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) has had a strong 1Q26, boosted by favourable operating conditions, enabling it to replace thermal generation with hydro generation.</li><li>Conditions continue to be favourable, resulting in its FY26 EBITDAF guidance upgrade and a lift in our short-term forecasts.</li><li>However, with these upgrades primarily due to short-term operating conditions, the long-term outlook is little changed.</li></ul>

Genesis Energy (GNE) has had a strong 1Q26, boosted by favourable operating conditions, enabling it to replace thermal generation with hydro generation.Conditions continue to be favourable, resulting in its FY26 EBITDAF guidance upgrade and a lift in our short-term forecasts.However, with these upgrades primarily due to short-term operating conditions, the long-term outlook is little changed.

Genesis Energy Hydro Swamps Coal—1Q26 Op Stats