Tenaga Nasional Bhd · MYX:TENAGA

Tenaga Nasional Bhd — Q1 FY2025 Earnings Presentation

41 slides from Tenaga Nasional Bhd's earnings presentation, May 28, 2025

  1. Slide 1: Analyst Briefing 1QFY2025

    ANALYST BRIEFING 1QFY2025 28 May 2025 | Business Lounge, TNB Platinum Floating solar pilot project at Kenyir dam

  2. Slide 2: Key Highlights

    Key Highlights Stable 1QFY2025 performance underscores success of strategic initiatives, paving the way for sustained growth Regulatory Period 4 (RP4) PAT Implementation Peak Demand ✓ Effective 1 January 2025 20,752MW Recorded on 27 May 2025 RP4 at 2030 hours Reported Total allowed CAPEX RM1,040.8 m

  3. Slide 3: Power Demand

    Power Demand 1QFY2025 demand was fueled by data centres, robust growth continues 1QFY2025 Demand Data Centres Energy consumption Load utilisation Overall stable demand 836GWh 485MW 3.3x 405MW 247GWh 248MW 190MW 148MW 1QFY2024 1QFY2025 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 As of March 2025 43 Commercial

  4. Slide 4: New system peak recorded; national plans for new generation capacity reinforce a positive outlook

    Power Demand New system peak recorded; national plans for new generation capacity reinforce a positive outlook Demand Outlook Planning for Growth Opportunity for Expansion: Peak Demand 3.5% - 4.5% Open Bidding for New Generation Capacity Projected demand growth in Year 2025 – 2029 in line with proje

  5. Slide 5: IBR Regulatory Period (RP4)

    IBR Regulatory Period 4 (RP4) Mobilising strategic investments to strengthen grid infrastructure, support growth, and deliver long-term value RP4 FY2025 RM42.82 bil Utilisation Total Allowed CAPEX (2025 – 2027) Base CAPEX in 1QFY2025 34% FY2025 Total CAPEX Base CAPEX + up to ~RM12 bil RM26.55 bil Co

  6. Slide 6: Strategic Partnerships to accelerate solar and EV adoption

    Recent Developments We strengthen our core business through strategic partnerships to accelerate solar and electric vehicle adoption International Strategic Partnerships Drives NETR ambitions by enabling inclusive and Support Malaysia’s EV agenda by expanding charging infrastructure, scalable solar

  7. Slide 7: International presence and regional interconnection

    Recent Developments We expand our international presence, grow renewable capacity and strengthen our regional business to unlock growth beyond borders International Regional Interconnection Growing International RE Capacity Cross-Border Electricity Trade • Location: Bunkers Hill (67MWp) and Eastfiel

  8. Slide 8: 1QFY2025 Key Achievements

    1QFY2025 Key Achievements We remain focused on our key strategic pillars in fostering business growth while realising our Net Zero ambitions Deliver Clean Generation Develop Energy Transition Network Dynamic Energy Solutions Nenggiri Hydro Project (300MW) Pilot Battery Energy Storage System (BESS) E

  9. Slide 9: Performance Update

    TENAGA NASIONAL PERFORMANCE UPDATE

  10. Slide 10: Financial Highlights

    Financial Highlights PAT in 1QFY2025 driven by stable overall performance REVENUE EBITDA PAT 17.6% 7.9% 53.5% 1QFY2025 1QFY2025 1QFY2025 RM16,038.7 mil RM5,187.0 mil RM1,040.8 mil EBITDA MARGIN: 32.7%* 1QFY2024: RM13,640.4 mil 1QFY2024: RM4,805.0 mil 1QFY2024: RM677.9 mil EBITDA MARGIN: 30.0%* Key f

  11. Slide 11: Technical Performance

    Technical Performance Group earnings supported by; i. Improved generation performance ii. World-class network performance Equivalent Plant Availability Factor, EAF (Generation) % 1QFY2025 82.0% Improved overall performance by power plants 1QFY2024: 75.4% 2025 Target: 83.2% System Minutes (Transmissi

