Genesis Energy Limited · NZX:GNE
Genesis Energy — H1 FY25 Earnings Presentation
30 slides from Genesis Energy's earnings presentation, Feb 21, 2025
Slide 1: Lauriston Solar Farm — Canterbury Plains
Lauriston Solar Farm — Canterbury Plains
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Genesis Energy Limited (“Genesis Energy”) for information purposes only. This disclaimer applies to this presentation. For these purposes, “presentation” means this document and the information contained within it, as well as the verbal or written co
Slide 3: Agenda
Agenda H1 FY25 Key Messages. and Gen35 Update 4 Ht EY 23. Grou performance 10 3. H1 FY25 investor presentation _H1 FY25 =Busine performance 15 = Market& Group: ~~ Appendix FY25 outlook 18 21 Tekapo power scheme — Mackenzie Basin, South Island
Slide 4: H1 FY25 Key Messages
H1 FY25 Key Messages — Strong EBITDAF' of $217m (up 7% vs pcp), leveraging portfolio flexibility in a challenging environment eooes Flexibility drives strong financial performance Navigated national gas shortage, low hydrology/wind in Winter, long Spring gas position, and high hydrology start to Sum
Slide 5: Gen35: Portfolio clarity
Gen35: Portfolio clarity — Long-term value comprises growth in core and new value streams from monetising portfolio flex 8by28 initiative FY25 FY28 Margin growth Thermal displacement! RENEWABLES RENEWABLES cS TWh oA TWh Monetising flexibility FLEXIBILITY FLEXIBILITY 1,300 MW 1,200 MW 5. H1 FY25 inve
Slide 6: Gen35: 8by28 Progress Update
Gen35: 8by28 Progress Update — Delivering Horizon 2 and supporting our Gen35 strategy Growth invest? estimated allocation FY25-FY30 FY28 EBITDAF* range estimate Progress Gen35 Initiative CE Biting and CRM re-platform Operational across Genesis and Frank All milestones for Frank go-live on track C-}
Slide 7: Customer
Customer — Boosting core performance, caring for our customers and empowering the transition Boosting the core © Stronger core operating model Transforming the operating model and strengthening brand equity Y Simplified operating model and achieved ~200 FTE reduction from core retail business ¥ Impr
Slide 8: Renewables
Renewables — Credible pathway to deliver ~5 TWh of renewable energy 8. H1 FY25 investor presentation Lauriston Solar Farm— Canterbury Plains Lauriston Solar (63 MWp)' + NZ's largest operational solar farm to date - Commercial Operations Date achieved in February. Project delivered on-budget Edgecumb
Slide 9: Flexibility
Flexibility — Dispatchable capacity increases in value as the market incorporates more non-dispatchable renewables Battery * Huntly Stage 1 FID achieved August 2024 (100 MW x 2hr) + Construction on track to start end FY25; commercial operations on target for Q1 FY27 * Detailed design advanced, with
Slide 10: Huntly Power Station—Unit4
Huntly Power Station—Unit4
Slide 11: H1 FY25 Reported Earnings
H1 FY25 Reported Earnings — Strong financial outcome in challenging winter and market conditions Revenue’ iy) $1,383.8m 27% CZOEN I) $383.6m 7% Margin 27.7% (440bps) Operating expenses ($181.5m) (6%) Gross margin EBITDAF? | $216.5m | $202.1m 7% Margin 14.6% (230bps) EBIT $94.6m 41% NPAT $38.3m 84% F
Slide 12: H1 FY25 Group Gross Margin and Operating Expenses
H1 FY25 Group Gross Margin and Operating Expenses — Portfolio flexibility and availability offset challenging weather impacts, with a minor opex increase H1 FY25 Group Gross Margin (GGM) movement ($m) (59) 384 H1FY24 Drywinter Lines & Retail Porffolio Availability Other H1 FY25 GGM impact metering p
Slide 13: Capital Management
Capital Management — Operations FCF reflects replenishment of energy storage for Genesis and Industry H1 FY25 Operations Free Cash Flow (FCF) (sm) (192) | oe 409 217 HI FY25Gross_Opox H1FY25 Rovers None Inventory Margin EBITDAF cash Change Stay-in-Business CAPEX? $32m * $23m maintenance of generatio
Slide 14: Financial Resilience
Financial Resilience — Capital structure options under review in support of Gen35 strategy Net Debt ($m)', Liquidity Headroom and Debt Leverage 31x Fy20 FY21 Fy22 FY23 Fy24 Hi FY25 MMMNet Debt © Borrowing maturation profile ($m) fo FY29° 2,000 1,500 1,000 CMMMZZ7=™|!'/MM™|téttla 500 0 Dec 24 Dec 25
Slide 15: Waipipi Wind Farm - Taranaki
Waipipi Wind Farm - Taranaki
Slide 16: Retail business performance
