ENERGY ONE LIMITED (EOL)
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21/08/2026

1

Buy

$19.10

26.91%

Energy One's FY26 underlying EBITDA rose 28% and underlying NPAT increased 56%, both slightly below Bell Potter's and consensus forecasts.

ARR growth of 13% met revised guidance but was also below expectations. The analyst emphasises strong margin expansion, although higher customer churn and slowing European growth were areas of concern.

Management's FY27 recurring revenue growth is targeted at a minimum of 15%.

The proposed all-scrip acquisition of European energy software provider GMSL is viewed positively, with the transaction expected to be 35% EPS accretive on an FY26 pro forma basis and offer around $4.1m in potential EBITDA synergies.

FY27 and FY28 EPS forecasts are lowered by -7% and -9%, respectively, due to lower revenue and higher amortisation forecasts, while the target rises to $19.10 from $17.10. Buy rating retained.

FORECAST
Bell Potter forecasts a full year FY27 EPS of 42.90 cents.
Bell Potter forecasts a full year FY28 dividend of 22.00 cents and EPS of 55.50 cents.

21/08/2026

1

Buy

$21.14

40.47%

Canaccord Genuity maintains a Buy rating for Energy One with its target price increased to $21.14 from $17.85 following the announcement of the acquisition of GMSL for $99.8m, labelled as "transformational".

The transaction is set to be funded via scrip issuance to vendor Fluxys SA and is expected to be over 20% EPS accretive while expanding the company's European gas scheduling presence.

The FY26 result recap highlighted strong momentum with ARR up 7% to $64.6m, cash EBITDA up 42% to $14.9m, and underlying NPAT surging 63% to $10.2m.

Cash EBITDA is upgraded by 36%-55% as the GMSL acquisition and operational synergies are incorporated.