2026 Annual Shareholder Meeting

MARKET RELEASE
Date: 20 October 2026
NZX: GNE / ASX: GNE
2026 Annual Shareholder Meeting

Genesis Energy Limited’s (GNE) Annual Shareholder Meeting is being held today, Tuesday, 20
October 2026, commencing at 10.30 am:

Physical: World Cup Lounge West, South Stand, Eden Park, Reimers Avenue, Kingsland, Auckland.

Online: https://meetnow.global/nz

Shareholders can participate in the Annual Meeting virtually through the Computershare Meeting Platform.

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

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

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Genesis Energy
ANNUAL SHAREHOLDER
MEETING
Malcolm Johns
Barbara Chapman CNZM
Chief Executive
Chairman
20 October 2026

DISCLAIMER
Annual Shareholders’ Meeting
20 October 2026
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 9, 19 and 20 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.

MESSAGE FROM
THE CHAIR
Barbara Chapman CNZM
Chairman
3

HOW TO PARTICIPATE IN VIRTUAL/ HYBRID
MEETINGS AND ASK A QUESTION
ONLINE QUESTIONS
If you have a question to submit during the live meeting,
please select the Q & A tab on the right half of your
screen at anytime. Type your question into the field and
press submit. Your question will be immediately
submitted to the moderator.
HELP
The Q & A tab can also be used for immediate help. If
you need assistance, please submit your query in the
same manner as typing a question and a Computershare
representative will respond directly to you.
SHAREHOLDER & PROXYHOLDER
Q & A PARTICIPATION
Annual Shareholders’ Meeting
20 October 2026
4

AGENDA
Board Highlights
Chief Executive Overview
Q&A Session
Resolution
General Business
01
02
03
04
05
55
Annual Shareholders’ Meeting
20 October 2026

OUR BOARD
Warwick Hunt
MNZM, BACC (HONS), FCA, FKCL
David Baldwin
BE, MBA, GAICD.
James Moulder
BA, BCA, MPP (HONS), GMP
(HARVARD)
Hinerangi Raumati-
Tu’ua
MNZM, BMS, MMS, FCA
Tim Miles
BA
Simon Mackenzie
GradDipBS(Dist), DipFin, NZCE(Mech)
.
Barbara Chapman
(Chair)
CNZM, BCOM, CMINSTD
Genesis Energy’s Board of Directors set
the company’s strategic direction, creating
long-term value for shareholders while
balancing the needs of our customers,
stakeholders and the environments in
which we operate.
Annual Shareholders’ Meeting
20 October 2026
6

CORPORATE GOVERNANCE FY2026
Skill/ExperienceDirector ExpertiseGovernance Capabilities
Business strategy and leadership experienceA proven record of developing and executing business strategy
Listed company governance experience
Experience in listed company governance and driving and assessing the
effectiveness of the executive
Regulated industry experienceElectricity sector experience or experience in a similarly regulated industry
Government, stakeholder and iwi experience
A proven track record of successfully engaging and managing key external
stakeholder relationships
Finance / Accounting / Audit Committee experienceExperience in financial accounting, reporting, and internal financial controls
Capital investment / wholesale markets experience
Experience in corporate finance such as capital investment decisions/wholesale
markets and trading
Large industry operational (capital) project management
experience
Experience within the electricity sector or similar large scale industrial business
Health and safety, risk experience
Deep understanding of excellence in Health & Safety in strategic and operational
context and applicable legislative framework
Sustainability experience
Deep understanding of environmental, climate change and social sustainability risks
and opportunities in strategic and operational context
Customer insight, data, marketing and brand experience
Experience in consumer retail and execution of marketing and brand strategies to
deliver growth
Technology / artificial intelligence / innovation /
digitalisation and data experience
Detailed understanding of the role of technology and innovation in delivering a
superior customer experience
People / culture / reputation management
Deep understanding of the strategic importance of people, values, behaviours and
management style as drivers of organisational culture and reputation
PrimarySecondary
Genesis Director skills matrix
7

