Genesis meets expectations in challenging environment

GENESIS ENERGY LIMITED
Interim Report 2024

GENESIS ENERGY LIMITED
Chairman and Chief Executive’s joint letter
Tēnā koutou,
The first half of FY24 saw Genesis achieve two
milestones that will set us up for success into
the future. The launch of our Gen35 strategy in
November detailed our goals across the business
for the next 10 years, providing a roadmap for
how we will turn strategic value into financial
value for shareholders, both in the short term
and over time.
Gen35 focuses on three key value pools:
Growing greater value from our nearly 500,000
customers, investing around $1.1 billion in new
renewable generation by 2030, and setting a
clear future for Huntly Power Station as the
Huntly Portfolio, New Zealand’s grid scale
peaking and firming facility for new renewable
generation that will be built over coming
decades.
Genesis is changing as an investment
Our people believe in delivering a balanced
scorecard for People, Profit and Planet as
we focus on our new purpose of powering a
sustainable and thriving Aotearoa New Zealand,
setting up the company to deliver long term
improved shareholder returns.
We will activate Gen35 across three horizons:
Horizon 1 (FY24) Future Fit; Horizon 2 (FY25-28)
Accelerating our Transition; and Horizon 3 (FY29
and beyond) Future State. Horizon 1 focuses on
the things we can do to impact earnings and
shareholder value right now; Horizon 2 will focus
on things we need to do to lift growth and build
shareholder value in a lower carbon future;
and Horizon 3 will see us create optionality to
maximise the opportunity of our future state.
This letter summarises the key things we have
focused on and delivered during the past half
year for People, Planet and Profit as we activate
Horizon 1. The FY28 Scorecard at the end of
this letter lists the aspirations we’re focused on
delivering by FY28 as we activate Horizon 2.
We will update how we are tracking against each
goal every six months. Progress may fluctuate so
the importance will lie in our direction of travel
over time.
1. EBITDAF: Earnings before net finance expense, income tax,
depreciation, depletion, amortisation, impairment, unrealised
fair value changes, and other gains and losses.
Refer to note A1 in the condensed consolidated interim
financial statements on page 14 for reconciliation from
EBITDAF to net profit before tax.
2. Net Profit After Tax.
EBITDAF¹
H1 FY23 $298.3m
NPAT
2
H1 FY23 $145.3m
Interim dividend: 7.0 cps
$
38.3m
$
202.1m
Barbara Chapman
Chairman
Malcolm Johns
Chief Executive
It was pleasing to achieve our first proof point in
Gen35 through our joint venture partnership with
FRV – financial close on the country’s first project
financed grid-scale solar farm at Lauriston in
Canterbury. Construction of the 63MW facility is
underway and first generation is expected by the
end of this calendar year.
Other successes this half year included the
conclusion of the Kupe KS9 drilling programme,
growing customer numbers by nearly 9,500,
and returning Unit 5 to service in January, four
months earlier than originally anticipated.
Limited growth outlook
and high dividend pay out
Huntly reliant on fossil fuels,
used for dry period firming
40% renewable generation
with PPA focused renewables strategy
High-cost retail and technology strategy,
focused on innovation and customer growth
Growth opportunities
with reliable dividend returns
Transition to biomass and battery,
used for firming solar, wind, and hydro
95% renewables by 2035 driven by solar
development and owned renewable assets
Focused retail and technology strategy
prioritising efficiency, electrification, and value
From...To...
2

3
GENESIS ENERGY LIMITED
Profit
EBITDAF was in line with expectations at
$202.1m, down from $298.3m in the same period
in FY23. NPAT was $38.3m compared to $145.3m
in the same period last year. These results were
primarily due to hydro lakes returning to more
normal levels compared to the corresponding
period when inflows were unusually high. This
and Unit 5’s unplanned outage required more use
of Huntly’s Rankines to support the market.
It was pleasing to see Unit 5 come back online
in January, four months earlier than originally
expected. Its early return was testament to our
team’s expertise and determination. They were
able to work closely with the equipment supplier
to source parts from overseas quicker than we
originally anticipated, and the team worked
tirelessly to get Unit 5 up and running again. Its
return is timely heading into autumn and winter.
We look forward to working with others in the
sector to ensure the insurance Huntly is able to
provide is available longer term. The estimated
financial impact of the Unit 5 outage after
insurance is expected to be around $25 million.
It's important to note that Gen35 will transition
Genesis into the company it needs to be for a low
carbon, highly electric future in New Zealand.
Between now and FY28 a large amount of effort
and investment across the business will be
required to activate that transition, including
our commitment to invest $1.1 billion in new
renewable generation by 2030, generating better
long term returns for our shareholders.
Our investment includes building more solar
generation. As we begin construction at
Lauriston we are also exploring the potential of
three sites in the North Island. At Huntly Power
Station, staged development of up to 400MW
(800 MWh) of battery capacity is underway.
Progress is also being made toward replacing
coal burnt in the Rankines with biomass, which,
sustainably procured, would have almost zero
carbon emissions.
Biomass must however be commercially viable
for us to make the switch and extend the life of
the Rankines. That means gaining the support
of other market participants who rely on the
security that Huntly provides to meet the needs
of their customers.
As more renewable generation is built using wind
and solar, the intermittent nature of that supply
will increase. Huntly is the best placed plant in
New Zealand to step in to firm the market when
energy supply is short and to add more flexible
fuel and capacity to meet peak demand. Gen35
will see Huntly transition to the Huntly Portfolio,
utilising a range of fuels and technologies that
can flex up and down as demand requires,
providing peace of mind to New Zealanders
as they become increasingly dependent on
electricity, and generating increased value for
shareholders.
Gas is an important fuel for the country’s
energy transition. Between now and 2030 it is
anticipated that Kupe will generate around $290
million of free cash flows for Genesis which will
be used to help fund our $1.1 billion investment in
renewable generation and storage.
Kupe’s cash flows represent around 3.6 cps in
current dividends, meaning from this financial
year dividends will remain above peer averages
but be set at 14 cps. It is our intention to maintain
dividend levels around this in real terms over
the next few years, reviewing each year as we
transition Genesis to a growth focus.
By dedicating Kupe’s free cash flows toward
Genesis reaching our Gen35 goal of being 95%
renewable generation by 2035, we will deliver
new cash flows to fund future dividends.
Planet
Today every generator and retailer in New
Zealand, even if their generation assets are
100% renewable, relies on back up from thermal
generation at some point across an hour, week,
year or during major disruption to keep the lights
on for their customers. It’s simply not credible to
claim otherwise at a system level.
We have looked deeply into what is most
impactful for New Zealand to reach net zero
2050: moving to 100% renewable electricity;
or growing electrification of the economy from
around 40% today to over 70% by 2050. The
answer is very clear - electrifying the economy to
over 70% is the more impactful goal.
If getting there while maintaining grid security
and reliability needs 3-5% thermal back up
then everyone in the sector should accept that.
Achieving 95-97% renewable generation is world
class in its own right.
People
We were pleased to progress our Executive team
refresh this half year with the arrival of Stephen
England-Hall as Chief Retail Officer and Ed Hyde
as Chief Technology & Transformation Officer.
Our leadership team is two fewer under Gen35,
with a mix of deeply experienced energy sector
executives and those new to the sector.
Part of the Gen35 strategy is to focus on fewer,
more impactful things. In the near term this
means a review of our retail operating model
and that process is underway.
Our customer numbers across both Genesis and
Frank brands grew by nearly 9,500, or 2%. They
now number more than 493,000. Frank passed
the milestone of 100,000 customers during the
half and won the coveted Consumer People’s
Choice Award for Energy. Genesis is the most
considered brand in the sector and viewed as
the market leader in meeting the needs of EV
owners.
Our support of the communities that live
around our generation sites continues
through scholarships, work experience and
apprenticeships. Pleasingly we were able to
finalise 35 year relationship agreements with
Arowhenua, Moeraki, and Waihao Papatipu
Rūnanga and other groups, including the
Department of Conservation and Fish & Game, to
support the health and wellbeing of the Waitaki
catchment and associated communities as part
of applying to reconsent the Tekapo Power
Scheme in accordance with existing operating
parameters.
Our charitable activities benefit our customers,
schools, and create warmer homes. But perhaps
the greatest impact we have for all New
Zealanders is to help ensure a reliable supply
of electricity through the flexibility provided by
Huntly Power Station.
Flexibility to secure the transition is one of the
three value pools we see for the sector over the
next 25 years. The others are electrification
to stimulate the transition and renewables to
enable the transition. Genesis has strategic
strength and opportunity in all three.
The Kupe KS9 drilling programme concluded this
half year on time and within budget. Assessment
of the reserves is underway, with conclusions of
a full review expected in June 2024.

GENESIS ENERGY LIMITED
GoalTargetFY28 GoalStatus *
Grow
Profitability
EBITDAFGroup EBITDAF mid $500 millions
Debt/EBITDAFRatio less than or equal to 2.5
Operating ExpenditureOperating Expenditure ~ $361 million.
Retail and
Technology
Brand preferenceNumber 1 brand equity in energy market
Total Retail and
Technology Operating
Expenditure
1
~ $153 million
Delivery of core billing
platform
Implementation of billing platform
upgrade across all brands and sales
channels by FY27.
HuntlyBattery Development200 MWh of battery operational onsite
at Huntly.
BiomassBiomass supply secured and
commercial arrangements in place.
Biomass use > coal use.
RenewablesSolar Development~ 500 MW of solar developed and
operational in JV structure
Total capital deployed
at ROIC > WACC
On track for total deployment of $1.1b
(Genesis share) by FY30
Net-ZeroNet Zero by 20402040 Net Zero targets submitted and
approved by SBTi
FY28 Scorecard
Our FY28 Scorecard provides transparency in tracking what we’ve said we will deliver to drive
shareholder value in Horizon 2 of Gen35. We will update progress against this every half year.
* To be reported each half year.
1
Excluding non-recurring technology investment.
Unless otherwise stated, all $ are nominal. Numbers shown represent base case estimates and are indicative only
Under Gen35 we have taken two bold steps.
Firstly, we have set a clear pathway for the
creation of the Huntly Portfolio to firm and peak
a renewable grid of 95% or more across an hour,
week, year and during major outages. We intend
for Huntly to service the grid with peaking and
firming products and services to deliver the 3-5%
needed for system security. This will involve
us bringing new firming and peaking products
to market for other generators to purchase,
providing greater confidence in business cases
behind new renewable generation builds. We
are committed to working to lower the emissions
from these products by investing in fuel and
asset transitions. We expect Huntly to be critical
to the security of a highly renewable grid and at
the same time for Huntly to reduce its carbon
footprint.
Secondly, we have committed to Genesis being
Net Zero by 2040 under the Science Based
Targets initiative.
We have said previously that the reduction in our
carbon emissions will not be a straight line, but
a trend over time. This past year is an example
of that. Hydro inflows were lower this half year,
relative to very high inflows that occurred in
Q3 FY23. This and Unit 5’s outage meant that
additional Rankine generation was required to
support the wholesale electricity market.
Consequently, our emissions increased from
998,740 tonnes of CO
2
e to 1,422,759 of CO
2
e
compared to H1 FY23.
Despite this increase we remain committed to
our Gen35 targets of having 95% renewable
generation by 2035 and being net zero by
2040. Our long-term strategy to transition our
generation portfolio and to help our customers
electrify will get us there, despite dry years and
outages.
Any assistance the Government can offer
in helping the sector build new renewable
generation and in supporting energy security
and reliability through the transition will expedite
New Zealand’s goal of reaching net zero 2050, so
we welcome the new Government’s commitment
to reduce barriers to renewable investment.
Its decision to cease work on the Lake Onslow
project also provides certainty for the sector to
invest in alternative firming, especially dry year
back up. We support reform of the Resource
Management Act and look forward to what the
new Government puts forward.
The real challenge for the country and sector
will be building demand for new renewable
electricity. This means households and
businesses transitioning the energy for their
transport, heat and cooking to electricity.
Reaching net zero 2050 as a country will
ultimately be determined by how fast households
and businesses electrify; not by how fast we
build new renewable generation. Gen35 will look
to grow value for shareholders by helping our
customers electrify more of their lives. In turn
this will be our greatest impact on New Zealand
reaching net zero 2050.
Looking ahead
We look ahead to winter with some caution.
National hydro storage is fluctuating and gas
supply is likely to be tight. Our thermal assets
may again be relied upon to support the
wholesale market, reiterating the importance
of gas as a transition fuel, and of Huntly Power
Station in providing security of supply. We
continue to work with Transpower on sector
co-operation to support the market and on
appropriate settings to ensure New Zealanders
have the power they need, when they need it.
Genesis is changing as an investment, offering
value that will multiply as we move through our
own transition within the country’s transition.
We look forward to sharing that value with our
shareholders and customers as we power a
sustainable and thriving Aotearoa.
4
Ngā mihi,
Barbara Chapman
Chairman
Malcolm Johns
Chief Executive
On TrackKey:ChallengesOff Track

GENESIS ENERGY LIMITED
1
Excludes 857 tCO₂e of CO₂ associated with the
combustion of biomass as this is required to be
reported separately from scope 1 emissions under
the GHG protocol.
Key H1 FY24 Sustainability data (As at 31 December 2023)
This serves as a snapshot of our half year performance against key Environmental, Social and Governance (ESG) indicators. Full ESG data and performance against our FY25 Sustainability Framework
is included in our annual reporting. For the most recently reported information, refer to our FY23 ESG datasheet and GRI Index. This data is not subject to assurance.
Progress against FY25 Sustainability Framework
A low carbon future for all • Committed to a Science-Based Net- Zero 2040 target.
• Renewed Department of Conservation and Genesis Energy partnership, Whio Forever, to protect whio from predators, giving the birds’ more resilience
in the face of the changing climate.
A more equal society • Developed the Scaffolding Rangatahi Pathways programme, collaborating with local Raahui Pookeka (Huntly) organisations Oho Mauri and POU Limited. Six young
people were employed for 15 weeks, earning pre-trades certificates.
• Collaborated with Mercury and community organisations to better understand energy hardship and how to address it.
A sustainable business • Published Nature and Water Position Statements.
• Continue to build employee capability on climate risk.
Key H1 FY24 sustainability metrics H1 FY24H1 FY23FY23
Greenhouse gas emissionsScope 1 and 2 emissions (tCO
2
e)986,957439,0171,076,150
1
Scope 3 emissions from use of sold products (tCO
2
e)294,701415,220692,204
Total scope 1, 2 and 3 emissions (tCO
2
e)1,422,759998,7402,026,147
Thermal generation as a % of total generation46%30%37%
CustomerNumber of retail customers 493,215 481,285 483,721
Change in customer complaints from prior year
2
(%)(16%)(10%)(16%)
Net Promoter Score (iNPS)494746
Customers on an EV plan 6,771 2,8974,153
Supply chain Total supply chain spend ($m)$1,133$987$1,899
EmployeesEmployees (headcount)
3
1,3061,2221,291
Employees (FTE)
3
1,2871,1951,268
Total recordable injuries
4
312048
Injury severity (lost/restricted days)
4
435430776
Senior Leader Gender Diversity
5
43:5739:6142:58
CommunityGiven the longer-term nature of our Community Programmes, full data will be presented in our end-of-year disclosures.
For FY23 performance, please see our FY23 ESG datasheet and GRI Index.

