2025 Annual Shareholder Meeting

MARKET RELEASE
Date: 16
th
October 2025
NZX: GNE / ASX: GNE
2025 Annual Shareholder Meeting
Genesis Energy Limited’s (GNE) Annual Shareholder Meetin g is bein g held today, Thursday, 16
th

October 2025, commencing at 2.00 p m a t:
Physical: Novotel Christchurch Airport, 30 Durey Road, Christchurch.
Online : https://meetnow.global/nz
Shareholders can participate in the Annual Meeting virtually through the Computershare
Meeting Platform above.
All material, including the Chair and Chief Executive address, will be made available on the Genesis
Energy Investor Centre website at https://www.genesisenergy.co.nz/investor/results-and-
reports/annual-shareholders-meeting.
E
NDS
For investor relations enquiries, please contact:
David Porter
Investor Relations Manager
M: 020 4184 1186
For media enquiries, please contact:
Graeme Muir
Group Manager Communications
M: 027 202 4885

---

Barbara Chapman CNZM Chairman
Malcolm Johns Chief Executive
16 October 2025
Genesis Energy
Annual Shareholder
Meeting
Genesis Energy

This presentation has been prepared by Genesis Energy Limited
(“Genesis Energy”) for information purposes only. This disclaimer
applies to this presentation. For these purposes, “presentation”
means this document and the information contained within it, as
well as the verbal or written comments of any person presenting it.
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 contains forward-looking statements. Forward-
looking statements include projections and may include statements
regarding Genesis Energy’s intent, belief or current expectations in
connection with its future operating or financial performance or
market conditions. Forward-looking statements in this
presentation may also include statements regarding the timetable,
conduct and outcome of the general strategy of Genesis Energy,
statements about the plans, targets, objectives and strategies of
Genesis Energy, statements about the industry and the markets in
which Genesis Energy operates and statements about the future
performance of, and outlook for, Genesis Energy’s business. Any
indications of, or guidance or outlook on, future earnings or
financial position or performance and future distributions are also
forward-looking statements.
Forward-looking statements in this presentation are not guarantees
or predictions of future performance, are based on current
expectations and involve risks, uncertainties, assumptions,
contingencies and other factors, many of which are outside Genesis
Energy’s control, are difficult to predict, and which may cause the
actual results or performance of Genesis Energy to be materially
different from any future results or performance expressed or
implied by such forward-looking statements. This risk of
inaccuracies may be heightened in relation to forward-looking
statements that relate to longer timeframes, as such statements
may incorporate a greater number of assumptions and estimates.
Genesis Energy gives no warranty or representation in relation to
any forward-looking statement, its future financial performance or
any future matter. Forward-looking statements speak only as of the
date of this presentation.
Forward-looking statements can generally be identified by the use
of words such as “approximate”, “project”, “foresee”, “plan”,
“target”, “seek”, “expect”, “aim”, “intend”, “anticipate”, “believe”,
“estimate”, “may”, “should”, “will”, “objective”, “assume”,
“guidance”, “outlook” or similar expressions.
EBITDAF, free cash flow and ‘normalised’ balances 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.
Genesis Energy is subject to disclosure obligations under the NZX
Listing Rules that requires it to notify certain material information
to NZX for the purpose of that information being made available to
participants in the market. This presentation should be read in
conjunction with Genesis Energy’s Integrated Report for FY25 and
Genesis Energy’s periodic and continuous disclosure
announcements released to NZX, which are available at
www.nzx.com.
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. This presentation
does not constitute financial, legal, 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.
Disclaimer
2
16 Oct 2025 – Annual Shareholders Meeting

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4
16 Oct 2025 – Annual Shareholders Meeting
Agenda
1.Board highlights
2.Chief Executive’s overview
3.Q&A session
4.Resolutions
5.General business

5
Hinerangi Raumati-Tu’ua MNZM
Director
BMS, MMS, FCA
Tim Miles
Director
BA
Catherine Drayton
Director
BCom, LLB, FCA, CFInstD
Warwick Hunt MNZM
Director
BAcc (Hons), FCA, FKC
Timeline of Director re-appointments
David Baldwin
Director
March 2019
September 2022
November 2016
March 2022
For election
16 Oct 2025 – Annual Shareholders Meeting
BE, MBA, GAICD

6
Hinerangi Raumati-Tu’ua
MNZM
Director
BMS, MMS, FCA
Tim Miles
Director
BA
Catherine Drayton
Director
BCom, LLB, FCA, CFInstD
Warwick Hunt MNZM
Director
James Moulder
Director
BA, BCA, MPP (Hons), GMP
(Harvard)
Barbara Chapman CNZM
Chairman
BCom, CMInstD
BAcc (Hons), FCA, FKC
Our Board
David Baldwin
Director
16 Oct 2025 – Annual Shareholders Meeting
BE, MBA, GAICD

7
Barbara Chapman CNZM
Chairman
16 Oct 2025 – Annual Shareholders Meeting

8
16 Oct 2025 – Annual Shareholders Meeting
Corporate governance FY25

9
16 Oct 2025 – Annual Shareholders Meeting
Policy and regulation
•Gen35 well aligned to Government priorities.
•Genesis welcomes the clarity these
announcements have brought to the market.
•Genesis actively reviewing options to deliver
strategy faster.

