Interim report
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YTL POWER INTERNATIONAL BERHAD Company No. 199601034332 (406684-H) Incorporated in Malaysia Interim Financial Report 31 December 2025
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YTL POWER INTERNATIONAL BERHAD Company No. 199601034332 (406684-H) Incorporated in Malaysia Interim Financial Report 31 December 2025 Pa ge No. Condensed Consolidated Income Statement 1 Condensed Consolidated Statement of Comprehensive Income 2 Condensed Consolidated Statement of Financial Position 3 - 4 Condensed Consolidated Statement of Changes in Equity 5 - 6 Condensed Consolidated Statement of Cash Flows 7 - 8 Notes to the Interim Financial Report 9 - 24
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 1 Interim financial report on consolidated results for the financial period ended 31 December 2025. The figures have not been audited. CONDENSED CONSOLIDATED INCOME STATEMENT INDIVIDUAL QUARTER CUMULATIVE QUARTER CURRENT YEAR QUARTER PRECEDING YEAR CORRESPONDING QUARTER 6 MONTHS ENDED 31.12.2025 31.12.2024 31.12.2025 31.12.2024 RM’000 RM’000 RM’000 RM’000 Revenue 5,252,969 5,679,784 10,613,279 11,363,295 Cost of sales (3,948,253) (4,350,456) (8,082,884) (8,567,464) --------------- --------------- --------------- --------------- Gross profit 1,304,716 1,329,328 2,530,395 2,795,831 Other operating income 14,501 57,023 50,394 92,892 Other operating expenses (422,854) (114,838) (714,263) (675,653) --------------- --------------- --------------- --------------- Profit from operations 896,363 1,271,513 1,866,526 2,213,070 Finance costs (404,312) (416,446) (811,822) (808,671) Share of profits of investments accounted for using the equity method 111,702 83,629 209,163 199,077 --------------- --------------- --------------- --------------- Profit before taxation 603,753 938,696 1,263,867 1,603,476 Taxation (141,489) (165,606) (316,861) (319,744) --------------- --------------- --------------- --------------- Profit for the period 462,264 773,090 947,006 1,283,732 ========= ========= ========= ========= Attributable to: Owners of the parent 436,562 767,692 937,129 1,238,290 Non-controlling interests 25,702 5,398 9,877 45,442 --------------- --------------- --------------- --------------- 462,264 773,090 947,006 1,283,732 ========= ========= ========= ========= Earnings per share attributable to owners of the parent Basic (sen) 5.06 9.35 10.92 15.09 ========= ========= ========= ========= Diluted (sen) 4.78 9.24 10.25 14.91 ========= ========= ========= ========= The Condensed Consolidated Income Statement should be read in conjunction with the audited annual financial statements for the year ended 30 June 2025 and the accompanying explanatory notes to the interim financial statements.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 2 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME INDIVIDUAL QUARTER CUMULATIVE QUARTER CURRENT YEAR QUARTER PRECEDING YEAR CORRESPONDING QUARTER 6 MONTHS ENDED 31.12.2025 31.12.2024 31.12.2025 31.12.2024 RM’000 RM’000 RM’000 RM’000 Profit for the period 462,264 773,090 947,006 1,283,732 Other comprehensive income/(loss): Items that will not be reclassified subsequently to income statement: Financial assets at fair value through other comprehensive income 449 (1,552) 1,893 (1,276) Items that may be reclassified subsequently to income statement: Cash flow hedges: - subsidiaries (69,299) 162,648 22,137 (173,227) Currency translation differences: - subsidiaries (613,502) 307,037 (879,941) (1,050,492) - associates and joint ventures (64,454) 147,440 (73,624) (117,612) --------------- --------------- --------------- -------------- Other comprehensive (loss)/income for the period, net of tax (746,806) 615,573 (929,535) (1,342,607) --------------- --------------- --------------- -------------- Total comprehensive (loss)/income for the period (284,542) 1,388,663 17,471 (58,875) ========= ========= ========= ========= Attributable to: Owners of the parent (289,580) 1,335,197 28,498 (65,081) Non-controlling interests 5,038 53,466 (11,027) 6,206 --------------- --------------- --------------- -------------- (284,542) 1,388,663 17,471 (58,875) ========= ========= ========= ========= The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the audited annual financial statements for the year ended 30 June 2025 and the accompanying explanatory notes to the interim financial statements.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 3 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED AUDITED As at As at 31.12.2025 30.6.2025 RM’000 RM’000 ASSETS Non-current assets Property, plant and equipment 37,909,373 36,020,424 Investment properties 1,496,482 1,322,723 Intangible assets 10,153,158 10,498,322 Service concession assets 430,451 638,388 Right-of-use assets 1,099,506 976,560 Post-employment benefit assets 58,665 64,187 Investments accounted for using the equity method 2,261,506 2,258,222 Investments 302,481 295,850 Derivative financial instruments 5,555 1,775 Operating financial assets 509,189 542,149 Deferred tax assets 77,706 73,902 Receivables, deposits and prepayments 3,157,849 2,991,384 --------------- --------------- 57,461,921 55,683,886 --------------- --------------- Current assets Inventories 892,781 876,666 Investments 816,601 1,217,181 Receivables, deposits and