Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — 3QFY2025 Earnings Presentation
45 slides from Tenaga Nasional Bhd's earnings presentation, Dec 1, 2025
Slide 1: Analyst Briefing 3QFY2025
ANALYST BRIEFING 3QFY2025 1 December 2025 | National Energy Centre, UNITEN Bomen Solar Farm, Australia
Slide 2: 9MFY2025 Performance
9MFY2025 Performance Stronger 9MFY2025 financials through improved performance across business pillars Profit After Tax (PAT) Core Profit (adjusting forex translation and MFRS 16) RM3,259.0 mil (Y-o-Y FY2024*: RM2,867.4 mil) *Restated Deliver Clean Develop Dynamic Energy Solution Drive Regulatory Ev
Slide 3: Deliver Clean Generation: Generation growth uplift
Deliver Clean Generation Generation growth uplift backed by national capacity plans; reinforces a positive outlook Request for Proposal (RFP) Category 1: Extension of Gas Power Plants Category 2: New Generation Capacity Awarded Letter of Notification on Technical and Commercial Terms Development of
Slide 4: Deliver Clean Generation: domestic project progress
Deliver Clean Generation Our generation projects are progressing as planned to advance our journey towards net zero 3QFY2025 Progress Updates Domestic Hydro Land Solar Battery Storage Nenggiri Hydro Project Corporate Green Power Programme (CGPP) Battery Energy Storage System (BESS) at (300MW) (154MW
Slide 5: Delivered two greenfield international renewable energy projects
Deliver Clean Generation We successfully delivered our two greenfield international renewable energy projects while further expanding our global footprint 3QFY2025 Progress Updates International United Kingdom Australia Dinawan Energy Hub + Solar Greenfield Development 707MW 300MW 300MW Total Projec
Slide 6: 13.4GW of secured renewable capacity
Deliver Clean Generation We continue to scale up our RE portfolio with 13.4GW of secured capacity, while our operational assets have grown to 4.6GW across domestic and international markets Group Secured RE Capacity (Domestic and International) 13.4GW Wind 14% Solar 7.6GW 26% 57% Clean Tech 16% CO2
Slide 7: Develop Energy Transition Network
Develop Energy Transition Network Strengthening the grid to meet demand growth; supporting energy transition 3QFY2025 Progress Updates Total Regulated CAPEX Utilisation RM8.3 bil RM Transmission and CAPEX for Security of Supply CAPEX for Demand Growth CAPEX for Energy Transition Distribution CAPEX R
Slide 8: Regional interconnections supporting ASEAN's clean-energy transition
Develop Energy Transition Network Strengthening the grid and developing regional interconnections to meet demand growth; supporting ASEAN’s clean-energy transition Currently Potential Interconnection lines ~1.4GW 5 ~6GW Total existing Combined RE Pipeline projects capacity interconnection lines Viet
Slide 9: Robust electricity demand growth
Dynamic Energy Solutions Robust electricity demand growth, underpinned by strong commercial sector consumption Subsector commercial growth Total sales Y-o-Y Recorded contribution improved demand growth (GWh) 0.3% Others (Education, Communication, etc.) 16% 99,930GWh Units sold in 9MFY2025 18% Y-o-Y:
Slide 10: Dynamic Energy Solutions: key initiatives progress
Dynamic Energy Solutions Strong progress across key initiatives is driving energy transition and unlocking growth from prosumers 3QFY2025 Progress Updates TNB Charge Points Installation Progress: Green Lane Supply Connections Cumulative to date: FY2025 cumulative target: 160 >250 ~7MW ~8MW charge po
Slide 11: Performance Update
PERFORMANCE UPDATE
Slide 12: 9MFY2025 Financials
9MFY2025 Financials Stronger financial performance driven by regulated business and effective capital management REVENUE EBITDA PAT Core Profit (adjusting forex translation and MFRS 16) 9MFY2025 9MFY2025 9MFY2025 RM50,123.4 mil RM15,088.2 mil RM3,259.0 mil EBITDA MARGIN: 31.2%* 9MFY2024: RM14,398.9
Slide 13: Technical Performance
Technical Performance Group earnings supported by; i. Improved generation performance ii. World-class network performance Equivalent Plant Availability Factor, EAF (Generation) % 9MFY2025 86.9% Improved overall performance by power plants 9MFY2024: 80.0% 2025 Target: 83.2% System Minutes (Transmissi
Slide 14: Capital Management
Capital Management Stable collection trend and regulatory certainty underpin resilient cash flows Trade Receivables and Collection 2025 Outlook Trade Receivables Average Collection Period • The Automatic Fuel Adjustment (AFA) (RM bil) (Days) mechanism enables immediate recovery • Coal price has stab
