Genesis Energy Limited (NS) Analysis

Overview

Genesis Energy is a New Zealand-owned energy company that fosters strong links with its customers and community stakeholders.

Formed in April 1999, Genesis Energy is a state-owned enterprise with a diverse electricity generation portfolio. Genesis Energy supplies 19 per cent of New Zealand's electricity from its thermal and renewable power stations. It is also a significant energy retailer supplying electricity, natural gas and LPG to more than 658,100 customers across the country.

Our aim is to operate as a commercially-focused sustainable company providing responsible energy solutions to our customers. This underpins the way we operate and do business, how we interact with our customers and stakeholders, and can be seen in our efforts to reduce our impact on the environment.

On the 17th April 2014, Genesis Energy Limited Listed on the NZSX with ordinary shares "GNE".

GNE has been granted Listing with a 'Non-Standard' ("NS") designation. This designation was granted because of provisions in GNE's constitution regulating the ownership and transfer of its Ordinary Shares due to the Crown's shareholding. For further information, please see a copy of the waiver under Documents on GNE's homepage on nzx.com.

Performance

The following information was extracted from Genesis Energy Limited's half year results, released on 23 February 2026:

Earnings resilience and strategic momentum under Gen35; NZ$400m equity raise to accelerate growth

Genesis Energy Limited’s (“Genesis”) continued delivery of its Gen35 growth strategy, strengthened by Genesis’ market leading fuel and generation flexibility and spring hydro conditions, has driven a record first‑half normalised EBITDAF of NZ$307 million for the six months ended 31 December 2025.

This result demonstrates the strength and resilience of Genesis’ diversified portfolio of assets and the Company’s ability to deliver strong earnings under variable market conditions.

Genesis continued to actively manage its gas position into Q3 FY26. Current expectations are that winter 2026 conditions will revert toward more normal seasonal patterns, with thermal baseload and firming capacity available to support system security.

Genesis has today announced a NZ$400 million equity raise to accelerate the development of its growth opportunities across renewable generation and dispatchable firming capacity, and underpin delivery of the Gen35 strategy.

Financial Summary

Strategy Execution Highlights

• Continued execution of Gen35 strategy to benefit customers and shareholders through Genesis’ large, established customer book, growing renewable generation and market leading flexibility.

• Edgecumbe solar farm (136 MWp) FID delivered and construction will commence in Q4 FY26.

• Leeston solar farm (67 MWp) is on track for FID in Q4 FY26.

• Rangiriri solar farm (271 MWp) was acquired. Once operational, the Rangiriri solar farm is expected to generate around 437 GWh of electricity annually – enough to power 54,600 homes.

• Huntly BESS Stage 1 (100 MW/200 MWh) remains on track and within budget; Stage 2 feasibility progressing.

• 10-year Huntly Firming Options for Rankine capacity were authorised by the Commerce Commission and came into effect on 1 January 2026.

• Continued progress on Genesis’ Castle Hill wind development and, in addition, entered into an exclusive wind partnership with Yinson Renewables providing access to a ~1 GW wind pipeline.

• PPA secured 70% of Mt Cass wind farm (95 MW) in Canterbury. This is planned to deliver 210 GWh p.a. to Genesis from Q1 FY29.

• Successfully delivered the first cohort migration of around 50,000 customers to the Gentrack g2.0 (R2G2) platform: Release 2 on track.

• Margin quality uplift, improved netback.

• Market leading flexibility leveraged during wet and high wind periods, driving record EBITDAF.

• Maintained BBB+ investment grade credit rating (S&P stable outlook).