Strong financials, more customers and lower emissions

GENESIS ENERGY LIMITED
Interim Report 2023

GENESIS ENERGY LIMITED
Chairman and Interim Chief Executive’s
joint letter
Tēnā koutou,
Genesis made great strides toward our
renewable energy ambitions in the first half of
the 2022-23 financial year. We also saw strong
retail growth, while delivering an excellent
financial performance.
The flexibility of our generation assets enabled
us to take advantage of a wet half year to
generate a record amount of electricity from our
hydro power stations. Conversely, we could turn
down Huntly to record lows, saving fuel costs
and around 470,000 tonnes of carbon emissions
over the six months.
EBITDAF was up 42% on the same period last
year to $298.3m, NPAT was up 72% to $145.3m,
and gross margin was up 28% to $454.9m.
The Board approved an interim dividend of 8.8
cents per share, continuing a steady increase in
dividends over the past eight and a half years,
while retaining capital for investment.
We acknowledge these results fall at a
challenging time for many New Zealanders,
with Cyclone Gabrielle and the Auckland floods
highlighting the need to accelerate
New Zealand’s decarbonisation.
It’s pleasing to see these strong results come
during a period when, off the back of strong
hydro inflows, we have been able to significantly
reduce our carbon emissions.
Future-gen in action
Genesis progressed our Future-gen strategy
to be an active enabler of New Zealand’s low
carbon future.
In February we joined our solar joint venture
partner, FRV Australia, in announcing we had
secured a fully consented, large scale solar site
near Lauriston on the Canterbury Plains. The site
is expected to start generating electricity in 2024.
Located one hour’s drive south of Christchurch,
the 90 hectare site will hold approximately
80,000 solar panels with a capacity of 52 MW
and generate around 80 GWh of renewable
electricity annually - enough to power nearly
10,000 homes.
Competition for solar sites is high so to secure
one that is fully consented and ready for
installation and commissioning is a strong start
to delivering on our ambition to develop up to
500 MW of solar over the next few years.
Lauriston is poised to be one of the first large
scale solar farms to reach operational stage in
New Zealand, and we look forward to making
more announcements on solar during 2023.
1. EBITDAF: Earnings before net finance expense, income
tax, depreciation, depletion, amortisation, impairment,
fair value changes, and other gains and losses. Refer to the
consolidated comprehensive income statement on page 6
for reconciliation from EBITDAF to net profit after tax.
2. Net Profit After Tax.
EBITDAF¹
HY22 $210.3m
NPAT
2
HY22 $84.7m
$
145.3m
$
298.3m
We successfully completed a biomass burn trial
at Huntly Power Station on 14 February. This was
a significant step in our search for alternative
fuel options for the plant which will remain a vital
back-up to the country’s increasingly renewable
generation system.
The week-long trial was completed when
two mills on one Rankine unit simultaneously
operated on biomass for the first time.
International experts involved in converting
coal-fuelled power stations to biomass were
on site, along with government officials and
key business leaders whose organisations face
similar challenges in decarbonising. Biomass
is seen internationally as a viable alternative to
fossil fuels, especially in manufacturing and some
industrial processes. Compared to some other
decarbonisation solutions, biomass conversion
could be implemented much sooner and with
broader cross-sector benefits.
We will analyse the findings from the trial over
the coming months, including the critical issue
of supply. There is currently no local source
of the pellets we need to make the move to
biomass feasible. We will look at how Genesis
and other businesses in a similar position might
provide the scale to support the establishment
of an economic, reliable and environmentally
sustainable local supply chain.
Barbara Chapman,
Chairman
Tracey Hickman,
Interim Chief Executive
2

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GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
Our progress on Future-gen reflects the
recommendations of the report by the Boston
Consulting Group, The Future is Electric. We
commissioned the independent report with other
electricity sector participants to help provide
a roadmap to decarbonisation. BCG found the
2020s will be a critical decade for the electricity
sector and New Zealand’s transition to net zero
carbon. With decisive early action supported
by the right policy, regulatory environment and
market settings, the electricity system can, by
2030, transition to 98% renewables and kick start
electrification of overall energy demands such as
transport and industrial processes, reducing New
Zealand’s emissions by 8.7 Mt CO2 -e per year.
Genesis is proud to be at the forefront of
investing in this exciting and important transition,
however we remain concerned about the level of
investment in new transmission, distribution and
generation required to support the transition and
the potential for supply chain and RMA reform to
cause disruption and delays.
Maximising hydro to reduce
emissions
We continue to maximise the efficiency
and reliability of our existing assets through
significant outage work at our Waikaremoana,
Tongariro and Tekapo hydro schemes. They
ran hard this half-year, together achieving a
record 2,034 GWh of generation. This was 615
GWh more than HY22, providing enough extra
renewable power for 88,000 households. The
renewable share of our generation rose to 70% -
the first time we’ve gone above 62%.
In turn, Huntly output was reduced to a record
low of 873GWh. Reduced thermal burn resulted
in significantly reduced fuel costs and carbon
emissions savings of 470,000 tonnes between
July and December.
These results highlight the environmental and
financial value of our fuel diversity and thermal
plant flexibility.
Security of supply
Huntly Power Station provides an essential
service in backing up the electricity generated
by New Zealand’s highly renewable but weather
dependent system. Genesis has been working
hard to secure commercial arrangements that
adequately reward and recognise the value
Huntly provides to the market. Our traditional
supply contracts with other market participants,
called swaptions, ended in December 2022.
There was no appetite by any party to renew
swaptions, but in our view thermal generation
will still be required for some time to firm an
increasingly renewable market. In late 2022 we
offered to the market an alternative to swaptions
in the form of a new product we refer to as
Market Security Options (MSO’s). MSOs offer
participants an opportunity to manage risk
through a transparently priced product.
We continue to engage with participants and
regulators regarding the role Huntly plays in
security of supply.
Gas will play a critical role in the transition to
more renewable generation, and a reliable supply
is vital while the sector navigates the coming
decade. In February 2023 Genesis and our joint
venture partners NZ Oil & Gas, and the Kupe
field’s operator, Beach Energy, agreed to invest
in the development of a new well within the
existing permit area – KS9.
The well would allow extension of Kupe
production. This will provide fuel for back-up
electricity supply while New Zealand progresses
to a higher level of renewable energy, lessening
dependence on coal fired generation through the
transition.
Customer growth
Genesis enjoyed strong customer growth this
half year, gaining 10,273 customers to reach a
total of 481,285, an increase of 2.2%. Churn also
declined by 1% to 12% from the same period in
FY22.
Our Frank brand had a very successful first
year after rebranding from Energy Online in
November 2021, growing customer numbers
5.3% to 93,700 by December 2022.
After absorbing a range of cost increases
over the past two years, it became necessary
to pass some of them on to customers at the
start of 2023. We included the first stage of
the mandatory phase-out of the low user fixed
charge in these increases to simplify things for
customers. It is unfortunate these price increases
come during a time of other cost of living
challenges and in the aftermath of the severe
weather events, but our customer service team
is doing a great job of offering a range of options
to help weather-affected customers, and refer
people to Te Tira Manaaki o Kenehi – our special
care team for vulnerable customers – when
appropriate.
Along with other retailers and distributors, we
contributed to a $5 million power credits scheme
to support low-use households where residents
are struggling to pay their power bills during the
phase-out of the low fixed charge regulations
and have contributed to a fund run by the
Electricity Retailers’ Association (ERANZ) to help
New Zealanders in need with their power costs
in the wake of the weather events.
Following the success of our first Power Shout
Gifting campaign last year we ran an even more
successful campaign this half-year. Customers
were able to choose to either keep four free
hours, or gift them to a Kiwi in financial hardship.
In FY22 15,533 customers gifted 62,132 Power
Shout hours. Genesis contributed an additional
67,868 hours – providing a total of 130,000 hours.
This year, 46% more customers, 28,800, gifted
144,000 Power Shout hours. Genesis has topped
For example, we have signed a Memorandum of
Understanding with Fonterra to work together on
exploring the viability of biomass as a substitute
for coal including the potential for a local supply
chain. Our agreement, initially for a period of two
years, will see us collaborate to share knowledge
and foster innovation. We will act with collective
responsibility for environmental sustainability
and undertake strong community engagement as
we explore the viability of biomass.

GENESIS ENERGY LIMITED
up this number by over 155,000 hours, making a
total of 300,000 to be gifted in winter 2023. Te
Tira Manaaki o Kenehi will work with budgeting
services to identify Genesis customers who
are struggling financially. Those customers will
receive bundles of free hours of power as the
colder months begin.
We are also turning our minds to how we can
make a greater impact in supporting customers
as a sector. In partnership with Mercury,
community organisations, and specialists in
this space we have been researching how
we can identify and support households who
haven’t been well served by the industry in the
past. We believe that we can make a greater
impact working together than independently
in some areas, and we aim for our research to
complement the Government’s work on this
important issue.
Supporting healthy homes
Trying to heat a poorly insulated house is
wasteful and costly, and Genesis appreciates
many families are struggling with cost-of-living
challenges that impact their ability to keep their
homes warm and healthy. To help address this,
we’ve entered a new and meaningful partnership
with Habitat for Humanity’s Northern branch to
ramp up that organisation’s positive impact.
Habitat’s Winter Warm Up Packs, containing
heaters, blankets and products to reduce
condensation and increase energy efficiency, are
delivered to families in need across Auckland and
Northland during winter by Habitat volunteers
and partner charities. In addition to helping
resource this work, we’re encouraging our staff
to use their paid volunteer days to help our new
partner. Genesis is proud to support Habitat’s
efforts to help families warm up their homes.
Energy roaming service a NZ first
A critical part of our purpose in empowering
New Zealand’s sustainable future is supporting
decarbonisation of one of the highest emitting
sectors – transport.
In a New Zealand first, Genesis launched an
‘energy roaming’ service for electric vehicle (EV)
drivers, making it cheaper and easier to charge
their electric vehicles when out and about.
Available on the country’s largest public charging
network, EVerywhere lets EV owners use
ChargeNet’s 280 hubs throughout New Zealand
for the same rate they pay at home. This can
save drivers up to 70% on the cost of charging,
eliminating the variability and uncertainty of
public charging rates.
EVerywhere is accessed through our Energy IQ
app, linking to a ChargeNet account. Drivers are
charged their home energy rate with the cost
added seamlessly to their power bill.
Genesis is passionate about encouraging
the transition to EVs and we embrace the
opportunity to think differently to resolve
challenges for EV owners and those considering
making the switch. It was rewarding to see our
in-house team take EVerywhere from initial
customer research through to the product’s
launch.
Looking ahead
In the past few months we’ve farewelled Director
Doug McKay from our Board, Chief Executive
Marc England and Chief People Officer Nic
Richardson, who have each set off to new roles
and endeavours. We thank each of them for their
contribution. In October we welcomed Warwick
Hunt to the Board. Warwick brings extensive
international leadership and governance
experience to Genesis, having worked in a
number of countries and in New Zealand over the
past 30 years across a range of sectors, including
energy.
On March 6 we welcome Malcolm Johns as
our new Chief Executive from his former role as
Chief Executive of Christchurch International
Airport, and in April our new Chief People
Officer, Claire Walker, joins us from Sky City
Entertainment Group. We look forward to the
energy and new ideas they will bring to the
company.
None of the achievements detailed in this letter
would have been possible without our people.
Those in the northern North Island weathered
the January floods and Cyclone Gabrielle
to maintain our operations and support our
customers despite many of them being impacted
themselves. Our thanks go to them and all our
Genesis teams across the country as we continue
to work towards a more sustainable future for
New Zealand.
Ngā mihi,
Barbara Chapman
Chairman
Tracey Hickman
Interim Chief Executive
4

5
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
Condensed Consolidated
Interim Financial Statements
For the six months ended 31 December 2022
Condensed consolidated interim
financial statements
Consolidated comprehensive
income statement
6
Consolidated statement of changes
in equity
7
Consolidated balance sheet8
Consolidated cash flow statement9
Notes to the condensed consolidated interim financial statements
General information and significant matters
10
A. Financial performance
A1. Underlying EBITDAF and underlying earnings
11
A2. Segment reporting
11
A3. Depreciation, depletion and amortisation
14
B. Operating assets
B1. Property, plant and equipment
14
B2. Oil and gas assets
15
C. Working capital
C1. Receivables and prepayments
16
C2. Inventories
16
D. Funding
D1. Borrowings
17
D2. Finance expense
18
D3. Dividends
18
E. Risk management
E1. Derivatives
18
E2. Change in fair value of financial instruments
18
E3. Fair value measurement
19
F. Other
F1. Related party transactions
20
F2. Commitments
20
F3. Contingent assets and liabilities
20
F4. Subsequent events
20
Ngā Tauākī Pūtea Tōpū Whakarāpopoto Weherua
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

