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GNE · NZX

Genesis Energy (GNE)

Energy & Utilities / Integrated gentailerCovered: HY23 - FY268 published briefings

Genesis Energy is an NZX-listed energy & utilities / integrated gentailer company. Its latest covered result is FY26, with HY23 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 27 August 2026

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GNE latest metrics
MetricValueChange
Revenue$2.8b↓ -22.7%
EBITDAF$518m↑ +14.0%
NPAT$84.5m↓ -50.0%
Operating cash flow$510.9m↑ +63.9%
OCF / EBITDAF %98.6%↑ +30.0pp
Net debt$939.6m↓ -33.3%
Net debt / EBITDAF1.81xOutside range low net debt / ebitda. 1.6x; 3-period range 2.5x to 3.1x. Net debt / EBITDA: 1.60x, below normal range; 3-period mean 2.90x, range 2.50x-3.10x.↓ -41.6%
ROE %2.8%↓ -2.9pp
DPS7.6c↑ +5.7%
Payout ratio vs NPAT %205.0%Outside range high payout ratio versus npat. 205%; 3-period range 92.3% to 114.7%. Payout ratio versus NPAT: 205.0%, above normal range; 3-period mean 100.7%, range 92.3%-114.7%.↑ +112.7pp

Source: latest published briefing (FY26, released 27 August 2026). Change compares against the prior equivalent period: FY25, released 26 August 2025.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 18 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$3.4b

i

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

40.43x

i

Recent market cap compared with trailing earnings.

EPS

0.06

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not meaningful without positive comparable earnings growth.

EV/EBITDA

8.41x

i

Enterprise value compared with recent EBITDA.

P/FCF

13.92x

i

Market cap compared with recent free cash flow.

P/B

1.14x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

5.5%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.