MARKET PERFORMANCE
Frontier Economics review concluded
OPERATING ENVIRONMENT
Annual Shareholders’ Meeting
20 October 2026
8
Affordability & SecurityPolicy & Regulation
SECURITY OF SUPPLY
Security settings under review​
FIRMING OPTION
LNG procurement continues​
NEW MARKET RULES
Non-discrimination regime
UNDER CONSIDERATION
Reliability obligations​
ELECTION AHEAD
Further policy change likely
GEN35
Designed for the long-term, focused on the underlying needs of New Zealand’s energy system and resilient to changes in policy and regulation

FY26 FINANCIAL PERFORMANCE
9
EBITDAF
$522m
Up $52m yoy (normalised)
Capital raise
$400m
Balance sheet positioned for
growth. FY26 Debt/EBITDAF
1.6x (2.6x FY25)
Dividends
14.88 cps
Fixed dividend supported by FY26
Normalised EBITDAF of $522m
and FY26 OP FCF $322m.
FY27 Guidance
$480-520m
Assumes P50 inflows and ~2.8 - 2.9
TWh of hydro generation.
Assumes P50 wind and solar 0.7 TWh.
Annual Shareholders’ Meeting
20 October 2026

HEALTH SAFETY AND WELLBEING

EMISSIONS VOLATILITY

ACKNOWLEDGEMENTS

MESSAGE FROM
THE CHIEF EXECUTIVE
Malcolm Johns
Chief Executive
13

OUR EXECUTIVE TEAM
1.
Emma Oettli
Chief Financial Officer
2.
Claire Walker
Chief People Officer
3.
Stephen England-Hall
Chief Revenue Officer
4.
Malcolm Johns
Chief Executive
5.
Matthew Osborne
Chief Corporate Affairs Officer
6.
Edward Hyde
Chief Transformation &
Technology Officer
.
7.
Tracey Hickman
Chief Operating Officer
1.2.3.4.5.6.7.
Our Executive Team delivers strategy approved
by the Board to serve our customers and reward
our shareholders. The Team provides directors
with accurate and timely information on company
operations, performance, legal obligations and
reputation.
Annual Shareholders’ Meeting
20 October 2026
14

GEN35 – OUR STRATEGY
15
Annual Shareholders’ Meeting
20 October 2026

FY26 STRATEGY
DELIVERY HIGHLIGHTS
MARGIN
QUALITY
COST
DISCIPLINE
STRONG CAPITAL
MANAGEMENT
Group Gross
Margin $949m
Retail Netback
$176/MWh
Cost to serve
$75 CTS/ICP
Core Opex
$377m
Digital
Investment $50m
$2.2bn growth
pipeline being delivered
Capital raise
$400m
FY26 Dividends
14.88 cps
Average Generation
cost $61/MWh
16
Annual Shareholders’ Meeting
20 October 2026

CUSTOMER
HUNTLY
RENEWABLES
TECHNOLOGY

LIFE AT FULL POWER

FY27 Customer Renewables Huntly Opex Headwinds FY28
DELIVERING FY28 OUTLOOK
19
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
Annual Shareholders’ Meeting
20 October 2026

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.
20
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.

OUR PEOPLE

THANK YOU

HOW TO PARTICIPATE IN VIRTUAL/ HYBRID
MEETINGS AND ASK A QUESTION
ONLINE QUESTIONS
If you have a question to submit during the live meeting,
please select the Q & A tab on the right half of your
screen at anytime. Type your question into the field and
press submit. Your question will be immediately
submitted to the moderator.
HELP
The Q & A tab can also be used for immediate help. If
you need assistance, please submit your query in the
same manner as typing a question and a Computershare
representative will respond directly to you.
SHAREHOLDER & PROXYHOLDER
Q & A PARTICIPATION
Annual Shareholders’ Meeting
20 October 2026
23

HOW TO VOTEIN VIRTUAL / HYBRID MEETINGS
SHAREHOLDER & PROXYHOLDER VOTING
›Once the voting has been opened, the
resolutions and voting options will allow
voting.
›To vote, simply click on the Vote tab, and
select your voting direction from the options
shown on the screen.
›Your vote has been cast when the tick
appears.
›To change your vote, select ‘Change Your
Vote’.
Annual Shareholders’ Meeting
20 October 2026
24

RESOLUTION 1
Election of Simon Mackenzie
Director
25

SUMMARY OF PROXY VOTES
Annual Shareholders’ Meeting
20 October 2026
26
As at 18 October 2026

GENERAL BUSINESS

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

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Genesis Energy Annual Shareholder Meeting 2026
20 October

Speeches of the Chair and Chief Executive


Barbara Chapman, CNZM: Chairman’s address

Kia ora, tēnā koutou katoa.

