Strategy execution gaining momentum in challenging period

GENESIS ENERGY LIMITED
Interim Report 2025

GENESIS INTERIM REPORT 2025
Tēnā koutou katoa,
Genesis’ flexible generation assets, deep energy storage capacity
and large customer book played a role in navigating a particularly
challenging first half of FY25 to deliver a credible result.
Malcolm Johns
CHIEF EXECUTIVE
Barbara Chapman CNZM
CHAIR
Our portfolio strengths
Renewable generation of ~4 TWh pa,
a 17% increase by the end of FY25,
comprising
• ~3 TWh pa from hydro from two North Island
schemes and one in the South Island
• ~1 TWh pa in Power Purchase Agreements
(PPAs) for wind, solar, and geothermal
generation
Flexible generation of ~1,200MW
• Grid scale portfolio of flexible generation
assets at Huntly Power Station
• Broad fuel diversity of natural gas, coal and
diesel with potential to include LNG, biomass,
hydrogen and bio-methanol in the future
• Large scale energy storage under
construction
Customer book of ~500,000
purchasing ~6 TWh pa
• Well priced and geographically spread
residential and business customer book
• Ability to supply our customers with our own
assets during high priced dry periods and
from the market during lower priced wet
periods
Gen35 shareholder focus
We have two clear objectives as we enter horizon
two of our Gen35 strategy, from FY25 to FY28:
Earnings growth
• Our 8 by ’28 activation plan will lift EBITDAF
to the mid $500m’s
Earnings multiple growth
• Gen35 outlines how long-term cash flows can
be delivered from flexible generation assets
H1 FY25 at a glance
Renewable generation
Down 9% pcp
Flexible generation
Up 89% pcp over Jul-Aug
Down 34% pcp over Sep-Dec
Customers
Winter demand supported by
flexible generation assets
Spring/summer demand supported
by market
New Zealand
Methanex gas purchase to support
wider market
Letter from the Chair and Chief Executive
EBITDAF
1
H1 FY24 $202.1m
$216.5m
Net Profit After Tax (NPAT)
H1 FY24 $38.3m
$70.3m
Interim Dividend
FY24: 7.0cps
7.13cps
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 after tax.
2

3
GENESIS ENERGY LIMITED
Advanced fuel orders are made by the HFO
holder with Genesis arranging for the fuel to be
delivered and stored ready for use.
We are often asked why we purchase coal from
Indonesia rather than New Zealand. When
Huntly Power Station was built the furnaces were
designed for a specific type of coal, at that stage
found in the mines behind Huntly. Those mines
no longer produce enough coal to cover New
Zealand’s needs; Indonesia is the closest country
from which we can source the right type of coal
in the quantity we need.
However, in the past few years Indonesia has
established a new export regime for coal. Export
orders must now be approved by the Indonesian
government the year prior to delivery. New
Zealand can no longer rely on short lead coal
deliveries to back up electricity generation.
For HFO holders this is an important point.
Waiting until autumn to assess hydro lake levels
before ordering coal to fuel HFO contracts may
result in coal orders not being accepted for
export.
We have said we will maintain an operational
coal stockpile of around 350,000 tonnes to
support our own portfolio. For winter 2025 we
have lifted the stockpile to 550,000 tonnes and
will review it annually. Coal for HFO holders will
be over and above this level at the HFO holder’s
cost.
The events of winter 2024 proved the prediction
that one of the scarcest energy resources of
the coming decade will be flexible generation,
which can peak and firm intermittent renewable
generation from wind and solar farms, and back
up the hydro system when lake levels are low.
It is estimated New Zealand will need to add
around 200 MW of new flexible generation
each year for the next decade to support the
intermittency of new wind and solar farms.
Genesis already has around 1,200 MW of
flexible peaking and firming generation, the
largest capacity in New Zealand. It also has
hydro schemes that can also be used as shorter
duration peaking generation. Under Gen35,
where there are appropriate commercial returns,
we will continue to invest in flexible generation,
fuels to lift energy storage, and market products
to support the growing need for peaking and
firming in a high renewables grid.
Key to this will be policy and regulation settings
that ensure developers of intermittent generation
buy enough firming capacity to maintain market
security. For example, most wind farms only
produce electricity for 40% of the time; solar
farms generate around 20% of the time.
Customers on the other hand demand electricity
100% of the time. Flexible generation bridges the
gap between the intermittent generation from
wind and solar and customer demand.
Our HFO product is one way developers of
intermittent generation can bridge the security
gap. The next step in our HFO development will
be to offer long duration firming options of up to
10 years.
Our investment in flexibility and energy storage
growth includes the first stage of our grid scale
battery programme – a 100 MW/200 MWh
battery at Huntly Power Station - increased
investment in fuel storage and flexibility
options, and mass market demand flexibility
opportunities.
The first half of FY25 was marked by the
extraordinary events of a winter that saw
Genesis’ flexible generation assets support our
customers across New Zealand, protecting them
from a volatile spot market. Those who had
purchased our Market Security Options (MSOs)
were also shielded.
We have been clear in communicating our Gen35
strategy to the market that Genesis will no longer
solely fund broad market back-up in either spare
generation capacity or stored fuel. The market
will need to appropriately pay for capacity and
fuel to be available ahead of time. This was
demonstrated during winter when MSOs were
honoured both in terms of generation capacity
and fuel reserves, protecting holders from the
high spot prices.
Between May and July 2024 we successfully
auctioned 85 MW of a new iteration of MSOs,
known as Huntly Firming Options (HFOs).
HFOs offer electricity market participants
two-year generation capacity contracts on
flexible generation at Huntly Power Station.
This generation capacity is paid for on a fixed
cost basis, and is available 365 days a year for
the duration of the contract. The contract can
be called on to cover cold winter nights as well
as dry winter months, and to provide backup
for plant outages or other portfolio constraints.
Artist's impression of battery installation at Huntly Power Station

GENESIS ENERGY LIMITED
4
Under Gen35, capital deployed into new
renewable generation is focused on supporting
our large, well-priced customer book. Each
MW of thermal generation we can free from
supplying our customer baseload delivers that
MW into the flexible generation market. Growing
our capacity and long term cash flows from
flexible generation while continuing to supply
our customers reinforces Huntly Power Station’s
importance to New Zealand’s security of supply
as the country goes through the renewable
transition over the coming decades.
When we launched Gen35 we indicated we
would deploy a range of structures to add
renewables to support our customer demand.
These included pure PPAs, joint ventures with
PPAs and direct investment of our own capital.
Our hydro power stations continue to form the
core of our renewable generation portfolio,
producing around 3 TWh pa. By the end of
FY25 we will have increased our renewable
generation to around 4 TWh pa through PPAs
with the Waipipi wind farm in Taranaki, and
more recently the Tauhara geothermal plant near
Taupō, and the 63 MWp
1
Lauriston solar farm
near Ashburton, the first in our joint venture with
FRV Australia, which reached full generation
in February 2025. This will see our renewable
generation volumes grow by around 17% pa by
the end of FY25.
In August we secured an advanced stage,
consented site for a 127 MWp solar farm
near Edgecumbe in the Bay of Plenty, and in
December secured a consented site for a
67 MWp solar farm at Leeston in Canterbury.
In addition, a 200 MWp solar site near Foxton
in Manawatū-Whanganui was accepted for
inclusion in the Fast Track Approvals Act.
During the half year we also undertook a range of
customer trials with a focus on building scaled
demand response capability to help manage
short term peaks in the market.
In September we launched a 12-month trial with
up to 10,000 residential customers throughout
New Zealand to see whether altering the time of
their hot water heating will reduce their power
bills and relieve strain on the national grid at
peak times. We’ve partnered with an Australian
technology company and a metering business
to remotely control hot water systems. To date
more than 5,500 customers have enrolled in the
trial delivering more than 17 MW of flexibility.
This is the start of a broad demand side flexibility
programme we will roll out over the next few
years, collaborating with our customers and
sector partners to solve the challenges brought
by electrifying our lifestyles and economy,
save our customers money and increase our
company’s value for shareholders.
We continued the migration of our retail
operating model to lower cost, lighter touch
approach to lift customer satisfaction. Through
this process we have reached a reduction of 200
full time roles.
The health, safety and wellbeing of our people
continues to be a priority for Genesis and we are
pleased to have achieved ISO45001 certification
against an internationally recognised framework
for managing risks and improving occupational
health and safety performance.
Lauriston solar farm
100 GWh
Estimated annual generation by Lauriston solar farm
1. MWp refers to the maximum direct current (DC) power output of a solar system under ideal conditions.

GENESIS ENERGY LIMITED
5
Ngā mihi,
Barbara Chapman
Chairman
Malcolm Johns
Chief Executive
Our purchase this half year of a majority stake
in ChargeNet, New Zealand's largest EV public
charging network, accelerates our progress
toward our strategic objective of achieving a
30% market share in EV customers by FY28. We
have already worked with ChargeNet to develop
our highly successful EVerywhere product. Our
investment preserves this for our customers
while giving shareholders early access to an
emerging value pool. Our investment will enable
ChargeNet to more than double its charge points
by 2030, supporting the government’s goal of
having a national network of 10,000 chargers by
2030.
Rapid charging infrastructure is crucial to
decarbonise transport and Genesis’ investment
will accelerate a faster nationwide rollout,
increase access and value for customers, and
drive future value for shareholders.
In November we completed a contractual
obligation to purchase the remaining 30% of
Ecotricity. Ecotricity is now a 100% owned
subsidiary of Genesis.
Leadership update
New CFO: In November we welcomed our new
Chief Financial Officer Julie Amey to the team.
Julie joined us from SkyCity Entertainment
Group, and has more than 30 years’ experience in
finance, primarily in the energy sector.
We’re grateful to Emma Oettli for once again
taking on the role of Interim CFO until Julie
joined us. Emma previously fulfilled this role from
November 2021 to March 2022. She has now
moved across to the Wholesale team to be GM
Portfolio, leading our work on growing group
gross margin outcomes.
New Pouhere Māori: We welcomed Kruger
Wetere to the role of Pouhere Māori. Kruger
will support our work with Māori and our
development and implementation of a Rautaki
Māori (Māori strategy).
New General Manager Investor Relations:
We welcomed Cam Sinclair to this role and
thanked Tim McSweeney, who has moved to a
commercial role in our portfolio management
team.
Investing in our core
Waikaremoana Power Scheme: During the half
year we commenced the last stage of a $95
million upgrade of the three generation sites in
the Waikaremoana scheme. The replacement
of both generators at Kaitawa station follows
upgrades at nearby Tuai and Piripaua stations.
By the time Kaitawa’s project is complete, the
upgrade of the entire scheme would have taken
10 years in planning, production and installation.
The scheme’s increased efficiency, or ability to
generate electricity from the same amount of
water, will be enough to power an extra 1,782
1
homes.
Gas: This half year we contracted an additional
2 petajoules of gas from the Tariki gas field in
Taranaki (should development be successful),
and an exclusive 12-month period of negotiation
for gas storage. Storage is critical in maximising
the value of our gas contracts, enabling us to
draw on reserves when gas is in high demand.
Technology: Our digital transformation
programme is progressing on schedule, with
good progress on key upgrades to our billing
and customer relationship management (CRM)
platform, our finance programme, and our
wholesale trading toolkit.
We’re planning to be launch ready for our Frank
customers to migrate to the new billing and CRM
platform by the end of the financial year, with full
implementation across all brands by FY27.
We’re on track to deliver within our FY25 IT
operating budget and have begun mapping how
to reach our IT opex goals for FY26.
Looking ahead
We’re preparing for another challenging winter
as gas supplies remain tight and we anticipate
the same level of demand response we saw from
industry in 2024 may not be forthcoming this
year. The flexibility and fuel storage provided
by Huntly Power Station will once again prove
its worth, and we encourage third parties to
indicate their interest to us in purchasing HFOs
to secure their supply at a fixed price.
Horizon 2 of Gen35 is exciting as we accelerate
our transition within the country’s transition,
growing value for our shareholders and
customers as we power a sustainable and
thriving Aotearoa.
Kaitawa power station near Lake Waikaremoana
1. Made up as follows: Tuai upgrade (1,000 homes), Piripaua upgrade (432 homes) and Kaitawa (350 homes). Due to station constraints the full impact
of the efficiency gain for the Tuai upgrade is only achievable when the station is operating below the maximum output of 60 MW.

