Gentrack Group 1H26 Data Update

Goldman Sachs maintains its Neutral rating on Gentrack Group (GTK.NZ) and lowers the target price to NZ$4.90 following pre-reported 1H26 results. The update includes minor downward revisions to NPATA due to below-the-line adjustments while maintaining EBITDA forecasts.

Key Takeaways

• 1.Updated FY26-28 estimates for Gentrack Group following pre-reported 1H26 results.
• 2.Maintained Neutral rating as valuation is considered relatively full compared to peers.
• 3.Lowered 12-month target price by 2% to NZ$4.90, reflecting adjustments to underlying NPATA.

Table of Contents

• Earnings Changes and Valuation
• Investment Thesis - Gentrack Group
• Price Target Risks and Methodology - Gentrack Group
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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