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

On behalf of my fellow directors, our Chief Executive and the executive team,
and all Genesis employees around New Zealand, welcome to our 2026 Annual
Shareholder Meeting.

We continue to hold this meeting in hybrid form and very much appreciate
those shareholders who are able to attend. As always, our online streaming
facility is available for those who couldn’t be here in the room.

Before we start, just some quick housekeeping for those in the room – the
bathrooms and fire exits are behind you. If we hear a fire alarm and a request
to evacuate, Security will help us exit down the stairs and assemble across the
road on Reimers Ave.

For those joining online, today’s meeting is held via the Computershare Online
Meetings platform. This enables you to read the company documents
associated with the meeting and ask questions through the platform.


Online attendees can submit questions during the meeting, by selecting the
Q&A tab on the right half of your screen at any time. Type your question into
the field and press send.

Your question will be immediately submitted. Should you require any
assistance, you can type your query and one of the Computershare team will
assist through the chat function.

Alternatively, you can call Computershare on 0800 650 034.

Please note that, while you can submit questions from now on, I will not
address them until the relevant time in the meeting. Please also note that
your questions may be moderated or, if we receive multiple questions on one
topic, amalgamated.

Due to time constraints we may run out of time to answer all your questions.
If this happens, we will answer them in due course via email.

For those present in person, during question time simply raise your hand and
one of our attendants will bring a microphone to you.

Turning now to today’s agenda, we will move through Board highlights from
the year, the Chief Executive’s review, a Q&A session, the Resolution and then
General Business.

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

There is just one resolution to vote on this year. We are putting forward Simon
Mackenzie for election as a Director following his appointment by the Board
effective from 12 August.

You will be able to vote on today’s resolution either in person or, for those
online, using the Computershare platform. I will refer to the instructions on
how to vote when we reach that point in today’s meeting.

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

Silvio Bruinsma is here representing our external auditor, Deloitte.

Notice of the meeting has been duly given to shareholders, and we have the
required quorum. I now declare the 2026 Annual Shareholder Meeting of
Genesis Energy Limited officially open.

Thank you all for joining us today.


To begin, let me introduce your Board of Directors.

Hinerangi Raumati-Tu’ua

Hinerangi joined the Board in March 2022. She is Chair of the Audit and Risk
Committee and a member of the Human Resources and Remuneration
Committee.

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

In addition to her strong commercial, investment and corporate governance
background, Hinerangi has focused on the development of post settlement
commercial entities and commercial frameworks with a Te Ao Maori view.

Thanks Hinerangi.


Warwick Hunt

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

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

Warwick is Chair of the Bank of New Zealand, a non-executive director of
National Australia Bank and a Fellow Chartered Accountant in Australia and
New Zealand.

Thanks Warwick.

Tim Miles

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

Tim has had a long executive career in customer and technology-focused roles
both in New Zealand and internationally. He is Chairman of FortySouth Limited
and a Director of ASX listed company oOh! Media Limited.

Tim has served as a director of companies in the fields of technology, finance
and property.

Thanks Tim.


James Moulder

James joined the Board in 2018. He is Chair of the Capital and Markets
Committee and a member of the Audit and Risk Committee.

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

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

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

Thanks James.

David Baldwin

David joined the Board in October last year. David is Chair of the Health, Safety
and Wellbeing Committee and a member of the Capital and Markets
Committee.

David brings more than 35 years of international leadership and governance
experience across Asia-Pacific, Europe, and North America.

David has held senior executive and director roles spanning renewables, gas
and LNG, utilities, chemicals, and infrastructure asset management. His career
includes leadership positions with Contact Energy, Origin Energy, Shell and
Berkshire Hathaway Energy.

Most recently, David was a Senior Managing Director with Macquarie Asset
Management, where he advised and served on the boards of energy,
infrastructure and private equity portfolio companies.

David is also a non-executive director of energy companies in the Philippines
and the United States, both in the Macquarie Asset Management portfolio.

Thanks David.

Simon Mackenzie

Our new Director, Simon Mackenzie, joined us on 12 August. He can’t be with
us today but has recorded a message which we’ll play later in the meeting.
Simon has broad experience across the energy sector.

