Genesis Energy Limited · NZX:GNE
Genesis Energy — Investor Presentation (February 2026)
48 slides from Genesis Energy's investor presentation, Feb 23, 2026
Slide 1: Charging Up to Accelerate Growth
1. Charging Up to Accelerate Growth Investor Presentation Tekapo B 23 February 2026
Slide 2: Disclaimer and important notice (1/4)
Disclaimer and important notice (1/4) NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR NZX and ASX Any decision to purchase New Shares in the Offer must be made on the IN PART IN OR INTO THE UNITED STATES basis of all information provided in relation to the Offer, including information conta
Slide 3: Disclaimer and important notice (2/4)
Disclaimer and important notice (2/4) The information in this presentation has been prepared on the basis that all No Adviser has authorised, permitted or caused the issue, submission, Past performance offers of New Shares in Australia under the Offer will be made to Australian dispatch or provision
Slide 4: Disclaimer and important notice (3/4)
Disclaimer and important notice (3/4) Any estimates or projections as to events that may occur in the future Investors are strongly cautioned not to place undue reliance on any The financial information in this presentation is given for illustrative (including, but not limited to, projections of dem
Slide 5: Disclaimer and important notice (4/4)
Disclaimer and important notice (4/4) Pro-forma financial information The pro-forma financial information provided in this presentation is for illustrative purposes only and is not represented as being indicative of the Company’s actual or future financial position and/or performance. The pro- forma
Slide 6: FY32 growth plan and outlook
FY32 growth plan and outlook Plan leverages Genesis’ key strengths to execute on development pipeline and drive significant growth High quality development pipeline totalling ~2.5 GW Development pipeline (MW)4,5 1 • Targeting returns to Genesis of 10% – 13%1 1,300 • Opportunities to invest in and re
Slide 7: Overview of the equity raise and rationale
Overview of the equity raise and rationale New equity will help accelerate Genesis’ growth opportunities and its ability to support New Zealand’s energy security • Genesis’ Gen35 strategy is designed to position the business for growth by increasing the amount of renewable generation while also unlo
Slide 8: Outline
Outline Section Pages Section Pages 1. Genesis and its strategy 4. Capital management and outlook • Genesis at a glance • Strong capital management 27 – 30 • Gen35 investor value proposition 9 – 13 • Pro-forma balance sheet and key metrics • Gen35 strategy • FY32 EBITDAF Outlook $650m - $750m • Gove
Slide 9: Genesis and its strategy
9. Genesis and its strategy Lauriston Solar Farm 9
Slide 10: Genesis at a glance
Genesis at a glance We are supporting New Zealand's energy market security and helping transition New Zealand to a low carbon future Genesis is an energy generator and retailer supplying electricity, natural gas and LPG Waikaremoana Huntly to ~496,000 customers 1,170 138 Peak Capacity/MW Peak Capaci
Slide 11: Gen35 Investor Value Proposition
Gen35 Investor Value Proposition Energy that never stops! We’re delivering margin quality, cost discipline and strong capital management across an integrated portfolio with a large customer book, growing renewables and market leading flexibility Empowering the Margin quality customer led transition
Slide 12: Gen35 strategy
Gen35 strategy Global energy transition: more electrons, more energy storage and data driven systems COUNTRY NET ZERO 2050 SECTOR SECTOR 60% 60% ELECTRIFICATION ELECTRIFICATION 95% 95% RENEWABLES RENEWABLES 100% 100% RELIABILITY RELIABILITY CUSTOMER RENEWABLES FLEXIBILITY COMPANY Empowering the Disp
Slide 13: Government energy package response
Government energy package response Genesis is well-positioned to respond to the Government energy package through its strategic investments in Huntly Power Station’s capacity and a potential gas storage opportunity Dispatchable firming capacity Fuel security Firming products Renewables ✓ Long durati
Slide 14: Market outlook and opportunity for Genesis
14 . Market outlook and opportunity for Genesis BESS Stage 1 Huntly Power Station 14
Slide 15: Electricity is a growth market
Electricity is a growth market Genesis’ view of demand is driven by underlying organic growth and increasing electrification in mass market and transport sectors New Zealand forecast electricity TAM1 (TWh) Genesis’ 50 CAGR2 Transport opportunity +18.9% 43 • Total electricity demand in New 40 Transpo
Slide 16: Renewables growth and need for dispatchable capacity