prepayments 3,963,234 4,777,264 Derivative financial instruments 32,838 15,850 Operating financial assets 68,691 67,714 Cash and bank balances 10,047,535 12,218,731 --------------- --------------- 15,821,680 19,173,406 --------------- --------------- TOTAL ASSETS 73,283,601 74,857,292 ========= ========= EQUITY AND LIABILITIES Share capital 8,055,869 7,635,654 Reserves 13,378,229 13,711,132 --------------- --------------- Equity attributable to owners of the parent 21,434,098 21,346,786 Non-controlling interests 182,838 267,384 --------------- --------------- TOTAL EQUITY 21,616,936 21,614,170 --------------- --------------- The Condensed Consolidated Statement of Financial Position should be read in conjunction with the audited annual financial statements for the year ended 30 June 2025 and the accompanying explanatory notes to the interim financial statements.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 4 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - Continued UNAUDITED AUDITED As at As at 31.12.2025 30.6.2025 RM’000 RM’000 LIABILITIES Non-current liabilities Deferred taxation 3,442,304 3,537,100 Borrowings 35,161,318 35,369,839 Lease liabilities 478,512 404,659 Service concession obligations - 230,540 Post-employment benefit obligations 55,215 56,500 Grants and contributions 752,136 769,713 Derivative financial instruments 33,427 40,769 Payables 1,908,827 1,982,953 --------------- --------------- 41,831,739 42,392,073 --------------- --------------- Current liabilities Payables and accrued expenses 5,352,122 6,488,758 Derivative financial instruments 152,827 164,386 Post-employment benefit obligations 11,045 13,614 Taxation 482,990 552,088 Borrowings 3,320,786 2,590,893 Lease liabilities 31,490 589,186 Service concession obligations 483,666 452,124 ---------------- --------------- 9,834,926 10,851,049 --------------- --------------- TOTAL LIABILITIES 51,666,665 53,243,122 --------------- --------------- TOTAL EQUITY AND LIABILITIES 73,283,601 74,857,292 ========= ========= Net assets per share attributable to ordinary equity holders of the parent (RM) 2.48 2.53 ==== ==== The Condensed Consolidated Statement of Financial Position should be read in conjunction with the audited annual financial statements for the year ended 30 June 2025 and the accompanying explanatory notes to the interim financial statements.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 5 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2025 |-------------------------------Attributable to Owners of the Parent-----------------------| Merger Non- Share & Other Treasur y Retained controllin g Total Capital Reserves Shares Earnings Total Interests Equity RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 At 1 July 2025 7,635,654 (671,135) (46,734) 14,429,001 21,346,786 267,384 21,614,170 Profit for the financial period - - - 937,129 937,129 9,877 947,006 Other comprehensive loss for the financial period - (908,631) - - (908,631) (20,904) (929,535) Total comprehensive (loss)/income for the financial period - (908,631) - 937,129 28,498 (11,027) 17,471 Effects arising from changes in composition of the Group - - - 9,585 9,585 4,593 14,178 Exercise of share options 4,440 (1,138) - 1,138 4,440 - 4,440 Exercise of warrants 415,775 (38,255) - - 377,520 - 377,520 Dividends paid to non-controlling interests - - - - - (78,072) (78,072) Proceeds from exercise of warrants pending share issuance - 407 - - 407 - 407 Second interim dividend paid for the financial year ended 30 June 2025 - - - (344,659) (344,659) - (344,659) Share option expenses - 11,521 - - 11,521 - 11,521 Statutory reserve transferred to retained earnings - (45) - 45 - (40) (40) ------------ ------------- ------------- ------------- ------------- ------------- ------------- At 31 Decembe r 2025 8,055,869 (1,607,276 ) (46,734) 15,032,239 21,4 34,098 182,838 21,616,936 ======= ======== ======== ======== ======== ======== ======== The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the audited annual financial statements for the year ended 30 June 2025 and the accompanying explanatory notes to the interim financial statements.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 6 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2024 |-----------------------------------Attributable to Owners of the Parent----------------------------| Merger Non- Share & Other Treasur y Retained controllin g Total Capital Reserves Shares Earnings Total Interests Equity RM’000 RM’000 RM’000 RM ’000 RM’000 RM’000 RM’000 At 1 July 2024 7,091,870 504,511 (46,734) 12,504,415 20,054,062 (140,833) 19,913,229 Profit for the financial period - - - 1,238,290 1,238,290 45,442 1,283,732 Other comprehensive loss for the financial period - (1,303,371) - - (1,303,371) (39,236) (1,342,607) Total comprehensive (loss)/income for the financial period - (1,303,371) - 1,238,290 (65,081) 6,206 (58,875) Effects arising from changes in composition of the Group - - - 13,218 13,218 5,554 18,772 Exercise of share options 9,882 (1,661) - 1,661 9,882 - 9,882 Dividends paid to non-controlling interests - - - - - (94,770) (94,770) Second interim dividend paid for the financial year ended 30 June 2024 - - - (328,446) (328,446) - (328,446) ------------- ------------- ------------- ------------- ------------- ------------- ------------- At 31 Decembe r 2024 7,101,752 (800,521) (46,734) 13,429,138 19,683,635 (223,843) 19,459,792 ======== ======= ======== ======== ======== ======== ======== The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the audited annual financial statements for the year ended 30 June 2025 and the accompanying explanatory notes to the interim financial statements.