Half-Year Results

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

18 May 2026
Market Announcement
Gentrack Group Limited (NZX/ASX: GTK), a leading provider of software
solutions for utilities and airports, today released its results for the half-year
period to 31 March 2026.
Results Summary
• Group revenue at $110.1m ($112.0m in H1 25)
• Recurring revenue at $85.3m ($76.4m in H1 25)
• EBITDA, excluding acquisition costs at $7.9m ($13.0m in H1 25)
• Statutory NPAT at $5.1m ($7.2m in H1 25)
• Cash at $73.2m ($70.7m in H1 25)
• Two acquisitions announced in May 2026 DTP, adding AI-centric technology and
Middle East depth to Veovo, and Factor, adding forecasting and pricing capability to
g2.

Overview
We operate in two transforming business sectors, in energy and water (our
Utilities business) and in airports (through our Veovo business) both of which
represent sizable opportunities as these sectors modernize their IT
landscape. We are well positioned to lead in these markets, helping our
customers modernize their technology, transform their business and adopt
AI.
In our Utilities business, we have built a strong pipeline of new customer
opportunities spread across Europe and APAC. Sales cycles for such deals
can be long but once they are secured, clients are generally committed to a
ten-to-twenty-year relationship. The long sales cycles, and two unexpected
new client delays, have had an impact on our results this first half, but does
not change our confidence in our medium-term growth targets of more than
15% CAGR.
Veovo has had an exceptional first half. It continues to win new customers,
which alongside the wins and upgrades of prior periods delivers strong
growth in recurring revenue. We expect this success to continue.
Gentrack maintains a strong balance sheet with cash reserves and no debt.
This May, we have used part of our cash reserves to drive higher growth,
closing two bolt on acquisitions.

2
Veovo will acquire, once completion steps close, Dubai Technology Partners
(DTP) and we have added Factor which provides a forecasting and pricing
capability for energy customers. These acquisitions fall outside of the first
half, and so our H1 26 results do not include any contribution from them.
Financial Performance
Group recurring revenue increased to $85.3m (up 12% over prior period).
This was offset by lower non-recurring revenue (NRR) which fell to $24.9m
(30% lower), leaving total revenue at $110.1m ($112m in H1 25)
In Utilities, recurring revenue grew by 9% to $73.3m. NRR was lower at
$17.0m following the successful go-live of several projects (both with new
and existing customers) around the end of the last financial year, combined
with delays in our pipeline for new customers.
At Veovo, it was another very strong period. The 3% growth in total revenue
to $19.8m understates Veovo’s performance as the prior period included a
high level of hardware sales (which we sell combined with new customer
implementations or upgrades). Excluding such revenue, Veovo grew 20%,
including a 33% step up in recurring revenues to $12.0m. This uplift was
spread across several prior period new wins and upgrades as well
NavCanada, secured at the start of this half-year.
EBITDA, excluding acquisition costs of $0.6m, was $7.9m compared to $13m
in the prior period. The reduction in EBITDA occurred in our Utilities business.
This was driven by the delay in new project revenue combined with a
decision to continue to invest in Product and international growth.
The impact that this lower EBITDA has had on our NPAT has been partially
offset by a $3.9m tax credit in the P&L compared to a $1.9m charge in the
prior period. This reflects the favourable tax treatment of LTI costs in the UK
and New Zealand. As a result, NPAT was $5.1m v $7.2m in the prior period.
We continue to maintain a strong balance sheet. Our cash as of 31 March
2026 was $73.2m and we hold no external debt. We typically see a first half
working capital outflow with our normal cycle of bonus & tax payments
weighted in the first half, so our cash balance was lower than $84.8m at the
end of the last year. However, we expect that reduction to be temporary and
our underlying business to be cash generative in FY26. This cash flow enables
acquisitions and the share buyback.
The Board has decided not to pay an Interim dividend for this year and on 5
May 2026 announced that it intends, subject to continued market conditions,
to undertake a share buyback up to $20m.

3
Executing on Strategy in Energy and Water
Genesis Energy's first g2 release went live in October 2025. New Zealand's
largest integrated energy company is now operating on our platform and
reporting significant business benefits. This is a major milestone, not just for
Genesis, but for our ability to demonstrate g2 in production at one of the
region's most sophisticated utilities.
In March 2026, ACEN Energy in the Philippines went live on g2, our first B2B
deployment and our first Asian go live. This validates g2's applicability to the
complex industrial and commercial energy market and represents an
important proof point for our Asia expansion strategy.
In the UK, the period marked another first: the signing of Pennon Water
Services (PWS) as both our first g2 water customer and our first UK g2
customer. This win builds on Gentrack’s position as the market leader in the
UK B2B water market. The project is fully mobilised and on track to be live
early in FY27.
Veovo's Continued Global Growth
Veovo has continued to build on its strong operational momentum,
delivering on a wide range of new or upgraded platform go-lives, new
signings, and platform innovations during H1 26.
In Saudi Arabia, our national-scale deployment of Passenger Flow technology
is now live across 15 airports, with the remaining 10 in active delivery.
Melbourne and Newcastle Airports went live on our airport management
platform, while AGS Airports Group (Aberdeen, Glasgow, and Southampton
airports) successfully launched our billing system, reinforcing the group-wide
scalability of our solutions and our continued leadership in airport revenue
management.
Veovo continues to win new business, with a large Tier-1 Asian airport signed
for Total Airport Management, validating Veovo's platform in complex, high-
volume environments. Seattle-Tacoma International Airport was secured for
slot management and Greenland Airport signed an upgrade that includes an
expansion of our airport management and billing systems, all deployed on
AWS. Our win at NavCanada, the second-largest Air Navigation Service
Provider globally by traffic volume, opens a new market segment for Veovo
beyond airports.
Acquisitions
At the start of H1 26 we shared that we were investing in a dedicated strategy
and corporate development function, and in this last month have announced
two acquisitions.
DTP have built an impressive airport technology portfolio in recent years. This
includes their AirportView App, tNexus Message Hub, and AI-enabled

4
Operations tools that will enhance our Intelligent Airport Platform. This
provides immediate opportunities to bring new capabilities to Veovo’s global
customer base. Additionally, they bring 60+ deep industry experts,
strengthening our presence and capabilities in the Middle East, one of the
most active global markets for airport investment and modernisation.
The acquisition of Factor adds specialist forecasting and pricing technology
to the g2 platform. As energy markets become increasingly complex, with
dynamic tariffs, wholesale volatility, distributed generation, and real-time grid
requirements, the ability to optimise pricing and manage trading risk
becomes a critical differentiator for retailers. Factor's technology addresses
this directly, enhancing the value proposition of g2 for our existing and
prospective customers and reinforcing Gentrack’s leadership in the B2B utility
segment.
Both acquisitions are consistent with our strategy of targeted, capability-
enhancing investments. We will continue to evaluate opportunities that
strengthen our product platform, deepen our vertical expertise, or accelerate
entry into high-priority markets.
Looking Forward
The rapid adoption of AI is reshaping expectations across the sectors we serve.
Energy and water companies are under pressure to demonstrate an effective AI
strategy, and this urgency will only grow. The question for most is no longer
whether to act, but whether their technology platform is ready to act on.
For Gentrack, this dynamic reinforces rather than disrupts our position. We
have decades of operational data, enterprise-scale implementation
experience, and deep domain expertise in complex regulatory environments,
which are precisely the foundation on which AI in retail operations works. As
our customers embed AI deeper into their workflows, automating customer
service, enabling dynamic pricing, and building toward an agentic future, the
depth of our platform becomes more valuable, not less.
Despite the current uncertainty in the Middle East, we remain confident that it
will continue to be the ‘Airport Hub of the World’. Airport infrastructure
investments will double the capacity of both Dubai and Saudi Arabia within
the decade, and the premier long-haul airlines that operate from the region
are strong, state-backed, carriers with the means to recover quickly.
Both the utilities and airports industries are transforming at pace. The go-
lives, signings, and capabilities delivered in H1 26 represent tangible
evidence of Gentrack's ability to execute at scale and to lead these markets.
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.