6
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
Consolidated comprehensive income statement
For the six months ended 31 December 2022
Note
31 Dec 2022
unaudited
$ million
31 Dec 2021
unaudited
$ million
RevenueA2 1 ,1 5 5.1 1,382.4
ExpensesA2(856.8)(1,172.1)
Earnings before net finance expense, income tax,
depreciation, depletion, amortisation, impairment, fair
value changes and other gains and losses (EBITDAF)
A2298.3 210.3
Depreciation, depletion and amortisationA3(119.9)(106.0)
Impairment of non-current assets(2.8)(2.5)
Revaluation of generation assetsB1(3.2) -
Change in fair value of financial instrumentsE2 71.5 3 7. 0
Share of associates and joint ventures(0.4)(3.4)
Other gains (losses)(1.3) 13.3
Profit before net finance expense and income tax 242.2 148.7
Finance revenue 0.7 0.2
Finance expenseD2(40.5)(30.6)
Profit before income tax 202.4 118.3
Income tax expense( 5 7.1 )(33.6)
Net profit for the period 145.3 84.7
Earnings per share (EPS) from operations
attributable to shareholders CentsCents
Basic and diluted EPS 13.84 8.1 2
Note
31 Dec 2022
unaudited
$ million
31 Dec 2021
unaudited
$ million
Net profit for the period 145.3 84.7
Other comprehensive income
Change in cash flow hedge reserve 50.0 59.1
Income tax expense relating to items above(14.0)(16.5)
Total items that may be reclassified to profit or loss 36.0 42.6
Change in asset revaluation reserveB1 436.5 -
Income tax expense relating to items above(122.2) -
Total items that will not be reclassified to profit or loss 314.3 -
Total other comprehensive income for the period 350.3 42.6
Total comprehensive income for the period 495.6 127.3
The above statement should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

7
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
Consolidated statement of changes in equity
For the six months ended 31 December 2022
Note
Share capital
unaudited
$ million
Share-based
payments
reserve
unaudited
$ million

Asset
revaluation
reserve
unaudited
$ million
Cash
flow hedge
reserve
unaudited
$ million
Retained
earnings
unaudited
$ million
To t a l
unaudited
$ million
Balance as at 1 July 2022 670.5 2.2 1,756.3 (23.0)(26.5) 2,379.5
Net profit for the period - - - - 145.3145.3
Other comprehensive income
Change in cash flow hedge reserve - - - 50.0 - 50.0
Change in asset revaluation reserveB1 - - 436.5 - - 436.5
Income tax expense relating to other comprehensive income - - (122.2)(14.0) - (136.2)
Total comprehensive income for the period - - 314.3 36.0 145.3495.6
Changes associated with share-based payments - (0.6) - - 0.7 0.1
Net change in treasury shares(0.5) - - - - (0.5)
Shares issued under dividend reinvestment planD3 20.2 - - - - 20.2
DividendsD3 - - - - (93.4)(93.4)
Balance as at 31 December 2022 690.2 1.6 2,070.6 13.0 2 6 .12,801.5
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Note
Share capital
unaudited
$ million
Share-based
payments
reserve
unaudited
$ million

Asset
revaluation
reserve
unaudited
$ million
Cash
flow hedge
reserve
unaudited
$ million
Retained
earnings
unaudited
$ million
Total
unaudited
$ million
Balance as at 1 July 2021652.2 2.2 1,508.5 (50.3)(6 6 .1 )2,046.5
Net profit for the period - - - - 84.7 84.7
Other comprehensive income
Change in cash flow hedge reserve - - - 59.1 - 59.1
Income tax expense relating to other comprehensive income - - - (16.5) - (16.5)
Total comprehensive income for the period - - - 42.6 84.7 127.3
Changes associated with share-based payments(0.2)(0.6) - - 0.2 (0.6)
Net change in treasury shares 0.1 - - - - 0.1
DividendsD3 - - - - (91.8)(91.8)
Balance as at 31 December 2021 652.1 1.6 1,508.5 ( 7. 7 )(73.0) 2,081.5
The above statement should be read in conjunction with the accompanying notes.

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GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
Consolidated balance sheet
As at 31 December 2022
Note
31 Dec 2022
unaudited
$ million
30 Jun 2022
audited
$ million
Cash and cash equivalents114.0 105.6
Receivables and prepaymentsC1244.1 243.1
InventoriesC2183.6 202.9
Intangible assets65.2 49.3
Tax receivable - 8.0
DerivativesE191.8122.7
Total current assets698.7731.6
Receivables and prepaymentsC11.5 3.6
Inventories C252.7 -
Property, plant and equipmentB14,125.7 3,738.7
Oil and gas assetsB2263.7 286.9
Intangible assets321.4 327.3
Investments in associates and joint ventures44.0 35.8
DerivativesE1194.1148.5
Total non-current assets5,003.14,540.8
Total assets5,701.85,272.4
Note
31 Dec 2022
unaudited
$ million
30 Jun 2022
audited
$ million
Payables and accruals259.8 248.3
Tax payable 25.6 -
BorrowingsD1283.4 292.0
Provisions9.6 10.3
DerivativesE191.2 144.1
Total current liabilities669.6 694.7
Payables and accruals2.6 3.8
BorrowingsD11 ,1 5 0.1 1,201.3
Provisions163.2 176.9
Deferred tax885.3750.9
DerivativesE129.5 65.3
Total non-current liabilities2,230.72,198.2
Total liabilities2,900.32,892.9
Share capital690.2 670.5
Reserves2,111.31,709.0
Total equity2,801.52,379.5
Total equity and liabilities5,701.85,272.4
The above statement should be read in conjunction with the accompanying notes.
The Directors of Genesis Energy Limited authorise these condensed consolidated interim financial
statements for issue on behalf of the Board.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Barbara Chapman
Chairman of the Board
Date: 24 February 2023
Catherine Drayton
Chairman of the Audit and Risk Committee
Date: 24 February 2023

9
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
Note
31 Dec 2022
unaudited
$ million
31 Dec 2021
unaudited
$ million
Receipts from customers1,245.6 1,544.5
Interest received0.7 0.3
Payments to suppliers and related parties(927.5)(1,349.5)
Payments to employees(6 9.1 )( 6 7.4 )
Tax paid(25.2)(4.4)
Operating cash flows224.5 123.5
Proceeds from disposal of property,
plant and equipment
0.1 0.2
Proceeds from assets under finance lease4.0 0.4
Payments to associates and joint ventures(8.7)(10.3)
Purchase of assets under finance lease(1.0)(5.5)
Purchase of property, plant and equipment(23.6)(24.0)
Purchase of oil and gas assets(6.3)(8.7)
Purchase of intangibles (excluding emission units and
deferred customer acquisition costs)
(4.9)(9.4)
Investing cash flows(40.4)(57.3)
Proceeds from borrowings - 100.0
Repayment of borrowings(66.2)(78.3)
Interest paid and other finance charges(35.6)(28.3)
DividendsD3(73.2)(91.8)
Acquisition of treasury shares(0.7)(0.5)
Financing cash flows(175.7)(98.9)
Net increase (decrease) in cash and cash
equivalents
8.4 (32.7)
Cash and cash equivalents at 1 July105.6 104.3
Cash and cash equivalents at 31 December114.0 71.6
Consolidated cash flow statement
For the six months ended 31 December 2022
Reconciliation of net profit to operating cash flowsNote
31 Dec 2022
unaudited
$ million
31 Dec 2021
unaudited
$ million
Net profit for the period 145.384.7
Finance expense excluding time value of money
adjustments on provisions
3 7. 4 28.4
Change in advances to associates and joint ventures
receivable and change in lease receivable
(2.8)4.5
Change in rehabilitation and contractual
arrangement provisions
1 5.1 1.8
Items classified as investing/financing activities49.7 34.7
Depreciation, depletion and amortisation expenseA3119.9 106.0
Revaluation of generation assetsB13.2 -
Impairment of non-current assets 2.8 2.5
Change in fair value of financial instrumentsE2(71.5)(37.0)
Deferred tax expense(1.8)7.2
Change in capital expenditure accruals2.3 2.1
Share of associates and joint ventures0.4 3.4
Other non-cash items(6.4)1.4
Total non-cash items48.985.6
Change in receivables and prepayments1 .1 110.4
Change in inventories(33.4)(90.8)
Change in emission units on hand(15.9)(26.7)
Change in deferred customer acquisition costs(0.7)0.9
Change in payables and accruals10.3 (98.7)
Change in tax receivable/payable33.6 21.8
Change in provisions(14.4)1.6
Movements in working capital(19.4)(81.5)
Net cash inflow from operating activities224.5 123.5
The above statement should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

10
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2022
General information and significant matters
General information
The unaudited condensed consolidated interim financial statements comprise Genesis Energy Limited
('Genesis'), its subsidiaries, controlled entities and the Group's interests in associates and joint
arrangements (together, the 'Group') for the six month period ended 31 December 2022.
Genesis is registered under the Companies Act 1993. It is a mixed ownership model company, majority
owned by the Crown, bound by the requirements of the Public Finance Act 1989. Genesis is listed
on the New Zealand Stock Exchange ('NZX') and the Australian Securities Exchange ('ASX') and has
bonds listed on the NZX debt market. Genesis is an FMC reporting entity under the Financial Markets
Conduct Act 2013.
The core business of the Group and activities carried out by each segment is disclosed in note A2.
Basis of preparation
The condensed consolidated interim financial statements:
• Comply with New Zealand Equivalent to International Accounting Standard 34 Interim Financial
Reporting and International Accounting Standard 34 Interim Financial Reporting;
• Do not include all the information and disclosures required in the annual financial statements.
Consequently, they should be read in conjunction with the annual financial statements and related
notes included in Genesis Energy's Annual Report for the year ended 30 June 2022 ('2022 Annual
Report');
• Are presented in New Zealand dollars rounded to the nearest 100,000.
Critical accounting estimates and judgements
The basis of critical accounting estimates and judgements are the same as those disclosed in the 2022
Annual Report.
Seasonality of operations
Fluctuations in seasonal weather patterns can have a significant impact on supply and demand
and therefore the generation of electricity, which in turn can have a positive or negative impact on
reported results.
Accounting policies
The accounting policies set out in the 2022 Annual Report have been applied consistently to all periods
presented. There have been no significant changes in accounting policies or methods of computation
since 30 June 2022.
Amendment to NZ IFRS 9, NZ IAS 39 and NZ IFRS 7 - Interest rate benchmark reform
A fundamental reform of major interest rate benchmarks is being undertaken globally, including the
replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as
‘IBOR reform’). In the case of USD LIBOR, certain tenors will no longer be published after 30 June 2023.
As noted in the 2022 Annual Report, the IBOR reform only impacts the Group’s Cross Currency Interest
Rate Swaps ('CCIRS') that are linked to USD LIBOR. The Group manages interest rate risk on the fixed
rate United States Private Placement (‘USPP’) notes (notional value US$150.0 million) by swapping back
to floating rates, maturing in 2026 and 2027. As such, LIBOR is documented in hedge relationships for
CCIRS.
As at 31 December 2022, no hedging instruments or related hedged items have transitioned to alternative
risk-free rates. The Group has identified the Secured Overnight Financing Rate (‘SOFR’) as a potential
alternative and expects to transition to this benchmark by 30 June 2023. The Group does not expect
the transition to SOFR to change the overall economics of the hedging transactions as there is no direct
exposure to LIBOR; however, the benchmark rate changes will affect the underlying hedge relationships.
The Group does not expect this to lead to discontinuation of hedge accounting relationships and
continues to work through the transition plan including actions required to update processes, systems
and documentation.