Genesis is well-positioned to respond to the Government Energy Package through its strategic
investments in Huntly’s capacity and a potential gas storage opportunity.
Long Duration: Investment to extend the
life of Huntly Power Station & actively
exploring options to build a new peaking
plant (Unit 7)
Short Duration: Huntly BESS 1
construction underway, plans for BESS 2
Dispatchable Firming Capacity
Genesis’ thermal assets are all capable of
running on LNG, which would benefit from
LNG imports in the long-term
Prosecution of biomass as an alternative
fuel source enhances fuel security and
flexibility
Genesis has secured exclusive rights to
negotiate up to 10 PJ gas storage at Tariki
Fuel SecurityFirming Products
Increased availability of Huntly risk
management products will improve access
to firming capacity for independent
retailers, generators and industrial end
users
Renewables
Executing near-term solar pipeline to free
up Huntly’s capacity for reserve operations
Actively exploring and in consenting phase
for onshore wind opportunities
Early discussions for an offshore wind
opportunity
Market security and more affordable electricity for New Zealand
Development Pipeline | Government Energy Package Response
16 Oct 2025 – Annual Shareholders Meeting

11
16 Oct 2025 – Annual Shareholders Meeting
1. Normalised EBITDAF is adjusted for material non-routine items as per Genesis Disclosure of Non-GAAP performance measures policy. Refer to
the Results Presentation 2025 appendix for reconciliation
Up 29% on FY24.
Up 2% on FY24.
Up 15% on FY24
Net Profit After Tax
$169m14.3 cps
Normalised EBITDAF
1

$470m
Financial performance
Dividend

12
16 Oct 2025 – Annual Shareholders Meeting
Normalised EBITDAF FY25 ($m)
454.3
11.7
2.4
2
470.3
ReportedCrown RoyaltyOrganisational RestructureAcquisition CostsNomalised
400
410
420
430
440
450
460
470
480
•The Group’s Disclosure of Non-GAAP Performance Measures policy (“policy”) determines the framework within which non-GAAP financial information is determined, reported and utilised
•The Group’s objective in preparing normalised financial information is to enable the investment community to better understand the Group’s underlying operational performance. The Group achieves this
objective by providing information that:
•is representative of Genesis Energy’s underlying performance as a potential indicator of future performance;
•enables comparison across financial periods; and
•can assist with comparison between publicly listed energy companies in New Zealand.
•Non-GAAP information is prepared in accordance with the Board approved policy, and any adjustments under the policy are approved by the Board.
•Application of the Group’s “Disclosure of Non-GAAP Performance Measures Policy” in FY25 is consistent with the Board-approved approach.

Health and safety
16 Oct 2025 – Annual Shareholders Meeting

14
16 Oct 2025 – Annual Shareholders Meeting
Gen35
Customer
Empowering
the customer-
led transition
RENEWABLES
Displace thermal & growth
8,300GWh
Net zero 2040
FLEXIBILITY
1,300MW

15
16 Oct 2025 – Annual Shareholders Meeting
Delivering new renewables

Capital structures
Indirectly leverage third-party capital –
Tauhara geothermal PPA
On balance sheet – Huntly BESS
Directly leverage third-party capital –
Lauriston solar
16 Oct 2025 – Annual Shareholders Meeting

Emissions volatility
16 Oct 2025 – Annual Shareholders Meeting

Our people
16 Oct 2025 – Annual Shareholders Meeting

19
Malcolm Johns
Chief Executive
16 Oct 2025 – Annual Shareholders Meeting

20
16 Oct 2025 – Annual Shareholders Meeting
Malcolm Johns
Chief Executive
Matthew Osborne
Chief Corporate Affairs Officer
Tracey Hickman
Chief Operating Officer
Julie Amey
Chief Financial Officer
Stephen England-Hall
Chief Revenue Officer
Claire Walker
Chief People Officer
The Executive Team
Ed Hyde
Chief Transformation & Technology Officer

16 Oct 2025 – Annual Shareholders Meeting
FY25 performance

22
16 Oct 2025 – Annual Shareholders Meeting
Technology
Retail transformation
Monetising Huntly
Power Station
Delivering new
renewable
generation
Driving safety
improvements
Building a delivery
driven team
FY25 Performance

23
Monetising Huntly Power Station
Genesis Existing vs. Future Energy Position
1. HFO: Huntly Firming Options
Residential &
Small Business
Commercial &
Industrial
Hydro
Hydro
Renewables
Renewables
Huntly
Huntly Baseload
HFOs
1

HFOs
1
Current Market Security
Future Market Security
Future Market Security
0TWh's
2TWh's
3TWh's
5TWh's
6TWh's
8TWh's
9TWh's
11TWh's
DemandFY25 SupplyFY28 Targeted Supply
16 Oct 2025 – Annual Shareholders Meeting

Total gas usage FY25
16 Oct 2025 – Annual Shareholders Meeting
FY25 Gas Numbers
Total Gas Purchased: 25.1 PJ
Wholesale Gas Market Sales: 1.7 PJ
Used for Generation: 16.6 PJ
Sold to Customers: 6.8 PJ
-10
0
10
20
30
40
50
60
Aug23Oct23Dec23Feb24Apr24Jun24Aug24Oct24Dec24Feb25Apr25Jun25
Fuel Cost $/GJ
Gas and Coal Market Prices ($/GJ)
Daily emsTradepoint Gas Price (excludes carbon)Newcastle Coal Price

HYDRO
SECURED PPAs
SOLAR
0
1
2
3
4
5
FY28 Target
Secured Renewables (TWh)
Site
Expected
Generation
(GWh/year)
Update
Lauriston (Solar)~100Operational (February 2025)
Edgecumbe (Solar)~230Final Investment Decision targeted for Q2 FY26
Leeston (Solar)~110Final Investment Decision target Q3 FY26
Foxton (Solar)~345In fast-track consenting process
Kaiwaikawe (Wind) ~225First generation Q3 FY27
Waipipi (Wind) ~450Operational (March 2021)
Tauhara (Geothermal) ~549Operational (January 2025)
Huntly BESS (Storage)n/aUnder construction (Q1 FY27; 200 MWh)
16 Oct 2025 – Annual Shareholders Meeting
Delivering new renewable generation

26
16 Oct 2025 – Annual Shareholders Meeting
Strategic PillarProjectProgress Update
Delivery
Billing & CRM re-platform• First go live on track for Q1 FY26
Powered Finance
• Phase 1 (General Ledger Refresh) on track for FY26.
• Tracking to full completion in FY27
Trading & risk platform
implementation
• New derivatives trading tool delivered.
• Energy Trading Risk Management, Market Modelling, & Gross Margin Calculation on track
for delivery across FY26 and FY27
26
26
Digital spend
Digital Project Spend
($m)
FY24
Actual
FY25
Actual
FY26FY27FY28Total All years
Total Digital Investment184065220145
OPEX153360 (mid)20 (mid)0128
CAPEX3752017
Investor Day 2023
Total Forecast
145
127
18
Technology

27
16 Oct 2025 – Annual Shareholders Meeting
Retail transformation
Prioritising Value Over VolumeSimplifying Our Business
Achieved $65 million in margin uplift
in FY25.
Delivered $12 million in baseline
OPEX savings in FY25.