  12. Slide 12: Capital Management

    Capital Management Y-o-Y: Lower receivables driven by improved collection, strengthening our cash flow position Receivables (RM bil) 1 FY2024 RM Fully recovered 47% RM3.4 bil ICPT Cost (ICPT for period January to December 2024, Government portion) Recovery FY2025 10.8 10.6 10.2 RM 9.5 Fully recovere

  13. Slide 13: Outlook and Forward Guidance

    OUTLOOK AND FORWARD GUIDANCE

  14. Slide 14: Forward Guidance

    Forward Guidance We strive to deliver our targets towards achieving sustainable business growth Carbon Emission Electricity Demand Group CAPEX Forecast Reduction Demand growth is projected to be Total Group CAPEX: We aim to achieve: 3.5% - 4.5% Up to RM20 bil • 5% annual reduction in Regulated CAPEX

  15. Slide 15: Appendix

    Appendix 1QFY2025 o Details on Strategy Deployment 1QFY2025 o Details on Financial Results o Generation Business Performance o International Business Performance o Shareholdings

  16. Slide 16: Meeting Malaysia's growing electricity demand driven by data centres

    Develop Energy Develop Transition Energy Network Transition Network TNB remains focused on meeting Malaysia’s growing electricity demand, driven by data centre expansion 1QFY2025 Data Centres Achievements Key Highlights Project Stage Actual Load Utilisation 5 43 projects projects 485MW 17 for March

  17. Slide 17: GSPARX transforms consumers to prosumers through rooftop solar

    Develop DynamicEnergy Dynamic Transition Energy Energy Network Solutions Solutions GSPARX transforms consumers to prosumers through rooftop solar installations, elevating Malaysia’s green energy progress Key Customers Secured 14.1MWp Progress Renesas (Pulau Pinang, Kedah & Selangor) • To install 6.2

  18. Slide 18: TNB drives Malaysia's EV growth

    Develop EnergyEnergy Dynamic Transition Network Solutions TNB drives Malaysia’s EV growth through a two-prong approach; Supplying electricity to CPOs and installing charge points to support the EV ecosystem EV Ecosystem Key Highlights Green Lane Supply Connections YTD Electricity Sales (CPO) TNB Cha

  19. Slide 19: Y-o-Y analysis

    Y-o-Y analysis Variance Y-o-Y analysis: RM mil 1QFY'25 1QFY'24 RM mil % 1 Revenue 1 16,038.7 13,640.4 2,398.3 17.6 Overall Group revenue grew by 17.6%, Imbalance Cost Pass Through (ICPT) 2 (175.2) 2,353.0 (2,528.2) >(100.0) mainly contributed by electricity sales Operating expenses (without deprecia

  20. Slide 20: Q-o-Q analysis

    Q-o-Q analysis Q-o-Q analysis: Variance 1 RM mil 1QFY'25 4QFY'24 Overall Group revenue grew by 11.5%, mainly RM mil % 1 contributed by increase in electricity sales, due to Revenue 16,038.7 14,378.3 1,660.4 11.5 other regulatory adjustments under Incentive Imbalance Cost Pass Through (ICPT) 2 (175.2

  21. Slide 21: Y-o-Y normalised EBITDA and PAT for 1QFY'25

    Y-o-Y normalised EBITDA and PAT for 1QFY’25 EBITDA 1QFY'25 1QFY'24 1 Components RM mil RM mil MFRS16 impact: 1QFY'25 1QFY'24 Variance Actual figure input tab (to Ch RM mil RM mil RM mil Reported EBITDA 5,187.0 4,805.0 MFRS16 impact 1 (957.0) (1,040.2) Capacity Payment 957.0 1,040.2 (83.2) Normalised

  22. Slide 22: Higher overall Group revenue

    Higher overall Group revenue Variance Variance 1QFY'25 4QFY'24 1QFY'25 1QFY'24 (1QFY'25 vs 4QFY'24) (1QFY'25 vs 1QFY'24) 1 Lower demand mainly due to lower UNITS SOLD GWh GWh GWh % GWh GWh GWh % consumption in industrial and domestic Sales of Electricity (GWh) sectors​. - TNB 31,508.6 32,469.7 (961.

