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Energy One Accelerates European Expansion with GMSL Acquisition

Energy One has announced a transformative acquisition that marks a significant step in its European growth strategy. The company is acquiring Gas Management Services Limited (GMSL), a leading European energy software provider, in an all-scrip deal valued at A$99.824 million. The transaction is expected to complete by November 2026, pending shareholder and Foreign Investment Review Board approvals.

The acquisition will see Fluxys, GMSL's current owner, become Energy One's largest shareholder with approximately 18.26% of the company following completion. This strategic partnership is expected to strengthen Energy One's European platform, expand its customer base, and unlock significant operational synergies. The company anticipates generating up to A$4.1 million in EBITDA synergies by the end of FY28, while delivering approximately 35% accretion to earnings per share in FY26.

Strong FY26 Results Set Foundation for Growth

Energy One's own FY26 results demonstrate the momentum behind this acquisition. The company reported revenue of $69.9 million, up 14%, with recurring revenue climbing 17% to $63.5 million—now representing 91% of total revenue. This shift toward high-quality, predictable income streams reflects the company's successful business model transformation.

Profitability metrics were equally impressive. Underlying cash EBITDA surged 42% to $14.9 million, with margins expanding to 21%. Underlying net profit after tax jumped 56% to $9.2 million, while underlying earnings per share increased 55% to 29.2 cents. The company also strengthened its balance sheet, closing FY26 in a net cash position after effectively eliminating net debt.

The company achieved several operational milestones during the year, including securing major multi-product customer wins, deepening relationships with existing clients, and obtaining ISO 27001 certification for AI security and governance. Looking ahead, Energy One expects recurring revenue growth of at least 15% in FY27, with cash EBITDA margins targeted to reach 30% by year-end.

Coal Sector Shows Resilience Despite Price Headwinds

Whitehaven Coal delivered solid operational performance in FY26, though financial results reflected cyclical market pressures. The company reported underlying net profit after tax of $227 million, down 29% from the prior year, while statutory net profit declined 41% to $385 million. Revenue fell 7% to $5.4 billion as coal prices softened.

Despite the challenging pricing environment, Whitehaven achieved record safety performance with a Total Recordable Injury Frequency Rate of just 3.3, and recorded zero environmental enforcement actions. The company produced 40.3 million tonnes of ROM coal and successfully refinanced its debt to reduce borrowing costs and extend maturities.

Unit costs improved to $132 per tonne from $139 per tonne in FY25, demonstrating operational efficiency gains. The company returned $159 million to shareholders through a fully franked final dividend of 6.0 cents per share and a share buyback program.

Looking to FY27, Whitehaven guided for managed ROM coal production of 38.0 to 41.0 million tonnes and underlying EBITDA between $1.2 billion and $1.4 billion. Management expects improving market conditions and higher metallurgical and thermal coal prices as the year progresses.

Healthcare Tech and Distribution Players Report Strong Growth

Alcidion Group delivered impressive results, with revenue climbing 27% to $51.6 million and underlying EBITDA rising 34% to $6.8 million. The company's annualized recurring revenue reached $38.3 million as of June 30, 2026. Growth was driven by customer contract expansions, renewals, and the acquisition of Kyra flow products from Telstra Health, which added 33 new customers to the platform.

Alcidion secured significant contracts with major healthcare organizations including North Cumbria NHS, Leidos, and Gold Coast Health and Hospital Service. The company ended FY26 with $20.6 million in cash and no debt, positioning it well for continued expansion. Management expects FY27 revenue and underlying EBITDA to exceed FY26 levels, driven by a diversified pipeline and sustained demand for digital health solutions.

Stealth Group Achieves Profitability Inflection

Stealth Group Holdings reported record financial performance, with sales reaching $165.1 million, up 13.8% year-on-year. More significantly, the company achieved a profitability inflection, with statutory net profit after tax surging 86.3% to $5.8 million and earnings per share rising 56.7% to 4.12 cents.

Statutory EBITDA jumped 46.2% to $14.4 million, reflecting improving operational leverage across the company's hardware, industrial, safety, and consumer products distribution business. The company's balance sheet remains robust, with gearing at just 12.6% and net debt-to-EBITDA at 0.5x.

A key driver of growth was the acquisition of Hardware & Building Traders (HBT) for $22 million, which added Australia's largest independent buying group to the Stealth ecosystem. This expanded the company's product range and purchasing scale while opening new market opportunities. Management has identified over $400 million in new annual sales opportunities within the existing ecosystem.

Stealth upgraded its FY28 targets to $500 million in sales with an 8-12% EBITDA margin, supported by the successful HBT integration and continued growth in its purchasing ecosystem. The company's market capitalization has doubled to $192 million, with total shareholder returns of 77% over the period.

Artrya Transitions to Commercial Stage

Artrya marked a significant milestone by transitioning to a commercial-stage business in FY26. The company successfully signed U.S. foundation customers including Tanner Health, Northeast Georgia Health System, and Cone Health. A major catalyst was FDA clearance for the Salix® Coronary Plaque module, enabling subscription-based software revenues.

The company completed an $80 million capital raise and finalized the SAPPHIRE Study, a clinical and commercial initiative designed to generate world-class evidence and accelerate adoption across leading health systems. Artrya also strengthened its commercial capabilities by establishing a U.S.-based customer success organization and enhancing its leadership team.

While the company reported a loss for the year of $25.2 million, up 53.5% from the prior year, this reflects the significant investment required to build commercial infrastructure and scale operations. Management expects to secure FDA clearance for Salix® Coronary Flow and continue advancing work with SAPPHIRE partners.