Key Highlights

  • The energy-trading software group has posted its strongest interim result yet and lifted recurring revenue by a fifth, even as its shares languish near the bottom of their 12-month range.
  • Energy One Limited (ASX: EOL) has spent 2026 quietly rebuilding its investment case.
  • In the half year to 31 December 2025, recurring revenue represented 91% of total revenue, a record proportion, with net revenue retention of 111% pointing to steady expansion within the existing customer base.
  • In August 2023, US private-equity firm STG Partners lodged a non-binding, indicative proposal to acquire the company at A$5.85 per share, valuing it at roughly A$230 million.

The energy-trading software group has posted its strongest interim result yet and lifted recurring revenue by a fifth, even as its shares languish near the bottom of their 12-month range.

Company Overview

Energy One (ASX: EOL) sells software and outsourced services to participants in wholesale energy and gas markets. Its systems handle trading, scheduling, dispatch, risk management and regulatory compliance for utilities, generators, retailers and traders across Australia, the United Kingdom and continental Europe. The appeal of the model is its subscription base: customers embed Energy One's platforms deep in their trading operations, producing sticky, recurring revenue and high switching costs. In the half year to 31 December 2025, recurring revenue represented 91% of total revenue, a…

Recent Developments

The most consequential recent development is a leadership change. Long-serving chief executive Shaun Ankers, who led the company through roughly a decade of expansion, is stepping back, with Benjamin (Ben) Tranier appointed as his successor. Management has flagged that acquisitions remain part of the strategy, with advisers engaged and opportunities being assessed in Europe and Australia, though no commitments had been finalised at the time of the interim result. On the commercial side, the December-half update pointed to new business wins, including an Australian utility…

Financial and Operational Snapshot

The numbers behind the story have strengthened. For the full year to 30 June 2025, Energy One reported revenue of A$61.4 million, up 17%, and annual recurring revenue (ARR) of A$60.4 million, up 22% (about 16% adjusted for currency). Underlying EBITDA rose 36% to A$16.2 million and net profit after tax (NPAT) climbed 74% to A$5.9 million. The company reinstated a dividend, declaring 7.5 cents per share fully franked.

What May Be Watched Next

The bull case rests on continued ARR growth (management has guided to 15–20% for FY2026), rising margins, a strengthening balance sheet and possible M&A. Catalysts to watch include the CEO transition bedding down, any acquisition announcements and the full-year FY2026 result.

What does Energy One (ASX do?

Energy One (ASX: EOL) sells software and outsourced services to participants in wholesale energy and gas markets. Its systems handle trading, scheduling, dispatch, risk management and regulatory compliance for utilities, generators, retailers and traders across…

What is the latest development?

The most consequential recent development is a leadership change. Long-serving chief executive Shaun Ankers, who led the company through roughly a decade of expansion, is stepping back, with Benjamin (Ben) Tranier appointed as his successor.…

What financial or operational point stands out?

The numbers behind the story have strengthened. For the full year to 30 June 2025, Energy One reported revenue of A$61.4 million, up 17%, and annual recurring revenue (ARR) of A$60.4 million, up 22% (about…

What may be watched next?

The bull case rests on continued ARR growth (management has guided to 15–20% for FY2026), rising margins, a strengthening balance sheet and possible M&A. Catalysts to watch include the CEO transition bedding down, any acquisition…