GENESIS ENERGY LIMITED
Gen35
GEN35 INITIATIVEFY28 GOALPROGRESS
Billing and CRM
re platform
Customer
Flexibility
Electrification
(EV)
Gas Storage
Biomass
BESS
FLEXIBILITY
Monetising
flexibility
FY28 EBITDAF
1
RANGE ESTIMATE
GROWTH INVEST.
2
ESTIMATED ALLOCATION FY25-FY30
$25-40m
$40-60m
$40-60m
~10-20%
~30-70%
~30-40%
1. Indicative FY28 EBITDAF range based on P50 hydrology conditions, no material Market changes and acceptable financial settings. Expected to deliver mid $500 million EBITDAF.
2. Expected proportion of capital for allocation if economic assumptions, financial settings and commercial terms are acceptable.
Operational across
Genesis and Frank
All milestones for Frank go-live on track
150 MW of flexibility
Hot water cylinder heating delivering 17MW of peak flex
among 5.5k customers
Genesis customers are
30% of EV market
65% share of ChargeNet, securing end-to-end EV customer
relationship, representing high value and volume customers
Wind
Solar
Development pathway
to 300 MW
Partnership and acquisition opportunities progressing.
Castle Hill wind farm review progressing
Up to 500 MW developed
and operational
Lauriston Commercial Operations Date achieved (63MWp);
Leeston acquired (67MWp); Edgecumbe FID on-track
(127MWp); Foxton progressing (200MWp)
Huntly Unit 5 seasonal
operation sufficiency
12-month exclusivity contract to investigate Tariki gas
storage
300 KT p.a. available for
Huntly Rankines
Non-binding term sheet with Foresta signed with good
progress on term sheets with other consortia
100 MW/200 MWh BESS
operational at Huntly
Long lead procurement secured; commencement of
physical works on-site
GEN35: 8 BY ‘28 PROGRESS UPDATE
Supporting our Gen35 strategy in delivering Horizon 2
CUSTOMER
Margin growth
RENEWABLES
Thermal
displacement
6

GENESIS ENERGY LIMITED
1.

Includes Ecotricity customers.
2.

The measurement of customer complaints changed in FY25.
Previously it was based on the percentage change and included
both escalations to team leaders and formal complaints. The
revised definition only includes formal complaints (those
accepted for formal investigation/consideration by Utility Disputes
Limited or escalated internally to the disputes resolution team).
The definition was changed to focus attention on customer
dissatisfaction that cannot be resolved by inbound customer-
facing staff including the team leader. Given the small number of
complaints and the changing customer base it was considered
Key H1 FY25 Sustainability data
This serves as a snapshot of our half year performance against key Environmental, Social and Governance (ESG) indicators. Full sustainability data and performance against our FY25 Sustainability Framework is
included in our annual reporting. For the most recently reported information, refer to our FY24 ESG datasheet and GRI Index and Sustainability Framework. This data is not subject to assurance.
Progress against FY25 Sustainability Framework
A low carbon future for all • Applied for validation of Genesis’ Science-Based Net-Zero 2040 target with the internationally recognised Science Based Targets initiative.
• Genesis Directors attended a Governing Natural Capital Course to build understanding of nature-related risks and opportunities.
A more equal society • Strengthened approach Community Investment with focus on three pou – Energy Wellbeing, Education & Pathways and Protecting & Restoring Nature, with a focus on
our communities closest to our power schemes.
• Executive Team completed the Te Kahikatea cultural competency programme; onboarded Pouhere Māori (GM Māori).
A sustainable business • Genesis CEO Malcolm Johns took up the role of Convenor for the Climate Leaders Coalition. The Coalition enables us to share insights and opportunities as we take
action to reduce the country’s carbon emissions.
• Entered the ‘Leader’ category in the Forsyth Barr CESG rankings for the first time, scoring an ‘A’, in 7th place, up from 16th.
Key H1 FY25 sustainability metrics H1 FY25H1 FY24H1 FY23
Power NZ’s energy transition Scope 1 and 2 emissions (tCO
2
e)1,130,405986,957439,017
Scope 3 emissions from use of sold products (tCO
2
e)369,899294,701415,220
Total scope 1, 2 and 3 emissions (tCO
2
e)1,715,8431,422,759998,740
Thermal generation as a % of total generation53%46%30%
CustomerNumber of retail customers 516,312
1
493,215481,285
Number of formal customer complaints per 1,000 retail customers
2
0.941.020.89
Net Promoter Score (iNPS)
3
534947
Customers on an EV plan 9,6116,7712,897
Supply chain Total supply chain spend ($m)
4
$1,809 $1,133$987
EmployeesEmployees (headcount)
5
1,3041,3061,222
Employees (FTE)
5
1,2701,269 1,1 7 9
Total recordable injuries
6
2527 17
Workdays lost or restricted due to injury
6
457403389
Senior leader gender representation
7
43:5743:5739:61
CommunityGiven the longer-term nature of our Community Programmes, full data will be presented in our
end-of-year disclosures. For FY24 performance, please see our FY24 ESG datasheet and GRI Index

more meaningful to disclose the number of complaints per 1,000
retail customers than the percentage change period on period.
The comparatives have been restated to enable comparability
over time. The H1 FY25 number excludes Ecotricity as the data
was not available at the time the reporting was prepared.
3. Based on survey question 'Based on your recent interaction with
Genesis/Frank, how likely would you be to recommend Genesis/
Frank to your family/friends?' The reported score is calculated
using all ratings received in the six month period for H1 FY25, H1
FY24 and H1 FY23 and the financial year for FY24.
4. Includes Ecotricity from 1 December 2024.
5. Headcount includes permanent, fixed-term and casual employees
and employees on parental leave or a career break for the Group
(Genesis and Ecotricty). FTE is calculated using the same basis
as headcount however it excludes employees on parental leave
or a career break. Both headcount and FTE exclude contractors.
The comparative FTE information has been restated to remove
employees on parental leave or career breaks to align with the H1
FY25 definition.
6. 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 16 January 2025. It
excludes Ecotricity.
7. % female to % male. Measures the progress we are making in
advancing females into senior leadership roles. Senior leaders are
classified as Tier 1, Tier 2, and Tier 3 employees.
7

8
GENESIS ENERGY LIMITED
Condensed Consolidated
Interim Financial Statements
For the six months ended 31 December 2024
Condensed consolidated interim
financial statements
Consolidated comprehensive
income statement
9
Consolidated statement of changes
in equity
10
Consolidated balance sheet11
Consolidated cash flow statement12
Notes to the condensed consolidated interim financial statements
General information and significant matters
13
A. Financial performance
A1. Segment reporting
14
A2. Depreciation, depletion and amortisation
17
A3. Other gains (losses)
17
B. Operating assets
B1. Property, plant and equipment
17
B2. Oil and gas assets
18
C. Working capital
C1. Receivables and prepayments
19
C2. Inventories
19
D. Funding
D1. Borrowings
20
D2. Finance expense
21
D3. Dividends
21
E. Risk management
E1. Derivatives
21
E2. Change in fair value of financial instruments
22
E3. Fair value measurement
22
F. Other
F1. Related party transactions
23
F2. Commitments
24
F3. Contingent assets and liabilities
24
F4. Subsequent events
24
G. Business acquisitions and investments
G1. Business acquisitions
24
G2. Investment in joint venture
26
Ngā Tauākī Pūtea Tōpū Whakarāpopoto Weherua
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

9
GENESIS ENERGY LIMITED
Consolidated comprehensive income statement
For the six months ended 31 December 2024
Note
31 Dec 2024
unaudited
$ million
31 Dec 2023
unaudited
$ million
RevenueA1 1,761.2 1,366.5
ExpensesA1(1,537.0)(1,180.8)
Depreciation, depletion and amortisationA2(113.4)(106.9)
Impairment of non-current assets(0.8)(0.4)
Revaluation of generation assetsB1(74.7)( 7. 6 )
Change in fair value of financial instrumentsE2 86.4 18.5
Share of associates and joint ventures 0.7 (1.8)
Other gains (losses)A3 10.9 7.1
Profit before net finance expense and income tax 133.3 94.6
Finance revenue 1.7 1.1
Finance expenseD2(41.3)(42.2)
Profit before income tax93.7 53.5
Income tax expense(23.4)(15.2)
Net profit for the period 70.3 38.3
Earnings per share (EPS) from operations
attributable to shareholders CentsCents
Basic and diluted EPS6.50 3.60
Note
31 Dec 2024
unaudited
$ million
31 Dec 2023
unaudited
$ million
Net profit for the period 70.3 38.3
Other comprehensive income
Change in cash flow hedge reserve(5.5)(16.9)
Share of other comprehensive income of associates and joint
ventures accounted for using the equity method
(0.7)-
Income tax expense relating to items above 1.7 4.7
Total items that may be reclassified to profit or loss(4.5)(12.2)
Change in asset revaluation reserveB1 365.7 150.4
Income tax expense relating to items above(102.4)(42.1)
Total items that will not be reclassified to profit or loss263.3 108.3
Total other comprehensive income for the period 258.8 96.1
Total comprehensive income for the period3 2 9.1 134.4
The above statement should be read in conjunction with the accompanying notes.




CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

10
GENESIS ENERGY LIMITED
Consolidated statement of changes in equity
For the six months ended 31 December 2024
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 2024 752.1 1.7 1,951.5 25.8 (5 3.1 ) 2,678.0
Net profit for the period - - - - 70.370.3
Other comprehensive income
Change in cash flow hedge reserve - - - (5.5) - (5.5)
Change in cash flow hedge reserve - associates and joint ventures - - - (0.7) - (0.7)
Change in asset revaluation reserveB1 - - 365.7 - - 365.7
Income tax expense relating to other comprehensive income - - (102.4) 1.7 - (100.7)
Total comprehensive income for the period - - 263.3 (4.5)70.33 2 9.1
Revaluation reserve reclassified to retained earnings on disposal of assets - - (4 .1 ) - 4.1 -
Hedging gains and losses transferred to the cost of assets - - - 0.4 - 0.4
Income tax on hedging gains and losses transferred to the cost of assets - - - (0.1 ) - (0.1 )
Changes associated with share-based payments - (0.2) - - 0.1 (0.1 )
Net change in treasury shares 0.5 - - - - 0.5
Shares issued under dividend reinvestment planD3 1 7. 8 - - - - 1 7. 8
DividendsD3 - - - - (75.7)(75.7)
Balance as at 31 December 2024 770.4 1.5 2,210.7 21.6 (54.3)2,949.9
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Balance as at 1 July 2023710.9 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 reserve - - 150.4 - - 150.4
Income tax 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
The above statement should be read in conjunction with the accompanying notes.