Simon served as Vector’s Group Chief Executive from 2008 to 2025, currently
serves as a director of Bluecurrent and has previously held director roles for NZ
Windfarms and the Gas Industry Company.

Prior to joining Vector, Simon gained experience in both energy retailing and
generation through roles with Mercury and ECNZ.

During his tenure as Vector Group Chief Executive, Simon transformed the
company from a traditional energy infrastructure operator into a more
diversified, technology-driven business.

Simon has championed innovation across the energy sector, forging
partnerships with Amazon Web Services and Google X, supporting early trials of
solar and battery technologies, and
overseeing major investment in Auckland’s electricity and gas networks to
accommodate growth, electrification and climate-related resilience.

You will have the opportunity to hear from Simon later and vote for his
election.

********************

I would like to take this opportunity to acknowledge former director Catherine
Drayton, who stepped down from the board this year after seven years’
service. Catherine was Chair of the company’s Audit Committee and a member
of the Markets and Risk Committee.

Catherine’s input to the direction of Genesis, her skills and careful stewardship
were invaluable. We thank her for her expertise and dedication to the company
and wish her all the best.

On the screen now is our Board Skills Matrix – a summary of the skills we
consider necessary for the company’s success, and an assessment of the skills
held by Directors. The matrix shows a very strong breadth and depth of
expertise and secondary skills held by your Board.

The skills matrix is not set and forget. The Board is conscious of the need to
keep an eye on the skills we need to create value in the future.

Technology and AI are developing rapidly; the Board and management are
purposely developing our understanding across a broad range of initiatives to
ensure we are well placed to use technology and AI to drive shareholder value
into our strategic delivery.

We are of course not alone in this journey. Engaging with similar businesses
outside New Zealand and those at the frontier of data and AI is an essential
part of this programme.

During the financial year ended 30 June 2026 the Board was assisted by the
following four Committees in the performance of its functions – the Audit
Committee, the Markets and Risk Committee, the Human Resources and
Remuneration Committee and the Nominations Committee.

In June 2026 the Board resolved to amend its committee structure. This means
that, with effect from 1 July 2026, the Board is now assisted by the following
four Committees in the performance of its functions – an Audit and Risk
Committee, a Capital and Markets Committee, a Human Resources and
Remuneration Committee, and a Health, Safety and Wellbeing Committee.

The role previously performed by the Nominations Committee will now be
undertaken by the Board as a whole. As part of that decision, the Board also
resolved to amend the remuneration scale for Committee responsibilities
within the Directors’ fees envelope.

Directors’ remuneration was reviewed in the FY25 year as part of the
previously communicated biennial review cycle. No increase in the Director
fees pool was sought. Directors’ remuneration will be reviewed again in FY27.

Through our reporting we seek to present a balanced view of how Genesis
creates value over the short, medium and long term. Our annual reporting
suite includes a fully integrated report where our commercial performance is
supported by relevant environmental, social and governance metrics; a Climate
Statement; a Modern Slavery Statement; and a Sustainable Finance Report.

They can be found in the investor centre on our website.

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

The energy market has continued to evolve over the past year. The
independent review of electricity market performance, led by Frontier
Economics, concluded with the Government announcing a package of
measures in response.

Affordability and security of supply remain firmly in focus, and we are seeing
that reflected in the regulatory and policy programmes.

Striking the right balance between these two outcomes is critical, and Genesis
understands this challenge particularly well given the role our portfolio plays in
supporting New Zealand’s energy security. Diversity of reserve fuel and
generation remain critical components of this, as does ensuring the commercial
cost of delivering this is carried proportionally across the entire sector.

Policy makers and regulators are considering additional reliability obligations to
strengthen security of supply through dry and low wind periods, and you will all
be aware of the Governments work on a potential LNG import facility.

While we are encouraged to see the broad consensus emerging across
Parliament on the need to accelerate electrification of New Zealand’s overall
energy make up, we do expect the election ahead to shape how electrification
may play out over the near term.

Importantly, Gen35 has been designed to balance serving our customers well
and delivering strong outcomes for our shareholders across the near and
longer term. Our strategy is focused on the underlying needs of our customers
and New Zealand’s energy system, and is designed to remain resilient through
changes in the policy and regulatory environment.

