Why fund managers call GenusPlus Group a pure grid rewiring play
GenusPlus Group keeps winning major transmission contracts as Australia's electricity grid rewiring accelerates, with fund managers repeatedly upgrading their growth expectations.
30 Jun 2026 · 6 min read
In short
GenusPlus Group grew earnings per share 82% in FY25 and upgraded FY26 EBITDA growth guidance from 20-25% to circa 35% in January 2026.
The company's joint venture with ACCIONA was awarded the approximately $1.6 billion Western Renewables Link construction contract by AusNet.
LSN Capital Partners estimates an earnings per share compound annual growth rate of 30% from FY26 to FY28, with the stock trading on around 14 times FY26 EV/EBITDA.
Power and communications infrastructure contractor GenusPlus Group has become one of the purest listed exposures to Australia's electricity grid rewiring, with QVG Capital's August 2025 Monthly Report detailing earnings per share growth of 82% in FY25 alongside guidance for 23% EBITDA growth in FY26, a trajectory the manager attributes to a multi-year tailwind from insufficient energy infrastructure and heavy government spending.
A scarce EPC contractor amid a structural grid rebuild
QVG Capital's January 2026 Monthly Report detailed the structural case in full: Australia is rewiring the grid to connect renewables, batteries and interconnectors, with large build programs and concessional finance accelerating transmission upgrades, while coal retirements and grid congestion add urgency, and only a limited number of EPC contractors have the scale, capability and track record to do this work. That combination of strong demand and limited supply drove a January 2026 upgrade to FY26 earnings guidance from 20-25% EBITDA growth to circa 35%, with QVG's portfolio weighting growing as the earnings outlook strengthened.
GenusPlus Group Ltd is consistently winning contracts and is one of the purest exposures to the rewiring of the nation. Powerful long term thematic and strong operational execution.
— Katana Asset Management, Monthly Report, October 2025
Wilson Asset Management's January 2026 Monthly Report detailed the specific contract wins underpinning that upgrade: a joint venture with ACCIONA awarded the approximately $1.6 billion Western Renewables Link construction contract by AusNet, subject to approvals, alongside confirmation of construction proceeding on the approximately $140 million Ausgrid Hunter-Central Coast Renewable Energy Zone subtransmission line works, commencing February 2026. LSN Capital Partners' March 2026 Presentation detailed a standout first-half FY26 result, with revenue up 30% and earnings per share up 35%, framing the company as a beneficiary of three structural growth themes simultaneously: electrification, AI-driven data centre infrastructure expansion, and the mining investment capital expenditure cycle.
What managers are watching next
LSN Capital Partners' report estimated an earnings per share compound annual growth rate of 30% from FY26 to FY28, with the stock trading on 14.0 times FY26 EV/EBITDA and ranking as a top ten holding in the fund. Wilson Asset Management noted the balance sheet remains in excellent shape to undertake earnings-accretive acquisitions alongside the strong organic growth momentum, meaning managers are watching both the pace of further contract awards across transmission, distribution and resources electrification, and any capital allocation toward bolt-on acquisitions.
Questions
Why is GenusPlus Group considered a pure grid rewiring play?
QVG Capital notes Australia is undergoing a structural grid rewiring to connect renewables, batteries and interconnectors, with only a limited number of EPC contractors like GenusPlus Group having the scale and track record to deliver this transmission and distribution infrastructure work.
What major contracts has GenusPlus Group won?
GenusPlus Group's joint venture with ACCIONA was awarded the approximately $1.6 billion Western Renewables Link construction contract by AusNet, alongside the approximately $140 million Ausgrid Hunter-Central Coast Renewable Energy Zone subtransmission line works.
How much has GenusPlus Group upgraded its earnings guidance?
GenusPlus Group upgraded its FY26 EBITDA growth guidance from 20-25% to approximately 35% in January 2026, reflecting stronger-than-expected demand across its transmission, distribution and resources electrification work.
10 managers, 37 comments, with each manager's latest recorded position.
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