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 7 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2025 6 MONTHS ENDED 31.12.2025 31.12.2024 RM’000 RM’000 Cash flows from operating activities Profit for the financial period 947,006 1,283,732 Adjustments for: Allowance for impairment of inventories 1,187 956 Allowance for impairment of receivables (net of reversals) 134,205 27,375 Amortisation of contract costs 1,406 1,415 Amortisation of deferred income (3,142) (9,575) Amortisation of grants and contributions (7,597) (1,242) Amortisation of intangible assets 56,663 37,739 Amortisation of service concession assets 222,889 212,165 Bad debts written off 165 4,026 Depreciation of property, plant and equipment 643,139 607,563 Depreciation of right-of-use assets 104,904 89,860 Fair value loss/(gain) on derivatives 2 (1,950) Fair value loss/(gain) on investments 1,602 (3,543) Interest expense 811,822 808,671 Interest income (22,086) (9,762) Net gain on disposal of investment properties (252) - Net gain on disposal of property, plant and equipment (5,133) (8,079) Property, plant and equipment written off 1,640 13,924 Provision for post-employment benefit 15,017 18,712 Share of profits of investments accounted for using the equity method (209,163) (199,077) Share option expenses 11,521 509 Taxation 316,861 319,744 Unrealised loss on foreign exchange 105,893 173,490 Other non-cash items 968 (12) 3,129,517 3,366,641 Changes in working capital: Inventories (69,075) 12,900 Receivables, deposits and prepayments 246,094 16,760 Payables and accrued expenses (409,862) (197,172) Cash flows from operations 2,896,674 3,199,129 Interest paid (784,380) (764,197) Payment for service concession obligations (229,343) (227,726) Payment to post-employment benefit obligations (18,772) (24,215) Tax paid (273,405) (343,784) Net cash flows from operating activities 1,590,774 1,839,207 The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the audited annual financial statements for the year ended 30 June 2025 and the accompanying explanatory notes to the interim financial statements.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 8 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2025 – Continued 6 MONTHS ENDED 31.12.2025 31.12.2024 RM’000 RM’000 Cash flows from investin g activities Additional investments (7,438) (2,341) Additional investment accounted for using the equity method (185,701) (29,012) Decrease in deposits maturing more than 90 days 279,995 - Development expenditure incurred on investment properties (239,504) (106,534) Dividends received 324,305 257,030 Grants receive d 14,690 26,350 Interest received 19,958 5,690 Maturities/Withdrawals of income funds 487,836 500,228 Placements of income funds (109,501) (900,000) Proceeds from disposal of investment - 8,821 Proceeds from dis posal of investment properties 1,620 - Proceeds from disposal of property, plant and equipment 23,034 21,680 Purchase of intangible assets (68,646) (3,473) Purchase of property, plant and equipment (4,211,251) (2,736,398) Purchase of right-of-use assets (89,229) - Net cash flows used in investing activities (3,759,832) (2,957,959) Cash flows from financing activities Acquisition of interest in a subsidiary - (37) Disposal of interest in a subsidiary - 18,809 Dividends paid (682,176) (328,446) Dividends paid to non-controlling interests (98,072) (94,770) Placement of restricted deposits (151,330) (113,628) Proceeds from borrowings 2,084,775 3,744,207 Proceeds from exercise of warrants pending share issuance 407 - Proceeds from issuance of shares 381,960 9,882 Repayment of borrowings (377,997) (984,308) Repayment of lease liabilities (649,528) (86,839) Upliftment of restricted deposits 32,590 24,382 Net cash flows from financing activities 540,629 2,189,252 Net changes in cash and cash equivalents (1,628,429) 1,070,500 Effects of exchange rate changes (405,056) (545,099) Cash and cash equivalents at beginning of the financial yea r 11,771,627 8,728,362 Cash and cash equivalents at end of the financial period [Note a] 9,738,142 9,253,763 [Note a] Cash and cash equivalents at the end of the financial period comprise: RM’000 RM’000 Fixed deposits 8,841,914 8,757,526 Cash and bank balances 1,205,621 745,946 10,047,535 9,503,472 Restricted deposits, cash and bank balances (234,139) (163,672) Deposits with maturity 90 days and more (8,000) (8,000) Bank overdrafts (67,254) (78,037) (included within short term borrowing in Note B9) 9,738,142 9,253,763 The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the audited annual financial statements for the year ended 30 June 2025 and the accompanying explanatory notes to the interim financial statements.