Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Energy One FY26 Results: Revenue Climbs 14% to AU$69.9 Million as Net Debt Disappears
Highlights:
Energy One Limited (ASX: EOL), a provider of wholesale energy trading software and services, released its full-year results for the period ended 30 June 2026 on 19 August 2026. The company described the year as one of profitable recurring growth, wider margins and a much stronger balance sheet.
Earnings and Margin Gains
Revenue reached AU$69.9 million, up from AU$61.4 million a year earlier. Gross margin widened to 67% from 64%. Underlying EBITDA increased 28% to AU$20.7 million, and underlying profit after tax rose 56% to AU$9.2 million.
Statutory profit after tax grew 38% to AU$8.1 million, even after absorbing AU$1.5 million of one-off costs, mostly linked to the CEO transition. Underlying cash EBITDA lifted 42% to AU$14.9 million, lifting the cash EBITDA margin to 21% from 17%. Cash expenses grew just 7%, which management said shows operating leverage at work.
Cash Flow and Balance Sheet
Operating cash flow came in at AU$18.4 million and free cash flow at AU$10.8 million. The company repaid AU$8.3 million of borrowings and paid AU$2.4 million in dividends during the year. Leverage dropped to 0.0x, facility headroom stands at AU$17.1 million, and the NAB facility has been renewed to July 2027.
Regional Performance
Australian revenue grew 15% to AU$30.1 million, supported by enterprise wins, upsells and momentum in battery energy storage. Europe delivered AU$39.5 million, up 13%, with several large customer wins, although some revenue was delayed by project timing.
Retention Under Watch
Customer attrition climbed to 5.2% from 4.0%, driven by a handful of customer-specific events, and net revenue retention eased to 106% from 108%. Annual recurring revenue reached AU$64.6 million, up 13% on a constant currency basis. The company is targeting attrition of 4.5% in FY27.
FY27 Outlook
Signed or contract-prepared annual recurring revenue of AU$5.1 million at 30 June 2026 gives the company a head start on next year. Management is targeting at least 15% recurring revenue growth in FY27 and a cash EBITDA margin run-rate of about 30% by the end of the year. It also plans to keep investing in product, AI capability and sales, with acquisitions remaining part of its long-term strategy.
Note: All data presented is based on information available at the time of writing.
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