New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Capital Markets

<ul><li>Alongside its record 1H26 operating result, Genesis Energy (GNE) announced a NZ$400m equity raise to ease balance sheet constraints enabling the funding of its development pipeline.</li><li>GNE also announced a FY32 EBITDAF target implying growth broadly in line with peers, achievable only through on-balance sheet developments.</li><li>While this earnings growth is positive, it is capex-heavy and the associated equity dilution slightly offsets the value uplift.</li></ul>

Alongside its record 1H26 operating result, Genesis Energy (GNE) announced a NZ$400m equity raise to ease balance sheet constraints enabling the funding of its development pipeline.GNE also announced a FY32 EBITDAF target implying growth broadly in line with peers, achievable only through on-balance sheet developments.While this earnings growth is positive, it is capex-heavy and the associated equity dilution slightly offsets the value uplift.

Genesis Energy Development Battery Charged—1H26 Result