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐůĞƐƐĐŽƐƚƐ
ŶĞĐĞƐƐĂƌLJƚŽŵĂŬĞƚŚĞƐĂůĞ͘dŚĞĐŽƐƚŽĨŝŶǀĞŶƚŽƌŝĞƐĐŽŶƐƵŵĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĂƌĞƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞdžƉĞŶƐĞ

ĂŶĚ ŝŶĐůƵĚĞĚ ŝŶĞdžƉĞŶĚŝƚƵƌĞŝŶƚŚĞ ƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘ 


ς͘
W/d> ^dZhdhZ
This section outlines Gentrack Group’s capital structure and details of shareͲďĂƐĞĚĞŵƉůŽLJĞĞ
incentives which have an impact on Gentrack Group’s equity.

KƌĚŝŶĂƌLJ ƐŚĂƌĞƐ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ĂƐĞƋƵŝƚLJ͘ /ŶĐƌĞŵĞŶƚĂůĐŽƐƚƐ ĚŝƌĞĐƚůLJ ĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞ ŝƐƐƵĞ ŽĨŽƌĚŝŶĂƌLJ ƐŚĂƌĞƐ ĂŶĚ
ƐŚĂƌĞ ŽƉƚŝŽŶƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚĂƐĂĚĞĚƵĐƚŝŽŶĨƌŽŵ ĞƋƵŝƚLJ͕ ŶĞƚ ŽĨĂŶLJ ƚĂdžĞĨĨĞĐƚƐ͘ tŚĞƌĞ ĂŶLJ'ĞŶƚƌĂĐŬ'ƌŽƵƉ
ĐŽŵƉĂŶLJ ƉƵƌĐŚĂƐĞƐƚŚĞ Company’sĞƋƵŝƚLJ ƐŚĂƌĞ ĐĂƉŝƚĂů ;ƚƌĞĂƐƵƌLJƐŚĂƌĞƐͿ͕ƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚŝƐĚĞĚƵĐƚĞĚ

ĨƌŽŵ ĞƋƵŝƚLJ ĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞ Company’sĞƋƵŝƚLJ ŚŽůĚĞƌƐ ƵŶƚŝů ƚŚĞ ƐŚĂƌĞƐ ĂƌĞ ƚƌĂŶƐĨĞƌƌĞĚŽƵƚƐŝĚĞ ƚŚĞ 'ĞŶƚƌĂĐŬ 'ƌŽƵƉ͘
KƌĚŝŶĂƌLJ ƐŚĂƌĞƐ ĂƌĞĨƵůůLJ ƉĂŝĚ ĂŶĚ ŚĂǀĞ ŶŽƉĂƌ ǀĂůƵĞ͘ dŚĞ ŚŽůĚĞƌƐ ŽĨŽƌĚŝŶĂƌLJ ƐŚĂƌĞƐ ĂƌĞ ĞŶƚŝƚůĞĚ ƚŽƌĞĐĞŝǀĞ ĚŝǀŝĚĞŶĚƐ ĂƐ
ĚĞĐůĂƌĞĚ ĨƌŽŵ ƚŝŵĞ ƚŽƚŝŵĞ ĂŶĚ ĂƌĞĞŶƚŝƚůĞĚ ƚŽŽŶĞ ǀŽƚĞ ƉĞƌ ƐŚĂƌĞ ĂƚŵĞĞƚŝŶŐƐ ŽĨƚŚĞ ŽŵƉĂŶLJĂŶĚƌĂŶŬ ĞƋƵĂůůLJ ǁŝƚŚ
ƌĞŐĂƌĚ ƚŽthe Company’sƌĞƐŝĚƵĂůĂƐƐĞƚƐ͘


ς͘ϭ
W/d> DE'DEd
dŚĞĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞŽĨ'ĞŶƚƌĂĐŬ'ƌŽƵƉĐŽŶƐŝƐƚƐŽĨĞƋƵŝƚLJ ƌĂŝƐĞĚďLJ ƚŚĞŝƐƐƵĞ ŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐ ŝŶƚŚĞƉĂƌĞŶƚ
ĐŽŵƉĂŶLJ͘