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 9 PART A – EXPLANATORY NOTES PURSUANT TO MFRS 134 The interim financial report should be read in conjunction with the audited annual financial statements of the Group for the financial year ended 30 June 2025. A1. Accounting Policies and Methods of Computation The interim financial report is unaudited and has been prepared in accordance with Malaysian Financial Reporting Standard (“MFRS”) 134: “Interim Financial Reporting” and Chapter 9, part K paragraph 9.22 of the Main Market Listing Requirements of the Bursa Malaysia Securities Berhad (“Bursa Securities”). The explanatory notes contained herein provide an explanation of the events and transactions that are significant to the understanding of th e changes in the financial position and performance of the Group since the financial year ended 30 June 2025. The accounting policies and method s of computations adopted by the Group in this interim financial report are consistent with those adopted in the annual audited financial statements for the financial year ended 30 June 2025. The amendments to MFRSs which were effective for financial year beginning on or after 1 July 2025 do not have significant financial impact to the Group. A2. Seasonality or Cyc licality of Operations The business operations of the Group are not materially affected by any seasonal or cyclical factor. [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 10 Notes – continued A3. Disaggregation of Revenue Individual Quarter Cumulative Quarter 31.12.2025 31.12.2024 31.12.2025 31.12.2024 RM’000 RM’000 RM’000 RM’000 Power Generation - Sale of electricity 2,478,792 3,149,692 5,091,977 6,279,538 - Sale of steam 17,136 52,688 66,072 117,758 - Others 51,685 76,711 99,015 150,073 2,547,613 3,279,091 5,257,064 6,547,369 Water & Sewerage - Supply of clean water and treatment and disposal of waste water 2,012,661 1,639,821 4,134,401 3,377,355 Telecommunications - Sale of devices 13,365 26,339 26,386 44,544 - Telecommunication services 74,319 59,786 135,385 126,306 - Telecommunication infrastructure 56,711 67,542 113,473 117,471 - Construction of telecommunication infrastructure 62,563 75,494 73,534 174,688 206,958 229,161 348,778 463,009 Investment holding activities - Investment income 126,800 157,849 266,489 318,257 - Management, operation and maintenance fees 73,255 85,068 154,353 158,099 - Consultancy fees 59,545 86,842 122,770 233,325 - Others 226,137 201,952 329,424 265,881 485,737 531,711 873,036 975,562 5,252,969 5,679,784 10,613,279 11,363,295 A4. Unusual Items For the current financial year to date, there was no item of unusual nature that affects the assets, liabilities, equity, net income or cash flows of the Group. A5. Changes in Estimates of Amounts Reported There was no significant change to estimate of amount reported in prior interim periods or prior financial years.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 11 Notes – continued A6. Changes in Debt a nd Equity Securities No shares were repurchased from the open market for the current financial quarter and financial year to date. As at 31 December 2025, the nu mber of treasury shares held was 56,054,431 ordinary shares. For the current fina ncial quarter and financial year to date, 11,394,835 ordinary shares and 169,704,114 ordinary shares were issued pursuant to the exercise of Warrants 2025/2028 at an exercise price of RM2.45 per Warrants 2025/2028. For the current financial quarter and financia l year to date, 1,138,100 ordinary shares and 8,537,400 ordinary shares were issued at an average exercise price of RM0.54 per share and RM0.52 per share, respectively pursuant to the exercise of employee’s share options granted under the Company’s Employees Share Option Scheme (“ESOS”) 2021. On 11 December 2025, the Company issued Islamic medium term notes with a nominal value of RM500.0 million bearing a profit rate of 4.08% p.a. under the Islamic Commercial Papers/Islamic Medium Term No tes programme of up to RM7. 5 billion. The proceeds of the issuance will be utilised for refinancing, to finance future projects/investments and/or general corporate purposes. The outstanding debts are as disclosed in Note B9. A7. Dividends Paid The following dividends were paid for the financial period ended 31 December 2025:- RM’000 In respect of the financial year ended 30 June 2025: An interim dividend of 4.0 sen per ordinary share paid on 10 July 2025 337,517 Second interim dividend of 4.0 sen per ordinary share paid on 23 October 2025 344,659 A8. Segment Information The Group has four reportable segments as described below: a) Power Generation b) Water and Sewerage c) Telecommunications d) Investment holding activities Management monitors the operating results of business segments separately for the purpose of making decisions about resources to be allocated and of assessing performance.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 12 Notes – continued Segment information for the financial period ended 31 December 2025: Power Generation Water & Sewerage Tele- communications Investment holding activities Group RM’000 RM’000 RM’000 RM’000 RM’000 Total Revenue 5,257,064 4,170,316 353,581 874,433 10,655,394 Inter-segment elimination - (35,915) (4,803) (1,397) (42,115) External Revenue 5,257,064 4,134,401 348,778 873,036 10,613,279 Segment profit/(loss) before tax 938,273 406,138 (195,599) 115,055 1,263,867 Finance costs 811,822 Depreciation and amortisation 1,018,262 EBITDA 3,093,951 Segment information for the financial period ended 31 December 2024: Power Generation Water & Sewerage Tele- communications Investment holding activities Group RM’000 RM’000 RM’000 RM’000 RM’000 Total Revenue 6,547,369 3,392,317 464,831 976,801 11,381,318 Inter-segment elimination - (14,962) (1,822) (1,239) (18,023) External Revenue 6,547,369 3,377,355 463,009 975,562 11,363,295 Segment profit/(loss) before tax 1,476,568 115,632 (83,943) 95,219 1,603,476 Finance costs 808,671 Depreciation and amortisation 937,925 EBITDA 3,350,072