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Ask about GNE

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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GNE metric history
MetricFY2612 MONTHS27 August 2026HY266 MONTHS23 February 2026FY2512 MONTHS26 August 2025HY256 MONTHS21 February 2025FY2412 MONTHS22 August 2024HY246 MONTHS22 February 2024FY2312 MONTHS24 August 2023HY236 MONTHS27 February 2023Trend
Revenue$2.8b$1.5b$3.7b$1.8b$3b$1.4b$2.4b$1.2b
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Revenue growth %-22.7%Outside range low revenue growth. -22.7%; 3-period range -16.2% to 28.4%. Revenue growth: -22.7%, below normal range; 3-period mean 10.8%, range -16.2%-28.4%.-12.9%20.2%28.9%28.4%Outside range high revenue growth. 28.4%; 3-period range -22.7% to 20.2%. Revenue growth: 28.4%, above normal range; 3-period mean -6.2%, range -22.7%-20.2%.18.3%-16.2%-16.4%
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  • FY24 Revenue growth %: Outside range high revenue growth. 28.4%; 3-period range -22.7% to 20.2%. Revenue growth: 28.4%, above normal range; 3-period mean -6.2%, range -22.7%-20.2%.
  • FY26 Revenue growth %: Outside range low revenue growth. -22.7%; 3-period range -16.2% to 28.4%. Revenue growth: -22.7%, below normal range; 3-period mean 10.8%, range -16.2%-28.4%.
EBITDAF$518m$303.2m$454.3m$216.5m$407.2m$202.1m$523.5m$298.3m
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EBITDAF margin %18.3%19.8%12.4%Outside range low ebitda margin. 12.4%; 3-period range 13.4% to 22%. EBITDA margin: 12.4%, below normal range; 3-period mean 17.9%, range 13.4%-22.0%.12.3%Outside range low ebitda margin. 12.3%; 3-period range 14.8% to 25.8%. EBITDA margin: 12.3%, below normal range; 3-period mean 20.1%, range 14.8%-25.8%.13.4%14.8%22.0%Outside range high ebitda margin. 22%; 3-period range 12.4% to 18.3%. EBITDA margin: 22.0%, above normal range; 3-period mean 14.7%, range 12.4%-18.3%.25.8%Outside range high ebitda margin. 25.8%; 3-period range 12.3% to 19.8%. EBITDA margin: 25.8%, above normal range; 3-period mean 15.6%, range 12.3%-19.8%.
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  • HY25 EBITDAF margin %: Outside range low ebitda margin. 12.3%; 3-period range 14.8% to 25.8%. EBITDA margin: 12.3%, below normal range; 3-period mean 20.1%, range 14.8%-25.8%.
  • FY25 EBITDAF margin %: Outside range low ebitda margin. 12.4%; 3-period range 13.4% to 22%. EBITDA margin: 12.4%, below normal range; 3-period mean 17.9%, range 13.4%-22.0%.
PBT$122.4m$135.2m$227.9m$93.7m$191.1m$53.5m$272.2m$202.4m
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PBT growth %-46.3%Outside range low pbt growth. -46.3%; 3-period range -29.8% to 19.3%. PBT growth: -46.3%, below normal range; 3-period mean -7.6%, range -29.8%-19.3%.44.3%19.3%Outside range high pbt growth. 19.3%; 3-period range -46.3% to -12.3%. PBT growth: 19.3%, above normal range; 3-period mean -29.5%, range -46.3%--12.3%.75.1%Outside range high pbt growth. 75.1%; 3-period range -73.6% to 71.1%. PBT growth: 75.1%, above normal range; 3-period mean 13.9%, range -73.6%-71.1%.-29.8%-73.6%Outside range low pbt growth. -73.6%; 3-period range 44.3% to 75.1%. PBT growth: -73.6%, below normal range; 3-period mean 63.5%, range 44.3%-75.1%.-12.3%71.1%
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  • HY25 PBT growth %: Outside range high pbt growth. 75.1%; 3-period range -73.6% to 71.1%. PBT growth: 75.1%, above normal range; 3-period mean 13.9%, range -73.6%-71.1%.
  • FY25 PBT growth %: Outside range high pbt growth. 19.3%; 3-period range -46.3% to -12.3%. PBT growth: 19.3%, above normal range; 3-period mean -29.5%, range -46.3%--12.3%.
  • FY26 PBT growth %: Outside range low pbt growth. -46.3%; 3-period range -29.8% to 19.3%. PBT growth: -46.3%, below normal range; 3-period mean -7.6%, range -29.8%-19.3%.
NPAT$84.5m$95.1m$169.1m$70.3m$131.1m$38.3m$195.7m$145.3m
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NPAT growth %-50.0%Outside range low npat growth. -50%; 3-period range -33% to 29%. NPAT growth: -50.0%, below normal range; 3-period mean -5.3%, range -33.0%-29.0%.35.3%29.0%Outside range high npat growth. 29%; 3-period range -50% to -11.8%. NPAT growth: 29.0%, above normal range; 3-period mean -31.6%, range -50.0%--11.8%.83.6%Outside range high npat growth. 83.6%; 3-period range -73.6% to 71.5%. NPAT growth: 83.6%, above normal range; 3-period mean 11.1%, range -73.6%-71.5%.-33.0%-73.6%Outside range low npat growth. -73.6%; 3-period range 35.3% to 83.6%. NPAT growth: -73.6%, below normal range; 3-period mean 63.5%, range 35.3%-83.6%.-11.8%71.5%
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  • HY25 NPAT growth %: Outside range high npat growth. 83.6%; 3-period range -73.6% to 71.5%. NPAT growth: 83.6%, above normal range; 3-period mean 11.1%, range -73.6%-71.5%.
  • FY25 NPAT growth %: Outside range high npat growth. 29%; 3-period range -50% to -11.8%. NPAT growth: 29.0%, above normal range; 3-period mean -31.6%, range -50.0%--11.8%.
  • FY26 NPAT growth %: Outside range low npat growth. -50%; 3-period range -33% to 29%. NPAT growth: -50.0%, below normal range; 3-period mean -5.3%, range -33.0%-29.0%.
Operating cash flow$510.9m$264m$311.7m$126.3m$439.8m$210.8m$422.6m$224.5m
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OCF / EBITDAF %98.6%87.1%68.6%Outside range low ocf / ebitda cash conversion. 68.6%; 3-period range 80.8% to 108%. OCF / EBITDA cash conversion: 68.6%, below normal range; 3-period mean 95.8%, range 80.8%-108.0%.58.3%Outside range low ocf / ebitda cash conversion. 58.3%; 3-period range 75.3% to 104.3%. OCF / EBITDA cash conversion: 58.3%, below normal range; 3-period mean 88.9%, range 75.3%-104.3%.108.0%Outside range high ocf / ebitda cash conversion. 108%; 3-period range 68.6% to 98.6%. OCF / EBITDA cash conversion: 108.0%, above normal range; 3-period mean 82.6%, range 68.6%-98.6%.104.3%Outside range high ocf / ebitda cash conversion. 104.3%; 3-period range 58.3% to 87.1%. OCF / EBITDA cash conversion: 104.3%, above normal range; 3-period mean 73.6%, range 58.3%-87.1%.80.7%75.3%
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  • FY24 OCF / EBITDAF %: Outside range high ocf / ebitda cash conversion. 108%; 3-period range 68.6% to 98.6%. OCF / EBITDA cash conversion: 108.0%, above normal range; 3-period mean 82.6%, range 68.6%-98.6%.
  • HY25 OCF / EBITDAF %: Outside range low ocf / ebitda cash conversion. 58.3%; 3-period range 75.3% to 104.3%. OCF / EBITDA cash conversion: 58.3%, below normal range; 3-period mean 88.9%, range 75.3%-104.3%.
