GenusPlus Group Limited

GenusPlus reported record half-year revenue of $535 million, up 60% on the prior comparable period, record EBITDA of $46.3 million, and record statutory NPAT of $24.9 million. Cash flow from operations was $91 million, conversion was 199%, cash on hand was $178 million, net cash was $127 million, and restricted term deposits were $22 million. The company also reported Infrastructure revenue of $345 million with 5.2% EBIT, Energy & Engineering revenue of $151 million with EBITDA of $10.9 million, and an interim dividend of $0.02. Looking ahead, management said the tendered pipeline was $2.6 billion and noted $278 million of headroom under the new facility, while CapEx was $34 million to date and expected to be $40 million to $45 million for the year depending on H2 activity.

David Riches was highly upbeat, calling the half “absolutely fantastic” and saying he could not be prouder of the business. His message centered on scale-up execution, with the company converting work into order book, expanding the tendered pipeline, and winning large energy-transition projects such as Western Power, HumeLink, TasNetworks, Hunter-Central Coast and the Western Renewables Link. He also emphasized that Genus is now positioned as a broader energy-market contractor, from recurring services to very large transmission and infrastructure projects.

Damian Wright did not add separate scripted commentary in the transcript beyond the introduction and closing thanks, so the financial detail came mainly from management’s results discussion. The reported financial position was strong: $178 million cash, $127 million net cash, $22 million in restricted term deposits, and $278 million of headroom under the new syndicated facility. Management also said operating cash flow was $91 million, cash conversion was 199%, and CapEx was $34 million to date with a full-year target of $40 million to $45 million.

Analysts focused on the composition of the $2.6 billion tendered pipeline, asking whether it was skewed toward BESS, transmission, or larger-scale projects. Riches said the mix still shifts over time, but he did not see a material change in recent years and described the market as “very, very busy,” with Infrastructure still about two-thirds of the pipeline and Energy & Engineering about one-third. Another question asked how much of the major construction work would flow into FY26 versus FY27; Riches said it was more of a FY27 contributor, but some projects could start sooner as environmental constraints ease. On Services margins, he said the teens margin level was strong and should be held for now, with the priority shifting to growing revenue.