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 13 Notes – continued A9. Events After the Interim Period There was no item, transaction or event of a material or unusual nature during the period from the end of the quarter under review to the date of this report except the following: On 4 February 2026, the Company paid a sum of RM327.9 million under the put option exercised by MoF Inc. and completed the acquisition of Company’s adjusted agreed proportion of MoF Inc.’s shares, and assumed its adjusted agreed propor tion of MoF Inc.’s additional shareholder advances and MoF Inc loan. With this, the Company’s cumulative percentage of issued shares in Digital Nasional Berhad (“DNB”) increased to 33.33% from 0.03% while its combined cumulative percentage of issued shares and shareholder advances in DNB increased to 33.33% from 19.44%. A10. Changes in the Composition of the Group There were no significant change s in the composition of the Gr oup for the current financial period ended 31 December 2025, including business combinations, obtaining or losing control of subsidiaries and long-term investments, restructurings and discontinuing operations. A11. Changes in Contingent Liabilities There were no material changes in the contingent liabilities of the Group since the last financial year ended 30 June 2025. A12. Fair Value Measurement The Group measures fair value using the following fair value hierarchy that reflects the significance of the input used in making the measurements: a) Level 1 – quoted price (unadjusted) in activ e market for identical assets or liabilities; b) Level 2 – inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (that is, as prices) or indirectly (that is, derived from prices); and c) Level 3 – inputs for the assets or liabilities that are not based on observable market data (that is, unobservable inputs). The following table presents the Group’s financ ial assets and liabilities that are measured at fair value as at: Level 1 Leve1 2 Level 3 Total RM’000 RM’000 RM’000 RM’000 31.12.2025 Assets Financial assets at fair value throu gh profit or loss: - Income funds - 816,356 - 816,356 - Currency forwards contracts - 46 - 46 - Equity investments 245 68,063 - 68,308 Financial assets at fair value through other comprehensive income 51,178 9,909 173,331 234,418 Derivatives used for hedging - 38,347 - 38,347 Total assets 51,423 932,721 173,331 1,157,475 Liabilities Derivatives used for hedging - 186,254 - 186,254 Total liabilities - 186,254 - 186,254
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 14 PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD B1. Review of the Results The comparison of the results is tabulated below: Individual Quarter Variance Cumulative Quarter Variance 31.12.2025 31.12.2024 % 31.12.2025 31.12.2024 % RM’000 RM’000 RM’000 RM’000 Revenue Power Generation 2,547,613 3,279,091 -22.3 5,257,064 6,547,369 -19.7 Water & Sewerage 2,012,661 1,639,821 +22.7 4,134,401 3,377,355 +22.4 Telecommunications 206,958 229,161 -9.7 348,778 463,009 -24.7 Investment holding activities 485,737 531,711 -8.6 873,036 975,562 -10.5 5,252,969 5,679,784 -7.5 10,613,279 11,363,295 -6.6 Profit/(Loss) before taxation Power Generation 440,750 729,824 -39.6 938,273 1,476,568 -36.5 Water & Sewerage 181,130 60,376 >100.0 406,138 115,632 >100.0 Telecommunications (60,479) (59,352) -1.9 (195,599) (83,943) ->100.0 Investment holding activities 42,352 207,848 -79.6 115,055 95,219 +20.8 603,753 938,696 -35.7 1,263,867 1,603,476 -21.2
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 15 Notes – continued a) Current Quarter vs Preceding Year Corresponding Quarter The Group recorded a profit be fore taxation of RM603.8 millio n for the current financial quarter, representing a decrease of 35.7% or RM334.9 million as compared to RM938.7 million recorded in the preceding year corresponding quarter. The Group revenue of RM5,253.0 million for the current financial quarter ended 31 December 2025, represents a decrease of RM426.8 million or 7.5% as compared to RM5,679.8 million recorded in the preceding year corresponding quarter. The performance of the respective operating business segments for the current financial quarter ended 31 December 2025 as compared to the preceding year corresponding quarter is analysed as follows: Power Generation The decrease in revenue and profit before taxa tion was mainly due to lower retail and pool prices. Water & Sewerage The higher revenue and profit before taxation was mainly due to a price increase as allowed by Ofwat, the regulator in the United Kingdom for Wessex Water Services Limited. Tariff increase for Ranhill SAJ Sdn. Bhd. also contributed to the higher revenue and profit before taxation. Telecommunications The lower revenue was mainly due to lower project revenue recorded. Whilst, loss before taxation approximated that of the preceding year corresponding quarter. Investment holding activities The decrease in profit before ta xation was