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>After three strong quarters, Genesis Energy’s (GNE) 4Q26 operating performance came in below expectations, and GNE has indicated its FY26 result will be towards the bottom end of its EBITDAF guidance range.</li>
<li>The softer-than-expected gross margin was a surprise given continued favourable operating conditions, with the 4Q26 gross margin of all three fuels less than in 4Q25.</li>
<li>We have lowered our FY26 EBITDAF forecast to reflect the soft operating performance and reduced medium-term earnings due to the reduction in electricity futures prices.</li>
</ul>


After three strong quarters, Genesis Energy’s (GNE) 4Q26 operating performance came in below expectations, and GNE has indicated its FY26 result will be towards the bottom end of its EBITDAF guidance range.
The softer-than-expected gross margin was a surprise given continued favourable operating conditions, with the 4Q26 gross margin of all three fuels less than in 4Q25.
We have lowered our FY26 EBITDAF forecast to reflect the soft operating performance and reduced medium-term earnings due to the reduction in electricity futures prices.


Genesis Energy Soft Finish Vs Expectations 4Q26 Op Stats