2024 Annual Shareholder Meeting

MARKET RELEASE

Date: 15 October 2024

NZX: GNE / ASX: GNE
2024 Annual Shareholder Meeting

Genesis Energy Limited’s (GNE) Annual Shareholder Meeting is being held today, Tuesday 15
October 2024, commencing at 2.00 pm at the Intercontinental Hotel, 2 Grey Street,Wellington.

Shareholders can participate in the Annual Meeting virtually through the Computershare Meeting
Platform https://meetnow.global/nz.

All material, including the Chair and Chief Executive address, will be made available on the Genesis
Energy Investor Centre website at https://www.genesisenergy.co.nz/investors/annual-shareholder-
meeting.

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 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 and is New Zealand’s largest
energy retailer 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 $N3.0 billion during the 12 months ended 30 June 2024. More information can
be found at www.genesisenergy.co.nz

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1.1.
15October 2024
Presenters:
Barbara Chapman CNZM Chairman
Malcolm Johns Chief Executive Officer
Genesis Energy
Annual
Shareholder
Meeting

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 and summary nature and does not
purport to be complete or exhaustive 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.
EBITDAF, underlying earnings and free cash flow are non-GAAP measures.
These non-GAAP measures should not be considered in isolation from, or
construed as a substitute for, other financial measures determined in
accordance with GAAP or NZ IFRS.
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 Integrated Report for FY24 and Genesis Energy’s
periodic and continuous disclosure announcements released to NZX (and
to ASX), which are available at www.nzx.com. and www. asx.com.au.
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.

Barbara Chapman CNZM
Chairman

4.
Shareholder & Proxyholder Q&A Participation
Written Questions:Questions may be submitted
ahead of the meeting. If you have a question to
submit during the live meeting, please select the
Q&A tab on the right half of your screen at
anytime. Type your question into the field and
press submit. Your question will be immediately
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Help:
The Q&A tab can also be used for
immediate help. If you need assistance, please
submit your query in the same manner as typing
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will respond to you directly.
Shareholder Q&A: How to ask questions

5.5.
Agenda
1. Board Highlights
2. Chief Executive’s Overview
3. Q&A Session
4. Resolutions
5. General Business

6.
Hinerangi Raumati-Tu’ua
MNZM
Director
MNZM, BMS, MMS, FCA
Genesis Energy Board of Directors
Tim Miles
Director
BA
Chairman of Human
Resources and Remuneration
Committee
Catherine Drayton
Director
BCom, LLB, FCA, CFInstD
Chairman of Audit and Risk
Committee
Warwick Hunt MNZM
Director
Paul Zealand
Director
BSc Mech. Eng (Hons), MBA
James Moulder
Director
BA, BCA, GMP (Harvard)
Barbara Chapman CNZM
Chairman
CNZM BCom, CMInstD
MNZM BAcc (Hons), FCA,
FKC

7.
Director Skills Matrix

8.
Down 33% on FY23
Down 21% on FY23.
100% imputed.
Down 22% on FY23
Full Year DividendNet Profit After Tax
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 consolidated financial statements for reconciliation fromEBITDAF to net profit before tax.
$131.1m14.0 cps
Financial Performance
EBITDAF
1
$407.2m

10.
Capital management

11.
Safety and wellness

Malcolm Johns
Chief Executive

13.13.13.
Julie Amey
Chief Financial Officer
Joins November 2024
BMS, CA
Over 30 years of finance
experience, primarily in the
energy sector. Previously CFO
at SkyCity Entertainment
Group.
TraceyHickman
Chief Wholesale Officer
MA (Hons), AMP (Harvard)
Over 30 years energy sector
experience, including ten years in
executive roles in generation,
trading, fuels and retail.
Edward Hyde
Chief Technology and
Transformation Officer
BSc
Experienced senior executive
withover 20 years' experience
in commercial, technology,
andtelecommunications related
roles.
MatthewOsborne
Chief Corporate Affairs
Officer
BCom, LLB
Corporate counsel/executive
with over 20 years' experience
across legal, regulatory,
sustainability, communications
and governance.
Malcolm Johns
Chief Executive
BMS
Joined as Chief Executive in March
2023. Previously Chief Executive of
Christchurch Airport. Has held
governance roles in transport,
infrastructure and tourism.
Claire Walker
Chief People Officer
BA, Dip Business Admin
20 years' experience in human
resource management. Acting
Chair of the Sustainable
Business Council.
Stephen England-Hall
Chief Retail Officer
MBA (Camb.)
Over 20 years’ experience,
including 10 as chief executive
across customer strategy, digital
transformation and industry
disruption.
Executive Management Team

15.15.
Growth in Renewable Energy Generation
60%
65%
70%
75%
80%
85%
90%
95%
100%
6,000
7,000
8,000
9,000
10,000
11,000
12,000
20042006200820102012201420162018202020222024
Renewable Share %
Total Generation (GWh)
Renewables Share of Total Electricity Generation
Total Generation Demand - 4 Quarter Moving AverageRenewable Share (%) –4-Quarter Moving Average
Source: MBIE Energy Statistics