11
GENESIS ENERGY LIMITED
Consolidated balance sheet
As at 31 December 2024
Note
31 Dec 2024
unaudited
$ million
30 Jun 2024
audited
$ million
Cash and cash equivalents102.0 192.8
Receivables and prepaymentsC1276.9 312.9
InventoriesC2119.5 87.5
Intangible assets82.7 82.7
DerivativesE1170.0169.9
Total current assets751.1845.8
Receivables and prepaymentsC11 .1 1.3
Inventories C25 7. 7 -
Property, plant and equipmentB14,140.5 3,879.5
Oil and gas assetsB2248.1 256.2
Intangible assets304.8283.9
Investments in associates and joint ventures145.3 76.2
DerivativesE13 7 7. 0294.4
Total non-current assets5,274.54,791.5
Total assets6,025.65,637.3
Note
31 Dec 2024
unaudited
$ million
30 Jun 2024
audited
$ million
Payables and accruals310.6 301.3
Tax payable 11.318.6
BorrowingsD1301.3 268.3
Provisions10.4 9.3
DerivativesE162.7 118.6
Total current liabilities696.3716.1
Payables and accruals0.7 2.2
BorrowingsD11,227.4 1,182.4
Provisions209.5 203.2
Deferred tax907.5825.5
DerivativesE134.3 29.9
Total non-current liabilities2,379.42,243.2
Total liabilities3,075.72,959.3
Share capital770.4 752.1
Reserves2,179.51,925.9
Total equity2,949.92,678.0
Total equity and liabilities6,025.65,637.3
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: 20 February 2025
Catherine Drayton
Chairman of the Audit and Risk Committee
Date: 20 February 2025

12
GENESIS ENERGY LIMITED
Note
31 Dec 2024
unaudited
$ million
31 Dec 2023
unaudited
$ million
Receipts from customers1,929.71,375.3
Interest received1.7 1.1
Receipt of insurance proceeds1 7. 0 -
Payments to suppliers and related parties(1,685.2)(1,033.4)
Payments to employees(82.9)( 7 7.1 )
Tax paid(54.0)(55.1)
Operating cash flows126.3 210.8
Proceeds from disposal of property,
plant and equipment
0.6 -
Proceeds from assets under finance lease0.2 2.9
Payments to associates and joint ventures(75.2)(6.9)
Purchase of assets under finance lease - (0.1)
Purchase of property, plant and equipment(5 8 .1 )(33.3)
Purchase of oil and gas assets(3.6)(38.4)
Purchase of intangibles (excluding emission units and
deferred customer acquisition costs)
(3.8)(4.2)
Purchase of shares in subsidiaries, net of cash
acquired
(5.6) -
Investing cash flows(145.5)(80.0)
Proceeds from borrowings29.9 240.0
Repayment of borrowings(6.4)(249.4)
Interest paid and other finance charges( 3 7. 2 )(40.4)
DividendsD3( 5 7. 9 )(71.6)
Financing cash flows(71.6)(121.4)
Net increase in cash and cash equivalents(90.8)9.4
Cash and cash equivalents at 1 July192.8 60.1
Cash and cash equivalents at 31 December102.0 69.5
Consolidated cash flow statement
For the six months ended 31 December 2024
Reconciliation of net profit to operating cash flowsNote
31 Dec 2024
unaudited
$ million
31 Dec 2023
unaudited
$ million
Net profit for the period 70.338.3
Net (gain) loss on disposal of property, plant and
equipment
(0.4) -
Working capital items acquired through business
acquisitions
(3.2) -
Finance expense excluding time value of money
adjustments on provisions
3 7. 0 38.2
Change in advances to associates and joint ventures
receivable and change in lease receivable
(1.4)(2.1)
Change in rehabilitation and contractual arrangement
provisions
(5.8)5.7
Fair value uplift on acquisition of Ecotricity(10.5) -
Items classified as investing/financing activities15.741.8
Depreciation, depletion and amortisation expenseA2113.4 106.9
Revaluation of generation assetsB174.7 7. 6
Impairment of non-current assets 0.8 0.4
Unrealised change in fair value of financial instruments(93.8)(1.2)
Deferred tax expense(18.6)(19.3)
Change in capital expenditure accruals5.1 (17.5)
Share of associates and joint ventures(0.7)1.8
Other non-cash items4.8 0.6
Total non-cash items85.779.3
Change in receivables and prepayments36.2 7. 8
Change in inventories(89.7)33.6
Change in emission units on hand - -
Change in deferred customer acquisition costs0.2 (0.1)
Change in payables and accruals7. 8 33.2
Change in tax receivable/payable(7.3)(20.8)
Change in provisions7. 4 (2.3)
Movements in working capital(45.4)51.4
Net cash inflow from operating activities126.3 210.8
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
The above statement should be read in conjunction with the accompanying notes.

13
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 2024
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 2024.
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 2024 ('2024
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 2024
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 2024 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 2024.
Adoption of new and revised accounting standards, interpretations and amendments
Amendments to NZ IAS 12 Income Taxes - International Tax Reform - Pillar Two Model Rules
The OECD issued a Two-Pillar solution to address the tax challenges arising from digitalisation of the
economy. The New Zealand government has announced that it will implement key aspects of Pillar
Two, a framework that establishes a global minimum tax of 15% for multinationals, for financial periods
beginning on or after 1 January 2025. The Group is reviewing the impact of Pillar Two which is not
expected to be significant on the basis that the Group does not have significant operations in foreign
jurisdictions with tax rates below 15%.
Accounting standards, interpretations and amendments not yet effective
NZ IFRS 18 - Presentation and Disclosure in Financial Statements
NZ IFRS 18 changes the structure of the Income Statement by firstly, introducing two new defined
subtotals (Operating profit and Profit before financing and income taxes) to increase comparability
of information reported; and secondly, requiring an entity to classify all income and expenses into
one of the following five categories: Operating, Investing, Financing, Income taxes and Discontinued
operations.
The standard also introduces the concept of a 'management-defined performance measure' (MPM).
MPMs are subtotals of income and expenses other than those listed by NZ IFRS 18 or specifically
required by another IFRS accounting standard that an entity uses to communicate to users of financial
statements management's view of an aspect of the financial performance of the entity as a whole. The
entity is required to disclose a reconciliation between the MPM and the most directly comparable NZ
IFRS 18 subtotal along with how it is calculated, any changes made to the calculation and a statement
noting that the MPM may not be directly comparable to measures provided by other entities.
NZ IFRS 18 is effective from annual reporting periods beginning on or after 1 January 2027, early
adoption is permitted. The Group plans to adopt the standard for the financial year ended 30 June
2028.

14
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 (Genesis Energy, Frank Energy and Ecotricity),
Small & Medium Enterprises, and Large Businesses.
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 sale 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 2023:
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 $152.70 (31
December 2023: $144.74).
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.

15
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
6 months ended 31 December 20246 months ended 31 December 2023
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
Electricity813.1 694.1 - - 1,507.2 759.7 423.4 - - 1,183.1
Gas142.0 12.6 - - 154.6 120.0 0.9 - - 120.9
LPG61.8 2.0 - - 63.8 54.9 1.5 - - 56.4
Oil - - 12.9 - 12.9 - - 6.1 - 6.1
Emissions on fuel sales and electricity contracts1.6 4.1 - - 5.7 1.2 0.3 - - 1.5
Emission unit revenue from trading - 6.7 - - 6.7 - 11.4 - - 11.4
Other revenue1.3 0.3 0.3 1.0 2.9 0.9 2.6 0.2 0.7 4.4
Total external revenue ^1,019.8 719.8 13.2 1.0 1,753.8 936.7 440.1 6.3 0.7 1,383.8
Intersegment revenue * - 595.4 40.6 - 636.0 - 546.7 33.4 - 580.1
Total segment revenue1,019.8 1,315.2 53.8 1.0 2,389.8 936.7 986.8 39.7 0.7 1,963.9
Electricity purchases(1.7)(644.8) - - (646.5) - (448.8) - - (448.8)
Electricity network, transmission, levies and meters(316.7)(4.7) - - (321.4)(278.5)(3.6) - - (282.1)
Fuel consumed in electricity generation - (162.2) - - (162.2) - (108.9) - - (108.9)
Gas purchases(0.3)(73.6) - - (73.9) - (35.2) - - (35.2)
Gas network, transmission, levies and meters(52.2)(3.6) - - (55.8)(44.6)(1.7) - - (46.3)
LPG purchases, inventory changes and transportation costs(9.6)(8.8)(0.1) - (18.5)(8.5)(11.6) - - (20.1)
Oil inventory changes, storage and transportation costs - - (2.0) - (2.0) - - (0.3) - (0.3)
Emissions associated with electricity generation - (29.6) - - (29.6) - (26.4) - - (26.4)
Emissions associated with fuel sales - (12.4)(9.2) - (21.6) - (8.9)( 7. 6 ) - (16.5)
Emission unit expenses from trading - (7.0) - - (7.0) - (12.3) - - (12.3)
Other costs(1.4) - (4.9) - (6.3)(0.4)(0.1)(2.8) - (3.3)
Total external costs(381.9)(946.7)(16.2) - (1,344.8)(332.0)(657.5)(10.7) - (1,000.2)
Intersegment costs *(595.4)(40.6) - - (636.0)(546.7)(33.4) - - (580.1)
Total segment costs(977.3)(987.3)(16.2) - (1,980.8)(878.7)(690.9)(10.7) - (1,580.3)
Gross margin42.5 327.9 3 7. 6 1.0 409.0 58.0 295.9 29.0 0.7 383.6
Employee benefits(42.7)(21.6) - (18.1)(82.4)(39.9)(19.4) - (16.0)(75.3)
Other operating expenses(55.2)(31.6)(12.7)(10.6)(110.1)(52.9)(30.6)(12.0)(10.7)(106.2)
EBITDAF(55.4)274.7 24.9 ( 2 7. 7 )216.5 (34.8)245.9 1 7. 0 (26.0)202.1
^ 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 assets7.5 46.9 2.7 1.2 58.3 7.3 21.3 55.4 1.5 85.5
A1. Segment reporting (continued)

16
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
6 months ended
Reconciliation of revenue
31 Dec 2024
unaudited
$ million
31 Dec 2023
unaudited
$ million
Total external revenue per segment reporting1,753.8 1,383.8
Realised (gains)/losses on non-hedge accounted electricity derivatives7. 4 (17.3)
Total revenue per income statement1,761.2 1,366.5
6 months ended
Reconciliation of expenses
31 Dec 2024
unaudited
$ million
31 Dec 2023
unaudited
$ million
Total external costs per segment reporting(1,344.8)(1,000.2)
Employee benefits per segment reporting(82.4)(75.3)
Other operating expenses per segment reporting(1 1 0.1 )(106.2)
Reallocation of emission units held for trading (gains)/losses0.3 0.9
Total expenses per income statement(1,537.0)(1,180.8)
6 months ended
Reconciliation of EBITDAF to profit before income tax
31 Dec 2024
unaudited
$ million
31 Dec 2023
unaudited
$ million
EBITDAF216.5 202.1
Realised (gains)/losses on non-hedge accounted electricity derivatives
from revenue
7. 4
(17.3)
Reallocation of emission units held for trading (gains)/losses
from expenses
0.3 0.9
224.2 185.7
Depreciation, depletion and amortisation(113.4)(106.9)
Impairment of non-current assets(0.8)(0.4)
Revaluation of generation assets(74.7)( 7. 6 )
Change in fair value of financial instruments86.418.5
Share of associates and joint ventures0.7 (1.8)
Other gains (losses)10.97.1
Finance revenue1.7 1.1
Finance expense(41.3)(42.2)
Profit before income tax93.753.5
A1. Segment reporting (continued)
6 months ended 31 December 20246 months ended 31 December 2023
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 - 490.9 - - 490.9 - 465.5 - - 465.5
Gas - intersegment - 84.22 7.4 - 111.6 - 63.123.3 - 86.4
LPG - intersegment - 20.38.0 - 28.3 - 18.16.4 - 24.5
Emissions on fuel sales - intersegment - - 5.2 - 5.2 - - 3.7 - 3.7
Intersegment revenue - 595.440.6 - 636.0 - 546.733.4 - 5 8 0.1
Electricity purchases - intersegment(490.9) - - - (490.9)(465.5) - - - (465.5)
Fuel consumed in electricity generation - intersegment - (27.4) - - (27.4) - (23.3) - - (23.3)
Gas purchases - intersegment(84.2) - - - (84.2)(63.1) - - - (63.1)
LPG purchases, inventory changes and transportation costs - intersegment(20.3)(8.0) - - (28.3)(18.1)(6.4) - - (24.5)
Emission costs - intersegment - (5.2) - - (5.2) - (3.7) - - (3.7)
Intersegment costs(595.4)(40.6) - - (636.0)(546.7)(33.4) - - (5 8 0.1 )

17
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
B. Operating assets
B1. Property, plant and equipment
6 months ended
31 Dec 2024
unaudited
$ million
Year ended
30 Jun 2024
audited
$ million
Opening balance3,879.5 3,573.5
Additions59.2 64.9
Acquired through business combination0.7 -
Revaluation of generation assets
Increase taken to revaluation reserve365.7 383.6
(Decrease)/increase taken to the income statement(74.7)31.8
Change in rehabilitation and contractual arrangement assets - 2.4
Transfer from/(to) intangible assets - (0.2)
Disposals(3.2)(0.2)
Impairment(0.8)(0.5)
Depreciation expense recognised in inventories(0.8) -
Depreciation expense(8 5.1 )(175.8)
Closing balance4,140.5 3,879.5
Property, plant and equipment includes $82.1 million of leased assets (30 June 2024: $78.9 million).
Generation assets
Generation assets were revalued at 31 December 2024 to $3,868.6 million (30 June 2024: $3,628.7
million) resulting in a net gain on revaluation of $291.0 million (30 June 2024: $415.4 million gain).
Generation assets consist of thermal assets revalued to $293.6 million and renewable assets revalued
to $3,575.0 million (30 June 2024: $371.9 million and $3,256.8 million respectively). The revaluation
gain was principally driven by an increase in wholesale electricity prices, partially offset by lower
thermal generation volumes mostly in the near term due to strong opening lake levels. The revaluation
decrease recognised in the income statement reflects a valuation decrease for Huntly Rankine units
given the thermal volumes generated during the period and a reduction in future volumes.
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 2024 Integrated Report for an overview of the fair value hierarchy.
A2. Depreciation, depletion and amortisation
6 months ended
31 Dec 2024
unaudited
$ million
31 Dec 2023
unaudited
$ million
Property, plant and equipment8 5.1 84.9
Oil and gas assets19.5 11.9
Intangibles (excluding amortisation of deferred customer acquisition costs)8.8 1 0.1
To t a l113.4 106.9
A3. Other gains (losses)
Other gains (losses) includes a $0.3 million loss (31 December 2023: $5.9 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).
Other gains (losses) also includes a gain of $10.5 million (31 December 2023: $nil) in relation to the fair
value adjustment of the investment in Ecotricity when the final 30% was acquired. Refer to note G1 for
further information on the acquisition of Ecotricity.