Slide 15: Credit Profile
Credit Profile Ratings upgrade strengthens credit profile reaffirming confidence in TNB’s financial outlook and business plans Credit Ratings ✓ Reaffirmed ‘A–’ rating with a stable outlook (November 2025) ✓Upgraded Stand-Alone Credit Profile (SACP) from ‘bbb’ to ‘bbb+’ supported by: i. AFA mechanism
Slide 16: Outlook and Forward Guidance
OUTLOOK AND FORWARD GUIDANCE
Slide 17: Forward Guidance
Forward Guidance Delivering on our targets to drive sustainable business growth and shareholders value Total Additional Total Group CAPEX: Demand growth expected to be RE Capacity: in line with the IBR projection of ~RM15 bil +212MWp Electricity 2.8% Group CAPEX Regulated capex: ~RM12 bil Group RE P
Slide 18: Appendix
Appendix 9MFY2025 o Strategy Deployment o Details on Financial Results o Generation Business Performance o International Business Performance o Shareholdings
Slide 19: Data Centre: Johor rising as APAC's 4th most established market
Data Centre TNB remains focused on meeting Malaysia’s growing electricity needs with Johor rising as APAC’s 4th most established DC market 3QFY2025 Progress Updates Key Highlights Project Stage Actual Load Utilisation 49 Johor is now ranked 4th for 710MW 8 established DC Market in APAC for September
Slide 20: Dual strategy to accelerate EV adoption
Dynamic Energy Solutions TNB accelerates Malaysia’s EV adoption with dual strategy: powering CPOs and expanding charge point network EV Ecosystem Key Highlights Green Lane Supply Connections YTD Electricity Sales (CPO) TNB Charge Points (cumulative) 160 >250 Installed as of 9MFY25 Charge points end
Slide 21: GSPARX transforms consumers into prosumers
Dynamic Energy Solutions GSPARX transforms consumers into prosumers through rooftop solar, advancing Malaysia’s green energy Key Customers Secured 4.8MWp Dynamic Energy Solutions Shorubber - Phase 2 Since Inception (2019) to 9MFY2025 • To install 2,418kWp rooftop solar PV at Shorubber Manufacturing
Slide 22: Y-o-Y analysis
Y-o-Y analysis 9MFY'24 Variance Y-o-Y analysis: RM mil 9MFY'25 (Restated) RM mil % 1 Revenue 1 50,123.4 42,358.8 7,764.6 18.3 Refer Revenue slide. Imbalance Cost Pass Through (ICPT) / Automatic Fuel Adjustment (AFA) 2 (1,818.4) 7,371.6 (9,190.0) >(100.0) Operating expenses (without depreciation & am
Slide 23: Q-o-Q analysis
Q-o-Q analysis Variance Q-o-Q analysis: RM mil 3QFY'25 2QFY'25 RM mil % 1 Revenue 1 17,249.7 16,835.0 414.7 2.5 Overall Group revenue grew by 2.5% Imbalance Cost Pass Through (ICPT) / Automatic Fuel Adjustment (AFA) 2 (1,053.9) (589.3) (464.6) 78.8 contributed by increase in TNB electricity sales Op
Slide 24: Y-o-Y normalised EBITDA and PAT for 9MFY'25
Y-o-Y normalised EBITDA and PAT for 9MFY’25 1 EBITDA 9MFY'24 9MFY'25 MFRS16 impact: 9MFY'24 (Restated) 9MFY'25 Variance (Restated) Components RM mil RM mil RM mil RM mil RM mil Reported EBITDA 15,088.2 14,398.9 MFRS16 impact 1 (2,966.5) (2,891.0) Capacity Payment 2,966.5 2,891.0 75.5 Normalised EBIT
Slide 25: Higher overall Group revenue from sales of electricity
Higher overall Group revenue from sales of electricity Variance 9MFY'24 Variance 3QFY'25 2QFY'25 9MFY'25 (3QFY'25 vs 2QFY'25) (Restated) (9MFY'25 vs 9MFY'24) UNITS SOLD GWh GWh GWh % GWh GWh GWh % Sales of Electricity (GWh) 1 - TNB 1 34,653.0 33,768.6 884.4 2.6 2 99,930.2 98,378.4 1,551.8 1.6 Higher
Slide 26: Stable electricity demand aligns with GDP growth
Stable electricity demand aligns with GDP growth in FY2025 % GDP & TNB Demand Growth TNB (Peninsular) Yearly Peak Demand 8.7 Full Year 5.9 6.2 * MW 4.2 4.7 4.3 21,049 3.1 3.7 6.0 5.1 19,716 20,066 3.2 3.6 2.5 2.5 2.7 1.2 19,183 18,585 Recorded on: FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'2
Slide 27: Demand growth driven by commercial sector
Positive demand growth was primarily driven by commercial sector Industrial Commercial 9MFY’25 main contributors for the increase in (3.6%) commercial sector: 7.7% • Data centre, retails and business services Lower demand recorded from: (5.5%) (1.8%) (3.6%) • Industrial – iron & steel and utility el
Slide 28: Other Regulatory Adjustment
Other Regulatory Adjustment As at 9MFY’25, other regulatory adjustment of RM3,485.3 mil to be recovered 1QFY'25 2QFY'25 3QFY'25 9MFY'25 9MFY'24 Components of Other Regulatory Adjustment RM mil RM mil RM mil RM mil RM mil Revenue Adjustment for Revenue Cap & Price Cap * 1,982.9 1,617.9 (103.0) 3,497.