'ĞŶƚƌĂĐŬ'ƌŽƵƉŵĂŶĂŐĞƐŝƚƐĐĂƉŝƚĂůƚŽĞŶƐƵƌĞƚŚĂƚĐŽŵƉĂŶŝĞƐŝŶƚŚĞ'ƌŽƵƉĐĂŶĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘
'ĞŶƚƌĂĐŬ'ƌŽƵƉŝƐŶŽƚƐƵďũĞĐƚƚŽĂŶLJĞdžƚĞƌŶĂůůLJŝŵƉŽƐĞĚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ͘



ƵƌŝŶŐϮϬϮρκ͕ϮϮϮ͕ϭϭϬƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ;ϮϬϮκ͗ϭ͕ ςςϳ͕ΘρϬ ͿŝŶƌĞůĂƚŝŽŶƚŽƚŚĞ>ŽŶŐdĞƌŵ/ŶĐĞŶƚŝǀĞ^ĐŚĞŵĞƐǀĞƐƚĞĚ͕
ƌĞƐƵůƚŝŶŐŝŶƚŚĞƐĂŵĞŶƵŵďĞƌŽĨŶĞǁƐŚĂƌĞƐďĞŝŶŐŝƐƐƵĞĚ͘ůƐŽε͕κϮϬ ;ϮϬϮ κ͗Ϯκ͕ϯρΘ ͿƐŚĂƌĞƐǁĞƌĞŝƐƐƵĞĚĂƐƉĂƌƚ
ƉĂLJŵĞŶƚŽĨ'ĞŶƚƌĂĐŬ'ƌŽƵƉŝƌĞĐƚŽƌƐĨĞĞƐ͘


ς͘Ϯ
^,Z Ͳ^ WzDEd^
'ĞŶƚƌĂĐŬ'ƌŽƵƉ ŽƉĞƌĂƚĞƐ ĞƋƵŝƚLJ ƐĞƚƚůĞĚ͕ ƐŚĂƌĞ ͲďĂƐĞĚ ƉĂLJŵĞŶƚƐƐĐŚĞŵĞƐ ƵŶĚĞƌ ǁŚŝĐŚ ŝƚƌĞĐĞŝǀĞƐ ƐĞƌǀŝĐĞƐ
ĨƌŽŵĞŵƉůŽLJĞĞƐ͕ĂƐĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐŽĨ'ĞŶƚƌĂĐŬ'ƌŽƵƉ>ŝŵŝƚĞĚ ͘ǀĂůƵĂƚŝŽŶŝƐĐŽŵƉůĞƚĞĚ
ĨŽƌ ĞĂĐŚƐĐŚĞŵĞĂƚƚŚĞŐƌĂŶƚĚĂƚĞ ƚŽĞƐƚŝŵĂƚĞ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŐƌĂŶƚĞĚ͘DĂŶĂŐĞŵĞŶƚ
ĂůƐŽ ŵĂŬĞƐĞƐƚŝŵĂƚĞƐĂďŽƵƚƚŚĞŶƵŵďĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚƚŽǀĞƐƚ ǁŚŝĐŚĚĞƚĞƌŵŝŶĞƐ
ƚŚĞ ĞdžƉĞŶƐĞƌĞĐŽƌĚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