18
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. It reflects the impact
of the New Zealand Government's climate
change policy and the assumptions over thermal
fuel availability and costs, 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 price path
makes assumptions over thermal fuel availability
and costs, both in the near- and longer-term.
Other key assumptions
The valuation also includes assumptions around
market fuel and electricity supply and demand.
Electricity demand increases from current levels
in the longer term 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 2024
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.
The future operating period of the Huntly Rankine
units is a key assumption. Initial studies have been
undertaken that indicate the Huntly Rankine units
could have value to the New Zealand electricity
market beyond 2030. To enable their operation
beyond 2030, the Rankine units will require
additional investment with sufficient returns for
Genesis. There are a wide range of plausible
outcomes being assessed, including their closure
in 2030.
B1. Property, plant and equipment (continued)
Significant unobservable inputs in the valuation model were:
B2. Oil and gas assets
6 months ended
31 Dec 2024
unaudited
$ million
Year ended
30 Jun 2024
audited
$ million
Opening balance256.2 267.6
Additions2.7 71.7
Change in rehabilitation asset8.7 6.7
Impairment - (50.1)
Depreciation and depletion expense(19.5)(39.7)
Closing balance248.1 256.2
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 2024 the only change to the estimated remaining reserves
disclosed in the 2024 Integrated Report was in relation to actual production for the six months ended
31 December 2024 of 9.5 PJe. The estimated remaining reserves balance as at 31 December 2024 was
104.0 PJe for proved reserves (1P) and 114.8 PJe for proved and probable reserves (2P) (30 June 2024:
113.5 PJe and 124.3 PJe respectively).
Significant
unobservable
inputs Method used to determine input
Sensitivity
range
Increase/
(decrease) in
fair value of
generation
assets
Inter-relationships
between unobservable
inputs
Wholesale
electricity
price path
The average annual wholesale electricity price
ranged between $134 per MWh and $176
per MWh referenced to the Otahuhu 220KV
locational node from January 2025 to June 2044.
+10%
- 10%
$643 million
($643) 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 2,556 GWh and 5,105
GWh per annum. The low end of the range is
where there is no thermal generation.
+10%
- 10%
$526 million
($526) million
Wholesale electricity
prices affect the amount
of generation.
Discount ratePre-tax equivalent discount rate of 10.8%.
+1%
- 1%
($365) million
$459 million
Discount rate is
independent of
wholesale electricity
prices and generation
volumes.

19
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
C. Working capital
C1. Receivables and prepayments
31 Dec 2024
unaudited
$ million
30 Jun 2024
audited
$ million
Total trade receivables and accrued revenue227.8 272.1
Advances to associates and joint ventures - 1.2
Lease receivable1.3 1.5
Emission units receivable4.5 0.5
Other receivables7.1 22.0
Prepayments37.3 16.9
To t a l278.0 314.2
Current 276.9 312.9
Non-current 1 .1 1.3
To t a l278.0 314.2
C2. Inventories
31 Dec 2024
unaudited
$ million
30 Jun 2024
audited
$ million
Fuel 142.9 51.4
Petroleum products0.6 2.9
Consumables and spare parts33.7 33.2
To t a l177.2 87.5
Current 119.5 87.5
Non-current 5 7. 7 -
To t a l177.2 87.5
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 $71.0 million (31 December 2023: $37.7 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 2024 Integrated Report for an overview of
the fair value hierarchy. At 31 December 2024 no units were on hand (30 June 2024: none).

20
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
D. Funding
D1. Borrowings
31 Dec 2024
unaudited
$ million
30 Jun 2024
audited
$ million
Sustainable Finance
Green bonds125.9 123.7
Green capital bonds538.0 519.1
Other Finance
Revolving credit facility120.3 120.0
Commercial paper174.0 144.1
Wholesale term notes201.2 201.2
United States Private Placement ('USPP')263.9 238.5
Lease liability105.4 104.1
To t a l1,528.7 1,450.7
Current 301.3 268.3
Non-current 1,227.4 1,182.4
To t a l1,528.7 1,450.7
Fair value of borrowings held at amortised cost
31 Dec 2024
Carrying value
unaudited
$ million
31 Dec 2024
Fair value
unaudited
$ million
30 Jun 2024
Carrying value
audited
$ million
30 Jun 2024
Fair value
audited
$ million
Level one
Green bonds125.9 126.6 123.7 121.5
Green capital bonds538.0 537.1 519.1 520.8
Level two
Wholesale term notes201.2 198.4 201.2 193.3
USPP263.9 268.7 238.5 243.7
Revolving credit facilities
Available revolving credit facilities
31 Dec 2024
unaudited
$ million
30 Jun 2024
audited
$ million
Sustainable Finance250.0 250.0
Other Finance480.0 285.0
Total available revolving credit facilities730.0 535.0
Revolving credit drawn down (excluding accrued interest)120.0 120.0
Total undrawn revolving credit facilities610.0 415.0
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 six-month period ending 31 December 2024, the Group refinanced its facilities, leading
to a net increase of $195.0 million in total facilities, comprising of $220.0m of new facilities and the
cancellation of $25.0 million in existing facilities.
The undrawn facilities ensure the Group will have sufficient funds to meet its liabilities when due,
under both normal and stressed conditions.
Level two - Fair value calculation
The valuation of 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 4.5 per cent to 4.6 per cent (30 June
2024: 5.5 per cent to 6.0 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 4.4 per cent (30 June 2024: 4.9 per cent).
The carrying value of all other borrowings approximates their fair values.

21
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
D2. Finance expense
6 months ended
31 Dec 2024
unaudited
$ million
31 Dec 2023
unaudited
$ million
Interest on borrowings (excluding capital bonds and lease liability)1 7. 8 18.5
Interest on capital bonds16.7 16.6
Interest on lease liability2.7 2.8
Total interest on borrowings37.2 37.9
Other interest and finance charges0.3 0.5
Time value of money adjustments on provisions4.3 4.0
Capitalised finance expenses(0.5)(0.2)
Total 41.3 42.2
D3. Dividends
6 months ended
31 Dec 2024
6 months ended
31 Dec 2023
Cents per
share
unaudited
$ million
unaudited
Cents per
share
unaudited
$ million
unaudited
Dividends declared and paid during the period
Prior period final dividend7. 0 0 75.7 8.80 93.7
Less shares issued under the dividend
reinvestment plan
( 1 7. 8 )(22.1)
Cash dividend paid5 7. 9 71.6
Dividends declared subsequent to reporting date
Current period interim dividend7.1 37 7. 87. 0 0 75.2
All dividends noted above are imputed at 100%.
E. Risk management
E1. Derivatives
31 Dec 2024
unaudited
$ million
30 Jun 2024
audited
$ million
Electricity swaps and options and Power Purchase Agreements ('PPAs')344.5243.8
Oil price swaps0.8 (0.3)
Interest rate swaps29.0 30.4
Cross currency interest rate swaps ('CCIRS')66.8 41.2
Foreign exchange contracts8 .1 0.1
Other derivatives0.8 0.6
To t a l450.0315.8
Current assets170.0169.9
Non-current assets3 7 7. 0294.4
Current liabilities(62.7)(118.6)
Non-current liabilities(34.3)(29.9)
To t a l450.0315.8
The fair value of electricity swaps and options and PPAs noted above includes a net asset of $22.0
million (30 June 2024: $4.1 million net liability) in relation to derivatives held for market making and
proprietary gain. The process and method of valuing derivatives is outlined in note E3.

22
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
E2. Change in fair value of financial instruments
6 months ended
31 Dec 2024
unaudited
$ million
31 Dec 2023
unaudited
$ million
CCIRS3.4 5.4
Interest rate swaps20.2 14.0
Fair value interest rate risk adjustment on borrowings(23.7)(19.4)
Fair value hedges – gain (loss)(0.1 ) -
Oil swaps0.1 -
Cash flow hedges – hedge ineffectiveness – gain (loss)0.1 -
Electricity swaps and options and PPAs8 6 .120.0
Other derivatives0.3 (1.5)
Derivatives not designated as hedges – gain (loss)86.418.5
Total change in fair value of financial instruments86.418.5

The change in fair value of electricity swaps and options and PPA derivatives noted above includes an
unrealised net gain of $26.1 million (31 December 2023: $10.9 million net loss) in relation to derivatives
held for market making and proprietary gain.
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 2024 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. During the six month period to 31 December 2024 the Group
revised inputs into the valuation of certain electricity derivatives. The revision focused on maximising
relevant observable inputs and with the instruments getting closer to their maturity dates, it allowed
for increased availability of market prices.
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 2024 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
2024 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 $ 344.5 million electricity swaps and options and PPAs net asset comprises a $2.8 million
asset classified as level one and a $341.7 million asset classified as level three (30 June 2024: $22.9
million liability level two and $266.7 million asset level three respectively).
Reconciliation of level three electricity swaps and options and PPAs
6 months ended
31 Dec 2024
unaudited
$ million
Year ended
30 Jun 2024
audited
$ million
Opening balance266.7 95.8
Electricity revenue( 7. 2 )4.1
Change in fair value of financial instruments60.2194.3
Total gain in the income statement53.0198.4
Total gain (loss) recognised in other comprehensive income12.1 2.8
Settlements20.0 (24.5)
Sales(3.8)(5.8)
Transfers in to level 3*( 3.1 ) -
Transfers out of level 3*(3.2) -
Closing balance341.7266.7
* A small number of Futures have been transferred from level three to level one. A small number of
instruments moved from level two to level three.
The change in fair value of financial instruments includes an unrealised net gain of $71.1 million (30
June 2024: $168.6 million gain) that is attributable to financial instruments held at 31 December 2024.

23
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 2024
unaudited
$ million
Year ended
30 Jun 2024
audited
$ million
Opening balance93.3 93.2
New derivatives(9.5)8.9
Amortisation of existing derivatives(3.8)(8.8)
Closing balance80.0 93.3
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 2024
unaudited
30 Jun 2024
audited
Price path
$134 per MWh to $179 per MWh
over the period from 1 January
2025 to 31 August 2045.
$132 per MWh to $197 per MWh
over the period from 1 July 2024 to
31 August 2045.
Impact of increase/
decrease in price path
on fair value
A 10% increase would increase
the asset by $124.2 million. A 10%
decrease would decrease the
asset by $122.5 million.
A 10% increase would increase
the asset by $132.9 million. A 10%
decrease would decrease the asset
by $131.3 million.
Discount rate4.72% - 7.63%5.96% - 7.72%
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 $38.8 million in dividends (31 December 2023: $48.0 million)
of which $29.7 million was paid in cash (31 December 2023: $36.7 million) and $9.1 million was paid in
shares (31 December 2023: $11.3 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
2024 was $104.2 million (30 June 2024: $53.0 million). There were no other individually significant
transactions with the Crown during the period (31 December 2023: nil).
The Group has four significant electricity swap/option contracts with Meridian Energy, a Crown-
controlled entity. The electricity swap/option contracts period and profile vary between the range
of 17.1MW and 25MW, expiring by December 2027. The Group has two significant electricity option
contracts with Mercury NZ, a Crown-controlled entity. The electricity option contracts period and
profile vary between the range of 15MW and 20MW, expiring by December 2027. Additionally, the
Group has two significant power purchase agreements with Mercury NZ. 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 19.0 per cent of
the value of electricity derivative assets and approximately 5.5 per cent of the value of electricity
derivative liabilities held at the reporting date were held with Crown-controlled and related entities
(30 June 2024: 17.4 per cent and 13.1 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 2024
unaudited
$ million
31 Dec 2023
unaudited
$ million
Electricity contract settlements received/(paid)(21.6)(1.6)
As at 31 December 2024 the amounts outstanding from the associates and joint ventures is a net
payable of $0.4 million (30 June 2024: $6.4 million net payable).
During the period the Group provided an $8.0 million overdraft facility to a related party. This facility
was not utilised during the period. The related party was acquired as detailed in Note G1.

GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
24
F2. Commitments
As at 31 December 2024 the Group had $29.0 million of capital commitments (30 June 2024: $37.5
million).
F3. Contingent assets and liabilities
No new contingent assets or liabilities have arisen since 30 June 2024 and there has been no change
in the contingent liabilities disclosed in the 2024 Integrated Report.
F4. Subsequent events
The following events occurred subsequent to the reporting date:
• $77.8 million of dividends were declared on 20 February 2025 (refer to note D3).
• On 11 February 2025, the Group signed a non-binding heads of agreement with other market
participants to investigate the potential for the Huntly Rankine Units to help manage ‘dry year risk’
and enhance system security over a longer-term time frame. As at the date of signing the financial
statements, no commercial contracts have been entered into.
G. Business acquisitions and investments
G1. Business acquisitions
The acquisition of a business is accounted for using the acquisition method. The consideration
transferred is measured at fair value. Acquisition related costs are recognised in profit or loss as
incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at
their fair value, except for deferred tax assets or liabilities and assets or liabilities related to employee
benefit arrangements, which are recognised and measured in accordance with the respective
accounting standards for these balances.
If the initial accounting for a business acquisition during the period is incomplete at the reporting date,
the Group reports provisional amounts for the incomplete items. The provisional amounts are adjusted
during the measurement period (no later than one year from the acquisition date), or additional assets
or liabilities are recognised, to reflect new information obtained about facts and circumstances that
existed at the acquisition date that, if known, would have affected the amounts recognised at that
date.
Acquisition of Edgecumbe Solar Development
On 30 August 2024 Genesis Energy Limited acquired 100.0 per cent of the shares of Edgecumbe Solar
Venture Limited (formerly Helios BOP HoldCo Limited) together with its subsidiaries. The entities were
acquired as a result of the Group's Gen35 strategy to develop up to 500MW of Solar. The acquisition
has been reviewed in accordance with NZ IFRS 3 - Business Combinations; the conclusion reached was
that the underlying assets acquired are considered inputs, however there is currently no substantive
process, including an organised workforce or access to one, capable of being applied to the inputs to
create outputs. Therefore, the acquisition has been accounted for as an asset acquisition. Refer to note
B1 where the assets acquired are included in the additions line.
Acquisition of Ecotricity Limited Partnership and Ecotricity GP Limited
On 29 November 2024, Genesis Energy Limited acquired 30.0 per cent of the interest in Ecotricity
Limited Partnership and Ecotricity GP Limited (together 'Ecotricity'). Ecotricity is an accredited
climate-positive electricity retailer, selling renewable electricity sourced from wind, hydro, and solar
energy through purchase arrangements with wholesalers and retail customers.
As a result, the Group's interest in Ecotricity increased from 70.0 per cent to 100.0 per cent, granting
it control of Ecotricity. As a result of obtaining the remaining shares in Ecotricity and gaining control,
Genesis is required to consolidate Ecotricity under NZ IFRS 3 - Business Combinations. This requires
the purchase of the remaining 30.0 per cent to be treated as an acquisition achieved in stages ('step
acquisition'). The accounting for the acquisition of Ecotricity has been prepared on a provisional basis
at 31 December 2024.
Included in the provisional identifiable assets and liabilities acquired at the date of acquisition of
Ecotricity are inputs, including computer hardware, access to customer-billing SAAS, customer assets
and relationships, and working capital.

GENESIS ENERGY LIMITED
25
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Additionally, relevant processes to sell retail electricity and an organised workforce comprising
employees and management with relevant experience and expertise were acquired. The set of
acquired inputs and processes significantly contributes to the ability to generate retail electricity
revenue, leading to the conclusion that the acquired set constitutes a business. The objective of
Genesis' acquisition of Ecotricity is to enhance profitability for both entities by capitalising on the
synergies created through their integration. This strategic move involves combining Ecotricity's
growing niche customer base with Genesis' extensive energy supply and management capabilities.
Upon gaining control of Ecotricity, the previously held 70.0 per cent interest was treated as divested
and reacquired at fair value, with the fair value being used in the calculation of goodwill acquired. A
business valuation of Ecotricity was performed, which fair valued the business based on the expected
discounted cash flows acquired. This valuation derived a total value of $23.4 million for the total
business and $16.4 million for the original investment held. This resulted in a provisional gain on
acquisition of $10.5 million, recognised in Note A3 other gains (losses).
Provisional Assets acquired and liabilities recognised at the date of acquisition
Ecotricity
$ million
Current assets
Cash and cash equivalents6.0
Receivables11.7
Total current assets1 7. 7
Non-current assets
Property, plant and equipment0.7
Intangible assets22.3
Total non-current assets23.0
Total assets40.7
Current liabilities
Payables and accruals11.2
Total current liabilities11.2
Non-current liabilities
Borrowings0.5
Deferred tax liability4.9
Total non-current liabilities5.4
Total liabilities16.6
Net assets acquired24 .1
The provisional fair value of the receivables acquired in the acquisition has been disclosed above. The
gross contracted amounts receivable are the same as the fair values. All of the cash flows are expected
to be collected.
The accounting for the Ecotricity acquisition has been prepared on a provisional basis on 31 December
2024. Due to the timing of the acquisition, the calculations of the fair value of working capital,
customer assets and goodwill will be finalised in the 30 June 2025 financial statements. No contingent
assets or liabilities have been acquired as part of the business acquisition of Ecotricity.
Customer Asset
The fair value of the intangible assets associated with the Ecotricity acquisition was determined using
a discounted cash flow model. The valuation requires significant judgment, and therefore, there is
a range of reasonably possible assumptions that could be used in estimating the fair value of these
assets.
Customer volume, customer churn, and gross margin per customer are the key factors that have a
material impact on the fair value. Customer volume was based on estimated volumes at the acquisition
date, reduced by historical churn rates over a six-year period. Gross margin per customer was based
on expected wholesale purchase prices and retail sales prices to derive a margin per MWh. The model
was based on a six-year period using a pre-tax equivalent discount rate of 12.9%.
Goodwill
Goodwill arising on acquisition
Ecotricity
$ million
Purchase price11.6
Fair value of pre-existing interest in Ecotricity16.4
Fair value of identifiable net assets(24.1)
3.9
Goodwill on the acquisition of Ecotricity relates to strategic benefits that are unable to be separately
recognised under the current accounting requirements. The benefits represent the opportunities that
Ecotricity’s technology, operating model, and products provide to Genesis’s portfolio. The benefits
are not recognised separately from goodwill because they do not meet the recognition criteria for
identifiable intangible assets. There were no other changes to the carrying amount of goodwill.
None of the goodwill recognised is expected to be deductible for tax purposes.
G1. Business acquisitions (continued)

GENESIS ENERGY LIMITED
G1. Business acquisitions (continued)
26
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Consideration Transferred
The consideration of $11.6 million was all transferred on 29 November 2024 as cash. No other forms
of consideration were transferred as part of the business acquisition, and no forms of contingent
consideration are payable as part of the acquisition. As part of the acquisition no indemnification
assets were acquired.
Net cash outflow on acquisition
Ecotricity
$ million
Consideration paid in cash11.6
Less cash and cash equivalents acquired(6.0)
5.6
Acquisition costs
The Group incurred acquisition-related costs of $0.1 million on legal fees and due diligence costs.
These costs have been included in Expenses in the Consolidated Comprehensive Income Statement.
Goodwill arising on acquisition
Impact of the acquisition
on the current year result
$ million
Pro-forma impact of the
acquisition had it taken
place on 1 July 2024
$ million
Revenue13.8 112.8
EBITDAF(0.3)1.9
Depreciation, depletion and amortisation - (0.2)
Finance revenue - 0.1
Finance expense - -
Profit before income tax for the year(0.3)1.8
Not included in the pro-forma impact above is $2.8 million of share of associates and joint ventures for
Genesis' share of Ecotricity's earnings from 1 July 2024 till acquisition date 29 November 2024.
G2. Investment in joint venture
Acquisition of 65.29% in ChargeNet
On 8 November 2024 the Group acquired 65.29 per cent of ChargeNet NZ Limited and its subsidiary
("ChargeNet") for total consideration paid of $64.0 million. ChargeNet is a provider of electric vehicle
charging solutions, including a network of national electric vehicle fast-charging stations. A control
assessment under NZ IFRS 10 - Consolidated Financial Statements concluded joint control due to the
current governance structure and required voting, which limits the Groups ability to direct the relevant
activities. The acquired interest and subsequent earnings in ChargeNet will be accounted for using the
equity method, with share of earnings treated through share of associates and joint ventures.

27
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 9 to 26, which comprise
the consolidated balance sheet as at 31 December 2024, 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 2024, 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, Greenhouse Gas Inventory assurance, and
Sustainability Linked Loan assurance. 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
20 February 2025
INDEPENDENT AUDITOR’S REVIEW REPORT
Pūrongo Arotake Motuhake
Independent auditor's review report

28
GENESIS ENERGY LIMITEDNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
GENESIS ENERGY LIMITED
Interim Report 2025
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

---

Genesis Energy
H1 FY25 Results
Investor Presentation
Malcolm Johns Chief Executive
Julie Amey Chief Financial Officer
21 February 2025
Lauriston Solar Farm – Canterbury Plains

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.

3. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
Agenda
H1 FY25
Key Messages
and
Gen35 Update
H1 FY25
Group
performance
H1 FY25
Business
performance
Market & Group
FY25 outlook
Appendix
410151821
Tekapo power scheme – Mackenzie Basin, South Island

4. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
H1 FY25 Key Messages
Flexibility drives strong financial performance
Navigated national gas shortage, low hydrology/wind in Winter, long Spring
gas position, and high hydrology start to Summer, customers protected
Renewable generation development
Lauriston solar farm Commercial Operations Date achieved and Tauhara
3

geothermal PPA on time. Purchase of advanced stage 67 MWp solar
development in Canterbury
Retail model reset to lower cost & lighter touch
Completion of significant restructure with ~200 core FTE reduction
2
. Billing
& CRM project on track. Successful customer demand flex trials. Strong
brand and customer experience performance
Flexible generation development
200 MWh BESS project progressing. Longer-term HFO’s under
development. Huntly unit 6 conversion to instantaneous dual-fuel. Biomass
technology/fibre partners engaged
1
Financial resilience and shareholder returns
Increased liquidity headroom, with investment grade credit rating reaffirmed
at BBB+ stable, and FY25 interim dividend declared of 7.13 cps
5
2
3
4
1.EBITDAF: Earnings before net finance expense, income tax, depreciation, depletion,
amortisation, impairment, unrealised fair value changes and other gains and losses
2.Achieved 67 core FTE reduction in H1 FY2025, with 130 FTE reduction in FY2024
3.Tauhara PPA from 1 January 2025
Strong EBITDAF
1
of $217m (up 7% vs pcp), leveraging portfolio flexibility in a challenging environment
Tokaanu Power Station – North Island

5. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
Gen35: Portfolio clarity
Long-term value comprises growth in core and new value streams from monetising portfolio flex
44
1
2
1
4
5
FY25FY28
RenewableGas displacement
Baseload gasFlex capacity
(gas/coal/bio-mass)
Maximising portfolio energy
from FY25 base (TWh)
2
Baseload
customer
electricity
demand
2
Renewable
1.New renewable growth projects include PPAs, PPA with JV and fully owned assets
2.Baseload reflects Genesis requirements to meet own Customer demand, based on P50 hydrology assumptions
CUSTOMER
c6 TWh
RENEWABLES
c4 TWh
FLEXIBILITY
c1,200 MW
from
FY25
CUSTOMER
c6 TWh
RENEWABLES
c5 TWh
FLEXIBILITY
c1,300 MW
to
FY28
Margin growth
Thermal
displacement
1
Monetising
flexibility
Core value stream
5 TWh of renewables
supporting 6 TWh of higher-
margin long term customer
demand
&
New (flex) value stream
1,300 MW, securing the
increasing market volatility
in a highly renewables-
based grid
8by28 initiatives
Redefined portfolio
Baseload
gas
Flex
capacity

6. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
Gen35: 8by28 Progress Update
Flexibility
Monetising
flexibility
Renewables
Thermal
displacement
Gen35 Initiative
FY28GOAL
Billing and CRM re-platform
Operational across Genesis and Frank
CustomerFlexibility
150 MW of flexibility
Electrification (EV)
Genesis customers are 30% of EV market
Wind
Development pathway to 300 MW
Solar
Up to 500 MW developed and operational
Customer
Margin growth
Gas
Huntly Unit 5 seasonal operation sufficiency
Biomass
300 KT p.a. available for Huntly Rankines
BESS
100 MW/200 MWh BESS operational at Huntly
FY28 Goal
Progress
All milestones for Frank go-live on track
5k customers (hot water cylinder management trial delivered 17MW peak flex)
65% share of ChargeNet, securing end-to-end EV customer relationship,
representing high value and volume customers
Lauriston Commercial Operations Date achieved (63MWp); Leeston acquired
(67MWp); Edgecumbe FID on-track (127MWp); Foxton progressing (200MWp)
12-month exclusivity contract entered to investigate Tariki gas storage
Long lead procurement secured; commencement of physical works on-site
Non-binding term sheet with Foresta signed with good progress on term
sheets with other consortia
Partnership and acquisition opportunities progressing. Castle Hill
wind farm review progressing
FY28 EBITDAF
1

range estimate
1.Indicative FY28 EBITDAF range based on P50 hydrology conditions, no material Market changes and acceptable financial settings. Expected to deliver mid $500 million EBITDAF
2.Expected proportion of capital for allocation ifeconomic assumptions,financial settings and commercial terms are acceptable
$25-40m
$40-60m
$40-60m
Growth invest.
2
estimated allocation
FY25-FY30
~10-20%
~30-70%
~30-40%
Delivering Horizon 2 and supporting our Gen35 strategy

7. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
Customer
Customer
Boosting core performance, caring for our customers and empowering the transition
Boosting the coreCustomer Care
Empowering the transition
Stronger core
operating model
Digital
Manaaki KenehiDemand side flex
EV Transition
Transforming the
operating model and
strengthening brand equity
Enhancing our billing platform
and leveraging data insights
Caring about our customers,
communities, the environment
and each other
Maximising portfolio generation
value while reducing energy
costs
Powering the EV transition and
growing market share of higher
value customers
✓Simplified operating model
and achieved ~200 FTE
reduction from core retail
business
✓Improved customer
satisfaction
✓Brand consideration up 5%
to 45% during Q2 FY25
✓Frank go-live on-track for
mid CY2025
✓Mass market customers
on EnergyIQ exceeded
80%, now delivering $10m
p.a. in operational benefits
✓137,000 hours of free
power gifted to those in
need by 27,000 Genesis
customers
✓17MW of customer flex on
Kinergy and growing
✓ChargeNet acquisition
✓29% growth in year-on-
year revenue* from July to
December 2024
✓20% increase in energy
delivered* over that period
* ChargeNet revenue and volumes. Excludes Genesis EV plan customers

8. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
Renewables
Renewables
Lauriston Solar (63 MWp)
1
•NZ's largest operational solar farm to date – Commercial Operations
Date achieved in February. Project delivered on-budget
Edgecumbe Solar (127 MWp)
2
•Acquired development from Helios in August 2024 and targeting FID in
H1 FY26 and commercial operations 2H FY27
Leeston Solar (67 MWp)
3
•Fully consented large scaledevelopment in the Canterbury region
•Land secured with resource consent, and advancing connection
approvals for a targeted commercial operations 2027
Foxton Solar (200 MWp)
4
•Progressing through consenting and connection processes
•Project listed in New Zealand's ‘Fast-track’ Approvals Act
Kaiwaikawe Wind (~77 MW)
•Mercury issued notice to proceed and construction has commenced
Commercial operation expected in December 2026
Credible pathway to deliver ~5 TWh of renewable energy
Lauriston Solar Farm – Canterbury Plains
1.JV with FRV. Genesis owns 40% equity position. 100% PPA for 10 years
2.Genesis owns 100%
3.Conditional agreement to purchase development rights
4.JV with FRV. Genesis owns 40% stake in development project

9. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
Flexibility
Dispatchable capacity increases in value as the market incorporates more non-dispatchable renewables
Battery
•Huntly Stage 1 FID achieved August
2024 (100 MW x 2hr)
•Construction on track to start end
FY25; commercial operations on
target for Q1 FY27
•Detailed design advanced, with
tender underway for construction and
installation
•Major equipment supply contracts
executed and critical long-lead items
ordered as a key mitigation
Gas
•Renewables displacing baseload gas
generation with gas generation
moving to flexibility
•Pursuing opportunities to increase gas
flexibility, including storage
•Large scale LNG import looking
uneconomic
Biomass
•Term-sheet with Foresta signed to
advance torrefied biomass supply
negotiations for Huntly
•Progressing term sheets with
consortia to establish economic and
technical conditions
•Working with the Ministerial
bioenergy taskforce to support
establishment of biomass industry
at pace
Flexibility

10. 2 0 F E B R U A R Y 2 0 2 5
H1 FY25
Group performance
Huntly Power Station – Unit 4

11. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
H1 FY25 Reported Earnings
H1 FY25H1 FY24
Variance
Revenue
1
$1,753.8m$1,383.8m
27%
Gross margin$409.0m$383.6m
7%
Margin23.3%27.7%
(440bps)
Operating expenses($192.5m)($181.5m)
(6%)
EBITDAF
2
$216.5m $202.1m
7%
Margin12.3%14.6%
(230bps)
EBIT$133.3m$94.6m
41%
NPAT$70.3m$38.3m
84%
FY25 Interim Dividend7.13 cps7.00 cps
2%
EPS6.5 cps3.6 cps
81%
•Revenue uplift: higher wholesale sales price across thermal
and renewable generation, coupled with Retail pricing strategy
•Group Gross margin (GGM): reflects offsetting factors
detailed in the following slide, including the timing impact from
the passthrough of higher lines and transmission costs
•Operating expenses (OPEX): reflects baseline cost takeout
against pcp, coupled with a ramp up in technology investment.
Refer following slide for further details
•NPAT: uplift reflecting stronger EBITDAF, and net impact of
revaluations of derivatives, generation assets and investments
•FY25 interim dividend declared of 7.13 cents per share,
imputed to 100%
•Dividend Reinvestment Plan available with a discount of
2.5%
1.Revenue is net of realised (gains)/losses on non-hedge accounted electricity derivatives
2.EBITDAF: Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment, unrealised fair value changes and other gains and losses
Strong financial outcome in challenging winter and market conditions

12. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
74
14
8
33
52
H1 FY25 Group Gross Margin and Operating Expenses
384
409
37
38
38
(59)
(27)
(1)
H1 FY24
GGM
Dry winter
impact
Lines &
metering
Retail
pricing
Portfolio
flex
AvailabilityOtherH1 FY25
GGM
H1 FY25 Group Gross Margin (GGM) movement ($m)
H1 FY25 GGM$409m ($384m pcp), with offsets including:
•Dry winter impact: below average hydro conditions and higher fuel price
(gas market constraints), offset by flexible thermal generation
•Lines & metering: 10% higher lines and metering rates vs pcp
•Retail pricing: recovering higher lines and metering costs and reflecting
higher energy costs outside of extreme events
•Portfolio flex: optimisation the portfolio long/short positions
•Availability: net increase, with pcp reflecting unplanned Unit 5 and planned
Kupe outages, partially offset by unplanned outage of Unit 2 H1 FY25
79
15
19
31
48
Group Opex by Spend Category ($m)
H1 FY25 OPEXof $192m ($181m pcp) reflecting a net 6% increase on pcp:
•People
1
: up 6%, with lower FTEs from Retail model reset, offset by Ecotricity
increase post-acquisition, one-off restructure costs and wage/salary inflation
•Software and Support costs: up 6%, largely contractual increases
•Digital Projects: ramp up in technology activity, including ~$15m Retail Billing
and CRM re-platform (8by28 initiative)
•Maintenance
2
, Plant and Property:overall maintained in line with pcp
•Other: down10%, reflecting cost discipline across business units, including
reductions in marketing and consultancy spend
1.Excludes Digital Projects FTEs, included in Digital Projects grouping
2.Includes thermal and renewable maintenance, materials and contractors
H1 FY25: $192m
H1 FY24: $181m
Portfolio flexibility and availability offset challenging weather impacts, with a minor opex increase
People
Software & Support
Digital Projects
Other
Maintenance, Plant & Property

13. 2 0 F E B R U A R Y 2 0 2 513. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
409
217
46
53
(192)
(90)
(54)
(4)
(36)
(40)
H1 FY25 Gross
Margin
OpexH1 FY25
EBITDAF
Reverse Non-
cash
Inventory
Change
Tax PaymentLease CostsNet Finance
Costs
SIB Capex CashH1 FY25
Operations FCF
Capital Management
H1 FY25 Operations Free Cash Flow (FCF) ($m)
Stay-in-Business CAPEX
2
$32m
•$23m maintenance of generation assets
•$4m LPG fleet and depot improvements
•$2m digital projects
•$3m Kupe asset maintenance
Growth: CAPEX
2
$25m
•$15m Battery (BESS) installation
•$10m Edgecumbe solar farm option
Growth: Investment $82m
•$64m ChargeNet acquisition
•$12m on-going investment in associates
•$6m net other
H1 FY25
Sources & Use of Funds ($m)
Debt
drawdown
Operations
FCF
Growth
FY24
Dividend
46
30
91
2
107
58
SourcesUses
Operations FCF reflects replenishment of energy storage for Genesis and Industry
Cash
drawdown
1
Repay Debt
231
572
711
(370)
Opening
1 Jul 24
PurchasedUtilisedClosing
31 Dec 24
Coal
Replenishment (kt)
1. Cash drawdown is movement in opening and closing cash balances
2. Stay-in-business and Growth CAPEX are on an accounting basis. FCF is cash
3. Lease costs are exclusive of interest component of lease payments, this is reported within Net Finance Costs
3

14. 2 0 F E B R U A R Y 2 0 2 514. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
1,247
1,276
1,352
1,284
1,224
1,347
173
175
355
320
271
435
3.1x
2.9x
2.7x
2.2x
2.7x
2.8x
0
500
1000
1500
2000
FY20FY21FY22FY23FY24H1 FY25
Net DebtLiquidity HeadroomNet Debt : EBITDAF
Indicative
target range
for credit
rating
commitment
Financial Resilience
Capital structure options under review in support of Gen35 strategy
Net Debt ($m)
1
, Liquidity Headroom and Debt Leverage
2
•Debt leverage trend largely reflects right-sizing of operational working capital and timing of growth investment spend
•Committed to investment grade credit rating, with reaffirmation by S&P Global in December 2024 at BBB+ with stable outlook
•Increased liquidity headroom, further strengthening financial resilience with undrawn bank facilities
•Capital management strategy under preparation with multiple refinancing pathways for future funding and a refreshed capital allocation framework
1.Net Debt represents Total Borrowing, less Cash, less fair value adjustments
2.Debt Leverage is Adjusted Net Debt/EBITDAF (12 month preceding). Adjusted net debt for S&P credit rating purposes removes 50% of Capital Bonds (deemed equity) and adds Asset Retirement Obligations
3.A $285m and $240m Green Capital bonds are scheduled to mature in FY52 and FY54 respectively
0
500
1,000
1,500
2,000
Dec 24Dec 25Dec 26Dec 27Dec 28Dec 29
Green Capital BondsWholesale BondsGreen Retail BondsBank debtUSPP
Borrowing maturation profile ($m) to FY29
3

15. 2 0 F E B R U A R Y 2 0 2 5
H1 FY25
Business performance
Waipipi Wind Farm - Taranaki

16. 2 0 F E B R U A R Y 2 0 2 516. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
Retail business performance
Enhanced focus on value over volume in an energy constrained market
•Customers up 4.7% vs pcp, (including Ecotricity), with focus on electricity customers,
reflected in Frank’s transition to electricity-only brand, simplifying the model
•Electricity sales volumes on track, with increased focus on valuable volumes
•Netback uplift reflecting margin growth focus with electricity pricing positioned to
ensure mass market customer protected from extreme winter energy price volatility
•Retail operating model optimisation, with restructure reducing a further 67 core
FTEs in H1 FY25, bringing total to ~200 since FY23 and ahead of plan
•iNPS up 8pts to +56%, driven by streamlined digital processes, with Energy IQ
surpassing 80% registration and enhancing our self-service adoption
Customers (000)H1 FY25H1 FY24Var.Var. (%)
Customers > 1 Fuel148.2148.9(0.7)(0.5%)
Electricity Only Customers309.8300.89.03.0%
Gas Only Customers10.111.4(1.3)(11.4%)
LPG Only Customers28.432.1(3.7)(11.5%)
Ecotricity19.7-19.7-
Total516.3493.223.14.7%
Sales Volumes (GWh)H1 FY25H1 FY24Var.Var. (%)
Residential1,6181,628(10)(0.6%)
SME530514163.1%
C&I900905(5)(0.6%)
Ecotricity (Dec-24 only)70-70-
Total3,1193,047722.3%
NetbackH1 FY25H1 FY24Var.Var. (%)
Electricity ($/MWh)
1
$148.8$145.3$3.52.4%
Gas ($/GJ)$21.5$17.2$4.324.7%
LPG ($/Tonne)$1,552.6$1,354.4$198.214.6%
1.Excludes Ecotricity
Strong brand performance
Increased position in combined brand equity to 45% (39% pcp),
across both Frank & Genesis
With Genesis brand is now ranked 2
nd
and 1
st
overall amongst
Residential and Business customers respectively.

