Gentrack Doubles Profit as g2.0 Platform Gains Traction Globally
Gentrack Group reported a strong FY25 with revenue up 8% and net profit more than doubling, driven by key deployments of its new g2.0 cloud platform and robust growth in its airports division Veovo.
- FY25 revenue rises 8% to $230.2 million
- Statutory net profit after tax doubles to $20.9 million
- Recurring revenues grow 13% to $155.4 million
- First full g2.0 platform deployment with Genesis Energy
- Veovo airports division revenue up 15%, new NAV CANADA contract
Strong Financial Performance Amid Strategic Investments
Gentrack Group Ltd has delivered a robust financial performance for the full year ended 30 September 2025, with total revenue climbing 8% to $230.2 million and statutory net profit after tax (NPAT) surging 119% to $20.9 million. This growth was achieved despite the company expensing all research and development costs related to its new g2.0 cloud platform, underscoring operational strength and disciplined investment.
Recurring revenues, a key indicator of business stability, increased 13% to $155.4 million, reflecting strong customer retention and expansion across both the Utilities and Airports divisions. The company’s cash reserves also grew by $18.1 million to $84.8 million, bolstering its financial flexibility.
g2.0 Platform Milestones and Market Expansion
A major highlight for Gentrack was the October 2025 milestone deployment of its g2.0 platform with Genesis Energy in New Zealand, marking the first full-scope implementation of this cloud-based solution integrated with Salesforce CRM. This platform promises to accelerate utilities’ digital transformation by enabling rapid product launches and improved customer experiences.
Further international expansion is underway with the upcoming g2.0 deployment at ACEN in the Philippines, Gentrack’s first full-stack Asian customer, and a new water sector contract with Pennon Water Services in the UK. These wins demonstrate the platform’s versatility across energy and water utilities, a strategic differentiator for the company.
Veovo Airports Division Drives Growth and Innovation
Veovo, Gentrack’s airports software division, reported a 15% revenue increase to $36.8 million, fueled by new customer acquisitions in the UK, Middle East, and Asia-Pacific regions, as well as platform upgrades. Recurring revenues grew 18%, supported by a record number of project deliveries.
Notably, Veovo secured a significant contract with NAV CANADA, the country’s air navigation service provider, to manage aeronautical billing. This long-term deal not only reinforces Veovo’s leadership in airport billing but also opens doors to a new market segment with global potential.
Outlook and Strategic Priorities
Gentrack’s board has elected not to pay a dividend, opting instead to reinvest capital to fuel growth. The company remains confident in its mid-term guidance of over 15% compound annual revenue growth and EBITDA margins between 15-20% after development costs.
With a strong project pipeline and expanding global footprint, particularly across EMEA and APAC, Gentrack is well positioned to capitalize on the accelerating digital transformation in utilities and airports. The company’s ability to deliver complex customer migrations and support industry-wide initiatives like the UK’s Market-Wide Half-Hourly Settlement program further cements its reputation as a trusted technology partner.
Bottom Line?
Gentrack’s FY25 results set the stage for accelerated growth, but investors will watch closely for execution on its ambitious global expansion and platform rollout.
Questions in the middle?
- How will Gentrack balance ongoing R&D investment with profitability in FY26 and beyond?
- What impact will the NAV CANADA contract have on Veovo’s market share and margins?
- How quickly can Gentrack scale g2.0 deployments across diverse international utilities?