17.17.17.
Gen35 Horizon 1 Strategy Delivered
‘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•First stage of Retail operating model review completed. A reduction of
130 FTE across retail and technology was concluded. On track for a 200
FTE reduction by FY26.
Billing and CRM Re-platform•Design and more than 70% of build complete for Frank brand release.
Tracking to a late FY25 go live, and Genesis brands by end of FY27.
Solar
Lauriston Solar Farm•Lauriston Solar farm under construction alongside joint venture partners
FRV Australia. First generation on track for Q2 FY25.
•Ten-year Energy Supply Partnership agreed with Spark supported by
Lauriston development.
Further Development•Secured 127 MWp Edgecumbe solar project opportunity. FID is planned
for mid 2025, first generation mid 2026.
•Strong pipeline of other solar development opportunities. On track for up
to 500 MW by FY28.
Biomass Option
Refined
Biomass •On track to complete fibre audit in 2024. Considering production options
and economics, engaging with potential suppliers.
Battery
Investment
Battery •Final investment decision made in August 2024 for 100 MW/200 MWh
battery at Huntly. Commercial operation planned for Q1 FY27. Investment
targeting 9-10% IRR.

18.18.18.
Energy Storage Solutions
0
5
10
15
HydroCoalGasLow Value FibreHigh Value Fibre
TWh
Source: Genesis internal estimates of hydro, coal and gas current energy storage potential. Estimate of 2022/23 forestry fibre exports as per NZ Forest Owners
Association. Assumes conversion of log exports to advanced biomass. Low value fibre includes pulp and k-grade logs.

19.19.19.
Biomass at Huntly can be New Zealand’s dry year solution
1. Current pricing of Kupe supplied gas.
2. Estimate of market prices through discussion with suppliers
3. Current import price delivered to Huntly
4. Estimate based on long run shipment
5. Current domestic pricing through Huntly Unit 6
6. Recent spot pricing.
0
200
400
600
Kupe gasBiomassCoalLNGDieselSpot gas
$/MWh
Huntly Fuel Supply Costs
Price Range
123456

20.
People
EBITDAF
3
PlanetProfit
Full Year Dividend
Net Profit After Tax
1.MW p refers to the maximum direct current (DC) power output of a solar system under ideal conditions.
2.Final size, development costs and generation volumes to be optimised through FID process.
3.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 consolidated financial statements for reconciliation fromEBITDAF to net profit before tax.
Lauriston Joint Venture Solar
Edgecumbe Solar Development
2
Huntly Battery
63 MWp
1
Total Customers
Core FTE Employees
496,596
$407.2m
100 MW
$131.1m
14.0 cps
127 MWp
81%
Employee Engagement
Final investment decision reached for 100
MW/200 MWh battery at Huntly Power Station.
Down 22% on FY23
A decline of 64 core FTE employees since
H1 FY24. See slide 9 for further details.
Up 2.7% on FY23
Down 33% on FY23
Down 21% on FY23. 100% imputed.
1,214
Financial Performance
6% higherthan New Zealand benchmark.
Construction underway with first generation
expected in Q2 FY25.
Site secured for 127 MWp/114 MWac development.
First generation targeted for mid-2026.

21.
Emissions update

22.22.
Gen35: 8 by ‘28
Solar
Battery Energy Storage
System (BESS)
Biomass
Gas Storage
Up to 500MW of solar
developed and operational
Electrification
100MW/200MWh BESS
operational at Huntly
Genesis Operating
Expenses
63MWp under construction, 127MWp site secured. Over 500MW of
opportunities under consideration. First solar generation in H1 FY25.
FID made for New Zealand’s lowest cost BESS. Commercial operation
in Q1 FY27.
Fibre market review complete. Considering production options and
economics, engaging with potential suppliers
Secured exclusive right to negotiate for up to 10 PJ of storage at Tariki.
Site could be operational in 2026.
Genesis currently has 8% of EV customers. Plan to improve product
offerings and expand services.
Developing software and expertise for building customer flexibility.
Ecotricity extending distributed solar and battery into scaled VPP.
Horizon 2 Objectives to deliver mid-$500m EBITDAF
300 kt of biomass delivered to
Huntly
Gas storage sufficient for
seasonal operation of Huntly
30% of EV owners Genesis
Customers
Group Operating Expenditure
< $361m
Billing and CRM re-
platform
Full implementation across
Genesis and Frank
Customer Flexibility
150MW of Customer Flexibility
Design and more than 70% of build complete for Frank brand release.
Tracking to a late FY25 go live, and Genesis brands by end of FY27.
New retail operating model launched, 130 FTE reduction. Increased
expenditure focused to strategic goals and time-bound digital projects.
FY28 Goal
Status

23.
Shareholder questions

24.
How to Participate in Virtual/Hybrid Meetings (Voting)
Shareholder & Proxyholder Voting
Once the voting has been opened, the resolutions and voting
options will allow voting.
To vote, simply click on the Vote tab, and select your voting
direction from the options shown on the screen. You can vote
for all resolutions at once or by each resolution.
Your vote has been cast when the tick appears. To change your
vote, select ‘Change Your Vote’.

