New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Gentrack’s (GTK) 1H26 result did not change the downgraded FY26 picture, but did explain it better.</li><li>Management now targets three to four wins, some 9–12m meter points from its c.30m pipeline (across more than 10 new customer opportunities) by March 2027, against an estimated installed base of c.13m meter points today.</li><li>Our target price falls -2% to NZ$5.70, and we retain OUTPERFORM.</li></ul>

Gentrack’s (GTK) 1H26 result did not change the downgraded FY26 picture, but did explain it better.Management now targets three to four wins, some 9–12m meter points from its c.30m pipeline (across more than 10 new customer opportunities) by March 2027, against an estimated installed base of c.13m meter points today.Our target price falls -2% to NZ$5.70, and we retain OUTPERFORM.

Gentrack 1H26 Delays In The 30m Main Event

<ul><li>Gentrack (GTK) reported a weak, albeit well-guided 1H26 result.</li><li>Despite near-term weakness, management reiterated that the Utilities pipeline includes “more than 10” customer opportunities spanning ~30m meter points, with GTK targeting 3 to 4 wins by March 2027, which would support stronger FY27 growth.</li><li>GTK also announced the acquisition of NZ-founded SaaS company Factor, adding forecasting and pricing technology to the g2.0 platform.</li></ul>

Gentrack (GTK) reported a weak, albeit well-guided 1H26 result.Despite near-term weakness, management reiterated that the Utilities pipeline includes “more than 10” customer opportunities spanning ~30m meter points, with GTK targeting 3 to 4 wins by March 2027, which would support stronger FY27 growth.GTK also announced the acquisition of NZ-founded SaaS company Factor, adding forecasting and pricing technology to the g2.0 platform.

Gentrack (GTK): 1H26 Result–Weak But As Expected

<ul><li>Gentrack (GTK) has this morning released a disappointing guidance update, releasing a FY26 revenue guidance range of between NZ$229m—NZ$238m.</li><li>Full year EBITDA of NZ$13.5m to NZ$20m is expected for FY26 (~NZ$7.8m in 1H26).</li><li>The release also outlined intentions to undertake an on-market share buyback, with GTK acquiring up to a value of NZ$20m across a period of 12-months.</li></ul>

Gentrack (GTK) has this morning released a disappointing guidance update, releasing a FY26 revenue guidance range of between NZ$229m—NZ$238m.Full year EBITDA of NZ$13.5m to NZ$20m is expected for FY26 (~NZ$7.8m in 1H26).The release also outlined intentions to undertake an on-market share buyback, with GTK acquiring up to a value of NZ$20m across a period of 12-months.

Gentrack (GTK) - Disappointing Market Update

Australia

Gentrack Group Limited is a computer consulting company. The Company provides software solutions to energy & water utilities and airports.

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Gentrack Group (GTK AU)

Gentrack 1H26 Delays In The 30m Main Event

Gentrack’s (GTK) 1H26 result did not change the downgraded FY26 picture, but did explain it better. Management now targets three to four wins,...

Forsyth Barr

Gentrack (GTK): 1H26 Result–Weak But As Expected

Gentrack (GTK) reported a weak, albeit well-guided 1H26 result. Despite near-term weakness, management reiterated that the Utilities pipeline...

Forsyth Barr

Gentrack (GTK) - Disappointing Market Update

Gentrack (GTK) has this morning released a disappointing guidance update, releasing a FY26 revenue guidance range of between NZ$229m—NZ$238m. Full...

Forsyth Barr

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