Highlights

  • GenusPlus Group (ASX:GNP) enters FY27 with a larger infrastructure platform following completion of the MPC Kinetic acquisition.
  • The company reported HY26 Revenue growth of 61 per cent to A$535.4 million and normalised EBITDA growth of 69 per cent to A$46.3 million.
  • GenusPlus has secured major infrastructure contracts across battery storage, transmission and mining-related projects.
  • The company’s order book reached A$2.4 billion, excluding Recurring Revenue streams.

GenusPlus Group (ASX:GNP) has expanded from an electrical infrastructure contractor into a broader infrastructure services Business through acquisitions, contract wins and exposure to Australia’s energy transition requirements.

The company’s transformation accelerated with the Acquisition of MPC Kinetic, which added capabilities across gas gathering, pipelines, civil infrastructure and water services.

GenusPlus now enters FY27 with a larger operating platform, increased contract visibility and a broader customer base across energy, Mining and infrastructure sectors.

Latest Development

The key strategic transaction was announced on 18 May 2026, when GenusPlus agreed to acquire MPC Kinetic Holdings for up to A$400 million.

The transaction included A$325 million upfront cash consideration, A$25 million deferred consideration and a potential earn-out of up to A$50 million linked to an FY27 EBIT target of A$70 million.

Completion occurred on 1 July 2026, bringing MPC Kinetic into the GenusPlus group for FY27.

MPC Kinetic expands GenusPlus beyond electrical infrastructure into gas gathering, well maintenance, pipelines, civil works and water infrastructure.

The company has a customer base including Santos, Arrow, Origin, QGC and Vestas.

GenusPlus also secured several infrastructure contracts during 2026, including the A$110 million Koolunga Battery Energy Storage System project in South Australia and an approximately A$55 million contract for Rio Tinto’s Millstream Substation in Western Australia.

Why It Matters

GenusPlus has been growing through a combination of organic contract wins and acquisitions.

For the six months ended 31 December 2025, revenue increased 61 per cent to A$535.4 million, normalised EBITDA increased 69 per cent to A$46.3 million and net profit after tax increased 82 per cent to A$24.9 million.

The company’s order book reached A$2.4 billion excluding recurring revenue, providing visibility across future infrastructure activity.

FY26 normalised EBITDA guidance was increased to A$96 million to A$100 million, representing growth from FY25 normalised EBITDA of A$67.4 million.

Normalised EBIT(A) guidance was set at A$76 million to A$80 million, excluding acquisition amortisation.

MPC Kinetic adds further scale. The business generated A$533 million revenue, A$104 million EBITDA and A$83 million EBIT in FY25, with FY26 forecasts of A$547 million revenue, A$116 million EBITDA and A$95 million EBIT.

On a pro-forma basis, the combined group was expected to generate approximately A$195 million of normalised EBITDA and A$153 million of normalised EBIT(A).

The Bigger Story

GenusPlus has positioned itself within several long-term infrastructure themes, including electricity grid investment, renewable energy integration and industrial infrastructure development.

The company’s traditional electrical infrastructure operations remain focused on transmission, distribution and substations, while MPC Kinetic adds exposure to broader infrastructure activities.

The Koolunga Battery Energy Storage System project demonstrates GenusPlus’ ability to participate in utility-scale energy infrastructure.

The company has also gained exposure to infrastructure Demand linked to broader electricity consumption growth, although it has not disclosed a separate data centre revenue stream.

MPC Kinetic provides additional recurring revenue characteristics, with approximately 69 per cent of its revenue generated through schedule-of-rates and cost-reimbursable contracts.

Group recurring revenue was A$311 million in FY25 and was forecast to grow approximately 20 per cent during FY26.

What Is Driving the Investment Case?

The investment case is supported by Australia’s ongoing infrastructure investment cycle.

Electricity transmission upgrades, renewable energy integration, battery storage projects and industrial infrastructure development provide long-term demand opportunities.

The MPC Kinetic acquisition broadens GenusPlus’ service offering and provides exposure to additional infrastructure markets.

The company’s order book, recurring revenue base and expanded customer relationships provide visibility into future activity levels.

Bull Case

The combination of a A$2.4 billion order book, expanded service capabilities and infrastructure sector demand could support further Earnings growth.

If MPC Kinetic integration progresses successfully and the acquired business maintains its Margin profile, the acquisition could improve group earnings quality.

A stronger recurring revenue contribution and disciplined Balance Sheet management could support future growth opportunities.

Risks

Valuation remains a key consideration following the company’s share price re-rating.

Infrastructure contracting involves execution risks, particularly on large fixed-price engineering, procurement and construction projects.

Integration of MPC Kinetic and Railtrain requires management attention, while the earn-out structure means part of acquisition value depends on future performance.

Project delays, cost Inflation and changes in infrastructure spending conditions could affect earnings outcomes.

What Investors Should Watch Next

The FY26 full-year result will be the next major update, with investors monitoring delivery against normalised EBITDA guidance of A$96 million to A$100 million.

Key areas of focus include MPC Kinetic integration, FY27 guidance, order book growth and contract execution.

Progress on Koolunga, Millstream Substation and further energy infrastructure opportunities will also remain important.

Outlook

GenusPlus Group (ASX:GNP) enters FY27 as a larger and more diversified infrastructure services company following the MPC Kinetic acquisition.

The company has expanded beyond electrical contracting into broader infrastructure markets while maintaining exposure to long-term energy and industrial investment trends.

Future performance will depend on integration execution, maintaining margins across acquired operations and converting its large order book into sustainable earnings growth.