Resolution 1:
Re-election of
Barbara Chapman CNZM
Director

Resolution 2:
Re-election of
James Moulder
Director

Strategy refresh
Summary of Proxy Votes

General business

29.
Investor relations enquiries
Tim McSweeney
GM Investor Relations
investor.relations@genesisenergy.co.nz
+64 27 200 5548

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Genesis Energy 2024 Annual Shareholder Meeting

Chairman’s address - Barbara Chapman, CNZM

Kia ora, tēnā koutou katoa.

Good morning everyone. I’m Barbara Chapman, Chair of the Board of Genesis Energy
Limited.

On behalf of my fellow directors, our Chief Executive and his team, and all Genesis
employees around New Zealand, welcome to our 2024 Annual Shareholder Meeting.

We continue to hold this meeting in hybrid form and thank those shareholders who have
made the effort to be here today. It’s great to be back in Wellington for the first time in a
number of years. Our online streaming facility is available for those unable to attend in
person, and we thank you for taking the time to be present virtually.

Two directors require re-election this year under the NZX director rotation rules – myself
and James Moulder.

With us today are members of our Executive team, including our Chief Corporate Affairs
Officer Matthew Osborne, who will fulfil the role of Secretary for this year’s meeting.

Silvio Bruinsma is here representing our external auditor, Deloitte.

I will quickly run through the agenda for this morning.

Firstly, I will provide a brief overview of the Board’s key highlights for the year.

Chief Executive Malcolm Johns will then provide you with a more detailed overview of our
company performance and priorities.

There will then be an opportunity for you to ask questions of the Board and the Executive
arising from the two presentations.

Finally, we will move to the formal business of today’s meeting. At that point I will outline
the process for the discussion and voting on the two resolutions in the agenda.

Following voting you will be provided with an opportunity to raise any items of general
business that may be lawfully put to the meeting

If there are any additional discussion points that you feel haven’t been covered in today’s
meeting, please reach out to our investor relations team at the email address:
investor.relations@genesisenergy.co.nz


To begin, let me introduce your Board of Directors.

Hinerangi Raumati-Tu’ua
Hinerangi joined the Board in March 2022. She is a member of the Audit and Risk
Committee.

Hinerangi is Chair of Tainui Group Holdings and brings extensive governance experience,
having Chaired and served on iwi boards and those in varied sectors including water,
fisheries, local government, Public Trust and the Reserve Bank of New Zealand.

In addition to her strong commercial, investment and corporate governance background,
Hinerangi was named Māori Businesswoman Leader of the Year in 2016 and served on the
Cullen Tax Working Group in 2019. This year she won the Māori Leadership in Finance
Award at the Institute of Finance Professionals Awards.

Thank you for joining us Hinerangi.

Warwick Hunt
Warwick joined the Board in October 2022. He is a member of the Audit and Risk
Committee.

Warwick brings over 30 years leadership and governance experience. As a partner and then
managing partner of PwC New Zealand, Europe, Middle East, Africa, and UK, Warwick has
worked across a range of sectors including energy, professional services, financial services,
agribusiness and aviation.

He is Chair of the Bank of New Zealand and an Executive Fellow of Kings College London
Business School. He is a Fellow of Chartered Accountants Australia and New Zealand, and an
Honorary Fellow of Kings College London.

Warwick is a Member of the New Zealand Order of Merit for services to business.

Thank you for joining us Warwick.

Tim Miles
Tim joined our Board in 2016, coming to us from his previous role as Chief Executive of
Spark Digital. He is Chairman of the Human Resources and Remuneration Committee, and a

member of the Nominations committee.

Tim has had a long career in customer and technology-focused roles at the most senior
levels, both in New Zealand and internationally. He is Chair of FortySouth Ltd and a Director
of ASX listed Ooh! Media Limited. Tim has served as a director of companies in the fields of
technology, finance and property.

Thank you for joining us Tim.

Paul Zealand
Paul joined our Board in 2016. He is a member of the company’s Human Resources and
Remuneration Committee and the Nominations Committee.

Paul has over 40 years’ experience in the oil and gas sector, including senior executive and
Chief Executive roles at Shell and Origin Energy. In particular, he brings strong expertise
around health, safety and environmental management, and advice around operational risk
and commercial management of complex assets.

He is currently Chairman of Port Nelson Limited and Channel Infrastructure NZ Limited, and
a Director of Lochard Energy.

Thanks for joining us Paul.

Catherine Drayton
Catherine joined the Genesis Board in March 2019 and is the Chair of the company’s Audit
and Risk Committee.

