Genesis Energy reported FY26 normalized EBITDAF of $522 million, an 11% increase from $470 million in FY25, as group gross margin reached $949 million, up 10% year-over-year. Revenue declined 24% to $2.82 billion, while net profit after tax fell 50% to $85 million, reflecting higher depreciation and finance costs. The company maintained its dividend at 14.88 cents per share, a 4% increase from the prior year.
Net debt decreased 30% to $940 million from $1.35 billion, improving the debt-to-EBITDAF leverage ratio to 1.6x from 2.6x. Liquidity headroom expanded to $640 million, up from $350 million. Genesis completed a $400 million equity raise in March 2026, using $418 million of net proceeds to repay debt and allocating $165 million to growth projects.
Operating free cash flow totaled $322 million, representing a 62% conversion rate from EBITDAF. Customer numbers declined 5.8% to 490,227, while total connection points fell 3.8% to 705,523. Electricity netbacks rose $21 per MWh to $176, gas netbacks increased to $27.6 per GJ, and LPG netbacks improved to $1,614 per tonne.
Renewable energy capacity expanded, with hydro generation up to 3,092 GWh and PPAs covering 18% of energy requirements. Solar projects such as Tihori (136 MWp) and Leeston (70 MWp) advanced, while wind projects like Mt Cass secured long-term PPAs. Battery storage initiatives at Huntly progressed, with a 100 MW/200 MWh BESS under commissioning and a second stage reaching final investment decision.
Genesis reaffirmed its GEN35 strategy, targeting 60% electrification and 95% renewable generation by 2035. Forward guidance for FY27 sets normalized EBITDAF at $480–520 million, with long-term targets of $650–750 million by FY32. Digital transformation investment totaled $145 million in FY26, with $50 million allocated to technology upgrades.