2
For Genesis brand. The percentage change for FY23
has been restated to reflect a change in the number
of complains for FY22 from 1,252 to 1,511.
3
Permanent, fixed term and casual.
4
The severity and classification of injuries are subject to
change based on medical assessment and acceptance
by ACC. Where injuries are reclassified after a reporting
period, the historical results are restated. This
information is as at 2 February 2024.
5
Percentage of female to male. Measures the progress
we are making in advancing females into senior
leadership roles. Leaders are classified as Tier 1, Tier 2,
and Tier 3 employees.
5

6
GENESIS ENERGY LIMITED
Condensed Consolidated
Interim Financial Statements
For the six months ended 31 December 2023
Condensed consolidated interim
financial statements
Consolidated comprehensive
income statement
7
Consolidated statement of changes
in equity
8
Consolidated balance sheet9
Consolidated cash flow statement10
Notes to the condensed consolidated interim financial statements
General information and significant matters
11
A. Financial performance
A1. Segment reporting
12
A2. Depreciation, depletion and amortisation
15
A3. Other gains (losses)
15
B. Operating assets
B1. Property, plant and equipment
15
B2. Oil and gas assets
16
C. Working capital
C1. Receivables and prepayments
17
C2. Inventories
17
D. Funding
D1. Borrowings
18
D2. Finance expense
19
D3. Dividends
19
E. Risk management
E1. Derivatives
19
E2. Change in fair value of financial instruments
20
E3. Fair value measurement
20
F. Other
F1. Related party transactions
21
F2. Commitments
22
F3. Contingent assets and liabilities
22
F4. Subsequent events
22
Ngā Tauākī Pūtea Tōpū Whakarāpopoto Weherua
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

7
GENESIS ENERGY LIMITED
Consolidated comprehensive income statement
For the six months ended 31 December 2023
Note
31 Dec 2023
unaudited
$ million
Restated*
31 Dec 2022
unaudited
$ million
RevenueA1 1,366.5 1,151.3
ExpensesA1(1 ,1 8 0. 8)(859.3)
Depreciation, depletion and amortisationA2(106.9)(119.9)
Impairment of non-current assets(0.4)(2.8)
Revaluation of generation assetsB1( 7. 6 )(3.2)
Change in fair value of financial instrumentsE2 18.5 75.3
Share of associates and joint ventures(1.8)(0.4)
Other gains (losses)A3 7.1 1.2
Profit before net finance expense and income tax 94.6 242.2
Finance revenue 1 .1 0.7
Finance expenseD2(42.2)(40.5)
Profit before income tax 53.5 202.4
Income tax expense(15.2)( 5 7.1 )
Net profit for the period 38.3 145.3
Earnings per share (EPS) from operations
attributable to shareholders CentsCents
Basic and diluted EPS 3.60 13.84
Note
31 Dec 2023
unaudited
$ million
Restated*
31 Dec 2022
unaudited
$ million
Net profit for the period 38.3 145.3
Other comprehensive income
Change in cash flow hedge reserve(16.9) 50.0
Income tax credit / (expense) relating to items above 4.7 (14.0)
Total items that may be reclassified to profit or loss(12.2) 36.0
Change in asset revaluation reserveB1 150.4 436.5
Income tax expense relating to items above(42.1)(122.2)
Total items that will not be reclassified to profit or loss 108.3 314.3
Total other comprehensive income for the period 9 6 .1 350.3
Total comprehensive income for the period 134.4 495.6
The above statement should be read in conjunction with the accompanying notes.
* The comparative information has been restated to reflect a change to the presentation of realised
gains/(losses) from non-hedge accounted financial instruments and emission units held for trading.
Refer to the 'General information and significant matters' section in the notes for a reconciliation to the
previously reported information.



CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

8
GENESIS ENERGY LIMITED
Consolidated statement of changes in equity
For the six months ended 31 December 2023
Note
Share capital
unaudited
$ million
Share-based
payments
reserve
unaudited
$ million

Asset
revaluation
reserve
unaudited
$ million
Cash
flow hedge
reserve
unaudited
$ million
Retained
earnings
unaudited
$ million
To t a l
unaudited
$ million
Balance as at 1 July 2023 710.9 2.1 1,675.3 33.3 (15.6) 2,406.0
Net profit for the period - - - - 38.3 38.3
Other comprehensive income
Change in cash flow hedge reserve - - - (16.9) - (16.9)
Change in asset revaluation reserveB1 - - 150.4 - - 150.4
Income tax credit / (expense) relating to other comprehensive income - - (42.1) 4.7 - (37.4)
Total comprehensive income for the period - - 108.3 (12.2) 38.3 134.4
Changes associated with share-based payments - (0.6) - - 0.3 (0.3)
Net change in treasury shares 0.5 - - - - 0.5
Shares issued under dividend reinvestment planD3 22.1 - - - - 22.1
DividendsD3 - - - - (93.7)(93.7)
Balance as at 31 December 2023 733.5 1.5 1,783.6 2 1 .1 (70.7) 2,469.0
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Note
Share capital
unaudited
$ million
Share-based
payments
reserve
unaudited
$ million
Asset
revaluation
reserve
unaudited
$ million
Cash
flow hedge
reserve
unaudited
$ million
Retained
earnings
unaudited
$ million
Total
unaudited
$ million
Balance as at 1 July 2022670.5 2.2 1,756.3 (23.0)(26.5)2,379.5
Net profit for the period - - - - 145.3 145.3
Other comprehensive income
Change in cash flow hedge reserve - - - 50.0 - 50.0
Change in asset revaluation reserve - - 436.5 - - 436.5
Income tax expense relating to other comprehensive income - - (122.2)(14.0) - (136.2)
Total comprehensive income for the period - - 314.3 36.0 145.3 495.6
Changes associated with share-based payments - (0.6) - - 0.7 0.1
Net change in treasury shares(0.5) - - - - (0.5)
Shares issued under dividend reinvestment planD3 20.2 - - - - 20.2
DividendsD3 - - - - (93.4)(93.4)
Balance as at 31 December 2022 690.2 1.6 2,070.6 13.0 26.1 2,801.5
The above statement should be read in conjunction with the accompanying notes.

9
GENESIS ENERGY LIMITED
Consolidated balance sheet
As at 31 December 2023
Note
31 Dec 2023
unaudited
$ million
30 Jun 2023
audited
$ million
Cash and cash equivalents69.5 60.1
Receivables and prepaymentsC1238.9 246.6
InventoriesC2146.1 143.0
Intangible assets63.6 63.6
DerivativesE174.6 81.1
Total current assets592.7 594.4
Receivables and prepaymentsC11.6 1.7
Inventories C220.5 57.2
Property, plant and equipmentB13,658.1 3,573.5
Oil and gas assetsB2313.7 267.6
Intangible assets305.7 311.4
Investments in associates and joint ventures60.7 56.0
DerivativesE1212.9 228.2
Total non-current assets4,573.2 4,495.6
Total assets5,165.9 5,090.0
Note
31 Dec 2023
unaudited
$ million
30 Jun 2023
audited
$ million
Payables and accruals269.9 237.3
Tax payable 6.9 27.7
BorrowingsD1163.3 446.8
Provisions10.2 13.4
DerivativesE164.4 64.7
Total current liabilities514.7 789.9
Payables and accruals2.0 1.4
BorrowingsD11,205.8 919.9
Provisions188.8 187.9
Deferred tax742.2 724.1
DerivativesE143.4 60.8
Total non-current liabilities2,182.2 1,894.1
Total liabilities2,696.9 2,684.0
Share capital733.5 710.9
Reserves1,735.5 1,695.1
Total equity2,469.0 2,406.0
Total equity and liabilities5,165.9 5,090.0
The above statement should be read in conjunction with the accompanying notes.
The Directors of Genesis Energy Limited authorise these condensed consolidated interim financial
statements for issue on behalf of the Board.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Barbara Chapman
Chairman of the Board
Date: 21 February 2024
Catherine Drayton
Chairman of the Audit and Risk Committee
Date: 21 February 2024

10
GENESIS ENERGY LIMITED
Note
31 Dec 2023
unaudited
$ million
31 Dec 2022
unaudited
$ million
Receipts from customers1,375.3 1,245.6
Interest received1 .1 0.7
Payments to suppliers and related parties(1,033.4)(927.5)
Payments to employees( 7 7.1 )(69.1)
Tax paid(5 5.1 )(25.2)
Operating cash flows210.8 224.5
Proceeds from disposal of property,
plant and equipment
- 0.1
Proceeds from assets under finance lease2.9 4.0
Payments to associates and joint ventures(6.9)(8.7)
Purchase of assets under finance lease(0.1 )(1.0)
Purchase of property, plant and equipment(33.3)(23.6)
Purchase of oil and gas assets(38.4)(6.3)
Purchase of intangibles (excluding emission units and
deferred customer acquisition costs)
(4.2)(4.9)
Investing cash flows(80.0)(40.4)
Proceeds from borrowings240.0 -
Repayment of borrowings(249.4)(66.2)
Interest paid and other finance charges(40.4)(35.6)
DividendsD3(71.6)(73.2)
Acquisition of treasury shares - (0.7)
Financing cash flows(121.4)(175.7)
Net increase in cash and cash equivalents9.4 8.4
Cash and cash equivalents at 1 July60.1 105.6
Cash and cash equivalents at 31 December69.5 114.0
Consolidated cash flow statement
For the six months ended 31 December 2023
Reconciliation of net profit to operating cash flowsNote
31 Dec 2023
unaudited
$ million
31 Dec 2022
unaudited
$ million
Net profit for the period 38.3 145.3
Finance expense excluding time value of money
adjustments on provisions
38.2 3 7.4
Change in advances to associates and joint ventures
receivable and change in lease receivable
( 2 .1 )(2.8)
Change in rehabilitation and contractual
arrangement provisions
5.7 15.1
Items classified as investing/financing activities41.8 49.7
Depreciation, depletion and amortisation expenseA2106.9 119.9
Revaluation of generation assetsB17. 6 3.2
Impairment of non-current assets 0.4 2.8
Unrealised change in fair value of financial instruments(1.2)(71.5)
Deferred tax expense(19.3)(1.8)
Change in capital expenditure accruals( 1 7. 5 )2.3
Share of associates and joint ventures1.8 0.4
Other non-cash items0.6 (6.4)
Total non-cash items79.3 48.9
Change in receivables and prepayments7. 8 1.1
Change in inventories33.6 (33.4)
Change in emission units on hand - (15.9)
Change in deferred customer acquisition costs(0.1 )(0.7)
Change in payables and accruals33.2 10.3
Change in tax receivable/payable(20.8)33.6
Change in provisions(2.3)(14.4)
Movements in working capital51.4 (19.4)
Net cash inflow from operating activities210.8 224.5
The above statement should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

11
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2023
General information and significant matters
General information
The unaudited condensed consolidated interim financial statements comprise Genesis Energy Limited
('Genesis'), its subsidiaries, controlled entities and the Group's interests in associates and joint
arrangements (together, the 'Group') for the six month period ended 31 December 2023.
Genesis is registered under the Companies Act 1993. It is a mixed ownership model company, majority
owned by the Crown, bound by the requirements of the Public Finance Act 1989. Genesis is listed
on the New Zealand Stock Exchange ('NZX') and the Australian Securities Exchange ('ASX') and has
bonds listed on the NZX debt market. Genesis is an FMC reporting entity under the Financial Markets
Conduct Act 2013.
The core business of the Group and activities carried out by each segment is disclosed in note A1.
Basis of preparation
The condensed consolidated interim financial statements:
• Comply with New Zealand Equivalent to International Accounting Standard 34 Interim Financial
Reporting and International Accounting Standard 34 Interim Financial Reporting;
• Do not include all the information and disclosures required in the annual financial statements.
Consequently, they should be read in conjunction with the annual financial statements and related
notes included in Genesis Energy's Integrated Report for the year ended 30 June 2023 ('2023
Integrated Report');
• Are presented in New Zealand dollars rounded to the nearest 100,000.
Critical accounting estimates and judgements
The basis of critical accounting estimates and judgements are the same as those disclosed in the 2023
Integrated Report.
Seasonality of operations
Fluctuations in seasonal weather patterns can have a significant impact on supply and demand
and therefore the generation of electricity, which in turn can have a positive or negative impact on
reported results.
Accounting policies
The accounting policies set out in the 2023 Integrated Report have been applied consistently to all
periods presented. There have been no significant changes in accounting policies or methods of
computation since 30 June 2023.
Huntly unit 5 outage
On 30 June 2023, Unit 5 at Huntly Power Station had an unexpected outage when its generator circuit
breaker failed. The unit returned to service in January 2024 and an insurance claim lodged. Insurance
proceeds have not been included in the income statement for the six months ended 31 December
2023.
Adoption of new and revised accounting standards, interpretations and amendments
Amendments to NZ IAS 1 - Disclosure of Accounting Policies
The amendments change the requirements in NZ IAS 1 with regard to disclosure of accounting
policies. The amendments replace all instances of the term `significant accounting policies' with
`material accounting policy information'. The amendment has been adopted by the Group and there
has been no changes to the accounting policies disclosed.