  • FY25 OCF / EBITDAF %: Outside range low ocf / ebitda cash conversion. 68.6%; 3-period range 80.8% to 108%. OCF / EBITDA cash conversion: 68.6%, below normal range; 3-period mean 95.8%, range 80.8%-108.0%.
FCF pre-lease$245.4m$183m$147m$60.8m$296.1m$125.3m$335.2m$200.9m
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FCF post-lease$322m$183m$147m$46m——$335.2m$214.7m
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DPS7.6c7.3c7.2c7.1c7.0c7.0c17.6c8.8c
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Payout ratio vs NPAT %205.0%Outside range high payout ratio versus npat. 205%; 3-period range 92.3% to 114.7%. Payout ratio versus NPAT: 205.0%, above normal range; 3-period mean 100.7%, range 92.3%-114.7%.84.5%92.3%Outside range low payout ratio versus npat. 92.3%; 3-period range 95% to 205%. Payout ratio versus NPAT: 92.3%, below normal range; 3-period mean 138.2%, range 95.0%-205.0%.109.7%114.7%194.4%Outside range high payout ratio versus npat. 194.4%; 3-period range 63.6% to 109.7%. Payout ratio versus NPAT: 194.4%, above normal range; 3-period mean 85.9%, range 63.6%-109.7%.95.0%63.6%Outside range low payout ratio versus npat. 63.6%; 3-period range 84.5% to 194.4%. Payout ratio versus NPAT: 63.6%, below normal range; 3-period mean 129.5%, range 84.5%-194.4%.
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  • FY25 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 92.3%; 3-period range 95% to 205%. Payout ratio versus NPAT: 92.3%, below normal range; 3-period mean 138.2%, range 95.0%-205.0%.
  • FY26 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 205%; 3-period range 92.3% to 114.7%. Payout ratio versus NPAT: 205.0%, above normal range; 3-period mean 100.7%, range 92.3%-114.7%.
Annual payout ratio vs EPS %205.0%—92.3%—114.7%—95.0%—
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ROE %2.8%3.1%5.7%2.4%4.9%1.6%Outside range low roe. 1.6%; 3-period range 2.4% to 5.2%. ROE: 1.6%, below normal range; 3-period mean 3.6%, range 2.4%-5.2%.8.1%5.2%Outside range high roe. 5.2%; 3-period range 1.6% to 3.1%. ROE: 5.2%, above normal range; 3-period mean 2.4%, range 1.6%-3.1%.
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Net debt$939.6m$1.4b$1.4b$1.4b$1.3b$1.3b$1.3b$1.3b
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Net debt / EBITDAF1.81xOutside range low net debt / ebitda. 1.6x; 3-period range 2.5x to 3.1x. Net debt / EBITDA: 1.60x, below normal range; 3-period mean 2.90x, range 2.50x-3.10x.4.6x3.1xOutside range high net debt / ebitda. 3.1x; 3-period range 1.6x to 3.09x. Net debt / EBITDA: 3.10x, above normal range; 3-period mean 2.40x, range 1.60x-3.09x.6.59xOutside range high net debt / ebitda. 6.6x; 3-period range 4.4x to 6.43x. Net debt / EBITDA: 6.60x, above normal range; 3-period mean 5.14x, range 4.40x-6.43x.3.09x6.43x2.5x4.42xOutside range low net debt / ebitda. 4.4x; 3-period range 4.6x to 6.6x. Net debt / EBITDA: 4.40x, below normal range; 3-period mean 5.88x, range 4.60x-6.60x.
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  • HY25 Net debt / EBITDAF: Outside range high net debt / ebitda. 6.6x; 3-period range 4.4x to 6.43x. Net debt / EBITDA: 6.60x, above normal range; 3-period mean 5.14x, range 4.40x-6.43x.
  • FY25 Net debt / EBITDAF: Outside range high net debt / ebitda. 3.1x; 3-period range 1.6x to 3.09x. Net debt / EBITDA: 3.10x, above normal range; 3-period mean 2.40x, range 1.60x-3.09x.
  • FY26 Net debt / EBITDAF: Outside range low net debt / ebitda. 1.6x; 3-period range 2.5x to 3.1x. Net debt / EBITDA: 1.60x, below normal range; 3-period mean 2.90x, range 2.50x-3.10x.
Debtor days19Outside range high debtor days. 19d; 3-period range 13d to 19d. Debtor days: 19.4 days, above normal range; 3-period mean 16.2 days, range 12.6 days-18.6 days.2913Outside range low debtor days. 13d; 3-period range 18d to 19d. Debtor days: 12.6 days, below normal range; 3-period mean 18.5 days, range 17.5 days-19.4 days.24Outside range low debtor days. 24d; 3-period range 28d to 30d. Debtor days: 23.6 days, below normal range; 3-period mean 28.9 days, range 27.8 days-29.6 days.18281930Outside range high debtor days. 30d; 3-period range 24d to 29d. Debtor days: 29.6 days, above normal range; 3-period mean 26.9 days, range 23.6 days-29.4 days.
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  • HY25 Debtor days: Outside range low debtor days. 24d; 3-period range 28d to 30d. Debtor days: 23.6 days, below normal range; 3-period mean 28.9 days, range 27.8 days-29.6 days.
  • FY25 Debtor days: Outside range low debtor days. 13d; 3-period range 18d to 19d. Debtor days: 12.6 days, below normal range; 3-period mean 18.5 days, range 17.5 days-19.4 days.
  • FY26 Debtor days: Outside range high debtor days. 19d; 3-period range 13d to 19d. Debtor days: 19.4 days, above normal range; 3-period mean 16.2 days, range 12.6 days-18.6 days.
Inventory days41Outside range high inventory days. 41d; 3-period range 11d to 23d. Inventory days: 41.3 days, above normal range; 3-period mean 18.5 days, range 10.5 days-23.0 days.38Outside range high inventory days. 38d; 3-period range 18d to 37d. Inventory days: 37.7 days, above normal range; 3-period mean 25.9 days, range 18.3 days-37.2 days.2318Outside range low inventory days. 18d; 3-period range 22d to 38d. Inventory days: 18.3 days, below normal range; 3-period mean 32.4 days, range 22.2 days-37.7 days.11Outside range low inventory days. 11d; 3-period range 22d to 41d. Inventory days: 10.5 days, below normal range; 3-period mean 28.8 days, range 22.0 days-41.3 days.222237
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  • FY24 Inventory days: Outside range low inventory days. 11d; 3-period range 22d to 41d. Inventory days: 10.5 days, below normal range; 3-period mean 28.8 days, range 22.0 days-41.3 days.
  • HY25 Inventory days: Outside range low inventory days. 18d; 3-period range 22d to 38d. Inventory days: 18.3 days, below normal range; 3-period mean 32.4 days, range 22.2 days-37.7 days.
  • HY26 Inventory days: Outside range high inventory days. 38d; 3-period range 18d to 37d. Inventory days: 37.7 days, above normal range; 3-period mean 25.9 days, range 18.3 days-37.2 days.
  • FY26 Inventory days: Outside range high inventory days. 41d; 3-period range 11d to 23d. Inventory days: 41.3 days, above normal range; 3-period mean 18.5 days, range 10.5 days-23.0 days.
Total assets$5.9b$6.3b$6.1b$6b$5.6b$5.2b$5.1b$5.7b
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Reference: annolyse.ai/companies/gne