Catherine is a former senior partner at PwC, specialising in mergers and acquisitions,
culminating in her leading the Assurance and Advisory divisions in Central and Eastern
Europe. Her extensive cross-sector governance experience includes multiple directorships
across iwi organisations and the energy, healthcare and infrastructure sectors. She is a
former Chair of Guardians of New Zealand Superannuation.

She is currently the Chair of Mint Innovation Limited and Connexa Ltd and a director of IAG
New Zealand Ltd and Warren and Mahoney Ltd.

Catherine is a Fellow of Chartered Accountants New Zealand and Australia.

Thank you for joining us Catherine.

James Moulder

James joined the Board in 2018 and is a member of the company’s Audit and Risk
Committee.

James has strong governance experience, having held a number of non-executive Board and
Advisory Board positions in the electricity and carbon industries. He has previously held
executive management positions at Mighty River Power, now known as Mercury Energy.

Prior to joining the Genesis Board James advised the Singaporean Government on the
development of electricity hedge trading markets. More recently he has been involved in
the development of carbon and environmental markets in Asia.

James’ background advising the New Zealand electricity sector’s regulatory bodies also
strengthens our governance.

Thank you for joining us today James.

Behind me is an image of our Board Skills Matrix – a summary of the skills necessary for the
company’s success, and an assessment of the skills held by Directors. The matrix shows an
excellent spread of expertise and secondary skills among our Directors.

This year we enhanced the skills matrix to highlight climate change risk and opportunity
management as a key skill, recognising that understanding climate-related risks and
opportunities and how they may impact business outcomes in the near, medium and long-
term is key to good governance.

We are determined to be transparent about our opportunities, targets, strategy and
progress, and also about our challenges, the impacts we have and how we’re addressing
those. Our reporting strives to present a balanced view of how we create value over the
short, medium and long term. Our annual reporting suite now includes a fully integrated
report, in which environmental, social and governance metrics are integrated with financial
and performance updates, a Climate Statement and a Sustainable Finance Report. They can
be found in the investor centre on our website.

Establishing a good working relationship with a company’s Chief Executive is one of a
Board’s most important roles, and it’s pleasing to see the progress Malcolm Johns has made
in launching a new strategy, structuring an Executive team to support its execution and
starting delivery of value-enhancing strategic objectives. The Board looks forward to
supporting the Executive team to action the strategy over the coming years, in particular our
8by28, the 8 objectives we intend to deliver by FY28. Malcolm will speak more on these
soon.

A Board must continually assess itself, and this year we had an external party undertake a
robust review of our members’ skills, experience, and our ability to work as a team for the
benefit of the company. While there are always areas in which to improve, the results
overall were extremely positive.

Directors’ remuneration was reviewed this year as part of the previously communicated
biennial review cycle with the support of Korn Ferry. Directors’ fees were last increased in
2021. No increase in the Director fees pool has been sought this year. Rather, the Company
has sought to achieve a modest increase in Directors fees through reallocating the current
fees pool among the existing seven directors. As this re-allocation of fees is within the
envelope of the current fees pool, shareholder approval is not required. Revised Directors’
fees have been published through the investor section on the Genesis website together with
a copy of the supporting Korn Ferry benchmarking report.

I am proud to lead a strong and capable Board of Directors who provide their extensive
experience and specialist skills for the benefit of the company, our stakeholders, the wider
community and you, our shareholders.

Our results this year are compared against a year of record hydrology in FY23, and were
affected by three major impacts – the loss of Unit 5 for seven months, the declining gas
supply nationally, and low hydrology, especially in the South Island storage lakes.

The impact of Unit 5’s unplanned outage could have been more significant if not for the
expertise and commitment of the team that returned the unit to service four months earlier
than anticipated, and I want to thank the Huntly team for their efforts.

Lower than forecast national gas supply, coupled with lower hydro inflows, saw generation
fuel costs rise by over $100 million during FY24.

This meant FY24 EBITDAF was $407 million, down 22% on FY23, and net profit after tax was
$131 million, down 33%.

As previously guided, the Board chose to pay a reset dividend of 14 cents per share over the
year as we transition Genesis towards maintaining sector-leading yields while increasing our
capital programme to deliver long-term earnings growth. I’ll speak more on this shortly.

Looking ahead, our FY25 EBITDAF is expected to increase to around $460 million, subject to
hydro inflows, plant availability and any other unforeseen events.

FY24 was a watershed year for Genesis with the launch of our Gen35 growth strategy.

Gen35 is focused on three key things:
1. Cost control
2. Deploying capital to drive earnings growth
3. Maintaining our sector-leading yield

Gen35 capitalises on Genesis’ unique position in the sector. We have a large customer base
to help transition to electrification, we have the ability to expand our renewables
generation fleet to increase margin, and Huntly Power Station is front and centre in our
plans to derive value from energy security and flexibility in a high-renewables grid. Huntly
proved its worth once again this winter in providing security of supply when hydro lakes
were low, wind did not arrive at wind farms, and the national gas supply declined markedly.