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GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
A. Financial performance
A1. Underlying EBITDAF and underlying earnings
Underlying EBITDAF and underlying earnings are performance measures used internally to provide
insight into the operating performance of the Group by adjusting for items that are outside
Management's control or items that relate to strategic rather than operational decisions. Items are
excluded from underlying EBITDAF and underlying earnings when they meet the criteria outlined
in the Group's non-GAAP financial information policy (refer to www.genesisenergy.co.nz/investors/
governance/documents for a copy of the policy). These measures are considered to be non-GAAP
performance measures. They should not be viewed in isolation nor considered a substitute for
measures reported in accordance with New Zealand Equivalents to International Financial Reporting
Standards ('NZ IFRS'). Underlying EBITDAF and underlying earnings are used by many companies;
however, because these measures are not defined by NZ IFRS they may not be uniformly defined or
calculated by all companies. Accordingly, these measures may not be comparable.
There were no differences between reported EBITDAF and underlying EBITDAF.
6 months ended
Reconciliation of reported net profit to underlying earningsNote
31 Dec 2022
unaudited
$ million
31 Dec 2021
unaudited
$ million
Net profit for the period145.384.7
Change in fair value of financial instrumentsE2 (71.5)(37.0)
Revaluation of generation assetsB1 3.2 -
Impairment of non-current assets 2.8 2.5
Unrealised loss on revaluation of carbon units held for trading1.3 0.6
Adjustments before tax expense(64.2)(33.9)
Tax expense on adjustments18.09.5
Adjustments after tax expense(46.2)(24.4)
Underlying earnings 99.1 60.3
CentsCents
Underlying EPS9.44 5.78
SegmentActivity
Retail
Supply of energy (electricity, gas and LPG) and related services to end users
being Residential customers, Small & Medium Enterprises, Large Businesses
and customers of Frank Energy.
Wholesale
Supply of electricity to the wholesale electricity market, supply of gas and LPG
to wholesale customers and the Retail segment and the sale and purchase of
derivatives to fix the price of electricity.
Kupe
Exploration, development and production of gas, oil and LPG. Supply of gas
and LPG to the Wholesale segment and supply of light oil.
Corporate
Head office functions, including human resources, finance, corporate relations,
property management, legal, corporate governance and strategy.
The segments are based on the different products and services offered by the Group. All segments
operate in New Zealand. No operating segments have been aggregated. The Group has no individual
customers that account for 10.0 per cent or more of the Group's external revenue (31 December 2021:
none).
Reconciliation of expenses in the consolidated comprehensive income statement to the segment
note
Expenses in the consolidated comprehensive income statement includes the following line items in the
segment note: external costs, employee benefits and other operating expenses.
Intersegment revenue
Sales between segments is based on transfer prices developed in the context of long-term contracts.
The electricity transfer price per MWh charged between Wholesale and Retail was $120.95 (31
December 2021: $105.53).
A2. Segment reporting
The Group reports activities under four segments as follows:

12
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Six months ended 31 December 2022Six months ended 31 December 2021
Retail
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
To t a l
unaudited
$ million
Retail
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
To t a l
unaudited
$ million
Electricity676.9 238.6 - - 915.5 685.0 409.8 - - 1,094.8
Gas111.6 18.6 - - 130.2 95.5 68.6 - - 164.1
LPG51.8 3.0 - - 54.8 45.7 9.9 - - 55.6
Oil - - 11.5 - 11.5 - - 13.7 - 13.7
Emissions on fuel sales and electricity contracts0.7 6.3 - - 7. 0 0.3 18.2 - - 18.5
Emission unit revenue from trading - 33.6 - - 33.6 - 33.7 - - 33.7
Other revenue0.7 0.7 0.5 0.6 2.5 0.8 0.1 0.5 0.6 2.0
Total external revenue841.7 300.8 12.0 0.6 1 ,1 5 5.1 827.3 540.3 14.2 0.6 1,382.4
Intersegment revenue * - 449.9 44.7 - 494.6 - 411.4 54.9 - 466.3
Total segment revenue841.7 750.7 56.7 0.6 1,649.7 827.3 951.7 69.1 0.6 1,848.7
Electricity purchases - (201.4) - - (201.4) - (405.5) - - (405.5)
Electricity network, transmission, levies and meters(266.2)( 7.1 ) - - (273.3)(266.6)( 7. 6 ) - - (274.2)
Fuel consumed in electricity generation - (43.3) - - (43.3) - (106.6) - - (106.6)
Gas purchases - (56.3) - - (56.3) - (107.1) - - (107.1)
Gas network, transmission, levies and meters(38.2)(3.0) - - (41.2)(35.9)(8.8) - - (44.7)
LPG purchases, inventory changes and transportation costs(9.3)(8.7) - - (18.0)(7.5)( 7. 6 )(0.1) - (15.2)
Oil inventory changes, storage and transportation costs - - (0.1) - (0.1) - - (0.5) - (0.5)
Emissions associated with electricity generation - (5.1) - - (5.1) - (17.5) - - (17.5)
Emissions associated with fuel sales - (13.8)(11.4) - (25.2) - (16.2)(11.9) - (28.1)
Emission unit expenses from trading - (31.1) - - (31.1) - (22.9) - - (22.9)
Other costs(0.4) - (4.8) - (5.2)(0.2) - (5.3) - (5.5)
Total external costs(314.1)(369.8)(16.3) - (700.2)(310.2)(699.8)( 1 7. 8 ) - ( 1 , 0 2 7. 8 )
Intersegment costs *(449.9)(44.7) - - (494.6)(411.4)(54.9) - - (466.3)
Total segment costs(764.0)(414.5)(16.3) - (1,194.8)(721.6)(754.7)( 1 7. 8 ) - (1,494.1)
Gross margin7 7. 7 336.2 40.4 0.6 454.9 105.7 197.0 51.3 0.6 354.6
Employee benefits(34.9)( 1 7.4 ) - (14.7)(67.0)(32.0)(16.5) - (15.5)(64.0)
Other operating expenses(46.4)(22.6)(12.6)(8.0)(89.6)(39.6)(20.3)(11.0)(9.4)(80.3)
EBITDAF(3.6)296.2 27.8 (22.1)298.3 34.1 160.2 40.3 (24.3)210.3
* The intersegment revenue and expenses have been split out in full on the next page.
A2. Segment reporting (continued)

13
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
A2. Segment reporting (continued)
Six months ended 31 December 2022Six months ended 31 December 2021
Retail
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
To t a l
unaudited
$ million
Retail
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
To t a l
unaudited
$ million
EBITDAF(3.6)296.2 27.8 (22.1)298.3 34.1 160.2 40.3 (24.3)210.3
Depreciation, depletion and amortisation(13.5)(85.1)( 1 7. 9 )(3.4)(119.9)(11.9)(69.9)(20.6)(3.6)(106.0)
Impairment of non-current assets - (2.8) - - (2.8)(2.0)(0.5) - - (2.5)
Revaluation of generation assets - (3.2) - - (3.2) - - - - -
Change in fair value of financial instruments(0.2)73.1(1.7)0.3 71.5 - 3 7.1 - (0.1)3 7. 0
Share of associates and joint ventures0.1 (0.5) - - (0.4)(3.0)(0.4) - - (3.4)
Other gains (losses) - (1.6) - 0.3 (1.3)0.1 12.9 - 0.3 13.3
Profit (loss) before net finance expense and income tax ( 1 7. 2 )2 76 .18.2 (24.9)242.217.3 139.4 19.7 ( 2 7. 7 )148.7
Finance revenue - 0.1 - 0.6 0.7 0.1 - - 0.1 0.2
Finance expense(0.3)(3.9)(2.2)(34.1)(40.5)(0.2)(1.8)(1.4)(27.2)(30.6)
Profit (loss) before income tax( 1 7. 5 )272.36.0 (58.4)202.417.2 1 3 7. 6 18.3 (54.8)118.3
Other segment information
Capital expenditure excluding leased assets7.9 15.7 6.8 - 30.4 11.0 20.0 6.5 0.6 38.1
Six months ended 31 December 2022Six months ended 31 December 2021
Intersegment analysis
Retail
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
To t a l
unaudited
$ million
Retail
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
To t a l
unaudited
$ million
Electricity - intersegment - 373.0 - - 373.0 - 347.1 - - 347.1
Gas - intersegment - 60.4 31.3 - 91.7 - 49.2 38.1 - 87.3
LPG - intersegment - 16.5 8.3 - 24.8 - 15.1 10.7 - 25.8
Emissions on fuel sales - intersegment - - 5.1 - 5.1 - - 6.1 - 6.1
Intersegment revenue - 449.9 44.7 - 494.6 - 411.4 54.9 - 466.3
Electricity purchases - intersegment(373.0) - - - (373.0)(347.1) - - - (347.1)
Fuel consumed in electricity generation - intersegment - (31.3) - - (31.3) - (38.1) - - (38.1)
Gas purchases - intersegment(60.4) - - - (60.4)(49.2) - - - (49.2)
LPG purchases, inventory changes and transportation costs - intersegment(16.5)(8.3) - - (24.8)(15.1)(10.7) - - (25.8)
Emission costs - intersegment - (5.1) - - (5.1) - (6.1) - - (6.1)
Intersegment costs(449.9)(44.7) - - (494.6)(411.4)(54.9) - - (466.3)

14
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
A3. Depreciation, depletion and amortisation
6 months ended
31 Dec 2022
unaudited
$ million
31 Dec 2021
unaudited
$ million
Property, plant and equipment91.0 75.3
Oil and gas assets1 7.1 19.5
Intangibles (excluding amortisation of deferred
customer acquisition costs)
11.8 11.2
To t a l119.9 106.0
B. Operating assets
B1. Property, plant and equipment
6 months ended
31 Dec 2022
unaudited
$ million
Year ended
30 Jun 2022
audited
$ million
Opening balance3,738.7 3,485.4
Additions47.3 58.8
Revaluation of generation assets
Increase taken to revaluation reserve436.5 344.1
(Decrease)/increase taken to the income statement(3.2)9.6
Change in rehabilitation and contractual arrangement assets - 0.8
Transfer from/(to) intangible assets0.4 (0.9)
Disposals(0.1 )(2.4)
Impairment(2.8)(1.8)
Depreciation expense recognised in inventories(0.1 )(1.2)
Depreciation expense(91.0)(153.7)
Closing balance4,125.7 3,738.7
Property, plant and equipment includes $89.7 million of leased assets (30 June 2022: $65.8 million).
Generation assets
Generation assets were revalued at 31 December 2022 to $3,897.5 million (30 June 2022: $3,531.2
million) resulting in a net gain on revaluation of $433.3 million (30 June 2022: $353.7 million). The
revaluation gain was principally driven by an increase in wholesale electricity prices and delays in
future build assumptions, partially offset by higher fuel costs and an increase in the Weighted Average
Cost of Capital assumptions. The revaluation decrease recognised in the income statement reflects a
small valuation decrease for Huntly Rankine units.
The valuation is based on a discounted cash flow model prepared by Management, calculated by
generating scheme, except for the Huntly site where it is calculated by type of unit (Rankine units,
unit 5 and unit 6). As the key inputs into the valuation are based on unobservable market data, the
valuation is classified as level three in the fair value hierarchy. It requires significant judgement, and
therefore there is a range of reasonably possible assumptions that could be used in estimating the fair
value. Refer to the 2022 Annual Report for an overview of the fair value hierarchy.

15
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Key estimates and judgements
Wholesale electricity price path
The wholesale electricity price path is the key
driver of changes in the valuation. The price
path is an average of the internally generated
price path and price paths published by two
independent third parties, and as a result reflects
the uncertainty surrounding Tiwai Point smelter
operating beyond 2024 and the impact of the
New Zealand Government's climate change
policy, both of which could have an impact on
future prices.
Internally generated price path
The internally generated price path assumes
wholesale electricity demand will continue to
grow based on the latest available industry
analysis and Genesis' view of future economic
growth. As the internally generated price
path is underpinned by 83 years of historical
hydrological inflow data, the impact of climate
change on hydrology over this period has been
reflected in the internally generated price path.
New and retiring generation plant assumptions
are based on publicly available information and
Genesis' view on wholesale electricity prices
required to support the plant. The internally
generated price path assumes that Tiwai Point
smelter will continue to operate beyond 2024.
Price paths published by independent third
parties
Independent third party price path assumptions
on the future of Tiwai Point smelter range from
Tiwai Point smelter exiting in 2025 through to
operating beyond 2025 or the generation load
consumed by Tiwai Point smelter being replaced
by other major industrial loads beyond 2025.
However, consensus is now shifting towards
Tiwai Point remaining open which is reflected in
the 2025 ASX energy futures pricing.
Significant unobservable inputs in the valuation
model were:
Significant
unobservable
inputs Method used to determine input
Sensitivity
range
Increase/
(decrease) in
fair value
Interrelationships
between unobservable
inputs
Wholesale
electricity
price path
The average annual wholesale electricity
price ranged between $115 per MWh and $186
per MWh referenced to the Otahuhu 220KV
locational node from January 2023 to June 2042.
+10%
- 10%
$598 million
($598) million
Hydrological inflows
affect generation volumes,
as well as wholesale
electricity prices.
Generation
volumes
In-house modelling of the wholesale electricity
market has been used to determine the
generation volumes required to meet energy
demand both on a wholesale market and asset
level basis. The generation volumes used in the
valuation range between 2,692 GWh and 6,724
GWh per annum. The low end of the range is
where there is no thermal generation.
+10%
- 10%
$485 million
($485) million
Wholesale electricity
prices affect the amount
of generation.
Discount ratePre-tax equivalent discount rate of 10.8%.
+1%
- 1%
($299) million
$371 million
Discount rate is
independent of wholesale
electricity prices and
generation volumes.
Other key assumptions
The valuation also includes assumptions around market fuel and electricity supply and demand. Our
longer term demand assumption increases from industrial electrification and electric vehicle fleet
growth in response to climate change. Changes in these interrelated factors will impact the wholesale
electricity price path and generation volumes. These factors are reviewed for reasonableness by senior
management personnel who are responsible for the price path used by the business.
B2. Oil and gas assets
6 months ended
31 Dec 2022
unaudited
$ million
Year ended
30 Jun 2022
audited
$ million
Opening balance286.9 293.9
Additions6.8 10.3
Change in rehabilitation asset(12.9)20.1
Depreciation and depletion expense( 1 7.1 )(37.4)
Closing balance263.7 286.9
Depletion of oil and gas producing assets, excluding major inspection costs, is calculated on a unit-of-
production basis using proved remaining reserves ('1P') estimated to be obtained from, or processed
by, the specific asset. Since 30 June 2022 the only change to the estimated remaining reserves
disclosed in the 2022 Annual Report was in relation to actual production for the six months ended 31
December 2022 of 12.6 PJe. The estimated remaining reserves balance as at 31 December 2022 was
196.0 PJe for proved reserves (1P) and 237.8 PJe for proved and probable reserves (2P) (30 June 2022:
208.6 PJe and 250.4 PJe respectively).
B1. Property, plant and equipment (continued)

16
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
C. Working capital
C1. Receivables and prepayments
31 Dec 2022
unaudited
$ million
30 Jun 2022
audited
$ million
Total trade receivables and accrued revenue187.9 200.1
Advances to associates and joint ventures0.7 0.6
Lease receivable6.9 9.9
Emission units receivable26.8 20.5
Other receivables5.8 10.2
Prepayments17.5 5.4
To t a l245.6 246.7
Current 244.1 243.1
Non-current 1.5 3.6
To t a l245.6 246.7
C2. Inventories
31 Dec 2022
unaudited
$ million
30 Jun 2022
audited
$ million
Fuel 164.5 150.5
Petroleum products2.8 2.4
Consumables and spare parts31.4 30.3
Emission units held for trading3 7. 6 19.7
To t a l236.3 202.9
Current 183.6 202.9
Non-current 52.7 -
To t a l236.3 202.9
Fuel, petroleum, consumables and spare parts
Fuel inventories mainly consist of coal used in electricity production. Fuel inventories (excluding
natural gas) expensed during the period amounted to $3.0 million (31 December 2021: $28.8 million).
Emission units held for trading
Emission units held for trading are measured at fair value. Changes in the fair value are recognised
in the income statement within other gains (losses). The fair value is determined using CommTrade's
forward curve. As the fair value is calculated using inputs that are not quoted prices, the units are
classified as level two in the fair value hierarchy. Refer to the 2022 Annual Report for an overview of
the fair value hierarchy.