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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  • FY24 GNE FY: Outside range high revenue growth. 28.4%; 3-period range -22.7% to 20.2%. Revenue growth: 28.4%, above normal range; 3-period mean -6.2%, range -22.7%-20.2%.
  • FY26 GNE FY: Outside range low revenue growth. -22.7%; 3-period range -16.2% to 28.4%. Revenue growth: -22.7%, below normal range; 3-period mean 10.8%, range -16.2%-28.4%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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  • HY23 GNE HY: Outside range high ebitda margin. 25.8%; 3-period range 12.3% to 19.8%. EBITDA margin: 25.8%, above normal range; 3-period mean 15.6%, range 12.3%-19.8%.
  • HY25 GNE HY: Outside range low ebitda margin. 12.3%; 3-period range 14.8% to 25.8%. EBITDA margin: 12.3%, below normal range; 3-period mean 20.1%, range 14.8%-25.8%.
  • FY23 GNE FY: Outside range high ebitda margin. 22%; 3-period range 12.4% to 18.3%. EBITDA margin: 22.0%, above normal range; 3-period mean 14.7%, range 12.4%-18.3%.
  • FY25 GNE FY: Outside range low ebitda margin. 12.4%; 3-period range 13.4% to 22%. EBITDA margin: 12.4%, below normal range; 3-period mean 17.9%, range 13.4%-22.0%.

NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

OCF / EBITDA

Cash conversion against earnings.

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  • HY24 GNE HY: Outside range high ocf / ebitda cash conversion. 104.3%; 3-period range 58.3% to 87.1%. OCF / EBITDA cash conversion: 104.3%, above normal range; 3-period mean 73.6%, range 58.3%-87.1%.
  • HY25 GNE HY: Outside range low ocf / ebitda cash conversion. 58.3%; 3-period range 75.3% to 104.3%. OCF / EBITDA cash conversion: 58.3%, below normal range; 3-period mean 88.9%, range 75.3%-104.3%.
  • FY24 GNE FY: Outside range high ocf / ebitda cash conversion. 108%; 3-period range 68.6% to 98.6%. OCF / EBITDA cash conversion: 108.0%, above normal range; 3-period mean 82.6%, range 68.6%-98.6%.
  • FY25 GNE FY: Outside range low ocf / ebitda cash conversion. 68.6%; 3-period range 80.8% to 108%. OCF / EBITDA cash conversion: 68.6%, below normal range; 3-period mean 95.8%, range 80.8%-108.0%.

FCF pre-lease

Operating cash flow less capex before leases.

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FCF post-lease

Free cash flow after lease payments where available.

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ROE

Return on equity.

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  • HY23 GNE HY: Outside range high roe. 5.2%; 3-period range 1.6% to 3.1%. ROE: 5.2%, above normal range; 3-period mean 2.4%, range 1.6%-3.1%.
  • HY24 GNE HY: Outside range low roe. 1.6%; 3-period range 2.4% to 5.2%. ROE: 1.6%, below normal range; 3-period mean 3.6%, range 2.4%-5.2%.

Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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  • HY23 GNE HY: Outside range low net debt / ebitda. 4.4x; 3-period range 4.6x to 6.6x. Net debt / EBITDA: 4.40x, below normal range; 3-period mean 5.88x, range 4.60x-6.60x.
  • HY25 GNE HY: Outside range high net debt / ebitda. 6.6x; 3-period range 4.4x to 6.43x. Net debt / EBITDA: 6.60x, above normal range; 3-period mean 5.14x, range 4.40x-6.43x.
  • FY25 GNE FY: Outside range high net debt / ebitda. 3.1x; 3-period range 1.6x to 3.09x. Net debt / EBITDA: 3.10x, above normal range; 3-period mean 2.40x, range 1.60x-3.09x.
  • FY26 GNE FY: Outside range low net debt / ebitda. 1.6x; 3-period range 2.5x to 3.1x. Net debt / EBITDA: 1.60x, below normal range; 3-period mean 2.90x, range 2.50x-3.10x.

DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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  • HY23 GNE HY: Outside range low payout ratio versus npat. 63.6%; 3-period range 84.5% to 194.4%. Payout ratio versus NPAT: 63.6%, below normal range; 3-period mean 129.5%, range 84.5%-194.4%.
  • HY24 GNE HY: Outside range high payout ratio versus npat. 194.4%; 3-period range 63.6% to 109.7%. Payout ratio versus NPAT: 194.4%, above normal range; 3-period mean 85.9%, range 63.6%-109.7%.
  • FY25 GNE FY: Outside range low payout ratio versus npat. 92.3%; 3-period range 95% to 205%. Payout ratio versus NPAT: 92.3%, below normal range; 3-period mean 138.2%, range 95.0%-205.0%.
  • FY26 GNE FY: Outside range high payout ratio versus npat. 205%; 3-period range 92.3% to 114.7%. Payout ratio versus NPAT: 205.0%, above normal range; 3-period mean 100.7%, range 92.3%-114.7%.

Debtor days

Receivables days where the working-capital inputs are source-backed.

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  • HY23 GNE HY: Outside range high debtor days. 30d; 3-period range 24d to 29d. Debtor days: 29.6 days, above normal range; 3-period mean 26.9 days, range 23.6 days-29.4 days.
  • HY25 GNE HY: Outside range low debtor days. 24d; 3-period range 28d to 30d. Debtor days: 23.6 days, below normal range; 3-period mean 28.9 days, range 27.8 days-29.6 days.
  • FY25 GNE FY: Outside range low debtor days. 13d; 3-period range 18d to 19d. Debtor days: 12.6 days, below normal range; 3-period mean 18.5 days, range 17.5 days-19.4 days.
  • FY26 GNE FY: Outside range high debtor days. 19d; 3-period range 13d to 19d. Debtor days: 19.4 days, above normal range; 3-period mean 16.2 days, range 12.6 days-18.6 days.

Inventory days

Inventory days where the working-capital inputs are source-backed.

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  • HY25 GNE HY: Outside range low inventory days. 18d; 3-period range 22d to 38d. Inventory days: 18.3 days, below normal range; 3-period mean 32.4 days, range 22.2 days-37.7 days.
  • HY26 GNE HY: Outside range high inventory days. 38d; 3-period range 18d to 37d. Inventory days: 37.7 days, above normal range; 3-period mean 25.9 days, range 18.3 days-37.2 days.
  • FY24 GNE FY: Outside range low inventory days. 11d; 3-period range 22d to 41d. Inventory days: 10.5 days, below normal range; 3-period mean 28.8 days, range 22.0 days-41.3 days.
  • FY26 GNE FY: Outside range high inventory days. 41d; 3-period range 11d to 23d. Inventory days: 41.3 days, above normal range; 3-period mean 18.5 days, range 10.5 days-23.0 days.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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  • FY23 GNE: Outside range low operating working-capital movement. $-36.5m; 3-period range $-30.3m to $123.7m. Operating working-capital movement: NZ$-36.5m, below normal range; 2/3 prior periods had builds averaging NZ$118.6m, and 1 had releases averaging NZ$-30.3m.
  • FY25 GNE: Outside range high operating working-capital movement. $123.7m; 3-period range $-36.5m to $113.5m. Operating working-capital movement: NZ$123.7m, above normal range; 1/3 prior periods had builds averaging NZ$113.5m, and 2 had releases averaging NZ$-33.4m.

The setup & the reality

HY26 → FY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY26 said to watch

Previous analysisHY26Result releasedAnnolyse analysis published

From EBITDAF up 40% to NZ$303.2m as FCF more than triples to NZ$183.0m

No company guidance is provided for HY26 in the supplied context. Against historical seasonality, FY25 was second-half-weighted on cash (HY25 represented only 40.5% of full-year operating cash flow) but more evenly split on EBITDAF (HY25 was 47.7% of FY25). HY26 EBITDAF of NZ$303.2m already represents two-thirds of the FY25 EBITDAF total of NZ$454.3m, which sets a high bar for second-half comparability and raises the question of whether the first-half strength reflects portfolio conditions that will normalise.

