Solid FY26 performance, strategy delivery continues at pace

MARKET RELEASE
Date: 27 August 2026
NZX: GNE / ASX: GNE
Genesis delivers solid FY26 performance, Strategy delivery continues at pace
Genesis Energy Limited (“Genesis”) today reported a strong FY26 result, with Normalised EBITDAF increasing 11% to
$522 million. Continued execution of its Gen35 strategy enabled ongoing investment across its customer and
generation businesses.
Genesis delivered a solid gross margin of $949 million (+10%). Operating free cash flow increased 24% to $322
million, while a $400 million equity raise positioned the balance sheet for growth and resilience.
Financial Summary

FY26 FY25 Change
Normalised EBITDAF
1

$522m
$470m +11%
Reported EBITDAF
2

$518m
$454m +14%
Gross Margin
$949m
$864m +10%
Net Profit After Tax
$85m
$169m (50%)
Operating Expenses: Digital Investment
$50m
$33m +52%
Operating Expenses: Operations
$377m
$361m +4%
Operating Expenses: Non-routine costs
$4m
$16m Nm
3

Operating Free Cash Flow
$322m
$260m +24%
Dividend
14.88 cps
14.30 cps +4%

Delivering For Our Customers
In FY26, Genesis delivered practical benefits for customers across Aotearoa New Zealand. Our customers earned
around 8.8 million Power Shout hours through our award winning loyalty programme, including 580,000 hours
gifted by Genesis and our customers to more than 8,000 vulnerable customers. New digital service layers and
improved customer experience resulted in improved interaction NPS by 25% to +55 during the year. Lowering the
total cost of energy through electrification continued to grow to ~17,000 EV Plan customers, up 43%, and ~34,000
solar-plan customers, up 12%, benefiting from the transition. We also delivered ~4,700 LED lightbulbs to community
organisations and supported Te Kuiti to become New Zealand’s first 100% LED lightbulb town.

For our industrial and commercial customers, we delivered greater tailored electrification and hybrid products
(renewables with firming), including introducing Robotron’s flexibility product to help our customers lower their total
energy costs.
Strategy Delivery Highlights
• Delivered: Successfully completed a $400 million equity raise, strengthening the balance sheet while
maintaining the BBB+ investment grade credit rating with a stable S&P outlook.
• Delivered: Single brand strategy, simplified products, services and bills for customers.
• Delivered: Tihori (formerly Edgecumbe) solar farm (136 MWp) reached FID and construction commenced
during FY26 with COD expected in Q1 FY28.
• Delivered: Leeston solar farm (70 MWp) reached FID.
• Delivered: Rangiriri solar farm (271 MWp) acquired, advancing Genesis' solar development pipeline. Once
operational, it is expected to generate approximately 437 GWh annually, enough to power around 54,600
homes.
• Delivered: Foxton solar farm consented through the Fast Track process (220 MWp)
• Delivered: Huntly BESS Stage 1 (100 MW / 200 MWh) remains on track and under budget, with
commissioning underway and due to be fully operational by September 2026. Stage 2 (100 MW / 200 MWh)
reached FID, with construction expected to commence in FY27.
• Delivered: Ten-year Huntly Firming Options for Rankine capacity were authorised by the Commerce
Commission and came into effect on 1 January 2026.
• Delivered: Continued progress on the Castle Hill wind development, alongside an exclusive partnership with
Yinson Renewables providing access to more than 1 GW of onshore wind opportunities.
• Delivered: A 15-year PPA for 70% of the output from the Mt Cass Wind Farm (95 MW), expected to deliver
approximately 210 GWh of renewable energy to Genesis annually from FY29.
• Delivered: A five-year PPA for 53% of the output from Ngāwhā Geothermal (32 MW), commencing in January
2029 and expected to deliver approximately 135 GWh of renewable energy to Genesis annually.
• Delivered: Higher-quality earnings through improved margin quality and a $21/MWh uplift in electricity
netback, reflecting continued focus on value over volume.

Operating Environment
FY26 marked another year of disciplined execution of Genesis Energy's Gen35 strategy, with continued focus on
delivering long term value for customers and shareholders. The Company's three commercial priorities of improving
margin quality, maintaining disciplined cost management and exercising strong capital management continued to
guide investment decisions and support progress across customer growth, renewable generation, Huntly flexibility
and capital allocation.
Genesis advanced its major technology programmes to improve billing transparency, enable more dynamic customer
products and services, and deliver lasting productivity gains. The transition to a single Genesis brand was completed,

while the customer portfolio continued shifting towards higher value segments. This contributed to a $21/MWh
improvement in electricity netback. Growth in electric vehicle plans, rooftop solar, flexibility services and broadband
further strengthened the Company's value over volume strategy.
The Company also continued investing to structurally lower its long term cost of generation. Construction
commenced on the Tihori Solar Farm, Final Investment Decision (FID) was reached for Leeston Solar Farm, and
development progressed across additional solar and wind projects. Renewable partnerships with Yinson Renewables,
Mt Cass Wind Farm and Ngāwhā Generation further diversified the portfolio. At Huntly, commissioning is underway
for Stage 1 of the Battery Energy Storage System (BESS) and due to be fully operational by September 2026, while
Stage 2 reached FID. We plan to continue contracting minimum levels of take or pay gas, except where price and
volume is commercially attractive. As we have done over recent years, we will continue to leverage our fuel diversity,
alongside the wholesale electricity market and tactical short term gas contracts to drive margin quality.
Financial Performance
Genesis delivered a strong financial performance in FY26, reflecting continued execution of its strategy, improved
margin quality and favourable market conditions.
Normalised EBITDAF increased 11% to $522 million and reported EBITDAF rose 14% to $518 million. Gross margin
reached $949 million, reflecting the strongest performance to date, supported by stronger retail margins, disciplined
portfolio management and favourable hydro conditions. Continued growth in renewable generation and active fuel
management reduced reliance on thermal generation, lowering the average cost of generation to approximately
$61/MWh.
Total reported OPEX of $431 million reflected planned investment in major technology programmes and completion
of the single brand transformation. Strong operating free cash flow of $322 million supported continued investment
in renewable generation, battery storage and core generation assets while maintaining shareholder returns. A
successful $400 million equity raise strengthened the balance sheet, reducing leverage to 1.6x Adjusted Net
Debt/EBITDAF and maintaining Genesis' BBB+ investment grade credit rating. NPAT was $85m compared with $169m
in FY25 reflecting the impact of FY26 revaluations.
Outlook
Genesis remains focused on delivering disciplined long term earnings growth through continued execution of its
Gen35 strategy. For FY27, the Company expects normalised EBITDAF of $480 to $520 million, based on normal
hydrological conditions, current assumptions for gas availability and plant reliability, and the absence of material
adverse events. Investment will continue across renewable generation, battery storage and the final year of the
Company's major technology transformation programme.
Beyond FY27, Genesis continues to see a credible pathway to EBITDAF in the upper $500 million range by FY28,
supported by ongoing improvements in margin quality, disciplined cost and capital management, lower operating
costs following completion of major technology programmes, new renewable generation, and Huntly's expanding
role in providing flexibility for a more renewable electricity system.
Looking further ahead, the FY32 Growth Plan remains centred on disciplined capital allocation, expanding renewable
generation, growing customer demand through electrification, increasing flexibility and productivity, and
strengthening New Zealand's energy security while supporting the transition to a lower emissions electricity system.

Commentary from Malcolm Johns, Chief Executive
"FY26 was another year of disciplined execution of our Gen35 strategy to deliver for our customers and investors. We
have continued to improve the quality of our earnings by embedding margin quality, cost discipline and strong capital
management into every part of our business, while investing in the capabilities that will support sustainable long-term
growth."
"Our portfolio continues to differentiate Genesis. Through our large customer base, growing renewable generation
and Huntly's evolving role to firm our increasing solar and wind generation, we are structurally lowering our average
cost of generation while strengthening the flexibility we need."
"We have now positioned our balance sheet for growth, and we are investing around $3 billion over the next five years
on improving products and services for our customers, existing and new generation assets.”
"We are focused on lowering the total cost of energy for our customers through electrification of transport and heat,
which in turn grows demand for electricity, improves New Zealand's energy security and delivers a lower carbon
economy."
1. Normalised EBITDAF: is adjusted for material non-routine items as per Genesis Disclosure of Non-GAAP performance measures policy.
2. Reported EBITDAF: Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment, unrealised fair value changes, and other
gains and losses.
3. nm = not meaningful

ENDS

For investor relations enquiries, please contact:
Michael Hunter
GM Investor Relations & Corporate Valuation
M: 021 073 1603

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 nearly 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. More information can be found at www.genesisenergy.co.nz

---

Genesis Energy
GENESIS ENERGY
FY26 RESULTS
Malcolm Johns
Emma Oettli
Chief Executive
Chief Financial Officer
27 August 2026
INVESTOR PRESENTATION

DISCLAIMER
Genesis Energy FY26 Results
2
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. In particular, the outlook
information included in slides 19, 21 and 22 includes various forward-looking statements relating to
Genesis Energy’s future financial periods.
Forward-looking statements in this presentation are not guarantees or predictions of future
performance, are based on current expectations and involve risks, uncertainties, assumptions,
contingencies and other factors, many of which are outside Genesis Energy’s control, are difficult to
predict, and which may cause the actual results or performance of Genesis Energy to be materially
different from any future results or performance expressed or implied by such forward-looking
statements. This risk of inaccuracies may be heightened in relation to forward-looking statements that
relate to longer timeframes, as such statements may incorporate a greater number of assumptions
and estimates. Genesis Energy gives no warranty or representation in relation to any forward-looking
statement, its future financial performance or any future matter. Forward-looking statements speak
only as of the date of this presentation.
Forward-looking statements can generally be identified by the use of words such as
“approximate”, “project”, “foresee”, “plan”, “target”, “seek”, “expect”, “aim”, “intend”, “anticipate”,
“believe”, “estimate”, “may”, “should”, “will”, “objective”, “assume”, “guidance”, “outlook” or similar
expressions.
EBITDAF, free cash flow and ‘normalised’ balances are non-GAAP measures. These non-GAAP
measures should not be considered in isolation from, or construed as a substitute for, other
financial measures determined in accordance with GAAP or NZ IFRS.
Genesis Energy is subject to disclosure obligations under the NZX Listing Rules that requires it to
notify certain material information to NZX for the purpose of that information being made
available to participants in the market. This presentation should be read in conjunction with
Genesis Energy’s Integrated Report for FY26 and 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, 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.

THE EXECUTIVE TEAM
1.
Emma Oettli
Chief Financial Officer
Over 20 years’ finance experience
across the banking, telecommunications
and energy sectors.
2.
Claire Walker
Chief People Officer
Over 20 years’ experience in human resources,
organisational leadership and people strategy.
Deputy Chair of HRNZ.
3.
Stephen England-Hall
Chief Revenue Officer
Over 20 years’ commercial experience,
including 15 years as Chief Executive, spanning
customer strategy, digital transformation and
industry disruption.
4.
Malcolm Johns
Chief Executive
Joined as Chief Executive in March 2023.
Previously Chief Executive of Christchurch
Airport, with governance experience across
transport, infrastructure and tourism.
5.
Matthew Osborne
Chief Corporate Affairs Officer
Corporate affairs executive and legal
counsel with over 20 years’ experience
across legal, regulatory, procurement,
communications and governance.
6.
Edward Hyde
Chief Transformation &
Technology Officer
Over 20 years’ experience across
commercial, technology and
telecommunications leadership roles.
7.
Tracey Hickman
Chief Operating Officer
Over 30 years’ experience in the energy
sector, including 10 years in executive roles
across generation, trading, fuels, retail and
sustainability.
1.2.3.4.5.6.7.

AGENDA
Key Messages
FY26 Business Performance
FY26 Group Performance
Guidance
Group Outlook
Appendices
01
02
03
04
05
06
Genesis Energy FY26 Results
44

GEN35 – OUR STRATEGY

FY26 STRATEGY
DELIVERY HIGHLIGHTS
MARGIN
QUALITY
COST DISCIPLINE
STRONG CAPITAL
MANAGEMENT
Group Gross Margin
$949m
Up $85m yoy; strongest gross
margin to date
Retail Netback
$176/MWh
Up $21/MWh yoy with focus on value
over volume
Cost to serve
$75 CTS/ICP
Down $3 CTS/ICP yoy driven by
operational efficiencies from
NexGen & single brand strategy
Core Opex
$377m
Up $16m yoy driven by disciplined
investment in Ecotricity and our
single brand strategy
Digital Investment
$50m
Up $15m yoy. Total spend
remains within $145m envelope,
to be completed in FY27
Leeston, Tihori & BESS II
FID approved. PPA’s signed
Supporting FY32 generation cost of
~$60/MWh real
Capital raise
$400m
Balance sheet positioned for growth.
FY26 Debt/EBITDAF 1.6x (2.6x FY25)
FY26 Dividends
14.88 cps
Fixed dividend supported by FY26
Normalised EBITDAF of $522m and FY26
OP FCF $322m.
Average Generation cost
$61/MWh
Down $20/MWh yoy due to increased
hydro and new renewables generation
Genesis Energy FY26 Results
6

FY26 BUSINESS
PERFORMANCE
Genesis Energy FY26 Results
7
Tekapo B, in a full Lake Pukaki

Ecotricity included in consolidated results from
Nov-24 (7 months in FY25)
78
75
FY25FY26
130
96
FY25FY26
CUSTOMER – FY26 STRATEGY DELIVERY
Genesis Energy FY26 Results8
Margin Quality & Cost Discipline: repositioning portfolio to a higher-value mix (value over volume)
Delivering Netback Growth
•$21/MWh electricity netback uplift in FY26 through portfolio
rebalancing and greater alignment of supply/demand shape
•EV, Solar & Flex growth
•Single brand strategy in final stages (ICP's back in growth over Jul -
Aug with quality acquisition and shape)
•Transmission and distribution price increase of c14%, passed
through to customers. Third party charges are passed through in full
•Broadband successfully launched in October, expanding Genesis’
offering and supporting deeper customer engagement and retention
•Cost to acquire and cost to serve continue to decline in line with plan,
new tech platforms key to next phase of uplift
Life at Full Power!
•Electrifying transport and low to medium heat will save an average
household $2-3,000 p.a. in total energy costs. If 60% of NZ Inc's total
energy came from electricity the country's total energy bill would be
~c$10 billion lower p.a. than it is today
•Our vision for our customers is 'Life at Full Power!’
•New single-brandGenesis: Life At Full Powerpositioning in market
ELECTRICITY NETBACK ($/MWh)
GAS NETBACK ($/GJ)
FY26 Strategy Delivery Key Points
+43%
EV
3
Rooftop Solar
Flex
+12%+16%
COST TO ACQUIRE
1

(CTA / ICP gain)
+$94m
1
1,203
1,297
155
20
1176
FY25
Margin
Quality
Cost
Discipline
FY26
COST TO SERVE
2
(CTS / ICP)
Notes: (1) The total cost of acquiring a new mass market electricity customer. Includes marketing spend, commissions and sign-up incentives.; (2) Total operating cost for mass market electricity customers less
customer acquisition costs (CTA). Excludes one-off costs associated with the single brand and the billing/CRM system implementation.; (3) Genesis customer connections on EV Plan, excludes ChargeNet.
DELIVERING MARGIN
QUALITY
17.0K33.6K58MW
REMOVE
1,511
1,614
FY25FY26
LPG NETBACK ($/Tonne)
23.7
27.6
FY25FY26

