Tenaga Nasional Bhd · MYX:TENAGA
Tenaga Nasional Bhd — 2QFY2026 Earnings Presentation
43 slides from Tenaga Nasional Bhd's earnings presentation, Aug 28, 2026
Slide 1: Analyst Briefing 2QFY2026
T BRIEFING ANALYST BRIEFING 2QFY2026 28 August 2026 | TNB Power Lounge, Tower A | TNB Platinum
Slide 2: 1HFY2026 Overview
1HFY2026 Overview Resilient 1HFY2026 performance driven by improved execution across key business pillars Reported Core Profit After Tax Regulated Key Takeaways (PAT) increased by 5.3%, adjusting CAPEX utilisation Dividend Payout 1 Resilient Earnings and Shareholder forex translation and MFRS 16 Ret
Slide 3: Electricity Demand
Electricity Demand Electricity demand continues to grow backed by commercial sector consumption Commercial sector accounts for 39% of total units sold; data centres as a primary demand driver 1 3 Y-o-Y commercial sector growth Total sales contribution 13.74% (GWh) Total units sold Data Centres 6% 70
Slide 4: Data centre growth underpins future electricity demand, with Johor as regional hub
Electricity Demand Data centre growth underpins future electricity demand, with Johor positioned as Malaysia’s regional hub Secured project pipeline anchoring long-term electricity demand Johor drives majority of Malaysia’s Project Stage secured DC capacity Actual Load Utilisation 1,256MW for June 2
Slide 5: Technical Performance
Technical Performance Group earnings supported by operational excellence and technical discipline 1 Generation performance 2 Network performance Equivalent Plant Availability Factor, System Minutes (Transmission), EAF (Generation) % Minutes 1HFY2026 0.039 1HFY2025: 0.0001 2026 Internal Threshold: 1.
Slide 6: Strategic Partnerships
Strategic Partnerships TNB advanced strategic partnerships across renewable energy and integrated solutions TNB Energy Transition Conference 2026 (ETCon26) Signed a 20-year Cooling Energy Supply Agreement 3 – 5 June 2026 (CESA) with Universiti Malaya on 22 June 2026 Officially launched by Prime Mini
Slide 7: Non-Regulated Growth: Generation Pipeline
Non-Regulated Growth Strong generation pipeline strengthens energy security, advances the energy transition and supports sustainable long-term growth EXECUTING A STRONG AND DIVERSIFIED GENERATION PORTFOLIO ~12.7GW Projects under construction and in pipeline 2026 2027 2028 2029 2030 2031 2032 2033 30
Slide 8: Non-Regulated Growth: Expanding the Revenue Pipeline
Non-Regulated Growth TNB is well positioned to pursue high-quality growth opportunities that supports Malaysia’s energy transition and long-term demand OPPORTUNITY AHEAD: EXPANDING THE NON-REGULATED REVENUE PIPELINE Large Scale Solar 6 (LSS6) NEWGEN26 LSS6 was launched to accelerate New Combined-Cyc
Slide 9: Performance Update
PERFORMANCE UPDATE
Slide 10: Financial Highlights
Financial Highlights 1HFY2026 profit remained stable, driven by solid overall performance Financial Performance Revenue (RM mil) EBITDA (RM mil) Core PAT (RM mil) Adjusting forex translation EBITDA Margin*: 30.8% and MFRS 16 +7.5% 1HFY2025: 32.0% 35,339.7 +5.0% 32,873.7 +5.3% 10,269.9 10,778.4 2,195
Slide 11: Capital Management