dŚĞ ƐŚĂƌĞ ͲďĂƐĞĚ ƉĂLJŵĞŶƚƐǁĞƌĞŝŶƚƌŽĚƵĐĞĚƚŽƌĞƚĂŝŶ͕ĂƚƚƌĂĐƚ͕ŝŶĐĞŶƚŝǀŝƐĞĂŶĚĂůŝŐŶĞŵƉůŽLJĞĞƐǁŝƚŚƐŚĂƌĞŚŽůĚĞƌ
ĂŶĚŽŵƉĂŶLJŽďũĞĐƚŝǀĞƐ͘
hŶĚĞƌƚŚĞƐĐŚĞŵĞƌƵůĞƐ͕ƚŚĞŽĂƌĚĂƚŝƚƐĚŝƐĐƌĞƚŝŽŶ͕ƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĐůĂƐƐŝĨLJĂ
ĚĞƉĂƌƚŝŶŐƉĂƌƚŝĐŝƉĂŶƚĂƐĂŐŽŽĚůĞĂǀĞƌ͕ƐƵďũĞĐƚƚŽĂƉƉůŝĐĂďůĞƉĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐ͘
2025202420252024
000000NZ$000NZ$000
Ordinary Shares103,490
101,798200,698196,031
Issue of new ordinary shares4,2321,6925,7674,667
107,722103,490206,465200,698
SHARES ISSUEDSHARE CAPITAL

58
EKd^ dKd, &/EE/>^ddDEd^
&KZd,zZEϯϬ^WdDZϮϬϮρ
'EdZ<&/EE/>^ddDEd^ͬϯϯ




ς͘Ϯ
^,Z ^ WzDEd^;KEd/EhͿ
'ĞŶƚƌĂĐŬ 'ƌŽƵƉ ŽƉĞƌĂƚĞĚ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚŚƌĞĞ ƐŚĂƌĞ ƐĐŚĞŵĞƐ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ͗
Ͳ ^ĞŶŝŽƌ >ĞĂĚĞƌƐŚŝƉ>ŽŶŐ dĞƌŵ /ŶĐĞŶƚŝǀĞ ^ĐŚĞŵĞ
o ƚ ƚŚĞ ^ƉĞĐŝĂů^ŚĂƌĞŚŽůĚĞƌƐŵĞĞƚŝŶŐ͕ŚĞůĚŽŶεƚŚ KĐƚŽďĞƌϮϬϮϯ͕ƐŚĂƌĞŚŽůĚĞƌƐĂƉƉƌŽǀĞĚƚŚĞŝƐƐƵĞ
ŽĨƵƉƚŽε͕κϯϳ͕ϬϬϬƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŝŶƚŽƚĂůĨŽƌƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ;KͿĂŶĚƐĞŶŝŽƌ
ŵĂŶĂŐĞŵĞŶƚƵŶĚĞƌƚŚĞ^ĞŶŝŽƌ>ĞĂĚĞƌƐŚŝƉ>ŽŶŐdĞƌŵ/ŶĐĞŶƚŝǀĞ^ĐŚĞŵĞŝŶƌĞƐƉĞĐƚŽĨƚŚĞĨŝŶĂŶĐŝĂů
LJĞĂƌƐĞŶĚŝŶŐϯϬ^ĞƉƚĞŵďĞƌϮϬϮκ͕ϮϬϮρ͕ĂŶĚϮϬϮς͘dŚĞƐĞƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĂƌĞƐƵďũĞĐƚƚŽƚĞŶƵƌĞ
ĂŶĚ ĂĐŚŝĞǀŝŶŐďŽƚŚĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ;W^ͿĂŶĚƐŚĂƌĞƉƌŝĐĞĂƉƉƌĞĐŝĂƚŝŽŶŚƵƌĚůĞƐ͘ dŚĞW^ŚƵƌĚůĞ
ŝƐƐĞƚĂƚĨŝdžĞĚƌĂƚĞƐĨŽƌĞĂĐŚǀĞƐƚŝŶŐLJĞĂƌĂŶĚĨŽƌƚŚĞƐŚĂƌĞƉƌŝĐĞĂƉƉƌĞĐŝĂƚŝŽŶŚƵƌĚůĞĂŶŝŶĐƌĞŵĞŶƚĂů
ǀĞƐƚŝŶŐƐĐĂůĞĂƉƉůŝĞƐĨŽƌƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĞůŝŐŝďůĞƚŽǀĞƐƚ͘

