Genesis Energy Limited · NZX:GNE
Genesis Energy — FY2025 Earnings Presentation
40 slides from Genesis Energy's earnings presentation, Aug 26, 2025
Slide 1: Genesis Energy FY25 Results Investor Presentation
Genesis Energy FY25 Results Investor Presentation Malcolm Johns Chief Executive Julie Amey Chief Financial Officer 26 August 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Genesis Energy Limited expectations and involve risks, uncertainties, assumptions, to NZX for the purpose of that information being made available to (“Genesis Energy”) for information purposes only. This disclaimer contingencies and other factors, m
Slide 3: The Executive Team
The Executive Team Tracey Hickman Matthew Osborne Ed Hyde Chief Operating Officer Chief Corporate Affairs Officer Chief Transformation & Technology Officer Malcolm Johns Julie Amey Stephen England-Hall Claire Walker Chief Financial Officer Chief Revenue Officer Chief People Officer Chief Executive 3
Slide 4: Agenda
Agenda Key Messages 05 People, Profit, Planet 06 Gen35 Strategy 09 Group Performance 14 Business Performance 19 Group Outlook 24 Appendices 28 26 Aug 2025 • FY25 Results Investor Presentation 4
Slide 5: FY25 Key Messages
FY25 Key Messages A year of extremes for generation, demonstrating portfolio resilience enabling strong financial performance Strong earnings performance with normalised EBITDAF 1 of $470m and EBITDAF2 of 1 $454m delivered in a volatile year requiring significant portfolio flexibility with an impact
Slide 6: People, Planet, Profit
People, Planet, Profit Powering Progress for People, Sustaining Our Planet, Driving Sustainable Profit PEOPLE PLANET PROFIT Interaction Net Promoter Score Renewable Generation Net Profit After Tax (NPAT) +50 +52 pcp 2,594 GWh 2,677 GWh pcp $169m $131m pcp Resilience through significant change Impact
Slide 7: Genesis Earnings Resilience
Genesis Earnings Resilience Reliable generation adapting to every season with Group Gross Margin resilience and fuel flexibility 900 90 800 80 700 70 600 60 Electricity GGM ($m) 500 50 GWh 400 40 300 30 200 20 100 10 - - Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Hydro PPAs Gas Coal Rankine HFO
Slide 8: Directional Positioning Huntly for Future Market Security
Directional Positioning Huntly for Future Market Security From capacity to certainty: monetisation of market security bringing balance to future demand & supply sources Genesis Existing vs. Future Energy Position 11TWh's Future Market Security 9TWh's Future Market Security 8TWh's HFOs1 HFOs1 Current
Slide 9: Gen35 Strategy
Gen35 Strategy 26 Aug 2025 • FY25 Results Investor Presentation 9
Slide 10: Gen35 8by28 Progress Update
Gen35 8by28 Progress Update On track for FY28 EBITDAF target of mid-$500m’s with credible pathway to high $500m’s FY28 EBITDAF1 Investment2 Gen35 Initiative FY28 Goal FY28 FY25 Progress range estimate estimated allocation FY25-FY30 GOAL Billing and CRM re-platform Operational across Genesis Steady p
Slide 11: Customer
Customer Customer Customer Margin Margin growth growth Driving growth through performance and capability. 8 by 28 Progress Initiatives Billing and CRM Customer Electrification Re-platform Flexibility of Transport Ecobulb Core Efficiency Initiative FY28 Operational across 150 MW Genesis customers 13.