5
FY26 Outlook
We provided our FY26 guidance on 5 May 2026, setting out that we expect:
• Revenue to be between $229m to $238m.
• Recurring revenues to grow by more than 10% to around $174m, while
non-recurring (NRR) revenues will be lower than FY25.
• EBITDA to be between $13.5m and $20m (all excluding acquisition
costs).
It is too early for us to provide guidance for FY27. We re-iterated our
confidence in our medium-term growth target of more than 15% CAGR with an
emphasis on building recurring revenue. With strong recurring revenue
growth, we expect margins to improve to our medium-term target of 15% to
20% EBITDA margin (after expensing all development costs).
Presentation Results
Investors are invited to join the presentation of the Half-Year Results on
Monday 18th May at 10.30am NZT/ 8.30am AEST via webcast:
www.virtualmeeting.co.nz/gtkhy26
It is advised that attendees allow ten minutes prior to the start time to register
and download any necessary webcast software.
ENDS
Contact details regarding this announcement:
Nathali Watson – Company Secretary
+64 9 966 6090
About Gentrack
We are entering a new era, with utilities worldwide transforming to meet
business and sustainability targets. For over 35 years Gentrack has been
partnering with the world’s leading utilities, and more than 60 energy and
water companies rely on us.
Gentrack, with our partners Salesforce and AWS, are leading todays
transformation with g2.0, an end-to-end product-to-profit solution. Using low
code / no code, and composable technology, g2.0 allows utilities to launch
new propositions in days, reduce cost-to-serve and lead in total experience.
https://www.gentrack.com

---

Gentrack Group Limited
Interim Financial
Statements
For the six months ended 31 March 2026

GENTRACK INTERIM FINANCIAL STATEMENTS / 2



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

MANAGEMENT COMMENTARY
GENTRACK INTERIM FINANCIAL STATEMENTS / 3















Overview
We operate in two transforming business
sectors, in energy and water (our Utilities
business) and in airports (through our Veovo
business) both of which represent sizable
opportunities as these sectors modernize
their IT landscape. We are well positioned to
lead in these markets, helping our customers
modernize their technology, transform their
business and adopt AI.
In our Utilities business, we have built a
strong pipeline of new customer
opportunities spread across Europe and
APAC. Sales cycles for such deals can be
long but once they are secured, clients are
generally committed to a ten to twenty year
relationship. The long sales cycles, and two
unexpected new client delays, has had an
impact on our results this first half, but does
not change our confidence in our medium
term growth targets of more than 15%
CAGR.
Veovo has had an exceptional first half. It
continues to win new customers, which
alongside the wins and upgrades of prior
periods is delivering strong growth in
recurring revenue. We expect this success to
continue.
Gentrack maintains a strong balance sheet
with cash reserves and no debt. This May, we
have used part of our cash reserves to drive













higher growth, closing two bolt-on
acquisitions. Veovo will acquire, once
completion steps close, Dubai Technology
Partners (DTP) and we have added Factor
which provides a forecasting and pricing
capability for energy customers. These
acquisitions fall outside of the first half, and
so our H1 26 results do not include any
contribution from them.
Financial Performance
Group recurring revenue increased to
$85.3m (up 12% over prior period). This was
offset by lower non-recurring revenue (NRR)
which fell to $24.9m (30% lower), leaving
total revenue at $110.1m ($112m in H1 25)
In Utilities, recurring revenue grew by 9% to
$73.3m. NRR was lower at $17.0m following
the successful go-live of several projects
(both with new and existing customers)
around the end of the last financial year,
combined with delays in our pipeline for new
customers.
At Veovo, it was another very strong period.
The 3% growth in total revenue to $19.8m
understates Veovo’s performance as the
prior period included a high level of
hardware sales (which we sell combined with
new customer implementations or
upgrades). Excluding such revenue Veovo
grew 20%, including a 33% step up in
recurring revenues to $12.0m. This uplift was
spread across several prior period new wins
• Group revenue at $110.1m ($112.0m in H1 25)
• Recurring revenue at $85.3m ($76.4m in H1 25)
• EBITDA, excluding acquisition costs at $7.9m ($13.0m in H1 25)
• Statutory NPAT at $5.1m ($7.2m in H1 25)
• Cash at $73.2m ($70.7m in H1 25)
• Two acquisitions announced in May 2026: DTP, adding AI-centric
technology and Middle East depth to Veovo, and Factor, adding forecasting and
pricing capability to g2.

MANAGEMENT COMMENTARY
GENTRACK INTERIM FINANCIAL STATEMENTS / 4
and upgrades as well NavCanada, secured at
the start of this half year.
EBITDA, excluding acquisition costs of
$0.6m, was $7.9m compared to $13m in the
prior period. The reduction in EBITDA
occurred in our Utilities business. This was
driven by the delay in new project revenue
combined with a decision to continue to
invest in Product and international growth.
The impact that this lower EBITDA has had
on our NPAT has been partially offset by a
$3.9m tax credit in the P&L compared to a
$1.9m charge in the prior period. This
reflects the favourable tax treatment of LTI
costs in the UK and New Zealand. As a result,
NPAT was $5.1m v $7.2m in the prior period.
We continue to maintain a strong balance
sheet. Our cash as of 31 March 2026 was
$73.2m and we hold no external debt. We
typically see a first half working capital
outflow with our normal cycle of bonus & tax
payments weighted in the first half, so our
cash balance was lower than $84.8m at the
end of the last year. However, we expect that
reduction to be temporary and our
underlying business to be cash generative in
FY26. This cash flow enables acquisitions
and a share buyback.
The Board has decided not to pay an Interim
dividend for this year and on 5 May 2026
announced that it intends, subject to
continued market conditions, to undertake a
share buyback up to $20m.
Executing on Strategy in Energy and
Water
Genesis Energy's first g2 release went live in
October 2025. New Zealand's largest
integrated energy company is now operating
on our platform and reporting significant
business benefits. This is a major milestone,
not just for Genesis, but for our ability to
demonstrate g2 in production at one of the
region's most sophisticated utilities.
In March 2026, ACEN Energy in the
Philippines went live on g2, our first B2B
deployment and our first Asian go-live. This
validates g2's applicability to the complex
industrial and commercial energy market
and represents an important proof point for
our Asia expansion strategy.
In the UK, the period marked another first:
the signing of Pennon Water Services (PWS)
as both our first g2 water customer and our
first UK g2 customer. This win builds on
Gentrack’s position as the market leader in
the UK B2B water market. The project is fully
mobilised and on track to be live early in
FY27.
Veovo's continued global growth
Veovo has continued to build on its strong
operational momentum, delivering on a wide
range of new or upgraded platform go-lives,
new signings, and platform innovations
during H1 26.
In Saudi Arabia, our national-scale
deployment of Passenger Flow technology is
now live across 15 airports, with the
remaining 10 in active delivery. Melbourne
and Newcastle Airports went live on our
airport management platform, while AGS
Airports Group (Aberdeen, Glasgow, and
Southampton airports) successfully launched
our billing system, reinforcing the group-
wide scalability of our solutions and our
continued leadership in airport revenue
management.
Veovo continues to win new business, with a
large Tier-1 Asian airport signed for Total
Airport Management, validating Veovo's
platform in complex, high-volume
environments. Seattle-Tacoma International
Airport was secured for slot management and
Greenland Airport signed an upgrade that
includes an expansion of our airport
management and billing systems, all
deployed on AWS. Our win at NavCanada,
the second-largest Air Navigation Service
Provider globally by traffic volume, opens a
new market segment for Veovo beyond
airports.
Acquisitions
At the start of H1 26 we shared that we were
investing in a dedicated strategy and