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.

This year's strong financial result was achieved through improved margin
quality, cost discipline and strong capital management.

Favourable hydro conditions enabled Genesis to leverage its market-leading
flexibility to support customers, strengthen New Zealand's energy security and
deliver value for shareholders. The investments we have made over the past
few years to strengthen our trading capability enabled us to capture this value.

Our normalised EBITDAF of $522m was up $52m on FY25. This keeps Genesis
on track to achieve EBITDAF in the upper $500m by FY28.

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.

Our Gen35 strategy delivery is well underway, with proof points emerging.
Malcolm will expand on these. We’ve maintained disciplined investment in
existing assets, alongside new renewable generation and storage in line with
our FY32 Growth Plan.

We balance this investment with competitive shareholder returns. The Board
moved to a fixed dividend policy for the period of FY24 to FY28 to provide
shareholders with certainty while we positioned the business for growth. As
outlined at our annual results presentation, the Board is reviewing our dividend
policy beyond FY28 and will have more to say at the FY27 interim results in
February.

Regarding guidance for FY27, we are guiding to normalised EBITDAF of $480 to
$520 million, assuming P50 hydro, wind and solar conditions. As always,
guidance remains subject to hydrology, fuel and plant reliability and no
material changes in regulatory or policy settings.

The health, safety and wellbeing of our people is a priority for the Board. This
year the Board established a Health, Safety and Wellbeing committee to reflect
the importance we place on this area, and to focus our efforts on continuous
improvement.

Among those improvements this year was the introduction of the GenSafe
platform, enhancing 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. It was pleasing that recordable injuries reduced from 48
to 37 last year.

To maintain continuous improvement, 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, we will upgrade and
implement a new Critical Risk Management Framework, aimed at
strengthening how critical risks are identified, monitored and controlled across
the business.

A reduction in our emissions this year reflected good hydrology, strong trading,
and emissions reduction efforts across the business. Our total greenhouse gas
emissions (Scopes 1, 2 and 3) decreased to 2,014 kilotonnes, down 47% from
FY25 and the lowest level recorded since our FY20 baseline.

While our emissions are trending downward over time and will continue as we
invest in new renewable generation, hydro and wind conditions will continue
to influence outcomes. While holders of Huntly Firming Options, or HFOs, own
and hold their own thermal fuel reserves, Genesis as the generator is required
under international carbon accounting rules to account for these emissions as
scope 1. We expect holders will account for the same emissions as scope 3.

This means that while HFO holders determine when and how much thermal
generation is called under their HFOs, that generation will affect Genesis’
reported scope 1 emissions. We will clearly identify the emissions associated
with HFO generation in our future reporting.

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.

Achievement of our FY30 interim emissions target toward our FY40 net zero
commitment 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 our FY40 net zero 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.

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

A renewable transition must also deliver energy security and reliability. We will
continue to engage constructively with regulators to help ensure a workable
pathway for new renewable generation, while maintaining our focus on
security of electricity supply and affordability for our customers.

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

Finally, I want to acknowledge the awards that Genesis has been recognised for
in the past year across our wholesale and retail segments. These included:
• Our Women in Wholesale programme winning the Wellbeing Award at
the Energy Excellence Awards;
• Our Power Shout Gifting programme winning Best Social or Sustainability
Initiative at the 2026 Asia Pacific Loyalty Awards;
• Our Wholesale Outages and Projects team winning two awards at the
New Zealand Project Management Awards;
• And our People & Culture team winning the Business Impact Award at
the Human Resources New Zealand Awards for their contribution to
delivering our Gen35 strategy.

Awards like these are a reflection of the talented, dedicated and innovative
people you have striving to make your company better in every area.

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

_________________________________________________


Malcolm Johns, Chief Executive Officer’s address

Thank you Barbara

Kia ora koutou.
Nga mihi ki te mana whenua.
From wherever you are listening, a warm welcome.

It is a pleasure to speak to you today and set out how our team is delivering.

Our strategy, Gen35 remains and we are delivering horizon 2, the period from
FY27 to FY32. We refer to this as the FY32 Growth Plan.

Let me first start by introducing our executive leadership team.

Emma Oettli is a long-time member of our leadership team who seamlessly
transitioned into Chief Financial Officer in April this year.