Slide 12: Renewables
Renewables Thermal Renewables displacement A credible pathway to deliver of renewable energy Expected FY28 Target Site Generation Update Secured Renewables (TWh) (GWh/year) 5 Lauriston (Solar) ~100 Operational (February 2025) SOLAR Edgecumbe (Solar) ~230 Final Investment Decision target Q2 FY26 4 Le
Slide 13: Transitioning Baseload Gas Flexibility
Transitioning Baseload Gas Flexibility Monetising flexibility Earnings resilience driven by fuel flexibility Transitioning baseload gas generation 2.5 (TWh) 2 60 Gas and Coal Market Prices ($/GJ) 1.5 50 TWh 1 40 Fuel Cost $/GJ 0.5 30 0 20 FY26 FY27 FY28 FY29 10 Gas Contracts Market Purchases of Gas,
Slide 14: FY25 Group Performance
FY25 Group Performance
Slide 15: FY25 Group Reporting Earnings
FY25 Group Reporting Earnings Earnings resilience, supporting a $33m digital project investment for future benefit realisation • Reported EBITDAF of $454m ($407m pcp) increases to $488m ($413m pcp) FY25 FY24 Variance on a like-for-like basis after normalising3 for non-routine costs of $16m ($6m pcp)
Slide 16: FY25 Group Gross Margin and OPEX
FY25 Group Gross Margin and OPEX Gross Margin Trends and Opex Insights: A Clearer View of Performance FY25 Group Gross Margin (GGM) movement ($m) Group OPEX by Spend Category ($m) FY25: $409m FY24: $363m 14 34 128 People 74 61 (147) Software / Support 65 158 18 149 Digital investment 21 28 28 Mainte
Slide 17: Capital Management
Capital Management Significant utilisation of operations cash for replenishment of national energy storage 600 FY25 FY25 Operations Free Cash Flow (FCF) ($m) Sources & Use of Funds ($m) 550 500 70 450 (143) Cash 112 116 Dividend reserves (net of DRP) 400 350 (64) 22 Debt 300 drawdown3 (74) Growth 25
Slide 18: Financial Resilience
Financial Resilience Strong Foundations, Steady Performance: Navigating Uncertainty with Confidence Group Net Debt ($m)1, Liquidity Headroom ($m) and Leverage2 Group Borrowing Maturation to FY303 2,000 profile of facilities secured as at 30 June 2025 3.1x 2000 2.9x 2.7x 2.7x 2.6x 1,500 1500 355 2.2x
Slide 19: FY25 Business Performance
ce Cc - Business. s Performanc
Slide 20: Retail: Executing the strategy
Retail: Executing the strategy Sustainable results being achieved through a focus on value, simplification and scaling transition Portfolio & Channel: delivering stronger returns Electricity Netback ($/MWh) $159 We’re prioritising Margin over volume $2 $155 $154 $7 Actively rebalancing the portfolio
Slide 21: FY25 Operations: Operational excellence
FY25 Operations: Operational excellence Strong operational performance driven by reliability, enabling significant portfolio flexibility FY20 Hydro Schemes Rankine Units Unit 5 Unit 6 99.8% 92.9%1 98.1% 98.8% Start Reliability Start Reliability Start Reliability Start Reliability pcp 99.6% pcp 86.5%
Slide 22: FY25 Commercial Businesses
FY25 Commercial Businesses Unlocking value through strong performance and value drivers LPG Distribution Kupe Joint Venture Highly resilient and consistent margin generation with strong Direct access to natural gas and LPG reserves for portfolio operational performance and room to grow requirements,
Slide 23: FY25 Commercial Investments
FY25 Commercial Investments Enabling sustainable growth Forestry Investments ChargeNet Investment Providing valuable hedge for future carbon emission unit Strategic investment enabling multi-year growth from obligations the largest electrification value pool FY25 Performance FY25 Performance • 57,63
Slide 24: Group Outlook
Group Outlook 26 Aug 2025 • FY25 Results Investor Presentation 24
Slide 25: FY26 Outlook and Guidance
FY26 Outlook and Guidance1 Gen35 initiatives progressing at pace on a trajectory to deliver FY28 EBITDAF of mid-to-upper $500m We remain committed to our yield-plus-growth EBITDAF of between [$430m and $460m] premised on P50 hydrology 1 stock, delivering consistent returns and A ramp up in digital i
