ASM Chair’s address and Presentations

Gentrack Group Ltd
17 Hargreaves Street, St Marys Bay Auckland 1011,
PO Box 3288, Auckland 1140, New Zealand
Ph: +64 9 966 6090
Email: info@gentrack.com
www.gentrack.com

Gentrack Group Ltd | ARBN 169 195 751
28 February 2024

Annual Meeting of Shareholders Chair’s address
Gentrack delivered impressive growth in revenue, EBITDA and cash in the
2023 financial year. We continue to win new customers, including our first
contract signings in the Middle East as well as delivering against recent wins
and expanding services with existing customers. We have strong net people
growth with staff turnover during the year at an all-time low, and at the same
time our employees are highly engaged and recommending Gentrack as a
great place to work. Finally, we are proud to be working with the leaders in the
sectors we serve to help them innovate and move to sustainable solutions.
Strong revenue results were driven by a 36.7% increase in the Utilities business
to $147.9m for the year. Our underlying growth in the Utilities business
excluding insolvencies was up by 47% over FY22.
Bulb and other UK insolvencies represented $27.6m of FY23 revenue and we
do not expect further revenue from these customers in FY24. We believe that
the historical occurrence of supplier insolvencies in the UK B2C energy sector
is no longer a material threat to our customer base as many of the weaker
players have exited and the UK regulator has instituted a more business
friendly regulatory approach.
The Veovo airports business also grew strongly, with revenue up 21.3% to
$21.9m with growth in both recurring revenues, up 15.8% and non-recurring
revenues up 32.2% over FY22.
EBITDA performance was $23.2m, $15.1m higher than FY22. EBITDA growth
has been achieved whilst continuing to invest in strategic R&D and increasing
our sales & marketing spend to support international expansion.
With strong cash conversion from EBITDA, net cash at 30 September 2023 was
$49.2m, an increase of $21.8m over the end of the last financial year.
As a result of this strong financial performance, FY23 marks a return to an NPAT
profit of $10m against an NPAT loss made in the prior year.
Our underlying growth in Utilities is a result of doing more with both new and
existing energy customers in the markets we serve. In November 2023 we were

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pleased to announce that Genesis Energy selected our new g2.0 solution with
Salesforce’s Energy and Utility Cloud embedded. Genesis’s decision to choose
our g2.0 platform is a strong vote of confidence in our product investment
strategy. It also creates the opportunity to sell this market leading product to
new customers looking to modernise away from legacy systems, as well as to
upsell it to our existing customer base.
In March 2023 EnergyAustralia went live with Gentrack to launch its innovative,
ground-breaking product ‘Solar Home Bundle’ on our distributed energy
management solution. This exciting solution is at the forefront of how people
worldwide will generate and consume energy in the future.
In the UK, we have added three more customers to our Managed Services
offering where we help customers deliver improvements in their operational
excellence and cost to serve.
These are just some examples of how we work closely with leaders in our core
markets to modernise their business and help them meet sustainability and
cost targets.
In November 2022 we announced our plan to expand our international
footprint, beyond our core markets of the UK, Australia, and New Zealand.
During 2023, we opened an office in Singapore, and have grown the local team
there to both support the migration to our platform at one of Singapore’s
energy retailers and to target new business in the wider Southeast Asian
region. We have also built our European business development team, based
at our London office and are pleased with our business development across
Europe. We are making good progress building a qualified pipeline across
several countries in both these regions.
In 2023 we established our Middle Eastern regional hub in Saudi Arabia and
booked our first Utilities contract win there in October, covering both energy
and water customers. This win, where we will be working alongside SalesForce,
demonstrates the strength of this relationship, an essential part of our g2.0
platform.

To support growth in both our core markets and in new markets we have
invested in building out our centre of engineering excellence in India. We

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opened our Pune office a little over a year ago, and we now have over 100
people there.
The aviation recovery has gone from strength to strength. Many airports are at
or near to pre-pandemic passenger travel levels, driving a strong demand for
digital transformation that can bring improved passenger experiences and
better operational experience. For Veovo this has meant new tier 1 and 2
customers in the Middle East and Europe; strong demand for upgrades to our
latest platforms for Aero-Billing and Airport Operations; and expansion
opportunities for Passenger Flow solutions at several of our major customers.
We believe that these contract wins combined with the strong pipeline we have
built over the last year in Veovo sets us up for another year of vibrant growth in
FY24.
Our first customer migration to g2.0 and our first wins in the Middle East in both
the Utilities and Veovo businesses are important strategic milestones. We
continue to build our pipeline in Southeast Asia and EMEA and to sell new
products to new and existing customers.
We are excited about the transformation required by the industries that we
serve, and the opportunity that represents for Gentrack. For airports, we are
seeing pent-up demand being unleashed in modernisation programs which
are now following through into contract wins & upgrades. For utilities, no other
market requires the level of modernisation that the IT systems in both the
energy and water markets require. Our new g2.0 solution is now established.
We have the delivery track record to make customer transformations
successful, and we have positioned Gentrack as a leader in innovation. It is an
exciting time to be in these dynamic markets.
On closing I’d like to thank our customers and shareholders for their continued
support and the entire Gentrack team for their achievements this year and for
their commitment to Gentrack’s future.
Thank you very much,
Andy Green
Chair

4

ENDS
Contact details regarding this announcement:
Kerry Nickels – Company Secretary
+64 9 966 6090