  23. Slide 23: Y-o-Y electricity demand moderated; peak demand in May'25

    Y-o-Y electricity demand moderated; followed by peak demand in May’25 % GDP & TNB Demand Growth TNB (Peninsular) Yearly Peak Demand 8.7 Full Year 5.9 6.2 * MW 4.7 20,457 4.2 4.3 3.7 19,716 20,066 3.1 6.0 5.1 19,183 3.2 3.6 18,585 2.5 2.5 2.7 1.2 Recorded on: FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22

  24. Slide 24: Commercial sector grew by 5.1%

    Commercial sector grew by 5.1%, supporting the lower consumption recorded by industrial and domestic sectors Industrial Commercial 1QFY’25 main contributors for the increase in (5.5%) commercial sector: 5.1% • Data centre, business services and accommodation services Lower demand recorded from: • In

  25. Slide 25: Other regulatory adjustment of RM1,998.3 mil to be recovered

    As at 1QFY’25, other regulatory adjustment of RM1,998.3 mil to be recovered 1QFY'25 1QFY'24 Components of Other Regulatory Adjustment RM mil RM mil Revenue Adjustment for Revenue Cap & Price Cap* 1,982.9 (412.4) Refund Related to Regulated Business (64.1) (66.7) Regulatory Adjustment for SESB 79.5 1

  26. Slide 26: Lower Y-o-Y and Q-o-Q operating expenses

    Lower Y-o-Y and Q-o-Q operating expenses Variance Variance 1QFY'25 4QFY'24 1QFY'25 1QFY'24 (1QFY'25 vs 4QFY'24) (1QFY'25 vs 1QFY'24) RM mil RM mil RM mil % RM mil RM mil RM mil % Non-TNB IPPs Costs 4,459.9 4,086.7 373.2 9.1 4,459.9 4,233.4 226.5 5.4 Capacity Payment 84.5 94.1 (9.6) (10.2) 84.5 41.3

  27. Slide 27: Lower overall fuel cost in 1QFY'25

    Lower overall fuel cost in 1QFY’25 mainly due to lower units generated and lower coal price Table A – TNB & IPP Fuel Costs for Peninsular Table C – Fuel Costs Related Data Fuel Type 1QFY'25 1QFY'24 Variance Fuel statistics 1QFY'25 1QFY'24 RM mil RM mil RM mil % Coal 4,047.9 4,201.5 (153.6) (3.7) Ave

  28. Slide 28: Fuel Costs & Units Generated in 1QFY'25

    Fuel Costs & Units Generated (TNB & IPPs – Peninsular) in 1QFY’25 Units Fuel Costs Generated Distillate TNB, 0.4% Distillate IPP, 0.1% Distillate TNB, 0.0% Oil TNB, 0.3% Distillate IPP, 0.0% Oil IPP, 0.0% Oil TNB, 0.0% Hydro TNB, Oil IPP, 0.0% 5.2% Solar TNB, 0.2% Distillate TNB, 0.3% Solar IPP, 2.2

  29. Slide 29: Higher generation from coal in 1QFY'25

    Higher generation from coal in 1QFY’25 Generation Mix for Industry (%) 2.0 1.9 2.4 2.1 2.1 2.4 5.9 3.6 3.4 5.8 4.7 5.2 0.1 0.0 0.1 0.0 0.1 0.0 52.6 57.2 58.3 58.6 56.7 58.0 39.4 37.3 35.8 33.5 36.4 34.4 1QFY'24 2QFY'24 3QFY'24 4QFY'24 FY2024 1QFY'25 Gas Coal Oil & Distillate Hydro Solar 26

  30. Slide 30: Fuel Margin: Coal Price Trending

    Fuel Margin: Coal Price Trending Applicable Coal Price (ACP) vs Moving Average Price (MAP) 900.0 850.9 800.0 779.4 700.0 623.1 FY2024 FY2025 600.0 554.9 540.2 600.6 524.6 530.5 530.5 505.8 486.9 ACP<MAP 500.0 543.4 539.4 524.8 508.9 499.6 504.1 Negative 465.9 fuel margin 400.0 300.0 200.0 539.4 524.