17
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
D. Funding
D1. Borrowings
31 Dec 2022
unaudited
$ million
30 Jun 2022
audited
$ million
Sustainable Financing
Green bonds122.2 123.6
Green capital bonds271.9 280.9
Other Financing
Revolving credit facility - 20.0
Term loan facility30.0 30.0
Money market 6.5 5.5
Commercial paper149.3 144.5
Wholesale term notes272.3 322.6
Capital bonds238.6 238.5
United States Private Placement ('USPP')226.5 238.6
Lease liability116.2 89.1
To t a l1,433.5 1,493.3
Current 283.4 292.0
Non-current 1 ,1 5 0.1 1,201.3
To t a l1,433.5 1,493.3
Fair value of borrowings held at amortised cost
31 Dec 2022
Carrying value
unaudited
$ million
31 Dec 2022
Fair value
unaudited
$ million
30 Jun 2022
Carrying value
audited
$ million
30 Jun 2022
Fair value
audited
$ million
Level one
Green bonds122.2 116.6 123.6 120.5
Green capital bonds271.9 276.7 280.9 283.2
Capital bonds238.6 239.7 238.5 240.4
Level two
Term loan facility30.0 29.8 30.0 30.1
Wholesale term notes272.3 257.6 322.6 314.6
USPP226.5 230.3 238.6 241.7
The carrying value of all other borrowings approximates their fair values.
Revolving credit facilities
Available revolving credit facilities
31 Dec 2022
unaudited
$ million
30 Jun 2022
audited
$ million
Sustainable Financing250.0 250.0
Other Financing225.0 275.0
Total available revolving credit facilities475.0 525.0
Revolving credit drawn down (excluding accrued interest) - 20.0
Total undrawn revolving credit facilities475.0 505.0
The Group has $250.0 million of sustainability linked revolving credit facilities. The Sustainable
Finance facilities have variable payments that are linked to performance against the Group's
sustainability targets.
During the period $75.0 million of facilities matured and there was $25.0 million of other financing
secured.
The undrawn facilities ensure the Group will have sufficient funds to meet its liabilities when due,
under both normal and stressed conditions.
Level two - Fair value calculation
The valuation of the term loan facility and the wholesale term notes is based on estimated discounted
cash flow analyses, using applicable market yield curves adjusted for the Group's credit rating. The
credit-adjusted market yield curves used in the valuation at the reporting date ranged from 5.0 per
cent to 6.3 per cent (30 June 2022: 2.8 per cent to 5.3 per cent).
The valuation of USPP is based on estimated discounted cash flow analyses, using applicable United
States market yield curves adjusted for the Group's credit rating. The credit-adjusted market yield
used in the valuation at the reporting date was 4.8 per cent (30 June 2022: 3.8 per cent).

18
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
E. Risk management
E1. Derivatives
31 Dec 2022
unaudited
$ million
30 Jun 2022
audited
$ million
Electricity swaps and options and Power Purchase Agreements ('PPAs')100.7(4.1)
Oil price swaps(1.5)(11.6)
Interest rate swaps36.3 34.3
Cross currency interest rate swaps ('CCIRS')27.7 40.6
Foreign exchange contracts0.3 (0.3)
Other derivatives1.7 2.9
To t a l165.261.8
Current assets91.8122.7
Non-current assets194.1148.5
Current liabilities(91.2)(144.1)
Non-current liabilities(29.5)(65.3)
To t a l165.261.8
The process and method of valuing derivatives is outlined in note E3.
E2. Change in fair value of financial instruments
6 months ended
31 Dec 2022
unaudited
$ million
31 Dec 2021
unaudited
$ million
CCIRS( 7. 9 )(5.2)
Interest rate swaps(11.3)(6.4)
Fair value interest rate risk adjustment on borrowings19.3 11.9
Fair value hedges – gain (loss)0.1 0.3
Oil swaps(1.7) -
Cash flow hedges – hedge ineffectiveness – gain (loss)(1.7) -
Electricity swaps and options and PPAs74.441.5
Other derivatives(1.3)(4.8)
Derivatives not designated as hedges – gain (loss)7 3.136.7
Total change in fair value of financial instruments71.53 7. 0
D2. Finance expense
6 months ended
31 Dec 2022
unaudited
$ million
31 Dec 2021
unaudited
$ million
Interest on borrowings (excluding capital bonds and lease liability)18.7 13.6
Interest on capital bonds14.5 12.8
Interest on lease liability3.7 1.8
Total interest on borrowings36.9 28.2
Other interest and finance charges0.6 0.7
Time value of money adjustments on provisions3.1 2.2
Capitalised finance expenses(0.1 )(0.5)
To t a l40.5 30.6
D3. Dividends
6 months ended
31 Dec 2022
6 months ended
31 Dec 2021
Cents per
share
unaudited
$ million
unaudited
Cents per
share
unaudited
$ million
unaudited
Dividends declared and paid during the period
Prior period final dividend8.90 93.4 8.80 91.8
Less shares issued under the dividend
reinvestment plan
(20.2) -
Cash dividend paid73.2 91.8
Dividends declared subsequent to reporting date
Current period interim dividend8.809 3.18.70 90.8
The proposed interim dividend will be imputed at 100%, all other dividends noted above were imputed
at 80%.

19
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Valuation of electricity swaps and options and PPAs
The valuation is based on a discounted cash flow model. The key inputs and assumptions are: the
callable volumes, strike price and option fees outlined in the agreement, the wholesale electricity
price path ('price path'), the probability of the underlying plant construction proceeding, the
most likely operations commencement date, 'day one' gains and losses and the discount rate. The
options are deemed to be called when the price path is higher than the strike prices after taking into
account obligations relating to the specific terms of each contract. The price path is the significant
unobservable input in the valuation model. Refer to B1 for information in relation to the method and
judgements used to determine the price path.
31 Dec 2022
unaudited
30 Jun 2022
audited
Price path
$115 per MWh to $186 per MWh
over the period from 1 January
2023 to 31 August 2045.
$98 per MWh to $191 per MWh over
the period from 1 July 2022 to 28
February 2045.
Impact of increase/
decrease in price path on
fair value
A 10% increase would increase
the asset by $67.9 million. A 10%
decrease would decrease the
asset by $65.6 million.
A 10% increase would decrease
the liability by $67.5 million. A 10%
decrease would increase the liability
by $57.4 million.
Discount rate4.7% - 8.8%2.8% - 8.45%
E3. Fair value measurement
Fair value hierarchy
Generation assets disclosed in note B1, emission units held for trading disclosed in note C2 and
derivatives disclosed in note E1 are the only assets and liabilities carried at fair value in the balance
sheet. The Group's assets and liabilities measured at fair value are categorised into one of three levels.
The levels are outlined in the 2022 Annual Report.
The Group's policy is to recognise transfers into and out of fair value hierarchy levels at the date the
change in circumstances occurred. There were no transfers between levels one, two and three during
the period (31 December 2021: nil).
Valuation of level two derivatives
The fair values of level two derivatives are determined using discounted cash flow models. The key
inputs in the valuation models are the same as those disclosed in the 2022 Annual Report.
Valuation of level three derivatives
Valuation method and process
The method and process used to value level three derivatives is consistent with that disclosed in the
2022 Annual Report.
Level two and three derivatives carried at fair value
All derivatives disclosed in E1 other than electricity swaps and options and PPAs are considered level
two. The $100.7 million electricity swaps and options and PPAs net asset comprises a $1.1 million asset
classified as level two and a $99.6 million asset classified as level three (30 June 2022: $2.2 million
asset and $6.3 million liability respectively).
Reconciliation of level three electricity swaps and options and PPAs
6 months ended
31 Dec 2022
unaudited
$ million
Year ended
30 Jun 2022
audited
$ million
Opening balance(6.3)(129.1)
Electricity revenue40.7 50.6
Change in fair value of financial instruments75.5134.4
Total gain in the income statement116.2185.0
Total gain (loss) recognised in other comprehensive income28.2 (49.5)
Settlements( 2 7. 6 )13.5
Sales(10.9)(26.2)
Closing balance99.6(6.3)
The change in fair value of financial instruments includes an unrealised net gain of $69.0 million
(30 June 2022: $136.2 million gain) that is attributable to financial instruments held at
31 December 2022.
Deferred 'day one' gains (losses)
There is a presumption that when derivative contracts are entered into on an arm's length basis, and
no payment is received or paid on day one, the fair value at inception would be nil. The contract price
of non-exchange traded electricity derivative contracts and PPAs are agreed on a bilateral basis, the
pricing for which may differ from the prevailing derived market price for a variety of reasons. In these
circumstances an adjustment is made to bring the initial fair value of the contract to zero at inception.
The adjustment is called a 'day one' gain (loss) and is deferred and amortised, based on expected
volumes over the term of the contract. The following table details the movements and amounts of
deferred 'day one' gains (losses) included in the fair value of level three electricity swaps and options
and PPAs:
6 months ended
31 Dec 2022
unaudited
$ million
Year ended
30 Jun 2022
audited
$ million
Opening balance103.3 100.7
New derivatives 7. 6 24.4
Amortisation of existing derivatives(10.4)(21.8)
Closing balance100.5103.3

20
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
F. Other
F1. Related party transactions
The majority shareholder of Genesis is the Crown. The Group transacts with Crown-controlled and
related entities independently for the following goods and services: royalties, emission obligations,
scientific consultancy services, electricity transmission, postal services, rail services and energy-
related products (including electricity derivatives).
During the period the Crown received $47.9 million in dividends (31 December 2021: $47.0 million) of
which $37.5 million was paid in cash (31 December 2021: $47.0 million) and $10.4 million was paid in
shares (31 December 2021: nil). The Group is also subject to the Emission Trading Scheme (ETS) which
requires the Group to acquire and surrender emission units either directly to the Crown or to third
parties who ultimately remit the units to the Crown. Refer to note A2 for information on the amount
expensed in relation to the ETS. The amount payable in relation to ETS at 31 December 2022 was $83.4
million (30 June 2022: $53.2 million). There were no other individually significant transactions with the
Crown during the period (31 December 2021: nil).
The Group has three significant electricity swap contracts with Meridian Energy, a Crown-controlled
entity. The electricity swap contracts profile and period vary between the range of 12.5MW and
25MW, from the period 1 January 2011 to 31 December 2025. Additionally, the Group has two
significant power purchase agreements with Mercury NZ, a Crown-controlled entity. The agreements
are for variable volumes based on the production of the related site, with the latest expiry date
expecting to be August 2045.
Other transactions with Crown-controlled and related entities, which are collectively but not
individually significant, relate to the sale of electricity derivatives. Approximately 21.9 per cent of
the value of electricity derivative assets and approximately 25.1 per cent of the value of electricity
derivative liabilities held at the reporting date were held with Crown-controlled and related entities
(30 June 2022: 25.7 per cent and 38.2 per cent respectively). The contracts expire at various times; the
latest expiry date is expected to be August 2045.
F2. Commitments
As at 31 December 2022 the Group had $49.2 million of capital commitments (30 June 2022: $22.1
million).
F3. Contingent assets and liabilities
No new contingent assets or liabilities have arisen since 30 June 2022 and there has been no change
in the contingent liabilities disclosed in the 2022 Annual Report.
F4. Subsequent events
The following events occurred subsequent to the reporting date:
• $93.1 million of dividends were declared on 24 February 2023 (refer to note D3);
• Genesis, together with the Kupe Joint Venture parties NZ Oil & Gas and Beach Energy, have
committed to invest in a development well within the existing permit area to access undeveloped
field reserves.