Emma is an excellent example of the investment we have made in developing
our senior leadership talent to ensure we have a strong internal bench ready to
step up to executive leadership when appropriate.

Claire Walker is our very experienced Chief People Officer and has worked
hard to strengthen our leadership bench through a combination of building and
recruiting talent, while setting up strong internal succession lines.

Stephen England-Hall, is our dynamic Chief Revenue Officer. Unique to
Genesis, Stephen leads both our retail and wholesale functions, delivering our
strongest gross margin outcome during FY26.

Matthew Osborne is our experienced Chief Corporate Affairs Officer,
navigating a busy year with a number of regulatory and policy matters
following the Frontier Report outcomes.

Ed Hyde, is a very experienced senior executive leading our technology and
transformation programs as Chief Technology & Transformation Officer.

Tracey Hickman, has an extensive and broad career across the energy sector
and is our Chief Operating Officer.

I’m proud to work with a strong Executive team, and alongside a great mix of
established and emerging leaders who are delivering for our customers and our
shareholders.

We are no longer in an energy transition.

We believe we have entered the age of electricity.

We are seeing growing electrification in transport, heating and data, not only
here in New Zealand, but across the world.

Homes and businesses everywhere are experiencing the AI revolution, and this
is accelerating change to levels we have not seen before.

Electricity is both critical to this revolution and generally scarce relative to
future demand forecasts.

As we look ahead over the next few years, we are going to experience a rapid
AI revolution that will need four core components.

Increasing amounts of electricity, data, processing capacity and human
judgement.

Regardless of how AI changes everything else, these four things will remain
constant through the AI revolution.

This means demand and supply of electricity are going to have to grow, and
likely grow for some time to come.

At Genesis we believe electricity is New Zealand’s energy solution.

It's efficient, it's increasingly renewable, it's made in New Zealand and because
neither rain, wind nor sunshine need to travel through the Strait of Hormuz, it
provides energy security and independence.

However, today electricity only makes up around 30% of New Zealand's total
annual energy use. 70% comes from non-electrical sources, with 50% of our
overall energy being imported.

As we have all been experiencing since conflict in the Middle East began, this
energy profile with its imported components can have a material impact on the
total energy costs for Kiwi homes and businesses.

If electricity made up 60% of New Zealand's total annual energy today, the
average household would be saving up to $3,000 a year on total energy costs.

New Zealand's total annual energy bill would be around $10 billion a year less
than it is today.

This is why our vision is a country that lives 'Life at Full Power'.

Home and, businesses leveraging New Zealand's natural electricity advantage
to thrive at full power, for this generation and the generations that come after
us.

Achieving this is about the electrification of transport, heat and data and to do
this at scale and at pace we need predictable, long-term policy and regulatory
settings that enable us to compete for both customers and capital in equal
measure.

This will not only lower the total cost of energy for our customers, it will
empower the New Zealand economy for generations to come.

As a sector we must deliver what we call the 60-95-100 formula:

60% electrification of New Zealand's total energy, at least 95% renewable
generation, and electricity that is available 100% of the time, regardless of the
weather or customer demand.

For Genesis, Gen35 is about growing customer demand for electricity through
electrification, reducing average generation costs from increased renewable
generation, and energy security and flexibility from Huntly Power Station and
our three well placed hydro schemes.
Gen35, Life at Full Power, delivers for our customers, our investors and for
future generations.

For our investors we are focused on embedding three commercial foundations
in our Gen35 strategy:

- margin quality,
- cost discipline; and
- strong capital management.

On margin quality, this year group gross margin increased to $949 million, up
10% on the prior year. This reflects how our teams are delivering across our
customer, trading and generation business units.

It is the strongest gross margin result for Genesis to date.

On cost discipline, cost to serve reduced and investment in our major
technology programme remains within the self-imposed overall $145 million
envelope.

As the major technology and single brand programmes conclude in FY27, the
focus increasingly shifts toward converting these investments into ongoing
margin quality and cost discipline outcomes.

On strong capital management, we are investing to structurally lower the cost
of our core generation by FY32 in support of margin quality.

Each investment is assessed within our strong Capital Management Framework

and we will deliver new generation through three structures:

- direct investment from our balance sheet;
- leveraging third-party capital into joint venture developments; and
- Power Purchase Agreements, or PPAs.

