Genesis Energy (GNE) H1 2026 earnings summary

Executive summary

• Achieved record half-year normalized EBITDAF of NZD 307 million (up 38% year-over-year), driven by portfolio flexibility, strong hydro inflows, and operational efficiency.

• Net profit after tax rose 36% to NZD 95 million, with operating free cash flow up 298% to NZD 183 million.

• Interim dividend increased to 7.30 cps, reflecting strong shareholder returns and disciplined capital management.

• Announced NZD 400 million equity raise to accelerate renewables growth and support transition, with Crown committed to maintaining 51% shareholding.

• Margin quality improved, with electricity netback up 17% to NZD 172/MWh and gross margin up 27% to NZD 521 million.

Financial highlights

• Revenue declined 13% year-over-year to NZD 1,533.6 million due to lower wholesale prices and reduced generation.

• Reported EBITDAF rose 40% to NZD 303 million; normalised EBITDAF up 38% to NZD 307 million.

• Net profit after tax increased to NZD 95 million; EPS rose to 8.64 cps.

• Hydro generation increased 17% year-over-year, with 250 GWh uplift from renewable PPAs.

• Group gross margin up 27% year-over-year, with an 8% increase in retail margin contribution.

Outlook and guidance

• FY26 normalized EBITDAF guidance maintained at NZD 490–520 million, with FY32 outlook set at NZD 650–750 million, enabled by NZD 2 billion growth investment pipeline.

• Dividend policy to remain fixed through FY28, targeting 14cps in real terms.

• Guidance subject to hydrological conditions, gas availability, plant reliability, and market stability.

• Digital investment expected to peak in FY26; increased carbon and gas costs budgeted.