Slides
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Appendix 9MFY2025 o Details on Financial Results o Generation Business Performance o International Business Performance o Shareholdings
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Movement mainly due to reassessment of a debtor, which led to reclassification amounting to RM232.8 mil. 9MFY'24 (Restated) RM mil % Revenue 50,123.4 42,358.8 7,764.6 18.3 Imbalance Cost Pass Through (ICPT) / Automatic Fuel Adjustment (AFA) (1,818.4) 7,371.6 (9,190.0) >(100.0) Operating expenses (without depreciation & amortisation) (33,570.5) (36,040.4) 2,469.9 (6.9) Net (loss) / reversal on impairment of financial instruments (290.6) 17.8 (308.4) >(100.0) Other operating income 644.3 691.1 (46.8) (6.8) EBITDA 15,088.2 14,398.9 689.3 4.8 EBITDA Margin (%)* 31.2% 29.0% - 2.2% Depreciation & Amortisation (8,838.1) (8,520.5) (317.6) 3.7 EBIT 6,250.1 5,878.4 371.7 6.3 Foreign exchange: - Translation 350.2 1,046.0 (695.8) (66.5) - Transaction 34.4 25.9 8.5 32.8 Share of results of joint ventures 12.9 14.3 (1.4) (9.8) Share of results of associates 34.5 286.5 (252.0) (88.0) Profit before finance cost 6,682.1 7,251.1 (569.0) (7.8) Finance income 497.4 445.4 52.0 11.7 Finance cost (2,991.9) (3,019.4) 27.5 (0.9) Fair value changes of financial instruments 173.0 (5.0) 178.0 >100.0 Profit before taxation and zakat 4,360.6 4,672.1 (311.5) (6.7) Taxation and Zakat: - Current taxation (1,228.7) (1,254.8) 26.1 (2.1) - Deferred taxation (14.2) (3.7) (10.5) >100.0 Profit for the period (PAT) 3,117.7 3,413.6 (295.9) (8.7) Attributable to: - Owners of the Company 3,093.0 3,335.9 (242.9) (7.3) - Non-controlling interests 24.7 77.7 (53.0) (68.2) 3,117.7 3,413.6 (295.9) (8.7) Variance RM mil 9MFY'25 Net movement in ICPT/AFA due to lower fuel cost, mainly from lower coal price. Forex translation gain contributed by MYR appreciation against USD and JPY. Y-o-Y analysis Refer Revenue slide.1 2 2 1 3 4 2 3 5 Y-o-Y analysis: 5 *EBITDA / (Revenue + ICPT) Refer Operating Expenses slide. Includes impairment of Allowance for Doubtful Debts (ADD) amounting to RM233.9 mil (9MFY’24: ADD reversal of RM17.7 mil) 6 6 4 9MFY’24: Higher mainly due to change in accounting and tax treatment under hyperinflationary experienced by our associate in Turkey, of RM225.1 mil. This has a corresponding impairment of the same amount. 7 Increase in fair value changes of financial instruments mainly due to the reclassification of RM232.8 mil. 4 Reasoning from BAC 4 3
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RM mil % Revenue 17,249.7 16,835.0 414.7 2.5 Imbalance Cost Pass Through (ICPT) / Automatic Fuel Adjustment (AFA) (1,053.9) (589.3) (464.6) 78.8 Operating expenses (without depreciation & amortisation) (11,366.1) (11,365.2) (0.9) 0.0 Net (loss) / reversal on impairment of financial instruments (264.8) (7.2) (257.6) >100.0 Other operating income 253.4 209.6 43.8 20.9 EBITDA 4,818.3 5,082.9 (264.6) (5.2) EBITDA Margin (%)* 29.8% 31.3% - (1.5%) Depreciation & Amortisation (3,006.9) (2,965.9) (41.0) 1.4 EBIT 1,811.4 2,117.0 (305.6) (14.4) Foreign exchange: - Translation (0.4) 318.4 (318.8) >(100.0) - Transaction 4.2 23.5 (19.3) (82.1) Share of results of joint ventures 5.1 2.7 2.4 88.9 Share of results of associates 7.4 12.6 (5.2) (41.3) Profit before finance cost 1,827.7 2,474.2 (646.5) (26.1) Finance income 132.4 194.6 (62.2) (32.0) Finance cost (1,013.1) (1,008.9) (4.2) 0.4 Fair value changes of financial instruments 258.0 (58.5) 316.5 >(100.0) Profit before taxation and zakat 1,205.0 1,601.4 (396.4) (24.8) Taxation and Zakat: - Current taxation (255.0) (491.6) 236.6 (48.1) - Deferred taxation (46.5) 63.6 (110.1) >(100.0) Profit for the period (PAT) 903.5 1,173.4 (269.9) (23.0) Attributable to: - Owners of the Company 876.9 1,158.1 (281.2) (24.3) - Non-controlling interests 26.6 15.3 11.3 73.9 903.5 1,173.4 (269.9) (23.0) RM mil 3QFY'25 Variance 2QFY'25 Movement mainly due to reassessment of a debtor, which led to reclassification amounting to RM232.8 mil. Q-o-Q analysis Q-o-Q analysis: 1 4 3 3 Refer Operating Expenses slide. 2 *EBITDA / (Revenue + ICPT) 1 2 ICPT/AFA adjustment mainly due to lower fuel prices (coal and gas). Overall Group revenue grew by 2.5% contributed by increase in TNB electricity sales by 2.6%. 3 3 3 Forex translation loss mainly due to weakening of MYR against USD. 4 5 5 Decrease in current tax expenses due to higher capital allowance claim. TNB (at Group) (increase by RM283.7 mil) – TNB (at Group) - The significant movement was due to PAIP debtor, which was reassessed, using expected cash flows instead of the original contractual terms. As a result, the financial asset was reclassified from fair value to impairment, reflecting a modification rather than extinguishment.
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EBITDA 9MFY'24 (Restated) Components RM mil RM mil Reported EBITDA 15,088.2 14,398.9 MFRS16 impact (2,966.5) (2,891.0) Normalised EBITDA 12,121.7 11,507.9 PAT 9MFY'24 (Restated) Components RM mil RM mil Reported PAT 3,117.7 3,413.6 Forex Translation (350.2) (1,046.0) MFRS16 impact 491.5 499.8 Normalised PAT 3,259.0 2,867.4 9MFY'25 9MFY'25 9MFY'24 (Restated) RM mil RM mil Capacity Payment 2,966.5 2,891.0 75.5 Depreciation (2,417.8) (2,391.9) (25.9) Finance Cost (1,195.4) (1,142.8) (52.6) Deferred Tax 155.2 143.9 11.3 Net Impact (491.5) (499.8) 8.3 Variance RM mil 9MFY'25 MFRS16 impact: 1 1 1 Y-o-Y normalised EBITDA and PAT for 9MFY’25 4
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UNITS SOLD GWh GWh GWh % GWh GWh GWh % Sales of Electricity (GWh) - TNB 34,653.0 33,768.6 884.4 2.6 99,930.2 98,378.4 1,551.8 1.6 - SESB 1,735.3 1,722.8 12.5 0.7 5,050.5 4,984.7 65.8 1.3 - Energy Export 113.1 115.8 (2.7) (2.3) 337.6 0.9 336.7 >100.0 - TNBI* 314.6 331.6 (17.0) (5.1) 867.5 814.4 53.1 6.5 Total Units Sold (GWh) 36,816.0 35,938.8 877.2 2.4 106,185.8 104,178.4 2,007.4 1.9 REVENUE RM mil RM mil RM mil % RM mil RM mil RM mil % Sales of Electricity (RM) - TNB 15,091.7 13,673.8 1,417.9 10.4 41,334.8 39,673.5 1,661.3 4.2 - SESB 602.0 594.4 7.6 1.3 1,752.1 1,715.3 36.8 2.1 - Accrued Revenue 618.9 (43.8) 662.7 >100.0 643.4 124.4 519.0 >100.0 - Energy Export 46.1 30.5 15.6 51.1 133.6 0.6 133.0 >100.0 - TNBI 209.6 253.7 (44.1) (17.4) 