mainly due to unrealis ed foreign exchange loss (a non-cash item) arising from a sh areholder loan extended to the Jordan project entity, and partially offset by higher contribution from data center business. The decrease in revenue was mainly due to the lower sales recorded from the Brabazon project in the United Kingdom and lowe r consultancy services recorded by Ra nhill Utilities Berhad, partially offset by higher data center revenue. [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 16 Notes – continued b) Current Year to date vs Preceding Year to date The Group recorded a profit be fore taxation of RM1,263.9 m illion for the curr ent financial period, representing a decrease of 21.2% or RM339.6 million as compared to RM1,603.5 million recorded in the preceding year corresponding period. The Group revenue of RM10,613.3 million for the current financial period ended 31 December 2025, represents a decrease of RM750.0 million or 6.6% as co mpared to RM11,363.3 million recorded in the preceding financial period ended 31 December 2024. Performance of the respective operating business segments for the period ended 31 December 2025 as compared to the preceding year corresponding period was consistent with the notes mentioned in (a) above with certain exceptions mentioned below: Telecommunications The higher loss before taxation and lower reve nue was mainly due to lower project revenue recorded. Investment holding activities The increase in profit before taxation was main ly due higher contribution from data center business. The decrease in revenue was mainly due to the lower sales recorded from the Brabazon project in the United Kingdom and lowe r consultancy services recorded by Ra nhill Utilities Berhad, partially offset by higher data center revenue. B2. Comparison with Preceding Quarter Current Quarter Preceding Quarter Variance 31.12.2025 30.9.2025 % RM’000 RM’000 +/- Revenue 5,252,969 5,360,310 -2.0 Consolidated profit before taxation 603,753 660,114 -8.5 Consolidated profit after taxation 462,264 484,742 -4.6 The decrease in Group revenue and profit befo re taxation was mainly due to lower vesting margin in the Power Generatio n segment, wetter weather cond ition in Water and Sewerage segment in the United Kingdom, higher unrealis ed foreign exchange loss (a non-cash item) mainly arising from a shareholder loan extended to the Jordan project entity, and partially offset by higher contribution from data center business in the investment holding activities segment.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 17 Notes – continued B3. Prospects The prospects of the respective business segments of the Group for the financial year ending 30 June 2026 are set out below: Power Generation YTL PowerSeraya Pte. Limited (“YTL PowerSeraya”), has commenced construction of a 600MW hydrogen-ready Combined Cycle Gas Turbine (CCGT) at its Pulau Seraya Power Station (PSPS) site in Octo ber 2024 with completion expected in December 2027. YTL PowerSeraya's CCGT power plant will be at least 30% vo lume hydrogen-ready, with the ability to be retrofitted to become operationally 100% hydrogen-ready in the future. This will aid in emission reduction as the combustion of hydrogen gas generates no greenhouse gases, thereby underscoring the organi sation’s commitment to environmentally sustainable practices. As power generation is an esse ntial service, electricity dema nd is expected to remain stable. This segment will continue to focus on customer service, operational efficiency and exploring diversification beyond the core business into integrated multi-utilities supply. The Group is currently developing a large port ion of the Kulai Young Estate into a large scale solar power facility with a generation capacity of up to 500MW to co-power the adjacent 600MW green data center park, with the first phase of the solar power facility currently under construction. Th is is in line with the Group’ s shift towards investing in more sustainable energy solutions moving forward. Water & Sewerage In February 2025, Wessex Water requested the Water Services Regulation Authority (Ofwat) to refer its final dete rmination of the Wessex Water’s 2025–30 business plan to the Competition and Markets Authority (CMA ). The CMA published its provisional findings in October 2025, resulting in a RM2.2 (GBP0.4) billion increase in allowed costs, and an additional 5% increase in average customer bills over the 5 year period. This marks meaningful progress in the process, especially as this was more than half of the allowances requested by the Wessex Water and compared favourably to outcomes for other companies. The CMA’s final decision is expected in March 2026. Outside of the appointed business, Wessex Water continues to explore low risk opportunities for organic growth within the wider UK group. [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 18 Notes – continued Telecommunications The Group’s YES #FirstTo5G and Infinite da ta plans which currently provide unlimited 5G plus 4G data and its Infinite+ device plans, enable users to experience the fifth generation of wireless mobile technology, delivering higher data speed, ultra-low latency, more reliable coverage, massive network capacity and a more uniform user experience. YTL Communications Sdn. Bhd. improved its competitiveness by rolling