Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — 2QFY2025 Earnings Presentation
39 slides from Tenaga Nasional Bhd's earnings presentation, Sep 2, 2025
Slide 1: Analyst Briefing 2QFY2025
ANALYST BRIEFING 2QFY2025 2 September 2025 | Business Lounge, TNB Platinum TNB Bukit Selambau & TNB Bukit Selambau Dua
Slide 2: Key Highlights
Key Highlights Stable 1HFY2025 performance backed by positive RP4 determination and strengthening electricity demand 1HFY2025 Financial Peak Demand IBR Regulatory Period 4 (RP4) Profit After Tax (PAT) ✓ New tariff schedule effective 1 July 2025 RM RM2,214.2 mil +1.1% 21,049MW Tariff schedule restruc
Slide 3: Power Demand
Power Demand Robust growth continues, demand powered by data centres and stronger economic activities Electricity Demand Data Centre Y-o-Y: Recorded positive demand growth Y-o-Y Load utilisation ESA Signed Energy Consumption YTD Progress: 1,852GWh in 1HFY2025 3.2x 5 projects 2 projects 1HFY2025 603M
Slide 4: Recent Developments
Recent Developments Accelerating Malaysia’s role in ASEAN’s energy transition through regional collaboration, strategic partnerships and brand leadership Joint Development Agreement (JDA): Vietnam – Malaysia - Singapore Achievement Trilateral JDA • Aim: Harness Vietnam’s offshore wind to supply to t
Slide 5: 2QFY2025 Key Achievements: Deliver Clean Generation
2QFY2025 Key Achievements We continue executing our strategic pillars to deliver sustainable growth while progressing towards net zero Deliver Clean Generation Nenggiri Hydro Project Corporate Green Power Programme (CGPP) (154MWp) (300MW) All 3 sites progress are on-track with COD target in 2025 Ach
Slide 6: 2QFY2025 Key Achievements: Energy Transition Network
2QFY2025 Key Achievements Progress across key initiatives is driving energy transition and unlocking growth from prosumers Develop Energy Transition Network Dynamic Energy Solutions RM Transmission and Distribution CAPEX Electric Vehicle (EV) Total Regulated CAPEX Utilisation CAPEX for Demand Growth
Slide 7: Financial Highlights
Financial Highlights PAT in 1HFY2025 driven by stable overall performance REVENUE EBITDA PAT 17.4% 3.7% 1.1% 1HFY2025 1HFY2025 1HFY2025 RM32,873.7 mil RM10,269.9 mil RM2,214.2 mil EBITDA MARGIN: 32.0%* 1HFY2024: RM9,904.5 mil 1HFY2024: RM28,007.2 mil 1HFY2024: RM2,190.3 mil EBITDA MARGIN: 29.8%* Key
Slide 8: Technical Performance
Technical Performance Group earnings supported by; i. Improved generation performance ii. World-class network performance Equivalent Plant Availability Factor, EAF (Generation) % 1HFY2025 86.07% Improved overall performance by power plants 1HFY2024: 78.7% 2025 Target: 83.2% System Minutes (Transmiss
Slide 9: Capital Management
Capital Management Receivables supported by stable collection trend and regulatory certainty, strengthening our cash flow position Trade Receivables and Collection Peak Demand Regulatory Receivables Peak Demand Trade Receivables Average Collection Period Receivables Balance (RM bil) (Days) (RM bil)
Slide 10: Dividend
Dividend Our stable performance enables us to continue rewarding shareholders with an interim dividend payout while maintaining a prudent capital structure 66.6% 55.2% 59.6% 52.8% 60% DIVIDEND POLICY We will continue to honour our dividend policy of 30% to 60% dividend payout 30% ratio, based on the
Slide 11: Forward Guidance
Forward Guidance We strive to deliver our targets towards achieving sustainable business growth Demand growth is projected to be between Delivering Value to our Shareholders 2.8%* - 3.8% We remain committed to honour our dividend policy and Electricity Projected GDP between 4.0% - 4.8% strive to pro
Slide 12: Appendix
Appendix 1HFY2025 o Strategy Deployment o Details on Financial Results o Generation Business Performance o International Business Performance o Shareholdings
Slide 13: Data Centre
Data Centre TNB remains focused on meeting Malaysia’s growing electricity demand, supported by data centre expansion, with ongoing projects advancing as planned 2QFY2025 Achievements Project Stage Key Highlights Actual Load Utilisation 4 45 603MW 17 projects projects for June 2025 projects 0.5GW In