648.0 706.1 (58.1) (8.2) Sales of Electricity 16,568.3 14,508.6 2,059.7 14.2 44,511.9 42,219.9 2,292.0 5.4 Other Regulatory Adjustment (109.2) 1,596.2 (1,705.4) >(100.0) 3,485.3 (1,873.9) 5,359.2 >100.0 Tariff Support Subsidy 94.4 93.7 0.7 0.7 270.0 232.3 37.7 16.2 Fuel Subsidy - SESB 95.8 95.2 0.6 0.6 278.9 256.6 22.3 8.7 Total Sales of Electricity 16,649.3 16,293.7 355.6 2.2 48,546.1 40,834.9 7,711.2 18.9 Goods & Services 322.9 307.6 15.3 5.0 927.8 911.9 15.9 1.7 Insurance contract 110.6 119.7 (9.1) (7.6) 264.7 299.6 (34.9) (11.6) Construction contracts 61.6 34.8 26.8 77.0 125.8 92.8 33.0 35.6 Customers' contribution 105.3 79.2 26.1 33.0 259.0 219.6 39.4 17.9 Total Revenue 17,249.7 16,835.0 414.7 2.5 50,123.4 42,358.8 7,764.6 18.3 3QFY'25 2QFY'25 Variance (3QFY'25 vs 2QFY'25) 9MFY'25 9MFY'24 (Restated) Variance (9MFY'25 vs 9MFY'24) Higher sales of electricity contributed by higher electricity demand recorded in all sectors. 1 5 Higher overall Group revenue from sales of electricity Refer International Investments slide. 4 1 Higher energy export from cross border electricity sales (CBES) that commenced in 4QFY’24. 3 3 1 Higher sales of electricity driven by higher demand recorded by commercial sector. 2 2 2 5 Refer Other Regulatory Adjustment slide. 5 4 3
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3.6 7.1 9.6 6.3 6.1 3.1 -1.2 2.0 3.93.3 3.0 4.2 5.9 5.4 4.9 4.4 4.4 5.2 3Q FY'23 4Q FY'23 1Q FY'24 2Q FY'24 3Q FY'24 4Q FY'24 1Q FY'25 2Q FY'25 3Q FY'25 Stable electricity demand aligns with GDP growth in FY2025 18,585 19,183 19,716 20,066 21,049 FY'21 FY'22 FY'23 FY'24 FY'25 *MW Recorded on: 28 May 2025 at 2030 hrs Full YearYear-on-Year % 2.5 2.5 3.2 2.7 -4.9 1.2 6.0 3.6 6.2 4.2 5.9 4.7 4.3 -5.6 3.1 8.7 3.7 5.1 FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 GDP & TNB Demand Growth TNB (Peninsular) Yearly Peak Demand % Source : Economic and Financial Developments in Malaysia in the Third Quarter of 2025, BNM GDP FY2025 (F): 4.0% - 4.8% 6
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655 660 681 670 694 714 1Q 2Q 3Q 11,102 11,641 11,883 11,672 12,555 13,053 1Q 2Q 3Q 11,210 11,170 11,651 10,592 10,973 11,237 1Q 2Q 3Q 8,932 9,650 9,144 8,575 9,546 9,649 1Q 2Q 3Q 35% 35% 28%2% 33% 37% 28%2% Industrial Commercial Domestic Others 9MFY’25 main contributors for the increase in commercial sector: • Data centre, retails and business services Lower demand recorded from: • Industrial – iron & steel and utility electrical *includes Agriculture, Mining & Public Lighting Sector Mix (%) 9MFY’25 vs 9MFY’24 9MFY’25 Industrial Commercial Domestic Others* Positive demand growth was primarily driven by commercial sector (3.6%) 7.7% 0.2% 4.1% 9MFY’24 GrowthUnit Sales (GWh) FY2024 FY2025 Y-o-Y Q-o-Q (5.5%) (1.8%) (4.0%) (1.1%) 5.1% 7.9% 2.3% 5.2% (3.6%) 5.5% 9.8% 4.9% 7 Growth in commercial, supporting the lower consumption recorded by industrial sectors