RENEWABLES – FY26 STRATEGY DELIVERY
Genesis Energy FY26 Results
9
SOLAR
WIND
•Tihori (formerly Edgecumbe) solar farm
construction commenced (136 MWp) with COD
expected in Q1 FY28
•Leeston solar farm reached FID (70 MWp)
•Rangiriri solar farm advancing through pre-FID
development (271 MWp)
•Foxton solar farm consented through the Fast
Track process (220 MWp)
•Lauriston Solar Farm completed its first full year
of operations (63 MWp), generating 92 GWh in
FY26
•Yinson partnership provides access to >1 GW of
onshore wind opportunities
•15-year PPA secured for 70% of Mt Cass output
(95 MW)
•Castle Hill transmission route selection
underway (~300 MW)
•Around 300 MW early-stage wind development
in pipeline
Margin Quality & Strong Capital Management: lowering the average generation cost
FID on ~500 MWp solar by FY28Delivering up to 300 MW wind by FY32
GEOTHERMAL
•Tauhara PPA Delivered 465 GWh in FY26
•Genesis has secured 53% of Ngāwhā’s
geothermal generation (32 MW) for five years
from January 2029, adding around 135 GWh of
renewable energy to Genesis annually and
further diversifying its generation portfolio
PPAs secured for ~80 MW of
geothermal capacity by 2029
Castle Hill Wind Farm
Mt. Cass Ridge
Ngāwhā Geothermal
Rangiriri Solar Farm
Lauriston Solar Farm

Coal Update
•Supply remains well positioned, supported by secure New Zealand contract positions and
Indonesian coal supply, alongside trials of alternative coal supply sources
•HFO’s called to support winter peak demand and in place for dry-year security of supply
•Genesis is actively diversifying supply, including trials of Australian coal, strengthening flexibility
and resilience for Huntly operations
Diesel Update
•1 million litres of diesel storage at Huntly, supporting ~4 days of Unit 6 operation, with options to
access up to 30 days of reserve
•Diesel reserve at Marsden Point, materially improving New Zealand's in-country fuel resilience
and security of supply
•This provides significantly greater operational resilience than was available during Winter 2024,
strengthening Genesis' ability to respond during periods of system stress
CARBON PATHWAY
COAL & DIESEL
HUNTLY – FY26 STRATEGY DELIVERY
MARGIN QUALITY & COST DISCIPLINE: GENERATION FLEXIBILITY AND SECURITY
Genesis Energy FY26 Results
10
GAS
BESS
•Leveraging fuel diversity and gas flexibility, as we have done in recent years, alongside the
ASX to contract minimum take-or-pay positions
•Price and volume remain key considerations in all take-or-pay contracts
•Displace baseload gas by FY29 ‘or earlier’
•Strategic review of Unit 5’s future commercial pathway beyond 2029 to be completed within the
next 12 months
•Delivery of 100 MW x 2hr Huntly Stage 1 commissioning underway
•Delivery of 100 MW x 2hr Huntly Stage 2. Final Investment Decision (FID) reached in Q4.
Construction is expected to commence in Q2 FY27, and the BESS is expected to be
operational by Q3 FY28
•The BESS programme will drive greater portfolio and system flexibility and security, provide
support for Genesis’ large customer book, and leverage solar investment
BIOMASS
•Technical and operational work complete, confirming biomass can be used to displace coal at
Huntly Power Station
•Commercial readiness established, with a market specification for biomass fuel now in place
•Current biomass costs are too high to meet Genesis’ investment hurdle rate, making deployment
uneconomic at present
•Economics are not expected to become commercially attractive until the 2030s under current
market expectations
•Genesis remains ready to contract if biomass prices move within the required commercial range
of ~$500/Tonne

15
35
50
45
0
10
20
30
40
50
60
FY24AFY25AFY26AFY27E
$145M MAJOR DIGITAL PROJECTS ($m)
(1)
PLATFORM, DELIVERY AND DATA
Genesis Energy FY26 Results
11
PROJECT BUDGET REMAINS ON TRACK
PLATFORMDELIVERY
FY26 Priorities
•Digitise core services to deliver better
customer experience and drive
efficiency
•Creating a simpler, faster and
cheaper landscape
•Leveraging world class partners
FY26 Priorities
•Major progress on the digital projects
program this financial year
•Managing projects to time, cost and
quality objectives in order to realise
business value
•Leveraging the strengths of others –
less in-house
FY26 Priorities
•Customer segmentation models
delivered to enhance customer lifetime
value
•Unlocking value through great portfolio
decisions
•Data and AI led asset management
and operations transformation
roadmap finalised
HistoricalForecasts
2
Notes: (1) Digital transformation excludes stay in business technology spend which is expected to be ~$15m per annum. Project spend is on a cash basis and includes OPEX, CAPEX and Prepayments.; (2) Forecasts are subject to phasing changes.
DATA
Cost Discipline: Investing $145m in digital transformation enabling improved customer outcomes and
organisational productivity
Progress
•Maintain excellent operation stability
through busy change program
•New outsourced IT service desk is
now driving cost efficiencies of >
20% pa
•Significant upgrade to cyber security
controls in response to increasing
threats
Progress
•Delivered: Workday Core Financials
(FMS)
•Delivered: New derivatives toolkit
•Release 2 mass market on track;
residential & small business
migrations due for completion in
FY27
•Release 3 on track, Robotron
confirmed for C&I. Phased migration
begins in Q2 FY27
Progress
•Successful ChatGPT for Enterprise
roll-out circa 94% organisation wide
uptake
•Significant progress onboarding
approximately 500 new data sources
onto the Databricks platform, from
customer and trading domains
•Organisation wide enablement
activities building end-users capability
to leverage Databricks platform

FY26 GROUP
PERFORMANCE
Moawhango Dam

FY26: GROUP FINANCIAL
PERFORMANCE
Genesis Energy FY26 Results
13
FY26FY25VARIANCE
Revenue
1
$2,821m$3,720m(24)%
Gross Margin
$949m$864m10%
MARGIN %
34%23%
OPEX: Normalised Operations
$(377)m$(361)m4%
OPEX: Digital Investment
2
$(50)m$(33)m52%
Normalised EBITDAF
3
$522m$470m11%
MARGIN %
19%13%
OPEX: Non-routine costs
$(4)m$(16)mnm
Reported EBITDAF
4
$518m$454m14%
MARGIN %
18%12%
Reported EBIT
$187m$304m(38)%
Reported NPAT
$85m$169m(50)%
Dividend Per Share
14.88 cps14.30 cps4%
Earnings Per Share
7.3 cps15.5 cps(53)%
Notes: (1) Revenue: Inclusive of realised losses on non-hedge accounted electricity derivatives of $10.2m ($57m gain pcp).; (2) Digital Investment: includes OPEX associated with Major Digital Projects, as well as stay in
business technology expenditure.; (3) Normalised EBITDAF: is adjusted for material non-routine items as per Genesis Disclosure of Non-GAAP performance measures policy. Refer appendix for reconciliation; (4) EBITDAF:
Earnings before net financing, income tax, depreciation, depletion, amortisation, impairment, unrealised fair value changes and other gains and losses.
Earnings growth, supporting a $50m digital project investment for future benefit realisation
•Reported EBITDAF of $518m ($454m pcp) increases to
$522m ($470m pcp) on a normalised basis after
normalising
3
for non-routine costs of $4m ($16m pcp)
•Revenue: higher customer sales reflecting ‘value over
volume’ strategy and pass through of transmission and
distribution costs; offset by lower wholesale volumes and
prices
•Gross Margin: an overall 10% uplift, realised due to
strong portfolio management, benefitting from >P50
renewable generation and managing fuel position to
monetise reduced thermal generation during the period
•Operations Expenses: reflects full year effect of
Ecotricity operating costs andsingle brand specific opex
•Digital Investment: continueddeliveryof re-platforming
technology projects (Workday FMS and first stage of
Billing platform delivered)
•Reported NPAT: reflects EBITDAF, offset by lower
mark to market fair value adjustments on unrealised
derivatives (lower forward curve). Finance expenses
lower due to equity raise

864
60
86
(66)
(5)
10
949
FY25
Gross Margin
Customer
margin
RenewablesLengthFuelWholesale gas
sales
FY26
Gross Margin
FY26: GROUP GROSS MARGIN
AND OPERATING EXPENSES
Genesis Energy FY26 Results
14
RECORD GGMOF $949M, UP $85M WITH KEY VARIANCE AGAINST PCP:
•Customer Margin: repositioned portfolio; single brand strategy implemented to deliver margin quality
and cost discipline realisinga netback uplift; and integration of Ecotricity(FY25 from November 2024)
•Renewables: strong inflows at Tekapo and Tongariro lifted hydro (+504 GWh or 20%), coupled with full
year of Tauhara and Lauriston PPAs further displacing baseload gas generation as planned
•Length: Trading, fuels and operations uplifts allowing sustained periods of very short running (lowering
thermal generation) delivering lower average generation cost
•Fuel: hedge carbon prices above spot offset by lower gas
1
costs
•Fuel Flex: renewables & length allowedhigher gas salesat higher prices to industrials
OPEXOF $377M, UP $16M WITH KEY VARIANCES AGAINST PCP:
•People
2
: up 5% on pcp due to strategy execution, ~3.5% wage/salary inflation, partially offset by
benefits realised from ongoing operating model efficiencies
•Software / Support costs: including two additional billing platforms (Ecotricity and new Billing
platform), data compute uplift to support customer flexibility, IT helpdesk outsource, contractual CPI
increases offset by renegotiated contracts and decommissioning
•Consultants and Professional Services
3
: range of AI Initiatives to drive productivity and costs for new
generation investigations
•Other: includes incremental costs for transition to single brand (+$5m)
•Metering re-classification: There has been a $15m re-classification of metering costs to gross margin
during the year
Notes: (1) Gas costs based on external positions with change in Kupe to Wholesale transfer prices being eliminated here.; (2) Excludes FTEs dedicated to digital projects – refer Digital Investment classification.; (3) Excludes consultants dedicated to digital projects – refer Digital Investment classification.
GROUP GROSS MARGIN (GGM) MOVEMENT ($M)GROUP NORMALISED OPEX BY SPEND CATEGORY ($M)
Strategy Delivery: Strongest Gross Margin to date as strategy is delivered
155
32
42
28
18
26
60
165
42
43
13
23
24
67
People
Software / Support
Maintenance / Property
Direct Costs
Consultants /
Professional Services
Kupe Operations
Other
FY25: $361mFY26: $377m

Opening
1 Jul 25
PurchasedUtilisedClosing
30 June 26
GNE OperationalSecurity Products (HFOs)
518
88
(119)
(59)
(93)
(13)
322
FY26
EBITDAF
Working
Capital
SIB
Capex
Financing
Tax
paid
Lease
payments
FY26
Op FCF
FY26: DELIVERED STRONG
CASH CONVERSION
Genesis Energy FY26 Results
15
EBITDAF TO OPERATING FREE CASH FLOW (OP FCF) ($m)
$192m
889kt
434 kt
134 kt
$260m
1,189 kt
COAL STOCKPILE
Year on year increase in coal stockpile is primarily funded by HFO Counterparties62% EBITDAF to OP FCF Conversion
Includes payments from
HFO counterparties for
their share of the strategic
coal stockpile.
Margin Quality & Cost Discipline: Strong cash conversion supported by counterparty-funded working capital
Notes: (1) Stay-in-Business CAPEX is presented on a cash basis.
335kt (International)
99kt (Domestic)

99
80
1
2
89
12
9
6
3
FY26: CAPITAL EXPENDITURE
Genesis Energy FY26 Results
16
Notes: (1) Stay-in-Business and Growth CAPEX are presented on an accounting basis, which differs to the cash flows in the year. Growth Capex & Investment includes investments in subsidiaries, associates and joint ventures.
Strong Capital Management: Free cash flow uplift, capex in line with strategy execution
STAY-IN-BUSINESS (SIB) CAPEX¹ $119m ($86M PCP)GROWTH CAPEX & INVESTMENT¹ $182m ($165m PCP)
Investment in core assets to maintain reliability and maximise output
Strategic investment to lower the cost of generation by displacing thermal generation
$89m (75%)
Maintenance of
generation assets
$12m (10%)
Technology ($3m Digital
Big Rocks projects)
$9m (8%)
LPG including new Auckland
depot and truck replacements
$6m (5%)
Kupe JV asset
maintenance
$3m (2%)
Other
$99m (54%)
Battery (BESS)
construction
$80m (44%)
Solar development including Tihori
construction, Rangiriri acquisition,
and Leeston & Foxton progress
$1m (1%)
Wind
$2m (1%)
Other
$119m$182m
STRATEGIC FOCUS
Balanced capital allocation between maintaining our core generation
assets and investing in growthto strengthen market security and expand
renewable generation for a more sustainable future
$301m
Total FY26 Capex ($251m PCP)
100%
Funded from operating cash
flow and funding toolkit

322
165
126
418
387
SourcesUses
FY26: GROUP FINANCIAL RESILIENCE
Genesis Energy FY26 Results
17
Strong Capital Management: Operating FCFand equity raise mean GNE well positioned for growth
•Commitment to investment-grade credit rating, reaffirmed by S&P Global in December 2025 at BBB+
with a stable outlook
•Strong liquidity headroom retained from undrawn committed facilities and successful $400m capital raise
•FY26 Final Dividend declared of 7.58 cps and Dividend Reinvestment Plan (DRP) pricing set equal
under the usual methodology with a 2.5% discount applied
Notes: (1) Net Debt: Total borrowings, less cash and cash equivalents, less Fair Value adjustments; (2) Debt Leverage Ratio: Adjusted Net Debt/EBITDAF (12 months preceding). Adjusted Net Debt represents Net Debt less 50% of capital bonds; plus rehabilitation & restoration provision.; (3) Debt repayments include movements in
lease liabilities.

NET DEBT¹, LIQUIDITY AND DEBT LEVERAGE RATIO²FY26 SOURCES & USES OF FUNDS ($m)
Operating FCF
Equity Raise
Proceeds (net)
Growth Investment
(cash)
Dividend Cash Distribution
(net of DRP)
Debt Repayments
3
1,224
1,348
940
271
350
640
2.7x
2.6x
1.6x
-6
-5
-4
-3
-2
-1
0
1
2
3
0
500
1000
1500
2000
FY24FY25FY26
Net DebtLiquidity HeadroomNet Debt : EBITDAF
SOURCESUSES

GUIDANCE
Genesis Energy FY26 Results
18
Tekapo A

FY27 GUIDANCE
Genesis Energy FY26 Results
19
Normalised FY27 EBITDAF¹ guidance of $480 – $520 million²
Tokaanu Penstocks
Notes: Outlook remains subject to key assumptions and caveats related to hydrological conditions, gas availability, plant availability, and material adverse events. (1) EBITDAF remains subject to key
assumptions and caveats related to hydrological conditions, gas availability, plant availability, and material adverse events; (2) Normalised EBITDAF is adjusted for material non-routine items as per
Genesis Disclosure of Non-GAAP performance measures policy. Refer appendix for reconciliation
$M
FY27
GUIDANCE
FY26 ACTUALCOMMENTARY
Normalised
(2)
EBITDAF
$480m - $520m$522m
•Assumes P50 inflows and ~2.8 - 2.9 TWh of hydro
generation.
•Assumes P50 wind and solar 0.7 TWh
Digital Investments
(Big Rocks)
$45m$50m
•FY27 cash required to complete the digital “Big Rocks”
programme of $145m
SIB Capex$145m - $155m$119m
•Uplift in annual spend supports activity to extend the
Rankine units and maintain a high level of asset
reliability
Growth InvestmentUp to $325m$182m•Delivering new renewables and battery opportunities

Genesis Energy FY26 Results
20
GROUP
OUTLOOK
Huntly Power Station

FY27 Customer Renewables Huntly Opex Headwinds FY28
DELIVERING FY28 OUTLOOK
21
Customer
Customer books well positioned and returned
to growth in line with plan
Wholesale forward curve broadly aligns with our
LCOE view, with near-term headwinds possible
Renewables
Investment lowering average cost of
generation
Tihori and Leeston solar ‘on balance sheet’,
Kaiwaikawe PPA
Huntly
HFO's and asset backed trading
BESS 1 & 2 operational, HFO's, talent & technology
uplift
Opex
Technology and brand projects delivered
Digital (~$35m) and single brand (~$5m)
investments concluded in FY27, opex returning to
SIB levels
Headwinds
Kupe field decline and Opex for new assets
Operating costs after building new owned assets
BESS 2, Tihori and Leeston
Upper
$500m
FY27: Guidance
$480m -
$520m
Assumptions: (a) Indicative at August-26; (b) P50 hydro inflows (FY27-FY28); (c) Excludes assumptions regarding LNG proceeding; (d) Reflects existing/known regulatory
and legislative requirements and conditions prevail; (e) Growth investments all subject to meeting financial thresholds required by capital allocation framework; (f) Kupe
decommissioning spend assumed at end of field life.
Earnings Growth: Credible path to upper $500m EBITDAF

FY26 Customer Renewables Huntly Opex Headwinds FY32
FY32 GROWTH PLAN
HORIZON 2 OF GEN35
Customer
Demand Growth: electrification of
homes & businesses
•EV’s andelectrification of heat
•Strong single brand
•Lower churn through adjacent
products/services
•New C&I demand opportunities
FY26: Normalised to
$522m
FY32 Outlook:
$650m -
$750m
Renewables >2TWh
Cost Out: lower average generation
cost (P50)
•On balance sheet asset development
•JV + PPA asset development
•New PPA's
Huntly
Flexibility: firming, peaking, trading
•Genesis customer book
•Asset backed trading
•HFO & Capacity products
•Primary assets: 400MWh BESS, 3
Rankines & Unit 6 (Unit 7 optional)
•Primary fuels: gas, coal, diesel
(biomass once economic)
•Displace baseload gas by FY29
OPEX
Core Opex: from FY28
•Lower cost to serve & acquire
•Major tech projects delivered
•Productivity gains from upskilling
our people, new technology and
leveraging AI
Headwinds
Facing Into Headwinds
•Opex increase from continuing to
build and maintaining a future
pipeline of around 2,500 MW
•Kupe contribution will decline,
current assumed end of life around
FY34.
22
Assumptions: (a) Indicative at Aug-26; (b) P50 hydro inflows (FY27-FY32); (c) GNE existing assets run beyond 2032; (d) Excludes assumptions regarding LNG proceeding; (e) Reflects existing/known regulatory and legislative requirements and
conditions prevail; (f) Growth investments all subject to meeting financial thresholds required by capital allocation framework; (g) FY32 includes generation from on-balance sheet wind assets; (h) Kupe decommissioning spend assumed at end of field life.

