Genesis Energy (GEL) Investor presentation summary

Strategic positioning and business overview

• Operates a leading, integrated asset footprint in offshore pipeline transportation, marine transportation, and onshore services, with high barriers to entry and long-lived contracts supporting stable cash flows.

• Offshore pipelines transport deepwater Gulf of America crude to multiple onshore markets, with contracts structured as life-of-lease dedications and take-or-pay features.

• Marine transportation features a young, modern fleet focused on intermediate refined products, with long-term contracts and high operating leverage.

• Onshore assets include refinery-centric pipelines, terminals, and a leading sulfur removal business, facilitating consistent cash flow and strong customer relationships.

• Segment margin for the last twelve months reached $578 million as of December 31, 2025.

Financial performance and capital allocation

• Reported Adjusted EBITDA of $157.8 million in Q4 and $544.3 million for 2025, with a clear outlook for 15–20% growth in 2026 over normalized 2025 levels.

• Quarterly distribution increased to $0.18 per common unit in January 2026, a 9.1% rise over 4Q24.

• Repurchased $25 million of Class A convertible preferred securities in February 2026, totaling $350 million repurchased to date.

• Issued $750 million of 6.75% unsecured notes due 2034 to redeem 2028 notes and for general purposes; nearest unsecured maturity is January 2029.

• Exited Q4 2025 with a leverage ratio of 5.1x, targeting a long-term ratio at or near 4.0x.

Offshore expansion and growth initiatives

• Completed major upgrades to the CHOPS system and constructed the new SYNC pipeline, supporting incremental volumes from new deepwater developments.

• New GB-72 platform serves as a critical booster and junction for the expanded offshore network.

• Secured life-of-lease dedications and take-or-pay agreements for Shenandoah and Salamanca developments, both achieving first oil in 2025.

• Deepwater Gulf of America production projected to increase by ~89% from 2013 to 2027, driven by new developments and tiebacks.

• Recent federal lease sales in the Gulf of America generated over $300 million in high bids, supporting long-term asset stability.