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) lifted FY26 EBITDAF guidance for the third time this financial year, with operating conditions continuing to favour cheap hydro generation over expensive gas and coal generation.</li><li>GNE's 3Q26 operating performance was strong, with all fuels lifting retail margins, albeit at the cost of electricity and gas volumes.</li><li>While its materiality to GNE earnings is declining, the age of the Kupe field was highlighted by two unplanned outages, which negatively impacts our long-term outlook modestly.</li></ul>

Genesis Energy (GNE) lifted FY26 EBITDAF guidance for the third time this financial year, with operating conditions continuing to favour cheap hydro generation over expensive gas and coal generation.GNE's 3Q26 operating performance was strong, with all fuels lifting retail margins, albeit at the cost of electricity and gas volumes.While its materiality to GNE earnings is declining, the age of the Kupe field was highlighted by two unplanned outages, which negatively impacts our long-term outlook modestly.

Genesis Energy Hydro Trumps Gas Every Time—3Q26 Op Stats