Slide 14: Dynamic Energy Solutions: EV Ecosystem
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 28 >250 installed Additional Charge in 1HFY2025 Points in FY202
Slide 15: Dynamic Energy Solutions: GSPARX Rooftop Solar
Dynamic Energy Solutions GSPARX transforms consumers into prosumers through rooftop solar, advancing Malaysia’s green energy Key Customers Secured 18.1MWp Dynamic Energy Solutions Majlis Amanah Rakyat, MARA Ph. 3 Since Inception (2019) – 1HFY2025 • To install 9,758kWp rooftop solar PV at multiple MA
Slide 16: Y-o-Y analysis
Y-o-Y analysis Variance Y-o-Y analysis: RM mil 1HFY'25 1HFY'24 RM mil % 1 Revenue 1 32,873.7 28,007.2 4,866.5 17.4 Refer Revenue slide. Imbalance Cost Pass Through (ICPT) 2 (764.5) 5,175.2 (5,939.7) >(100.0) Operating expenses (without depreciation) 3 (22,204.4) (23,744.6) 1,540.2 (6.5) 2 Net revers
Slide 17: Q-o-Q analysis
Q-o-Q analysis Variance Q-o-Q analysis: RM mil 2QFY'25 1QFY'25 RM mil % 1 Revenue 1 16,835.0 16,038.7 796.3 5.0 Overall Group revenue grew by 5.0% Imbalance Cost Pass Through (ICPT) 2 (589.3) (175.2) (414.0) >100.0 contributed by increase in TNB electricity sales Operating expenses (without deprecia
Slide 18: Y-o-Y normalised EBITDA and PAT for 1HFY2025
Y-o-Y normalised EBITDA and PAT for 1HFY2025 EBITDA 1HFY'25 1HFY'24 1 Components RM mil RM mil MFRS16 impact: 1HFY'25 1HFY'24 Variance Actual figu Reported EBITDA 10,269.9 9,904.5 RM mil RM mil RM mil input tab (t MFRS16 impact 1 (1,953.0) (1,976.9) Normalised EBITDA 8,316.9 7,927.6 Capacity Payment
Slide 19: Higher overall Group revenue from sales of electricity
Higher overall Group revenue from sales of electricity Variance Variance 2QFY'25 1QFY'25 1HFY'25 1HFY'24 (2QFY'25 vs 1QFY'25) (1HFY'25 vs 1HFY'24) UNITS SOLD GWh GWh GWh % GWh GWh GWh % Sales of Electricity (GWh) 1 - TNB 1 33,768.6 31,508.6 2,260.0 7.2 2 65,277.2 65,019.9 257.3 0.4 2QFY’25 vs 1QFY’2
Slide 20: Y-o-Y stable electricity demand aligns with GDP growth
Y-o-Y stable electricity demand aligns with GDP growth % 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'24 -4
Slide 21: Commercial sector demand grew by 6.5%
Commercial sector demand grew by 6.5%, supporting the lower consumption recorded by industrial and domestic sectors Industrial Commercial 1HFY’25 main contributors for the increase in (3.6%) commercial sector: 6.5% • Data centre, business services and retails Lower demand recorded from: (5.5%) (1.8%
Slide 22: Other Regulatory Adjustment
Other Regulatory Adjustment As at 1HFY2025, other regulatory adjustment of RM3,594.5 mil to be recovered 1QFY'25 2QFY'25 1HFY'25 1HFY'24 Components of Other Regulatory Adjustment RM mil RM mil RM mil RM mil Revenue Adjustment for Revenue Cap & Price Cap * 1,982.9 1,617.9 3,600.8 (1,096.5) Refund Rel
Slide 23: Lower Y-o-Y operating expenses
Lower Y-o-Y operating expenses Variance Variance 2QFY'25 1QFY'25 1HFY'25 1HFY'24 (2QFY'25 vs 1QFY'25) (1HFY'25 vs 1HFY'24) 1 Y-o-Y: Lower fuel and power purchase RM mil RM mil RM mil % RM mil RM mil RM mil % costs mainly due to lower coal price (refer Non-TNB IPPs Costs 4,304.0 4,459.9 (155.9) (3.5)
Slide 24: Lower overall fuel costs mainly due to lower coal price
Lower overall fuel costs mainly due to lower coal price in 1HFY2025 Table A – TNB & IPP Fuel Costs for Peninsular Table C – Fuel Costs Related Data 1HFY'25 1HFY'24 Variance 1HFY'25 1HFY'24 Fuel Type Fuel statistics RM mil RM mil RM mil % Average Coal Price Delivered (USD/MT)(CIF) 102.3 112.9 Coal 8,
Slide 25: Fuel Costs & Units Generated in 1HFY2025
Fuel Costs & Units Generated (TNB & IPPs – Peninsular) in 1HFY2025 Units Fuel Costs Generated Distillate TNB, 0.2% Distillate IPP, 0.3% Oil TNB, 0.3% Distillate TNB, 0.0% Oil IPP, 0.0% Hydro TNB, Distillate IPP, 0.1% 4.7% Solar TNB, 0.2% Gas IPP, Distillate TNB, 0.3% Solar IPP, 2.1% 22.5% Distillate
Slide 26: Higher Q-o-Q fuel costs incurred to support higher demand
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 2QFY'25 1QFY'25 Variance 2QFY'25 vs 1QFY'25 2QFY'25 1QFY'25 Fuel Type Fuel statistics RM mil RM mil RM mil % Average Coal Price Delivered (USD/MT)(CIF) 100.1 105.