out Malaysia’s first 5G advanced network (faster speeds and lower latency vs 5G, includes AI integration) in the Klang Valley using Digital National Berhad’s (“DNB”) 5G network. By continuing to offer afford able data plans and offering innovative 5G services, this segment is looking to increase its subscriber base bolstered by partnerships and collaborations. Investment holding activities The Group is currently developing the YTL Green Data Center Park within the Kulai Young Estate in Johor. This w ill be the first data center cam pus in Malaysia to be co- powered by on-site renewable solar energy. The campus w ill incorporate innovative and sustainable solutions in design and operations to achieve high-energy efficiency. It is expected to serve a growing demand in the region for eco-friendly, cost-efficient data center solutions from hyperscalers and co-location customers alike. Ryt Bank, operated by YTL Digital Bank Berhad, commenced commercial operations on 25 August 2025 following the issuance of its digital banking licence by the Ministry of Finance (MOF) effective 20 December 2024. Ryt bank, backed by YTL Digital Capital Sdn. Bhd. and Sea Limited, received strong public interest upon its launch. By harnessing the power of Artificial Intellig ence (AI) to provide an unparalleled customer experience, the bank intends to deliver fi nancial services that are m eaningful and inclusive while helping customers achieve their financial goals. The Group expects the performance of its busine ss segments to remain resilient due to the essential nature of its operations and will continue to cl osely monitor the related risks and impact on all business segments. B4. Variance of Actual Profit from Financial Estimate, Forecast, Projection or Profit Guarantee The Group did not issue any financial estimate, forecast, projection or profit guarantee during the current financial year to date. B5. Audit Report of the preceding financial year ended 30 June 2025 The Auditors’ Report on the financial statements of the financial year ended 30 June 2025 did not contain any qualification.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 19 Notes – continued B6. Profit for the period Current Quarter Current Year To Date 31.12.2025 31.12.2025 RM’000 RM’000 Profit before taxation is stated after charging/(crediting): Allowance for impairment of inventories 629 1,187 Allowance for impairment of receivables (net of reversals) 86,099 134,205 Amortisation of contract costs 702 1,406 Amortisation of grants and contributions (5,749) (7,597) Amortisation of intangible assets 28,146 56,663 Amortisation of service concession assets 115,076 222,889 Bad debts written off 253 165 Depreciation of propert y, plant and equipment 329,504 643,139 Depreciation of right-of-use assets 57,656 104,904 Fair value (gain)/loss on derivatives (32) 2 Fair value loss on investments 4,471 1,602 Interest expense 404,312 811,822 Interest income (9,450) (22,086) Loss on foreign exchange 118,768 117,132 Net gain on disposal of investment properties (252) (252) Net gain on disposal of property, plant and equipment (1,001) (5,133) Property, plant and equipment written (back)/off (8,571) 1,640 Write back/(Amortisation) of deferred income 450 (3,142) ========= ========= There were no exceptional items charged/(credited) for the period. B7. Taxation Current Quarter Current Year To Date 31.12.2025 31.12.2025 RM’000 RM’000 In respect of current period - Income Tax 130,750 236,502 - Deferred Tax 10,739 80,359 141,489 316,861 The lower effective tax rate of the Group as compared to the Malaysian statutory income tax rate for the current financial quarter was mainly du e to income subjected to different tax jurisdictions and partially offset by non-deductibility of certain expenses for tax purposes while the higher effective tax rate of the Group for financial year to date was mainly due to non-deductibility of certain expenses for tax purposes and partially offset by income subjected to different tax jurisdictions.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 20 Notes – continued B8. Corporate Proposals There are no corporate proposals announced by the Company which have not been completed as at the date of this report. B9. Group Borrowings and Debt Securities The Group’s borrowings as at 31 December 2025 are as follows: Secured Unsecured Total RM’000 RM’000 RM’000 Current Bank overdrafts - 67,254 67,254 Bonds 122,729 270,000 392,729 Hire purchase 37 - 37 Revolving credit 32,000 1,531,226 1,563,226 Term loans 377 1,291,201 1,291,578 Trade loans - 3,870 3,870 Convertible unsecured loan stocks (“CULS”) - 2,092 2,092 155,143 3,165,643 3,320,786 Non- current Bonds 612,265 27,750,694 28,362,959 Hire purchase 16 - 16 Revolving credit - 577,045 577,045 Term loans 4,716,386 1,504,912 6,221,298 5,328,667 29,832,651 35,161,318 Total borrowings 5,483,810 32,998,294 38,482,104 The borrowings which are denominated in foreign currency are as follows: Foreign currency RM Equivalents ’000 ’000 US Dollar 99,353 403,075 Sterling Pound 3,780,114 20,647,361 Singapore Dollar 957,368 3,024,804 Thai Baht 2,924 377 All borrowings of the subsidiaries are on non-recourse basis to the Company save and except for borrowings totalling RM912. 4 million, for which the Company has provided corporate guarantees to the financial institutions.