We have moved quickly to start delivering Gen35:

First up we achieved final investment decision for the Lauriston solar farm. Construction is
well underway and the facility is on track to begin generation in December this year. The
swift delivery of generation assets to the market is a tribute to how we have built
development and delivery capability quickly within the Genesis team over the past year.

We also secured our next solar site near Edgecumbe in the Bay of Plenty, while adding
enough development opportunities to our pipeline to be confident of achieving our target of
500 MW of solar by FY28.

We are delivering on the transformation of Huntly Power Station, a 1,200MW grid
connection located in the heart of New Zealand’s growth region of Auckland, Hamilton and
Tauranga. The transformation began by reaching financial close on the first stage of the
site’s grid scale battery project. The 100 MW battery is expected to be operational in the
middle of 2026. It will play an important part in driving enhanced margin from our existing
portfolio and accessing new revenue and margin from the market.

We continue to advance displacing coal with biomass and expect to have more to say about
this project later in FY25.

We are well into delivering our retail transition, a journey towards a simplified, lower cost
model, while focusing on new value pools in demand-side flexibility and EV’s. Our new
approach will result in a reduction of around 200 FTE’s across FY24 and FY25. We thank our
people for their professionalism in working through this difficult process with us.

We advanced delivery of our digital programme, which consists of three key upgrade
projects for our billing and CRM platform, our finance management platform, and our
wholesale trading toolkit. The Board and executive are focused on managing delivery risk

and ensuring these projects have the earnings impact we seek.

Our work this year also included starting to deploy productivity-enhancing technology like
AI. We will have more to say on this over the coming year.

At Investor Day last November we outlined a $1.1 billion capital programme to build new
renewables and drive earnings growth. We indicated we would aim to maintain a credit
rating debt to EBITDAF ratio in a multiple range of between two and three over the long
term. This would include dedicating the free cash flows from our share of the Kupe gas field
to this programme. The current unfavourable outcome at Kupe’s KS-9 well means we may
be at the upper end of our credit rating range while we deploy capital, moving back towards
the mid-point as earnings growth from new initiatives beds in. We remain committed to our
BBB+ credit rating, long term.

We indicated at Investor Day that we could build earnings using Power Purchase
Agreements, (or PPAs), partnered capital at asset level with PPAs, and use our own capital
on balance sheet.

In the past year, Genesis' share price has not performed at the level of our competitors. We
acknowledge that as we transition to a new setting of yield and growth it will take time to
build earnings and for our share price to follow. Genesis is in a transition within the energy
transition and we are focusing on the things we can deliver to grow shareholder value, such
as setting our new strategy, good governance of key investment decisions, maintaining a
strong and capable executive team and upholding the reputation of Genesis.

The Board carefully considers dividend policy to provide shareholders returns, while
balancing investment for long term growth and maintaining an appropriate balance sheet
setting.

The reset of the dividend to 14 cps was an important decision for the Board, as we chose to
direct increased free cash flows into new renewable generation to deliver Genesis’
transition to an earnings growth outlook.

While the outcome of the KS-9 well intervention has proven there is some gas there, there is
a blockage in the well that is preventing the gas from flowing. The Joint Venture is reviewing
options for further intervention and we will remain engaged in that process.

The KS-9 outcome reinforces the importance of transitioning Genesis under Gen35, and
Genesis remains committed to delivering our strategy objectives.

The next phase of this transition will occur over the next four years as we deliver Horizon 2

of Gen35, our 8by28 programme, targeted to lift earnings to the mid $500 millions by FY28
and drive shareholder value.
Our business is nothing without the commitment of our people. FY24 saw major
restructuring of the business and the introduction of a new strategy. A survey conducted
after the restructure delivered an overall team engagement score of 81%, an outstanding
result considering the difficult period our people had just been through. Most agreed their
work gave them a feeling of personal accomplishment and that they would recommend
Genesis as a great place to work.

A focus on safety and wellness is key to this result. This year we continued to see a
significant reduction in injury severity, with the total number of lost and restricted days due
to injury reduced by 42% compared to FY23. Our ongoing LPG Delivery Injury Reduction
Programme maintained its momentum, with a 31% reduction in the LPG injury rate since the
programme launched in FY22.

Our Genesis Wellbeing Programme continued its success with widespread use of resources
in a portal called My Everyday Wellbeing. We are working towards an international standard
for workplace health and safety systems.

********************
In conclusion, along with my fellow Directors and our Genesis Energy team, I would like to
thank you for your ongoing support of our company.

FY24 has been a challenging year in what is a dynamic decade for the energy sector. The
year’s events have underlined our long-held view that a renewable transition must also
deliver energy security and reliability. We will continue to engage constructively with
regulators to help ensure a workable pathway for new renewable generation, while helping
ensure security of electricity supply and affordability for our customers.

I have every confidence that your Board, overseeing our strong executive team, will
maintain the company’s position as an essential and profitable part of New Zealand’s energy
future, while at the same time living up to the company’s purpose and vision.