Capital Management Disciplined working capital management and strategic funding sustain a strong credit profile Trade Receivables (RM bil) Automatic Fuel Adjustment (AFA) −2.1% ✓ AFA surcharge to be recovered for the period May to July 2026: RM0.38 bil 4.8 4.7 3.9 4.1 4.7 Strategic Funding RM10.0 bi
Slide 12: CAPEX Investment
CAPEX Investment RM7.1 bil 1HFY2026 CAPEX on track to strengthen grid resilience and advancing clean energy expansion GROUP CAPEX INVESTED IN 1HFY2026 Regulated CAPEX Non-regulated CAPEX ~RM5.6 bil RM7.1 bil ~RM1.5 bil NETWORK INFRASTRUCTURE INVESTMENTS INVESTING IN FUTURE GROWTH PLATFORMS DELIVER S
Slide 13: 1HFY2026 interim dividend payout of 63.2%
Dividend 1HFY2026 interim dividend payout of 63.2% underpinned by earnings stability and prudent capital management 66.6% 65.6% 63.2% 55.2% 59.6% 60% 1HFY2026 RM1.5 bil Dividend Payout 30% Dividend Policy 53.0 51.0 46.0 46.0 28.0 26.0 We will continue to honour our dividend policy 26.0 of 30% to 60%
Slide 14: Outlook and Forward Guidance
OUTLOOK AND FORWARD GUIDANCE
Slide 15: 2026 Guidance
2026 Guidance Executing our strategic roadmap to drive accretive growth and long-term shareholder value a Growth Enablers b Shareholder Value Creation Electricity Projected demand growth: Delivering Value to our Shareholders Demand 5.0% to 6.0% Committed to our dividend policy and delivering Project
Slide 16: Appendix
Appendix 2QFY2026 • DETAILS ON STRATEGY DEPLOYMENT • DETAILS ON FINANCIAL RESULTS • GENERATION BUSINESS PERFORMANCE • INTERNATIONAL BUSINESS PERFORMANCE • SHAREHOLDINGS
Slide 17: 1HFY2026 Progress: Deliver Clean Generation
1HFY2026 Progress Disciplined execution of core strategic pillars: Delivering generation milestones to drive sustainable long-term growth Deliver Clean Generation Domestic International Hydro Solar Solar, Wind & Battery Nenggiri Hydro Project Hybrid Hydro-Floating Solar (Kenyir) (785MWp) Dinawan Ene
Slide 18: 1HFY2026 Progress: EV Ecosystem
1HFY2026 Progress Catalysing Malaysia’s EV adoption with dual strategy by powering Charge Point Operators (CPOs) and scaling charge point network Dynamic Energy Solution EV Ecosystem Key Highlights Green Lane Supply Connections YTD Electricity Sales (CPO) Charge Points (cumulative) ~10.64GWh ~RM6.8
Slide 19: 1HFY2026 Progress: GSPARX Rooftop Solar
1HFY2026 Progress GSPARX: Driving capital-efficient growth by transitioning consumers into prosumers, leveraging rooftop solar to anchor Malaysia’s green energy Dynamic Energy Solution Key Customers Secured 45.6MWp TNB & EVE Energy Malaysia Largest GSPARX rooftop solar project EVE Energy Malaysia •
Slide 20: Y-o-Y Analysis
Y-o-Y Analysis Variance RM mil 1HFY'25 1HFY'26 RM mil % 1 1 Revenue 32,873.7 35,339.7 2,466.0 7.5 Refer Revenue slide. Imbalance Cost Pass-Through (ICPT) / Automatic Fuel Adjustment (AFA) 2 (764.5) (346.8) 417.7 (54.6) Operating Expenses (Without Depreciation & Amortisation) 3 (22,204.4) (24,539.7)
Slide 21: Q-o-Q Analysis
Q-o-Q Analysis Variance RM mil 1QFY'26 2QFY'26 RM mil % 1 Revenue 1 17,103.7 18,236.0 1,132.3 6.6 Refer Revenue slide. Automatic Fuel Adjustment (AFA) 2 (861.7) 514.9 1,376.6 >(100.0) Operating Expenses (Without Depreciation & Amortisation) 3 (10,850.9) (13,688.8) (2,837.9) 26.2 2 Net Loss on Impair
Slide 22: Y-o-Y Normalised EBITDA and Core PAT for 1HFY'26