28
16 Oct 2025 – Annual Shareholders Meeting
Driving safety improvements
Claire Walker
Will Eastgate

Building a delivery-driven team
16 Oct 2025 – Annual Shareholders Meeting

30
Thank you
16 Oct 2025 – Annual Shareholders Meeting

Shareholder
questions
16 Oct 2025 – Annual Shareholders Meeting

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33
16 Oct 2025 – Annual Shareholders Meeting
Resolution 1:
Re-election of
Catherine Drayton
Director

34
16 Oct 2025 – Annual Shareholders Meeting
Resolution 2:
Re-election of
Warwick Hunt MNZM
Director

35
16 Oct 2025 – Annual Shareholders Meeting
Resolution 3:
Re-election of
Hinerangi Raumati-Tu’ua
MNZM
Director

36
16 Oct 2025 – Annual Shareholders Meeting
Resolution 4:
Re-election of
Tim Miles
Director

37
16 Oct 2025 – Annual Shareholders Meeting
Resolution 5:
Election of
David Baldwin
Director

38
16 Oct 2025 – Annual Shareholders Meeting
Summary of proxy votes

General
business
16 Oct 2025 – Annual Shareholders Meeting

40.

Investor relations enquiries
David Porter
Investor Relations
investor.relations@genesisenergy.co.nz
+64 20 4184 1186

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Genesis Energy Annual Shareholder Meeting 2025
16 October

Speeches of the Chair and Chief Executive


Barbara Chapman, CNZM: Chairman’s address

Kia ora, tēnā koutou katoa.

Good afternoon everyone. I’m Barbara Chapman, Chair of the Board of Genesis Energy.

On behalf of my fellow directors, our Chief Executive and the executive team, and all
Genesis employees around New Zealand, welcome to our 2025 Annual Shareholder
Meeting.

We continue to hold this meeting in hybrid form and very much appreciate those
shareholders who are able to attend. As always, our online streaming facility is available for
those who couldn’t be here in the room.

It’s great to host this event in Ōtautahi Christchurch, as part of our plan to move around
New Zealand’s major centres each year.

Before we start, just some quick housekeeping for those in the room – the bathrooms and
fire exits are down the hall to the left. If we hear a fire alarm and a request to evacuate,
please follow the hotel staff and use the stairs, assembling in the courtyard towards the
airport terminal. In the event of an earthquake, stay put, drop, cover and hold.

For those joining online, today’s meeting is held via the Computershare Online Meetings
platform. This enables you to read the company documents associated with the meeting
and ask questions through the platform.

Online attendees can submit questions during the meeting, by selecting the Q&A tab on the
right half of your screen at any time. Type your question into the field and press send. Your
question will be immediately submitted. Should you require any assistance, you can type
your query and one of the Computershare team will assist through the chat function.
Alternatively, you can call Computershare on 0800 650 034.

Please note that, while you can submit questions from now on, I will not address them until

the relevant time in the meeting. Please also note that your questions may be moderated
or, if we receive multiple questions on one topic, amalgamated. Due to time constraints we
may run out of time to answer all your questions. If this happens, we will answer them in
due course via email.

For those present in person, during question time simply raise your hand and one of our
attendants will bring a microphone to you.

Turning now to today’s agenda, we will move through Board highlights from the year, the
Chief Executive’s overview, a Q&A session, the Resolutions and then General Business.

If there are any additional discussion points that you feel haven’t been covered in today’s
meeting, please reach out to our investor relations team at the email address:
investor.relations@genesisenergy.co.nz


Director resolutions
Four Directors require re-election this year under the NZX director rotation rules – they are
Catherine Drayton, Warwick Hunt, Hinerangi Raumati-Tu’ua and Tim Miles.

We are seeking a fourth term for Tim as we are in the midst of some significant technology
projects and Tim’s expertise has and will continue to be valuable as we bring those to
conclusion over the next 12-24 months.

We also put forward David Baldwin for election as a Director following his appointment by
the Board effective from 1 October.

You will be able to vote on today’s resolutions either in person or, for those online, using
the Computershare platform. I will refer to the instructions on how to vote when we reach
that point in today’s meeting.

With us today are members of our Executive team, including our Chief Corporate Affairs
Officer Matthew Osborne, who will fulfil the role of Secretary for this year’s meeting.

Silvio Bruinsma is here representing our external auditor, Deloitte.

Notice of the meeting has been duly given to shareholders, and we have the required
quorum. I now declare the 2025 Annual Shareholder Meeting of Genesis Energy Limited
officially open.

Thank you all for joining us today.

Director introductions
To begin, let me introduce your Board of Directors. You’ll note that the names of the
committees of which they’re a member have changed. In June this year, the decision was
made to separate the Audit and Risk Committee into two discrete Committees, an Audit
Committee and a Markets and Risk Committee.

The Markets and Risk Committee was established to assume the risk and market trading
responsibilities from the Audit and Risk Committee. The role of Committees is to enhance
the effectiveness of the Board in key areas, while still maintaining Board accountability.

Dividing the Audit and Risk Committee into two separate committees did not result in an
overall increase in Directors’ fees.

Hinerangi Raumati-Tu’ua
Hinerangi joined the Board in March 2022. She is a member of the Audit Committee.

Hinerangi is Chair of Tainui Group Holdings and serves on the Boards of a number of
entities, including Taranaki Iwi Holdings Limited and Guardians of New Zealand
Superannuation. She brings extensive governance experience, having Chaired and served on
iwi boards and those in varied sectors including water, fisheries, local government, Public
Trust and the Reserve Bank of New Zealand.

In addition to her strong commercial, investment and corporate governance background,
Hinerangi was named Māori Businesswoman Leader of the Year in 2016 and served on the
Cullen Tax Working Group in 2019. Last year she won the Māori Leadership in Finance
Award at the Institute of Finance Professionals Awards.

Warwick Hunt
Warwick joined the Board in October 2022. He is a member of the Audit Committee and the
Markets and Risk Committee.