17. 2 0 F E B R U A R Y 2 0 2 517. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
Wholesale business performance
Achieved strong results while navigating challenging market conditions
•H1 FY25 characterised by significant portfolio flex, enabling value creation across
extreme market conditions throughout the half - as illustrated in adjacent chart
•Thermal generation up 229 GWh vs pcp, with three Rankines supporting the
wholesale market on the back of extreme weather conditions and limited gas
availability. As conditions normalised, across November and December, total
thermal generation reduced to 72 GWh
•Average thermal fuel costs of $142/MWh, up 18% from pcp, with higher gas and
replacement coal cost
•National gas markets constraints required a short-term gas agreement with
Methanex from August to 31 October period, further diluting gross margin vs pcp
•Increase in energy storage, with a replenishment of operational coal stockpile to
518kt and average hydro storage of 118% at period end
•Security Products
2
coal stockpile increased to 55kt, with significantly increased
interest in short and long-term HFO products from industry participants
•Continued investment in generation assets with a programme of planned
maintenance to support strong plant availability
1.Trading period 16 (7.30-8.00am)
2.Market Security Options (MSO)
Wholesale Portfolio: morning peak flex (MW)
1
280
276
640
506
14th August28th December
RenewableThermalFlex capacity
Long volume
to the market
at $883/MWh
and MSO
2

Holders
Genesis
Customer
Demand
Thermal capacity
flex up
Thermal capacity
flex down
216
Genesis
short in the
market at
$5/MWh

18. 2 0 F E B R U A R Y 2 0 2 5
Market and
Group FY25 Outlook
Tauhara Power Station - Taupō

19. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
Market update
New emerging trends shaping the New Zealand energy landscape
Structural change in gas market
Demand for flexible generation
exceeds supply
Rankine units back
in demand
Huntly Power Station

20. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
Outlook
FY25 EBITDAF guidance remains unchanged of around $460 million
1

•Reflecting dry weather impacts and fuel prices in H1 FY25, recent
updates on Tariki well drilling, and a range of hydrology outcomes,
guidance for FY25 EBITDAF of around $460 million
1
•FY25 capital expenditure of between $130m - $140m, with spend
profile adjusted for select projects to manage affordability
•Exploring options for Huntly Power Station to continue supporting
national energy security
•Continued focus on delivering multiple milestones in H2 FY25
against 8by28 initiatives. Upcoming investor day planned for late 2025
•Important Note: outlook remains subject to key assumptions and
caveats related to hydrological conditions, gas availability, plant
availability, and material adverse events
Tongariro Power Scheme – North Island
1.EBITDAF remains subject to key assumptions and caveats related to hydrological conditions, gas availability, plant availability, and material adverse events

21. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
Appendix

22. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
ChargeNet Acquisition
Genesis’ customer electrification strategy
Electrification of transport is the largest growth
value pool in the customer-led transition
Optimised entry point after national footprint
established
Linking on-road, at-destination and in-home
behaviours to further enhance customer flex
value driver opportunities
Securing NZ’s leading charging infrastructure,
with a trusted brand and customer experience
Enabling data driven decisions to optimise
new site and site upgrade opportunities
Home
Destination
Business
Public
Fleet
Energy
Roaming
Electrification of road transport
A significant value driver in the customer led transition
ChargeNet
secures access
to an end-to-
end value pool
for the
electrification of
NZ’s road
transport
Customer
Empower the
customer led
transition
Investing for a 65% share of NZ’s leading charging infrastructure company

23. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
Electricity and Gas gross margin breakdown
H1 FY25H1 FY24Variance
Electricity Gross Margin
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Retail Sales C&I900 GWh$198.52 179 905 GWh$189.74 172
(4)GWh$8.78 7
Retail Sales Residential1,618 GWh$295.02 4771,628 GWh$280.93 457
(10)GWh$14.09 20
Retail Sales SME530 GWh$269.80 143 514 GWh$253.66 130
16 GWh$16.14 13
Retail Sales Ecotricity70 GWh$197.32 14 ---
70 GWh$197.32 14
Wholesale Sales2,975 GWh$240.57 716 2,884 GWh$140.08 404
92 GWh$100.49 312
Derivatives Settlement(25)18
(43)
Ancillary Revenue31
2
Total Revenue1,5071,183324
Generation Costs (Thermal)1,567 GWh$142.09 223 1,338 GWh$120.29 161
(229)GWh($21.80)(62)
Generation Costs (Renewable)1,408 GWh--1,545 GWh--
137 GWh- -
Retail Purchases3,279 GWh$195.91 642 3,201 GWh$139.22 446
(78)GWh($56.69)(197)
Transmission and Distribution6,095 GWh$52.74 321 5,931 GWh$47.56 282
(163)GWh($5.18)(39)
Ancillary Costs4 3
(1)
Total Direct Cost1,191892
(299)
Electricity Gross Margin31729125
Gas Gross Margin
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Retail Sales
3.91 PJ$36.33 142 3.95 PJ$30.38 120 (0.04)PJ$5.95 22
Wholesale Sales
1.55 PJ$8.10 13 0.09 PJ$10.07 1 1.46 PJ($1.98)12
Emission Unit Revenue (Gas)4
- 4
Total Revenue158121
Gas Purchases
5.46 PJ$13.54 74 4.04 PJ$8.74 35 (1.42)PJ($4.80)(39)
Transmission and Distribution
5.46 PJ$10.21 56 4.04 PJ$11.42 46 (1.42)PJ$1.21 (10)
Emissions Unit Cost (Gas)
11 8 (4)
Total Direct Cost
141
89(52)
Gas Gross Margin1732(15)
Reported numbers have been rounded and might not appear to add or multiply.

24. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
LPG and Other gross margin breakdown
Reported numbers have been rounded and might not appear to add or multiply.
H1 FY25H1 FY24Variance
LPG Gross Margin
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Retail Sales
24,105 T$2,565.48 62 23,442 T$2,341.35 55 662 T$224.13 7
Wholesale Sales
1,905 T$1,045.87 2 1,574 T$978.33 2 331 T$67.54 0
Emission Unit Revenue (LPG)
2 1 1
Total Revenue
66
58 8
LPG Purchases
26,009 T$1,014.05 26 25,016 T$1,062.12 27 (993)T$48.08 0
Emissions Unit Cost (LPG)
3 3 (0)
Total Direct Cost
29
29 0
LPG Gross Margin
37
298
Other Gross margin
$m$m$m
Net Carbon Active Trading
(0)(1)1
Other Revenue
3 4(2)
Other Costs
(1) (1)(1)
Total Other Gross Margin
13(2)
Total Gentailer Gross Margin
37135517

25. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
Kupe gross margin and EBITDAF reconciliation
Reported numbers have been rounded and might not appear to add or multiply.
H1 FY25H1 FY24Variance
Kupe Gross Margin
VolumeRate per unit$mVolumeRate per unit$mVolumeRate per unit$m
Oil Sales
119.3 Kbbl$108.38 13 68.7 Kbbl$88.82 6 50.7 Kbbl$19.57 7
Gas Sales
3.28 PJ$8.33 27 3.00 PJ$7.77 23 0.28 PJ$0.56 4
LPG Sales
14,589 T$545.58 8 12,552 T$511.27 6 2,037 T$34.31 2
Other and Emissions Revenue
6 4 2
Direct Costs
(16) (11)(5)
Kupe Gross Margin
38299
EBITDAF
$m$m$m
Total Gentailer Gross Margin
371355
17
Kupe Gross Margin
3829
9
Genesis Energy Limited Gross Margin
409384
25
Operating Expenses
Employee Benefits
82 75(7)
Other Operating Expenses
97 94(3)
Kupe Operating Expenses
13 12(1)
Genesis Energy Operating Expenses
192 182(11)
EBITDAF
217202
14

26. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
Financial statements
Income Statement ($m)H1 FY25H1 FY24Variance
Revenue1,761.21,366.529%
Expenses(1,537.0)(1,180.8)(30%)
Depreciation, Depletion & Amortisation(113.4)(106.9)(6%)
Impairment of Non-Current Assets(0.8)(0.4)(100%)
Fair Value Change86.418.5367%
Revaluation of Generation Assets(74.7)(7.6)(883%)
Other Gains (Losses)10.97.154%
Share in associate& joint ventures0.7(1.8)(139%)
Earnings Before Interest & Tax133.394.641%
Interest(39.6)(41.1)4%
Tax(23.4)(15.2)
(54%)
Net Profit After Tax70.338.384%
Earnings Per Share (cps)6.53.681%
Stay in Business Capital Expenditure33.035.4(6%)
Dividends Per Share (cps)7.137.02%
EBITDAF216.5202.17%
Cash Flow Summary ($m)H1 FY25H1 FY24Variance
Net Operating Cash Flow126.3210.8
(40%)
Net Investing Cash Flow(145.5)(80.0)
(82%)
Net Financing Cash Flow(71.6)(121.4)
(41%)
Net (Decrease) Increase in Cash(90.8)9.4(1,066%)
Balance Sheet ($m)H1 FY25FY24Variance
Cash and Cash Equivalents102.0192.8
(47%)
Other Current Assets649.1653.0(1%)
Non-Current Assets5,274.54,791.510%
Total Assets6,025.65,637.37%
Total Borrowings1,528.71,450.75%
Other Liabilities1,547.01,508.63%
Total Liabilities3,075.72,959.34%
Adjusted Net Debt1,347.31,223.810%
EBITDAF Interest Cover7.2x6.8x6%
Net Debt/EBITDAF2.82.74%

27. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
Operational metrics
Retail Key InformationH1 FY25H1 FY24Variance
Customers with > 1 Fuel148,240148,915(0.5%)
Electricity Only Customers329,558300,8349.5%
Gas Only Customers10,13111,405(11.2%)
LPG Only Customers28,38332,061(11.5%)
Total Customers516,312493,2154.7%
Total Electricity, Gas and LPG ICPs750,894713,0925.3%
Volume Weighted Average Electricity Selling Price – Resi ($/MWh)295.0280.95.0%
Volume Weighted Average Electricity Selling Price – SME ($/MWh)269.8253.76.4%
Volume Weighted Average Electricity Selling Price – C&I ($/MWh)198.5189.74.6%
Volume Weighted Average Electricity Selling Price – Ecotricity ($/MWh)197.3--
Retail Netback by Segment & FuelH1 FY25H1 FY24Variance
Residential - Electricity ($/MWh)147.8147.00.5%
Residential - Gas ($/GJ)20.917.618.8%
Bottled - LPG ($/tonne)1,951.91,736.012.4%
SME - Electricity ($/MWh)146.0136.76.8%
SME - Gas ($/GJ)20.218.211.0%
SME – LPG ($/tonne)1,355.3985.237.6%
C&I - Electricity ($/MWh)152.3147.23.5%
C&I - Gas ($/GJ)22.516.437.2%
Bulk - LPG ($/tonne)1,163.11,081.27.6%
Ecotricity - Electricity ($/MWh)81.6--

28. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
Glossary: Gross margin breakdown
Electricity
Retail Sales Residential
Sales of electricity to residential customers
Retail Sales SMESales of electricity to small business customers
Retail Sales C&ISales of electricity to commercial and industrial customers
Wholesale SalesSale of generated electricity onto the spot market, excluding PPA settlements and ancillary revenue
Generation Costs Direct generation costs, inclusive of fuels and carbon
Retail PurchasesPurchases of electricity on spot market for retail customers
Transmission and Distribution CostsTotal electricity transmission and distribution costs, connection charges, electricity market levies and meter leasing
Gas
Retail Sales ResidentialSales of gas to residential customers
Retail Sales SMESales of gas to small business customers
Retail Sales C&ISales of gas to commercial and industrial customers
Wholesale SalesSales of gas to wholesale customers
Gas CostPurchase of gas for sale (excludes gas used in electricity generation)
Transmission and Distribution CostsTotal gas transmission and distribution costs, gas levies and meter leasing
LPG
Bottled LPG SalesRepresents 45kg LPG bottle sales
SME & Other Bulk LPG salesRepresents SME and other bulk and third party distributors
Wholesale LPG SalesSales of LPG to wholesale customers
LPG CostPurchase of LPG for sale
Kupe
Oil SalesSale of crude oil
Gas SalesSale of gas
LPG SalesSale of LPG

29. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
Glossary: Operational metrics
Retail
BrandNetPromoterScoreBasedonsurveyquestion “Howlikelywouldyou betorecommend Genesis/ Frank Energyto yourfriendsorfamily?” Calculated on 3 month rolling basis.
InteractionNetPromoterScore
Based on survey question “Based on your recent interaction with Genesis/Frank, how likely would you be to recommend Genesis/Frankto your family/friends?”
Calculated on 3 month rolling basis.
CustomersElectricityand gas customersare defined bysingle customer view,regardless of number ofconnections (ICP’s)
SingleCustomerViewRepresentsuniquecustomerswhichmayhavemultipleICPs
ICPInstallationConnectionPoint, aconnectionpoint thatis bothoccupiedand hasnotbeen disconnected(Active-Occupied)
LPGCustomerConnectionsDefinedasnumberofcustomers
GrossCustomerChurnDefinedasresidential customersinstigatingatraderswitchorhomemove
NetCustomerChurnDefinedaspercentage of residential customers that finalise in a period.
Resi, SME, C&IResidential,smallandmediumenterprisesandcommercial&industrialcustomers
B2BBusinesstoBusiness,includingbothSMEandC&I
Netback ($/MWh, $/GJ, $/tonne)
Customer EBITDAF by fuel type plus respective fuel purchase cost divided by total fuel sales volumes, stated in native fuel units (excluding corporate allocation costs and
Technology & Digital cost centre)

30. H 1 F Y 2 5 i n v e s t o r p r e s e n t a t i o n
GENESIS ENERGY 1H25 Results Investor Presentation
Glossary: Operational metrics (cont’d)
Wholesale
Electricity Financial Contract Purchases – Wholesale (GWh)Settlement volumes of generation hedge purchases, including exchange traded and OTC contracts. Excludes PPAs, active trading, Financial Transmissions
Rights (FTRs) and Cap/Collar/Floor contracts
Electricity Financial Contract Purchases – Wholesale Price ($/MWh)Average price paid for Electricity Financial Contract Purchases – Wholesale
Electricity Financial Contract Sales – Wholesale (GWh)Settlement volumes of generation hedge sales, including exchange traded and OTC contracts. Excludes PPAs, active trading, Financial Transmissions Rights
(FTRs) and Cap/Collar/Floor contracts
Electricity Financial Contract Sales – Wholesale Price ($/MWh)Average price paid for Electricity Financial Contract Sales – Wholesale
Generation Emissions Carbon emissions due to coal and gas electricity generation
Rankine OutputElectricity generated in the Huntly Rankine units
Rankine’s Fuelled by Coal (%)TheproportionofcoalusedintheRankineunits
Total Coal Purchases (PJ)Coal purchases have been converted from tonnes to PJ using the shipments’ Calorific Value
WeightedAverage Gas Burn Cost($/GJ)Totalcost ofgas burntdivided bygeneration fromgas firedgeneration, excludingemissions
CoalUsedInInternalGeneration(PJ)Results may be revised to reflect changes in coal kilo tonnes to PJ conversion rate and volume methodology.
WeightedAverage CoalBurn Cost($/GJ)Totalcostof coalburntdivided bygenerationfrom coalfired generation,excludingemissions
Operational Coal Stockpile – closing balance (kt)The coal stockpile closing balance in tonnes at Huntly Power Station, less the Security Products Stockpile.
Security Products Stockpile – closing balance (kt)
Refers to Huntly Firming Option (HFO) and Market Security Options (MSO). Stored energy refers to virtual stockpile volumes ordered by counterparties and
is expressed in kilotonnes of coal equivalents as at period end.
Power purchase agreements (Wind / Solar)
Electricity (GWh)Energypurchasedthroughlongtermagreementswithgenerator
AveragePriceReceivedforGeneration-GWAP($/MWh)
Price received at production node
Corporate
Total RecordableInjuries12-monthrollingTotalRecordableInjuries including LostTimeInjuries, RestrictiveWorkInjuries andMedicalTreatmentInjuries
Employees FTENumber of full-time equivalent employees, excluding those on parental leave or a career break
Contractors FTENumber of full-time equivalent contractors, excluding statement of work contractors.
Core FTENumber of full-time equivalent employees and contractors excluding those working on time-bound digital projects.
Digital Projects FTENumber of full-time equivalent employees and contractors working on time-bound digital projects.
Total FTETotal number of full-time equivalent employees, including contractors, excluding employees on parental leave or a career break
Kupe
Oil ProductionProduction of crude oil
Oil Price realised (USD/bbl.)Theunderlyingbenchmarkcrude oilpricethat isusedto setthepricefor crudeoilsales
LPG ProductionProduction of LPG

---

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 20/03/2025
Ex-Date (one business day before the
Record Date)
19/03/2025
Payment date (and allotment date for
DRP)
10/04/2025
Total monies associated with the
distribution
1

$77,798,796.07
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.09902778
Gross taxable amount
3
$0.09902778
Total cash distribution
4
$0.07130000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.01258235
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
$0.02772778
Resident Withholding Tax per
financial product
$0.00495139
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
19/03/2025 25/03/2025
Date strike price to be announced (if
not available at this time)
26/03/2025
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
21/03/2025
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Cameron Sinclair
Contact person for this
announcement
Cameron Sinclair
Contact phone number +64 274 273 280
Contact email address cameron.sinclair@genesisenergy.co.nz
Date of release through MAP

21/02/2025

---

Results announcement



Results for announcement to the market
Name of issuer Genesis Energy Limited (GNE)
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$1,761,200 28.88%
Total Revenue $1,761,200 28.88%
Net profit/(loss) from
continuing operations
$70,300 83.55%
Total net profit/(loss) $70,300 83.55%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.07130000
Imputed amount per Quoted
Equity Security
$0.02772778
Record Date 20/03/2025
Dividend Payment Date 10/04/2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.35 $1.95
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

Please refer to the 2025 Interim Report attached to this
announcement for Genesis’ unaudited interim financial
statements.

Authority for this announcement
Name of person

authorised
to make this announcement
Cameron Sinclair
Contact person for this
announcement
Cameron Sinclair
Contact phone number +64 274 273 280
Contact email address Cameron.sinclair@genesisenergy.co.nz
Date of release through MAP

22/02/2025

Unaudited financial statements accompany this announcement.

---

MARKET RELEASE

Date: 21 February 2025
NZX: GNE / ASX: GNE
Strategy execution gaining momentum in challenging period
6 months
December 2024
6 months
December 2023
Change
Gross Margin
$409.0m $383.6m 7%
EBITDAF
1

$216.5m $202.1m 7%
Operating expenses
($192.5m) ($181.5m) (6%)
Net Profit after Tax (NPAT)
$70.3m $38.3m 83%
Earnings Per Share
6.5 cps 3.5 cps 81%

Key Messages
- Flexibility drove strong financial performance – challenging half year
- Retail model reset to lower cost and lighter touch - well underway
- Renewable generation - development driving long term cash flows
- Flexible generation - development developing new cash flows
- Financial resilience – key focus

Genesis Energy (“Genesis”) delivered a strong financial performance in H1 FY25, leveraging portfolio
flexibility in a challenging environment posting EBITDAF of $216.5m and NPAT of $70.3m. The
financial result was impacted by dry winter conditions and industry wide gas shortages.
Chief Executive, Malcolm Johns, commented “During the winter period, Genesis demonstrated its
growing ability to leverage its flexibility, navigating a dry winter, being long gas in the spring and a
wet start to summer. The market has been incredibly dynamic. We have been clear that Genesis will
no longer fund broad market back-up in either spare generation capacity or stored fuel and we
welcome the major players in the sector coming together to explore supporting thermal back up for
longer into the transition.
“In addition to leveraging flexibility in our BAU activities, in H1 FY25, we have also made positive
progress against our 8by28 key initiatives, accelerating Horizon 2 of the Gen35 strategy. Successful
delivery of this strategy will redefine our portfolio in FY28. By FY28 our cashflows will be
underpinned by c5 TWh pa of renewable capacity supporting our 6 TWh pa of higher-margin long-
term customer demand. New cashflows will be driven from 1,300 MW of flexible generation to
manage increasing market volatility in a high renewables grid.”
Strategy progress made in H1 FY25
We continued the migration of our retail operating model to a lower cost, lighter touch approach for
our customers, whilst improving customer satisfaction levels. Through this process, we have reduced
FTE by ~200. The new enhanced Retail billing platform is progressing to plan, with the Frank brand
expected to go live in CY2025.

1
EBITDAF: Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment, unrealised fair value
changes and other gains and losses

Our demand side flexibility programme began with the launch of a 12-month hot water control trial
with up to 10,000 residential customers. To date more than 5,500 customers have enrolled in the
trial delivering more than 17 MW of flexibility.
During the period we acquired a majority stake in ChargeNet, securing access to an end-to-end value
pool for the electrification of New Zealand’s road transport. Pleasingly, we were able to acquire the
remaining 30% of Ecotricity, providing access to a valuable customer segment with strong growth
potential.
Our renewable generation pathway remains focused on solar development due to speed to market,
lower capital costs and overall improving economics. In the period, we secured two advanced stage
solar farm opportunities (Edgecumbe
2
and Leeston
3
). Edgecumbe is an advanced stage, fully
consented site for a 127 MWp solar farm, with FID
4
targeted in H1 FY26 and commercial operations
commencing in 2H FY27. Leeston is a fully consented large scale 67 MWp solar farm in the
Canterbury region, and commercial operations commencing in early 2027. In addition, a 200 MWp
solar site near Foxton in Manawatū-Whanganui was accepted for inclusion in the Fast Track
Approvals Act.
Flexible assets, fuels and market products support the need for peaking and firming capacity in a
growing renewable energy market. Stage one of our battery storage programme at Huntly Power
Station, a 100 MW/200 MWh battery installation, is expected to commence construction by the end
of FY25, and remains on track for commercial operations in Q1 FY27. We recently signed a terms
sheet with Foresta to advance negotiations for a torrefied biomass supply at Huntly. Genesis is
exploring opportunities to increase gas flexibility, including storage options.
Guidance

Reflecting dry weather impacts and fuel prices in H1 FY25, recent updates on Tariki well drilling, and
a range of hydrology outcomes, guidance for FY25 EBITDAF of around $460 million. FY25 capital
expenditure of between $130m - $140m, with spend profile adjusted for select projects to manage
affordability.
Exploring options for Huntly Power Station to continue supporting national energy security.
Continued focus on delivering multiple milestones in H2 FY25 against 8by28 initiatives. Upcoming
investor day planned for late 2025.
Important Note: outlook remains subject to key assumptions and caveats related to hydrological
conditions, gas availability, plant availability, and material adverse events.

ENDS


2
Genesis owns 100%
3
Conditional agreement to purchase development rights
4
Final investment decision

Investor contact
Cameron Sinclair, GM Investor Relations
cameron.sinclair@genesisenergy.co.nz
0274 273 280

Media contact

Chris Mirams, GM Communications & Media
chris.mirams@genesisenergy.co.nz
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 $NZ3.1 billion during the 12 months ended 30 June 2024. More information can be
found at www.genesisenergy.co.nz