12
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
A. Financial performance
SegmentActivity
Retail
Supply of energy (electricity, gas and LPG) and related services to end users
being Residential customers, Small & Medium Enterprises, Large Businesses
and customers of Frank Energy.
Wholesale
Supply of electricity to the wholesale electricity market, supply of gas and LPG
to wholesale customers and the Retail segment and the sale and purchase of
derivatives to fix the price of electricity.
Kupe
Exploration, development and production of gas, oil and LPG. Supply of gas
and LPG to the Wholesale segment and supply of light oil.
Corporate
Head office functions, including human resources, finance, corporate relations,
property management, legal, corporate governance and strategy.
The segments are based on the different products and services offered by the Group. All segments
operate in New Zealand. No operating segments have been aggregated. The Group has no individual
customers that account for 10.0 per cent or more of the Group's external revenue (31 December 2022:
none).
A1. Segment reporting
The Group reports activities under four segments as follows:
Intersegment revenue
Sales between segments is based on transfer prices developed in the context of long-term contracts.
The electricity transfer price per MWh charged between Wholesale and Retail was $144.74 (31
December 2022: $120.95).
Non-GAAP performance measures
Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment,
unrealised fair value changes and other gains and losses (EBITDAF) is a performance measure used
internally to provide insight into the operating performance of the Group. This measure is considered
to be a non-GAAP performance measure. This should not be viewed in isolation nor considered
a substitute for measures reported in accordance with New Zealand Equivalents to International
Financial Reporting Standards ('NZ IFRS'). EBITDAF is used by many companies; however, because this
measure is not defined by NZ IFRS it might not be uniformly defined or calculated by all companies.
Accordingly, this measure might not be comparable.
General information and significant matters (continued)
Restatement of comparative
During the year ended 30 June 2023 there was a change to the presentation of realised gains and losses
on non hedge accounted electricity derivatives. The change was made in response to a clarification
to the application of IFRS 9: Financial Instruments provided by an agenda decision of the IFRS
Interpretations Committee. This decision clarifies that gains and losses on the physical settlement of
contracts to buy or sell a non-financial item that are not hedge accounted should not be reclassified into
revenue once realised. These realised gains and losses had previously been reflected within electricity
revenue, in line with the presentation adopted by other New Zealand electricity gentailers. This
presentation reflected the impact of economic hedging undertaken for risk management purposes, by
disclosing it in the same place in the income statement as the risk being economically hedged.
As a result of this change, realised gains and losses on non-hedge accounted energy derivatives have
been reclassified from revenue into change in fair value of financial instruments within the income
statement, and comparative information has been restated. This change has not been reflected within
the segment note, as this note reflects the information that the Chief Operating Decision Makers
use to make resource allocation decisions across the business. The impact of the risk management
(economic hedging) decisions made are reflected against the relevant segment income lines for
internal reporting purposes.
In addition, during the year ended 30 June 2023 there was a change to the presentation of cost of
sales of emission units held for trading in the income statement. Previously the cost of sales was
presented at the weighted average cost of the units sold. This has now been amended to reflect the
fair value of the units sold in accordance with NZ IAS 2 Inventories, with a corresponding change in
other gains and losses which includes gains and losses on emission units held for trading. Comparative
information for 31 December 2022 has been restated. This change has not been reflected within the
segment note, as this note reflects the information that the Chief Operating Decision Makers use to
make resource allocation decisions across the business.
Comprehensive income statement
for the period ended 31 December 2022
As originally
presented
$ million
Adjustment
$ million
Restated
$ million
Revenue1,155.1 (3.8)1,151.3
Expenses(856.8)(2.5)(859.3)
Change in fair value of financial instruments71.5 3.8 75.3
Other gains (losses)(1.3)2.5 1.2
Profit before net finance expense and income tax 242.2 - 242.2

13
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Six months ended 31 December 2023Six months ended 31 December 2022
Retail
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
To t a l
unaudited
$ million
Retail
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
To t a l
unaudited
$ million
Electricity759.7 423.4 - - 1,183.1 676.9 238.6 - - 915.5
Gas120.0 0.9 - - 120.9 111.6 18.6 - - 130.2
LPG54.9 1.5 - - 56.4 51.8 3.0 - - 54.8
Oil - - 6.1 - 6.1 - - 11.5 - 11.5
Emissions on fuel sales and electricity contracts1.2 0.3 - - 1.5 0.7 6.3 - - 7. 0
Emission unit revenue from trading - 11.4 - - 11.4 - 33.6 - - 33.6
Other revenue0.9 2.6 0.2 0.7 4.4 0.7 0.7 0.5 0.6 2.5
Total external revenue ^936.7 440.1 6.3 0.7 1,383.8 841.7 300.8 12.0 0.6 1 ,1 5 5.1
Intersegment revenue * - 546.7 33.4 - 580.1 - 449.9 44.7 - 494.6
Total segment revenue936.7 986.8 39.7 0.7 1,963.9 841.7 750.7 56.7 0.6 1,649.7
Electricity purchases - (448.8) - - (448.8) - (201.4) - - (201.4)
Electricity network, transmission, levies and meters(278.5)(3.6) - - (282.1)(266.2)( 7.1 ) - - (273.3)
Fuel consumed in electricity generation - (108.9) - - (108.9) - (43.3) - - (43.3)
Gas purchases - (35.2) - - (35.2) - (56.3) - - (56.3)
Gas network, transmission, levies and meters(44.6)(1.7) - - (46.3)(38.2)(3.0) - - (41.2)
LPG purchases, inventory changes and transportation costs(8.5)(11.6) - - (20.1)(9.3)(8.7) - - (18.0)
Oil inventory changes, storage and transportation costs - - (0.3) - (0.3) - - (0.1) - (0.1)
Emissions associated with electricity generation - (26.4) - - (26.4) - (5.1) - - (5.1)
Emissions associated with fuel sales - (8.9)( 7. 6 ) - (16.5) - (13.8)(11.4) - (25.2)
Emission unit expenses from trading - (12.3) - - (12.3) - (31.1) - - (31.1)
Other costs(0.4)(0.1)(2.8) - (3.3)(0.4) - (4.8) - (5.2)
Total external costs(332.0)(657.5)(10.7) - (1,000.2)(314.1)(369.8)(16.3) - (700.2)
Intersegment costs *(546.7)(33.4) - - (580.1)(449.9)(44.7) - - (494.6)
Total segment costs(878.7)(690.9)(10.7) - (1,580.3)(764.0)(414.5)(16.3) - (1,194.8)
Gross margin58.0 295.9 29.0 0.7 383.6 7 7. 7 336.2 40.4 0.6 454.9
Employee benefits(39.9)(19.4) - (16.0)(75.3)(34.9)( 1 7.4 ) - (14.7)(67.0)
Other operating expenses(52.9)(30.6)(12.0)(10.7)(106.2)(46.4)(22.6)(12.6)(8.0)(89.6)
EBITDAF(34.8)245.9 1 7. 0 (26.0)202.1 (3.6)296.2 27.8 (22.1)298.3
^ The reconciliation of external revenue to the income statement has been provided on the next page. * The intersegment revenue and expenses have been split out in full on the next page.
Other segment information
Capital expenditure excluding leased assets7.3 21.3 55.4 1.5 85.5 7.9 15.7 6.8 - 30.4
A1. Segment reporting (continued)

14
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Reconciliation of revenue
31 Dec 2023
unaudited
$ million
31 Dec 2022
unaudited
$ million
Total external revenue per segment reporting1,383.8 1,155.1
Realised (gains)/losses on non-hedge accounted electricity derivatives(17.3)(3.8)
Total revenue per income statement1,366.5 1,151.3
Reconciliation of expenses
31 Dec 2023
unaudited
$ million
31 Dec 2022
unaudited
$ million
Total external costs per segment reporting(1,000.2)(700.2)
Employee benefits per segment reporting(75.3)(67.0)
Other operating expenses per segment reporting(106.2)(89.6)
Reallocation of emission units held for trading (gains)/losses0.9 (2.5)
Total expenses per income statement(1 ,1 8 0. 8)(859.3)
Reconciliation of EBITDAF to profit before income tax
31 Dec 2023
unaudited
$ million
31 Dec 2022
unaudited
$ million
EBITDAF202.1 298.3
Realised (gains)/losses on non-hedge accounted electricity derivatives
from revenue
(17.3)(3.8)
Reallocation of emission units held for trading (gains)/losses
from expenses
0.9 (2.5)
185.7 292.0
Depreciation, depletion and amortisation(106.9)(119.9)
Impairment of non-current assets(0.4)(2.8)
Revaluation of generation assets( 7. 6 )(3.2)
Change in fair value of financial instruments18.5 75.3
Share of associates and joint ventures(1.8)(0.4)
Other gains (losses)7.1 1.2
Finance revenue1 .1 0.7
Finance expense(42.2)(40.5)
Profit before income tax53.5 202.4
A1. Segment reporting (continued)
Six months ended 31 December 2023Six months ended 31 December 2022
Intersegment analysis
Retail
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
To t a l
unaudited
$ million
Retail
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
To t a l
unaudited
$ million
Electricity - intersegment - 465.5 - - 465.5 - 373.0 - - 373.0
Gas - intersegment - 63.1 23.3 - 86.4 - 60.4 31.3 - 91.7
LPG - intersegment - 18.1 6.4 - 24.5 - 16.5 8.3 - 24.8
Emissions on fuel sales - intersegment - - 3.7 - 3.7 - - 5.1 - 5.1
Intersegment revenue - 546.7 33.4 - 580.1 - 449.9 44.7 - 494.6
Electricity purchases - intersegment(465.5) - - - (465.5)(373.0) - - - (373.0)
Fuel consumed in electricity generation - intersegment - (23.3) - - (23.3) - (31.3) - - (31.3)
Gas purchases - intersegment(63.1) - - - (63.1)(60.4) - - - (60.4)
LPG purchases, inventory changes and transportation costs - intersegment(18.1)(6.4) - - (24.5)(16.5)(8.3) - - (24.8)
Emission costs - intersegment - (3.7) - - (3.7) - (5.1) - - (5.1)
Intersegment costs(546.7)(33.4) - - (5 8 0.1 )(449.9)(44.7) - - (494.6)

15
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
B. Operating assets
B1. Property, plant and equipment
6 months ended
31 Dec 2023
unaudited
$ million
Year ended
30 Jun 2023
audited
$ million
Opening balance3,573.5 3,738.7
Additions26.9 85.0
Revaluation of generation assets
Increase/(decrease) taken to revaluation reserve150.4 (111.3)
(Decrease)/increase taken to the income statement( 7. 6 )46.3
Change in rehabilitation and contractual arrangement assets - 1 7.4
Transfer from/(to) intangible assets0.2 (0.4)
Disposals - (1.5)
Impairment(0.4)(3.4)
Depreciation expense recognised in inventories - (0.1)
Depreciation expense(84.9)(197.2)
Closing balance3,658.1 3,573.5
Property, plant and equipment includes $82.6 million of leased assets (30 June 2023: $85.9 million).
Generation assets
Generation assets were revalued at 31 December 2023 to $3,408.7 million (30 June 2023: $3,323.6
million) resulting in a net gain on revaluation of $142.8 million (30 June 2023: $65.0 million loss). The
revaluation gain was principally driven by an increase in wholesale electricity prices, the impact of the
Huntly Unit 5 returning to service in January 2024 and delays in future build assumptions increasing
generation volumes, partially offset by six months less of the remaining life of the thermal assets. The
revaluation decrease recognised in the income statement relates to the Huntly Rankine units.
The valuation is based on a discounted cash flow model prepared by Management, calculated by
generating scheme, except for the Huntly site where it is calculated by type of unit (Rankine units,
unit 5 and unit 6). As the key inputs into the valuation are based on unobservable market data, the
valuation is classified as level three in the fair value hierarchy. It requires significant judgement, and
therefore there is a range of reasonably possible assumptions that could be used in estimating the fair
value. Refer to the 2023 Integrated Report for an overview of the fair value hierarchy.
A2. Depreciation, depletion and amortisation
6 months ended
31 Dec 2023
unaudited
$ million
31 Dec 2022
unaudited
$ million
Property, plant and equipment84.9 91.0
Oil and gas assets11.9 1 7.1
Intangibles (excluding amortisation of deferred customer acquisition costs)1 0.1 11.8
To t a l106.9 119.9
A3. Other gains (losses)
Other gains (losses) includes a $5.9 million gain (31 December 2022: $1.2 million gain) in relation to the
emission units held for trading. When emission units held for trading are sold the fair value of the units
is recorded in operating expenses and any gain / loss as a result of a change in fair value is recognised
in other gains (losses).

