GNE - Genesis Energy

[BlackPeter]

Maybe I am just too early to do my paperwork ... but here is a dumb question:

Do we need to pay taxes on the shortfall bookbuild premium payment? It's not a dividend, isn't it, and we didn't even sell a share (i.e. its not a sales profit either)?

Anybody knows?

[Basil]

Its crystal clear to me its a capital repayment and non taxable.  The fact that RWT was not deducted tells you all you need to know.

[lorraina]

Might put today's regular dividend and my bonus 17 cps dividend towards an EV.

Have you received your "bonus" 17cps, yet .?
Wife's is not showing up in her a/c this morning.
Divie went through OK.

[Basil]

Yes it came through yesterday.

[BlackPeter]

Its crystal clear to me its a capital repayment and non taxable.  The fact that RWT was not deducted tells you all you need to know.

cheers - all good.

[BlackPeter]

Have you received your "bonus" 17cps, yet .?
Wife's is not showing up in her a/c this morning.
Divie went through OK.

Have two different accounts, and both got their payments yesterday (ANZ as well as ASB). Maybe just a slower bank?

[lorraina]

Thanks for your reply.
Wife has a Westpac Savings a/c but it is not accessible online.
I get her balance via an ATM.

[raW tent Buffer]

Thanks for your reply.
Wife has a Westpac Savings a/c but it is not accessible online.
I get her balance via an ATM.

I find it very hard to believe that a Westpac account is not accessible online...

[lorraina]

But wait there's more.
Wife can not use a computer,and I can not use a cell phone..

[Otago K]

Thanks for your reply.
Wife has a Westpac Savings a/c but it is not accessible online.
I get her balance via an ATM.

If it's significant I might be inclined to proactively inquire of Westpac, don't give them cause for alarm, but I understand there maybe currently a few more international led banking expectations being imposed on the banking systems and some things may not function quite as seamless as they once did. It maybe somehow flagged as different to a standard dividend would be and now being a non transactional account as recipient uses a savings account it maybe set aside for some sort of review before release. Ultimately it maybe best to let Westpac go through their processes, yet wouldn't hurt to ensure they are aware of it being a normal legitimate transaction received. In past a few horror stories arise internationally where caution seems to be paranioa on bank staff part and leaves long term clients effectively shut out of the banking system totally, hope NZ Banks don't replicate. FATCA AML isn't a one and done thing as I had once hoped.

[winner (n)]

Thanks for your reply.
Wife has a Westpac Savings a/c but it is not accessible online.
I get her balance via an ATM.

So ATMs still exist ...thought they were a relic of the past

[777]

Thanks for your reply.
Wife has a Westpac Savings a/c but it is not accessible online.
I get her balance via an ATM.

All accounts are accessable on line if you have access set up correctly.

[Stoploss]

So ATMs still exist ...thought they were a relic of the past

RBNZ doesn't think so ....
https://newsroom.co.nz/2026/03/03/reserve-bank-drifts-out-of-its-lane-again/

[Basil]

Miserable summer weather with too much rain is a tailwind for GNE with all the extra water displacing thermal generation and EBITDAF guidance range for FY26 is raised by $25m.  Participants in the recent capital raise at $2.05 will be happy.  Auckland branch of shareholders association is running a company visit to Huntly power station on 13 May.   For health and safety reasons only 20 participants.  I put my hand up really quickly because ever since I was a kid I have wanted to go for a tour through there and was very fortunate to get a spot on the list. CEO and other company representatives will be there.  Very limited Q&A time but I will be curious to know the economics of the new BESS battery system, and have always wondered how long a life they can eek those Rankine units out for with sparing use and lots of TLC.  Should be a very interesting day.  Good to go into a company visit like this after a profit upgrade, happiness all round.

FY26 Q3 Performance Report and Updated Guidance
23/04/2026, 08:30 NZST, MKTUPDTE
Genesis Energy delivered a strong operating performance during the third quarter ended 31 March 2026 and continues to execute well against its Gen35 strategy. Strong operational performance was supported by above-average storage levels throughout the quarter. National lake levels are currently sitting at 117% of average (as at 21 April 2026), providing strong momentum heading into Q4.

Q3 FY26 Performance highlights

• Hydro generation of 745 GWh, up 264 GWh on pcp, supported by favourable hydrology and above-average storage levels through the quarter.
• Thermal generation of 236 GWh, down 716 GWh on pcp, as Unit 5 remained largely offline due to market conditions and disciplined fuel management, with available gas redirected to higher-value industrial customers.
• Total customers of 491,532, down 6.6% on pcp, reflecting ongoing portfolio optimisation as Genesis prioritises margin quality over volume.
• Electricity netback of $173/MWh, up 11.2% on pcp, driven by improved pricing outcomes and a continued focus on margin quality, including portfolio optimisation and value-over-volume strategies.
• Total electricity sales of 1,380 GWh, down 94 GWh on pcp, primarily reflecting lower customer numbers and a deliberate shift toward higher-value segments.
• The coal stockpile remains high at >1 million tonnes, with supply chains stable and replacement coal not currently impacted by export restrictions, supporting security of supply.
• Kupe production impacted by unplanned outages, with underlying performance otherwise in line with operator expectations.

Strategic progress

Genesis continues to make progress on its Gen35 strategy, including:

• Advancement of battery energy storage system (BESS) at Huntly, with Stage 1 nearing commissioning and Stage 2 reaching FID.
• Continued progress across the solar development pipeline, including construction commencement at Tihori (Edgecumbe) and further advancement at Leeston and Rangiriri.
• Tariki Gas Storage preliminary economic evaluation completed, with technical studies and joint venture discussions progressing.
• Progress on digital transformation programmes, including billing and CRM platform upgrades through release 2 and 3.
• Agreement with Natures Flame executed to validate project economics and support ongoing development of Biomass
• Ongoing development of customer flexibility and electrification initiatives, including growth in EV plan customers

These initiatives support Genesis' transition to a more flexible, lower-emissions generation portfolio while enhancing customer offerings.

Customer portfolio

During the quarter, Genesis completed the integration of Frank into the Genesis brand, consolidating its retail offering under a single brand and simplifying the customer proposition.

The reduction in customer numbers reflects Genesis' targeted rebalancing of supply and demand, with a continued focus on improving margin quality across the portfolio. This approach is beginning to unlock value through improved unit economics and more efficient allocation of energy resources.

Outlook and guidance

Genesis Energy has updated its FY26 normalised EBITDAF guidance to $515 million–$545 million, from $490 million–$520 million. All other FY26 guidance remains unchanged.

The guidance update is driven primarily by strong cost discipline, improved hydrology and more favourable wholesale market conditions, supporting reduced thermal generation and lower fuel and carbon costs.

This guidance remains subject to hydrological conditions, gas availability and pricing, plant reliability, and no material changes to market conditions.