Genesis Energy Limited (NS) Analysis

Overview

Genesis Energy is a New Zealand-owned energy company that fosters strong links with its customers and community stakeholders.

Formed in April 1999, Genesis Energy is a state-owned enterprise with a diverse electricity generation portfolio. Genesis Energy supplies 19 per cent of New Zealand's electricity from its thermal and renewable power stations. It is also a significant energy retailer supplying electricity, natural gas and LPG to more than 658,100 customers across the country.

Our aim is to operate as a commercially-focused sustainable company providing responsible energy solutions to our customers. This underpins the way we operate and do business, how we interact with our customers and stakeholders, and can be seen in our efforts to reduce our impact on the environment.

On the 17th April 2014, Genesis Energy Limited Listed on the NZSX with ordinary shares "GNE".

GNE has been granted Listing with a 'Non-Standard' ("NS") designation. This designation was granted because of provisions in GNE's constitution regulating the ownership and transfer of its Ordinary Shares due to the Crown's shareholding. For further information, please see a copy of the waiver under Documents on GNE's homepage on nzx.com.

Performance

The following information was extracted from Genesis Energy Limited's full year results, released on 26 August 2025

Group Financial Performance

Group revenue increased on the prior year, reflecting a combination of higher wholesale electricity prices, the contribution from Ecotricity following its full acquisition in November 2024 and higher transmission and distribution costs that are passed through to customers in line with regulatory requirements

Gross Margin increased by 12%, supported by improved retail netbacks, portfolio optimisation, and higher asset availability. Gross margin absorbed a significant increase in fuel costs, largely driven by the cost of Gas and Coal within a very constrained gas market.

Net Profit After Tax (NPAT) was $169 million, up from $131 million in FY24. This 29% uplift on the prior year was off the back of leveraging our portfolio flexibility, produced 30% more electricity than planned during winter 2024, cost out and valuation changes.

The Debt Leverage Ratio improved to 2.6x (from 2.7x) and within the Company’s BBB+ credit rating. The Board has declared a final dividend of 7.17 cents per share, taking the total FY25 dividend to 14.3 cps