Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — Q3 2025 Earnings Presentation
25 slides from Tenaga Nasional Bhd's earnings presentation, Dec 1, 2025
Slide 1: Appendix 9MFY2025
Appendix 9MFY2025 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 9MFY'24 Variance Y-o-Y analysis: RM mil 9MFY'25 (Restated) RM mil % 1 Revenue 1 50,123.4 42,358.8 7,764.6 18.3 Refer Revenue slide. Imbalance Cost Pass Through (ICPT) / Automatic Fuel Adjustment (AFA) 2 (1,818.4) 7,371.6 (9,190.0) >(100.0) Operating expenses (without depreciation & am
Slide 3: Q-o-Q analysis
Q-o-Q analysis Variance Q-o-Q analysis: RM mil 3QFY'25 2QFY'25 RM mil % 1 Revenue 1 17,249.7 16,835.0 414.7 2.5 Overall Group revenue grew by 2.5% Imbalance Cost Pass Through (ICPT) / Automatic Fuel Adjustment (AFA) 2 (1,053.9) (589.3) (464.6) 78.8 contributed by increase in TNB electricity sales Op
Slide 4: Y-o-Y normalised EBITDA and PAT for 9MFY'25
Y-o-Y normalised EBITDA and PAT for 9MFY’25 1 EBITDA 9MFY'24 9MFY'25 MFRS16 impact: 9MFY'24 (Restated) 9MFY'25 Variance (Restated) Components RM mil RM mil RM mil RM mil RM mil Reported EBITDA 15,088.2 14,398.9 MFRS16 impact 1 (2,966.5) (2,891.0) Capacity Payment 2,966.5 2,891.0 75.5 Normalised EBIT
Slide 5: Higher overall Group revenue from sales of electricity
Higher overall Group revenue from sales of electricity Variance 9MFY'24 Variance 3QFY'25 2QFY'25 9MFY'25 (3QFY'25 vs 2QFY'25) (Restated) (9MFY'25 vs 9MFY'24) UNITS SOLD GWh GWh GWh % GWh GWh GWh % Sales of Electricity (GWh) 1 - TNB 1 34,653.0 33,768.6 884.4 2.6 2 99,930.2 98,378.4 1,551.8 1.6 Higher
Slide 6: 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 4.2 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'2
Slide 7: Positive demand growth was primarily driven by commercial sector
Positive demand growth was primarily driven by commercial sector Industrial Commercial 9MFY’25 main contributors for the increase in (3.6%) commercial sector: 7.7% • Data centre, retails and business services Lower demand recorded from: (5.5%) (1.8%) (3.6%) • Industrial – iron & steel and utility el
Slide 8: Other Regulatory Adjustment
Other Regulatory Adjustment As at 9MFY’25, other regulatory adjustment of RM3,485.3 mil to be recovered 1QFY'25 2QFY'25 3QFY'25 9MFY'25 9MFY'24 Components of Other Regulatory Adjustment RM mil RM mil RM mil RM mil RM mil Revenue Adjustment for Revenue Cap & Price Cap * 1,982.9 1,617.9 (103.0) 3,497.
Slide 9: Lower Y-o-Y operating expenses
Lower Y-o-Y operating expenses Variance 9MFY'24 Variance 3QFY'25 2QFY'25 9MFY'25 (3QFY'25 vs 2QFY'25) (Restated) (9MFY'25 vs 9MFY'24) 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 4,084.5 4,304.0 (21
Slide 10: Lower overall fuel costs in 9MFY2025 mainly due to lower coal price
Lower overall fuel costs in 9MFY2025 mainly due to lower coal price Table A – TNB & IPP Fuel Costs for Peninsular Table C – Fuel Costs Related Data 9MFY'25 9MFY'24 Variance Fuel statistics 9MFY'25 9MFY'24 Fuel Type RM mil RM mil RM mil % Average Coal Price Delivered (USD/MT)(CIF) 100.5 112.5 Average
Slide 11: Fuel Costs & Units Generated (TNB & IPPs – Peninsular) in 9MFY'25
Fuel Costs & Units Generated (TNB & IPPs – Peninsular) in 9MFY’25 Units Fuel Costs Generated Distillate TNB, 0.2% Distillate IPP, 0.5% Distillate TNB, 0.0% Oil TNB, 0.2% Distillate IPP, 0.2% Oil TNB, 0.0% Oil IPP, 0.0% Hydro TNB, Oil IPP, 0.0% 4.8% Solar TNB, 0.2% Distillate TNB, 0.3% Solar IPP, 2.2
Slide 12: 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 3QFY'25 2QFY'25 1QFY'25 Variance 3QFY'25 vs 2QFY'25 3QFY'25 2QFY'25 1QFY'25 Fuel Type Fuel statistics RM mil RM mil RM mil RM mil % Average Coal Price Delivered (
Slide 13: Lower generation from coal in 3QFY'25
