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) FY26 update represents a material reset to its near-term outlook.</li><li>Lower non-recurring revenue drove the revenue downgrade, while management cited spend on expansion and product development for the weaker EBITDA outlook.</li><li>The company also announced an on-market buyback of up to NZ$20m.</li></ul>

Gentrack’s (GTK) FY26 update represents a material reset to its near-term outlook.Lower non-recurring revenue drove the revenue downgrade, while management cited spend on expansion and product development for the weaker EBITDA outlook.The company also announced an on-market buyback of up to NZ$20m.

<ul><li>We view Gentrack’s (GTK) acquisition of Dubai Technology Partners (DTP) for Veovo constructively.</li><li>Given earnings accretion, existing product partnerships between Veovo and DTP, and GTK’s ability to cash fund the transaction, we see downside risk as limited.</li><li>We incorporate DTP into our forecasts, and our target price lifts +6% to NZ$9.20, also partly reflecting higher peer multiples.</li></ul>

We view Gentrack’s (GTK) acquisition of Dubai Technology Partners (DTP) for Veovo constructively.Given earnings accretion, existing product partnerships between Veovo and DTP, and GTK’s ability to cash fund the transaction, we see downside risk as limited.We incorporate DTP into our forecasts, and our target price lifts +6% to NZ$9.20, also partly reflecting higher peer multiples.

<ul><li>Kraken and Origin Energy's (ORG) 2026 joint investor briefing reinforced the scale of competition Gentrack (GTK) faces.</li><li>We understand its 30m meter point pipeline announced at FY25 remains on track.</li><li>We make no changes to our estimates or our NZ$8.70 target price; the near-term thesis hinges on 2H26 contract conversion.</li></ul>

Kraken and Origin Energy's (ORG) 2026 joint investor briefing reinforced the scale of competition Gentrack (GTK) faces.We understand its 30m meter point pipeline announced at FY25 remains on track.We make no changes to our estimates or our NZ$8.70 target price; the near-term thesis hinges on 2H26 contract conversion.

<ul><li>The December 2025 quarter saw five of the six tech names under our coverage report results.</li><li>During the period, we upgraded Gentrack (GTK) to OUTPERFORM despite a somewhat underwhelming FY25 result, with our thesis supported by the announcement of a strong potential contract pipeline and continued platform progress.</li><li>Over the quarter, the S&amp;P/NZX IT Index fell ~-17%, materially underperforming the NZX50, which rose ~+2%.</li></ul>

The December 2025 quarter saw five of the six tech names under our coverage report results.During the period, we upgraded Gentrack (GTK) to OUTPERFORM despite a somewhat underwhelming FY25 result, with our thesis supported by the announcement of a strong potential contract pipeline and continued platform progress.Over the quarter, the S&amp;P/NZX IT Index fell ~-17%, materially underperforming the NZX50, which rose ~+2%.

Forsyth Barr Technology Digest Edition 13—Tech Falls Out Of Sync With Markets

<ul><li>Gentrack (GTK) used its 2025 Strategy Day to reiterate confidence in its long-term growth trajectory, providing expanded detail but little materially new information.</li><li>GTK sees itself as well placed to benefit from the substantial modernisation cycle under way in global energy, water, and airport software.</li><li>The stock has risen materially since its FY25 results (+36%), as the market places greater emphasis on conversion of the pipeline opportunities, likely in the latter part of FY26.</li></ul>

Gentrack (GTK) used its 2025 Strategy Day to reiterate confidence in its long-term growth trajectory, providing expanded detail but little materially new information.GTK sees itself as well placed to benefit from the substantial modernisation cycle under way in global energy, water, and airport software.The stock has risen materially since its FY25 results (+36%), as the market places greater emphasis on conversion of the pipeline opportunities, likely in the latter part of FY26.

New Zealand

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

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Gentrack (GTK NZ)

Gentrack Off Track, Buy Back

Gentrack’s (GTK) FY26 update represents a material reset to its near-term outlook. Lower non-recurring revenue drove the revenue downgrade, while...

Forsyth Barr

Gentrack Veovo Bolt-On Takes Flight

We view Gentrack’s (GTK) acquisition of Dubai Technology Partners (DTP) for Veovo constructively. Given earnings accretion, existing product...

Forsyth Barr

Gentrack Kraken Ups The Pressure

Kraken and Origin Energy's (ORG) 2026 joint investor briefing reinforced the scale of competition Gentrack (GTK) faces. We understand its 30m...

Forsyth Barr

Forsyth Barr Technology Digest Edition 13—Tech Falls Out Of Sync With Markets

The December 2025 quarter saw five of the six tech names under our coverage report results.During the period, we upgraded Gentrack (GTK) to...

Forsyth Barr

Gentrack Strategy Day 2025

Gentrack (GTK) used its 2025 Strategy Day to reiterate confidence in its long-term growth trajectory, providing expanded detail but little...

Forsyth Barr

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