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1QFY'25 2QFY'25 3QFY'25 9MFY'25 9MFY'24 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) 3,497.8 (1,717.5) Refund Related to Regulated Business (64.1) (87.2) (70.7) (222.0) (204.3) Recovery of 2021 ADD (Commercial and Industrial) - - - - 37.9 Regulatory Adjustment for SESB 79.5 65.5 64.5 209.5 10.0 TOTAL 1,998.3 1,596.2 (109.2) 3,485.3 (1,873.9) Components of Other Regulatory Adjustment 8 Other Regulatory Adjustment As at 9MFY’25, other regulatory adjustment of RM3,485.3 mil to be recovered *Other Regulatory Adjustment mainly due to the effect of transitioning (Jan - June 2025) from unrevised tariff schedule to new electricity tariff schedule implementation in July 2025. *
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3QFY'25 2QFY'25 9MFY'25 9MFY'24 (Restated) RM mil RM mil RM mil % RM mil RM mil RM mil % Non-TNB IPPs Costs 4,084.5 4,304.0 (219.5) (5.1) 12,848.4 13,540.2 (691.8) (5.1) Capacity Payment 49.5 83.6 (34.1) (40.8) 217.6 10.2 207.4 >100.0 Energy Payment 4,035.0 4,220.4 (185.4) (4.4) 12,630.8 13,530.0 (899.2) (6.6) TNB Fuel Costs 4,174.5 3,988.1 186.4 4.7 11,716.3 13,161.4 (1,445.1) (11.0) Fuel Costs 4,085.3 4,168.5 (83.2) (2.0) 11,926.4 13,427.3 (1,500.9) (11.2) Fuel Price Adjustment 89.2 (180.4) 269.6 >100.0 (210.1) (265.9) 55.8 >(100.0) Total OPEX - Fuel and Power Purchase 8,259.0 8,292.1 (33.1) (0.4) 24,564.7 26,701.6 (2,136.9) (8.0) Staff Costs 905.4 1,071.3 (165.9) (15.5) 2,993.5 2,830.0 163.5 5.8 Repair & Maintenance 892.7 815.7 77.0 9.4 2,441.8 2,330.9 110.9 4.8 TNB General Expenses 578.9 538.4 40.5 7.5 1,558.8 1,382.0 176.8 12.8 Subs. COS & General Expenses 730.1 647.7 82.4 12.7 2,011.7 2,795.9 (784.2) (28.0) Total OPEX - Non Fuel (without Depreciation) 3,107.1 3,073.1 34.0 1.1 9,005.8 9,338.8 (333.0) (3.6) Total Operating Expenses (without Depreciation) 11,366.1 11,365.2 0.9 0.0 33,570.5 36,040.4 (2,469.9) (6.9) Depreciation & Amortisation 3,006.9 2,965.9 41.0 1.4 8,838.1 8,520.5 317.6 3.7 Total Operating Expenses 14,373.0 14,331.1 41.9 0.3 42,408.6 44,560.9 (2,152.3) (4.8) Variance (9MFY'25 vs 9MFY'24) Variance (3QFY'25 vs 2QFY'25) 1 Lower Y-o-Y operating expenses 2 Higher TNB general expenses mainly due to higher computer expense for software and cyber-security system maintenance. 2 Lower fuel and power purchase costs mainly due to lower fuel prices (refer Fuel Costs slide). 1 9MFY’24 includes one-off expenses: i. Impairment of associates (refer Y-o-Y Analysis Note 6). ii. Derecognition of subsidiary balances upon winding up. 2 Higher depreciation due to higher assets build up. 3 3 9
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USD/MT % FOB (12.6) (12.3) Freight 0.6 6.4 Others - - CIF (12.0) (10.7) 9.9 90.2 100.5 112.5 0.4 Variance9MFY'25 9MFY'24 USD/MT USD/MT 102.8 0.4 9.3 Fuel statistics Average Coal Price Delivered (USD/MT)(CIF) Average Coal Price Delivered (RM/MT)(CIF) Coal Consumption (mil MT) Gas Reference Market Price (RM/mmbtu) Tier 1: 35.0 Tier 1: 30.0 Tier 2: 48.4 Tier 2: 44.7 Tier 1: 34.8 Tier 1: 35.0 Tier 2: 46.1 Tier 2: 47.4 Tier 1: 34.5 Tier 1: 35.0 Tier 2: 43.0 Tier 2: 45.7 Daily Average Piped Gas Volume (mmscfd) 846 3QFY'24 982 3QFY'25 112.5 521.8 25.7 100.5 435.4 27.0 1QFY'25 2QFY'25 9MFY'25 9MFY'24 2QFY'24 1QFY'24 GWh Gen. Mix (%) GWh Gen. Mix (%) GWh % Coal 63,968.3 59.4 59,811.7 56.1 4,156.6 6.9 Gas 