Genesis Energy Limited · NZX:GNE
Genesis Energy — FY2026 Earnings Presentation
43 slides from Genesis Energy's earnings presentation, Aug 27, 2026
Slide 1: Genesis Energy FY26 Results Investor Presentation
Genesis Energy 27 August 2026 GENESIS ENERGY FY26 RESULTS INVESTOR PRESENTATION Malcolm Johns Chief Executive Emma Oettli Chief Financial Officer
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Genesis Energy Limited (“Genesis Energy”) for information Forward-looking statements can generally be identified by the use of words such as purposes only. This disclaimer applies to this presentation. For these purposes, “presentation” “approximate”
Slide 3: The Executive Team
THE EXECUTIVE TEAM 1. 5. Emma Oettli Matthew Osborne Chief Financial Officer Chief Corporate Affairs Officer Over 20 years’ finance experience Corporate affairs executive and legal across the banking, telecommunications counsel with over 20 years’ experience and energy sectors. across legal, regulat
Slide 4: Agenda
AGENDA 01 Key Messages 02 FY26 Business Performance 03 FY26 Group Performance 04 Guidance 05 Group Outlook 06 Appendices Genesis Energy FY26 Results 4
Slide 5: GEN35 – Our Strategy
GEN35 - OUR STRATEGY con LIFE AT FULL POWER OUR PURPOSE g Aotearoa New Zealand with energy that never stops ve 60” | 95° | 100% KIAMANAAKI ELECTRIFICATION RENEWABLES RELIABILITY WE CARE We care deeply about our customers, ‘communities, the environment and each other. OUR MISSION KIAMAIA WE'RE COURAG
Slide 6: FY26 Strategy Delivery Highlights
FY26 STRATEGY DELIVERY HIGHLIGHTS MARGIN COST DISCIPLINE STRONG CAPITAL QUALITY MANAGEMENT Group Gross Margin Cost to serve Capital raise $949m $75 CTS/ICP $400m Up $85m yoy; strongest gross Down $3 CTS/ICP yoy driven by Balance sheet positioned for growth. margin to date operational efficiencies fr
Slide 7: FY26 Business Performance
FY26 BUSINESS PERFORMANCE Genesis Energy FY26 Results Tekapo B, in a full Lake Pukaki 7
Slide 8: Customer – FY26 Strategy Delivery
CUSTOMER – FY26 STRATEGY DELIVERY Margin Quality & Cost Discipline: repositioning portfolio to a higher-value mix (value over volume) ELECTRICITY NETBACK ($/MWh) GAS NETBACK ($/GJ) DELIVERING MARGIN Ecotricity included in consolidated results from 27.6 QUALITY Nov-24 (7 months in FY25) 23.7 20 1 176
Slide 9: Renewables – FY26 Strategy Delivery
RENEWABLES – FY26 STRATEGY DELIVERY Margin Quality & Strong Capital Management: lowering the average generation cost SOLAR WIND FID on ~500 MWp solar by FY28 Delivering up to 300 MW wind by FY32 • Tihori (formerly Edgecumbe) solar farm • Yinson partnership provides access to >1 GW of construction co
Slide 10: Huntly – FY26 Strategy Delivery
HUNTLY – FY26 STRATEGY DELIVERY MARGIN QUALITY & COST DISCIPLINE: GENERATION FLEXIBILITY AND SECURITY GAS COAL &PATHWAY CARBON DIESEL • Leveraging fuel diversity and gas flexibility, as we have done in recent years, alongside the Coal Update ASX to contract minimum take-or-pay positions • Supply rem
Slide 11: Platform, Delivery and Data
PLATFORM, DELIVERY AND DATA Cost Discipline: Investing $145m in digital transformation enabling improved customer outcomes and organisational productivity PROJECT BUDGET REMAINS ON TRACK PLATFORM DELIVERY DATA $145M MAJOR DIGITAL PROJECTS ($m)(1) FY26 Priorities FY26 Priorities FY26 Priorities 60 •