Genesis Energy FY26 Results
23
APPENDICES
Tokaanu Power Station

30%
6%
10%
8%
46%
450
465
92
3,092
505
1,077
51 5,732
Wind
PPAs
Geothermal
PPAs
Solar
PPAs
HydroHuntly
Rankines
Unit 5Unit 6Total
Generation
17%
12%
22%
10%
39%
ThermalSolarWindGeothermalHydro
FY28
6.1 TWh
9%
19%
1%
54%
8%
2%
8%
Huntly RankinesUnit 5Unit 6Hydro
WindGeothermal PPAsSolar PPAsWind PPAs
FY26: PORTFOLIO GENERATION COMPOSITION
Genesis Energy FY26 Results
•PPA’s now 18% of FY26 energy requirements (vs 11% pcp), further diversifying the portfolio and strengthening
access to renewable, low-cost energy
•Disciplined thermal dispatch allowed the portfolio to be short in the market at appropriate times, enabled by
nimble gas management, lowering fuel and carbon exposure
•Generation mix demonstrates increased portfolio flexibility supporting cost optimisation and margin protection
and security of supply
•63 MW Tauhara
capacity
•15-year contract
commenced 2H FY25
•63 MWp Lauriston
solar farm
•First generation
Nov ’25
•133 MW Waipipi
•31 wind turbines
•Generation 2% up
on pcp
FY32 Growth Plan: >2TWh new renewables, exit baseload gas, firming & peaking
FY26 PORTFOLIO GENERATION (GWH)PORTFOLIO GENERATION COMPOSITION (%)
FY26
5.7 TWh
24%
27%
1%
37%
4%
6%
FY25
6.9 TWh
FY32
7.2 TWh
FY26 average cost of generation
1
: $61/MWh (pcp $81/MWh)
2
Notes: (1) Average cost of generation includes the Generation Costs (Thermal, Hydro and fixed costs of PPAs) divided by total generation
(including PPAs).; (2) Thermal Generation in FY28 & FY32 includes GNE firming, HFOs and Asset Backed Trading.
24

GENESIS
EARNINGS RESILIENCE
Genesis Energy FY26 Results
25
Resilient margins through price
volatility
Disciplined approach to hedging
and portfolio optimisation
Active portfolio management
Strategic and profitable short
position through strong hydrology
Significant Fuel Flexibility
Flexible generation enhanced by
fuel flexibility
PORTFOLIO USES AND SOURCES OF GENERATION (GWH)
-
100
200
300
400
500
600
700
800
900
Jul-24Sept-24Nov-24Jan-25Mar-25May-25Jul-25Sept-25Nov-25Jan-26Mar-26May-26
HydroPPAsGasCoalRankine HFORetail demandCONDEF
Generation supported by active management of gas position and thermal dispatch through changing hydrology

CUSTOMER: DELIVERING MARGIN QUALITY
Genesis Energy FY26 Results
26
Demand Growth: lowering the total cost of energy for customers through greater electrification of homes and
businesses
COST DISCIPLINE: SIMPLIFYING
OPERATIONS,LOWER-COST PLATFORM
•Release 1 successfully deployed for approximately 50,000
customers on to new billing platform 'g2'
•Release 2 progressed, with residential and small-business
migrations planned from Q3 FY27
•Release 3 progressed, with Robotron confirmed for C&I and phased
migration planned from Q2 FY27
•Single brand completed, simplifying the customer portfolio and
focusing investment behind one brand
MARGIN QUALITY: USING FLEXIBLE DEMAND TO
REDUCE EXPOSURE TO PEAK ENERGY COSTS
•Peak customer flexibility increased 16% to 58 MW
•Flex capability continues to reduce exposure to high-cost peak
periods
•EVeryday, our EV flex product is under development with live trials
beginning Q2 FY27
•Residential V2G trial has begun, exploring further expansion of
flexible assets behind the meter
•During wholesale price spikes on 6–7 August 2026, Genesis'
customer flexibility platform flexed 15 MW of demand, shifted 61
MWh of load and delivered $25,000 of gross margin value.
MARGIN QUALITY: HIGHER-VALUE RELATIONSHIPS
ACROSS ENERGY, MOBILITY AND CONNECTIVITY
•EV Plan customers increased 43% to ~17k
•Solar connections increased 12% to ~34k
•Broadband passed 5,000 customers expanding into new margin
opportunities
•ChargeNet charging sessions increased ~19%
•ChargeNet network capacity grew 26%, with DC charge points
increasing ~17%
SCALE
EFFICIENTLY
CUSTOMER
FLEXIBILITY
EXPAND
CUSTOMER
VALUE
58MW
Peak customer flex
+43%
EV Plan Customer
Growth
50K
Customers on g2

CHARGENET IS AHEAD OF THE INVESTMENT
THESIS
Genesis Energy FY26 Results
ChargeNet is capturing accelerating EV adoption through network scale, revenue growth and improving earnings
CHARGENET IS CAPTURING
THIS GROWTH AND
CONVERTING TO VALUE
MeasureFY25FY26
Charging
sessions
766k909k+19%
DC Charge
points
516602+17%
DC Capacity31 MW39 MW+26%
CHARGING REVENUE
>50% increase year on year
CAGR BEFORE MAR 26
+14% annualised
CAGR POST MAR 26
+54% annualised
110,000
120,000
130,000
140,000
150,000
0
1,000
2,000
3,000
4,000
Nov-24Jan-25Mar-25May-25Jul-25Sep-25Nov-25Jan-26Mar-26May-26
Total EV fleet
Monthly new plug
-
in registrations
THE ADDRESSABLE MARKET IS ACCELERATING
ChargeNet Acquisition
JUN 26 TOTAL FLEET
~150k
Market Inflection
The Market is showing a clear step-up in adoption momentum
ChargeNet provides Genesis with direct exposure to one of
the fastest-growing parts of the energy transition
TOTAL & MONTHLY NEW PLUG-IN LIGHT VEHICLE REGISTRATIONS SINCE ACQUISITION
27

RENEWABLES: STRONG DEVELOPMENT PIPELINE
Genesis Energy FY26 Results
28
Projects that directly address New Zealand’s need for additional firming capacity
Notes: (1) Capex estimate now extended to FY32 (2) Project financed with ~$13m equity funding by Genesis; (3) Formerly known as Edgecumbe; (4) Genesis is targeting 500 MW of solar opportunities; (5) Core solar farm consents in place; consents for substation
extension to be acquired; (6) Stages 1 & 2 (collectively 228 MWp) are consented. Consents are still to be acquired for Stage 3 (43 MWp); (7) Excludes 300 MW of additional BESS options
PROJECTCAPACITY / DURATIONSTATUSTOTAL PROJECT CAPEX
1
COMMENTARY
Operational63 MW
P
$104m
Lauriston solar farm63 MW
P
Operating$104m
2
Operational
Committed growth capex406 MW ~$602m
Huntly BESS stage 1100 MW / 200 MWhUnder construction$135mCOD September 2026 | under budget
Tihori
3
solar farm
4
136 MW
P
Under construction$236mCOD Q1 FY28 | on budget
Huntly BESS stage 2100 MW / 200 MWhFID delivered$106mFID – Apr 2026
Leeston solar farm
4
70 MW
P
Consented
5
~$125mFID – Aug 2026
Progressed growth opportunities271 MW$470 – 490m
Rangiriri solar farm271 MW
P
Consented
6
$470 – 490mFID expected Q4/Q1FY27/28
Discretionary growth opportunities – firming
7
50 – 100 MW$250 – 400m
Gas storageN/AUnder active reviewDiscussions ongoing
Huntly unit 7 peaker~50 – 100 MWUnder reviewNo further update
Discretionary growth opportunities – renewables ~820 MW+$1.1 – 1.2bn
Foxton solar farm
4
220 MW
P
ConsentedNo further update
Castle Hill wind farm~300 MWConsentedNo further update
Early-stage wind prospects~300 MWEarly-stage prospectingNo further update
Early-stage hydro enhancementN/AEarly-stage prospectingNo further update
Joint Equity / PPAs~1,000 MW
Yinson wind partnership~1,000 MWEarly-stage equity optionsNo further update

DEVELOPMENT
PIPELINE
STRATEGIC
LOCATION
Genesis Energy FY26 Results
29
Notes: (1) Lauriston - Genesis holds a 40% equity interest and
100% PPA offtake (2) 15-year PPA secured for 70% of Mt Cass
output (95 MW); (3) 5-year PPA secured for 53% of Ngāwha's
output.

708090100110120130140150160170
Long-term
Price Path
Wind
Solar
LCOE RangeMin. FirmingMax. Firming
Firming range ~$20 - $50
HUNTLY: FLEXIBILITY & FIRMING
Genesis Energy FY26 Results
30
Margin Quality & Strong Capital Management: competitive LCOE and Firming value capture
Market value of flexibility reward pool ($m p.a.)Indicative Levelised Cost of Energy (LCOE) ($ / MWh)
-
300
600
900
1,200
1,500
2026202720282029203020312032203320342035
Minutes / HoursDays / WeeksMonths / YearsYear-to-year
ILLUSTRATIVE VALUATION OF FIRMING
Net FlexGen MWFirming value ($/MW)Net annual firming revenue ($)
Asset value = NPV over life of
the asset
Source: Solar: Based on Genesis delivery experience; Wind: Based on market
consensus LCOE; Firming: Based on Genesis’ firming market experience
Firming range ~$10 - $28
$115 - $125
Notes: (1) The Long-term Price Path price is a forward view of the price of electricity at P50 conditions, reflecting a weighted average cost of generating (existing & new) and firming
1

Genesis Energy FY26 Results
GAS POSITION
GAS USE VS CONTRACTED POSITIONS (PJ’s per month)GAS POSITION (PJ’s per month)
Proven track record of disciplined fuel management, optimising gas availability and
flexibility over the past two years to support portfolio performance.
Forecast gas position through 2029, while leveraging fuel diversity, gas flexibility and
the ASX to contract take-or-pay positions.
Gas position through 2029 aligned to displacement of baseload gas generation
-
0.5
1.0
1.5
2.0
2.5
3.0
Jul-24Oct-24Jan-25Apr-25Jul-25Oct-25Jan-26Apr-26
MMC&IGeneration gasWholesaleSpot salesContracted gas
Purchased
short gas
31
-
0.5
1.0
1.5
2.0
2.5
3.0
Jul-26Nov-26Mar-27Jul-27Nov-27Mar-28Jul-28Nov-28Mar-29Jul-29Nov-29Mar-30
Kupe - equityKupe - contractedKupe - ROFRThird party contract

FUNDING TOOLKIT
Genesis Energy FY26 Results
32
Credible funding options, enabling diversification and value realisation within key financial settings
Genesis welcomes the clarity from the Government’s response to the Frontier report, and is well positioned to support many of the Government’s
objectives and priorities through Gen35
Debt capacity
Prudent, affordable and timely borrowing that enables value capture from on-balance sheet propositions, with close
management of opportunities and risks
Asset recycling
Strategic assessment of capital optimisation opportunities to
unlock higher-value uses
Partnerships and joint ventures
Partnering structures with potential for equity investment that
considers synergies, governance and targeted value capture
Contractual offtake
Capital-light commercial arrangement to secure generation
or supply to meet demand or enable a value chain
New equity
Strategic growth acceleration with resilience that considers
business cycle, commercials and market conditions
Funding
toolkit

FY26: OPERATIONAL EXCELLENCE
Genesis Energy FY26 Results
33
Margin Quality, Cost Discipline, Strong Capital Management
100%
99.8% pcp
92.3%
92.9% pcp
92.9%
98.1% pcp
100%
98.8% pcp
Generation
3,092 GWh
2,588 GWh pcp
505 GWh
1,704 GWh pcp
1,077 GWh
1,850 GWh pcp
51 GWh
59 GWh pcp
SIB CAPEX
$55.0m
$38.0m pcp
$32.7m
$9.8m pcp
$1.3m
$11.2m pcp
$Nil
$0.5m pcp
Hydro SchemesUnit 6Unit 5Rankine Units
Start Reliability
Generation
SIB CAPEX

MAJOR PLANT OVERHAULS
AND UPGRADES
Genesis Energy FY26 Results
34
Huntly Unit 2 Cold Survey
Major overhaul to recertify the unit and ensure
reliability to support HFOs
Huntly Unit 2 & Unit 4 Transformer
Replacement
Lifecycle replacement of original Rankine unit
generator step up transformers
Rankine DCS Upgrade
Significant improvements in cyber security,
supportability and system reliability and aligns to
new safety standards.
Kaitawa Unit 6 & Unit 7 Gen Replacement
& Turbine Overhaul
Replacement of the 75 year old generators and
lifecycle remedial work
Rangipo Unit 6 Turbine Overhaul &
Governor Replacement
10-year overhaul as part of the asset
management lifecycle to maintain reliability. The
project also included refurbishment of the main
inlet valve
Rangipo Dam Sluice Gate Refurbishment
Work on the three gates forming the structure to
ensure safe and reliable operation for the next 25
years. First gate successfully completed with
work ongoing on the remaining two
Piripaua Penstocks External Coating
External recoating to extend the life of the
penstocks, new paint system being utilised which
enables application while generating
Kaitawa Penstocks Internal Coating
Internal recoating to extend the life of the
penstocks, the project also included an overhaul
of the main inlet valve
Tokaanu Intake Screen Cleaner Upgrade
Protects the generator and increases efficiency by
removing lake weed before the water enters the
penstock to produce electricity in the Power
Station