35,742.6 33.2 39,930.0 37.4 (4,187.4) (10.5) Distillate 182.6 0.2 85.1 0.1 97.5 >100 Hydro 5,195.8 4.8 4,592.1 4.3 603.7 13.1 Solar 2,521.6 2.4 2,276.8 2.1 244.8 10.8 Total 107,610.9 100.0 106,695.7 100.0 915.2 0.9 Fuel Type 9MFY'25 9MFY'24 Variance RM mil % Coal (981.3) (7.4) Gas (464.8) (5.1) Distillate 16.4 12.9 Oil 20.6 79.5 Total (1,409.1) (6.2) Fuel Type Variance9MFY'25 9MFY'24 RM mil RM mil 12,267.1 13,248.4 143.1 46.5 8,723.0 21,179.7 22,588.8 126.7 9,187.8 25.9 Table C – Fuel Costs Related Data *Comprises TNB fuel costs & fuel payments to IPPs (part of Energy Payment), exclude solar. Table D – Average Coal Price Delivered Table A – TNB & IPP Fuel Costs for Peninsular Table B – TNB & IPP Units Generated for Peninsular * *Average Tier 2 Gas Reference Market Price Lower overall fuel costs in 9MFY2025 mainly due to lower coal price 10 * * *
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Coal TNB, 33.6% Coal IPP, 22.5% Gas TNB, 18.0% Gas IPP, 19.4% Distillate TNB, 0.0% Distillate IPP, 0.1% Oil TNB, 0.0% Oil IPP, 0.0% Solar TNB, 0.2% Solar IPP, 1.9% Hydro TNB, 4.3% Coal TNB, 36.3% Coal IPP, 23.1% Gas TNB, 14.3% Gas IPP, 18.9% Distillate TNB, 0.0% Distillate IPP, 0.2% Oil TNB, 0.0% Oil IPP, 0.0% Solar TNB, 0.2% Solar IPP, 2.2% Hydro TNB, 4.8% Coal TNB, 33.9% Coal IPP, 24.7% Gas TNB, 21.9% Gas IPP, 18.8% Distillate TNB, 0.3% Distillate IPP, 0.3% Oil TNB, 0.1% Oil IPP, 0.0%Coal TNB, 35.1% Coal IPP, 22.8% Gas TNB, 18.6% Gas IPP, 22.6% Distillate TNB, 0.2% Distillate IPP, 0.5% Oil TNB, 0.2% Oil IPP, 0.0% Fuel Costs % indicates generation market share Note: Fuel Costs exclude solar and hydro 9MFY’24 9MFY’25 9MFY’24 9MFY’25 Fuel Costs & Units Generated (TNB & IPPs – Peninsular) in 9MFY’25 11 Units Generated
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Fuel statistics 3QFY'25 2QFY'25 1QFY'25 Average Coal Price Delivered (USD/MT)(CIF) 97.4 100.1 105.1 Average Coal Price Delivered (RM/MT)(CIF) 412.0 431.6 467.6 Coal Consumption (mil MT) 9.0 9.6 8.4 Gas Reference Market Price (RM/mmbtu) Tier 1: 34.5 34.8 35.0 Tier 2: 43.0 46.1 48.4 Daily Average Piped Gas Volume (mmscfd) 866 836 836 RM mil % Coal (95.0) (2.3) Gas 92.7 3.2 Distillate 48.4 >100 Oil (15.8) (81.9) Total 30.3 0.4 2,889.6 2,851.1 37.7 2,982.3 76.9 7,124.8 3.5 19.3 23.7 7,094.5 6,960.4 28.5 Fuel Type Variance 3QFY'25 vs 2QFY'25 4,157.1 4,047.9 4,062.1 3QFY'25 2QFY'25 1QFY'25 RM mil RM mil RM mil GWh Gen. Mix (%) GWh Gen. Mix (%) GWh Gen. Mix (%) GWh % Coal 21,808.5 58.9 22,440.1 61.3 19,719.7 58.0 (631.6) (2.8) Gas 12,289.9 33.2 11,740.3 32.1 11,712.4 34.4 549.6 4.7 Distillate 129.2 0.3 45.0 0.1 8.4 0.0 84.2 >100 Hydro 1,910.8 5.2 1,521.2 4.2 1,763.8 5.2 389.6 25.6 Solar 862.9 2.4 840.2 2.3 818.5 2.4 22.7 2.7 Total 37,001.3 100.0 36,586.8 100.0 34,022.8 100.0 414.5 1.1 Variance 3QFY'25 vs 2QFY'25 Fuel Type 3QFY'25 1QFY'252QFY'25 USD/MT % FOB (4.0) (4.4) Freight 1.4 14.4 Others (0.1) (20.0) CIF (2.7) (2.7) 95.8 3QFY'25 2QFY'25 USD/MT USD/MT Variance 3QFY'25 vs 2QFY'251QFY'25 USD/MT 97.4 105.1 89.9 9.7 0.5 100.1 0.4 0.4 11.1 8.9 85.9 Table C – Fuel Costs Related Data Note: Comprise TNB fuel costs & fuel payments to IPPs (part of Energy Payment), exclude solar. Table D – Average Coal Price Delivered Table A – TNB & IPP Fuel Costs for Peninsular Table B – TNB & IPP Units Generated for Peninsular *Average Tier 2 Gas Reference Market Price * * 12 * Higher Q-o-Q fuel costs incurred to support higher demand