Warwick brings over 30 years leadership and governance experience. As a partner and then
managing partner of PwC New Zealand, Europe, Middle East, Africa, and UK, Warwick has
worked across a range of sectors including energy, professional services, financial services,
agribusiness and aviation.

He is Chair of the Bank of New Zealand, a non-executive director of National Australia Bank
(NAB) and an Executive Fellow of Kings College London Business School. He is a Fellow
Chartered Accountant in Australia and New Zealand, and an Honorary Fellow of Kings
College London.

Warwick is a Member of the New Zealand Order of Merit for services to business.

Tim Miles
Tim joined our Board in 2016, coming to us from his previous role as Chief Executive of
Spark Digital. He is Chairman of the Human Resources and Remuneration Committee, and a
member of the Nominations committee.

Tim has had a long executive career in customer and technology-focused roles both in New
Zealand and internationally. He is Chairman of FortySouth Limited and a Director of ASX
listed company oOh! Media Limited. Tim has served as a director of companies in the fields
of technology, finance and property.

Catherine Drayton
Catherine joined the Genesis Board in March 2019. She is Chair of the company’s Audit
Committee and a member of the Markets and Risk Committee.

Catherine is a former senior partner at PwC, specialising in mergers and acquisitions,
culminating in her leading the Assurance and Advisory divisions in Central and Eastern
Europe. Her extensive cross-sector governance experience includes multiple directorships
across iwi organisations and the energy, healthcare and infrastructure sectors. She is a
former Chair of Guardians of New Zealand Superannuation.

She is currently the Chair of Mint Innovation Limited and Connexa Ltd and a director of IAG
New Zealand Ltd and Warren and Mahoney Ltd.

Catherine is a Fellow Chartered Accountant in New Zealand and Australia.

James Moulder
James joined the Board in 2018. He is Chair of the Markets and Risk Committee and a
member of the Audit Committee.

James has strong governance experience, having held a number of non-executive Board and
Advisory Board positions in the electricity and carbon industries. He has previously held
executive management positions at Mighty River Power, now known as Mercury Energy.

Prior to joining the Genesis Board James advised the Singaporean Government on the
development of electricity hedge trading markets. More recently he has been involved in
the development of carbon and environmental markets in Asia.

James’ background advising the New Zealand electricity sector’s regulatory bodies also

strengthens the depth of our sector experience.

David Baldwin
I’d like to introduce our new Director, David Baldwin, who joined us on 1 October.

David brings more than 35 years of international leadership and governance experience
across Asia-Pacific, Europe, and North America.

He has held senior executive and director roles spanning renewables, gas and LNG, utilities,
chemicals, and infrastructure asset management. His career includes leadership positions
with Contact Energy, Origin Energy, Shell and Berkshire Hathaway Energy. Most recently,
David was a Senior Managing Director with Macquarie Asset Management, where he
advised and served on the boards of energy, infrastructure and private equity portfolio
companies.

David is currently a non-executive director of energy companies in the Philippines and the
United States, both in the Macquarie Asset Management portfolio.

You will have the opportunity to meet David later and vote for his election.

********************

I would like to take this opportunity to acknowledge former director Paul Zealand, who
retired from the board after nine years’ service. Paul was a member of the Human
Resources and Remuneration Committee and the Nominations Committee.

Paul’s input to the direction of Genesis, his skills in health and safety and his careful
stewardship was invaluable. We thank him for his expertise and dedication to the company
and wish him all the best.

Corporate governance
On the screen now is our Board Skills Matrix – a summary of the skills we consider necessary
for the company’s success, and an assessment of the skills held by Directors. The matrix
shows a very strong breadth and depth of expertise and secondary skills held by your Board.

Succession planning is important. With Paul’s departure we assessed the skills we needed in
a new Director and undertook an external search. As mentioned, David Baldwin brings wide
experience in renewables, gas and LNG, utilities, chemicals, and infrastructure asset
management, and has a particular interest in health and safety. His expertise will greatly
assist the board in decisions we need to make in those areas in the years ahead.

We are committed to being transparent about our opportunities, targets, strategy and
progress, and also about our challenges, the impacts we have and how we are addressing
those.

At its core, Genesis is an electricity generator, with strong commercial investments adjacent
to and in support of this. We deliver shareholder value through four primary areas: our large
and loyal customer base, growing our renewable generation supply, monetising energy
security through our substantial flexible generation assets and fuel diversity, and our
commercial investments.

Through our reporting we seek to present a balanced view of how we create value over the
short, medium and long term. Our annual reporting suite includes a fully integrated report
where our commercial performance is supported by relevant environmental, social and
governance metrics; a Climate Statement; and a Sustainable Finance Report. They can be
found in the investor centre on our website.

The Board has a strong and effective working relationship with the company’s Chief
Executive and Executive team. It is pleasing to see the progress Malcolm and the team have
made in the delivery and execution of our Gen35 strategy to deliver earnings growth and
sector-leading yields. The business performance in FY25 and accelerating delivery of key
strategic outcomes is a testament to the strength of the Executive and senior leadership
teams.

Directors’ remuneration was reviewed in the FY25 year as part of the previously
communicated biennial review cycle. No increase in the Director fees pool was sought.
Rather, Directors achieved a modest increase in fees through reallocating the existing pool.
As this re-allocation was within the envelope of the current fees pool, shareholder approval
was not required. Directors’ remuneration will be reviewed again in FY27.

I am proud to lead a strong and capable Board of Directors who provide their extensive
experience and specialist skills for the benefit of the company, our stakeholders, the wider
community and you, our shareholders.

Policy and regulation
During FY25 the Government undertook two areas of review.

Firstly, the Commerce Commission and Electricity Authority undertook a review of market
competition. Then, Frontier Economics was commissioned to undertake a review of the
electricity market. This was peer reviewed and the Government announced its response on
1 October.

In addition, we received a letter from the Minister of Finance, sent to all Gentailers,
clarifying the Government’s position on Gentailer capital structures.

We welcome the clarification delivered with these announcements. Gen35 is very much
aligned to the Government’s objectives and the Board is now looking at ways we can
accelerate delivery of our strategy to further support those objectives. Malcolm will speak
more to this soon.

