Genesis Energy announces opening of Rights Offer

MARKET RELEASE
Date: 4 March 2026
NZX: GNE / ASX: GNE
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN THE UNITED STATES

Genesis Energy announces opening of Rights Offer
Genesis Energy Limited (“Genesis”) is pleased to announce the opening of its underwritten 1 for 7.9 pro
rata renounceable rights offer (“Rights Offer”) to raise approximately NZ$300 million. The Rights Offer
is part of Genesis’ equity raise announced on 23 February 2026 to accelerate its pipeline of growth
opportunities.
This Rights Offer follows the successful completion of Genesis’ NZ$100m underwritten placement
(“Placement”) of new shares to existing shareholders (including the Crown) and new investors.
Under the NZ$300 million Rights Offer, eligible shareholders may apply for 1 new share for every 7.9
existing shares held at 7.00pm (NZDT) / 5:00pm (AEDT) on the record date of 2 March 2026, at an issue
price of NZ$2.05 per new share. The Rights Offer Price of NZ$2.05 represents a 10.8% discount to the
Theoretical Ex-Rights Price (“TERP”)
1
of NZ$2.30 and is at a lower price than the Placement price of
NZ$2.15.
Rights will not be quoted on the NZX Main Board or on the ASX. Any rights that are not taken up by
eligible shareholders and rights of ineligible shareholders will be offered for sale in the shortfall
bookbuild. Eligible shareholders who take up their rights in full may apply for additional new shares (i.e.
shares in excess of their pro rata rights) that will be offered for sale under the shortfall bookbuild. The
shortfall bookbuild will also be available to institutional investors and New Zealand resident clients of
retail brokers. Any premium above the Rights Offer price realised in the shortfall bookbuild will be
returned pro rata to non-participating and ineligible shareholders.
The new shares will not be entitled to the interim dividend to be paid on 25 March 2026 (which had a
record date of 26 February 2026).
Full details regarding the Rights Offer are set out in the Offer Document, which was released to the NZX
and ASX on 23 February 2026. All eligible shareholders are encouraged to visit
www.shareoffer.co.nz/genesis and apply for the Rights Offer online before 5:00pm (NZDT) / 3:00pm
(AEDT) on 17 March 2026.

Key dates
Rights Offer
Record date 7.00pm NZDT, Monday, 2 March 2026
Rights Offer opens Wednesday, 4 March 2026
Rights Offer closes Tuesday, 17 March 2026
Shortfall Bookbuild for Rights Offer Friday, 20 March 2026
Settlement on the ASX Tuesday, 24 March 2026
Settlement on the NZX Wednesday, 25 March 2026
New Rights Offer shares allotted and
commence trading on NZX and ASX
Wednesday, 25 March 2026
Payment of any premium achieved in the
Bookbuild
Tuesday, 31 March 2026

(1) TERP is the Theoretical Ex-Rights Price at which Genesis ordinary shares would trade immediately after the ex-rights date for the
Rights Offer. TERP is calculated with reference to Genesis’ NZX closing share price of NZ$2.34 on 20 February 2026 (ex-dividend
adjusted) and includes all new shares issued under the equity raise. TERP is a theoretical calculation only and the actual price at
which Genesis ordinary shares will trade immediately after the ex-rights date for the Rights Offer will depend on many factors and
may not be equal to TERP.


ENDS

For investor relations enquiries, please contact:
David Porter
Investor Relations Manager
M: 020 4184 1186

For media enquiries, please contact:
Graeme Muir
Group Manager Communications
M: 027 202 4885

About Genesis Energy:

Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells
electricity, reticulated natural gas and LPG and is one of New Zealand's largest energy retailers with
approximately 500,000 customers. The Company generates electricity from a diverse portfolio of
thermal and renewable generation assets located in different parts of the country. Genesis also has a
46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New
Zealand. Genesis had revenue of NZ$3.7 billion during the 12 months ended 30 June 2025. More
information can be found at www.genesisenergy.co.nz

Important Notice

EXCEPT AS OTHERWISE EXPRESSLY AGREED WITH GENESIS, THIS ANNOUNCEMENT IS RESTRICTED AND
IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART,
IN OR INTO THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE
UNITED STATES, CANADA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH
PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. FURTHER, THIS ANNOUNCEMENT IS
FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

This announcement or any part of it does not constitute or form part of any offer to issue or sell, or the
solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities in the United States
(including its territories and possessions, any state of the United States and the District of Columbia (the
"United States" or "US"), Canada, South Africa, Japan or any other jurisdiction in which the same would
be unlawful. No public offering of the new shares is being made in any such jurisdiction.

The new shares offered in the Placement and the Rights Offer have not been and will not be registered
under the US Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws or
with any securities regulatory authority of any state or other jurisdiction of the United States, and
accordingly the new shares may not be offered, sold, pledged or transferred, directly or indirectly, in,
into or within the United States except pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act and in compliance with any applicable securities
laws of any relevant state or other jurisdiction of the United States. There is no intention to register any
portion of the offering in the United States or to conduct a public offering of securities in the United
States.

The new shares offered in the Placement and the Rights Offer have not been approved or disapproved
by the US Securities and Exchange Commission, any state securities commission or other regulatory
authority in the United States, nor have any of the foregoing authorities passed upon or endorsed the
merits of the placing or the accuracy or adequacy of this announcement. Any representation to the
contrary is a criminal offence in the United States.