Genesis Energy (GNE) H1 2026 earnings summary

Executive summary

• Achieved record first-half normalized EBITDAF of NZ$307 million, up 38% year-over-year, driven by portfolio flexibility, Gen35 strategy, and favorable hydro conditions.

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

• Announced NZ$400 million equity raise to accelerate renewables and firming capacity growth, with Crown support to maintain 51% shareholding.

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

• Delivered total shareholder return of over 13% in calendar year 2025.

Financial highlights

• Normalized EBITDAF rose to NZ$307 million from NZ$222 million (+38%); reported EBITDAF at NZ$303 million, up 40% year-over-year.

• Revenue declined 13% year-over-year to NZ$1,533.6 million due to lower wholesale prices and reduced generation, but gross margin increased 27% to NZ$521 million.

• Net profit after tax up 36% to NZ$95 million; EPS increased to 8.64 cps.

• Operating free cash flow increased to NZ$183 million from NZ$46 million (+298%).

• Hydro generation increased 17% year-over-year, with coal generation falling and retail margins improving.

Outlook and guidance

• FY26 normalized EBITDAF guidance maintained at NZ$490–520 million, with FY28 target raised to upper NZ$500 million range and FY32 outlook set at NZ$650–750 million.

• Guidance assumes normal hydrology, gas availability, plant reliability, and stable market conditions.

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

• Peak year for investment in FY26, with up to NZ$300 million growth investment planned.