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 Bottom-Up

<ul>
<li>Genesis Energy (GNE) reported a strong FY26 result, in line with revised expectations, albeit the 4Q26 performance was softer than originally anticipated.</li>
<li>GNE benefited from strong hydro inflow across the country, enabling it to switch off its thermal generation for long periods of time.</li>
<li>However, all was not roses, and opex was higher than expected, leading to moderate earnings downgrades, and it was the main reason FY27 guidance was below expectations.</li>
</ul>


Genesis Energy (GNE) reported a strong FY26 result, in line with revised expectations, albeit the 4Q26 performance was softer than originally anticipated.
GNE benefited from strong hydro inflow across the country, enabling it to switch off its thermal generation for long periods of time.
However, all was not roses, and opex was higher than expected, leading to moderate earnings downgrades, and it was the main reason FY27 guidance was below expectations.


Genesis Energy Hydro Powers Up, Opex Weighs Down—FY26