Slide 29: Lower Y-o-Y operating expenses
Lower Y-o-Y operating expenses Variance 9MFY'24 Variance 3QFY'25 2QFY'25 9MFY'25 (3QFY'25 vs 2QFY'25) (Restated) (9MFY'25 vs 9MFY'24) 1 Lower fuel and power purchase costs RM mil RM mil RM mil % RM mil RM mil RM mil % mainly due to lower fuel prices (refer Fuel Non-TNB IPPs Costs 4,084.5 4,304.0 (21
Slide 30: Lower overall fuel costs in 9MFY2025
Lower overall fuel costs in 9MFY2025 mainly due to lower coal price Table A – TNB & IPP Fuel Costs for Peninsular Table C – Fuel Costs Related Data 9MFY'25 9MFY'24 Variance Fuel statistics 9MFY'25 9MFY'24 Fuel Type RM mil RM mil RM mil % Average Coal Price Delivered (USD/MT)(CIF) 100.5 112.5 Average
Slide 31: Fuel Costs & Units Generated in 9MFY'25
Fuel Costs & Units Generated (TNB & IPPs – Peninsular) in 9MFY’25 Units Fuel Costs Generated Distillate TNB, 0.2% Distillate IPP, 0.5% Distillate TNB, 0.0% Oil TNB, 0.2% Distillate IPP, 0.2% Oil TNB, 0.0% Oil IPP, 0.0% Hydro TNB, Oil IPP, 0.0% 4.8% Solar TNB, 0.2% Distillate TNB, 0.3% Solar IPP, 2.2
Slide 32: Higher Q-o-Q fuel costs
Higher Q-o-Q fuel costs incurred to support higher demand Table A – TNB & IPP Fuel Costs for Peninsular Table C – Fuel Costs Related Data 3QFY'25 2QFY'25 1QFY'25 Variance 3QFY'25 vs 2QFY'25 3QFY'25 2QFY'25 1QFY'25 Fuel Type Fuel statistics RM mil RM mil RM mil RM mil % Average Coal Price Delivered (
Slide 33: Lower generation from coal in 3QFY'25
Lower generation from coal in 3QFY’25 Generation Mix for Industry (%) 2.1 2.4 2.3 2.4 4.7 5.2 4.2 5.2 0.1 0.0 0.1 0.3 56.7 58.0 61.3 58.9 36.4 34.4 32.1 33.2 FY2024 1QFY'25 2QFY'25 3QFY'25 Gas Coal Oil & Distillate Hydro Solar 33
Slide 34: Fuel Margin: Coal Price Trending
Fuel Margin: Coal Price Trending Applicable Coal Price (ACP) vs Moving Average Price (MAP) 540.2 530.5 530.5 539.4 505.8 524.8 486.9 499.6 504.1 448.6 467.6 418.9 ACP<MAP 431.6 Negative 412.0 fuel margin 1QFY'24 2QFY'24 3QFY'24 4QFY'24 1QFY'25 2QFY'25 3QFY'25 Applicable Coal Price (RM/MT) Average Co
Slide 35: Industry coal requirement forecast for FY2025
Industry coal requirement forecast for FY2025 Source Country Mix Coal Consumption (mil MT) Kazakhstan South Africa 3.1% 1.9% USA 1.2% 34.7 35.7 31.9 33.1 Russia 10.1% Australia 19.5% Indonesia 64.2% FY'22 FY'23 FY'24 FY'25 (F) * * Based on tonnage planned for delivery 35
Slide 36: Group CAPEX and Regulated Asset Base
Group CAPEX Regulated CAPEX and RM mil Regulated Asset Base (RAB) 10,095.1 7,205.9 585.6 9MFY’25 1,075.8 Actual Regulated CAPEX Actual Total RAB 1,837.3 (RM mil) (RM mil) 3,742.9 8,349.0 73,351.9 4,157.4 4,617.8 658.6 625.6 9MFY'25 9MFY'24 GenCo Grid Distribution Network Corporate & Retail & Subsidi
Slide 37: Gearing remains stable at optimal level
Gearing remains stable at optimal level as at 9MFY2025 30 Sep'25 31 Dec'24 Total Debt (RM bil) 56.9 57.4 Net Debt(RM bil) * 42.3 37.4 Gearing (%) 52.4 52.5 Net Gearing (%) 39.0 34.1 4.76% 95:5 Closing Forex 30 Sep’25 31 Dec’24 USD/RM 4.215 4.471 (FY’24: 4.83%) (FY’24: 95:5) GBP/RM 5.665 5.606 Effect