I'll now take you through what we have delivered in FY26 in each of our three
Cogs of customer, renewables, and Huntly, as well as our major technology re -
platforming programme.

In Customer, our team is delivering our strategy to lower the total cost of
energy for our customers while also lowering our cost to acquire, cost to serve
and improved netback outcomes.

FY26 saw overall customer numbers move lower as planned, as we rebalanced
our customer portfolio to improve margin and cost discipline.

Netback increased to $176 per megawatt hour, and I have said we delivered
the strongest gross margin outcome to date.

This rebalancing of committed demand also enhanced our flexibility at Huntly
Power Station. Our trading teams used this increased flexibility to great affect,
as reflected in our strongest gross margin to date.

We have now delivered this repositioning, delivered a simpler retail operating
model and launched our single brand. Pleasingly, customer numbers returned
to growth around May this year, with quality customer acquisitions continuing
over Q1 of FY27.

EV plan connections are growing strongly, rooftop solar connections remain in
growth with Genesis the largest rooftop solar retailer in New Zealand, and
flexible customer demand reached 58 MW.

We are delivering margin quality and cost discipline in our customer business
and we can see the direct link of this in our improved commercial outcomes in
FY26 and early in FY27.

In Renewables, we will deliver more than 2 TWh of new renewable generation
by FY32 and this will structurally lower our average generation cost.

In FY26 we delivered the first full year of operation from our joint-venture
Lauriston solar farm in Canterbury.

Tihori solar farm near Edgecumbe moved into construction and we reached a
Final Investment Decisions green-lighting Leeston solar farm in Canterbury.

New Power Purchase Agreements were secured for supply from Mt Cass wind
farm being built by Yinson Renewables in Canterbury along, with a new
geothermal PPA in Northland coming into FY29.

Our PPA for generation from Kaiwaikawe wind farm in Northland became
effective with the site expected to reach full generation in January 27.

As our renewable generation portfolio grows, we are monetising the flexibility
and dispatchability Huntly Power Station in ways we have not done so before.

We have delivered capacity contracts to support maintaining three rankine
units, known as Huntly Firming Options, or HFOs. These are a return on and
return of capital contract.

HFOs have underpinned and derisked the more than $100m in life extension
investment we have made to extend the three rankine units well out to the
2030's.

Our new $130m 200MWh battery energy storage system, or BESS, has been
delivered. We are proud that this is the most capital efficient grid scale BESS
delivered in New Zealand to date.

We have committed to stage two of Huntly BESS, a further 200MWh for which
construction will begin later this year. We expect BESS stage two to take over
from BESS stage one as the most capital efficient grid scale BESS delivered in
New Zealand to date.

We see the Huntly site centred around 400MWh of batteries, three life
extended 240MW Rankine units and our 50MW fast-start peaker.

We retain the option for a second fast start peaker, although there is no
commercial case for that investment today.

Those assets will be supported by diversified fuels of coal, gas and diesel, with
biomass remaining an option as economics improve into the 2030's.

Should imported gas become an option, fuel pricing will continue to determine
which fuels are dispatched at what times.
We have also begun building new renewable generation around the Huntly site
with Rangiriri solar farm moving toward FID.

Gas storage is of interest, however no longer essential to delivering our FY32
Growth Plan objectives.

In September we contracted additional third-party gas supply for the period
from March 2027 to December 2029 to support our industrial customers and
electricity generation.

We are now clear on what we need to support Genesis's electricity supply
security across dry and low wind periods, and we are well covered for these
risks.

For national energy security needs over and above this, Genesis is committed
to making a contribution proportional to its position in the overall sector.

Flexible generation is a key strength in our portfolio, our long run generation
share will be around 15%, however we can flex down to as low as 7-8% and up
to 18-20% allowing us to maximise market conditions as we have
demonstrated across FY25 and 26 and will demonstrate across FY27.

We see our fair contribution to national energy security through this lens, and
we have been clear since we launched Gen35 in FY24 that we can only
maintain generation and fuel reserves where there is a clear commercial case
to do so.

Which brings us to our decision to review the future of Unit 5, our 400MW
combined cycle gas turbine at Huntly. Unit 5 has not operated for half of each
of the past two years.