Financial performance
FY25 was a challenging year with four very different quarters, gas declining faster than
forecast and other generators being caught short during winter 2024.

We are proud that Genesis was able to support all our customers with our own generation
across FY25 and that none of our customers were exposed to the wholesale electricity
market prices of winter 2024. This is the advantage of an integrated model and Genesis’
flexible generation portfolio.

For shareholders, our flexible generation portfolio links directly to earnings resilience, as
shown FY25.

We acknowledge that recent price changes have been felt by our customers. We are doing
all we can to minimise these, however around 60% of the FY25 price rises were driven by
increases in regulated power line charges, which we pass through on behalf of the lines
companies. Those increases are not increases from Genesis, they are approved by the
Commerce Commission every five years and all retailers pass them on. There are further
lines charge increases from the lines companies still to come, and these will impact
customer price rises over the next few years.

Notwithstanding those increases, we believe wholesale electricity prices are now past their
peak. The announced pipeline of new generation out to 2030, coupled with increased
firming products we have brought to market, will bring downward price pressure to the
market.

Normalised EBITDAF was up 15% to $470 million, and reported net profit after tax was up
29% to $169 million. This result was driven by improved margin outcomes from our retail
business resulting from the transformation programme we are successfully executing. This
was further supported by improved trading and operational outcomes of Genesis’s
generation and fuel flexibility.

Normalised EBITDAF is showing pleasing improvement when you look through the
technology re-platforming projects, but we expect NPAT will continue to move around,

driven by electricity derivative valuations.

As a result of our solid EBITDAF and net profit after tax, the Board declared a dividend of
14.3 cents per share. This provides a return on investment to shareholders while also
enabling progress on our capital programme to support future growth.

Looking ahead, as announced on Tuesday FY26 normalised EBITDAF is expected to be
between $455 million to $485 million. This remains subject to hydrological conditions, gas
availability and price, plant reliability, and stable market conditions.

Digital investment will peak in FY26 before returning to stay-in-business levels of $15 million
to $20 million per annum by FY28. We have three critical technology platform upgrades
being delivered – our retail billing system, financial management system, and electricity
trading and risk management systems.

In addition, we have an increase in forecast carbon costs in FY26, driven by historic carbon
hedges which are currently above the depressed carbon spot market.

We are also budgeting for increased gas costs in the second half of FY26 as existing
contracts expire and new contracts re-price accordingly.

Health and safety
Safety is a whole-of-business focus and the Board plays an active role. We were pleased to
attain ISO45001 accreditation during FY25. Reaching this international standard confirms
our commitment to maintaining and improving safety standards for our people.

Overall safety performance improved across the business in FY25, however LPG remains a
focus for further work. We have a proactive plan in place to keep driving overall
performance which includes our focus around our critical safety risks, and on LPG
outcomes.

Gen35
After launching our Gen35 strategy in November 2023, we are delivering what we said we
would.

Gen35 is focused on three key things:
1. Optimising our large customer demand position;
2. Building new renewables to support our three hydro generation schemes; and
3. Monetising our competitive advantage in flexible generation

Through these three focus areas we will deliver sector leading yields, while strongly

managing our capital.

We are in Horizon 2 of Gen35, which covers FY25-28. The key deliverables are the 8by28
initiatives, and a general uplift in business-as-usual.

Customers remain a critical focus. We want to offer our customers simple but innovative
products using efficient operating structures and keep introducing ways for them to lead
their own energy transition.

We are delivering our strategy and have growing confidence in providing earnings uplift to
mid to upper $500 million EBITDAF by FY28, subject to hydrology conditions, no major
unplanned outages or major changes in our operating context.

Delivering new renewables
We opened our first solar farm at Lauriston here in Canterbury, which is now generating up
to 100 gigawatt hours of electricity a year, enough to power around 12,500 households.

We expect to reach final investment decision on two more solar farms during FY26,
Edgecumbe in the Bay of Plenty and Leeston in Canterbury and the Foxton solar farm is
currently in the fast-track consenting process.

We are also well advanced in construction of our first 200 megawatt hour battery at Huntly
Power Station, capable of powering about 60,000 average households for two hours a day.
The battery is expected to be operational by early 2027.

It will cost around $135 million compared to other similar battery systems being quoted as
costing up to $180 million. This illustrates the benefits of a strong capital management
approach and developing at the established Huntly site.

The swift delivery of new generation assets and valuable PPAs since we launched Gen35 is
testament to how we have quickly put in place the capability to procure, build and deliver
new generation.

Capital structures
Gen35 is focused on putting in place the platform for ongoing earnings growth while
retaining strong management of our capital.

As I have outlined, we are building new renewable generation and contracting new
renewable supply where it is value accretive to shareholders to do so.

The capital management approach to delivering new generation is comprised of three

structures:

• Direct on balance sheet investment, where we will generally prioritise assets that
store energy, are dispatchable or also provide second order portfolio benefits. The
start of construction of the Huntly battery in FY25 is an example of this.

• Directly leveraging third party capital, where we form joint ventures with third party
capital providers to build new renewable generation. Lauriston solar farm, which
opened in FY25, is an example of this. Malcolm will speak more to how we have
evolved this structure soon.

• Indirectly leveraging third party capital, where we write long term PPAs with third
party generators. The start of our Tauhara geothermal PPA in FY25 is an example of
this.

These three types of growth capital structure will form the foundation of how we deliver
new generation that is value accretive to Genesis shareholders.

We have a number of investment opportunities to explore. We are reviewing them carefully
and will decide on funding requirements once that part of the job is completed. We are
moving at pace in this regard.

As I said before, it is good to have clarity on the Government’s willingness to participate in
potential equity raisings that may be required to support energy security and affordability
objectives.

We are currently reviewing all our options, including potential additional equity
requirements, and will do what’s necessary and appropriate to support the execution of our
strategy at the relevant time.

We are very aware of the importance shareholders place on dividends and the Board is
continually reviewing the balance between investing for the future, maintaining sector
leading yields, and retaining our BBB+ credit rating over the long term.