ĨĨĞĐƚŝǀĞĨŝŶĂŶĐŝĂůLJĞĂƌϮϬϮκ͕ĨŽƌĞĂƐĞŽĨƌĞĨĞƌĞŶĐĞ͕ƚŚŝƐŶĞǁƐĞŶŝŽƌůĞĂĚĞƌƐŚŝƉƐĐŚĞŵĞ͕ƚŚĞKĂŶĚ
^ĞŶŝŽƌ>ĞĂĚĞƌƐŚŝƉƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŐƌĂŶƚĞĚĂĨƚĞƌϭKĐƚŽďĞƌϮϬϮϯ͕ĂƌĞĐĂƚĞŐŽƌŝƐĞĚĂƐƚŚĞdžĞĐƵƚŝǀĞ
>ĞĂĚĞƌƐŚŝƉ>d/^ĐŚĞŵĞ͘

o &Žƌ^ĞŶŝŽƌ>ĞĂĚĞƌƐŚŝƉ>ŽŶŐdĞƌŵ/ŶĐĞŶƚŝǀĞŐƌĂŶƚƐŵĂĚĞŝŶƉƌŝŽƌLJĞĂƌƐ͕ƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĂƌĞ
ƐƵďũĞĐƚ ƚŽĂĐŽŵďŝŶĂƚŝŽŶŽĨƚĞŶƵƌĞ ĂŶĚ ƚŚĞ ƐŚĂƌĞƉƌŝĐĞĂƉƉƌĞĐŝĂƚŝŽŶŚƵƌĚůĞ Ɛ͕ ƐƉůŝƚ ĞǀĞŶůLJ ĂŶĚ ƚŚĂƚǁŝůů 
ǀĞƐƚ ĂĨƚĞƌ ϭΘŵŽŶƚŚƐĂŶĚƚŚƌĞĞLJĞĂƌƐƌĞƐƉĞĐƚŝǀĞůLJ͕ĚĞƉĞŶĚĞŶƚŽŶĂĐŚŝĞǀĞŵĞŶƚŽĨƚŚĞƉĞƌŝŽĚŽĨ
ƐĞƌǀŝĐĞĂŶĚƚŚĞƐŚĂƌĞƉƌŝĐĞĂƉƉƌĞĐŝĂƚŝŽŶŚƵƌĚůĞ͘


Ͳ 'ĞŶƚƌĂĐŬ>ŽŶŐdĞƌŵ/ŶĐĞŶƚŝǀĞ^ĐŚĞŵĞ–dŚŝƐƐĐŚĞŵĞŝƐĨŽƌƐĞůĞĐƚĞĚŬĞLJĞŵƉůŽLJĞĞƐǁŚŽĂƌĞŶŽƚƉĂƌƚŽĨƚŚĞ
ƐĞŶŝŽƌůĞĂĚĞƌƐŚŝƉůŽŶŐƚĞƌŵŝŶĐĞŶƚŝǀĞƐĐŚĞŵĞ͘dŚĞƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǀĞƐƚŝŶŐƵŶĚĞƌƚŚŝƐƐĐŚĞŵĞĂƌĞ
ƐƵďũĞĐƚƚŽƚŚĞƉĂƌƚŝĐŝƉĂŶƚƐĐŽŶƚŝŶƵŝŶŐƚŽďĞĞŵƉůŽLJĞĚďLJ'ĞŶƚƌĂĐŬ'ƌŽƵƉĂƚƚŚĞĞŶĚŽĨƚŚĞǀĞƐƚŝŶŐƉĞƌŝŽĚ͘