RECONCILIATION OF REPORTED TO
NORMALISED INFORMATION
Genesis Energy FY26 Results
35
•The Group’s Disclosure of Non-GAAP Performance Measures policy (“policy”) determines the framework within which non-GAAP financial information is determined, reported and utilised
•The Group’s objective in preparing normalised financial information is to enable the investment community to better understand the Group’s underlying operational performance.
The Group achieves this objective by providing information that:
ois representative of Genesis Energy’s underlying performance as a potential indicator of future performance;
oenables comparison across financial periods; and
ocan assist with comparison between publicly listed energy companies in New Zealand.
•Non-GAAP information is prepared in accordance with the Board approved policy, and any adjustments under the policy are approved by the Board.
•Application of the Group’s “Disclosure of Non-GAAP Performance Measures Policy” is consistent with the Board-approved approach.
Non-GAAP Financial Information
FY25 ($M)COMMENTREVENUEGROSS MARGINEXPENSESEBITDAFNPAT
Reported
3,662.1863.5(409.2)454.3169.1
Crown Royalty Provision
Adjust non-routine royalties’ settlement provision for Kupe Venture Limited -
PML 38146
--11.711.78.4
Organisational RestructureAdjust non-routine costs incurred from organisation restructure
--2.42.41.7
Acquisition Costs
Adjust non-routine costs associated with the acquisitions of ChargeNet and
Ecotricity
--2.02.01.4
Normalised
3,662.1863.5(393.1)470.4180.6
FY26 ($M)COMMENTREVENUEGROSS MARGINEXPENSESEBITDAFNPAT
Reported
2,831.6949.1(431.1)518.084.5
Crown Royalty Provision
Adjust non-routine royalties’ settlement provision for Kupe Venture Limited -
PML 38146
--2.42.41.7
Organisational RestructureAdjust non-routine costs incurred from organisation restructure
--1.01.00.7
Acquisition Costs
Adjust non-routine costs associated with the acquisition of Rangiriri Solar
Development
--0.80.80.6
Normalised
2,831.6949.1(426.9)522.287.5

FY26FY25VARIANCE
ELECTRICITY GROSS MARGIN VOLUMERATE PER UNIT$MVOLUMERATE PER UNIT$MVOLUMERATE PER UNIT$M
Retail Sales Residential
2,809 GWh$349 982 3,005 GWh$306 921 (195) GWh$43 61
Retail Sales SME
936 GWh$329 308 1,010 GWh$279 281 (74) GWh$51 27
Retail Sales C&I
1,643 GWh$237 389 1,782 GWh$217 386 (138) GWh$20 3
Retail Sales Ecotricity
863 GWh$311 268 492 GWh$288 142 371 GWh$23 127
Wholesale Sales
4,875 GWh$92 449 6,245 GWh$236 1,473 (1,370) GWh($144)(1,024)
Derivatives Settlement
(15)63 (78)
Ancillary Revenue
4 8 (4)
Total Revenue
2,386 3,275 (889)
Generation Costs (Thermal)
1,632 GWh$167 273 3,613 GWh$142 512 (1,981) GWh($25)240
Generation Costs (Renewable)
3,092 GWh- - 2,594 GWh- - 499 GWh- -
Retail Purchases
6,701 GWh$85 573 6,617 GWh$210 1,393 84 GWh($125) (820)
Transmission and Distribution
10,977 GWh$71 784 12,496 GWh$55 685 (1,519) GWh$1799
Ancillary Costs
4 9 5
Total Direct Cost
1,632 2,599 (967)
Electricity Gross Margin
753 676 78
GAS GROSS MARGINVOLUMERATE PER UNIT$MVOLUMERATE PER UNIT$MVOLUMERATE PER UNIT$M
Retail Sales
4.9 PJ$49.2 241 6.8 PJ$40.0 273 (1.9) PJ$9.2 (32)
Wholesale Sales
4.0 PJ$11.2 45 1.9 PJ$7.9 15 2.1 PJ$3.3 30
Emission Unit Revenue (Gas)
6 5 1
Total Revenue
292 292 (0)
Gas Purchases
8.9 PJ$13.6 121 8.7 PJ$13.6 119 0.2 PJ$0.1 2
Transmission and Distribution
8.9 PJ$10.8 96 8.7 PJ$12.0 105 0.2 PJ($1.2) (8)
Emissions Unit Cost (Gas)
28 19 9
Total Direct Cost
245 242 3
Gas Gross Margin
46 50 (4)
FINANCIAL METRICS
Genesis Energy FY26 Results
36
Notes: Reported numbers have been rounded and might not appear to add or multiply.

FY26FY25VARIANCE
LPG GROSS MARGINVOLUMERATE PER UNIT$MVOLUMERATE PER UNIT$MVOLUMERATE PER UNIT$M
Retail Sales
39,895 T$2,906 116 42,591 T$2,618 112 (2,696) T$288 4
Wholesale Sales
1,692 T$1,013 2 3,826 T$1,062 4 (2,134) T($49)(2)
Emission Unit Revenue (LPG)
4 4 (0)
Total Revenue
121 120 2
LPG Purchases
41,587 T$1,309 54 46,417 T$1,065 49 (4,830) T$2445
Emissions Unit Cost (LPG)
7 5 2
Total Direct Cost
62 55 7
LPG Gross Margin
60 65 (5)
OTHER GROSS MARGIN
$M$M$M
Other Revenue
4 14 (10)
Other Costs
(10)(14)4
Total Other Gross Margin
(6)- (6)
Total Gentailer Gross Margin
854
790
64
FINANCIAL METRICS
Genesis Energy FY26 Results
37
Notes: Reported numbers have been rounded and might not appear to add or multiply.

FINANCIAL METRICS
Genesis Energy FY26 Results
38
Notes: Reported numbers have been rounded and might not appear to add or multiply.
FY26FY25VARIANCE
KUPE GROSS MARGINVOLUMERATE PER UNIT$MVOLUMERATE PER UNIT$MVOLUMERATE PER UNIT$M
Oil Sales
134 Kbbl$136.3 18
160 Kbbl$111.8 18 (26.5) Kbbl$24.50
Gas Sales
5.5 PJ$13.5 74
6.6 PJ$8.2 54 (1.1) PJ$5.320
LPG Sales
24,688 T$675 17
28,860 T$548 16 (4,172) T$127 1
Other and Emissions Revenue
22
10 12
Direct Costs
(36)
(25) (11)
Kupe Gross Margin
95 73
22
EBITDAF$M$M$M
Total Gentailer Gross Margin
854 790 64
Kupe Gross Margin
95 73 22
Genesis Energy Limited Gross Margin
949 864 85
Operating Expenses
Employee Benefits
175 166 9
Other Operating Expenses
229 206 23
Kupe Operating Expenses
26 37 (11)
Genesis Energy Operating Expenses
431 410 21
EBITDAF
518 454 64

FINANCIAL STATEMENTS
Genesis Energy FY26 Results
39
Notes: (1) Net Debt: drawn Borrowings, less Cash, less Fair Value Adjustments; fair value adjustments total reported $53.8m at Jun26 (Jun25: $60.9m); (2) Based on banking covenant methodology (under which green capital bonds and related interest costs are treated as 50% equity); (3) Debt Leverage Ratio: Adjusted Net
Debt/EBITDAF (12 months preceding). Adjusted net debt represents net debt less 50% of capital bonds; plus rehabilitation & restoration provision
nm = not meaningful.
INCOME STATEMENT ($M)FY26FY25VARIANCE
Revenue
2,831.63,662.1(23)%
Expenses
(2,303.4)(3,265.0)(29)%
Depreciation, Depletion & Amortisation
(247.5)(239.1)4%
Impairment of Non-Current Assets
(0.6)(0.9)nm
Fair Value Change
(123.3)146.9nm
Revaluation of Generation Assets
24.9(5.6)nm
Other Gains (Losses)
(0.5)6.7nm
Share in associate& joint ventures
5.9(0.8)nm
Earnings Before Interest & Tax
187.1304.3(39)%
Interest
(64.7)(76.4)(15)%
Tax
(37.9)(58.8)(36)%
Net Profit After Tax
84.5169.1(50)%
Earnings Per Share (cps)
7.2615.5(53)%
Dividends Per Share (cps)
14.8814.304%
Reported EBITDAF
518.0454.314%
Normalised EBITDAF
522.2470.411%
CASH FLOW SUMMARY ($M)FY26FY25VARIANCE
Net Operating Cash Flow
510.9311.764%
Net Investing Cash Flow
(279.9)(239.8)17%
Net Financing Cash Flow
(166.9)(183.7)(9)%
Net Increase (Decrease) in Cash
64.1(111.8)nm
BALANCE SHEET ($M)FY26FY25VARIANCE
Cash and Cash Equivalents
145.181.079%
Other Current Assets
752.5858.3(12)%
Non-Current Assets
5,025.85,162.7(3)%
Total Assets
5,923.46,102.0(3)%
Total Borrowings
1,138.51,489.8(24)%
Other Liabilities
1,796.51,636.310%
Total Liabilities
2,935.03,126.1(6)%
Net Debt
(1)
939.61,347.8(30)%
EBITDAF Interest Cover
(2)
12.8x8.3x54%
Debt Leverage Ratio
(3)
1.6x2.6x(38)%

RETAIL KEY INFORMATIONFY26FY25VARIANCE
Customers with > 1 Fuel
135,740127,2786.6%
Electricity Only Customers
312,864341,958(8.5)%
Gas Only Customers
9,37115,671(40.2)%
LPG Only Customers
32,252
35,612(9.4)%
Total Customers
490,227520,519(5.8)%
Total Electricity, Gas and LPG ICPs
705,523733,410(3.8)%
Volume Weighted Average Electricity Selling Price - Resi ($/MWh)
346.7306.413.2%
Volume Weighted Average Electricity Selling Price - SME ($/MWh)
326.7278.517.3%
Volume Weighted Average Electricity Selling Price - C&I ($/MWh)
232.9216.77.5%
Volume Weighted Average Electricity Selling Price - Ecotricity ($/MWh)
319.2 288.110.8%
RETAIL NETBACK BY SEGMENT & FUELFY26FY25VARIANCE
Residential - Electricity ($/MWh)​
170.5147.815.4%
Residential - Gas ($/GJ)​
30.123.826.5%
Bottled - LPG ($/tonne)​
1,702.11,861.8(8.6)%
SME - Electricity ($/MWh)​
175.5146.519.8%
SME - Gas ($/GJ)​
25.622.314.8%
SME – LPG ($/tonne)​
1,864.21,365.436.5%
C&I - Electricity ($/MWh)​
177.3169.54.6%
C&I - Gas ($/GJ)​
26.024.27.4%
Bulk - LPG ($/tonne)​
1,263.51,171.87.8%
Ecotricity - Electricity ($/MWh)​
188.3168.212.0%
CHARGENET KEY INFORMATIONFY26FY25VARIANCE
Number of charging sessions (thousands)
90976618.7%
Number of DC charge points, owned & third party
60251616.7%
Capacity of DC charge points, owned & third party (MW)
393125.8%
OPERATIONAL METRICS
Genesis Energy FY26 Results
40

GLOSSARY
Genesis Energy FY26 Results
41
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
Retail Sales EcotricitySales of electricity to Ecotricity customers
CONDEFTotal contract position, including customer demand and financial contracts
Wholesale SalesSale of generated electricity and residential rooftop solar onto the spot market, excluding PPA settlements and ancillary revenue
Total Derivative SettlementsNet settlement of electricity derivatives including PPAs, hedges, options, market making obligations and discretionary trading
Generation Costs (Thermal & Hydro)Direct generation costs, inclusive of fuels and carbon
Retail PurchasesPurchases of electricity on spot market for retail customers
Transmission & Distribution CostsTotal electricity transmission and distribution costs, connection charges, electricity market levies and meter leasing. Excludes residential rooftop solar volumes
GAS
Retail SalesSales of gas to retail customers
Wholesale SalesSales of gas to wholesale customers
Gas CostPurchase of gas for sale (excludes gas used in electricity generation)
Transmission & Distribution CostsTotal gas transmission and distribution costs, gas levies and meter leasing
LPG
Retail SalesSales of LPG to retail customers
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
RETAIL
Brand Net Promoter ScoreBased on survey question “How likely would you be to recommend Genesis/ Frank Energy to your friends or family?” Calculated on 3 month rolling basis.
Interaction Net Promoter Score
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?” Calculated
on 3 month rolling basis.
CustomersElectricity, gas and LPG customers are defined by single customer view, regardless of number of connections (ICP’s)
SingleCustomerViewRepresentsuniquecustomerswhichmayhavemultipleICPs
ICPInstallationConnectionPoint, aconnectionpoint thatis bothoccupiedand hasnotbeen disconnected(Active-Occupied)
Gross Customer ChurnDefined as residential customers instigating a trader switch or home move
Net Customer ChurnDefined as percentage 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)

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 (%)The proportion of coal used in the Rankine units
Total Coal Purchases (PJ)Coal purchases have been converted from tonnes to PJ using the shipments’ Calorific Value
Weighted Average Gas Burn Cost ($/GJ)Total cost of gas burnt divided by generation from gas fired generation, excluding emissions
Coal Used In Internal Generation (PJ)Results may be revised to reflect changes in coal kilo tonnes to PJ conversion rate and volume methodology.
Weighted Average Coal Burn Cost ($/GJ)Total cost of coal burnt divided by generation from coal fired generation, excluding emissions
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)Energy purchased through long term agreements with generator
Average Price Received for Generation - GWAP ($/MWh)
Price received at production node
CORPORATE
Total Recordable Injuries12-month rolling Total Recordable Injuries including Lost Time Injuries, Restrictive Work Injuries and Medical Treatment Injuries
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.)The underlying benchmark crude oil price that is used to set the price for crude oil sales
LPG ProductionProduction of LPG
GLOSSARY
Genesis Energy FY26 Results
42

NGĀ MIHI
Contact
Michael Hunter
General Manager
Investor Relations & Corporate Valuation
+64 21 073 1603

---

FULL POWER
BUILDING A
SECURE ENERGY
FUTURE
Genesis Energy Limited
Integrated Report 2026

The first stage of our grid-scale battery
installation at Huntly Power Station is due to be
fully operational by September 2026.
BUILDING THE
FUTURE. SECURING
THE TRANSITION.
FULL POWER

New Zealand’s energy future is increasingly renewable.
We’re investing in new electricity generation to help
build it.
But getting there takes more than new wind and solar
assets. It takes a system that can keep working when
conditions change.
Huntly Power Station is the key. It’s the key
to transition from today’s energy system to the
increasingly renewable system of the future. We’re
transforming Huntly into a more flexible energy hub,
expanding fuel options, investing in battery storage,
and finding smarter ways to store, manage and
deliver energy.
At the same time, we’re supporting our customers
to lower their total cost of energy by transitioning
to electricity.
A strengthened balance sheet from a capital
raise well supported by shareholders, including the
New Zealand Government, a dividend reinvestment
plan and stronger earnings, has enabled significant
new investment. This supports New Zealand in moving
forward with confidence, accelerating the transition
while maintaining the reliability the country depends on.
Because the transition only succeeds if the system
works. And when our customers need it, that system
needs to respond at full power.
Genesis Integrated Report 2026Contents3

To ensure rigour in this form of reporting, we have used
guidelines from the Global Reporting Initiative (GRI) and
the Integrated Reporting Framework (<IR>) to report on our
material environmental, social and governance activities.
This is in addition to reporting on our climate-related risks
and opportunities using the Aotearoa New Zealand Climate
Standards. Genesis Energy Limited is a climate reporting
entity under the Financial Markets Conduct Act 2013. Our
FY26 Climate Statement is here.
In FY24 we launched our Gen35 strategy (see page 9). This
report is structured around the strategy’s three areas of
impact – People, Prosperity, and Planet.
Our Sustainability Framework is also integral to our reporting.
In the Sustainable Business section you will find tables noting
our progress toward the framework’s goals, our contribution
to the six UN Sustainable Development Goals to which we’re
aligned, and our Materiality Assessment – what matters most
to us and our stakeholders. You will find comment on all these
matters throughout this report.
The other reports that complete our Environmental, Social
and Governance (ESG) reporting suite can be found on our
website:
FY26 Climate Statement
FY26 Modern Slavery Statement
FY26 Sustainable Finance Report
FY26 ESG datasheet and GRI Index
WELCOME TO OUR FY26
INTEGRATED REPORT
We welcome your feedback on this report.
Please contact us at media@genesisenergy.co.nz
This Integrated Report for the financial year ended
30 June 2026 is dated 26 August 2026 and is signed on
behalf of the Board of Directors by:
Barbara Chapman CNZM
CHAIR
Hinerangi Raumati-Tu'ua MNZM
DIRECTOR
Genesis has a unique role in New Zealand’s
transition to net zero 2050. We’re building
new renewable sources of electricity and
battery storage, providing the flexible
back-up the country relies on for security
of supply and to underpin investment by
others, and supporting our customers
to lower their total cost of energy by
electrifying their lives.
We’re committed to transparency in our
support of the country’s transition – about
our opportunities, targets, strategy and
progress, and also about our challenges,
the impacts we have and how we’re
addressing them for the benefit of our
customers, shareholders and New Zealand.
This report strives to present a balanced
view of how we create value over the short,
medium and long term. Our Value Creation
Model (VCM) on page 8 provides a plan-on-
a-page overview.
Contents4Genesis Integrated Report 2026

