IKEGPS GROUP LIMITED (IKE)
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29/10/2025

1

Buy

$1.14

3.64%

Bell Potter highlights strong 2Q (March year-end) subscription momentum for ikeGPS Group, up 14% quarter-on-quarter and 42% year-on-year to $4.7m, driven by 55% growth in seat licences to 9.3k.

The gross margin expanded around 1,000bps year-on-year to 75%, while group revenue was flat as weaker transaction volumes offset subscription strength, explain the analysts.

The broker highlights NZ$34m in cash following a capital raise.

Management reiterated expectations for annual recurring revenue (ARR) growth of 35% or more in FY26.

Bell Potter maintains a Buy rating and $1.14 target price, expecting earnings (EBITDA) breakeven on a run-rate basis in 2H26.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.91 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.55 cents.

03/11/2025

3

Hold

$1.02

-7.27%

Moelis notes ikeGPS Group’s first-half FY26 update showed steady progress toward management’s targets, with revenue up 4.9% and subscription income rising 35.1%.

Platform subscriptions now make up 69% of sales, highlights the analyst, reflecting improved customer retention and ongoing growth in seat licences and average revenue per user (ARPU).

Cost discipline supports profitability progress, while new feature investment and product innovation such as automation tools are viewed positively by the broker.

The analysts has moderated near-term subscriber growth expectations, lowering FY26 estimates but lifting FY27 forecasts on stronger ARPU.

Moelis retains a Hold rating and increases its target to $1.02 from 93c..

FORECAST
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.63 cents.
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.55 cents.