Renewables growth and need for dispatchable capacity As renewables grow within New Zealand’s energy mix, increased dispatchable capacity will help meet peak demand and maintain grid stability Share of generation by technology1 (%) Genesis’ opportunity Forecast 100% • New Zealand’s energy mix has a h
Slide 17: Genesis' portfolio growth and evolution
Genesis’ portfolio growth and evolution Driving renewable growth through investment and partnerships, and investing in and repurposing Huntly Power Station to bring significant additional flexible capacity to the market Forecast portfolio growth and generation composition1 (TWh) Rankines reach pract
Slide 18: Unlocking flexibility enhances value capture
Unlocking flexibility enhances value capture Strategic investments to replace baseload generation, driving improved GWAP/TWAP into our portfolio Genesis assets’ price participation (%) Impact of renewables on portfolio Generation Portfolio volume GWAP1 margin Actuals Forecast Rankines Huntly assets
Slide 19: Flexibility drives long-term value creation
Flexibility drives long-term value creation Monetising a renewables-led system, leveraging firming value pools and a disciplined LCOE position Indicative Levelised Cost of Energy (LCOE) ($ / MWh) Market value of flexibility reward pool ($m p.a.) Firming range ~$20 - $50 1,500 Solar 1,200 900 Firming
Slide 20: Genesis' development strategy and pipeline
20 . Genesis’ development strategy and pipeline Lauriston Solar Farm 20
Slide 21: Genesis' development strategy
Genesis’ development strategy Genesis has significantly grown its development pipeline across renewables and BESS and is transitioning Huntly Power Station into a flexible portfolio of dispatchable generation assets and stored fuels Attractive returns available from development pipeline (MW) Further
Slide 22: Genesis' development pipeline
Genesis’ development pipeline Genesis has developed a strong pipeline of attractive growth opportunities across renewables and dispatchable firming capacity which can be accelerated with additional capital Project Capacity / Duration Status Total Project Capex1 Commentary Operational 63 MWP $104m Be
Slide 23: Solar and BESS opportunities and progress to date
Solar and BESS opportunities and progress to date Solar and BESS opportunities are complementary and being actively progressed Solar BESS 1 Lauriston solar farm 2 Edgecumbe solar farm 3 Huntly BESS Stage 12 4 Huntly BESS Stage 22 Capacity: 63MW P Capacity: 136 MW P Capacity: 100 MW / 200 MWh Capacit
Slide 24: Wind development opportunities
Wind development opportunities Genesis’ wind development pipeline presents a sizeable renewable generation growth opportunity Project Capacity Development status Discretionary growth opportunities: ~500 MW • Core windfarm consented Castle Hill 300 MW • Core windfarm land secured wind farm • Grid con
Slide 25: Investing in and repurposing Huntly Power Station
Investing in and repurposing Huntly Power Station Additional flexible generation and strategic baseload replacement helps offer incremental firming products for the market, supporting future energy security and affordability Existing vs. future Huntly energy capacity position1 (MW) 1,400MW Current P
Slide 26: Thermal generation price points
Thermal generation price points Gas and coal generation costs2 through Unit 5 and Rankine Units 1 Gas price <$10/GJ Unit 5 gas price($ / GJ)1 • A gas price of less than $10/GJ through Unit 5 results in a lower generation cost than 1 2 3 solar and wind LCOE 2 Gas price $10–18/GJ • At this price range
Slide 27: Capital management and outlook
27 . Capital management and outlook Huntly Power Station 27
Slide 28: Strong capital management
Strong capital management A resilient framework detailed at Investor Day 2025 with capital allocation prioritisation specifically targeting Gen35 Horizon 2 objectives to help an accelerated transition Operating cash flows Capital allocation Funding toolkit 1 4 Balance sheet Pipeline Margin managemen
Slide 29: Pro forma balance sheet and key metrics
Pro forma balance sheet and key metrics Equity raise proceeds will initially reduce net debt before being applied to progress the pipeline Pro-forma balance sheet (at 31 December Reported1 Adjustment2 Pro forma • Equity raise proceeds will initially reduce net debt and provide 2025) unaudited $ mill
Slide 30: FY32 Outlook EBITDAF $650m-$750m
FY32 Outlook EBITDAF $650m-$750m FY32 Building Blocks Long run wholesale 45% - 55% ~6 TWh ~1,370 MW ~7 TWh price assumption EBITDAF to OFCF2 Renewable Sources Portfolio Flexibility Retail Demand1 $118-128/MWh (real) Conversion 800 Sources & Uses of Funds Normalised EBITDAF3 700 FY26 to FY32 Cumulati
Slide 31: Offer details
Offer details Tekapo B 31.
