Genesis Energy (GEL) Investor presentation summary

Business overview and segment performance

• Operates three market-leading segments: offshore pipeline transportation, marine transportation, and onshore transportation & services, generating $613 million in LTM segment margin as of March 31, 2026.

• Offshore pipeline transportation is the largest contributor, accounting for 68% of segment margin, with a robust footprint in the Central Gulf of America and long-term, low-decline contracts.

• Marine transportation features a modern, diversified fleet with structural industry tailwinds and high day rates, contributing 19% of segment margin.

• Onshore services are integrated with major refineries and lead in sulfur removal, providing steady cash flow and 14% of segment margin.

• Sulfur services business leverages proprietary technology for NaHS production, supporting refinery emissions reduction and consistent cash flow.

Financial performance and capital allocation

• FY 2026 Adjusted EBITDA guidance is $575–612 million, representing 15–20% growth over 2025 baseline; Q1 2026 Adjusted EBITDA was $140.9 million.

• Distribution coverage ratio stands at 1.99x for Q1 2026, with a $0.18/unit quarterly distribution.

• Bank leverage ratio is 5.38x, with a long-term target of 4.0x; path to de-leveraging supported by free cash flow growth.

• $460 million of Class A preferred retired to date, with $135 million repurchased in Q1 2026; $394 million remains outstanding.

• Identified ~$80 million in potential annual run-rate financing savings through refinancing and preferred repurchases.

Strategic initiatives and growth drivers

• Multi-year offshore producer-funded expansions (e.g., Shenandoah, Salamanca) drive volume growth and visibility into dedicated volumes.

• Monument project on schedule for late 2026/early 2027; Salamanca’s 5th well expected late 2026.

• Recent lease sales in the Gulf of America provide stability and future growth opportunities, with 64% of new leases in the Central GOM.

• Offshore segment benefits from high barriers to entry, life-of-lease contracts, and a robust inventory of drilling opportunities.

• Marine and onshore segments positioned for steady demand, with limited new vessel construction and strong refinery integration.