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GNE · NZX

Genesis Energy (GNE)

Energy & Utilities / Integrated gentailerCovered: HY23 - HY267 published briefings

Genesis Energy is an NZX-listed energy & utilities / integrated gentailer company with HY23 - HY26 of published result briefings.

Sections

Snapshot

Latest metrics

HY26, released 23 February 2026

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GNE latest metrics
MetricValueChange
Revenue$1.5b↓ -12.9%
EBITDAF$303.2m↑ +40.0%
NPAT$95.1m↑ +35.3%
Operating cash flow$264m↑ +109.0%
OCF / EBITDAF %87.1%↑ +28.8pp
Net debt$1.4b↓ -2.3%
Net debt / EBITDAF4.6x↓ -30.2%
ROE %3.1%↑ +0.7pp
DPS7.3c↑ +2.4%
Payout ratio vs NPAT %84.5%↓ -25.2pp

Source: latest published briefing (HY26, released 23 February 2026). Change compares against the prior equivalent period: HY25, released 21 February 2025.

Valuation

Valuation

A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.

Prices as at close, 30 July 2026

Price and market cap

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

Market cap

$3.4b

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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

17.42x

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Recent market cap compared with trailing earnings.

EPS

0.15

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Recent filing-derived earnings per share.

PEG

0.49x

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P/E compared with recent earnings growth.

EV/EBITDA

8.82x

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Enterprise value compared with recent EBITDA.

P/FCF

12.54x

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Market cap compared with recent free cash flow.

P/B

1.09x

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Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

5.5%

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Trailing dividends compared with the latest close.

Total return

Not available

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Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.

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

Informational only. No buy, sell, hold, price-target, or personal financial advice.

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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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Longitudinal view

Performance over time

The latest period is shown first.

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GNE metric history
MetricHY266 MONTHS23 February 2026FY2512 MONTHS26 August 2025HY256 MONTHS21 February 2025FY2412 MONTHS22 August 2024HY246 MONTHS22 February 2024FY2312 MONTHS24 August 2023HY236 MONTHS27 February 2023Trend
Revenue$1.5b$3.7b$1.8b$3b$1.4b$2.4b$1.2b
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Revenue growth %-12.9%20.2%28.9%28.4%18.3%-16.2%-16.4%
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EBITDAF$303.2m$454.3m$216.5m$407.2m$202.1m$523.5m$298.3m
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EBITDAF margin %19.8%12.4%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%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%.
PBT$135.2m$227.9m$93.7m$191.1m$53.5m$272.2m$202.4m
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PBT growth %44.3%19.3%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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  • HY24 PBT growth %: 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%.
  • 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%.
NPAT$95.1m$169.1m$70.3m$131.1m$38.3m$195.7m$145.3m
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NPAT growth %35.3%29.0%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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  • HY24 NPAT growth %: 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%.
  • 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%.
Operating cash flow$264m$311.7m$126.3m$439.8m$210.8m$422.6m$224.5m
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OCF / EBITDAF %87.1%68.6%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%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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  • HY24 OCF / EBITDAF %: 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 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%.
FCF pre-lease$183m$147m$60.8m$296.1m$125.3m$335.2m$200.9m
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FCF post-lease$183m$147m$46m——$335.2m$214.7m
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DPS7.3c7.2c7.1c7.0c7.0c17.6c8.8c
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Payout ratio vs NPAT %84.5%92.3%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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  • HY24 Payout ratio vs NPAT %: 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%.
Annual payout ratio vs EPS %—92.3%—114.7%—95.0%—
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ROE %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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  • HY24 ROE %: 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$1.4b$1.4b$1.4b$1.3b$1.3b$1.3b$1.3b
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Net debt / EBITDAF4.6x3.1x6.59xOutside 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.
Debtor days291324Outside 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.
Inventory days38Outside 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.11222237
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  • 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.
Total assets$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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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%.

NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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Full chartable metric set

Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.

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%.

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.

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%.

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.

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.

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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The setup & the reality

FY25 → HY26 Follow-through

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

Historical setup

What FY25 said to watch

Previous analysisFY25Result releasedAnnolyse analysis published

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

No forward EBITDAF target or dividend guidance is supplied in this release. The supplied interim shape indicates a second-half weighting: HY25 contributed 47.7% of full-year EBITDAF and only 41.6% of full-year NPAT, so the H2 step-up is consistent with the company's recent shape rather than a clean run-rate.

Annualising HY25 revenue gives $3.5b versus the $3.7b delivered, confirming H2 carried the result. The release does not provide enough context to judge whether the inventory position represents pre-funded fuel for a forward winter or a structural working-capital re-set, which is the central forward question this result leaves open.

Open questions

Open questions from FY25

  • What portion of the $143.0m inventory build is pre-positioned fuel for a specific forward generation programme versus a structural working-capital re-set?
  • Why did the Gas segment gross margin compress from 23.3% to 17.1% despite revenue growth, and is the unit margin recoverable into FY26?
  • How does management intend to fund the dividend if free cash flow remains below the distribution, given net debt has already risen by $150.9m?
  • Why did the effective tax rate fall to 25.8% from 31.4%, and is that a recurring base or a one-period benefit?
  • Will the second-half-weighted EBITDAF shape continue, or was H2 FY25 inflated by hydrology, hedge timing, or thermal dispatch that should not be annualised?

This briefing cannot assess hydrology, hedge-book positioning, or forward fuel-cost assumptions because none of those drivers are disclosed in the supplied release context.

Archive

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

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.

Read briefing

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

FY23 · Released 24 August 2023

EBITDAF rose 18.9% but NPAT fell 11.8% as below-line charges expanded

Cash conversion lifted from 59.5% to 80.8% and leverage eased to 2.5x, but the unchanged 17.6cps dividend now consumes 95.0% of NPAT.

Read briefing

HY23 · Released 27 February 2023

Revenue fell 16.4% while EBITDAF margin surged to 25.8%, above range

A sharp revenue contraction coincided with an EBITDAF margin above Genesis's historical range, raising questions about how durable the earnings gain

Read briefing

Related insights

Compare this company

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

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 9.0pp, with a distortion flag in the result.

Open insight

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 4.60x, -2.00x versus the prior comparable period.

Open insight

Insight

Working-capital pressure

Inventory days were 38 days, +19 days versus the prior comparable period.

Open insight

Insight

Cash conversion quality

This result converted 87.1% of EBITDA to operating cash flow, +28.8pp versus the prior comparable period.

Open insight

Get notified when GNE publishes

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