CONTENTS
Introduction
Welcome 04
FY26 Snapshot06
Where we are, what we do07
Creating value for New Zealand08
Gen35 – our strategy09
Sustainability Framework10
Our three drivers of performance12
FY26 Strategy Delivery Highlights13
Delivering FY32 Growth Plan14
Letter from the Chair and Chief Executive 15
Development pipeline and progress 39
Renewables40
Huntly Power Station45
Kupe update48
LPG Operations48
Transformation & Technology49
Helping protect and restore nature52
Emissions update54
Reducing waste56
Managing our carbon obligations58
Government relations58
Our People22
Our Customers 26
Communities 33
Consolidated financial statements73
Independent auditor's report115
Executive remuneration120
Director remuneration132
Statutory disclosures133
112137
51
PERFORMANCEPEOPLEPROSPERITY
PLANET
Leadership60
External environment62
2028 Sustainability Framework progress
and SDG contribution65
What matters most – FY26 Materiality
Assessment

67
Key sustainability data70
5972
OUR SUSTAINABLE
BUSINESS
FINANCIAL
STATEMENTS
Genesis Integrated Report 20265Contents

Employees FTE 1,286
Customers 490,227
1
Shareholders 37,527
Electricity generated 4,725 GWh
Gas from Kupe 5.5 PJ
Natural gas market share 32.1%
Electricity market share
2
22.5%
FY26 SNAPSHOT
FY25
1,278
FY25
520,519
FY25
39,020
FY25
6,207 GWh
FY25
6.6 PJ
FY25
33.3%
FY25
22.9%
1. The business made a strategic decision to focus on value over volume. Rebalancing our portfolio and simplifying our brand and product strategy saw a decrease in customer numbers and an increase in margin.
2. Residential customers, including those formerly with Frank and Ecotricity.
Genesis Integrated Report 2026IntroductionContents6About us

Contents7
1
2
1
3
4
5
6
7
A
B
C
Huntly
Tihori
(Edgecumbe)
BESS 1
Waikaremoana
Tongariro
Kupe
Lauriston
Tekapo
LPG
Power Purchase
Agreement (PPA)
Tauhara geothermal
Waipipi wind
Lauriston solar ***
1,170
136
100
138
362
46%
63
190
26
Peak Capacity
MW
Peak Capacity
MW**
Capacity
MW*
Peak Capacity
MW
Peak Capacity
MW
Share
Peak Capacity
MW ***
Peak Capacity
MW
sites nationally
(not shown)
WHERE WE ARE, WHAT WE DO
5
7
3
2
4
6
A
B
C
1
About us
* BESS 1 (Battery Energy Storage System) under construction, due to begin operation in Q1 FY27.
BESS 2 (100 MW) FID reached and due to start construction 2027.
** Solar farm under construction, 100% owned by Genesis.
*** Genesis has a 40% interest in Lauriston solar farm and a PPA for 100% of its output.
Genesis is an energy generator and retailer supplying
electricity, natural gas and LPG to nearly 500,000 customers.
The fuel diversity and geographic spread of our generation
assets ensure our business is resilient to supply disruption
and generates consistent earnings, meeting our customers’
increasing demand for electricity and supporting an
increasingly renewables grid.
We’re active in building new renewable
generation and battery storage, and evolving
Huntly Power Station to provide the flexibility
and security to give others confidence to add to
New Zealand’s electricity supply.
We’re making Genesis simpler, more trusted and
more useful for customers. That means helping
households and businesses lower their total cost
of energy, giving them better insight and control,
and connecting their needs with the strength of
our generation, trading and flexibility portfolio.
When we do that well, we create value for
customers and shareholders while supporting a
more secure energy future for New Zealand.
Our work is anchored by our people who are
future focused and adaptive, seeking new and
innovative ways of engaging our customers,
operating our assets, and working smarter.
We acknowledge the impact our business has
on the environment and communities around
our generation sites, and strive for greater
sustainability in the broadest sense of the word.
Under our Gen35 strategy we have committed
to a science-based net zero 2040 target,
supporting the country’s transition to a
low emissions economy.
Genesis Integrated Report 2026Introduction

CREATING VALUE FOR NEW ZEALAND
E
x
t
e
r
n
a
l

E
n
v
i
r
o
n
m
e
n
t
1
Impacts
PEOPLE
A safe, healthy and diverse workforce
SEE PAGES 22-25
Support of energy wellbeing, more
young people inspired by STEMM,
and constructive relationships with
iwi, communities and stakeholders
SEE PAGES 31, 34-36
Customers supported to reduce their
total cost of energy
SEE PAGES 26-32
PROSPERITY
Improved value for shareholders
SEE PAGES 13-20, 38-50
Contribute to growth
in renewable generation
SEE PAGES 39-41
Support energy security for
New Zealand
SEE PAGES 39, 45-47
PLANET
Support for healthy waterways and
improved biodiversity
SEE PAGES 52-53
Genesis committed to science-based
net zero 2040 target
SEE PAGES 54-55
Constructive relationships with
Government and regulators
SEE PAGES 58, 63
Outputs
Financial growth and
shareholder returns
SEE PAGES 12-20
Energy for our
customers and the
wholesale market
SEE PAGE 6
Flexible generation
SEE PAGES 45-47
Technology for
customers and our
business
SEE PAGES 49-50
Care of our customers
and employees
SEE PAGES 22-32
Support of STEMM
2

careers and warm
homes
SEE PAGES 33-35
Support of waterways
and biodiversity
SEE PAGES 52-53
W
e
a
t
h
e
r
E
n
e
r
g
y

t
r
a
n
s
i
t
i
o
n
C
o
m
p
e
t
i
t
i
o
n
T
e
c
h
n
o
l
o
g
y
S
u
p
p
l
y

C
h
a
i
n
R
e
g
u
l
a
t
i
o
n
46% interest in
Kupe gas field
Electricity generation -
baseload and firming
Grow demand
for energy from
customers
Wholesale market
participation
Develop new
renewable
generation
What we do
Innovation
to help
New Zealand
electrify
Relationships
for nature
Relationships
with iwi, communities,
stakeholders and
employees
How we do it
Our purpose: POWERING AOTEAROA NEW ZEALAND WITH ENERGY THAT NEVER STOPS
Inputs
Finance
A healthy balance sheet
and access to capital
supports our operations
and investment
in New Zealand’s
sustainable future
People
Our team’s skills,
diversity and
commitment
Assets
Our power schemes,
LPG networks,
customers and our share
in the Kupe gas field
Intelligence
Technology innovations
and technical expertise
for our customers and
our business
Nature
Resources we use and
environments in which
we generate electricity
Relationships
With iwi, our customers,
suppliers, communities
and stakeholders
1. For details see page 62.
2. STEMM: Science, Technology, Engineering, Mathematics, often grounded in Mātauranga Māori.
Contents8Genesis Integrated Report 2026IntroductionValue Creation

GEN35 – OUR STRATEGY
HUNTLY
Flexibility and security
Up to 1,300 MW
dispatchable
CUSTOMER
Lowering the total
cost of energy
through
electri cation
RENEWABLES
Lowering the average
generation cost:
c8,300 GWh p.a.
by FY35
MARGIN
QUALITY
COST
DISCIPLINE
STRONG CAPITAL
MANAGEMENT
Positive outcomes for people, planet and pro t
Genesis net zero 2040
TE WAO NUI
Our Sustainability Framework
Powering Aotearoa New Zealand with energy that never stops
Growing our Business, People,
Communities and Iwi Partnerships
Growing our Prot and
Total Shareholder Returns
LIFE AT FULL POWER
OUR VALUES
60
%
RENEWABLES
95
%
RELIABILITY
100
%
ELECTRIFICATION
KIA KOTAHI
WE’RE CONNECTED
We’re many parts but one team,
and we respect our connection to our
communities and the land.
KIA MĀIA
WE’RE COURAGEOUS
We use our courage, expertise and
determination to make bold choices, create
solutions and get things done.
KIA MANAAKI
WE CARE
We care deeply about our customers,
communities, the environment and
each other.
THE PATHWAY
OUR PURPOSE
OUR VISION
OUR MISSION
OUR INVESTOR PROMISE
Genesis Integrated Report 2026IntroductionContents9Strategy

GUIDED BY OUR 2028 SUSTAINABILITY
FRAMEWORK – TE WAO NUI
SUSTAINABILITY FRAMEWORK
TE WAO NUI
Accelerate a
resilient transition.
Empower 100,000
homes and businesses
to transition to a low
emissions future.
Support the restoration of
freshwater ecosystems.
Enhance STEMM
outcomes for rangatahi.
Support 20,000
households in vulnerable
circumstances to access
a ordable energy.
Improve the energy
wellbeing of 1,000 homes.
Develop 10 initiatives to
support a low emissions
community transition.
SUSTAINABLE BUSINESS
Kia Manaaki
We Care
BUSINESS
CUSTOMER
COMMUNITY
Kia Māia
We’re Courageous
Kia Kotahi
We’re Connected
Te Wao Nui is Genesis’ sustainability framework.
It supports Gen35 by embedding sustainability into
how we deliver our purpose: Powering Aotearoa
New Zealand with energy that never stops.
Our focus is Climate Transition and Energy Wellbeing,
where we can make the greatest contribution
to New Zealand’s energy transition.
Underpinned by Sustainable Business, the framework
helps us balance the opportunities and trade-o s of the
transition while maintaining energy security, creating
long term value, and supporting a thriving Aotearoa.
Inspired by the life of a rākau (tree), Te Wao Nui is
grounded in pakiaka (foundation), shaped through
tinana (goals), and realised through hua (ambition).
Our Sustainability Framework contributes to the
following UN Sustainable Development Goals:
OUR APPROACH
POWERING AOTEAROA
NEW ZEALAND WITH
ENERGY THAT NEVER STOPS
Reduce emissions, empower
electri cation and restore freshwater.
CLIMATE TRANSITION
A secure, a ordable and lower emissions
future for all New Zealanders
ENERGY WELLBEING
AMBITION
2028 GOALS
FOUNDATION
Maintaining energy security, robust governance and pro tability
through the climate transition.
Moko (traditional Māori design) inspired artwork by Ben Thomason, design developed by Bastion Shine led by John Pelasio
Te Wao Nui, our
sustainability framework,
is underpinned by the
materiality assessment
outlined on page 67,
future trends and global
and local sustainability
risks and opportunities.
The Framework is
focused on how we
are transitioning our
business and supporting
our customers,
communities and
people to transition to
a low emissions future,
supporting energy
wellbeing and building
on our sustainable
business foundations.
More information can be
found on our website.
See pages 65-66 for
progress on the 2028
Framework.
Genesis Integrated Report 2026IntroductionContents10Strategy

Contents
PERFORMANCE
Today, only about 30% of New Zealand’s total energy comes from
electricity. About 70% comes from petrol, diesel, gas and other
types of fuels
1
. If 60% of total energy were to come from electricity,
we deliver three things simultaneously:
Our strategy, Gen35, is focused on helping deliver these
outcomes across three strategic cogs for the benefit
of our customers and shareholders.
1. MBIE, Energy in New Zealand 2025, 2024 Energy Balance Tables (net calorific value basis). Electricity as a proportion of total observed
consumer energy.
2. $10.7 billion per year: Net savings from electrification of NZ households and vehicles by 2040. Analysis sources: MBIE energy pricing
and ConsumerNZ energy pricing. Forward pricing forecast at historic CPI Real inflation for each energy type. NREL and CCC forecasts
for learning rates. Finance terms 15 years at 5.5%; 30 years for solar. Includes savings from solar and battery installations. Savings and
cost forecast are in Real 2024 dollars. From Investing in Tomorrow: The Electrification Opportunity, by Dr Saul Griffith, Josh Ellison,
Michelle Pawson, Paul Conway. Peer reviewed by Geoff Simmons. August 2024. Prepared for Rewiring Aotearoa.
3. https://pages.rewiring.nz/electric-homes-and-vehicles-2026
FULL POWER: LOWERING THE
TOTAL COST OF ENERGY
1.
Total annual energy
costs would be around
$10b
2
less than today,
with households saving
around $3,000 pa
3
2.
Increased energy
independence
and security
3.
NZ supported
to deliver on its
obligation of
net zero 2050
Genesis Integrated Report 2026Contents11

OUR THREE DRIVERS OF PERFORMANCE
RENEWABLES
Genesis is aiming to invest around $3b between FY26
and FY32 as part of the FY32 Growth Plan – around
$2.2b building new renewable generation and battery
storage, and up to $800m in maintaining and upgrading
existing assets.
This investment will deliver two strategic outcomes. First,
it will displace baseload gas generation by around 2030;
second, it will lower the average cost of generation.
CUSTOMER
With nearly 500,000 customers across the country, our
investments are focused on supporting them to lower their
total cost of energy through electrification of transport,
heating, and appliances at homes and businesses.
Our investment in ChargeNet, the country's largest high
speed EV charging network, is supporting that company to
roll out 1,200 new charging stations.
Since the start of FY25 we've given away nearly 287,000
energy-efficient LED light bulbs to help reduce load on the
grid and save users money. LED bulbs can run approximately
six times as long as incandescent bulbs emitting the same
amount of light, for the same electricity cost.
Genesis has more than 33,000 customers with rooftop
solar and battery systems, and we’re investing heavily in new
billing technology to support them with innovative products
and services.
HUNTLY
Huntly Power Station is unique globally in that it’s a country’s
only thermal generation site. It was built to support a high
renewables grid and is located in the middle of the economic
golden triangle of Auckland, Hamilton, and Tauranga.
Huntly’s role is changing and becoming more critical to
energy security in a highly renewable grid dominated by rain,
wind and sun. The power station will exit baseload electricity
generation by around 2030. It will instead become the site
where large amounts of reserve fuel can be stored and called
upon when renewable supply falls short.
Success in energy security means having these energy
reserves but not needing them as often as we build more
renewable generation and battery storage to meet the growing
demand for electricity.
Genesis is transitioning as a business within the energy
transition and for New Zealand it plays a unique role. We’re
investing heavily to ensure we help lower the total cost of
energy for New Zealand homes and businesses, increase
national energy security and independence, and lower our
national emissions profile to deliver net zero 2050.
CUSTOMER
Lowering the total
cost of energy
through
electrification
RENEWABLES
Lowering the average
generation cost:
c8,300 GWh pa
by FY35
HUNTLY
Flexibility and
security
Up to 1,300 MW
dispatchable
Genesis Integrated Report 2026Contents122026 HighlightsPerformance

FY26 STRATEGY DELIVERY HIGHLIGHTS
Retail netback
$176/MWh
Up $21/MWh yoy with focus on
value over volume
Core opex
$377m
Up $16m yoy driven by disciplined investment
in Ecotricity and our single brand strategy
Leeston, Tihori & BESS II
FID approved. PPA's signed
Supporting FY32 generation cost
of ~$60/MWh real
Average generation cost
$61/MWh
Down $20/MWh yoy due to increased
hydro and new renewables generation
Digital investment
$50m
Up $15m yoy. Total spend remains within
$145m envelope, to be completed in FY27
FY26 dividends
14.88 cps
Fixed dividend supported by FY26 Normalised
EBITDAF of $522m and FY26 OP FCF $322m.
Group Gross Margin
$949m
Up $85m yoy; strongest gross
margin to date
MARGIN
QUALITY
COST
DISCIPLINE
STRONG CAPITAL
MANAGEMENT
Cost to serve
$75 CTS/ICP
Down $3 CTS/ICP yoy driven by operational
efficiencies from NexGen and single brand strategy
Capital raise
$400m
Balance sheet positioned for growth.
FY26 Debt/EBITDAF 1.6x (2.6x FY25)
Genesis Integrated Report 2026Contents132026 HighlightsPerformance

