Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — Q1 FY2026 Earnings Presentation
40 slides from Tenaga Nasional Bhd's earnings presentation, May 21, 2026
Slide 1: Analyst Briefing 1QFY2026
ANALYST BRIEFING ANALYST BRIEFING 36 ANNUAL GENERAL MEETING th 1QFY2026 21 MAY 2026 Delivering Tomorrow's 26 May 2026 | Mezzanine Floor, Leo Moggie Energy Convention Centre | TNB Platinum Transition Delivering Tomorrow's Energy Transition
Slide 2: 1QFY2026 Overview
1QFY2026 Overview Sustained 1QFY2026 performance driven by improved performance across business pillars • Reported Core Profit increased by 6.5%, • Regulated CAPEX utilisation is on track as Key Takeaways adjusting forex translation and MFRS 16 planned Core Profit (RM mil) • Stable 1QFY2026 performa
Slide 3: Electricity Demand
Electricity Demand Robust electricity demand growth, underpinned by strong commercial sector consumption Commercial sector accounts for 39% of total units sold; data centres emerging as a primary demand anchor 1 3 Y-o-Y commercial sector growth Total sales contribution 13% (GWh) Total units sold Dat
Slide 4: Technical Performance
Technical Performance Group earnings supported by operational excellence and technical performance 1 Generation performance 2 Network performance Equivalent Plant Availability Factor, System Minutes (Transmission), EAF (Generation) % Minutes 1QFY2026 0.000 1QFY2025: 0.0001 2026 Internal Threshold: 1
Slide 5: Recent Achievements
Recent Achievements Driving Malaysia’s Energy Transition through deployment of Battery Energy Storage System (BESS) & renewable energy expansions 1 Completion of Santong BESS (100MW/400MWh) 3 Bilateral Energy Supply Contract (BESC) under Corporate Renewable Energy Supply Scheme (CRESS) Achieved comp
Slide 6: Strategic Partnership
Strategic Partnership TNB accelerates sustainable growth through strategic partnerships across digital, urban and mobility segments TNB - Telekom Malaysia TNB - Perbadanan Kemajuan TNB - Maybank Negeri Selangor Green Energy and Develop and Operate District Electric Vehicle Digital Infrastructure Coo
Slide 7: Performance Update
a PERFORMANCE UPDATE
Slide 8: Financial Highlights
Financial Highlights Stable 1QFY2026 profit driven by improved overall performance Financial Performance Revenue (RM mil) EBITDA (RM mil) Core PAT (RM mil) Adjusting forex translation EBITDA Margin*: 34.0% and MFRS 16 +6.6% 1QFY2025: 32.7% 17,103.7 16,038.7 +6.5% +6.5% 5,521.8 5,187.0 1,242.5 1,167.
Slide 9: Capital Management
Capital Management Lower receivables and proactive capital deployment enabled by growth-focused funding Trade Receivables (RM bil) Strategic Fundraising and Disciplined Capital Allocation −6.8% ✓ Genco has issued latest series of Sukuk from the RM10.0 bil Islamic Medium-Term Notes (IMTN) Programme t
Slide 10: CAPEX Investment
CAPEX Investment RM3.3 bil CAPEX invested in 1QFY2026 to strengthen energy infrastructure and support future demand growth Group CAPEX Utilisation ~RM3.3 bil Regulated CAPEX Non-Regulated CAPEX ~RM2.5 bil ~RM0.8 bil Key Projects as at Mar 2026 Security of Supply Demand Growth Energy Transition RM1.1