Y-o-Y Normalised EBITDA and Core PAT for 1HFY’26 EBITDA 1HFY'25 1HFY'26 1HFY'25 1HFY'26 Variance Components RM mil RM mil MFRS16 Impact: RM mil RM mil RM mil Reported EBITDA 10,269.9 10,778.4 MFRS16 Impact 1 (1,953.0) (2,104.7) 1 Capacity Payment 1,953.0 2,104.7 151.7 Normalised EBITDA 8,316.9 8,673
Slide 23: Revenue Analysis
Revenue Analysis Variance Variance 1QFY'26 2QFY'26 1HFY'25 1HFY'26 Units Sold (1QFY'26 vs 2QFY'26) (1HFY'25 vs 1HFY'26) GWh GWh GWh % GWh GWh GWh % 1 Sales of Electricity (GWh) 2QFY’26 vs 1QFY’26: Higher sales of - TNB 1 33,709.7 36,617.9 2,908.2 8.6 2 65,277.2 70,327.6 5,050.4 7.7 electricity mainl
Slide 24: Electricity demand remains resilient in 1HFY'26
Electricity demand remains resilient in 1HFY’26 GDP & TNB Demand Growth (%) TNB (Peninsular Malaysia) Yearly Peak Demand (MW) 8.7 Full Year 6.2 22,014 5.2 21,049 6.0 3.7 3.1 5.1 20,066 19,183 19,716 Recorded on 3.6 6 Aug 2026 2.3 1.2 FY'21 FY'22 FY'23 FY'24 FY'25 GDP FY2026 (F): FY'22 FY'23 FY'24 FY
Slide 25: Positive demand growth was primarily driven by commercial sector
Positive demand growth was primarily driven by commercial sector Sector Mix (%) Industrial Commercial 39 (0.1%) 13.7% 37 (2.1%) 1.8% 13.0% 14.4% 30 28 1HFY’25 14,346 13,170 12,538 5 28 1HFY’26 11,654 10,101 10,284 9,716 9,508 28 5 Industrial Commercial Domestic Others Restated Restated Restated Rest
Slide 26: Other Regulatory Adjustment
Other Regulatory Adjustment As at 1HFY’26, Other Regulatory Adjustment of RM95.5 mil to be returned 1QFY'26 2QFY'26 1HFY'26 1HFY'25 Components of Other Regulatory Adjustment RM mil RM mil RM mil RM mil Revenue Adjustment for Revenue Cap & Price Cap 110.2 (300.0) (189.8) 3,600.8 * . Refund Related to
Slide 27: Operating Expenses Analysis
Operating Expenses Analysis Variance Variance 1QFY'26 2QFY'26 1HFY'25 1HFY'26 (1QFY'26 vs 2QFY'26) (1HFY'25 vs 1HFY'26) 1 RM mil RM mil RM mil % RM mil RM mil RM mil % Higher fuel and power purchase costs mainly due to higher fuel prices (refer Fuel Non-TNB IPPs Costs 3,526.7 4,769.3 1,242.6 35.2 8,
Slide 28: Higher overall fuel costs in 1HFY'26
Higher overall fuel costs in 1HFY’26 mainly due to higher gas price for Tier 2 Table A – Fuel Costs Related Data Table C – TNB & IPP Units Generated for Peninsular Malaysia Fuel statistics 1HFY'25 1HFY'26 1HFY'25 1HFY'26 Variance Average Coal Price Delivered (USD/MT)(CIF) 102.3 108.4 Fuel Type GWh G
Slide 29: Fuel Costs & Units Generated in 1HFY'26
Fuel Costs & Units Generated in 1HFY’26 (TNB & IPPs – Peninsular Malaysia) Fuel Costs (%) Units Generated (%) Oil & Distillate IPP, 3.2 Oil & Distillate TNB, 0.0 Solar TNB, 0.2 Oil & Distillate IPP, 0.8 Solar IPP, 2.2 Oil & Distillate TNB, 2.1 Oil & Distillate TNB, 0.5 Solar TNB, 0.2 Hydro TNB, Oil
Slide 30: Higher Q-o-Q fuel costs
Higher Q-o-Q fuel costs mainly due to higher fuel prices and consumption Table A Table A -–Fuel FuelCosts CostsRelated RelatedData Data Table C – TNB & IPP Units Generated for Peninsular Malaysia Fuel statistics 1QFY'26 2QFY'26 1QFY'26 2QFY'26 Variance 1QFY'26 vs 2QFY'26 Fuel Type Average Coal Price
Slide 31: Higher generation from coal in 2QFY'26
Higher generation from coal in 2QFY’26 Generation Mix for Industry (%) 2.3 2.6 2.3 4.9 2.9 2.5 0.7 0.8 0.4 54.4 55.3 58.8 39.4 39.1 33.6 FY2025 1QFY'26 2QFY'26 31
Slide 32: Coal Price Analysis