DELIVERING FY32 GROWTH PLAN
FY26 Customer Renewables Huntly Opex Headwinds FY32
Huntly
Demand Growth:
electrifi cation of homes
and businesses
• EV’s & electri cation of heat
• Strong single brand
• Lower churn through
adjacent products/services
• New C&I demand
opportunities
• On balance sheet asset
development
• JV + PPA asset development
• New P PA’s
• Genesis customer book
• Asset backed trading
• HFO & Capacity products
• Primary assets: 400MWh
BESS, 3 Rankines & Unit 6
(Unit 7 optional)
• Primary fuels: gas, coal, diesel
(biomass once economic)
• Displace baseload gas
by FY29
FY26: Normalised to
FY32 Outlook:
$522m
$650m –
$750m
Cost Out: lower average
generation cost (P50)
Flexibility: fi rming,
peaking, trading
Assumptions: (a) Indicative at Aug-26; (b) P50 hydro in ows (FY27-FY32); (c) GNE existing assets run beyond 2032; (d) Excludes assumptions regarding LNG proceeding; (e) Re ects existing/known regulatory and legislative requirements and conditions
prevail; (f) Growth investments all subject to meeting  nancial thresholds required by capital allocation framework; (g) FY32 includes generation from on-balance sheet wind assets; (h) Kupe decommissioning spend assumed at end of  eld life.
CustomerRenewables >2TWhHuntlyHuntly
OPEX
Headwinds
• Lower cost to serve & acquire
• Major tech projects delivered
• Productivity gains from
upskilling our people, new
technology and leveraging AI
• Opex increase from
continuing to build and
maintaining a future
pipeline of around
2,500MW
• Kupe contribution will
decline, current assumed
end of life around FY34.
Core Opex: from FY28Facing Into Headwinds
FY26CustomerRenewablesHuntlyOpexHeadwindsFY32
Genesis Integrated Report 2026Contents142026 HighlightsPerformance

LETTER FROM THE CHAIR
AND CHIEF EXECUTIVE
Barbara Chapman CNZM
CHAIR
Malcolm Johns
CHIEF EXECUTIVE
This year's strong financial result was achieved
through improved margin quality and disciplined
capital management and trading performance.
FY26 marked an important milestone in Genesis'
transformation. Alongside a strong financial
performance, we strengthened our balance sheet
through a capital raise and launched our FY32 Growth
Plan, positioning Genesis to accelerate growth while
supporting New Zealand's energy security.
Strong portfolio management and trading
performance, combined with favourable hydro
conditions and continued improvements in margin
quality, enabled Genesis to leverage its market-
leading flexibility to support customers, strengthen
New Zealand's energy security and deliver value
for shareholders.
Continued improvements in flexible generation and
fuel management across thermal and hydro assets
contributed to normalised EBITDAF of $522m, up
$52m on FY25. This keeps Genesis on track to achieve
EBITDAF in the upper $500m by FY28. NPAT was $85m
compared with $169m in FY25 reflecting the impact of
FY26 revaluations.
Genesis Integrated Report 2026Contents15PerformanceLetter from the Chair and CEO

Letter from the Chair and CEO
FY26 saw the launch of our FY32 Growth Plan covering
the period FY27 to FY32. The FY32 Growth Plan is focused
on driving EBITDAF into the $650m-$750m range by
FY32, through five key areas of focus, each with its own
strategic objective:
• CUSTOMERS: Lowering the total cost of energy for
New Zealanders through electrification.
Increasing the electrification of homes and businesses
will reduce customers' overall energy costs while
supporting New Zealand's transition to a lower emissions
economy. Electricity currently accounts for around 30%
of New Zealand's total energy consumption. Increasing
this to around 60% could save the average household
approximately $3,000 per year. For Genesis, greater
electrification will drive demand growth, lower the cost
to serve, improve customer outcomes and increase
portfolio netback.
• RENEWABLES: Growing renewable generation
to support demand growth and reduce the cost
of supply.
Deliver 2.2 GWh pa of new renewable generation to
displace baseload gas generation and meet growing
electricity demand from our customer base of nearly
500,000. This strategy will see Genesis invest around
$2.2b in new renewable generation and up to $800m
in existing assets, improving portfolio flexibility and
reducing the average cost of generation over time.
• HUNTLY: Strengthening our market-leading
generation and fuel flexibility to further enhance
portfolio resilience.
Continue to optimise our integrated generation portfolio
and fuel strategy to provide reliable, flexible generation
in a wide range of market conditions. This will strengthen
earnings resilience through hydro and wind cycles
while maximising the value of the Huntly site and the
opportunities it provides to support New Zealand's
electricity system.
• OPEX: Improving productivity to remain
cost competitive.
Continuously improve productivity by investing in our
people, simplifying the way we work and leveraging
technology to deliver more efficiently. This will reduce
operating expenditure per MWh, strengthen our cost
competitiveness and support sustainable earnings growth.
• HEADWINDS: Managing portfolio transition while
maintaining financial resilience.
Actively manage the expected decline in Kupe earnings
while investing in the capability and pipeline required to
support future generation growth. This will ensure Genesis
maintains financial resilience while developing a disciplined
portfolio of investment options to support long-term
value creation.
Capital strength enhanced to
support accelerated growth
The successful $400 million equity raise completed in March
2026 not only strengthened our balance sheet but increased
our strategic flexibility, enabling us to accelerate priority
investments as part of the FY32 Growth Plan while preserving
optionality as our development pipeline continues to mature.
Execution of the FY32 Growth Plan is well under way.
Upgrades to the Huntly Rankine units and hydro assets
are progressing; the first of two Battery Energy Storage
Systems (100 MW / 200 MWh each) at Huntly is due to be
fully operational by September 2026 (with the second having
reached FID). Construction of the 136 MWp Tihori Solar Farm
near Edgecumbe has commenced, our 220 MWp solar site
at Foxton gained fast track approval in August 2026, while
the 70 MWp Leeston solar site in Canterbury is expected to
reach final investment decision (FID), also in August 2026.
Development of the 271 MWp Rangiriri solar project in
Waikato continues, with staging subject to market conditions,
alongside delivery of 300 MW of new wind generation
by FY32.
Disciplined capital allocation remains central to our strategy.
We continue to balance investment in growth with competitive
shareholder returns, supported by the fixed-dividend policy
adopted for FY24 to FY28, providing greater certainty for
shareholders during this period of elevated investment.
$518m
$522m
$85m
14.88cps
FY25
$454m
FY25
$470m
FY25
$169m
FY25
14.30cps
REPORTED EBITDAF
1
NORMALISED EBITDAF
2

NET PROFIT AFTER TAX (NPAT)
TOTAL DIVIDEND FY26
1. Reported EBITDAF: Earnings before net finance expense, income tax, depreciation,
depletion, amortisation, impairment, unrealised fair value changes, and other gains.
Refer to note A1 in the Consolidated Financial Statements on page 84 for reconciliation
from EBITDAF to net profit before tax.
2. EBITDAF adjusted for non-routine restructuring costs ($1.0m), acquisition costs
($0.8m) and provision for Crown royalties settlement for Kupe Venture Limited - PML
38146 (2.4m).
Genesis Integrated Report 2026Contents16Performance

As the investments under Gen35 and our FY32 Growth Plan
begin to contribute incremental earnings, the Board will
continue to review the dividend policy as part of its broader
capital allocation framework. The Board currently expects the
fixed-dividend policy to remain appropriate through to FY28.
To optimise capital deployment and maintain financial
flexibility, future generation investments will be delivered
through a mix of wholly owned assets, joint ventures and
power purchase agreements (PPAs), consistent with the
capital management framework outlined at the 2025
Investor Day.
FY32 Growth Plan update
The priorities under our FY32 Growth Plan are designed
to work together. Growing customer demand through
electrification supports investment in renewables, while
Huntly's flexible generation provides the firming capacity
needed to integrate increasing renewable generation and
maintain security of supply.
CUSTOMER – lower the total cost of energy
through electrification
Electrification is the largest long-term opportunity to reduce
New Zealand's total energy costs while strengthening energy
security and lowering emissions. Electricity currently accounts
for around 30% of total energy consumption. Increasing this
to 60% could reduce New Zealand's annual energy costs
by around $10b by 2040 and save the average household
approximately $3,000 per year.
Transport and heating represent the greatest opportunities
for electrification. Genesis is investing in the products,
infrastructure and technology needed to support this
transition, including electric vehicle (EV) charging, distributed
energy solutions, home solar, and innovative energy products
for residential and commercial customers.
Our investment in ChargeNet strengthens our position in
New Zealand's largest rapid charging network, supporting
increased EV adoption and providing customers with reliable
charging infrastructure. We also see significant long-term
potential in vehicle-to-grid technology, enabling electric
vehicles to become flexible energy assets that reduce
household energy costs and support the electricity system.
For commercial customers, we continue to expand distributed
energy solutions and have launched a new hybrid energy
product that combines renewable generation with flexible
firming supply under long-term contracts. These solutions
help customers lower emissions and improve price
certainty while creating new routes to market for Genesis'
generation portfolio.
LPG also plays an important role in supporting customers who
are not yet able to electrify. Our investment in the new Drury
LPG depot is an example of how we’re improving operational
efficiency and supply resilience while supporting customers
as they transition away from declining natural gas supplies.
Alongside investment in new products and services, we
continue to simplify the customer experience through
our 'Life at Full Power' brand positioning and technology
transformation. During FY26 we successfully migrated the
first cohort of customers to our new billing and CRM platform,
delivering immediate improvements in operational efficiency
and customer satisfaction.
We have sought to minimise increases in the electricity
component of customer bills while continuing to invest
in customer care and service. Our Genesis Caring Team
provides targeted support to customers experiencing
financial hardship, increasing the number of proactive calls by
9% to more than 2,000.
Delivering our electrification strategy will increase electricity
demand, improve customer engagement, lower our cost
to serve and strengthen portfolio netback. We continue to
expect electricity demand from our customer base to grow by
around 2% a year through to FY32, with growth accelerating
as EVs reach price and range parity with internal combustion
engine vehicles.
From September
2026 stage 1 of the
Huntly battery energy
storage system (BESS)
will be delivered,
providing 200 MWh of
firming support.
Genesis Integrated Report 2026IntroductionLetter from the Chair and CEOContents17

1. Figures based on P50 hydro conditions
RENEWABLES – grow renewable generation to support
demand growth and reduce the cost of supply
Our objective is to deliver an additional 2.2 GWh pa of
renewable generation by FY32 to meet growing customer
demand from electrification while progressively displacing
baseload gas generation. This will build on the 3.8 GWh pa of
renewable generation already within our portfolio
1
.
We are delivering this through a disciplined mix of wholly
owned assets, joint ventures and long-term PPAs, providing
the flexibility to optimise capital deployment while maintaining
security of supply.
Genesis now has a substantial renewable and firming
development pipeline, providing a strong platform for
disciplined long-term growth. These investments are expected
to progressively lower our average cost of generation,
increase portfolio flexibility and earnings resilience, and
provide the renewable supply required to support increasing
electricity demand as New Zealand continues to electrify.
Our renewable portfolio is anchored by the Waikaremoana,
Tongariro and Tekapo hydro schemes, which together have
generated around 2.8 TWh of renewable electricity annually
on average over the past 10 years. We continue to expand
the portfolio through a growing pipeline of wind, solar and
geothermal PPAs, alongside selective investment in new
generation projects.
During FY26 we strengthened this pipeline through additional
geothermal contracting, an exclusivity agreement with Yinson
Renewables to pursue wind generation opportunities, and a
memorandum of understanding with the Taranaki Offshore
Partnership to assess the long-term potential of offshore
wind. These initiatives complement development of our
own renewable projects, including the Castle Hill wind farm,
supporting our objective of delivering 300 MW of wind
generation by FY32.
We also achieved an important milestone with the Tekapo
Power Scheme receiving a further 35-year operating
consent through the Fast-track process, supporting the
long-term resilience of one of New Zealand's key renewable
generation assets.
HUNTLY – strengthen generation flexibility
and portfolio resilience
Huntly Power Station remains the cornerstone of Genesis'
market-leading flexible generation portfolio, providing the
firming capacity needed to support increasing renewable
generation while maintaining system security and reliability.
Our unique combination of thermal generation, battery
storage and fuel flexibility allows Huntly to respond when
renewable generation is constrained, strengthening security
of supply for New Zealand and earnings resilience for
shareholders. As the electricity system becomes increasingly
renewable, Huntly is expected to operate less frequently but
become even more critical when required.
During FY26 we continued to strengthen Huntly's long-term
role as a flexible energy / firming hub by delivering 150 MW
of Huntly Firming Options (HFOs), investing approximately
$130.3m in extending the life of the Rankine units to FY35,
progressing Battery Energy Storage Systems at the site, and
optimising fuel flexibility across our thermal fleet.
As renewable generation increases and domestic gas supply
declines, we will continue to evolve Huntly's role and fuel mix.
We expect baseload gas generation to reduce over time,
with future investment decisions guided by system needs,
commercial returns and maintaining portfolio flexibility.
We continue to assess a range of fuel and technology
options to ensure Huntly remains a reliable and commercially
competitive source of firming capacity as New Zealand's
energy system transitions.
Maintaining Huntly as a flexible, multi-technology energy
hub will optimise capital deployment, strengthen earnings
resilience and provide the reliability needed to support growing
renewable generation while reducing the average cost of
supply over time.
2.2 GWh pa
Additional renewable generation by
FY32, based on P50 hydro conditions
Genesis Integrated Report 2026Letter from the Chair and CEOContents18Performance

Our people
Our people are central to delivering the FY32 Growth Plan.
During FY26 we strengthened leadership capability, planned
for workforce growth, enhanced succession planning and
continued to build a culture where safety, wellbeing, inclusion,
commerciality and performance support long-term success.
Employee engagement remained strong, with participation
in our annual engagement survey increasing from 84% to
87% and overall engagement of 78%, above the New Zealand
benchmark of 75%. The results reinforce Genesis as a
great place to work while highlighting opportunities for
continued improvement.
To support future capability, we launched a new purpose and
vision aligned with our refreshed brand, together with a new
Employee Value Proposition to attract and retain the talent
needed to deliver Gen35.
We also strengthened our health, safety and wellbeing
approach by introducing the GenSafe platform and refreshing
our Health, Safety and Wellbeing Strategy. During FY27 we
will implement a new Critical Risk Management Framework
to further strengthen the management of critical risks across
the business.
Our Community Investment Framework continues to support
positive outcomes for people and the environment through
initiatives focused on freshwater restoration, energy wellbeing
and resilience, and education pathways. We also continue to
strengthen relationships with iwi and mana whenua across our
existing generation portfolio and future development pipeline.
Board update
This year we farewelled valued Board member Catherine
Drayton. Catherine joined the Board in March 2019 and
completed her term as Chair of the company’s Audit
Committee and a member of the Markets and Risk Committee.
Catherine’s input into the direction of Genesis over seven years
and her careful stewardship was invaluable. We thank her for
her expertise and dedication to the company and wish her all
the best.
David Baldwin was voted in as a new Director at the Annual
Shareholder Meeting in October. David brings wide experience
in renewables, gas and LNG, utilities, chemicals, and
infrastructure asset management, and has a particular interest
in health and safety. His expertise is greatly assisting the Board
in decisions we need to make in those areas now and in the
years ahead.
During the year the Board implemented a new committee
structure to strengthen strategy delivery and governance.
This did not require any increase to the Directors’ fee envelope.
To support future capability, we launched
a new purpose and vision aligned with
our refreshed brand, together with a new
Employee Value Proposition to attract and
retain the talent needed to deliver Gen35.
Genesis Integrated Report 2026Letter from the Chair and CEOContents19Performance