About Gentrack
We are entering a new era, with utilities worldwide transforming to meet
business and sustainability targets. For over 35 years Gentrack has been
partnering with the world’s leading utilities, and more than 60 energy and
water companies rely on us.
Gentrack, with our partners Salesforce and AWS, are leading todays
transformation with g2.0, an end-to-end product-to-profit solution. Using low
code / no code, and composable technology, g2.0 allows utilities to launch
new propositions in days, reduce cost-to-serve and lead in total experience.
https://www.gentrack.com

---

© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack Group
Annual Shareholder
Meeting
28 February 2024

2
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
This presentation may contain forward-looking statements.
Forward-looking statements often include words such as
‘anticipate’, ‘expect’, ‘plan’ or similar words in connection with
discussions of future operating or financial performance.
The forward-looking statements are based on management’s
and directors’ current expectations and assumptions regarding
Gentrack’s business and performance, the economy and other
future conditions, circumstances and results. As with any
projection or forecast, forward-looking statements are
inherently susceptible to uncertainty and changes in
circumstances. Gentrack’s actual results may vary materially
from those expressed or implied in its forward-looking
statements.
All figures are shown in NZ$M.
Disclaimer

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© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
To vote, you will need to click “Get Voting Card” within the online meeting platform. You will be
asked to enter your Shareholder or Proxy Number to validate. Please then mark your voting
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Once you have made your selection please click “Submit Vote” on the bottom of the card to
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I would encourage you to send through your questions as soon as you can through the virtual
meeting website. This will allow us to answer these questions at the appropriate time of the
meeting. To ask a question, you will need to click “ask a question” within the online meeting
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Voting Details
Please refer to the virtual meeting online portal guide or use the help line on 0800 200 220 if you’re in New Zealand
or +64 9 967 7751 if you’re outside New Zealand if you require assistance.

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© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
The Gentrack Board
DarcRasmussen
Non-Executive
Director
Nick Luckock
Non-Executive
Director
Fiona Oliver
Non-Executive
Director
Stewart Sherriff
Non-Executive
Director
Gary Miles
CEO
Andy Green
Chair

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© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Proxieshave been appointed for the purposes of this meeting in respect of
approximately68,118,726millionshares, representing over66%of the total number of
shares.
Proxy Voting

6
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Agenda
1
Chair’s Address
2
CEO’s Address
3
Shareholders Questions
4
Ordinary Resolutions

© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Chair’s Address
Andy Green
Chairman

© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
CEO Commentary
Gary Miles
Chief Executive Officer

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© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Summary Update
We are pleased with our progress in all of Gentrack’s core markets, and excited to be entering
the Middle East, with contract wins at both our Utilities and Veovo businesses.
For the other new markets targeted, in Southeast Asia and mainland Europe, we have built a
strong pipeline and are making good progress.
Genesis’s decision to transform their business and upgrade to g2.0 is a great vote of
confidence in our new solution and demonstrates the strength ofour partnering strategy with
SalesForce and AWS.
Gentrack’s people are highly engaged and our employee attrition is well below the tech
global benchmark.
I want to welcome new investors who have joined our register and thank our long standing
and supportive investors. We look forward to a long and fruitful journey together.

© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Shareholder
Questions

© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Formal Business
of Meeting

12
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
To vote, you will need to click “Get Voting Card” within the online meeting platform. You will be
asked to enter your Shareholder or Proxy Number to validate. Please then mark your voting
card in the way you wish to vote by clicking “FOR”, “AGAINST” or "ABSTAIN" on the voting card.
Once you have made your selection please click “Submit Vote” on the bottom of the card to
lodge your vote.
Voting will remain open until 5 minutes after the conclusion of the meeting.
Results of the vote will be announced via the Stock Exchanges.
Voting on the resolutions
Please refer to the virtual meeting online portal guide or use the help line on 0800 200 220 if you’re in New Zealand
or +64 9 967 7751 if you’re outside New Zealand if you require assistance.

13
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Resolution One
Please refer to the virtual meeting online portal guide or use the help line on 0800 200 220 if you’re in New Zealand
or +64 9 967 7751 if you’re outside New Zealand if you require assistance.
Re-election of Andy Greenas Director
Results of Proxy Votes
For67,193,458
Against613,024
Discretionary309,439

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© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Resolution Two
Please refer to the virtual meeting online portal guide or use the help line on 0800 200 220 if you’re in New Zealand
or +64 9 967 7751 if you’re outside New Zealand if you require assistance.
Re-election of Gary Milesas Director
Results of Proxy Votes
For67,792,040
Against14,251
Discretionary309,439

15
© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Resolution Three
Please refer to the virtual meeting online portal guide or use the help line on 0800 200 220 if you’re in New Zealand
or +64 9 967 7751 if you’re outside New Zealand if you require assistance.
Re-election of Stewart Sheriff as a Director
Results of Proxy Votes
For67,178,949
Against580,509
Discretionary309,439

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© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Resolution Four
Please refer to the virtual meeting online portal guide or use the help line on 0800 200 220 if you’re in New Zealand
or +64 9 967 7751 if you’re outside New Zealand if you require assistance.
Appointment of auditors and authorisation to fix auditors’ remuneration
Results of Proxy Votes
For67,767,447
Against30,950
Discretionary320,329

© Gentrack 2024. All rights reserved.
This document is the intellectual property of Gentrack.
Close
of Meeting