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Energy One Transforms European Operations with Major GMSL Acquisition

Energy One has announced a transformative acquisition that signals serious ambitions for European expansion. The company is acquiring 100% of 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 by November 2026, subject to shareholder and Foreign Investment Review Board approvals.

What makes this particularly interesting is that Fluxys, GMSL's current owner, will become Energy One's largest shareholder with approximately 18.26% of the company following completion. This strategic partnership underscores the long-term nature of the arrangement and positions Fluxys as a committed stakeholder in Energy One's European growth story.

The numbers look compelling. Energy One expects the acquisition to be accretive to earnings per share by around 35% in FY26, with up to A$4.1 million in EBITDA synergies anticipated by the end of FY28. The deal will significantly expand Energy One's customer base, broaden its product offerings, and increase market reach across Europe.

This acquisition comes on the heels of strong FY26 results that demonstrate Energy One's underlying momentum. The company reported revenue of $69.9 million, up 14% year-on-year, with recurring revenue climbing 17% to $63.5 million. Impressively, recurring revenue now represents 91% of total revenue, highlighting the quality and resilience of the business model. Profit after tax surged 38% to $8.1 million, while underlying cash EBITDA jumped 42% to $14.9 million with a margin expanding to 21%.

The company has also been busy strengthening its operational foundation. Energy One achieved ISO 27001 certification for AI security and governance and secured major multi-product customer wins while deepening relationships with existing clients. Looking ahead, the company expects at least 15% recurring revenue growth in FY27, with cash EBITDA margin targeted to reach 30% by year-end. Energy One closed FY26 in a net cash position, providing financial flexibility to pursue growth opportunities like the GMSL acquisition.

Whitehaven Coal Delivers Solid Results Despite Market Headwinds

Whitehaven Coal reported FY26 results that reflect strong operational execution despite cyclical pricing pressures. The company achieved underlying net profit after tax of $227 million and underlying EBITDA of $1.3 billion, though both figures declined from the prior year as coal prices softened.

The company produced 40.3 million tonnes of ROM coal across its Queensland and New South Wales operations, with unit costs improving to $132 per tonne from $139 per tonne in FY25. Average coal prices fell 6% to A$202 per tonne, reflecting broader market conditions, but Whitehaven's operational efficiency gains helped offset some of this headwind.

Beyond the financials, Whitehaven achieved a record low Total Recordable Injury Frequency Rate of 3.3 and recorded zero environmental enforcement actions, demonstrating its commitment to safety and environmental stewardship. The company returned $159 million to shareholders through a fully franked final dividend of 6.0 cents per share and a share buy-back program.

Looking to FY27, Whitehaven provided guidance for managed ROM coal production of 38.0 to 41.0 million tonnes and underlying EBITDA in the range of $1.2 billion to $1.4 billion. The company is well-positioned to benefit from improving market conditions, with metallurgical coal and high-CV thermal coal markets expected to see structural supply shortfalls. Whitehaven's diversified product and market portfolio, particularly its exposure to Asian demand, should support performance as prices strengthen.

Healthcare and Software Companies Post Strong Growth

Alcidion Group delivered impressive FY26 results, reporting revenue of $51.6 million, up 27% year-on-year, with underlying EBITDA climbing 34% to $6.8 million. The company's annualized recurring revenue reached $38.3 million, reflecting strong customer retention and contract expansion. Alcidion ended the year with $20.6 million in cash and no debt, providing a solid foundation for growth.

The company's momentum was driven by significant contract wins with major healthcare organizations, including North Cumbria NHS and Leidos, as well as the acquisition of Kyra flow products from Telstra Health, which added 33 new customers. Alcidion expects FY27 revenue and underlying EBITDA to exceed FY26 levels, supported by a diversified pipeline and sustained demand for digital health solutions.

Stealth Group Holdings reported record financial performance for FY26, with sales reaching $165.1 million, up 13.8% year-on-year. More impressively, statutory EBITDA jumped 46.2% to $14.4 million, and net profit after tax surged 86.3% to $5.8 million. The company declared a fully franked final dividend of $0.015 per share.

Stealth's growth was bolstered by the acquisition of Hardware & Building Traders (HBT) for $22 million, which added Australia's largest independent buying group across hardware, industrial, and safety. This deal expanded the company's product range and purchasing scale considerably. The company has identified over $400 million in new annual sales opportunities within its ecosystem and has upgraded its FY28 targets to $500 million in sales with an 8-12% EBITDA margin. The company's market capitalization has doubled to $192 million, with total shareholder returns of 77%.

Artrya Marks Transition to Commercial Stage

Artrya Ltd reported FY2026 results marking a significant transition to commercial-stage operations. The company successfully signed U.S. foundation customers, including Tanner Health, Northeast Georgia Health System, and Cone Health. It also secured 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 of $25.2 million for the year, this reflects the typical profile of a business transitioning from development to commercialization. The company expects to secure regulatory clearance for Salix® Coronary Flow and continue advancing its work with SAPPHIRE partners.