MANAGEMENT COMMENTARY
GENTRACK INTERIM FINANCIAL STATEMENTS / 5
corporate development function, and in this
last month have announced two acquisitions.
DTP have built an impressive airport
technology portfolio in recent years. This
includes their AirportView App, tNexus
Message Hub, and AI-enabled Operations
tools that will enhance our Intelligent Airport
Platform. This provides immediate
opportunities to bring new capabilities to
Veovo’s global customer base. Additionally,
they bring 60+ deep industry experts,
strengthening our presence and capabilities
in the Middle East, one of the most active
global markets for airport investment and
modernisation.
The acquisition of Factor adds specialist
forecasting and pricing technology to the g2
platform. As energy markets become
increasingly complex, with dynamic tariffs,
wholesale volatility, distributed generation,
and real-time grid requirements, the ability
to optimise pricing and manage trading risk
becomes a critical differentiator for retailers.
Factor's technology addresses this directly,
enhancing the value proposition of g2 for
our existing and prospective customers and
reinforcing Gentrack’s leadership in the B2B
utility segment.
Both acquisitions are consistent with our
strategy of targeted, capability-enhancing
investments. We will continue to evaluate
opportunities that strengthen our product
platform, deepen our vertical expertise, or
accelerate entry into high-priority markets.
Looking Forward
The rapid adoption of AI is reshaping
expectations across the sectors we serve.
Energy and water companies are under
pressure to demonstrate an effective AI
strategy, and this urgency will only grow. The
question for most is no longer whether to act,
but whether their technology platform is ready
to act on.
For Gentrack, this dynamic reinforces rather
than disrupts our position. We have decades
of operational data, enterprise-scale
implementation experience, and deep domain
expertise in complex regulatory environments,
which are precisely the foundation on which AI
in retail operations works. As our customers
embed AI deeper into their workflows,
automating customer service, enabling
dynamic pricing, and building toward an
agentic future, the depth of our platform
becomes more valuable, not less.
Despite the current uncertainty in the Middle
East, we remain confident that it will continue
to be the ‘Airport Hub of the World’. Airport
infrastructure investments will double the
capacity of both Dubai and Saudi Arabia
within the decade, and the premier long-haul
airlines that operate from the region are
strong, state-backed, carriers with the means
to recover quickly.
Both the utilities and airports industries are
transforming at pace. The go-lives, signings,
and capabilities delivered in H1 26 represent
tangible evidence of Gentrack's ability to
execute at scale and to lead these markets.
We would like to thank our customers and
shareholders for their continued support,
and the entire Gentrack team for their
achievements and commitment to
Gentrack's future.



Andy Green, CBE Gary Miles
Chairman CEO

GENTRACK INTERIM FINANCIAL STATEMENTS / 6
Interim
Financial
Statements
31 March 2026

CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2026
GENTRACK INTERIM FINANCIAL STATEMENTS / 7

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

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


6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER 2025
UNAUDITED
UNAUDITED
AUDITED
NOTE
NZ$000
NZ$000
NZ$000
Revenue
3
110,146
112,002
230,194
Expenditure
4
(102,830)
(99,052)
(202,406)
7,316
12,950
27,788
Depreciation and amortisation
(5,262)
(4,719)
(9,549)
2,054
8,231
18,239
Other income
-
-
971
Foreign exchange gains
690
2,054
3,243
Finance expense
5
(557)
(760)
(1,341)
Finance income
5
702
701
1,308
Share of loss of an associate
(1,627)
(1,093)
(2,185)
Profit before tax
1,262
9,133
20,235
Income tax benefit/(expense)
3,850
(1,948)
635
5,112
7,185
20,870
OTHER COMPREHENSIVE INCOME
Share of other comprehensive (loss)/income of an associate
(33)
20
77
Translation of international subsidiaries
(1,573)
8,400
11,370
Total comprehensive income for the period
3,506
15,605
32,317
EARNINGS PER SHARE PROFIT ATTRIBUTABLE TO THE
SHAREHOLDERS OF THE COMPANY
(EXPRESSED IN DOLLARS PER SHARE)
Basic profit per share
$0.05
$0.07
$0.20
Diluted profit per share
$0.05
$0.06
$0.19
Basic
110,663
106,167
107,026
Diluted
112,952
112,347
112,682
Profit before depreciation, amortisation, other income,
financing, foreign exchange gain or loss, share of loss of an
associate and tax
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES ISSUED
Profit before other income, financing, foreign exchange gain
or loss, share of loss of an associate and tax
Profit attributable to the shareholders of the company

CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026

GENTRACK INTERIM FINANCIAL STATEMENTS / 8


The above Condensed Statement of Financial Position should be read in conjunction with the accompanying notes.
For and on behalf of the Board who authorised these financial statements for issue on 15 May 2026.


Andy Green Fiona Oliver
Chairman Director
Date: 15 May 2026 Date: 15 May 2026
31 MARCH 2026
31 MARCH 2025
30 SEPTEMBER 2025
UNAUDITED
UNAUDITED
AUDITED
NOTE
NZ$000
NZ$000
NZ$000
CURRENT ASSETS
Cash and short-term deposits
6
73,168
70,734
84,816
Trade and other receivables
7
60,959
50,207
53,499
Income tax receivable
2,821
220
3,087
Inventory
687
845
758
Total current assets
137,635
122,006
142,160
NON-CURRENT ASSETS
Property, plant and equipment
3,349
3,369
3,282
Lease assets
10,386
12,086
11,895
Goodwill
13
118,676
117,258
119,270
Intangibles
14,510
19,922
17,447
Investments in an associate
12
12,887
10,728
14,547
Deferred tax assets
18,192
14,908
16,185
Total non-current assets
178,000
178,271
182,626
Total assets
315,635
300,277
324,786
CURRENT LIABILITIES
Trade payables and accruals
11,294
13,682
14,622
Lease liabilities
3,721
2,985
3,640
Contract liabilities
24,019
20,330
18,455
GST payable
4,208
3,908
4,765
Employee entitlements
11,766
16,789
22,303
Total current liabilities
55,008
57,694
63,785
NON-CURRENT LIABILITIES
Lease liabilities
10,733
13,350
12,636
Contract liabilities
716
-
-
Employee entitlements
1,774
1,431
1,503
Deferred tax liabilities
1,586
2,507
2,669
Total non-current liabilities
14,809
17,288
16,808
Total liabilities
69,817
74,982
80,593
Net assets
245,818
225,295
244,193
EQUITY
Share capital
9
215,261
206,415
206,465
Share based payment reserve
3,610
9,788
12,266
Foreign currency translation reserve
19,179
17,782
20,752
Accumulated surplus/(deficit)
7,768
(8,690)
4,710
Total equity
245,818
225,295
244,193

CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2026

GENTRACK INTERIM FINANCIAL STATEMENTS / 9





The above Condensed Statement of Changes in Equity should be read in conjunction with the accompanying notes.
31 MARCH 2026
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
UNAUDITED
NOTE
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
Balance at 1 October
206,465
12,266
4,710
20,752
244,193
Profit attributable to the shareholders of the company
-
-
5,112
-
5,112
Other comprehensive income
-
-
(33)
(1,573)
(1,606)
-
-
5,079
(1,573)
3,506
TRANSACTION WITH OWNERS
Issue of capital
8,796
(8,796)
-
-
-
Share based payments
-
2,232
-
-
2,232
Share based reserve reversal
10
(2,092)
-
-
(2,092)
Excess income tax benefit on share-based payments
-
-
(2,021)
-
(2,021)
Balance at 31 March
215,261
3,610
7,768
19,179
245,818
Total comprehensive profit for the period, net of
tax
31 MARCH 2025
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
UNAUDITEDNZ$000NZ$000NZ$000NZ$000NZ$000
Balance at 1 October200,69811,738(14,015)9,382207,803
Profit attributable to the shareholders of the company--7,185-7,185
Other comprehensive income--208,4008,420
Total comprehensive profit for the period,
net of tax
--7,2058,40015,605
TRANSACTION WITH OWNERS
Issue of capital5,717(5,717)---
Share based payments-3,767--3,767
Excess income tax benefit on share based payments--(1,880)-(1,880)
Balance at 31 March206,4159,788(8,690)17,782225,295
30 SEPTEMBER 2025
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
AUDITEDNZ$000NZ$000NZ$000NZ$000NZ$000
Balance at 1 October200,69811,738(14,015)9,382207,803
Profit attributable to the shareholders of the company--20,870-20,870
Other comprehensive income--7711,37011,447
--20,94711,37032,317
TRANSACTION WITH OWNERS
Issue of capital5,767(5,767)---
Share based payments-6,295--6,295
Excess income tax benefit on share based payments--(2,222)-(2,222)
Balance at 30 September206,46512,2664,71020,752244,193
Total comprehensive profit for the period, net of
tax

CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2026
GENTRACK INTERIM FINANCIAL STATEMENTS / 10

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

6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITED
UNAUDITED
AUDITED
NZ$000
NZ$000
NZ$000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
108,675
111,867
225,359
Payments to suppliers and employees
(116,453)
(103,535)
(197,339)
Receipts from government grants
-
-
1,693
Income tax paid
(919)
(5,464)
(7,703)
Net cash (outflow)/inflow from operating activities
(8,697)
2,868
22,010
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment
(1,100)
(1,083)
(1,743)
Acquisition of an associate
-
-
(4,854)
Net cash outflow from investing activities
(1,100)
(1,083)
(6,597)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for lease liabilities
(1,705)
(1,409)
(2,638)
Lease liability finance charge
(479)
(556)
(1,073)
Interest paid
(78)
(202)
(268)
Interest received
702
700
1,308
Net cash outflow from financing activities
(1,560)
(1,467)
(2,671)
Net (decrease)/increase in cash held
(11,357)
318
12,742
Foreign currency translation adjustment
(291)
3,737
5,395
Cash at beginning of the financial period
84,816
66,679
66,679
Closing cash and cash equivalents
73,168
70,734
84,816

