Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — Q2 2026 Earnings Presentation
25 slides from Tenaga Nasional Bhd's earnings presentation, Aug 28, 2026
Slide 1: Appendix 1HFY2026
Appendix 1HFY2026 o Details on Financial Results o Generation Business Performance o International Business Performance o Shareholdings
Slide 2: Y-o-Y Analysis
Y-o-Y Analysis Variance RM mil 1HFY'25 1HFY'26 RM mil % 1 1 Revenue 32,873.7 35,339.7 2,466.0 7.5 Refer Revenue slide. Imbalance Cost Pass-Through (ICPT) / Automatic Fuel Adjustment (AFA) 2 (764.5) (346.8) 417.7 (54.6) Operating Expenses (Without Depreciation & Amortisation) 3 (22,204.4) (24,539.7)
Slide 3: Q-o-Q Analysis
Q-o-Q Analysis Variance RM mil 1QFY'26 2QFY'26 RM mil % 1 Revenue 1 17,103.7 18,236.0 1,132.3 6.6 Refer Revenue slide. Automatic Fuel Adjustment (AFA) 2 (861.7) 514.9 1,376.6 >(100.0) Operating Expenses (Without Depreciation & Amortisation) 3 (10,850.9) (13,688.8) (2,837.9) 26.2 2 Net Loss on Impair
Slide 4: Y-o-Y Normalised EBITDA and Core PAT for 1HFY’26
Y-o-Y Normalised EBITDA and Core PAT for 1HFY’26 EBITDA 1HFY'25 1HFY'26 1HFY'25 1HFY'26 Variance Components RM mil RM mil MFRS16 Impact: RM mil RM mil RM mil Reported EBITDA 10,269.9 10,778.4 MFRS16 Impact 1 (1,953.0) (2,104.7) 1 Capacity Payment 1,953.0 2,104.7 151.7 Normalised EBITDA 8,316.9 8,673
Slide 5: Revenue Analysis
Revenue Analysis Variance Variance 1QFY'26 2QFY'26 1HFY'25 1HFY'26 Units Sold (1QFY'26 vs 2QFY'26) (1HFY'25 vs 1HFY'26) GWh GWh GWh % GWh GWh GWh % 1 Sales of Electricity (GWh) 2QFY’26 vs 1QFY’26: Higher sales of - TNB 1 33,709.7 36,617.9 2,908.2 8.6 2 65,277.2 70,327.6 5,050.4 7.7 electricity mainl
Slide 6: Electricity demand remains resilient in 1HFY’26
Electricity demand remains resilient in 1HFY’26 GDP & TNB Demand Growth (%) TNB (Peninsular Malaysia) Yearly Peak Demand (MW) 8.7 Full Year 6.2 22,014 5.2 21,049 6.0 3.7 3.1 5.1 20,066 19,183 19,716 Recorded on 3.6 6 Aug 2026 2.3 1.2 FY'21 FY'22 FY'23 FY'24 FY'25 GDP FY2026 (F): FY'22 FY'23 FY'24 FY
Slide 7: Positive demand growth was primarily driven by commercial sector
Positive demand growth was primarily driven by commercial sector Sector Mix (%) Industrial Commercial 39 (0.1%) 13.7% 37 (2.1%) 1.8% 13.0% 14.4% 30 28 1HFY’25 14,346 13,170 12,538 5 28 1HFY’26 11,654 10,101 10,284 9,716 9,508 28 5 Industrial Commercial Domestic Others Restated Restated Restated Rest
Slide 8: Other Regulatory Adjustment
Other Regulatory Adjustment As at 1HFY’26, Other Regulatory Adjustment of RM95.5 mil to be returned 1QFY'26 2QFY'26 1HFY'26 1HFY'25 Components of Other Regulatory Adjustment RM mil RM mil RM mil RM mil Revenue Adjustment for Revenue Cap & Price Cap 110.2 (300.0) (189.8) 3,600.8 * . Refund Related to
Slide 9: Operating Expenses Analysis
Operating Expenses Analysis Variance Variance 1QFY'26 2QFY'26 1HFY'25 1HFY'26 (1QFY'26 vs 2QFY'26) (1HFY'25 vs 1HFY'26) 1 RM mil RM mil RM mil % RM mil RM mil RM mil % Higher fuel and power purchase costs mainly due to higher fuel prices (refer Fuel Non-TNB IPPs Costs 3,526.7 4,769.3 1,242.6 35.2 8,
Slide 10: Higher overall fuel costs in 1HFY’26 mainly due to higher gas price for Tier 2
Higher overall fuel costs in 1HFY’26 mainly due to higher gas price for Tier 2 Table A – Fuel Costs Related Data Table C – TNB & IPP Units Generated for Peninsular Malaysia Fuel statistics 1HFY'25 1HFY'26 1HFY'25 1HFY'26 Variance Average Coal Price Delivered (USD/MT)(CIF) 102.3 108.4 Fuel Type GWh G
Slide 11: Fuel Costs & Units Generated in 1HFY’26
Fuel Costs & Units Generated in 1HFY’26 (TNB & IPPs – Peninsular Malaysia) Fuel Costs (%) Units Generated (%) Oil & Distillate IPP, 3.2 Oil & Distillate TNB, 0.0 Solar TNB, 0.2 Oil & Distillate IPP, 0.8 Solar IPP, 2.2 Oil & Distillate TNB, 2.1 Oil & Distillate TNB, 0.5 Solar TNB, 0.2 Hydro TNB, Oil
Slide 12: Higher Q-o-Q fuel costs mainly due to higher fuel prices and consumption