Ͳ K >ŽŶŐ dĞƌŵ /ŶĐĞŶƚŝǀĞ^ĐŚĞŵĞ–dŚŝƐ ƐĐŚĞŵĞ ǁĂƐ ŝŶƚƌŽĚƵĐĞĚŝŶϮϬϮϬ ĨŽƌƚŚĞ KĂŶĚ ƚŚĞ ĨŝŶĂů ŐƌĂŶƚƵŶĚĞƌ
ƚŚŝƐƐĐŚĞŵĞǁĂƐŵĂĚĞŝŶKĐƚŽďĞƌϮϬϮϮ͘dŚĞϮϬϮϭĂŶĚϮϬϮϮĂǁĂƌĚƐŚĂǀĞĨƵůůLJǀĞƐƚĞĚǁŚŝůĞƚŚĞ ϮϬϮϮĂǁĂƌĚŚĂƐ
ƉĂƌƚŝĂůůLJ ǀĞƐƚ ĞĚ ͘dŚĞƌĞŵĂŝŶŝŶŐƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐƵŶĚĞƌƚŚŝƐƐĐŚĞŵĞĂƌĞƐƵďũĞĐƚƚŽĂĐŽŵďŝŶĂƚŝŽŶŽĨƚĞŶƵƌĞ
ĂŶĚƐŚĂƌĞƉƌŝĐĞĂƉƉƌĞĐŝĂƚŝŽŶŚƵƌĚůĞƐ͘


&Žƌ ĂĐĐŽƵŶƚŝŶŐƉƵƌƉŽƐĞƐ͕ƚŚĞ ĨĂŝƌ ǀĂůƵĂƚŝŽŶŽĨƚŚĞ ƐĐŚĞŵĞƐĂƌĞĂƐĨŽůůŽǁƐ͗
Ͳ džĞĐƵƚŝǀĞ>ĞĂĚĞƌƐŚŝƉ>d/^ĐŚĞŵĞͲƵŶĚĞƌƚŚŝƐŐƌĂŶƚĂǁĞŝŐŚƚĞĚĞƐƚŝŵĂƚĞŽĨƚŚĞŶƵŵďĞƌŽĨƐŚĂƌĞƐĞdžƉĞĐƚĞĚ
ƚŽǀĞƐƚŝƐŵĂĚĞďĂƐĞĚŽŶƚŚĞƉƌŽďĂďŝůŝƚLJŽĨĞĂĐŚƐŚĂƌĞƉƌŝĐĞĂƉƉƌĞĐŝĂƚŝŽŶŚƵƌĚůĞďĞŝŶŐŵĞƚĂƚĞĂĐŚǀĞƐƚŝŶŐ
ĚĂƚĞ͘dŚĞƐĞƉƌŽďĂďŝůŝƚŝĞƐŚĂǀĞďĞĞŶĚĞƌŝǀĞĚďLJĐŽŶƐŝĚĞƌŝŶŐƚŚĞƉƵďůŝƐŚĞĚŐƵŝĚĂŶĐĞ;ĂǀĂŝůĂďůĞĂƚƚŚĞĚĂƚĞ
ĞĂĐŚŐƌĂŶƚŝƐĂǁĂƌĚĞĚͿŽĨŵĂƌŬĞƚĂŶĂůLJƐƚƐŽǀĞƌGentrack’s share price and future growth. The weighted
ĞƐƚŝŵĂƚĞĂƐƐƵŵĞƐĂŶΘϬйƉƌŽďĂďŝůŝƚLJƚŚĂƚƚŚĞƐŚĂƌĞƉƌŝĐĞƌĞĂĐŚĞĚĂƚǀĞƐƚŝŶŐĚĂƚĞƐůŝĞƐǁŝƚŚŝŶƚŚĞƌĂŶŐĞ
ĐƌĞĂƚĞĚƵƐŝŶŐƚŚŝƐŐƵŝĚĂŶĐĞ͘,ŽǁĞǀĞƌ͕ǀĂƌLJŝŶŐƚŚŝƐĂƐƐƵŵƉƚŝŽŶďLJρйƵƉŽƌĚŽǁŶĚŽĞƐŶŽƚƐŝŐŶŝĨŝĐĂŶƚůLJ
ĂĨĨĞĐƚƚŚĞĂĐĐŽƵŶƚŝŶŐĐŚĂƌŐĞĚĞƌŝǀĞĚĨƌŽŵƚŚŝƐǀĂůƵĂƚŝŽŶŵŽĚĞů͘