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2026
GENTRACK INTERIM FINANCIAL STATEMENTS / 11
1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
These unaudited consolidated condensed interim financial statements of Gentrack Group Limited (the Company) and
its subsidiaries (together “Gentrack Group”) have been prepared in accordance with the New Zealand equivalent of
International Accounting Standard 34: Interim Financial Reporting (NZ IAS 34) and New Zealand Generally Accepted
Accounting Practice (NZ GAAP). In complying with NZ IAS 34, these statements comply with International Accounting
Standard 34: Interim Financial Reporting.
Gentrack Group is a profit-oriented entity for financial reporting purposes.
The Company is an FMC entity for the purposes of the Financial Markets Conduct Act 2013 and is listed on the New
Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).
These unaudited interim financial statements of Gentrack Group for the six months ended 31 March 2026 have been
prepared using the same accounting policies and methods of computation as, and should be read in conjunction
with, the financial statements and related notes included in Gentrack Group’s Annual Report for the year ended 30
September 2025.

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

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2026
GENTRACK INTERIM FINANCIAL STATEMENTS / 12
2. OPERATING SEGMENTS (CONTINUED)



6 MONTHS
31 MARCH 2026
UTILITYAIRPORTTOTAL
UNAUDITEDNZ$000NZ$000NZ$000
TIMING OF REVENUE RECOGNITION
Point in time15,4421,09616,538
Over time74,91618,69293,608
Total revenue90,35819,788110,146
EXPENDITURE
Employee entitlements(63,432)(9,198)(72,630)
Other operating expenses(23,838)(6,362)(30,200)
Total expenditure(87,270)(15,560)(102,830)
Segment contribution (1)3,0884,2287,316
6 MONTHS
31 MARCH 2025
UTILITYAIRPORTTOTAL
UNAUDITEDNZ$000NZ$000NZ$000
TIMING OF REVENUE RECOGNITION
Point in time15,9293,61119,540
Over time76,83315,62992,462
Total revenue92,76219,240112,002
EXPENDITURE(84,426)(14,626)(99,052)
Employee entitlements(60,659)(8,517)(69,176)
Other operating expenses(23,767)(6,109)(29,876)
Total expenditure(84,426)(14,626)(99,052)
Segment contribution (1)8,3364,61412,950
12 MONTHS
30 SEPTEMBER 2025
UTILITYAIRPORTTOTAL
AUDITEDNZ$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

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2026
GENTRACK INTERIM FINANCIAL STATEMENTS / 13
2. OPERATING SEGMENTS (CONTINUED)
A reconciliation of segment contribution (1) to profit attributable to the shareholders of the company is as follows:

(1) Segment contribution is defined as profit before depreciation, amortisation, other income, financing, foreign
exchange gain or loss, share of loss of an associate and tax.
* In the UK and New Zealand, for tax purposes the deduction for the share-based payments is the fair value at vesting
date, for accounting purposes this deduction is the fair value at grant date. Due to the strong share price rise over the
last three years, the tax deduction is higher than the accounting cost and has created a taxable loss in the respective
subsidiaries of the Group in this six months period. We have recognised deferred tax assets on these losses to the
extent we expect such taxable losses will be recoverable against future taxable profits.

An analysis of geographical markets is shown below:



6 MONTHS
31 MARCH
2026
6 MONTHS
31 MARCH
2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
Segment contribution (1)7,31612,95027,788
Depreciation and amortisation(5,262)(4,719)(9,549)
Other income--971
Foreign exchange gains6902,0543,243
Finance expense(557)(760)(1,341)
Finance income7027011,308
Share of loss of an associate(1,627)(1,093)(2,185)
Income tax benefit/(expense)*3,850(1,948)635
Profit attributable to the shareholders of the company5,1127,18520,870
6 MONTHS
31 MARCH
2026
6 MONTHS
31 MARCH
2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITED
UNAUDITED
AUDITED
NZ$000
NZ$000
NZ$000
REVENUE BY DOMICILE OF ENTITY
Australia
22,671
26,585
51,474
New Zealand
18,752
14,774
32,361
United Kingdom
57,991
57,695
119,980
Rest of World
10,732
12,948
26,379
Total revenue
110,146
112,002
230,194
REVENUE BY DOMICILE OF CUSTOMER
Australia
26,393
28,850
57,218
New Zealand
13,959
11,369
23,852
United Kingdom
54,608
52,298
111,843
Rest of World
15,186
19,485
37,281
Total revenue
110,146
112,002
230,194

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2026
GENTRACK INTERIM FINANCIAL STATEMENTS / 14
3. REVENUE


4. EXPENDITURE


5. NET FINANCE EXPENSES/INCOME


6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITED
UNAUDITED
AUDITED
NZ$000
NZ$000
NZ$000
OPERATING REVENUE:
Annual fees
45,668
41,138
82,092
Support services
23,900
19,014
42,284
Project services
23,018
29,850
65,976
Licenses
731
1,973
4,218
Managed services
15,709
16,267
31,003
Other
1,120
3,760
4,621
Total revenue
110,146
112,002
230,194
6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITED
UNAUDITED
AUDITED
NZ$000
NZ$000
NZ$000
PROFIT BEFORE TAX INCLUDES THE FOLLOWING
SPECIFIC EXPENSES:
Employee entitlements
72,630
69,177
140,870
Administrative costs
5,048
4,247
9,409
Third party customer-related costs
8,470
11,486
22,529
Advertising and marketing
1,829
1,431
2,868
Consulting and subcontracting
9,925
8,549
17,889
Other operating expenses
4,928
4,162
8,841
Total expenditure
102,830
99,052
202,406
6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
FINANCE INCOME
Interest income7027011,308
7027011,308
FINANCE EXPENSE
Interest expense(78)(204)(268)
Lease liability finance charges(479)(556)(1,073)
(557)(760)(1,341)
Net finance income/(expense)145(59)(33)

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2026
GENTRACK INTERIM FINANCIAL STATEMENTS / 15
6. CASH AND SHORT-TERM DEPOSITS

Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for
varying periods of between one day and three months, depending on the immediate cash requirements of Gentrack
Group, and earn interest at the respective short-term deposit rates. These term deposits are not automatically
renewed and are readily convertible to cash.

7. TRADE AND OTHER RECEIVABLES


8. BANK LOANS
Gentrack Group has a NZ$25.0 million multi-currency facility loan agreement with Bank of New Zealand (BNZ). This
facility is to provide additional funding as required for acquisitions and general corporate purposes. The BNZ facility
expires on 17 December 2027.
The facility is secured by a general security agreement under which the bank has a security interest in Gentrack Group
assets. Covenants are in place and compliance is reported quarterly. At all times during the period Gentrack Group has
met the covenant requirements.
At 31 March 2026, $Nil (2025: $Nil) of the facility has been drawn down.
6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITED
UNAUDITED
AUDITED
NZ$000
NZ$000
NZ$000
Cash at banks
18,551
41,872
39,315
Short-term deposits
54,617
28,862
45,501
Total cash and cash equivalents
73,168
70,734
84,816
6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITED
UNAUDITED
AUDITED
NZ$000
NZ$000
NZ$000
Trade receivables
34,379
28,031
28,559
Impairment provision - Expected credit loss
(288)
(351)
(293)
Impairment provision - Specific provision
(1,005)
(1,038)
(1,277)
Provision for volume discounts
(65)
(394)
(353)
Contract assets
22,148
17,816
20,875
Sundry receivables and prepayments
5,790
6,143
5,988
Total trade and other receivables
60,959
50,207
53,499
6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITED
UNAUDITED
AUDITED
NZ$000
NZ$000
NZ$000
Opening balance
1,570
1,284
1,284
Movement in impairment provision
78
18
286
Amounts received
-
-
(24)
Effect of movement in foreign exchange
(11)
87
101
Bad debt written off
(344)
-
(77)
Total trade receivables impairment provision
1,293
1,389
1,570

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2026
GENTRACK INTERIM FINANCIAL STATEMENTS / 16
9. SHARE CAPITAL

10. RELATED PARTIES
Key management personnel are defined as those persons having the authority and responsibility for planning,
directing, and controlling the activities of Gentrack Group, directly or indirectly, and include the Directors, the Chief
Executive Officer and their direct reports. The following table summarises remuneration paid to key management
personnel.

