Genesis Energy (GNE) AGM 2025 summary

Opening remarks and agenda

• The meeting was held in a hybrid format, with both in-person and online participation, and included housekeeping and safety instructions for attendees.

• The agenda covered board highlights, the Chief Executive's overview, Q&A, voting on resolutions, and general business.

Board and executive committee updates

• Four directors were up for re-election, and a new director, David Baldwin, was nominated following a thorough external search.

• The board comprises Barbara Chapman (Chairman), Hinerangi Raumati-Tu'ua, Warwick Hunt, Tim Miles, David Baldwin, Catherine Drayton, and James Moulder.

• The Audit and Risk Committee was split into separate Audit and Markets and Risk Committees to enhance board effectiveness.

• Directors' remuneration was reviewed and modestly increased through reallocation within the existing pool, with the next review set for FY 2027.

• Director re-appointments and new election timelines were highlighted.

Financial performance review

• Normalised EBITDA rose 15% to $470 million, and net profit after tax increased 29% to $169 million, driven by retail margin improvements and operational outcomes.

• Dividend declared at $0.143 per share, up 2% on FY24.

• Achieved $65 million in margin uplift and $12 million in baseline OPEX savings in FY25.

• FY 2026 normalised EBITDA is forecast between $455 million and $485 million, subject to market and operational conditions.

• No new debt was required, and the EBITDA to debt ratio improved to 2.7x, maintaining the BBB+ credit rating.