21
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
To The Shareholders Of Genesis Energy Limited
Auditor General
The Auditor-General is the auditor of Genesis Energy Limited (‘the Company’) and its subsidiaries (the
Group). The Auditor-General has appointed me, Bryce Henderson, using the staff and resources of
Deloitte Limited, to carry out the review of the condensed consolidated interim financial statements
(‘interim financial statements’) of the Group on his behalf.
Conclusion
We have reviewed the interim financial statements of the Group on pages 6 to 20, which comprise
the consolidated balance sheet as at 31 December 2022, and the consolidated comprehensive income
statement, consolidated statement of changes in equity and consolidated cash flow statement for the
six months ended on that date, and the notes including a summary of significant accounting policies
and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the interim
financial statements of the Group do not present fairly, in all material respects, the financial position
of the Group as at 31 December 2022, and its financial performance and cash flows for the six months
ended on that date, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are
further described in the Auditor’s Responsibilities for the Review of the Interim Financial Statements
section of our report.
We are independent of the Group in accordance with the Auditor General’s ethical requirements
relating to the audit of the annual financial statements, which incorporate the relevant independence
requirements issued by the New Zealand Auditing and Assurance Standards Board, and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other assignments for the Group in the areas of trustee reporting and
non-assurance services to the Corporate Taxpayer Group and general sustainability training.
These services have not impaired our independence as auditor of the Group.
In addition to these assignments, partners and employees of our firm deal with the Group on normal
terms within the ordinary course of trading activities of the Group. Other than these assignments and
trading activities, we have no relationship with, or interests in the Group.
Directors’ responsibilities for the interim financial statements
The directors are responsible, on behalf of the Group, for the preparation and fair presentation of
these interim financial statements in accordance with NZ IAS 34 Interim Financial Reporting and IAS
34 Interim Financial Reporting and for such internal control as the directors determine is necessary
to enable the preparation and fair presentation of the interim financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes
us to believe that the interim financial statements, taken as a whole, are not prepared, in all material
respects, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in
an audit conducted in accordance with International Standards on Auditing (New Zealand) and
consequently does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion on these
interim financial statements.
Bryce Henderson
for Deloitte Limited
On behalf of the Auditor-General
Auckland, New Zealand
24 February 2023
INDEPENDENT AUDITOR’S REVIEW REPORT
Pūrongo Arotake Motuhake
Independent auditor's review report

22
GENESIS ENERGY LIMITED
RUNNING HEADER CONTENT
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
GENESIS ENERGY LIMITED
Interim Report 2023
Hamilton
94 Bryce Street, Hamilton
Huntly Power Station
Cnr Te Ohaki and Hetherington Roads, Huntly
Tokaanu Power Station
State Highway 47, Tokaanu
Waikaremoana Power Station
Main Road, Tuai RD5, Wairoa 4195
Tekapo Power Station
167 Tekapo Power House Road, Tekapo 7999
Office locations
Head/Registered Office
Genesis Energy
Level 6, 155 Fanshawe Street
Wynyard Quarter
Auckland 1010
P: 64 9 580 2094
F: 64 9 580 4894
E: info@genesisenergy.co.nz
investor.relations@genesisenergy.co.nz
board@genesisenergy.co.nz
media@genesisenergy.co.nz
W: genesisenergy.co.nz
frankenergy.co.nz

---

MARKET RELEASE
Date: 27 FEBRUARY 2023
NZX: GNE / ASX: GNE
Genesis delivers strong financials, more customers and lower emissions

Six months
Dec 2022
Six months
Dec 2021
Change
EBITDAF
1
$298.3m $210.3m 42%
Net Profit $145.3m $84.7m 72%
Earnings Per Share 13.84 cps 8.12 cps 5.72 cps
Final Dividend Per Share 8.80 cps 8.70 cps 0.10 cps
Free Cash Flow
2
$214.7m $152.4m 41%


Genesis Energy (GNE) continued to grow in H1 FY23, with EBITDAF of $298 million. During the six-month
period customer numbers increased and carbon emissions declined.

The company delivered H1 EBITDAF of $298 million, an increase of 42% from $210 million in H1 FY22. The
revaluation of long-term contracts has resulted in a Net Profit After Tax (NPAT) of $145 million, a 72% increase
on the same period last year. Note NPAT includes changes in the forecast return on long-term electricity supply
contracts such as power purchase agreements for renewable generation. It does not represent realised cash
profit today.

Genesis was able to generate a record 2,034 GWh from its three hydro schemes, 43% more than H1 FY22.
Conversely, this reduced thermal generation at Huntly Power Station to record lows, significantly lowering fuel
costs and reducing carbon emissions from generation by 470,000 tonnes (a 52% reduction versus H1 FY22).


The Company declared an interim dividend of 8.80 cps. This represents continued value for shareholders while
retaining capability for future investment.

Interim Chief Executive Tracey Hickman said, “these results fall at an incredibly challenging time for many New
Zealanders, with Cyclone Gabrielle and the Auckland floods. Genesis continues to offer support to communities
and customers affected.”

Genesis enjoyed strong customer growth, gaining 10,273 customers to reach a total of 481,285, an increase of
2.2%. Residential churn also declined by 1ppt to 12% from the same period in FY22.

Genesis has progressed its strategic priorities, helping create a low-carbon future for New Zealand powered by
renewable energy. This work included a successful trial burn of biomass at Huntly Power Station and securing
the first site in its development of up to 500MW of grid scale solar generation.

EV Launch
In September Genesis launched EVerywhere, New Zealand’s first ‘energy roaming’ service for electric vehicle
(EV) drivers, making it cheaper and easier to charge their EVs on the road. EVerywhere enables customers to use
ChargeNet stations for the same price they pay to charge at home, saving up to 70% in on-road charging costs.

1
Earnings before net finance expenses, income tax, depreciation, depletion, amortisation, impairment, fair value changes
and other gains and losses. Refer to consolidated comprehensive income statement in the 2023 Interim Report for a
reconciliation from EBITDAF to Net Profit after tax.
2
Free Cash Flow represents EBITDAF less cash tax paid, net interest costs and stay in business capital expenditure. Net
interest costs is interest and other finance charges paid, less interest received.

Biomass trial at Huntly
Genesis successfully completed a biomass burn trial at Huntly Power Station on 14 February, a significant step
in its search for alternative fuel options for the Company’s thermal plant at Huntly. Biomass is seen
internationally as a viable alternative to fossil fuels, in particular, in manufacturing and some industrial
processes.

Hickman commented, “Huntly will continue to be critical to the country’s electricity system looking ahead, and
the company is committed to explore more renewable fuel options to replace coal. Genesis has signed an
agreement with Fonterra to work together in exploring the viability of a sustainable local supply chain of
biomass. We’ll also collaborate with other industry partners as we attempt to reduce carbon emissions in our
respective sectors.”

Solar development update
In February Genesis and its solar joint venture partner, FRV Australia, announced it had secured a fully
consented, 90 hectare site near Lauriston on the Canterbury Plains. The site is expected to start generating
electricity in late 2024.The site will hold approximately 80,000 solar panels with a capacity of 52 MW and
generate around 80 GWh of renewable electricity annually - enough to power nearly 10,000 houses. First
generation is expected in late 2024.

“Lauriston is poised to be one of the first large scale solar farms to reach operational stage in New Zealand, and
it’s only the start,” said Hickman. “We are looking forward to making more announcements on solar during
2023.”

Malcom Johns to join as Chief Executive
As previously announced, Malcolm Johns will join Genesis Energy as Chief Executive on 6 March. Johns was
previously Chief Executive of Christchurch Airport.

Kupe Development Well
Genesis Energy has confirmed its investment into a well development programme at the Kupe gas field (KS-9)
pending Environment Protection Authority approval of consent applications lodged by operator Beach Energy.
Gas is expected to continue to play a role through the energy transition in providing both back-up generation
for dry periods and support for increased intermittent wind and solar generation. Without this additional gas,
it is expected that emissions would be higher due to a greater need for coal generation.

While there has been further interest from third parties in acquiring Genesis' stake in Kupe, valuations have
been considerably below value in use.

FY23 Guidance
FY23 EBITDAF guidance has been updated to around $515 million from around $500 million, subject to
hydrological conditions, gas availability, and any material adverse events or unforeseeable circumstances.

Guidance includes an allowance in operating costs relating to the implementation of the new sales, service, and
billing platform. This is subject to final vendor selection and implementation timeframes.

FY23 capex is expected to be around $80 million, excluding investment in the Kupe well development. Long-run
outlook for stay in business capital expenditure is $50 million to $70 million. Capex related to the Kupe
development well (KS-9) is around $75 million (split approximately $15 million in FY23 and the remainder in
FY24).

ENDS

Investor relations enquiries:
Tim McSweeney
GM Investor Relations & Market Risk
Timothy.mcsweeney@genesisenergy.co.nz

M: 027 200 5548

Media enquiries:
Estelle Sarney
External Communications Manager
Estelle.sarney@genesisenergy.co.nz

M: 027 269 6383



About Genesis Energy
Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells electricity,
reticulated natural gas and LPG through its retail brands of Genesis and Frank Energy and is one of New Zealand’s
largest energy retailers with more than 480,000 customers. The Company generates electricity from a diverse
portfolio of thermal and renewable generation assets located in different parts of the country. Genesis also has
a 46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New
Zealand. Genesis had revenue of $NZ2.8 billion during the 12 months ended 30 June 2022. More information
can be found at www.genesisenergy.co.nz

---

Results announcement



Results for announcement to the market
Name of issuer Genesis Energy Limited (GNE)
Reporting Period 6 months to 31 December 2022
Previous Reporting Period 6 months to 31 December 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$1,155,100 -16.44%
Total Revenue $1,155,100 -16.44%
Net profit/(loss) from
continuing operations
$145,300 71.55%
Total net profit/(loss) $145,300 71.55%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.08800000
Imputed amount per Quoted
Equity Security
$0.03422222
Record Date 23/03/2023
Dividend Payment Date 6/04/2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.28 $1.59
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

Please refer to the 2023 Interim Report attached to this
announcement for Genesis’ unaudited interim financial
statements.

Authority for this announcement
Name of person authorised
to make this announcement
Tim McSweeney
Contact person for this
announcement
Tim McSweeney
Contact phone number +64 27 200 5548
Contact email address Timothy.McSweeney@genesisenergy.co.nz
Date of release through MAP 27/02/2023

Unaudited financial statements accompany this announcement.

---

Distribution Notice
Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Genesis Energy Limited (GNE)
Financial product name/description Ordinary Shares
NZX ticker code GNE
ISIN (If unknown, check on NZX
website)
NZGNEE0001S7
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 23/03/2023
Ex-Date (one business day before the
Record Date)
22/03/2023
Payment date (and allotment date for
DRP)
6/04/2023
Total monies associated with the
distribution
1

$93,047,176.02
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.12222222
Gross taxable amount
3
$0.12222222
Total cash distribution
4
$0.08800000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.01552941
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

100%

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Imputation tax credits per financial
product
$0.03422222
Resident Withholding Tax per
financial product
$0.00611111
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2.5%
Start date and end date for
determining market price for DRP
22/03/2023 28/03/2023
Date strike price to be announced (if
not available at this time)
29/03/2023
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
24/03/2023
Section 5: Authority for this announcement
Name of person authorised to make
this announcement
Tim McSweeney
Contact person for this
announcement
Tim McSweeney
Contact phone number +64 27 200 5548
Contact email address Timothy.McSweeney@genesisenergy.co.nz
Date of release through MAP 27/02/2023

---

Presenters:
Tracey Hickman Interim Chief Executive
James Spence Chief Financial Officer
27 February 2023
H1 FY23
Results
Presentation

2.
Disclaimer
This presentation has been prepared by Genesis Energy Limited (‘Genesis
Energy’) for information purposes only.This disclaimer applies to this
document and the verbal or written comments of any person presenting it.
The information in this presentation is of a general nature and does not
purport to be complete nor does it contain all the information required for an
investor to evaluate an investment.This presentation should be read in
conjunction with Genesis Energy’s Interim Report for H1 FY23 and
accompanying market releases.
This presentation may contain projections or forward-looking statements.
Forward-looking statements may include statements regarding Genesis
Energy’s intent, belief or current expectations in connection with Genesis
Energy’s future operating or financial performance, or market
conditions.Such forward-looking statements are based on current
expectations and involve risks, uncertainties, assumptions, contingencies
and other factors, many of which are outside Genesis Energy’s
control.Although management may indicate and believe that the
assumptions underlying any projections and forward-looking statements are
reasonable, any of the assumptions could prove inaccurate or incorrect and
there can be no assurance that the results contemplated in those
projections and forward-looking statements will be realised.Actual results
may differ materially from those projected.Genesis Energy gives no
warranty or representation as to its future financial performance or any
future matter.
EBITDAF, underlying earnings and free cash flow are non-GAAP measures.
These non-GAAP measures should not be considered in isolation from, or
construed as a substitute for, other financial measures determined in
accordance with GAAP or NZ IFRS.
While all reasonable care has been taken in compiling this presentation, to
the maximum extent permitted by law, Genesis Energy accepts no
responsibility for any errors or omissions, and no representation is made as
to the accuracy, completeness or reliability of the information, in this
presentation.The information in this presentation does not constitute
financial product, legal, financial, investment, tax or any other advice or a
recommendation and nothing in this presentation should be construed as
an invitation for any subscription for, or purchase of, securities in Genesis
Energy.
All references to $ are to New Zealand dollars, unless otherwise stated.
Except as required by law, or the rules of any relevant securities exchange
or listing authority, Genesis Energy is not under any obligation to update
this presentation at any time after its release, whether as a result of new
information, future events or otherwise.