*While key management personnel were entitled to an Annual Incentive Plan (AIP) payment for financial year 2025,
they elected not to receive a cash bonus during the December 2025 payout cycle. Instead, the bonus amount was
voluntarily reallocated to the broader employee bonus pool.
**In addition, management have reassessed the likelihood of achieving the EPS performance hurdle against the last
vesting date of the financial year 2024 grant, comprising of 611,510 performance rights yet to vest, and concluded that
it is unlikely to be met. Accordingly, and in line with NZ IFRS 2, the previously recognised share-based payment expense
relating to this grant was reversed through profit or loss, resulting in a credit of $2.1 million.
Related parties are materially consistent with those disclosed in the 2025 Annual Report.
11. EMPLOYEE SHARE SCHEME
Gentrack Group operates the following three share schemes:
- CEO Long Term Incentive Scheme
This scheme was introduced in 2020 for the CEO and the final grant under this scheme was made in October
2022, with the final tranche vesting in December 2025. The performance rights were subject to a combination
of service and share price appreciation hurdles (50% each).

- Senior Leadership Long Term Incentive Scheme
Grants up to the financial year 2023 were subject to service and a share price appreciation hurdle (50%
each). The service component vested after 18 months and the share price appreciation component vested
after three years, subject to continued employment and achievement of the performance hurdle. All rights
have fully vested (after forfeitures by leavers), with the final tranche vesting in December 2025.

The financial year 2024 award, approved at the Special Meeting of Shareholders on 10 October 2023, is
subject to tenure and EPS and share price appreciation hurdles (fixed EPS targets by vesting year and an
incremental vesting scale for share price appreciation). During the period, 3,737,536 performance rights
vested and, after forfeitures by leavers, 611,510 performance rights remain unvested.
31 MARCH
2026
31 MARCH
2025
30 SEPTEMBER
2025
31 MARCH
2026
31 MARCH
2025
30 SEPTEMBER
2025
UNAUDITED
UNAUDITED
AUDITED
UNAUDITED
UNAUDITED
AUDITED
000
000
000
NZ$000
NZ$000
NZ$000
Ordinary shares
107,722
103,490
103,490
206,465
200,698
200,698
Issue of new ordinary shares
4,729
4,227
4,232
8,796
5,717
5,767
112,451
107,717
107,722
215,261
206,415
206,465
SHARES ISSUED
SHARE CAPITAL
6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER 2025
UNAUDITED
UNAUDITED
AUDITED
NZ$000
NZ$000
NZ$000
Salaries, bonus and other short-term employee benefits*
3,230
5,393
8,452
Share-based payments**
(1,678)
2,180
3,465
Directors' fees
410
380
765
Remuneration paid to key management personnel
1,962
7,954
12,682

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2026
GENTRACK INTERIM FINANCIAL STATEMENTS / 17
11. EMPLOYEE SHARE SCHEME (CONTINUED)
The 2026 award, granted in March 2026 under the Senior Leadership LTI Scheme comprised of:
• Standard LTI Award - up to 121,998 performance rights (fair value over life of $0.5m);
• Accelerator LTI Award - up to 1,693,399 performance rights (fair value over life of $1.7m). Maximum
authorised during the Annual General Meeting (AGM) was 1,775,361; and
• a One-off Award of 65,125 performance rights (fair value over life of $0.5m).
In March 2026, the Standard LTI and One-off LTI Award was granted to new members of the Executive
Leadership Team and a small number of senior roles reporting directly to the Executive Leadership Team.
The Accelerator LTI Award detailed in the Notice of Annual Meeting of Shareholders dated 28 January 2026,
was approved by shareholders at the 25 February 2026 Annual Shareholder Meeting (ASM) and granted to
Executive Leadership Team members only. All the awards are subject to continued employment over the
vesting period. The Standard LTI and Accelerator LTI are also subject to achievement of specified
performance conditions.
The Standard LTI Award is subject to a combination of market-based and non-market performance
conditions, being Total Shareholder Return (TSR), compound annual growth rate (CAGR) and revenue CAGR,
each weighted equally and assessed in annual tranches over the vesting period. The Accelerator Award is
subject solely to a market-based TSR CAGR hurdle, with performance assessed over the vesting period.
Vesting outcomes for both types of hurdles are linearly scaled between minimum and maximum hurdle
levels for each tranche.
In accordance with NZ IFRS 2 Share-Based Payment, the fair value of awards subject to market-based TSR
conditions was determined at grant date using a probability-weighted valuation methodology. These
probabilities were derived by considering market analyst guidance available at the grant date on the Group’s
share price and growth outlook. The valuation assumes an 80% probability that the share price at the
relevant vesting dates will fall within the range implied by this guidance, and a 20% probability that it will fall
outside that range. Performance rights subject to non-market revenue conditions are expensed based on
management’s assessment of the number of awards expected to vest. Share-based payment expense is
recognised over the vesting period commencing from 1 October 2025, consistent with prior grants and the
basis on which the awards were presented to shareholders at the ASM.
From financial year 2024, performance rights granted to the CEO and Senior Leadership after 1 October 2023
are classified as the Executive Leadership LTI Scheme.
- Gentrack Long Term Incentive Scheme
This scheme is for selected key employees who are not part of the Senior Leadership LTI scheme. The
performance rights vest over a three year-period subject to participants continuing to be employed by
Gentrack Group at the end of the vesting period.

During the period, Gentrack Group granted unlisted performance rights for $Nil consideration to employees under
the following schemes:


6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITEDUNAUDITEDAUDITED
000000000
Total Executive Leadership LTI Scheme1,768--
Total Gentrack LTI Schemes280241244
Total Performance Rights Granted2,048241244

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2026
GENTRACK INTERIM FINANCIAL STATEMENTS / 18
11. EMPLOYEE SHARE SCHEME (CONTINUED)
During the period, performance rights vested are as follows:


Please refer to the 2025 Annual Report for further information on the Long Term Incentive Share Schemes.

12. INVESTMENT IN AN ASSOCIATE

In January 2024, Gentrack Group acquired a 10% interest in Amber Holding Corporation Pty Limited (Amber). Between
May 2025 to October 2025 Amber raised further capital in which Gentrack
Group participated, resulting in Gentrack Group holding 9.9% at end of financial year 2025 and 9.7% post the final
investor investment in October 2025.
Amber is an Australian based technology company and energy retailer that gives customers direct access to real time
energy prices and the technology to automate their home batteries and EVs. Amber is a private entity that is not listed
on any public exchange.
The Group has the right to a seat on Amber’s Board. According to NZ IAS 28, Gentrack’s presence on Amber’s Board
signifies the existence of Gentrack’s significant influence over Amber, leading Gentrack Group to use the equity method
of accounting for its interest in Amber in the consolidated financial statements.

13. GOODWILL
Goodwill is stated at its initial fair value less any accumulated impairment losses. Goodwill is allocated to cash-
generating units and is not amortised but is tested annually or when indicators of impairment are present.


6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITED
UNAUDITED
AUDITED
000
000
000
Total CEO LTI Schemes
195
374
374
Total Senior Leadership LTI Schemes
322
183
183
Total Executive Leadership LTI Scheme
3,738
3,084
3,084
Total Gentrack LTI Schemes
470
581
581
Total Performance Rights Vested
4,725
4,222
4,222
6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITED
UNAUDITED
AUDITED
NZ$000
NZ$000
NZ$000
Amber Holding Corporation Pty Limited
12,887
10,728
14,547
Investments in an associate
12,887
10,728
14,547
6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITEDUNAUDITEDAUDITED
NZ$000NZ$000NZ$000
Opening balance119,270111,955111,955
Exchange rate differences(594)5,3037,315
Closing net book value118,676117,258119,270
Goodwill allocated to Utilities115,776114,358116,370
Goodwill allocated to Airport 20/202,9002,9002,900
Net book value118,676117,258119,270

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2026
GENTRACK INTERIM FINANCIAL STATEMENTS / 19
14. IMPAIRMENT TESTING OF GOODWILL AND OTHER ASSETS
At each reporting date, Gentrack Group assesses whether there is any indication that an asset may be impaired. For
the period ended 31 March 2026, management’s latest forecasts and cash flow projections continue to support the
carrying values of the Group’s assets and cash-generating units and, accordingly, no impairment charge was
recognised.
15. FINANCIAL INSTRUMENTS
Gentrack Group’s financial assets and liabilities are measured at amortised cost.
Gentrack Group’s financial assets and liabilities by category are summarised as follows:
FINANCIAL INSTRUMENTS BY CATEGORY

CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise of cash at bank including cash held on short term deposits and the carrying
amount is equivalent to fair value.
TRADE RECEIVABLES
These assets are short term in nature and are reviewed for impairment; the carrying value approximates to their fair
value.
TRADE PAYABLES
These liabilities are mainly short term in nature with the carrying value approximating to their fair value.
LEASE LIABIILITIES
Lease liabilities are predominantly for fixed period of 1-12 year and may have extension options. Lease liabilities are
measured on a net present value basis with carrying value approximating to their fair value.
16. CAPITAL COMMITMENTS
There are no capital expenditure commitments at 31 March 2026 (2025: $Nil).