As we and others build new renewables, with additional water storage now in
play and in an energy only market, it is challenging to currently see an
attractive commercial case for Unit 5 beyond the very near term.

To remain commercially viable in New Zealand, Unit 5 needs contracted long
term revenues, long term cost competitive and reliable fuel supply and fuel
flexibility.
None of those things are currently available in New Zealand.

As we indicated in our full year results, we have established a review team
and commenced a review process.

The team will be exploring options to secure Unit 5's commercial future in
New Zealand, options to sell it in the international market and other options
the team may choose to look at.

We expect this process will take us around 12 months or so and we will keep
the market updated when appropriate.

Finally, a quick update on our technology programme.

As we detailed at our 2023 Investor Day, we're delivering three major
technology platforms: a new billing and CRM system, a new financial
management system, and a new electricity trading and risk management
platform.

This is the technology equivalent of a heart and lung transplant. These are
complex programs, our teams are doing a great job, and we currently remain
on track to complete them within the time and budget envelope we gave
ourselves.

FY26 saw the completion of the consolidation of our three retail brands –
Genesis, Frank, and Ecotricity into a single, unified Genesis brand.

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, customer and investor 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.

We have a market leading, strong brand position with high customer loyalty
and the changes being delivered under our single brand strategy over the
coming months will strengthen our market position further.

FY26 has been a solid year of delivery, FY27 will be the same.

FY28 remains our target year for being clear of major technology, brand and
transformational investment, setting the platform for Genesis to thrive over
the following years.

We remain committed to upper $500m EBITDAF in FY28, based on P50 hydro,
wind and solar and assuming no major unplanned outages or major regulatory
changes.

Looking now out to FY32.

The period from now out to FY32 is horizon 2 of Gen35, the FY32 Growth Plan.

The FY32 Growth Plan has five delivery pillars:

Customer: where we will partner with our customers to electrify their homes
and businesses to lower their total cost of energy, while also delivering lower
cost to acquire and serve our customers to deliver margin quality and cost
discipline; and in

Renewables: where our focus is to structurally lower our long-term average
generation cost through delivering more than 2TWh of new renewable
generation; and in

Huntly: where we are putting in place a group of flexible, dispatchable
generation assets and fuels to maximize the flexibility and security of our
portfolio and lift our asset backed trading outcomes; and in

Opex: where we will deliver cost discipline to reduce our current core
operating costs; while also recognizing and managing our commercial

Headwinds: which broadly fall into two areas. Increased opex associated with
building and maintaining a strong future generation development pipeline
appropriate to our portfolio.

And the known and planned decline of Kupe production out to around FY34.

Both of these head winds have been included in the FY32 numbers shared
during our capital raise earlier this year.

So, to recap, we are building a culture focused on margin quality, cost
discipline and strong capital management to deliver:

- Grow quality demand;
- Lower average generation cost;
- Increased margin from flexible, dispatchable generation;
- A competitive operating cost base;
- Leaning into and managing our headwinds.

Critical to this is how we develop and strengthen our people.

During FY26 Employee engagement remained strong, with overall
engagement of 78% remaining above the New Zealand benchmark of 75%.

These results, during a period of profound change within Genesis,
demonstrate how we are delivering our strategic objectives in leadership and
culture development.

A core part of our strategy delivery will remain investing in our people and our
leaders to ensure we have a strong internal bench, and we are evolving our
leadership and leadership structure to reflect both the dynamically changing
internal and external operating environment without compromising strategy
delivery.

We have developed an awesome group of people, and they are doing some
very cool stuff. I am extremely proud of them and extremely proud to be part
of this group.

So, in wrapping up, we can expect the regulatory context for electricity to
remain politically contested in New Zealand for the foreseeable future.

We can expect wholesale electricity prices continue to fluctuate as we
navigate what will be a dynamic context for supply and demand balance over
the near term.

It is, however, largely a rational market that has served New Zealand well for
decades.

What will remain constant is that we are in the age of electricity and the
transport, heat and data sectors of our economy will electrify.

That means we will all have to continue to compete strongly for customers
and capital to ensure the age of electricity is a golden age for our generations
and the generations that come after us.

We are well into building a team that can deliver a strategy designed to
navigate political contest in energy policy and the ups and downs over time in
supply and demand dynamics.

We will deliver Life at Full Power, for our customers and for our investors.