Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — Q4 2025 Earnings Presentation
48 slides from Tenaga Nasional Bhd's earnings presentation, Feb 27, 2026
Slide 1: Analyst Briefing 4QFY2025
ANALYST BRIEFING 4QFY2025 27 February 2026 | Power Lounge, TNB Platinum 1 TNB Bukit Sidim Kulim, Kedah
Slide 2: Performance Highlights
Performance Highlights Resilient FY2025 financial performance driven by strong execution across business pillars delivering sustainable returns PAT Dividend Core Profit (adjusting forex translation and MFRS 16) Dividend Payout 65.6% Interim Dividend Per Share of 25.0 sen RM RM4,769.0 mil RM Final Di
Slide 3: Sustainability Highlights
Sustainability Highlights Strong governance and ESG advancement reinforce FY2025 performance and long - term value Corporate Governance and Sustainability Excellence National Corporate Governance & Corporate The Edge Billion Ringgit Club Sustainability Awards Reputation Index Awards 2025 #2 88% TNB
Slide 4: Deliver Clean Generation
Deliver Clean Generation Domestic generation projects progressing on track amid accelerated strategic execution across our business 2025 Achievements Domestic Gas Land Solar Hydro Category 2: New Generation Capacity Large Scale Solar 5 (LSS5) (686MWp) Nenggiri Hydro Project (300MW) Awarded Commenced
Slide 5: Deliver Clean Generation: International
Deliver Clean Generation Continuing to advance our international energy pipeline and expand our global footprint 2025 Achievements International Solar Greenfield Development (102MWp) Dinawan Energy Hub (1.3GW) Successfully achieved COD in July 2025 • Awarded ~1GW access rights for Dinawan Energy 300
Slide 6: Develop Energy Transition Network
Develop Energy Transition Network Delivering year one RP4 milestone through efficient regulated capex deployment to advance energy transition 2025 Achievements RM Total Regulated CAPEX Utilisation Key Projects Smart Meter Installation Progress: Security of Supply FY2025 Target: Cumulative to date: >
Slide 7: Develop Energy Transition Network: ASEAN Power Grid
Develop Energy Transition Network As a key player, TNB Advances ASEAN Power Grid integration and strengthens regional cooperation Tripartite Energy Wheeling Agreement Phase 2 (EWA Phase 2) Energy Exchange Malaysia (ENEGEM) LTMS 2.0 arrangement, Malaysia plays two (2) different roles: Part 1 ✓ TNB su
Slide 8: Dynamic Energy Solutions
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) Others (Education, Communication, etc.) 16% 133,895GWh 0.5% Units sold in FY2025 18% Y-o-Y:
Slide 9: Dynamic Energy Solutions
Dynamic Energy Solutions We continued scaling customer-centric energy solutions in FY2025, supported by steady execution and sustained growth across our businesses 2025 Achievements Electric Vehicle GSPARX Energy Efficiency Since Inception (2019) to FY2025 myTNB app 3,125 536MWp • myTNB apps user ad
Slide 10: Performance Update
PERFORMANCE UPDATE
Slide 11: 2025 Financials
2025 Financials Stronger financial performance driven by regulated business and effective capital management REVENUE EBITDA PAT RM RM RM RM Core Profit (adjusting forex translation and MFRS 16) FY2025 FY2025 FY2025 RM67,723.1 mil RM20,517.7 mil RM4,769.0 mil EBITDA MARGIN: 31.6%* FY2024: RM19,952.4
Slide 12: Technical Performance
