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 benefitted from record 1H hydro generation, breaking 2TWh for the first time, such that we anticipate record 1H EBITDAF of NZ$312m</li><li>2Q23 was as good as 1Q23 from a hydro perspective and so the lack of a guidance upgrade is disappointing</li><li>The higher opex has also reduced our target price -5cps (-1.9%) to NZ$2.65</li></ul>

Genesis Energy (GNE) has benefitted from record 1H hydro generation, breaking 2TWh for the first time, such that we anticipate record 1H EBITDAF of NZ$312m2Q23 was as good as 1Q23 from a hydro perspective and so the lack of a guidance upgrade is disappointingThe higher opex has also reduced our target price -5cps (-1.9%) to NZ$2.65

Genesis Energy: Record Hydro Not Enough — 2Q23 Op Stats