Slide 38: Trade receivables as at 9MFY2025
Trade receivables as at 9MFY2025 Trade Debtors Ageing (RM bil) Trade Receivables by Sectors (RM bil) 5.0 4.4 4.4 4.8 4.7 5.0 4.4 4.4 4.8 4.7 Total 1% 1% 1% 1% 1% Current 37% 39% 39% 39% Others 40% 1 Month 1.4 1.2 1.3 1.6 1.6 Domestic 0.3 2 to 5 Months 0.6 0.3 0.4 0.3 0.3 0.5 0.4 0.5 0.5 34% 33% 34%
Slide 39: Domestic generation business performance
Domestic generation business performance RM mil REVENUE EBIT PROFIT AFTER TAX 238.9 Adjusted PAT 175.8 9MFY’24 performance includes: Higher adjusted PAT without MFRS16, • Contributions from SJ Gelugor (PPA expired in Aug’24); and forex translation and SPG one-off • SPG one-off claim. claimed by RM63
Slide 40: Revenue from coal stabilised below 25%
Revenue from coal stabilised below 25%, in line with longer-term aspiration RE Coal Others ** * Total revenue includes ICPT ** Others include revenue from regulated business, subsidiaries and generation from gas Long-term aspiration: ▪ No new coal plant investment To be coal-free by 2050 ▪ Reduction
Slide 41: Our RE journey is progressing well
Our RE journey is progressing well TNB RE Portfolio Renewable capacity (MW) 22% 21% 20% 4,609 4,465 4,302 1,285 1,183 1,183 % RE in TNB’s portfolio International 3,324 3,282 3,119 Domestic Sep Dec Dec 2025 2024 2023 Note: • Gross RE Capacity includes large hydro (exclude SESB) • Solar capacity is qu
Slide 42: International Investments: Renewable Energy
International Investments: Renewable Energy (RE) TNB International Sdn Bhd (TNBI) Vantage RE Spark Renewables TNBI is a TNB wholly owned subsidiary incorporated under the laws of Malaysia. TNBI is a platform focused on capturing global renewable energy opportunities, diversifying TNB’s portfolio and
Slide 43: Shareholdings
Shareholdings 19.1 EPF 7.4 14.2 18.3 Other Government KWAP Agencies PNB 15.4 7.0 2.6 2.2 Khazanah Nasional (%) Local Corporation & Retail Berhad 19.1 20.4 17.8 20.4 17.6 Africa Pacific 0.06% 0.04% Foreign Shareholding Europe Asia 16.3% 20.4% 18.5 North America 63.2% 12.5 17.6 16.7 17.2 18.5 18.2 Dec
Slide 44: Disclaimer
Disclaimer This presentation and discussion may contain forward looking statements by Tenaga Nasional Berhad related to financial trends for future periods. Some of the statements contained in this presentation or arising from this discussion which are not of historical facts are statements of futur
Slide 45: Investor Relations
INVESTOR RELATIONS IR OFFICERS: GROUP FINANCE DIVISION Envelope with solid fill Tenaga Nasional Berhad Hasniza Harun Level 12, Tower A, TNB Platinum hasniza@tnb.com.my No. 3, Jalan Bukit Pantai, Bangsar Envelope with solid fill 59100 Kuala Lumpur Lee Lai Fen lai.fen@tnb.com.my Envelope with solid fi
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