The Board is also conscious of delivering total shareholder returns overall. The share price
growth of around 19% over the past year has been pleasing to see. We expect the delivery
of Gen35 to become more evident in our earnings and shareholder returns over the next
few years.

Emissions volatility
While we met our emissions reduction target for sold products in FY25, we faced several
challenges that affected our ability to achieve our target of emissions reduction from
generation. Generation emissions were 6% lower than the FY20 baseline, compared to the
target of 36%.

As we have said before, our emissions will inversely reflect wind and rain conditions in New
Zealand for some years to come.

We remain committed to net zero by 2040, focusing on building new renewables to serve
our customers and fuel transition in our thermal generation, including biomass to lower our
future emissions outcomes.

We will continue to report transparently on progress, challenges, and assumptions
regarding emissions as the business activates Gen35. This approach ensures stakeholders
understand both the ambition and the practical realities of delivering a low emissions
future.

Our people
Our business relies on the expertise and commitment of our people. To attract and retain
the best we need high engagement and alignment in a culture of high performance and
trust. So it was pleasing to see many of our employee survey results remain above the
national benchmark, despite the major structural changes that occurred during FY25.

The survey’s overall engagement score was 79%. Of these, 87% have a high level of trust in
our leaders, and 91% feel safe at work. We thank all our people for their dedication to our
customers and the business through what has been a demanding year.

Care for our people extends to those in the communities we interact with. Genesis invested
$5.6 million in community initiatives during the year, more than doubling the prior year’s
contribution. This coincided with the launch of our Community Investment Framework
aligned with our long-term objectives, focusing on positive social and environmental
outcomes for communities connected to Genesis’ generation assets.

Iwi relations are important to us, and this year we welcomed Kruger Wetere as Pouhere
Māori, or General Manager Māori. Kruger supports the development and enhancement of
relationships with iwi around our existing and developing generation sites, including
exploring opportunities to develop commercial partnerships, and our implementation of a
Rautaki Māori, or Māori strategy, to lift the cultural capability of our people and define our
areas of commitment with internal and external stakeholders.

********************
In conclusion, along with my fellow Directors and our Genesis Energy team, I would like to
thank you for your ongoing support of our company.

FY25 has been a challenging year in a dynamic decade for the energy sector. The year’s
events have underlined our long-held view that a renewable transition must also deliver
energy security and reliability. We will continue to engage constructively with regulators to
help ensure a workable pathway for new renewable generation, while maintaining our focus
on security of electricity supply and affordability for our customers.

I have every confidence that your Board, overseeing our strong executive team, will
maintain the company’s position as an essential and profitable part of New Zealand’s energy
future, while at the same time living up to the company’s purpose and vision.

Finally, I do want to acknowledge the awards that Genesis has been recognised for in the
past year across our wholesale and retail segments. This included being named Energy
Retailer of the Year at the Energy Excellence Awards. This is a credit to our whole team and
the valuable contribution they make to our customers and the sector.

It is now my pleasure to invite your Chief Executive Malcolm Johns to address our
shareholders.

_________________________________________________

Malcolm Johns, Chief Executive Officer’s address

Kia ora koutou.
Nga mihi ki te mana whenua.
From wherever you are listening, a warm welcome.
Thank you Barbara.

It is a pleasure to speak to you today and review both our FY25 performance, what we have
delivered to date and what we will deliver over the next few years through our strategy,
Gen 35.

Executive team introductions
Let me first start by introducing our executive leadership team.

Tracey Hickman is our longest serving executive leader, having been with Genesis since it
was first formed. Tracey leads our operations, asset development, fuels, environment,
sustainability, and iwi and community relationship functions.

Matthew Osborne has been with Genesis for over five years and leads our legal,
government relations, procurement and communications teams.

Ed Hyde joined Genesis in 2023 and leads our strategy, technology and transformation
areas.

Julie Amey joined us in November last year as CFO and leads our finance team, including
reporting, risk management, performance and capital markets functions.

Stephen England-Hall joined us in 2023 and leads our commercial business units including
the customer, trading and portfolio teams.

Claire Walker joined us in 2023 and leads our People & Culture areas, which include culture,
safety, wellness and talent units.

This team has largely been in place since we launched Gen35 and I am proud of what they
have delivered over the two years since.

Genesis is in a transition within the energy transition. Since we launched Gen35 in
November 2023, both transitions have gathered pace.

FY25 performance
Delivery has and will remain the centre of this team’s focus.

Core to Genesis portfolio is our large customer position of around 520,000 customers
spread across New Zealand, our three hydro schemes producing 2.8 terawatt hours of
electricity on average each year, and our large flexible generation and fuels portfolio. This
provides a generation cost ceiling across all national hydro cycles.

These elements of our portfolio drove FY25’s solid EBITDAF of $470 million, in what has
been a very challenging year for the sector. This was an excellent result and I am proud of
how our team navigated the business through FY25.

We are delivering our strategy and seeing commercial uplift in all areas of the business.

Operations free cash flow was $147 million. This, coupled with our accumulated cash
reserves, were used to fund FY25 growth investments of $165 million and finance our
dividend distribution of $116 million.

No new debt was needed, moving our EBITDAF-to-debt ratio down slightly from 2.8 times to

2.7 times, remaining within the 2-3 times range targeted to maintain our BBB+ credit rating.

Monetising Huntly Power Station
Genesis’ competitive advantage is the flexibility in our generation assets and fuels, with our
three hydro schemes and Huntly Power Station at the core.

Our flexibility allows us to generate when the wholesale electricity market is high,
effectively providing a ceiling on generation costs for sales to our customers, and protecting
our margin, as we did through FY25. We can then turn down generation when the market is
low, purchasing cheaper electricity to supply our customers and increasing our margin, as
we have been doing in FY26.

This is what drives our excellent margin resilience.

Our teams are mastering this flexibility and how to turn this competitive advantage into
cash returns for our shareholders through both the wholesale electricity market, or the
energy-only market as it is known, and through the capacity contract market we have
created for Huntly Power Station.

The market doesn’t always need our flexible generation and that has meant previously we
weren’t getting paid for being on standby.

We have now introduced both 2 and 10 year capacity contracts for our generation to be on
standby. These are known as Huntly Firming Options or HFOs.

