Slide 1: Genesis Energy H1 FY26 Results
Genesis Energy H1 FY26 Results Investor Presentation Malcolm Johns Chief Executive Julie Amey Chief Financial Officer 23rd 1. February 2026 23 Feb 2026 • H1 FY26 Results Presentation Tekapo A
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Genesis Energy Limited Forward-looking statements in this presentation are not guarantees Genesis Energy is subject to disclosure obligations under the NZX (“Genesis Energy”) for information purposes only. This disclaimer or predictions of future per
Slide 3: Agenda
Agenda Key Messages Gen35 Strategy Group Performance Business Performance Group Outlook Appendices 23 Feb 2026 • H1 FY26 Results Presentation Rangipo 3
Slide 4: H1 FY26 Highlights & Key Messages
H1 FY26 Highlights & Key Messages Record H1 Normalised(1) EBITDAF of $307m 1 up 38% (pcp $222m), enabled by portfolio Net Profit After Tax Operating Interim flexibility in favourable hydro conditions (NPAT) Free Cash Flow Dividend 2 Margin quality driven through customer book, lifting electricity ne
Slide 5: 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, market leading flexibility Empowering the Margin quality customer led transition Cus
Slide 6: Gen35 Strategy Update
Gen35 Strategy Update 6. 23 Feb 2026 • H1 FY26 Results Presentation Waikaremoana Power Scheme
Slide 7: Customer momentum — building future margins
Customer Customer momentum — building future margins Delivering higher long-term netback through margin quality and cost discipline Billing & CRM Customer Electrification of Replacement Flexibility Transport Enabling faster pricing actions, lower Protecting retail margin and lowering the Higher-valu
Slide 8: Renewables
RENEWABLES Renewables Disciplined renewable growth supported by partnerships and capital-efficient development Solar Projects Wind Projects ✓ FID on Edgecumbe solar farm (136 MWp) ✓ Yinson framework agreement executed - exclusive rights to equity &/or offtake ✓ Leeston is on track for FID in Q4 FY26
Slide 9: Flexibility
FLEXIBILITY Flexibility Enhancing optionality across BESS, gas and biomass to optimise market outcomes BESS Gas Biomass • Huntly Stage 1 • Gas Carbona: MOU signed (120 ktpa) and project All major equipment is on site, with progressing well on funding, site and Unit 5 gas redirected to support
Slide 10: Platform, Delivery and Data
Platform, Delivery and Data Digital transformation improving efficiency, scalability and operational performance H1 priorities Progress Project budget remains on track $145m major digital projects ($m)(2) • Digitise core services to drive efficiency ✓ R2G2 Phase 1 – Live for around 50,000 customers
Slide 11: H1 FY26 Group performance
H1 FY26 Group performance 11. 23 Feb 2026 • H1 FY26 Results Presentation Huntly Power Station – Unit 2
Slide 12: H1 FY26: Group Financial Performance
H1 FY26: Group Financial Performance Record first-half EBITDAF driven by margin quality and portfolio optimisation H1 FY26 H1 FY25 Variance Revenue1 $1,532m $1,754m (13)% • Revenue: lower wholesale prices and overall lower Gross Margin $521m $409m 27% generation against pcp; with full period of Ecot
Slide 13: H1 FY26: Group Gross Margin and Operating Expenses
H1 FY26: Group Gross Margin and Operating Expenses Margin uplift from hydrology, fuel flexibility and portfolio management; cost discipline provides foundation H1 Group Gross Margin (GGM) movement ($m) H1 Group Opex by Spend Category ($m) H1 FY25: $192m H1 FY26: $218m 51 People (30) 18 21 24 59 14 S
Slide 14: H1 FY26: Group Capital Management
H1 FY26: Group Capital Management Disciplined capital allocation supporting growth and shareholder returns H1 EBITDAF to Operating Free Cash Flow (Op FcF) ($m) H1 Sources & Uses of Funds ($m) 16 Cash reserves 95 (108) 29 Debt repayment3 44 (70) Dividend Cash (33) 58 Distribution (6) (42) Operating 1
Slide 15: H1 FY26: Group Financial Resilience
H1 FY26: Group Financial Resilience Strong balance sheet and liquidity underpin investment-grade strength Net Debt1, Liquidity and Debt Leverage Ratio2 3.1x Group Funding Maturity Profile to FY303 2000 2.9x 2,000 based on facilities existing at 31 December 2025 2.2x 3 2.7x 2.7x 2.6x 2.2x 2.5 1500 35
Slide 16: H1 FY26 Business performance
H1 FY26 Business performance 16. 23 Feb 2026 • H1 FY26 Results Presentation Tekapo A
Slide 17: H1 FY26: Retail Margin
H1 FY26: Retail Margin Successful execution of customer strategy, as the portfolio is rebalanced toward higher-value customers Driving quality margin outcomes Total netback for all fuels ($m) Electricity Netback ($/MWh) +$113m Single Brand Strategy — delivering margin quality outcomes $35m 24.9 0.2
Slide 18: H1 FY26: Operational excellence