Slide 32: Equity raise overview
Equity raise overview The $400 million equity raise is structured as a Placement and pro rata renounceable Rights Offer • The equity raise totals $400 million and comprises: ꟷ An underwritten Placement of $100 million; and Offer structure ꟷ A 1 for 7.9 underwritten pro rata renounceable Rights Offer
Slide 33: Equity raise terms
Equity raise terms Placement • NZ$2.15 per New Share, representing a: Offer price ꟷ 8.0% discount to the ex-dividend adjusted1 NZX last close price of NZ$2.34 on 20 February 2026; and ꟷ 8.7% discount to the ex-dividend adjusted1 five-day NZX volume weighted average price (“VWAP”) prior to announceme
Slide 34: Equity raise timetable
Equity raise timetable Eligible shareholders wishing to participate in the Rights Offer should visit www.shareoffer.co.nz/genesis and apply online by 5:00pm (NZDT) / 3:00pm (AEDT) on Tuesday 17 March 2026 Placement Trading halt and Placement bookbuild • Monday 23 February 2026 Trading expected to re
Slide 35: Appendices
35 . Appendices 35.
Slide 36: Appendix A: Key risks
Appendix A: Key risks KEY RISKS – IMPORTANT: PLEASE READ This section summarises the key risks that Genesis has identified in connection with the Offer and an investment in Genesis shares. Investors should read this section carefully because these risks may materially adversely affect the future ope
Slide 37: Appendix A: Key risks (continued)
Appendix A: Key risks (continued) Wholesale electricity Risk of energy market oversupply / reduced demand market (cont.) Energy market oversupply and/or reduced demand generally leads to lower wholesale electricity prices and reduces earnings. Potential key contributors to oversupply include favoura
Slide 38: Appendix A: Key risks (continued)
Appendix A: Key risks (continued) Fuel security and Increased political focus on a potential gas supply shortage may lead to new regulations or proposals, the impact of which is unknown. See below in relation to the Government’s proposal to supply (cont.) establish an LNG import facility. See also t
Slide 39: Appendix A: Key risks (continued)
Appendix A: Key risks (continued) Fuel security and As thermal assets are used less, and in the absence of long-term contracts to support ongoing operating costs, they will cost more to run when they are required which could result in supply (cont.) unacceptably high wholesale prices when the market
Slide 40: Appendix A: Key risks (continued)
Appendix A: Key risks (continued) Power station Genesis’ ability to generate electricity is dependent on the continued efficient operation of its power stations. The viability, efficiency or operability of Genesis’ power stations could be availability adversely affected by a range of factors. Genesi
Slide 41: Appendix A: Key risks (continued)
Appendix A: Key risks (continued) Change in competitive choosing to buy electricity directly on the wholesale spot market rather than to enter into fixed price contracts. environment (cont.) Additionally, future competitive threats are possible from more aggressive retail competition, particularly i
Slide 42: Appendix A: Key risks (continued)
Appendix A: Key risks (continued) Electricity buy-side Genesis buys and sells electricity contracts on the New Zealand Electricity Futures and Options market operated by the ASX, and enters into contracts for difference (being agreements to pay and sell-side contract the difference between an agreed
Slide 43: Appendix A: Key risks (continued)
Appendix A: Key risks (continued) Kupe The decommissioning of Kupe is expected to occur in or around FY36. The costs of any decommissioning and/or remediation obligations will be shared by the Kupe joint venture partners decommissioning proportionately. The current Kupe joint venture partners are Ge
Slide 44: Appendix A: Key risks (continued)
Appendix A: Key risks (continued) Litigation and dispute Forest & Bird opposition to resource consents risks (cont.) In early December 2025, Forest and Bird lodged an appeal with the High Court opposing the fast-track expert panel’s decision on matters relating to the granting of the Tekapo Power Sc
Slide 45: Appendix A: Key risks (continued)
Appendix A: Key risks (continued) Availability and cost In a letter from the Minister of Finance on behalf of shareholding Ministers to the mixed ownership model companies (Genesis, Meridian Energy and Mercury NZ) dated 30 September 2025, of capital (cont.) the Crown confirmed its openness to partic
Slide 46: Appendix B: Foreign Jurisdictions
Appendix B: Foreign Jurisdictions This document does not constitute an offer of new ordinary shares (New Shares) of Genesis in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any coun
Slide 47: Appendix B: Foreign Jurisdictions (continued)
Appendix B: Foreign Jurisdictions (continued) Norway (cont.) The New Shares may not be offered or sold, directly or indirectly, in Norway except to “qualified investors” (as defined in the Prospectus Regulation 2017/1129 Article 2(e), cf. the Norwegian Securities Trading Act of 29 June 2007 no. 75 S
Slide 48: Appendix B: Foreign Jurisdictions (continued)
Appendix B: Foreign Jurisdictions (continued) United Kingdom In the United Kingdom, this document is being distributed only to, and is directed at, qualified investors (i) who have professional experience in matters relating to investments falling within (cont.) Article 19(5) (investment professiona
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