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Tenaga Nasional (5347) investor relations material

Tenaga Nasional Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary3 Sep, 2025

Executive summary

  • Group revenue for 1HFY2025 rose 17.4% year-over-year to RM32.87 billion, driven by higher electricity sales and increased commercial demand, with a new regulatory period effective January 2025.

  • Profit after tax (PAT) increased 12.8% year-over-year to RM3.16 billion, with improved EBITDA margin at 32.0%, though net profit for H1 was RM2,214.2 million, up 1.1% due to higher tax expenses.

  • Operating profit increased 4.0% year-over-year to RM4,438.7 million, supported by lower operating expenses and improved collections.

  • Commercial sector demand grew 6.5% year-over-year, offsetting declines in industrial and domestic sectors.

  • The group expects stable performance for 2025, focusing on clean energy investments and grid enhancements.

Financial highlights

  • EBITDA for 1HFY2025 was RM10.27 billion, up from RM9.90 billion in 1HFY2024; normalised EBITDA (excluding MFRS16 impact) was RM8.32 billion.

  • Operating expenses (excluding depreciation) fell 6.5% year-over-year, mainly due to lower fuel and power purchase costs from reduced coal prices.

  • Second quarter revenue was RM16,835.0 million, up from RM14,366.8 million in Q2 2024.

  • Cash generated from operations for H1 2025 was RM11,702.1 million.

  • Depreciation increased 3.4% year-over-year due to higher asset build-up.

Outlook and guidance

  • Electricity demand is expected to remain stable, in line with GDP growth forecasts of 4.0%–4.4% for FY2025.

  • Ongoing transition to a new electricity tariff schedule in July 2025 is expected to impact regulatory adjustments.

  • Continued focus on renewable energy (RE) growth, targeting coal-free operations by 2050.

  • Focus on clean generation, system reliability, and sustainable growth.

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