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 had a strong 2Q26, benefiting from high rainfall that reduced the need to operate its expensive thermal generation.</li><li>The strong performance has led to GNE upgrading FY26 EBITDAF guidance, which we had anticipated.</li><li>If national rainfall volumes remain high, GNE is likely to be the main beneficiary.</li></ul>

Genesis Energy (GNE) has had a strong 2Q26, benefiting from high rainfall that reduced the need to operate its expensive thermal generation.The strong performance has led to GNE upgrading FY26 EBITDAF guidance, which we had anticipated.If national rainfall volumes remain high, GNE is likely to be the main beneficiary.

Genesis Energy When It Rains, GNE Shines—2Q26 Op Stats