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Energy One Transforms European Operations with GMSL Acquisition

Energy One has announced a major strategic move, acquiring Gas Management Services Limited (GMSL), a leading European energy software provider, in an all-scrip transaction valued at A$99.824 million. The deal is expected to close in November 2026, subject to shareholder and Foreign Investment Review Board approvals.

The acquisition marks a significant step in Energy One's European expansion strategy. Fluxys, GMSL's current owner, will become Energy One's largest shareholder with approximately 18.26% of the company following completion, positioning itself as a long-term strategic partner. The deal is anticipated to be accretive to Energy One's earnings per share by around 35% in FY26, with the company expecting to unlock up to A$4.1 million in EBITDA synergies by the end of FY28. The broader platform should provide Energy One with a wider customer base, expanded product offerings, and increased market reach across Europe.

Strong FY26 Results Show Momentum Heading into FY27

Energy One delivered impressive financial results for FY26, demonstrating the quality of its business model and execution. Revenue climbed 14% to $69.9 million, while profit after tax surged 38% to $8.1 million. The standout metric was recurring revenue, which now represents 91% of total revenue—a testament to the company's shift toward high-quality, predictable earnings.

Underlying Cash EBITDA jumped 42% to $14.9 million, with margins expanding to 21%, up 4 percentage points from the prior year. Underlying earnings per share increased 55% to 29.2 cents, while the company closed FY26 in a net cash position, eliminating prior debt concerns. Annual recurring revenue (ARR) grew 13% to $64.6 million.

The company achieved several operational milestones during the year, including major multi-product customer wins, deepened relationships with existing clients, and ISO 27001 certification for AI security and governance. Management expects at least 15% recurring revenue growth in FY27, with Cash EBITDA margins targeted to reach 30% by year-end. Energy One enters FY27 with a growing pipeline and several major customer projects expected to go live in calendar 2027.

Whitehaven Coal Navigates Price Headwinds with Record Safety

Whitehaven Coal reported FY26 results that reflected the cyclical nature of commodity markets, with revenue declining 7% to $5.4 billion and underlying net profit after tax falling 29% to $227 million. However, the company achieved a record low Total Recordable Injury Frequency Rate (TRIFR) of 3.3 and recorded zero environmental enforcement actions, underscoring its commitment to operational excellence and safety.

The company produced 40.3 million tonnes of ROM coal across its Queensland and New South Wales operations, with underlying EBITDA of $1.25 billion. The average coal price fell 6% to A$202 per tonne, though unit costs improved to $132 per tonne from $139 per tonne in the prior year. Whitehaven returned $159 million to shareholders through a fully franked final dividend of 6.0 cents per share and a share buyback program.

Looking ahead, Whitehaven guided FY27 underlying EBITDA in the range of $1.2 billion to $1.4 billion, with managed ROM coal production expected between 38.0 and 41.0 million tonnes. The company anticipates improved market conditions and stronger prices in FY27, supported by structural supply shortfalls in both metallurgical and high-quality thermal coal markets.

Alcidion Accelerates Growth Through Acquisitions and Contract Wins

Alcidion Group delivered robust FY26 results, with revenue jumping 27% to $51.6 million and underlying EBITDA rising 34% to $6.8 million. Annual recurring revenue reached $38.3 million, reflecting the company's successful pivot toward recurring revenue models and long-term customer contracts.

The company secured significant contract wins and expansions, including major deals with Leidos, North Cumbria NHS, and Gold Coast Health and Hospital Service. Alcidion also acquired Kyra flow products from Telstra Health, adding 33 new customers and strengthening its position in the Australian patient flow market. The company ended FY26 with a strong cash balance of $20.6 million and no debt.

Management expects FY27 revenue and underlying EBITDA to exceed FY26 levels, driven by a diversified pipeline and sustained demand for its digital health solutions. The company is well-positioned for expansion into new markets, including Canada, the Middle East, and Asia.

Stealth Group Achieves Profitability Inflection with Record Results

Stealth Group Holdings reported record financial performance for FY26, with sales reaching $165.1 million, up 13.8% year-on-year. More impressively, statutory NPAT surged 86.3% to $5.8 million, marking a significant profitability inflection for the company. Statutory EBITDA climbed 46.2% to $14.4 million, while earnings per share increased 56.7% to 4.12 cents.

The company's market capitalisation doubled to $192 million, with total shareholder returns reaching 77% for the year. A key driver of growth was the acquisition of Hardware & Building Traders (HBT) for $22 million, which added Australia's largest independent buying group across hardware, industrial, and safety products. The deal expanded Stealth's product range and purchasing scale while identifying over $400 million in new annual sales opportunities within its ecosystem.

Stealth upgraded its FY28 targets to $500 million in sales with an 8-12% EBITDA margin, supported by a strong balance sheet with gearing at just 12.6%. The company expects to achieve over $265 million in annualised sales by the first half of FY27, with further opportunities in planning for the second half.

Artrya Transitions to Commercial Stage with FDA Clearance

Artrya marked a pivotal transition to commercial-stage operations in FY2026, successfully signing U.S. foundation customers including Tanner Health, Northeast Georgia Health System, and Cone Health. The company secured FDA clearance for its Salix Coronary Plaque module, enabling subscription-based software revenues and opening new revenue streams.

The company completed an $80 million capital raise and finalized the SAPPHIRE Study, a clinical initiative designed to generate evidence and accelerate adoption across leading health systems. Artrya strengthened its commercial capabilities by establishing a U.S.-based Customer Success organization and expanding its leadership team. The company expects to secure additional regulatory clearances for Salix Coronary Flow and continue advancing work with SAPPHIRE partners in the coming period.