Technical Performance Group earnings supported by; i. Improved generation performance ii. World-class network performance Equivalent Plant Availability Factor, EAF (Generation) % FY2025 87.8% Improved overall performance by power FY2024: 81.2% 2025 Target: 83.2% plants 2026 Target: 84.3% System Minu
Slide 13: Capital Management
Capital Management Stronger collections reduce receivables, and optimised capital deployment provide healthier cash flow position Trade Receivables and Collection Efficient Capital Allocation • Strong cash flow from operations, driven by Trade Receivables Average Collection Period optimisation of ca
Slide 14: RP4 CAPEX
RP4 CAPEX Robust regulated CAPEX spending; finalisation of contingent capex revenue recognition RM42.82 bil Regulated CAPEX Total Allowed CAPEX (2025 – 2027) Actual FY2025 Utilisation Forecast Utilisation Base CAPEX (RM bil) (RM bil) ~15.0 RM26.55 bil 12.0 ~13.0 Contingent CAPEX ~30% 10.3 Utilisatio
Slide 15: Dividend
Dividend We continue to deliver stable dividend payouts, reflecting our commitment to rewarding shareholders and maintaining prudent capital management 66.6% 65.6% 59.6% 60% 52.8% 55.2% DIVIDEND POLICY 30% We will continue to honour our dividend policy 53.0 51.0 of 30% to 60% dividend payout ratio,
Slide 16: Outlook
OUTLOOK
Slide 17: Medium to Long Term Outlook
Medium to Long Term Outlook TNB’s long-term strategic priorities are anchored on its aspiration to achieve Net Zero emissions by 2050 Energy Transition Investment Outlook up to 2027 National Energy Transition Roadmap (RM bil) (NETR) aims to achieve: 18 18 15 10 11 70% 9 2025 2035 2016 • Acceleration
Slide 18: 2026 Outlook & Targets
2026 Outlook & Targets In 2026 we continue to drive disciplined execution across our business pillar, accelerating growth while realising our Net Zero ambitions Deliver Clean Develop Energy Dynamic Energy Generation Transition Network Solutions Nenggiri Hydro Project (300MW) Expected Regulated CAPEX
Slide 19: 2026 Forward Guidance
2026 FORWARD GUIDANCE
Slide 20: 2026 Guidance
2026 Guidance We aim to deliver long term sustainable growth while building a brighter and greener future Electricity Demand Group CAPEX Forecast Capital Management Total Group CAPEX: Demand growth is projected to be in • Committed in delivering projects line with projected GDP growth that drive gro
Slide 21: Appendix
APPENDIX FY2025 • DETAILS ON STRATEGY DEPLOYMENT • DETAILS ON FINANCIAL RESULTS • GENERATION BUSINESS PERFORMANCE • INTERNATIONAL BUSINESS PERFORMANCE • SHAREHOLDINGS
Slide 22: Data Centre
Data Centre TNB sustains reliable supply for Malaysia’s expanding data centre electricity demand while providing sustainable green energy solutions 2025 Progress Updates Key Highlights Project Stage Actual Load Utilisation 850MW 7 projects 56 for December 2025 projects 14 1.2GW In System @ December
Slide 23: 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 (cumulative) As of FY2025 256 ~15GWh ~RM7.1 mil 2025 Target: 25
Slide 24: Dynamic Energy Solutions: GSPARX
Dynamic Energy Solutions GSPARX transforms consumers into prosumers through rooftop solar, advancing Malaysia’s green energy Key Customers Secured 3.4MWp Dynamic Energy Solutions Renesas (Phase 3) Since Inception (2019) to FY2025 • To install 605kWp rooftop solar PV at Renesas Plant in Bayan Lepas,
Slide 25: Y-o-Y analysis
Y-o-Y analysis FY2024 Variance RM mil FY2025 Y-o-Y analysis: (Restated) RM mil % 1 Revenue 1 67,723.1 56,737.1 10,986.0 19.4 Refer Revenue slide. Imbalance Cost Pass Through (ICPT) / Automatic Fuel Adjustment (AFA) 2 (2,738.6) 9,097.7 (11,836.3) >(100.0) Operating expenses (without depreciation & am
