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>It's a case of what could have been for Genesis Energy (GNE), with rain coming at a good time for the sector, but a little too early from GNE's perspective.</li><li>The effects of the 4Q24/1Q25 dry period are evident in GNE's 1Q25 operating statistics, with record high thermal fuel costs and a lower gas retail margin impacting profitability.</li><li>It is very hard for thermal generators to make money in the New Zealand market, and 1Q25 is another example of that. </li></ul>

It's a case of what could have been for Genesis Energy (GNE), with rain coming at a good time for the sector, but a little too early from GNE's perspective.The effects of the 4Q24/1Q25 dry period are evident in GNE's 1Q25 operating statistics, with record high thermal fuel costs and a lower gas retail margin impacting profitability.It is very hard for thermal generators to make money in the New Zealand market, and 1Q25 is another example of that. 

Genesis Energy - Dry Spell Upside A Mirage — 1Q25 Op Stats