GenusPlus Group Limited

GenusPlus reported $1.28 billion of revenue, up 70% year on year, with EBITDA just over $100 million and underlying NPAT of $54 million. Infrastructure revenue was $837 million, up 100%, with $55 million of EBITDA and $42 million of EBIT. The company said cash balance was up $315 million, free cash flow before income tax was $229 million versus $138 million in the prior comparable period, and capex was $44 million. It ended with a $2.2 billion order book, a $3.6 billion tendered pipeline, and recurring revenue of $764 million. Looking ahead, management guided to EBITDA of $200 million to $205 million and capex of $65 million to $70 million, noting the outlook blends organic growth, Railtrain and MPK contributions.

David Riches struck an upbeat but disciplined tone, describing the year as a “massive step change” and saying the company has moved from hundreds of millions of revenue to nearly $1.3 billion in two years. He repeatedly emphasized stable leadership, safety, culture and operational discipline, and said the business had to learn how to manage much larger projects and ramp-ups. On strategy, he framed MPK and Railtrain as key diversification steps that expand GenusPlus into rail, pipeline, water, gas and wind-related work.

Damian Wright focused on the accounting treatment of acquisition-related costs and the distinction between underlying and statutory profit. He said the main normalization was about $5 million before tax, mainly acquisition costs and amortization, and that an underlying NPAT measure was introduced because acquisition activity increased this year. On balance sheet and liquidity, management said the facility was expanded to $540 million from $260 million, bank guarantees and surety bonds totaled $240 million at 30 June, and banking credit balance was $79 million.

Analysts pressed management on whether HumeLink East margins had changed and whether contingency accounting was becoming more conservative. Riches said they report actuals with contingency buffers, kept infrastructure margins around 5%, and were being deliberately responsible rather than aggressive. Another question asked how much of FY27 EBITDA guidance came from MPK versus organic growth; management said it was a blend of double-digit-plus organic growth, a partial year from Railtrain, and a portion from MPK. They also addressed the $3.6 billion tender pipeline, saying much of it is still Genus-led but MPK adds new civil, pipeline, gas and wind opportunities.