17. CONTINGENCIES
On behalf of Gentrack Group, BNZ has provided guarantees of $0.9m (2025: $0.5m). These guarantees are in place
for compliance, property leases and credit card programs.



6 MONTHS
31 MARCH 2026
6 MONTHS
31 MARCH 2025
12 MONTHS
30 SEPTEMBER
2025
UNAUDITED
UNAUDITED
AUDITED
NZ$000
NZ$000
NZ$000
FINANCIAL ASSETS MEASURED AT AMORTISED COST
Cash and cash equivalents
73,168
70,734
84,816
Trade and other receivables
55,169
44,064
47,512
128,337
114,798
132,328
FINANCIAL LIABILITIES MEASURED AT AMORTISED COST
Trade payables
(4,787)
(4,972)
(6,098)
Lease liabilities
(14,455)
(16,335)
(16,276)
(19,242)
(21,307)
(22,374)

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2026
GENTRACK INTERIM FINANCIAL STATEMENTS / 20
18. EVENTS AFTER BALANCE DATE
ACQUISITION
On 29 April 2026, the Group entered into a sale and purchase agreement to acquire 100% equity interest in Dubai
Technology Partners (DTP), a premier airport technology and services provider based in Dubai, in the United Arab
Emirates. DTP’s innovative technologies and expertise will enhance Veovo’s global and regional ability to scale. The
consideration is for a total enterprise value of US$10.0 million with an earnout component of up to US$5.0 million on
achieving certain revenue and margin targets. This transaction remains conditional to customary completion steps.
On 15 May 2026, the Group entered and completed a sale and purchase agreement to acquire 100% of the equity in
Prospero Energy Ltd (trading as “Factor”), a New Zealand–founded SaaS company that enables energy retailers to
price and manage commercial electricity contracts. The acquisition will be integrated into Gentrack’s utilities
business, enhancing its g2 energy retail platform and reinforcing Gentrack’s leadership position in the B2B energy
retail segment. The total purchase consideration was $24.0 million (net of cash acquired), with an additional
contingent earn-out of up to $10.0 million payable if Factor achieves certain annual recurring revenue (“ARR”) targets
over three years post-acquisition. The transaction completed simultaneously with signing of the sale and purchase
agreement, making the acquisition unconditional by the interim financial statements’ approval date.
At the date these financial statements were approved, the Group was in the process of finalising the fair value
assessment of the identifiable assets acquired and liabilities assumed in respect of the Factor acquisition.
Accordingly, it is not practicable to disclose detailed quantitative information, including goodwill, or pro forma
information. However, we would expect the majority of the purchase price to be allocated to goodwill and intangible
assets. These disclosures, in accordance with IFRS 3 Business Combinations, will be provided in the Group’s full-year
financial statements once valuation and integration for Factor are complete; and once the completion, valuation and
integration processes for DTP is complete.
Both DTP and Factor agreements were signed after the reporting date and, accordingly, do not form any part of
Group’s financial position or results as at 31 March 2026.
SHARE BUY-BACK INTENT

On 5 May 2026, the Company’s Board of Directors announced an intention to undertake an on-market share buyback
of up to $20 million of the Company’s ordinary shares (representing no more than approximately 5% of the shares on
issue) over a period of up to 12 months. This share buyback programme is conditional on market conditions and
relates to the Company purchasing existing fully paid ordinary shares of the parent entity via on-market transactions.
DIVIDEND
On 15 May 2026, the Gentrack Group Board determined that no interim dividend will be paid out for the first half of
this financial year (2025: $Nil).

A member firm of Ernst & Young Global Limited


Independent auditor’s review report to the shareholders of Gentrack Group
Limited
Conclusion
We have reviewed the interim condensed financial statements of Gentrack Group Limited (“the
Company”) and its subsidiaries (together “the Group”) on pages 7 to 20 which comprise the
condensed statement of financial position as at 31 March 2026, and the condensed statement of
comprehensive income, condensed statement of changes in equity and condensed statement of cash
flows for the period ended on that date, and explanatory notes. Based on our review, nothing has
come to our attention that causes us to believe that the accompanying interim financial statements on
pages 7 to 20 of the Group do not present fairly, in all material respects, the financial position of the
Group as at 31 March 2026, and its financial performance and its cash flows for the period ended on
that date, in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial Reporting (NZ IAS 34) and International Accounting Standard 34: Interim Financial
Reporting (IAS 34).
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to them
in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and the Company’s shareholders as a
body, for our review procedures, for this report, or for the conclusion we have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the
Auditor’s responsibilities for the review of the financial statements section of our report. We are
independent of the Group in accordance with the Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) as applicable to audits and reviews of public interest entities. We have also fulfilled our other
ethical responsibilities in accordance with Professional and Ethical Standard 1.
Ernst & Young provides statutory account filling services to Veovo A/S . Partners and employees of
our firm may deal with the Group on normal terms within the ordinary course of trading activities of
the business of the Group. We have no other relationship with, or interest in, the Group.
Directors’ responsibility for the interim financial statements
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the
interim financial statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as
the directors determine is necessary to enable the preparation and fair presentation of the interim
financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with NZ IAS 34 and IAS 34.

A member firm of Ernst & Young Global Limited


A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently do
not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.
The engagement partner on the review resulting in this independent auditor’s review report is Rob
Yeardley.



Chartered Accountants
Auckland, New Zealand
15 May 2026

CORPORATE DIRECTORY
GENTRACK INTERIM FINANCIAL STATEMENTS / 23
REGISTERED OFFICE
Gentrack Group Limited
17 Hargreaves Street, St Marys Bay, Auckland 1011,
New Zealand
Phone: +64 9 966 6090

Level 15, 628 Bourke Street, Melbourne,
Victoria 3000, Australia
Phone: +61 3 9867 9100

POSTAL ADDRESS
PO Box 3288, Shortland Street, Auckland 1140,
New Zealand
NEW ZEALAND INCORPORATION NUMBER
3768390
AUSTRALIAN REGISTERED BODY NUMBER (ARBN)
169 195 751
DIRECTORS
Andrew Green, Chairman
Darc Rasmussen (ceased 20 April 2026)
Fiona Oliver
Gary Miles
Gillian Watson
John Scott
Stewart Sherriff
COMPANY SECRETARY
Nathalie Watson
AUDITOR
EY
EY Building, 2 Takutai Square, Britomart
Auckland 1010, New Zealand
Phone: +64 9 377 4790
LEGAL ADVISERS
BELL GULLY
BANKERS
BANK OF NEW ZEALAND
ANZ LIMITED
HSBC PLC
NORDEA BANK DENMARK A/S
SHARE REGISTRAR
NEW ZEALAND
MUFG PENSION & MARKET SERVICES
Level 30, PwC Tower, 15 Customs Street West,
Auckland 1010
PO Box 91 976, Auckland 1142
Phone: +64 9 375 5998
Facsimile: +64 9 375 5990
Email: enquiries.nz@cm.mpms.mufg.com
AUSTRALIA
MUFG PENSION & MARKET SERVICES
Level 41, 161 Castlereagh Street, Sydney, NSW 2000,
Australia
Locked Bag A14, Sydney South, NSW 1235
Phone: +61 1300 554 474
Facsimile: +2 9287 0303
Email: support@cm.mpms.mufg.com

CORPORATE DIRECTORY
GENTRACK INTERIM FINANCIAL STATEMENTS / 24

www.gentrack.com

---

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



Results for announcement to the market
Name of issuer Gentrack Group Limited
Reporting Period
6 months to 31 March 2026
Previous Reporting Period
6 months to 31 March 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$110,146 -1.66%
Total Revenue $110,146 -1.66%
Net profit/(loss) from
continuing operations
$5,112 -28.86%
Total net profit/(loss) $5,112 -28.86%
Interim/Final Dividend
Amount per Quoted
Equity Security
No dividend payable
Imputed amount per
Quoted Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable

Current period Prior comparable
period
Net tangible assets per
Quoted Equity Security
$0.887 $0.718
A brief explanation of any
of the figures above
necessary to enable the
figures to be understood
For commentary on the results please refer to the market
announcement, financial statements including
chairperson commentary, and investor presentation
attached.
Authority for this announcement
Name of person
authorised to make this
announcement
Nathalie Watson
Contact person for this
announcement
Nathalie Watson
Contact phone number +64 9 966 6090
Contact email address nathalie.watson@gentrack.com
Date of release through
MAP
18/05/2026
Unaudited financial statements accompany this announcement.