Slide 11: Outlook and Forward Guidance
OUTLOOK AND FORWARD GUIDANCE
Slide 12: 2026 Guidance
2026 Guidance We remain committed to disciplined execution and strategic deliverables, driving accretive growth and the delivery of sustained shareholder value a Growth Enablers b Shareholder Value Creation Electricity Upward revision in projected demand growth to Demand 4.5% to 5.5% Delivering Valu
Slide 13: Appendix
Appendix 1QFY2026 • DETAILS ON STRATEGY DEPLOYMENT • DETAILS ON FINANCIAL RESULTS • GENERATION BUSINESS PERFORMANCE • INTERNATIONAL BUSINESS PERFORMANCE • SHAREHOLDINGS
Slide 14: 1QFY2026 Progress: Deliver Clean Generation
1QFY2026 Progress Disciplined execution of core strategic pillars: Delivering generation milestones to drive sustainable long-term growth A Deliver Clean Generation Domestic International Hydro Solar Solar, Wind & Battery Nenggiri Hydro Project Hybrid Hydro-Floating Solar (Kenyir) (785MWp) Dinawan E
Slide 15: 1QFY2026 Progress: Develop Energy Transition Network
1QFY2026 Progress TNB remains focused on meeting Malaysia’s growing electricity demand, driven by data centre expansion B Develop Energy Transition Network Data Centres Project Stage Actual Load Utilisation 10 59 1,054MW projects projects for Mar 2026 13 2.0GW projects In System @ Mar 2026 36 projec
Slide 16: 1QFY2026 Progress: Dynamic Energy Solution, EV Ecosystem
1QFY2026 Progress Catalysing Malaysia’s EV adoption with dual strategy by powering Charge Point Operators (CPOs) and scaling charge point network C Dynamic Energy Solution EV Ecosystem Key Highlights Green Lane Supply Connections YTD Electricity Sales (CPO) Charge Points (cumulative) As at 1QFY2026
Slide 17: GSPARX: Driving capital-efficient growth through rooftop solar
1QFY2026 Progress GSPARX: Driving capital-efficient growth by transitioning consumers into prosumers, leveraging rooftop solar to anchor Malaysia’s green energy C Dynamic Energy Solution Key Customers Secured 3.2MWp Capacity Progress Pusat Rehabilitasi PERKESO, Ipoh Since Inception (2019) to Mar 202
Slide 18: Y-o-Y Analysis
Y-o-Y Analysis Variance RM mil 1QFY'25 1QFY'26 RM mil % 1 1 Revenue 16,038.7 17,103.7 1,065.0 6.6 Refer Revenue slide. Imbalance Cost Pass-Through (ICPT) / Automatic Fuel Adjustment (AFA) 2 (175.2) (861.7) (686.5) >100.0 Operating Expenses (Without Depreciation & Amortisation) (10,839.2) (10,850.9)
Slide 19: Q-o-Q Analysis
Q-o-Q Analysis Variance RM mil 4QFY'25 1QFY'26 1 RM mil % Refer Revenue slide. Revenue 1 17,599.7 17,103.7 (496.0) (2.8) Imbalance Cost Pass-Through (ICPT) / Automatic Fuel Adjustment (AFA) (920.2) (861.7) 58.5 (6.4) 2 Operating Expenses (Without Depreciation & Amortisation) 2 (12,146.8) (10,850.9)
Slide 20: Y-o-Y Normalised EBITDA and PAT for 1QFY'26
Y-o-Y Normalised EBITDA and PAT for 1QFY’26 EBITDA 1QFY'25 1QFY'26 1QFY'25 1QFY'26 Variance Components RM mil RM mil MFRS16 Impact: RM mil RM mil RM mil Reported EBITDA 5,187.0 5,521.8 MFRS16 Impact 1 (957.0) (1,026.8) 1 Capacity Payment 957.0 1,026.8 69.8 Normalised EBITDA 4,230.0 4,495.0 Depreciat