Management commentary references active gas-position management into Q3 FY26 and winter expectations under the Gen35 strategy, but the supplied excerpts do not quantify a full-year EBITDAF or NPAT outlook.

Open questions

Open questions from HY26

  • How much of the NZ$140.7m inventory build is pre-winter coal and gas stockpiling versus a structural shift in working-capital intensity?
  • Why did the effective tax rate step up to 29.7% from 25.0%, and is this level expected to persist?
  • What drove the electricity gross margin expansion from 21.0% to 31.3% — hedge realisations, spot price capture, or customer-book repricing — and which components are repeatable?
  • How does the FY26 capex profile evolve from the NZ$111.6m first-half run-rate as committed renewable and firming projects move into construction?
  • Is the Kupe contribution change a permanent basis shift, and how should investors normalise prior-period comparatives?

This briefing cannot assess the durability of hedge-cycle and generation-mix tailwinds into the second half without disclosed forward hedge positions, hydrology assumptions, or quantified FY26 guidance.

Latest result sources

Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

company filing FY26

FY26 / results announcement

Genesis FY26 Integrated Report

FY26 / financial report

Genesis FY26 Market Release

FY26 / results release

Genesis FY26 Results Investor Presentation

FY26 / results presentation

Prior comparable period

company filing FY25

FY25 / results announcement

Genesis FY25 Integrated Report

FY25 / financial report

Genesis FY25 Market Release

FY25 / results release

Genesis FY25 Results Presentation

FY25 / results presentation

Interim context

H1 FY26 company filing

HY26 / results announcement

H1 FY26 Interim Report

HY26 / financial report

H1 FY26 Results Presentation

HY26 / results presentation

Market Release - Record H1 FY26 earnings. Strategic momentum. Equity raise

HY26 / results release

Release context

Conference Call Details - Full Year

FY25 / commentary

Peer context

Integrated gentailer comparison set

These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.

MCY · FY26

Mercury NZ

11 published result briefings

CEN · FY26

Contact Energy

8 published result briefings

MEL · FY26

Meridian Energy

8 published result briefings

Compare GNE, MCY, CEN, MEL →Energy & Utilities result archiveNZX utilities comparison

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 27 August 2026

Capital raise puts Genesis Energy's debt headroom in focus

The NZ$400m capital raised is relevant to debt headroom, while borrowings and gearing remain the direct evidence.

Read briefing

HY26 · Released 23 February 2026

EBITDAF up 40% to NZ$303.2m as FCF more than triples to NZ$183.0m

Earnings and cash strengthened sharply, but a NZ$160.7m working-capital build sits well above Annolyse's historical baseline.

Read briefing

FY25 · Released 26 August 2025

EBITDAF rose 11.6% but operating cash fell 29.1% on inventory build

A $123.7m working-capital absorption and weaker cash conversion left the full-year dividend uncovered by free cash flow.

Read briefing

HY25 · Released 21 February 2025

Cash conversion fell to 58.3% even as PBT jumped 75.1%

PBT rose 75.1% but operating cash conversion fell to 58.3%, well below the 88.9% historical average, as leverage crept to 6.60x.

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FY24 · Released 22 August 2024

EBITDAF fell 22% as electricity gross margin compressed 1,320bps

Revenue grew 28.4% on wholesale price pass-through, but higher generation costs cut EBITDAF to $407.2m and pushed net debt to 3.09x EBITDAF.

Read briefing

HY24 · Released 22 February 2024

NPAT down 73.6% as gross margin compressed 1,130bps to 28.1%

Revenue rose 18.3% but generation costs crushed margins, leaving the 7.0cps dividend at 194.4% of NPAT and leverage at 6.4x EBITDAF.

Read briefing
Open all 8 result briefings

Related insights

Compare this company

The latest GNE metrics also appear in these cross-company comparisons.

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 205.0%.

Open insight

Insight

Working-capital pressure

Inventory days were 41 days, +18 days versus the prior comparable period.

Open insight

Insight

Revenue growth context

Revenue growth was -22.7% for this reporting period.

Open insight

Insight

Cash conversion quality

This result converted 98.6% of EBITDA to operating cash flow, +30.0pp versus the prior comparable period.

Open insight

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