---

© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack Group
HY26
18 May 2026
[NZX/ASX: GTK]

2
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Disclaimer
This presentation may contain forward-looking statements.
Forward-looking statements often include words such as
‘anticipate’, ‘expect’, ‘plan’ or similar words in connection with
discussions of future operating or financial performance.
The forward-looking statements are based on management’s
and directors’ current expectations and assumptions regarding
Gentrack’s business and performance, the economy and other
future conditions, circumstances and results. As with any
projection or forecast, forward-looking statements are inherently
susceptible to uncertainty and changes in circumstances.
Gentrack’s actual results may vary materially from those
expressed or implied in its forward-looking statements.
All figures are shown in NZ$M.

© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack
HY26 Business Review
Gary Miles
Chief Executive Officer

4
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Financial Headlines
REVENUE
-39.2%
$13.0M
$7.9M
EBITDA
(excl. acquisition costs)
-1.7%
HY25
HY26
$112.0M
$110.1M
UTILITIES
REVENUE
-2.6%
$92.8M
$90.4M
VEOVO
REVENUE
2.9%
$19.2M
$19.8M
GROUP RECURRING
REVENUE
11.6%
$76.4M
$85.3M
NET CASH
3.4%
$70.7M
$73.2M
Revenueatc.$110m. Strong recurring revenue
(up12%) offset by lower NRR project revenue.
Utilitiesrecurring revenue 9% higher
at$73.3m(v$67.4m). NRR fell to$17m(v $25.4m)
following completionof several projects and delay in timing
of new wins.
Veovoat$19.8m. Revenue grew 3%, but excluding
hardware sales, was 20% up v prior period. Includes a 33%
step up in recurring revenues.
EBITDA(excl. acquisition costs) at$7.9m(v $13m).
Lower Utilities project revenues impacting margin.
NPATat$5.1m(v $7.2m) includes credit to tax of $3.9m
(v a $1.9m charge in prior year). This favourable impact is
from the tax treatment of LTI costs.
Cash at$73.2m($2.5m higher v HY 25). This is $11.6m
lower than last year end following normal first half cashflow
cycle (payments of prior year’s bonuses & taxes).
Expect FY26 to be cash generative before acquisitions
and share buy back.
-28.9%
$7.2M
$5.1M
NPAT

5
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
FY26 Outlook
We provided our FY26 guidance on 5 May 2026, setting out that we expect:
•Revenue to be between $229m to $238m.
•Recurring revenues to grow by more than 10% to around $174m, while non-recurring (NRR)
revenues will be lower than FY25.
•EBITDA to be between $13.5m and $20m (all excluding acquisition costs).
It is too early for us to provide guidance for FY27. We re-iterated our confidence in our medium-
term growth target of more than 15% CAGR with an emphasis on building recurring revenue. With
strong recurring revenue growth we expect margins to improve to our medium-term target of 15%
to 20% EBITDA margin (after expensing all development costs).

6
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
These are key areas where Gentrack is
advancing and investing
Two mega-trends driving energy retail transformation
Price volatility and service
complexity from the energy
transition
Automation and cost to serve
opportunities from AI

7
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
DRIVER 1: AI AUTOMATING OPERATIONS AND
LOWERING COST TO SERVE FOR RETAILERS
IT STACK
30-70% cost reduction potential
Improved regulatory compliance
Targeted marketing & segmentation
Payments & collection improvement
Personalised offerings and renewals
Retail
Operations
Transformed
by AI

8
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
DEEP
INDUSTRY
TRANSFORMATION
UNTIL RECENTLY
Smart meters
Transmission
Generation
Distribution
Consumption
Enterprise
prosumers
Mobile
battery (EV) / ToU
Local / regional
storage
Large renewable
energy plans
Backup power
plans
ACTIVE, SMART
DEMAND RESPONSE
Feed-in Tariffs
(FiT)
MULTI-DIRECTIONAL,
REAL-TIME, COMPLEX
Residential
prosumers


ENERGY AND DATA
FLOWS & STORAGE
De-centralised
renewable energy


CYBER
SECURITY
ENERGY FLOW
DATA FLOW
DRIVER 2: THE ENERGY TRANSITION IS CREATING
PRICE VOLATILITY AND SERVICE COMPLEXITY
Modern
Systems to
Prosper in
the Energy
Transition
Smart meters and hyper-scale data
Distributed energy resource management
Service innovation and personalization
Gross margin management
Advanced trading and hedging
ML-based forecasting, on-demand pricing

9
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Factor acquisition | Strategic Rational
Gold standard
pricing & forecasting
for g2
Factor’s advanced technology will
be integrated as a core capability
of g2, immediately available to
Gentrack’s 60+ global utility
customers.
Factor means g2 is the clear
leader in B2B energy, making it
simple for retailers to create, price
and manage innovative products
profitably.
Market entry
accelerator
Factor’s TAM is already global,
with no market localisation
requirements.
With no implementation projects
and same-day deployment,
standalone Factor sales can
provide Gentrack an accelerated
route to enter new markets.
Proven team of
experts
Factor’s co-founders are proven
business builders and deep
energy industry experts.
The Factor team will be able to
leverage Gentrack's global
customer base and distribution
reach.

10
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
g2 Capability Model

11
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Factor acquisition | Transaction Terms
Following a period of negotiation and conventional due diligence, Gentrack and Factor have executed a Sale and Purchase Agreement.
The following are the highlights of the transaction:
Consideration
•Enterprise value ofNZ$24 million, with a potential earn out of NZ$10m linked to growing Annual
Recurring Revenues (ARR) to c.$NZ17 million in the first 3 years of the transaction.
Funding•The consideration will be funded entirely from Gentrack’s existing cash reserves.
Simultaneous
Completion
•The transaction was completed simultaneously with the signing of the Sale and Purchase Agreement
on 15 May 2026.
Financial Impact:
•The impact of the transaction is included in the updated guidance provided on 5 May 2026.
•With only a short period left in FY26, it will have limited impact on revenues this year. Target growth, excluding any benefit to our
win rate for g2 sales, would see the transaction being EPS accretive in FY28.

12
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Amber update
Gentrack owns c.10% of fast-growing Amber, following investing NZ$12.9m in Jan 2024, and a further
NZ$4.9m in May 2025.
53.5k+~305mw>65%
Automated
devices
Automated
supply
AU Market share of
automation
Sources: IEA Global EV Outlook, Clean Energy Council (AU), BEIS/DESNZ (UK), BSW Solar (DE), SEIA/Wood Mackenzie (US), Statistica, Wikipedia
Assumptions: V2G Capacity = 1% (2020), 20% (2025), 100% (2030), HH Uptake adjusted: 80% of battery owners also have solar; 60% of V2G
owners have solar/batter,. Unique HH = Solar + 20% Battery + 40% V2G.

13
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Veovo in H1

14
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
DTP Acquisition | Global Scale and Regional Momentum
26
Countries
150+
Airports
MIDDLE EAST

15
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
26
Countries
150+
Airports
DTP Acquisition | Global Scale and Regional Momentum
MIDDLE EAST
60+
Staff
Consideration
•Enterprise value ofUS$10 million (approximately NZ$17 million), subject to customary completion
adjustments.
Funding•The consideration will be funded entirely from Gentrack’s existing cash reserves
Expected Completion•Expected to occur within a month, subject to customary closing conditions
Financial Impact:
•Depending on the final completion date, we expect the acquisition of DTP to addc.NZ$3.5m of revenue to
Gentrack'sVeovobusiness across the approximate 4 months remaining in FY26.
•We do not envisage material levels of investment beingrequired.
•We expect the acquisition to be marginally EBITDA accretive (before acquisition costs) in FY26. The cost of integration will be low
and focused on cross sales activities aimed at driving growth in FY27 and onwards.