Slide 26: Q-o-Q analysis
Q-o-Q analysis Variance Q-o-Q analysis: RM mil 4QFY'25 3QFY'25 RM mil % 1 Revenue 1 17,599.7 17,249.7 350.0 2.0 Overall Group revenue grew by 2.0% Imbalance Cost Pass Through (ICPT) / Automatic Fuel Adjustment (AFA) (920.2) (1,053.9) 133.7 (12.7) contributed by Other Regulatory Adjustment. Operating
Slide 27: Y-o-Y normalised EBITDA and PAT for FY2025
Y-o-Y normalised EBITDA and PAT for FY2025 1 EBITDA FY2024 FY2025 MFRS16 impact: FY2024 (Restated) FY2025 Variance (Restated) Components RM mil RM mil RM mil RM mil RM mil Reported EBITDA 20,517.7 19,952.4 MFRS16 impact 1 (3,966.9) (3,816.2) Capacity Payment 3,966.9 3,816.2 150.7 Normalised EBITDA 1
Slide 28: Higher Y-o-Y Group revenue mainly from sales of electricity
Higher Y-o-Y Group revenue mainly from sales of electricity Variance FY2024 Variance 4QFY'25 3QFY'25 FY2025 (4QFY'25 vs 3QFY'25) (Restated) (FY2025 vs FY2024) UNITS SOLD GWh GWh GWh % GWh GWh GWh % Sales of Electricity (GWh) 1 Lower sales of electricity mainly from lower - TNB 1 33,965.0 34,653.0 (6
Slide 29: Stable electricity demand aligns with GDP growth in FY2025
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 4.7 5.2 21,049 4.3 3.7 3.1 6.0 20,066 5.1 19,716 2.5 3.2 2.7 1.2 3.6 19,183 2.3 18,585 Recorded on: FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 FY'2
Slide 30: Positive demand growth was primarily driven by commercial sector
Positive demand growth was primarily driven by commercial sector Industrial Commercial FY’25 main contributors for the increase in (5.8%) commercial sector: 10.0% • Data centre, retails and business services Lower demand recorded from: (6.1%) (1.8%) (4.1%) (11.4%) 5.2% 7.9% 9.9% 16.7% • Industrial –
Slide 31: Other Regulatory Adjustment
Other Regulatory Adjustment As at FY2025, other regulatory adjustment of RM3,748.0 mil to be recovered 1QFY'25 2QFY'25 3QFY'25 4QFY'25 FY2025 FY2024 Components of Other Regulatory Adjustment RM mil RM mil RM mil RM mil RM mil RM mil Revenue Adjustment for Revenue Cap & Price Cap * 1,982.9 1,617.9 (1
Slide 32: Lower Y-o-Y operating expenses
Lower Y-o-Y operating expenses Variance FY2024 Variance 4QFY'25 3QFY'25 FY2025 (4QFY'25 vs 3QFY'25) Restated (FY2025 vs FY2024) RM mil RM mil RM mil % RM mil RM mil RM mil % 1 Non-TNB IPPs Costs 3,623.4 4,084.6 (461.2) (11.3) 16,471.9 17,626.9 (1,155.0) (6.6) 4QFY’25 vs 3QFY’25: Higher fuel costs ma
Slide 33: Lower overall fuel costs in FY2025 mainly due to lower coal price
Lower overall fuel costs in FY2025 mainly due to lower coal price Table A – TNB & IPP Fuel Costs for Peninsular Table C – Fuel Costs Related Data FY2025 FY2024 Variance Fuel statistics FY2025 FY2024 Fuel Type Average Coal Price Delivered (USD/MT)(CIF) 100.2 113.2 RM mil RM mil RM mil % Average Coal
Slide 34: Fuel Costs & Units Generated in FY2025
Fuel Costs & Units Generated (TNB & IPPs – Peninsular) in FY2025 Units Fuel Costs Generated Oil & Distillate TNB, 0.9% Oil & Distillate IPP, 1.4% Oil & Distillate TNB, 0.0% Oil & Distillate IPP, 0.4% Hydro TNB, 4.9% Solar TNB, 0.2% Oil & Distillate TNB, 0.4% Solar IPP, 2.1% Gas IPP, Oil & Distillate
Slide 35: Higher Q-o-Q fuel costs mainly due to higher distillate consumption