Slide 12: FY26 Group Performance
FY26 GROUP PERFORMANCE Moawhango Dam
Slide 13: FY26: Group Financial Performance
FY26: GROUP FINANCIAL PERFORMANCE Earnings growth, supporting a $50m digital project investment for future benefit realisation • Reported EBITDAF of $518m ($454m pcp) increases to $522m ($470m pcp) on a normalised basis after normalising3 for non-routine costs of $4m ($16m pcp) FY26 FY25 VARIANCE Re
Slide 14: FY26: Group Gross Margin and Operating Expenses
FY26: GROUP GROSS MARGIN AND OPERATING EXPENSES Strategy Delivery: Strongest Gross Margin to date as strategy is delivered GROUP GROSS MARGIN (GGM) MOVEMENT ($M) GROUP NORMALISED OPEX BY SPEND CATEGORY ($M) 86 FY25: $361m FY26: $377m People 10 949 60 67 Software / Support 60 (66) (5) Maintenance / P
Slide 15: FY26: Delivered Strong Cash Conversion
FY26: DELIVERED STRONG CASH CONVERSION Margin Quality & Cost Discipline: Strong cash conversion supported by counterparty-funded working capital EBITDAF TO OPERATING FREE CASH FLOW (OP FCF) ($m) COAL STOCKPILE 62% EBITDAF to OP FCF Conversion Year on year increase in coal stockpile is primarily fund
Slide 16: FY26: Capital Expenditure
FY26: CAPITAL EXPENDITURE Strong Capital Management: Free cash flow uplift, capex in line with strategy execution STAY-IN-BUSINESS (SIB) CAPEX¹ $119m ($86M PCP) GROWTH CAPEX & INVESTMENT¹ $182m ($165m PCP) Investment in core assets to maintain reliability and maximise output Strategic investment to
Slide 17: FY26: Group Financial Resilience
FY26: GROUP FINANCIAL RESILIENCE Strong Capital Management: Operating FCF and equity raise mean GNE well positioned for growth FY26 SOURCES & USES OF FUNDS ($m) NET DEBT¹, LIQUIDITY AND DEBT LEVERAGE RATIO² 2000 2.7x 2.6x 3 SOURCES USES 1.6x 2 1500 350 1 271 0 640 -1 1000 387 -2 418 Equity Raise Pro
Slide 18: Guidance
GUIDANCE Genesis Energy FY26 Results Tekapo A 18
Slide 19: FY27 Guidance
FY27 GUIDANCE Normalised FY27 EBITDAF¹ guidance of $480 – $520 million² FY27 $M FY26 ACTUAL COMMENTARY GUIDANCE • Assumes P50 inflows and ~2.8 - 2.9 TWh of hydro Normalised(2) EBITDAF $480m - $520m $522m generation. • Assumes P50 wind and solar 0.7 TWh Digital Investments • FY27 cash required to com
Slide 20: Group Outlook
GROUP OUTLOOK Genesis Energy FY26 Results Huntly Power Station 20
Slide 21: Delivering FY28 Outlook
DELIVERING FY28 OUTLOOK Earnings Growth: Credible path to upper $500m EBITDAF Customer Customer books well positioned and returned to growth in line with plan Wholesale forward curve broadly aligns with our LCOE view, with near-term headwinds possible Upper Renewables $500m Investment lowering avera
Slide 22: FY32 Growth Plan
FY32 GROWTH PLAN HORIZON 2 OF GEN35 FY32 Outlook: $650m - $750m FY26: Normalised to $522m FY26 Customer Renewables Huntly Opex Headwinds FY32 Customer Renewables >2TWh Huntly OPEX Headwinds Demand Growth: electrification of Cost Out: lower average generation Flexibility: firming, peaking, trading Co
Slide 23: Appendices
APPENDICES Genesis Energy FY26 Results Tokaanu Power Station 23
Slide 24: FY26: Portfolio Generation Composition
