GenusPlus Group Limited

GenusPlus said half-year revenue was $535 million, up 60% on the prior comparable period. EBITDA was a record $46.3 million and statutory NPAT was $24.9 million; management also cited a strong EPS position, but did not give a specific EPS figure. Cash finished at $178 million, net cash was $127 million, and restricted term deposits were $22 million. Operating cash flow was $91 million and cash conversion was 199%. Segment revenue included Infrastructure at $345 million and Energy & Engineering at $151 million, with Energy & Engineering EBITDA of $10.9 million. The company announced an interim dividend of $0.02, and said its new facility provided $278 million of headroom at December. For full-year CapEx, management guided to $40 million to $45 million depending on the second half. Looking ahead, management said FY26 EBITDA growth guidance was 35%, and that some major construction work may fall more into FY27, though timing could shift earlier as approvals free up.

David Riches struck an upbeat tone throughout, saying the business had delivered an “absolutely fantastic result” and praising the team for building systems that can support growth without hiccup. Strategically, he emphasized GenusPlus as a one-stop shop across energy and infrastructure, with expanding capabilities in transmission, rail, and services. He also highlighted the company’s ability to convert pipeline into order book while still growing the tendered pipeline and keeping M&A on the table.

Damian Wright did not provide a separate detailed prepared script in the transcript, so the financial commentary came primarily from David Riches. The numbers highlighted were strong: $535 million revenue, $46.3 million EBITDA, $24.9 million NPAT, $178 million cash, $127 million net cash, $91 million operating cash flow, and 199% cash conversion. CapEx was $34 million to date, with a full-year target of $40 million to $45 million, reflecting investment in owned equipment for larger projects and disciplined capital management.

Analysts focused first on the mix of the $2.6 billion tender pipeline, asking whether BESS, transmission, or larger-scale projects were becoming more concentrated. Management said the mix had not materially shifted, with infrastructure roughly two-thirds of the pipeline and Energy & Engineering about one-third, and described the market as still “very, very busy.” A second question asked whether the FY26 EBITDA growth guidance of 35% relied on North West Transmission Development and whether major construction work would mainly flow into FY27; management said much of it is more of a FY27 contributor, but some could start earlier. On Services margins, management said the teens margin should be viewed as a current level to hold, with the focus shifting to growing revenue. On M&A, management said it remains keen, has more bench strength, and has lifted its ambition beyond small acquisitions, while stressing discipline and saying it had spent time defining the size and focus areas for deals.