Slide 27: Higher generation from coal in 2QFY2025
Higher generation from coal in 2QFY2025 Generation Mix for Industry (%) 2.1 2.4 2.3 4.7 5.2 4.2 0.1 0.0 0.1 56.7 58.0 61.3 36.4 34.4 32.1 FY2024 1QFY'25 2QFY'25 Gas Coal Oil & Distillate Hydro Solar 27
Slide 28: Fuel Margin: Coal Price Trending
Fuel Margin: Coal Price Trending Applicable Coal Price (ACP) vs Moving Average Price (MAP) 540.2 530.5 530.5 539.4 524.8 505.8 486.9 499.6 504.1 ACP<MAP 467.6 448.6 Negative fuel margin 431.6 1QFY'24 2QFY'24 3QFY'24 4QFY'24 1QFY'25 2QFY'25 Applicable Coal Price (RM/MT) Average Coal Price Delivered (
Slide 29: Industry coal requirement forecast for FY2025
Industry coal requirement forecast for FY2025 Source Country Mix Coal Consumption (mil MT) Kazakhstan South Africa 2.0% 1.5% USA 0.7% 34.7 34.9 Russia 31.9 33.1 8.0% Australia 20.6% Indonesia 67.2% FY'22 FY'23 FY'24 FY'25 (F) * * Based on tonnage planned for delivery 29
Slide 30: Group CAPEX and Regulated Asset Base
Group CAPEX Regulated CAPEX and RM mil Regulated Asset Base (RAB) 6,308.1 4,343.4 393.2 1HFY’25 780.2 Actual Regulated CAPEX Actual Total RAB 1,076.2 (RM mil) (RM mil) 2,349.2 5,194.1 71,381.6 2,528.0 2,843.5 335.2 346.0 1HFY'25 1HFY'24 GenCo Grid Distribution Network Corporate & Retail & Subsidiari
Slide 31: Lower gearing recorded at 47.5% as at 1HFY2025
Lower gearing recorded at 47.5% as at 1HFY2025 30 Jun'25 31 Dec'24 Total Debt (RM bil) 57.0 57.4 * Net Debt(RM bil) 36.5 37.4 Gearing (%) 47.5 47.8 Net Gearing (%) 30.4 31.1 4.82% 95:5 Closing Forex 30 Jun’25 31 Dec’24 (FY’24: 4.83%) USD/RM 4.211 4.471 (FY’24: 95:5) GBP/RM 5.782 5.606 Effective Aver
Slide 32: Trade receivables as at 1HFY2025
Trade receivables as at 1HFY2025 Trade Debtors Ageing (RM bil) Trade Receivables by Sectors (RM bil) 5.3 5.0 4.4 4.4 4.8 5.3 5.0 5.0 5.1 4.4 5.3 4.4 5.0 4.8 Total 2% 1% 1% 1% 1% Current 37% 37% 39% 39% Others 40% 1.5 1 Month 1.4 1.2 1.3 1.6 Domestic 0.3 0.3 0.6 0.6 0.3 0.4 0.3 2 to 5 Months 0.5 0.4
Slide 33: Domestic generation business performance
Domestic generation business performance RM mil REVENUE EBIT PROFIT AFTER TAX PAT without 158.6 MFRS16 and forex 164.2 translation 1HFY’24 performance includes: GenCo’s PAT 1HFY’25 was mainly • Contributions from SJ Gelugor (PPA expired in Aug’24); and impacted by forex translation loss due to • SPG
Slide 34: Revenue from coal stabilised below 25%
Revenue from coal stabilised below 25%, in line with longer-term aspiration Actual Group Revenue* RE Coal Others ** * Total revenue includes ICPT ** Others include revenue from regulated business, subsidiaries 1HFY’24 and generation from gas 1HFY’25 Long-term aspiration: ▪ No new coal plant investme
Slide 35: Our RE journey is progressing well
Our RE journey is progressing well TNB RE Portfolio Renewable capacity (MW) 22% 21% 20% 4,501 4,465 4,302 % RE in TNB’s portfolio 1,183 1,183 1,183 International 3,318 3,282 3,119 Domestic Jun Dec Dec 2025 2024 2023 Note: • Gross RE Capacity includes large hydro (exclude SESB) • Solar capacity is qu
Slide 36: 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 37: Shareholdings
Shareholdings 20.2 EPF 18.3 7.1 14.3 KWAP Other Government PNB 7.0 Agencies 15.4 2.3 2.2 Khazanah Nasional % Local Corporation & Retail Berhad 19.1 20.4 18.5 20.4 17.6 Africa Pacific 0.06% 0.04% Foreign Europe Shareholding 15.4% Asia 24.5% 17.2 North America 60.0% 12.5 17.6 16.7 17.2 19.6 Dec'23 Dec
Slide 38: 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 39: Investor Relations
INVESTOR RELATIONS IR OFFICERS: GROUP FINANCE DIVISION Envelope with solid fill Tenaga Nasional Berhad Sarah Keok Level 12, Tower A, TNB Platinum sarahk@tnb.com.my No. 3, Jalan Bukit Pantai, Bangsar Envelope with solid fill 59100 Kuala Lumpur Hasniza Harun hasniza@tnb.com.my Envelope with solid fill
Tenaga Nasional Berhad — 2QFY2025 Earnings Presentation on 6ix