HFOs attract a fixed annual payment to Genesis from the HFO holder for us to be on
standby. This means Genesis now gets paid for HFO standby generation regardless of
whether the market needs that generation.

HFO holders also pay fuel and carbon costs directly, releasing working capital back to
Genesis.

The 10-year HFO’s we have agreed with Mercury, Meridian and Contact will see a reserve
coal stockpile of 600,000 tonnes put in place at Huntly, funded four ways equally. This will
release around $100 million in working capital back to Genesis in FY26.

We will maintain an operational coal stockpile at Huntly of between 350,000 to 550,000
tonnes to support Genesis customers over and above the reserve stockpile.

Currently there is around 1.1 million tonnes of coal on site at Huntly – 600,000 tonnes for
the reserve stockpile and around 500,000 tonnes for the Genesis operational stockpile.

If you look at the graph on the screen, you can see our customer demand on the left-hand
side and our FY25 generation in the middle. You can see the market didn’t need all the
generation we had to offer so we didn’t get paid for having this on standby for the system.

The FY28 column shows the impact of the 2 and 10 year HFOs I just mentioned. We will now
get paid to have this generation on standby, regardless of national wind and rain outcomes.
You can also see that we can offer the market more short, medium and long-dated
electricity security products to purchase, which we intend to do.

This will offer generators, retailers and industrials a choice of products to add price stability
to their future electricity demand.

System security needs to be funded fairly by all market participants. This hasn’t been the
case in the past and the system got caught out in winter 2024.

We welcome the Government’s recent announcements that it wishes to put in place a more
structured and monitored regime for market participants to hold appropriate standby
generation contracts for long-duration firming of renewable generation.

Fuel and reserves are key elements of having Huntly Power Station on standby for the
country’s energy security. Optimising working capital deployed for fuel reserves is critical to
Genesis and during FY25 we have built a formidable fuels team to drive this commercial
uplift.

The team has already introduced new coal management systems and contracts, and
enhanced our domestic supply of coal, with new contracts for around 120kt per annum
from BT Mining.

We are also well into work on diversifying our international supply options from mines
outside of Indonesia and will be trialling an option from Australia during 2026. We are also
currently exploring multiple options from other countries in addition to this, however these
are early stage.

Our team has introduced more dynamic management of our gas position, with increased
flexibility through FY25 being a major contributor to our FY25 EBITDAF resilience. They are
stepping up to another level in FY26.

While hydro and our battery are well suited to supporting firming across minutes and hours
and coal is well suited to firming across weeks and months, New Zealand is not well served
across days to weeks.

Gas has traditionally played this role, but it is declining faster and is more expensive than
forecast. There are now increasing uncertainties on both the supply and demand sides for
gas over the coming years.

Methanex and Genesis’ 400 MW turbine, Unit 5, at Huntly are the two largest gas users in
New Zealand and have served to underpin the upstream sector for some decades.

Gas decline for other customers has essentially been cushioned first by Methanex, until it
reached its minimum operating levels, and now by Unit 5.

Unit 5 can produce up to 3.5 terawatt hours of electricity p.a. That’s about 8% of New
Zealand’s total current electricity. However, in FY25 Unit 5 produced only 1.8 terawatt
hours, or 55% of its capacity, as gas was used to support Genesis gas customers.

We expect this output to fall further in FY26 as industrials outbid electricity generators for
gas supply and we use coal when it is a cheaper fuel.

The team is mastering how to use Unit 5 on a more seasonal basis and less for year-round
baseload.

Unit 5 will be fully depreciated by 2032 and offers intra-day and intra-season future
generation options, subject to fuel availability, flexibility and price.

We are following the Government’s recent announcements on LNG and retain our contract
option on gas storage at the Tariki reservoir in Taranaki.

FY25 gas usage and sales
Overall, Genesis used around 25 PJs of gas in FY25. About 30% of this went to our customers
across both homes and businesses.

The remaining 66% went to electricity generation, which is currently acting as the buffer
between a declining gas market and our customers’ stable demand for gas.

The market is now allocating gas to the highest and best use and we are now seeing regular
examples of industrials out-bidding electricity generators. We expect to see the customer
share of our gas allocation increase into the future as this continues.

As this graph shows, Genesis’s ability to pivot between gas and coal is a major advantage.
Our teams are managing this with increasing dexterity and this is evident in our improving
margin resilience.

Kupe production remains broadly in line with forecast, and the joint venture has capex
budgeted to address the changes as the field declines.

Our position on Kupe remains the same as last year. We need the gas supply but do not
need to own the asset, however there are no current live engagements around exiting our
46% holding in the asset.

Delivering new renewable generation
As Barbara mentioned, a key aspect of delivering Gen35 is building new renewable
generation. We have a solid pipeline over the next few years, as you can see on the screen.

We will deliver this through the three capital management structures Barabara outlined,
however our learnings from Lauriston have seen a small change to how we directly leverage
third party capital.

Going forward we will develop and hold our own pipeline of future development options.
We will build these options on balance sheet and hold them until we decide it makes
commercial sense to recycle the capital into the next development to grow earnings.

This means we will recycle capital off the back of new developments rather than at the front
as we did with Lauriston.

This provides Genesis with more direct control over development optionality, timelines,
capital management and cash flow benefit. We want to capture development margins and
the 20% investment boost tax credit for our shareholders directly.

It is this change of approach which underpinned our mutual agreement with FRV to move in
different directions going forward.

We are on target to deliver options to build up to 500 megawatts of solar generation,
primarily to increase the value of our water and displace baseload gas generation. However,
we do see some risk of solar being overbuilt, so we intend to maintain some flexibility in this
objective.

We are putting in place wind options and will continue to do so.

Stage 1 of our battery project is underway, and we are well into reviewing stage 2. The
balance of plant purchased for stage 1 was to a level that can accommodate stage 2, so we
are well placed to deliver stage 2 at the most market-competitive capex available.

As many of you will have read, we are now extending the life of the Rankine units out to
2035.

Key to this investment are the 10-year Huntly Firming Options we agreed with Contact,
Mercury and Meridian. These are calculated based on a full thermal-appropriate return on
and a return of capital over the contract period.