Finally, I do want to acknowledge the awards that Genesis has been recognised for in the
past year, across our wholesale, retail and corporate segments. We were pleased that our
integrated report was recognised as best overall at the 2023 Internal Annual Reports
awards.

It is now my pleasure to invite your Chief Executive Malcolm Johns to address our
shareholders. Welcome, Malcolm.

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Chief Executive Officer’s address – Malcolm Johns

Kia ora everyone. Thank you Barbara for providing an overview of some of the challenges
and opportunities the company has navigated in what has been a demanding but rewarding
year, in which we defended our earnings and delivered on strategy.

While we were challenged by major unplanned outages and New Zealand’s gas shortage,
the big impact was mother nature failing to show up during winter 2024. The country
experienced 30% less generation from major hydro and wind operators over the past
winter.

Despite these challenges our portfolio showed its resilience. We delivered for our customers
from our own generation assets, avoiding the volatile spot market. This meant we defended
our earnings while also delivering on key strategic projects.

Horizon 1 of our Gen35 strategy was about getting the business future fit to grow earnings
and we delivered on that. We have reshaped Genesis into six business units, realigned the
Executive Team and commenced a major repositioning of the retail business into a lighter
touch, lower cost model. As part of this we farewelled around 130 of what will ultimately be
200 fewer staff in our retail business. I want to thank everybody for the professional way
this was handled.

In addition to strengthening our Executive Team we have also built depth into our
leadership bench with a more impactful senior leadership team, laser focused on delivering
cost control, our earnings-enhancing capital programme and maintaining our sector-leading
yield position.

I’d like to introduce our Executive Team to you now.

Tracey Hickman has been on the Genesis executive for more than 12 years and in the
energy sector for three decades. In FY24 Tracey was appointed Chief Wholesale Officer,
overseeing our wholesale operations, trading and fuels portfolio, and asset development
team. She has also been Chief Customer Officer, and prior to this was Executive General
Manager for Generation and Wholesale. Tracey’s long experience through market
transformations and transitions are invaluable to the Genesis team right now. Her early
career was in managing large-scale environmental reconsenting projects and
iwi/stakeholder relations.

Matthew Osborne has been with Genesis since 2018 and as our Chief Corporate Affairs

Officer and is responsible for legal, regulatory, government relations, sustainability,
community investment, communications, and company secretarial functions. Matthew
previously worked in a number of international markets and brings significant experience in
executing business strategy and in providing specialist risk management, commercial, legal
and regulatory advice.

Claire Walker joined the team last year as Chief People Officer. Claire is a deeply
experienced people and culture executive. She understands how structures best
serve strategy and how to build high-performing cultures.

Stephen England-Hall joined us as our Chief Retail Officer. He is a market strategy specialist
who understands value-creating brand strategy, customer loyalty, proactive channel
management and high-value, low-cost customer service models.

Ed Hyde came on board as our Chief Transformation and Technology Officer. Ed has deep
experience in introducing technology platforms, data and AI into businesses to drive
productivity growth.

This year we farewelled Chief Financial Officer James Spence, and look forward to
welcoming our new Chief Financial Officer, Julie Amey, in November. Julie joins us with a
wealth of experience in both the energy sector and listed entities.

We’re grateful to Emma Oettli for taking on the role of Interim CFO until Julie joins us.
Emma is an excellent example of the strength in our leadership team and will then move
into a new but critical role of GM Portfolio, leading our work on growing group gross margin
outcomes over the next four years.

As Barbara mentioned, the launch of our Gen35 strategy kick-started Genesis’ transition to a
growth stock with sector leading yields, focusing on deploying capital to grow earnings and
value.

For New Zealand to reach net zero by 2050, 60% of New Zealand's energy needs to come
from electricity, up from around 38% today. At least 95% of that electricity needs to be
renewable, up from around 80% today, and it will need to be practically available 100% of
the time. This includes winter peaks, periods of low wind, and dry years.

This is the first principle of our operating context for the next 25 years: 60 – 95 – 100. The
challenging elements of the 60-95-100 scenario will be advancing the demand-side
transition to electrification and maintaining 100% energy security while we do so.

If we look back over the past decade we can see from this slide that demand for electricity

has been flat, however the sector has been investing in new renewable generation, lifting
from around 70% a decade ago to over 80% today.

What this graph shows is while electricity generators have been investing in New Zealand’s
energy transition, the New Zealand economy has not. We are no more electrified today than
we were a decade ago, yet electricity is much more renewable.

New Zealand has chosen a market-based approach to the energy transition. Markets by
their very nature foster the rational deployment of capital and that is exactly what we have
seen over the past decade of a no-growth market.

Countries which have transitioned over the past decade without subsidies have seen
customer demand growth and strong demand-side policy settings sending clear growth
signals that have triggered rational investment in new generation. It is time for NZ Inc to
invest in both demand and supply growth.