Lower generation from coal in 3QFY’25 Generation Mix for Industry (%) 2.1 2.4 2.3 2.4 4.7 5.2 4.2 5.2 0.1 0.0 0.1 0.3 56.7 58.0 61.3 58.9 36.4 34.4 32.1 33.2 FY2024 1QFY'25 2QFY'25 3QFY'25 Gas Coal Oil & Distillate Hydro Solar 13
Slide 14: Fuel Margin: Applicable Coal Price vs Moving Average Price
Fuel Margin: Coal Price Trending Applicable Coal Price (ACP) vs Moving Average Price (MAP) 540.2 530.5 530.5 539.4 505.8 524.8 486.9 499.6 504.1 448.6 467.6 418.9 ACP<MAP 431.6 Negative 412.0 fuel margin 1QFY'24 2QFY'24 3QFY'24 4QFY'24 1QFY'25 2QFY'25 3QFY'25 Applicable Coal Price (RM/MT) Average Co
Slide 15: Industry coal requirement forecast for FY2025
Industry coal requirement forecast for FY2025 Source Country Mix Coal Consumption (mil MT) Kazakhstan South Africa 3.1% 1.9% USA 1.2% 34.7 35.7 31.9 33.1 Russia 10.1% Australia 19.5% Indonesia 64.2% FY'22 FY'23 FY'24 FY'25 (F) * * Based on tonnage planned for delivery 15
Slide 16: Group CAPEX, Regulated CAPEX and Regulated Asset Base
Group CAPEX Regulated CAPEX and RM mil Regulated Asset Base (RAB) 10,095.1 7,205.9 585.6 9MFY’25 1,075.8 Actual Regulated CAPEX Actual Total RAB 1,837.3 (RM mil) (RM mil) 3,742.9 8,349.0 73,351.9 4,157.4 4,617.8 658.6 625.6 9MFY'25 9MFY'24 GenCo Grid Distribution Network Corporate & Retail & Subsidi
Slide 17: Gearing remains stable at optimal level as at 9MFY2025
Gearing remains stable at optimal level as at 9MFY2025 30 Sep'25 31 Dec'24 Total Debt (RM bil) 56.9 57.4 Net Debt(RM bil) * 42.3 37.4 Gearing (%) 52.4 52.5 Net Gearing (%) 39.0 34.1 4.76% 95:5 Closing Forex 30 Sep’25 31 Dec’24 USD/RM 4.215 4.471 (FY’24: 4.83%) (FY’24: 95:5) GBP/RM 5.665 5.606 Effect
Slide 18: Trade receivables as at 9MFY2025
Trade receivables as at 9MFY2025 Trade Debtors Ageing (RM bil) Trade Receivables by Sectors (RM bil) 5.0 4.4 4.4 4.8 4.7 5.0 4.4 4.4 4.8 4.7 Total 1% 1% 1% 1% 1% Current 37% 39% 39% 39% Others 40% 1 Month 1.4 1.2 1.3 1.6 1.6 Domestic 0.3 2 to 5 Months 0.6 0.3 0.4 0.3 0.3 0.5 0.4 0.5 0.5 34% 33% 34%
Slide 19: Domestic generation business performance
Domestic generation business performance RM mil REVENUE EBIT PROFIT AFTER TAX 238.9 Adjusted PAT 175.8 9MFY’24 performance includes: Higher adjusted PAT without MFRS16, • Contributions from SJ Gelugor (PPA expired in Aug’24); and forex translation and SPG one-off • SPG one-off claim. claimed by RM63
Slide 20: Revenue from coal stabilised below 25%, in line with longer-term aspiration
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 21: Our RE journey is progressing well
Our RE journey is progressing well TNB RE Portfolio Renewable capacity (MW) 22% 21% 20% 4,609 4,465 4,302 1,285 1,183 1,183 % RE in TNB’s portfolio International 3,324 3,282 3,119 Domestic Sep Dec Dec 2025 2024 2023 Note: • Gross RE Capacity includes large hydro (exclude SESB) • Solar capacity is qu
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, diversifying TNB’s portfolio and
Slide 23: Shareholdings
Shareholdings 19.1 EPF 7.4 14.2 18.3 Other Government KWAP Agencies PNB 15.4 7.0 2.6 2.2 Khazanah Nasional (%) Local Corporation & Retail Berhad 19.1 20.4 17.8 20.4 17.6 Africa Pacific 0.06% 0.04% Foreign Shareholding Europe Asia 16.3% 20.4% 18.5 North America 63.2% 12.5 17.6 16.7 17.2 18.5 18.2 Dec
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: Investor Relations
INVESTOR RELATIONS IR OFFICERS: GROUP FINANCE DIVISION Tenaga Nasional Berhad Hasniza Harun Level 12, Tower A, TNB Platinum hasniza@tnb.com.my No. 3, Jalan Bukit Pantai, Bangsar 59100 Kuala Lumpur Lee Lai Fen lai.fen@tnb.com.my Tel : +603 2108 2128 Intan Nur Najihah Basiron Fax : +603 2108 2034 naji
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