FY25 Guidance Update

MARKET RELEASE



Date: 27 JULY 2024

NZX: GNE / ASX: GNE

FY25 Guidance Update

Genesis Energy advises that FY25 EBITDAF is expected to be around $460m subject to hydrological
conditions, gas availability, plant availability and any material adverse events or unforeseeable
circumstances.

Daily gas production at Kupe is expected to be between 37-47 TJ/day as a result of the KS-9 outcome
and general field decline. The lower gas is expected to result in higher generation costs due to increased
use of higher-cost solid fuel.

“The current gas market conditions are driving a challenging short-term outlook for the country; less
gas means more solid fuel and higher generation costs for Genesis. The Company remains focused on
executing our long-term strategy to accelerate development of new renewable generation and battery
storage, reposition Huntly into a grid-scale peaking and firming facility and displace coal with biomass,”
said Chief Executive Malcolm Johns.

Previously announced organisational changes have progressed as planned and FY25 operating
expenditure is in line with expectations. FY25 capital expenditure is expected to be around $180m. This
includes approximately $80m growth spend relating to a grid scale battery at Huntly Power Station,
with final investment decision expected mid CY-2024.

FY24 guidance remains unchanged.

Kupe Reserves

Genesis Energy is in the process of independently verifying Kupe Oil and Gas Field reserves. Current
expectations are that field-wide proved and probable reserves (‘2P’) will be revised down by
approximately 80 Peta joule equivalents (‘PJe’)
1
. The final reserves position will be released with
Genesis’ FY24 full year results on 22 August 2024.


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 & Media
M: 027 246 1221









1
2P field reserves on 30 June 2023 were 225.8 PJe.

About Genesis Energy
Genesis Energy (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 Energy and is one of New Zealand’s
largest energy retailers with approximately 500,000 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