H1 FY26: Operational excellence FY20 Strong generation asset performance driven by reliability, enabling significant portfolio flexibility Hydro Schemes Rankine Units Unit 5 Unit 6 Start Reliability 100% 93.7% 100% 100% 99.9% pcp 91.3% pcp 100% pcp 100% pcp Generation 1,644 GWh 242 GWh 594 GWh 33 GW
Slide 19: H1 FY26: Portfolio Generation Composition
H1 FY26: Portfolio Generation Composition FY20 Geographic diversity and fleet flexibility underpin portfolio resilience H1 26 Portfolio Generation (GWh) Portfolio Generation Composition (GWh) 1% 1% • 63 MW Tauhara capacity • 15-year contract 33 commenced 2H FY25 8% 8% 594 20% 6% 22% 242 2% • 63 MWp
Slide 20: Group FY26 Outlook
Group FY26 Outlook 20. 23 Feb 2026 • H1 FY26 Results Presentation Tauhara Power Station
Slide 21: FY26 Guidance
FY26 Guidance Normalised FY26 EBITDAF1 guidance remains unchanged at $490 – $520 million2 FY26 FY25 FY24 $m Commentary Guidance Actual Actual • Assumes P50 inflow hydrology for Normalised(2) EBITDAF $490m - $520m $470m $413m remainder of year • Peak year for investment, enabling a Digital Investment
Slide 22: 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 23: Appendix
Appendix 23. 23 Feb 2026 • H1 FY26 Results Presentation Rangipo tunnel
Slide 24: 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 $10–18/GJ • At this price range
Slide 25: Flexibility drives long-term value creation
Flexibility drives long-term value creation Monetising a renewables-led system, leveraging firming value pools and a disciplined LCOE position Indicative Levelised Cost of Energy (LCOE) ($ / MWh) Market value of flexibility reward pool ($m p.a.) Firming range ~$20 - $50 1,500 Solar 1,200 900 Firming
Slide 26: Genesis Earnings Resilience
Genesis Earnings Resilience Flexibility and active portfolio management driving consistent earnings performance LTM Dec-25 P50 Asset Generation and Electricity Group Gross Margin (GWh, $m) 800 Margins supported by active 120 management of gas position and thermal dispatch through strong 110 700 hydr
Slide 27: 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 $104m Be
Slide 28: Major Plant Overhauls and Upgrades
Major Plant Overhauls and Upgrades Extending the life and reliability of our existing generation assets is core to Gen35 • Rangipo Unit 6 turbine overhaul and governor replacement – 10-year overhaul as part of the asset management lifecycle to maintain reliability. The project also included refurbis
Slide 29: Rangiriri solar farm — strategic location advantage
Rangiriri solar farm — strategic location advantage Located in the golden triangle growth corridor, adjacent to Huntly Power Station, enhancing portfolio optimisation and value capture Huntly’s Strategic Advantage • Located within the Golden Triangle growth corridor, close to major demand centres •
Slide 30: Reconciliation of Reported to Normalised Information
Reconciliation of Reported to Normalised Information Non-GAAP Financial Information H1 FY26 ($m) Comment Revenue Gross Margin Expenses EBITDAF NPAT Reported 1,533.6 521.4 (218.2) 303.2 95.1 Adjust non-routine royalties’ settlement provision for Kupe Venture Crown Royalty Provision - - 2.0 2.0 1.4 Li
Slide 31: Financial Metrics
Financial Metrics H1 FY26 H1 FY25 Variance Electricity Gross Margin Volume Rate per unit $m Volume Rate per unit $m Volume Rate per unit $m Retail Sales C&I 871 GWh $224.95 196 900 GWh $198.52 179 (29) GWh $26.43 17 Retail Sales Residential 1,521 GWh $336.35 512 1,618 GWh $295.02 477 (97) GWh $41.33
Slide 32: Financial Metrics
Financial Metrics H1 FY26 H1 FY25 Variance LPG Gross Margin Volume Rate per unit $m Volume Rate per unit $m Volume Rate per unit $m Retail Sales 21,804 T $2,796.85 61 24,105 T $2,565.48 62 (2,301)T $231.37 (1) Wholesale Sales 1,262 T $964.65 1 1,905 T $1,045.87 2 (643) T ($81.22) (1) Emission Unit R
Slide 33: Financial Metrics
Financial Metrics H1 FY26 H1 FY25 Variance Kupe Gross Margin Volume Rate per unit $m Volume Rate per unit $m Volume Rate per unit $m Oil Sales 54.2 Kbbl $112.32 6 119.3 Kbbl $108.38 13 (65.1) Kbbl $3.94 (7) Gas Sales 3.07 PJ $13.50 41 3.28 PJ $8.33 27 (0.21) PJ $5.17 14 LPG Sales 13,671 T $688.16 9
Slide 34: Financial Statements
Financial Statements Income Statement ($m) H1 FY26 H1 FY25 Variance Balance Sheet ($m) H1 FY26 FY25 Variance Revenue 1,533.6 1,761.2 (13)% Cash and Cash Equivalents 96.8 81.0 20% Expenses (1,229.1) (1,537.0) (20)% Other Current Assets 777.2 858.3 (9)% Depreciation, Depletion & Amortisation (127.5) (
Slide 35: Operational Metrics
Operational Metrics Retail Key Information H1 FY26 H1 FY25 Variance Customers with > 1 Fuel 135,854 148,240 (8.4)% Electricity Only Customers 317,278 329,558 (3.7)% Gas Only Customers 10,379 10,131 2.4% LPG Only Customers 32,195 28,383 13.4% Total Customers 495,706 516,312 (4.0)% Total Electricity,
Slide 36: 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 37: 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