Graph states are a central resource in measurement-based quantum information processing. In the photonic qubit architecture based on Gottesman-Kitaev-Preskill (GKP) encoding, the generation of high-fidelity graph states composed of realistic, finite-energy approximate GKP-encoded qubits thus constitutes a key task. We consider the finite-energy approximation of GKP qubit states given by a coherent superposition of shifted finite-squeezed vacuum states, where the displacements are Gaussian distributed. We present an exact description of graph states composed of such approximate GKP qubits as a coherent superposition of a Gaussian ensemble of randomly displaced ideal GKPqubit graph states. We determine the transformation rules for the covariance matrix and the mean displacement vector of the Gaussian distribution of the ensemble under tools such as GKP-Steane error correction and fusion operations that can be used to grow large, high-fidelity GKP-qubit graph states. The former captures the noise in the graph state due to the finite-energy approximation of GKP qubits, while the latter relates to the possible absolute displacement shift errors on the individual qubits due to the homodyne measurements that are a part of these tools. The rules thus help in pinning down an exact coherent error model for graph states generated from truly finite-energy GKP qubits, which can shed light on their error correction properties.