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) had a mixed 1Q24 with normal hydro generation volumes and the effects of the Unit 5 outage only partially offset by a continued strong retail performance.</li><li>The stronger long-term outlook for retail, both better margins and lower operating costs, has lifted our medium-term EBITDAF forecasts ~+4% and target price +10cps (+4.2%) to NZ$2.50.</li><li>GNE is hosting an investor day at the end of November which will reset GNE's future direction. NEUTRAL.</li></ul>

Genesis Energy (GNE) had a mixed 1Q24 with normal hydro generation volumes and the effects of the Unit 5 outage only partially offset by a continued strong retail performance.The stronger long-term outlook for retail, both better margins and lower operating costs, has lifted our medium-term EBITDAF forecasts ~+4% and target price +10cps (+4.2%) to NZ$2.50.GNE is hosting an investor day at the end of November which will reset GNE's future direction. NEUTRAL.

Genesis Energy - Retailing Future Profitability—1Q24 Op Stats