New Zealand relies on foreign investment to fund our economy and standard of living. The
challenge is not just to attract that capital, but to have long term, stable market settings and
capital structures that make it easy for that capital to land in a meaningful way, driving
investment in both demand for electricity and its supply.

Under our new strategy we are committed to playing our role to deliver the 60-95-100
pathway to Net Zero 2050 for New Zealand, growing shareholder value as we do so.

Our recent investment in taking a majority position in ChargeNet, New Zealand’s fastest
growing EV charging infrastructure provider, complements our existing investment in
Ecotricity, New Zealand’s largest distributed energy retailer through scaled deployment of
household rooftop solar and battery systems. These partnerships enable us to support our
500,000 customers in electrifying their homes and businesses while we create new value
pools to build shareholder returns in the future.

We’re committed to investing around $1 billion in new renewables by FY30 as we develop
our generation portfolio to be 95% baseload renewable by FY35, producing long-term
earnings growth.

As we build new renewables we will free up around 1,400 MW of energy security generation
in the Huntly Portfolio to be sold into the short and long-term energy security market, which
as winter ‘24 has shown is not yet fully serviced.

Despite the operational challenges of FY24, we delivered all the Gen35 Horizon 1 strategic
objectives we said we would.

We delivered on the first stages of moving to a lower cost, lighter touch retail model,
focused on value share over volume share. The changes resulted in a reduction of 130 FTE
in our core retail and technology teams. By FY26 we will be operating retail with a total of
200 fewer FTE.

At the same time, we invested in growing our teams across renewables development adding
specialist skills and subject matter experts in batteries, solar and wind. We also increased
the capability in our trading and fuels teams.

The change process we navigated during the past year was one of the best I have been part
of during my 30 year executive career. Over 90% of our team have been through some form
of change process over the past 12 months and the evidence of how well this was handled
came in a follow-up survey of our people. Despite the major restructures, 81% of our team
are engaged in the business and our new strategy. That is 6% above the national benchmark
and reflects the quality and capability we now have in our Executive and senior leadership
teams to navigate large scale change while maintaining strong team engagement.

We also maintained our high customer satisfaction rating. The Genesis brand improved its
customer satisfaction score by 6 points compared to FY23. Frank won the Consumer NZ
People’s Choice award for the second year in a row, and our Power Shout programme won
Best Overall Loyalty Programme in our industry category at the Asia Pacific Loyalty Awards.

Our billing and CRM platform upgrade is on track. We’re planning for a late FY25 go-live
across our Frank brand and full implementation across all brands by FY27.

Our wholesale programme gathered momentum. The Lauriston solar farm is under
construction with our joint venture partner FRV Australia and due for first generation in
December this year.

A 10-year renewable energy supply partnership agreed with Spark supported by the
Lauriston development is an example of agreements that can support the development of
new renewable energy capacity, as well as the delivery of our partners’ sustainability
commitments.

We’ve secured another solar site near Edgecumbe in the Bay of Plenty, with a final
investment decision due in coming months and first generation in the first half of 2026.

We are on target to deliver 500MW of solar by close of FY28.

We reached final investment decision on the first stage of our grid scale battery programme

at Huntly Power Station. Installation of the first 100 MW battery will start this year with
operation planned for mid-2026.

Using the new battery at Huntly we will be able to move winter solar generation from the
middle of the day into evening peaks.

Gas storage will allow our summer gas to be displaced by solar, shifting summer gas to
winter where it is more valuable.

Winter ‘24 highlighted the need for New Zealand to be able to store energy at scale to cover
dry year needs. We also learned the same weather patterns that that bring us dry years also
produce low wind. Mother nature didn’t show up in 2021, again in 2024 and she will fail to
show up in future years.

During winter ‘24 hydro and wind generated 30% less electricity than the year before. The
system didn’t have this covered and as a result the country was short of stored energy
reserves with the result being volatile wholesale electricity prices.

Genesis can be proud of two things from this past winter.

Firstly, our 500,000 customers across the country were not exposed to the prices quoted in
media commentary. We backed every one of our customers.

Secondly, at short notice Genesis delivered 25% more generation to the market than winter
2023, despite having less gas to do so. New Zealand was simply lucky that the Huntly coal
stockpile was at 800,000 tonnes at the start of autumn. This was materially above the
350,000 tonne operational stock pile Genesis would expect to carry in a normal year.

The current New Zealand wholesale electricity market rules require generators to carry a
generation reserve but not an energy reserve. During winter ‘24 we were not at risk of
running out of generation, we were at risk of running out of energy.

This slide shows where New Zealand stores energy at scale for electricity generation.

As you can see, hydro storage is around 4 TWh, gas 1 TWh, coal 2 TWh, but New Zealand’s
biggest energy reserves lie in our forests. If we take low value logs we can produce around
4TWh per annum of electricity. High value logs we export produce around 10 TWh.

