GenusPlus: A Step Change into Diversified Infrastructure
A Step Change in Scale
GenusPlus delivered a step change in FY2026, with revenue up 70% to $1.28 billion and EBITDA crossing the $100 million milestone for the first time. The CEO, David Riches, opened the call with a clear message: “another big year for GenusPlus” — David Riches, CEO · 2026-08-24, and the numbers back that up. The order book now stands at $2.2 billion, buttressed by $764 million of recurring revenue — a combination that underpins guidance of $200–205 million EBITDA for FY2027.
The transformation is not just organic. Two acquisitions — MPK (civil, pipeline, and gas) and Railtrain (rail access and maintenance) — have physically diversified the company. As Riches put it: “Today, we were able to hit 2 major milestones from a diversification point of view into MPK and Railtrain, and MGC, giving us that footprint to be able to grow alongside our renewables and transmission and distribution areas.” — David Riches, CEO · 2026-08-24 This is a deliberate pivot from a pure power contractor into a multi-disciplined infrastructure player.
Diversification into Rail and Gas
The Railtrain acquisition, completed in April, brings a national footprint in rail maintenance and access. The gas market entry via MPK, effective 1 July, adds a Tier 1 capability set. The CFO, Damian Wright, clarified the statutory vs. underlying profit gap: “that includes all costs in relation to acquisitions, which, in this case, is our biggest normalization of $5 million before tax.” — Damian Wright, CFO · 2026-08-24 The underlying NPAT of $54 million and a $229 million free cash flow generation show the scale of the step-up.
Riches sees clear cross-selling: "“When you join the EBoP and the CBoP together. That will be, in my opinion, the next really chunky jobs we see.” — David Riches, CEO · 2026-08-24" The wind farm civil and BoP work is a natural fit.
The New Energy and Data Center Opportunity
The company is also positioning for the data center boom. With a grid connection portfolio and long-term relationships with utilities, GenusPlus is "very well-placed from a connection point of view," Riches said. The major project pipeline includes 6,000 km of transmission lines and the $3.6 billion tendered pipeline, which now includes data center connections and standalone generation.
Asset management and services continued to deliver strong margins, with the CEO highlighting the Asset management business as a top priority for growth. The point of view on margin is deliberately conservative, especially for early-stage projects like HumeLink.
Margins, Contingency, and Guidance
Margin discipline is a recurring theme. When asked about HumeLink East, Riches explained the contingency strategy:
This is consistent with the 4–5% EBIT margins reported in the infrastructure segment — a deliberate choice to bed down the 100% revenue growth rather than chase aggressive accounting.Look, we can all go on paint a picture that it's a 10% margin, and then come back to you and tell you it's 7%, and you hate me for the rest of my life or we can be responsible. You pay me to be responsible.
The guidance of $200–205 million EBITDA blends organic growth (10–20%), a full year of Railtrain, and a partial contribution from MPK. Riches added, "we are a far bigger business today together and helping with our guidance as well." Given the scale of the order book and the strategic diversification, GenusPlus is no longer just a transmission contractor — it's a national infrastructure platform.