1. Performance highlights
2. Financial performance
3. Operational performance
4. Strategic outlook
5. Guidance
6. Appendix

4.
Performance highlights
Financial
EBITDAF
1
OperationalSustainability
Interim Dividend
$145m
N PAT
Increase of $61m in H1 FY22
300,000
PowerShout hours
Hours of free electricity gifted by our
customers and us for families in need.
Growth in Customers in H1 FY23
Progress on Future-gen with
First solar project, providing 80 GWh
p.a.
Portfolio Fuel Costs
Down $25/MWh on H1 FY22
46% decrease in total emissions
relative to H1 FY22
2
1
Earnings before net finance expenses, income tax, depreciation, depletion, amortisation, impairment, fair value changes and other gains and losses.
Refer to the consolidated comprehensive income statement in the 2023 Interim Report for a reconciliation from EBITDAF to net profit after tax.
2
Combined Scope 1, 2 and 3 emissions.
852 kt CO
2
e
$298m
Supporting warm homes in our community
10,273
Total customers 481,285
$28/MWh
Habitat for Humanity
Lauriston Solar
8.80 cps
42% increase on H1 FY22.
Carbon Emissions lower by
100% Imputation
New partnership to support Healthy Homes
programme inAuckland andNorthland.

Financial
Performance

6.
H1 FY23 Financial Summary
1
Operating expenses refer to Employee Benefits plus Other Operating Expenses.
2
Free Cash Flow represents EBITDAF less cash tax paid, net interest costs and stay in business capital expenditure. Net interest costs is interest and other finance charges paid, less interest received.
H1 FY23
$m
H1 FY22
$m
Variance
$m
%Movements
Revenue1,155.11,382.4(227.3)(16%)
EBITDAF298.3210.388.042%
N PAT145.384.760.672%
Operating Expenses
1
156.6144.312.39%
Free Cash Flow
2
214.7152.462.341%
Capital Expenditure30.438.1(7.7)(20%)
Interim Dividend8.80 cps8.70 cps0.10cps1%
Adjusted Net Debt1,307.51,332.8(25.3)(2%)

7.
H1 FY23EBITDAF

8.
Gross Margin movements
Electricity:
•Strong hydro inflows enabled lower thermal
generation and consequently lower fuel and carbon
costs.
•Strong performance across hedge and active trading
drove an improvement in derivatives settlements.
Gas:
•Improved pricing across all retail sales channels.
•Decline in lower margin wholesale sales, relative to
H1 FY22 as major sales contracts were not renewed.
LPG:
•Modest improvement in LPG sales price as inflation
costs were passed on.
•Higher LPG cost due to some internationally priced
purchases.
•Bulk delivery charges have increased, due to higher
fuel costs and labour costs over the distribution
network.
Kupe:
•Decline in Kupe gross margin following a planned
maintenance outage and declining production.
•Benefit from global crude oil prices.
ELECTRICITY GROSS MARGIN
GAS GROSS MARGIN
LPG GROSS MARGINKUPE GROSS MARGIN
251
358
0
50
100
150
200
250
300
350
400
H1 FY22H1 FY23
Margin ($m)
12
26
0
5
10
15
20
25
30
H1 FY22H1 FY23
Margin ($m)
28
27
0
5
10
15
20
25
30
H1 FY22H1 FY23
Margin ($m)
51
40
0
10
20
30
40
50
60
H1 FY22H1 FY23
Margin ($m)

Net Profit After Tax
(24)
(9)

10.
Operating Expenditure
•Staff costs –higher staff costs especially in customer facing roles. Return to non-COVID working increased travel and other costs.
•Marketing costs –relaunch of the Genesis brand in H1 FY23and promotion of EV plan resulting in higher costs.
•Digital transformation –costs related tonew billing platform and Retail digital strategy.
•Inflation continued to drive increases across insurance, software and Kupe operating costs.
Recurring Costs
Non-Recurring Costs

11.
Capital Expenditure
Stay In Business capital expenditure
1
of $24m includes:
•Investment in the Huntly units to maintainlong term reliability
and flexibility.
•Commenced the second Tuaigenerator refurbishment to enable
continued reliable generation and increase unit capacity by
2 MW. This additional capacity is expected to be available for
winter 2023.
•Continued Piripaua turbine overhaul, the second of two units.
This will improve water use efficiency 3.3%, producing an
estimated 4 GWh per annum.
Growth capital includes:
•Launched EVerywhere, New Zealand’s first ‘energy roaming’
service for electric vehicle (EV) drivers, making it cheaper and
easier for customers to charge their EVs on the road.
•Supported the continued growth in our LPG business and
investment in transportation.
Investment in Associates:
•In addition to capital expenditure, $8.7 million was invested in
long term carbon offsets.
1
Stay in business capital expenditure includes an additional $1.9m which reflects payments made during the period regarding LTMA.
91
106
81
78
30
FY19FY20FY21FY22H1 FY23
$m
WholesaleRetailLPG OperationsKupeTechnologyCorporateFull Year Guidance

12.
Cash Flow and Balance Sheet
1S&P Global Ratings make a number of adjustments to Net Debt and EBITDAF for the purpose of calculating credit
metrics.The most significant of these is the 50% equity treatment attributed to the Capital Bonds. H1 FY23 is based
on Net Debt at 31 December 2022 and EBITAF guidance for FY23 of $515 million.
2Equal to fixed rate debt/net debt. For future years net debt assumed to be equal to December 2022
ADJUSTED NET DEBT/EBITDAF PROFILE
1
MOVEMENT IN ADJUSTED NET DEBT
•The strong performance enabled a debt reduction over the period,
with adjusted net debt declining by $45 million.
•Cash payments were made to build inventory and invest in
associates, primarily long term carbon offsets in forestry. Higher future
lease obligations were recognised during the period.
•The strong EBITDAF performance meant that Net Debt/EBITDAF
ratio declined to 2.2.
1
•Averaging funding costs increased in line with market rates to 4.9%.
Genesis remains 72% hedged for FY23.
FIXED INTEREST RATE PROFILE
2
5.8%
5.4%
4.4%
4.2%
4.9%
81%
74%
72%
75%
73%
72%
61%
55%
47%
-10%
10%
30%
50%
70%
90%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
FY19FY20FY21FY22HY23FY23FY24FY25FY26
Average total cost of funds
% of fixed rate funding ²
1,183
1,240
1,247
1,276
1,352
1,307
1.5
2.0
2.5
3.0
3.5
4.0
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
FY18FY19FY20FY21FY22H1 FY23
Net Debt/EBITDAF
Net debt ($m)
Net DebtNet Debt/EBITDAFTarget Debt Ratio Band (2.0 to 3.0)

13.
• Interim Dividend of 8.8 cps, 100% imputed with a
record date of 23 March 2023 will be paid on 6 April
2023.
• The stronger free cash flow enabled Genesis to
retain more earnings for future growth while
improving debt metrics.
• The dividend reinvestment plan remains, with a
discount of 2.5% available to participating
shareholders.
• A supplementary dividend of 1.5529 cps will be paid
to non-resident shareholders.
2
DIVIDEND PER SHARE & PAY-OUT HISTORY
1
Free Cash Flow repres ents EBITDAF less cash tax paid, net interest costs and stay in business capital expenditure. Net interest costs is interest and other finance charges paid, less
interest received.
2
Supplementary dividends are a mechanism which compensate non-resident shareholders who do not benefit from New Zealand imputation credits.
Dividend imputation increased to 100%
1
8.30
8.45
8.525
8.60
8.70
8.80
64%
78%
93%
57%
60%
43%
-10%
10%
30%
50%
70%
90%
110%
130%
0.00
H1 FY18H1 FY19H1 FY20H1 FY21H1 FY22H1 FY23
Dividends (CPS)% of Free Cash Flow

Operational
Performance

15.
•Genesis continued to show strong momentum in our retail business, with
customers growing by over 10,000 in the period acrossthe mass market
brands of Genesis and Frank Energy.
•This increase has been driven by improved product offerings, a more
competitive pricing position and continued decline in customer churn.
•Genesis remains focused on providing a strong duty of care for vulnerable
customers through our specialist Manaaki Kenehiprogramme.
•Genesis re-launched our brand in this period, introducing New Zealand to
George and her family.We’ve had a great response to this campaign with
high levels of enjoyment, supporting our market leading brand awareness.
RESIDENTIAL CUSTOMER DEBTS
Strong growth in customers and loyalty
GROWTH IN CUSTOMER NUMBERS
460,000
465,000
470,000
475,000
480,000
485,000
Dec-21Mar-22Jun-22Sep-22Dec-22
Net Growth in Customers
ROLLING CUSTOMER CHURN RATE
Chart shows 3 month rolling net churn rate across all products.
0
20,000
40,000
60,000
80,000
100,000
Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22
Number of customers overdue
Accounts overdue
0.0%
5.0%
10.0%
15.0%
20.0%
Dec-20Jun-21Dec-21Jun-22Dec-22
Net churn rate

16.
•Genesis is taking a leading role in supporting New Zealand’s transition to
electric vehicles.
•In September 2022 Genesis launched an energy roaming proposition
'EVerywhere', which allows EV Energy Plancustomersto charge at New
Zealand’s largest public network for the same rates they pay at home.
•Genesis has increased market share of this growing market segment and
now has over 7% of all EV ownerson an EV proposition.
•EV Energy Plan customers have shown they are responding to incentives
and have shifted their demand to overnight periods.
Leading the way with electric vehicle propositions
0.0
0.2
0.4
0.6
0.8
1.0
12am6am12pm6pm11.30pm
Consumption ( kWh)
Time Of Day
Non Electric VehicleElectric Vehicle
0
10,000
20,000
30,000
40,000
50,000
2019202020212022
EV Registrations
CUSTOMERS CHARGING DURING OFF PEAK PERIODS
NEW ZEALAND EV REGISTRATIONS
GENESIS CUSTOMERS ON AN EV PRODUCT
0
1,000
2,000
3,000
4,000
Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22
Active Customers
Number of light passenger EV and PHEV registered in New Zealand. Source: Transport.govt.nz
Chart shows average consumption for typical Genesis residential customers.

17.
Delivering value across customer channels
•Netbacks continued to grow across business segments in electricity
and gas.
•The market continues to experience wholesale price elevation across
electricity,gas and carbon. The C&I segment is able to reflect these
increases more quickly than mass market segments.
•Small decline in residential netbacks due to line rental and operating
cost increases not being passed through.
•Residential prices have been increased across both Genesis and Frank
brands recently.
RESIDENTIAL NETBACK
C&I NETBACKSME NETBACK
$6
$8
$10
$12
$14
$16
$18
$20
$70
$80
$90
$100
$110
$120
Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22
$/GJ
$/MWh
ElectricityGas
$8
$10
$12
$14
$16
$18
$20
$80
$90
$100
$110
$120
$130
$140
$150
Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22
$/GJ
$/MWh
ElectricityGas
$8
$10
$12
$14
$16
$18
$20
$70
$80
$90
$100
$110
$120
$130
$140
Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22
$/GJ
$/MWh
ElectricityGas

18.
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22
Generation variation
GenesisMercuryContactMeridian
Flexibility in volatile market conditions
•In H1 FY23 the wholesale market saw incredible volatility with prices fluctuating from
over $2,000/MWh to $0/MWh through the half.
•Genesis was able to respond to market conditions through the period, with monthly
generation volumes flexing by over 20%.
•Fuel portfolio flexibility was key to enabling this. During the periods of lower prices,
Genesis was able to allocate fuel to the highest value channel.
Market Security Options
•Genesis offered Market Security Option contracts to the market in August 2022.
These provided all wholesale market participants an opportunity to manage risk
through a transparently priced product.
•After strong initial interest, some contracts have been executed but significantly less
than the 250 MW under the Swaption arrangement.
0
20
40
60
80
100
120
Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22
TJ/ day
GasCoal
Chart shows variation in generation over the period, relative average generation in H1 FY23.
HUNTLY FUEL CONSUMPTIONFLEXIBLE PORTFOLIO RESPONDING TO MARKET CONDITIONS
-
50
100
150
200
250
300
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
$/MWh (Daily Ave.)
OTAHUHU AVERAGE SPOT PRICES
Fuel portfolio flexing
to respond to market
conditions
Genesis utilising
flexible generation
portfolio

19.
-10
-8
-6
-4
-2
0
2
Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22
GWh
LongShort
•Genesis continued to exercise the flexibility of its thermal units in
H1 FY23 in response to the low spot prices seen from August onwards.
This enabled the portfolio to run short during overnight periods of low
prices.
•Unit 5 was regularly two-shifted where prices were favourable to
maximise our short position overnight as illustrated by the increased
number of starts during this period.
•After challenges in supply chain logistics in early 2022, plant availability
improved in H1 FY23. Global supply chains have since improved and are
not expected to delay current maintenance works.
QUARTERLY STARTS BY THERMAL UNIT
GENESIS DAILY SHORT/LONG VOLUME
UNITS TO SUPPORT PORTFOLIO
Assets to support a flexible portfolio
Short generation
portfolio during
period of low
prices
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22
Forced outage factor (FOF)
High asset
reliability during
H1 FY23
0
10
20
30
40
50
60
201720182019202020212022
Number of starts
Unit 5Rankines
Unit 5 starts
demonstrating
plant flexibility