FY26: PORTFOLIO GENERATION COMPOSITION FY32 Growth Plan: >2TWh new renewables, exit baseload gas, firming & peaking FY26 PORTFOLIO GENERATION (GWH) PORTFOLIO GENERATION COMPOSITION (%) • 63 MW Tauhara 1,077 51 5,732 capacity 6% 8% 9% 4% 2% • 15-year contract 24% 8% commenced 2H FY25 505 19% 3,092 FY
Slide 25: Genesis Earnings Resilience
GENESIS EARNINGS RESILIENCE PORTFOLIO USES AND SOURCES OF GENERATION (GWH) Generation supported by active management of gas position and thermal dispatch through changing hydrology Resilient margins through price volatility 900 Disciplined approach to hedging 800 and portfolio optimisation 700 Activ
Slide 26: Customer: Delivering Margin Quality
CUSTOMER: DELIVERING MARGIN QUALITY Demand Growth: lowering the total cost of energy for customers through greater electrification of homes and businesses SCALE EFFICIENTLY 50K CUSTOMER FLEXIBILITY 58MW EXPAND CUSTOMER +43% Customers on g2 Peak customer flex VALUE EV Plan Customer Growth COST DISCIP
Slide 27: ChargeNet Is Ahead of the Investment Thesis
CHARGENET IS AHEAD OF THE INVESTMENT THESIS ChargeNet is capturing accelerating EV adoption through network scale, revenue growth and improving earnings THE ADDRESSABLE MARKET IS ACCELERATING The Market is showing a clear step-up in adoption momentum CHARGENET IS CAPTURING TOTAL & MONTHLY NEW PLUG-I
Slide 28: Renewables: Strong Development Pipeline
RENEWABLES: STRONG DEVELOPMENT PIPELINE PROJECT CAPACITY / DURATION STATUS TOTAL PROJECT CAPEX1 COMMENTARY Operational 63 MWP $104m Lauriston solar farm 63 MWP Operating $104m2 Operational Committed growth capex 406 MW ~$602m Huntly BESS stage 1 100 MW / 200 MWh Under construction $135m COD Septembe
Slide 29: Development Pipeline Strategic Location
DEVELOPMENT PIPELINE STRATEGIC LOCATION Notes: (1) Lauriston - Genesis holds a 40% equity interest and 100% PPA offtake (2) 15-year PPA secured for 70% of Mt Cass output (95 MW); (3) 5-year PPA secured for 53% of Ngāwha's output. Genesis Energy FY26 Results 29
Slide 30: Huntly: Flexibility & Firming
HUNTLY: FLEXIBILITY & FIRMING Margin Quality & Strong Capital Management: competitive LCOE and Firming value capture Indicative Levelised Cost of Energy (LCOE) ($ / MWh) Market value of flexibility reward pool ($m p.a.) Firming range ~$20 - $50 1,500 Solar 1,200 Firming range ~$10 - $28 900 Wind 600
Slide 31: Gas Position
GAS POSITION Gas position through 2029 aligned to displacement of baseload gas generation GAS USE VS CONTRACTED POSITIONS (PJ’s per month) GAS POSITION (PJ’s per month) Proven track record of disciplined fuel management, optimising gas availability and Forecast gas position through 2029, while lever
Slide 32: Funding Toolkit
FUNDING TOOLKIT Credible funding options, enabling diversification and value realisation within key financial settings Partnerships and joint ventures Contractual offtake Partnering structures with potential for equity investment that Capital-light commercial arrangement to secure generation conside
Slide 33: FY26: Operational Excellence
FY26: OPERATIONAL EXCELLENCE Margin Quality, Cost Discipline, Strong Capital Management Hydro Schemes Rankine Units Unit 5 Unit 6 Start Reliability 100% 92.3% 92.9% 100% 99.8% pcp 92.9% pcp 98.1% pcp 98.8% pcp Generation 3,092 GWh 505 GWh 1,077 GWh 51 GWh Generation 2,588 GWh pcp 1,704 GWh pcp 1,850