Slide 21: Revenue Analysis
Revenue Analysis Variance Variance 4QFY'25 1QFY'26 1QFY'25 1QFY'26 Units Sold (4QFY'25 vs 1QFY'26) (1QFY'25 vs 1QFY'26) GWh GWh GWh % GWh GWh GWh % 1 Sales of Electricity (GWh) 1QFY’26 vs 4QFY’25: Lower sales of - TNB 1 33,965.0 33,709.7 (255.3) (0.8) 2 31,508.6 33,709.7 2,201.1 7.0 electricity main
Slide 22: Electricity demand remains resilient in 1QFY'26
Electricity demand remains resilient in 1QFY’26 GDP & TNB Demand Growth (%) TNB (Peninsular Malaysia) Yearly Peak Demand (MW) 8.7 Full Year 21,469 6.2 21,049 5.2 6.0 3.6 20,066 3.1 5.1 19,716 Recorded on 19,183 23 Apr 2026 3.7 2.3 1.2 FY'21 FY'22 FY'23 FY'24 FY'25 GDP FY2026 (F): FY'22 FY'23 FY'24 F
Slide 23: Positive demand growth was primarily driven by commercial sector
Positive demand growth was primarily driven by commercial sector Sector Mix (%) Industrial Commercial 39 (2.1%) 13.0% 37 13,170 11,654 31 9,716 28 1QFY’25 9,508 5 27 1QFY’26 28 5 Industrial Commercial Domestic Others Restated Restated 1Q 1Q 1QFY’26 main contributors for the increase in Domestic comm
Slide 24: Other Regulatory Adjustment
Other Regulatory Adjustment As at 1QFY’26, Other Regulatory Adjustment of RM156.7 mil to be recovered 1QFY'26 1QFY'25 Components of Other Regulatory Adjustment RM mil RM mil Revenue Adjustment for Revenue Cap & Price Cap 110.2 1,982.9 * Refund Related to Regulated Business (63.0) (64.1) Net Recovery
Slide 25: Operating Expenses Analysis
Operating Expenses Analysis Variance Variance 4QFY'25 1QFY'26 1QFY'25 1QFY'26 (4QFY'25 vs 1QFY'26) (1QFY'25 vs 1QFY'26) 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 3,623.4 3,526.7 (96.7) (2.7) 4,45
Slide 26: Lower overall fuel costs in 1QFY'26 mainly due to lower fuel prices
Lower overall fuel costs in 1QFY’26 mainly due to lower fuel prices Table A Table A -–Fuel FuelCosts CostsRelated RelatedData Data Table C – TNB & IPP Units Generated for Peninsular Malaysia 1QFY'25 1QFY'26 Variance Fuel statistics 1QFY'25 1QFY'26 Fuel Type GWh Gen. Mix (%) GWh Gen. Mix (%) GWh % Av
Slide 27: Fuel Costs & Units Generated in 1QFY'26
Fuel Costs & Units Generated in 1QFY’26 (TNB & IPPs – Peninsular Malaysia) Fuel Costs (%) Units Generated (%) Oil & Distillate IPP, 2.9 Oil & Distillate TNB, 0.0 Solar TNB, 0.2 Oil & Distillate IPP, 0.7 Solar IPP, 2.4 Oil & Distillate TNB, 1.2 Oil & Distillate TNB, 0.7 Hydro TNB, Oil & Distillate IP
Slide 28: Lower generation from coal in 1QFY'26
Lower generation from coal in 1QFY’26 Generation Mix for Industry (%) 2.4 2.3 2.4 2.1 2.3 2.6 5.2 4.2 5.2 5.0 4.9 2.9 0.0 0.1 0.3 1.2 0.4 0.7 54.4 58.0 61.3 58.9 57.0 58.8 39.4 34.4 32.1 33.2 34.7 33.6 1QFY'25 2QFY'25 3QFY'25 4QFY'25 FY2025 1QFY'26 28
Slide 29: Coal Price Analysis
Coal Price Analysis Coal Price Trending Fuel Margin: Applicable Coal Price (ACP) vs Moving Average Price (MAP) 486.9 448.6 467.6 438.5 ACP<MAP ACP>MAP 418.9 424.6 Negative Positive 431.6 fuel margin fuel margin 412.0 415.2 396.5 FY2025 full year impact: 1QFY'26 impact: (RM68.5 mil) (RM72.0 mil) 1QFY
Slide 30: Industry coal requirement forecast for FY2026
