Genesis Energy (GNE) AGM 2024 summary

Opening remarks and agenda

• The meeting was held in a hybrid format, chaired by Barbara Chapman CNZM, with CEO Malcolm Johns presenting; the agenda included board highlights, CEO overview, Q&A, formal business, and voting on two director re-elections.

Board and executive committee updates

• The board introduced directors with diverse expertise, including Hinerangi Raumati-Tu'ua, Warwick Hunt, Tim Miles, Paul Zealand, Catherine Drayton, and James Moulder, and enhanced the skills matrix to emphasize climate risk management, strategy, governance, and sustainability.

• An external review of board effectiveness was conducted, with positive results and no increase in director fee pools, only a reallocation.

• The executive team was reshaped, with new appointments in key roles, including CFO Julie Amey joining November 2024, and a focus on leadership depth and succession.

Financial performance review

• FY 2024 EBITDA was NZD 407.2 million, down 22%, and net profit after tax was NZD 131.1 million, down 33%, impacted by outages, gas shortages, and low hydrology.

• Generation fuel costs rose by over NZD 100 million due to lower gas supply and hydro inflows.

• FY 2025 EBITDA is forecast to increase to around NZD 460 million, subject to operational factors.

• Major CapEx is planned over the next two years, with earnings impact expected from FY 2027.

• Total customers increased by 2.7% to 496,596; employee engagement at 81%, 6% above NZ benchmark.