16
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Key estimates and judgements
Wholesale electricity price path
The wholesale electricity price path is the key
driver of changes in the valuation. The price
path is an average of the internally generated
price path and price paths published by two
independent third parties, and as a result reflects
the uncertainty surrounding Tiwai Point smelter
operating beyond 2025 and the impact of the
New Zealand Government's climate change
policy, both of which could have an impact on
future prices.
Internally generated price path
The internally generated price path assumes
wholesale electricity demand will continue to
grow based on the latest available industry
analysis and Genesis' view of future economic
growth. As the internally generated price
path is underpinned by 90 years of historical
hydrological inflow data, the impact of climate
change on hydrology over this period has been
reflected in the internally generated price path.
New and retiring generation plant assumptions
are based on publicly available information and
Genesis' view on wholesale electricity prices
required to support the plant. The internally
generated price path assumes that Tiwai Point
smelter will continue to operate beyond 2025
or be replaced by equivalent new industrial
demand.
Price paths published by independent third
parties
Independent third party price path assumptions
on the future of Tiwai Point smelter range from
Tiwai Point smelter exiting in 2025 through to
operating beyond 2025. Overall the average
price path reflects the high likelihood of Tiwai
Point remaining open or being replaced with new
industrial demand, which correlates with the
wider market view as it is reflected in the ASX
energy futures pricing.
Significant unobservable inputs in the valuation
model were:
Significant
unobservable
inputs Method used to determine input
Sensitivity
range
Increase/
(decrease) in
fair value
Interrelationships
between unobservable
inputs
Wholesale
electricity
price path
The average annual wholesale electricity price
ranged between $120 per MWh and $175
per MWh referenced to the Otahuhu 220KV
locational node from January 2024 to June 2043.
+10%
- 10%
$576 million
($576) million
Hydrological inflows
affect generation volumes,
as well as wholesale
electricity prices.
Generation
volumes
In-house modelling of the wholesale electricity
market has been used to determine the
generation volumes required to meet energy
demand both on a wholesale market and asset
level basis. The generation volumes used in the
valuation range between 2,761 GWh and 6,240
GWh per annum. The low end of the range is
where there is no thermal generation.
+10%
- 10%
$469 million
($469) million
Wholesale electricity
prices affect the amount
of generation.
Discount ratePre-tax equivalent discount rate of 10.8%.
+1%
- 1%
($290) million
$363 million
Discount rate is
independent of wholesale
electricity prices and
generation volumes.
Other key assumptions
The valuation also includes assumptions around market fuel and electricity supply and demand. The
longer term demand assumption increases from industrial electrification and electric vehicle fleet
growth in response to climate change. Changes in these interrelated factors will impact the wholesale
electricity price path and generation volumes. The valuation also considers the cost of carbon at
31 December 2023 with an assumption that the existing Emissions Trading Scheme will continue
or is replaced with a scheme that has a similar economic impact. These factors are reviewed for
reasonableness by senior management personnel who are responsible for the price path used by the
business.
B2. Oil and gas assets
6 months ended
31 Dec 2023
unaudited
$ million
Year ended
30 Jun 2023
audited
$ million
Opening balance267.6 286.9
Additions55.4 17.9
Change in rehabilitation asset2.6 (4.7)
Depreciation and depletion expense(11.9)(32.5)
Closing balance313.7 267.6
Depletion of oil and gas producing assets, excluding major inspection costs, is calculated on a unit-of-
production basis using proved remaining reserves ('1P') estimated to be obtained from, or processed
by, the specific asset. Since 30 June 2023 the only change to the estimated remaining reserves
disclosed in the 2023 Integrated Report was in relation to actual production for the six months ended
31 December 2023 of 8.7 PJe. The estimated remaining reserves balance as at 31 December 2023 was
175.3 PJe for proved reserves (1P) and 217.1 PJe for proved and probable reserves (2P) (30 June 2023:
184.0 PJe and 225.8 PJe respectively).
B1. Property, plant and equipment (continued)

17
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
C. Working capital
C1. Receivables and prepayments
31 Dec 2023
unaudited
$ million
30 Jun 2023
audited
$ million
Total trade receivables and accrued revenue208.9 229.0
Advances to associates and joint ventures1.2 0.8
Lease receivable1.7 4.3
Emission units receivable2.0 1.7
Other receivables6.8 5.1
Prepayments19.9 7.4
To t a l240.5 248.3
Current 238.9 246.6
Non-current 1.6 1.7
To t a l240.5 248.3
C2. Inventories
31 Dec 2023
unaudited
$ million
30 Jun 2023
audited
$ million
Fuel 119.8 157.5
Petroleum products1.3 0.9
Consumables and spare parts31.3 31.7
Emission units held for trading14.2 1 0.1
To t a l166.6 200.2
Current 146.1 143.0
Non-current 20.5 57.2
To t a l166.6 200.2
Fuel, petroleum, consumables and spare parts
Fuel inventories mainly consist of coal used in electricity production. Fuel inventories (excluding
natural gas) expensed during the period amounted to $37.7 million (31 December 2022: $3.0 million).
Emission units held for trading
Emission units held for trading are measured at fair value. Changes in the fair value are recognised
in the income statement within other gains (losses). The fair value is determined using CommTrade's
final closing price. As the fair value is calculated using inputs that are not quoted prices, the units are
classified as level two in the fair value hierarchy. Refer to the 2023 Integrated Report for an overview
of the fair value hierarchy.

18
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
D. Funding
D1. Borrowings
31 Dec 2023
unaudited
$ million
30 Jun 2023
audited
$ million
Sustainable Financing
Green bonds124.2 122.7
Green capital bonds525.5 272.5
Other Financing
Revolving credit facility40.1 -
Term loan facility - 30.0
Commercial paper139.2 154.2
Wholesale term notes201.1 201.1
Capital bonds - 241.9
United States Private Placement ('USPP')231.2 233.5
Lease liability107.8 110.8
To t a l1,369.1 1,366.7
Current 163.3 446.8
Non-current 1,205.8 919.9
To t a l1,369.1 1,366.7
Fair value of borrowings held at amortised cost
31 Dec 2023
Carrying value
unaudited
$ million
31 Dec 2023
Fair value
unaudited
$ million
30 Jun 2023
Carrying value
audited
$ million
30 Jun 2023
Fair value
audited
$ million
Level one
Green bonds124.2 122.1 122.7 118.5
Green capital bonds525.5 526.3272.5 271.2
Capital bonds - - 241.9 242.0
Level two
Term loan facility - - 30.0 30.1
Wholesale term notes201.1 192.5201.1 189.4
USPP231.2 2 3 7. 4 233.5 240.2
Revolving credit facilities
Available revolving credit facilities
31 Dec 2023
unaudited
$ million
30 Jun 2023
audited
$ million
Sustainable Financing250.0 250.0
Other Financing285.0 225.0
Total available revolving credit facilities535.0 475.0
Revolving credit drawn down (excluding accrued interest)40.0 -
Total undrawn revolving credit facilities495.0 475.0
The Group has $250.0 million of sustainability linked revolving credit facilities. The Sustainable
Finance facilities have variable payments that are linked to performance against the Group's
sustainability targets.
During the period, Genesis refinanced its facilities resulting in an increase of total facilities of $60
million.
The undrawn facilities ensure the Group will have sufficient funds to meet its liabilities when due,
under both normal and stressed conditions.
Capital bonds
On 30 June 2023 the Group exercised its right to redeem $240.0 million of fixed rate subordinated
capital bonds with an original maturity date of 17 July 2048. The capital bonds, redeemed in July 2023,
were replaced by $240.0 million unsubordinated green capital bonds with a maturity date of 10 July
2053. This issue pays a quarterly coupon of 6.50 per cent per annum. On the first reset date and every
five years thereafter, the interest rate will reset to be the sum of the five-year swap rate on the relevant
reset date plus the margin of 1.95 per cent per annum plus the step-up margin of 0.25 per cent per
annum. The next interest rate reset date is July 2028. Issue costs are amortised over five years to the
first reset date. Interest rate swaps have been used to manage the fair value risk of the bonds.
Level two - Fair value calculation
The valuation of the term loan facility and the wholesale term notes is based on estimated discounted
cash flow analyses, using applicable market yield curves adjusted for the Group's credit rating. The
credit-adjusted market yield curves used in the valuation at the reporting date ranged from 5.5 per
cent to 5.8 per cent (30 June 2023: 5.8 per cent to 7.2 per cent).
The valuation of USPP is based on estimated discounted cash flow analyses, using applicable United
States market yield curves adjusted for the Group's credit rating. The credit-adjusted market yield
used in the valuation at the reporting date was 4.2 per cent (30 June 2023: 4.8 per cent).
The carrying value of all other borrowings approximates their fair values.

19
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
E. Risk management
E1. Derivatives
31 Dec 2023
unaudited
$ million
30 Jun 2023
audited
$ million
Electricity swaps and options and Power Purchase Agreements ('PPAs')107.7 108.0
Oil price swaps2.7 2.7
Interest rate swaps34.1 34.4
Cross currency interest rate swaps ('CCIRS')33.5 36.1
Foreign exchange contracts0.3 0.1
Other derivatives1.4 2.5
To t a l179.7 183.8
Current assets74.6 81.1
Non-current assets212.9 228.2
Current liabilities(64.4)(64.7)
Non-current liabilities(43.4)(60.8)
To t a l179.7 183.8
The fair value of electricity swaps and options and PPAs noted above includes a net liability of $4.4
million (30 June 2023: $6.5 million net asset) in relation to derivatives held for market making and
proprietary gain. The process and method of valuing derivatives is outlined in note E3.
D2. Finance expense
6 months ended
31 Dec 2023
unaudited
$ million
31 Dec 2022
unaudited
$ million
Interest on borrowings (excluding capital bonds and lease liability)18.5 18.7
Interest on capital bonds16.6 14.5
Interest on lease liability2.8 3.7
Total interest on borrowings3 7. 9 36.9
Other interest and finance charges0.5 0.6
Time value of money adjustments on provisions4.0 3.1
Capitalised finance expenses(0.2)(0.1)
To t a l42.2 40.5
D3. Dividends
6 months ended
31 Dec 2023
6 months ended
31 Dec 2022
Cents per
share
unaudited
$ million
unaudited
Cents per
share
unaudited
$ million
unaudited
Dividends declared and paid during the period
Prior period final dividend8.80 93.7 8.90 93.4
Less shares issued under the dividend
reinvestment plan
(22.1)(20.2)
Cash dividend paid71.6 73.2
Dividends declared subsequent to reporting date
Current period interim dividend 7. 0 0 75.28.80 93.1
The December 2022 prior period final dividend of 8.90 cents per share was imputed at 80%, all other
dividends noted above are imputed at 100%.

20
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
E3. Fair value measurement
Fair value hierarchy
Generation assets disclosed in note B1, emission units held for trading disclosed in note C2 and
derivatives disclosed in note E1 are the only assets and liabilities carried at fair value in the balance
sheet. The Group's assets and liabilities measured at fair value are categorised into one of three levels.
The levels are outlined in the 2023 Integrated Report.
The Group's policy is to recognise transfers into and out of fair value hierarchy levels at the date the
change in circumstances occurred. There were no transfers between levels one, two and three during
the period (31 December 2022: nil).
Valuation of level two derivatives
The fair values of level two derivatives are determined using discounted cash flow models. The key
inputs in the valuation models are the same as those disclosed in the 2023 Integrated Report.
Valuation of level three derivatives
Valuation method and process
The method and process used to value level three derivatives is consistent with that disclosed in the
2023 Integrated Report.
Level two and three derivatives carried at fair value
All derivatives disclosed in E1 other than electricity swaps and options and PPAs are considered level
two. The $107.7 million electricity swaps and options and PPAs net asset comprises a $5.9 million
liability classified as level two and a $113.6 million asset classified as level three (30 June 2023:
$12.2 million asset and $95.8 million asset respectively).
Reconciliation of level three electricity swaps and options and PPAs
6 months ended
31 Dec 2023
unaudited
$ million
Year ended
30 Jun 2023
audited
$ million
Opening balance95.8 (6.3)
Electricity revenue0.9 25.1
Change in fair value of financial instruments36.361.6
Total gain in the income statement3 7. 286.7
Total gain (loss) recognised in other comprehensive income(3.0)58.0
Settlements(13.5)(25.1)
Sales(2.9)(17.5)
Closing balance113.6 95.8
The change in fair value of financial instruments includes an unrealised net gain of $18.9 million (30
June 2023: $42.0 million gain) that is attributable to financial instruments held at 31 December 2023.
E2. Change in fair value of financial instruments
6 months ended
31 Dec 2023
unaudited
$ million
31 Dec 2022^
unaudited
$ million
CCIRS5.4 ( 7. 9 )
Interest rate swaps14.0 (11.3)
Fair value interest rate risk adjustment on borrowings(19.4)19.3
Fair value hedges – gain (loss) - 0.1
Oil swaps - (1.7)
Cash flow hedges – hedge ineffectiveness – gain (loss) - (1.7)
Electricity swaps and options and PPAs20.0 78.2
Other derivatives(1.5)(1.3)
Derivatives not designated as hedges – gain (loss)18.5 76.9
Total change in fair value of financial instruments18.5 75.3
^ Certain comparatives have been restated to conform to current year presentation
The change in fair value of electricity swaps and options and PPA derivatives noted above includes an
unrealised net loss of $10.9 million (31 December 2022: $3.5 million net loss) in relation to derivatives
held for market making and proprietary gain.

