Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — Q1 2026 Earnings Presentation
24 slides from Tenaga Nasional Bhd's earnings presentation, May 26, 2026
Slide 1: Appendix 1QFY2026
Appendix 1QFY2026 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 1QFY'25 1QFY'26 RM mil % 1 Revenue 1 16,038.7 17,103.7 1,065.0 6.6 Imbalance Cost Pass-Through (ICPT) / Automatic Fuel Adjustment (AFA) (175.2) (861.7) (686.5) >100.0 Refer Revenue slide. 2 Operating Expenses (Without Depreciation & Amortisation) (10,839.2) (10,850.9)
Slide 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 Table C –– TNB TNB & & IPP IPP Units Units Generated Generatedfor for Peninsular PeninsularMalaysia Malaysia 1QFY'25 1QFY'26 Variance Fuel statistics 1QFY'25 1QF
Slide 11: 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 12: 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 12
Slide 13: 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 14: 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 14
Slide 15: 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 16: 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 17: 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 18: 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 18
Slide 19: 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 ** Others include revenue from regulated business, subsidiaries and generation from gas Long-term aspiration: ▪ No new coal plant investment To be coal-f
Slide 20: 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 21: 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 22: 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 23: 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 24: 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
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