Industry coal requirement forecast for FY2026 Coal Consumption (mil MT) Source Country Mix (%) Kazakhstan 3.1 USA South Africa 1.6 1.1 34.7 35.9 35.1 33.1 Russia 11.3 Australia Indonesia 16.2 66.7 FY'23 FY'24 FY'25 FY'26 (F)* * Based on forecasted delivered coal tonnage 30
Slide 31: Group CAPEX
Group CAPEX RM mil 3,197.7 3,258.3 293.8 556.4 1QFY’26 Regulated CAPEX and Regulated Asset Base (RAB) 1,343.1 1,004.7 Actual Regulated CAPEX Actual Total RAB (RM mil) (RM mil) 2,465.6 76,945.2 1,459.4 1,444.4 116.5 237.8 1QFY'25 1QFY'26 GenCo Grid Distribution Network Corporate & Retail & Subsidiari
Slide 32: Gearing level remains optimal as at 1QFY'26
Gearing level remains optimal as at 1QFY’26 Major Loan Breakdown 31 Dec'25 31 Mar'26 Total Debt (RM bil) 59.1 60.5 Net Debt (RM bil) * 46.1 44.5 Gearing (%) 52.7 53.5 Net Gearing (%) 41.2 39.3 4.62% 95:5 Closing Forex 31 Dec’25 31 Mar’26 (FY’25: 4.63%) USD/RM 4.057 4.041 (FY’25: 95:5) GBP/RM 5.463 5
Slide 33: Q-o-Q Trade Receivables
Q-o-Q Trade Receivables Trade Debtors Ageing Trade Receivables by Sectors Total (RM bil) 4.4 4.8 4.7 3.9 4.1 4.4 4.8 4.7 3.9 4.1 22% 20% 20% 22% 21% Others* Current Domestic 1 Month 1.3 1.6 1.6 39% 40% 39% 41% 1.0 1.2 42% Commercial 0.4 0.3 0.3 2 to 5 Months 0.4 0.5 0.3 0.3 0.5 0.5 0.3 Industrial >
Slide 34: Generation Business Performance
Generation Business Performance RM mil Revenue EBIT Profit After Tax Higher reported PAT is driven by higher units generated from improved plant performance. Without MFRS16 68.2 322.3 & forex translation 34
Slide 35: Revenue from coal remains below 25%
Revenue from coal remains below 25%, in line with longer-term aspiration Actual Group Revenue* (%) RE Coal Others ** * Total revenue includes ICPT / AFA ** Others include revenue from regulated business, subsidiaries and generation from gas Long-term aspiration: ▪ No new coal plant investment To be
Slide 36: Our RE journey is progressing well
Our RE journey is progressing well TNB RE Portfolio (Capacity, MW) 21% 22% 22% 4,465 4,599 4,655 1,183 1,285 1,285 % RE in TNB’s portfolio International 3,282 3,314* 3,370 Domestic Dec'24 Dec'25 Mar'26 *Restated Note: • Gross RE Capacity includes large hydro (exclude SESB) • Solar capacity is quoted
Slide 37: International Investments: Renewable Energy (RE)
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 38: Shareholding
Shareholding TNB Shareholding (%) 23.4 22.6 19.1 17.9 17.4 17.8 17.5 17.2 13.3 13.2 7.6 7.6 2.8 2.6 EPF Khazanah Foreign Local PNB KWAP Other Nasional Shareholding Corporation & Government Berhad Retail Agencies Africa Pacific 0.01 2.29 Asia 15.2 Europe 27.1 North America 12.5 17.6 17.4 17.1 17.2 17
Slide 39: 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 40: Thank you
Thank you INVESTOR RELATIONS IR OFFICERS: GROUP FINANCE DIVISION Nura Nadia Abd Hadi Envelope with solid fill Tenaga Nasional Berhad nuranadiaah@tnb.com.my Level 12, Tower A, TNB Platinum Hasniza Harun Envelope with solid fill No. 3, Jalan Bukit Pantai, Bangsar hasniza@tnb.com.my 59100 Kuala Lumpur
Tenaga Nasional Berhad — Q1 FY2026 Earnings Presentation on 6ix