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36.4 34.4 32.1 33.2 56.7 58.0 61.3 58.9 0.1 0.0 0.1 0.3 4.7 5.2 4.2 5.2 2.1 2.4 2.3 2.4 FY2024 1QFY'25 2QFY'25 3QFY'25 Generation Mix for Industry (%) Gas Coal Oil & Distillate Hydro Solar Lower generation from coal in 3QFY’25 13
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Coal Price Trending Fuel Margin: Applicable Coal Price (ACP) vs Moving Average Price (MAP) Negative fuel margin 1QFY'24 2QFY'24 3QFY'24 4QFY'24 1QFY'25 2QFY'25 3QFY'25 Average Coal Price Delivered (RM/mmbtu) * 24.81 24.23 22.88 23.17 21.57 19.77 18.88 ACP (RM/mmbtu) 24.73 24.13 24.31 23.08 22.31 20.56 19.20 ▪ Fuel Price Adjustment (FPA) is the difference between the Applicable Coal Price (ACP) billed to generators and the actual coal price paid to supplier (delivered) by TNBF. The difference is caused by higher or lower coal price or due to currency exchange. ▪ ACP is set by Energy Commission on a monthly basis starting from August 2022. ▪ In 3QFY’25, the base ACP (RM19.20/mmbtu) used for billing the generators was higher than the coal price paid to supplier (RM18.88/mmbtu). Coal Price & Applicable Coal Price (ACP) comparison * Based on internal conversion 14 ACP<MAP Negative fuel margin FY2024 full year impact: (RM153.8 mil) 9MFY'25: (RM144.8 mil) 539.4 524.8 530.5 504.1 486.9 448.6 418.9 540.2 530.5 499.6 505.8 467.6 431.6 412.0 1QFY'24 2QFY'24 3QFY'24 4QFY'24 1QFY'25 2QFY'25 3QFY'25 Applicable Coal Price (RM/MT) Average Coal Price Delivered (RM/MT) Negative Fuel Margin Breakdown
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Industry coal requirement forecast for FY2025 Coal Consumption (mil MT) 31.9 33.1 34.7 35.7 FY'22 FY'23 FY'24 FY'25 (F) * 64.2% 19.5% 10.1% 1.9% 3.1% 1.2% Source Country Mix * Based on tonnage planned for delivery 15 Indonesia Australia Kazakhstan USA South Africa Russia
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Group CAPEX 658.6 625.6 4,617.8 4,157.4 3,742.9 1,837.3 1,075.8 585.6 9MFY'25 9MFY'24 7,205.910,095.1RM mil GenCo Corporate & Subsidiaries Distribution Network & Retail Grid Note: Numbers manually computed will not match due to decimal variance Regulated CAPEX and Regulated Asset Base (RAB) Actual Regulated CAPEX (RM mil) Actual Total RAB (RM mil) 8,349.0 73,351.9 9MFY’25 16
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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 31 Dec'2430 Sep'25 Gearing remains stable at optimal level as at 9MFY2025 Note: Debt consists of Principal + Accrued Interest * Net Debt excludes deposits, bank and cash balances and investment in UTF ** Inclusive of interest rate swap Effective Average Cost of Borrowing** Fixed : Floating 4.76% (FY’24: 4.83%) 95:5 (FY’24: 95:5) Final Exposure * 17 Closing Forex 30 Sep’25 31 Dec’24 USD/RM 4.215 4.471 GBP/RM 5.665 5.606 AUD/RM 2.778 2.775 100YEN/RM 2.839 2.860 EUR/RM 4.943 4.648 Lower total debt recorded as at 9MFY2025
