GenusPlus Group Ltd (ASX:GNP) posted record FY2026 results with revenue soaring 70.5% to $1.28 billion and net profit after tax rising 38.6% to $49 million. The company declared a fully franked 3.6 cent dividend and completed a major acquisition expanding into gas and water sectors.
- 70.5% revenue growth to $1.28 billion
- Net profit after tax up 38.6% to $49 million
- Completed $325 million MPC Kinetic acquisition
- Strong FY2027 EBITDA forecast of $200-205 million
- Orderbook at $2.2 billion with $3.6 billion tender pipeline
Record Revenue and Profit Growth
GenusPlus Group Ltd (ASX:GNP) has delivered a standout FY2026 performance, reporting revenue of $1.281 billion, a 70.5% jump from $751 million the prior year. Net profit after tax climbed 38.6% to $49 million, underpinning the company’s robust expansion across its core infrastructure, services, and energy & engineering segments.
The company’s normalised EBITDA hit a record $100.8 million, up nearly 50%, while underlying NPAT (excluding acquisition costs and amortisation) rose 44% to $54.7 million. Basic earnings per share lifted 35.5% to 26.75 cents, reflecting strong operational leverage and strategic growth initiatives.
Strategic Acquisitions Bolster Diversification
FY2026 saw GenusPlus complete two key acquisitions: Railtrain Group in April and Wanzeng Pty Ltd in May, broadening its rail infrastructure and electrical service capabilities. The Railtrain deal notably expanded the company’s geographic footprint and service depth in Western Australia’s Tom Price region.
Post year-end, GenusPlus finalized the $325 million acquisition of MPC Kinetic (MPK), a leading Queensland-based provider of gas gathering, well maintenance, and renewable energy construction services. This move marks a strategic diversification into the gas and water sectors, critical for Australia’s energy security and transition. The acquisition was funded through a $200 million equity raise in May 2026, supplemented by debt facilities, and is expected to be earnings accretive.
Robust Cash Position and Capital Management
The group’s cash balance surged to $476 million at June 2026, up from $161 million a year prior, bolstered by strong operating cash flow and the recent equity raise. Net cash (excluding lease liabilities) stood at $399 million, providing ample liquidity to support growth and acquisitions.
Bank guarantees and surety bond facilities more than doubled to $540 million, with $296 million of headroom available. The company maintained compliance with all debt covenants and increased its equipment finance facilities to support capital expenditure, which totalled $44.5 million in FY2026 and is forecast at $65-70 million for FY2027, including investments related to MPK and Railtrain.
Segment Growth and Market Opportunities
The infrastructure segment more than doubled revenue to $837 million, driven by major projects such as the HumeLink East and TasNetworks NWTD projects, reflecting GenusPlus’ pivotal role in Australia’s transmission network expansion. Energy & Engineering revenue grew 57% to $369 million, supported by battery energy storage system contracts including a $110 million Koolunga project.
The services segment reported a 23.5% revenue increase to $152 million, with strong growth in telecommunications, asset management, and environmental services. GenusPlus continues to deepen partnerships with major customers like Telstra and nbn, positioning itself to capitalise on the expanding digital infrastructure market.
Strong FY2027 Outlook and Growth Pipeline
With an orderbook of $2.2 billion (excluding recurring revenue) and a tender pipeline of $3.6 billion, GenusPlus forecasts FY2027 EBITDA in the range of $200-205 million, nearly doubling the prior year’s result. Recurring revenue is expected to rise to approximately $764 million, including contributions from MPK.
The company is well positioned to benefit from Australia’s energy transition, with substantial investment anticipated in renewable energy, battery storage, and transmission network upgrades over the next two decades. GenusPlus’ expanding east coast presence, now expected to exceed 50% of revenue with MPK, enhances its access to these growth markets.
Governance, Risk Management and Sustainability
GenusPlus maintains a strong governance framework overseen by an experienced board, with ongoing focus on risk management across people, project delivery, financial, cyber security, and environmental risks. The company adopted new climate-related disclosure standards this year, reflecting its commitment to transparency on sustainability issues.
The independent auditor issued an unqualified opinion on the financial statements, affirming the integrity of the company’s reporting.
Bottom Line?
GenusPlus’ FY2026 results and strategic acquisitions set a robust platform for accelerated growth, but investors should watch how integration of MPK and Railtrain unfolds amid evolving energy sector dynamics.
Questions in the middle?
- How will GenusPlus integrate MPK’s gas and water services to maximise cross-segment synergies?
- What risks could impact the company’s ability to convert its $3.6 billion tender pipeline into revenue?
- How might rising interest rates and supply chain pressures affect GenusPlus’ capital expenditure plans?