Coal Price Analysis Coal Price Trending Fuel Margin: Applicable Coal Price (ACP) vs Moving Average Price (MAP) 486.9 461.9 448.6 467.6 438.5 424.6 418.9 448.4 431.6 412.0 415.2 396.5 1QFY'25 2QFY'25 3QFY'25 4QFY'25 1QFY'26 2QFY'26 Negative fuel margin Applicable Coal Price (RM/MT) Average Coal Price
Slide 33: Industry coal requirement forecast for FY2026
Industry coal requirement forecast for FY2026 Coal Consumption (mil MT) Source Country Mix (%) Kazakhstan 4.2 USA South Africa 1.5 0.4 34.7 35.9 36.0 33.1 Russia 9.2 Australia Indonesia 20.3 64.4 FY'23 FY'24 FY'25 FY'26 (F)* * Based on forecasted delivered coal tonnage 33
Slide 34: Group CAPEX
Group CAPEX RM mil 6,308.1 7,098.4 780.2 941.6 1HFY’26 Regulated CAPEX and Regulated Asset Base (RAB) 2,349.2 2,354.9 Actual Regulated CAPEX Actual Total RAB (RM mil) (RM mil) 5,584.3 78,445.9 3,235.1 2,843.5 335.2 566.8 1HFY'25 1HFY'26 GenCo Grid Distribution Network Corporate & Retail & Subsidiari
Slide 35: Group gearing remained at an optimal level
Group gearing remained at an optimal level as at 1HFY’26 Major Loan Breakdown 31 Dec'25 30 Jun’26 Total Debt (RM bil) 59.1 60.9 Net Debt (RM bil) * 46.1 45.6 Gearing (%) 52.7 53.3 Net Gearing (%) 41.2 39.9 4.65% 96:4 Closing Forex 31 Dec’25 30 Jun’26 (FY’25: 4.63%) USD/RM 4.057 ▼ 4.070 (FY’25: 95:5)
Slide 36: Q-o-Q Trade Receivables
Q-o-Q Trade Receivables Trade Debtors Ageing Trade Receivables by Sectors Total (RM bil) 4.8 4.7 3.9 4.1 4.7 4.8 4.7 3.9 4.1 4.7 20% 20% 22% 21% 18% Others* Current Domestic 1 Month 1.6 1.6 1.6 40% 39% 41% 42% 1.0 1.2 42% Commercial 0.3 0.3 0.3 2 to 5 Months 0.5 0.3 0.3 0.5 0.5 0.3 0.5 Industrial >
Slide 37: 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 158.6 388.6 & forex translation 37
Slide 38: Revenue from coal remains below 25%
Revenue from coal remains below 25%, in line with longer-term aspiration Actual Group Revenue* (%) RE Coal Others ** * Total revenue includes ICPT / AFA 1HFY’25 ** Others include revenue from regulated business, subsidiaries 1HFY’26 and generation from gas Long-term aspiration: ▪ No new coal plant i
Slide 39: Our RE journey is progressing well
Our RE journey is progressing well TNB RE Portfolio (Capacity, MW) 21% 22% 23% 4,465 4,599 4,770 % RE in TNB’s portfolio 1,285 1,183 1,285 International 3,282 3,314* 3,485 Domestic Dec'24 Dec'25 Jun'26 *Restated Note: • Gross RE Capacity includes large hydro (exclude SESB) • Solar capacity is quoted
Slide 40: 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, United Ireland Australia diversi
Slide 41: Shareholding
Shareholding TNB Shareholding (%) 24.9 22.6 21.9 20.1 17.2 17.4 17.4 17.1 13.3 12.9 7.6 7.6 EPF Khazanah PNB KWAP Foreign Others* 31 Dec 2025 30 Jun 2026 Africa Pacific 0.01% 2.19% Foreign Shareholding (%) Asia 12.2% Europe 26.9% North America 12.5 17.6 17.4 17.8 17.1 18.8 58.7% Dec'23 Dec'24 Dec'25
Slide 42: 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 43: Thank you
Thank you INVESTOR RELATIONS IR OFFICERS: GROUP FINANCE DIVISION Envelope with solid fill Nura Nadia Abd Hadi Tenaga Nasional Berhad nuranadiaah@tnb.com.my Level 12, Tower A, TNB Platinum No. 3, Jalan Bukit Pantai, Bangsar Envelope with solid fill Hasniza Harun hasniza@tnb.com.my 59100 Kuala Lumpur
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