GenusPlus (ASX:GNP) A$110m Koolunga BESS Win Backs Record A$2.4bn Order Book and 35% FY26 Guide

GenusPlus Group (ASX:GNP) shares closed 4.6% higher on Friday at A$9.20, touching a fresh 52-week high of A$9.35 intraday, after the company won a A$110 million contract to build the Koolunga Battery Energy Storage System in South Australia. The 200MW/800MWh project, owned by Equis Development, is large enough to power roughly 26,000 homes for four hours, with completion targeted for September 2027. For investors, this is more than a single contract win. It is further proof that GenusPlus is becoming Australia's clearest pick-and-shovel play on the energy transition.

Why the Koolunga BESS Deal Cements GNP's Grid Storage Lead

GenusPlus is delivering Koolunga on a lump-sum, turn-key EPC basis. EPC stands for engineering, procurement and construction. That may sound technical, but here is what matters: GenusPlus has agreed to a fixed price and takes full responsibility for delivering the project from design through to commissioning, including a 1.2km high-voltage cable into the 275kV Brinkworth Substation.

A fixed-price structure can be very profitable when executed well, and it gives investors clearer margin visibility. Importantly, all planning, environmental and community approvals are already complete, removing a common source of delay on large projects.

Grid-scale storage is becoming the backbone of Australia's power system. It firms up intermittent wind and solar and increasingly supports rising demand from data centres. GenusPlus already built the Kwinana battery in Western Australia and is helping deliver the Melbourne Renewable Energy Hub. Koolunga adds to that track record and positions the company to win larger BESS tenders as the storage pipeline accelerates.

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The Record A$2.4bn Order Book Underwrites Strong FY26 Growth

GenusPlus is winning this work from a position of real strength. Its H1 FY26 results, reported in February, showed revenue up 61% to A$535 million and normalised operating earnings (EBITDA) up 69% to A$46.3 million. That first-half growth was largely organic, and it now runs alongside the company's newly completed acquisition of Railtrain Holdings, which settled on 1 April and expands GenusPlus into rail infrastructure services.

Behind the headlines sits the number that matters most: a record secured order book of around A$2.4 billion, backed by a tender pipeline near A$2.6 billion. Together they give GenusPlus arguably the clearest earnings visibility in the sector. The balance sheet is healthy too, with roughly A$127 million in net cash, meaning large projects like Koolunga can be funded without tapping shareholders.

On the back of this momentum, management has upgraded its FY26 EBITDA growth target to around 35%, up from the original 20-25%. With the Koolunga win now added to the book, that higher target looks well supported.

The Investor's Takeaway for GNP

After a powerful 12-month rally of around 150%, GenusPlus is no longer cheap. The stock trades near record highs on roughly 36 times earnings, lifting its market value to about A$1.67 billion. A lot of good news is already priced in.

The bull case is clean: Australia needs more power lines, substations and batteries, and GenusPlus builds all three, supported by a strong net cash position. The bear case is equally real: contract businesses run on thin margins, and any delay or cost overrun on lump-sum work flows straight to earnings.

For growth-oriented investors, GenusPlus offers the cleanest listed exposure to grid-scale storage and transmission build-out. Existing holders have little reason to change course. New investors may prefer to wait for a pullback closer to A$8.00, given how far the stock has already climbed.

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