20.
Sustainability and our People
2.0%
Pay Equity Gap
FY22 1.3%
50:50
Exec Gender Diversity
FY22 50:50
FY22Male58% Female 42%
•NgāAra Creating Pathways outcomes including
23 apprenticeships; internships andwork
experience students on track, preparingrangatahi
for the future of work.
•Extended our support of curtainbank services
forfamilies in needthrough a newpartnership
withHabitat for Humanity.
•46% reduction in carbon emissions relative to H1
FY23.
•SupportedTokaanuStream restoration project to
eradicatewillow, enhancewater quality and
indigenous biodiversity.
•Finalised and launched Sustainability Framework to
FY25.
•Continue building employee capability on Climate
Risk and Integrated Reporting.
A low carbon
future for all
A more equal
society
A sustainable
business
NUMBER OF INJURIES
0
2
4
6
8
10
12
14
16
18
20
0
200
400
600
800
1,000
1,200
H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
Number of Injuries
LTI/RWI Days
Genesis (excl LPG)LPGInjury Severity (LTI/RWI Days)
57%
43%
Leadership Progression Gap
MaleFemale

21.
Strategic Outlook

22.
Lauriston Solar Farm
•Genesislaunched a Joint Venture partnership with FRV Australia in February 2022.
The Joint Venture announced the first project of 52MW thatis expected to be
operational inlate 2024.
•The investment has land rights, resource consent and transmission agreements in
place, making it one of the most advanced large scale solar projects in the country.
•Lauriston provides:
•Good proximity to strong grid connection;
•Generation profile correlated well to local network demand;
•Flat and easily accessible site to enable straightforward construction.
•The Joint Venture will construct, own and operate the solar farm.Genesis will
purchase 100% of the generation for 10 years under a power purchase agreement.
•Genesis holds 60% interest in the joint venture, however, has the option to adjust
ownership level in specific projects. A 40% stake in Lauriston is anticipated and
project finance will be used.
•The Joint Venture has launched a procurement process for the EPC contracts. Final
project costings will be determined as part of this process and are estimated at
approximately $70 million.
CORRELATION BETWEEN GENERATION AND LOCAL DEMAND
Lauriston Solar Farm
LocationLauriston, Canterbury
Area93 Ha
Capacity
52 MWp
c. 47 MW AC
Annual Generationc. 80 GWh
FIDH1 FY24
First GenerationH1 FY25
PanelsSingle Axis Tracking
Nodal Premium4.9% Premium to BEN2201
0%
2%
4%
6%
8%
10%
12%
14%
16%
JulAugSepOctNovDecJanFebMarAprMayJun
Local DemandGeneration
Chart shows historical demand at ASB0661 node and forecasted Lauriston generation.

23.
An active enabler of New Zealand’s energy transition
GENERATION EMISSIONS AND SCIENCE BASED TARGETS
SOLAR DEVELOPMENT PIPELINE
GenerationCapacityStart Date
Waipipi450 GWh133 MWNovember 2020
Solar-genUp to
740 GWh
Up to
500 MW
First generation FY25,
full volume by FY27
Kaiwaikawe230 GWh72 MWMid-2025
Tauhara550 GWh63 MWJanuary 2025
•In addition to Lauriston, the Joint Venture is in negotiations for three
solar sites in the North Island with potential capacity of 400MW.
•Inflationary pressures have increased costs of renewable development
and supply chain issues have delayed the timeline of some PPAs.
•In January 2023 Genesis lodged an application to extend consent for the
Castle Hill Wind Farm. The new application retains the best sites for
wind generation. No decision has been made for development of the
site.
350 MW
400 MW
52 MW
FUTURE-GEN PROJECTS
Early Stage
Development
Intermediate
Stage
Development
Advanced Stage
Development
0
1
2
3
4
5
FY20FY25FY30FY35FY40
MtCO2
Actual emissionsForecast emissions
SBTi target - validatedSBTi target - unvalidated

24.
Trial demonstrates Huntly can operate on 100% Biomass
November 2022
Biomass delivery to
Huntly commenced
January 2023
Final shipment arrives
•In February 2023 Genesis completed a technical viability trial using 100%
renewable biomass in the Huntly Rankine Units.The trial demonstrated that
the black pellets could be a drop-in replacement for coal.
•The trial utilised Canadian sourced advanced biomass. Global prices for
advanced biomass are similar to that of coal (inclusive of carbon) but costs
and the environmental impact of transportation make it unsuitable.
•Carbon emissions from biomass fuel are significantly less than coal.
1
•Genesis is partnering with Fonterra to explore the viability of a domestic
biomass industry. Other contributors are close to being finalised.
Test Result
Reclaim and
Storage
Movement of fuel into
internal bunkers.
Successful internal transfer
with minimal spillage. Minor
dust suppression required.
Plant
Modifications
Checking suitability of plant,
mill capability and ability of
delivery to furnace.
Minor reversible modification
to mill made.
Health and
Safety
Hazop study
recommendations
implemented.
Explosion and fire risks
managed.
Plant
Performance
Testing fuel feed rate, boiler
output, and emissions.
Pending full analysis of trial
data but initial indications
positive.
2021
Trial fuel procurement
process begins
August 2022
Trial fuel contract
signed
February 2023
Successful trial of 1,000t
of Biomass
1 Currently, transporting and processing biomass requires some fossil fuel. Improved carbon reductions could be achieved as we develop zero-emissions transport, energy, and electricity sectors.
Feb 2023
Genesis/Fonterra
Biomass
Collaboration
Agreement
Mid 2023
First stage of study
completed
Domestic Biomass Assessment
•Consider potential sources for raw material for advanced
biomass production.
•Identify potential sites for domestic production.
•Assessment of production technologies
•Estimate capital costs for plant development.
•Outline other potential users of a domestic biomass
supply.

25.
A new Leadership Team in place for future growth
Malcolm Johns
Chief Executive
BMS
Joins as Chief Executive on
6 March 2023. Previously
Chief Executive of
Christchurch Airport.
JamesSpence
Chief Financial Officer
BSc, CA
Experience as CFO at three
integrated energy companies in
Australia and North America.
Claire Walker
Chief People Officer
BA (Hons)
Experienced human resources
executive. Joins Genesis in
April 2023.
TraceyHickman
Chief Customer Officer
MA (Hons), AMP (Harvard)
Over 28 years energy sector
experience, including ten years in
executive roles in generation,
trading, fuels and retail. Currently
interim Chief Executive.
Rebecca Larking
Chief Operations Officer
MSc, Dip Business Admin
18 years energy sector experience
across environmental, generation,
business sales and retail operations.
Pauline Martin
Chief Trading Officer
B.E (Electrical & Electronic)
Over 15 years experience in
wholesale markets,
transmission, generation
development and retail markets.
PeterKennedy
Chief Digital Officer
BFor.Sc(Hons), ACMA
Over 15 years of digital,
marketing and customer
experience in the UK and
New Zealand.
MatthewOsborne
Chief Corporate
Affairs Officer
BCom, LLB
Corporate counsel/executive
with over 20 years experience
across legal, regulatory,
sustainability, communications
and governance.

26.
Kupe – supporting the transition
• Genesis and our joint venture partners have committed to
invest in a development within the existing permit area to
access undeveloped fuel reserves ("KS-9").The project is
subject to EPAapproval.
• Initial drilling is targeted for Q2 FY24 and a suitable rig has
been secured for this process. First gas is targeted in Q3
FY24.
• This continued supply will support Genesis as it transitions to
a highly renewable portfolio that will reduce the requirement
for coal. Without this development, emissions are expected to
be significantly higher.
• As a 46% owner, Genesis’ contribution to the development
willbe around $75 million (split approx.$15m in FY23 and
$60m in FY24)
• While there has been further interest from third parties in
acquiring Genesis' stake in Kupe, valuations have been
considerably below our value in use.

Guidance

28.
Guidance
FY23 EBITDAF has been updated to around $515millionfrom around $500 million,subject to
hydrological conditions, gas availability,and any material adverse events or unforeseeable
circumstances;
• Guidance includes an allowance in operating costs relating to the implementation of the
new sales,service and billing platform. This is subject to final vendor selection and
implementation timeframes.
FY23 capex is expected to be around $80 million, excluding investment in the Kupe well
development.
• Long-run outlook for stay in business capital expenditure is $50 million to $70 million.
• Capex related to the Kupe development well (KS-9) is around $75 million (split
approximately $15 million in FY23 and the remainder in FY24).

Appendix

30.
Carbon hedge position
CARBON HEDGE POSITIONCARBON HEDGE PRICES
GREENHOUSE GAS EMISSIONS
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY23FY24FY25FY26FY27FY28FY29
HedgedUnhedged
0
20
40
60
80
100
120
140
FY23FY24FY25FY26FY27FY28
($/NZU)
Carbon Forward CurveHedge Price
0
1
2
3
4
H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
Emissions (MtCO2e)
Scope 1 & 2Scope 3

31.
Electricity and Gas gross margin breakdown
H1 FY23H1 FY22Variance
Volume
Rate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Electricity
Retail Sales C&I888GWh$156/MWh138.61,037GWh$140/MWh145.1(149)GWh
$16/MWh(6.5)
Retail Sales Mass Market2,038GWh$264/MWh538.32,084GWh$259/MWh539.9(46)GWh$5/MWh(1.6)
Wholesale Sales2,913GWh$69/MWh200.13,106GWh$130/MWh403.9(193)GWh
$(61)/MWh(203.8)
Derivatives Settlement36.0(2.3)38.3
Emission Unit Revenue (Electricity)-2.4(2.4)
Ancillary Revenue2.38.2(5.9)
Total Revenue915.31,097.2(181.9)
Generation Costs (Thermal)873GWh$(95)/MWh(82.8)1,680GWh
$(99)/MWh(166.1)(807)GWh$4/MWh83.3
Generation Costs (Renewable)2,040GWh1,426GWh614GWh
Retail Purchases3,084GWh$(64)/MWh(196.1)3,289GWh$(120)/MWh(392.2)(205)GWh
$56/MWh196.1
Transmission and Distribution(273.3)(274.3)1.0
Ancillary Costs(5.2)(13.2)8.0
Total Direct Cost(557.4)(845.8)288.4
Electricity Gross Margin357.9251.4106.8
Gas
Retail Sales4.0PJ$28.1/GJ111.64.2PJ$22.7/GJ95.5(0.2)PJ$5.4/GJ16.1
Wholesale Sales2.3PJ$8.1/GJ18.66.1PJ$11.2/GJ68.6(3.8)PJ
$(3.1)/GJ(50.0)
Emission Unit Revenue (Gas)6.015.6(9.6)
Total Revenue136.2179.7(43.5)
Gas Purchases6.3PJ$(9.0)/GJ(56.3)10.3PJ$(10.4)/GJ(107.1)(4.0)PJ$1.4/GJ50.8
Transmission and Distribution6.3PJ$(6.6)/GJ(41.2)10.3PJ
$(4.3)/GJ(44.8)(4.0)PJ$(2.3)/GJ3.6
Emissions Unit Cost (Gas)(13.0)(15.7)2.7
Total Direct Cost(110.5)(167.6)57.1
Gas Gross Margin
25.7 12.113.6

32.
LPG and other Gross Margin breakdown
H1 FY23H1 FY22Variance
VolumeRate per unit$m
VolumeRate per unit$mVolumeRate per unit$m
LPG
Retail Sales24.6 kt$2,103/t51.824.0 kt$1,909/t45.70.6 kt$194/t6.1
Wholesale Sales2.7 kt$1,117/t3.08.3 kt$1,182/t9.9(5.6) kt$(65)/t(6.9)
Emission Unit Revenue (LPG)1.10.50.6
Total Revenue55.956.1(0.2)
LPG Purchases27.3 kt$(962)/t(26.3)32.3 kt$(799)/t(25.8)(5.0) kt$(163)/t(0.5)
Emissions Unit Cost (LPG)(2.8)(2.6)(0.2)
Total Direct Cost(29.1)(28.4)(0.7)
LPG gross margin26.827.7(0.9)
Net Carbon Active Trading2.510.8(8.3)
Other Revenue2.01.50.5
Other Costs(0.4)(0.2)(0.2)
Total Other Gross Margin4.112.1(8.0)
Total Gentailer Gross Margin414.5303.3111.2