21
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Deferred 'day one' gains (losses)
There is a presumption that when derivative contracts are entered into on an arm's length basis, and
no payment is received or paid on day one, the fair value at inception would be nil. The contract price
of non-exchange traded electricity derivative contracts and PPAs are agreed on a bilateral basis, the
pricing for which may differ from the prevailing derived market price for a variety of reasons. In these
circumstances an adjustment is made to bring the initial fair value of the contract to zero at inception.
The adjustment is called a 'day one' gain (loss) and is deferred and amortised, based on expected
volumes over the term of the contract. The following table details the movements and amounts of
deferred 'day one' gains (losses) included in the fair value of level three electricity swaps and options
and PPAs:
6 months ended
31 Dec 2023
unaudited
$ million
Year ended
30 Jun 2023
audited
$ million
Opening balance93.2 103.3
New derivatives8.9 7. 6
Amortisation of existing derivatives(4.3)( 1 7. 7 )
Closing balance97.8 93.2
Valuation of electricity swaps and options and PPAs
The valuation is based on a discounted cash flow model. The key inputs and assumptions are: the
callable volumes, strike price and option fees outlined in the agreement, the wholesale electricity
price path ('price path'), the probability of the underlying plant construction proceeding, the most
likely operations commencement date, 'day one' gains and losses and the discount rate.
The options are deemed to be called when the price path is higher than the strike prices after
taking into account obligations relating to the specific terms of each contract. The price path is
the significant unobservable input in the valuation model. Refer to B1 for information in relation
to the method and judgements used to determine the price path.
31 Dec 2023
unaudited
30 Jun 2023
audited
Price path
$120 per MWh to $175 per MWh
over the period from 1 January
2024 to 31 August 2045.
$122 per MWh to $162 per MWh
over the period from 1 July 2023
to 31 August 2045.
Impact of increase/
decrease in price path
on fair value
A 10% increase would increase
the asset by $111.7 million. A 10%
decrease would decrease the
asset by $110.2 million.
A 10% increase would increase
the asset by $93.3 million. A 10%
decrease would decrease the asset
by $85.8 million.
Discount rate6.3% - 7.5%6.0% - 8.44%
E3. Fair value measurement (continued)
F. Other
F1. Related party transactions
The majority shareholder of Genesis is the Crown. The Group transacts with Crown-controlled and
related entities independently for the following goods and services: royalties, emission obligations,
scientific consultancy services, electricity transmission, postal services, rail services and energy-
related products (including electricity derivatives).
During the period the Crown received $48.0 million in dividends (31 December 2022: $47.9 million) of
which $36.7 million was paid in cash (31 December 2022: $37.5 million) and $11.3 million was paid in
shares (31 December 2022: $10.4 million). The Group is also subject to the Emission Trading Scheme
(ETS) which requires the Group to acquire and surrender emission units either directly to the Crown
or to third parties who ultimately remit the units to the Crown. Refer to note A1 for information on
the amount expensed in relation to the ETS. The amount payable in relation to ETS at 31 December
2023 was $76.4 million (30 June 2023: $33.5 million). There were no other individually significant
transactions with the Crown during the period (31 December 2022: nil).
The Group has three significant electricity swap contracts with Meridian Energy, a Crown-controlled
entity. The electricity swap contracts profile and period vary between the range of 17.1MW and
51.3MW, from the period 1 January 2011 to 31 December 2025. Additionally, the Group has two
significant power purchase agreements with Mercury NZ, a Crown-controlled entity. The agreements
are for variable volumes based on the production of the related site, with the latest expiry date being
August 2045.
Other transactions with Crown-controlled and related entities, which are collectively but not
individually significant, relate to the sale of electricity derivatives. Approximately 5.3 per cent of
the value of electricity derivative assets and approximately 3.8 per cent of the value of electricity
derivative liabilities held at the reporting date were held with Crown-controlled and related entities
(30 June 2023: 13.1 per cent and 12.4 per cent respectively). The contracts expire at various times; the
latest expiry date being August 2045.
The Group has investments in Associates and Joint Ventures which are considered related parties.
Transactions between related parties that are not eliminated within the group are detailed below:
6 months ended
31 Dec 2023
unaudited
$ million
31 Dec 2022
unaudited
$ million
Electricity contract settlements received/(paid)(1.6)5.8
As at 31 December 2023 the amounts outstanding from the associates and joint ventures is a net
payable of $0.7 million (30 June 2023: $1.4 million net receivable).
During the period, the Group entered into a PPA with Lauriston Solar Project (2023) Limited
Partnership, a related entity.

GENESIS ENERGY LIMITED
22
F2. Commitments
As at 31 December 2023 the Group had $37.9 million of capital commitments (30 June 2023: $33.6
million).
F3. Contingent assets and liabilities
No new contingent assets or liabilities have arisen since 30 June 2023 and there has been no change
in the contingent liabilities disclosed in the 2023 Integrated Report.
F4. Subsequent events
The following events occurred subsequent to the reporting date:
• $75.2 million of dividends were declared on 21 February 2024 (refer to note D3).

23
GENESIS ENERGY LIMITED
To The Shareholders Of Genesis Energy Limited
Auditor General
The Auditor-General is the auditor of Genesis Energy Limited (‘the Company’) and its subsidiaries
(‘the Group’). The Auditor-General has appointed me, Silvio Bruinsma, using the staff and resources of
Deloitte Limited, to carry out the review of the condensed consolidated interim financial statements
(‘interim financial statements’) of the Group on his behalf.
Conclusion
We have reviewed the interim financial statements of the Group on pages 7 to 22, which comprise
the consolidated balance sheet as at 31 December 2023, and the consolidated comprehensive income
statement, consolidated statement of changes in equity and consolidated cash flow statement for the
six months ended on that date, and the notes, including material accounting policy information.
Based on our review, nothing has come to our attention that causes us to believe that the interim
financial statements of the Group do not present fairly, in all material respects, the financial position
of the Group as at 31 December 2023, and its financial performance and cash flows for the six months
ended on that date, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are
further described in the Auditor’s Responsibilities for the Review of the Interim Financial Statements
section of our report.
We are independent of the Group in accordance with the independence requirements of the Auditor
General’s Auditing Standards, which incorporate the independence requirements of Professional and
Ethical Standard 1 International Code of Ethics for Assurance Practitioners issued by the New Zealand
Auditing and Assurance Standards Board.
Our firm carries out other assignments for the Group in the areas of trustee reporting and non-
assurance services to the Corporate Taxpayer Group and general training. These services have not
impaired our independence as auditor of the Group.
In addition to these assignments, partners and employees of our firm deal with the Group on normal
terms within the ordinary course of trading activities of the Group. Other than these assignments and
trading activities, we have no relationship with, or interests in the Group.
Directors’ responsibilities for the interim financial statements
The directors are responsible, on behalf of the Group, for the preparation and fair presentation of
these interim financial statements in accordance with NZ IAS 34 Interim Financial Reporting and IAS
34 Interim Financial Reporting and for such internal control as the directors determine is necessary
to enable the preparation and fair presentation of the interim financial statements that are free from
material misstatement, whether due to fraud or error.
The directors are also responsible for the publication of the interim financial statements, whether in
printed or electronic form.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes
us to believe that the interim financial statements, taken as a whole, are not prepared, in all material
respects, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in
an audit conducted in accordance with International Standards on Auditing (New Zealand) and
consequently do not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion on these
interim financial statements.
Silvio Bruinsma
for Deloitte Limited
On behalf of the Auditor-General
Auckland, New Zealand
21 February 2024
INDEPENDENT AUDITOR’S REVIEW REPORT
Pūrongo Arotake Motuhake
Independent auditor's review report

24
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
GENESIS ENERGY LIMITED
Interim Report 2024
Hamilton
94 Bryce Street, Hamilton
Huntly Power Station
Cnr Te Ohaki and Hetherington Roads, Huntly
Tokaanu Power Station
State Highway 47, Tokaanu
Waikaremoana Power Station
Main Road, Tuai RD5, Wairoa 4195
Tekapo Power Station
167 Tekapo Power House Road, Tekapo 7999
Office locations
Head/Registered Office
Genesis Energy
Level 6, 155 Fanshawe Street
Wynyard Quarter
Auckland 1010
P: 64 9 580 2094
F: 64 9 580 4894
E: info@genesisenergy.co.nz
investor.relations@genesisenergy.co.nz
board@genesisenergy.co.nz
media@genesisenergy.co.nz
W: genesisenergy.co.nz
frankenergy.co.nz

---

MARKET RELEASE

Date: 22 February 2024
NZX: GNE / ASX: GNE
Genesis meets expectations in challenging operating environment and progresses new strategy
6 months
Dec 2023
6 months
Dec 2022
Change
EBITDAF
1

$202.1m $298.3m ($96.2m)
Gross Margin
$383.6m $454.9m ($71.3m)
Net Profit
Operating Expenses
$38.3m
$181.5m
$145.3m
$156.6m
($107.0m)
$24.9m
Earnings Per Share
3.60 cps 13.84 cps (10.24 cps)
Interim Dividend Per Share
7.00 cps 8.80 cps (1.80 cps)
Genesis Energy’s earnings were down, in line with expectations, as generation costs increased due to lower
hydro inflows and the extended outage of Unit 5 at Huntly Power Station. This resulted in EBITDAF of $202
million for the first half of FY24, down 32% on the corresponding period. The company grew its customer base
for the fourth consecutive quarter adding nearly 9,500 customers, up 2.0%, and started executing its long-
term growth strategy, Gen35.
With hydro inflows falling back from last year’s near historic levels, the Rankine units, with higher fuel costs
and emissions, supported the market during the Unit 5 outage. Both these factors also impacted gross margin,
down $71.3m. The reduced earnings meant that Net Profit After Tax (NPAT) was lower at $38m, a 74% drop.

Digital platform investments and inflationary pressures contributed to a 16% increase in operating costs to
$181.5m. As outlined at investor day, our new Gen35 strategy has clear plans to tackle operating costs going
forward and work is on track in this regard. A review of the retail operating model is underway. A reduction of
around 200 roles is expected across FY24 and FY25, with c.70% confirmed in FY24. The focus is on supporting
staff through this process.

Chief Executive Malcolm Johns noted that the challenging operating environment underlined the flexibility of
Genesis’ portfolio of generation assets, while good progress was made on key strategic initiatives.
"We're a forward-looking business, setting the foundation for future growth through our Gen35 strategy that
spans three horizons out to 2035. FY24 is the first of those and crucial for setting the platform to transition
ourselves, our customers, and help the country reach net zero 2050. We’re making good progress,” Johns said.

“We look ahead to winter with some caution. National hydro storage is fluctuating, and gas supply is likely to
be tight. Our thermal assets may again be relied upon to support the wholesale market, reiterating the
importance of thermal generation to system security. We continue to work with Transpower on sector co-
operation to support the market and on appropriate settings to ensure the New Zealanders have the power
they need, when they need it.”

Customers
During the half, Genesis grew its retail customer base to more than 493,000 with Frank Energy passing the
milestone of 100,000 customers. Customer satisfaction for both brands continue to rise. The appeal of Genesis
EV plans remains strong with more than 2,600 customers added.



1
Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment, unrealised fair value changes, and
other gains and losses. Refer to note A1 in the condensed consolidated interim financial statements for reconciliation from EBITDAF to
net profit before tax..

A strategic priority for the business is the delivery of a modern, integrated billing, sales and service platform.
Gentrack and Salesforce were confirmed as Genesis’ partners to deliver this project and
the implementation
phase has started.

Generation investment and operational update
Genesis and joint venture partner FRV Australia completed financial close on a 63 MW solar farm to be built at
Lauriston on the Canterbury Plains. This is the largest solar farm in New Zealand to reach financial close and
first electricity is expected later this year.

The joint venture also signed a 10-year power purchase agreement (PPA) with Genesis Energy which will take
the renewable energy from the site, enough to power the equivalent of nearly 13,000 houses, or a centre the
size of Ashburton. It is expected to create more than 50 jobs during the construction phase.

Construction contracts have been confirmed, initial work is underway, and procurement of key equipment has
started. The expected construction costs are approximately $104 million.

Work continues to progress three North Island solar sites as Genesis works toward its goal of developing up to
500 MW of solar generation.

The KS-9 drilling programme at the Kupe field was completed in January with our joint venture partners.
The project was completed on time and within budget. Assessment of the reserves is underway, with
conclusions of a full review expected in June 2024.

Under Gen35, profits from Kupe will support a $1.1 billion programme to build new renewable generation and
grid scale battery storage between now and 2030. Good progress is being made on the first stage of battery
storage at Huntly Power Station. We are also progressing the establishment of a domestic supply chain of
biomass to replace coal at Huntly Power Station.

The 400 MW Unit 5 was returned to service in late January, four months ahead of originally anticipated. The
outage occurred last June, through an issue neither the manufacturer or Genesis has seen previously, and
specialist parts had to be obtained from overseas to complete the repair. The early return is timely to support
the market heading into autumn and winter.