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1.1 0.8 0.8 0.8 0.8 1.6 1.6 1.5 1.6 1.5 0.6 0.5 0.4 0.5 0.5 0.3 0.3 0.4 0.3 0.3 1.4 1.2 1.3 1.6 1.6 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Current 1 Month 2 to 5 Months > 5 Months Delinquent Total 28% 27% 26% 25% 25% 34% 33% 34% 34% 35% 37% 39% 39% 40% 39% 1% 1% 1% 1% 1% Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Others Domestic Commercial Industrial Trade receivables as at 9MFY2025 Average Collection Period (ACP) Cash Flow • We continuously monitor our cash flow position on a daily basis to ensure cashflow remain stable with sufficient facilities and gearing is maintained at an optimal level. • S&P: 'A-’ rating affirmed with stable outlook; stand-alone credit profile (SACP) revised upward to 'bbb+’ (Nov’25) Trade Debtors Ageing (RM bil) 4.7 Trade Receivables by Sectors (RM bil) 4.74.84.4 4.4 5.0 Days Sep’25 Sep’24 With delinquent accounts 27 29 Without delinquent accounts 23 23 Improvement in ACP: 4.4 4.4 4.85.0 18
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Domestic generation business performance RM mil 238.9 175.8 REVENUE EBIT PROFIT AFTER TAX 19 9MFY’24 performance includes: • Contributions from SJ Gelugor (PPA expired in Aug’24); and • SPG one-off claim. Higher adjusted PAT without MFRS16, forex translation and SPG one-off claimed by RM63.1 mil. Adjusted PAT
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Revenue from coal stabilised below 25%, in line with longer-term aspiration Long-term aspiration: To be coal-free by 2050 ▪ No new coal plant investment ▪ Reduction of coal capacity by 50% by 2035 and coal-free by 2050 ** Others include revenue from regulated business, subsidiaries and generation from gas * Total revenue includes ICPT RE Coal Others ** 20
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Our RE journey is progressing well 3,324 3,282 3,119 1,285 1,183 1,183 Sep 2025 Dec 2024 Dec 2023 TNB RE Portfolio Renewable capacity (MW) Note: • Gross RE Capacity includes large hydro (exclude SESB) • Solar capacity is quoted in MWp 20% 4,302 21% International Domestic % RE in TNB’s portfolio 4,465 22% 4,609 21
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International Investments: Renewable Energy (RE) 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 spearheading TNB’s Energy Transition initiative, contributing towards supporting key milestones in TNB’s Net Zero 2050 journey. TNBI is anchored by Vantage RE and Spark Renewables. TNB International Sdn Bhd (TNBI) Technology Focus: Solar Onshore wind Offshore wind Battery Energy Storage System (BESS) Financial Performance Marginally lower EBITDA Y-o-Y (9MFY’25: RM419.6 mil vs 9MFY’24: RM496.1 mil). The softer performance was mainly attributed to lower wind resource availability and unscheduled maintenance activities on wind assets, together with increased curtailment and grid constraints affecting solar operations in Ireland. In contrast, UK solar assets delivered stronger Y-o-Y generation, driven by higher levels of solar irradiance. • TNB is committed to grow