Tenaga Nasional
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Tenaga Nasional (5347) investor relations material

Tenaga Nasional Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary27 Feb, 2026

Executive summary

  • FY2025 delivered resilient financial performance with core profit of RM4,769.8 million, up from RM4,157.4 million in FY2024, driven by strong execution across business pillars, efficiency initiatives, and sustainable returns.

  • Revenue grew 19.4% year-over-year to RM67,723.1 million, supported by higher electricity sales and cost-reflective tariffs.

  • Dividend payout ratio reached 65.6%, with a total dividend per share of 53 sen (final 28.0 sen, interim 25.0 sen), rewarding shareholders in line with policy.

  • Operational efficiency improved, with Equivalent Availability Factor (EAF) at 87.8%, surpassing targets.

  • Recognized for excellence in governance, ESG, and brand strength, including top awards and improved FTSE4Good and MSCI ratings.

Financial highlights

  • EBITDA for FY2025 was RM20,517.7 million (margin 31.6%), up from RM19,952.4 million (margin 30.3%) in FY2024.

  • Core profit (adjusted for forex and MFRS 16) increased to RM4,769.0 million, up 14.7% year-over-year.

  • Operating expenses declined 4.2% year-over-year, mainly due to lower fuel prices.

  • Earnings per share rose to 81.86 sen from 68.58 sen year-over-year.

  • Effective tax rate for FY2025 was 22.8%, benefiting from investment allowance incentives.

Outlook and guidance

  • Medium- to long-term strategy targets Net Zero emissions and 70% RE capacity by 2050, with coal-free operations by 2050.

  • FY2026 CapEx guidance: RM13 billion regulated, RM5 billion non-regulated, with focus on grid, demand growth, and energy transition.

  • Electricity demand growth expected to align with GDP growth of 4.0%–4.5%.

  • Dividend policy to be maintained at upper range, subject to performance.

  • Commitment to the National Energy Transition Roadmap and sustainable growth.

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