Operating environment
We continue to operate in an increasingly dynamic regulatory
and policy environment, shaped by the response to the winter
2024 energy shortage, geopolitical uncertainty, evolving
market settings and the 2026 General Election. During the
year we engaged constructively on a range of policy initiatives,
including the Government's electricity sector review, the
Energy Competition Taskforce, LNG import options and new
wholesale-retail non-discrimination obligations.
These developments reinforce the relevance of our Gen35
strategy. Our focus on lowering the total cost of energy
through electrification, investing in renewable generation
and maintaining flexible firming capacity at Huntly, positions
Genesis to support New Zealand's energy transition while
continuing to deliver value for customers and shareholders.
Emissions update
Genesis is committed to transparent reporting of Scope 1,
2 and 3 greenhouse gas emissions. Under current carbon
accounting rules, emissions associated with HFOs remain
reported as Genesis' Scope 1 emissions, even though
decisions on when and how much Huntly generation is
dispatched are made by HFO holders.
Our emissions profile is therefore influenced by HFO dispatch
decisions, hydro conditions, and renewable generation. As a
result, annual emissions are expected to fluctuate, while the
long-term trend continues downward.
During FY26, total greenhouse gas emissions (Scope 1, 2 and
3) decreased to 2,014 ktCO₂e, down 47% from FY25 and the
lowest level recorded since our FY20 baseline. This reflects
lower thermal generation, a less emissions-intensive fuel mix
and increased renewable generation.
Achievement of our FY30 interim target assumed deployment
of biomass at Huntly. We have recently concluded that current
commercial conditions do not support progressing biomass
to the next stage of investment, and as a result we no longer
expect to meet the FY30 interim target based on normal
hydrology and expected market conditions. During FY27, we
will assess the implications of this on the FY40 target. We
expect to provide an update in our FY27 Climate Statement.
Huntly Power Station continues to play a critical role in
maintaining security of supply when renewable generation is
constrained. As we continue to invest in renewable generation
and flexible firming capacity, we remain focused on reducing
emissions over the long term while maintaining a secure and
reliable electricity system.
Looking ahead
FY27 will see continued delivery of the FY32 Growth Plan
across our five strategic priorities: customer, renewables,
Huntly, operating expenditure, and headwinds.
We also expect to complete our major technology
transformation and brand simplification programmes, with non-
recurring implementation costs reducing from FY28.
Energy underpins economic prosperity, energy security
and lower emissions. We believe increasing electrification,
supported by a highly renewable electricity system and flexible
generation, is fundamental to New Zealand's long-term future.
Genesis is playing its part by lowering the total cost of energy
for customers while investing around $3 billion, comprising
around $2.2b building new renewable generation and battery
storage, and up to $800m in maintaining and upgrading
existing assets.
By combining a growing renewable portfolio, market-leading
flexibility and a large, established customer base, Genesis
is well positioned to deliver sustainable growth, support
New Zealand's energy security and create long-term value
for shareholders.
We want our customers and all New Zealanders to enjoy
LIFE AT FULL POWER!
Barbara Chapman CNZM
CHAIR
Malcolm Johns
CHIEF EXECUTIVE
Genesis Integrated Report 2026Letter from the Chair and CEOContents20Performance

PEOPLE
Growing the capability of our people,
supporting our customers, and caring for
the communities in which we operate.
Genesis Integrated Report 2026Contents21

PeopleOur People
OUR PEOPLE
Hearing from the team
Our annual employee engagement survey gave us
valuable insights into the employee experience across
Genesis. The participation rate lifted from 84% in FY25
to 87%, and overall engagement remained strong at
78%, above the New Zealand benchmark of 75%. The
results show Genesis remains a great place to work with
strong foundations in safety, leadership and strategic
clarity, while also highlighting where we need to keep
improving Genesis as a workplace.
91
%
Of employees feel safe at work
NZ BENCHMARK: 86%
62
%
Of employees said their career
goals can be met at Genesis
NZ BENCHMARK: 66%
77
%
Would recommend Genesis as a
great place to work
NZ BENCHMARK: 75%
66
%
Feel supported in their efforts to
adapt to organisational change
NZ BENCHMARK: 72%
87
%
Trust their people leader
NZ BENCHMARK: 79%
64
%
Feel energised at work
NZ BENCHMARK: 65%
86
%
Have a clear understanding of
their role
NZ BENCHMARK: 85%
72
%
See a clear link between their
work and Genesis’ strategy
NZ BENCHMARK: 75%
WHAT’S WORKING WELL
AREAS FOR IMPROVEMENT
The People & Culture team operates
across three pillars: Culture, Talent and
Performance, through which we help our
people adapt to change, lift productivity and
turn strategy into measurable outcomes for
customers, communities, shareholders and
New Zealand’s energy future.
This year we’ve been working to build
leadership across our teams, planning
for workforce growth, and strengthening
critical capability, while also improving
succession planning. We have continued
efforts to foster a culture where safety,
wellbeing, inclusion, commerciality and
performance reinforce each other.
78
%
Overall Employee
Engagement Score
NZ BENCHMARK: 75%
How we’re responding
Genesis continues to use Hearing from Genesis as a
feedback-to-action cycle.
Our response is focused on the priorities that have the
greatest impact on employee experience and business
delivery: clearer priorities and decision-making, stronger
communication through change, better collaboration
across teams, and more deliberate support for career
development and retention of critical capability. We will
also continue targeted action to strengthen belonging
and inclusion. Together, these actions are intended to
lift productivity, improve accountability and support
delivery of Gen35.
Genesis Integrated Report 2026Contents22

People
Diversity and equity dataEthnic Diversity
METRICFY26 PERFORMANCE
Gender diversity target:
40% female, 40% male with the
balance being any gender
1
�
Female
�
Male
All employees
47% • 53%
Senior leaders
43% • 57%
Executive
43% • 57%
Board
33% • 67%
FY25: 47% • 53%FY25: 43% • 57%FY25: 43% • 57%FY25: 50% • 50%
Pay Equity Gap
1.0% FY25: 1.7%
Gender Pay Gap
35.0%
3
FY25: 32.8%
1. We appreciate that gender is not binary, however, for the purpose of reporting our Gender Pay
Gap, Gender Equity Gap and Gender Representation data, we have focused on the difference
between those who identify as Female and Male (our broader diversity reporting includes
identifying employees who identify as gender diverse).
2. Employees are able to indicate that they identify with up to three different ethnicities.
Our People
Culture
The culture at Genesis is built around our values: kia
manaaki, we care; kia māia, we’re courageous; and
kia kotahi, we’re connected. Alongside a focus on
health and safety, these are the cornerstones of our
sustainable performance.
We believe that a strong culture is a key enabler of
strategy execution, empowering our people to realise their
full potential, improving collaboration between teams,
and boosting diversity of ideas and innovation to drive
sustainable success.
The Impact Awards, our annual employee awards – now
in their second year – continued to celebrate people and
teams who brought Genesis’ values to life. More than 770
people joined the Impact Awards online or from our offices.
The Huntly Strategic Energy Reserve Team received the
Gen35 Excellence in Delivery award for a first-of-its-kind
agreement that supports long-term energy resilience for
New Zealand (read more on page 46.)
P&C team wins
Business Impact Award
The People & Culture team received the 2026 HRNZ
Business Impact Award in FY26, recognising its
contribution to delivering Gen35. The award reflects
the role of people initiatives in supporting business
outcomes, from leadership and capability to employee
experience, productivity and strategic delivery. Judges
described Genesis as “a truly deserving winner”,
praising the clear connection between people strategy
and business performance, robust evidence, and CEO
and Board endorsement.
3. Our Gender Pay Gap is largely made up of the difference in career participation. A large
proportion of specialist energy sector roles at Genesis are held by men. This is particularly
evident in engineering and technical roles. In addition, a large proportion of customer-facing
roles, such as those in our contact centres, are held by women. We are focused on improving
gender balance in these areas.
All employees
2
FY26FY25
NZ European57%56%
Māori15%15%
Pacific peoples6%7%
Asian21%22%
MELAA3%3%
Other3%4%
Unknown16%17%
Contents23Genesis Integrated Report 2026

Talent
As the energy sector evolves, we need to attract, retain and
develop people with the right skills. This involves strategic
workforce planning with a long-term view. During FY26
we undertook targeted recruitment, developed leadership
capabilities, and boosted succession planning.
Demand for energy-related and specialist skills is expected
to remain high as New Zealand’s energy system increasingly
becomes electric, renewable and flexible. Competition for
technical, engineering, digital and commercial capability
remains strong, so we are building an integrated talent system
to support Gen35.
Capability requirements change quickly, with competition
for specialist skills remaining strong. We are responding by
improving visibility of critical roles and succession depth,
strengthening development pathways and supporting
internal promotion.
PeoplePal,
our new AI chatbot
In January we launched PeoplePal, our first internally-
developed AI chatbot, created in partnership with our AI
Enablement Hub.
PeoplePal is a single, easy-to-use interface for HR
queries across onboarding, benefits, policies, leave,
and entitlements. The AI is trained on a curated library
of approved Genesis content and operates within a
controlled environment. This ensures responses are
accurate, consistent and aligned to company policy.
Strong governance principles underpin its design,
including content boundaries, private user interactions
and clear pathways for complex or sensitive queries.
To date, PeoplePal has handled more than 1,500
queries, roughly halving routine HR queries. The tool
continues to evolve, based on common queries and
employee feedback. User feedback so far has been
very positive.
Performance
Strong performance means more than delivering results; it
means doing so safely, sustainably and in line with our values.
In FY26 Genesis focused on strengthening the leadership,
systems and performance practices needed to deliver
Gen35. This included:
• Clear goal setting
• Consistent performance management and development
conversations
• Improved access to HR information
• Leadership capability that supports accountability,
productivity and change-delivery.
As Genesis delivers through transformation, leadership
capability remains central to performance. In FY26, 61 leaders
participated in Powered to Lead. This leadership programme
strengthens commercial acumen, confidence and the skills to
lead through change.
Co-creating Pou Tāngata
Pou Tāngata is the employee-focused pou of our Māori
strategy, Mohou – Te Rautaki Māori. During FY26 we co-
created Pou Tāngata by collaborating with employees, Te
Rōpū Māori, Pouhere Māori Kruger Wetere and Mather
Solutions. The co-creation process focused on strengthening
confidence and capability in te ao Māori; aligning policies and
practices to tikanga Māori; and elevating Māori leadership,
visibility, recognition and development pathways.
After Executive endorsement, Pou Tāngata has now moved
into a three-year implementation phase. Year one will focus
on building capability in te ao Māori through education.
1,500
Queries answered – roughly
halving routine HR queries
Contents24Genesis Integrated Report 2026PeopleOur People

Health, safety and wellbeing
We continue to focus on creating a safe, healthy and
resilient workplace for our people, contractors and
communities. This year we refreshed our Health,
Safety and Wellbeing Strategy and implemented a new
Health and Safety software platform, GenSafe. The
new platform enhances our ability to capture insights,
support timely decision-making and strengthen learning
from incidents and near-misses.
Effective risk management reduces exposure to high-
consequence events across our operations. We started
a comprehensive review of our critical health and
safety risks to ensure our controls remained effective
and aligned with industry good practice. In FY27,
Genesis will upgrade and implement a new Critical Risk
Management Framework, aimed at strengthening how
critical risks are identified, monitored and controlled
across the business.
In the year ahead we will also refresh our contractor
management framework to improve contractor
engagement, assurance and safety performance.
Work will continue to finalise the Huntly Power Station
process safety uplift, supporting the safe and reliable
operation of this critical asset into the future.
A new employee value
proposition
In August 2025 we launched a new employee
value proposition (EVP) and employer brand
campaign. These were developed to support
Gen35 by helping us attract people with the skills
and mindset we need, and retain talent.
The EVP was shaped with input from 14 focus
groups and 95 people across the business. It was
brought to life through real stories showcasing the
experiences, opportunities and benefits of working
here, and the contribution our people make to
New Zealand’s energy future.
We are now embedding the EVP throughout the
organisation to boost our ability to attract, onboard,
retain, develop and upskill our people.
EVP
Contents25Genesis Integrated Report 2026PeopleOur People

A single Genesis brand gives
us a clearer platform to serve
customers, earn trust and make
the benefits of electrification
easier to understand.
Stephen England-Hall
CHIEF REVENUE OFFICER
OUR CUSTOMERS
Brand update
FY26 saw the completion of the consolidation of our three retail
brands – Genesis, Frank, and Ecotricity – into a single, unified
Genesis brand. This strategic move was designed to simplify
the customer experience, improve operational efficiency
and accelerate the delivery of innovative energy solutions,
while offering an opportunity to broaden our relationship with
our customers.
The decision to focus on one brand for all customers reflects
the company’s Gen35 strategy of providing a stronger and
simpler retail offer to support our customers in lowering their
total cost of energy by transitioning to electricity.
LIFE AT
FULL POWER
Contents26Genesis Integrated Report 2026PeopleOur Customers

Energy that never stops
Our updated brand positioning is ‘Energy that never stops’,
and our new tagline is ‘Life at full power’, chosen because
they translate our strategy into clear, human benefit.
The new sunburst logo represents a raw, continuous source
of energy in a bold and distinctive way. It also draws on the
story of Māui capturing the sun, symbolising the harnessing
of energy, reinforcing our role in helping customers control
and get more value from their energy.
This branding will roll out over two years to manage risk and
minimise disruption. During FY27 updated brand assets will
be visible alongside new products and services designed to
deliver on our strategic objectives (electrifying our customers’
homes and businesses) and commercial outcomes (lower
cost-to-serve and improved netback).
The work incurred expenditure of $5m in FY26 and is
expected to incur a further $6m in FY27 as we complete
the brand update. From FY28, annual brand expenditure is
expected to return to normal levels.
DELIVERED FOR CUSTOMERS AND SHAREHOLDERS
• Headline sponsorship of Fieldays to strengthen our
presence with rural and regional New Zealand.
• An exclusive solar offer for Farm Source customers,
launched at 2026 Fieldays. The Farm Source partnership
with Fonterra helped us reach a billing milestone of 10,000
ICPs (Installation Control Points, or electrical connections).
• Turning Te Kuiti into New Zealand’s first 100% LED light
bulb town, showcasing how simple changes can lower
household energy costs. LED bulbs can run approximately
six times as long as incandescent bulbs emitting the same
amount of light, for the same electricity cost.
• Continuing to lead for EV customers, with the EVerywhere
home flexibility charging trial and becoming one of the first
companies to launch an at-home ‘vehicle to grid’ trial.
• Launch of Genesis broadband.
New broadband offering
attracts new customers
In October we launched a broadband product
that is showing strong early demand with 5,000
customers by August 2026. Importantly, the
broadband offering is attracting customers
beyond our existing electricity base,
demonstrating its value as a strategic lead-in
product and growth channel.
Contents27Genesis Integrated Report 2026PeopleOur Customers

Electrification gathers pace
Energy is a critical ingredient in our lives and economy,
and can be a major cost to businesses, homes, schools,
government, industry and our country. Locally produced
and distributed electricity is one of the lowest-cost forms
of energy, which is why we’re encouraging New Zealand
to electrify 60% of energy use and in doing so support our
customers to lower the total cost of their energy:
• We launched the Go Electric calculator, an online tool
for evaluating personalised energy efficiency upgrades
in a home.
• Our EV charging plans continue to grow in popularity,
enhanced by our partnership with ChargeNet. Our
investment in a 65% stake in ChargeNet in FY25 is
supporting New Zealand’s largest charging network to
roll out 1,200 additional sites nationwide.
• Our energy audits for business customers identify
ways to improve efficiency and electrify across a range
of sectors.
• Our solar plans reward customers with home solar by
paying them for excess electricity they send into the
national grid. Our solar customers now number 33,640,
a 12% increase on FY25.
Growing home solar is contributing to a burgeoning
suite of distributed energy resources (DER) across
New Zealand. In future, these DERs will act as virtual
power plants, allowing thousands of home solar and
battery setups, hot water cylinders and EVs to be
coordinated remotely.
Together they will effectively create a single large power
station, reducing the need for backup thermal generation,
cutting emissions, and strengthening energy security.
Genesis notes that several major political parties are
campaigning on policies aimed at increasing the uptake
of distributed energy technologies such as solar and
batteries. Genesis is well placed to help New Zealanders
benefit from these investments at a household and
system-wide level.
33,640
16,653
150 GWh
61%
2.06 GWh
12
%
43
%
18,700
SOLAR POWER
EV GROWTH
CUSTOMER FLEX
Customers signed up
to solar plans
Customers now signed up to
a Genesis EV Plan
Exported to the grid by
solar customers , enough to
power 18,750 households
EV Plan customers also signed
up to EVerywhere, for at-home
rates when charging on the road at
ChargeNet stations
Of energy shifted away from
peak periods, thanks to hot
water management
Growth in solar customers
Growth in customers signed up to our EV Plan
Customers now participating in our hot
water management programme
Genesis Integrated Report 2026Contents28