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 21 Notes – continued B10. Derivative Financial Instruments and Fa ir Value Changes of Financial Liabilities (a) Derivative Financial Instruments As at 31 December 2025, the Group’s outstanding derivatives are as follows: Type of Derivatives Contractual notional amount Fair Value RM’000 RM’000 Fuel Swaps - Less than 1 year 1,734,968 (110,414) - 1 year to 3 years 362,815 (24,867) - More than 3 years 80,700 (2,590) Currency forwards - Less than 1 year 18,815,105 (9,575) - 1 year to 3 years 2,349,457 (2,543) - More than 3 years 164,002 2,128 The Group entered into fuel swaps to hedge highly probable forecast fuel purchases that are expected to occur at various dates in the future. The fuel swaps have maturity dates that match the expected occurrence of these transactions. The Group entered into currency forwards to hedge highly probable forecast transactions denominated in foreign currency expected to occur at various dates in the future. The currency forwards have maturity dates that match the expected occurrence of these transactions. All derivative financial instruments are executed with creditworthy counterparties with a view to limit the credit risk exposure of the Group. [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 22 Notes – continued (b) Fair Value Changes of Financial Liabilities The gain/(loss) arising from fair value changes of financ ial liabilities for the current financial period ended 31 December 2025 are as follows: Fair value gain/(loss) Type of financial liabilities Basis of fair value measurement Reason for the gain/(loss) Current quarter 31.12.2025 Current year to date 31.12.2025 RM’000 RM’000 Currency forwards Foreign exchange differential between the contracted rate and the market forward rate Foreign exchange rates differential between the contracted rate and the market forward rate which have moved in favour of/(unfavourably against) the Group 32 (2) Total 32 (2) B11. Material Litigation There were no material litigations since the date of the last audited financial statements of financial position. B12. Dividend No dividend has been declared for the current financial quarter. [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 23 Notes – continued B13. Earnings Per Share (i) Basic Earnings Per Share The basic earnings per share of the Group has been computed by dividing the profit attributable to Owners of the Parent by the weighted average number of ordinary shares in issue during the financial quarter and financial year to date as set out below: Individual Quarter Cumulative Quarter 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Profit attributable to Owners of the Parent (RM’000) 436,562 767,692 937,129 1,238,290 Weighted average number of ordinary shares (’000) 8,624,986 8,210,576 8,581,589 8,207,589 Basic earnings per share (Sen) 5.06 9.35 10.92 15.09 [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
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YTL POWER INTERNATIONAL BERHAD [Company No. 199601034332 (406684-H)] (Incorporated in Malaysia) INTERIM FINANCIAL REPORT 24 Notes – continued (ii) Diluted Earnings Per Share The diluted earnings per share of the Group has been computed by dividing the profit attributable to Owners of the Parent by the weighted average number of ordinary shares in issue during the financial quarter and financial year to date as set out below: Individual Quarter Cumulative Quarter 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Profit attributable to Owners of the Parent (RM’000) 436,562 767,692 937,129 1,238,290 Weighted average number of ordinary shares – diluted (’000) Weighted average number of ordinary shares - basic 8,624,986 8,210,576 8,581,589 8,207,589 Effect of unexercised Warrants 2025/2028 432,086 - 486,539 - Effect of unexercised ESOS 70,577 96,015 73,863 97,773 9,127,649 8,306,591 9,141,991 8,305,362 Diluted earnings per share (Sen) 4.78 9.24 10.25 14.91 * Total cash expected to be received in the event of an exercise of all outstanding Warrants and ESOS is RM3,287.9 million. Accordingly, the Net Asset (NA) on a pro forma basis will increase by RM3,287.9 million resulting in a decrease in NA per share of RM0.02. In arriving at the Diluted earnings per share, NA and NA per share, no income has been accrued for the cash proceeds. By Order of the Board HO SAY KENG Secretary Kuala Lumpur Dated: 26 February 2026