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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.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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