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.

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

• Announced NZD 400 million equity raise to accelerate renewables growth and support transition to firming capacity.

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; normalized EBITDAF up 38% to NZD 307 million.

• Net profit after tax increased to NZD 95.1 million from NZD 70.3 million year-over-year.

• Earnings per share increased 32% to 8.6 cps.

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

Outlook and guidance

• FY26 normalized EBITDAF guidance maintained at NZD 490–520 million, up from NZD 455–485 million.

• FY32 normalized EBITDAF 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 hydrology, gas dynamics, plant performance, and market conditions.

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