115,000
580,000
8,000
POWER SHOUT
REWARDS
Hours gifted by Genesis
customers to households in
vulnerable circumstances
Total Power Shout hours gifted
to households in vulnerable
circumstances following Genesis’
contribution of 465,000 hours
Customers in vulnerable
circumstances received donated
hours during winter 2026
Power Shout
generosity recognised
Our Power Shout Gifting programme won Best Social
(CSR) or Sustainability Initiative at the 2026 Asia Pacific
Loyalty Awards.
The award recognised Power Shout as a platform
helping to address energy hardship. Our annual gifting
campaign gives customers the option to keep their
Power Shout hours or pass them on to families in need.
The impact has been inspiring. In FY26, customers
gifted 115,000 hours. With our added donation of
465,000 hours, this bumped our customer effort to a
total of 580,000 hours. These hours were delivered to
more than 8,000 customers during winter, when they
matter most.
A huge thank you to our customers for their generosity
in bringing this initiative to life. Together, we’re making a
meaningful difference.
50
%
Lower churn among
customers engaged in
Power Shout*
*Approx. 69% of our residential electricity customers are eligible and engaged in the Power Shout
programme (ie, they have accepted offers for, or booked, Power Shout hours in the previous
12 months). Among those, we see annualised churn at approx. 8% vs 16% for those eligible
customers not engaged in Power Shout.
8.8m
PowerShout
hours rewarded to
customers in FY26
Contents29Genesis Integrated Report 2026PeopleOur Customers

CONSTRUCTIVE FEEDBACK
• Call centre: Long wait times for a period in 2025, reduced to
under two minutes in 2026.
• Power Shout outages: during winter 2025, these resulted in
lost hours, missing credits and duplicated bookings.
• Pricing: Up to 40% of customers perceive our prices as
too high or no longer competitive, reflecting increased
price sensitivity in the current economic environment and
ongoing cost-of-living pressures.
• PowerHome changes: Some customers feel the value
proposition has diminished following the removal of
incentives and discounts, alongside price increases.
Feedback also indicates dissatisfaction with the timeliness
of communications relating to contract changes.
OUR RESPONSE
To help resolve these issues we made some key improvements
in FY26:
• An always-on recruitment programme to ensure we are
adequately resourced to avoid long call centre wait times for
our customers.
• Launched a targeted performance and efficiency
programme to identify and implement operational
improvements across customer service processes.
• Resolved an issue within the Virtual Hold Technology (VHT)
system, improving customer experience during periods of
high call demand.
• Improved Energy IQ app capacity ahead of winter demand,
reducing the risk of Power Shout booking outages, while
also addressing historic booking and crediting issues.
• Implemented an elevated Voice of Customer (VOC)
Programme in the second half of FY26 to identify areas for
improvement. A VOC PowerHome review is also underway.
Hearing from our customers
It was a year of two halves from a customer experience
perspective: our iNPS
1
improved by 25% from +44 in July
2025 to +55 in April, averaging +50 across FY26.
This was driven by improved Call Centre performance,
following a winter when we experienced resourcing
constraints and higher-than-expected call volumes, partly
due to increased lines charges from network companies.
Heading into winter in 2026 we have right-sized, with
programmes of work in place to digitise and improve
customer journeys.
POSITIVE FEEDBACK
• Compassion and empathy: we heard that our customer
service representatives (CSRs) show true compassion
and empathy when customers are struggling financially.
• Outstanding customer service: our CSRs provide
outstanding customer experiences and resolve issues
without a hassle.
• Power Shout: this is convenient, easy to use, and
customers love getting the opportunity to gift free hours
of power to those in need.
• Payment options: these make budgeting for power bills
more manageable.
• Self-service options: these streamline processes
including moving house, ordering LPG and making
a payment.
+
55
Our iNPS improved by 25% from +44 in July 2025
to +55 in April, averaging +50 across FY26.
Kiwis vote Genesis
among top brands
Genesis came second in Consumer NZ’s annual
energy survey, and was highly commended in the 2026
Reader’s Digest Trusted Brands Awards.
Consumer’s survey gauges the views of nearly 2,000
nationally representative New Zealanders on topics
including customer service, value for money, and
helping customers save energy.
The Readers’ Digest award was also based on the
views of New Zealanders. Below are some of the
comments from Genesis customers who responded to
the Trusted Brands survey:
[Genesis] are honest
and transparent. I
can track the power
usage on their web/
app. It is very easy and
convenient.
Reliable, competitive,
easy to deal with,
no problems.
The customer service
staff regularly check
if I’m on the right plan
when I speak with them.
This gives me some
trust in the brand.
1. Interaction Net Promoter Score (iNPS) is based on responses to the question: “Based on your
recent interaction with Genesis or Frank, how likely would you be to recommend Genesis or
Frank to your family or friends?” Only customers who have recently contacted Genesis through
channels such as phone, online chat, the website or Energy IQ are selected to answer this
survey. The reported score includes all eligible ratings received during the financial year. Once
a customer is sent a survey, they are not included in another survey for 90 days.
Contents30Genesis Integrated Report 2026PeopleOur Customers

Supporting business to transition
This year we have continued with partnerships working to
accelerate business electrification and build sector capability.
We undertook discovery with the Sustainable Business
Network’s Electrify Business programme, delivered with EECA
and Rewiring Aotearoa. We engaged solar installers such as
Aotea Electric and FarmGen to make onsite generation and
electrification more accessible for businesses.
Caring for customers in need
Te Tira Manaaki o Kenehi, the Genesis Caring Team,
supports customers experiencing financial hardship. It
focuses on early intervention, proactive engagement
and integrated care. During FY26, we used predictive
data, community partnership pilots and a wrap-around
model to provide tailored support for each customer’s
circumstances. Support includes payment plans,
pricing plan reviews, additional Power Shout hours,
and connections to external support agencies such
as WINZ, MoneyTalks, and Curtain Banks. We also
provided practical interventions including self-serve,
energy monitoring, management and energy saving tips
through our Energy IQ app.
Our outbound auto-dialler helps us reach customers
earlier, which over time has built trust, encouraging
customers to call our dedicated inbound Medical
Dependency and Manaaki Kenehi Care phone line.
47%
Increase in calls to our
Manaaki Kenehi Care line
from FY24 to FY26.
Contents31Genesis Integrated Report 2026PeopleOur Customers

The team also delivered practical transformation
improvements in onboarding, billing and pricing, while
building towards a new Customer Relationship Management
and billing solution for C&I customers.
The team supported customers through continued market
volatility with tailored pricing, contract and risk management
solutions, alongside proactive account management and
new product development. These initiatives strengthened
customer relationships, improved operational performance
and positioned the Enterprise portfolio to respond to
evolving customer and market needs.
Enterprise continued to support C&I customers through
New Zealand’s energy transition by delivering tailored
electrification and LPG conversion solutions, based on the
most cost-effective and operationally feasible pathway for
each site. These initiatives help maintain customer business
continuity, retain energy demand within the Genesis portfolio,
and support the transition away from declining natural
gas supply.
We introduced a new hybrid energy product for C&I
customers, combining electricity supplied from Genesis-
owned solar generation assets with firming supply under
long-term contracts. This innovative offering provides
customers with greater renewable energy price certainty
while supporting use of our renewable generation portfolio.
The Enterprise portfolio of C&I customers is reshaping
Genesis from a traditional energy retailer into an integrated
energy solutions business. By simplifying operations,
deepening customer relationships, accelerating
electrification, enabling demand flexibility, and expanding
into higher-value energy services, these initiatives improve
earnings quality, increase customer lifetime value, lower
operating costs, and create new recurring revenue streams.
The result is a more resilient, capital-efficient business
capable of delivering sustainable EBITDAF growth while
supporting New Zealand's energy transition.
Enterprise lays foundations for the future
Our Enterprise team focuses on delivering stable outcomes
for commercial and industrial (C&I) and Ecotricity customers
while strengthening foundations for future growth through
integration and simplification.
A major achievement was the successful integration of
Ecotricity into Genesis, transitioning approximately 24,000
customers and 65 team members into a unified Enterprise
model with no disruption to electricity supply. Core operations
across billing, customer care, metering and settlements were
aligned to improve service consistency, operational resilience
and scalability for future growth, while preserving Ecotricity’s
commitment to 100% renewable electricity.
Our Enterprise operation is the commercial engine that
converts customer demand into long-term contracted
margin and renewable investment confidence. By securing
strategic demand from data centres and industrial
electrification, retaining customers through the energy
transition, simplifying operations through digitisation and
automation, and expanding into flexibility, hybrid energy
and energy performance services, Enterprise strengthens
earnings quality, improves operating leverage and creates
new recurring revenue streams. Together, these initiatives
are expected to contribute incremental Group Gross Margin
while providing the long-term demand certainty needed to
underpin our Gen35 growth strategy.
Privacy
This year the Privacy team implemented new policies and
processes to standardise privacy impact assessments,
breach reporting and access requests. Other work
streams included AI system rollouts, enhanced customer
authentication procedures, and IPP 3A requirement updates.
We updated our privacy roadmap, helping Genesis keep
pace with evolving regulatory and industry requirements.
Contents32Genesis Integrated Report 2026PeopleOur Customers

COMMUNITIES
Launched in FY25, Genesis’ Community
Investment Framework aims for real, positive
outcomes for people and nature.
It supports the communities in which we
operate around Aotearoa New Zealand,
focusing on three strategic Kōwae (segments):
• Te Taiao: protecting and
restoring freshwater environments
• Hihiko Ora: building energy wellbeing
and resilience
• Mātauranga: supporting education and
pathways for rangatahi (young people).


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Community Investment Strategy
Te Ao Pūngao
Credit: Tā moko (traditional Māori tattoo) inspired artwork from Ben Thomason.
Design developed by Bastion Shine and led by John Pelasio. Each kōwae (part)
represents nature, energy wellbeing and education and pathways, and the taura
(connections) symbolise this in the communities closest to our power schemes.
4,728
LED lightbulbs delivered to
community organisations
Genesis Integrated Report 2026Contents33PeopleCommunities

Mātauranga |
Education and Pathways Kōwae
Through our two education programmes, School-gen and
Ngā Ara, we strengthened our commitment to supercharging
STEMM
2
education and pathways for rangatahi through long-
standing and new relationships to help grow equitable access
to opportunities and inspire the next generation.
Partnerships include: VAKA, Science Alive, Tūrangi Rangatahi
Hub, University of Waikato, University of Canterbury, Ko
Tūwharetoa te iwi Charitable Trust , Ngāi Tahu Rūnaka -
Arowhenua and Moeraki, Pūhoro STEMM Academy, and the
House of Science.
We also expanded access to STEMM learning and energy
education, making all School-gen resources available in te reo
Māori for schools, kura kaupapa Māori and educators across
Aotearoa New Zealand.
A highlight this year was the contribution of Ngā Ara alumni
James Bell and Una Drayton to a live research project with
Genesis, working on transformer resilience. This illustrated
how partnerships with the University of Canterbury and
Arūhiko – Powering Engineering Excellence Trust (PEET) are
strengthening the pipeline of future energy talent.
Te Taiao |
Nature Kōwae
Our generation sites have an impact on land, waterways
and people, and we have a responsibility to help protect
the plants and animals that live in these ecosystems.
Our Te Taiao kōwae aims to support the protection and
restoration of freshwater ecosystems around Genesis’
power schemes.
In FY26 we celebrated 20 years of the Kiwi Forever
Programme, a partnership with Ngāti Rangi, DOC and
Project Tongariro, inspiring environmental leadership
among rangatahi in the Tongariro region. This year 19
rangatahi took part, spending a week monitoring awa
(rivers), setting traplines, and encountering kiwi and whio.
By supporting rangatahi to learn about conservation
leadership grounded in mātauranga Māori (Māori
knowledge systems), we’re supporting local aspirations
and helping create real, positive change for people and
nature in the communities where we operate.
Hihiko Ora |
Energy Wellbeing Kōwae
We’re committed to supporting warm, dry and healthy homes.
This year we partnered with Raahui Pookeka Community
Centres Trust in Huntly to support their curtain bank and
home energy assessments. Near the Tongariro Power
Scheme, we enabled Haurere Energy Solutions to complete
a pilot community energy wellbeing project that included
energy assessments of two marae to optimise their energy
use. Following the pilot, we extended our support to enable
Haurere to continue to deliver kaupapa Māori wānanga and
marae energy assessments and improvements.
We worked with Kindness Collective and provided 1,921
winter pyjamas to local communities in Raahui Pookeka
(Huntly), Tongariro and Takapō (Tekapo) to help tamariki keep
warm through winter.
We also continued to support social energy retailer Nau
Mai Rā this year through donating subsidised wholesale
electricity hedges. This allowed Nau Mai Rā to continue
supplying energy to customers in vulnerable circumstances.
38
2,049
13,645
Schools near our
generation schemes
supported to install solar
1
Total apprenticeships,
internships and work experience
opportunities through Ngā Ara
Creating Pathways
Educators using School-gen
STEMM learning resources or
equipment packages
Students engaged in
STEMM learning through
partnership programmes
5
2. STEMM: Science, Technology, Engineering, Mathematics, often grounded in
Mātauranga Māori.
1. In FY26 we donated funds to two schools near our generation sites to support solar
installations, bringing the number of schools supported by this initiative to five.
Contents34Genesis Integrated Report 2026PeopleCommunities

Empowering community-led initiatives
We back a number of community-led initiatives that strengthen
social wellbeing and connection across the communities in
which we operate.
This included donations for emergency services across Twizel,
Takapō (Tekapo), Raahui Pookeka (Huntly), Ohakune, Owhango,
Waimarino, and Tūrangi to increase emergency response
capability, supporting the replacement of specialised beds at
Kimihia House & Hospital, a not-for-profit Charitable Trust in
Raahui Pookeka (Huntly), and supporting the Tūrangi foodbank
to provide food parcels to whānau in need.
Helping hands for
tuna migration
Cultural connection and energy
careers on students’ field trip
During Matariki in 2025, a group of Ngāti Tūwharetoa
rangatahi came together to learn about conservation of
tuna (eels) that are impacted by the Western Diversion
of the Tongariro Power Scheme (the Whanganui
headwaters) and help some on their migration journey
to Tonga.
Together with mana whenua and conservation
organisation Haowhenua, Genesis ran a weekend
taiao wānanga (environmental workshop) at Waitetoko
marae. The tauira (students) went into the field to
help move tuna from above Genesis’ hydro intakes to
streams where the tuna could continue their migration
to Tonga to spawn.
”We take tuna conservation around our hydro sites
seriously. Our sincere thanks to Haowhenua and Ngāti
Tūwharetoa for working with us on this important
kaupapa,” our Chief Operating Officer, Tracey Hickman
said. “We’re committed to connecting more rangatahi
Māori from communities where we have the privilege
of operating, with meaningful opportunities in STEMM
that resonate with their interests and aspirations.”
Read the full article for more detail.
In October around 40 students from two schools at
opposite ends of the Waikato River took a three-day
field trip to learn more about the career possibilities
in the energy sector. The trip included a tour of Huntly
Power Station, an experience with Māori and Pasifika
3D printing company VAKA, learning the history of
Rangiriri Pā and Te Puaha o Waikato, and an overnight
noho (stay) at Waipapa Marae at the University
of Auckland.
The students explored how education in STEMM,
combined with care for community and the
environment, can lead to roles powering the future
of Aotearoa.
”We want rangatahi to see themselves as future
engineers, electricians, environmental specialists,”
Cornelia Dempsey, Community Partnerships Manager
said. “We hope experiences like this will create interest
and excitement so that one day these rangatahi will
work alongside us.”
Read the full article for more detail.
Contents35Genesis Integrated Report 2026PeopleCommunities