Guidance
FY24 EBITDAF is expected to be around $430 million subject to hydrological conditions, gas availability, and
any material adverse events or unforeseeable circumstances.
As previously announced, Huntly Unit 5 has returned to service. The financial impact of this event is estimated
to be in the range of $20 million to $25 million EBITDAF and is included in EBITDAF guidance.
Operating expenditure is expected to be around $380 million. Capital expenditure in FY24 is expected to be
around $145 million.
As stated at Investor Day on 30 November 2023, FY25 EBITDAF outlook remains around $500 million. This is
subject to hydrological conditions, gas availability, and any material adverse events or unforeseeable
circumstances.
ENDS

For investor relations enquiries, please contact:
Tim McSweeney
GM Investor Relations & Market Risk
M: 027 200 5548

For media enquiries, please contact:
Chris Mirams
GM Communications and Media
M: 027 246 1221

About Genesis
Genesis (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells electricity, reticulated natural gas
and LPG through its retail brands of Genesis and Frank and is one of New Zealand’s largest energy retailers with more than
490,000 customers. The Company generates electricity from a diverse portfolio of thermal and renewable generation assets
located in different parts of the country. Genesis also has a 46% interest in the Kupe Joint Venture, which owns the Kupe Oil
and Gas Field offshore of Taranaki, New Zealand. Genesis had revenue of $NZ2.4 billion during the 12 months ended 30 June
2023. More information can be found at www.genesisenergy.co.nz

---

Presenters:
Malcolm Johns Chief Executive
James Spence Chief Financial Officer
22 February 2024
H1 FY24
Results
Presentation

Disclaimer
This presentation has been prepared by Genesis Energy Limited (“Genesis
Energy”) for information purposes only. This disclaimer applies to this
presentation. For these purposes, “presentation” means this document
and the information contained within it, as well as the verbal or written
comments of any person presenting it.
This presentation is of a general nature and does not purport to be
complete nor does it contain all the information required for an investor
to evaluate an investment.
This presentation contains forward-looking statements. Forward-looking
statements include projections and may include statements regarding
Genesis Energy’s intent, belief or current expectations in connection with
its future operating or financial performance or market conditions.
Forward-looking statements in this presentation may also include
statements regarding the timetable, conduct and outcome of the general
strategy of Genesis Energy, statements about the plans, targets,
objectives and strategies of Genesis Energy, statements about the
industry and the markets in which Genesis Energy operates and
statements about the future performance of, and outlook for, Genesis
Energy’s business. Any indications of, or guidance or outlook on, future
earnings or financial position or performance and future distributions are
also forward-looking statements.
Forward-looking statements in this presentation are not guarantees or
predictions of future performance, are based on current expectations and
involve risks, uncertainties, assumptions, contingencies and other factors,
many of which are outside Genesis Energy’s control, are difficult to
predict, and which may cause the actual results or performance of
Genesis Energy to be materially different from any future results or
performance expressed or implied by such forward-looking statements.
This risk of inaccuracies may be heightened in relation to forward-looking
statements that relate to longer timeframes, as such statements may
incorporate a greater number of assumptions and estimates. Genesis
Energy gives no warranty or representation in relation to any forward-
looking statement, its future financial performance or any future matter.
Forward-looking statements speak only as of the date of this
presentation.
Forward-looking statements can generally be identified by the use of
words such as “approximate”, “project”, “foresee”, “plan”, “target”,
“seek”, “expect”, “aim”, “intend”, “anticipate”, “believe”, “estimate”,
“may”, “should”, “will”, “objective”, “assume”, “guidance”, “outlook” or
similar expressions.
Genesis Energy is subject to disclosure obligations under the NZX Listing
Rules that requires it to notify certain material information
to NZX for the purpose of that information being made available to
participants in the market. This presentation should be read in
conjunction with Genesis Energy’s periodic and continuous disclosure
announcements released to NZX, which are available at www.nzx.com.
While all reasonable care has been taken in compiling this presentation,
to the maximum extent permitted by law, Genesis Energy accepts no
responsibility for any errors or omissions, and no representation is made
as to the accuracy, completeness or reliability of the information, in this
presentation. This presentation does not constitute financial, legal,
financial, investment, tax or any other advice or a recommendation and
nothing in this presentation should be construed as an invitation for any
subscription for, or purchase of, securities in Genesis Energy.
All references to “$” are to New Zealand dollars, unless otherwise stated.
Except as required by law, or the rules of any relevant securities exchange
or listing authority, Genesis Energy is not under any obligation to update
this presentation at any time after its release, whether as a result of new
information, future events or otherwise.

H1 FY24 Investor Presentation 3.
1. Performance highlights
2. Financial performance
3. Operational performance
4. Strategic outlook
5. Guidance and Kupe
6. Appendix

H1 FY24 Investor Presentation 4. H1 FY24 Investor Presentation 4.
9,494
$38.3m
$202.1m
Performance Highlights
People
EBITDAF
1
PlanetProfit
Interim Dividend
N PAT
Decrease of 74% on H1 FY23
1.Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment, unrealised fair value changes, and other gains and losses. Refer to note A1 in
the condensed consolidated interim financial statements for reconciliation fromEBITDAF to net profit before tax.
7.0 cps
Decrease of 32% on H1 FY23
Growth in customers
Increase of 2.0% in the period
100% imputation
Reconsent Application Lodged
63 MW
35-year consent application lodged. Formal
support from NgāiTahu Rūnaka, DoCand Fish &
Game for granting of consents provided
Lauriston Solar Farm
Customers on EV plans
6,771
Increase of 2,618in the period
Operating Model Review
Decrease of 494GWh on H1 FY23
Tekapo
On Track
Renewable Generation
Financial close achieved on New
Zealand’s first project financed solar farm
1,545 GWh
Cost reduction underway

Financial
Performance

H1 FY24 Investor Presentation 6.
H1 FY24H1 FY23Variance%Movements
Revenue
1
1,366.5 1,151.3 215.2 19%
Gross Margin
383.6 454.9 (71.3)(16%)
Operating Expenses
2
181.5 156.6 24.9 16%
EBITDAF
202.1 298.3 (96.2)(32%)
N PAT38.3
145.3 (107.0)(74%)
Operating Cash Flow
210.8 224.5 (13.7)(6%)
Capital Expenditure85.5 30.4 55.1 181%
Interim Dividend
7.00 cps 8.80 cps (1.80) cps(20%)
Adjusted Net Debt
1,265.1 1,307.5 (42.4)(3%)
1.Revenue represents the external revenue as per segment reporting less realis ed (gains)/loss es on non-hedge accounted electricityderivatives.
2.Operating Expenses refers to Employee Benefits plus Other Operating Expenses.
H1 FY24 Financial Summary
$ MILLIONS

H1 FY24 Investor Presentation 7.
H1 FY24 Gross Margin
•Lower hydro inflows and the Unit 5 outage meant that portfolio generation
costs were $56/MWh, an increase of $28/MWh.
•Retail electricity sales volumes grew 4.2%, driven by growth in customers
across both brands. Wholesale electricity sales were higher, due to higher
wholesale prices.
•The conclusion of Swaption contract in December 2022, contributed to
$17.7m lower derivatives settlements.
•Development of KS-9
and a scheduled outage
meant lower production
at Kupe.
•Gas production was 30%
lower at 3.0 PJ.
•Gas sales were focused
to higher value Retail
channels, with wholesale
gas sales declining to 0.1
PJ.
Electricity Gross Margin ($m)
LPG Gross Margin ($m)
Gas Gross Margin ($m)
Kupe Gross Margin ($m)
25
32
0
10
20
30
40
H1 FY23H1 FY24
Margin ($m)
27
29
0
10
20
30
40
H1 FY23H1 FY24
Margin ($m)
40
29
0
10
20
30
40
50
H1 FY23H1 FY24
Margin ($m)
•Retail LPG sales
volumes were level,
while pricing increased
in line with costs.
•LPG importation during
the Kupe outage, meant
that wholesale costs
were higher.
358
291
0
50
100
150
200
250
300
350
400
H1 FY23H1 FY24
Margin ($m)
$71m lower gross margin vs pcp primarily due to rainfall and the Huntly Unit 5 outage.

H1 FY24 Investor Presentation 8.
56
30
26
12
50
8
Customer &
LPG
TechnologyCorporateKupeWholesaleDigital Projects
$ MILLIONS
H1 FY24 expenditure in line with Gen 35 Strategy
1.Digital Projects represent projects across the business and are allocated to appropriate segments in note A1 in the
condensed consolidated interim financial statements.
H1 FY24 $181m
•Operating Expenditure progressed in line with
strategy, focusing on digital projects and
building renewable development capability.
•Inflation continued to impact wage costs,
software and insurance.
Customer & LPG
•Higher staff numbers relative to pcp, to support
customer growth and EV plans.
•Increased bad and doubtful debts relative topcp
of $0.9m.
Technology
•Higher software and support costs of $2.4m.
Wholesale
•Additional $2.6m of costs from the Unit 5
outage, primarily in contracting and other repair
costs.
•Investment in solar and renewable development
staff capabilities.
•Insurance costs increased, at $0.9m higher.
Digital Projects
•Investment in commencement of billing platform
upgrade as well as enterprise portfolio
investments of $2.7m.
•Second half run-rate expected to be higher due
to increased digital project spend.
FY24 Guidance
1
Operating Expenditure
H1 FY23 $157m
FY24
380
Reviewing
Containing
Investing
Time
Limited

H1 FY24 Investor Presentation 9.
$ MILLIONS
•Depreciation moderately down, due
to Jun-23 asset revaluations and
lower Kupe depletion.
•More stable long term pricing
expectations meant smaller changes
in valuation of long term PPA
contracts compared to prior year.
•Higher interest rates meant that
Finance Expenses were moderately
higher.
•Other gains/losses includes
revaluation gain on emission units
held for trading.
•Income Tax Expense down from
decreased net profit before tax
1.Fair value change relates to unrealis ed fair value movements in derivatives (realised movements are included in EBITDAF).
2.Other gains/losses also includes impairment on non-current assets and share of associates and joint ventures. It includes
revaluation of emission units held for trading; it does not include adjustment for cost of units sold being at fair value.
Net Profit After Tax
H1 FY24 H1 FY23 Variance %
EBITDAF
202.1 298.3 (96.2)(32%)
Depreciation, Depletion and Amortisation(106.9)(119.9)13.0 11%
Unrealised Fair Value Change
1
1.2 71.5 (70.3)(98%)
Revaluation of Generation Assets(7.6)(3.2)(4.4)(138%)
Other Gains/(Losses)
2
5.8 (4.5)10.3 229%
Net Finance Expenses(41.1)(39.8)(1.3)(3%)
Income Tax Expense(15.2)(57.1)41.9 73%
N PAT38.3145.3(107.0)(74%)

10.
35
50
7
44
16
21
SIBGrowthAssociatesSIBGrowthAssociates
H1 FY24H2 FY24
Renewable SIBThermal SIBRetail SIBOther SIB
Kupe SIBKupe - KS9Other GrowthInvestment in Associates
92
FY24 Outlook
173
H1 FY24 Capex and Investments
Stay In Business capital expenditureincludes:
•Investment in stage three of the Tuaigenerator upgrades
•Turbine and generator overhauls underway at Rangipō
•Completed four-yearly turnaround outage works at Kupe
Growth capital includes:
•Investment in the Kupe KS-9 well drilling, which was completed
inside budget expectations.
Investment in Associates:
•Deployment of capital into long term forestry investments
•Financial close achieved for the 63 MW solar farm in Lauriston,
Canterbury
FY24 Outlook
Updated Capital Expenditure guidance is $145 million (excluding
associates), with the reduction driven by:
•Deferral of routine maintenance parts for Unit 5.
•Underspend inKS-9 drilling and other Kupe projects.
•Reduced capitalisation of technology spend (consequent increase
in operating expenditure).
$ MILLIONS
Capital Investment and Associates

H1 FY24 Investor Presentation 11. H1 FY24 Investor Presentation 11.
1,183
1,240
1,247
1,276
1,352
1,284
1,265
3.03.0
3.1
2.9
2.7
2.2
2.6
1.5
2
2.5
3
3.5
4
500
600
700
800
900
1000
1100
1200
1300
1400
FY18FY19FY20FY21FY22FY23H1 FY24
Net Debt/EBITDAF Ratio
Net Debt ($m)
Adjusted Net DebtNet Debt/EBITDAFTarget Debt Ratio Band (2.0 to 3.0)
1.S&P Global Ratings make several adjustments to Net Debt and EBITDAF for the purpos e of calculating credit
metrics.The most significant of these is the 50% equity treatment attributed to the Capital Bonds. H1 FY24 is based
on Net Debt at 31 December 2023 and EBITDAF Guidance for FY24.
2.Equal to fixed rate debt/net debt. For future years net debt assumed to be equal to December 2023.
Adjusted Net Debt/EBITDAF Profile
1
Movement in Adjusted Net Debt
Fixed Interest Rate Profile
•Net Debt/EBITDAF increased to 2.6 as earnings returned to more
normal levels, following favourable market conditions in FY23.
•Adjusted Net Debt declined by $19 million in the period to $1,265 million,
as inventory and working capital declined.
•Average funding costs increased to 5.7%, as debt was secured at higher
rates.
•Board declared a dividend on 7.0 cps, consistent with full year guidance
of 14.0 cps. Dividend is fully imputed, a supplementary dividend of 1.24
cps is payable to eligible shareholders.
•Dividend reinvestment plan remains available for shareholders at a 2.5%
discount.
5.8%
5.4%
4.4%
4.2%
5.2%
5.7%
81%
74%
72%
75%
72%
66%
66%
60%
52%
47%
-10%
10%
30%
50%
70%
90%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
FY19FY20FY21FY22FY23H1 FY24FY24FY25FY26FY27
Average total cost of funds
% of fixed rate funding ²
Cash Flow and Balance Sheet