Slide 26: Q&A
Q&A Malcolm Johns Julie Amey Chief Executive Chief Financial Officer 26 Aug 2025 • FY25 Results Investor Presentation 26
Slide 27: Thank You
Thank You
Slide 28: Appendix
Appendix
Slide 29: Appendix Index
Appendix Index Supporting Information. Reconciliation of Reported to Normalised Information 30 Technology & Delivery 31 Capacity Contracts 32 Major Plant Overhauls and Upgrades 33 Electricity and Gas gross margin breakdown 34 LPG and Other gross margin breakdown 35 Kupe gross margin and EBITDAF reco
Slide 30: Reconciliation of Reported to Normalised Information
Reconciliation of Reported to Normalised Information Non-GAAP Financial Information FY25 ($m) Comment Revenue Gross Margin Expenses EBITDAF NPAT Reported 3,662.1 863.5 (409.2) 454.3 169.1 Adjust non-routine royalties’ settlement provision for Kupe Crown Royalty Provision - - 11.7 11.7 8.4 Venture Li
Slide 31: Technology & Delivery
Technology & Delivery Successful year ensuring secure, reliable solutions and enabling business transformation Strategic Pillar Project Progress Update • First go live on track for Q1 FY26 Billing & CRM re- • Recalibrating delivery plan based on solution readiness platform • Overall programme on tra
Slide 32: Asset Backed Huntly Capacity Contracts
Asset Backed Huntly Capacity Contracts Supporting national energy security • Swaptions, with a fixed annual capacity premium giving the options to call energy (Contracts for Difference) 10-year HFO • Fuel cost and carbon obligation sits with Buyers HFO holder Fuel Purchase Costs • Industry risk redu
Slide 33: 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 generator overhaul – 10-year overhaul as part of the asset management lifecycle to maintain reliability. The project also included transformer bushing replacement
Slide 34: Electricity and Gas gross margin breakdown
Electricity and Gas gross margin breakdown FY25 FY24 Variance Electricity Gross Margin Volume Rate per unit $m Volume Rate per unit $m Volume Rate per unit $m Retail Sales C&I 1,782 GWh $216.66 386 1,816 GWh $195.93 356 (34) GWh $20.73 30 Retail Sales Residential 3,005 GWh $306.44 921 3,095 GWh $284
Slide 35: LPG and Other gross margin breakdown
LPG and Other gross margin breakdown . FY25 FY24 Variance LPG Gross Margin Volume Rate per unit $m Volume Rate per unit $m Volume Rate per unit $m Retail Sales 42,591 T $2,617.95 112 43,339 T $2,422.56 105 (748) T $195.39 7 Wholesale Sales 3,826 T $1,062.02 4 6,246 T $1,011.57 6 (2,420) T $50.46 (2)
Slide 36: Kupe gross margin and EBITDAF reconciliation
Kupe gross margin and EBITDAF reconciliation . FY25 FY24 Variance Kupe Gross Margin Volume Rate per unit $m Volume Rate per unit $m Volume Rate per unit $m Oil Sales 160 Kbbl $111.79 18 109 Kbbl $93.66 10 52 Kbbl $18.13 8 Gas Sales 7 PJ $8.20 54 7 PJ $8.06 57 (0) PJ $0.14 (2) LPG Sales 28,860 T $548
Slide 37: Financial statements
Financial statements Income Statement ($m) FY25 FY24 Variance Balance Sheet ($m) FY25 FY24 Variance Revenue1 3,662.1 3,047.8 20% Cash and Cash Equivalents 81.0 192.8 (58%) Expenses (3,265.0) (2,653.3) (23%) Other Current Assets 858.3 653.0 31% Depreciation, Depletion & Amortisation (239.1) (237.0) (
Slide 38: Operational metrics
Operational metrics Retail Key Information FY25 FY24 Variance Customers with > 1 Fuel 127,278 150,557 (15.5%) Electricity Only Customers 341,958 305,347 12.0% Gas Only Customers 15,671 10,821 44.8% LPG Only Customers 35,612 29,871 19.2% Total Customers 520,519 496,596 4.8% Total Electricity, Gas and
Slide 39: 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 cust
Slide 40: 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 con