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 strong 2Q25, taking advantage of low wholesale electricity prices to minimise generation operating costs and replenish its coal stockpile ahead of winter 2025.</li><li>We are expecting GNE to report its second-strongest-ever half-year result in February 2025 (albeit, it will be well behind the record set in 1H23).</li><li>With the near-term outlook more positive, we lift our target price +10cps (+4.2%) to NZ$2.50, although we still view GNE as trading at fair value relative to its peers. NEUTRAL.</li></ul>

Genesis Energy (GNE) had a strong 2Q25, taking advantage of low wholesale electricity prices to minimise generation operating costs and replenish its coal stockpile ahead of winter 2025.We are expecting GNE to report its second-strongest-ever half-year result in February 2025 (albeit, it will be well behind the record set in 1H23).With the near-term outlook more positive, we lift our target price +10cps (+4.2%) to NZ$2.50, although we still view GNE as trading at fair value relative to its peers. NEUTRAL.

Genesis Energy - Turning Down the Heat—2Q/1H25 Op Stats