Rankine Unit 2 was scheduled to go into retirement in February 2026 and we were well
advanced with planning for this when the interest arose to keep this unit in the market.

Subject to the Commerce Commission's final decision on the 10-year HFOs, we will need to
spend around $70 million over the next two years to extend the life of the Rankines out to
2035.

Technology
As Barbara outlined, we are delivering three new performance-enhancing technology
platforms: our retail billing and customer management system, our financial management
system, and our electricity trading and risk management systems.

These are big technology projects, equal to a heart and lung transplant for the business.
They are never easy projects to deliver, however our teams are doing an excellent job.

Technology provides the opportunity to step-change productivity within the business,
facilitating an uplift in our drive for a performance-based culture.

In 2023 we set ourselves the objective of delivering these three technology projects within
an overall envelope of $145m, made up of around $18 million capex and around $127
million opex.

We remain within our overall envelope and on time for overall delivery. However, as the
table on the screen shows, the phasing of spend is evolving in line with different phases of
delivery and may continue to do so across FY26 and 27. We do not expect material changes
in phasing, however we will update any phasing changes in our normal reporting cycles.

Once these large technology projects have moved through, we expect our technology spend
to return to stay-in-business levels of around $15 to $20 million per annum in today’s
dollars.

We believe AI can help unlock further productivity gains in all areas of our business, not just
technology. This year we continued to upskill our people in how to use AI effectively, and
continued applying it for use in generation, finance, retail, leadership development, and

customer service. We have governance in place to ensure consistency as we deploy AI
across trading, asset management, customer engagement, and our business operations.

Retail transformation
Moving now to retail. Genesis has built a strong customer demand position in what is a very
competitive market.

Our transformation process is well underway to deliver our customers the services and
products they need to help drive New Zealand’s energy transition.

We have seen pleasing improvements in our netback performance and very pleasing
improvements in productivity, with a 22% growth in netback per full time employee over
FY25.

As we have signalled, we are moving to a single brand strategy as part of our retail
transformation. During FY25 we completed the purchase of the remaining 30% of Ecotricity
to take full ownership. We are also well into merging the Frank brand into Genesis.

Overall, we see our customer demand position within the band of 6-6.5 terawatt hours per
annum today, growing to between 7.5 and 8.3 terawatt hours per annum by 2035.

One of our highest value channels to market is through EV customers, as we highlighted
when we launched Gen35 in 2023. Genesis has a market leading position regarding high-
value EV customers and during FY25 we took a majority position in New Zealand’s largest
and fastest growing rapid charging network, ChargeNet. We will have more to say about this
when we speak to investors in our planned strategy update.

Genesis is proud to be New Zealand’s largest distributed energy retailer, with around 27,000
household solar customers. Some 14,000 also now have batteries. Combined, these
household customers have a peak generation of around 189 megawatts and current total
battery storage capacity of around 68 megawatts.

In January this year a record 5% of Genesis’ total generation was met from our household
solar customers. We expect this to grow as we are currently acquiring 250 solar customers a
month with a higher penetration of batteries.

Our team is well placed and leaning into how we use this growing distributed energy within
our overall portfolio flexibility to deliver shareholder and customer value.

This is a key aspect of why we are upgrading our technology platforms. Our relationship
with our customers is changing and we are changing as a retailer too.

The Salesforce and Gentrack customer billing platform upgrade will undertake its first live
trial with a small customer cohort during Q2 FY26. Early testing is showing pleasing
productivity advances from the customer resource management section of the software,
used by our call centre and customer care teams.

The utility technology space has become very competitive, optionality has grown
considerably in New Zealand over recent years and mature systems are advancing fast to
support new services and products for our customers’ energy transition.

Ecotricity has developed an impressive technology platform for solar and large commercial
and industrial customers, using Robotron software from Europe tailored to the New Zealand
market.

Now that we have this platform available to us, we are reviewing the opportunities to
deliver technology benefits faster to customers and to the business.

Driving safety improvements
I would like to acknowledge some changes in our safety leadership.

Claire Walker has become our Executive safety lead, bringing people, culture and safety into
the same leadership team.

Our long serving General Manager of Safety & Wellness, Jarod Bowler retired during FY25
and we would like to acknowledge Jarod's service and passion for all things safety.

Will Eastgate has joined us as General Manager Safety & Wellness. Will has a successful
career in safety, with excellent skills in safety culture, safety risk management and process
safety systems.

Building a delivery-driven team
As Barbara mentioned, we have maintained strong engagement, alignment and trust within
our culture as we’ve embarked on major change across the business.

We made some reporting line changes at executive level during FY25 to better support our
people in accelerating the delivery of Gen35, including increasing our focus on core
deliverables and making the most of opportunities that have surfaced during our Gen35
journey.

The Executive has leant right into this and each member is delivering impactful change for
our customers and shareholders.

We have also strengthened our senior leadership bench as we build a delivery culture
deeper into Genesis, and have a number of new senior leaders who have joined the team.
We are investing strongly in developing their commercial capability, resilience and
performance, and have rolled out a new leadership development programme. This is
focused heavily on delivery and commercial outcomes.

Genesis is delivering the change we said we would under Gen35 and doing it at a dynamic
time in the sector.

In terms of transformation activity, we will peak in FY26 and begin moving toward Genesis
2.0 across FY27 and 28.

Closing remarks
We welcomed the clarity given by the Government’s response to the Frontier Report. Gen35
is well aligned to supporting the objectives set out in those announcements and to deliver
for the country and for shareholders.

There is opportunity for Genesis in the Government’s announcements, and we are now
actively reviewing how we can deliver our strategy faster and more impactfully.

The Government announcements do come with processes that will play out over several
months and as these play out we will gain greater clarity on the benefits that might arise.

We will update investors on our strategy delivery at our planned Investor Days on 26 and 27
November. We will livestream the key parts of the first day and will be in touch soon with
details on how to join the broadcast.

Right now, we have an awesome team doing some cool stuff, I am incredibly proud of them
and what they are delivering!

Thank you to the Board for all their support, wisdom and guidance as we build our team to
deliver Gen35.

Most of all, thank you to all of you for your support as we build an electricity company
where energy never stops.