its presence in RE market and the current focus is on converting development pipelines into operational assets. • In addition, TNB’s international RE platforms are implementing alternative revenue mechanisms, such as Contract-for-Difference (CfD) scheme, Corporate Power Purchase Agreements (PPAs) and exploring Battery Energy Storage System (BESS) based opportunities. • This strategy will be supported by leveraging on TNB’s extensive experience in developing power projects in both international and domestic markets, along with knowledge and technology transfer within TNB Group. • There is steady progress in greenfield projects through implementing key strategies to drive timely completion and secure future growth opportunities. Vantage RE Spark Renewables Outlook 22
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Source: Share Registrar, Bloomberg and IR Internal Analysis 23 Shareholdings 12.5 17.6 16.7 17.2 18.5 18.2 Dec'23 Dec'24 Mar'25 Jun'25 Sep'25 Oct'25 Institutional: 18.4% Retail: 0.1% 20.4 15.4 18.3 7.0 2.2 19.1 17.6 20.4 14.2 19.1 7.4 2.6 17.8 18.5 (%) EPF KWAP Other Government Agencies Local Corporation & Retail Foreign Shareholding Khazanah Nasional Berhad PNB Asia 20.4% North America 63.2% Europe 16.3% Africa 0.06% Pacific 0.04%
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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 future expectations with respect to financial conditions, results of operations and businesses, and related plans and objectives. Such forward looking statements are based on Tenaga Nasional Berhad’s current views and assumptions including, but not limited to, prevailing economic and market conditions and currently available information. These statements involve known and unknown risks and uncertainties that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements. Such statements are not and, should not be construed, as a representation as to future performance or achievements of Tenaga Nasional Berhad. It should be noted that the actual performance or achievements of Tenaga Nasional Berhad may vary significantly from such statements. All information contained herein is meant strictly for the use of this presentation only and should not be used or relied on by any party for any other purpose and without the prior written approval of Tenaga Nasional Berhad. The information contained herein is the property of Tenaga Nasional Berhad and it is privileged and confidential in nature. Tenaga Nasional Berhad has the sole copyright to such information, and you are prohibited from disseminating, distributing, copying, reproducing, using and/or disclosing this information.
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INVESTOR RELATIONS GROUP FINANCE DIVISION IR OFFICERS: Hasniza Harun hasniza@tnb.com.my Lee Lai Fen lai.fen@tnb.com.my Intan Nur Najihah Basiron najihah.basiron@tnb.com.my Durga Vinasini Sivanesan +durga.sivanesan@tnb.com.my Tenaga Nasional Berhad Level 12, TowerA, TNB Platinum No. 3, Jalan Bukit Pantai, Bangsar 59100 Kuala Lumpur Tel : +603 2108 2128 Fax : +603 2108 2034 Email : tenaga_ird@tnb.com.my Website : www.tnb.com.my