GenusPlus has delivered a sharp rise in FY2026 revenue, profit and operating cash flow, while completing its largest strategic acquisition to date. The $325 million MPC Kinetic transaction broadens the company beyond electricity infrastructure just as its order book reaches $2.2 billion.
- Revenue rose 70.5% to $1.281 billion
- Normalised EBITDA increased 49.7% to $100.8 million
- Underlying NPAT reached $54.7 million, while statutory profit rose 38.6% to $49.0 million
- $325 million MPC Kinetic acquisition completed on 1 July 2026
- Fully franked final dividend of 3.6 cents per share declared
Record earnings meet a much larger GenusPlus
GenusPlus Group Ltd (ASX:GNP) has reported its strongest financial year yet, with revenue climbing 70.5% to $1.281 billion and normalised EBITDA rising 49.7% to $100.8 million. Underlying NPAT increased 44% to $54.7 million, while statutory profit after tax rose 38.6% to $49.0 million.
The infrastructure contractor also generated $194.0 million in operating cash flow, up 60.4% year on year, and closed FY2026 with a $2.2 billion order book. Management said the result reflected growth across all three operating segments, contributions from acquisitions and continued activity in renewable energy and transmission infrastructure.
The numbers arrive as GenusPlus moves beyond its traditional power-network base. The company completed its $325 million acquisition of MPC Kinetic on 1 July, funded through existing cash, debt and the proceeds of a $200 million equity raising. The deal adds exposure to gas gathering and well maintenance, water infrastructure, renewable energy and major pipeline projects. A further $25 million is payable six months after completion, while up to $50 million is contingent on MPC Kinetic achieving a FY2027 EBIT target of $70 million.
Transmission and renewables remain the earnings engine
Infrastructure was the largest contributor, producing $816.1 million of external revenue, up from $405.1 million a year earlier. Energy and Engineering generated $313.0 million, compared with $224.1 million, while Services revenue increased to $151.5 million from $122.1 million.
The report points to work on HumeLink East, Clean Energy Link North, the Hunter-Central Coast Renewable Energy Zone, battery projects and Tasmania’s North West Transmission Developments. That pipeline has continued to expand alongside recent power contract wins, including approximately $255 million of Western Australian awards spanning network work, renewable connections and mine-site infrastructure. The earlier awards were scheduled to run through to 2029, although individual contract values and margins were not disclosed.
GenusPlus also cited the North West Transmission Developments, where it has ongoing work under a program with a contract value of up to $950 million, and HumeLink East, where its 25% share sits within a total joint venture contract value of approximately $1.4 billion. These figures describe contract opportunities rather than recognised FY2026 revenue, and the company cautions that project delivery remains exposed to cost, timing, workforce and contract risks.
Cash has strengthened, but acquisitions raise the execution burden
Cash and restricted cash stood at $476.0 million at 30 June, compared with $160.9 million a year earlier. That balance included $85.5 million held by joint arrangements or as contractual guarantees. Borrowings were $31.8 million, while lease liabilities totalled $64.4 million.
The stronger balance sheet helped fund MPC Kinetic, but the transaction changes the test for FY2027. MPC Kinetic’s acquisition accounting was not finalised when the annual report was prepared, and the contingent payment will depend on future operating performance. GenusPlus also identified integration, project delivery, labour availability, supply chain disruption, financial risk and market competition among the principal risks facing the enlarged group.
The board declared a fully franked final dividend of 3.6 cents per share, unchanged from FY2025, with approximately $7.3 million payable. The company’s forecast FY2027 recurring revenue is approximately $764 million including MPC Kinetic, but that figure is not directly comparable with the reported FY2026 result because it includes the newly acquired business.
First climate disclosures set a 36% emissions target
GenusPlus has published its first AASB S2 climate-related disclosures, setting a target to reduce Scope 1 and Scope 2 emissions by 36% by FY2030 against a FY2025 baseline. The target includes a minimum 6% year-on-year reduction, although the company has not yet disclosed comparative emissions data and has used the available transition relief to omit Scope 3 emissions in this first report.
The company reported FY2026 Scope 1 emissions of 15,267 tonnes of carbon dioxide equivalent and Scope 2 emissions of 792 tonnes. It said no material climate-related disruption affected FY2026 operations, while identifying extreme weather, supply-chain interruption and changing client requirements as risks that could become more significant over time. GenusPlus has committed to 14 hybrid or electric vehicles and plans to appoint a dedicated sustainability manager in FY2027.
Bottom Line?
The headline numbers are strong, but FY2027 will show whether GenusPlus can convert its enlarged order book and MPC Kinetic acquisition into earnings without losing project discipline.
Questions in the middle?
- How quickly will MPC Kinetic contribute to earnings, and will its FY2027 EBIT target trigger the full contingent consideration?
- Can GenusPlus maintain project margins as transmission, battery and renewable work expands across multiple states?
- When will the company establish comparable emissions data, including Scope 3, to demonstrate progress against its FY2030 target?