New Zealand’s largest, cheapest, most sustainable and reliable energy storage for electricity
sits in our exotic forests. Biomass through the Rankine units offers the country as much a 4.5
TWh of stored energy to cover the 1-2 TWh of energy reserves needed to cover years of low

hydro and low wind.

Biomass used in the Rankine units produces competitive electricity prices, as can be seen on
this slide.

New Zealand has the opportunity to not only secure dry year cover using biomass from
domestic forests, without disrupting logs for export or construction, the potential supply is
also large enough to ultimately displace coal and gas, securing the electricity system with
domestic fuel storage for generations to come.

Under our new strategy Genesis is pursuing biomass at some speed, investing in a dedicated
team to deliver real outcomes at volume by FY28.

While biomass as a fuel is important, we also need to secure a commercial pathway for two
Rankines plus a reserve Rankine out to 2035-40.

In dry years the Rankines become critical to New Zealand’s electricity system. A commercial
pathway for the Rankines beyond FY28 will require an adequate return on capital. This year
we launched a new product, Huntly Firming Options (or HFO’s) to test how we might deliver
both energy and earnings security beyond FY28. A key feature of HFOs is they sell fixed
capacity options to the market, with fuel reserves and costs sitting with the HFO holder
rather than Genesis.

We were very pleased with the market response. While this round of HFO’s was at limited
volume and only for two years, we are working on how we deliver greater volumes over a
10-year period. Ten-year HFO’s will be critical to investing in Rankine capacity on biomass
out to 2035-2040. There will need to be sector support to deliver both and to secure the
electricity system during years of low hydro and low wind.

As we add more renewable generation to our portfolio, we will be able to offer more
capacity at Huntly to provide the nation’s energy security.

Our financial performance in FY24 had three significant impacts. First was the loss of Unit 5,
our 400 MW combined cycle gas turbine at Huntly Power Station, for seven months
following a fault that had not been experienced by this type of turbine anywhere else in the
world.

Much of the direct impact was insurable. However, the indirect impact was not. We had to
run Rankines for longer, burn more coal than we planned, and delay some of our planned
outages on our hydro generation.

The second major impact of the year was the declining gas supply nationally, down 29% in
the year to June. Less gas means more coal and coal has been more expensive than gas.

The third impact was low hydrology and a lack of wind at wind farms.

In normal dry years the country has been able to rely on gas generation to back up the grid,
however the national gas shortage meant that once Unit 5 was back online we could not run
it at full capacity.

The result of these three impacts was over $100 million in extra fuel cost for FY24.

Our team responded well to these challenges to minimise their financial effect and ensure
there was no impact on our customers. The challenges have however created a drag on
short term financial outcomes.

Opex was on budget but up 10% on the prior year. The main restructures occurred in the
second half of FY24 so the full effects are expected to flow through into FY25 and beyond.
We’ve previously signalled higher time-limited Opex driven by investment in digital projects.
This Opex will peak in FY25/26 before falling back to stay-in-business levels by FY28.

The next two years will be focused on controlling Opex, completing the technology
programme and deploying growth Capex to drive earnings growth. We have major Capex
being deployed across FY25/26 and expect to see the impact of this on FY27/28 earnings.

Until we secure a reliable supply of sustainable biomass, less gas does mean more coal for
the Rankines. Combined with the Unit 5 outage and low hydro levels, FY24 saw us burn a lot
more coal, with a resulting increase in emissions of 1.2 million tonnes of CO₂ compared to
FY23.

This means we will likely miss our FY25 Science Based Targets for emissions reduction,
despite all Scopes being lower than the FY20 base year.

We have always said that our emissions reduction journey will not be a straight line but a
trend over time. We now intend to extend that timeline to be net zero by 2040, and this
year we will apply to the Science Based Targets initiative for verification of this target as we
continue our work to support New Zealand toward its goal of net zero 2050.

We have spent FY24 getting the team and business future fit, we are in delivery mode and
we have a growth mindset.

Our mission is to deliver 8 earnings growth initiatives by 2028, our 8by28!

These are the eight deliverables that will drive earnings into the mid $500m’s by FY28,
equating to around 35% earnings growth.

As you can see from this slide, each of the eight strategic items aligns with one of the three
cogs of our Gen35 strategy – Customers, Company, and Country.

We currently believe the long-run cost of electricity in today’s dollars will be around $115
per MW.

We are well into delivery mode of each item on this list and will report on our progress
every six months.

FY24 has been a transition year for our shareholders as well as our team and we
acknowledge that. The earnings outlook pre-Gen35 was flat to declining as renewables
reduced the role of thermal and we weren’t building new renewable generation. Horizon 2
of Gen35 focuses on the 8by28 programme, transitioning Genesis within the energy
transition and returning to a growth outlook.

Our focus for the next four years is on driving cost control, deploying capital for earnings
growth and maintaining sector leading yields. We are confident our strategy and the team
we have in place will deliver this for shareholders.

Thank you for your support over the past year and as we progress in delivering Gen35.

END