Slide 34: Major Plant Overhauls and Upgrades
MAJOR PLANT OVERHAULS AND UPGRADES Huntly Unit 2 Cold Survey Rangipo Dam Sluice Gate Refurbishment Major overhaul to recertify the unit and ensure Work on the three gates forming the structure to reliability to support HFOs ensure safe and reliable operation for the next 25 years. First gate success
Slide 35: Reconciliation of Reported to Normalised Information
RECONCILIATION OF REPORTED TO NORMALISED INFORMATION Non-GAAP Financial Information FY26 ($M) COMMENT REVENUE GROSS MARGIN EXPENSES EBITDAF NPAT Reported 2,831.6 949.1 (431.1) 518.0 84.5 Adjust non-routine royalties’ settlement provision for Kupe Venture Limited - Crown Royalty Provision - - 2.4 2.4
Slide 36: Financial Metrics – Electricity
FINANCIAL METRICS FY26 FY25 VARIANCE ELECTRICITY GROSS MARGIN VOLUME RATE PER UNIT $M VOLUME RATE PER UNIT $M VOLUME RATE PER UNIT $M Retail Sales Residential 2,809 GWh $349 982 3,005 GWh $306 921 (195) GWh $43 61 Retail Sales SME 936 GWh $329 308 1,010 GWh $279 281 (74) GWh $51 27 Retail Sales C&I
Slide 37: Financial Metrics – LPG
FINANCIAL METRICS FY26 FY25 VARIANCE LPG GROSS MARGIN VOLUME RATE PER UNIT $M VOLUME RATE PER UNIT $M VOLUME RATE PER UNIT $M Retail Sales 39,895 T $2,906 116 42,591 T $2,618 112 (2,696) T $288 4 Wholesale Sales 1,692 T $1,013 2 3,826 T $1,062 4 (2,134) T ($49) (2) Emission Unit Revenue (LPG) 4 4 (0
Slide 38: Financial Metrics – Kupe
FINANCIAL METRICS FY26 FY25 VARIANCE KUPE GROSS MARGIN VOLUME RATE PER UNIT $M VOLUME RATE PER UNIT $M VOLUME RATE PER UNIT $M Oil Sales 134 Kbbl $136.3 18 160 Kbbl $111.8 18 (26.5) Kbbl $24.5 0 Gas Sales 5.5 PJ $13.5 74 6.6 PJ $8.2 54 (1.1) PJ $5.3 20 LPG Sales 24,688 T $675 17 28,860 T $548 16 (4,
Slide 39: Financial Statements
FINANCIAL STATEMENTS INCOME STATEMENT ($M) FY26 FY25 VARIANCE BALANCE SHEET ($M) FY26 FY25 VARIANCE Revenue 2,831.6 3,662.1 (23)% Cash and Cash Equivalents 145.1 81.0 79% Expenses (2,303.4) (3,265.0) (29)% Other Current Assets 752.5 858.3 (12)% Depreciation, Depletion & Amortisation (247.5) (239.1)
Slide 40: Operational Metrics
OPERATIONAL METRICS RETAIL KEY INFORMATION FY26 FY25 VARIANCE Customers with > 1 Fuel 135,740 127,278 6.6% Electricity Only Customers 312,864 341,958 (8.5)% Gas Only Customers 9,371 15,671 (40.2)% LPG Only Customers 32,252 35,612 (9.4)% Total Customers 490,227 520,519 (5.8)% Total Electricity, Gas a
Slide 41: Glossary
GLOSSARY ELECTRICITY Retail Sales Residential Sales of electricity to residential customers Retail Sales SME Sales of electricity to small business customers Retail Sales C&I Sales of electricity to commercial and industrial customers Retail Sales Ecotricity Sales of electricity to Ecotricity custom
Slide 42: Glossary
GLOSSARY WHOLESALE Generation Emissions Carbon emissions due to coal and gas electricity generation Rankine Output Electricity generated in the Huntly Rankine units Rankine’s Fuelled by Coal (%) The proportion of coal used in the Rankine units Total Coal Purchases (PJ) Coal purchases have been conve
Slide 43: Ngā Mihi
NGĀ MIHI Contact Michael Hunter General Manager Investor Relations & Corporate Valuation +64 21 073 1603