Operational
Performance

13.
86,000
90,000
94,000
98,000
102,000
106,000
378,000
380,000
382,000
384,000
386,000
388,000
390,000
Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23
Frank Customers
Genesis Customers
GenesisFrank
Growth in Customers across Genesis and Frank
Strong Customer Growth and Satisfaction
Strong Gains in Customers on EV PlansStrong Customer Satisfaction
•Genesis continued to grow customers across both brands, with an
increase of 9,494 customers in the period.Residential electricity
sales volumes were up 4.2%.
•Frank Energy was especially strong, exceeding 100,000 customers
and recording the highest gains of any retailer in the last six
months.
•Genesis’ EV strategy continued to grow strongly, with an increase
of 2,618 customers on an EV plan over H1 FY24.
•Customer satisfaction strengthened, with interaction NPS
increasing over the period.
1,700
6,771
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23
Customer Numbers
30
35
40
45
50
55
60
65
70
75
Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23
iNPS
GenesisFrank

14.
0
500
1000
1500
2000
2500
3000
GenesisContactMercuryNova
GWh
Hydro (Actual)Hydro (Capacity)Thermal (Current)Thermal (Capacity)
Resilient Portfolio through Adverse Events
OTA/BEN Basis Price has Increased
Rankines filling the gap
North Island Energy Storage
1
•Market and operating conditions were more challenging during the period,
with a return to more normal hydrology and the outage at Huntly Unit 5.
•The Huntly Rankine units provided essential back-up to the system, with three
units operating when required. The units predominantly ran on gas through
the period, with coal providing additional back-up.
•The period indicated the value of North Island energy storage and capacity.
Futures market pricing between islands has increased, indicating a potential
risk premium.
1.Hydro storage as 16 February 2024.
2.Excludes6PJ (estimated) storage capacity as a result ofContact write down and 4PJ not accessible until 2033.
3.Genesis estimate of Nova gas in storage.
0
500
1,000
1,500
2,000
2,500
H1 FY23H1 FY24
GWh
Renewables (inc. PPA)U5 + U6Rankines (Coal)Rankines (Gas)
23
Genesis holds
~60% of NI
storage capacity
0
10
20
30
40
50
60
70
Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23
Winter Basis ($/MWh)
202420252026
OTA/BEN basis difference for winter (Q2 & Q3) ASX quarterly futures contracts. 30-day average price.

15.
Huntly Unit 5
•Genesis returned Huntly Unit 5 to service in January 2024, following a
forced outage in June 2023. This was a priority to Genesis and our
suppliers, which achieved a return four months earlier than originally
anticipated.
•The outage was caused by a failure in one of three phases in the
generation circuit breaker (GCB). Investigation into the outage
demonstrated that this was a highly unusual event.
•Root cause investigations have confirmed that there were no property or
design defects in the damaged phase or deficiencies in maintenance.
The point of failure has been identified; however, the definitive cause
has not been determined.
•Genesis has replaced all three phases on the GCB. A complete
replacement GCB has been purchased and will be stored on site; in the
unlikely event a similar fault occurs. This will be onsite by May 2024.
•The overall cost is of the outage, net of insurance is expected to be
between $20 million to $25 million EBITDAF.
•Discussions with insurers have been positive and Genesis expects
confirmation of indemnity from all insurers. Verification of the claim
amount commenced after the unit’s return to service. Settlement of the
insurance claim is expected within 2024.

H1 FY24 Investor Presentation 16. H1 FY24 Investor Presentation 16.
Carbon Emissions Health & Safety
GHG Emissions and Science Based Target
•Market conditions and the Unit 5 outage meant that H1 FY24
carbon emissions were higher, as Rankine units were required to
provide back-up generation.
•This contrasted to the higher-than-average rainfall across FY23,
which meant that emissions were lower in that period.
•Genesis has committed to achieving Net Zero emissions by 2040.
This target will be aligned to the SBTi framework. These targets
will be submitted in FY24.
Declinein Injury Severity
0
1
2
3
4
5
FY20FY21FY22FY23H1 FY24FY25
Mt CO
2
e p.a.
Scope 1 and 2Scope 3 use of sold products
Scope 1 and 2 SBTScope 3 use of sold products SBT
Emissions lower in
FY23 due to hydro
conditions
Note: H1 FY24 shown for six-month period, against full year emissions of prior years.
0
500
1,000
1,500
2,000
2,500
FY21 FY22 FY23 H1 FY24
Lost/Restricted Days
Note: H1 FY24 shown for six-month period, against full year injury statistics.
•Injury severity continued to decline, due to early intervention and a
focused rehabilitation programme.
•Prevention methods using massage and physiotherapy at the first
signs of stress and strain has resulted in a significant decline in
overall injury severity.

17.
Strategic Outlook

18.
The Role of Huntly in the Market
•Everyelectricity supplier andcustomeron the grid inNew
Zealandbenefit fromthermal generation at some point for
security of supply.
•Huntly continues to serve the system beyond
Genesis’needs. While Huntly runs mainly on gas, the
wholesystem still relies on coal as the fuel of last resort.
•Genesis will beofferingnew firming and peaking products
tothe market shortly, to support hydro and increasing
intermittent renewables for a secure grid.
•Themarket reaction to those products will ultimately
determine how long the Rankines can economically
remain part of this insurance mix, ideallyonbiomass and
gas with coal as critical backup.
•Genesis will continue to advocate for the SystemOperator
to be given the toolsto economically constrainonassets
(such as the Rankine units) to cover winter demandpeaks
as solar and wind drive increased system volatility.
Historic Use of Huntly Rankine Units
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20192020202120222023
Rankine Use
Third PartyHuntly Unit 5 Outage SupportGenesis Retail

H1 FY24 Investor Presentation 19.
ELECTRIFICATION
Grow value and leverage strategic
strength of customer base
Genesis’ capabilities and assets give it a unique role to play
FLEXIBILITY
RENEWABLES
Retail business​
490k customers ​
(150k dual fuel customers)
and strong brand equity
OUR
STRENGTHS
OUR
PLAN
Leverage value from volatility and
connect new demand and supply on
commercial terms
Flexible assets
Diversity of generation,
fuels and markets​.
Huntly Power Station
Efficient use of Genesis’ capital for growth,
working with partners where valuable for
additional capital and capability
Renewables growth
Solar JV progressing options and
relationships to support further
partnering

H1 FY24 Investor Presentation 20. H1 FY24 Investor Presentation 20.
Planning for three horizons of transition
To succeed long-term, near-term focus is on getting future-fit
‘Getting Future Fit’, focused
on sweeping our own front
yard at a group and business
unit level.
‘Accelerated Transitions’,
focused on Customer,
Company, and Country
activating Gen 35 at a business
unit level.
‘The Future State’,
moving past the transition
and into the next generation of
Genesis.
Horizon 1
FY24
Horizon 2
FY25-28​
Horizon 3
FY29-35​
Retail Operating Model Review
Solar investment joint ventures
Battery investment
Renewables investment on balance sheetBiomass option refined

H1 FY24 Investor Presentation 21. H1 FY24 Investor Presentation 21.
Future Fit changes Currently Underway
To succeed long-term, near-term focus is on getting future-fit
‘Getting Future Fit’, focused on sweeping our own front
yard at a group and business unit level.
Horizon 1
FY24
Retail &
Technology
Retail and Technology Operating Review•Implementation of the operating model changes is progressing well with
the first changes to the structure effective in H2 FY24. 70% of the
estimated 200 FTE reduction has been confirmed.
Billing Platform Upgrade •The Billing and CRM re-platform upgrade to the new cloud enabled
Gentrack - Salesforce platform is on track with the first phased release for
the Frank Energy brand in FY25 with subsequent releases for the
Genesis brand through to the end of FY26.
Solar Joint
Venture
Lauriston Solar Farm•Financial close achieved on the 63 MW Lauriston solar farm.
•Physical construction planned to start in March. First generation expected
Q2 FY25.
Further Development•Progressing existing development pipeline whilst reviewing other
siteopportunities.
Biomass Option
Refined
Biomass •Feasible domestic supply chain being developed.
•Constructive progress with multiple potential suppliers.
Battery
Investment
Battery •Investment analysis progressing. Final investment decision on 100MW
/200MWh at Huntly expected mid-2024.

H1 FY24 Investor Presentation 22. H1 FY24 Investor Presentation 22.
GoalTarget
FY28Goal
Status
Grow Profitability
EBITDAFGroup EBITDAF mid $500 millions
Debt/EBITDAFRatio less than or equal to 2.5
Operating ExpenditureOperating Expenditure ~ $361 million.
Retail and
Technology
Brand preferenceNumber 1 brand equity in energy market
Total Retail and Technology Operating Expenditure
1
~ $153 million
Delivery of core billing platformImplementation of billing platform upgrade across all brands
and sales channels by FY27.
Huntly
Battery DevelopmentUp to 200 MWh of battery operational onsite at Huntly.
BiomassBiomass supply secured and commercial arrangements in place.
Biomass use > coal use.
Renewables
Solar Development~ 500 MW of solar developed and operational in JV structure
Total capital deployed at ROIC > WACCOn track for totaldeployment of $1.1b (Genesis share) by FY30
Net-Zero
Net Zero by 20402040 Net Zero targets submitted and approved by SBTi
Horizon 2 - FY28 Scorecard
1.Excluding non-recurring technology investment.
Unless otherwise stated, all $ are nominal. Numbers shown represent base case estimates and are indicative only
On Track
Challenges
Off Track

H1 FY24 Investor Presentation 23.
Genesis is changing as an investment
To ...
From...
Growth opportunities
with reliable dividend returns
Limited growth outlook
and high dividend pay out
40% renewable generation
with PPA focused renewables strategy
Transition to biomass and battery,
used for firming solar, wind, and hydro
Huntly reliant on fossil fuels,
used for dry period firming
95% renewables by 2035 driven by
solar development and owned renewable assets
High-cost retail and technology strategy,
focused on innovation and customer growth
Focused retail and technology strategy
prioritising efficiency, electrification, and value

Guidance & Kupe

H1 FY24 Investor Presentation 25. H1 FY24 Investor Presentation 25.
0
10
20
30
40
50
60
Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24
TJ/day
Kupe
•KS-9 was drilled to a total depth of 3,630 metres and a gas column was verified
within the eastern fault block of the field. First gas was delivered in January.
•The well was drilled on schedule and within budget.
•The operatoris continuing well commissioning activities which include well clean-
up and further full system performance testing.This is expected to be completed
in Q3 FY24.
•Assessment of the reserves are underway, with conclusions of a full review
expected in June 2024.
Kupe Production (TJ)
Four yearly
turnaround
24
th
Jan:
First
KS-9 gas
KS-9 clean-up and
commissioning
continues
Contract
flexibility
Valaris-107
integration
for KS-9
KS-7
inter-
vention
Valaris-107
platform de-
integration
Contract
flexibility

Outlook and guidance
—Guidancefor FY24 EBITDAF is around $430 million
• FY24 EBITDAF is expected to bearound $430million subject to hydrological conditions, gas availability, and
any material adverse events or unforeseeable circumstances.
• As previously announced, Huntly Unit 5 has returned to service.The financial impact of this event is
estimated to be in the range of $20 -$25 million EBITDAF and is included in EBITDAFguidance.
• Operating expenditure is expected to be around $380 million.
• Capital expenditure in FY24 is expected to be around $145 million.
• As noted at Investor Day on 30 November 2023, FY25 EBITDAF outlook remains around $500 million.This
is subject to hydrological conditions, gas availability, and any material adverse events or unforeseeable
circumstances.

Appendix

H1 FY24 Investor Presentation 28. H1 FY24 Investor Presentation 28.
Electricity and Gas Gross Margin Breakdown
H1 FY24H1 FY23Variance
Electricity Gross Margin
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Retail Sales C&I905 GWh$190/MWh171.7 888 GWh$156/MWh138.6 17 GWh$34/MWh33.1
Retail Sales Residential1,628 GWh$281/MWh
1
457.5
1
1,535 GWh$269/MWh413.5 94 GWh$12/MWh44.0
Retail Sales SME514 GWh$254/MWh130.5 503 GWh$248/MWh124.8 12 GWh$5/MWh5.7
Wholesale Sales2,884 GWh$140/MWh403.9 2,913 GWh$69/MWh200.1 (29)GWh$71/MWh203.9
Derivatives Settlement18.3 36.0 (17.7)
Emission Unit Revenue (Electricity)---
Ancillary Revenue1.2 2.5 (1.3)
Total Revenue1,183.1 915.5 267.6
Generation Costs (Thermal)1,338 GWh$120/MWh161.0 873 GWh$95/MWh82.8 465 GWh$25/MWh78.2
Generation Costs (Renewable)1,545 GWh--2,040 GWh--(494)GWh--
Retail Purchases3,201 GWh$139/MWh445.7 3,076 GWh$64/MWh196.1 126 GWh$75/MWh249.6
Transmission and Distribution282.1 273.3 8.8
Ancillary Costs3.1 5.2 (2.0)
Total Direct Cost891.9 557.4 334.5
Electricity Gross Margin291.2 358.2 (66.9)
Gas Gross Margin
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Retail Sales3.9 PJ$30.4/GJ120.0 4.0 PJ$28.1/GJ111.6 (0.0) PJ$2.2/GJ8.4
Wholesale Sales0.1 PJ$10.1/GJ0.9 2.3 PJ$8.1/GJ18.6 (2.2) PJ$2.0/GJ(17.7)
Emission Unit Revenue (Gas)0.1 6.0 (5.9)
Total Revenue121.0 136.1 (15.1)
Gas Purchases4.0 PJ$8.7/GJ35.3 6.3 PJ$9.0/GJ56.3 (2.2) PJ$(0.3)/GJ(21.1)
Transmission and Distribution46.1 41.2 5.0
Emissions Unit Cost (Gas)7.6 13.0 (5.4)
Total Direct Cost89.0 110.6 (21.6)
Gas Gross Margin32.0 25.5 6.5
Reported numbers have been rounded and might not appear to add or multiply.
1.Updated to correct previous reporting error

H1 FY24 Investor Presentation 29. H1 FY24 Investor Presentation 29.
LPG and Other Gross Margin Breakdown
LPG Gross Margin
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Retail Sales
23.4 kt$2,343/t
54.9 24.6 kt$2,103/t51.8 (1.2) kt$238/t3.1
Wholesale Sales
1.6 kt$978/t
1.5 2.7 kt$1,117/t3.0 (1.1) kt$(139)/t(1.4)
Emission Unit Revenue (LPG)
1.3 1.1 0.2
Total Revenue
57.7 55.9 1.8
LPG Purchases
25.0 kt$1,062/t
26.6 27.3 kt$962/t26.3 (2.3) kt$100/t0.3
Emissions Unit Cost (LPG)
2.6 2.8 (0.3)
Total Direct Cost
29.1 29.1 0.0
LPG Gross Margin28.6 26.8 1.8
Net Carbon Active Trading
(0.9)2.5 (3.4)
Other Revenue
4.2 2.0 2.2
Other Costs
0.5 0.4 0.1
Total Other Gross Margin
2.8 4.1 (1.3)
Total Gentailer Gross Margin
354.6 414.5 (59.9)
Reported numbers have been rounded and might not appear to add or multiply.