Retail business performance — Enhanced focus on value over volume in an energy constrained market Customers (000) H1FY25 H1FY24 Var. Var. (%) (0.5%) Electricity Only Customers. 309.8 300.8 9.0 3.0% Customers > 1 Fuel 148.2 (0.7) Gas Only Customers 10.1 114 (1.3) (11.4%) LPG Only Customers 28.4 32.1
Slide 17: Wholesale business performance
Wholesale business performance — Achieved strong results while navigating challenging market conditions 17. H1 FY25 characterised by significant portfolio flex, enabling value creation across extreme market conditions throughout the half - as illustrated in adjacent chart Thermal generation up 229 G
Slide 18: Market and Group FY25 Outlook
Tauhara Power Station - Taupd Market and Group FY25 Outlook
Slide 19: Market update
Market update — New emerging trends shaping the New Zealand energy landscape 0) Structural change in gas market can Rankine units back in demand Demand for flexible generation exceeds supply Huntly Power 19. H1 FY25 investor presentation
Slide 20: Outlook
Outlook — FY25 EBITDAF guidance remains unchanged of around $460 million’ 20. H1 FY25 investor presentation Reflecting dry weather impacts and fuel prices in H1 FY25, recent updates on Tariki well drilling, and a range of hydrology outcomes, guidance for FY25 EBITDAF of around $460 million’ FY25 cap
Slide 21: Appendix
Appendix
Slide 22: ChargeNet Acquisition
ChargeNet Acquisition — Investing for a 65% share of NZ’s leading charging infrastructure company Genesis’ customer electrification strategy Electrification of transport is the largest growth value pool in the customer-led transition Optimised entry point after national footprint established Linking
Slide 23: Electricity and Gas gross margin breakdown
Electricity and Gas gross margin breakdown HI FY24 Volume Rate per unit Ht FY25 Electricity Gross Margin Volume Rate per unit Retail Sales C&l 900GWh $198.52 179 Retail Sales Residential 1,618GWh $295.02 477 Retail Sales SME 530GWh $269.80 143 Retail Sales Ecotricity 70GWh $197.32 14 Wholesale Sales
Slide 24: LPG and Other gross margin breakdown
LPG and Other gross margin breakdown H1FY25 H1FY24 Variance LPG Gross Margin Volume Rate per unit $m Volume _ Rate per unit $m Volume _ Rate per unit Retail Sales 24,105T — $2,565.48 62 23,442T — $2,341.35 55 662T $224.13 7 Wholesale Sales 1,905T $1,045.87 2 1,574T $978.33 2 331T $67.54 0) Emission
Slide 25: Kupe gross margin and EBITDAF reconciliation
Kupe gross margin and EBITDAF reconciliation Ht FY25 Kupe Gross Margin Volume Rate per unit Oil Sales 119.3Kbbl $108.38 13 Gas Sales 3.28 PJ $8.33 27 LPG Sales 14,5897 $545.58 8 Other and Emissions Revenue 6 Direct Costs (16) Kupe Gross Margin 38 EBITDAF Total Gentailer Gross Margin Kupe Gross Margi
Slide 26: Financial statements
Financial statements Income Statement ($m) H1FY25 H1FY24 —- Variance Revenue 1,761.2 1,366.5 29% Expenses G7) (1,180.8) (30%) Depreciation, Depletion & Amortisation | (@))) (106.9) (6%) Impairment of Non-Current Assets (0.8) (0.4) (100%) Fair Value Change 86.4 18.5 367% Revaluation of Generation Ass
Slide 27: Operational metrics
Operational metrics Retail Key Inform: H1 FY25 H1 FY24 Variane Customers with > 1 Fuel 148,240 148,915 (0.5%) Electricity Only Customers 329,558 300,834 95% Gas Only Customers 10,131 11,405 (11.2%) LPG Only Customers 28,383 32,061 (11.5%) Total Customers 516,312 493,215 4.7% Total Electricity, Gas a
Slide 28: Glossary: Gross margin breakdown
Glossary: Gross margin breakdown Electricity Retail Sales Residential Sales of electricity to residential customers Retail Sales SME Sales of electricity to small business customers Retail Sales C&l Sales of electricity to commercial and industrial customers Wholesale Sales Sale of generated electri
Slide 29: Glossary: Operational metrics
Glossary: Operational metrics Brand Net Promoter Score Based on survey question “How likely would you be to recommend Genesis/ Frank Energy to your friends or family?” Calculated on 3 month rolling basis. Interaction Net Promoter Score Based on survey question “Based on your recent interaction with
Slide 30: Glossary: Operational metrics (cont’d)
Glossary: Operational metrics (cont’d) Electricity Financial Contract Purchases — Wholesale (GWh) Settlement volumes of generation hedge purchases, including exchange traded and OTC contracts. Excludes PPAs, active trading, Financial Transmissions Rights (FTRs) and Cap/Collar/Floor contracts Electri