Genesis Energy Limited (NS)

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 full year results, released on 27 August 2026:

Genesis delivered a strong financial performance in FY26, reflecting continued execution of its strategy, improved margin quality and favourable market conditions.

Normalised EBITDAF increased 11% to $522 million and reported EBITDAF rose 14% to $518 million. Gross margin reached $949 million, reflecting the strongest performance to date, supported by stronger retail margins, disciplined portfolio management and favourable hydro conditions. Continued growth in renewable generation and active fuel management reduced reliance on thermal generation, lowering the average cost of generation to approximately $61/MWh.

Total reported OPEX of $431 million reflected planned investment in major technology programmes and completion of the single brand transformation. Strong operating free cash flow of $322 million supported continued investment in renewable generation, battery storage and core generation assets while maintaining shareholder returns. A successful $400 million equity raise strengthened the balance sheet, reducing leverage to 1.6x Adjusted Net Debt/EBITDAF and maintaining Genesis' BBB+ investment grade credit rating. NPAT was $85m compared with $169m in FY25 reflecting the impact of FY26 revaluations.