  31. Slide 31: Industry coal requirement forecast for FY2025

    Industry coal requirement forecast for FY2025 Coal Consumption (mil MT) Source Country Mix 1.3% 2.1% 0.5% 33.1 34.7 34.3 31.9 10.5% 17.4% 68.2% FY'22 FY'23 FY'24 FY'25 (F) * * Based on tonnage planned for delivery Indonesia Australia Russia South Africa Kazakhstan USA 28

  32. Slide 32: Group CAPEX and Regulated Asset Base

    Group CAPEX Regulated CAPEX and RM mil Regulated Asset Base (RAB) 3,197.7 2,031.9 293.8 229.1 1QFY’25 Actual Regulated CAPEX Actual Total RAB 393.2 (RM mil) (RM mil) 1,343.1 2,787.3 70,284.7 1,228.3 1,444.4 116.5 181.3 1QFY'25 1QFY'24 GenCo Grid Distribution Network Corporate & Retail & Subsidiaries

  33. Slide 33: Gearing recorded at 48.1% as at 1QFY2025

    Gearing recorded at 48.1% as at 1QFY2025 31 Mar'25 31 Dec'24 Total Debt (RM bil) 57.6 57.4 Net Debt(RM bil)* 36.0 37.4 Gearing (%) 48.1 47.8 Net Gearing (%) 30.1 31.1 4.82% 95:5 (FY’24: 4.83%) (FY’24: 95:5) Effective Average Fixed : Floating Final Exposure Cost of Borrowing** * Net Debt excludes dep

  34. Slide 34: Trade receivables as at 1QFY2025

    Trade receivables as at 1QFY2025 Trade Debtors Ageing (RM bil) Trade Receivables by Sectors (RM bil) 5.1 5.3 5.0 4.4 4.4 5.1 5.0 5.3 5.1 5.0 5.3 4.4 5.0 4.4 Total 2% 2% 1% 1% 1% Current 35% 37% 37% 39% 39% Others 1.5 1.5 1 Month 1.4 0.4 0.3 1.2 1.3 Domestic 0.3 0.5 0.6 0.6 0.3 0.4 2 to 5 Months 0.5

  35. Slide 35: Domestic generation business performance

    Domestic generation business performance RM mil PAT without 68.2 MFRS16 and forex (138.1) translation GenCo’s improved overall performance attributed by: • Improved operational performance with EAF of 82.0%; • Stabilising global fuel prices especially coal; and • Lower OPEX in PD plant due to unplan

  36. Slide 36: 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 1QFY’24 and generation from gas 1QFY’25 Long-term aspiration: ▪ No new coal plant investme

  37. Slide 37: Our RE journey is progressing well

    Our RE journey is progressing well TNB RE Portfolio Renewable capacity (MW) 22% 21% 20% 4,483 4,465 4,302 % RE in TNB’s portfolio 1,183 1,183 1,183 International 3,300 3,282 3,119 Domestic Mar Dec Dec 2025 2024 2023 Note: • Gross RE Capacity includes large hydro (exclude SESB) • Solar capacity is qu

  38. Slide 38: 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 anchored by Vantage RE with ~1GW RE portfolio (operational and under construction) and Spark Renewables. TNBI is

  39. Slide 39: Shareholdings

    Shareholdings Khazanah Nasional Berhad 20.1 Permodalan Nasional Berhad (PNB) 15.1 18.3 6.9 Employees Provident Fund Board 15.4 7.0 2.3 (EPF) 2.2 Kumpulan Wang Persaraan (KWAP) (%) 19.1 Other Government Agencies 20.4 18.5 20.4 17.6 Local Corporation & Retail Africa Pacific 0.07% 0.03% Pacific Foreign

  40. Slide 40: 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

  41. Slide 41: 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

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