Higher Q-o-Q fuel costs mainly due to higher fuel prices and consumption Table A Table A -–Fuel FuelCosts CostsRelated RelatedData Data Table C Table C –– TNB TNB & & IPP IPP Units Units Generated Generatedfor for Peninsular PeninsularMalaysia Malaysia Fuel statistics 1QFY'26 2QFY'26 1QFY'26 2QFY'26
Slide 13: Higher generation from coal in 2QFY’26
Higher generation from coal in 2QFY’26 Generation Mix for Industry (%) 2.3 2.6 2.3 4.9 2.9 2.5 0.7 0.8 0.4 54.4 55.3 58.8 39.4 39.1 33.6 FY2025 1QFY'26 2QFY'26 13
Slide 14: Coal Price Analysis
Coal Price Analysis Coal Price Trending Fuel Margin: Applicable Coal Price (ACP) vs Moving Average Price (MAP) 486.9 461.9 448.6 467.6 438.5 424.6 418.9 448.4 431.6 412.0 415.2 396.5 1QFY'25 2QFY'25 3QFY'25 4QFY'25 1QFY'26 2QFY'26 Negative fuel margin Applicable Coal Price (RM/MT) Average Coal Price
Slide 15: Industry coal requirement forecast for FY2026
Industry coal requirement forecast for FY2026 Coal Consumption (mil MT) Source Country Mix (%) Kazakhstan 4.2 USA South Africa 1.5 0.4 34.7 35.9 36.0 33.1 Russia 9.2 Australia Indonesia 20.3 64.4 FY'23 FY'24 FY'25 FY'26 (F)* * Based on forecasted delivered coal tonnage 15
Slide 16: Group CAPEX
Group CAPEX RM mil 6,308.1 7,098.4 780.2 941.6 1HFY’26 Regulated CAPEX and Regulated Asset Base (RAB) 2,349.2 2,354.9 Actual Regulated CAPEX Actual Total RAB (RM mil) (RM mil) 5,584.3 78,445.9 3,235.1 2,843.5 335.2 566.8 1HFY'25 1HFY'26 GenCo Grid Distribution Network Corporate & Retail & Subsidiari
Slide 17: Group gearing remained at an optimal level as at 1HFY’26
Group gearing remained at an optimal level as at 1HFY’26 Major Loan Breakdown 31 Dec'25 30 Jun’26 Total Debt (RM bil) 59.1 60.9 Net Debt (RM bil) * 46.1 45.6 Gearing (%) 52.7 53.3 Net Gearing (%) 41.2 39.9 4.65% 96:4 Closing Forex 31 Dec’25 30 Jun’26 (FY’25: 4.63%) USD/RM 4.057 ▼ 4.070 (FY’25: 95:5)
Slide 18: Q-o-Q Trade Receivables
Q-o-Q Trade Receivables Trade Debtors Ageing Trade Receivables by Sectors Total (RM bil) 4.8 4.7 3.9 4.1 4.7 4.8 4.7 3.9 4.1 4.7 20% 20% 22% 21% 18% Others* Current Domestic 1 Month 1.6 1.6 1.6 40% 39% 41% 42% 1.0 1.2 42% Commercial 0.3 0.3 0.3 2 to 5 Months 0.5 0.3 0.3 0.5 0.5 0.3 0.5 Industrial >
Slide 19: 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 158.6 388.6 & forex translation 19
Slide 20: Revenue from coal remains below 25%, in line with longer-term aspiration
Revenue from coal remains below 25%, in line with longer-term aspiration Actual Group Revenue* (%) RE Coal Others ** * Total revenue includes ICPT / AFA 1HFY’25 ** Others include revenue from regulated business, subsidiaries 1HFY’26 and generation from gas Long-term aspiration: ▪ No new coal plant i
Slide 21: Our RE journey is progressing well
Our RE journey is progressing well TNB RE Portfolio (Capacity, MW) 21% 22% 23% 4,465 4,599 4,770 % RE in TNB’s portfolio 1,285 1,183 1,285 International 3,282 3,314* 3,485 Domestic Dec'24 Dec'25 Jun'26 *Restated Note: • Gross RE Capacity includes large hydro (exclude SESB) • Solar capacity is quoted
Slide 22: 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, United Ireland Australia diversi
Slide 23: Shareholding
Shareholding TNB Shareholding (%) 24.9 22.6 21.9 20.1 17.2 17.4 17.4 17.1 13.3 12.9 7.6 7.6 EPF Khazanah PNB KWAP Foreign Others* 31 Dec 2025 30 Jun 2026 Africa Pacific 0.01% 2.19% Foreign Shareholding (%) Asia 12.2% Europe 26.9% North America 12.5 17.6 17.4 17.8 17.1 18.8 58.7% Dec'23 Dec'24 Dec'25
Slide 24: 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 25: Thank you
Thank you INVESTOR RELATIONS IR OFFICERS: GROUP FINANCE DIVISION Envelope with solid fill Nura Nadia Abd Hadi Tenaga Nasional Berhad nuranadiaah@tnb.com.my Level 12, Tower A, TNB Platinum No. 3, Jalan Bukit Pantai, Bangsar Envelope with solid fill Hasniza Harun hasniza@tnb.com.my 59100 Kuala Lumpur
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