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 softer-than-expected FY25 EBITDAF result and an even softer FY26 outlook.</li><li>Short-term higher opex and capex, and long-term lower Kupe production (due to a reserves downgrade of -12%), have resulted in a modest target price cut.</li><li>High opex was also the reason for the FY26 EBITDAF guidance range of NZ$430m–NZ$460m coming in -NZ$70m below our expectation (at the midpoint).</li></ul>

Genesis Energy (GNE) reported a softer-than-expected FY25 EBITDAF result and an even softer FY26 outlook.Short-term higher opex and capex, and long-term lower Kupe production (due to a reserves downgrade of -12%), have resulted in a modest target price cut.High opex was also the reason for the FY26 EBITDAF guidance range of NZ$430m–NZ$460m coming in -NZ$70m below our expectation (at the midpoint).

Genesis Energy  - Opex Smoke And Mirrors—FY25 Result