Fund Manager Summary on Gentrack Group Ltd (ASX:GTK)
In November 2025, Wilson Asset Management commented that FY25 delivered solid top‑line and EBITDA growth and that new disclosure on a maturing customer pipeline materially improved visibility on future recurring revenue potential. Gentrack Group Ltd (ASX:GTK) is viewed by fund managers as a high‑quality provider of billing and customer management software to utilities and airports with clear structural tailwinds from global utility replatforming (including the SAP sunset) and a recently launched g2.0 product integrated with Salesforce that underpins a growing pipeline (reported as 10 qualified opportunities and ~30 million meter points) and the potential to meaningfully expand recurring revenue; recent FY25 results (NZ$230.2m, ~8% growth; EBITDA up ~18%) and customer wins such as Pennon and Utility Warehouse, plus Veovo momentum, support the growth thesis and medium‑term targets of >15% revenue CAGR and 15–20% EBITDA margins. However, managers also flag execution and market‑sensitivity risks: GTK is a lumpy, project‑heavy business with long sales cycles, recent customer losses and go‑live delays have weighed on sentiment, and management has at times withdrawn from unprofitable bids, highlighting competitive and contract‑profitability pressures. Actionable considerations for investors are to track pipeline conversion and go‑live referenceability (Genesis and others), monitor recurring versus non‑recurring revenue mix and margin recovery as operating leverage materialises, assess customer retention and contract profitability trends, and watch for catalyst events such as the next large contract closures or upgrades and any strategic M&A that could accelerate scale; recent fund manager commentary places greater weight on November 2025 evidence of a deeper pipeline and improving operational momentum while remaining cautious on near‑term sentiment volatility driven by implementation timing and competitive dynamics.
Commentary From The Managers
There are 21 insights from 9 fund managers regarding their investment in Gentrack Group Ltd (ASX:GTK) available on Thesis Tracker.
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Commentary From The Managers
The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Frequently Asked Questions
Who is investing in Gentrack Group Ltd (ASX:GTK)?
Fund managers including Naos Asset Management, Forager Funds, Airlie Funds Management, Firetrail Investments, Wilson Asset Management, Ellerston Capital, Tamim Funds Management, Lakehouse Capital and Yarra Capital Management have invested in Gentrack Group Ltd (ASX:GTK).
Why do fund managers invest in Gentrack Group Ltd?
Fund managers invest in Gentrack Group Ltd due to its critical role in the energy transition, providing enterprise software for utilities characterized by low customer churn. Its software systems for billing and customer management have high switching costs, ensuring predictable revenue streams. The company's strong growth prospects, demonstrated by recurrent revenue increases and a robust project pipeline, are supported by its advanced software, G2. Additionally, a solid management team and strategic positioning in a consolidating market add to Gentrack's attractive risk/reward profile.
What happened to Gentrack Group Ltd (ASX:GTK)?
Fund managers consider Gentrack Group Ltd a strong investment due to its critical software solutions for energy and water utilities, alongside operational software for airports. Focusing on recurring revenue, Gentrack reported an 8% revenue increase and significant profit growth recently, driven by robust demand across its sectors. The new G2 product suite's integration with Salesforce enhances competitive positioning and customer acquisition potential. With a healthy pipeline of qualified opportunities and expectations for accelerated revenue growth, particularly in recurring segments, fund managers foresee continued margin expansion and a positive outlook for future performance.
What is the short interest in Gentrack Group Ltd (ASX:GTK)?
The short interest in Gentrack Group Ltd (ASX:GTK) is 0.73% which makes it the 235th most shorted stock on the ASX. Of the 112.5M shares that Gentrack Group Ltd has on issue, 817.4K have been sold short.
What does Gentrack Group Ltd (ASX:GTK) do?
Gentrack Group Ltd. engages in the development, implementation, and support of enterprise billing and customer management software solutions for the utility and airport industries. It operates through the Utility and Airport segments. The Utility segment includes utility billing software. The Airport segment provides airport management software. The company was founded in 1989 and is headquartered in Auckland, New Zealand.