16
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
DTP Acquisition | Enhancing Veovo’s AI-Centric Portfolio
•World class AirportView app –
increases information distribution and
accessibility, a key differentiator
•Strong integration and messaging
backbone – accelerates ability to
connect platforms airport wide, a
critical element of Total Airport
Management strategy
•Open data framework and wider
datasets will drive improved analytics
insight
DTPs deep machine learning experience and domain models extends across all of Veovo capabilities

17
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
CEO Closing Remarks
Gentrack is well positioned to lead across both airports and utilities sectors as they modernise operations
and adopt AI. These are sizable markets in which Gentrack has grown at 18% CAGR since FY20. We are
confident in our target of >15% CAGR in the medium term.
Utilities’ pipeline across the next 12 months includes more than 10 new customer opportunities and spans
c.30m meter points in Europe and APAC. We still target to win 3-4 deals, expected from now through to
March 2027. This number of wins would set us up for strong growth in FY27.
Veovo has had an exceptional first half. It continues to win new customers and is delivering high growth in
recurring revenue. We expect this success to continue.
We have a strong balance sheet, no debt, and a track record of cash generation, providing an engine for
bolt-on M&A. The acquisitions of DTP and Factor demonstrates how we can use this to support growth.

© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack
HY26 Results
John Priggen
Chief Financial Officer

19
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Group Profit and Loss
EBITDA being earnings before depreciation, amortisation, other income, financing, forex, loss from associate and tax. EBITDA is a non-GAAP measure
NZ$m
HY 25
•Recurring revenue up12% at c.$85m.
•Offset by lower NRR (project revenue) at Utilities and less
hardware sales at Veovo.
•Operating Costs: continue to expand investment in
capability, sales and product within Utilities (see. Slide 21)
•LTI costs: have previously guided this to be lower v FY25. In
addition, we now forecast that we will not meet the last EPS
hurdle on the 2023 LTI scheme resulting in a reversal of
$2.1m of costs previously booked against this scheme.
•Amber (we own c.10%) continues to invest in their
expansion. Our share of this cost is $1.6m. This investment is
held on our balance sheet at cost less what’s been booked
through our P&L account and not Amber’s higher valuation.
•Tax credit of $3.9m ($1.9m charge HY 25): Vesting on the
LTI schemes is a tax deduction in UK & NZ, creating taxable
losses to offset against in year profits and future profits.
HY 26
EBITDA (including acquisition costs) was $7.3m in HY26 v $13m in the prior period.
Utilities
Veovo
Total
Utilities
Veovo
Total
YoY %
Recurring Revenue
67.4
9.0
76.4
73.3
12.0
85.3
12%
12%
Non Recurring Revenue
25.4
10.2
35.6
17.0
7.8
24.9
-30%
-30%
Revenue
92.8
19.2
112.0
90.4
19.8
110.1
-1.7%
-2%
Operating Costs
-78.8
-13.9
-92.6
-87.5
-14.9
-102.4
11%
11%
EBITDA before LTI Schemes
14.0
5.4
19.4
2.9
4.9
7.8
-60%
-60%
%
15%
28%
17%
3%
25%
7%
LTI Charges
-5.7
-0.8
-6.4
0.2
-0.1
0.1
EBITDA ( excluding acquisition costs)
8.3
4.6
13.0
3.1
4.8
7.9
-39%
-39%
EBITDA %
9.0%
23.9%
11.6%
3.4%
24.2%
7.2%
Acquisition Costs
-0.6
Depreciation & Amortisation
-4.7
-5.3
FX Gains/Losses & Interest
2.0
0.8
Share of Amber's Loss
-1.1
-1.6
Income Tax
-1.9
3.9
NPAT
7.2
5.1
-29%
-29%

20
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Utilities Revenue Analysis
HY25 v HY26 Revenue by region
•Recurring Revenue up 9%: includes higher levels of Support
Services spread across the customer base.
•NRR 33% lower following completionof several projects from
last year (Utility warehouse; Vocus; PWC and phase 2 of Neom)
and delay in timing of new wins.
NZ$m
Revenue
by market segment
Top 10 customers
by revenue

EMEA
APAC
38.5m
40.5m
51.9m
52.2m
HY 25
HY 26
In prior presentations, we disclosed Annual Fees and Managed Services as Contracted Monthly
Recurring Revenue (CMRR) and Support Services as Transactional Recurring Revenue (TRR). The
above are how these revenue types are described in the Interim Financial Statements

21
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Utilities Operating costs
Utilities Costs HY25 v HY26
NZ$m
•We had capacity to deliver more revenue in the
first half than we did.
•We continue to increase investment in Sales and
Product including shifting some delivery resource
to product investment in H1.
•We expect other operating costs to grow more
slowly than revenue in H2.
•We expect LTI costs to be c.$2m higher in H2 (H1
benefits from a reversal of prior periods costs)
HY 25
HY 26
YoY %
Utilities Revenue
92.8
90.4
-2.6%
Product investment/ taking g2.0 to market
18.2
20.1
10.4%
Costs as a % of revenue
20%
22%
Sales & marketing spend
10.4
11.3
8.7%
Costs as a % of revenue
11%
12%
Other operating costs
50.2
56.1
11.8%
Costs as a % of revenue
54%
62%
Operating costs
78.8
87.5
11.0%
Costs as a % of revenue
85%
97%
LTI costs
5.7
-0.2
-104.0%
Costs as a % of revenue
6%
0%
EBITDA
8.3
3.1
-62.8%
EBITDA %
9.0%
3.4%

22
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
•Revenue excl. hardware sales is
20% higher v HY25
•Recurring revenues up 33% to
$12m following prior period
upgrades and wins as and this
years win at NAV Canada.
•The prior period included a high
level of hardware sales (bundled
within our project revenues for new
wins and upgrades). This source of
revenue is often “lumpy” between
half years.
HY 26
Revenue Analysis
Veovo Revenue HY25 v HY26
Revenue by region
EMEA
AMERICAS
APAC
HY 25
NZ$m
$10.7m
$12.4m
$5.3m
$4.0m
$3.8m
$2.9m
HY 26
HY 25
HY2
5
HY2
6
TotalTotalYoY %
Annual Fees8.710.521%
Support Services0.31.4332%
Recurring revenue 9.012.033%
Project Services / Licenses6.66.72%
Other (Hardware)3.61.1-70%
Non recurring revenue 10.27.8-23%
Total Revenue19.219.83%

23
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Cashflow
•Cash at $73.2m and no external debt
•First half cashflow cycle includes $10.3m of payments of
prior years bonuses, commissions and LTI taxes (within
working capital outflow for employee costs).
•This drives a $11.6m cash outflow in HY26. We expect a
working capital inflow in H2.
•As previously guided, HY26 benefits from the income
tax credit booked in the P&L in FY25, with low levels of
tax being paid in HY26.
•Expect the full year to be cash generative before
acquisitions and a share buyback.
NZ$m

© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Q&A

25
© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Reconciliation to Financial Statements
This sets out how revenue shown in this
presentation reconciles to revenue
disclosure in the Financial Statements.
NZ$m
HY2
5
HY2
6
HY 25HY 26
Utilities
Veovo
Total
Utilities
Veovo
Total
YoY %
Annual Fees
32.4
8.7
41.1
35.1
10.5
45.7
11%
Support Services
18.7
0.3
19.0
22.5
1.4
23.9
26%
Managed Services
16.3
0.0
16.3
15.7
0.0
15.7
-3%
Recurring revenue (CMRR & TRR)
67.4
9.0
76.4
73.3
12.0
85.3
12%
Project Services
23.7
6.2
29.9
16.4
6.6
23.0
-23%
License Fees
1.6
0.4
2.0
0.6
0.2
0.7
-63%
Other
0.1
3.6
3.8
0.0
1.1
1.1
-70%
Non recurring revenue (NRR)
25.4
10.2
35.6
17.0
7.8
24.9
-30%
Total Revenue
92.8
19.2
112.0
90.4
19.8
110.1
-2%

© Gentrack 2026. All rights reserved.
This document is the intellectual property of Gentrack.
Thank you