H1 FY24 Investor Presentation 30. H1 FY24 Investor Presentation 30.
Kupe Gross Margin and Reconciliation to EBITDAF
Kupe Gross Margin
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Oil Sales
69 Kbbl$88.8/bbl
6.1 94 Kbbl$122.9/bbl11.5 (25)Kbbl$(34.1)/bbl(5.4)
Gas Sales3.0 PJ$7.8/GJ
23.3
4.3 PJ$7.2/GJ
31.3
(1.3) PJ$0.5/GJ
(8.0)
LPG Sales
12.6 kt$511/t
6.4 18.5 kt$452/t8.3 (5.9) kt$59/t(1.9)
Other and Emissions Revenue
3.9 5.6 (1.6)
Direct Costs
10.8 16.3 (5.6)
Kupe Gross Margin
29.0 40.4 (11.5)
EBITDAF
$m$m$m
Total Gentailer Gross Margin
354.6 414.5 (59.9)
Kupe Gross Margin
29.0 40.4 (11.5)
Genesis Energy Limited Gross Margin
383.6 454.9 (71.3)
Operating Expenses
Employee Benefits
75.3 67.0 8.3
Other Operating Expenses
94.2 77.0 17.2
Kupe Operating Expenses
12.0 12.6 (0.6)
Genesis Energy Operating Expenses
181.5 156.6 24.8
EBITDAF
202.1 298.3 (96.2)
Reported numbers have been rounded and might not appear to add or multiply.

H1 FY24 Investor Presentation 31. H1 FY24 Investor Presentation 31.
Income Statement
H1 FY24
H1 FY23
Variance
($m)($m)
Revenue1,366.51,151.318.7%
Expenses(1,180.8)(859.3)37.4%
Depreciation, Depletion & Amortisation(106.9)(119.9)
Impairment of Non-Current Assets(0.4)(2.8)
Fair Value Change18.5 75.3
Revaluation of Generation Assets(7.6)(3.2)
Other Gains (Losses)7.1 1.2
Share in associate& joint ventures(1.8)(0.4)
Earnings Before Interest & Tax94.6242.2(60.9%)
Interest(41.1)(39.8)
Tax(15.2)(57.1)
Net Profit After Tax38.3145.3(73.6%)
Earnings Per Share (cps)3.613.8(73.9%)
Stay in Business Capital Expenditure(35.4)(23.6)112.3%
Dividends Per Share (cps)7.08.80(20.5%)
EBITDAF202.1 298.3(32.2%)
Cash Flow Summary
H1 FY24H1 FY23
Variance
($m)($m)
Net Operating Cash Flow210.8224.5
Net Investing Cash Flow(80.0)(40.4)
Net Financing Cash Flow(121.4)(175.7)
Net (Decrease) Increase in Cash9.4 8.4 1.0
Balance Sheet
H1 FY24FY23
Variance
($m)($m)
Cash and Cash Equivalents69.5 60.1
Other Current Assets523.2 534.3
Non-Current Assets4,573.2 4,495.6
Total Assets5,165.9 5,090.0 1%
Total Borrowings1,369.1 1,366.7
Other Liabilities1,327.8 1,317.3
Total Liabilities2,696.9 2,406.0 12%
Adjusted Net Debt1,265.1 1,283.8
EBITDAF Interest Cover7.0x8.6x
Net Debt/EBITDAF2.6x2.2x
Financial Statements

H1 FY24 Investor Presentation 32. H1 FY24 Investor Presentation 32.
Debt Information
H1 FY24FY23
Variance
($m)($m)
Total Debt
$
1,3691,367
Cash and Cash Equivalents
$
6960
Headline Net Debt
$
1,3001,307
(0.6%)
USPPFX and FV Adjustments
$
3522
AdjustedNet Debt
1
$
1,2651,284(1.6%)
Headline Gearing
2
35.7%36.2%(0.5) ppts
AdjustedGearing
2
34.8%35.6%(0.8) ppts
Covenant Gearing28.8%29.4%(0.6) ppts
Net Debt/EBITDAF
3
2.6x2.2x0.4x
Interest Cover7.0x8.6x(1.6x)
Average InterestRate5.7%5.2%0.5 ppts
Average Debt Tenure11.5 yrs11.7 yrs(0.2) yrs
1.Adjusted Net Debt has been adjusted for foreign currency translation and fair value movements related to USD denominated borrowings which have been fully hedged with cross currency interest rate swaps and fair value interest rate risk
adjustments for fixed rate bonds.
2.Gearing measures are based on gross debt i.e. cash is not deducted.
3.S&P make a number of adjustments to Net Debt and EBITDAF for the purpos e of calculating credit metrics.The most significant of these is the 50% equity treatment attributed to the Capital Bonds.
4.The chart shows the principal amounts repayable at maturityin NZD.
GENESIS DEBT PROFILE AT 31 December 2023
$495mof bank facilities (including $250m of sustainability linked loans
(SLL)) were undrawn, $40m of bank facilities weredrawn, and $140m of
Commercial Paper was on issueasat 31 December 2023. The
Commercial Paper matures within 90 days.
4
Debt Information

H1 FY24 Investor Presentation 33. H1 FY24 Investor Presentation 33.
Retail Netback by Segment & FuelH1 FY24H1 FY23Variance
Residential - Electricity ($/MWh)$146.97$133.2610.3%
Residential - Gas ($/GJ)$17.62$16.854.6%
Bottled - LPG ($/tonne)$1,736.00$1,473.8517.8%
SME - Electricity ($/MWh)$136.74$133.432.5%
SME - Gas ($/GJ)$18.18$18.001.0%
C&I - Electricity ($/MWh)$147.23$117.5425.3%
C&I - Gas ($/GJ)$16.39$16.50(0.7%)
SME & Bulk - LPG ($/tonne)$1,039.31$898.1515.7%
Retail Key InformationH1 FY24H1 FY23Variance
Customers with > 1 Fuel148,915140,5875.9%
Electricity Only Customers300,834293,0402.7%
Gas Only Customers11,40512,820(11.0%)
LPG Only Customers32,06134,838(8.0%)
Total Customers493,215481,2852.5%
Total Electricity, Gas and LPG ICPs713,092691,1783.2%
Volume Weighted Average Electricity Selling Price – Resi
($/MWh)
$280.9$269.44.3%
Volume Weighted Average Electricity Selling Price –SME
($/MWh)
$253.7$248.32.2%
Volume Weighted Average Electricity Selling Price – C&I
($/MWh)
$189.7$156.221.5%
Operational Metrics

H1 FY24 Investor Presentation 34. H1 FY24 Investor Presentation 34.
ELECTRICITY
Retail Sales C&I
Sale of electric ity to commercial and industrial customers.
Retail Sales ResidentialSale of electric ity to residential customers.
Retail Sales SMESale of electric ity to small business customers.
W holesale SalesSale of generated electricity onto spot market, excluding PPA settlements and ancillary revenue.
Derivatives SettlementSettlement of all electricity derivatives. Includes electricity active trading, PPAs, swaptions and electricity hedge settlements.
Emission Unit Revenue (Electricity)Emissions units earned in relation to electricity derivative sales.
Ancillary RevenueRevenue from ancillary electric ity market products.
Ancillary CostsCosts from ancillary electricity market products.
Generation Costs (Thermal)Generation costs, inclusive of fuels and carbon.
Retail PurchasesPurchases of electric ity on spot market for retail customers.
Transmission and DistributionTotal electricity transmission and distribution costs, connection charges, electricity market levies and meter leasing.
GAS
Retail SalesSales of gas to residential and business customers (including C&I).
W holesale SalesSales of gas to wholes ale customers.
Emission Unit Revenue (Gas)Emission units earned in in relation to wholes ale gas sales.
Gas PurchasesPurchase of gas for sale (excludes gas used in electricity generation).
Transmission and DistributionTotal gas transmission and distribution costs, gas levies and meter leasing.
Emission Unit Cost (Gas)Emission costs relating to gas purchases.
LPG
Retail SalesSales of LPG to residential and business customers (including C&I).
W holesale SalesSales of LPG to wholes ale customers.
Emission Unit Revenue (LPG)Emission units earned in in relation to wholes ale LPG sales.
Emission Unit Cost (LPG)Emission costs relating to LPG purchas es.
KUPE
Oil SalesSale of crude oil.
Gas SalesSale of gas.
LPG SalesSale of LPG.
Emissions Revenue and OtherEmission units earned in relation to gas and LPG sales and other revenue.
Direct CostsEmission unit costs relating to operations, gas and LPG sales. Royalties and other direct costs.
Glossary – Gross Margin Breakdown

H1 FY24 Investor Presentation 35. H1 FY24 Investor Presentation 35.
RETAIL
CustomersElectricityand gas customersare defined bysingle customer view,regardless of number ofconnections (ICP’s).
ICPInstallationConnectionPoint, aconnectionpoint thatis bothoccupiedand hasnotbeen disconnected(Active-Occupied).
Resi,SME,C&IResidential,smallandmediumenterprisesandcommercial& industrialcustomers.
B2BBusinesstoBusiness,includingbothSMEandC&I.
Volume Weighted Average Electricity Selling Price- $/MW h
Average sellingpriceforcustomersincluding lines/transmissionanddistributionandafter discounts.
Volume Weighted Average Gas Selling Price - $/GJAverage sellingpriceforcustomersincludingtransmissionanddistributionandafter discounts.
Volume Weighted Average LPG Selling Price - $/tonneAveragesellingpriceforcustomersincludingafterdiscounts.
BottledLPGSales(tonnes)Represents45kgLPGbottlesales.
SME& OtherBulkLPGsales(tonnes)RepresentsSMEandotherbulkandthirdpartydistributors.
Netback($/MW h,$/GJ,$/tonne)
Customer EBITDAF by fuel type plus respective fuel purchase cost divided by total fuel sales volumes, stated in native fuel units (excluding
corporatealloc ation costs andTechnology& Digital cost centre).
Glossary – Operational Metrics

Investor Relations Enquiries
Tim McSweeney
GM Investor Relations & Market Risk
+64 27 200 5548

---

Distribution Notice
Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Genesis Energy Limited (GNE)
Financial product name/description Ordinary Shares
NZX ticker code GNE
ISIN (If unknown, check on NZX
website)
NZGNEE0001S7
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 21/03/2024
Ex-Date (one business day before the
Record Date)
20/03/2024
Payment date (and allotment date for
DRP)
10/04/2024
Total monies associated with the
distribution
1

$75,224,819.67

Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.09722222
Gross taxable amount
3
$0.09722222
Total cash distribution
4
$0.07000000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.01235294
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

100%

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Imputation tax credits per financial
product
$0.02722222
Resident Withholding Tax per
financial product
$0.00486111
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2.5%
Start date and end date for
determining market price for DRP
20/03/2024 26/03/2024
Date strike price to be announced (if
not available at this time)
27/03/2024
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
22/03/2024
Section 5: Authority for this announcement
Name of person authorised to make
this announcement
Tim McSweeney
Contact person for this
announcement
Tim McSweeney
Contact phone number +64 27 200 5548
Contact email address Timothy.McSweeney@genesisenergy.co.nz
Date of release through MAP 22/02/2024

---

Results announcement



Results for announcement to the market
Name of issuer Genesis Energy Limited (GNE)
Reporting Period 6 months to 31 December 2023
Previous Reporting Period 6 months to 31 December 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$1,366,500 18.69%
Total Revenue $1,366,500 18.69%
Net profit/(loss) from
continuing operations
$38,300 -73.64%
Total net profit/(loss) $38,300 -73.64%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.07000000
Imputed amount per Quoted
Equity Security
$0.02722222
Record Date 21/03/2024
Dividend Payment Date 10/04/2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.95 $2.28
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

Please refer to the 2024 Interim Report attached to this
announcement for Genesis’ unaudited interim financial
statements.

Authority for this announcement
Name of person authorised
to make this announcement
Tim McSweeney
Contact person for this
announcement
Tim McSweeney
Contact phone number +64 27 200 5548
Contact email address Timothy.McSweeney@genesisenergy.co.nz
Date of release through MAP 22/02/2024

Unaudited financial statements accompany this announcement.