Ͳ ůůŽƚŚĞƌƐĐŚĞŵĞƐͲƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŝƐĚĞƚĞƌŵŝŶĞĚĂƚƚŚĞŐƌĂŶƚ ĚĂƚĞƵƐŝŶŐƚŚĞůĂĐŬ
^ĐŚŽůĞƐǀĂůƵĂƚŝŽŶŵĞƚŚŽĚ͘dŚĞŬĞLJŝŶƉƵƚŝŶƚŚĞŵŽĚĞůŝƐƚŚĞƐŚĂƌĞƉƌŝĐĞĂƚƚŚĞƚŝŵĞƚŚĞŐƌĂŶƚŽĨĨĞƌǁĂƐ
ĂĐĐĞƉƚ ĞĚ ͘

dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŝƐƌĞĐŽƌĚĞĚĂƐĂŶĞdžƉĞŶƐĞŝŶƚŚĞƉƌŽĨŝƚŽƌůŽƐƐŽǀĞƌ ƚŚĞ ǀĞƐƚŝŶŐ ƉĞƌŝŽĚ͕ ďĂƐĞĚ
ŽŶ'ĞŶƚƌĂĐŬ Group’sĞƐƚŝŵĂƚĞŽĨƚŚĞŶƵŵďĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐƚŚĂƚǁŝůůǀĞƐƚ͕ǁŝƚŚĂĐŽƌƌĞƐƉŽŶĚŝŶŐĞŶƚƌLJƚŽƚŚĞ
ƐŚĂƌĞ ͲďĂƐĞĚƉĂLJŵĞŶƚƌĞƐĞƌǀĞǁŝƚŚŝŶĞƋƵŝƚLJ͘ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϮ ρΨς͘ϯŵŚĂƐďĞĞŶ ƌĞĐŽŐŶŝƐĞĚŝŶ
ƚŚĞƉƌŽĨŝƚ ŽƌůŽƐƐ ;ϮϬϮ κ͗ΨϭϬ͘Ϯ ŵͿ͘

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ĞůŽǁ ŝƐƚŚĞ ƚĂďůĞ ŽĨƌĞŵĂŝŶŝŶŐŽƵƚƐƚĂŶĚŝŶŐƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ ĂƚϯϬ^ĞƉƚĞŵďĞƌϮϬϮ ρ͘


ΎdŚĞŶƵŵďĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐƚŚĂƚǁŝůůǀĞƐƚŽŶĞĂĐŚǀĞƐƚŝŶŐĚĂƚĞŝƐĚĞƉĞŶĚĞŶƚŽŶŵĞĞƚŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞ
ŚƵƌĚůĞƐĂŶĚƚŚĞƐŚĂƌĞƉƌŝĐĞĂƚƚŚĂƚĚĂƚĞ͘

GRANT DATEVESTING DATE
TOTAL VALUE OF
GRANTED
PERFORMANCE
RIGHTS
PERFORMANCE
RIGHTS GRANTED
2025
NZ$000000
1 Oc tober 2022
E arly Dec ember 20251,543322
Total Senior Leadership LTI Schemes1,543322
1 Oc tober 2022E nd of November 2025
995292
1 Oc tober 2023E nd of November 2025846126
1 Oc tober 2023E nd of November 2026846126
1 Oc tober 2024
E nd of November 20251,03178
1 Oc tober 2024E nd of November 20261,031
78
1 Oc tober 2024
E nd of November 20271,03178
Total Gentrack LTI Schemes5,780778
1 Oc tober 2022
31 Oc tober 202526697
1 Oc tober 2022E arly Dec ember 202526698
Total CEO LTI Sc hemes532195
1 Oc tober 2023E arly Dec ember 2025 and 2026*6,445Up to 4,361
Total Executive Leadership LTI Schemes6,4454,361
Total Performance Rights Outstanding
14,2995,656