33.
Kupe Gross Margin and Reconciliation to EBITDAF
H1 FY23H1 FY22Variance
Kupe Gross MarginVolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Oil Sales94 kbbl$122.9/bbl11.5147 kbbl$93.2/bbl13.7(53)kbbl$29.7/bbl(2.2)
Gas Sales4.3 PJ$7.2/GJ31.35.4 PJ$7.1/GJ38.1(1.1) PJ$0.1/GJ(6.8)
LPG Sales18.5 kt$452/t8.323.8 kt$450/t10.7(5.3) kt$2/t(2.4)
Other and Emissions Revenue5.66.6(1.0)
Direct Costs(16.3)(17.8)1.5
Kupe Gross Margin40.451.3(10.9)
EBITDAF
Total Gentailer Gross Margin414.5303.3111.2
Kupe Gross Margin40.451.3(10.9)
Genesis Energy Limited Gross Margin454.9354.6100.3
Operating Expenses
Employee Benefits(67.0)(64.0)(3.0)
Other Operating expenses(77.0)(69.3)(7.7)
Kupe Operating expenses(12.6)(11.0)(1.6)
Genesis Energy Operating Expenses(156.6)(144.3)(12.3)
EBITDAF298.3210.388.0

34.
Financial statements
1
Capital items received as part of the LTMA are recognis ed upfront and paid off over the life of the
agreement (8 years), the cash outflow ($1.9m) relating to this has been recorded as Stay in Business
capex for the purposes of the Free Cash Flow Calculation.
Income Statement
H1 FY23
($m)
H1 FY22
($m)
Variance
Revenue
1,155.1
1,382.4
(16)%
Expenses
(856.8)
(1,172.1)
(27)%
EBITDAF
298.3
210.3
42%
Depreciation, Depletion & Amortisation
(119.9)
(106.0)
Impairment of Non-Current Assets
(2.8)
(2.5)
Fair Value Change
71.5
37.0
Revaluation of generation assets
(3.2)
-
Other Gains (Losses)
(1.3)
13.3
Share in associates and joint ventures
(0.4)
(3.4)
Earnings Before Interest & Tax
242.2
148.763%
Interest
(39.8)
(30.4)
Tax
(57.1)
(33.6)
Net Profit After Tax
145.3
84.772%
Earnings Per Share (cps)
13.84
8.1270%
Stay in Business Capital Expenditure23.625.5(7)%
Free Cash Flow
1
214.7152.441%
Dividends Per Share (cps)8.88.71%
Dividends Declared as a % of FCF43%60%
Balance Sheet
H1 FY23
($m)
FY22
($m)
Variance
Cash and Cash Equivalents
114.0105.6
Other Current Assets
584.7626.0
Non-Current Assets
5,003.14,540.8
Total Assets
5,701.85,272.4
8%
Total Liabilities
2,900.32,892.9
Total Equity
2,801.52,379.5
Total Liabilitiesand Equity
5,701.85,272.4
8%
Adjusted Net Debt1,307.51,352.2
Bank Covenant Gearing27.8%31.9%
EBITDAF Interest Cover9.5x9.6x
Net Debt/EBITDAF2.2x2.7x
Cash Flow Summary
H1 FY23
($m)
H1 FY22
($m)
Variance
Net Operating Cash Flow224.5123.5
Net Investing Cash Flow(40.4)(57.3)
Net Financing Cash Flow(175.7)(98.9)
Net Increase (Decrease) in Cash​8.4​(32.7)​41.1​

35.
Debt Information
Debt InformationH1 FY23
($m)
FY22
($m)
Variance
Total Debt
$
1,4341,493
Cash and Cash Equivalents
$
114106
Headline Net Debt
$
1,3201,387-4.8%
USPPFX and FV Adjustments
$
1235
AdjustedNet Debt
1
$
1,3081,352-3.3%
Headline Gearing
3
33.9%38.5%-4.6 ppts
AdjustedGearing
3
33.6%37.6%-4.0 ppts
Covenant Gearing27.8%31.9%-4.1 ppts
Net Debt/EBITDAF
2
2.2x2.7x-0.5x
Interest Cover9.5x9.6x-0.1x
Average InterestRate4.9%4.2%0.7 ppts
Average Debt Tenure10.9 yrs10.5 yrs0.4 yrs
1
Net Debt has been adjusted for foreign currency translation and fair value movements related to USD
denominated borrowings which have been fully hedged with cross currency interest rate swaps and fair
value interest rate risk adjustments for fixed rate bonds.
2
S&P make a number of adjustments to Net Debt and EBITDAF for the purpos e of calculating credit
metrics. The most significant of these is the 50% equity treatment attributed to the Capital Bonds.
3
Gearing measures are based on gross debt i.e. cash is not deducted.
GENESIS DEBT PROFILE AT 31 DECEMBER 2022
$475m of bank facilities (including $250m of sustainability linked loans
(SLL)) were undrawn and $149m of Commercial Paper was on issue at 31
December 2022. The Commercial Paper matures within 90 days.
$0
$50
$100
$150
$200
$250
$300
FY23 Q3FY24FY25FY26FY27FY28FY29FY49FY52
$m
Commercial PaperWholesale DomesticDrawn BankUndrawn Bank
Undrawn SLLCapital BondsGreen BondsUSPP

36.
Operational metrics
Retail Key InformationH1 FY23H1 FY22Variance
EBITDAF ($ millions)(3.6)34.1(110.6)%
Customers with > 1 Fuel140,587129,9208.2%
Electricity Only Customers293,040290,2880.9%
Gas Only Customers
12,82015,101
(15.1)%
LPG Only Customers
34,838
34,2541.7%
Total Customers481,285469,5632.5%
Total Electricity, Gas and LPG ICPs691,178
668,206
3.4%
Volume Weighted Average Electricity
Selling Price – Resi ($/MWh)
$269.40$267.990.5%
Volume Weighted Average Electricity
Selling Price – SME ($/MWh)
$248.26$231.937.0%
Volume Weighted Average Electricity
Selling Price – C&I ($/MWh)
$156.15$139.9511.6%
Retail Netback by Segment & FuelH1 FY23H1 FY22Variance
Residential - Electricity ($/MWh)$133.26$140.79(5.3)%
Residential - Gas ($/GJ)$16.85$15.766.9%
Bottled - LPG ($/tonne)$1,473.85$1,365.587.9%
SME - Electricity ($/MWh)$133.43$121.2310.1%
SME - Gas ($/GJ)$18.00$11.9151.1%
C&I - Electricity ($/MWh)$117.54$101.5315.8%
C&I - Gas ($/GJ)$16.50$10.7054.2%
SME & Bulk - LPG ($/tonne)$898.15$862.074.2%

37.
Operational metrics
Wholesale Key InformationH1 FY23H1 FY22Variance
EBITDAF ($ millions)
296.2160.284.9%
Power Purchase Agreements
Wind (GWh)
227242(6.2)%
Average Price Received for PPA -GWAP ($/MWh)
$42.99$86.27(50.2)%
LWAP/GWAP Ratio
93%92%1.0%
Electricity Financial Contract Purchases (GWh)
8221,192(31.0)%
Electricity Financial Contract Purchase price ($/MWh)
$116.35$114.102.0%
Electricity Financial Contract Sales (GWh)
1,1861,477(19.7)%
Electricity Financial Contract Sales Price ($/MWh)
$130.70$131.08(0.3)%
Coal/Gas Mix (Rankines only)
15/8583/17
Gas Used in Internal Generation (PJ)
7.510.5(28.6)%
Coal Used in Internal Generation (PJ)0.43.7(89.2)%
Weighted Average Gas Burn Cost ($/GJ)$9.50$11.21(15.3)%
Weighted Average Coal Burn Cost ($/GJ)$7.96$7.723.1%
Kupe Key InformationH1 FY23H1 FY22Variance
EBITDAF ($ millions)
27.840.3(31.0)%
Gas Production (PJ)4.35.4(20.4)%
Oil Production (kbbl)106152(30.3)%
LPG Production (kt)18.423.3(21.0)%
Remaining Kupe Reserves (2P, PJe)237.8292.8(55.0)PJe
Average Brent Crude Oil (USD/bbl)$94.78 $75.52 25.5%

38.
Glossary – Gross Margin breakdown
ELECTRICITY
Retail Sales C&I
Sale of electric ity to commercial and industrial customers.
Retail Sales Mass MarketSale of electric ity to residential and small business customers.
W holesale SalesSale of generated electricity onto spot market, excluding PPA settlements and ancillary revenue.
Derivatives SettlementSettlement of all electricity derivatives. Includes electricity active trading, PPAs, swaptions and electricity hedge settlements.
Emission Unit Revenue (Electricity)Emissions units earned in relation to electricity derivative sales.
Ancillary RevenueRevenue from ancillary electric ity market products.
Ancillary CostsCosts from ancillary electricity market products.
Generation Costs (Thermal)Generation costs, inclusive of fuels and carbon.
Retail PurchasesPurchases of electric ity on spot market for retail customers.
Transmission and DistributionTotal electricity transmission and distribution costs, connection charges, electricity market levies and meter leasing.
GAS
Retail SalesSales of gas to residential and business customers (including C&I).
W holesale SalesSales of gas to wholes ale customers.
Emission Unit Revenue (Gas)Emission units earned in in relation to wholes ale gas sales.
Gas PurchasesPurchase of gas for sale (excludes gas used in electricity generation).
Transmission and DistributionTotal gas transmission and distribution costs, gas levies and meter leasing.
Emission Unit Cost (Gas)Emission costs relating to gas purchases.
LPGLPG
Retail SalesSales of LPG to residential and business customers (including C&I).
W holesale SalesSales of LPG to wholes ale customers.
Emission Unit Revenue (LPG)Emission units earned in in relation to wholes ale LPG sales.
Emission Unit Cost (LPG)Emission costs relating to LPG purchas es.
KUPE
Oil SalesSale of crude oil.
Gas SalesSale of gas.
LPG SalesSale of LPG.
Emissions Revenue and OtherEmission units earned in relation to gas and LPG sales and other revenue.
Direct CostsEmission unit costs relating to operations, gas and LPG sales. Royalties and other direct costs.

39.
Glossary – Operational metrics
RETAIL
CustomersElectricityand gas customersare defined bysingle customer view,regardless of number ofconnections (ICP’s).
ICPInstallationConnectionPoint, aconnectionpoint thatis bothoccupiedand hasnotbeen disconnected(Active-Occupied).
Resi,SME,C&IResidential,smallandmediumenterprisesandcommercial& industrialcustomers.
B2BBusinesstoBusiness,includingbothSMEandC&I.
Volume Weighted Average Electricity Selling Price- $/MW h
Average sellingpriceforcustomersincluding lines/transmissionanddistributionandafter discounts.
Volume Weighted Average Gas Selling Price- $/GJAverage sellingpriceforcustomersincludingtransmissionanddistributionandafter discounts.
Volume Weighted Average LPG Selling Price - $/tonneAveragesellingpriceforcustomersincludingafterdiscounts.
BottledLPGSales(tonnes)Represents45kgLPGbottlesales.
SME& OtherBulkLPGsales(tonnes)RepresentsSMEandotherbulkandthi rdpartydistributors.
Netback($/MW h,$/GJ,$/tonne)
Customer EBITDAF by fuel type plus respective fuel purchase cost divided by total fuel sales volumes, stated in native fuel units (excluding corporate
allocation costs andTechnology& Digital cost centre).
GENERATION
AveragePriceReceivedforGeneration- GW AP($/MW h)
Excludessettlementsfromelectricityderivatives.
Coal(GW h)Coalgenerationis calculatedbyapplyingcoalburntomonthlyaverage heatrates.
CoalUsedInInternalGeneration(PJ)Resultshavebeenrevisedtoreflect changesin coalkilotonnesto PJconvers ionrateandvolume methodology.
POWERPURCHASEAGREEMENTS
W ind(GW h)Energypurchasedthroughlongtermagreementswithgenerator
AveragePriceReceivedforGeneration- GW AP($/MW h)
Pricereceivedatproductionnode.(E.g.W aipipi atW VY1101node)
WHOLESALE
ElectricityFinancialContractPurchases- W holesale(GW h)Settlement volumes of generation hedge purchases, including exchange traded and OTC contracts. Excludes PPAs, active trading,
FinancialTransmissionsRights (FTRs) and cap/collar/floorcontracts.
ElectricityFinancialContractSales- W holesale(GW h)Settlement volumes of generation hedge sales, including exchange traded, OTC contracts and Swaptions. Excludes PPAs, active trading,
FinancialTransmissionsRights (FTRs) and
cap/collar/floorcontracts.
ElectricityFinancialContractPurchases- W holesalePrice
($/MW h)
AveragepricepaidforElectricityFinancialContractPurchases- W holesale.
ElectricityFinancialContractSales- W holesalePrice
($/GW h)
AveragepricereceivedforElectricityFinancialContractSales- W holesale.
Weighted Average Gas Burn Cost ($/GJ)Totalcost ofgas burntdivided bygeneration fromgas firedgeneration, excludingemissions
Weighted Average CoalBurn Cost ($/GJ)Totalcostof coalburntdivided bygenerationfrom coalfired generation,excludingemissions
Weighted Average Fuel Cost - Portfolio ($/MW h)
Totalcost of fuelburnt plus emissions onfuel burnt dividedby total generation (thermal,hydro and wind)
Weighted Average Fuel Cost - Thermal ($/MW h)
Totalcost offuel burntplus emissions onfuel burntdivided by totalgeneration fromthermal plant

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