Higher Q-o-Q fuel costs mainly due to higher consumption from distillate Table A – TNB & IPP Fuel Costs for Peninsular Table C – Fuel Costs Related Data Fuel Type 4QFY'25 3QFY'25 2QFY'25 1QFY'25 Variance 4QFY'25 vs 3QFY'25 Fuel statistics 4QFY'25 3QFY'25 2QFY'25 1QFY'25 RM mil RM mil RM mil RM mil R
Slide 36: Higher generation from coal in FY2025
Higher generation from coal in FY2025 Generation Mix for Industry (%) 2.1 2.4 2.3 2.4 2.1 2.3 4.7 5.2 4.2 5.2 5.0 4.9 0.1 0.0 0.1 0.3 1.2 0.4 56.7 58.0 61.3 58.9 57.0 58.8 36.4 34.4 32.1 33.2 34.7 33.6 FY2024 1QFY'25 2QFY'25 3QFY'25 4QFY'25 FY2025 Gas Coal Oil & Distillate Hydro Solar 36
Slide 37: 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 ACP<MAP 539.4 505.8 486.9 Negative 524.8 fuel margin 499.6 504.1 448.6 438.5 ACP>MAP 467.6 418.9 Positive 431.6 412.0 415.2 fuel margin FY2024 full year impact: FY2025 full year impact: (RM15
Slide 38: Industry coal requirement forecast for FY2026
Industry coal requirement forecast for FY2026 Source Country Mix Coal Consumption (mil MT) Kazakhstan South Africa 3.5% 1.3% USA 1.6% 34.7 35.9 36.0 31.9 33.1 Russia 8.6% Australia 22.7% Indonesia 62.4% FY'22 FY'23 FY'24 FY'25 FY'26 (F) * * Based on tonnage planned for delivery 38
Slide 39: Group CAPEX, Regulated CAPEX and RAB
Group CAPEX Regulated CAPEX and RM mil Regulated Asset Base (RAB) 15,677.0 11,171.4 1,002.6 FY2025 1,788.9 Actual Regulated CAPEX Actual Total RAB 2,499.9 (RM mil) (RM mil) 5,121.5 12,040.3 75,781.5 6,360.3 6,915.7 1,850.9 1,308.6 FY2025 FY2024 GenCo Grid Distribution Network Corporate & Retail & Su
Slide 40: Gearing remains stable at optimal level as at FY2025
Gearing remains stable at optimal level as at FY2025 Major Loan Breakdown 31 Dec'24 31 Dec'25 (Restated) Total Debt (RM bil) 59.1 57.4 Net Debt (RM bil)* 46.1 37.4 Gearing (%) 52.7 52.5 Net Gearing (%) 41.1 34.1 4.63% 95:5 Closing Forex 31 Dec’25 31 Dec’24 (FY’24: 4.83%) (FY’24: 95:5) USD/RM 4.057 4
Slide 41: Trade receivables as at FY2025
Trade receivables as at FY2025 Trade Debtors Ageing (RM bil) Trade Receivables by Sectors (RM bil) 4.4 4.4 4.8 4.7 3.9 4.4 4.4 4.8 4.7 3.9 Total 23% 23% 21% 21% 22% Others* Current Domestic 1 Month 1.2 1.3 1.6 1.6 39% 39% 40% 39% 1.0 42% Commercial 2 to 5 Months 0.3 0.4 0.3 0.3 0.3 0.5 0.4 0.5 0.5 0
Slide 42: Generation business performance
Generation business performance RM mil REVENUE EBIT PROFIT AFTER TAX PAT without 315.6 MFRS16 and forex (10.6) translation GenCo’s improved overall performance driven by stronger operational performance and higher other operating income from insurance recoveries. 42
Slide 43: 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 44: Our RE journey is progressing well
Our RE journey is progressing well TNB RE Portfolio Renewable capacity (MW) 22% 21% 20% 4,605 4,465 4,302 1,285 1,183 1,183 % RE in TNB’s portfolio International 3,320 3,282 3,119 Domestic Dec Dec Dec 2025 2024 2023 Note: • Gross RE Capacity includes large hydro (exclude SESB) • Solar capacity is qu
Slide 45: 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 46: Shareholdings
Shareholdings 22.6 EPF 7.6 18.3 Other Government KWAP Agencies 7.0 2.8 13.3 PNB 15.4 2.2 (%) Local Corporation & Retail Khazanah Nasional 19.1 Berhad 20.4 19.1 17.2 17.6 Africa Pacific Foreign 0.01% 2.59% Shareholding Asia 16.0% 17.4 Europe 25.5% North America 55.9% 12.5 17.6 16.7 17.2 18.5 17.4 17.
Slide 47: 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 48: 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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